The World Gold Council thinks gold can resume its upwards momentum under Trump after post-election dip. Pic: Getty Images.
Mining
Gold hit record highs of close to US$2800/oz ahead of the US election, and now the results are in the precious metal has retreated a wee bit, sitting at around US$2571/oz.
The last Trump presidency saw a 55% gain for bullion, second in percentage terms only to the eight-year reign of George W. Bush (220%), on the back of a trade war between the US and China and the Covid pandemic.
Gold is typically a safe haven asset in times of financial turmoil, so what’s the outlook for bullion investors in a Trump 2.0 world?
The World Gold Council reckons stronger bond yields and US dollar, risk-on in equities, a boost to cryptocurrencies and quelling of geopolitical risk might see a near-term retracement in gold.
“Gold’s negative reaction to both the US election results and a continued move higher in bonds yields and the US dollar is in our view a near-term phenomenon,” the WGC says.
The world gold council puts the dip down to the likely unwind of pre-election hedges, the strength of the US dollar and global gold ETFs shedding an estimated US$809mn (12t) during the first week of November potentially signalling renewed fears around the resumption of a US-China trade war.
“These factors might presage a welcome pause, even a healthy near-term retracement, for gold.”
A retracement is like a temporary turnaround in an asset price that goes against the trend, so a healthy retracement for gold might look like a little dip before resuming its upward trajectory.
“We believe there’s still fundamental support for gold. And if it’s a retracement, we don’t expect it’ll develop into a rout,” the WGC said.
Gold trades in US dollars, so a weaker dollar often means higher gold prices. And that draws in investors looking for a shiny safe haven asset in gold.
And so far, the US dollar has rallied since Trump won the election and Capital Economics deputy chief market economist Jonas Goltermann is confident the greenback will make further gains over the next year as the Don implements tariffs “and the US economy (and stock market) continues to outperform its peers.”
“While the dollar looks due a period of consolidation in the near term, we now expect the greenback to end the year around its current level against most other currencies and to appreciate further in 2025,” Goltermann said.
That’s based on the assumption that the incoming Trump administration’s policies will lead to fewer policy rate cuts, Trump will introduce introduce a 10% universal tariff and a 60% levy on imports from China, and a rosy eyed outlook that the US economic and equity market outperformance will persist.
“We now expect interest rate differentials to shift a bit in favour of the US over the next year or so, largely because we expect somewhat more cuts than money markets now discount in most major non-US economies,” he said.
On the promised tariffs, Goltermann said based on the 2018-19 US-China trade war, US tariffs would, other things equal, lead to an appreciation of the dollar as exchange rates move to offset the impact of tariffs.
“By that logic, the currencies of economies with close trade links to the US would see the largest currency adjustments,” he said.
The WGC reckons the tariffs could put more pressure on Asian equity markets too, with the weakness in China’s CSI300 index being one factor contributing to stellar gold investment demand in the country during 2024.
