Gold Digger: Australian gold price flirts with record high, M&A could return with a vengeance in 2023

Mining Reuben Adams
Australian gold price 2023

Pic: Garetsworkshop, iStock / Getty Images Plus

  • Gold prices continued to rally this week, almost hitting the $US1,930/oz mark on Friday
  • Gold merger and acquisition (M&A) market slowed in 2022, but is expected to pick up again in 2023
  • Standout gold stocks this week: Adelong, Bastion, Prospech

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

 

Gold prices continued to rally this week, almost hitting the $US1,930/oz mark on Friday.

That’s close to a record high in Aussie dollar terms; great news for local miners who are looking to offset ballooning production costs.

“Gold prices are rallying as investors seek safety as recession and default risks won’t be going away anytime soon,” OANDA’s Ed Moya says.

“Mixed US data continues to support the idea that the Fed might need to do more tightening given how strong the labour market remains, but the rest of the economy is weakening.

“Gold will look even more attractive if the US is viewed as likely having a recession in the second half of the year, which could mean earnings will contract far worse than markets are pricing.

“If gold doesn’t make a quick run towards the $1935 level, it could consolidate around the $1900 region.”

 

Gold M&A activity was low in 2022. Will it return with a vengeance in 2023?

After soaring to record levels in 2021, the global merger and acquisition (M&A) market slowed in 2022 against a challenging economic environment.

M&A is often good for investors.

Acquisitions enable producers to strengthen and sustain production growth, while the disposal of non-core assets allows producers to focus on mine expansions and development of other projects more aligned to their corporate strategy.

Junior companies struggling to raise capital funding can seize the opportunity to either sell assets or enter into joint-venture agreements with major producers.

In the gold sector, M&A worth +$US120bn have taken place over the past decade, according to Metals Focus.

However, deal activity slowed in 2022, with only 71 completed.

“The total value of the transactions completed declined significantly, by 86% y/y, to $2.5bn,” it says.

“Of those announced, 87%, valued at $8.9bn, are still pending, and are expected to be concluded within the next two years.”

In terms of value, China led the way with completed deals worth $US560m in 2022. Australia and Russia followed, totalling $US470m and $US340m, respectively.

For Australia, much of that came via one deal. In December, St Barbara announced a merger with Genesis Minerals in an all-share deal valued at $367m,  resulting in the consolidation of  Leonora assets in WA.

M&A is expected to rebound strongly more generally in 2023, says Goldman Sachs.

The same goes for the gold sector.

“Rising capital and operational costs, in addition to a lower gold price in the latter half of the year [2022] will have lowered valuations making potential deals more attractive,” it says.

“We expect the squeeze on profit margins will continue to have an impact on valuations in 2023 and this, in addition to the need to add growth opportunities to depleting resource profiles, will lead to increased mergers and acquisition activity in 2023 and beyond.”

 

