Financial services business OTC Markets Group has released the 2023 OTCQX Best 50, which ranks the top-performing OTCQX companies in the prior calendar year. The yearly ranking is based on an equal weighting of one-year total return and average daily dollar volume growth for US and international companies traded on the OTCQX Best Market.

"We congratulate the 2023 OTCQX Best 50 companies on being able to outperform their peers in a year of difficult market conditions. This year’s roster represents the breadth of industries and geographies that contribute to the diverse range of OTCQX-traded securities," OTC corporate services executive VP Jason Paltrowitz said.

The 2023 OTCQX Best 50 companies traded a total of $6.5-billion in dollar volume, with a median total return of 20% in 2022. The median market capitalisation for the companies on the list was over $198.6-million, with 13 companies boasting a market capitalisation greater than $1-billion.

This year's top-performer is Canadian oil and gas exploration and production company Journey Energy, which also cross-trades on the TSX in Canada.

US and Canadian companies made up a high concentration of the 2023 OTCQX Best 50, with 19 and 15 companies, respectively.

The list also included representation from ten other countries, including companies traded on the Frankfurt Stock Exchange, ASX, LSE, Bolsa Mexicana de Valores, SIX Swiss Exchange, Madrid Stock Exchange, Istanbul Stock Exchange, Hong Kong Stock Exchange and BM&F Bovespa.

The diversity of countries demonstrates how the OTCQX serves as a global gateway connecting issuers with the US investment community, OTC said.

Lithium producer Atlantic Lithium, which has investments in Africa, came in at 35 on the list.

“North America has become an important market for existing and prospective Atlantic Lithium shareholders. Since the company’s shares were listed on OTCQX in November 2021, we have increased our North American investor marketing activities and have witnessed the growing demand for exposure to lithium and the electric vehicle battery supply chain,” Atlantic Lithium executive chairperson Neil Herbert said.

He added that the OTCQX listing had played an important role in helping the company enhance its corporate profile, while also providing easier access to trading of the company’s shares for investors based in North America. 

“As we advance the Ewoyaa lithium project, in Ghana, towards production, we will continue to broaden our shareholder base on an international level,” Herbert said.

Meanwhile, Australian mining company Fortescue Metals Group was ranked forty-ninth.