Gold Digger: Costs run higher but margins remain tasty
Average all in sustaining costs lifted 2.5% across Aus and NZ gold mines in the June quarter. Pic: Getty Images
- Gold miners often allow costs to eat up margins
- Average all in sustaining costs reported for Australasian gold mines lifted 2.5% to $2335/oz in the June quarter, according to Aurum Analytics
- Can miners maintain spot margins with inflationary pressures persisting?
One of the big questions at the recent Diggers and Dealers Mining Forum in Kalgoorlie was how is the gold sector going to screw this boom up?
That may seem a tad negative, but it’s often the vibe with gold miners, who until recently have been a historically low margin, dividend avoiding business.
For one thing, gold mines are often small compared to bulk orebodies like coal and iron ore, with much shorter lives requiring constant investment in exploration and development.
While bulk producers largely crush their ore and place it on a ship with minimal processing – base and battery metals stocks largely produce a concentrate – gold producers have to incorporate the bulk of the refining process into their own operations right down to the delivery of gold dore bars.
It attracts lower royalties as a result, but still involves higher processing costs, with the scarcity of gold meaning there is relatively more waste rock as well.
As prices shift upwards, costs do as well. For one thing, mines short on ore will lower their cut-off grades as prices rise to capture ounces they would otherwise mine past. These are, of necessity, higher cost ounces.
And labour pressures in WA continue to weigh on miners, who now see that as the biggest contributor to site inflation.
There is hard evidence now that costs are rising – though not yet to the point of crimping margins.
The latest numbers for the June quarter from Argonaut-sponsored Aurum Analytics shows Australasian gold mines added 2.5% to their average all in sustaining cost base in the three months to June 30, rising from $2278/oz to $2335/oz.
That reduces to 0.7% on a weighted production basis to $2300/oz, with some evidence lower quality ounces could be coming into production profiles – grades slipped 5.4% on average to 2.24g/t or 2.1% on a weighted average basis to 1.24g/t.
Grade not king
While it may be meaningful on a sector wide basis to look at grade decline, it’s worth remembering scale is often the greater determinant of whether a mine will be low in cost.
Mines producing gold at under 1.5g/t make up more than half of the 12 lowest cost operations, or half of the 10 lowest gold dominant mines, considering Evolution Mining’s (ASX:EVN) Ernest Henry and Northparkes (-$2673/oz and -$2665/oz) have substantial copper credits that makes their costs artificially negative.
Ramelius Resources (ASX:RMS) was in the sweet spot of high grade material at its Mt Magnet operations, producing 72,575oz at $1310/oz as the lowest cost gold only project.
But Capricorn Metals’ (ASX:CMM) Karlawinda was not far behind, delivering 32,216oz at $1381/oz at a grade of just 0.99g/t.
The Cowal, Cadia and Telfer mines were among the other bulk, low grade operations to crack the top 10, alongside medium grade operations at Pantoro’s (ASX:PNR) Norseman and Northern Star Resources’ (ASX:NST) Kalgoorlie and Jundee operations.
The two largest producers were Northern Star’s KCGM – including the Super Pit – which produced 117,367oz at $2237/oz and an average grade of 1.4g/t, and Newmont Corporation’s (ASX:NEM) Boddington, which delivered 147,000oz at $2219/oz at a grade of 0.53g/t.
Its worth noting a bunch of small or internationally owned mines didn’t report costs for the quarter.
But margin pressure has not yet been felt given the massive run up in the gold price through the June quarter, which included a brief run above US$3500/oz in April post-Liberation Day.
Average Aussie dollar gold prices ran from $4552/oz in the March quarter to $5127/oz in June, boosting the average AISC margin to spot (on our own crude numbers) from $2274/oz to $2792/oz.
But the big lifts in spot gold seen early this year have calmed and costs will be a big focus for investors looking ahead, with a number of miners posting rising AISC guidance for FY26.
