Gold's conked out on the lead-in to Christmas after a lump of coal delivered by US Fed chair Jerome Powell. Pic: Getty Images
Gold Digger: Gold bulls hit snooze, but there’s more than rates at play
Mining
share
- Gold down below US$2600/oz for the first time since November 17
- US Fed chair Jerome Powell spooks bulls with fewer rate cuts flagged in 2025
- But experts say debt levels suggest major upside for bullion
The last meeting of the US Fed brought mixed messages for gold bulls.
An expected, and largely priced in, the 25bps rate cut on Wednesday was a solid way for bullion buyers, who are advantaged when cash rates fall, to end the year.
But US Fed chair Jerome Powell’s comments after, cutting the expected trims from four to two next year, weren’t what safe haven investors were hoping.
The policy direction – a response to sticky inflation – favours the US dollar, cash and bonds. The latter two yield interest, while a stronger US dollar is negative for commodities since they are typically traded in the currency.
Since September, the Fed’s headline and core inflation projections have been lifted from 2.3% and 2.6% to 2.4% and 2.8% respectively and the rate at the end of next year is now expected by officials on the Board of Governors to fall to 3.9% by the end of 2025.
Had four cuts been put on the agenda, the cash rate would likely have been predicted to fall into the low 3% range, around the Fed’s neutral fund rate number.
CME’s Fedwatch Tool shows almost 90% of the market thinks rates will stay the same in January with a more than 50% chance of the current 4.25-4.5% range remaining intact in March.
45.3% of the market thinks the first 25bps cut will be in place by May, with 41.5% seeing a stable cash rate and just a 12.3% chance of a more aggressive chop to 3.75-4%.
Gold is now under US$2600/oz for the first time since November 17, according to the LBMA, down 1.64% to US$2592.45/oz.
How the first half of 2025 plays out in a new Trump presidency brings another wildcard to the equation, with markets likely to be volatile as the Republican enacts pet policies in his first 100 days.
Debt catalyst
At the same time many analysts are sidestepping the interest rate cycle and looking closely at the scale of US and other government debt in their convictions that gold will remain a choice commodity pick for 2025.
MineLife founder and senior analyst Gavin Wendt, one of 14 experts in our 2025 stockpicking digest out next week (read last year’s here to see how our stockpickers fared), said gold continued to correlate well to rising sovereign debt numbers.
The US Government is now sitting on over US$36 trillion of it.
“GOLD remains the standout commodity for 2025, as the factors that have driven it to record highs in 2024 remain prevalent,” he told Stockhead.
“Gold provides central banks with a unique hedge against currency debasement and global political and economic uncertainty. In the USA, since Nixon closed the Gold Window in 1971, gold priced in U.S. dollars has a 92% correlation to Total Federal Debt Outstanding.
“So, rising debt levels boost gold prices. And over the past 25 years, gold had appreciated by an average of 8% annually.
“More individual investors are buying gold than ever before, particularly in China, where gold investment has increased in popularity as returns in the property sector have nosedived.”
