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Gold Digger: Analysts must be busy, as they’re re-rating gold upwards every week

Investors in bullion are being propped up by strong prices. Pic: Getty Images.

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  • Gold forecasts re-rate higher once again
  • Argonaut rates Perseus to reach $3.10 as it develops its fourth African gold asset Nyanzaga
  • Regis banks an extra $85m QoQ with Tropicana production up

 

It seems like every week there’s another analyst predicting future bullion prices higher – obviously music to the ears for anyone invested in the shiny stuff.

The latest to change the scoreboard is BMI Commodity Insights, revising its 2024 gold price forecast this week from US$2250/oz to US$2375/oz, expecting prices to trade within the range of US$2500-US$2800/oz in the coming months.

“This marks a departure from the USD1,943/oz average seen in 2023. We are now neutral to bullish towards gold for Q4 2024 – Q1 2025, as prices receive support from the US Fed’s rate cuts and high levels of geopolitical tension,” BMI says.

In the long term, gold looks to remain solid, as the number crunching by BMI forecasts global production to increase from 101.4Moz in 2023 to 131.6Moz by 2033 – accelerating just 0.8% from the average growth of the market over the 2016-2020 period.

It comes after Argonaut upped its gold forecasts between 11-35% over the next five years, predicting a peak of US$3000/oz by 2026. A grab bag of small to mid-sized Australian brokers have now predicted gold to hit the magical mark either in formal research or interviews, including Argonaut, Shaw and Partners and Bell Potter.

READ: Broker Upgrades: Argonaut ups gold bets as prices moon

Winners & Losers

Here’s how ASX-listed precious metals stocks are performing:

Scroll or swipe to reveal table. Click headings to sort. Best viewed on a laptop.

Stocks missing from this list? Email cameron.drummond@stockhead.com.au

 

