• Sizable silver deficits (physical demand greater than supply) set to continue in 2023, and beyond
  • Investor activity which has now pushed the silver price to a 30% gain over the past 6 months
  • Small Cap Quarterly Wrap: Besra, West Wits, Classic

Our Gold Digger column wraps all the news driving ASX stocks with exposure to precious metals.

 

As a precious metals bull, silver’s record-breaking performance in 2022 makes for great reading.

Demand rose by 18% to a new high of 1242Moz.

Meanwhile, limited organic growth, project delays and disruptions resulted in a 0.6% fall in mine production in 2022.

This led to the silver market posting what may well have been the largest deficit on record.

In fact, the deficits in 2021 and 2022 more than offset the cumulative surpluses of the previous 11 years.

Another sizable +100Moz deficit is expected in 2023, and beyond.

Why? It’s hard to ‘turn on’ substantial additional silver supply, which is often mined alongside other metals.

Last year’s decline was driven by by-product output from lead/zinc mines (-3.5%), particularly in China and Peru.

Perhaps it’s partially this massive (and ongoing) demand-supply imbalance, alongside appetite for risk hedges, which has prompted investors to pour back into the metal in 2023.

 

Professional investors hold the key to silver’s rise

Silver has a unique dual function, as an industrial metal and investor safe haven/risk hedge.

Prices rarely take their cue from the former (fundamentals like demand and supply) and are instead largely driven by the latter (professional investor activity).

It is that investor activity which has now pushed the silver price to a 30% gain over the past six months.

But Metals Focus believes this can’t last, for one reason: The Fed won’t cut rates in the back end of 2023.

“In spite of the recent boom in investor demand and the price rally, we believe that institutional investment will lose momentum later this year,” it says.

“This reflects our view that the current market consensus, that the Fed will be forced to cut rates in H2.23, will be proven wrong.

“A likely equity market correction, as a result of weaker corporate earnings, could also trigger an investor sell-off across assets, which will inevitably affect silver (as well as gold).

“All these factors should see the silver price eventually suffer from investor liquidations in the second half of the year, driving prices lower.”

Pic: Silver price over the past 12 months.

 

Silver’s fate in the Fed’s hands

Unlike Metals Focus, Morningstar expects the Fed to pause its rate hikes by summer 2023, then start cutting around the end of 2023.

It admits interest rates have risen much further than most forecasters (including them) anticipated, with the US economy proving more resilient to the impact of higher rates than expected.

“We think that households’ excess savings and other factors are temporarily cushioning the hit from higher interest rates,” it says.

“In 2023, we expect the impact of rate hikes to be felt more strongly in other parts of the US economy.

“We project a year-end 2023 federal funds rate of 4.75%, falling to about 2.00% by the end of 2024.”

 

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 [email protected]

