Gold Digger: China back making big gold buys as price tops US$3300/oz
Chinese gold imports hit an 11-month high in April. Pic: Getty Images
- Gold prices are back above US$3300/oz, with the All Ords gold sub0-index 13% up in a week
- Open interest on the Shanghai Futures Exchange is at levels not seen since Q4 2019
- Chinese gold imports hit an 11-month high of 127.5Mt in April
A few weeks ago we looked at the impact on gold prices as Chinese traders heavily liquidated gold positions on local exchanges in the lead up to the key Labor Day holiday in the Middle Kingdom.
READ: Gold Digger: Turns out China can screw with gold prices as well
As it turns out we need not have been so concerned.
Prices aren’t around the US$3500/oz levels they hit as panic set in following Donald Trump’s twin foibles of pounding tariffs around its trading partners like a teenager on an arcade shooter and threatening to fire US Fed Chair Jerome Powell.
But a big move has come this week, with prices surging back over US$3300/oz to US$3320/oz.
We’re now looking at a tidy 13% one week gain for the ASX All Ords gold sub-index, taking its 12-month performance to +62%.
A couple of bat signals from Bloomberg and Goldman Sachs in recent days give reason to be bullish on Chinese demand for bullion.
Its long been thought China’s Government, institutions and retail investors were big buyers of bullion as they look to diversify away from the US Dollar and previously safe investments like US Treasuries.
Chinese gold imports climbed to 127.5Mt in April, according to customs data this week.
An 11-month high, with the extraordinary part being that gold was trading at multiple all-time highs across the month.
“The rise in imports is likely due to the People’s Bank of China allocating fresh quotas to some commercial banks in April, as the authority responds to strong demand from institutional and retail investors at the height of the trade war,” Bloomberg said.
“The central bank controls physical bullion flows, typically granting import licenses and quotas only to select banks.”
Interest remains
A couple factors boosted gold’s safe haven appeal this past week.
Increasing tensions in the Middle East, the likely extension of the war in Ukraine and downgrade of America’s credit rating by Moody’s have all sent gold higher.
Over in China buying is ramping up again.
The Shanghai Metals Market, quoting Goldman Sachs analyst Adam Gillard, said there was clear logical support behind gold’s recent uptrend.
“Specifically, gold buying initiated in the Chinese domestic market during the night session of the Shanghai Futures Exchange (SHFE) triggered a follow-up rally in the New York Mercantile Exchange (COMEX) market. The total open interest in COMEX increased by 3% (4% for silver), while the arbitrage spread between the two major markets, SHFE/CMX, widened significantly,” SMM reported.
Open interest in gold futures in Shanghai is at levels not seen since Q4 2019.
Bullish indeed.
Winners & Losers
Here’s how ASX-listed precious metals stocks are performing:
| CODE | COMPANY | PRICE | WEEK % | MONTH % | 6 MONTH % | YEAR % | YTD % | MARKET CAP |
|---|---|---|---|---|---|---|---|---|
| MRR | Minrex Resources Ltd | 0.011 | 29% | 38% | 38% | -4% | 57% | $ 10,848,675.03 |
| NPM | Newpeak Metals | 0.013 | 44% | 18% | 30% | -46% | 18% | $ 4,831,075.97 |
| ASO | Aston Minerals Ltd | 0.023 | 28% | 28% | 156% | 28% | 156% | $ 28,491,413.92 |
| MTC | Metalstech Ltd | 0.14 | 4% | 27% | 22% | -39% | 0% | $ 29,221,027.64 |
| GED | Golden Deeps | 0.018 | 0% | -5% | -36% | -59% | -28% | $ 3,365,388.32 |