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 | 0.007 | -13% | -13% | -22% | -56% | 0% | $ 8,136,506.27 |
| NPM | Newpeak Metals | 0.011 | -21% | 10% | -52% | -25% | 0% | $ 3,359,455.72 |
| ASO | Aston Minerals Ltd | 0.011 | 22% | 38% | 10% | -50% | 22% | $ 11,655,578.42 |
| MTC | Metalstech Ltd | 0.15 | 11% | 25% | -38% | -21% | 7% | $ 25,680,132.79 |
| GED | Golden Deeps | 0.026 | 4% | 0% | -26% | -43% | 4% | $ 3,788,058.73 |
| G88 | Golden Mile Res Ltd | 0.009 | 13% | -10% | -18% | -55% | 0% | $ 4,255,405.70 |
| LAT | Latitude 66 Limited | 0.043 | -10% | -36% | 2050% | -71% | 13% | $ 6,166,230.32 |
| NMR | Native Mineral Res | 0.04 | 3% | 25% | 90% | 111% | 3% | $ 18,913,689.80 |
| AQX | Alice Queen Ltd | 0.008 | 14% | 0% | 14% | 60% | 0% | $ 9,175,120.54 |
| SLZ | Sultan Resources Ltd | 0.007 | 0% | -13% | -22% | -69% | 17% | $ 1,620,289.37 |
| MKG | Mako Gold | 0.014 | 8% | 0% | 40% | 40% | 8% | $ 12,826,047.98 |
| KSN | Kingston Resources | 0.076 | 4% | -15% | -7% | -1% | 7% | $ 59,540,076.38 |
| AMI | Aurelia Metals Ltd | 0.18 | 6% | 9% | -8% | 64% | 6% | $ 296,023,801.85 |
| GIB | Gibb River Diamonds | 0.04 | -2% | 11% | -7% | 43% | 0% | $ 8,580,377.80 |
| KCN | Kingsgate Consolid. | 1.325 | 4% | -5% | -16% | -1% | 3% | $ 332,499,682.68 |
| TMX | Terrain Minerals | 0.003 | 0% | 0% | 0% | -40% | 0% | $ 5,432,086.40 |
| BNR | Bulletin Res Ltd | 0.038 | -3% | -5% | -7% | -73% | -3% | $ 10,863,692.95 |
| NXM | Nexus Minerals Ltd | 0.05 | 9% | -17% | 28% | 11% | 11% | $ 21,961,132.20 |
| SKY | SKY Metals Ltd | 0.054 | 4% | 6% | 59% | 50% | 0% | $ 38,377,970.96 |
| LM8 | Lunnonmetalslimited | 0.25 | 19% | -6% | 25% | -59% | 0% | $ 55,157,043.50 |
| CST | Castile Resources | 0.073 | -9% | -3% | 1% | -9% | -9% | $ 21,298,533.85 |
| YRL | Yandal Resources | 0.175 | -7% | -17% | 13% | 106% | 0% | $ 54,116,121.85 |
| FAU | First Au Ltd | 0.002 | 33% | 0% | 0% | -43% | 0% | $ 4,143,986.55 |
| ARL | Ardea Resources Ltd | 0.325 | 5% | -4% | -32% | -33% | -2% | $ 64,896,947.38 |
| GWR | GWR Group Ltd | 0.081 | 1% | -6% | -6% | -15% | 1% | $ 25,697,332.40 |
| IVR | Investigator Res Ltd | 0.022 | 16% | -41% | -51% | -39% | 10% | $ 33,366,471.05 |
| GTR | Gti Energy Ltd | 0.003 | 0% | -25% | -25% | -63% | -14% | $ 8,888,848.99 |
| IPT | Impact Minerals | 0.0105 | 0% | -5% | -34% | -13% | 5% | $ 30,594,337.18 |
| BNZ | Benzmining | 0.355 | 6% | 4% | 173% | 42% | 3% | $ 43,799,407.38 |
| MOH | Moho Resources | 0.004 | 0% | -20% | -20% | -60% | -20% | $ 2,865,898.30 |
| BCM | Brazilian Critical | 0.009 | -5% | -10% | -50% | -65% | 0% | $ 9,454,127.29 |
| PUA | Peak Minerals Ltd | 0.008 | 0% | 23% | 222% | 222% | 0% | $ 20,416,882.11 |
| MRZ | Mont Royal Resources | 0.043 | 0% | 8% | -38% | -71% | 0% | $ 3,656,281.10 |
| SMS | Starmineralslimited | 0.036 | -3% | -3% | 33% | 7% | 0% | $ 4,385,039.51 |
| MVL | Marvel Gold Limited | 0.009 | 0% | -5% | 13% | -25% | 0% | $ 7,774,116.33 |
| PRX | Prodigy Gold NL | 0.002 | 0% | 0% | 12% | -63% | 0% | $ 6,350,111.10 |
| AAU | Antilles Gold Ltd | 0.004 | 0% | 14% | 0% | -82% | 33% | $ 7,431,504.23 |
| CWX | Carawine Resources | 0.1 | 0% | -9% | 16% | -9% | 0% | $ 23,612,544.90 |
| RND | Rand Mining Ltd | 1.48 | -2% | -8% | -1% | 8% | -2% | $ 82,470,143.45 |
| CAZ | Cazaly Resources | 0.0135 | 4% | -10% | -33% | -52% | -4% | $ 5,996,938.88 |
| BMR | Ballymore Resources | 0.125 | 0% | -17% | -22% | 0% | 4% | $ 21,207,670.20 |