Code Company % Friday % Week % Month % YTD % 12 month Price Market Cap
NES Nelson Resources. 25% 0% -17% -29% -71% 0.005 $2,354,377
BAT Battery Minerals Ltd 14% 0% 14% 0% -56% 0.004 $11,749,298
SBR Sabre Resources 14% 0% -11% -34% -55% 0.025 $6,412,696
TSO Tesoro Gold Ltd 13% 45% 55% 25% -41% 0.045 $42,140,503
PUR Pursuit Minerals 13% -5% -5% 13% -38% 0.018 $41,380,764
PKO Peako Limited 11% 25% 11% -31% -44% 0.01 $4,236,583
ENR Encounter Resources 10% 10% 39% -11% 0% 0.16 $51,551,238
OKR Okapi Resources 8% 8% 0% -10% -56% 0.135 $22,948,227
ADV Ardiden Ltd 8% 0% 0% 0% -48% 0.007 $17,474,180
MI6 Minerals260Limited 8% -6% 37% 25% -8% 0.425 $92,430,000
ASO Aston Minerals Ltd 8% 0% -5% 25% -31% 0.1 $103,669,977
TG1 Techgen Metals Ltd 8% 12% 41% 5% -34% 0.086 $5,144,891
ARV Artemis Resources 7% -6% 7% -36% -74% 0.016 $23,421,276
BTR Brightstar Resources 7% 14% 0% -6% -43% 0.016 $12,489,432
GSM Golden State Mining 6% -6% 14% -23% -57% 0.033 $3,627,440
CDT Castle Minerals 6% 6% -6% -19% -67% 0.017 $17,991,888
TAM Tanami Gold NL 6% 3% 6% -5% -38% 0.037 $41,128,397
FG1 Flynngold 6% 7% -6% -24% -47% 0.076 $7,406,895
GSR Greenstone Resources 6% 6% -14% -41% -41% 0.019 $21,838,831
VRC Volt Resources Ltd 5% 5% 5% -30% -52% 0.0105 $39,394,239
M24 Mamba Exploration 5% -13% 42% -28% -19% 0.105 $6,098,334
GWR GWR Group Ltd 5% 5% -11% 44% -47% 0.085 $26,018,549
RSG Resolute Mining 5% 6% 27% 141% 68% 0.4825 $979,343,022
BGD Bartongoldholdings 5% 0% 0% 15% 0% 0.23 $18,993,281
MEI Meteoric Resources 4% 27% 27% 235% 1083% 0.1775 $295,552,154
EM2 Eagle Mountain 4% -25% -31% -29% -66% 0.12 $35,071,189
SPD Southernpalladium 4% 4% -11% -36% 0% 0.52 $21,539,164
PRS Prospech Limited 4% -23% 17% 1% -48% 0.027 $2,640,128
EMR Emerald Res NL 4% 2% 26% 58% 61% 1.87 $1,071,810,774
CAZ Cazaly Resources 4% 16% 12% -15% -24% 0.029 $10,411,010
ALY Alchemy Resource Ltd 3% 0% 7% -35% -56% 0.015 $17,082,106
LCL Los Cerros Limited 3% 18% 3% -42% -63% 0.033 $25,417,743
SVG Savannah Goldfields 3% 6% 9% -8% -13% 0.175 $32,104,234
MTC Metalstech Ltd 3% 25% -1% -32% 48% 0.355 $61,221,834
MLS Metals Australia 3% -5% 3% -19% -78% 0.036 $21,246,267
NAG Nagambie Resources 3% -19% -15% -41% -19% 0.039 $22,105,600
SPQ Superior Resources 3% -7% -23% -29% -2% 0.04 $66,347,596
HMX Hammer Metals Ltd 2% 0% 60% 22% -17% 0.083 $66,533,995
MKR Manuka Resources. 2% 10% 16% 2% -69% 0.087 $45,973,955
NSM Northstaw 2% -2% -18% -21% -58% 0.1225 $14,415,240
GCY Gascoyne Res Ltd 2% 2% 28% -24% -45% 0.1275 $109,626,638
FEG Far East Gold 2% -3% -3% -40% -24% 0.29 $43,618,740
ICL Iceni Gold 2% -3% -26% -23% -61% 0.062 $12,722,857
DRE Dreadnought Resources Ltd 2% -9% 5% -40% 50% 0.063 $205,389,150
BCN Beacon Minerals 2% 0% 10% 18% -3% 0.033 $122,094,966
