GoldMinerPulse: TSX/TSXv Gold Mining and Silver Mining Companies

Last Updated With Closing Market Prices and Document Filings from: 20 April 2015 (as available at TSX closing time).


Seabridge Gold    

High Value Tips

Any investor in the resource companies in general and TSXV miners in particular should review the excellent material provided by US Global Investors in a recent report titled: MANAGING EXPECTATIONS: Anticipate Before You Participate in the Market. Highlights include:

Visit U.S. Global Investors and sign-up for weekly Investor Alerts and learn how to follow the money.

The 2014 update to the Periodic Table of Commodity Returns (Pd was #1 while Au was #5) is available here.

Visual Correlations

Use the form below to visually inspect the correlation between the closing market prices of TSX/TSXv gold/silver equities and spot market prices for gold and/or silver and/or copper.

TSX/TSXv Gold/Silver Stocks Correlation With Spot Market Metal Prices
Select TSX/TSXv Gold/Silver Stock Groupings For Review

Index: NYSE Arca Gold Bugs Index (HUI)

Producers in ETFs:  GDX   GDXJ   SGDM   SILJ   ZJG  

Developers/Explorers in ETFs:  GDXJ   SGDM   SILJ   ZJG  

Show Group Average

Add Spot Market Close Time Series

   Visual Correlation Chart Setup

Feedback from one of the 1st users (beta 001):

To quote the cop in Superbad, that metric is ''superbadass!''. And fun.

Since we come to the junior producer field looking for correlation, this is definately right up a stock pickers alley. Definately a home run. ...

Very nice.

   

Gold and Silver Production Statistics

NOTE: Newmont Gold (NEM on the NYSE), which did at one time trade on the TSX and which still files reports via Sedar.com, is not technically a TSX/TSXv gold producer and was therefore removed from GoldMinerPulse statistics effective 6 March 2015. Previously the NEM statistics were incorrectly counted as part of the TSX/TSXv totals.

Production Based on Last/Latest Four Quarters

Using the most recently available quarterly production reports, the gold and silver stocks listed on the TSX/TSXv are reporting production totals on a rolling 4 quarters of:

  • Gold: 25.27M ounces (866.40 tons or 785.98 tonnes), a 2.4% change over the 4 quarters ending at the prior quarter.

  • Silver: 180.82M ounces (6,199.54 tons or 5,624.13 tonnes), a 4.3% change over the previous 4 quarters ending at the prior quarter.

The running totals for quarterly production numbers for companies with a quarter ending in the months of January, February and March 2015, along with the changes on a Quarter on Quarter (QoQ) basis, for TSX/TSXv Gold and Silver producers are:

# Producers
Reporting
Gold Produced
Latest Q Report
QoQ
Gold Δ
Silver Produced
Latest Q Report
QoQ
Silver Δ
34 of 87 1,678,343 oz
 
57.5 tons
 
52.2 tonne
-9% 11,429,756 oz
 
392 tons
 
356 tonne
-4%

TSX/TSXv Gold Reserves and Resources

Gold reserves and resources for TSX/TSXv listed companies with at least 12.5% of their in situ metal values from gold:

Metric

 
Type of Equity

Gold Reserves
(tons)

 

Gold Resources
(tons, inclusive of reserves)

 

Gold Producers

14091 36708

Gold Developers

4263 16397

Gold Explorers
>5M Oz AuEq

2006 7480

Gold Explorers
<5M Oz AuEq

107 5765

All Gold Equities

20468 66350

Based on gold production rates reports over the last 4Q, TSX/TSXv gold producers have 21.5 years of gold reserves.

TSX/TSXv Silver Reserves and Resources

Silver reserves and resources for TSX/TSXv listed companies with at least 12.5% of their in situ metal values from silver:

Metric

 
Type of Equity

Silver Reserves
(tons)

 

Silver Resources
(tons, inclusive of reserves)

 

Silver Producers

154235 372743

Silver Developers

49077 143670

Silver Explorers
>5M Oz AuEq

6562 55500

Silver Explorers
<5M Oz AuEq

368 45115

All Silver Equities

210241 617028

Based on silver production rates reports over the last 4Q, TSX/TSXv silver producers have 33.6 years of reserves.

 

TSX/TSXv Gold and Silver Equities Statistics

The following table includes TSX/TSXv listed companies with at least 12.5 of their in situ metal values from gold or silver (in US$).