| DRE | Dreadnought Resources Ltd | 0.0115 | 5% | -18% | -45% | -60% | -4% | $ 41,445,800.00 |
| ZNC | Zenith Minerals Ltd | 0.04 | -7% | -7% | -17% | -72% | 0% | $ 16,297,656.88 |
| REZ | Resourc & En Grp Ltd | 0.023 | -4% | -12% | 92% | 77% | 0% | $ 16,790,978.05 |
| LEX | Lefroy Exploration | 0.072 | 3% | -1% | -28% | -60% | 3% | $ 17,363,972.50 |
| ERM | Emmerson Resources | 0.087 | 18% | 53% | 61% | 53% | 13% | $ 50,213,891.44 |
| AM7 | Arcadia Minerals | 0.021 | 11% | -13% | -48% | -71% | 11% | $ 2,465,052.09 |
| ADT | Adriatic Metals | 3.91 | -1% | -4% | 4% | -1% | 0% | $ 1,094,236,878.24 |
| AS1 | Asara Resources Ltd | 0.018 | 0% | -22% | 64% | 64% | -5% | $ 17,939,885.53 |
| CYL | Catalyst Metals | 2.74 | 7% | 5% | 136% | 243% | 6% | $ 587,557,214.40 |
| CHN | Chalice Mining Ltd | 1.115 | 2% | -21% | -26% | -34% | 1% | $ 439,600,270.44 |
| KAL | Kalgoorliegoldmining | 0.019 | 0% | -24% | -41% | -30% | 6% | $ 5,189,059.64 |
| MLS | Metals Australia | 0.024 | 9% | 0% | 26% | -37% | 4% | $ 17,453,268.58 |
| ADN | Andromeda Metals Ltd | 0.006 | -14% | -14% | -63% | -77% | -14% | $ 24,001,093.82 |
| MEI | Meteoric Resources | 0.092 | 7% | -4% | -41% | -64% | 8% | $ 200,349,062.03 |
| SRN | Surefire Rescs NL | 0.0035 | 17% | -13% | -56% | -61% | 0% | $ 7,248,923.44 |
| WA8 | Warriedarresourltd | 0.046 | 7% | -21% | -21% | -12% | 5% | $ 43,961,372.41 |
| HMX | Hammer Metals Ltd | 0.033 | 3% | -6% | -13% | -31% | 0% | $ 31,959,313.20 |
| WCN | White Cliff Min Ltd | 0.0165 | -3% | 0% | 10% | 83% | 3% | $ 30,247,531.97 |
| AVM | Advance Metals Ltd | 0.034 | 0% | 6% | 31% | -8% | 0% | $ 5,728,971.92 |
| ASR | Asra Minerals Ltd | 0.003 | 0% | -25% | -33% | -57% | 0% | $ 9,250,520.50 |
| ARI | Arika Resources | 0.026 | -4% | -19% | 30% | 30% | -4% | $ 16,471,224.59 |
| CTO | Citigold Corp Ltd | 0.004 | 0% | 0% | 0% | -20% | 0% | $ 12,000,000.00 |
| SMI | Santana Minerals Ltd | 0.47 | 4% | -6% | 27% | 39% | -3% | $ 296,266,880.56 |
| M2R | Miramar | 0.003 | -40% | -25% | -63% | -85% | 0% | $ 1,587,293.14 |
| MHC | Manhattan Corp Ltd | 0.022 | 5% | -45% | -12% | -67% | 16% | $ 4,463,079.06 |
| GRL | Godolphin Resources | 0.014 | 0% | -7% | -26% | -62% | -3% | $ 5,026,260.30 |
| SVG | Savannah Goldfields | 0.023 | 10% | 10% | 21% | -54% | 10% | $ 6,183,868.15 |
| EMC | Everest Metals Corp | 0.135 | 0% | 4% | -4% | 69% | 0% | $ 31,329,737.04 |
| GUL | Gullewa Limited | 0.056 | 0% | -7% | -24% | 2% | 0% | $ 12,209,241.63 |
| CY5 | Cygnus Metals Ltd | 0.13 | 37% | 0% | 177% | 8% | 30% | $ 97,556,759.75 |
| G50 | G50Corp Ltd | 0.16 | 7% | -16% | -27% | 19% | 3% | $ 25,423,266.99 |
| ADV | Ardiden Ltd | 0.135 | -4% | 4% | 8% | -23% | 0% | $ 8,439,863.31 |
| AAR | Astral Resources NL | 0.1425 | -5% | -2% | 72% | 93% | 6% | $ 161,610,162.74 |
| VMC | Venus Metals Cor Ltd | 0.067 | 6% | -4% | -4% | -33% | 0% | $ 13,140,621.76 |
| NAE | New Age Exploration | 0.0035 | -13% | -13% | -13% | -42% | 0% | $ 7,503,646.19 |
| VKA | Viking Mines Ltd | 0.009 | 13% | 0% | 13% | -40% | 13% | $ 10,625,178.56 |
| LCL | LCL Resources Ltd | 0.01 | 11% | 0% | 25% | -38% | 0% | $ 11,948,127.07 |
| MTH | Mithril Silver Gold | 0.435 | 13% | 13% | 135% | 118% | 9% | $ 56,588,423.58 |
| ADG | Adelong Gold Limited | 0.005 | 25% | 0% | -17% | 0% | 11% | $ 5,589,944.79 |
| RMX | Red Mount Min Ltd | 0.01 | 0% | 0% | 0% | -62% | 11% | $ 4,184,620.16 |
| PRS | Prospech Limited | 0.027 | -7% | -7% | 0% | -13% | -7% | $ 9,535,950.72 |