ANX Anax Metals Ltd 1% -3% 15% 30% -37% 0.069 $27,838,848
PGD Peregrine Gold 1% 1% -3% -1% -22% 0.38 $21,038,479
AAJ Aruma Resources Ltd 1% 1% 35% 45% -21% 0.077 $11,929,074
NCM Newcrest Mining 1% 0% 9% 40% 7% 28.88 $25,494,518,169
DCN Dacian Gold Ltd 1% -1% 4% -17% -64% 0.083 $99,777,677
IGO IGO Limited 1% -2% 14% 1% 5% 13.64 $10,207,970,119
GBR Greatbould Resources 1% -6% -4% 0% -9% 0.09 $43,168,701
CWX Carawine Resources 1% 3% 0% -2% -53% 0.098 $19,091,294
CHN Chalice Mining Ltd 1% 1% 26% 26% 23% 7.92 $2,951,346,001
TUL Tulla Resources 1% 0% 28% -4% -47% 0.32 $102,172,771
GMD Genesis Minerals 1% 0% 30% 9% -4% 1.365 $644,448,719
SMI Santana Minerals Ltd 1% -7% 3% 14% -2% 0.745 $110,095,423
SLR Silver Lake Resource 0% 4% 14% 7% -36% 1.2725 $1,180,775,303
MRR Minrex Resources Ltd 0% 0% -30% -50% -76% 0.016 $17,357,880
NPM Newpeak Metals 0% 0% 0% 0% 0% 0.001 $9,145,132
FFX Firefinch Ltd 0% 0% 0% 0% -42% 0.2 $236,569,315
GED Golden Deeps 0% 0% -6% -17% -53% 0.0075 $8,664,200
G88 Golden Mile Res Ltd 0% 10% 47% 8% -66% 0.022 $5,795,509
DCX Discovex Res Ltd 0% 0% 0% 0% -61% 0.003 $9,907,704
NMR Native Mineral Res 0% 0% -20% -64% -80% 0.04 $4,805,549
AQX Alice Queen Ltd 0% 50% 0% -25% -81% 0.0015 $3,795,431
MKG Mako Gold 0% -3% -5% -5% -54% 0.038 $17,922,752
KSN Kingston Resources 0% -9% 12% 30% -38% 0.105 $43,643,634
AMI Aurelia Metals Ltd 0% -16% 29% 8% -69% 0.135 $167,054,024
PNX PNX Metals Limited 0% 0% 20% -29% -36% 0.003 $16,141,874
GIB Gibb River Diamonds 0% -4% 10% -25% -27% 0.045 $9,517,925
TMX Terrain Minerals 0% -8% 20% 0% -43% 0.006 $6,499,196
BNR Bulletin Res Ltd 0% -4% -6% -9% -60% 0.085 $24,955,244
SKY SKY Metals Ltd 0% -13% 6% 8% -47% 0.052 $19,592,740
CST Castile Resources 0% -3% -4% 1% -40% 0.096 $23,222,633
YRL Yandal Resources 0% 1% 1% -11% -65% 0.087 $13,728,868
ARL Ardea Resources Ltd 0% -2% -18% -44% -74% 0.4 $68,601,109
GTR Gti Energy Ltd 0% -6% 6% -21% -57% 0.0085 $15,236,110
IPT Impact Minerals 0% 8% 30% 86% 3% 0.013 $32,257,817
MOH Moho Resources 0% -26% 11% -5% -61% 0.02 $4,153,244
PUA Peak Minerals Ltd 0% -20% 0% -33% -75% 0.004 $4,165,506
SMS Starmineralslimited 0% -4% -3% -3% -65% 0.07 $2,109,926
MVL Marvel Gold Limited 0% -12% -12% -42% -67% 0.015 $10,576,416
PRX Prodigy Gold NL 0% 0% 22% -8% -46% 0.011 $19,226,711
AAU Antilles Gold Ltd 0% -5% -5% 17% -46% 0.035 $17,160,879
RND Rand Mining Ltd 0% 2% -3% -1% -13% 1.35 $76,782,547
REZ Resourc & En Grp Ltd 0% 14% 7% 0% -64% 0.016 $7,996,893
GMR Golden Rim Resources 0% 3% 10% 10% -50% 0.034 $20,114,005
KAL Kalgoorliegoldmining 0% -5% -20% -52% -71% 0.04 $3,100,841
SIH Sihayo Gold Limited 0% 0% 0% 0% -33% 0.002 $12,204,256
WA8 Warriedarresourltd 0% 8% -3% -18% 8% 0.14 $60,348,234
WCN White Cliff Min Ltd 0% -11% -11% -43% -72% 0.008 $7,672,435
