"Gimme some of that sweet, sweet gold, baby." Pic via Getty Images
Gold Digger: Central Banks buying up gold from ‘weak hands’ is bullish, Sprott says
Mining
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- Central banks main drivers of the long-term gold price, investment funds drive short-term price swings: Sprott
- Gold passing from the ‘weak hands’ of investment funds to the ‘strong hands’ of central banks “a positive long-term factor”
- Gold poised at US$1950/oz (A$2908/oz)
- Standout Stock of the Week: Gascoyne Resources (ASX:GCY)
Our Gold Digger column wraps all the news driving ASX stocks with exposure to precious metals.
Gold is poised at US$1950/oz (A$2908/oz).
After rising in the wake of this week’s US Fed decision (+0.25%) – which was expected – the precious metal then pared those gains as market began pricing in small chances of an additional rate hike.
While not historically always the case, interest rates and gold have recently had an inverse relationship. Gold, and silver, could explode higher once the market is confident interest rate increases are done for.
“The Fed is most likely done raising rates,” OANDA’s Ed Moya says.
“The Fed will probably see no change with rates in September and when the market is confident that November will be a pause, then gold might break out higher.”
Central Bank buying ‘bullish’: Sprott
Gold’s strength in 2023 has defied euphoria in global stock markets and a slew of interest rate hikes.
How? Heavy buying by central banks, the “leviathans” of the gold market.
The graphic below courtesy of Sprott shows how gold’s outperformance has coincided with various supportive factors, including – rising world debt levels, the falling value of fiat currencies, and record levels of central bank gold buying (probably related to the first two). pic.twitter.com/C6LBJRNIPh
— Gavin Wendt (@MineLifeReport) July 24, 2023
Paul Wong, Market Strategist at Sprott Asset Management says gold price dynamics in the first half of 2023 were a battle between central banks and investment funds.
Since mid-2022, central bank buying has been substantial (~three times higher than its 10-year average) and comparable to levels last seen in the 1970s. Meanwhile, investment funds have been selling.
However, gold investment funds hold just ~1.6% of the reserves held by central banks.
“Central banks (and sovereigns) are large entities with a long-term, strategic approach to owning gold,” Wong says.
“They are not overly sensitive to price fluctuations and tend to buy gold during periods of weakness or pullbacks. They are the strong hands in the market.
“Investment funds (including speculative traders and retail investors) are price sensitive and short term in focus.
“They tend to react quickly to market variables rather than focusing on long-term goals and are quick to take profits when prices rise. They are the weak hands in the market.”
Sprott believes that central banks are now the main drivers of the long-term price of gold, while investment funds are the main drivers of short-term price swings.
“We consider the current dynamic in the gold market, i.e., gold passing from the weak hands of investment funds to the strong hands of central banks and sovereigns, to be a positive long-term factor,” Wong says.