Winners and 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 | 0.009 | 6% | 0% | 13% | 0% | 29% | $ 9,763,807.53 |
| NPM | Newpeak Metals | 0.019 | 12% | -14% | 58% | 46% | 73% | $ 5,266,293.18 |
| MTC | Metalstech Ltd | 0.185 | 9% | 42% | 68% | -29% | 32% | $ 42,190,442.40 |
| GED | Golden Deeps | 0.055 | 22% | 150% | 150% | -26% | 120% | $ 8,856,285.05 |
| G88 | Golden Mile Res Ltd | 0.0085 | 6% | 6% | -6% | -6% | -6% | $ 5,007,080.26 |
| LAT | Latitude 66 Limited | 0.065 | 55% | 55% | -2% | -38% | 71% | $ 6,739,833.14 |
| NMR | Native Mineral Res | 0.14 | 4% | 8% | 97% | 509% | 259% | $ 146,799,304.35 |
| AQX | Alice Queen Ltd | 0.0045 | -10% | 50% | -36% | -50% | -44% | $ 5,538,784.76 |
| SLZ | Sultan Resources Ltd | 0.007 | 0% | 40% | -13% | 17% | 17% | $ 1,827,584.94 |
| KSN | Kingston Resources | 0.1275 | 6% | -6% | 72% | 72% | 80% | $ 105,005,047.88 |
| AMI | Aurelia Metals Ltd | 0.22 | 7% | 19% | 7% | 52% | 29% | $ 355,440,254.40 |
| GIB | Gibb River Diamonds | 0.056 | 22% | 22% | 51% | 56% | 40% | $ 13,085,076.15 |
| KCN | Kingsgate Consolid. | 3.01 | 6% | 20% | 123% | 136% | 134% | $ 770,677,559.08 |
| TMX | Terrain Minerals | 0.0025 | 0% | -17% | -38% | -17% | -17% | $ 6,454,535.68 |
| BNR | Bulletin Res Ltd | 0.059 | 26% | 13% | 40% | 31% | 51% | $ 17,616,799.38 |
| NXM | Nexus Minerals Ltd | 0.078 | 32% | 30% | 37% | 90% | 73% | $ 44,376,331.56 |
| SKY | SKY Metals Ltd | 0.081 | 3% | 21% | 65% | 161% | 50% | $ 66,729,021.43 |
| LM8 | Lunnonmetalslimited | 0.28 | 12% | 4% | 37% | 70% | 12% | $ 59,569,606.98 |
| CST | Castile Resources | 0.064 | 5% | 8% | 5% | -20% | -20% | $ 19,567,909.12 |
| YRL | Yandal Resources | 0.175 | 23% | 25% | 13% | 46% | 0% | $ 54,116,121.85 |
| FAU | First Au Ltd | 0.006 | 20% | 0% | 200% | 200% | 200% | $ 15,698,908.24 |
| ARL | Ardea Resources Ltd | 0.49 | 7% | 21% | 5% | 10% | 48% | $ 108,362,651.23 |
| GWR | GWR Group Ltd | 0.1 | 2% | -5% | 9% | 28% | 25% | $ 32,360,665.50 |
| IVR | Investigator Res Ltd | 0.027 | 4% | 8% | 29% | -18% | 35% | $ 48,515,961.51 |
| AMU | American Uranium | 0.125 | -4% | 4% | 4% | -22% | -11% | $ 13,925,244.32 |
| IPT | Impact Minerals | 0.008 | -11% | -11% | 14% | -35% | -15% | $ 37,019,969.71 |
| BNZ | Benzmining | 1.18 | 4% | 70% | 199% | 808% | 242% | $ 233,237,939.60 |
| MOH | Moho Resources | 0.006 | 20% | 50% | 50% | 0% | 20% | $ 4,472,484.16 |
| MRZ | Mont Royal Resources | 0.041 | 0% | 0% | 0% | -32% | -5% | $ 3,486,221.51 |
| SMS | Starmineralslimited | 0.053 | -9% | 112% | 71% | 83% | 47% | $ 9,466,973.30 |
| MVL | Marvel Gold Limited | 0.018 | -5% | 50% | 80% | 125% | 100% | $ 21,291,885.69 |
| PRX | Prodigy Gold NL | 0.003 | 0% | 50% | 50% | 50% | 50% | $ 20,225,588.05 |
| AAU | Antilles Gold Ltd | 0.0065 | 8% | 8% | 30% | 63% | 117% | $ 15,075,408.10 |
| CWX | Carawine Resources | 0.09 | 0% | -3% | -6% | -5% | -10% | $ 21,251,290.41 |
| RND | Rand Mining Ltd | 2.1 | 16% | 20% | 24% | 30% | 39% | $ 113,751,922.00 |
| CAZ | Cazaly Resources | 0.026 | 8% | 13% | 86% | 86% | 86% | $ 11,191,271.78 |
| BMR | Ballymore Resources | 0.16 | 7% | -6% | 33% | 60% | 33% | $ 30,927,441.45 |
| DRE | Dreadnought Resources Ltd | 0.017 | 42% | 55% | 0% | 6% | 42% | $ 81,272,000.00 |
| ZNC | Zenith Minerals Ltd | 0.06 | 3% | 82% | 43% | 50% | 50% | $ 31,767,329.82 |
| REZ | Resourc & En Grp Ltd | 0.02 | 0% | 25% | -17% | -17% | -13% | $ 14,949,451.76 |
