GoldMinerPulse: TSX/TSXv Gold Mining and Silver Mining Companies

Last Updated With Closing Market Prices and Document Filings from: 18 January 2018 (as available at TSX closing time).


Mining Cryptocurrencies

GoldMinerPulse is tracking cryptocurrency/blockchain companies accessing or likely to access Canadian capital markets.

Recent updates:

  • January 11: While stories of China quietly ending cryptocurrency mining continue, it is strange that DM.V stock price has not been affected, given that DM was planning to do all mining operations in China using a to be acquired privately company, Ronin Blockchain. Is the China story fake news?

  • January 10: After selling a gold exploration property for C$2.5M in July, Parlane Resource Corp. (PPP.V) elects to change business model to cryptocurrency mining.

  • January 10: Updated tracking for Global Blockchain Technologies Corp. (BLOC.V) based on news company is lead investor in Kodak Coin, a NYSE ICO.

  • January 9: Added tracking for Urbanimmersive Inc. (UI.V). First mover with blockchain in the Quebec realestate sector. Started mining Ethereum and has a board with realestate sector depth. Started as a ranking :

    • Ethereum mining started

    • First mover in new sector for blockchain companies on TSX/TSXv

    • Successful round of funding via Prospectus in December 2017

  • January 9: Added Fanlogic Interactive Inc. (FLGC.V) to the under review list. Company focus has launched a stand-alone subsidiary, named Fanblock.io, to apply:

    new blockchain technology as it relates to any composite part of the brand/celebrity advertising ecosystem...

A Must Watch Film on the Cryptocurrency Revolution

Click to view

"Blockchain technology has the potential to fundamentally improve transactions for all. HIVE's partnership with Genesis provides immediate exposure to operating margins of crypto mining and a growing portfolio of coins. That makes this a unique global company out of the gate."

-Frank Holmes, CEO and CIO of U.S. Global Investors and Chairman of HIVE.

High Value Tips

Frank Holmes - January 12, 2018 Recipe Calls for a Broad Commodities Rally in 2018
Frank Holmes - January 5, 2018 It's Time for the Fear Trade to Move Gold Prices

 

GOAU: A New Way to Invest in Gold and Precious Metals

Watch this exciting interview at Kitco news for a first-hand introduction to GOAU, a gold and precious metals ETF launching soon. Learn more about this game-changing product here and view the SEC filing details here.

Unlike other gold ETFs, GOAU implements a "quant" strategy to guide its stock selection. Drawing from an array of factors that have proven successful, the new ETF seeks, for instance, to discriminate between companies with good and bad management and to identify companies with superior metrics. This active, discriminating approach not only is attractive for its own sake, but is buttressed by back testing results going back 10 years.

GOAU is also unique in that it incorporates streamers and royalty companies. Through NSRs (Net Smelter Returns) and similar deals, which avoid share dilution and which may even attach to property title, streamers and royalty companies offer an indirect, but arguably much safer way to gain exposure to gold explorers and developers.

Finally, the GOAU picks up a safe slice of world production. Since moves in the price of gold, and ultimate profitability of miners, can vary greatly from country to country as local currencies fluctuate, this ETF benefits from having diverse holdings.

I fully expect the GOAU to become larger than the GDXJ ETF within 5 years and ultimately to surpass even the GDX ETF, becoming second only to GLD ETF in the gold sector.

Anyone looking for exposure to the gold sector need look no further than GOAU. Once it has launched, I plan on putting my own gold sector investment allocations into this incredible product!

Also see Streetwise Reports, Sector Expert: Frank Holmes for timely blogs and commentary.




Data Exploration Tools

  • 4 July 2017 - added a "total debt / market capitalization" (real valued) metric to the nged app and the ngp app. Total debt is computed as the current + long term liability as reported quarterly plus subsequent news releases.

  • 19 June 2017 - corrected a currency conversion issue when current liabilities or current assets involved multiple currency.

Please see nged for current TSX/TSXv gold explorer/developer rankings based on financial and fundamental metrics.