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 1 WEEK RETURN % 1 MONTH RETURN % 6 MONTH RETURN % 1 YEAR RETURN % PRICE MARKET CAP
ADG Adelong Gold 200% 157% -10% -40% 0.018 $8,258,801
AAJ Aruma Resources 63% 43% 43% -5% 0.093 $15,225,266
IPT Impact Minerals 47% 57% 38% -13% 0.011 $24,813,706
BMO Bastion Minerals 44% 31% -65% -76% 0.046 $4,091,747
PRS Prospech 43% 14% 14% -44% 0.033 $2,913,854
BTR Brightstar Resources 38% 83% 38% -57% 0.0275 $19,899,092
M24 Mamba Exploration 38% 69% 178% -8% 0.22 $9,700,251
MTH Mithril Resources 33% 33% -33% -72% 0.004 $13,052,361
KSN Kingston Resources 31% 49% 38% -19% 0.13 $45,721,902
MEI Meteoric Resources 30% 53% 475% 245% 0.069 $94,630,437
CLA Celsius Resource 29% 38% 29% -27% 0.022 $32,630,410
KWR Kingwest Resources 28% 61% -26% -74% 0.05 $11,832,526
KCC Kincora Copper 28% 61% 53% -41% 0.092 $9,872,065
NSM Northstaw 24% 44% 39% -18% 0.23 $28,229,845
SPQ Superior Resources 24% 33% 100% 31% 0.072 $113,981,768
TMZ Thomson Res 24% 24% 0% -72% 0.021 $16,565,687
VMC Venus Metals Cor 20% 15% -6% -17% 0.15 $26,711,802
AAU Antilles Gold 20% 35% -30% -44% 0.042 $20,954,357
PNR Pantoro 20% 17% -38% -68% 0.115 $195,670,263
BBX BBX Minerals 19% 26% 51% -39% 0.115 $58,886,577
EM2 Eagle Mountain 18% 32% 0% -65% 0.225 $65,890,271
GRL Godolphin Resources 18% 25% 5% -25% 0.105 $11,836,945
ADN Andromeda Metals 17% 44% -23% -71% 0.062 $195,930,531
CAI Calidus Resources 17% 58% -31% -49% 0.42 $175,690,068
MHC Manhattan Corp 17% 27% -18% -53% 0.007 $10,683,951
OBM Ora Banda Mining 16% 53% 133% 72% 0.1025 $141,153,431
BC8 Black Cat Syndicate 16% 34% 47% -29% 0.435 $88,113,491
TRM Truscott Mining Corp 15% 46% 20% 76% 0.06 $9,695,109
SVY Stavely Minerals 15% 56% 71% -47% 0.265 $86,316,785
AZS Azure Minerals 15% 50% 68% -12% 0.345 $100,225,928
LCL Los Cerros 15% 7% 39% -62% 0.046 $32,207,118
HAV Havilah Resources 14% 23% 65% 98% 0.395 $132,988,468
BGD Bartongoldholdings 14% 47% 60% 30% 0.28 $24,147,845
DCX Discovex Res 14% 33% -20% -58% 0.004 $9,907,704
GNM Great Northern 14% 0% 0% -43% 0.004 $6,836,204
TLM Talisman Mining 13% 26% 21% -8% 0.17 $31,915,714
RSG Resolute Mining 13% 42% 21% -10% 0.2775 $542,896,675
PNX PNX Metals 13% 13% 13% -28% 0.0045 $19,998,260
RML Resolution Minerals 13% 13% -5% -40% 0.009 $9,627,716
CLZ Classic Min 13% 0% -75% -94% 0.009 $7,886,028
RDS Redstone Resources 11% 25% 43% -29% 0.01 $7,368,324
KAL Kalgoorliegoldmining 11% -20% -44% -42% 0.084 $6,581,941
PUR Pursuit Minerals 10% 29% 38% -19% 0.022 $28,563,746
GMN Gold Mountain 10% -39% 10% -61% 0.0055 $11,068,895
SI6 SI6 Metals 10% -21% -21% -50% 0.0055 $8,972,368
EMC Everest Metals Corp 10% 25% 14% -29% 0.1 $10,536,878
SMS Starminerals 10% 18% -8% -62% 0.079 $2,070,600
WGX Westgold Resources. 10% 61% 5% -36% 1.2175 $568,347,276
DCN Dacian Gold 10% 10% 17% -41% 0.115 $139,932,108
G88 Golden Mile Res 10% 5% -18% -58% 0.023 $5,319,334
TTM Titan Minerals 9% 1% 42% -19% 0.081 $115,724,401