| LEX | Lefroy Exploration | 0.115 | -8% | -15% | 31% | 39% | 64% | $ 29,810,416.56 |
| ERM | Emmerson Resources | 0.21 | 8% | 20% | 91% | 304% | 173% | $ 127,137,568.80 |
| ADT | Adriatic Metals | 6.22 | 0% | 6% | 40% | 127% | 59% | $ 1,876,663,051.74 |
| AS1 | Asara Resources Ltd | 0.076 | 27% | 55% | 138% | 660% | 300% | $ 108,741,312.41 |
| CYL | Catalyst Metals | 7.73 | 9% | 40% | 83% | 261% | 200% | $ 1,800,605,700.12 |
| CHN | Chalice Mining Ltd | 1.75 | 0% | 8% | 31% | 77% | 58% | $ 735,409,566.99 |
| KAL | Kalgoorliegoldmining | 0.048 | 26% | 26% | -27% | 100% | 167% | $ 17,943,943.03 |
| MLS | Metals Australia | 0.019 | -7% | 0% | 0% | -10% | -17% | $ 13,845,670.96 |
| SRN | Surefire Rescs NL | 0.0015 | 50% | -40% | -40% | -70% | -49% | $ 5,860,288.88 |
| WA8 | Warriedarresourltd | 0.175 | 9% | 21% | 298% | 173% | 298% | $ 208,489,992.38 |
| HMX | Hammer Metals Ltd | 0.032 | 14% | 19% | 3% | -20% | -3% | $ 30,183,795.80 |
| WCN | White Cliff Min Ltd | 0.024 | -8% | -4% | 33% | 50% | 50% | $ 58,521,267.50 |
| AVM | Advance Metals Ltd | 0.047 | 12% | 7% | 7% | 96% | 38% | $ 13,389,795.36 |
| ASRDD | Asra Minerals Ltd | 0.024 | 140% | 20% | -20% | -60% | -20% | $ 9,600,475.20 |
| ARI | Arika Resources | 0.039 | -15% | 3% | 5% | 95% | 44% | $ 35,412,457.43 |
| CTO | Citigold Corp Ltd | 0.007 | 75% | 100% | 75% | 75% | 75% | $ 18,000,000.00 |
| SMI | Santana Minerals Ltd | 0.71 | 15% | 18% | 30% | 28% | 46% | $ 557,662,691.93 |
| M2R | Miramar | 0.003 | 0% | -25% | 0% | -77% | 0% | $ 3,584,769.73 |
| MHC | Manhattan Corp Ltd | 0.021 | -5% | -16% | 11% | 5% | 11% | $ 12,262,219.68 |
| GRL | Godolphin Resources | 0.012 | -14% | 9% | -8% | -14% | -17% | $ 7,240,024.65 |
| SVG | Savannah Goldfields | 0.014 | -13% | -13% | -7% | -24% | -24% | $ 19,824,843.35 |
| EMC | Everest Metals Corp | 0.125 | 0% | 14% | -24% | 19% | -7% | $ 25,895,844.33 |
| GUL | Gullewa Limited | 0.068 | -7% | -3% | 5% | 5% | 21% | $ 14,825,507.70 |
| CY5 | Cygnus Metals Ltd | 0.093 | 15% | 0% | -23% | 39% | -7% | $ 91,540,547.25 |
| G50 | G50Corp Ltd | 0.275 | 2% | -7% | 112% | 96% | 77% | $ 56,069,344.52 |
| ADV | Ardiden Ltd | 0.165 | 6% | 0% | 10% | 27% | 22% | $ 10,002,800.96 |
| AAR | Astral Resources NL | 0.165 | 0% | 6% | 18% | 57% | 22% | $ 235,589,458.17 |
| VMC | Venus Metals Cor Ltd | 0.12 | 9% | 20% | 32% | 97% | 79% | $ 23,535,441.96 |
| NAE | New Age Exploration | 0.003 | 0% | -14% | -40% | -25% | -14% | $ 8,117,734.22 |
| VKA | Viking Mines Ltd | 0.007 | 0% | 0% | -13% | -13% | -13% | $ 9,407,641.24 |
| LCL | LCL Resources Ltd | 0.007 | 17% | 17% | -22% | -22% | -30% | $ 8,394,800.06 |
| MTH | Mithril Silver Gold | 0.67 | 4% | 43% | 97% | 538% | 68% | $ 113,649,583.47 |
| ADG | Adelong Gold Limited | 0.005 | 0% | 0% | 25% | 0% | 11% | $ 11,584,181.81 |
| RMX | Red Mount Min Ltd | 0.008 | 0% | 0% | -11% | -20% | -11% | $ 4,761,736.64 |
| PRS | Prospech Limited | 0.02 | 15% | -10% | -17% | -31% | -28% | $ 7,576,517.74 |
| TTM | Titan Minerals | 0.435 | -1% | 45% | 9% | 0% | 14% | $ 117,317,567.70 |
| AKA | Aureka Limited | 0.092 | 2% | -8% | -41% | -99% | -32% | $ 11,596,625.85 |
| AAM | Aumegametals | 0.031 | -9% | -16% | -35% | -35% | -26% | $ 18,787,571.61 |
| KZR | Kalamazoo Resources | 0.125 | 4% | 14% | 74% | 56% | 69% | $ 28,393,888.20 |
