Miners' Performance

Last update with graphs of Mar 28, 2024
Next update planned after Apr 25,  2024

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 -57.28%, while the average emerged from below break-even now posting a 12.82% gain. The median is the value observed in the middle of the distribution. The average is higher because the distribution is slanted due to the few high gains.

The median rallied 8.65% while the average soared 14.30% since last observation Feb 23.  Advances (79) outnumber declines (11) with 4 miners flat within a 1% margin. 

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 d'Alène (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
  • 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
Latest new additions or replacements
  • 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.

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



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: Did you avoid hefty losses by clever market timing?


Bottom quintile: all 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 quintiles as of the previous update on Feb 23

GMP elite miners, sorted by gain since starting observations in Nov 2010 (logarithmic view with ticks 10% apart in the bottom decade and 100% apart in the top decade)



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



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



Comments and composition changes since 2018:

·        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 19/04/2023

·        NCM.AX -  Newcrest Mining :  Acquired by Newmont Mining (NEM) on 26/10/2023

 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

AEM

Agnico-Eagle Mines Limited

IMG

Iamgold

AGI

Alamos Gold Inc

IPT

Impact Silver Corp.

AMM

Almaden Minerals Ltd.

ITH

International Tower Hill Mines Ltd.

AR

Argonaut Gold

K

Kinross Gold Corporation

ARIS

Aris Mining Corp.

KNT

K92 Mining Inc

ASA

ASA Gold & Precious Metals

LGD

Liberty Gold Inc (Pilot Gold)

ASM

Avino Silver & Gold Mines Ltd.

LME

Laurion Mineral Exploration

AUMN

Golden Minerals Company

LUG

Lundin Gold Inc

AYA

Aya Gold & Silver

MAG

MAG Silver Corp.

BCM

Bear Creek Mining Corporation

MOZ

Marathon Gold Corp.

BSR

Bluestone Resources

MRZ

Mirasol Resources

BSX

Belo Sun Mining Corp.

MSV

Minco Silver Corporation

BTG

B2 Gold

MTB

Mountain Boy Minerals Ltd.

CDB

Cordoba Minerals

MUX

McEwen Mining Inc.

CDE

Coeur d'Alene Mines Corporation

NDM

Northern Dynasty Minerals Ltd.

CG

Centerra gold

NEM

Newmont Mining

CKG

Chesapeake Gold Corp.

NG

NovaGold Resources Inc.

CUU

Copper Fox Metals Inc

NGD

New Gold Inc.

DNG

Dynacor Gold Mines Inc.

NGEX

NGEx Minerals Ltd

DPM

Dundee Precious Metals Inc.

NHK

Nighthawk Gold Corp.

EDR

Endeavour Silver Corp.

NVO

NOVO Resources Corp.

EDV

Endeavour Mining Corp.

OGC

Oceana Gold

ELD

Eldorado Gold Corporation

OGN

Orogen Royalties Inc.

ELVT

Elevation Gold Mining

OLA

Orla Mining

EMX

EMX Royalty Corp.

OR

Osisko Gold Royalties

EQX

Equinox Gold

ORA

Aura Minerals Inc.

EXN

Excellon Resources

OSK

Osisko Mining Inc.

FCX

Freeport McMoran Copper&Gold

PAAS

Pan American Silver Corp.

FIL

Filo Mining Corp.

PPTA

Perpetua Resources

FLV

Freegold Ventures Ltd

RDS

Radisson Mining Resources

FNV

Franco Nevada

RDU

Radius Gold

FR

First Majestic Silver Corp.

RRI

Riverside Resources

FURY

Fury gold mines

SEA

Seabridge Gold Inc.

FVI

Fortuna Silver Mines Inc.

SGN

Scorpio Gold Corporation

GATO

Gatos Silver

SILV

Silvercrest Metals

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

SVM

Silvercorp Metals Inc.

GOLD

Barrick-Randgold

TML

Treasury 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

VCGX

Victoria Gold Corp.

GROY

Gold Royalty Corp.

VZLA

Vizla Silver

GWA

Gowest Amalgamated Res.

WDO

Wesdome Gold

HL

Hecla Silver

WPM

Wheaton Precious Metals