| TTM | Titan Minerals | 0.38 | 15% | -24% | -21% | 46% | 0% | $ 92,416,864.50 |
| AKA | Aureka Limited | 0.15 | 7% | 50% | -98% | -98% | 11% | $ 15,365,234.40 |
| AAM | Aumegametals | 0.04 | -5% | 8% | -27% | -20% | -5% | $ 22,956,295.60 |
| KZR | Kalamazoo Resources | 0.074 | -10% | -11% | -13% | -30% | 0% | $ 14,636,416.46 |
| BCN | Beacon Minerals | 0.023 | 5% | 0% | -12% | -8% | 5% | $ 92,980,012.22 |
| MAU | Magnetic Resources | 1.12 | 2% | -4% | -10% | 12% | 1% | $ 301,440,099.50 |
| BC8 | Black Cat Syndicate | 0.585 | 1% | -16% | 89% | 149% | 4% | $ 344,086,178.38 |
| EM2 | Eagle Mountain | 0.01 | 36% | -24% | -77% | -85% | 11% | $ 4,006,577.76 |
| EMR | Emerald Res NL | 3.325 | 1% | -7% | -5% | 13% | 2% | $ 2,155,108,931.68 |
| BYH | Bryah Resources Ltd | 0.004 | 33% | 0% | -20% | -69% | 33% | $ 2,013,147.42 |
| HCH | Hot Chili Ltd | 0.71 | 6% | -5% | -28% | -31% | 1% | $ 107,508,519.50 |
| WAF | West African Res Ltd | 1.4875 | 3% | 2% | -6% | 52% | 4% | $ 1,669,773,076.46 |
| MEU | Marmota Limited | 0.039 | 3% | 11% | -15% | -9% | 0% | $ 42,376,555.73 |
| NVA | Nova Minerals Ltd | 0.385 | 10% | 64% | 120% | 5% | 4% | $ 104,603,839.88 |
| SVL | Silver Mines Limited | 0.078 | -3% | -21% | -48% | -53% | 0% | $ 138,822,480.58 |
| PGD | Peregrine Gold | 0.155 | 41% | 19% | -18% | -37% | 11% | $ 8,824,194.73 |
| ICL | Iceni Gold | 0.077 | 18% | 43% | 28% | 45% | 8% | $ 23,399,296.40 |
| FG1 | Flynngold | 0.026 | -4% | -13% | 4% | -43% | 4% | $ 6,794,228.22 |
| WWI | West Wits Mining Ltd | 0.015 | 7% | -6% | 25% | 36% | 7% | $ 35,598,175.40 |
| RML | Resolution Minerals | 0.012 | -14% | -25% | -40% | -50% | 0% | $ 2,704,669.51 |
| AAJ | Aruma Resources Ltd | 0.012 | 9% | -14% | -8% | -56% | 0% | $ 2,442,639.89 |
| HWK | Hawk Resources. | 0.022 | 10% | -27% | -29% | -59% | 0% | $ 5,234,447.88 |
| GMN | Gold Mountain Ltd | 0.003 | 0% | 0% | 0% | -40% | 0% | $ 11,902,419.55 |
| MEG | Megado Minerals Ltd | 0.015 | 0% | 0% | 57% | -52% | -12% | $ 6,295,248.93 |
| HMG | Hamelingoldlimited | 0.064 | 2% | -9% | -20% | -19% | 0% | $ 10,118,400.00 |
| BM8 | Battery Age Minerals | 0.1 | 0% | -5% | -46% | -51% | -5% | $ 10,327,414.00 |
| TBR | Tribune Res Ltd | 4.26 | 0% | -12% | 27% | 44% | -1% | $ 224,563,369.56 |
| FML | Focus Minerals Ltd | 0.175 | 6% | 6% | 13% | -3% | 3% | $ 48,714,969.65 |
| VRC | Volt Resources Ltd | 0.003 | 0% | 0% | -25% | -50% | 0% | $ 14,746,338.33 |
| ARV | Artemis Resources | 0.0085 | 0% | -6% | -29% | -55% | 6% | $ 18,745,750.62 |
| HRN | Horizon Gold Ltd | 0.51 | 15% | 11% | 70% | 70% | 6% | $ 71,695,761.89 |
| CLA | Celsius Resource Ltd | 0.0105 | -5% | -5% | -25% | -16% | -5% | $ 28,027,003.75 |
| QML | Qmines Limited | 0.056 | 8% | -14% | 6% | -28% | 4% | $ 19,247,488.01 |
| RDN | Raiden Resources Ltd | 0.0105 | -5% | -25% | -66% | -74% | -5% | $ 34,508,914.42 |
| TCG | Turaco Gold Limited | 0.275 | 2% | -14% | 31% | 112% | 8% | $ 220,850,327.33 |
| KCC | Kincora Copper | 0.027 | 0% | -25% | -46% | -43% | 0% | $ 6,422,661.42 |
| GBZ | GBM Rsources Ltd | 0.008 | 14% | 14% | -20% | -11% | 0% | $ 9,253,511.11 |
| DTM | Dart Mining NL | 0.009 | 0% | -18% | -57% | -42% | 0% | $ 5,382,500.19 |
| MKR | Manuka Resources. | 0.028 | 0% | -26% | -24% | -64% | 0% | $ 22,701,494.73 |
| AUC | Ausgold Limited | 0.44 | 7% | 7% | 29% | 47% | 5% | $ 149,778,216.84 |
| ANX | Anax Metals Ltd | 0.012 | 9% | 20% | -50% | -59% | 0% | $ 10,517,420.90 |