| BCN | Beacon Minerals | 2.26 | 1% | 81% | 126% | 146% | 157% | $ 232,569,968.40 |
| MAU | Magnetic Resources | 1.31 | 4% | -15% | 1% | -6% | 19% | $ 376,463,328.90 |
| BC8 | Black Cat Syndicate | 0.99 | 13% | 19% | 17% | 179% | 75% | $ 683,981,688.98 |
| EM2 | Eagle Mountain | 0.006 | 0% | 0% | 0% | -83% | -33% | $ 7,945,261.02 |
| EMR | Emerald Res NL | 4.12 | 10% | 19% | 6% | 10% | 27% | $ 2,639,160,492.00 |
| BYH | Bryah Resources Ltd | 0.005 | 0% | 0% | 67% | 0% | 67% | $ 4,114,130.12 |
| HCH | Hot Chili Ltd | 0.89 | 7% | 54% | 31% | 10% | 28% | $ 133,730,731.95 |
| WAF | West African Res Ltd | 3.04 | 0% | 30% | 72% | 124% | 112% | $ 3,468,728,844.00 |
| MEU | Marmota Limited | 0.0415 | 6% | 12% | -14% | 15% | 6% | $ 49,488,843.18 |
| NVA | Nova Minerals Ltd | 0.3 | 3% | 0% | 15% | 107% | -19% | $ 122,457,932.19 |
| SVL | Silver Mines Limited | 0.145 | 16% | 12% | 86% | 54% | 86% | $ 308,637,484.52 |
| PGD | Peregrine Gold | 0.29 | 7% | -2% | 152% | 66% | 107% | $ 25,878,561.01 |
| ICL | Iceni Gold | 0.062 | -5% | -5% | -14% | 59% | -13% | $ 21,284,685.99 |
| FG1 | Flynngold | 0.029 | 7% | 4% | 7% | 12% | 16% | $ 10,956,861.16 |
| WWI | West Wits Mining Ltd | 0.037 | 9% | 68% | 106% | 147% | 164% | $ 125,312,497.95 |
| RML | Resolution Minerals | 0.057 | 0% | -25% | 613% | 256% | 375% | $ 71,510,498.15 |
| AAJ | Aruma Resources Ltd | 0.009 | 13% | 20% | 0% | -44% | -25% | $ 2,623,524.20 |
| HWK | Hawk Resources. | 0.017 | 13% | 0% | -26% | -32% | -23% | $ 4,605,800.63 |
| GMN | Gold Mountain Ltd | 0.092 | 30% | 48% | -8% | -47% | -39% | $ 11,967,035.39 |
| MEG | Megado Minerals Ltd | 0.03 | -3% | -6% | 100% | 162% | 76% | $ 19,370,497.86 |
| HMG | Hamelingoldlimited | 0.078 | 7% | 42% | 42% | 4% | 22% | $ 15,665,982.11 |
| BM8 | Battery Age Minerals | 0.079 | 1% | 18% | 14% | -37% | -25% | $ 11,840,542.19 |
| TBR | Tribune Res Ltd | 5.34 | 11% | 14% | 12% | 36% | 24% | $ 280,179,531.18 |
| FML | Focus Minerals Ltd | 0.585 | 15% | 58% | 200% | 333% | 244% | $ 166,204,014.10 |
| VRC | Volt Resources Ltd | 0.004 | 0% | 0% | 0% | 0% | 33% | $ 18,739,397.64 |
| ARV | Artemis Resources | 0.007 | 17% | 40% | -13% | -42% | -13% | $ 17,194,032.99 |
| HRN | Horizon Gold Ltd | 0.555 | 16% | 14% | 36% | 83% | 16% | $ 94,152,323.99 |
| CLA | Celsius Resource Ltd | 0.009 | 0% | 38% | -10% | -25% | -18% | $ 28,219,396.07 |
| QML | Qmines Limited | 0.054 | -2% | 6% | 20% | -18% | 0% | $ 25,496,707.23 |
| RDN | Raiden Resources Ltd | 0.0045 | 13% | 13% | -25% | -84% | -59% | $ 13,803,565.77 |
| TCG | Turaco Gold Limited | 0.48 | 1% | 9% | 48% | 96% | 88% | $ 504,417,248.16 |
| KCCDA | Kincora Copper | 0.85 | 29% | 27% | 227% | 68% | 215% | $ 23,547,909.00 |
| GBZ | GBM Rsources Ltd | 0.034 | 21% | 55% | 325% | 386% | 325% | $ 131,771,579.05 |
| DTM | Dart Mining NL | 0.0025 | 0% | -17% | -50% | -84% | -72% | $ 3,436,315.41 |
| MKR | Manuka Resources. | 0.042 | 0% | -11% | 53% | 30% | 53% | $ 43,680,778.97 |
| AUC | Ausgold Limited | 0.865 | 7% | 57% | 88% | 122% | 106% | $ 351,910,153.71 |
| ANX | Anax Metals Ltd | 0.007 | 0% | 0% | -13% | -63% | -42% | $ 6,179,652.97 |
| EMU | EMU NL | 0.023 | -21% | 10% | -21% | 12% | -15% | $ 5,703,708.64 |
| SFM | Santa Fe Minerals | 0.225 | 0% | -4% | 449% | 463% | 626% | $ 15,656,039.64 |
| PNR | Pantoro Gold Limited | 4.82 | 2% | 27% | 110% | 170% | 215% | $ 1,927,544,635.23 |