Looking at the US economic outlook generally, Goltermann says, unlike its peers, “the US economy shows little sign of slowing down much, and we think the AI-driven US equity bubble has further to run.”
“Combined with the uncertainty generated by Trump’s unpredictable approach to policymaking, we think that the backdrop will tend to favour the dollar and, to a lesser extent, other safe haven currencies,” he said.
Here’s how ASX-listed precious metals stocks are performing:
| Code | Company | Price | % Week | % Month | % Six Month | % Year | YTD% | Market Cap |
|---|---|---|---|---|---|---|---|---|
| XTC | XTC Lithium Limited | 0.2 | 19900% | 19900% | 19900% | 0% | 19900% | $17,528,272 |
| ADG | Adelong Gold Limited | 0.005 | 25% | 25% | 25% | -23% | 0% | $5,589,945 |
| NMR | Native Mineral Res | 0.039 | 22% | 26% | 77% | 15% | 95% | $15,536,552 |
| FG1 | Flynngold | 0.036 | 20% | 29% | 33% | -49% | -21% | $9,407,393 |
| GSN | Great Southern | 0.018 | 20% | 13% | -5% | -18% | -5% | $15,238,507 |
| G50 | G50Corp Ltd | 0.1725 | 19% | 1% | -14% | 33% | 28% | $21,263,096 |
| NAG | Nagambie Resources | 0.019 | 19% | 0% | 90% | -39% | -34% | $15,136,078 |
| BMO | Bastion Minerals | 0.007 | 17% | 0% | -13% | -56% | -61% | $3,600,573 |
| ALY | Alchemy Resource Ltd | 0.007 | 17% | 0% | -13% | -36% | -30% | $8,246,534 |
| CXU | Cauldron Energy Ltd | 0.015 | 15% | -12% | -62% | 18% | -36% | $21,908,986 |
| CWX | Carawine Resources | 0.115 | 15% | 17% | 15% | 10% | 5% | $27,154,427 |
| VMC | Venus Metals Cor Ltd | 0.079 | 14% | 44% | -2% | -21% | -21% | $15,494,166 |
| MAT | Matsa Resources | 0.048 | 14% | 20% | 50% | 85% | 85% | $31,204,200 |
| LCL | LCL Resources Ltd | 0.01 | 11% | 11% | -9% | -60% | -41% | $9,648,780 |
| PRS | Prospech Limited | 0.031 | 11% | 3% | -31% | 35% | 0% | $9,381,460 |
| LRL | Labyrinth Resources | 0.26 | 11% | 24% | 428% | 428% | 428% | $115,480,267 |
| HRN | Horizon Gold Ltd | 0.48 | 10% | 39% | 60% | 66% | 60% | $69,523,163 |
| CLA | Celsius Resource Ltd | 0.011 | 10% | -8% | 10% | 0% | -8% | $28,281,270 |
| ICG | Inca Minerals Ltd | 0.0055 | 10% | 10% | -21% | -65% | -47% | $5,646,974 |
| ARI | Arika Resources | 0.024 | 9% | -31% | 20% | 20% | -4% | $14,846,028 |
| DTM | Dart Mining NL | 0.012 | 9% | -20% | -53% | -35% | -23% | $6,111,778 |
| NPM | Newpeak Metals | 0.013 | 8% | 8% | -42% | -85% | -9% | $3,970,266 |
| MEU | Marmota Limited | 0.04 | 8% | 8% | -5% | 0% | -7% | $43,463,134 |
| CST | Castile Resources | 0.084 | 8% | 5% | -5% | 40% | 2% | $20,319,804 |
| GML | Gateway Mining | 0.028 | 8% | 17% | 65% | 47% | 12% | $11,072,864 |
| TMS | Tennant Minerals Ltd | 0.014 | 8% | 8% | -33% | -52% | -58% | $13,382,466 |
| KNB | Koonenberrygold | 0.015 | 7% | 25% | 7% | -45% | -61% | $4,316,812 |
| STK | Strickland Metals | 0.078 | 7% | -1% | -12% | -50% | -18% | $172,178,350 |
| NWM | Norwest Minerals | 0.018 | 6% | -10% | -49% | -40% | -33% | $8,732,151 |
| RND | Rand Mining Ltd | 2.09 | 6% | 3% | 33% | 49% | 53% | $118,870,758 |
| XAM | Xanadu Mines Ltd | 0.055 | 6% | -29% | -19% | -18% | -7% | $99,880,331 |
| KRM | Kingsrose Mining Ltd | 0.037 | 6% | -12% | -8% | -23% | -10% | $27,880,481 |
| NXM | Nexus Minerals Ltd | 0.057 | 6% | 4% | -3% | 54% | 21% | $27,720,534 |
| HMG | Hamelingoldlimited | 0.095 | 6% | 25% | 34% | 13% | 20% | $14,962,500 |
| KAL | Kalgoorliegoldmining | 0.02 | 5% | -9% | -29% | -29% | -26% | $5,406,168 |
| HAV | Havilah Resources | 0.2 | 5% | -7% | 0% | -20% | 3% | $67,851,259 |
| PNT | Panthermetalsltd | 0.021 | 5% | -36% | -19% | -60% | -50% | $4,942,321 |
| MEG | Megado Minerals Ltd | 0.014 | 5% | -8% | 34% | -59% | -58% | $4,094,378 |
