Gold Surge Powers TSX Mining Stocks: Which Best Gold Stock Leaders Dominated 2024

As bullion climbed from around US$2,040 to reach a peak of US$2,787 per ounce in late October, Toronto-listed precious metal explorers and producers captured remarkable gains. What drove this rally? A combination of factors—central banks from China and India expanding reserves, the Federal Reserve cutting rates by 75 basis points total across September and post-election decisions, geopolitical tensions spanning the Middle East and Eastern Europe—all conspired to attract capital into gold-linked equities.

Against this backdrop, five standout performers emerged among TSX-listed mining companies. Screening for firms with market caps exceeding C$50 million as of late November revealed a compelling lineup of junior explorers and mid-tier operators.

Perpetua Resources (PPTA): 211% Gain Built on Permitting Progress

Perpetua Resources surged 211 percent year-to-date, commanding a C$918.64 million market valuation at C$13.19 per share. The catalyst? Advancing its Stibnite gold-antimony project in Idaho through critical regulatory milestones.

The historic mining district project encompasses the Yellow Pine and Hangar Flat operations, with plans to recover 4.28 million ounces over 15 years at an average of 301,000 ounces annually. A 2020 feasibility study projected after-tax NPV of US$1.9 billion assuming US$1,850 gold prices—translating to 27.7 percent internal rate of return and 2.5-year payback.

The September approval of a draft Record of Decision from the US Forest Service validated the environmental assessment, setting the stage for a final decision by year-end. Beyond gold, antimony resources of 205.89 million pounds attracted Defense Production Act funding, with US$34.6 million awarded in February. In November, the dual-listed miner priced a US$35 million US offering at US$10.17 per share, directing proceeds toward engineering and long-lead materials procurement.

G2 Goldfields (GTWO): Resource Growth Fuels 165% Climb

G2 Goldfields surged 165 percent with a C$483.26 million market cap, trading at C$1.99. The South American gold explorer, founded by former Aurora mine architects, graduated to TSX from junior markets in April.

Its flagship Oko-Aremu project in Guyana’s Cuyuni district demonstrated explosive resource growth. An April estimate revealed 922,000 indicated ounces—a threefold jump—alongside 2 million total contained ounces, a 69 percent expansion. Six active diamond drills pursued expansion drilling through multiple new gold zones discovered along mineralized strike.

September’s land package acquisition added 30,000 acres to the 58,000-acre footprint, targeting virgin exploration targets with unmapped historic occurrences. November assay results showcased 2.9 g/t gold spanning 114 meters, including a 5.3 g/t intersection over 51.4 meters. Management flagged an updated resource estimate for Q1 2025.

IAMGOLD (IMG): Multi-Asset Portfolio Delivers 128% Return

IAMGOLD climbed 128 percent to C$7.54 per share, now valued at C$4.27 billion. This mid-tier operator commands production across three continents: Essakane in Burkina Faso, Westwood in Quebec, and Côté in Ontario.

Through Q3, Essakane and Westwood combined for 428,000 ounces of production, both advancing significantly year-on-year. The company expects 2.4 million ounces through 2028 from Essakane’s remaining pit phases. Westwood, a Quebec underground operation since 2014, continues ramping production.

The standout story centered on Côté. After re-acquiring a 9.7 percent stake from Sumitomo Metal Mining in December 2023, IAMGOLD now holds 70 percent. Commercial production commenced in 2024, reaching 60 percent capacity by August. Q3 delivered 68,000 ounces on a 100-percent-equity basis, with 103,000 ounces cumulative since year start. Management targets 90 percent throughput by year-end, moving toward full 36,000 tpd nameplate capacity in 2025.

Mineros (MSA): Latin American Producer Gains 118%

Mineros appreciated 118 percent to C$1.42, commanding a C$385.23 million market cap. The mid-tier Latin American gold producer operates cyanide- and mercury-free extraction at its Nechi alluvial mine in Colombia, alongside Panama and Pioneer operations in Nicaragua.

Through September, production totaled 159,056 ounces, down 16 percent from prior-year comparables due to discontinued Gualcamayo Argentine operations. However, operating assets alone grew 1 percent to 157,669 ounces, demonstrating underlying asset strength. The company anticipates 44,700 annual ounces from the 2027 Porvenir satellite production startup.

November brought news of Colombian regulatory approval for Sun Valley Investments’ public offer to acquire 8.5-10.63 percent of shares via the Colombia Stock Exchange. Sun Valley’s current 24.9 percent stake underscores investor appetite for Latin American gold exposure.

Jaguar Mining (JAG): Brazilian Operator Rallies 105%

Jaguar Mining surged 105 percent year-to-date to C$3.71, holding a C$293.44 million valuation. The Brazilian operator manages mining complexes in Minas Gerais near Belo Horizonte, anchored by the MTL complex housing Turmalina and the Faina development project.

Faina’s December 2023 estimate contained 233,000 indicated ounces (1.43 million tons at 5.08 g/t) plus 232,000 inferred ounces at 5.09 g/t. Management accelerated Faina ore extraction, processing Q2 material through Turmalina with recovery exceeding 400 ounces. The company targets 15,000 tpd by early 2025, ramping to 25,000 tpd nameplate capacity during 2026.

The Caete complex’s Pilar mine delivered 10,433 Q3 ounces, up 18 percent year-on-year. Development work advanced 374 meters across the BA zone in H1, generating 4,032 ounces from 30,547 tons at 4.64 g/t grades. Nine-month cumulative production reached 49,918 ounces despite 16 percent ore processing reduction, offset by 24 percent grade appreciation and accelerated development to 4,622 meters.

The Takeaway: Gold’s Best Gold Stock Winners Reflect Market Dynamics

These five TSX-listed explorers and producers captured 2024’s gold rally through differentiated catalysts: permitting wins, resource expansion, production ramp-ups, and geographic diversification. Whether through frontier discoveries in South America, production scale-up in Africa and Brazil, or regulatory milestones in North America, each company positioned itself to benefit as central bank demand and investor flight-to-safety maintained elevated precious metal valuations throughout the year.