Miners' Performance

Last update with graphs of March 28, 2025

The 'gold miner pulse' page provides a fundamental view of how miners are valued in relation to precious metals. Indexes are calculated on miners of the gold miner pulse database and a performance dispersion graph gives a fair idea on how differently those miners performed. 

This Miners' Performance page indicates the individual performance of all miners in the GMP database.

Reference date

Miner performance calculated is relative to the start of the calculation of the GMP based gold miners and silver miners index on Nov 19, 2010. For your information: gold closed at US$1342/oz and silver at US$27.07/oz on that day.

Bear market damage

With hindsight: from early 2011 onward miners started lagging precious metals in their ascent to all time highs. The harsh miner bear market decimated the majority of explorers. Acquisitions continued, but hefty premiums no longer were paid. There have been some bankruptcies among miners and some more delisting of explorers running low on cash and assets. You find an overview of list compositions changes at the end.

Today's statistics

Today the median loss for the miners in the database stands at -12.19%, while the average is now posting a 82.22% gain. The median is the value observed in the middle of the distribution. The average is higher because the distribution is slanted due to high gains in the top quintile.

We cannot compare median loss nor average gain to the previous release (Dec 20, 2024) because of a major list update, following four acquisitions closed since the beginning of 2025.

Among the 90 miners continuously measured, advances (74) outnumber declines (13) while 3 miners are almost unchanged. 

Exchange rate

Most quotes are in CAD and likewise all performance graphs illustrate the return in CAD. Several miners among which: B2 Gold (BTG), Barrick (GOLD), Hecla Silver (HL), Coeur Mining (CDE) , Newmont Mining (NEM) and Wheaton Precious Metals (WPM) quote in USD. Their performance has been compensated for the long term depreciation of the loonie; in Nov 2010 the CAD exceptionally quoted above parity to the USD.

Redesign
The five 'Quintile' bar graphs overlap by one miner/explorer. This facilitates visually pinpointing any performance gap. The bottom ranking miner of the higher quintile is repeated at the top of the lower quintile. The number of miners or explorers has been kept steady at 94.

Some list components didn't quote daily any longer. Without any exception these were penny stocks, valued below CAD 0.10. Their market capitalization was below 10 M CAD. Not surprisingly, these stocks were down over 90%. Weeding out these moribund explorers or miners made it harder for the remaining laggards to break away from the bottom quintile.

Latest / Expected list changes

• In Jan 2025 the acquisitions of Bluestone Resources, Gatos Silver and Filo Mining were closed and the stocks were delisted. The acquisition of Silver Crest was closed on Feb 14.The stock was delisted.

• Bluestone Resources (BSR.TO) has been acquired by Ora Minerals (Nov 2024)
• Vizla Silver (VZLA.TO) moved to the main market from the Venture exchange (Oct 2024)
• SilverCrest (SILV) will be acquired by Coeur Mining (CDE) in a share exchange deal (Oct 2024)
• Gatos Silver (GATO.TO) will be acquired by First Majestic Silver in a share exchange deal (Sep 2024)
• Filo Mining Corp. (FIL.TO) has been acquired by Lundin Mining and BHP each owning 50%. (29 Jul 2024)
• Osisko Mining (OSK.TO) has been acquired by Gold Fields in an alll cash deal. (Aug 2024)
• Gowest Amalgamated (GWA.V) has been bought out by the management and delisted (Aug 2024)
• Victoria Gold (VGCX) will be removed from the database after a fatality at its Dublin Gulch mine in the Yukon will result in delisting. (Aug 2024)
• Elevation Gold (EVLT) now only quotes on Vancouver. The stock is illiqquid and coverage will be suspended. Almaden ininerals is also earmarked for list removal.