| CMM | Capricorn Metals | 11.25 | 7% | 24% | 45% | 105% | 79% | $ 4,790,943,016.80 |
| VRL | Verity Resources | 0.024 | -13% | 9% | 54% | -18% | 23% | $ 6,997,386.70 |
| HAW | Hawthorn Resources | 0.057 | 4% | 8% | 30% | -8% | 39% | $ 19,095,889.94 |
| BGD | Bartongoldholdings | 0.9 | 7% | 24% | 200% | 291% | 267% | $ 196,329,120.72 |
| SVY | Stavely Minerals Ltd | 0.014 | -13% | 0% | -22% | -46% | -18% | $ 10,196,345.73 |
| AGC | AGC Ltd | 0.22 | 5% | 47% | 28% | -17% | 42% | $ 57,661,388.84 |
| RGL | Riversgold | 0.004 | 0% | 0% | -20% | -11% | 0% | $ 6,734,850.37 |
| TSO | Tesoro Gold Ltd | 0.043 | 8% | 43% | 48% | 54% | 115% | $ 80,587,368.28 |
| GUE | Global Uranium | 0.053 | -9% | -15% | -22% | -4% | -12% | $ 24,101,997.67 |
| CPM | Coopermetalslimited | 0.054 | -7% | 4% | 29% | -16% | 17% | $ 4,309,560.75 |
| MM8 | Medallion Metals. | 0.405 | 25% | 62% | 170% | 650% | 238% | $ 226,351,201.85 |
| FFM | Firefly Metals Ltd | 1.23 | 2% | 18% | 29% | 42% | 33% | $ 822,596,180.56 |
| CBY | Canterbury Resources | 0.022 | 5% | -15% | -4% | -33% | 0% | $ 4,563,699.71 |
| SLA | Solara Minerals | 0.2 | -5% | -13% | 43% | -23% | 122% | $ 11,254,616.37 |
| SFR | Sandfire Resources | 12.35 | -1% | 13% | 16% | 54% | 33% | $ 5,641,993,159.40 |
| TAM | Tanami Gold NL | 0.057 | 0% | 0% | 111% | 78% | 90% | $ 66,980,531.62 |
| NWM | Norwest Minerals | 0.012 | -11% | -4% | 17% | -33% | 0% | $ 13,391,390.36 |
| ALK | Alkane Resources Ltd | 1.12 | 7% | 59% | 85% | 191% | 120% | $ 1,542,311,759.19 |
| BMO | Bastion Minerals | 0.0015 | 0% | 0% | -52% | -68% | -52% | $ 3,307,429.64 |
| IDA | Indiana Resources | 0.04 | -2% | 6% | 33% | 90% | 57% | $ 25,749,298.32 |
| GSM | Golden State Mining | 0.012 | 0% | 33% | 33% | 20% | 50% | $ 3,352,447.56 |
| NSM | Northstaw | 0.03 | -6% | 0% | 5% | 186% | 90% | $ 10,228,418.10 |
| GSN | Great Southern | 0.03 | 20% | 15% | 36% | 58% | 100% | $ 27,910,520.12 |
| VAU | Vault Minerals Ltd | 0.6 | 13% | 52% | 50% | 107% | 82% | $ 3,877,409,827.74 |
| CDR | Codrus Minerals Ltd | 0.024 | 0% | -8% | 41% | -20% | 41% | $ 5,168,359.48 |
| MDI | Middle Island Res | 0.046 | 130% | 171% | 171% | 318% | 283% | $ 11,729,358.84 |
| WTM | Waratah Minerals Ltd | 0.69 | -5% | 75% | 331% | 82% | 345% | $ 189,946,234.13 |
| POL | Polymetals Resources | 0.88 | 14% | 16% | 38% | 267% | 11% | $ 234,336,967.38 |
| RDS | Redstone Resources | 0.005 | 0% | 67% | 67% | 11% | 100% | $ 5,171,336.78 |
| NAG | Nagambie Resources | 0.014 | 8% | -18% | -13% | -33% | -22% | $ 12,538,540.52 |
| BGL | Bellevue Gold Ltd | 0.915 | 5% | 11% | -21% | -20% | -19% | $ 1,295,655,298.88 |
| GBR | Greatbould Resources | 0.066 | 10% | 12% | -7% | 40% | 53% | $ 59,927,302.49 |
| KAI | Kairos Minerals Ltd | 0.024 | 2% | 4% | 33% | 118% | 100% | $ 67,347,804.73 |
| KAU | Kaiser Reef | 0.225 | 10% | 32% | 41% | 61% | 41% | $ 130,580,153.00 |
| HRZ | Horizon | 0.053 | 8% | 10% | -13% | 29% | 33% | $ 153,109,913.05 |
| CDT | Castle Minerals | 0.075 | 10% | 25% | 25% | -38% | 25% | $ 10,845,717.75 |
| RSG | Resolute Mining | 0.7 | 7% | 10% | 89% | 12% | 77% | $ 1,469,490,248.97 |
| EVN | Evolution Mining Ltd | 9.06 | 7% | 25% | 45% | 131% | 88% | $ 18,122,262,372.00 |
| CXU | Cauldron Energy Ltd | 0.009 | 29% | 13% | -8% | -37% | -23% | $ 12,524,127.05 |
| DLI | Delta Lithium | 0.17 | -3% | 10% | 3% | -17% | 0% | $ 125,515,563.60 |