GML Gateway Mining 9% 17% -13% -50% 0.07 $15,594,756
IVR Investigator Res 9% 4% 15% -30% 0.047 $64,672,365
TUL Tulla Resources 9% 21% -32% -31% 0.375 $78,753,927
TAM Tanami Gold NL 8% 13% 0% -27% 0.045 $52,879,367
CHZ Chesser Resources 8% 13% 8% -15% 0.0975 $56,505,729
GTR Gti Energy 8% 18% -7% -46% 0.013 $19,571,287
ICL Iceni Gold 8% 53% 38% -28% 0.13 $16,665,536
THR Thor Mining PLC 8% -7% -41% -50% 0.0065 $8,731,877
ALK Alkane Resources 8% 24% 1% -17% 0.72 $419,154,814
RXL Rox Resources 8% 18% -26% -44% 0.2 $43,439,570
RXL Rox Resources 8% 18% -26% -44% 0.2 $43,439,570
OZM Ozaurum Resources 8% 8% -38% -43% 0.08 $5,925,860
MDI Middle Island Res 8% 17% -55% -60% 0.054 $5,876,075
RDT Red Dirt Metals 8% 7% 45% -37% 0.48 $191,643,279
AQI Alicanto Min 8% 25% -7% -50% 0.055 $24,541,749
BRB Breaker Res NL 8% 6% 79% 43% 0.35 $111,063,130
AMI Aurelia Metals 7% 24% -48% -67% 0.155 $197,989,955
ANX Anax Metals 7% 16% -14% -35% 0.064 $26,201,269
GIB Gibb River Diamonds 7% -3% 44% -24% 0.065 $13,748,114
GBZ GBM Rsources 6% 14% -14% -58% 0.05 $28,138,279
SKY SKY Metals 6% 4% 0% -64% 0.05 $18,839,174
HCH Hot Chili 6% 23% 42% -44% 1.01 $115,861,850
S2R S2 Resources 6% 3% 17% -19% 0.17 $60,668,725
LEX Lefroy Exploration 6% 2% -14% -31% 0.255 $39,760,334
GMD Genesis Minerals 6% 6% 13% -14% 1.38 $562,618,874
SFM Santa Fe Minerals 6% -8% -13% -66% 0.074 $5,388,590
WWI West Wits Mining 6% 27% -5% -47% 0.019 $36,810,678
STN Saturn Metals 6% 6% -35% -49% 0.19 $27,259,654
KAU Kaiser Reef 5% 26% 18% -7% 0.195 $27,354,003
WAF West African Res 5% 14% 6% 3% 1.315 $1,304,896,507
EMR Emerald Res NL 5% 13% 49% 17% 1.33 $780,848,293
SVL Silver Mines 5% 8% 40% -5% 0.21 $264,825,589
PNM Pacific Nickel Mines 5% 1% 18% -24% 0.087 $32,717,337
KZR Kalamazoo Resources 5% -4% 7% -40% 0.22 $31,996,165
NST Northern Star 5% 14% 86% 43% 12.55 $13,983,336,794
ARN Aldoro Resources 4% 15% 68% -39% 0.235 $25,969,833
KAI Kairos Minerals 4% 7% 4% -25% 0.024 $49,102,337
ARV Artemis Resources 4% -4% -8% -66% 0.024 $33,394,041
RMS Ramelius Resources 4% 19% 12% -25% 1.1 $928,995,549
AXE Archer Materials 4% 1% 4% -49% 0.615 $164,318,357
CWX Carawine Resources 4% 33% 30% -24% 0.125 $24,602,184
FG1 Flynngold 4% 0% 5% -40% 0.1 $8,223,971
AGG AngloGold Ashanti 4% 18% 58% 24% 6.49 $561,116,842
CYL Catalyst Metals 4% 19% 6% -26% 1.415 $137,838,607
AUC Ausgold 4% 18% 35% 21% 0.058 $113,650,574
SXG Southern Cross Gold 4% 8% 110% 0% 0.725 $64,674,695
RGL Riversgold 4% 4% 7% 68% 0.029 $27,418,564
DEG De Grey Mining 3% 26% 109% 16% 1.5575 $2,357,362,042
BCN Beacon Minerals 3% 11% 11% -12% 0.03 $108,946,277
MEU Marmota 3% 3% -23% -9% 0.0465 $48,704,826
AUT Auteco Minerals 3% 34% 54% -23% 0.063 $130,273,687
AGC AGC 3% 2% -6% -34% 0.065 $4,063,637
HRN Horizon Gold 3% 12% -14% -23% 0.33 $41,309,942
SMI Santana Minerals 3% 1% 6% 118% 0.71 $108,607,647
TGM Theta Gold Mines 3% 3% 20% -52% 0.072 $44,568,653
AME Alto Metals 3% 11% 16% -23% 0.072 $42,897,084