Code Company Price % Week % Month % Year Market Cap
MKR Manuka Resources. 0.057 54 58 30 $43,666,989
SI6 SI6 Metals Limited 0.0015 50 -25 -75 $3,553,289
NMR Native Mineral Res 0.031 41 48 -34 $12,349,567
PNT Panthermetalsltd 0.029 38 71 -43 $6,119,065
MM8 Medallion Metals. 0.081 35 56 25 $29,777,368
A1G African Gold Ltd. 0.047 31 34 49 $16,871,097
NVA Nova Minerals Ltd 0.185 28 9 -24 $44,869,585
PUA Peak Minerals Ltd 0.0025 25 25 1 $4,994,221
NAE New Age Exploration 0.005 25 25 -17 $8,969,495
BYH Bryah Resources Ltd 0.005 25 0 -62 $2,013,147
NAG Nagambie Resources 0.02 25 25 0 $11,152,899
LRL Labyrinth Resources 0.02 25 58 306 $78,267,541
XAM Xanadu Mines Ltd 0.076 25 41 12 $125,268,439
FEG Far East Gold 0.19 23 12 12 $54,173,776
SNG Siren Gold 0.093 22 52 39 $17,609,781
VKA Viking Mines Ltd 0.011 22 10 5 $11,688,509
OAU Ora Gold Limited 0.0085 21 55 6 $57,199,093
POL Polymetals Resources 0.4 18 63 33 $79,851,873
ORN Orion Minerals Ltd 0.02 18 25 11 $129,894,242
BRX Belararoxlimited 0.3 18 15 -47 $29,811,536
AZY Antipa Minerals Ltd 0.027 17 108 108 $119,410,715
AUN Aurumin 0.056 17 37 93 $22,787,162
MAT Matsa Resources 0.038 15 36 36 $24,703,325
WCN White Cliff Min Ltd 0.024 14 50 100 $37,475,911
M2R Miramar 0.008 14 -11 -82 $3,174,586
NSM Northstaw 0.016 14 -2 -36 $2,250,861
USL Unico Silver Limited 0.245 14 44 227 $80,755,397
ARL Ardea Resources Ltd 0.45 14 6 -24 $89,857,312
SMI Santana Minerals Ltd 2.225 14 17 336 $476,688,767
BNZ Benzmining 0.17 13 36 -48 $18,168,652
SBM St Barbara Limited 0.3725 13 59 96 $286,419,514
KRM Kingsrose Mining Ltd 0.0395 13 13 -19 $28,634,008
GTR Gti Energy Ltd 0.0045 13 50 -47 $12,022,320
ASR Asra Minerals Ltd 0.0045 13 -25 -44 $11,157,790
YRL Yandal Resources 0.094 12 -18 109 $25,173,916
AS1 Asara Resources Ltd 0.019 12 73 -5 $17,939,886
ARD Argent Minerals 0.019 12 27 73 $25,990,662
AUC Ausgold Limited 0.505 12 29 68 $179,922,141
TTM Titan Minerals 0.445 11 0 25 $85,083,041
MKG Mako Gold 0.01 11 11 -33 $8,879,572
SVL Silver Mines Limited 0.1 11 14 -39 $141,755,408
TAR Taruga Minerals 0.01 11 11 -9 $7,766,295
PNR Pantoro Limited 0.1275 11 11 211 $806,753,814
LYN Lycaonresources 0.31 11 24 44 $15,895,447
DLI Delta Lithium 0.26 11 49 -60 $189,052,893
ADT Adriatic Metals 3.85 10 45 12 $1,008,753,018
GSM Golden State Mining 0.011 10 10 -70 $3,073,077
NXM Nexus Minerals Ltd 0.057 10 39 27 $26,747,884
KZR Kalamazoo Resources 0.084 9 0 -12 $16,456,590
RRL Regis Resources 2.18 9 26 35 $1,563,838,909
ZNC Zenith Minerals Ltd 0.049 9 29 -51 $17,266,663
VAU Vault Minerals Ltd 0.3425 9 20 10 $2,176,791,482
ALK Alkane Resources Ltd 0.4725 9 21 -23 $278,106,694
ARV Artemis Resources 0.013 8 8 -41 $24,919,472
BMO Bastion Minerals 0.0065 8 30 -64 $3,086,205
HRZ Horizon 0.052 8 18 58 $57,046,514
BC8 Black Cat Syndicate 0.535 8 47 155 $230,656,232
RND Rand Mining Ltd 1.94 8 14 49 $110,339,364
EMC Everest Metals Corp 0.14 8 27 12 $23,285,389
THR Thor Energy PLC 0.014 8 0 -50 $3,469,099
TRE Toubani Res Ltd 0.28 8 27 180 $60,382,889
SBR Sabre Resources 0.015 7 25 -55 $5,894,429
GNM Great Northern 0.015 7 0 -32 $2,319,436
KCN Kingsgate Consolid. 1.455 7 12 28 $355,697,335
ARI Arika Resources 0.031 7 55 24 $14,957,535
MEK Meeka Metals Limited 0.064 7 25 78 $91,424,098
SPD Southernpalladium 0.48 7 45 14 $43,080,000