AVM Advance Metals Ltd 0% -10% 13% -10% -44% 0.009 $5,238,397
WRM White Rock Min Ltd 0% 0% 0% -5% -69% 0.063 $17,508,200
ASR Asra Minerals Ltd 0% -5% -14% -53% -65% 0.0095 $13,937,627
AME Alto Metals Limited 0% -7% -5% -6% -32% 0.063 $38,607,375
CTO Citigold Corp Ltd 0% 0% 0% -17% -41% 0.005 $14,368,295
TIE Tietto Minerals 0% -6% -2% -16% 23% 0.595 $647,078,857
M2R Miramar 0% 2% 5% -44% -77% 0.045 $3,515,478
MHC Manhattan Corp Ltd 0% 0% 0% -9% -62% 0.005 $14,681,393
GRL Godolphin Resources 0% -7% -11% -8% -46% 0.076 $8,996,078
TRY Troy Resources Ltd 0% 0% 0% 0% 0% 0.0295 $62,920,961
CGN Crater Gold Min Ltd 0% 0% 0% 0% 0% 0.014499 $17,965,037
EMC Everest Metals Corp 0% -14% 7% -4% -46% 0.076 $9,836,916
GUL Gullewa Limited 0% 0% -2% -8% -32% 0.055 $10,767,521
G50 Gold50Limited 0% -3% -7% -22% -17% 0.195 $11,103,885
VKA Viking Mines Ltd 0% 9% 0% 20% 0% 0.012 $12,303,101
MTH Mithril Resources 0% 0% 0% -43% -78% 0.002 $6,526,180
ADG Adelong Gold Limited 0% 8% 18% 86% -63% 0.013 $6,939,690
XTC Xantippe Res Ltd 0% -25% -33% -40% -79% 0.003 $31,740,299
MZZ Matador Mining Ltd 0% 3% -11% -36% -69% 0.074 $23,326,194
KZR Kalamazoo Resources 0% -15% 0% -33% -66% 0.14 $21,152,679
MAU Magnetic Resources 0% 4% -26% -40% -64% 0.515 $118,198,876
BYH Bryah Resources Ltd 0% 0% 15% -12% -62% 0.023 $6,468,830
MEU Marmota Limited 0% -3% -8% -27% -29% 0.035 $37,058,020
AL8 Alderan Resource Ltd 0% 0% 0% 14% -67% 0.008 $4,859,271
GMN Gold Mountain Ltd 0% 0% -25% -57% -57% 0.003 $5,909,798
MEG Megado Minerals Ltd 0% -14% 13% -2% -71% 0.044 $8,934,445
HMG Hamelingoldlimited 0% 10% 21% -24% -29% 0.11 $12,100,000
TBA Tombola Gold Ltd 0% 0% 0% 0% -51% 0.026 $33,129,243
BM8 Battery Age Minerals 0% -7% -6% -33% -33% 0.335 $24,863,085
HRN Horizon Gold Ltd 0% -8% 0% 13% -15% 0.35 $43,813,574
CLA Celsius Resource Ltd 0% 7% 7% 0% -30% 0.016 $29,963,493
QML Qmines Limited 0% 3% -9% -9% -46% 0.15 $13,531,355
RDN Raiden Resources Ltd 0% 0% 5% -16% -74% 0.004 $7,418,330
TCG Turaco Gold Limited 0% -5% -6% 5% -39% 0.061 $26,090,717
DTM Dart Mining NL 0% -17% 15% 9% -18% 0.06 $9,337,234
AUC Ausgold Limited 0% -6% 0% 6% -32% 0.05 $113,139,962
EMU EMU NL 0% -20% 0% -59% -85% 0.002 $2,900,043
SFM Santa Fe Minerals 0% -8% -5% -31% -54% 0.055 $4,005,033
X64 Ten Sixty Four Ltd 0% 0% 0% -11% -32% 0.57 $130,184,182
SI6 SI6 Metals Limited 0% 0% -17% -17% -50% 0.005 $7,476,973
HAW Hawthorn Resources 0% 0% 2% -26% -47% 0.085 $28,476,327
AGC AGC Ltd 0% -2% -7% -15% -49% 0.051 $5,100,000
RVR Red River Resources 0% 0% 0% 0% -69% 0.073 $37,847,908
RGL Riversgold 0% -6% -12% -50% -78% 0.015 $14,182,016
CPM Coopermetalslimited 0% -5% 26% 48% -19% 0.3475 $14,339,813
TMZ Thomson Res Ltd 0% 0% 0% -74% -88% 0.005 $4,349,755
WMC Wiluna Mining Corp 0% 0% 0% 0% -68% 0.205 $74,238,031