| EMU | EMU NL | 0.027 | 4% | -7% | 0% | -2% | 0% | $ 5,194,238.05 |
| SFM | Santa Fe Minerals | 0.031 | 7% | 7% | -3% | -28% | 0% | $ 2,257,382.46 |
| SSR | SSR Mining Inc. | 11.51 | 4% | 30% | 71% | -27% | 5% | $ 42,105,582.40 |
| PNR | Pantoro Limited | 0.095 | 4% | -2% | -3% | 73% | 6% | $ 587,316,776.77 |
| CMM | Capricorn Metals | 6.47 | 1% | 1% | 35% | 39% | 3% | $ 2,589,312,872.76 |
| X64 | Ten Sixty Four Ltd | 0.57 | 0% | 0% | 0% | 0% | 0% | $ 129,844,903.32 |
| VRL | Verity Resources | 0.018 | -14% | 20% | -55% | -82% | -10% | $ 2,817,045.75 |
| HAW | Hawthorn Resources | 0.041 | 0% | -15% | -35% | -56% | 0% | $ 14,070,655.75 |
| BGD | Bartongoldholdings | 0.25 | 2% | -2% | -8% | -7% | 2% | $ 54,706,280.00 |
| SVY | Stavely Minerals Ltd | 0.026 | 63% | 18% | -7% | -40% | 53% | $ 11,968,926.05 |
| AGC | AGC Ltd | 0.155 | -3% | -18% | -46% | 125% | 0% | $ 39,772,569.41 |
| RGL | Riversgold | 0.004 | 33% | 33% | -20% | -69% | 0% | $ 6,734,850.37 |
| TSO | Tesoro Gold Ltd | 0.0205 | 3% | -11% | -40% | -29% | 3% | $ 29,514,866.78 |
| GUE | Global Uranium | 0.06 | -5% | -3% | -27% | -38% | 0% | $ 15,675,546.87 |
| CPM | Coopermetalslimited | 0.046 | 15% | -10% | -33% | -88% | 0% | $ 3,369,292.95 |
| MM8 | Medallion Metals. | 0.125 | 14% | 44% | 140% | 108% | 4% | $ 49,129,964.04 |
| FFM | Firefly Metals Ltd | 0.865 | -4% | -17% | 13% | 36% | -6% | $ 498,986,825.97 |
| CBY | Canterbury Resources | 0.022 | -8% | 0% | -51% | -4% | 0% | $ 4,343,699.71 |
| LYN | Lycaonresources | 0.15 | 72% | -35% | -40% | -21% | 67% | $ 8,477,571.68 |
| SFR | Sandfire Resources | 9.29 | -3% | -11% | 8% | 26% | 0% | $ 4,270,545,346.83 |
| SMG | Silvermetalgroupltd | 0.06 | 0% | 0% | 0% | 0% | 0% | $ 4,881,135.48 |
| TAM | Tanami Gold NL | 0.03 | 0% | 3% | -12% | -14% | 0% | $ 36,428,008.43 |
| NWM | Norwest Minerals | 0.014 | -13% | -30% | -52% | -56% | 0% | $ 6,791,673.14 |
| ALK | Alkane Resources Ltd | 0.535 | 6% | 11% | 10% | -19% | 5% | $ 320,937,202.76 |
| BMO | Bastion Minerals | 0.004 | 0% | -33% | -33% | -78% | 0% | $ 3,378,898.66 |
| IDA | Indiana Resources | 0.062 | 2% | 3% | 34% | 52% | 2% | $ 39,849,412.40 |
| GSM | Golden State Mining | 0.009 | 0% | 13% | -18% | -40% | 13% | $ 2,514,335.67 |
| NSM | Northstaw | 0.016 | -6% | -6% | 78% | -60% | 0% | $ 4,362,824.00 |
| GSN | Great Southern | 0.016 | 10% | -6% | -6% | -24% | 7% | $ 15,805,151.01 |
| VAU | Vault Minerals Ltd | 0.34 | 6% | 1% | -8% | 10% | 3% | $ 2,244,816,216.06 |
| DEG | De Grey Mining | 1.815 | 2% | -8% | 54% | 47% | 3% | $ 4,290,195,933.95 |
| THR | Thor Energy PLC | 0.013 | 0% | 0% | -13% | -57% | 0% | $ 3,292,632.36 |
| CDR | Codrus Minerals Ltd | 0.017 | -11% | -6% | -60% | -75% | 0% | $ 2,811,587.57 |
| MDI | Middle Island Res | 0.012 | -8% | -20% | -8% | -25% | 0% | $ 3,277,112.70 |
| WTM | Waratah Minerals Ltd | 0.155 | 3% | -9% | 24% | 41% | 0% | $ 32,381,999.84 |
| POL | Polymetals Resources | 0.795 | -1% | -4% | 184% | 156% | 0% | $ 156,136,741.55 |
| RDS | Redstone Resources | 0.003 | 20% | 0% | -25% | -50% | 20% | $ 2,776,135.38 |
| NAG | Nagambie Resources | 0.018 | 6% | -22% | 38% | -38% | 0% | $ 14,459,442.19 |
| BGL | Bellevue Gold Ltd | 1.1325 | 1% | -11% | -38% | -32% | 1% | $ 1,452,798,850.25 |
| GBR | Greatbould Resources | 0.043 | 2% | 0% | -23% | -35% | 0% | $ 31,882,214.03 |
| KAI | Kairos Minerals Ltd | 0.014 | 17% | -3% | 56% | -3% | 17% | $ 34,201,858.46 |