| G88 | Golden Mile Res Ltd | 0.015 | 15% | 50% | 36% | 7% | 67% | $ 7,619,469.97 |
| LAT | Latitude 66 Limited | 0.043 | -4% | -14% | -45% | -79% | 13% | $ 6,453,031.73 |
| NMR | Native Mineral Res | 0.17 | 6% | 6% | 347% | 400% | 336% | $ 136,917,627.00 |
| AQX | Alice Queen Ltd | 0.005 | -17% | 0% | -38% | -29% | -38% | $ 5,734,450.34 |
| SLZ | Sultan Resources Ltd | 0.006 | 0% | -33% | -14% | -40% | 0% | $ 1,388,819.46 |
| KSN | Kingston Resources | 0.12 | 38% | 28% | 28% | 41% | 69% | $ 102,880,662.25 |
| AMI | Aurelia Metals Ltd | 0.295 | 2% | -5% | 74% | 44% | 74% | $ 524,697,518.40 |
| GIB | Gibb River Diamonds | 0.037 | 23% | -3% | 16% | -24% | -8% | $ 7,293,321.13 |
| KCN | Kingsgate Consolid. | 2 | 6% | 14% | 37% | 9% | 56% | $ 520,658,417.84 |
| TMX | Terrain Minerals | 0.003 | 0% | 0% | 0% | 0% | 0% | $ 6,745,669.80 |
| BNR | Bulletin Res Ltd | 0.068 | -9% | 6% | 66% | 33% | 74% | $ 19,965,705.96 |
| NXM | Nexus Minerals Ltd | 0.075 | 9% | -4% | 19% | 23% | 67% | $ 45,281,970.98 |
| SKY | SKY Metals Ltd | 0.047 | 4% | 9% | -8% | 7% | -13% | $ 34,113,751.97 |
| LM8 | Lunnonmetalslimited | 0.205 | -11% | -18% | -13% | -34% | -18% | $ 44,125,634.80 |
| CST | Castile Resources | 0.064 | -9% | -11% | -23% | -30% | -20% | $ 19,567,909.12 |
| YRL | Yandal Resources | 0.125 | -29% | -4% | -67% | -4% | -29% | $ 43,292,897.48 |
| FAU | First Au Ltd | 0.0035 | 40% | 75% | 75% | 0% | 75% | $ 6,215,979.83 |
| ARL | Ardea Resources Ltd | 0.415 | 1% | -6% | 14% | -33% | 26% | $ 86,269,295.15 |
| GWR | GWR Group Ltd | 0.097 | -8% | 9% | 17% | -3% | 21% | $ 31,713,452.19 |
| IVR | Investigator Res Ltd | 0.022 | 5% | -12% | -44% | -63% | 10% | $ 34,966,350.63 |
| GTR | Gti Energy Ltd | 0.004 | 33% | 33% | 0% | -33% | 14% | $ 10,496,323.82 |
| IPT | Impact Minerals | 0.006 | 0% | 20% | -47% | -70% | -36% | $ 21,754,314.83 |
| BNZ | Benzmining | 0.395 | 10% | -2% | 41% | 204% | 14% | $ 64,494,721.60 |
| MOH | Moho Resources | 0.006 | 20% | 100% | 20% | 50% | 20% | $ 4,472,484.16 |
| BCM | Brazilian Critical | 0.009 | 0% | 0% | -18% | -63% | 0% | $ 9,566,627.29 |
| PUA | Peak Minerals Ltd | 0.019 | 0% | 111% | 201% | 425% | 145% | $ 50,531,783.22 |
| MRZ | Mont Royal Resources | 0.041 | 0% | 0% | 3% | -23% | -5% | $ 3,486,221.51 |
| SMS | Starmineralslimited | 0.025 | 0% | -17% | -34% | -1% | -31% | $ 3,795,166.33 |
| MVL | Marvel Gold Limited | 0.016 | 14% | 7% | 78% | 100% | 78% | $ 15,116,337.31 |
| PRX | Prodigy Gold NL | 0.002 | 0% | 0% | 0% | -25% | 0% | $ 6,350,111.10 |
| AAU | Antilles Gold Ltd | 0.004 | 0% | 14% | 0% | -60% | 33% | $ 8,505,470.73 |
| CWX | Carawine Resources | 0.096 | -4% | 2% | -17% | -4% | -4% | $ 22,668,043.10 |
| RND | Rand Mining Ltd | 1.935 | 4% | 3% | 2% | 29% | 28% | $ 109,486,224.93 |
| CAZ | Cazaly Resources | 0.016 | 7% | 14% | 23% | -33% | 14% | $ 7,380,847.86 |
| BMR | Ballymore Resources | 0.155 | -9% | 48% | 11% | -23% | 29% | $ 27,393,240.68 |
| DRE | Dreadnought Resources Ltd | 0.012 | -8% | 0% | -20% | -29% | 0% | $ 66,033,500.00 |
| ZNC | Zenith Minerals Ltd | 0.042 | -9% | -14% | 2% | -40% | 5% | $ 16,705,098.30 |
| REZ | Resourc & En Grp Ltd | 0.013 | -19% | -48% | -55% | 0% | -43% | $ 10,746,225.95 |
| LEX | Lefroy Exploration | 0.085 | 10% | 5% | 10% | -14% | 21% | $ 19,376,770.76 |
| ERM | Emmerson Resources | 0.125 | -4% | -14% | 98% | 140% | 62% | $ 82,630,454.27 |
| AM7 | Arcadia Minerals | 0.019 | 6% | 6% | -32% | -74% | 0% | $ 2,230,285.23 |
| ADT | Adriatic Metals | 5.04 | 35% | 12% | 24% | 8% | 29% | $ 1,507,399,576.80 |
