Silver Lake Resources Ltd Stock (OTC: SVLKF)

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Gold prices continued to push higher on Thursday&#39;s session, breaking the $2,000/oz psychological barrier and delivering widespread gains across mining stocks. 

Investors flocked en masse to gold following the U.S. banking crisis and amid growing speculation about the end of the Fed hiking cycle.

Gold Breaks Above $2,000: 5 Gold Mining Value Stocks With Highest Upside Potential In 2023

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Gold prices remain above $1,800 an ounce, although several drivers suggest higher prices could be in order this year. As a result, RBC Capital Markets maintains its Overweight rating on precious metals.

These Are The Best Mining Stocks According To RBC

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Stocks That Hit 52-Week Highs On Tuesday

Silver Lake Resources Ltd

Silver Lake Resources Limited (AU:SLR) has released an update. Silver Lake Resources Limited has announced the issuance of 23,477,900 new ordinary ...

Silver Lake Resources Expands Equity Base

Silver Lake Resources Limited (AU:SLR) has released an update. Silver Lake Resources Limited has announced the application for quotation of over tw...

Silver Lake Resources Expands Share Listing

Silver Lake Resources Limited (AU:SLR) has released an update. State Street Corporation has emerged as a substantial holder in Silver Lake Resource...

State Street Becomes Major Shareholder in Silver Lake

Silver Lake Resources Limited (AU:SLR) has released an update. Silver Lake Resources Limited has received approval from the Supreme Court of New So...

Silver Lake's Acquisition Approved by Court

Silver Lake Resources Limited (AU:SLR) has released an update. Silver Lake Resources Limited has announced that Director Luke Tonkin has significan...

Silver Lake Director's Major Stake Change

Silver Lake Resources Limited (AU:SLR) has released an update. UBS Group AG and its related entities have ceased to be substantial shareholders in ...

UBS Group Ends Major Stake in Silver Lake Resources

Silver Lake Resources Limited (AU:SLR) has released an update. State Street Corporation has ceased to be a substantial holder in Silver Lake Resour...

State Street Exits Silver Lake Resources Stake

Silver Lake Resources Limited (AU:SLR) has released an update. Silver Lake Resources Limited has officially confirmed that its scheme of arrangemen...

Silver Lake's Acquisition Scheme Now Effective

Silver Lake Resources Limited (AU:SLR) has released an update. Van Eck Associates Corporation has reported a decrease in its substantial holding in...

Van Eck Associates Reduces Stake in Silver Lake

Silver Lake Resources Limited (AU:SLR) has released an update. Van Eck Associates Corporation has officially ceased to be a substantial holder in S...

Van Eck Ends Major Stake in Silver Lake Resources

Gold prices continued to push higher on Thursday&#39;s session, breaking the $2,000/oz psychological barrier and&nbsp;delivering widespread gains across mining stocks.&nbsp;

Investors flocked en masse to gold following the U.S. banking&nbsp;crisis and amid growing speculation about the end of the Fed hiking cycle.

The SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), an ETF backed by physical gold, has seen more than $1.3 billion flowing in over the past two weeks. Goldman Sachs has revised their target price for gold, which is now expected to rise<a href="https://www.benzinga.com/trading-ideas/long-ideas/23/03/31477779/goldman-sachs-raises-gold-price-target-to-an-all-time-high-of-2-050-amid-recession-fears" target="_blank"> to $2,050/oz over the next 12 months.</a>

Finding The Gems In The&nbsp;Gold Mining Sector...

Following the precious metal&#39;s move higher, gold mining companies are now experiencing bullish conditions.

We chose five stocks from the VanEck Vectors Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>), the gold mining industry&#39;s most representative exchange traded fund, that have the biggest upside potential according to analysts&#39; target projections and the lowest future price-to-earnings (P/E) ratio.