BMO Bastion Minerals 0% 0% -7% -26% -87% 0.025 $3,985,290
IDA Indiana Resources 0% -18% -20% -27% -41% 0.04 $20,148,193
GSN Great Southern 0% 5% 10% -21% -60% 0.023 $15,260,661
RED Red 5 Limited 0% 0% 14% -22% -59% 0.16 $553,517,341
THR Thor Energy PLC 0% 0% 11% -17% -67% 0.005 $7,380,564
CDR Codrus Minerals Ltd 0% 14% 34% -4% 37% 0.125 $5,053,750
MDI Middle Island Res 0% 26% 23% 13% -69% 0.043 $5,263,984
KAI Kairos Minerals Ltd 0% -4% 16% -4% -24% 0.022 $43,210,057
CXU Cauldron Energy Ltd 0% 0% -13% 0% -52% 0.007 $6,520,981
HXG Hexagon Energy 0% 0% 0% -35% -69% 0.011 $5,642,075
AVW Avira Resources Ltd 0% 0% 0% 0% -50% 0.003 $6,401,370
MAT Matsa Resources 0% -2% 14% 14% -33% 0.042 $17,304,194
ZAG Zuleika Gold Ltd 0% 0% 8% -33% -53% 0.014 $7,322,709
GML Gateway Mining 0% -4% 20% -20% -60% 0.048 $12,784,010
SAU Southern Gold 0% 0% -9% -16% -57% 0.021 $6,305,991
CEL Challenger Exp Ltd 0% -9% 12% -17% -55% 0.145 $160,464,014
OZM Ozaurum Resources 0% -8% 38% -12% -60% 0.058 $7,366,000
KTA Krakatoa Resources 0% 6% 14% -25% -73% 0.033 $11,375,427
ARN Aldoro Resources 0% -3% -18% 3% -40% 0.165 $22,179,918
MBK Metal Bank Ltd 0% 3% 10% -6% -47% 0.032 $8,847,537
A8G Australasian Metals 0% -3% -9% -18% -67% 0.155 $6,381,427
DTR Dateline Resources 0% -5% 0% -51% -87% 0.018 $11,588,752
S2R S2 Resources 0% 0% 0% -18% -10% 0.14 $57,412,813
TLM Talisman Mining 0% -3% 4% 0% -18% 0.14 $26,283,530
ICG Inca Minerals Ltd 0% -6% -11% -26% -83% 0.017 $8,219,746
A1G African Gold Ltd. 0% 8% 19% -4% -37% 0.08 $13,544,897
OAU Ora Gold Limited 0% -17% 0% -50% -75% 0.0025 $9,842,313
GNM Great Northern 0% -33% -43% -50% -64% 0.002 $3,418,102
TRM Truscott Mining Corp 0% -13% -13% 0% -20% 0.041 $6,853,439
DEX Duke Exploration 0% 0% 0% 0% -65% 0.053 $5,587,240
AWJ Auric Mining 0% 4% 17% -19% -40% 0.052 $6,804,699
AZS Azure Minerals 0% -11% 22% 71% 17% 0.385 $150,240,888
AYM Australia United Min 0% 0% 0% 0% -50% 0.003 $5,527,732
BRB Breaker Res NL 0% -3% 15% 45% 79% 0.465 $153,640,110
ANL Amani Gold Ltd 0% 0% 0% 0% -33% 0.001 $25,143,441
PGO Pacgold 0% 2% 16% 19% -39% 0.43 $23,633,580
KIN KIN Min NL 0% -5% -9% -40% -57% 0.039 $45,947,871
CLZ Classic Min Ltd 0% 0% -33% -89% -99% 0.001 $5,426,262
TGM Theta Gold Mines Ltd 0% 0% 43% 18% -41% 0.08 $49,852,154
ORN Orion Minerals Ltd 0% 7% 33% 0% -36% 0.016 $87,452,173
TMB Tambourahmetals 0% 4% 38% 14% -53% 0.12 $4,943,112
TMS Tennant Minerals Ltd 0% -9% 7% 0% -35% 0.031 $23,542,436
PXX Polarx Limited 0% -7% 17% -30% -30% 0.014 $18,941,257
AGG AngloGold Ashanti 0% 4% 21% 34% 38% 7.89 $704,741,344
WGX Westgold Resources. 0% 8% 28% 74% -1% 1.5225 $722,274,663
SFR Sandfire Resources 0% -5% 12% 21% 28% 6.605 $3,024,624,563
EVN Evolution Mining Ltd 0% 3% 21% 20% -11% 3.585 $6,606,058,748