| AS1 | Asara Resources Ltd | 0.052 | 21% | 8% | 136% | 373% | 174% | $ 53,957,714.55 |
| CYL | Catalyst Metals | 6.35 | -3% | -5% | 96% | 470% | 146% | $ 1,504,156,836.16 |
| CHN | Chalice Mining Ltd | 1.23 | 20% | 18% | -9% | -28% | 11% | $ 435,710,002.56 |
| KAL | Kalgoorliegoldmining | 0.039 | -5% | -28% | 77% | 44% | 117% | $ 15,639,949.26 |
| MLS | Metals Australia | 0.02 | 8% | 5% | -23% | -13% | -13% | $ 13,116,951.43 |
| ADN | Andromeda Metals Ltd | 0.011 | -21% | 22% | 57% | -35% | 57% | $ 41,946,773.81 |
| MEI | Meteoric Resources | 0.105 | 0% | 0% | 7% | -43% | 24% | $ 245,370,592.11 |
| SRN | Surefire Rescs NL | 0.003 | 0% | -25% | -14% | -67% | -14% | $ 7,459,336.17 |
| WA8 | Warriedarresourltd | 0.115 | 15% | 49% | 117% | 113% | 161% | $ 119,610,251.13 |
| HMX | Hammer Metals Ltd | 0.031 | -6% | 48% | -13% | -21% | -6% | $ 26,632,761.00 |
| WCN | White Cliff Min Ltd | 0.027 | -7% | 29% | 69% | 80% | 69% | $ 54,285,580.94 |
| AVM | Advance Metals Ltd | 0.041 | -2% | -21% | 24% | 41% | 21% | $ 11,131,463.03 |
| ASR | Asra Minerals Ltd | 0.0025 | 0% | 25% | -17% | -64% | -17% | $ 5,533,072.31 |
| ARI | Arika Resources | 0.034 | 13% | 26% | 3% | 70% | 26% | $ 26,540,250.20 |
| CTO | Citigold Corp Ltd | 0.004 | 0% | 0% | 0% | -43% | 0% | $ 9,000,000.00 |
| SMI | Santana Minerals Ltd | 0.555 | 6% | -8% | 6% | 42% | 14% | $ 401,108,864.63 |
| M2R | Miramar | 0.004 | 33% | 100% | -33% | -58% | 33% | $ 2,990,469.86 |
| MHC | Manhattan Corp Ltd | 0.024 | 9% | 41% | 20% | -28% | 26% | $ 5,402,674.65 |
| GRL | Godolphin Resources | 0.01 | 0% | 0% | -29% | -64% | -31% | $ 4,039,859.81 |
| SVG | Savannah Goldfields | 0.022 | 0% | -4% | 20% | -19% | 20% | $ 25,114,694.86 |
| EMC | Everest Metals Corp | 0.15 | 3% | 7% | 20% | 3% | 11% | $ 33,619,688.25 |
| GUL | Gullewa Limited | 0.07 | 0% | -24% | 11% | 27% | 25% | $ 15,261,552.04 |
| CY5 | Cygnus Metals Ltd | 0.075 | 1% | -22% | -40% | -10% | -25% | $ 65,537,138.67 |
| G50 | G50Corp Ltd | 0.125 | 14% | 0% | -32% | -26% | -19% | $ 16,059,765.90 |
| ADV | Ardiden Ltd | 0.145 | -3% | 7% | 12% | -3% | 7% | $ 9,065,038.37 |
| AAR | Astral Resources NL | 0.17 | 17% | 0% | 31% | 91% | 26% | $ 233,875,639.47 |
| VMC | Venus Metals Cor Ltd | 0.11 | 11% | 16% | 57% | 28% | 64% | $ 20,593,511.72 |
| NAE | New Age Exploration | 0.004 | 0% | 0% | -11% | 0% | 14% | $ 10,637,595.64 |
| VKA | Viking Mines Ltd | 0.007 | 0% | 17% | -36% | -30% | -13% | $ 10,079,615.62 |
| LCL | LCL Resources Ltd | 0.007 | 0% | -13% | -22% | -42% | -30% | $ 8,363,688.95 |
| MTH | Mithril Silver Gold | 0.355 | 1% | 3% | -16% | 25% | -11% | $ 53,203,685.53 |
| ADG | Adelong Gold Limited | 0.007 | 0% | 0% | 40% | 75% | 56% | $ 10,481,146.49 |
| RMX | Red Mount Min Ltd | 0.007 | -13% | 0% | -36% | -30% | -22% | $ 3,719,662.37 |
| PRS | Prospech Limited | 0.024 | -4% | 0% | -17% | -43% | -17% | $ 7,891,821.29 |
| TTM | Titan Minerals | 0.395 | 10% | -6% | -4% | 65% | 4% | $ 99,068,168.28 |
| AKA | Aureka Limited | 0.125 | 4% | -17% | 14% | -99% | -7% | $ 13,316,536.48 |
| AAM | Aumegametals | 0.034 | 3% | -17% | -13% | -54% | -19% | $ 21,748,069.51 |
| KZR | Kalamazoo Resources | 0.0855 | -1% | -3% | 2% | -22% | 16% | $ 18,648,448.95 |
| BCN | Beacon Minerals | 0.027 | -4% | -4% | 23% | -7% | 23% | $ 114,112,676.93 |
| MAU | Magnetic Resources | 1.66 | 13% | 9% | 33% | 55% | 50% | $ 442,764,760.35 |
| BC8 | Black Cat Syndicate | 0.835 | 4% | -22% | 33% | 153% | 48% | $ 604,794,918.69 |
| EM2 | Eagle Mountain | 0.005 | -9% | -17% | -84% | -92% | -44% | $ 5,675,186.45 |