BGL Bellevue Gold Ltd 1.3725 6 23 -5 $1,721,598,638
ADN Andromeda Metals Ltd 0.0085 6 6 -58 $28,845,636
TCG Turaco Gold Limited 0.34 6 33 580 $247,731,872
AWJ Auric Mining 0.345 6 23 684 $49,022,612
G50 G50Corp Ltd 0.175 6 30 46 $23,752,950
GOR Gold Road Res Ltd 1.775 6 16 3 $1,880,776,591
DRE Dreadnought Resources Ltd 0.018 6 20 -60 $67,549,500
AM7 Arcadia Minerals 0.036 6 20 -66 $4,213,804
AAM Aumegametals 0.055 6 15 10 $27,360,827
PTN Patronus Resources 0.056 6 8 44 $88,419,481
IVR Investigator Res Ltd 0.039 5 15 0 $60,377,424
EMR Emerald Res NL 3.965 5 4 59 $2,555,545,330
RMS Ramelius Resources 2.205 5 5 31 $2,491,489,803
PRU Perseus Mining Ltd 2.665 5 14 65 $3,605,634,864
SVG Savannah Goldfields 0.022 5 -24 -65 $6,183,868
DEG De Grey Mining 1.42 4 31 18 $3,319,509,144
MAU Magnetic Resources 1.305 4 0 57 $348,098,649
ERM Emmerson Resources 0.048 4 -9 -20 $25,056,650
KAL Kalgoorliegoldmining 0.025 4 14 -11 $6,487,402
GPR Geopacific Resources 0.025 4 9 56 $26,220,171
PDI Predictive Disc Ltd 0.255 4 0 24 $575,970,986
HRN Horizon Gold Ltd 0.385 4 26 23 $55,763,370
CEL Challenger Gold Ltd 0.052 4 16 -38 $67,381,654
RXL Rox Resources 0.13 4 -4 -44 $47,218,458
REZ Resourc & En Grp Ltd 0.028 4 22 100 $18,066,756
MI6 Minerals260Limited 0.14 4 4 -69 $32,760,000
BMR Ballymore Resources 0.15 3 3 58 $26,509,588
WWI West Wits Mining Ltd 0.0155 3 3 3 $38,125,902
WGX Westgold Resources. 2.57 3 -8 44 $2,386,067,516
RSG Resolute Mining 0.7325 3 12 103 $1,522,270,759
CBY Canterbury Resources 0.033 3 0 22 $6,515,550
GMD Genesis Minerals 2.08 3 -1 46 $2,290,756,764
TG1 Techgen Metals Ltd 0.035 3 6 59 $5,553,300
CMM Capricorn Metals 5.93 3 9 35 $2,178,336,739
CYL Catalyst Metals 3 3 36 400 $663,800,679
TOR Torque Met 0.077 3 -36 -74 $17,634,072
HAV Havilah Resources 0.205 3 14 -16 $71,243,822
GWR GWR Group Ltd 0.089 2 13 24 $27,945,849
FXG Felix Gold Limited 0.095 2 12 40 $29,907,679
EM2 Eagle Mountain 0.052 2 18 -26 $20,429,496
SMS Starmineralslimited 0.059 2 79 48 $5,588,645
HAW Hawthorn Resources 0.059 2 -3 -35 $19,765,921
HMG Hamelingoldlimited 0.067 2 -9 -26 $10,237,500
TM1 Terra Metals Limited 0.04 1 33 -22 $16,226,926
NST Northern Star 16.04 1 10 41 $18,153,523,955
SFR Sandfire Resources 10.875 1 31 74 $4,977,009,706
CWX Carawine Resources 0.098 1 3 -23 $23,612,545
EVN Evolution Mining Ltd 4.56 1 18 28 $8,931,586,454
G88 Golden Mile Res Ltd 0.013 0 18 -35 $5,345,897
SLZ Sultan Resources Ltd 0.006 0 0 -71 $1,185,519
GIB Gibb River Diamonds 0.038 0 6 46 $8,151,359
TMX Terrain Minerals 0.004 0 33 -20 $7,200,115
CST Castile Resources 0.08 0 5 70 $18,626,487
FAU First Au Ltd 0.001 0 -50 -67 $1,811,993
MOH Moho Resources 0.006 0 0 -14 $3,235,069
BCM Brazilian Critical 0.012 0 -8 -50 $9,968,873
MRZ Mont Royal Resources 0.053 0 6 -67 $4,506,579
PRX Prodigy Gold NL 0.002 0 0 -72 $4,664,912
AAU Antilles Gold Ltd 0.004 0 0 -83 $7,422,971
AME Alto Metals Limited 0.064 0 3 42 $46,177,483
MHC Manhattan Corp Ltd 0.002 0 100 -52 $8,995,940
GRL Godolphin Resources 0.014 0 0 -64 $3,872,823
GUL Gullewa Limited 0.065 0 0 18 $13,310,252
CY5 Cygnus Metals Ltd 0.085 0 25 -43 $31,142,361
ADV Ardiden Ltd 0.135 0 0 -48 $8,752,451
ADG Adelong Gold Limited 0.004 0 -20 -43 $4,471,956
NML Navarre Minerals Ltd 0.019 0 0 0 $28,555,654
BCN Beacon Minerals 0.0225 0 -4 -10 $84,527,284
