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Canadian gold stocks have started shinning again on improving yellow metal prices and robust earnings forecasts from analysts. Barrick Gold Corporation (TSX:ABX) also anticipates higher production in the second half of the year because of resuming its operations.
Stocks of Barrick jumped 4.31 per cent, and its 4.73 million shares changed hands on Thursday.
Meanwhile, B2Gold Corp. (TSX:BTO) announced its gold production with a 19 per cent surge year-over-year (YoY) for the first quarter of 2020. The company generated a total gold revenue of US$ 362 million in the quarter. It sold 202,330 ounces of gold at an average rate of US$ 1,791 per ounce in Q1 2021.
B2 Gold’s share price popped up 6.655 per cent on the back of the strong top-line and gold output. Its one-day trading volume rose to 5.08 million shares on April 15.
Let us look at these precious metal stocks’ performances in detail:
Barrick Gold Corporation (TSX:ABX)
The Toronto-based gold miner held a reserve of 68 billion ounces of gold and copper across North and South America, Africa, and Australia.
After tumbling almost 25 per cent in the last six months, the stock has rebounded 10.54 per cent month-to-date (MTD). It has also outperformed the S&P/TSX Gold (Sub Industry) Index, which is down 0.85 per cent in the same period.
The gold stock is still down 33 per cent at C$ 27.56 per share from its 52-week high of C$ 41.09 apiece (on August 18, 2020). It plunged to its 52-week low of C$ 23.63 per common share on February 26, 2021.
Barrick is likely to announce its first-quarter 2021 earnings this month.
Image Source: ©Kalkine Group 2020
B2Gold Corp. (TSX:BTO)
The Vancouver-headquartered firm has been operating gold mines across Namibia, Mali, and the Philippines.
The gold explorer’s stock also witnessed a slump of nearly 33 per cent in the last six months. But now it is back on a recovery path, with a 15.52 per cent rise MTD. It has also beaten the S&P/TSX Gold Index, which is relatively down by 1.29 per cent.
It is currently trading at C$ 6.25 per share, which is 37.44 per cent below its August high of C$ 9.99 apiece. However, it has bounced back by over 19 per cent in the last two weeks against its 52-week low of C$ 5.25 per share. Thus, the stock could glitter its bullish rally in the current quarter, guided by the higher gold prices.
B2Gold’s Outlook For 2021
The company expects consolidated gold production in the range of 970,000 ounces to 1,030,000 ounces this year. The company anticipates consolidated operating expenses in between US$ 500 per ounce to US$ 540 per ounce.