Type of Equity

 
Metric

Producers
 

 

Developers
 

 

Explorers
>5M Oz AuEq

 

Explorers
<5M Oz AuEq

 

Enterprise Value
Per Oz AuEq

$70 $8 $2 $8

Estimated Discovery Cost
Per Oz AuEq

  $12 $3 $21

Net Working Capital
(US$)

$17,938M $1,271M $277M $572M

TSX/TSXv Company Counts by Category

TSX/TSXv company may appear at most one time in the following table. Companies without a gold/silver resource (generators, historic and grass roots) are included on the basis of qualitative assessment of descriptions published in quarterly financial statements.

Category # of Companies in Category

Gold/Silver Streaming and Royalty Companies

7

Gold/Silver Producers

87

Gold/Silver Developers

144

Gold/Silver Explorers

233

Gold/Silver Generator Model Companies
(No Gold or Silver Resource)

28

Gold/Silver Explorers with Historic Resource
(No Gold or Silver Resource)

Gold/Silver Grass Roots Explorers
(No Gold or Silver Resource)

801

Total Companies Listed in Sedar.com
(Current, historic, TSX/TSXv, CNDX, and others. See Note 1)

~30,000

Note 1: All TSX/TSXv listed companies are required to file in Sedar.com. However, Sedar.com companies include current companies, companies that no longer file (i.e. as a result of take over, merger, re-organization, bankruptcy, etc.), CNDX companies (Canadian over the counter market listings), and companies listed on foreign exchanges (e.g. US OTC, London, etc.) that have some connection with Canadian investors.

ETF, Group Average Returns and Profiles

ETF and stock picking group returns and profiles are unavailable while we do some site upgrades. Expected return t.b.d. base on visitor feedback.

 

Contact Information

Outlook Gold and Gold Equities - April 18 view for 24 April Close

The multi week down trend in gold remains in place with little change from last week. A break out to the upside continues to appear possible, but it still hasn't happened as indicated by the strength of U.S.D. index, outflows from the GDX ETF, and a falling gold price trend in Yuan Renminbi.

As noted last week, the daily settlement volume at the Shanghai Gold Exchange remain depressed suggesting limited downside pressure due unavailability of physical metal in markets like the LBMA (i.e. LBMA is strongly suspected of running negative GOFO rates last week).

The normalized relative price changes of gold is lagging the GDX weighted average. Couple this with the positive expectation for gold from both the Kitco Wall Street and Kitco Main Street crews, suggests an over expectation for an upside move.

Observations on the Week Ending 17 April

  • The GDX Visual Correlation chart shows that market cap weighted average of the GDX Producers on the TSX (dashed black line) moving ahead of gold suggesting a positive expectation maybe be over anticipated in the week end equity prices.

  • The U.S.D. index is back testing its 50 day moving average. The GDX, GDXJ and SGDM ETFs are at or near their 50 day averages.

    GDX, the largest gold equity ETF, showed an outflow of more than US$150M for the week, up again from the prior week. Again, a week not unlike December 2014 where price of gold was falling.

  • The Shanghai physical delivery from vault for the week ending 27 March (reporting is always on a one week delay basis) was 681 tonnes YTD, a 12.4% increase over the comparable 2014 YTD figures.

    Daily settlement volumes are off sharply from the Q1 pace which suggest that physical gold may an issue -- in prior years, times of negative GOFO rates (short supply of physical gold for near term delivery) often led to a drop off in SGE daily settlment volumes. That appears to be happening now but this is just an estimate given that GOFO rates apparently are no longer published on the web.

    Gold priced in Yuan Renminbi remains in a down trend based on current week, 6 month and 1 year view.

  • Conditions continue to favor a short trade on AEM with no change from last week's assessment.

Outlook

On balance, the break out from the recent gold down trend has yet to be confirmed, although strong price pressure on the upside existed much of the past week.

Based on available evidence discussed above I expect the down trend to remain in place through next week with prices movements to trend sideways to slightly downwards based on a contrarian view while awaiting unexpected news events that will finally defined the next major trend move.

View Friday Outlook for Gold Next Week for past Friday outlooks.

 

Trade Ideas

  • 12 March - go long Rubicon (RBY, RMX CN) and buy Agnico Eagle (AEM, AEM CN) near term PUTS to capitalize on an excessive premium in AEM for its Canadian dollar production and the missing production bonus in RBY.

    Any one relying on the Agnico Eagle reserve numbers, as available in Sedar.com (as of 16 March 2015) would compute an 18% error in the company's gold equivalent reserves -- there is a factor of 10 error in the base metal percentages in an 11 February 2015 news release which has never been corrected in Sedar -- more details here.

 

Gold ETF News

Fund flowing into (fund is purchasing shares) and flowing out of (fund is selling shares) gold equity ETFs are a potential source of market bias. Updates are applied at the end of each trading day if the GDX or GDXJ had an inflow or outflow - no update means no change in share holdings occurred for either GDX or GDXJ.

