TSX posts small rise, Jan. 20-24: Endeavour Mining, Yamana, Seabridge, SSR, Ero

The S&P/TSX Composite Index rose 0.04% to 17,565.30 during the trading week. The S&P/TSX Global Mining Index fell 0.92% to 81.52 and the S&P/TSX Global Base Metals Index lost 6.19% to 102.23. Spot gold climbed US$14.90 per oz., or 0.96%, to finish at US$1,571.60 per oz., and the S&P/TSX Global Gold Index (USD) rose 2.84% to 233.33.

Shares of Endeavour Mining jumped $1.62 to $26.71 per share. The company reported preliminary 2019 production results of 651,000 oz. gold at all-in sustaining costs (AISCs) of US$813 per oz., compared with 612,000 oz. gold at AISCs of US$744 per oz. in 2018. The company decreased net debt US$52 million in the third quarter of 2019 and by another US$77 million in the fourth quarter, leaving the company with net debt of US$533 million at year-end. Group production in 2020 is expected to increase to 740,000 oz. gold at AISCs of up to US$895 per ounce. The company plans to spend US$40 million to US$45 million on exploration in 2020.

Yamana Gold was the most actively traded stock and rose 51¢ to $5.33 per share. The company reported preliminary 2019 production results of 1.02 million equivalent oz. gold, including 900,339 oz. gold, exceeding guidance of 1.01 million equivalent oz. gold, including 899,000 oz. gold. Full-year silver production reached 10.6 million oz., exceeding guidance of 10 million ounces. Its Jacobina mine in northeastern Brazil posted record production of 159,499 oz. gold, while its El Penon mine in northern Chile also posted a record 159,515 oz. full-year production since the company rightsized the operation in late 2016. Its Canadian Malartic mine in the Abitibi region of Quebec produced 334,596 oz. gold on a 50% basis for the year.

Seabridge Gold’s shares increased $1.02 to $18.40. The company reported that the first drill program at its Snowstorm project in northern Nevada confirmed structures and stratigraphy similar to two gold mines just a few kilometres south on the Getchell trend: Turquoise Ridge and Twin Creeks, owned by Nevada Gold Mines, a joint venture between Barrick (61.5%) and Newmont (38.5%).

SSR Mining’s shares rose $1.01 to $24.14. The company achieved record production in 2019 of 421,906 equivalent oz. gold from its three mining operations. Its Marigold mine in Nevada produced 220,227 oz. gold — a record in its thirtieth year of continuous operation — while its Seabee operation in northern Saskatchewan churned out a fourth consecutive annual production record of 112,137 oz. gold. Its Puna mine in Argentina’s Jujuy province produced 7.7 million oz. silver. In 2020 the company expects consolidated production of 425,000 equivalent oz. gold.

Ero Copper closed at $19.27 per share, down $1.32. It reported 2019 production of 42,318 tonnes copper in concentrate from its Curaca Valley operations in Brazil for a 39% year-on-year increase. Its NX Gold mine, also in Brazil, produced 30,434 oz. gold and 19,641 oz. silver.