Proactive Investors - Canadian mining and technology companies were the top performers on the TSX Venture Exchange in 2023, according to the exchange’s annual Venture 50 ranking.
The Venture 50 spotlights issuers across the energy, mining, clean technology and life sciences, diversified industries, and technology. Their performance is ranked using an equal weighting across three key indicators of market capitalization growth, share price appreciation, and trading value.
On average, companies saw their average share price appreciate 121% in 2023, with share price growth particularly strong among mining and technology companies at 245% and 178% respectively.
Average market capitalization increased by 248%, with the total market capitalization of the Venture 50 companies at $23.1 billion, up $7.5 billion over the previous year.
Canadian companies representing four provinces accounted for 47 of this year’s ranking.
"The Venture 50 ranking is a true indicator of investor confidence in the capabilities of Canadian companies and our public markets," TSX CEO Loui Anastasopoulos said in a statement.
Taking out the top spot for the energy sector was Sintana Energy Inc (TSXV:SEI), a Canadian oil and gas explorer which saw its share price appreciate by 173% during 2023.
"We're thrilled to be the top energy performer in the 2024 TSX Venture 50," Sintana Energy CEO Robert Bose said in a statement.
"Our recent successes in the Orange Basin demonstrate the timeliness of our entry into Namibia and have dramatically transformed our portfolio from a group of as-yet-unknown options to a high-potential indirect interest in a world-class discovery, enhanced by a considerable number of further prospects and options.”
Arrow Exploration Corp (LON:AXLA), which holds a portfolio of premier oil assets in Colombia, ranked fourth on the energy list. Its shares gained 12% last year.
Topping the mining list was Hercules Silver Corp, (NLB:BIG) whose share price gained 763% during 2023. Also on the mining top 10 list was G Mining Ventures Corp (TSX-V:GMIN, OTCQX:GMINF), one of three of the Venture 50 companies to graduate to the TSX in 2023.
"We are thrilled to be ranked as a Top 50 company by the TSX group, in recognition of the G Mining Ventures team's value creation for our fellow stakeholders,” G Mining Ventures CEO Louis-Pierre Gignac commented.
“As our flagship Tocantinzinho Gold Project is now 76% complete, I look forward to leading our team to achieve commercial production in the second half of 2024. We look to continue to grow G Mining Ventures into the next leading intermediate gold producer, using Tocantinzinho as a cornerstone.”
On top of the technology list was cryptocurrency mining firm HIVE Blockchain (TSXV:HIVE) Technologies Ltd (NASDAQ:HIVE), for diversified industries it was Decisive Dividend and for clean tech and life sciences the top spot went to Westridge Renewable Energy.