TIE Tietto Minerals 3% 14% 91% 73% 0.8125 $858,356,717
LM8 Lunnonmetals 3% 3% 15% 19% 0.965 $104,382,321
FML Focus Minerals 3% 11% 44% -29% 0.195 $54,446,143
MXR Maximus Resources 3% -9% -14% -47% 0.04 $13,081,286
ASO Aston Minerals 3% -7% -14% -34% 0.082 $90,196,006
A8G Australasian Metals 3% -9% -7% -69% 0.205 $8,439,951
NCM Newcrest Mining 2% 12% 25% -4% 23.1 $20,144,196,848
MKG Mako Gold 2% 2% -40% -55% 0.043 $19,809,357
TG1 Techgen Metals 2% 10% -29% -39% 0.089 $4,896,711
VAN Vango Mining 2% 32% 14% 0% 0.05 $60,477,006
ADT Adriatic Metals 2% 6% 92% 31% 3.35 $718,149,871
SFR Sandfire Resources 1% 15% 63% -11% 6.33 $2,901,263,743
SBM St Barbara 0% 14% -3% -36% 0.855 $681,812,274
FFX Firefinch 0% 0% 0% -21% 0.2 $236,248,644
TBR Tribune Res 0% 2% 1% -17% 3.94 $206,724,223
GCY Gascoyne Res 0% 0% -17% -26% 0.195 $83,082,880
WMC Wiluna Mining Corp 0% 0% 0% -79% 0.205 $74,238,031
NXM Nexus Minerals 0% 19% -12% -48% 0.215 $71,599,728
TRY Troy Resources 0% 0% 0% 0% 0.0295 $62,920,961
NML Navarre Minerals 0% 14% -13% -49% 0.042 $61,828,803
XTC Xantippe Res 0% 20% -25% -57% 0.006 $56,606,191
VRC Volt Resources 0% 0% -12% -44% 0.015 $54,311,934
XAM Xanadu Mines 0% 7% 30% -3% 0.03 $42,504,606
HRZ Horizon 0% 2% -12% -53% 0.061 $39,239,312
RVR Red River Resources 0% 0% -42% -64% 0.073 $37,847,908
TBA Tombola Gold 0% 0% -26% -13% 0.026 $33,129,243
SVG Savannah Goldfields 0% 3% -10% -22% 0.18 $29,341,734
BM8 Battery Age Minerals 0% 0% 0% 32% 0.5 $28,984,082
SRN Surefire Rescs NL 0% 33% -24% 23% 0.016 $23,720,452
PRX Prodigy Gold NL 0% 9% 12% -59% 0.012 $22,722,477
CGN Crater Gold Min 0% 0% 0% 0% 0.017 $21,063,474
GWR GWR Group 0% -5% -48% -65% 0.062 $19,915,433
PGO Pacgold 0% -5% -30% -54% 0.36 $19,786,253
GSN Great Southern 0% 0% -14% -52% 0.03 $17,409,852
YRL Yandal Resources 0% -1% -36% -73% 0.099 $15,622,505
CTO Citigold Corp 0% 0% 0% -33% 0.006 $15,585,125
BAT Battery Minerals 0% 43% -29% -57% 0.005 $14,676,212
SIH Sihayo Gold 0% 0% 0% -75% 0.002 $12,204,256
GUL Gullewa 0% 0% 2% -14% 0.06 $11,722,386
MBK Metal Bank 0% 11% -11% -38% 0.04 $11,059,421
AM7 Arcadia Minerals 0% 5% 59% -25% 0.23 $10,507,026
RMX Red Mount Min 0% 11% -29% -62% 0.005 $9,941,744
NPM Newpeak Metals 0% 0% 0% -50% 0.001 $9,145,132
RDN Raiden Resources 0% -17% -38% -75% 0.005 $8,272,912
VKA Viking Mines 0% -20% 14% -47% 0.008 $8,202,067
SAU Southern Gold 0% 8% -18% -56% 0.027 $7,199,844
AVW Avira Resources 0% 0% 0% -40% 0.003 $6,401,370
MOM Moab Minerals 0% 25% -64% -64% 0.01 $6,137,671
TMX Terrain Minerals 0% -14% -25% -25% 0.006 $5,885,899
DEX Duke Exploration 0% 0% -18% -68% 0.053 $5,587,240
AQX Alice Queen 0% 25% -29% -75% 0.0025 $5,500,625
PUA Peak Minerals 0% -17% -44% -64% 0.005 $5,206,883
AL8 Alderan Resource 0% 29% -44% -67% 0.009 $5,204,395
FAU First Au 0% 25% -50% -55% 0.005 $4,759,966
NES Nelson Resources. 0% 14% -21% -67% 0.008 $4,708,755
MOH Moho Resources 0% -5% -13% -66% 0.021 $4,360,906
KCN Kingsgate Consolid. -1% 2% 31% -19% 1.77 $388,417,395