“We consider it bullish when CFTC speculators are bearishly positioned because it raises the potential for a mean-reverting bear squeeze and a subsequent rise in the gold price.
“Over the long term, as gold prices reach higher levels, we can expect investment funds (especially retail and speculators) to chase those prices and propel them even higher.”
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 % | YEAR TO DATE RETURN % | 12 MONTH RETURN % | PRICE | MARKET CAP |
|---|---|---|---|---|---|---|---|
| TMB | Tambourahmetals | 54% | 239% | 190% | 97% | 0.305 | $11,624,031 |
| AYM | Australia United Min | 33% | 33% | 33% | -20% | 0.004 | $7,370,310 |
| GCY | Gascoyne Res Ltd | 28% | 52% | 50% | 24% | 0.25 | $223,638,342 |
| STK | Strickland Metals | 28% | 12% | 15% | -22% | 0.046 | $69,949,373 |
| CDR | Codrus Minerals Ltd | 21% | 5% | -35% | 12% | 0.085 | $6,411,550 |
| ICG | Inca Minerals Ltd | 21% | 105% | 78% | -36% | 0.041 | $19,400,399 |
| PNM | Pacific Nickel Mines | 19% | 50% | 27% | 42% | 0.105 | $42,988,681 |
| GNM | Great Northern | 19% | 7% | -47% | -57% | 0.032 | $4,948,130 |
| NXM | Nexus Minerals Ltd | 18% | 47% | -61% | -65% | 0.078 | $24,408,998 |
| CWX | Carawine Resources | 18% | 18% | 30% | 18% | 0.13 | $25,586,271 |
| REZ | Resourc & En Grp Ltd | 17% | -9% | 31% | -9% | 0.021 | $10,495,922 |
| SI6 | SI6 Metals Limited | 17% | 40% | 17% | 0% | 0.007 | $11,578,058 |
| CXU | Cauldron Energy Ltd | 17% | 0% | 0% | -20% | 0.007 | $6,520,981 |
| DTM | Dart Mining NL | 15% | -3% | -29% | -50% | 0.039 | $5,513,191 |
| ARN | Aldoro Resources | 14% | 52% | 0% | -16% | 0.16 | $23,559,155 |
| ARV | Artemis Resources | 13% | 6% | -32% | -32% | 0.017 | $28,258,531 |
| PNT | Panthermetalsltd | 13% | -1% | -58% | -64% | 0.079 | $4,830,850 |
| NSM | Northstaw | 13% | -8% | -42% | -45% | 0.09 | $10,811,430 |
| THR | Thor Energy PLC | 13% | 13% | -25% | -55% | 0.0045 | $6,566,812 |
| SFR | Sandfire Resources | 9% | 12% | 21% | 58% | 6.575 | $2,988,073,209 |
| NES | Nelson Resources. | 9% | 20% | -14% | -36% | 0.006 | $3,681,566 |
| CY5 | Cygnus Metals Ltd | 8% | 38% | -14% | 103% | 0.325 | $70,330,219 |
| BTR | Brightstar Resources | 8% | 8% | -24% | -41% | 0.013 | $20,462,198 |
| MEK | Meeka Metals Limited | 8% | 18% | -43% | -24% | 0.039 | $39,501,530 |
| GTR | Gti Energy Ltd | 7% | 15% | -31% | -49% | 0.0075 | $13,634,279 |
| ALY | Alchemy Resource Ltd | 7% | -3% | -35% | -6% | 0.015 | $17,671,144 |
| MRR | Minrex Resources Ltd | 7% | 0% | -50% | -56% | 0.016 | $18,442,748 |
| DCN | Dacian Gold Ltd | 7% | 14% | -4% | -9% | 0.096 | $116,812,890 |
| NVA | Nova Minerals Ltd | 6% | 32% | -51% | -61% | 0.33 | $71,702,587 |
| AQI | Alicanto Min Ltd | 6% | 47% | 16% | -13% | 0.05 | $25,936,167 |
| MBK | Metal Bank Ltd | 6% | 70% | 0% | -15% | 0.034 | $9,400,508 |
| CAZ | Cazaly Resources | 6% | 0% | 9% | -8% | 0.037 | $14,661,561 |
| A1G | African Gold Ltd. | 6% | 10% | -33% | -28% | 0.056 | $9,481,428 |
| AAR | Astral Resources NL | 5% | 14% | 11% | 8% | 0.08 | $57,584,244 |
| FML | Focus Minerals Ltd | 5% | 18% | -22% | 54% | 0.2 | $60,177,315 |
| GSN | Great Southern | 5% | 24% | -28% | -43% | 0.021 | $15,733,820 |
| ICL | Iceni Gold | 5% | 46% | 44% | 25% | 0.115 | $25,028,571 |
