7 TSX precious metals stocks to watch right now

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7 TSX precious metals stocks to watch right now

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 7 TSX precious metals stocks to watch right now
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  • Canada's main stock index climbed 0.16 per cent on Thursday, August 4.
  • The TXG stock zoomed by over 14 per cent to close at C$ 10.72 on August 4.
  • Stocks of OceanaGold climbed roughly 23 per cent in six months.

TSX precious metals stocks like Torex (TSX: TXG), OceanaGold (TSX: OGC), First Majestic (TSX: FR) etc., were among the top gainers helping Canada's main stock index climb 0.16 per cent on Thursday, August 4, despite a  oil stocks.

Looming recession fear and increased geopolitical stress between US and China seems to have triggered this rally as investors look for haven equities. Gold prices were trading at US$ 1785.56, while silver prices were hovering around US$ 20.14 at 3:35 AM EST on Friday, August 5.

Considering the ongoing market environment, investors could look at the following precious metals stocks selected by Kalkine Media®. Let us take a deep dive into their financials and stock performance.

1.     Torex Gold Resources Inc (TSX: TGX)

Torex Gold produced 123,185 gold ounces in the second quarter of 2022, relatively higher than 118,054 ounces produced in the second quarter last year. The gold miner said its quarterly gold production is on track to achieve a 2022 production outlook range of 430,000 to 470,000 ounces.

Torex also reported increasing revenue of US$ 235 million in the latest quarter, up from US$ 205.9 million recorded in Q2 2022. The gold producer also saw an improvement in the bottom line as its net profit surged to US$ 70.3 million in Q2 2022 relative to US$ 60.7 million in Q2 2021.

The TXG stock zoomed by over 14 per cent to close at C$ 10.72 on August 4. According to Refinitiv, TXG stocks held a Relative Strength Index (RSI) value of 60.04 on August 3, which depicts a medium-to-high trend.

2.     OceanaGold Corporation (TSX: OGC)

OceanaGold reported gold production of 246,331 ounces in the first half of this year, representing a year-over-year (YoY) increase of 39 per cent. The small-cap firm said its gold production reached 112,296 ounces in Q2 2022. OceanaGold also narrowed its net debt to US$ 156 million at the end of Q2 2022. Stocks of OceanaGold climbed roughly 23 per cent in six months. As per Refinitiv findings, OGC stocks had an RSI value of 48.51 on August 4.

TSX precious metals stocks to closely watch right now©Kalkine Media®; ©Garis Studio via Canva.com

3.     First Majestic Silver Corp (TSX: FR)

First Majestic is a mid-cap company mainly engaged in silver production. First Majestic said its production grew by 20 per cent YoY to 7.7 million silver equivalents (AgEq) in the second quarter of 2022. The silver miner said its quarterly revenue in the latest quarter was US$ 159.4 million, reflecting a three per cent rise from Q2 2021. First Majestic also announced a quarterly dividend of US$ 0.006 scheduled for August 31.

The First Majestic scrip zoomed by over 12 per cent quarter-to-date (QTD). According to data from Refinitiv, FR scrips recorded an RSI value of 61.39, followed by a trading volume of 1.07 million on August 4.

4.     New Gold Inc (TSX: NGD)

New Gold is a Toronto-based resources company mining gold, silver and copper. The small-cap precious metals company said its revenue decreased to US$ 115.7 million in Q2 2022 compared to US$ 198.2 million in Q2 20221.

New Gold widened its net loss to US$ 37.9 million in the latest quarter relative to US$ 15.8 million in Q2 2021. Despite the setback on the financial front, NGD stocks spiked by over eight per cent to close at C$ 1.06 on August 4. As per Refinitiv findings, this gold stock saw an RSI value of 44.68 this day, with 1.69 million shares exchanging hands.

5.     Yamana Gold Inc (TSX: YRI)

Yamana Gold posted US$ 485.6 million in revenue in the second quarter of 2022, higher than US$ 437.4 million in the same period a year ago.

The mid-cap gold company said its mine operating profit zoomed to US$ 182.1 million in the latest quarter, relatively up from US$ 142.3 million in the previous year's second quarter.

Yamana significantly increased its net profit to US$ 72.1 million in the second quarter this fiscal year compared to a negative balance of US$ 43.9 million in Q2 2021. Stocks of Yamana Gold jumped by over 29 per cent in nine months. Yamana stocks had an RSI value of 57.32 on August 3, as per Refinitiv.

6.     Lucara Diamond Corp (TSX: LUC)

Lucara Diamond is a Vancouver-headquartered firm focused on mining diamonds. Lucara holds a market capitalization of C$ 299.35 million. The penny company posted a double-digit increase of 28 per cent YoY in its revenue to US$ 68.2 million in the first quarter of fiscal 2022.

Lucara also saw its net income grow to US$ 19 million in the latest quarter, notably up from US$ 3.4 million posted a year earlier. On August 4, the LUC stock had an RSI value recorded, an RSI value of 57.17, according to Refinitiv.

7.     Fortuna Silver Mines Inc (TSX: FVI)

Fortuna Silver is a small-cap firm mining precious metals and base metals. The miner produced 62,1171 gold ounces in the second quarter of 2022, representing a 100 per cent growth from Q2 2021. Stocks of Fortuna Silver spiked by roughly eight per cent in the past month. As per Refinitiv, FVI stocks held an RSI value of 53.89 on August 4.

Bottom line

Equity investors looking for haven stocks can explore the TSX precious metals stocks. However, when thinking about commodity-backed equities, it is essential to track and follow the price updates about the underlying commodity as it could have impact on these stocks.

Please note, the above content constitutes a very preliminary observation based on the industry, and is of limited scope without any in-depth fundamental valuation or technical analysis. Any interest in stocks or sectors should be thoroughly evaluated taking into consideration the associated risks.


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