| ALY | Alchemy Resource Ltd | 0.008 | 14% | 60% | 0% | 33% | 14% | $ 9,424,610.05 |
| NH3 | Nh3Cleanenergyltd | 0.041 | -20% | -32% | 86% | 64% | 128% | $ 27,134,115.20 |
| OBM | Ora Banda Mining Ltd | 1.08 | 26% | 67% | 17% | 91% | 66% | $ 1,859,526,947.75 |
| AVW | Avira Resources Ltd | 0.01 | 25% | 67% | 25% | -50% | -50% | $ 2,300,000.00 |
| LCY | Legacy Iron Ore | 0.008 | -11% | -20% | -27% | -36% | -20% | $ 78,096,340.67 |
| PDI | Predictive Disc Ltd | 0.46 | 2% | 7% | 37% | 114% | 100% | $ 1,180,110,571.20 |
| MAT | Matsa Resources | 0.094 | 25% | 29% | 65% | 248% | 169% | $ 68,513,318.19 |
| ZAG | Zuleika Gold Ltd | 0.026 | 30% | 30% | 136% | 73% | 100% | $ 20,912,637.96 |
| GML | Gateway Mining | 0.063 | 19% | 142% | 200% | 200% | 200% | $ 99,258,655.34 |
| SBM | St Barbara Limited | 0.38 | 6% | 36% | 65% | 65% | 69% | $ 400,972,294.48 |
| SBR | Sabre Resources | 0.012 | 0% | 20% | 50% | -14% | 20% | $ 4,733,543.20 |
| STK | Strickland Metals | 0.145 | 7% | 20% | 113% | 80% | 91% | $ 311,074,472.09 |
| CEL | Challenger Gold Ltd | 0.13 | 8% | 43% | 132% | 132% | 177% | $ 272,060,566.50 |
| GG8 | Gorilla Gold Mines | 0.43 | 4% | 4% | 18% | 260% | 65% | $ 281,108,347.41 |
| NST | Northern Star | 19.94 | 6% | 23% | 14% | 37% | 29% | $ 28,172,154,400.30 |
| OZM | Ozaurum Resources | 0.061 | -8% | -23% | -6% | 42% | 103% | $ 13,975,214.25 |
| TG1 | Techgen Metals Ltd | 0.03 | -17% | 57% | 9% | -2% | -10% | $ 4,601,305.59 |
| AQI | Alicanto Min Ltd | 0.039 | 3% | 44% | 22% | 179% | 5% | $ 31,381,290.11 |
| KTA | Krakatoa Resources | 0.011 | -27% | -8% | 10% | 22% | 16% | $ 9,337,608.30 |
| ARN | Aldoro Resources | 0.4 | 21% | 23% | 4% | 355% | 5% | $ 84,913,650.90 |
| WGX | Westgold Resources. | 3.72 | 9% | 44% | 51% | 35% | 31% | $ 3,397,208,803.20 |
| MBK | Metal Bank Ltd | 0.015 | 7% | 25% | 7% | -11% | 0% | $ 6,964,425.97 |
| A8G | Australasian Metals | 0.072 | -17% | 0% | -3% | -45% | -9% | $ 4,168,060.20 |
| TAR | Taruga Minerals | 0.011 | 0% | 22% | 10% | 38% | 10% | $ 8,565,048.70 |
| DTR | Dateline Resources | 0.24 | -9% | 78% | 7900% | 4264% | 6757% | $ 758,575,079.34 |
| GOR | Gold Road Res Ltd | 3.4 | 2% | 7% | 37% | 117% | 66% | $ 3,682,892,813.40 |
| S2R | S2 Resources | 0.11 | 16% | 64% | 77% | 21% | 64% | $ 57,668,939.49 |
| NES | Nelson Resources. | 0.003 | 0% | 0% | 0% | -25% | 0% | $ 6,515,782.98 |
| TLM | Talisman Mining | 0.15 | 0% | 3% | -17% | -29% | -27% | $ 27,306,450.61 |
| BEZ | Besragoldinc | 0.041 | -2% | -13% | 14% | -55% | -54% | $ 17,866,422.82 |
| PRU | Perseus Mining Ltd | 4.25 | 10% | 27% | 41% | 76% | 65% | $ 5,539,782,276.90 |
| SPQ | Superior Resources | 0.0045 | -10% | -10% | -36% | -59% | -25% | $ 11,854,913.63 |
| PUR | Pursuit Minerals | 0.071 | -10% | 8% | 0% | -53% | -26% | $ 7,163,944.73 |
| RMS | Ramelius Resources | 3.43 | 11% | 32% | 28% | 67% | 66% | $ 6,408,767,314.50 |
| PKO | Peako Limited | 0.003 | -14% | 20% | 0% | 0% | 0% | $ 5,207,096.86 |
| RKB | Rokeby Resources Ltd | 0.009 | -10% | -25% | 50% | 80% | 80% | $ 16,432,936.25 |
| A1G | African Gold Ltd. | 0.305 | 7% | 42% | 384% | 853% | 455% | $ 156,756,501.74 |
| NMG | New Murchison Gold | 0.024 | 20% | 41% | 140% | 380% | 167% | $ 226,427,073.50 |
| GNM | Great Northern | 0.068 | -3% | 325% | 353% | 386% | 386% | $ 14,078,330.64 |
| KRM | Kingsrose Mining Ltd | 0.042 | 0% | 2% | 20% | 11% | 20% | $ 33,155,166.84 |