| TGM | Theta Gold Mines Ltd | 5% | 64% | 69% | 83% | 0.115 | $80,508,626 |
| ERM | Emmerson Resources | 4% | 22% | -4% | -27% | 0.072 | $39,219,105 |
| HRN | Horizon Gold Ltd | 4% | 11% | 18% | -8% | 0.365 | $43,813,574 |
| BMR | Ballymore Resources | 4% | 7% | -3% | -22% | 0.145 | $13,484,444 |
| AZY | Antipa Minerals Ltd | 3% | 19% | -26% | -52% | 0.0155 | $61,149,875 |
| MXR | Maximus Resources | 3% | 0% | -18% | -31% | 0.033 | $10,528,840 |
| KCC | Kincora Copper | 3% | 8% | -8% | -1% | 0.067 | $8,060,252 |
| SBR | Sabre Resources | 3% | 42% | -3% | -18% | 0.037 | $10,784,989 |
| MRZ | Mont Royal Resources | 3% | 63% | 11% | -35% | 0.195 | $13,354,120 |
| ADT | Adriatic Metals | 2% | 14% | 12% | 95% | 3.53 | $810,929,442 |
| GMD | Genesis Minerals | 2% | 23% | 18% | 13% | 1.4725 | $1,532,919,259 |
| TCG | Turaco Gold Limited | 2% | 10% | -9% | -18% | 0.053 | $25,638,550 |
| M24 | Mamba Exploration | 2% | 2% | -54% | -24% | 0.066 | $4,268,834 |
| TBR | Tribune Res Ltd | 1% | 9% | -16% | -9% | 3.39 | $177,866,781 |
| CHN | Chalice Mining Ltd | 1% | -5% | -6% | 35% | 5.91 | $2,345,719,177 |
| CYL | Catalyst Metals | 1% | -6% | -36% | -41% | 0.755 | $164,296,908 |
| NPM | Newpeak Metals | 0% | 0% | 0% | 0% | 0.001 | $9,248,616 |
| FFX | Firefinch Ltd | 0% | 0% | 0% | 0% | 0.2 | $236,569,315 |
| MKG | Mako Gold | 0% | 4% | -30% | -61% | 0.028 | $16,128,229 |
| PNX | PNX Metals Limited | 0% | 20% | -29% | -29% | 0.003 | $16,141,874 |
| TMX | Terrain Minerals | 0% | -14% | 0% | -25% | 0.006 | $6,499,196 |
| YRL | Yandal Resources | 0% | -6% | -49% | -66% | 0.05 | $8,205,760 |
| FAU | First Au Ltd | 0% | 20% | -25% | -70% | 0.003 | $4,355,980 |
| PUA | Peak Minerals Ltd | 0% | 50% | -50% | -70% | 0.003 | $3,124,130 |
| MVL | Marvel Gold Limited | 0% | 20% | -54% | -56% | 0.012 | $10,365,488 |
| AM7 | Arcadia Minerals | 0% | 0% | -46% | -21% | 0.11 | $10,345,511 |
| MLS | Metals Australia | 0% | 0% | -26% | -42% | 0.033 | $20,593,194 |
| SIH | Sihayo Gold Limited | 0% | 33% | 0% | -33% | 0.002 | $24,408,512 |
| WCN | White Cliff Min Ltd | 0% | 67% | -29% | -23% | 0.01 | $12,278,519 |
| AVM | Advance Metals Ltd | 0% | 0% | -30% | -36% | 0.007 | $4,119,911 |
| WRM | White Rock Min Ltd | 0% | 0% | -5% | -45% | 0.063 | $17,508,200 |
| MCT | Metalicity Limited | 0% | 33% | -33% | -33% | 0.002 | $5,604,129 |
| TRY | Troy Resources Ltd | 0% | 0% | 0% | 0% | 0.0295 | $62,920,961 |
| SVG | Savannah Goldfields | 0% | -17% | -52% | -55% | 0.091 | $17,626,359 |
| GUL | Gullewa Limited | 0% | -4% | -8% | -14% | 0.055 | $10,767,521 |
| G50 | Gold50Limited | 0% | 15% | -22% | 56% | 0.195 | $12,527,460 |
| ADV | Ardiden Ltd | 0% | 0% | 0% | -22% | 0.007 | $18,818,347 |
| VMC | Venus Metals Cor Ltd | 0% | 9% | 53% | 25% | 0.12 | $22,767,442 |
| ADG | Adelong Gold Limited | 0% | 13% | 29% | -55% | 0.009 | $4,770,578 |
| RMX | Red Mount Min Ltd | 0% | 25% | 0% | -23% | 0.005 | $11,559,255 |
| NML | Navarre Minerals Ltd | 0% | 0% | -54% | -61% | 0.019 | $28,555,654 |
| MZZ | Matador Mining Ltd | 0% | 2% | -50% | -54% | 0.057 | $18,290,824 |
| PGD | Peregrine Gold | 0% | -9% | -31% | -33% | 0.265 | $14,867,192 |
| FG1 | Flynngold | 0% | -8% | -45% | -37% | 0.055 | $7,474,265 |
| TBA | Tombola Gold Ltd | 0% | 0% | 0% | -10% | 0.026 | $33,129,243 |