| SVG | Savannah Goldfields | 0.022 | 5% | 5% | -31% | -55% | -56% | $6,183,868 |
| BCN | Beacon Minerals | 0.023 | 5% | 5% | -12% | -13% | -8% | $97,206,376 |
| LYN | Lycaonresources | 0.245 | 4% | -22% | -16% | 58% | 23% | $12,981,282 |
| GMD | Genesis Minerals | 2.23 | 4% | 9% | 21% | 54% | 25% | $2,516,662,653 |
| ADV | Ardiden Ltd | 0.14 | 4% | 4% | -10% | -46% | -20% | $8,752,451 |
| GPR | Geopacific Resources | 0.028 | 4% | 12% | 33% | 56% | 40% | $33,126,028 |
| AQI | Alicanto Min Ltd | 0.033 | 3% | 65% | 80% | -12% | 0% | $24,688,718 |
| TBR | Tribune Res Ltd | 5 | 3% | 3% | 23% | 63% | 69% | $262,340,385 |
| HMX | Hammer Metals Ltd | 0.039 | 3% | -3% | -3% | -26% | -25% | $34,622,589 |
| ARN | Aldoro Resources | 0.088 | 2% | 22% | 33% | 6% | -30% | $11,846,889 |
| BRX | Belararoxlimited | 0.235 | 2% | -19% | 15% | -44% | -24% | $29,845,442 |
| BM8 | Battery Age Minerals | 0.097 | 2% | -12% | -8% | -52% | -49% | $9,872,092 |
| TG1 | Techgen Metals Ltd | 0.029 | 2% | -12% | -41% | -55% | -63% | $4,601,306 |
| QML | Qmines Limited | 0.063 | 2% | -18% | -16% | -17% | -23% | $21,653,424 |
| PTN | Patronus Resources | 0.064 | 2% | 14% | -2% | 14% | -4% | $104,793,459 |
| ARL | Ardea Resources Ltd | 0.395 | 1% | -9% | -37% | -25% | -17% | $78,874,751 |
| KSN | Kingston Resources | 0.088 | 1% | 6% | 16% | 10% | 15% | $62,232,839 |
| CPM | Coopermetalslimited | 0.0485 | 1% | -10% | -63% | -78% | -86% | $3,800,249 |
| SMI | Santana Minerals Ltd | 0.605 | 1% | -17% | 68% | 142% | 80% | $386,021,781 |
| CMM | Capricorn Metals | 5.95 | 0% | -2% | 26% | 34% | 26% | $2,445,041,622 |
| MRR | Minrex Resources Ltd | 0.008 | 0% | 0% | -27% | -47% | -53% | $8,678,940 |
| ASO | Aston Minerals Ltd | 0.01 | 0% | -17% | -17% | -71% | -58% | $12,950,643 |
| SLZ | Sultan Resources Ltd | 0.009 | 0% | 50% | -18% | -39% | -60% | $2,083,229 |
| GIB | Gibb River Diamonds | 0.037 | 0% | -8% | 54% | 16% | 23% | $7,936,849 |
| TMX | Terrain Minerals | 0.0035 | 0% | 0% | 17% | -22% | -30% | $6,300,101 |
| BNR | Bulletin Res Ltd | 0.042 | 0% | -2% | -22% | -75% | -70% | $12,331,760 |
| GWR | GWR Group Ltd | 0.086 | 0% | -4% | -22% | 13% | -9% | $27,624,632 |
| GTR | Gti Energy Ltd | 0.004 | 0% | -20% | -33% | -50% | -50% | $11,841,799 |
| IPT | Impact Minerals | 0.012 | 0% | 0% | -45% | 0% | 9% | $36,713,205 |
| BCM | Brazilian Critical | 0.009 | 0% | 0% | -63% | -67% | -65% | $7,996,594 |
| PUA | Peak Minerals Ltd | 0.006 | 0% | 140% | 45% | 141% | 141% | $14,982,662 |
| PRX | Prodigy Gold NL | 0.002 | 0% | -33% | -25% | -68% | -63% | $6,350,111 |
| ERM | Emmerson Resources | 0.06 | 0% | 40% | 18% | 3% | 2% | $32,682,587 |
| AS1 | Asara Resources Ltd | 0.018 | 0% | 0% | 64% | 0% | 80% | $17,939,886 |
| MEI | Meteoric Resources | 0.105 | 0% | 13% | -48% | -56% | -60% | $241,364,677 |
| CTO | Citigold Corp Ltd | 0.004 | 0% | -20% | -43% | -20% | -20% | $12,000,000 |
| M2R | Miramar | 0.006 | 0% | -25% | -36% | -71% | -70% | $2,380,940 |
| AAR | Astral Resources NL | 0.13 | 0% | 13% | 67% | 60% | 78% | $150,615,323 |
| RMX | Red Mount Min Ltd | 0.01 | 0% | 0% | -33% | -71% | -62% | $3,873,578 |
| AAM | Aumegametals | 0.046 | 0% | -19% | -42% | 15% | -2% | $26,731,641 |
| BYH | Bryah Resources Ltd | 0.004 | 0% | 0% | -50% | -79% | -69% | $2,013,147 |
| WWI | West Wits Mining Ltd | 0.014 | 0% | -7% | 0% | 17% | 17% | $35,598,175 |
| RML | Resolution Minerals | 0.002 | 0% | 0% | -33% | -60% | -33% | $3,220,044 |
| AL8 | Alderan Resource Ltd | 0.003 | 0% | -14% | -16% | -52% | -33% | $5,727,876 |
| GMN | Gold Mountain Ltd | 0.002 | 0% | 0% | -50% | -67% | -64% | $7,814,946 |
