Top 5 Gold Stocks to Watch in 2024 as Gold Prices Surge

On behalf of West Red Lake Gold Mines Ltd

In May 2024, gold prices soared to a record high of $2,450.05 per ounce,¹ reflecting a renewed interest in this precious metal as a safe haven investment. This historic surge is driven by a confluence of factors that have been building for years, creating an ideal environment for gold mining companies to thrive.

Gold has long been considered a reliable hedge against economic instability and its recent performance underscores this reputation. Over the past decade, gold has outperformed many other asset classes, providing consistent returns for investors seeking refuge from market volatility. The latest spike in prices is not an isolated event but rather the culmination of various economic catalysts.

Several short-term and long-term factors are propelling gold prices to new heights. High inflation rates,² an expected series of interest rate cuts by the Federal Reserve,³ and ongoing geopolitical conflicts have all contributed to the metal’s allure.⁴ Additionally, central banks around the world,⁵ including those in emerging markets, have been ramping up their gold purchases, further tightening supply and driving up prices.

The allure of gold extends beyond the metal itself. Gold mining stocks offer leveraged exposure to rising gold prices, often providing outsized returns compared to the physical metal. Companies that can effectively navigate the complexities of gold production, from exploration to full-scale operations, are well-positioned to capitalize on the current market conditions.

Here are the top five gold stocks to watch in 2024:

West Red Lake Gold Mines Ltd. (TSXV:WRLG) (OTCQB:WRLGF)
Artemis Gold Inc. (TSXV:ARTG) (OTC:ARGTF)
Perseus Mining Limited (TSX:PRU) (OTC:PMNXF)
G Mining Ventures Corp. (TSX:GMIN) (OTCQX:GMINF)
Agnico Eagle Mines Limited (TSX:AEM) (NYSE:AEM)

1. West Red Lake Gold Mines Ltd. (TSXV:WRLG) (OTCQB:WRLGF)

WRLG.V 1 1 e1737745262644 Top 5 Gold Stocks to Watch in 2024 as Gold Prices Surge

West Red Lake Gold Mines Ltd. (TSXV:WRLG) (OTCQB:WRLGF) is making significant strides towards near-term gold production with the targeted restart of its Madsen Gold Mine in Canada’s Red Lake Gold District by 2025. The company’s 80 km² land package is highly prospective, containing one of the world’s highest-grade, undeveloped gold projects.

This junior miner has quickly gained recognition and is a standout in the gold mining sector, earning a spot in the TSX Venture Exchange’s Top 50 Companies in the Mining category for 2024.⁶

With historic production of 2.5 million ounces⁷ and a high-grade resource of 1.65 million ounces of gold at 7.4 g/t (Indicated), West Red Lake Gold Mines is well-positioned for growth.⁸

West Red Lake Gold Mines Ltd. (TSXV:WRLG) (OTCQB:WRLGF) is backed by heavyweight investors, including legendary industry financier Frank Giustra, who holds an 11% stake.⁹ Giustra and other institutional investors provide robust financial stability and growth potential for the company.

The company’s leadership team is stacked with industry veterans from billion-dollar gold producers. CEO Shane Williams, who advanced the Eskay Creek Gold project as COO of Skeena Resources after building mines as COO of Eldorado Gold, leads the team. Anthony Makuch, a director, previously served as CEO of Kirkland Lake Gold, where he significantly increased annual gold production.

West Red Lake Gold Mines is well funded to advance the Madsen project following a US$27.1 million upsized private placement in March and a recently closed C$33 million financing led by Raymond James. This financial foundation allows the company to execute its development plans effectively and stay on track for the targeted production restart in 2025.

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2. Artemis Gold Inc. (TSXV:ARTG) (OTC:ARGTF)

ARTG.V e1737745217490 Top 5 Gold Stocks to Watch in 2024 as Gold Prices Surge

Artemis Gold Inc. (TSXV:ARTG) (OTC:ARGTF) has seen its share price rise significantly with the advancement of its Blackwater Gold Project in Canada. Acquired in 2020, the project has progressed through feasibility studies and permitting, and full-scale construction began in 2023.