  • 20 April - outflow from GDX was -$44.6M. GDXJ inflow as $7.5M.

  • 17 April - outflow from GDX was -$43.5M. GDXJ and SGDM were unchanged.

  • 15 April - outflow from GDX was -$99.8M. GDXJ and SGDM were unchanged.

  • 14 April - outflow from GDX was -$19.4M. GDXJ was unchanged. Outflow from SGDM was -$2.6M.

  • 13 April - outflow from GDX was -$27.9M. GDXJ was unchanged. Outflow from SGDM was -$3.5M.

  • 10 April - outflow from GDX was -$4.9M. GDXJ and SGDM were unchanged.

  • 9 April - outflow from GDX was -$88.1M, relative to 7 April 2015 ( 8 April GDX snapshot was incompleted). GDXJ and SGDM were unchanged.

  • 6 April - outflow from GDX was -$29.5M. GDXJ and SGDM were unchanged.

  • 2 April - inflow to the GDX was $2.8M while outflow from the GDXJ was -$27.8M. SGDM and the newly launched SGDJ were unchanged.

  • 31 March - outflow from GDX was -$67.7M. GDXJ gained $11.4M. SGDM lost -$0.8M since March 27.

  • 30 March - outflow from GDX was -$14.9M. GDXJ was unchanged.

  • 27 March - outflow from GDX was -$51.7M. GDXJ and SGDM were unchanged.

  • 26 March - outflow from GDX was -$14.1M. GDXJ and SGDM were unchanged.

  • 25 March - inflow into GDX was $7.8M, SGDM outflow was -$3.6M and GDXJ was unchanged.

  • Seabridge Gold (SEA CN, SA), a dynamic, well-funded company active in Northern British Columbia, is the only gold explorer/developer included in both the Market Vectors Gold Miners ETF (GDXJ) and the newly-launched Sprott Gold Miners ETF (SGDM). The Seabridge KSM project has received final approval of its Environmental Assessment Application and is only the second large-scale mining project in Canada to receive federal approval in the past five years - see Why KSM Makes Sense. Also see Seabridge Gold Inc. Project Summary and Seabridge Gold home page for more.

Gold and Silver Miner Market Capitalization Estimates

TSX/TSXv Grouping TSX/TSXv Total Market Capitalization
(Millions of US$)
Gold & Silver Producers $83,452
Gold & Silver Streamers $19,528
Gold & Silver Developers $7,709
Gold & Silver Explorers $3,330
Total TSX/TSXv Gold & Silver Miners $114,018
 
Market Cap Estimate For the World's
Gold & Silver miners (Millions of US$)
$314,819

Note: All TSX/TSXv companies with at least 12.5% of their total in situ metal value coming from either gold or silver and which match the category definitions, are included in the above table.

Gold & Silver Producers category includes those companies that report quarterly production counts and revenues for gold and/or silver production.

Gold & Silver Streamers category includes companies focused on creating gold/silver streams or royalty income flows.

Gold & Silver Developers category includes companies with an explicit plan to start production in the near term or which have a spending profile and work plans to imply potential future production.

Gold & Silver Explorers category includes companies that are primarily focused on expanding resource counts at one or more existing gold and silver projects without indicating plans for future production.

Generator and grass roots companies are not covered.

Market capitalization is always computed using closing market price (expressed in US$ using exchange rates in effact at market closing time) and the issued share of each company. Updates are made daily after the TSX market close.

TSX/TSXv Market Share Assumptions: the TSX/TSXv gold producers are estimated to represent approximately 33% of the world's gold producers since the TSX/TSXv gold producers report approximately 1/3 of the world's yearly gold production. The streamers, explorers and developers are estimated to represent very roughly 50% of the world total for companies in those groupings.

The Market Cap Estimate For the World's Gold & Silver miners is computed based on the actual TSX/TSXv market capitalizations, computed on a daily basis here using closing market prices and Sedar.com material filings as available at the TSX market closing time, and applying the market share assumptions detailed above.

Detailed fundamental metrics on the TSX/TSXv gold and silver miners, including per company details such as:

  • gold and silver reserves / resources breakdowns

  • enterprise value per ounce of gold reserve (or resource)

  • average ore value per tonne

  • breakdown of percentage of gold equivalent ounces by country (2 letter ISO codes)

  • options to fully customize report to your specific needs

are available on a subscription basis. Contact dennis@goldminerpulse.com to request a free no obligation evaluation copy of a TSX/TSXv gold/silver miner monthly report.

If you are using in house staff to maintain such metrics then you should consider the advantages of outsourcing this task to the GoldMinerPulse team which can prepare custom reports using XML, Excel spreadsheets and/or private access PHP pages.