| ANX | Anax Metals Ltd | 0.01 | 0% | -33% | -82% | -70% | -67% | $8,714,349 |
| SFM | Santa Fe Minerals | 0.03 | 0% | -19% | -36% | -30% | -30% | $2,184,564 |
| X64 | Ten Sixty Four Ltd | 0.57 | 0% | 0% | 0% | 0% | 0% | $129,844,903 |
| TMZ | Thomson Res Ltd | 0.005 | 0% | 0% | 0% | 0% | 0% | $4,881,018 |
| IDA | Indiana Resources | 0.11 | 0% | 12% | 36% | 84% | 38% | $69,945,840 |
| GSM | Golden State Mining | 0.009 | 0% | -18% | -18% | -57% | -40% | $2,514,336 |
| MDI | Middle Island Res | 0.016 | 0% | -16% | 7% | -6% | 0% | $4,369,484 |
| RDS | Redstone Resources | 0.003 | 0% | -25% | -25% | -57% | -50% | $2,776,135 |
| KAI | Kairos Minerals Ltd | 0.016 | 0% | 28% | 33% | -6% | 14% | $42,094,595 |
| CAI | Calidus Resources | 0.115 | 0% | 0% | -8% | -32% | -47% | $93,678,206 |
| MXR | Maximus Resources | 0.039 | 0% | -13% | 30% | -11% | 14% | $16,689,180 |
| AVW | Avira Resources Ltd | 0.001 | 0% | 0% | 0% | -50% | -50% | $2,938,790 |
| LCY | Legacy Iron Ore | 0.012555 | 0% | 0% | -19% | -19% | -24% | $122,132,779 |
| ZAG | Zuleika Gold Ltd | 0.017 | 0% | 21% | -15% | 13% | -6% | $12,594,959 |
| KTA | Krakatoa Resources | 0.01 | 0% | 0% | -38% | -76% | -72% | $4,721,072 |
| NES | Nelson Resources. | 0.002 | 0% | -20% | -33% | -50% | -50% | $1,410,522 |
| SPQ | Superior Resources | 0.007 | 0% | 0% | -17% | -68% | -46% | $15,189,047 |
| PUR | Pursuit Minerals | 0.003 | 0% | 0% | -25% | -70% | -63% | $10,906,200 |
| OAU | Ora Gold Limited | 0.01 | 0% | 25% | 150% | 67% | 43% | $73,559,488 |
| TNC | True North Copper | 0.03 | 0% | -3% | -54% | -79% | -69% | $26,264,706 |
| MOM | Moab Minerals Ltd | 0.004 | 0% | 33% | -33% | -38% | -43% | $3,571,435 |
| PNM | Pacific Nickel Mines | 0.024 | 0% | 0% | -17% | -75% | -71% | $10,103,835 |
| AYM | Australia United Min | 0.003 | 0% | 50% | 0% | 0% | 0% | $5,527,732 |
| ANL | Amani Gold Ltd | 0.001 | 0% | 0% | 0% | 0% | 0% | $23,229,097 |
| FEG | Far East Gold | 0.18 | 0% | -14% | 50% | 16% | 44% | $57,525,027 |
| MI6 | Minerals260Limited | 0.13 | 0% | -7% | -19% | -59% | -59% | $30,420,000 |
| RXL | Rox Resources | 0.16 | 0% | 19% | -6% | -23% | -13% | $65,695,246 |
| CLZ | Classic Min Ltd | 0.001 | 0% | 0% | -86% | -98% | -98% | $1,544,026 |
| SPD | Southernpalladium | 0.7 | 0% | 47% | 40% | 84% | 87% | $63,665,000 |
| PXX | Polarx Limited | 0.009 | 0% | 0% | -33% | 32% | 32% | $21,379,509 |
| HCH | Hot Chili Ltd | 0.805 | -1% | -8% | -25% | -22% | -25% | $121,893,462 |
| POL | Polymetals Resources | 0.7 | -1% | 71% | 133% | 133% | 126% | $137,115,262 |
| BC8 | Black Cat Syndicate | 0.515 | -1% | -4% | 61% | 84% | 106% | $281,147,471 |
| MM8 | Medallion Metals. | 0.078 | -1% | -21% | 56% | 28% | 20% | $31,823,614 |
| S2R | S2 Resources | 0.072 | -1% | -8% | -42% | -59% | -56% | $32,605,775 |
| DEG | De Grey Mining | 1.34 | -1% | -6% | 17% | 13% | 8% | $3,211,655,057 |
| IGO | IGO Limited | 5.2 | -2% | -5% | -32% | -42% | -43% | $3,937,792,628 |
| MEK | Meeka Metals Limited | 0.063 | -2% | 3% | 70% | 75% | 58% | $149,628,501 |
| AUN | Aurumin | 0.058 | -2% | 9% | 49% | 164% | 123% | $26,433,108 |
| MAU | Magnetic Resources | 1.12 | -2% | -11% | 8% | 17% | 10% | $298,751,331 |
| CEL | Challenger Gold Ltd | 0.051 | -2% | -2% | -30% | -32% | -31% | $78,142,264 |
| PDI | Predictive Disc Ltd | 0.245 | -2% | -2% | 20% | 20% | 17% | $575,970,986 |
| LAT | Latitude 66 Limited | 0.093 | -2% | -7% | -54% | -54% | -54% | $13,263,295 |
| BTR | Brightstar Resources | 0.0225 | -2% | 29% | 32% | 73% | 41% | $160,486,314 |
| ADT | Adriatic Metals | 3.93 | -2% | -1% | -14% | 24% | -2% | $1,092,784,077 |