5 Gold Miners With Cheap Valuations and Most Profit Potential

<img alt="" src="https://www.benzinga.com/files/u1363475/screenshot_2023-03-23_alle_19.17.58.png" style="height:400px; width:100%" />

Chart: Koyfin

West African Resources Limited (OTC:&nbsp;WFRSF)

<ul>
	<li>West African Resources Limited is an Australian company that engages in the mining, mineral processing, acquisition, exploration, and project development of gold projects in West Africa.&nbsp;</li>
	<li>The average analyst&#39;s target price for the stock is $1.11, which is 74% higher than its current price of $0.62.&nbsp;</li>
	<li>WFRSF shows a single-digit P/E forward ratio of 9.4x.</li>
</ul>

Silver Lake Resources Limited (OTC:&nbsp;SVLKF)

<ul>
	<li>Headquartered in South Perth, Australia,&nbsp;Silver Lake Resources Limited&nbsp;engages in the exploration, mine development, mine operation, and sale of gold and copper concentrates in Australia and Canada.</li>
	<li>Silver Lake Resource&#39;s profits have risen at a compound annual rate of 35% over the past 5 years.</li>
	<li>The stock shows 50% target upside potential relative to its current price, and it has a 1-year forward P/E ratio of 11.6x.</li>
</ul>

B2Gold Corp. (AMEX:&nbsp;BTG)

<ul>
	<li>Headquartered in Vancouver, Canada, B2Gold operates as a gold producer with three operating mines in Mali, the Philippines, and Namibia.</li>
	<li>BTG current stock price screens a 45% upside relative to analysts&#39; average target, and a 1-year forward P/E ratio of 12.</li>
</ul>
SilverCrest Metals Inc. (AMEX:&nbsp;SILV)
<ul>
<li>SilverCrest Metals Inc. engages in the exploration and development of precious metal properties in Mexico and is headquartered in&nbsp;Vancouver, Canada.&nbsp;</li>
<li>Over the past five years, SILV&#39;s net income has risen at an annual compound growth rate of 54%.&nbsp;</li>
<li>The current share price ($6.75) has a 45% potential upside relative to the average target price from Wall Street&#39;s analysts. SilverCrest Metals currently has a forward P/E ratio of 10.1x.&nbsp;</li>
</ul>
DRDGOLD Limited&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DRD#NYSE">DRD</a>)

<ul>
	<li>Headquartered in Johannesburg, DRDGOLD Limited is a gold mining company that engages in the surface gold tailings retreatment business in South Africa.</li>
	<li>DRD is a&nbsp;subsidiary of Sibanye Stillwater Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SBSW#NYSE">SBSW</a>)</li>
	<li>DRD&#39;s net profits have risen at an annual compound growth rate of 74% in the past five years.</li>
	<li>The current share price of $9.05 as of March 23 close, screens a 72% of upside with respect to average analysts&#39; estimates.&nbsp;</li>
	<li>DRD has a forward P/E ratio of 13.3x.</li>
</ul>

Read next: <a href="https://www.benzinga.com/news/23/03/31399642/gold-rallies-eyeing-2-000oz-as-recession-looms-these-3-etfs-to-gain-from-precious-metals-bull-wave" target="_blank">Gold Rallies Eyeing $2,000/oz As Recession Looms &ndash; These 3 ETFs To Gain From Precious Metal&#39;s Bull Wave</a>

Photo: Shutterstock

<a href="https://www.valuewalk.com/gold-fell-recent-high/" style="text-decoration:none;">Gold prices</a>&nbsp;remain above $1,800 an ounce, although several drivers suggest higher prices could be in order this year. As a result, RBC Capital Markets maintains its Overweight rating on precious metals. The firm also maintains its Market Weight rating on base metals because it expects the copper price to moderate later in the year.

In a recent note, RBC Capital Markets analysts outlined their best ideas for the mining sector. They added Champion Iron (TSX:<a class="ticker" href="/stock/CIA#TSX">CIA</a>),&nbsp;Labrador Iron Ore (TSX:<a class="ticker" href="/stock/LIF#TSX">LIF</a>), Northern Star Resources (ASX: NST) and Osisko Gold Royalties (NYSE:<a class="ticker" href="/stock/OR#NYSE">OR</a>)&nbsp;to their list. They also removed IGO Limited (ASX: IGO), Saracen Mineral Holdings (ASX: SAR), SSR Mining (NASDAQ:<a class="ticker" href="/stock/SSRM#NASDAQ">SSRM</a>)&nbsp;and Torex Gold Resources (TSX:<a class="ticker" href="/stock/TSG#TSX">TSG</a>) from their Best Ideas list.

Adjusting Ratings

The RBC team boosted its rating on the diversified and bulk commodities sector to Overweight from Market Weight. They believe iron ore prices will remain strong this year due to record levels of steel production in China and constrained supply. The RBC team also sees valuations in the sector as favorable with the potential for increased returns to shareholders.