New additions or replacements

• Auriana Resources (ARU) and Vista Gold (VGZ) in replacement of delisted and illiquid stocks
• Royal Gold (RGLD) (in USD) was included after the acquisition of AR
• Calibre Mining and STLLR Gold were added replaicing Marathon Gold and Nighthawk Gold.
• Two new list entries are Vizla Silver and Gatos Silver in replacement of Yamana Gold and Atalay Mining
• Filo Mining has replaced Kirkland Lake Gold (KL)
• Wesdome Gold has replaced Pretium Resources (PVG)
• Radius Gold (RDU.V) has been added in replacement of Corvus Gold KOR
• Gold Fields is replacing Great Bear Resources (GBR)
• Bluestone Resources (BSR) replaced JoseMaria..
• K92 Mining, Freegold Ventures and NGEx Minerals Ltd are being added in replacement of acquired miners AWU, GSV and delisted GPR.
• ABRA Silver Res. Corp. and Dolly Varden Silver were added in replacement of Gatos and Silver Crest. The list entry stock price level is from Dec 2024 as we replaced Gatos and Silver Crest
• We have taken on board Snowline Gold and Anglogold Ashanti after we lost our top performer Filo Mining and Bluestone Res.
  
  

Graphs section

Individual miner performance since Nov 19, 2010. Miners are identified by their TSX trading symbols. You find the symbol and name list at the bottom.

Click any of the graphs to view them at true size

GMP elite miners, sorted by gain since starting observations in Nov 2010 (logarithmic view with ticks 100% apart. These miners have more than doubled; click to enlarge

Top quintile: the best 20% of the 'Gold Miner Pulse-list'

Sub-top quintile: you find the average amid this graph

Midrange quintile: by definition the median is situated in the middle of this graph

Laggards quintile: Did you avoid hefty losses by clever market timing?

Bottom quintile: all but one miners and explorers are down over 90% since inclusion; the bottom 11 are even down over 95%. Those really are the basket cases

For comparison: Below are the elite miners and the graphs of the top and sub-top and midrange quintiles as of the previous update on 25 Oct 2024

This previous set of graphs contains some miners which have been taken over (Osisko, bought out GWA.V or delisted VGCX)

GMP elite miners, sorted by gain since starting observations in Nov 2010 (logarithmic view with ticks 100% apart)

Top quintile: the best 20% of the 'Gold Miner Pulse-list'

Sub-top quintile: you find the average amid this graph

Midrange quintile: by definition the median is situated in the middle of this graph

Comments and composition changes since 2018:

• Treasury Metals (TML.to) changed its name to NeXGold (NEXG.V) and consolidated its stock 4:1.

• Argonaut Gold (AR) has been acquired by Alamos Gold. The stock was delisted on July 19.

• First Majestic Silver is harmonizing its quote: FR.TO becomes AG.TO on TSX.

• Marathon Gold Corp. was  acquired by Calibre Mininng

• Nighthawk Gold Corp merged with Moneta Gold to form STLLR Gold. (Mnemonic St'e)ll(a)r Gold).

• Newmont has acquired the Australian Newcrest. An agreement had been reached for the merger on May 14, 2023. Newcrest has been delisted.

• B2Gold completed the acquisition of Sabina Gold & Silver Corp as of 19-04-2023. The SBB quote is delisted on 21-04-2023.

• Atalay Mining delisted voluntarily from the Toronto venture exchange and continues quoting on the London AIM only.

• Yamana Gold has been acquired by Agnico Eagle and Pan American Silver

•  Alio Gold (ALO) replaces Rye Patch Gold (RPM) upon a business combination of both.  ALO 'inherits' the track record of RPM.

•  Primero has been delisted after its acquisition by First Majestic.

•  Klondex was acquired by Hecla Mining. Coverage is discontinued and Klondex has been delisted.

•  After a friendly take-over bid of the Australian South32 miner on Arizona Mining (AZ), this top performer eventually left the selection. 

•  We introduced Gold Standard Ventures (GSV) to our list in replacement of AZ mining.