| EMR | Emerald Res NL | 4.57 | 12% | 3% | 24% | 17% | 41% | $ 3,043,842,645.34 |
| BYH | Bryah Resources Ltd | 0.004 | 0% | -20% | 33% | -56% | 33% | $ 3,479,814.09 |
| HCH | Hot Chili Ltd | 0.515 | 4% | 14% | -34% | -56% | -26% | $ 80,345,958.97 |
| WAF | West African Res Ltd | 2.65 | 20% | 3% | 77% | 78% | 85% | $ 2,986,512,321.38 |
| MEU | Marmota Limited | 0.044 | -2% | 13% | 13% | -8% | 13% | $ 50,667,148.97 |
| NVA | Nova Minerals Ltd | 0.32 | -3% | -6% | 56% | 36% | -14% | $ 108,204,134.70 |
| SVL | Silver Mines Limited | 0.097 | 5% | 0% | -3% | -52% | 24% | $ 176,197,763.81 |
| PGD | Peregrine Gold | 0.14 | -3% | -18% | 8% | -49% | 0% | $ 11,454,445.04 |
| ICL | Iceni Gold | 0.06 | 7% | -2% | 7% | -13% | -15% | $ 18,378,686.00 |
| FG1 | Flynngold | 0.023 | -8% | 5% | -23% | -30% | -8% | $ 9,782,911.75 |
| WWI | West Wits Mining Ltd | 0.03 | 50% | 58% | 114% | 100% | 114% | $ 78,753,501.69 |
| RML | Resolution Minerals | 0.013 | 44% | 63% | -19% | -46% | 8% | $ 6,835,229.12 |
| AAJ | Aruma Resources Ltd | 0.01 | -9% | 0% | -38% | -44% | -17% | $ 2,775,727.14 |
| HWK | Hawk Resources. | 0.019 | 6% | 0% | -37% | -47% | -14% | $ 5,418,588.98 |
| GMN | Gold Mountain Ltd | 0.0015 | 0% | 0% | -25% | -63% | -50% | $ 10,267,776.44 |
| MEG | Megado Minerals Ltd | 0.014 | 17% | 40% | 17% | 13% | -18% | $ 5,455,882.41 |
| HMG | Hamelingoldlimited | 0.07 | -22% | -22% | -11% | -7% | 9% | $ 13,781,250.00 |
| BM8 | Battery Age Minerals | 0.05 | -15% | -15% | -42% | -67% | -52% | $ 6,460,266.62 |
| TBR | Tribune Res Ltd | 4.74 | -1% | -8% | -4% | 25% | 10% | $ 256,044,215.76 |
| FML | Focus Minerals Ltd | 0.23 | -4% | -6% | 28% | 53% | 35% | $ 68,774,074.80 |
| VRC | Volt Resources Ltd | 0.005 | 0% | 0% | 25% | 0% | 67% | $ 23,423,889.92 |
| ARV | Artemis Resources | 0.006 | -14% | -25% | -45% | -60% | -25% | $ 15,171,175.85 |
| HRN | Horizon Gold Ltd | 0.5 | -4% | 11% | 4% | 82% | 4% | $ 72,419,961.50 |
| CLA | Celsius Resource Ltd | 0.007 | 0% | 0% | -36% | -30% | -36% | $ 21,948,419.16 |
| QML | Qmines Limited | 0.034 | -8% | -21% | -44% | -53% | -37% | $ 14,582,698.12 |
| RDN | Raiden Resources Ltd | 0.006 | 50% | 9% | -74% | -87% | -45% | $ 20,705,348.65 |
| TCG | Turaco Gold Limited | 0.45 | 13% | 1% | 45% | 100% | 76% | $ 397,047,842.84 |
| KCC | Kincora Copper | 0.033 | 0% | -11% | 0% | -11% | 22% | $ 7,105,172.01 |
| GBZ | GBM Rsources Ltd | 0.0075 | -17% | -17% | 7% | -38% | -6% | $ 9,368,559.82 |
| DTM | Dart Mining NL | 0.003 | -25% | -33% | -73% | -89% | -67% | $ 4,193,194.52 |
| MKR | Manuka Resources. | 0.036 | 3% | -5% | -8% | -27% | 29% | $ 27,566,100.75 |
| AUC | Ausgold Limited | 0.61 | 2% | 9% | 36% | 56% | 45% | $ 225,192,325.68 |
| ANX | Anax Metals Ltd | 0.008 | -11% | 60% | -27% | -82% | -33% | $ 7,062,460.54 |
| EMU | EMU NL | 0.019 | -21% | -17% | -30% | -29% | -30% | $ 4,013,720.89 |
| SFM | Santa Fe Minerals | 0.037 | 0% | 0% | 23% | -8% | 19% | $ 2,694,295.19 |
| PNR | Pantoro Gold Limited | 3.43 | 16% | 14% | 102% | 122% | 124% | $ 1,335,150,120.85 |
| CMM | Capricorn Metals | 9.26 | 10% | -9% | 42% | 89% | 47% | $ 4,013,256,775.01 |
| VRL | Verity Resources | 0.024 | -4% | 100% | 23% | -69% | 23% | $ 7,187,096.28 |
| HAW | Hawthorn Resources | 0.05 | -9% | 14% | 0% | -26% | 22% | $ 16,750,780.65 |
| BGD | Bartongoldholdings | 0.675 | 5% | 41% | 160% | 114% | 176% | $ 147,774,156.98 |
| SVY | Stavely Minerals Ltd | 0.011 | -8% | -21% | -56% | -78% | -35% | $ 5,984,463.02 |
| AGC | AGC Ltd | 0.155 | -3% | 7% | -26% | -67% | 0% | $ 41,055,555.52 |
| RGL | Riversgold | 0.004 | -11% | -11% | 33% | -43% | 0% | $ 6,734,850.37 |