| BTR | Brightstar Resources | 0.43 | 9% | -1% | -4% | 8% | -14% | $ 240,389,543.07 |
| RRL | Regis Resources | 5.09 | 7% | 23% | 58% | 193% | 100% | $ 3,649,955,599.18 |
| M24 | Mamba Exploration | 0.015 | -6% | 0% | 15% | 0% | 25% | $ 4,427,484.15 |
| TRM | Truscott Mining Corp | 0.047 | 9% | -10% | -32% | -22% | -40% | $ 9,001,673.76 |
| TNC | True North Copper | 0.345 | -9% | 1% | -1% | -90% | -89% | $ 43,947,061.86 |
| KNB | Koonenberrygold | 0.04 | -5% | 3% | 29% | 300% | 233% | $ 44,180,780.56 |
| AWJ | Auric Mining | 0.18 | -5% | 6% | -32% | -33% | -47% | $ 37,196,220.40 |
| ENR | Encounter Resources | 0.35 | 3% | 32% | 43% | -26% | 8% | $ 169,973,588.46 |
| SNG | Siren Gold | 0.072 | 3% | 47% | 33% | 11% | 11% | $ 18,529,742.63 |
| STN | Saturn Metals | 0.45 | 5% | 8% | 125% | 125% | 120% | $ 211,627,702.12 |
| USL | Unico Silver Limited | 0.48 | 25% | 23% | 182% | 191% | 146% | $ 239,404,993.69 |
| PNM | Pacific Nickel Mines | 0.024 | 0% | 0% | 0% | 0% | 0% | $ 10,103,834.52 |
| AYM | Australia United Min | 0.003 | 0% | 50% | 0% | 50% | -25% | $ 5,527,732.46 |
| HAV | Havilah Resources | 0.18 | 3% | 0% | -8% | 3% | -20% | $ 62,066,133.36 |
| PNT | Panthermetalsltd | 0.01 | 11% | 18% | -33% | -57% | -9% | $ 2,708,140.93 |
| MEK | Meeka Metals Limited | 0.18 | 24% | 29% | 44% | 227% | 134% | $ 496,201,128.90 |
| GMD | Genesis Minerals | 5.36 | 19% | 43% | 67% | 159% | 117% | $ 5,744,403,329.56 |
| PGO | Pacgold | 0.06 | -9% | -6% | 0% | -26% | -20% | $ 15,133,624.96 |
| FEG | Far East Gold | 0.145 | -6% | -19% | -6% | -12% | -19% | $ 55,054,117.95 |
| MI6 | Minerals260Limited | 0.15 | 15% | 30% | 15% | 7% | 15% | $ 289,426,666.62 |
| IGO | IGO Limited | 4.85 | -5% | 5% | 22% | -4% | 2% | $ 3,612,167,468.01 |
| GAL | Galileo Mining Ltd | 0.18 | 9% | 20% | 24% | 9% | 44% | $ 34,584,362.23 |
| RXL | Rox Resources | 0.42 | 18% | 50% | 75% | 223% | 110% | $ 295,105,557.02 |
| PTN | Patronus Resources | 0.064 | 3% | -4% | 7% | 21% | 31% | $ 91,714,852.90 |
| CLZ | Classic Min Ltd | 0.001 | 0% | 0% | 0% | 0% | 0% | $ 3,017,699.21 |
| TGM | Theta Gold Mines Ltd | 0.175 | -3% | 4% | 13% | 30% | -3% | $ 168,466,344.30 |
| FAL | Falconmetalsltd | 0.875 | -11% | 79% | 775% | 192% | 661% | $ 194,570,199.71 |
| SPD | Southernpalladium | 0.66 | 10% | -1% | 53% | 83% | 10% | $ 71,121,750.00 |
| ORN | Orion Minerals Ltd | 0.013 | 30% | 30% | -19% | -19% | -13% | $ 97,531,224.02 |
| TMB | Tambourahmetals | 0.044 | -6% | 22% | 57% | 12% | 110% | $ 7,670,666.34 |
| TMS | Tennant Minerals Ltd | 0.006 | 0% | 0% | -57% | -67% | -33% | $ 6,395,342.49 |
| AZY | Antipa Minerals Ltd | 0.665 | 8% | 23% | 87% | 412% | 156% | $ 414,440,328.96 |
| PXX | Polarx Limited | 0.016 | 0% | 14% | 100% | 60% | 146% | $ 38,008,015.65 |
| TRE | Toubani Res Ltd | 0.33 | 5% | 0% | 120% | 69% | 94% | $ 115,830,536.58 |
| AUN | Aurumin | 0.105 | 13% | 5% | 62% | 163% | 59% | $ 50,031,962.70 |
| GPR | Geopacific Resources | 0.029 | -6% | 7% | 45% | 30% | 45% | $ 92,291,494.45 |
| FXG | Felix Gold Limited | 0.275 | 49% | 72% | 139% | 235% | 227% | $ 103,137,460.59 |
| ILT | Iltani Resources Lim | 0.27 | 32% | 42% | 17% | 35% | 32% | $ 17,474,312.53 |
| BRX | Belararoxlimited | 0.115 | 5% | 39% | 24% | -61% | -34% | $ 17,819,887.47 |
| TM1 | Terra Metals Limited | 0.087 | 9% | 32% | 263% | 149% | 211% | $ 53,786,186.82 |
