Undervalued Metal & Mining Stocks on TSE February 2024

February 25, 2024

February 2024

Industry Group

Metals & Mining

Metals & Mining companies are engaged in the exploration, mining, smelting, and refining of various base and precious metals including copper, aluminum, zinc, gold and silver.

Toronto Stock Exchange

The Toronto Stock Exchange (TSE) is a stock exchange located in Toronto, Ontario, Canada. It is the 10th largest exchange in the world and the third largest in North America based on market capitalization.

Our Valuation

A stock is considered undervalued if it trades at a discount to our valuation. To determine a stock’s intrinsic value, we developed an algorithm that uses 6 valuation models to determine the value of a company.* To learn more about stockcalc’s valuation methods, click here.

Undervalued Metals & Mining stocks

Stocks in this category are traded through the commodity cycles primarily for capital appreciation. Large cap stocks in this space are also held for income.

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Symbol	Name	Close Price ($)	Valuation ($)	Difference (%)	Average Vol (30D)	Market Cap ($M)	Yield (%)	P/E Ratio
BTO	B2Gold	3.38	5.21	54.14	2891502	4182	6.36	250.7
NGT	Newmont	42.21	60.59	43.54	220799	35499	5.10	0.0
ABX	Barrick Gold	19.90	26.95	35.42	2848893	34925	2.71	20.5
EDV	Endeavour Mining	22.30	29.04	30.21	454011	5508	4.89	0.0
K	Kinross Gold	6.73	7.80	15.85	2483865	8323	2.42	14.7
ERO	Ero Copper	22.43	25.76	14.86	351050	2109	0.00	20.0
FM	First Quantum Minerals	12.42	14.25	14.71	2644895	8581	1.69	0.0
OR	Osisko Gold Royalties	19.19	20.24	5.45	347428	3554	1.22	0.0
HBM	Hudbay Minerals	7.55	7.94	5.15	1205742	2620	0.26	112.0

All data provided as at market close February 22, 2024.

Company Details

B2Gold

BTO:TSX

Close Price

3.38

Our Valuation

5.21

% Difference

54.14

Market Cap ($M)

4182

P/E Ratio

250.7

B2Gold Corp is an international, low-cost, senior gold mining company. It has three operating open-pit gold mines in Mali, Namibia, and the Philippines and numerous exploration projects across four continents. Other significant assets include the Gramalote and Kiaka gold projects. The company focuses on acquiring and developing interests in mineral properties with a primary focus on gold deposits as gold production forms all its revenue.

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Newmont

NGT:TSX

Close Price

42.21

Our Valuation

60.59

% Difference

43.54

Market Cap ($M)

35499

P/E Ratio

0.0

Newmont is the world's largest gold miner. It bought Goldcorp in 2019, combined its Nevada mines in a joint venture with competitor Barrick later that year, and also purchased competitor Newcrest in November 2023. Its portfolio includes 17 wholly or majority owned mines and interests in two joint ventures in the Americas, Africa, Australia and Papua New Guinea. The company is expected to produce roughly 7.3 million ounces of gold in 2023 pro forma for Newcrest on an annualized basis.

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Barrick Gold

ABX:TSX

Close Price

19.90

Our Valuation

26.95

% Difference

35.42

Market Cap ($M)

34925

P/E Ratio

20.5

Based in Toronto, Barrick Gold is one of the world's largest gold miners. In 2023, the firm produced nearly 4.1 million attributable ounces of gold and about 420 million pounds of copper. At end 2023, Barrick had about two decades of gold reserves along with significant copper reserves. After buying Randgold in 2019 and combining its Nevada mines in a joint venture with competitor Newmont later that year, it operates mines in 19 countries in the Americas, Africa, the Middle East, and Asia.

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Endeavour Mining

EDV:TSX

Close Price

22.30

Our Valuation

29.04

% Difference

30.21

Market Cap ($M)

5508

P/E Ratio

0.0

Endeavour Mining PLC is a gold producer in West Africa. The Group operates in four principal countries, Burkina Faso (Hounde, Wahgnion, Mana and Boungou mines), Cote d'Ivoire (Ity mine, Lafigue project), Senegal (Sabodala-Massawa mine) and Mali (Kalana Project).

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Kinross Gold

K:TSX

Close Price

6.73

Our Valuation

7.80

% Difference

15.85

Market Cap ($M)

8323

P/E Ratio

14.7

Kinross Gold is a Canada-based gold producer, producing roughly 2.2 million gold equivalent ounces in 2023. The company had about a decade of gold reserves at the end of 2023. It operates mines in the Americas and West Africa after selling its low-cost Russian operations in 2022 in response to the invasion of Ukraine. The company has historically used acquisitions to fuel expansion into new regions and production growth.

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Ero Copper

ERO:TSX

Close Price

22.43

Our Valuation

25.76

% Difference

14.86

Market Cap ($M)

2109

P/E Ratio

20.0

Ero Copper Corp is a base metals mining company. It is focused on the production and sale of copper from the Vale do Curaca Property in Brazil, with gold and silver produced and sold as by-products from the same. Ero's operations are segmented between MCSA, NX Gold, and corporate. Ore is processed using conventional crushing and flotation at the Caraiba Mill, located adjacent to the Pilar underground mine. It holds an interest in MCSA Mining Complex, Boa Esperanca property, and NX Gold Property.

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First Quantum Minerals

FM:TSX

Close Price

12.42

Our Valuation

14.25

% Difference

14.71

Market Cap ($M)

8581

P/E Ratio

0.0

First Quantum Minerals Ltd is a diversified mining company. The company's principal activities include mineral exploration, mine engineering and construction, and development and mining operations. The firm produces copper in concentrate, copper anode, copper cathode, nickel, gold, zinc, silver, acid, and pyrite. It has operating mines located in Zambia, Panama, Turkey, Spain, Australia and Mauritania.

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Osisko Gold Royalties

OR:TSX

Close Price

19.19

Our Valuation

20.24

% Difference

5.45

Market Cap ($M)

3554

P/E Ratio

0.0

Osisko Gold Royalties Ltd is engaged in the business of acquiring and managing precious metal and other high-quality royalties, streams and similar interests. The Company owns a portfolio of royalties, streams, offtakes, options on royalty/stream financings and exclusive rights to participate in future royalty/stream financings on various projects.

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Hudbay Minerals

HBM:TSX

Close Price

7.55

Our Valuation

7.94

% Difference

5.15

Market Cap ($M)

2620

P/E Ratio

112.0

Hudbay Minerals Inc is a Canadian mining company with its operations, property developments, and exploration activities across the United States. The major mines that Hudbay operates are located in Manitoba, Canada, Arizona, United States; and Peru. The company is principally focused on the discovery, production, and marketing of base and precious metals. Hudbay produces copper concentrate, which contains copper, gold, and silver, as well as zinc metal.

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