The analysts explained they maintained their rating for precious metals at Overweight because&nbsp;Gold prices have come down from last year&#39;s highs, which they said reflects a decline in speculative investment. However, the yellow metal still has plenty of support from price drivers like real interest rates and the U.S. dollar.

The RBC team also called&nbsp;for rising&nbsp;inflation&nbsp;expectations, shorting the dollar, and supportive fiscal and monetary policies. In the long term, the normalization of these factors offers uncertainties. However, the RBC team believes gold equities are well-positioned and at valuations that don&#39;t favor in higher cyclical prices being sustained.

They maintained their base metals weighting at Market Weight because they expect last year&#39;s high copper prices to carry over into this year. The RBC team notes that inventories are low, and China has seen a strong recovery. However, they warned that copper prices could moderate as supply returns later this year.

Best Ideas

For diversified and bulk commodities, RBC&nbsp;selected Anglo American (OTCQX:<a class="ticker" href="/stock/NGLOY#OTCQX">NGLOY</a>), Champion Iron, Glencore (OTCQX:<a class="ticker" href="/stock/GLNCY#OTCQX">GLNCY</a>), Labrador Iron Ore, South32 (OTCQX:<a class="ticker" href="/stock/SOUHY#OTCQX">SOUHY</a>), Teck Resources (NYSE:<a class="ticker" href="/stock/TECK#NYSE">TECK</a>) and Vale (NYSE:<a class="ticker" href="/stock/VALE#NYSE">VALE</a>) as their best ideas. They like Anglo American for its growth and balanced portfolio, which they expect to see improvements in diamonds, strong platinum-group metals prices and a possible recovery in met coal. They selected Champion because of its growing free cash flow and high-quality iron ore production in a stable jurisdiction.

RBC also highlighted Glencore because of positive changes to its coal profile and non-coal ESG positioning. They like Labrador Iron Ore because of its high-quality royalty income and South32 for its strong free cash flow, increasing margins, and capital returns. They like&nbsp;Teck&#39;s exposure to long-life, high-quality coking coal, copper, zinc, and bitumen production, and Vale&#39;s movement away from the Brumadinho tragedy.

In precious metals, RBC likes Barrick Gold Corp (NYSE:<a class="ticker" href="/stock/GOLD#NYSE">GOLD</a>), Endeavour Mining (OTCQX:<a class="ticker" href="/stock/EDVMF#OTCQX">EDVMF</a>), Kinross Gold (NYSE:<a class="ticker" href="/stock/KGC#NYSE">KGC</a>), Kirkland Lake Gold (NYSE:<a class="ticker" href="/stock/KL#NYSE">KL</a>), Northern Star Resources, Osisko Gold Royalties, Sibanye Stillwater (NYSE:<a class="ticker" href="/stock/SBSW#NYSE">SBSW</a>)&nbsp;and Silver Lake Resources (OTCQX:<a class="ticker" href="/stock/SVLKF#OTCQX">SVLKF</a>). They like Barrick because of its globally diversified portfolio of gold and copper assets and Endeavour&#39;s combination with Teranga, which creates a new leader in West Africa. The RBC team selected Kinross for its valuation, which they say has the potential for positive financial results offering greater capital allocation flexibility.

They chose Kirkland Lake for its favorable combination of growth, margins, and exploration at a competitive relative valuation to the rest of its peers, and they like Northern Star for its recent merger-of-equals with Saracen and an earnings growth outlook that exceeds that of its large-cap peers. The RBC team chose Osisko for its pure-play royalty business model and Sibanye for its cash generation potential. They like Silver Lake for its valuation versus peers and free cash flow generation.

In base metals, RBC prefers First Quantum Minerals Limited (OTCQX:<a class="ticker" href="/stock/FQVLF#OTCQX">FQVLF</a>) and Ivanhoe Mines (OTCQX:<a class="ticker" href="/stock/IVPAF#OTCQX">IVPAF</a>). They selected First Quantum because of its projected copper production growth over the next three years and Ivanhoe Mines for the possibility of value being realized through its three main projects.

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Silver Lake Resources Ltd

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Latest news for Silver Lake Resources Ltd (OTC:SVLKF) Stock

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