2024 is a big year for gold investors as the precious metal soared to record highs in the second quarter, reaching $2,450.05 per ounce on 19 May. The price of gold was driven by a number of factors, including expectations of central bank interest rate cuts triggered by falling inflation, geopolitical conflicts, strong demand from central banks, and retail demand from China, to name a few.
Despite a decline in June, gold price has remained above $2,300. Driven by the rising gold prices, some gold stocks on the Toronto Stock Exchange (TSX) make investors very happy in the first half of the year. Here’s a look at the five best-performing gold stocks of the year as of the close of trading on 25 June.
Year-to-date gain: 87.9%; Market cap: C$597.2 million; Share price: C$2.33
Galiano Gold is a gold producer that is operating and developing the Asanko Gold Mine located on the Asankrangwa Gold Belt in Ghana. The project consists of four open pit mining areas – Abore, Miradani North, Nkran and Esaase – and also has a carbon leach processing plant with a capacity of 5.8 million metric tonnes.
According to a March 2023 technical report, proven and probable gold reserves are 2.07 million ounces. During the first quarter of 2024, the company reported 30,386 ounces of gold production and sold 31,840 ounces of gold at an average price of $2,056 per ounce, generating revenues of $65.5 million.
Year-to-date gain: 85.33%; Market cap: C$293.1 million; Share price: C$1.39
G2 Goldfields is a gold exploration and development company focused on advancing projects in South America and West Africa. The company’s flagship project, Oko Aremu, is located in the Cuyuni mining district in Guyana and covers 27,719 acres of land with 17 kilometres of strike prospect. To date, the company has drilled 235 holes.
According to the latest mineral resource estimate released in April, it shows a 320 per cent increase in gold reserves to 922,000 ounces and a 69 per cent increase in total gold reserves to 2 million ounces at the Oko Main and Ghanie zones. At the Ghanie Zone, drilling reported gold grades of up to 9.7 g/t over a 10-metre interval at a depth of 628 metres.
Year-to-date gain: 81.37%; Market cap: C$564.13 million; Current share price: C$7.69
Perpetua Resources is an exploration and development company working to advance the Stibnite Gold Project in central Idaho, USA. The project is located within a historic mining district that saw large-scale mining activity back in the early 1900’s.
Perpetua is working to reclaim the historic Yellow Pine and Hangar Flat open pit mines, as well as reprocessing historic tailings and restoring streams and fish migratory routes within the mining district. On March 21st, the company announced the receipt of US$8.5 million in royalties from Franco-Nevada. On 3 June, Perpetua’s share price reached a yearly high of C$9.42.
Year-to-date gain: 69.72%; Market cap: C$1.08 billion; Share price: C$2.41
G Mining Ventures is a gold development and mining company working to complete the Tocantinzinho gold mine in the Tapajos region of Brazil, which is expected to begin commercial production in the second half of 2024. According to a February 2022 feasibility study, the project has measured and indicated reserves of 2 million ounces of gold, an internal rate of return of 24% and an after-tax net present value of approximately US$622 million at a price of US$1,600 per ounce of gold.
On 11 June, G Mining announced that, following the receipt of the necessary permits from the Environmental Agency of the State of Pará, the company had commenced the thermal commissioning process, followed by a spike in the share price. The licence allows G Mining to begin processing ore, treating tailings and selling and exporting gold from the site.
Year-to-date gain: 67.69%; Market cap: C$321.28 million; Share price: C$1.09
Mineros is a mid-sized gold producer focused on Latin America. Its main assets are the Nechi alluvial gold mine in Colombia and the Hemco project area in Nicaragua. In its 2023 management discussion and analysis released on 15 February, the company noted that total gold production from the Nechi mine in 2023 was 93,756 ounces, an increase of 1,372 ounces from 2022.
The Hemco project area, which consists of two mines, Panama and Pioneer, saw total gold production in 2023 of 125,951 ounces, an increase of 6,569 ounces from 2022, an increase of 6,569 ounces. Mineros is expected to begin production from Hemco’s Porvenir deposit in 2027, which will add 44,700 ounces of gold production per year.