In April 2024, Artemis Gold provided an update on the Q1 construction progress at the Blackwater Mine in central British Columbia. The project remains fully funded, on schedule, and approximately 73% complete, adhering to the initial capital expenditure guidance.¹⁰

By March 31, 2024, Artemis Gold had spent approximately C$523 million of the guided initial capital expenditure of C$730 to C$750 million and entered into contractual commitments for C$682 million. Construction of major site water management facilities has been completed, and progress on the tailings storage facility dam is on track. The Sedgman EPC contract work on the processing plant is about 84% complete, with significant advancements in steel erection, conveyor installation, and mechanical equipment installation.

The stock has increased over 105% during this period, and with the first gold pour expected in the second half of 2024, Artemis Gold is a strong contender for further growth.

3. Perseus Mining Limited (TSX:PRU) (OTC:PMNXF)

PRU.TO e1737745303340 Top 5 Gold Stocks to Watch in 2024 as Gold Prices Surge

Perseus Mining Limited (TSX:PRU) (OTC:PMNXF) is a leading gold producer with operations in West Africa. The company operates three gold mines: Edikan in Ghana, Sissingué in Côte d’Ivoire, and Yaouré, also in Côte d’Ivoire. Perseus is known for its strong operational performance, robust financials, and significant growth potential. The company continues to expand its reserves and resources through successful exploration and development activities.

In August 2023, Perseus Mining announced an increase in the CMA underground Ore Reserves at its Yaouré Gold Mine in Côte d’Ivoire. The reserves beneath the existing CMA open pit increased by 2.7 Mt at 3.46 g/t for 300,000 oz, bringing the total CMA underground Ore Reserve to 4.9 Mt at 3.51 g/t for 559,000 oz. Feasibility-level studies confirmed the economic and technical viability of underground mining.¹¹

Additional drilling success has extended Inferred Mineral Resources at depth, providing strong encouragement for further expansion. Furthermore, a drill campaign at the adjacent Yaouré open pit resulted in an additional 6.9 Mt at 1.82 g/t for 403,000 oz of reserves, bringing the total Yaouré open pit Ore Reserves to 11.8 Mt at 1.49 g/t for 565,000 oz. These increases add significant value and extend the life of the Yaouré Gold Mine, with an updated Life of Mine plan expected in the September 2023 quarter.

Perseus Mining has experienced notable stock price appreciation leading up to its first gold pour at the Yaouré Gold Mine in Côte d’Ivoire in December 2020. The company continued to see growth through 2021 and 2022 as it ramped up production, demonstrating the market’s positive response to its advancement towards production.

4. G Mining Ventures Corp. (TSX:GMIN) (OTCQX:GMINF)

GMIN.TO e1737745326833 Top 5 Gold Stocks to Watch in 2024 as Gold Prices Surge

G Mining Ventures Corp. (TSX:GMIN) (OTCQX:GMINF) is a prominent mining company focused on the exploration, development, and operation of gold properties. Headquartered in Brossard, Quebec, the company aims to deliver significant value to its shareholders by advancing high-quality projects through efficient and sustainable mining practices. With a strategic emphasis on low-cost, high-return gold projects, G Mining Ventures leverages its experienced management team and robust technical expertise to drive growth and profitability. The company’s flagship project, the Tocantinzinho Gold Project in Brazil, exemplifies its commitment to developing world-class mining assets in favorable jurisdictions.

In June 2024, G Mining Ventures announced significant progress at its 100%-owned Tocantinzinho Gold Project in the State of Pará, Brazil. The project remains on schedule and on budget, with commercial production slated for the second half of 2024. The commencement of hot commissioning marks a critical milestone, as ore was introduced into the grinding circuit on June 10 following the receipt of necessary permits from the Pará State Environmental Agency (SEMAS). These permits authorize the mining and processing of ore, disposal of tailings, and the selling and exporting of gold.¹²

As of May 31, 2024, the Tocantinzinho Project is 97% complete, with construction essentially finished. Approximately 2.0 million tonnes of ore have been stockpiled, ahead of schedule, including 1.5 Mt grading 0.77 g/t in the low-grade stockpile and 0.5 Mt grading 1.29 g/t in the high-grade stockpile. The initial phase of hot commissioning will utilize the low-grade ore, progressively feeding higher-grade ore as production ramps up to a planned throughput of 4.7 Mt per year. The successful pre-commissioning and commissioning of the plant, including testing of the primary crusher, ore reclaim system, grinding, and wet circuits, have set the stage for the anticipated commercial production.

