Miners' Performance

Last update on  Sep 15, 2017

NEXT UPDATE ON Sep 29

Performance of the Canadian miners of the Gold Miner Pulse database
The past performance of Canadian miners included in the GoldMinerPulse database (note that this source has become subscriber based as of end 2015) has been covered in earlier postings:
A more frequent follow-up is useful, but rather tedious. As a trade-off, here are some fresh graphs (last update see on top) on the five performance quintiles, but without any specific miner oriented comment. The symbols used are the Canadian (TSX) quotes (See also bottom table).


Graph make-over

The database contains 94 miners or explorers. As such, the quintiles contain 19 miners or explorers, apart from the fifth, which counts only 18. From the second quintile onward, one miner from the above quintile has been repeated. This tiny intersection facilitates noticing a any potential performance gap.


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 $1342/oz and silver at $27.07/oz on that day.


Past 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 delistings of explorers running low on cash and assets. You find an overview of list compositions changes at the end.

Today's statistics

On Sep 15, 2017 the median loss for the miners in the database stands at 53.85%, while the average loss is 32.90%. The median is the value observed in the middle of the distribution.
The average is tilted higher (less negative) because of the asymmetry in the performance distribution, slanted towards the gains we have. The median eased 0.98% since previous evaluation on Sep 1 while the average slid 2.33%.

Over the long haul, there are 14 miners down 90% or more with 8 thereof down over 95%. Investors in Gran Colombia Gold are wiped out (less than 0.4% left), while investors in Primero Mining have less than than 2% left. Read: Primero from heaven to hell.
There are 18 miners up since Nov 2010, led by Arizona Mining. The top 2 have doubled.

Since previous evaluation, declines (66) outnumber advances (18 miners), with the remainder (10) almost flat: within a narrow +1% range.

Main mover and shaker are Grand Portage Gold ( +57% at C$0.29 still a penny stock) and (once again) Primero Mining  (-25% at CAD 0.09).


Exchange rate

B2 Gold (BTG), Randgold (GOLD), Barrick (ABX), Hecla Silver (HL), Coeur d'Alène (CDE) and Wheaton Precious Metals (WPM) quote in USD and as such suffer an unfavourable comparison relative to the other stocks in CAD.  All would shift up a few positions when accounting for the long term depreciation of the loonie.


Latest list changes

Exeter Resources (XRC) was taken over by GoldCorp and the quote has been removed. Its place is taken by Wheaton Precious Metals (WPM). This former silver streamer has been diversifying, mainly to gold streaming.
Silver Standard changed its quote to SSRM and its name to SSR Mining.

Graphs section

Click any of the graphs to view them at true size


Fig. 1 The top quintile led by Arizona Mining

Fig 2: Sub-top quintile

Fig 3: Mid-range, you find the median in this quintile

Fig 4. : Laggards

Fig 5:  In the bottom quintile 14 miners or explorers are posting a loss over 90% with 8 of them down over 95%. 
Those still are the basket cases

Comments and composition changes:

  • The quoting of GBG has been suspended at the close on Sep 14, 2012 after it stopped mining at its Burnstone mine in South Africa and had to file for protection from creditors. GBG has been dropped from the GMP list.
  • High river gold (HRG) leaves the selection after completing its merger with Nord Gold
  • Orko Silver (OK) left the selection after the acquisition decision by CDE.
  • Queenston Mining left the selection after its acquisition by Osisko.
  • The quoting of Barkerville Gold has been suspended for legal reasons and as such I have withdrawn it from the list.
  • Esperanza Silver Corp. (EPZ) was acquired by Alamos Gold and has been delisted on TSX
  • Osisko Mining has been acquired by Yamana and Agnico Eagle. The quote has been removed.
  • Plato Gold Corp (PGC) sold its mineral claims in Val d'or - Québec to Monarques Resources (MQR) and no longer actively explores
  • Excellon Resources (EXN), Kirkland Lake Gold (KLG) and Monarques Resources (MQR) were added to the quote list. They are not covered by GoldMinerPulse.
  • South American Silver is renamed to Tri-Metals Mining. The new quote is TMI
  • Pacific Rim Mining leaves the selection after acquisition by OceanaGold
  • American Bonanza Gold Corp. (BZA) leaves the selection after its acquisition by Kerr Minerals (which now is in a merger operation with San Gold - SGR)
  • San Gold has been delisted by TSX on Dec 23, 2014. The quote has been removed.
  • US Silver & Gold was acquired by Scorpio Mining. The quote has been removed.
  • Rio Alto Mining has been acquired by Tahoe Resources. The quote has been removed.
  • Paramount Silver and Gold has been acquired by Coeur d'Alène; the quote was removed.
  • Revett Minerals has been acquired by Hecla Mining. The quote has been removed.
  • Aurico Gold has merged its gold mining activities with Alamos gold. The quote was removed.
  • Wildcat silver was renamed to Arizona Mining, with ticker AZ
  • Sunward Resources was acquired by Novacopper (NCQ). The SWD quote was removed.
  • Crocodile Gold Res. has completed its merger with Newmarket Gold. The quote was removed.
  • Tyhee has been suspended by TSX since mid June. I have removed the quote.
  • Silver Crest was acquired by First Majestic Silver. The quote has been removed.
  • Temex Resources was acquired by Lake Shore Gold. The quote has been removed.
  • Arian Silver (AGQ) was suspended by TSXV, but continues quoting in London and on the pink sheets. All exploration activities have been terminated. The quote was removed.
  • Scorpio Mining Corp. (SPM) is renamed to Americas Silver and the quote changes to USA on TSX; Scorpio previously merged with US Silver & Gold Corp. with that symbol.
  • Niogold (NOX) was acquired by Oban Mining (OBM).  That mining company replaces Niogold in the list and has 'inherited' its good track record.
  • End of the line for Lake Shore Gold, (LSG) which has been acquired by Tahoe Resources. The quote has been removed.
  • Claude Resources (CRJ) and Silver Standard (SSO, SSRI) agreed to the acquisition of CRJ. The quote has been removed.
  • Oban Mining (OBM) has been renamed to Osisko Mining, with the symbol changed to OSK.
  • Kaizen Discovery entered into a Definitive Acquisition Agreement with AM Gold to acquire the Pinaya Copper-Gold Project in Peru. AM Gold was removed from the list.
  • Mines Management (MGT) has been acquired by Hecla Mining. The quote was removed.
  • Rubicon Minerals Expl. (RMX) has been suspended since Oct 2016. Quoting will resume before the end of the year. This eternal penny stock was removed from the list. Its place is taken by streamer Sandstorm Gold (TSX ticker SSL).
  • Agave Silver (AGV.TO) and Edgewater Resources (EDW.TO) were removed from the list. Agave has suspended prospecting and Edgewater no longer is covered after the latest markt segment change.
  • Miranda Gold (MAD.V) and Liberty Gold Inc. (LGD.TO) were added as replacements.
  • Kiska Metal Corp (KSK.V) has been acquired by Aurico Metals.  Aurico metals was split off from Aurico Gold as the latter has been acquired by Alamos Gold.  Centerra Gold (CG.TO) replaces Kiska Metal Corp in the list.
  • Crazy Horse Minerals changed its name to Rockwealth Resources (RWR) with a 10:1 share consolidation in the process. This stock has been one of the worst list performers. There is little chance for their Taysan project to be built into a mine. Coverage is discontinued.
  • 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
  • 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)
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.

A few miners are no longer covered on the GoldMinerPulse site, but I've kept them on board, e.g. Chesapeake Gold. Newcomers are AR, BTG, CMB, CUU, DPM, GCM, IMG, NCQ, TXG, OR (Osisko Gold Royalties), OSK and OGC (Oceana Gold), making the total equal 94.
Asanko Gold (AKG), Randgold (GOLD), Red Eagle (RD.V), Endeavour Mining (EDV), Mirasol Resources, Miranda Gold (MAD), Liberty Gold (LGD) and Cordoba Minerals (CDB) are more replacements for the latest list exits.

