1. NEVSUN RESOURCES LTD.
Precious and base metals mining
2013 revenue: $160.4 million
Five-year growth: 40,089%
See page B16 for an in-depth analysis of Nevsun’s growth over the past five years.
2. SILVER STANDARD RESOURCES INC.
Silver metal mining
2013 revenue: $185.8 million
Five-year growth: 2,890%
Revenues at Silver Standard have soared over the past five years after its Pirquitas mine went into production in 2009. In 2013, the Argentina-based mine produced 8.2 million ounces of silver and 27 million pounds of zinc.
The mine has proven mineral reserves of 48.1 million ounces of silver and was Silver Standard’s only functioning operation until April 2014, when it acquired Nevada’s Marigold mine.
Between 2015 and 2018, the Pirquitas mine’s zinc production is expected to dip to 10 million to 12 million pounds annually, but silver production is expected to remain steady at eight million to 10 million ounces annually.
3. B2GOLD CORP.
Gold mining
2013 revenue: $578.9 million
Five-year growth: 2,356%
Gold production at the company’s three operating mines hit a record 105,577 ounces in the fourth quarter of 2013 – a 138% increase compared with the same period a year before. Meanwhile, consolidated gold production at its two facilities in Nicaragua and its one Philippines-based mine hit a record 366,313 ounces for the year.
Despite a 24% drop in average realized gold price, the company saw revenue go up 95% year-over-year. The Vancouver-based miner said that jump was driven mostly by increased production at its Masbate mine in the Philippines.
In 2014, consolidated production at all three mines is projected to increase by 8% to 15% with a total of 395,000 to 420,000 ounces of gold.
4. VERIS GOLD CORP
Gold mining
2013 revenue: $201.8 million
Five-year growth: 1,683%
Veris experienced swift growth in 2013 as revenues shot past the $200 million mark from production based out of its only operating gold mine in Nevada. That operation produced 105,626 ounces of gold last year – a 32%
increase compared with 2012.
But a December 2013 electrical fire at the Nevada mine initiated a series of headaches for the company. The mine was beset by unexpected shutdowns after the fire, and the company soon sought bankruptcy protection in both B.C. and the U.S.
Veris has cited falling gold prices, higher production costs and demands for payments under loan agreements as contributing factors to its money-flow problems.
5. PURE INDUSTRIAL REAL ESTATE TRUST (PIRET)
Industrial properties owner
2013 revenue: $108.8 million
Five-year growth: 1,512%
See page B18 for an in-depth analysis of PIRET’s growth over the past five years.
6. ALTERRA POWER CORP.
Alternative power plants
2013 revenue: $67.9 million
Five-year growth: 1,415%
The renewable energy company operates six power plants throughout the world, including B.C.’s largest wind farm and run-of-river hydro facility.
After B.C., Iceland is home to the company’s next most valuable asset, a geothermal plant producing 630,000 megawatt hours of energy annually. But in 2013, the Icelandic krona went up as the Canadian dollar dropped compared to the U.S. dollar, causing revenues to fall at the HS Orka operations. Meanwhile, one of the partner companies of the Iceland plant exercised an option to raise its stake in the geothermal facility, dropping Alterra’s stake from 75% to 66%.
7. AVIGILON CORP.
HD surveillance systems developer
2013 revenue: $178.3 million
Five-year growth: 956%
The high-tech surveillance company, which specializes in high-definition cameras, saw its growth cool slightly in 2013 as it dropped from the No. 5 spot to No. 8. But the Vancouver firm was busy with M&A activity last year as it acquired both RedCloud Security and VideoIQ.
Avigilon’s revenue grew from $100.2 million in 2012 to $178 million in 2013. Meanwhile, its workforce jumped 78% – from 255 to 455 – compared with the year before.
The company is planning to expand its sales team throughout 2014 – although profits in the second quarter of this year dipped nearly 18% compared with the same period a year before.
8. ALEXCO RESOURCE CORP.
Silver mining
2013 revenue: $59.4 million
Five-year growth: 922%
Despite big growth and rising revenue at Alexco over the past five years, the company was hit with net losses of about $50 million in 2013.
The miner attributed the losses to reduced silver production after it shut down its Bellekeno mine. The company said it was forced to suspend operations at the Yukon mine, which employed about 100 people, after significantly lower silver prices hit the entire market in 2013.
But the miner budgeted $5 million for surface exploration of more potential sites at Bellekeno and other operations in 2014.
9. WESTERNONE INC.
Equipment and infrastructure development
2013 revenue: $377.6 million
Five-year growth: 807%
This past year was the first time the equipment and infrastructure development firm operated as a corporation since converting from an income trust structure in late 2012.
The company provides infrastructure to industrial clients and expanded its operations into Fort McMurray, Alberta, to pursue oilsands developments.
Furthermore, its Britco construction subsidiary announced four housing contracts in 2013, valued at about $170 million.
Meanwhile, it added 193 aerial lifts and 1,407 construction heaters to its fleet, along with 30 more delivery trucks.
For 2014, the company said it planned to focus on developing its aerial equipment rentals and construction heat and power services.
10. TAG OIL LTD.
Oil and gas production
2013: $44.6 million
Five-year growth: 806%
The B.C.-based oil and natural gas company has been busy in New Zealand over the past year.
It was awarded exploration opportunities in the country’s Taranaki Basin, located near Tag’s producing oilfield. The company also spent $5 million acquiring a 90% stake in a local energy firm – Opunake Hydro – to help power both its producing oilfield as well as New Zealand’s main electricity grid.