5. Agnico Eagle Mines Limited (TSX:AEM) (NYSE:AEM)

AEM.TO e1737745675376 Top 5 Gold Stocks to Watch in 2024 as Gold Prices Surge

Agnico Eagle Mines (TSX:AEM) (NYSE:AEM) is a well-established gold producer with a strong portfolio of mining operations. The company has consistently delivered strong performance, and its strategic acquisitions and expansions position it well for future growth.

Agnico Eagle Mines has significantly expanded its footprint in the Red Lake District through strategic acquisitions and development initiatives. Following its merger with Kirkland Lake Gold, Agnico Eagle now oversees several high-potential gold projects in this prolific region.¹³ The Red Lake District is renowned for its rich gold deposits, having produced over 25 million ounces of gold historically.

Among Agnico Eagle’s key projects in Red Lake is the Upper Beaver gold-copper deposit. Located approximately 27 kilometers east of the Macassa mine, Upper Beaver is the most advanced exploration project in the Kirkland Lake camp. The company also controls other regional deposits, including Upper Canada, Anoki-McBean, and Amalgamated Kirkland (AK), which offer substantial exploration and development potential.¹⁴

These projects collectively enhance Agnico Eagle’s resource base and provide a robust pipeline for future production growth. The Upper Beaver deposit, in particular, has shown promising results with significant gold and copper resources, making it a cornerstone of Agnico Eagle’s exploration strategy in the Red Lake District.

footnotes:
[1] https://tradingeconomics.com/commodity/gold [2] https://apnews.com/article/inflation-prices-rates-economy-biden-federal-reserve-4ac316b6a435ef44c370ce7686da67c0 [3] https://www.reuters.com/markets/commodities/gold-holds-tight-range-focus-turns-us-inflation-data-2024-03-26/ [4] https://tradingeconomics.com/commodity/gold [5] https://www.bnnbloomberg.ca/gold-demand-to-hit-record-with-central-bank-buying-wgc-says-1.2028727 [6] https://financialpost.com/globe-newswire/west-red-lake-gold-recognized-as-a-top-50-tsx-venture-exchange-company [7] https://www.mining.com/west-red-lake-grabs-madsen-mine-by-buying-pure-gold/ [8] https://westredlakegold.com/wp-content/uploads/2024/04/26Apr24_-_PureGold_Mine_NI_43-101_Technical_Report_-_WRLG.pdf Signed by Qualified Persons: Cliff Revering, P.Eng. SRK Principal Consultant (Mineral Resource) Wayne Barnett, P.Geo. SRK Practice Leader and Principal Consultant (Resource Geology) Kelly McLeod, P.Eng. Allnorth Metallurgical Engineer (Metallurgy) Gary MacSporran, P.Eng. SRK Principal Consultant (Mining Engineering, Peer Review) [9] https://www.mining.com/red-lake-camp-keeps-giving-as-frank-giustra-backed-explorer-hits-bonanza-gold/ [10] https://www.artemisgoldinc.com/news/media-releases/artemis-gold-provides-q1-update-on-blackwater-mine-construction-progress [11] https://www.globenewswire.com/news-release/2023/08/22/2730043/0/en/Perseus-Mining-Announces-Underground-and-Open-Pit-Reserve-Growth-at-Yaoure.html [12] https://www.juniorminingnetwork.com/~jmn/junior-miner-news/press-releases/2960-tsx/gmin/162299-g-mining-ventures-commences-processing-ore-at-tocantinzinho-project-start-of-hot-commissioning.html [13] https://ir.agnicoeagle.com/English/investor-relations/news-and-events/news-releases/news-release-details/2022/AGNICO-EAGLE-AND-KIRKLAND-LAKE-GOLD-COMPLETE-MERGER-TRANSACTION/default.aspx [14] https://www.agnicoeagle.com/English/investor-relations/news-and-events/news-releases/news-release-details/2017/Agnico-Eagle-to-Purchase-the-Exploration-Assets-of-Canadian-Malartic-Corporation-Including-the-Kirkland-Lake-and-Hammond-Reef-Gold-Projects/default.aspx

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