| TOR | Torque Met | 0.33 | 12% | 40% | 237% | 214% | 523% | $ 172,679,846.40 |
| ARD | Argent Minerals | 0.023 | 2% | 5% | 28% | 53% | 35% | $ 34,707,371.52 |
| LM1 | Leeuwin Metals Ltd | 0.175 | 17% | 17% | 59% | 116% | 25% | $ 16,129,021.44 |
| SX2 | Southgold Consol | 6.88 | 6% | 25% | 99% | 0% | 0% | $ 959,059,899.96 |
| UVA | Uvrelimited | 0.13 | -4% | 8% | 78% | 63% | 46% | $ 25,603,897.64 |
| VTX | Vertexmin | 0.32 | 33% | 45% | 21% | 167% | 54% | $ 65,321,750.16 |
| JAV | Javelin Minerals Ltd | 0.003 | 0% | 50% | 20% | 20% | 0% | $ 18,756,674.66 |
| OMX | Orangeminerals | 0.086 | 5% | 23% | 197% | 231% | 197% | $ 12,399,991.04 |
| FBM | Future Battery | 0.038 | 58% | 46% | 90% | 90% | 111% | $ 26,986,441.12 |
Gold medal performers
Who were some of the top precious metals names this week?
Led by incoming executive chair Andrew Bray, Gateway has moved quickly to pinpoint the growth potential of its 400,000oz Yandal project, acquired from Serbian gold explorer Strickland Metals (ASX:STK).
Surveys have already pointed to some 90km of untested strike on shear zones never identified by previous explorers.
The project is located in the Yandal gold belt, near major gold deposits owned by Australia’s biggest gold miner Northern Star, along with a host of juniors like Yandal Resources (ASX:YRL) and Albion Resources (ASX:ALB).
“We are genuinely hitting the ground running,” Bray said.
“Since announcing the acquisition of the Yandal gold project at the end of June 2025, Gateway has been conducting significant initial exploration efforts with the expectation of rapidly moving towards commencing major drill programs next quarter.
“The geophysical work completed to date has delineated very large (and previously unidentified) new shear zones. These trends represent fertile gold exploration ground and offer enormous potential for future gold discoveries.”
Gateway has also looked into old drill data to pick out a new target on the Mustang shear that could be analogous to the known Horse Well gold camp, with a 25,000m aircore program due to start in mid-October.
Results will form the basis for future RC and diamond drilling.
TechGen this week announced the completion of a heritage survey at its Blue Devil project, 40km northeast of Halls Creek in WA, where it’s planning to explore for copper, gold and silver.
It’s already had some encouragement in early surveys over the 195km2 cluster of three exploration licences, picking up rock chips grading up to 52.3% copper and 5.35g/t gold.
“We are delighted with the on-country heritage survey that was recently completed with the assistance of the traditional owners from the Jaru People managed by the Jaru Board that strongly supports our recently signed Heritage Protection agreement, we look forward to ongoing relationships working together on the completion of the survey report in due course,” MD Ashley Hood said in an ASX statement.
“Historically the tenement area has been explored for Mississippi Valley Type mineralisation (lead/zinc) with no dedicated and or systematic copper and gold exploration having been completed.”
The company is planning to run an IP survey to investigate the new high grade copper and gold gossans, which Hood says appear to run parallel and cross cut the main stratigraphy of the site.
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