Cassiar Gold Corp. (TSXV: GLDC, OTCQX: CGLCF)
Revitalizing the Cassiar Gold District in British Columbia, Canada
In November 2024, gold prices are hovering near historical highs, making it a good time to consider mining stocks. If you buy the right stocks at the right time, even a small investment can yield significant growth over the long term. Whether it’s the allure of gold as a safe haven during uncertain times or the importance of base metals like copper in the renewable energy sector, the mining industry is filled with enticing opportunities. Even a $200 investment can lead to substantial returns over time. This article will discuss two Canadian mining stocks worth attention from investors.
When it comes to top gold mining stocks in Canada, IAMGOLD (TSX: IMG) is worth a close look in 2024. The company generates revenue through the mining and sale of gold from its operations in Canada and West Africa. After rising 138% so far in 2024, IMG stock is currently trading at $7.95 per share, with a market capitalization of $4.5 billion.
One of the key factors making IMG stock so attractive in 2024 is its strong operational and financial performance. In the third quarter, the company reported a 95.5% year-over-year increase in total revenue to $438.9 million, driven by higher sales and revenues from new gold mines.
Moreover, the strengthening gold prices have helped IAMGOLD improve its profitability, with adjusted quarterly earnings of $0.18 per share, significantly surpassing Wall Street analysts’ expectations of $0.10 per share. By the end of the third quarter, the company had produced 490,000 ounces of gold, with an annual expectation of 625,000 to 715,000 ounces. Given its strong long-term growth prospects, the stock should continue to rise.
The second Canadian mining stock is OceanaGold (TSX: OGC). So far this year, the stock has risen over 75%. OGC shares are currently trading at $4.45 per share, with a market capitalization of $3.2 billion.
In addition to rising gold prices, OceanaGold’s continually improving financial condition has also contributed to the stock’s surge in 2024. In the quarter ending in September, the company produced 134,900 ounces of gold and 3,400 tons of copper, with gold production increasing by 37% quarter-over-quarter.
Looking ahead, OceanaGold expects the fourth quarter to be the strongest of the year, anticipating gold production between 142,000 and 162,000 ounces.
Furthermore, OceanaGold continues to focus on optimizing costs and advancing key growth projects, which further enhances its long-term growth prospects and is expected to keep the stock’s upward momentum strong in the coming years.