ADT Adriatic Metals -1% -4% -4% 12% 44% 3.54 $805,813,917
BGL Bellevue Gold Ltd -1% 4% 13% 25% 54% 1.41 $1,604,656,415
RDT Red Dirt Metals Ltd -1% 2% 59% -3% -13% 0.46 $206,974,983
GOR Gold Road Res Ltd -1% 4% 15% 11% 21% 1.8675 $2,038,216,429
SBM St Barbara Limited -1% 9% -6% -22% -55% 0.6025 $498,090,403
AAR Astral Resources NL -1% -2% 10% 11% -12% 0.08 $53,898,208
ERM Emmerson Resources -1% -3% 6% 1% -31% 0.076 $41,942,654
RXL Rox Resources -1% 6% 32% 114% -6% 0.375 $85,254,619
BNZ Benzmining -1% -1% -5% -10% -47% 0.37 $27,395,550
CHZ Chesser Resources -1% -5% -17% -13% -38% 0.074 $44,145,101
SSR SSR Mining Inc. -1% -3% 2% -4% -25% 22.07 $410,884,465
NWM Norwest Minerals -1% -4% 40% -32% -39% 0.0365 $9,152,735
KCN Kingsgate Consolid. -1% -5% -29% -18% -3% 1.42 $362,906,669
NVA Nova Minerals Ltd -1% 1% -22% -48% -49% 0.355 $75,920,319
PNR Pantoro Limited -1% 3% 22% -26% -77% 0.071 $218,075,081
PDI Predictive Disc Ltd -1% -1% 1% -1% -13% 0.1775 $322,293,368
FAL Falconmetalsltd -1% -10% -3% 25% 6% 0.35 $62,835,000
WAF West African Res Ltd -2% -2% -1% -17% -24% 0.98 $1,018,459,858
CYL Catalyst Metals -2% -4% 2% -18% -47% 0.965 $171,191,127
KRM Kingsrose Mining Ltd -2% -7% 7% -5% -17% 0.062 $47,409,171
SVY Stavely Minerals Ltd -2% -9% -24% -41% -63% 0.145 $48,125,373
HRZ Horizon -2% -5% 21% -7% -53% 0.057 $40,425,053
OBM Ora Banda Mining Ltd -2% -5% 14% 70% 248% 0.1425 $233,615,332
DEG De Grey Mining -2% -3% 4% 25% 37% 1.605 $2,560,313,741
MGV Musgrave Minerals -2% -2% 13% 7% -32% 0.225 $135,977,828
BEZ Besragoldinc -2% -6% 114% 333% 315% 0.225 $81,388,234
BC8 Black Cat Syndicate -2% 2% 14% 24% -19% 0.44 $119,954,004
RMS Ramelius Resources -2% -5% 11% 41% -11% 1.31 $1,170,153,219
SLZ Sultan Resources Ltd -2% -17% -5% -53% -74% 0.04 $4,234,660
ADN Andromeda Metals Ltd -2% -7% -11% -9% -60% 0.04 $127,510,346
VMC Venus Metals Cor Ltd -3% 3% 22% 44% 5% 0.195 $35,615,737
AZY Antipa Minerals Ltd -3% 3% 3% -7% -55% 0.0195 $71,860,817
RRL Regis Resources -3% -2% 13% 3% 4% 2.125 $1,645,956,517
PRU Perseus Mining Ltd -3% -4% -4% 6% 19% 2.24 $3,146,369,755
KCC Kincora Copper -3% 7% 0% -11% -35% 0.065 $7,990,438
LM8 Lunnonmetalslimited -3% -2% 4% 26% 3% 1.13 $128,019,770
NST Northern Star -3% -1% 14% 23% 39% 13.44 $15,949,743,530
IVR Investigator Res Ltd -3% -6% 51% 48% 0% 0.062 $91,978,881
ZNC Zenith Minerals Ltd -3% -7% -16% -42% -64% 0.155 $56,272,967
TBR Tribune Res Ltd -3% -7% 3% -8% -21% 3.71 $200,952,735
KWR Kingwest Resources -3% -3% -3% -14% -85% 0.03 $8,733,531
SVL Silver Mines Limited -3% -3% 27% 11% 1% 0.2225 $322,996,393
ALK Alkane Resources Ltd -3% 4% 23% 66% -12% 0.89 $550,889,185
USL Unico Silver Limited -3% -5% -3% -18% -35% 0.14 $36,156,789
CMM Capricorn Metals -4% 2% -6% -4% 9% 4.42 $1,724,730,023