| GBR | Greatbould Resources | 0.042 | -2% | -24% | -36% | -33% | -35% | $31,873,304 |
| NVA | Nova Minerals Ltd | 0.205 | -2% | 8% | -20% | -18% | -43% | $55,993,061 |
| MTH | Mithril Silver Gold | 0.4 | -2% | -8% | 100% | 100% | 100% | $57,666,209 |
| A8G | Australasian Metals | 0.078 | -3% | -38% | 10% | -57% | -54% | $4,065,399 |
| TGM | Theta Gold Mines Ltd | 0.18 | -3% | 0% | 14% | 33% | 57% | $152,897,153 |
| KAU | Kaiser Reef | 0.165 | -3% | 3% | 14% | 5% | -3% | $41,433,242 |
| ICL | Iceni Gold | 0.048 | -3% | 20% | -48% | -20% | -8% | $13,315,431 |
| SVL | Silver Mines Limited | 0.093 | -3% | -7% | -52% | -44% | -42% | $140,247,372 |
| PRU | Perseus Mining Ltd | 2.47 | -3% | -10% | 9% | 44% | 34% | $3,399,095,158 |
| RRL | Regis Resources | 2.4 | -3% | 5% | 17% | 34% | 10% | $1,813,146,562 |
| TCG | Turaco Gold Limited | 0.29 | -3% | -17% | 32% | 383% | 123% | $238,688,720 |
| REZ | Resourc & En Grp Ltd | 0.026 | -4% | -10% | 100% | 73% | 86% | $17,397,617 |
| EMC | Everest Metals Corp | 0.13 | -4% | 0% | 4% | 33% | 63% | $24,216,804 |
| LEX | Lefroy Exploration | 0.073 | -4% | -4% | -25% | -61% | -58% | $17,793,327 |
| SKY | SKY Metals Ltd | 0.048 | -4% | 0% | 20% | 20% | 33% | $32,558,552 |
| MLS | Metals Australia | 0.024 | -4% | -4% | 20% | -35% | -35% | $17,453,269 |
| HXG | Hexagon Energy | 0.023 | -4% | 10% | 15% | 130% | 92% | $11,797,066 |
| ENR | Encounter Resources | 0.335 | -4% | -3% | -9% | -14% | 16% | $152,183,148 |
| GOR | Gold Road Res Ltd | 1.705 | -4% | -5% | 7% | -6% | -13% | $1,848,255,958 |
| AME | Alto Metals Limited | 0.08 | -5% | 25% | 111% | 78% | 86% | $57,721,854 |
| PGO | Pacgold | 0.08 | -5% | -16% | -50% | -60% | -58% | $8,414,544 |
| NST | Northern Star | 15.7 | -5% | -4% | 8% | 39% | 15% | $18,050,052,318 |
| KCC | Kincora Copper | 0.039 | -5% | -9% | 0% | 30% | -5% | $8,497,883 |
| CYL | Catalyst Metals | 2.64 | -5% | -12% | 228% | 224% | 228% | $596,593,916 |
| SNG | Siren Gold | 0.071 | -5% | -27% | -12% | 18% | 4% | $14,709,346 |
| WCN | White Cliff Min Ltd | 0.017 | -6% | -29% | 6% | 55% | 89% | $32,138,003 |
| KZR | Kalamazoo Resources | 0.083 | -6% | -2% | -28% | -31% | -31% | $16,704,292 |
| AMI | Aurelia Metals Ltd | 0.165 | -6% | -8% | -11% | 67% | 50% | $279,108,156 |
| SFR | Sandfire Resources | 9.95 | -6% | -11% | 2% | 61% | 36% | $4,561,083,990 |
| MKG | Mako Gold | 0.016 | -6% | 68% | 23% | 14% | 60% | $15,785,905 |
| ORN | Orion Minerals Ltd | 0.016 | -6% | -20% | -16% | 7% | 14% | $109,384,625 |
| WGX | Westgold Resources. | 2.67 | -6% | 4% | 24% | 32% | 22% | $2,518,102,872 |
| ALK | Alkane Resources Ltd | 0.47 | -6% | -3% | -21% | -25% | -28% | $284,378,649 |
| EVN | Evolution Mining Ltd | 4.49 | -6% | -4% | 17% | 24% | 13% | $8,931,586,454 |
| OBM | Ora Banda Mining Ltd | 0.76 | -6% | 13% | 138% | 334% | 217% | $1,417,814,467 |
| AQX | Alice Queen Ltd | 0.0075 | -6% | -6% | 7% | 9% | 50% | $8,601,676 |
| GRL | Godolphin Resources | 0.015 | -6% | 0% | -42% | -57% | -62% | $4,743,168 |
| FAL | Falconmetalsltd | 0.145 | -6% | -17% | -6% | 7% | 0% | $25,665,000 |
| SXG | Southern Cross Gold | 2.99 | -7% | -7% | 1% | 256% | 137% | $593,355,346 |
| ZNC | Zenith Minerals Ltd | 0.042 | -7% | -11% | -44% | -75% | -72% | $16,995,873 |
| TAM | Tanami Gold NL | 0.028 | -7% | -15% | -18% | -18% | -20% | $32,902,717 |
| THR | Thor Energy PLC | 0.014 | -7% | -13% | -18% | -46% | -53% | $3,382,069 |
| AGC | AGC Ltd | 0.205 | -7% | -13% | 71% | 206% | 189% | $52,602,431 |
| HRZ | Horizon | 0.041 | -7% | -18% | -18% | 32% | -2% | $52,245,817 |
| SVY | Stavely Minerals Ltd | 0.027 | -7% | -16% | -10% | -61% | -40% | $13,001,591 |
