Gold Digger: Gold stocks are now propping up the ASX exploration sector

Gold exploration is standing out from the back as sentiment for junior miners wanes. Pic: Getty Images

Mineral exploration in Australia and among ASX juniors has dropped to four-year lows
But gold stocks are shining amid the downturn
Fears of escalating war in the Middle East have gold running higher

Mineral exploration in Australia fell to a four-year low in the March quarter, with the $804.7m spent by explorers and miners across the country the lowest since the $734.8m in March 2021, as the country recovered from its Covid slumber.

It’s not necessarily surprising, given the erosion of the small cap iron ore sector, tumbling prices for lithium and nickel, and broader market uncertainty that’s turned off the capital raising taps for companies without a decent story to tell.

Not so dire in the gold space, where spending in March 2025 of $283.6m wasn’t far off the $284.4m dropped last year and above the $275.5m spent in March 2023 (though well shy of the $363.9m spent in the freewheeling days of March 2022.)

Those figures from the venerable Australian Bureau of Statistics came before the release this week of accounting and professional services firm BDO’s explorer quarterly cash update, which told a similar story on the state of the small cap resources space.

Exploration spending across the ASX’s small resources companies – those who have to report an Appendix 5B cashflow statement – showed exploration tumbled 19% to $643.52m, also a four-year low.

There’s a caveat there. The March quarter is, literally, shorter than others (especially in a non leap year). It’s also a time when wet weather in mining areas of WA and Queensland hamper drilling activity.

But BDO still says the exploration sector “is experiencing a significant downturn”.

Just 26 firms under its coverage raised $10m or more, down from 57 in December. Twelve gold companies led the way, raising $621.22m of the $1.047bn raised by those 26 entities, though that was inflated by a $280m inject from the maturing of term deposits at De Grey Mining (ASX:DEG) that released previously inaccessible funds ahead of its takeover by Northern Star Resources (ASX:NST).

BDO head of global natural resources Sherif Andrawes said falling cash balances, lower spending and declining companies reporting 5Bs (16 down to 763, levels last crossed in late 2021), suggested further pain was coming for the exploration space.

Goldies are a bright spot though.

“This surge is attributed to gold’s status as a safe-haven asset amidst ongoing macroeconomic volatility,” Andrawes said.

“M&A activity in the gold sector has also increased, with notable transactions such as Gold Fields’ acquisition of Gold Road Resources and Ramelius’ offer for Spartan Resources.

“While gold remains resilient, other sectors are struggling. The elimination of supportive policies like the Junior Minerals Exploration Incentive adds to the difficulties faced by explorers.

“The outlook for the exploration sector remains uncertain, with ongoing challenges in capital raising and investment activity.”

War sirens blare for gold

Gold is continuing to get more attractive as its historic inverse relationship to peace and stability has come, again, to the fore.

Israel’s attack on Tehran, ostensibly a Minority Report style assault on a future nuclear threat which had the Netanyahu Government telling its own citizens to expect reprisals from Iran, closing schools and shutting its air space.

This is all happening as the war in Gaza goes on, and with the US Government seemingly a long way from having any sort of control over the situation.

Brent crude surged more than 8% to US$75.08/bbl, gold futures have sailed past US$3420/oz.

The All Ords gold sub-index rose 4.53% to a fresh all time high, just a week after a blow from VanEck, which is shifting the index on which its GDX ETF is based.

Its old benchmark, the New York Arca Gold Miners Index included exposure to a number of mid-cap Aussie plays like Capricorn Metals (ASX:CMM), Genesis Minerals (ASX:GMD), Vault Minerals (ASX:VAU) and Bellevue Gold (ASX:BGL), who are not among the stocks in the MarketVectors Global Gold Miners Index. VanEck will make the shift in September.

That means the exit of some passive money, important to maintaining liquidity and momentum for producing gold miners.

On the other hand, some Aussie goldies are larger shares of the MarketVectors portfolio, including Westgold Resources (ASX:WGX), Northern Star Resources (ASX:NST), Evolution Mining (ASX:EVN) and Perseus Mining (ASX:PRU).