• After the bankruptcy of Red Eagle Mining (R), Teranga Gold Corporation (TGZ) was added in replacement.

•  Upon the merger of Barrick and Randgold, the more appealing Randgold ticker GOLD was maintained, whereas the merged mining company is called Barrick. The ticker ABX is removed and the reference share price is divided by the 6.128 Randgold share exchange value. Randgold shareholders thereby obtain 33% of the new Barrick.

• Nighthawk (NH.TO) has been added to the list.

• Atlanta Gold (ATG), TVI Pacific (TVI) and CMC metals (CMB), Black Dragon Gold (BDG.V),  Lincoln Mining Corp (LMG) and Miranda Gold (MAD) were dropped from the list. These explorers don't quote daily any longer. They have become hard to trade as market cap dwindled to a few million CAD

• Subsequently also Black Dragon Gold (BDG), Lincoln Mining Group (LMG), Eco Oro Min (EON) and Golden Queen Min (GQM) were dropped in March 2019.

• Tahoe Resources was acquired by Pan American Silver (PAAS) as of Feb 22, 2019

• Several replacements have been added to the list after mergers and de-listings. Those are Golden Arrow Gold (GRG) on the Toronto venture exchange, Alacer Gold (ASR), Belo Sun Mining (BSX), Marathon Gold (MOZ), Midas Gold (MAX) and Roxgold (ROXG) on TSX. Newmont (NEM) - NYSE in USD were also added. Subsequent additions were ASA Gold & Precious Metals (ASA), Evrim Resources (EVM), Victoria Gold (VIT), Equinox Gold (EQX)

• Newmont (NEM) has completed the acquisition of Goldcorp (G on TSX and GG on US markets)

• Alexandria Metals (AZX) has been taken over by O3 Mining

• NGEx gold spun off its Los Helados project and various exploration properties into a new NGEx minerals, while focusing on the development on the José Maria copper-gold project in San Juan, Argentina. Accordingly the name was changed to Josémaria resources.

• ALO -  Alio Gold :  Friendly merger with Argonaut Gold (Apr 2020)

• SMF -  Semafo Inc. :  Taken over by Endeavour Mining (focus on Burkina Faso) (Apr 2020)

• BAR -  Balmoral Resources :  Acquistion by Wallbridge Mining (WM.TO) (May 2020)

• GUY -  Guyana Goldfields Inc. :  Acquistion by Zijn Mining offers by Silvercorp & Gran Colombia Gold rejected (Jul 2020)

• GAL -  Galantas Gold Corporation :  Illiquid because of low price and market capitalization

• ER -  Eastmain Resources Inc. :  Merger with Auryn Resources to form Fury Gold Mines (FURY) 

• AUG -  Auryn Resources :  Merger with Eastmain Resources to form Fury Gold Mines (FURY)

• ASR -  Alacer Gold Corp. :  Merger with SSR Mining by a share swap for SSR Mining shares

• MQR -  Monarques Resources :  Taken over by Yamana Gold (Sep 2020)

• EGLD -  Eclipse Gold :  Merged with Northern Vertex Mining (NEE.V) (Feb 2021)

• MAX -  Midas Gold Corp. :  Renamed to Perpetua Resources (PPTA.TO)

• TGZ -  Teranga Gold Corporation :  Taken over by Endeavour Mining (EDR.TO) (Feb 2021)

•  PG -  Premier Gold Mines Ltd. :  Taken over by Equinox Gold Mines (EQX.TO) (Feb 2021)

• ROXG -  Roxgold :  Taken over by Fortuna Silver Mines (FVI.TO) (Apr 2021)

• KOR -  Corvus Gold Inc. :  Taken over by Anglogold-Ashanti (AU) (Jan 2022)

• KL -  Kirkland Lake Gold :  Taken over by  Agnico Eagle (Feb 2022))

• GBR -  Great Bear Resources :  Taken over by Kinross Gold (Feb 2022)