MEK Meeka Metals Limited -4% -12% -4% -37% -7% 0.043 $48,042,402
HCH Hot Chili Ltd -4% -10% 22% 22% -33% 1.07 $133,778,631
SXG Southern Cross Gold -5% -7% -10% -21% 0% 0.635 $59,734,267
NXM Nexus Minerals Ltd -5% -38% -32% -48% -67% 0.105 $35,799,864
SNG Siren Gold -5% -9% 17% -42% -73% 0.105 $14,768,469
STK Strickland Metals -5% -2% 14% 3% -43% 0.041 $66,862,510
TTM Titan Minerals -5% 0% 0% -9% -36% 0.061 $90,321,484
AM7 Arcadia Minerals -5% 8% 3% -2% -34% 0.2 $9,806,557
AUT Auteco Minerals -5% -9% -2% -22% -47% 0.04 $97,139,125
AQI Alicanto Min Ltd -5% 3% 14% -7% -58% 0.04 $22,520,972
GAL Galileo Mining Ltd -5% 12% 15% -10% 276% 0.79 $164,028,689
FML Focus Minerals Ltd -5% 0% 23% -25% -19% 0.19 $57,311,729
KAU Kaiser Reef -5% -7% 15% 15% -7% 0.19 $28,339,536
LEX Lefroy Exploration -5% -7% 23% 2% -15% 0.265 $44,928,241
CBY Canterbury Resources -5% -5% -13% -15% -42% 0.035 $5,347,371
HAV Havilah Resources -6% -7% -21% -24% 43% 0.25 $83,909,391
GBZ GBM Rsources Ltd -6% 3% 14% -26% -72% 0.032 $19,147,460
LCY Legacy Iron Ore -6% 0% 7% -16% -38% 0.016 $108,916,045
CAI Calidus Resources -6% -25% -18% -27% -80% 0.1975 $92,305,676
BMR Ballymore Resources -6% 0% -3% 0% -19% 0.15 $15,410,793
WWI West Wits Mining Ltd -6% -6% 7% -6% -52% 0.015 $35,888,276
XAM Xanadu Mines Ltd -6% -12% 19% 52% 26% 0.044 $76,977,737
LYN Lycaonresources -6% -12% -15% -47% -65% 0.145 $5,102,406
NML Navarre Minerals Ltd -7% -7% 0% -32% -67% 0.028 $45,086,374
CY5 Cygnus Metals Ltd -7% -14% 35% -34% 56% 0.25 $50,523,537
POL Polymetals Resources -8% -11% 47% 14% 143% 0.28 $13,780,721
MXR Maximus Resources -8% -18% -13% -18% -64% 0.033 $11,486,008
STN Saturn Metals -8% -6% 0% -8% -56% 0.165 $27,278,734
NAE New Age Exploration -9% 0% 0% -29% -62% 0.005 $7,897,444
MM8 Medallion Metals. -9% -9% -26% -35% -62% 0.1 $25,369,577
RDS Redstone Resources -9% 11% 11% 25% 0% 0.01 $8,105,156
PNM Pacific Nickel Mines -9% -14% 16% 4% -22% 0.086 $36,100,403
PNT Panthermetalsltd -10% -5% -20% -50% -57% 0.095 $3,228,750
MRZ Mont Royal Resources -10% -14% -32% -51% -74% 0.085 $6,437,371
BBX BBX Minerals Ltd -10% -11% -31% -31% -37% 0.072 $40,457,718
SRN Surefire Rescs NL -10% -22% -10% 50% -50% 0.018 $31,627,270
MOM Moab Minerals Ltd -11% 14% 14% -11% -71% 0.008 $6,137,671
RMX Red Mount Min Ltd -13% 17% -13% -30% -65% 0.0035 $9,087,404
KNB Koonenberrygold -16% -25% -25% -32% -58% 0.042 $3,787,822
RML Resolution Minerals -17% 0% 0% -38% -67% 0.005 $6,478,477
MCT Metalicity Limited -20% 0% 0% -33% -68% 0.002 $8,761,348
LRL Labyrinth Resources -20% -8% -8% -29% -69% 0.012 $14,392,310
TAR Taruga Minerals -20% -11% 14% -33% -20% 0.016 $14,120,536
FAU First Au Ltd -27% -43% -20% 0% -72% 0.004 $6,021,308
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Friday Small Cap Standouts

