In this article, we discuss 5 best junior mining gold stocks to buy in 2022. If you want to see more stocks in this selection, check out 10 Best Junior Mining Gold Stocks to Buy in 2022.
5. TRX Gold Corporation (NYSE:TRX)
Number of Hedge Fund Holders: N/A
TRX Gold Corporation (NYSE:TRX) is based in Toronto, Canada, and is engaged in the acquisition, financing, exploration, and development of mineral property interests in the United Republic of Tanzania, primarily exploring for gold deposits. On September 12, TRX Gold Corporation (NYSE:TRX) reported preliminary Q4 and full-year 2022 gold production and an update on the status of the 1,000+ tonne per day oxide mill expansion at Buckreef Gold project. The company announced Q4 2022 production of 3,619 ounces of gold, topping the earlier production guidance of 750 to 800 ounces of gold per month, as well as preliminary Q4 sales of 3,363 ounces of gold, both new records for TRX Gold Corporation (NYSE:TRX). For full-year 2022, the company reported production of 8,874 ounces of gold and sales of 8,598 ounces of gold. It is one of the best junior mining gold stocks to invest in.
4. U.S. Gold Corp. (NASDAQ:USAU)
Number of Hedge Fund Holders: N/A
Next on our list of the best junior gold mining stocks is U.S. Gold Corp. (NASDAQ:USAU), based in Nevada, and engaged in the exploration and development of gold and precious metals in the United States. As per an update to shareholders on October 5, U.S. Gold Corp. (NASDAQ:USAU) presently has no long-term debt and a cash balance of $6.3 million as of July 31, 2022. The company made advancements with the CK Gold Project in Wyoming in 2022 and has high-potential exploration projects ready for discovery in 2023.
3. Hycroft Mining Holding Corporation (NASDAQ:HYMC)
Number of Hedge Fund Holders: 9
Hycroft Mining Holding Corporation (NASDAQ:HYMC) is a Nevada-based gold and silver development company in the United States. In July, the company announced that its 2022-23 exploration program at the Hycroft mine will consist of 125,000 ft of reverse circulation drilling and 20,000 ft of core drilling. Hycroft Mining Holding Corporation (NASDAQ:HYMC) called it the ‘largest exploration program in nearly a decade’.
According to Insider Monkey’s data, 9 hedge funds were bullish on Hycroft Mining Holding Corporation (NASDAQ:HYMC) at the end of the second quarter of 2022, compared to 12 funds in the prior quarter. Jason Mudrick’s Mudrick Capital Management is the leading position holder in the company, with 24.4 million shares valued at $27 million. For exposure to precious metals, Hycroft Mining Holding Corporation (NASDAQ:HYMC) is one of the best junior mining gold stocks to buy in 2022 according to elite hedge funds.
2. Gold Resource Corporation (NYSE:GORO)
Number of Hedge Fund Holders: 10
Gold Resource Corporation (NYSE:GORO) was founded in 1998 and is headquartered in Denver, Colorado. The company specializes in the exploration, development, and production of gold and silver projects in Mexico and the United States. The company also explores for copper, lead, and zinc deposits. On July 28, Gold Resource Corporation (NYSE:GORO) declared a $0.01 per share quarterly dividend, which was distributed to shareholders on September 30. The dividend yield on October 12 came in at 2.50%.
Alliance Global Partners analyst Jake Sekelsky on July 21 initiated coverage of Gold Resource Corporation (NYSE:GORO) with a Buy rating and a $4.25 price target. The company is an undervalued low-cost precious metals producer with a clear path to internal production growth, the analyst told investors in a research note. He also noted that Gold Resource Corporation (NYSE:GORO) has consecutively returned excess capital to shareholders in dividends over the last decade, and he expects this policy to continue in the future.
According to Insider Monkey’s data, 10 hedge funds were long Gold Resource Corporation (NYSE:GORO) at the end of June 2022, compared to 11 funds in the prior quarter. Jim Simons’ Renaissance Technologies is the leading position holder in the company, with 1.20 million shares worth about $2 million.
1. New Gold Inc. (NYSE:NGD)
Number of Hedge Fund Holders: 13
New Gold Inc. (NYSE:NGD) is a Canadian intermediate gold mining company that explores for gold, silver, and copper deposits. The company’s principal operating properties are located in Ontario and British Columbia, as well as San Luis Potosí, Mexico. On October 10, New Gold Inc. (NYSE:NGD) announced that British Columbia provincial regulators have authorized underground development of the C-Zone at its New Afton mine. The company expects the production from the C-Zone to begin in H2 2023. It is one of the best junior mining gold stocks to invest in.
On October 3, RBC Capital analyst Michael Siperco upgraded New Gold Inc. (NYSE:NGD) to Outperform from Sector Perform with a price target of $1.25, up from $1.00, after his site visit to the Rainy River mine. The analyst said that he has greater confidence in a production recovery from the open pit after the rainfall-impacted results for Q2, as well as improved visibility into the transition to underground mining. He forecasts GEO production at over 40% by 2024, with 30% lower all-in sustaining expenses.
According to Insider Monkey’s database, 13 hedge funds were long New Gold Inc. (NYSE:NGD) at the end of Q2 2022, compared to 14 funds in the prior quarter. Eric Sprott’s Sprott Asset Management is a notable stakeholder of the company, with 15.40 million shares worth $16.5 million.
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