| TSO | Tesoro Gold Ltd | 0.027 | 0% | -16% | 17% | -37% | 35% | $ 52,427,723.58 |
| GUE | Global Uranium | 0.065 | 8% | 20% | 7% | -46% | 8% | $ 27,916,660.95 |
| CPM | Coopermetalslimited | 0.037 | 0% | 3% | -24% | -68% | -20% | $ 2,977,514.70 |
| MM8 | Medallion Metals. | 0.27 | 13% | 8% | 229% | 343% | 125% | $ 129,265,380.90 |
| FFM | Firefly Metals Ltd | 0.99 | 9% | 29% | -15% | 22% | 7% | $ 574,445,279.00 |
| CBY | Canterbury Resources | 0.021 | 11% | -5% | -13% | -64% | -5% | $ 4,453,699.71 |
| SLA | Solara Minerals | 0.125 | 14% | 14% | -47% | -58% | 39% | $ 6,668,254.65 |
| SFR | Sandfire Resources | 10.99 | 3% | 16% | 7% | 12% | 18% | $ 5,054,381,178.60 |
| TAM | Tanami Gold NL | 0.039 | 8% | 8% | 34% | 11% | 30% | $ 44,066,139.23 |
| NWM | Norwest Minerals | 0.012 | 20% | 0% | -22% | -63% | 0% | $ 5,821,434.12 |
| ALK | Alkane Resources Ltd | 0.735 | 4% | -11% | 43% | 18% | 44% | $ 442,045,581.16 |
| BMO | Bastion Minerals | 0.0015 | -50% | -50% | -70% | -85% | -63% | $ 903,627.56 |
| IDA | Indiana Resources | 0.08 | 4% | 0% | 40% | 81% | 31% | $ 52,061,329.10 |
| GSM | Golden State Mining | 0.009 | 0% | 13% | 0% | -25% | 13% | $ 2,514,335.67 |
| NSM | Northstaw | 0.039 | -3% | -5% | 255% | 45% | 144% | $ 10,399,707.00 |
| GSN | Great Southern | 0.022 | 0% | 0% | 16% | 10% | 47% | $ 21,929,694.38 |
| VAU | Vault Minerals Ltd | 0.45 | 8% | -9% | 30% | -6% | 36% | $ 3,061,113,021.90 |
| THR | Thor Energy PLC | 0.01 | -9% | -9% | -23% | -38% | -23% | $ 7,107,898.35 |
| CDR | Codrus Minerals Ltd | 0.034 | -11% | 48% | 89% | -32% | 100% | $ 5,623,175.14 |
| MDI | Middle Island Res | 0.018 | -5% | 6% | 20% | 13% | 50% | $ 5,246,769.04 |
| WTM | Waratah Minerals Ltd | 0.34 | -3% | 89% | 100% | 196% | 119% | $ 79,394,170.44 |
| POL | Polymetals Resources | 0.81 | 3% | -16% | 12% | 189% | 2% | $ 206,722,851.91 |
| RDS | Redstone Resources | 0.007 | 17% | 133% | 180% | 75% | 180% | $ 5,552,270.76 |
| NAG | Nagambie Resources | 0.016 | -16% | -30% | -11% | 33% | -11% | $ 13,656,139.85 |
| BGL | Bellevue Gold Ltd | 0.91 | 10% | -1% | -33% | -55% | -19% | $ 1,343,456,757.37 |
| GBR | Greatbould Resources | 0.065 | 0% | -24% | 51% | 8% | 51% | $ 47,153,038.31 |
| KAI | Kairos Minerals Ltd | 0.028 | 8% | 33% | 75% | 155% | 133% | $ 71,034,629.10 |
| KAU | Kaiser Reef | 0.165 | -3% | -15% | 3% | 14% | 3% | $ 94,967,384.00 |
| HRZ | Horizon | 0.049 | 0% | -29% | 7% | 7% | 23% | $ 107,368,332.69 |
| CDT | Castle Minerals | 0.092 | 12% | 61% | 53% | -39% | 53% | $ 11,252,928.29 |
| RSG | Resolute Mining | 0.62 | 13% | 23% | 53% | 16% | 57% | $ 1,341,301,508.19 |
| EVN | Evolution Mining Ltd | 8.77 | 15% | -1% | 73% | 120% | 82% | $ 17,741,073,651.76 |
| CXU | Cauldron Energy Ltd | 0.009 | 13% | 13% | -40% | -77% | -25% | $ 10,229,832.26 |
| DLI | Delta Lithium | 0.185 | -8% | 19% | -3% | -44% | 9% | $ 136,142,940.48 |
| ALY | Alchemy Resource Ltd | 0.007 | 17% | 17% | 0% | 0% | 0% | $ 8,246,533.79 |
| NH3 | Nh3Cleanenergyltd | 0.023 | -12% | 0% | 5% | 28% | 28% | $ 12,985,910.06 |
| OBM | Ora Banda Mining Ltd | 1.04 | 10% | -13% | 40% | 201% | 60% | $ 1,977,922,412.55 |
| AVW | Avira Resources Ltd | 0.007 | 0% | -13% | -65% | -65% | -65% | $ 1,535,000.00 |
| LCY | Legacy Iron Ore | 0.009 | 0% | 13% | -10% | -33% | -10% | $ 87,858,383.26 |
| PDI | Predictive Disc Ltd | 0.43 | 21% | 15% | 72% | 132% | 87% | $ 1,100,543,098.62 |
| MAT | Matsa Resources | 0.067 | 0% | 5% | 46% | 123% | 91% | $ 48,375,787.42 |
| ZAG | Zuleika Gold Ltd | 0.011 | -8% | -8% | -39% | -48% | -15% | $ 8,160,679.20 |