| MKR | Manuka Resources. | 0% | 8% | -34% | -64% | 0.056 | $32,993,074 |
| EMU | EMU NL | 0% | 0% | -59% | -76% | 0.002 | $2,900,043 |
| SFM | Santa Fe Minerals | 0% | 2% | -44% | -47% | 0.045 | $3,276,846 |
| X64 | Ten Sixty Four Ltd | 0% | 0% | -11% | -4% | 0.57 | $130,184,182 |
| HAW | Hawthorn Resources | 0% | -7% | 13% | 55% | 0.13 | $45,227,108 |
| BGD | Bartongoldholdings | 0% | -7% | 25% | 32% | 0.25 | $49,798,013 |
| RVR | Red River Resources | 0% | 0% | 0% | -46% | 0.073 | $37,847,908 |
| RGL | Riversgold | 0% | -13% | -57% | -54% | 0.013 | $12,366,399 |
| TMZ | Thomson Res Ltd | 0% | 0% | -74% | -80% | 0.005 | $4,349,755 |
| WMC | Wiluna Mining Corp | 0% | 0% | 0% | 0% | 0.205 | $74,238,031 |
| BMO | Bastion Minerals | 0% | 15% | -12% | -78% | 0.03 | $5,373,051 |
| BAT | Battery Minerals Ltd | 0% | 30% | 8% | -28% | 0.13 | $15,548,585 |
| POL | Polymetals Resources | 0% | -17% | 31% | 113% | 0.32 | $46,087,149 |
| RDS | Redstone Resources | 0% | 0% | -13% | -13% | 0.007 | $6,099,649 |
| HXG | Hexagon Energy | 0% | 0% | -35% | -35% | 0.011 | $5,642,075 |
| AVW | Avira Resources Ltd | 0% | 0% | -33% | -33% | 0.002 | $4,267,580 |
| LCY | Legacy Iron Ore | 0% | -5% | 0% | 0% | 0.019 | $115,322,872 |
| ZAG | Zuleika Gold Ltd | 0% | 15% | -29% | -29% | 0.015 | $7,845,759 |
| GML | Gateway Mining | 0% | 19% | -28% | -52% | 0.043 | $11,718,676 |
| TAR | Taruga Minerals | 0% | 10% | -54% | -58% | 0.011 | $7,766,295 |
| DTR | Dateline Resources | 0% | -11% | -35% | -72% | 0.024 | $19,708,042 |
| TLM | Talisman Mining | 0% | -12% | 7% | 7% | 0.15 | $28,248,052 |
| PUR | Pursuit Minerals | 0% | 8% | -13% | -22% | 0.014 | $41,215,600 |
| PKO | Peako Limited | 0% | 11% | -31% | -38% | 0.01 | $4,707,315 |
| TRM | Truscott Mining Corp | 0% | -9% | 0% | -16% | 0.041 | $6,892,799 |
| MOM | Moab Minerals Ltd | 0% | -31% | 0% | -67% | 0.009 | $6,137,671 |
| ANL | Amani Gold Ltd | 0% | 0% | 0% | -33% | 0.001 | $25,143,441 |
| CLZ | Classic Min Ltd | 0% | 0% | -89% | -97% | 0.001 | $9,350,768 |
| ORN | Orion Minerals Ltd | 0% | 6% | 13% | 0% | 0.018 | $112,940,971 |
| TMS | Tennant Minerals Ltd | 0% | 21% | 10% | 26% | 0.034 | $25,820,736 |
| RND | Rand Mining Ltd | -1% | 4% | -10% | -15% | 1.22 | $69,388,672 |
| WGX | Westgold Resources. | -1% | 13% | 85% | 31% | 1.62 | $800,422,414 |
| ZNC | Zenith Minerals Ltd | -1% | 1% | -64% | -70% | 0.095 | $33,123,803 |
| LM8 | Lunnonmetalslimited | -2% | -1% | 3% | 9% | 0.925 | $160,959,560 |
| ANX | Anax Metals Ltd | -2% | -3% | 15% | -20% | 0.061 | $24,973,084 |
| FEG | Far East Gold | -2% | 3% | -38% | -14% | 0.3 | $45,914,463 |
| EVN | Evolution Mining Ltd | -2% | 9% | 22% | 49% | 3.64 | $6,899,661,359 |
| M2R | Miramar | -2% | 13% | -43% | -59% | 0.043 | $4,215,219 |
| KSN | Kingston Resources | -2% | 2% | 4% | -12% | 0.084 | $38,893,371 |
| LEX | Lefroy Exploration | -2% | 2% | -19% | -30% | 0.21 | $33,696,180 |
| GRL | Godolphin Resources | -2% | -25% | -50% | -64% | 0.041 | $6,092,697 |
| WA8 | Warriedarresourltd | -2% | 0% | -53% | -38% | 0.08 | $32,760,470 |
| NAG | Nagambie Resources | -2% | 8% | -39% | -39% | 0.04 | $22,105,600 |
| OZM | Ozaurum Resources | -2% | 29% | -39% | -68% | 0.04 | $4,572,000 |
| SSR | SSR Mining Inc. | -2% | 1% | -7% | -6% | 21.51 | $384,876,995 |