• PVG -  Pretium Resources Inc. :  Taken over by NewCrest Mining (Mar 2022)

• JOSE -  José Maria Resources Inc. :  Taken over by Lundin Gold (May 2022)

• GSV -  Gold Standard Ventures :  Taken over by Orla Mining (Aug 2022)

• GPR -  Great Panther Silver Ltd :  Delisted from TSX and US exchanges (Sep 2022)

• AXU -  Alexco Resource Corp. :  Taken over by Hecla Silver (Sep 2022)

• GCM -  Gran Columbia Mining :  Merger with Aris Mining Corp (provides the name) (Dec 2022)

•  ATLY -  Atalay Mining Corp. :  Voluntary delisting from TSXV. Its primary market is the London AIM under symbol ATYM (Feb 2023)

•  YRI -  Yamana Gold Inc. :  Acquired by Agnico Eagle and Pan American Silver (Apr 2023)

• SBB -  Sabina Gold & Silver Corporation :  Acquired by B2Gold (BTG) on 19 Apr 2023

• NCM.AX -  Newcrest Mining :  Acquired by Newmont Mining (NEM) on 26 Oct 2023

• MOZ.TO - Marathon Gold Corp. was  acquired by Calibre Mininng on 24 Jan 2024

• NHK.TO - Nighthawk Gold Corp merged with Moneta Gold to form STLLR Gold. (Mnemonic St'e)ll(a)r Gold).on 8 Feb 2024

• Elevation Gold (EVLT) now only quotes on Vancouver. The stock is illiqquid and coverage will be suspended. Almaden ininerals is also earmarked for list removal

• Osisko Mining (OSK.TO) has been acquired by Gold Fields in an alll cash deal. (Aug 2024). OSK will be removed from the database as of Oct 28.

• Filo Mining Corp. (FIL.TO) has been acquired by Lundin Mining and BHP each owning 50%. (29 Jul 2024)
  
  

• Victoria Gold (VGCX) will be removed from the database after a fatality at its Dublin Gulch mine in the Yukon will result in delisting. (Aug 2024)

• Gatos Silver (GATO.TO) will be acquired by First Majestic Silver in a share exchange deal (Sep 2024)

• SilverCrest (SILV) will be acquired by Coeur Mining (CDE) in a share exchange deal (Oct 2024)

• Bluestone Resources (BSR.TO) has been acquired by Ora Minerals (Nov 2024)

 A few name changes:

1.       Novacopper (NCQ) now is called Trilogy metals (TMQ)

2.       Astur Gold (AST) changed to Black Dragon Gold (BDG)

3.       Pilot Gold (PLG) changed to Liberty Gold (LGD)

4.       Silver Wheaton (SLW) changed its name to Wheaton Precious Metals (WPM)

5.       Silver Standard Resources changed to SSR Mining with ticker SSRM

6.       Eurasian Minerals changed to EMX Royalty Corp. with ticker still EMX

7.       Gowest Amalgameted Res. changed to Gowest Gold with ticker still GWA

8.      Tri Metals Mining changed to Gold Springs Resources Corporation with new ticker GRC

And ticker changes:

1.     Kirkland Lake Gold (KGI) changed its TSX ticker to KL

2.     Red Eagle Gold changed over to the main market. Its TSX ticker now is R.

3.     Pan American Silver changed its TSX ticker to PAAS (in line with that on US markets)

4.     Golden Minerals changed its TSX ticker to AUMN (also in line with that on US markets)

5.     Alexco minerals changed its TSX ticker to AXU, in line with that on US markets

 The cumulative list of acquisitions or delistings since end 2010 (included below) is quite impressive.

List of acquisitions and delistings from 2011 till early 2019

The majority of the Canadian ticker symbols quote at the TSX. A few quote at the TSXV (the less regulated Venture exchange). These companies are intrinsically more risky, especially if a miner or explorer gets demoted from TSX to TSXV. One such example is TVI Pacific.