| CAZ | Cazaly Resources | 0.013 | -7% | -13% | -35% | -61% | -55% | $5,996,939 |
| GUL | Gullewa Limited | 0.065 | -7% | 0% | 18% | 18% | 18% | $13,651,441 |
| NSM | Northstaw | 0.013 | -7% | -46% | -56% | -81% | -68% | $3,544,795 |
| GAL | Galileo Mining Ltd | 0.13 | -7% | -5% | -52% | -57% | -54% | $25,691,241 |
| YRL | Yandal Resources | 0.32 | -7% | 220% | 191% | 357% | 286% | $96,033,164 |
| ADN | Andromeda Metals Ltd | 0.006 | -8% | -29% | -65% | -74% | -76% | $20,572,316 |
| ARV | Artemis Resources | 0.012 | -8% | -14% | -25% | -69% | -37% | $23,002,589 |
| SBM | St Barbara Limited | 0.3 | -8% | -19% | 11% | 62% | 43% | $271,688,571 |
| ION | Iondrive Limited | 0.012 | -8% | -4% | 33% | -14% | 0% | $8,502,090 |
| GNM | Great Northern | 0.012 | -8% | -14% | 20% | -45% | -40% | $1,855,549 |
| M24 | Mamba Exploration | 0.012 | -8% | -8% | -48% | -60% | -76% | $2,256,987 |
| FXG | Felix Gold Limited | 0.072 | -8% | -23% | 9% | 47% | 47% | $23,663,219 |
| EMR | Emerald Res NL | 3.49 | -8% | -13% | -3% | 41% | 16% | $2,293,088,467 |
| ARD | Argent Minerals | 0.023 | -8% | 28% | 15% | 188% | 156% | $33,225,624 |
| RMS | Ramelius Resources | 1.95 | -8% | -13% | -2% | 23% | 16% | $2,252,248,982 |
| KCN | Kingsgate Consolid. | 1.245 | -8% | -18% | -31% | 8% | -9% | $320,900,857 |
| G88 | Golden Mile Res Ltd | 0.011 | -8% | -15% | 0% | -58% | -42% | $5,201,051 |
| MVL | Marvel Gold Limited | 0.011 | -8% | -8% | 10% | -8% | -8% | $9,501,698 |
| VKA | Viking Mines Ltd | 0.011 | -8% | 22% | 10% | 10% | -21% | $11,688,509 |
| SBR | Sabre Resources | 0.011 | -8% | -21% | -42% | -77% | -67% | $4,322,581 |
| HAW | Hawthorn Resources | 0.054 | -8% | -7% | -19% | -45% | -42% | $18,090,843 |
| EM2 | Eagle Mountain | 0.042 | -9% | -21% | -44% | -39% | -44% | $16,500,747 |
| WTM | Waratah Minerals Ltd | 0.26 | -9% | -21% | 160% | 491% | 117% | $52,469,083 |
| DRE | Dreadnought Resources Ltd | 0.0155 | -9% | -18% | -9% | -54% | -48% | $58,167,625 |
| ILT | Iltani Resources Lim | 0.155 | -9% | -37% | -21% | 7% | -3% | $6,821,628 |
| MRZ | Mont Royal Resources | 0.041 | -9% | -23% | -25% | -75% | -73% | $3,486,222 |
| BGD | Bartongoldholdings | 0.25 | -9% | 2% | -22% | 6% | -6% | $54,664,731 |
| TLM | Talisman Mining | 0.2 | -9% | -9% | -27% | 8% | -15% | $37,664,070 |
| AZY | Antipa Minerals Ltd | 0.02 | -9% | -29% | 54% | 33% | 18% | $96,731,303 |
| SSR | SSR Mining Inc. | 8.27 | -9% | -4% | 4% | -53% | -48% | $31,090,461 |
| PNR | Pantoro Limited | 0.095 | -10% | -24% | 19% | 121% | 67% | $613,132,899 |
| IVR | Investigator Res Ltd | 0.037 | -10% | -8% | -30% | -5% | -3% | $58,788,544 |
| GED | Golden Deeps | 0.027 | -10% | -13% | -31% | -49% | -41% | $4,091,103 |
| BMR | Ballymore Resources | 0.135 | -10% | -4% | -13% | 29% | 8% | $23,858,629 |
| VAU | Vault Minerals Ltd | 0.315 | -10% | -9% | -34% | -6% | 2% | $2,142,779,115 |
| CDR | Codrus Minerals Ltd | 0.018 | -10% | -10% | -60% | -73% | -68% | $2,976,975 |
| MBK | Metal Bank Ltd | 0.018 | -10% | -9% | -9% | -33% | -33% | $7,028,267 |
| CHN | Chalice Mining Ltd | 1.425 | -10% | -12% | -2% | -13% | -16% | $554,363,173 |
| BGL | Bellevue Gold Ltd | 1.245 | -10% | -12% | -32% | -10% | -26% | $1,593,598,739 |
| MTC | Metalstech Ltd | 0.13 | -10% | -13% | -47% | -46% | -41% | $25,611,090 |
| CBY | Canterbury Resources | 0.026 | -10% | -21% | -63% | 8% | 4% | $5,133,463 |
| SMS | Starmineralslimited | 0.04 | -11% | -21% | 43% | 13% | 7% | $3,788,912 |
| FML | Focus Minerals Ltd | 0.16 | -11% | 0% | 19% | -9% | -14% | $45,849,383 |
| DLI | Delta Lithium | 0.2 | -11% | -22% | -38% | -61% | -57% | $142,681,428 |