| MEU | Marmota Limited | -3% | 16% | -23% | -26% | 0.037 | $35,999,220 |
| AMI | Aurelia Metals Ltd | -3% | 1% | -24% | -60% | 0.0905 | $153,315,465 |
| STN | Saturn Metals | -3% | -6% | -6% | -40% | 0.17 | $28,985,509 |
| NST | Northern Star | -3% | -8% | 5% | 55% | 11.415 | $13,521,012,755 |
| AAU | Antilles Gold Ltd | -3% | -11% | 10% | -46% | 0.033 | $18,890,659 |
| PDI | Predictive Disc Ltd | -3% | 3% | -8% | -21% | 0.165 | $341,095,275 |
| KNB | Koonenberrygold | -3% | -6% | -47% | -63% | 0.033 | $2,499,963 |
| XAM | Xanadu Mines Ltd | -3% | 0% | 224% | 309% | 0.094 | $147,404,177 |
| TG1 | Techgen Metals Ltd | -3% | -2% | -27% | -56% | 0.06 | $4,630,097 |
| IGO | IGO Limited | -3% | -3% | 7% | 44% | 14.41 | $10,874,365,795 |
| BCN | Beacon Minerals | -3% | -3% | 0% | -5% | 0.028 | $105,189,509 |
| MAU | Magnetic Resources | -3% | 27% | -19% | -28% | 0.7 | $175,345,986 |
| LYN | Lycaonresources | -4% | 15% | -2% | 8% | 0.27 | $9,052,656 |
| WAF | West African Res Ltd | -4% | 6% | -25% | -28% | 0.885 | $964,546,292 |
| QML | Qmines Limited | -4% | 4% | -24% | -29% | 0.125 | $21,300,951 |
| VKA | Viking Mines Ltd | -4% | -12% | 15% | 64% | 0.0115 | $11,277,843 |
| NCM | Newcrest Mining | -4% | -1% | 28% | 43% | 26.48 | $24,054,806,691 |
| SMI | Santana Minerals Ltd | -4% | 11% | -15% | -31% | 0.555 | $98,947,071 |
| OBM | Ora Banda Mining Ltd | -4% | -15% | 31% | 139% | 0.11 | $203,393,243 |
| HCH | Hot Chili Ltd | -4% | 43% | 63% | 110% | 1.425 | $178,570,583 |
| AUC | Ausgold Limited | -5% | -11% | -11% | -2% | 0.042 | $96,437,931 |
| USL | Unico Silver Limited | -5% | -5% | -38% | -25% | 0.105 | $31,085,417 |
| FAL | Falconmetalsltd | -5% | 3% | -27% | -9% | 0.205 | $38,055,000 |
| PNR | Pantoro Limited | -5% | 16% | -16% | -55% | 0.081 | $385,730,502 |
| TRE | Toubaniresourcesinc | -5% | 30% | 22% | 0% | 0.195 | $19,928,805 |
| TAM | Tanami Gold NL | -5% | -5% | -3% | -24% | 0.038 | $44,653,688 |
| GBR | Greatbould Resources | -5% | 1% | -16% | -8% | 0.076 | $38,827,789 |
| KAU | Kaiser Reef | -5% | 0% | 15% | 6% | 0.19 | $31,016,513 |
| SVL | Silver Mines Limited | -5% | 3% | -8% | 9% | 0.185 | $266,823,107 |
| ENR | Encounter Resources | -5% | 72% | 153% | 237% | 0.455 | $187,874,746 |
| BNR | Bulletin Res Ltd | -5% | -8% | -42% | -55% | 0.054 | $15,853,919 |
| ASR | Asra Minerals Ltd | -5% | 13% | -55% | -55% | 0.009 | $12,963,484 |
| MHC | Manhattan Corp Ltd | -5% | 50% | 64% | 0% | 0.009 | $26,426,508 |
| BYH | Bryah Resources Ltd | -5% | 20% | -30% | -35% | 0.018 | $6,219,095 |
| AME | Alto Metals Limited | -5% | -5% | -21% | -17% | 0.053 | $33,092,036 |
| PRU | Perseus Mining Ltd | -5% | 1% | -19% | 4% | 1.7025 | $2,441,856,527 |
| SVY | Stavely Minerals Ltd | -5% | -25% | -65% | -45% | 0.086 | $32,548,917 |
| SLR | Silver Lake Resource | -6% | 15% | -6% | -21% | 1.11 | $1,069,205,983 |
| GMN | Gold Mountain Ltd | -6% | 70% | 21% | 42% | 0.0085 | $17,729,394 |
| MAT | Matsa Resources | -6% | -11% | -8% | -19% | 0.034 | $14,008,251 |
| ADN | Andromeda Metals Ltd | -6% | -13% | -25% | -69% | 0.033 | $102,630,278 |
| HMX | Hammer Metals Ltd | -6% | 10% | -3% | -20% | 0.066 | $60,026,366 |
| IPT | Impact Minerals | -6% | 23% | 129% | 100% | 0.016 | $48,359,966 |