HCH Hot Chili Ltd 0.85 0 8 -23 $122,650,565
PGD Peregrine Gold 0.19 0 15 -34 $12,896,900
RML Resolution Minerals 0.002 0 0 -67 $3,220,044
AAJ Aruma Resources Ltd 0.017 0 -37 -47 $3,774,989
AL8 Alderan Resource Ltd 0.0035 0 17 -70 $5,499,371
VRC Volt Resources Ltd 0.004 0 0 -50 $16,634,713
CLA Celsius Resource Ltd 0.012 0 9 9 $30,852,294
GBZ GBM Rsources Ltd 0.008 0 0 -43 $9,253,511
SFM Santa Fe Minerals 0.037 0 -3 -14 $2,694,295
X64 Ten Sixty Four Ltd 0.57 0 0 0 $129,844,903
TMZ Thomson Res Ltd 0.005 0 0 0 $4,881,018
WTM Waratah Minerals Ltd 0.305 0 -19 989 $62,559,291
RDS Redstone Resources 0.004 0 0 -50 $3,701,514
KAI Kairos Minerals Ltd 0.0125 0 25 -43 $32,886,402
KAU Kaiser Reef 0.155 0 7 -9 $31,688,804
CAI Calidus Resources 0.115 0 0 -23 $93,678,206
CDT Castle Minerals 0.003 0 -25 -73 $4,118,442
MXR Maximus Resources 0.046 0 39 68 $19,684,674
ALY Alchemy Resource Ltd 0.007 0 17 -30 $8,246,534
AVW Avira Resources Ltd 0.001 0 0 -33 $2,938,790
LCY Legacy Iron Ore 0.013 0 0 -35 $100,276,127
ZAG Zuleika Gold Ltd 0.014 0 0 17 $10,372,319
DTR Dateline Resources 0.005 0 -17 -44 $12,473,399
PUR Pursuit Minerals 0.003 0 0 -67 $9,088,500
PKO Peako Limited 0.004 0 33 -26 $3,513,899
M24 Mamba Exploration 0.013 0 -7 -71 $2,445,070
TRM Truscott Mining Corp 0.072 0 20 19 $13,175,896
MOM Moab Minerals Ltd 0.004 0 0 -50 $3,235,257
PNM Pacific Nickel Mines 0.024 0 0 -73 $10,103,835
AYM Australia United Min 0.002 0 0 -33 $3,685,155
ANL Amani Gold Ltd 0.001 0 0 0 $24,692,168
CLZ Classic Min Ltd 0.001 0 0 -98 $1,544,026
FAL Falconmetalsltd 0.175 0 -22 3 $27,435,000
TMB Tambourahmetals 0.037 0 12 -75 $3,325,281
TMS Tennant Minerals Ltd 0.014 0 -13 -50 $13,382,466
PXX Polarx Limited 0.008 0 -11 -8 $21,379,509
SPR Spartan Resources 1.2825 0 0 240 $1,390,911,716
SXG Southern Cross Gold 3.19 0 13 304 $638,998,065
SSR SSR Mining Inc. 8.42 -1 12 -59 $30,552,825
OBM Ora Banda Mining Ltd 0.615 -1 7 528 $1,146,394,677
PGO Pacgold 0.094 -1 22 -55 $9,992,271
WA8 Warriedarresourltd 0.058 -2 -3 -12 $42,742,859
CHN Chalice Mining Ltd 1.5675 -2 58 -34 $581,595,048
GBR Greatbould Resources 0.055 -2 28 4 $34,127,051
SKY SKY Metals Ltd 0.049 -2 63 23 $28,944,455
IDA Indiana Resources 0.095 -2 1 51 $60,265,271
FFM Firefly Metals Ltd 1.0425 -2 26 148 $572,732,400
ICL Iceni Gold 0.039 -3 15 -45 $10,637,681
LEX Lefroy Exploration 0.076 -3 0 -58 $15,234,845
TBR Tribune Res Ltd 4.52 -3 14 48 $237,155,708
STN Saturn Metals 0.2775 -3 42 85 $84,943,343
MEU Marmota Limited 0.036 -3 -8 13 $40,203,399
BTR Brightstar Resources 0.0175 -3 3 46 $121,256,326
TGM Theta Gold Mines Ltd 0.17 -3 24 17 $136,535,927
SVY Stavely Minerals Ltd 0.033 -3 22 -55 $16,372,374
TAM Tanami Gold NL 0.032 -3 3 -14 $38,778,203
MTC Metalstech Ltd 0.15 -3 -25 -19 $29,551,257
KCC Kincora Copper 0.044 -3 -2 47 $9,063,257
KSN Kingston Resources 0.082 -4 12 2 $58,696,882
CPM Coopermetalslimited 0.054 -4 -16 -58 $4,231,205
S2R S2 Resources 0.079 -4 -11 -59 $36,228,639
MLS Metals Australia 0.026 -4 24 -19 $18,907,708
BGD Bartongoldholdings 0.25 -4 4 9 $53,571,436
AMI Aurelia Metals Ltd 0.1825 -4 11 110 $304,481,625
ASO Aston Minerals Ltd 0.012 -4 0 -64 $15,540,771
GML Gateway Mining 0.024 -4 9 -14 $9,491,026
AGC AGC Ltd 0.235 -4 -13 298 $57,734,375
MTH Mithril Silver Gold 0.46 -4 360 207 $50,192,720
ILT Iltani Resources Lim 0.23 -4 24 39 $10,342,469