| KAU | Kaiser Reef | 0.17 | 3% | 3% | 10% | 6% | 6% | $ 41,433,242.40 |
| HRZ | Horizon | 0.043 | 10% | 5% | 8% | 2% | 8% | $ 61,475,819.16 |
| CAI | Calidus Resources | 0.115 | 0% | 0% | 0% | -47% | 0% | $ 93,678,205.58 |
| CDT | Castle Minerals | 0.0025 | 0% | 25% | -44% | -72% | 25% | $ 3,793,628.21 |
| RSG | Resolute Mining | 0.4125 | 6% | 1% | -25% | -9% | 4% | $ 862,265,255.27 |
| MXR | Maximus Resources | 0.059 | 31% | 44% | 103% | 78% | 2% | $ 24,819,806.08 |
| EVN | Evolution Mining Ltd | 4.89 | 1% | 1% | 42% | 23% | 2% | $ 9,628,418,861.60 |
| CXU | Cauldron Energy Ltd | 0.015 | 15% | -6% | -41% | -43% | 25% | $ 18,998,259.92 |
| DLI | Delta Lithium | 0.17 | 3% | -6% | -36% | -64% | 0% | $ 121,812,104.64 |
| ALY | Alchemy Resource Ltd | 0.007 | 0% | 0% | 40% | -33% | 0% | $ 8,246,533.79 |
| NH3 | Nh3Cleanenergyltd | 0.019 | 6% | -10% | 90% | 46% | 6% | $ 9,792,886.12 |
| OBM | Ora Banda Mining Ltd | 0.6625 | 1% | -3% | 98% | 170% | 2% | $ 1,241,317,985.82 |
| AVW | Avira Resources Ltd | 0.001 | 0% | 0% | 0% | -50% | 0% | $ 2,938,790.00 |
| LCY | Legacy Iron Ore | 0.009 | 0% | -18% | -28% | -45% | -10% | $ 87,858,383.26 |
| PDI | Predictive Disc Ltd | 0.245 | 4% | 0% | 32% | 23% | 7% | $ 564,216,475.92 |
| MAT | Matsa Resources | 0.035 | 11% | -17% | 30% | 40% | 0% | $ 22,753,062.61 |
| ZAG | Zuleika Gold Ltd | 0.013 | 0% | -19% | -24% | -28% | 0% | $ 9,644,439.05 |
| GML | Gateway Mining | 0.021 | 0% | -16% | -19% | -19% | 0% | $ 8,585,226.20 |
| SBM | St Barbara Limited | 0.2425 | 21% | -27% | 21% | 18% | 8% | $ 254,468,890.14 |
| SBR | Sabre Resources | 0.01 | 0% | -9% | -33% | -68% | 0% | $ 3,536,657.40 |
| STK | Strickland Metals | 0.084 | 5% | 8% | -24% | -16% | -1% | $ 192,045,082.55 |
| CEL | Challenger Gold Ltd | 0.045 | 2% | 2% | -20% | -40% | -4% | $ 65,884,653.58 |
| LRL | Labyrinth Resources | 0.255 | 6% | 11% | 806% | 418% | -2% | $ 141,247,268.31 |
| NST | Northern Star | 15.71 | 2% | -5% | 22% | 15% | 2% | $ 17,762,631,102.45 |
| OZM | Ozaurum Resources | 0.028 | 8% | -15% | -44% | -81% | -7% | $ 4,762,500.00 |
| TG1 | Techgen Metals Ltd | 0.034 | 3% | 6% | 13% | -59% | -3% | $ 5,394,634.14 |
| XAM | Xanadu Mines Ltd | 0.048 | 0% | -4% | -13% | -23% | -2% | $ 90,512,736.62 |
| AQI | Alicanto Min Ltd | 0.037 | -3% | 3% | 76% | 12% | 0% | $ 32,020,433.01 |
| KTA | Krakatoa Resources | 0.009 | 0% | -10% | -31% | -73% | -5% | $ 5,311,206.23 |
| ARN | Aldoro Resources | 0.355 | 18% | 303% | 400% | 184% | -7% | $ 48,464,547.48 |
| WGX | Westgold Resources. | 2.88 | 1% | 2% | 17% | 35% | 2% | $ 2,725,587,004.10 |
| MBK | Metal Bank Ltd | 0.017 | 21% | -6% | -31% | -39% | 13% | $ 7,461,884.97 |
| A8G | Australasian Metals | 0.075 | -4% | -6% | 4% | -50% | -5% | $ 3,909,037.05 |
| TAR | Taruga Minerals | 0.01 | 0% | 0% | 43% | -9% | 0% | $ 7,060,267.85 |
| DTR | Dateline Resources | 0.003 | 0% | 0% | -67% | -73% | -14% | $ 8,806,911.64 |
| GOR | Gold Road Res Ltd | 2.09 | 3% | 2% | 20% | 7% | 2% | $ 2,233,083,445.40 |
| S2R | S2 Resources | 0.069 | 6% | 0% | -29% | -55% | 3% | $ 30,341,485.53 |
| NES | Nelson Resources. | 0.003 | 0% | 50% | 50% | -25% | 0% | $ 5,429,819.15 |
| TLM | Talisman Mining | 0.215 | 0% | -7% | -17% | -10% | 5% | $ 40,488,875.04 |
| BEZ | Besragoldinc | 0.087 | 10% | 32% | -12% | -40% | -3% | $ 36,978,516.64 |
| PRU | Perseus Mining Ltd | 2.635 | 4% | 2% | 13% | 42% | 3% | $ 3,585,888,534.33 |