| GML | Gateway Mining | 0.034 | 26% | 13% | 48% | 36% | 62% | $ 13,082,249.44 |
| SBM | St Barbara Limited | 0.315 | 15% | 2% | -9% | 9% | 40% | $ 341,096,597.42 |
| SBR | Sabre Resources | 0.009 | 13% | 50% | -10% | -53% | -10% | $ 3,155,695.46 |
| STK | Strickland Metals | 0.12 | 9% | 20% | 52% | 24% | 41% | $ 271,483,175.64 |
| CEL | Challenger Gold Ltd | 0.084 | 11% | -5% | 75% | 15% | 79% | $ 135,240,735.12 |
| GG8 | Gorilla Gold Mines | 0.495 | 5% | -9% | 94% | 1073% | 90% | $ 319,859,011.83 |
| NST | Northern Star | 20.35 | 13% | -12% | 14% | 39% | 32% | $ 28,966,553,086.50 |
| OZM | Ozaurum Resources | 0.086 | 18% | -28% | 169% | 43% | 187% | $ 19,236,157.33 |
| TG1 | Techgen Metals Ltd | 0.025 | -4% | 0% | -31% | -40% | -29% | $ 3,966,642.75 |
| XAM | Xanadu Mines Ltd | 0.081 | 59% | 40% | 56% | 16% | 65% | $ 160,350,524.48 |
| AQI | Alicanto Min Ltd | 0.028 | 0% | -7% | -18% | 39% | -24% | $ 22,899,860.35 |
| KTA | Krakatoa Resources | 0.01 | 11% | 0% | 5% | -44% | 5% | $ 6,201,340.25 |
| ARN | Aldoro Resources | 0.335 | 12% | -36% | 314% | 347% | -12% | $ 54,278,466.43 |
| WGX | Westgold Resources. | 2.86 | 13% | -12% | 0% | 24% | 1% | $ 2,687,862,616.50 |
| MBK | Metal Bank Ltd | 0.011 | -8% | 10% | -39% | -44% | -27% | $ 5,472,048.98 |
| A8G | Australasian Metals | 0.076 | 10% | 9% | 3% | 0% | -4% | $ 4,225,949.93 |
| TAR | Taruga Minerals | 0.008 | -11% | -11% | -20% | -11% | -20% | $ 5,710,032.46 |
| DTR | Dateline Resources | 0.055 | 72% | 686% | 1471% | 358% | 1471% | $ 140,990,514.35 |
| GOR | Gold Road Res Ltd | 3.36 | 5% | 0% | 76% | 105% | 64% | $ 3,639,436,851.00 |
| S2R | S2 Resources | 0.091 | -7% | -13% | 14% | -27% | 36% | $ 40,757,219.37 |
| NES | Nelson Resources. | 0.0025 | 25% | -17% | 25% | -17% | -17% | $ 5,429,819.15 |
| TLM | Talisman Mining | 0.145 | -9% | -6% | -31% | -62% | -29% | $ 27,306,450.61 |
| BEZ | Besragoldinc | 0.04 | -7% | -18% | -40% | -58% | -56% | $ 15,373,091.19 |
| PRU | Perseus Mining Ltd | 3.75 | 16% | 4% | 40% | 53% | 46% | $ 5,120,305,586.25 |
| SPQ | Superior Resources | 0.004 | 0% | 0% | -43% | -50% | -33% | $ 9,483,930.90 |
| PUR | Pursuit Minerals | 0.04 | -5% | -5% | -73% | -84% | -58% | $ 3,989,358.52 |
| RMS | Ramelius Resources | 2.81 | 17% | -4% | 34% | 35% | 36% | $ 3,256,633,786.48 |
| PKO | Peako Limited | 0.002 | -20% | -33% | -33% | -14% | -33% | $ 3,719,354.90 |
| ICG | Inca Minerals Ltd | 0.004 | -20% | -20% | -38% | -43% | -20% | $ 7,093,755.28 |
| A1G | African Gold Ltd. | 0.135 | 17% | 13% | 145% | 382% | 145% | $ 57,602,379.12 |
| NMG | New Murchison Gold | 0.014 | -7% | -22% | 56% | 211% | 56% | $ 147,762,751.61 |
| GNM | Great Northern | 0.019 | 19% | 27% | 58% | 36% | 36% | $ 3,092,581.54 |
| KRM | Kingsrose Mining Ltd | 0.03 | -6% | -6% | -9% | -47% | -14% | $ 23,359,322.09 |
| BTR | Brightstar Resources | 0.665 | 8% | 21% | 16% | 56% | 33% | $ 302,449,582.08 |
| RRL | Regis Resources | 4.94 | 15% | 1% | 86% | 133% | 94% | $ 3,777,388,670.00 |
| M24 | Mamba Exploration | 0.014 | 0% | 27% | 17% | -36% | 17% | $ 4,427,484.15 |
| TRM | Truscott Mining Corp | 0.065 | -10% | 8% | -13% | 4% | -17% | $ 13,209,950.64 |
| TNC | True North Copper | 0.32 | 73% | 60% | -89% | -95% | -89% | $ 40,268,485.12 |
| MOM | Moab Minerals Ltd | 0.0015 | 50% | 50% | -63% | -70% | -25% | $ 1,733,666.03 |
| KNB | Koonenberrygold | 0.07 | -10% | -7% | 367% | 250% | 483% | $ 64,953,780.94 |
| AWJ | Auric Mining | 0.21 | -9% | -26% | -26% | 14% | -38% | $ 28,301,140.49 |
| ENR | Encounter Resources | 0.245 | 9% | 32% | -36% | -39% | -25% | $ 117,216,194.97 |