The quote list: If the Toronto Stock Exchange (TSX) symbols are less familiar, you find the mining or exploration company name next to the TSX symbol in the below list, former names are indicated between brackets:

Quote list with the TSX trading symbols

Quote	Name	Quote	Name
ABRA	ABRA Silver Resource Corp.	IMG	Iamgold
AEM	Agnico-Eagle Mines Ltd	IPT	Impact Silver Corp.
AG	First Majestic Silver Corp.	ITH	International Tower Hill Mines
AGI	Alamos Gold Inc	K	Kinross Gold Corporation
ARIS	Aris Mining Corp.	KNT	K92 Mining Inc
ARTG	Artemis Gold	LGD	Liberty Gold Inc (Pilot Gold)
ARU	Aurania Resources Ltd	LME	Laurion Mineral Exploration
ASA	ASA Gold & Precious Metals	LUG	Lundin Gold Inc
ASM	Avino Silver & Gold Mines Ltd.	MAG	MAG Silver Corp.
AU	Anglogold Ashanti	MRZ	Mirasol Resources
AUMN	Golden Minerals Company	MSV	Minco Silver Corporation
AYA	Aya Gold & Silver	MTA	Metalla Royalty & Streaming
BCM	Bear Creek Mining Corp.	MTB	Mountain Boy Minerals Ltd.
BSX	Belo Sun Mining Corp.	MUX	McEwen Mining Inc.
BTG	B2 Gold	NDM	Northern Dynasty Minerals Ltd.
CDB	Cordoba Minerals	NEM	Newmont Mining
CDE	Coeur Mining Corp.	NEXG	NeXGold Mining
CG	Centerra gold	NG	NovaGold Resources Inc.
CKG	Chesapeake Gold Corp.	NGD	New Gold Inc.
CUU	Copper Fox Metals Inc	NGEX	NGEx Minerals Ltd
CXB	Calibre Mining	NVO	NOVO Resources Corp.
DNG	Dynacor Gold Mines Inc.	OGC	Oceana Gold
DPM	Dundee Precious Metals Inc.	OGN	Orogen Royalties Inc.
DV	Dolly Varden Silver Corp.	OLA	Orla Mining
EDR	Endeavour Silver Corp.	OR	Osisko Gold Royalties
EDV	Endeavour Mining Corp.	ORA	Aura Minerals Inc.
ELD	Eldorado Gold Corporation	PAAS	Pan American Silver Corp.
EMX	EMX Royalty Corp.	PPTA	Perpetua Resources
EQX	Equinox Gold	RDS	Radisson Mining Resources
EXN	Excellon Resources	RDU	Radius Gold
FCX	Freeport McMoran Cu&Au	RGLD	Royal Gold
FNV	Franco Nevada	RRI	Riverside Resources
FURY	Fury gold mines	SEA	Seabridge Gold Inc.
FVI	Fortuna Silver Mines Inc.	SGD	Snowline Gold Inc
FVL	Freegold Ventures Ltd	SGN	Scorpio Gold Corporation
GAU	Galiano Gold (Asanko)	SPA	Spanish Mountain Gold Ltd.
GBU	Gabriel Resources Ltd.	SSL	Sandstorm Gold
GFI	Gold Fields	SSRM	SSR Mining
GOFL	Goldflare Exploration	STLR	STLLR Gold
GOLD	Barrick-Randgold	SVM	Silvercorp Metals Inc.
Gold-t	Goldmining Inc.	TMQ	Trilogy Metals Inc.
GPG	Grande Portage Res.	TXG	Torex Gold
GRC	Gold Springs Resources	USA	Americas Silver
GRG	Golden Arrow Res. Corp	VGZ	Vista Gold
GROY	Gold Royalty Corp.	VZLA	Vizla Silver
HL	Hecla Silver	WDO	Wesdome Gold
HMY	Harmony	WPM	Wheaton Precious Metals