| SPQ | Superior Resources | 0.007 | 17% | -7% | -29% | -46% | 17% | $ 15,189,046.59 |
| PUR | Pursuit Minerals | 0.095 | -5% | -5% | -37% | -76% | -1% | $ 7,843,893.03 |
| RMS | Ramelius Resources | 2.11 | 0% | 2% | 12% | 25% | 2% | $ 2,437,098,635.50 |
| PKO | Peako Limited | 0.002 | -33% | 0% | -14% | -48% | -33% | $ 2,190,283.07 |
| ICG | Inca Minerals Ltd | 0.005 | 0% | 0% | -38% | -52% | 0% | $ 5,133,612.67 |
| A1G | African Gold Ltd. | 0.06 | 18% | 15% | 186% | 161% | 9% | $ 22,138,427.16 |
| NMG | New Murchison Gold | 0.009 | -10% | -18% | 80% | 50% | 0% | $ 66,847,547.63 |
| GNM | Great Northern | 0.013 | -7% | -13% | 18% | -38% | -7% | $ 2,010,178.00 |
| KRM | Kingsrose Mining Ltd | 0.036 | 9% | 3% | -12% | -10% | 3% | $ 25,619,901.65 |
| BTR | Brightstar Resources | 0.0205 | 3% | -18% | 21% | 28% | 3% | $ 239,319,476.97 |
| RRL | Regis Resources | 2.585 | 0% | 3% | 47% | 17% | 1% | $ 1,949,132,553.72 |
| M24 | Mamba Exploration | 0.012 | 0% | 9% | -25% | -74% | 0% | $ 2,819,487.31 |
| TRM | Truscott Mining Corp | 0.078 | 0% | 0% | 28% | 43% | 0% | $ 14,741,539.12 |
| TNCDB | True North Copper | 3 | 0% | 0% | -43% | -69% | 0% | $ 26,264,706.00 |
| MOM | Moab Minerals Ltd | 0.0025 | -17% | -17% | -17% | -64% | 25% | $ 3,133,998.73 |
| KNB | Koonenberrygold | 0.016 | 23% | -6% | 14% | -61% | 33% | $ 13,114,312.11 |
| AWJ | Auric Mining | 0.345 | 5% | 10% | 77% | 156% | 1% | $ 50,644,146.14 |
| ENR | Encounter Resources | 0.315 | -5% | -15% | -58% | 3% | -3% | $ 159,613,542.08 |
| SNG | Siren Gold | 0.067 | 5% | 12% | -16% | -3% | 3% | $ 14,671,030.80 |
| STN | Saturn Metals | 0.215 | -2% | -12% | 18% | 26% | 5% | $ 65,638,037.85 |
| USL | Unico Silver Limited | 0.2 | 5% | -2% | 25% | 54% | 3% | $ 85,399,032.23 |
| PNM | Pacific Nickel Mines | 0.024 | 0% | 0% | -29% | -71% | 0% | $ 10,103,834.52 |
| AYM | Australia United Min | 0.004 | 0% | 100% | 100% | 33% | 0% | $ 7,370,309.94 |
| ANL | Amani Gold Ltd | 0.001 | 0% | 0% | 0% | 0% | 0% | $ 21,449,587.12 |
| HAV | Havilah Resources | 0.215 | -2% | 8% | 8% | 10% | -4% | $ 74,636,385.12 |
| SPR | Spartan Resources | 1.4925 | 14% | 5% | 62% | 192% | 6% | $ 1,887,837,365.03 |
| PNT | Panthermetalsltd | 0.011 | -8% | -31% | -32% | -74% | 0% | $ 2,729,878.39 |
| MEK | Meeka Metals Limited | 0.085 | 13% | 15% | 158% | 113% | 10% | $ 207,962,436.78 |
| GMD | Genesis Minerals | 2.55 | 1% | 2% | 45% | 47% | 3% | $ 2,799,089,058.64 |
| PGO | Pacgold | 0.075 | 3% | -12% | -32% | -60% | 0% | $ 9,859,075.35 |
| FEG | Far East Gold | 0.17 | -3% | 6% | 70% | 21% | -6% | $ 61,759,836.90 |
| MI6 | Minerals260Limited | 0.13 | 4% | 0% | -7% | -61% | 0% | $ 30,420,000.00 |
| IGO | IGO Limited | 4.91 | 2% | -5% | -13% | -46% | 3% | $ 3,680,321,571.18 |
| GAL | Galileo Mining Ltd | 0.135 | 17% | 13% | -34% | -53% | 8% | $ 23,714,991.24 |
| RXL | Rox Resources | 0.1975 | 4% | 20% | 52% | 7% | -1% | $ 100,410,609.98 |
| PTN | Patronus Resources | 0.053 | 6% | -18% | -4% | -21% | 8% | $ 81,051,191.30 |
| CLZ | Classic Min Ltd | 0.001 | 0% | 0% | -33% | -98% | 0% | $ 1,544,025.56 |
| TGM | Theta Gold Mines Ltd | 0.175 | -5% | 0% | 6% | 52% | -3% | $ 152,897,152.68 |
| FAL | Falconmetalsltd | 0.12 | 4% | -11% | -57% | -14% | 4% | $ 20,355,000.00 |
| SXG | Southern Cross Gold | 3.53 | 1% | 9% | 45% | 174% | 2% | $ 756,435,989.82 |
| SPD | Southernpalladium | 0.59 | -2% | -21% | 53% | 57% | -2% | $ 54,570,000.00 |