| SNG | Siren Gold | 0.047 | -9% | -19% | -31% | -44% | -28% | $ 10,510,589.23 |
| STN | Saturn Metals | 0.31 | 19% | -9% | 32% | 15% | 51% | $ 124,672,362.13 |
| USL | Unico Silver Limited | 0.23 | 15% | 0% | 7% | 24% | 18% | $ 102,916,782.43 |
| PNM | Pacific Nickel Mines | 0.024 | 0% | 0% | 0% | -35% | 0% | $ 10,103,834.52 |
| AYM | Australia United Min | 0.003 | 0% | 50% | 0% | 50% | -25% | $ 5,527,732.46 |
| HAV | Havilah Resources | 0.1675 | 2% | -7% | -14% | -22% | -26% | $ 55,977,288.84 |
| SPR | Spartan Resources | 2.19 | 16% | -4% | 71% | 204% | 55% | $ 2,806,628,626.77 |
| PNT | Panthermetalsltd | 0.015 | 7% | 7% | -21% | -54% | 36% | $ 3,911,759.12 |
| MEK | Meeka Metals Limited | 0.14 | 12% | -13% | 97% | 268% | 82% | $ 364,740,999.65 |
| GMD | Genesis Minerals | 4.34 | 18% | -2% | 74% | 130% | 76% | $ 4,959,351,084.70 |
| PGO | Pacgold | 0.076 | 7% | 17% | -11% | -55% | 1% | $ 9,990,529.69 |
| FEG | Far East Gold | 0.145 | 0% | 7% | -15% | 21% | -19% | $ 55,054,117.95 |
| MI6 | Minerals260Limited | 0.155 | 19% | 15% | 19% | -18% | 19% | $ 330,773,333.28 |
| IGO | IGO Limited | 4.21 | -4% | 23% | -15% | -45% | -12% | $ 3,135,088,745.82 |
| GAL | Galileo Mining Ltd | 0.125 | 14% | 14% | -7% | -53% | 0% | $ 23,714,991.24 |
| RXL | Rox Resources | 0.305 | 9% | -22% | 97% | 74% | 53% | $ 219,748,849.20 |
| PTN | Patronus Resources | 0.059 | 4% | -9% | -8% | -12% | 20% | $ 94,969,072.63 |
| CLZ | Classic Min Ltd | 0.001 | 0% | 0% | 0% | -86% | 0% | $ 1,544,025.56 |
| TGM | Theta Gold Mines Ltd | 0.13 | 0% | -4% | -28% | -13% | -28% | $ 114,325,721.38 |
| FAL | Falconmetalsltd | 0.12 | 4% | 20% | -11% | -25% | 4% | $ 23,010,000.00 |
| SPD | Southernpalladium | 0.35 | 52% | 23% | -50% | -31% | -42% | $ 28,649,250.00 |
| ORN | Orion Minerals Ltd | 0.012 | 0% | -8% | -25% | -37% | -20% | $ 82,205,373.82 |
| TMB | Tambourahmetals | 0.022 | 0% | -21% | -24% | -71% | 5% | $ 2,586,981.01 |
| TMS | Tennant Minerals Ltd | 0.007 | -13% | 17% | -42% | -71% | -22% | $ 6,691,232.91 |
| AZY | Antipa Minerals Ltd | 0.62 | 35% | 7% | 158% | 343% | 138% | $ 373,481,629.30 |
| PXX | Polarx Limited | 0.008 | 14% | 0% | 14% | -38% | 23% | $ 16,628,506.85 |
| TRE | Toubani Res Ltd | 0.31 | 13% | 5% | 68% | 100% | 82% | $ 81,051,060.20 |
| AUN | Aurumin | 0.079 | 1% | 34% | 34% | 88% | 20% | $ 33,115,429.65 |
| GPR | Geopacific Resources | 0.018 | -10% | -22% | -19% | -34% | -10% | $ 63,649,306.52 |
| FXG | Felix Gold Limited | 0.14 | -3% | -22% | 94% | 150% | 67% | $ 55,477,952.46 |
| ILT | Iltani Resources Lim | 0.225 | -6% | -4% | 32% | -36% | 10% | $ 9,982,720.35 |
| BRX | Belararoxlimited | 0.115 | 15% | 0% | -49% | -51% | -34% | $ 18,933,452.40 |
| TM1 | Terra Metals Limited | 0.028 | 0% | 8% | -8% | -42% | 0% | $ 11,623,781.74 |
| TOR | Torque Met | 0.12 | 24% | 25% | 145% | -44% | 126% | $ 31,011,351.49 |
| ARD | Argent Minerals | 0.02 | 11% | -9% | -20% | -13% | 18% | $ 30,358,450.08 |
| LM1 | Leeuwin Metals Ltd | 0.14 | 4% | -22% | 92% | 100% | 0% | $ 14,112,893.76 |
| SX2 | Southgold Consol | 5.86 | 4% | 3% | 0% | 0% | 0% | $ 848,871,426.54 |
$140 million capped Dateline just continues to move after support from US President Donald Trump placed renewed vigour behind its plans to develop the 1.1Moz Colosseum gold mine in California.
It’s an interesting one. Trump seems to think his Government was backing the US’ second rare earths mine. Could well be, some exploration is in train looking for that sort of thing, with MP Materials and the Mountain Pass mine just 10km away.
