The biggest market movers heading into the Gold Forum Americas 2024
Ten companies have more than doubled this year
The number of companies to post more than 100% year-to-date share price gains has doubled since the start of the month due to improving market sentiment and strong news flow.
Up until the end of August, there were five companies with triple digit percentage gains in 2024. In September, that number has doubled to 10.
Catalyst Metals (ASX: CYL) 233.8%
The biggest mover in 2024 by a considerable margin is junior Australian producer Catalyst.
In the past 12 months, Catalyst is up 468% as it emerged as a gold producer of note.
The company had been a small-scale producer via the Henty gold mine in Tasmania for several years but last year acquired Vango Mining and Superior Gold to consolidate the Plutonic gold belt in Western Australia.
At the end of August, Catalyst posted its first full-year profit after tax and impairments of A$24 million.
Earlier this month, the company reported a doubling of reserves to 1 million ounces of gold, which will enable it to double production to 200,000 ounces per year for modest capital of A$31 million.
Spartan Resources (ASX: SPR) 176.5%
Since recapitalising at A10c per share in early 2023, Spartan has gone from strength to strength, thanks to its high-grade Never Never discovery in WA.
Never Never, part of the previously low-grade Dalgaranga project, was discovered just 600m from Spartan’s mothballed plant.
Never Never and the newer Pepper discovery now have a resource of 2.48Moz at 4.79 grams per tonne gold.
ASX 200 producer Ramelius Resources recently paid around A$180 million for a 17.9% stake in Spartan.
Perpetua Resources Corp (NASDAQ: PPTA) 174.4%
Perpetua has performed strongly over the past year as it continues to de-risk the Stibnite gold project in Idaho.
Stibnite will be one of the highest-grade open pit gold projects in the US with estimated annual production of 450,000oz of gold over the first four years at all-in sustaining costs of less than US$450 per ounce.
The project also has a reserve of 148 million pounds of antimony, which is in the spotlight currently due to Chinese export restrictions.
Earlier this month, the US Forest Service completed the final environmental impact statement for Stibnite ahead of the issue of a Draft Record of Decision by the end of the year.
Gatos Silver Corp (NYSE: GATO) 151.6%
Silver miner Gatos is up by more than 27% in the past month alone after attracting a takeover offer from First Majestic Silver.
On September 4, the pair entered into a definitive merger agreement which would see First Majestic acquire Gatos in a scrip bid worth US$970 million.
Gatos shareholders will own around 38% of the enlarged First Majestic, which is expected to have a proforma market capitalization of almost US$3 billion.
Once the deal closes, the combined Mexico-focused producer expects to produce 30-32Moz of silver equivalent annually at AISC of US$18-20 per ounce.
Montage Gold Corp (TSX-V: MAU) 148.6%
Montage has been advancing its Koné gold project in in Côte d’Ivoire, which is set to produce 3.57Moz of gold over a 16-year mine life.
The company was granted a mining permit for the project in July.
Last month, Montage closed a C$180 million private placement.
China’s Zijin Mining participated in the placement, taking a 9.9% stake, while Lundin Family Trusts increased its stake from 17.7% to 19.9%.
Ora Banda Mining (ASX: OBM) 136%
Another emerging producer in Australia, Ora Banda’s Davyhurst mine in WA produced nearly 70,000oz of gold in the 2024 financial year.
Guidance for this financial year is 100,000oz, increasing to 150,000oz in the 2026 financial year as Ora Banda completes the transition from low-grade open pit mining to higher grade underground ore sources.
Now that the company is generating cashflow, it plans to focus more on exploration.
Ora Banda’s large land package, just outside Kalgoorlie, remains largely undrilled so the company will spend A$25 million on exploration over the next 12 months.
Coeur Mining (NYSE: CDE) 127.5%
Shares in Coeur are up by more than 18% so far this month as gold and silver prices rise and the company ticks off milestones at its expanded Rochester silver-gold mine in Nevada.
Earlier this month, the company said Rochester’s new three-stage crushing circuit was performing well and tonnes placed on the new Stage VI leach pad increased by 39% in August.
Rochester remains on track achieve its 2024 production guidance of 4.8-6.6Moz of silver and 37,000-50,000oz of gold.
Full-year group guidance is 310,000-355,000oz of gold and 10.7-13.3Moz of silver.
Southern Cross Gold (SXG) 113%
Southern Cross has been surging due to its high-grade Sunday Creek gold discovery just north of Melbourne in Australia.
Sunday Creek is still pre-resource but has returned drill results like 455.3m at 7.2 grams per tonne (uncut) from 413.6m.
Earlier this month, the company reported a 135m-wide gold-antimony zone below the historical Golden Dyke mine.
The company has an exploration target of 4.4-5.1 million tonnes at 7.2-9.7g/t gold equivalent, which covers a third to half of the strike of the main drilling area.
Artemis Gold (TSX-V: ARTG) 109.1%
Artemis is advancing construction of the Blackwater gold mine in British Columbia.
The first gold pour is expected in the December quarter. Once in full production, Blackwater is expected to produce 321,000oz per year at AISC of US$578/oz.
At the end of June, construction was 87% complete with roughly C$650 million of the capital budget of C$730-750 million spent.
Blackwater could produce more than 400,000ozpa via a phased expansion.
Avino Silver & Gold Mines (TSX: ASM) 108.8%
Avino operates its namesake silver-gold-copper mine and is processing stockpiles at La Preciosa, both in Mexico.
For the June quarter, the company generated record revenue US$14.8 million, up 60% year-on-year.
Avino reported a gross profit of US$4.7 million and adjusted earnings of US$4.3 million.
The company remains on track to achieve full-year guidance of 2.5-2.8Moz of silver equivalent.