1. Agnico Eagle Mines Limited (AEM)
In terms of solid financial performance and a steady increase in value over time, few gold stocks have been quite as impressive as Agnico Eagle Mines Limited in 2024. This Toronto-based mining company has seen its stock price surge due to strong production figures, impressive reserves, and a diversified portfolio of mining assets.
In particular, the firm reported record gold production in the last quarter, largely driven by the successful exploitation of their Canadian Malartic and LaRonde mines. Furthermore, Agnico Eagle Mines maintains a healthy financial situation with a strong balance sheet, substantial liquidity, and a good debt profile, making it a preferred pick for many investors seeking exposure to gold assets.
2. Barrick Gold Corporation (ABX)
Barrick Gold Corporation ranks highly among the best-performing gold stocks on the TSX in 2024 due to its strong operational performance and solid financial results. With a plethora of mining operations in North America, South America, Australia, and Africa, Barrick has one of the largest reserves in the industry and holds leading positions in several key gold-rich regions.
The company also boasts a strong free cash flow, reduced net debt, and a regular dividend payment, which has driven its financial performance. The corporation’s successful exploration and development strategies have led to the discovery of new high-grade deposits, solidifying its standing in the investment world.
3. Newmont Goldcorp (NGT)
Newmont Goldcorp’s performance in 2024 has been nothing less than stellar. As the world’s leading gold mining company, its diversified asset portfolio and strong emphasis on sustainable mining practices have endeared it to investors and market watchers alike.
The company’s massive operations across North America, South America, Australia, and Africa, combined with disciplined cost management and high operating margins, have resulted in robust earnings and cash flow. Newmont’s commitment to growth projects and exploration activities also bode well for its future performance.
4. Franco-Nevada Corporation (FNV)
Franco-Nevada’s business model of being a gold-focused royalty and stream company gives it a unique edge within the gold market. It provides upfront financing to gold mining companies and, in return, receives the right to royalties on the produced gold or the right to buy the gold at a reduced price in the future.
This approach has paid off handsomely in 2024, with the company’s stock seeing consistent gains. Notably, Franco-Nevada’s diversified portfolio of assets, solid balance sheet, and attractive returns on capital have contributed to its status as one of the top-performing gold stocks on the TSX in 2024.
5. Kirkland Lake Gold Ltd. (KL)
The marked increase in Kirkland Lake Gold Ltd.’s share price is testament to their strong operational and fiscal performance. The company operates high-grade, low-cost underground gold mines in Canada and Australia and has seen exponential growth in production, revenue, and free cash flow.
In 2024, Kirkland Lake’s two flagship mines, Macassa in Ontario and Fosterville in Australia, have outperformed expectations, delivering high-grade gold production and bolstering its financial strength. Its consistent profitability and robust balance sheet have made Kirkland Lake a popular gold stock on the TSX this year.
To summarise, these five gold stocks have shown remarkable performance in 2024, each for unique reasons. Whether it’s their impressive asset portfolio, strong operational performance, or financial resilience, each company offers an excellent case study in successful gold mining practices and investment.