But the real value at the moment is in the gold, previously owned by gold behemoth Barrick Gold.
DTR this week said it was fully funded to complete a BFS on Colosseum after investors exercised around $1.1m worth of options, taking its bank balance to $1.95m – $2.3m once the sale of its non-core Udu copper project in Fiji is complete.
But a scoping study update on Friday also boosted the junior developer.
After lifting gold price assumptions from the US$2200/oz mark used in October to US$2900/oz, still markedly below spot, the firm says its scoping study numbers are substantially more attractive.
That includes a 32% lift in sales revenue, 208% increase in net revenue before tax, 134% bump in NPV from US$235m to US$550m using a 6.5% discount rate and jump in IRR before tax from 31% to 61%.
The mine is expected to run for over eight years at an average production rate of 71,000ozpa, with a pre-production capex estimate of US$138m and AISC of US$1490/oz.
Moving over to a rarely covered precious metal and Southern Palladium had a bit to smile about this week with envuronmental authorisation for the Bengwenyama project from South Africa’s Department of Mineral and Petroleum Resources.
It’s a major step towards the award of a Mining Right for the project, one of a handful of platinum group metals projects being prepared for development amid a weak market for the commodities, largely used in catalytic converters that limit emissions from internal combustion engine cars and hybrids.
SPD owns 70% of the project alongside local partners from the community, with a PFS on the way.
“We continue to make meaningful progress toward the development of our flagship Tier 1 Bengwenyama Project, with the recent grant of the Environmental Authorisation (EA) marking a major milestone,” MD Johan Odendaal said.
“The EA paves the way for the award of the Mining Right and reflects the strength of our permitting work, including a comprehensive environmental impact assessment and a compliant public participation process.
“This milestone demonstrates our commitment to responsible development and sets a clear path toward project execution. In parallel, we are refining the development pathway outlined in the original Pre-Feasibility Study.
“A revised Stage 1 plan—focused on a smaller-scale, lower-capex operation producing 80,000tpm via a single decline and truck haulage—is now well progressed, and is expected to significantly reduce up-front capital requirements for project development.
“Results of the study are currently being finalised with updated PFS level outputs scheduled to be announced in June.”
SPD’s October 2024 PFS generated an NPV8 of US$1.06 billion, an internal rate of return of 28% and a payback of around 3.5 years on average production of ~400,000ozpa PGMs (6E) and 350,000tpa chromite concentrate for a 29-year mine-life.
Also in South Africa, and West Wits Mining is progressing plans to start the first part of its 5Moz Witwatersrand Basin gold project, known as Qala Shallows, later this year.
Like Dateline it’s also rejigging its numbers in light of the rapid upswing in the gold price.
West Wits had little news to report this week, aside from responding to a price query from the ASX.
But it came onto the radar of investors after receiving inclusion in the second edition of Canaccord Genuity’s Emerging Precious Metals Book, which you can read about here and here.
At Stockhead, we tell it like it is. While West Wits Mining is a Stockhead advertiser, it did not sponsor this article.
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