| SRN | Surefire Rescs NL | -6% | 23% | 33% | -6% | 0.016 | $28,073,179 |
| TTM | Titan Minerals | -6% | 42% | -4% | 28% | 0.064 | $90,321,484 |
| HAV | Havilah Resources | -6% | 4% | -29% | -11% | 0.235 | $79,159,803 |
| GAL | Galileo Mining Ltd | -6% | -7% | -40% | -51% | 0.53 | $106,717,461 |
| SPD | Southernpalladium | -6% | 10% | -58% | -48% | 0.34 | $14,646,631 |
| AZS | Azure Minerals | -6% | 21% | 704% | 723% | 1.81 | $731,692,635 |
| RDN | Raiden Resources Ltd | -6% | 7% | 58% | -12% | 0.0075 | $15,414,517 |
| A8G | Australasian Metals | -6% | 36% | -21% | -39% | 0.15 | $7,818,074 |
| SPQ | Superior Resources | -6% | 3% | -46% | -32% | 0.03 | $55,036,613 |
| G88 | Golden Mile Res Ltd | -6% | -2% | 116% | 75% | 0.044 | $14,822,528 |
| SMS | Starmineralslimited | -7% | 5% | -40% | -50% | 0.043 | $1,296,097 |
| PRS | Prospech Limited | -7% | -18% | 4% | 16% | 0.028 | $6,153,279 |
| AAJ | Aruma Resources Ltd | -7% | 0% | -21% | -37% | 0.042 | $8,240,478 |
| SXG | Southern Cross Gold | -7% | -10% | -49% | 15% | 0.41 | $37,373,084 |
| KRM | Kingsrose Mining Ltd | -7% | 12% | 3% | 31% | 0.067 | $49,666,750 |
| MGV | Musgrave Minerals | -7% | 14% | 57% | 38% | 0.33 | $201,010,703 |
| MEG | Megado Minerals Ltd | -7% | 50% | 47% | -15% | 0.066 | $18,066,345 |
| IDA | Indiana Resources | -7% | 40% | 20% | 32% | 0.066 | $36,961,648 |
| CDT | Castle Minerals | -7% | 18% | -38% | -50% | 0.013 | $14,056,162 |
| GOR | Gold Road Res Ltd | -7% | 0% | -10% | 24% | 1.5275 | $1,741,650,546 |
| BGL | Bellevue Gold Ltd | -7% | 15% | 25% | 84% | 1.415 | $1,662,543,399 |
| PGO | Pacgold | -8% | -6% | -15% | -47% | 0.305 | $16,763,354 |
| VRC | Volt Resources Ltd | -8% | 33% | -20% | -29% | 0.012 | $51,212,510 |
| CLA | Celsius Resource Ltd | -8% | 0% | 50% | 41% | 0.024 | $55,765,497 |
| CHZ | Chesser Resources | -8% | 9% | 41% | 30% | 0.12 | $73,575,169 |
| TNC | True North Copper | -8% | -2% | 353% | 243% | 0.24 | $64,960,363 |
| AGC | AGC Ltd | -8% | 1% | -11% | -31% | 0.0535 | $5,350,000 |
| CMM | Capricorn Metals | -8% | 6% | -5% | 17% | 4.37 | $1,812,118,404 |
| HRZ | Horizon | -8% | 0% | -43% | -50% | 0.035 | $24,394,429 |
| DLI | Delta Lithium | -8% | -1% | 84% | 150% | 0.875 | $467,080,830 |
| DEG | De Grey Mining | -8% | 2% | 3% | 61% | 1.325 | $2,193,982,323 |
| EM2 | Eagle Mountain | -8% | 15% | -32% | -48% | 0.115 | $36,596,024 |
| TIE | Tietto Minerals | -8% | 6% | -31% | 1% | 0.4875 | $538,326,108 |
| EMR | Emerald Res NL | -8% | 5% | 79% | 123% | 2.12 | $1,310,016,330 |
| IVR | Investigator Res Ltd | -8% | 3% | 18% | 10% | 0.0495 | $74,732,841 |
| MOH | Moho Resources | -8% | 0% | -48% | -54% | 0.011 | $3,114,933 |
| KAL | Kalgoorliegoldmining | -8% | 6% | -60% | -79% | 0.033 | $4,377,007 |
| EMC | Everest Metals Corp | -9% | -3% | 103% | 129% | 0.16 | $20,709,297 |
| GWR | GWR Group Ltd | -9% | 14% | 25% | -24% | 0.074 | $24,412,466 |
| RED | Red 5 Limited | -9% | 4% | -11% | -28% | 0.1825 | $657,301,842 |
| CAI | Calidus Resources | -9% | 7% | -32% | -71% | 0.1825 | $115,445,931 |
| GMR | Golden Rim Resources | -9% | 0% | -3% | -44% | 0.03 | $18,930,828 |
| ALK | Alkane Resources Ltd | -9% | 4% | 36% | -1% | 0.73 | $463,212,003 |
| MM8 | Medallion Metals. | -9% | -2% | -55% | -62% | 0.068 | $18,820,926 |