MAU Magnetic Resources -1% 1% -22% -44% 0.805 $183,609,905
X64 Ten Sixty Four -1% 13% 7% -10% 0.645 $150,739,579
PRU Perseus Mining -1% 6% 38% 56% 2.31 $3,213,538,316
NMR Native Mineral Res -1% -14% -38% -56% 0.099 $11,449,335
RRL Regis Resources -1% 10% 45% 13% 2.235 $1,661,057,035
GBR Greatbould Resources -1% -3% 13% -47% 0.088 $37,955,382
ERM Emmerson Resources -1% 4% -15% -43% 0.082 $47,389,752
M2R Miramar -1% -2% -9% -61% 0.079 $5,513,176
AAR Astral Resources NL -1% 10% -6% -32% 0.074 $49,240,338
MI6 Minerals260 -1% -8% 29% -45% 0.36 $73,700,000
SLR Silver Lake Resource -1% 17% 8% -18% 1.42 $1,292,344,623
CHN Chalice Mining -2% 6% 72% -18% 6.72 $2,503,373,840
IDA Indiana Resources -2% 20% 7% -6% 0.06 $30,060,289
ZNC Zenith Minerals -2% 2% -6% -36% 0.25 $88,706,931
IGO IGO -2% 4% 54% 14% 14.63 $10,859,220,438
PGD Peregrine Gold -2% -15% 1% -32% 0.45 $17,244,591
GOR Gold Road Res -2% 4% 52% 22% 1.745 $1,823,705,245
MGV Musgrave Minerals -2% 10% -10% -31% 0.215 $133,021,789
EVN Evolution Mining -2% 12% 43% -14% 3.26 $5,945,452,874
ARL Ardea Resources -2% -1% -15% 25% 0.795 $139,774,759
MEK Meeka Metals -2% -14% 16% 34% 0.059 $62,988,927
POL Polymetals Resources -3% -17% 117% 39% 0.195 $8,810,625
QML Qmines -3% 22% 6% -38% 0.18 $16,688,671
ENR Encounter Resources -3% 6% 46% 17% 0.175 $62,217,012
MRZ Mont Royal Resources -3% -3% -49% -53% 0.175 $12,326,880
CEL Challenger Exp -3% 0% -17% -42% 0.17 $183,017,632
WRM White Rock Min -3% 2% -33% -71% 0.067 $17,543,093
NVA Nova Minerals -3% 6% -7% -40% 0.665 $143,887,080
CST Castile Resources -3% 2% -33% -52% 0.096 $23,222,633
CAZ Cazaly Resources -3% 3% -16% -30% 0.032 $12,270,119
SSR SSR Mining Inc. -3% 8% 2% 7% 24.22 $451,265,120
MM8 Medallion Metals. -3% -6% -15% -39% 0.15 $21,343,146
BMR Ballymore Resources -3% -6% -25% -19% 0.15 $14,447,618
TCG Turaco Gold -3% 0% 18% -53% 0.059 $25,235,283
HMG Hamelingold -3% -3% 40% -13% 0.14 $15,950,000
FEG Far East Gold -4% -10% 31% 0% 0.46 $62,122,177
BGL Bellevue Gold -4% 16% 91% 58% 1.28 $1,436,850,067
BYH Bryah Resources -4% 0% -11% -58% 0.025 $7,031,337
RND Rand Mining -4% 0% -3% -7% 1.365 $77,635,687
RED Red 5 -4% 26% 0% -13% 0.24 $656,311,928
DRE Dreadnought Resources -4% 1% 94% 133% 0.093 $287,344,724
SBR Sabre Resources -4% 21% -8% 15% 0.046 $13,116,878
BNZ Benzmining -4% 3% 1% -37% 0.4 $29,721,314
G50 Gold50 -4% 0% 47% -12% 0.22 $12,527,460
CMM Capricorn Metals -5% 8% 52% 44% 4.83 $1,742,276,764
LRL Labyrinth Resources -5% 11% -17% -50% 0.02 $17,270,772
ASR Asra Minerals -5% 12% -14% -42% 0.019 $27,875,255
SNG Siren Gold -5% 12% -30% -34% 0.19 $20,461,958
MKR Manuka Resources. -5% 9% -42% -71% 0.093 $46,695,442
MAT Matsa Resources -5% -5% -12% -37% 0.037 $15,244,171
MTC Metalstech -5% -5% 25% 55% 0.45 $77,915,020
FAL Falconmetals -5% 2% 18% -53% 0.265 $46,020,000
HMX Hammer Metals -5% -4% 47% 1% 0.069 $58,319,922
LCY Legacy Iron Ore -6% -6% -11% -19% 0.017 $108,916,045