 

LBMA GOFO Rates

Per the LBMA website, all GOFO data was discontinued as of 30 January 2015. The LBMA website references www.trioptima.com and provides contacts into this organization on the Discontinuation of GOFO transition information page. Thanks in advance to anyone who can provide a good overview blog on the LBMA to trioptima transition.

 

Shanghai Gold Exchange Gold Closing Price Versus Kitco Closing Price

The Shanghai Gold Exchange Yuan Renminbi price of gold and premium/discount in US dollars relative to the Kitco spot price at TSX close follows (yearly average and 1 year rolling time period comparisons):

Note: See China Public Holiday Calendar for the dates of up coming Chinese holidays.

Yearly Average Shanghai Gold Exchange Premium:
  • 2015 (YTD average): $4.05

  • 2014 (Full year average): $2.02

  • 2013 (Full year average): $14.94

Rolling Week on Week Comparisons of Shanghai Gold Exchange (SGE) Premiums (Δ) vs Kitco Spot Gold Price:

Date Shanghai Gold Exchange Close - Au(T+D) Kitco Spot Price at TSX Close SGE Δ
Yuan Renminbi/gram US$/oz
20 April 2015 241.11 $1212 $1195 $17
17 April 2015 239.98 $1205 $1204 $1
16 April 2015 240.29 $1206 $1199 $7
15 April 2015 238.11 $1193 $1202 -$9
14 April 2015 238.89 $1196 $1192 $4
13 April 2015 241.10 $1207 $1199 $8
...
20 October 2014 244.64 $1242 $1256 -$4
17 October 2014 244.60 $1242 $1238 $4
16 October 2014 244.37 $1242 $1240 $2
15 October 2014 242.06 $1229 $1239 -$10
14 October 2014 243.47 $1236 $1233 $3
13 October 2014 241.61 $1235 $1234 $2
...
21 April 2014 257.70 $1283 $1290 -$6
18 April 2014 259.16 $1293 Good Friday na
17 April 2014 259.37 $1297 $1295 $2
16 April 2014 258.40 $1292 $1303 -$11
15 April 2014 261.88 $1309 $1303 $6
14 April 2014 264.81 $1324 $1327 -$3

Currency conversions made using spot rates available on the date. The SGE Δ is computed as the SGE closing price in US$ minus Kitco Spot Price (bid) at TSX Close.

See the SGE page for daily updates on the Shanghai Gold Exchange, including a comparison of SGE gold delivery from vault in 2014 versus 2013.

See schedule of holidays in China in 2015 for dates the SGE will be closed. 2 January was the New Year's weekend holiday. The next holiday will be Spring Festival Eve and Chinese New Year holidays started 18 February and ending 24 February.

 

Monday's News Highlights

Select Monday's news headlines from the 1,903 mining stocks (producers, developers, explorers, base metal producers plus a few of the capital pool companies) GoldMinerPulse tracks:

  • Balmoral Resources Ltd. (BAR CN) Visit
    • 08:06am EDT RETRANSMISSION - Balmoral Intersects 19.55 G/t Gold Over 44.45 Metres, Bug Lake Gold Trend, Martiniere Property, Quebec [Marketwired more]
    • 05:00am EDT Balmoral Intersects 19.55 G/t Gold Over 44.45 Metres, Bug Lake Gold Trend, Martiniere Property, Quebec [Marketwired more]
  • Calibre Mining Corp. (CXB CV) Visit
    • 09:00am EDT Calibre Mining Announces Start of Diamond Drilling Program on 100% Owned Montes de Oro Gold Project, Siuna District, Nicaragua [Marketwired more]
  • Canada Strategic Metals Inc. (CJC CV) Visit
    • 10:57am EDT IIROC Trading Resumption - CJC; MAT [CNW Group more]
    • 10:35am EDT CJC.V: Discovery of High-Grade Zone at Sakami with Intersections of Up to 6.86 g/t Au Over 9.60 Metres, Including 9.49 g/t Au Over 6.50 Metres [Marketwired more]
  • Golden Minerals Company (AUMN, AUM CN) Visit
    • 07:45am EDT Golden Minerals Announces Mineral Resource Estimates For Santa Maria And Los Azules Mines [CNW Group more]
  • Rockcliff Resources Inc. (RCR CV) Visit
    • 08:00am EDT Solvista Gold Corporation and Rockcliff Resources Inc. Sign Amalgamation Agreement [Marketwired more]

View more of Monday's news headlines here. Our news headlines update each TSX/TSXv trading day, typically mid morning and then several times during the trading day.

 

Previous Friday Outlook for Gold Next Week

See Friday Outlook for Gold Next Week - Call History

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