BNR Bulletin Res Ltd 0.045 -4 5 -59 $12,038,146
IGO IGO Limited 5.47 -4 12 -52 $4,127,109,581
AVM Advance Metals Ltd 0.021 -5 -13 -77 $3,538,483
NWM Norwest Minerals 0.02 -5 0 -23 $10,187,510
CDR Codrus Minerals Ltd 0.02 -5 -17 -68 $3,307,750
ARN Aldoro Resources 0.075 -5 -6 -25 $10,096,781
HMX Hammer Metals Ltd 0.037 -5 -8 -18 $34,569,887
QML Qmines Limited 0.09 -5 13 -10 $30,933,463
OZM Ozaurum Resources 0.036 -5 0 -64 $5,715,000
MRR Minrex Resources Ltd 0.008 -6 -11 -50 $8,678,940
MDI Middle Island Res 0.016 -6 33 -26 $3,494,411
AAR Astral Resources NL 0.1075 -7 -2 30 $121,406,268
TLM Talisman Mining 0.215 -7 5 65 $40,488,875
FG1 Flynngold 0.028 -7 12 -53 $7,137,661
FML Focus Minerals Ltd 0.14 -7 4 -10 $40,118,210
DTM Dart Mining NL 0.014 -7 -7 -30 $5,201,765
KNB Koonenberrygold 0.013 -7 30 -58 $3,741,237
GAL Galileo Mining Ltd 0.13 -7 -16 -64 $26,679,365
A8G Australasian Metals 0.125 -7 19 -39 $6,515,062
IPT Impact Minerals 0.012 -8 -8 9 $36,713,205
BM8 Battery Age Minerals 0.11 -8 10 -56 $10,232,655
MEI Meteoric Resources 0.096 -9 -1 -55 $220,676,276
TSO Tesoro Gold Ltd 0.032 -9 28 88 $48,155,835
MVL Marvel Gold Limited 0.01 -9 11 0 $9,501,698
ICG Inca Minerals Ltd 0.005 -9 -17 -67 $4,066,093
RDN Raiden Resources Ltd 0.039 -9 26 77 $109,213,034
TNC True North Copper 0.028 -10 -15 -81 $23,638,235
LCL LCL Resources Ltd 0.009 -10 0 -65 $8,683,902
CXU Cauldron Energy Ltd 0.018 -10 42 87 $24,266,551
AQX Alice Queen Ltd 0.008 -11 0 -33 $9,175,121
RMX Red Mount Min Ltd 0.008 -11 -20 -82 $38,735,773
EMU EMU NL 0.024 -11 9 -65 $3,011,980
GSN Great Southern 0.016 -11 -20 -36 $13,545,339
BEZ Besragoldinc 0.084 -12 -8 -38 $34,485,583
GUE Global Uranium 0.076 -12 38 -39 $19,660,855
PRS Prospech Limited 0.03 -12 7 30 $9,078,833
MEG Megado Minerals Ltd 0.015 -12 36 -50 $3,816,833
SPQ Superior Resources 0.007 -13 -30 -66 $15,189,047
WAF West African Res Ltd 1.4425 -13 6 102 $1,621,875,109
CAZ Cazaly Resources 0.013 -13 -13 -63 $5,996,939
ENR Encounter Resources 0.365 -14 -12 38 $167,176,380
NPM Newpeak Metals 0.012 -14 -14 -87 $4,275,671
STK Strickland Metals 0.075 -15 -18 -9 $176,593,179
ION Iondrive Limited 0.011 -15 -15 -27 $7,793,583
GED Golden Deeps 0.032 -16 -18 -41 $5,151,760
LM8 Lunnonmetalslimited 0.24 -16 45 -67 $59,526,562
ANX Anax Metals Ltd 0.016 -16 -16 -54 $12,502,851
LAT Latitude 66 Limited 0.105 -16 5 -48 $15,687,768
KTA Krakatoa Resources 0.01 -17 0 -50 $4,721,072
NES Nelson Resources. 0.0025 -17 -17 -50 $1,596,486
VMC Venus Metals Cor Ltd 0.055 -18 -13 -56 $10,787,078
CTO Citigold Corp Ltd 0.004 -20 0 0 $12,000,000
HXG Hexagon Energy 0.02 -20 -20 100 $10,258,318
AQI Alicanto Min Ltd 0.02 -20 11 -55 $14,962,859
MBK Metal Bank Ltd 0.02 -20 33 -47 $7,809,186
SRN Surefire Rescs NL 0.0055 -21 -8 -58 $11,917,847
GMN Gold Mountain Ltd 0.003 -25 0 -45 $11,722,420
RGL Riversgold 0.0045 -25 13 -68 $5,973,582
PXX Polarx Limited 0.014 8% 17% 31% $28,693,289
TRE Toubani Res Ltd 0.125 -7% 9% -32% $16,063,880
AUN Aurumin 0.048 9% 26% 60% $19,236,276
GPR Geopacific Resources 0.028 17% 65% 27% $23,829,804
FXG Felix Gold Limited 0.047 -15% 34% -51% $10,360,756
ILT Iltani Resources Lim 0.155 3% 11% 0% $5,781,786
ARD Argent Minerals 0.018 13% 80% 20% $21,959,903
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Top ASX Gold Stories This Week