GMR Golden Rim Resources -6% 14% -43% -74% 0.033 $12,948,928
E2M E2 Metals -6% -14% 14% -43% 0.16 $30,865,510
ADV Ardiden -6% 0% 25% -56% 0.0075 $21,506,683
PKO Peako -6% 7% 0% -25% 0.015 $6,446,660
MEG Megado Minerals -6% 0% -43% -48% 0.045 $6,187,500
KNB Koonenberrygold -6% -14% -25% -63% 0.06 $4,545,387
GSR Greenstone Resources -6% 12% -38% 0% 0.029 $31,162,790
BEZ Besragoldinc -7% 4% 45% -54% 0.05 $18,400,818
CXU Cauldron Energy -7% 0% -20% -72% 0.007 $6,520,976
CDR Codrus Minerals -7% 27% 89% 8% 0.14 $5,660,200
PDI Predictive Disc -8% 3% 6% -23% 0.185 $320,855,766
MRR Minrex Resources -8% 19% 19% -41% 0.037 $41,224,965
MZZ Matador Mining -8% -4% 0% -66% 0.12 $39,401,354
WCN White Cliff Min -8% -14% -8% -57% 0.012 $9,039,422
AVM Advance Metals -8% 50% 0% -33% 0.012 $6,960,529
CPM Coopermetals -8% 7% -52% -27% 0.235 $9,844,800
TSO Tesoro Gold -8% 6% -14% -58% 0.035 $37,433,294
CDT Castle Minerals -8% 0% -15% -43% 0.023 $24,987,325
MVL Marvel Gold -8% -12% -12% -63% 0.023 $17,612,359
STK Strickland Metals -8% 0% -33% -42% 0.039 $56,039,178
HAW Hawthorn Resources -8% 0% 34% 13% 0.11 $36,851,717
OKR Okapi Resources -8% 6% -21% -50% 0.165 $24,310,852
TAR Taruga Minerals -8% -8% -12% -49% 0.022 $16,944,643
SLZ Sultan Resources -9% 3% -12% -60% 0.082 $7,578,879
GED Golden Deeps -9% 0% -17% -9% 0.01 $11,552,267
KIN KIN Min NL -9% -17% -32% -50% 0.0545 $56,620,162
KRM Kingsrose Mining -9% 3% 21% -23% 0.069 $56,439,489
MLS Metals Australia -10% 2% 2% 18% 0.047 $30,351,810
DTM Dart Mining NL -10% -10% -11% -44% 0.055 $8,559,131
ZAG Zuleika Gold -10% -10% -18% -58% 0.018 $8,891,861
GAL Galileo Mining -11% 14% -25% 304% 0.91 $180,826,808
LYN Lycaonresources -11% -7% 27% -37% 0.285 $9,546,438
NAE New Age Exploration -11% 0% 14% -53% 0.008 $11,487,191
HXG Hexagon Energy -11% 0% -30% -77% 0.016 $8,719,570
OAU Ora Gold -11% -11% -20% -53% 0.008 $7,873,850
AWV Anova Metals -12% -6% 50% -21% 0.015 $29,664,266
CY5 Cygnus Gold -12% 5% 160% 136% 0.39 $70,791,572
BNR Bulletin Res -13% 9% -5% -25% 0.105 $30,722,066
PNT Panthermetals -13% -10% -20% -29% 0.175 $5,996,250
AWJ Auric Mining -13% -22% -11% -51% 0.056 $5,630,677
EMU EMU NL -13% 0% -36% -63% 0.007 $5,498,145
KTA Krakatoa Resources -13% -15% -20% -26% 0.04 $15,167,236
DTR Dateline Resources -13% -11% -64% -57% 0.033 $19,781,458
MCT Metalicity -14% 0% 0% -61% 0.003 $10,476,118
CBY Canterbury Resources -15% -17% -21% -60% 0.034 $4,556,800
A1G African Gold . -15% 4% 8% -55% 0.083 $12,585,171
GSM Golden State Mining -16% -7% -13% -63% 0.042 $5,265,639
REZ Resourc & En Grp -17% -6% -38% -74% 0.015 $7,497,087
ICG Inca Minerals -17% 0% -66% -76% 0.024 $12,071,334
AYM Australia United Min -20% 33% -33% -50% 0.004 $7,370,310
NWM Norwest Minerals -21% 10% 84% -14% 0.057 $13,104,336
NAG Nagambie Resources -22% -27% -24% -15% 0.051 $27,214,134
ALY Alchemy Resource -31% -25% 18% 18% 0.0165 $20,027,296
ANL Amani Gold -33% 0% -33% -33% 0.001 $24,693,441
WordPress Table