| OZM | Ozaurum Resources | 0.032 | -11% | -18% | -45% | -78% | -79% | $5,080,000 |
| AUC | Ausgold Limited | 0.425 | -11% | -17% | 70% | 42% | 33% | $151,419,624 |
| SPR | Spartan Resources | 1.095 | -12% | -19% | 72% | 153% | 112% | $1,218,438,663 |
| TTM | Titan Minerals | 0.415 | -12% | -10% | 66% | 31% | 48% | $81,449,192 |
| AAJ | Aruma Resources Ltd | 0.015 | -12% | -12% | 0% | -55% | -44% | $3,330,873 |
| STN | Saturn Metals | 0.215 | -12% | -22% | -4% | 59% | 26% | $66,410,250 |
| AAU | Antilles Gold Ltd | 0.0035 | -13% | 0% | -65% | -85% | -85% | $6,495,100 |
| GBZ | GBM Rsources Ltd | 0.007 | -13% | -13% | -30% | -56% | -22% | $8,096,822 |
| RGL | Riversgold | 0.0035 | -13% | -13% | -53% | -73% | -71% | $5,696,119 |
| BEZ | Besragoldinc | 0.07 | -13% | -19% | -25% | -48% | -53% | $29,084,227 |
| AVM | Advance Metals Ltd | 0.034 | -13% | 42% | 32% | -54% | -8% | $5,728,972 |
| TM1 | Terra Metals Limited | 0.034 | -13% | -17% | -31% | -24% | -26% | $13,505,511 |
| AWJ | Auric Mining | 0.26 | -13% | -25% | 44% | 313% | 117% | $38,649,876 |
| MOH | Moho Resources | 0.006 | -14% | 0% | 20% | -25% | -40% | $4,043,836 |
| AM7 | Arcadia Minerals | 0.03 | -14% | -17% | -54% | -66% | -59% | $3,511,503 |
| WA8 | Warriedarresourltd | 0.042 | -14% | -25% | -30% | -24% | -21% | $32,057,144 |
| ASR | Asra Minerals Ltd | 0.003 | -14% | -33% | -50% | -79% | -57% | $6,756,339 |
| EMU | EMU NL | 0.024 | -14% | 0% | -13% | -13% | -13% | $3,515,980 |
| FFM | Firefly Metals Ltd | 1.04 | -14% | 1% | 26% | 124% | 65% | $584,286,230 |
| TSO | Tesoro Gold Ltd | 0.023 | -15% | -28% | -43% | 28% | -21% | $35,728,523 |
| LM8 | Lunnonmetalslimited | 0.25 | -15% | -7% | -12% | -65% | -58% | $55,147,313 |
| TAR | Taruga Minerals | 0.011 | -15% | 22% | 22% | 10% | 0% | $7,766,295 |
| RDN | Raiden Resources Ltd | 0.026 | -16% | -33% | -47% | -62% | -35% | $82,178,248 |
| TOR | Torque Met | 0.057 | -16% | -27% | -66% | -67% | -74% | $13,338,794 |
| MKR | Manuka Resources. | 0.031 | -16% | -47% | -48% | -30% | -60% | $24,172,798 |
| USL | Unico Silver Limited | 0.205 | -16% | -23% | 37% | 86% | 64% | $89,470,970 |
| WAF | West African Res Ltd | 1.38 | -16% | -8% | -4% | 73% | 46% | $1,572,823,045 |
| A1G | African Gold Ltd. | 0.057 | -17% | 21% | 128% | 116% | 148% | $20,460,693 |
| BNZ | Benzmining | 0.23 | -18% | -8% | 64% | -28% | -8% | $28,928,554 |
| CY5 | Cygnus Metals Ltd | 0.115 | -18% | 44% | 42% | -28% | -15% | $54,584,713 |
| GUE | Global Uranium | 0.058 | -18% | -28% | -47% | -54% | -41% | $15,409,860 |
| NAE | New Age Exploration | 0.004 | -20% | -33% | 14% | -43% | -33% | $8,575,596 |
| PGD | Peregrine Gold | 0.135 | -21% | -21% | -44% | -52% | -44% | $9,163,587 |
| TMB | Tambourahmetals | 0.024 | -23% | -26% | -66% | -84% | -79% | $2,610,961 |
| TRM | Truscott Mining Corp | 0.06 | -23% | -23% | -4% | 2% | 10% | $10,979,914 |
| SRN | Surefire Rescs NL | 0.003 | -25% | -50% | -70% | -70% | -65% | $5,958,923 |
| VRC | Volt Resources Ltd | 0.003 | -25% | -25% | -40% | -57% | -54% | $12,476,034 |
| DTR | Dateline Resources | 0.003 | -25% | -40% | -73% | -73% | -70% | $7,548,781 |
| PKO | Peako Limited | 0.003 | -25% | -14% | -22% | -22% | -22% | $2,635,425 |
| TRE | Toubani Res Ltd | 0.21 | -25% | -19% | 56% | 75% | 45% | $47,850,591 |
| SI6 | SI6 Metals Limited | 0.001 | -33% | 0% | -67% | -83% | -80% | $2,767,292 |
| CDT | Castle Minerals | 0.002 | -33% | -33% | -67% | -82% | -79% | $3,345,628 |
| RSG | Resolute Mining | 0.4025 | -40% | -47% | -14% | 15% | -10% | $856,942,630 |
| FAU | First Au Ltd | 0.001 | -50% | 0% | -80% | -50% | -67% | $1,811,993 |