Among its host of gold updates (see above), a new Argonaut report has eyes on Perseus Mining (ASX:PRU) and has slapped a buy target of $3.10 for the ASX gold producer.

It’s currently running three operating assets in West Africa – two in Côte d’Ivoire on top of its flagship Edikan operation in Ghana and forecast to produce >500,000oz this year at the top of the margin.

“These three projects have enabled PRU to report consistent production of 120-140koz per quarter for the past three years and the stable operating performance has seen PRU generate ~US$400 annually in cash flow from operations over the same period.”

The goldie is also looking at getting online its 80%-owned Nyanzaga operation in Tanzania online which has reserves of 2.6Moz, a 12+ year life of mine and is targeting a final investment decision by December this year.

“Investments in acquisitions have occurred in parallel with dividend payments and now a share buy-back,” Argonaut said.

“The development of Nyanzaga will provide PRU with a fourth operating asset in Tanzania, underpinning further production growth.”

PRU is currently trading up 2.67% at $2.69.

In M&A news, Canadian gold miners NexGold Mining (TSXV: NEXG) and Signal Gold (TSX: SGNL) shook hands on merger that will see the new entity have a 6Moz resource base with advanced projects in Ontario and Nova Scotia.

Over in WA, all eyes are on explorer Antipa Minerals (ASX:AZY) as the Paterson Province continues to be a flurry of M&A rumours and activity recently on the back of Newmont’s (ASX:NEM) divestment of the prolific Telfer gold mine and Havieron project.

The junior is trading up considerably as one of the largest landholders in the gold district (up 4% again today to make it 85% over the past month) and has already banked $17m from palming off its 32% take in the Citadel project to now 100% owner Rio Tinto (ASX:RIO).

It’s also busy building on its now 2.3Moz Minyari gold project which may already be in the shop window after growing the resource by 33% last month.

Goldies in the WA billionaires suite rose on trade today, with Regis Resources (ASX:RRL) rising significantly over the past month by about 25%, including an extra 5% today after posting strong Q3 financials on the back of 94,500oz gold production in the September quarter due to production increases at Tropicana.

With better weather over the quarter compared to June, Tropicana’s improvement injected an $85m bump QoQ for RRL to now carry $380m worth of cash and gold in its coffers.

The company says it’s on track to meet FY25 production guidance of 350-380,000oz gold.

 

 

At Stockhead we tell it like it is. While Antipa Minerals is a Stockhead advertiser, it did not sponsor this article.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

Categories: Mining

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