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Summary
- Titan Mining (TSX:TI) stock delivered 190 per cent growth in 2020.
- The company aims to acquire an 80 per cent stake in Scorpio Gold Corporation (TSXV:SGN).
- Orla Mining scrips soared 243 per cent last year, propelled by record gold prices.
- Both mining stocks made it TSX’s investor insights report of December 2020.
Despite a struggle in operations caused by continuous lockdowns, the metal and mining industry defied the coronavirus to deliver good returns. The S&P/TSX Global Mining Index has delivered nearly 27 per cent returns in the last one year.
In this article, we analyze two top mining stocks from the Toronto Stock Exchange (TSX) that delivered triple-digit growth in 2020, earning a spot in the latest TSX investor insights report:
Titan Mining Corporation (TSX:TI)
The Vancouver-based company owns a 100 per cent stake in the Empire State Mine project in New York State, US. Its scrips yielded 190 per cent returns last year.
The mining corporation has almost 139 million listed shares outstanding, with a price-to-book ratio of 4.111.
The mineral exploration company raised C$ 8 million from non-brokered private placement of 16 million common shares, each priced at C$ 0.50.
Titan Mining is investing US$ 35 million in the next five years to buy an 80 per cent stake in Scorpio Gold, as reported on September 1, 2020.
Orla Mining Ltd. (TSX:OLA)
The mineral exploration company has two ventures: Camino Rojo gold and silver mining site in Mexico and another gold project, Cerro Quema in Panama.
The mineral stock rocketed 243 per cent in 2020. It has a current price-to-earnings ratio of 6.50. The small cap company has 229 million listed shares outstanding, with a market cap of 1.3 billion.
On January 11, 2020, Orla Mining reported that the company increased its contained gold mineral reserves by 54 per cent. It also extended the mine life of the Camino Rojo Oxide Gold Project by three and half years. Which is presently in construction.
The mining firm also started trading its common shares on the New York Stock Exchange on December 22, 2020.