| MEI | Meteoric Resources | -10% | 1% | 301% | 1671% | 0.2125 | $446,236,139 |
| RMS | Ramelius Resources | -10% | -5% | 34% | 21% | 1.245 | $1,308,513,595 |
| KCN | Kingsgate Consolid. | -10% | -14% | -25% | -16% | 1.29 | $335,077,200 |
| WWI | West Wits Mining Ltd | -10% | 50% | 13% | -10% | 0.018 | $44,860,345 |
| AL8 | Alderan Resource Ltd | -10% | 38% | 29% | -10% | 0.009 | $5,550,252 |
| CEL | Challenger Gold Ltd | -10% | -9% | -49% | -52% | 0.089 | $108,459,741 |
| DRE | Dreadnought Resources Ltd | -11% | 3% | -49% | -6% | 0.0535 | $183,025,052 |
| SKY | SKY Metals Ltd | -11% | 24% | -15% | -15% | 0.041 | $19,545,942 |
| HMG | Hamelingoldlimited | -11% | -2% | -32% | -18% | 0.098 | $15,277,500 |
| AQX | Alice Queen Ltd | -11% | -20% | -60% | -77% | 0.016 | $2,403,782 |
| MI6 | Minerals260Limited | -11% | -4% | 88% | 125% | 0.64 | $155,610,000 |
| LCL | LCL Resources Ltd | -12% | 19% | -33% | 10% | 0.038 | $28,594,961 |
| CST | Castile Resources | -12% | -23% | -34% | -59% | 0.063 | $15,481,755 |
| TSO | Tesoro Gold Ltd | -12% | -12% | -39% | -46% | 0.022 | $23,179,477 |
| LRL | Labyrinth Resources | -13% | -27% | -57% | -67% | 0.007 | $8,836,470 |
| BC8 | Black Cat Syndicate | -13% | 4% | 6% | 9% | 0.375 | $96,075,523 |
| ARL | Ardea Resources Ltd | -13% | 113% | -4% | -40% | 0.68 | $118,607,393 |
| GSM | Golden State Mining | -13% | -28% | -21% | -31% | 0.034 | $6,688,090 |
| KZR | Kalamazoo Resources | -13% | 8% | -36% | -44% | 0.135 | $23,264,938 |
| MTC | Metalstech Ltd | -13% | -13% | -62% | -45% | 0.2 | $37,720,918 |
| OKR | Okapi Resources | -13% | -9% | -33% | -47% | 0.1 | $18,508,602 |
| KAI | Kairos Minerals Ltd | -13% | 29% | -4% | -19% | 0.02 | $49,797,332 |
| KIN | KIN Min NL | -13% | 14% | -49% | -60% | 0.033 | $41,235,269 |
| RXL | Rox Resources | -13% | -30% | 31% | -12% | 0.23 | $78,573,251 |
| GIB | Gibb River Diamonds | -14% | -9% | -47% | -27% | 0.032 | $6,768,302 |
| GBZ | GBM Rsources Ltd | -14% | 0% | -56% | -68% | 0.019 | $12,319,224 |
| RSG | Resolute Mining | -14% | -9% | 88% | 58% | 0.375 | $872,892,693 |
| NMR | Native Mineral Res | -14% | 0% | -73% | -80% | 0.03 | $5,143,770 |
| PRX | Prodigy Gold NL | -14% | 0% | -50% | -55% | 0.006 | $12,257,755 |
| OAU | Ora Gold Limited | -14% | 140% | 20% | -13% | 0.006 | $26,621,551 |
| SLZ | Sultan Resources Ltd | -15% | -19% | -59% | -63% | 0.035 | $5,631,222 |
| SAU | Southern Gold | -15% | -6% | -32% | -48% | 0.017 | $9,239,420 |
| ASO | Aston Minerals Ltd | -15% | -30% | -31% | -48% | 0.055 | $62,424,932 |
| PXX | Polarx Limited | -15% | -8% | -45% | -15% | 0.011 | $14,893,012 |
| GSR | Greenstone Resources | -16% | -10% | -58% | -71% | 0.0135 | $17,066,873 |
| CPM | Coopermetalslimited | -16% | -16% | -43% | -72% | 0.135 | $5,983,519 |
| AUT | Auteco Minerals | -16% | 28% | -37% | -30% | 0.032 | $78,636,434 |
| SBM | St Barbara Limited | -16% | 20% | -29% | -41% | 0.24 | $204,460,411 |
| BBX | BBX Minerals Ltd | -16% | -15% | -55% | -37% | 0.047 | $24,075,784 |
| CBY | Canterbury Resources | -16% | 8% | -37% | -41% | 0.026 | $3,757,612 |
| NWM | Norwest Minerals | -16% | 49% | -4% | 37% | 0.052 | $15,547,533 |
| KTA | Krakatoa Resources | -16% | 55% | -30% | -37% | 0.031 | $13,644,051 |