 

WEEKLY SMALL CAP STANDOUTS

ADELONG GOLD (ASX:ADG)

ADG bolted by a full 142% Tuesday morn on massive vols after a follow-up drilling program at Gibraltar turned up a solid set of hits, like 3m at 12.57g/t gold from 20 metres, including 1m at 34.6g/t.

$8m capped Adelong may still be but a minnow on the market, but that’s a thumper of a daily gain and deserves a round of applause.

It is now in a trading halt pending a cap raise announcement.

 

BASTION MINERALS (ASX:BMO)

(Up on no news)

The Chile-focused gold and copper explorer listed in 2021 with three projects including ‘Capote’, which had been untouched for almost 70 years.

It is home to the historical San Juan gold mine, where 500,000 ounces of gold was produced at an ore grade of 40 grams per tonne through to 1954.

Earlier this month BMO announced shallow, high grade gold drilling results from Capote, like 5m @ 2.06g/t gold from 42m (including 1.6m @ 5.6g/t).

The company says many veins remain open laterally and are yet to be evaluated at depth, including the San Juan Vein.

“Now that we have received all the results from our maiden drilling campaign, we will assess the future resource potential and sites for further drilling,” BMO exec chair Ross Landles says.

“This includes targeting future drilling on the high-grade San Juan vein system.”

In December, BMO also announced an option to acquire an extensive 2,250sqkm Canadian lithium royalty and projects portfolio.

Pending exploration success on optioned properties, potential sales of NSR royalties could be up to C$46,750,000. An additional 42 projects will be acquired within the portfolio to be owned 100% across commodities such as lithium, nickel, copper, gold, platinum and palladium.

The $7m capped stock is up 50% in 2023, on larger than normal volumes. It had $1.5m in the bank at the end of September and is currently undertaking a ~$1.6m cap raise.

 

PROSPECH (ASX:PRS)

The small explorer has picked up rocks containing up to 4.5% copper, 1785ppm cobalt and 796g/t silver from spoil dumps around the historical Svatnodusa mine workings, part of the recently acquired Kolba project in Slovakia.

Historical production at Kolba graded between 2% and 17% copper up until the 1850s, the company says.

Together with a soil sampling program, these new results have extended the target area – which has never been drilled — to 1.8km and counting.

A drilling program will kick off soon.

“Surface sampling is now complete prior to drill planning of this exciting high grade copper-cobalt-silver-nickel target,” PRS managing director Jason Beckton says.

“We have completed 3D collation of historic workings and preparing for drilling in early 2023.

“The Kolba prospect and related Svatodusna prospect present drill targets of historically mined, yet never drilled, critical raw material systems.”

The $3m market cap stock is up 65% over the past month, but down 85% on its December 2020 listing price of 20c per share. It had just $452,000 in the bank at the end of September.

 

BRIGHTSTAR RESOURCES (ASX:BTR)

(Up on no news)

In December, BTR and Kingwest Resources (ASX:KWR)  agreed to merge via a Scheme of Arrangement, under which BTR will acquire 100% of the shares in KWR.

The deal creates a gold company of scale in the Leonora-Laverton district, which is currently undergoing consolidation by $520m-capped Genesis Minerals (ASX:GMD).

According to BTR managing director Bill Hobba, the merger will combine two complimentary WA gold companies, leveraging Brightstar’s infrastructure (currently on care and maintenance) to unlock the development potential of KWR’s Menzies gold project.

“This is a transformational transaction for Brightstar and marks a refreshed direction for the company,” he says.

“It creates a larger, diverse junior gold play and means Brightstar can now start to assess development options utilising a larger resource base and our significant existing infrastructure.”

Related Stories