CLASSIC MINERALS (ASX:CLZ)

With Aussie prices sitting above $3000/oz, CLZ is on the cusp of gold production at the perfect time.

Construction at its flagship 2,800oz Kat Gap mine in WA continued apace during the March quarter, with first production pencilled in for the current quarter.

A bulk sample stockpile is ready to be processed once the plant has been assembled.

The bulk sample has an estimated average grade of 4.82g/t for 1,011 ounces of contained gold, worth ~$3m at current prices.

It comes hot on the heels of a $20.1m institutional funding package to fast-track phase-1 development as well as extensional drilling across the wider project area, which is already coming up with the goods.

In January, the company announced a bunch of high-grade gold hits beneath the existing resource at Kat Gap, including 10m @ 9.26g/t Au from 57m.

 

BESRA GOLD (ASX:BEZ)

$80m capped BEZ is now up ~450% since inking a $US300m non-binding offtake and funding deal with bullion dealer and major shareholder Quantum Metal Recovery Inc in March.

This cash – paid over 30 months against future production ounces — would cover development of its 3Moz ‘Bau’ project in Malaysia’s Sarawak region.

BEZ has now received initial payment of $US2m from Quantum ahead of finalising the offtake funding facility. It is entitled to a further US$3m upon execution of the agreement, expected very soon.

The company is now updating an old feasibility study completed back in 2013, with initial results due in the second half of 2023. Pilot production is also pencilled in for later this year.

Meanwhile, assay results from 2022 drilling at Bekajang point to a high-grade feeder conduit system below the Bau Limestone-Pedawan Shale Contact (LSC).

Highlights like 12.6m @ 22.9g/t from 58.4m will be followed up, the company says.

 

WEST WITS MINING (ASX:WWI)

WWI continues to advance the 4.28Moz Witwatersrand Basin project (WBP) in South Africa toward first gold pour in Q4 this year.

In April, WWI received approval from South Africa’s Joburg City Power for a 7.5MVA power supply to its WBP’s Phase 1 Qala Shallows mine.

The approval of a 7.5MVA power supply is expected to reduce the DFS’ assumed timeline by six months or more, resulting in lower energy costs during the critical construction and build-up of the mine’s production.

Phase 1 production will average 55,000ozpa over an initial 10 years, at very good all-in sustaining costs of US$962/oz.

That culminates in pre-tax NPV and IRR of US$180m and 33%, respectively, at a conservative gold price of US$1750/oz.

Peak funding requirements are US$63m. The company says it is “in advanced discussions with multiple funders” to secure the optimum funding solution for the WBP.

A study on Phase 2 production up to 200,000ozpa is scheduled for this year.