Please see ngp for current TSX/TSXv gold producer rankings based on financial and fundamental metrics.



   

Gold and Silver Production Statistics

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: 25.94M ounces (889.37 tons or 806.82 tonnes), a 1% change over the 4 quarters ending at the prior quarter.

  • Silver: 149.78M ounces (5,135.31 tons or 4,658.68 tonnes), a -4.7% 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 October, November, December 2017, 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
46 of 84 3,948,772 oz
 
135.4 tons
 
122.8 tonne
13% 17,725,220 oz
 
608 tons
 
551 tonne
1%

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

14055 37947

Gold Developers

3436 11879

Gold Explorers
>5M Oz AuEq

2340 8635

Gold Explorers
<5M Oz AuEq

138 4340

All Gold Equities

19969 62801

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

117919 312799

Silver Developers

36487 140004

Silver Explorers
>5M Oz AuEq

7827 46868

Silver Explorers
<5M Oz AuEq

423 39876

All Silver Equities

162656 539547

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 $12 $6 $23

Estimated Discovery Cost
Per Oz AuEq

  $13 $3 $26

Net Working Capital
(US$)

$17,731M $1,362M $465M $823M

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

6

Gold/Silver Producers

84

Gold/Silver Developers

109

Gold/Silver Explorers

202

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

NA

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

NA

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.

 

Gold and Silver Miner Market Capitalization Estimates

TSX/TSXv Grouping TSX/TSXv Total Market Capitalization
(Millions of US$)
Gold & Silver Producers $118,237
Gold & Silver Streamers $13,486
Gold & Silver Developers $10,756
Gold & Silver Explorers $7,783
Total TSX/TSXv Gold & Silver Miners $150,262
 
Market Cap Estimate For the World's
Gold & Silver miners (Millions of US$)
$544,782

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 25% of the world's gold producers since the TSX/TSXv gold producers report approximately 25% 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.

NOTE October 24, 2016: Lowered the TSX/TSXv producer gold production estimate to 25% down from 33% - thus the spike in Market Cap Estimate for the World's Gold & Silver miners.

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.

 

Gold and Silver Miner Daily Update Counts

The following plot shows showing a per day count of gold/silver producers/developers/explorers with one or more "metric impacting" Sedar updates (e.g. resource disclosures, financial statements, shares for debt, private placements, options grants, project ownership changes, mergers/acquisitions, etc.).

Note: Snapshots are always taken at 4PM of the current day. Any filings after 4PM will only be counted at the next close.



 

Gold Price Rolling Regression for Multiple Time Periods - Daily Updates

GLD ETF Bullion Holdings Rolling Regression for Multiple Time Periods - Daily Updates

Click here for a scatter plot of GLD gold holdings versus price of gold.

 

DXY 4PM Quote Rolling Regression for Multiple Time Periods - Daily Updates

 

LBMA PM Gold Price Correlation With the Gold Held in the GLD ETF

The rolling 6Q scatter plot follows:

On a year by year basis the positive correlation between gold price and GLD gold holdings follows:

Finally, the correlation between gold price and GLD gold holdings over the last 10+ years of the GLD ETF follows:

Click here for more scatter plots.

 

LBMA PM Gold Price Correlation With the U.S. Dollar Index (DXY) Close

The DXY has been negatively correlated with gold price in recent years. The rolling 6Q scatter plot follows:



 

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:
  • 2018 (YTD average): $4.79

  • 2017 (Full year average): $9.11

  • 2016 (Full year average): $5.72

  • 2015 (Full year average): $2.17

  • 2014 (Full year average): $2.02

  • 2013 (Full year average): $14.94

Recent 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
19 January 2018 275.55 $1339 ? ?
18 January 2018 275.99 $1337 $1326 $11
17 January 2018 277.65 $1342 $1329 $13
16 January 2018 278.73 $1345 $1338 $7
15 January 2018 277.20 $1339 $1340 $1