| MHC | Manhattan Corp Ltd | 0.001 | -50% | -50% | -52% | -70% | -70% | $4,497,970 |
| NML | Navarre Minerals Ltd | 0.1 | -99% | -99% | -99% | -99% | -99% | $10,243,490 |
Native Mineral Resources’ (ASX:NMR)
NMR is raising $3.5M to boost its gold production aspirations in Queensland from the Black Jack and Far Fanning deposits that it picked up just last week.
Far Fanning consists of five mining leases, with the main historical open pit only 30m deep and last mined in 2005.
There was a also small underground mining operation in the early 2000s and the project hosts an inferred resource estimate (from 2021) of 2.3Mt at 1.84g/t gold for 138,000oz gold. A 2019 scoping study pit optimisation demonstrated potential for a pit expansion to 115m depth and the company has already reported assays ranging from 1.56g/t to a very nice 72.5g/t during due diligence.
Black Jack also hosts historic workings, with three shallow oxide pits, but the main drawcard here is the existing processing plant and infrastructure currently permitted as a 340,000tpa operation.
MD and CEO Blake Cannavo says the newly acquired projects could “provide the opportunity for us to transition from a junior explorer to a potential gold producer in under two years.”
Great Southern Mining (ASX:GSN)
The company has spotted a large-scale (>2 km wide), shallow induced polarisation anomaly at its Edinburgh Park JV project with Gold Fields in Queensland.
GSN has interpreted the anomaly as a porphyry system, which could be host to a large-scale intrusive related gold-copper and/or epithermal gold deposit
“This is an exciting development for the Edinburgh Park project,” GSN MD Matthew Keane said.
“The scale of this IP anomaly, combined with coincident geochemical anomalism, favourable surface geology, and inferred structural trends, marks it as a prime target for a significant intrusion-related or epithermal gold-copper system.
“Both GSN and Gold Fields are eager to drill test this target, which is likely to commence in 2025 once the northern Queensland wet season has subsided.
“In the meantime, ongoing geophysical surveys and on-ground mapping have the potential to generate further targets within previously identified and newly identified target areas.”
The Victorian gold explorer has loaded a new resource up for its eponymous gold mine, boosting its gold equivalent resource by 110% to 322,000oz of gold equivalent and its grade by 61% to 18.6g/t AuEq.
The lower cut-off grade has brought more material into the resource model, with 20,800t of antimony now estimated in the ground alongside 58,000oz of gold. Resource tonnes have lifted 30% to 539,000/t, with grades of 4g/t AuEq and above considered economic.
In raw metal terms the gold grade is 3.3g/t with an antimony grade of 3.9% Sb.
“The 18.6 g/t or 0.6 oz/t AuEq grade is very high by industry standards and exceeds the 4.0 g/t AuEq economic cut-off grade by 14.6 g/t AuEq or 78% of the grade,” NAG chair Kevin Perrin said.
“The follow-up drilling program is now due to commence in several days. The highest priority, initial target is the western end of the N1 lode.
“This is a large un-estimated area, with good geological continuity, where the first five intersections are planned. With the increased JORC Resource figures, I am of the view that the share price for the company is now significantly undervalued.”
At Stockhead, we tell it like it is. While Native Mineral Resources and Great Southern Mining are Stockhead advertisers, they did not sponsor this article.
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