| AWJ | Auric Mining | -16% | 15% | -28% | -43% | 0.046 | $6,019,541 |
| NAE | New Age Exploration | -17% | -9% | -29% | -29% | 0.005 | $7,179,495 |
| XTC | Xantippe Res Ltd | -17% | -17% | -67% | -79% | 0.001 | $11,480,100 |
| RML | Resolution Minerals | -17% | 11% | -38% | -44% | 0.005 | $7,543,751 |
| SNG | Siren Gold | -17% | 33% | -45% | -64% | 0.1 | $14,230,175 |
| BM8 | Battery Age Minerals | -17% | -26% | -24% | -24% | 0.3825 | $29,316,174 |
| S2R | S2 Resources | -17% | 48% | 0% | 26% | 0.17 | $73,816,474 |
| BNZ | Benzmining | -17% | -21% | -6% | 0% | 0.385 | $43,969,990 |
| BEZ | Besragoldinc | -19% | 20% | 362% | 616% | 0.24 | $92,004,091 |
| RRL | Regis Resources | -20% | -9% | -17% | 6% | 1.715 | $1,408,231,399 |
| DCX | Discovex Res Ltd | -20% | 0% | -33% | -60% | 0.002 | $6,605,136 |
| CTO | Citigold Corp Ltd | -20% | 0% | -33% | -33% | 0.004 | $11,494,636 |
| MDI | Middle Island Res | -21% | 0% | -39% | -77% | 0.023 | $3,094,481 |
| GED | Golden Deeps | -23% | 42% | -6% | -29% | 0.0085 | $11,552,267 |
| MTH | Mithril Resources | -25% | -25% | -57% | -79% | 0.0015 | $5,053,207 |
Weekly Standout: GASCOYNE RESOURCES (ASX:GCY)
Is the perpetually battling gold play about to turn things around?
The high grade Never Never deposit at Dalgaranga is now confirmed as “a major Australia gold discovery”, after GCY upgraded the resource to 3.83Mt @ 5.85g/t for 721,200oz.
Never Never, which remains open at depth, boosts total grade and ounces at Dalgaranga by 40% and 51%, respectively (16.70Mt @ 2.2g/t for 1.183Moz).
“Less than six months ago, we established Never Never as a significant new high-grade gold discovery within the Dalgaranga field with a very healthy high-grade resource of 303,000oz @ 4.64g/t,” GCY boss Simon Lawson says.
“Since then, we have been single-minded in focusing on adding high-grade ounces.
“This landmark resource upgrade provides unequivocal evidence that this is one of the most exciting new gold discoveries seen in Western Australia in recent years – and an asset that has clear potential to underpin a potential restart decision for the Dalgaranga processing plant.”
The underground component comprises 1,590oz per vertical metre “over a short strike length with favourable geometry”, Lawson says.
“For all the underground miners out there, that should equate to very profitable mining in the future – particularly given that 1,000oz per vertical metre is generally seen as a strong benchmark for underground mines.”
GCY is focused on adding more high-grade ounces to its inventory with four rigs set to hit extensions at Never Never, a bunch of Never Never ‘lookalikes’, and the new Ink discovery.
GCY is aiming to turn things around again at Dalgaranga, which has been a horrific money sink for shareholders since production first kicked off in 2018.
Sub-par resource drilling meant grades didn’t match what was promised in initial feasibility studies, sending in the company to the wall the following year.
Mined out of its predicament by a $125m recapitalisation, the company merged with nearby junior Firefly Resources in 2021 before new management was forced to shut the loss-making mine again in November last year. Never Never could be the answer to GCY’s prayers.
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