It seems like gold and silver have been able to increase in price a lot throughout 2020. Subsequently, gold stocks and silver stocks have also been going up. Recently gold and silver prices fell when Pfizer Inc. (PFE Stock Report) announced a COVID-19 vaccine in partnership with BioNTech that has been proven 90% effective on average.
This is negative for precious metals because they are generally used as an asset for when the economy is struggling. Since the economy has been at a large struggle point for all of 2020, these precious metals have been performing well. But after this news came out, the prices of gold and silver fell a little.
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Gold will typically fall more than silver in this situation, because silver is used for industrial purposes. Even with this vaccine news, nothing has been widespread released. It will also take time for the economy to recover even when there is a vaccine, it won’t just happen overnight. As of mid-day November 11th, the price of gold is at $1,865, while the price of silver is at $24.25. Now let’s see some mining stocks that have shown positive performance throughout the 2020 year.Top Mining Stocks To Watch: Walcott Resources Ltd.
Let’s first talk about Walcott Resources Ltd. (OTC:WALRF Stock Report) (CSE:WAL), which has been making positive advancements as we continue through these uncertain times. Walcott Resources is a mining company whose main focus is silver, although looking for other resources as well. The company actively looks for gold and silver deposits.
Its main property is the Australian Tyr Project, which looks for silver as its primary resource. This project is estimated to contain up to 4,710 grams per ton of silver (g/t Ag) within. Recently the company announced new plans to accelerate the program at the Tyr Project. Walcott wants to identify its current prospective silver goals and then use that to improve the efficiency of its drilling program.
So what else is new at Walcott? Well, the company purchased 60% interest in 1256714 B.C. Ltd. (Targetco), which owns 100% interest in a few active prospective silver and zinc projects. On October 22nd, the company also announced its new CEO, David Thornley-Hall. In a statement after being promoted to CEO, Thornley-Hall said, “I am excited to take on the role of CEO for Walcott as we are initiating our priority exploration plans at our Tyr and Century South silver projects in Australia as well as our Cobalt Hill project here in BC.”
Now we await new updates from Walcott to see what is next for this company and mining stock.Top Mining Stocks To Watch: Fortuna Silver Mines
The next company to talk about is Fortuna Silver Mines Inc. (FSM Stock Report). Fortuna Silver Mines Inc. is a mining company that will explore, extract, and process precious and base metal deposits. All of its operations are generally out of Latin American countries like Peru and Argentina. Fortuna owns the Caylloma mine, San Jose mine, Lindero project, and more. Let’s see what the company has been up to during recent times.
So back on October 14th, Fortuna Silver provided production results but not yet financial results. The company reported production of 2.1 million ounces of silver and 12,791 ounces of gold. For the first 9 months of the year was 5.2 million ounces and 29,992 ounces as well.
Its silver production rose 10% year over year, while its gold rose 12% year over year. In addition to this its lead and zinc production went up 6% and 10%. On November 12th, the company will be releasing its financial results for the third quarter of 2020, so stay tuned to find out what will come from this.Top Mining Stocks To Watch: Wheaton Precious Metals Corp.
Next up is Wheaton Precious Metals Corp. (WPM Stock Report). Wheaton Precious Metals is a mining company that primarily sells precious metals all over Canada and internationals. The company will actively sell gold, silver, and palladium ores. Currently, Wheaton has agreements from 20 operating mines and 9 development stage projects. So now let’s dive into what Wheaton has been up to in recent times and current company performance
On November 9th the company released its financial results for the first nine months of 2020 and the third quarter of the year. Its operating cash flow in the third quarter alone was $230 million, and its first nine months was a new record of $555 million. This resulted in a 20% increase in the company’s dividend. Wheaton’s production also greatly rebounded after restrictions due to COVID-19 were lifted.
Its operating cash flow year over a year went up 60%. It also listed on the London Stock Exchange at the end of October. Wheaton’s revenue of $307 million in the quarter was a 37% increase year over year. Now we will see what is up next for this company in the future. WPM stock price has gone up about 51% throughout 2020 as of November 11th.Top Mining Stocks To Watch: IAMGOLD Corporation
The last company on this list is IAMGOLD Corporation (IAG Stock Report). IAMGOLD Corporation is a mining company that will explore, develop, and operate many gold mining properties throughout both North America, South America, and West Africa. Currently, it owns an interest in the Roebel mine, Essakane mine, Westwood mine, and more. Time to take a dive into the recent news and advancements that IAMGOLD Corporation has been making.
On November 4th, IAMGOLD reported its financial and operating results for the third quarter of 2020. Its net cash from operating activities was 37% up year over year. Its revenue was reported at $335.1 million, with an average realized gold price of $1,908 per ounce. This revenue number is up $60.7 million year over year, and up $50.5 million from the second quarter of 2020.
Its gross profit also went up $55.3 million year over year to $78.1 million. Gordon Stothart, the President and CEO of the company said, “In the quarter, we successfully completed our new bond issuance, lowering our interest costs, extending the maturity to 2028 and enhancing our financial flexibility with a cash balance of approximately $900 million.”
While still struggling due to some COVID-19 related issues, it seems like IAMGOLD has been able to make some momentum in a positive direction this year. IAG stock did experience a sell-off after the hype from these results died down though. So now we await more updates from the company to see if IAG stock can pick up some momentum, being down at the moment.