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
Name
Quote
Name
ABX
Barrick Gold
K
Kinross Gold Corporation
AEM
Agnico-Eagle Mines Limited
KDX
Klondex Mines Ltd.
AGI
Alamos Gold Inc
KL
Kirkland Lake Gold
AKG
Asanko Gold
LGD
Liberty Gold
AMM
Almaden Minerals Ltd.
LME
Laurion Mineral Exploration
AR
Argonaut Gold
LMG
Lincoln Mining Corporation
ASM
Avino Silver & Gold Mines Ltd.
LYD
Lydian International Limited
ATG
Atlanta Gold Inc.
MAD
Miranda Gold
AUMN
Golden Minerals Company
MAG
MAG Silver Corp.
AXR
Alexco Resource Corp.
MQR
Monarques Resources
AZ
Arizona Mining (Wildcat silv)
MRZ
Mirasol Resources
AZX
Alexandria Minerals Corporation
MSV
Minco Silver Corporation
BCM
Bear Creek Mining Corporation
MTB
Mountain Boy Minerals Ltd.
BDG
Black Dragon Gold Corp
MUX
McEwen Mining Inc.
BTG
B2 Gold
NDM
Northern Dynasty Minerals Ltd.
CDB
Cordoba Minerals
NG
NovaGold Resources Inc.
CDE
Coeur d'Alene Mines Corporation
NGD
New Gold Inc.
CG
Centerra Gold
NGQ
NGEx Resources Inc.
CKG
Chesapeake Gold Corp.
OGC
Oceana Gold
CMB
CMC Metals Ltd
OR
Osisko Gold Royalties
CUU
Copper Fox Metals Inc
ORA
Aura Minerals Inc.
DGC
Detour Gold Corporation
OSK
Osisko Mining Inc.
DPM
Dundee Precious Metals Inc.
P
Primero Mining Corp.
EDR
Endeavour Silver Corp.
PAAS
Pan American Silver Corp.
EDV
Endeavour Mining Corp.
PG
Premier Gold Mines Ltd.
ELD
Eldorado Gold Corporation
PVG
Pretium Resources Inc.
EMX
Eurasian Minerals Inc.
R
Red Eagle Mining Corp.
EOM
Eco Oro Minerals Ltd.
RPM
Rye Patch Gold Corp.
ER
Eastmain Resources Inc.
SBB
Sabina Gold & Silver Corporation
EXN
Excellon Resources
SEA
Seabridge Gold Inc.
FR
First Majestic Silver Corp.
SGN
Scorpio Gold Corporation
FVI
Fortuna Silver Mines Inc.
SMF
Semafo Inc.
G
Goldcorp Inc.
SPA
Spanish Mountain Gold Ltd.
GAL
Galantas Gold Corporation
SSL
Sandstorm Gold
GBU
Gabriel Resources Ltd.
SSRM
SSR Mining Inc. (Silver Standard)
GCM
Gran Colombia Gold Corp
SVM
Silvercorp Metals Inc.
GOLD
Randgold
THO
Tahoe Resources Inc.
GPG
Grande Portage Res.
TMI
Tri Metals Mining Corp
GPR
Great Panther Res.
TML
Treasury Metals Inc.
GQM
Golden Queen Mining Co.
TMQ
Trilogy Metals Inc.
GUY
Guyana Goldfields Inc.
TSN
Telson Resources
GWA
Gowest Amalgamated Res.
TVI
TVI Pacific Inc.
HL
Hecla Silver
TXG
Torex Gold
HRT
Harte Gold Corp.
TYP
Typhoon Exploration Inc.
IMG
Iamgold
USA
Americas Silver
IPT
Impact Silver Corp.
WPM
Wheaton Precious Metals.
ITH
International Tower Hill Mines Ltd.
YRI
Yamana Gold Inc.





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