The spot price of gold was priced at US$1,990 per ounce as of very early pre-trading morning hours on Friday, April 28. The yellow metal has regained significant momentum in the spring of 2023 as economic uncertainty has reared its head in North American and global markets. Today, I want to target two TSX gold stocks that are well worth the attention of investors as we move into the month of May.
New Gold (TSX:NGD)(NYSE:NGD) is a Toronto-based intermediate gold mining company that is engaged in the exploration, development, and operation of mineral properties. Shares of this gold stock have jumped 15% month-over-month as of close on April 27. New Gold stock is up 28% so far in 2023.
This company unveiled its first quarter fiscal 2023 earnings on Wednesday, April 26. New Gold posted revenue of $201 million – up from $174 million in the previous year. Meanwhile, it reported adjusted net earnings of $18.4 million or $0.03 per share compared to $10.3 million or $0.02 per share in the first quarter of fiscal 2022.
Kinross Gold (TSX:K)(NYSE:KGC) is another Toronto-based gold producer with properties in the United States, Brazil, Chile, Canada, and Mauritania. The stock has increased 10% over the past month. Its shares have climbed 18% in the year-to-date period.
Investors can expect to see Kinross’ first batch of fiscal 2023 earnings on May 9. In fiscal 2022, the company posted metal sales of $3.45 billion compared to $2.59 billion in fiscal 2021. Adjusted net earnings rose to $283 million or $0.22 per share – up from $210 million or $0.17 per share in the prior year.