12 January 2018 278.32 $1340 $1338 $2
11 January 2018 277.61 $1329 $1321 $7
10 January 2018 276.64 $1322 $1317 $5
9 January 2018 277.13 $1320 $1314 $6
8 January 2018 276.49 $1323 $1318 $5

5 January 2018 276.19 $1324 $1320 $4
4 January 2018 275.18 $1318 $1322 $3
3 January 2018 276.06 $1320 $1315 $5
2 January 2018 275.02 $1317 $1317 $0
1 January 2017 na na na na

29 December 2017 273.01 $1306 $1303 $3
28 December 2017 1301 $1293 $1294 $7
27 December 2017 272.65 $1293 $1288 $6
26 December 2017 271.01 $1288 $1284 $4
25 December 2017 270.19 $1290 na na

22 December 2017 270.19 $1278 $1273 $4
21 December 2017 269.88 $1275 $1268 $7
20 December 2017 270.31 $1278 $1265 $13
19 December 2017 270.83 $1276 $1262 $14
18 December 2017 269.58 $1267 $1261 $6

15 December 2017 269.39 $1269 $1256 $13
14 December 2017 269.57 $1268 $1253 $15
13 December 2017 266.88 $1254 $1255 $1
12 December 2017 267.05 $1255 $1244 $10
11 December 2017 267.99 $1260 $1242 $18

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.

A ? indicates that the closing data update is pending.

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.

 

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Gold ETF Money Flows

Daily Price of Gold changes
Money Flows in/out of GLD
plus the SGE Premium and Settlement volume
mon-dd POG
% Chg
GLD SGE
Prem.
SGE
Sett.
Volume
January 19 ? ? ? 11.47t
January 18 0.21% $505.4M $11 15.08t
January 17 0.72% $13 15.08t
January 16 0.10% $7 17.85t
January 15 0.12% na $1 18.48t

January 12 1.26% $2 17.28t
January 11 0.32% $7 9.09t
January 10 0.27% $125.2M $5 12.26t
January 9 0.35% $124.3M $6 15.62t
January 8 0.11% $5 9.38t

January 5 0.14% $50.0M $4 20.83t
January 4 0.52% $11.8M $3 20.70t
January 3 0.19% $5 22.12t
January 2 1.11% $49.8M $0 15.93t
January 1 na na na na

December 29 0.67% $3 5.77t
December 28 0.52% $7 13.98t
December 27 0.29% $6 12.29t
December 26 0.79% $4 9.08t
December 25 na na na 12.02t

December 22 0.49% $60.2M $4 17.27t
December 21 0.20% $7 12.22t
December 20 0.26% $13 13.53t
December 19 0.02% $47.8M $14 17.88t
December 18 0.44% $287.4M $6 13.98t

December 15 0.24% $13 19.16t
December 14 0.17% $15 11.86t
December 13 0.86% $59.1M $1 17.53t
December 12 0.20% $10 16.50t
December 11 0.46% $18 15.35t

December 8 0.00% $8 17.67t
December 7 1.22% $107.3M $17 16.20t
December 6 0.29% $12 12.57t
December 5 0.72% $59.4M $14 17.62t
December 4 0.34% $48.3M $4 22.89t

A ? indicates that the closing data for the ETF is to be released - ETF updates happen typically after 8PM EST. Otherwise the cell is left blank if there was no change from the previous day.

A X indicates the GDX ETF did NOT release the end of day holdings.

POG % Chg is computed based on the Kitco gold spot price bid at TSX market closing time and the price at the previous TSX market close.

For GLD, a positive cell value indicated the value of the gold (in millions of dollars) added to the ETF while a negative cell value indicated the value of gold removed from the ETF. Values are computed from data provided by the GLD ETF operator.

The SGE Prem. (Shanghai Gold Exchange Premium) is computed as the difference between the SGE gold closing price (coverted at exchange rates in effect at the TSX close) and gold spot price as reported by Kitco at the TSX close. SGE Sett. (Shanghai Gold Exchange Settlement Volume) is sum of the Au(T+D) and mAu(T+D) daily settlement volumes as reported by the SGE.

 

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