| ORN | Orion Minerals Ltd | 0.016 | 14% | 7% | 7% | 14% | 7% | $ 102,574,202.22 |
| TMB | Tambourahmetals | 0.022 | -4% | -15% | -59% | -81% | 5% | $ 2,432,981.01 |
| TMS | Tennant Minerals Ltd | 0.009 | -5% | -18% | -59% | -72% | 0% | $ 9,558,904.15 |
| AZY | Antipa Minerals Ltd | 0.03 | 15% | 20% | 200% | 71% | 15% | $ 148,346,017.16 |
| PXX | Polarx Limited | 0.006 | 0% | -25% | -54% | 3% | -8% | $ 14,253,005.87 |
| TRE | Toubani Res Ltd | 0.16 | 0% | -6% | 0% | 10% | -6% | $ 38,923,193.03 |
| AUN | Aurumin | 0.069 | 6% | 19% | 97% | 176% | 5% | $ 32,904,969.50 |
| GPR | Geopacific Resources | 0.02 | 0% | -10% | -2% | 9% | 0% | $ 23,661,448.42 |
| FXG | Felix Gold Limited | 0.092 | 15% | 19% | 109% | 88% | 10% | $ 28,593,055.99 |
| ILT | Iltani Resources Lim | 0.195 | -5% | 34% | -29% | 22% | -5% | $ 8,651,690.97 |
| BRX | Belararoxlimited | 0.18 | 16% | -3% | -33% | -44% | 3% | $ 25,897,991.58 |
| TM1 | Terra Metals Limited | 0.026 | 18% | -16% | -69% | -48% | -7% | $ 10,327,743.66 |
| TOR | Torque Met | 0.052 | 0% | 8% | -61% | -76% | -2% | $ 12,732,860.23 |
| ARD | Argent Minerals | 0.0185 | 9% | -3% | 16% | 85% | 9% | $ 25,298,708.40 |
| LM1 | Leeuwin Metals Ltd | 0.12 | 0% | 64% | 135% | -14% | -14% | $ 5,622,200.52 |
Top ASX Gold Stories This Week
Emmerson caught fire after a research note from Chris Baker over at Bridge Street Capital Partners, which raised $5m for the NT gold explorer this month.
The $40 million capped junior is in an interesting position.
Its JV partner in the Tennant Creek mineral field, Tennant Creek Mining Group, was recently bought out by 200,000ozpa plus South African gold producer Pan African Resources.
But the way it will realise value on the JV is extremely interesting, with ERM free carried for a 6% royalty on gold mined and put through the soon to be built Nobles plant. Some of that is due in 2026 whether the mines are operating or not.
That makes it a prime takeout target for Pan African, if it wants to rationalise ownership of the mines, or a royalty company looking for a near-term income stream.
“We see ERM as a prime takeover candidate, either by one of the multitude of royalty companies worldwide, or by Pan African itself, to effectively extinguish the royalty,” Baker told clients.
“We estimate the royalty will add around US$130/oz to the cost of gold from JV tenements at the current gold prices.”
A volley of announcements this week from the owner of the Sturec mine in Slovakia.
Among the most notable was news on Thursday that the terms underpinning a potential royalty over the site have expired, meaning the company has no more contingent payments linked to the option agreement signed in 2019.
MTC also announced the appointment of a study manager for the pre-feasibility study, with Mining One to deliver the review over the 2.7Moz mine.
An underground scoping study last year suggested the project would produce 1.134Moz gold equivalent in the form of a gold and silver concentrate via underground production methods over nine years, with capex to cost just US$75.8m leveraging Chinese manufacturing processes.
All-in sustaining costs were predicted of US$927/oz on a gold equivalent basis. How that holds up in the PFS remains to be seen, though gold prices have lifted substantially since the scoping study 12 months back – which used a gold price of US$1850/oz – currently fetching over US$2600/oz.
Read MoreGold