The full list can be found here.

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	0%	13%	29%	-10%	29%	$ 11,391,108.78
NPM	Newpeak Metals	0.012	0%	-8%	20%	-40%	9%	$ 3,542,789.04
ASO	Aston Minerals Ltd	0.022	0%	29%	144%	69%	144%	$ 28,491,413.92
MTC	Metalstech Ltd	0.14	0%	-10%	27%	-38%	0%	$ 29,221,027.64
GED	Golden Deeps	0.023	-4%	28%	-12%	-53%	-8%	$ 4,073,891.12
G88	Golden Mile Res Ltd	0.012	-33%	-4%	33%	9%	33%	$ 6,530,974.26
LAT	Latitude 66 Limited	0.037	3%	-21%	-39%	1750%	-3%	$ 5,305,826.09
NMR	Native Mineral Res	0.205	3%	21%	521%	503%	426%	$ 183,667,905.80
AQX	Alice Queen Ltd	0.0035	17%	-42%	-56%	-50%	-56%	$ 3,748,920.20
SLZ	Sultan Resources Ltd	0.005	0%	-17%	-29%	-50%	-17%	$ 1,157,349.55
KSN	Kingston Resources	0.1325	6%	51%	72%	70%	87%	$ 107,024,598.98
AMI	Aurelia Metals Ltd	0.31	-10%	2%	72%	82%	82%	$ 524,697,518.40
GIB	Gibb River Diamonds	0.033	0%	-3%	-11%	-23%	-18%	$ 6,864,302.24
KCN	Kingsgate Consolid.	2.41	11%	15%	70%	49%	88%	$ 574,786,273.16
TMX	Terrain Minerals	0.002	-20%	-20%	-43%	-33%	-33%	$ 4,497,113.20
BNR	Bulletin Res Ltd	0.062	-6%	-19%	63%	41%	59%	$ 18,204,026.03
NXM	Nexus Minerals Ltd	0.084	-2%	17%	62%	105%	87%	$ 50,112,047.88
SKY	SKY Metals Ltd	0.043	-9%	-9%	-22%	25%	-20%	$ 31,270,939.30
LM8	Lunnonmetalslimited	0.205	-11%	-15%	-16%	-2%	-18%	$ 46,331,916.54
CST	Castile Resources	0.058	9%	-23%	-26%	-28%	-28%	$ 18,039,166.22
YRL	Yandal Resources	0.115	-4%	-33%	-49%	-8%	-34%	$ 35,562,022.93
FAU	First Au Ltd	0.003	0%	0%	50%	50%	50%	$ 7,251,976.47
ARL	Ardea Resources Ltd	0.395	0%	-2%	27%	-25%	20%	$ 84,165,166.00
GWR	GWR Group Ltd	0.091	1%	-9%	7%	-3%	14%	$ 29,448,205.61
IVR	Investigator Res Ltd	0.034	21%	51%	-15%	-35%	70%	$ 54,038,905.52
GTR	Gti Energy Ltd	0.004	0%	33%	33%	-20%	14%	$ 11,995,798.65
IPT	Impact Minerals	0.006	20%	0%	-42%	-67%	-36%	$ 23,731,979.81
BNZ	Benzmining	0.485	8%	29%	31%	203%	41%	$ 73,990,245.88
MOH	Moho Resources	0.004	0%	0%	-20%	0%	-20%	$ 2,981,656.11
BCM	Brazilian Critical	0.01	-9%	11%	11%	-41%	11%	$ 10,098,106.59
PUA	Peak Minerals Ltd	0.02	-13%	25%	158%	522%	158%	$ 58,953,747.09
MRZ	Mont Royal Resources	0.041	0%	0%	3%	-23%	-5%	$ 3,486,221.51
SMS	Starmineralslimited	0.021	-9%	-13%	-48%	-25%	-42%	$ 4,087,746.37
MVL	Marvel Gold Limited	0.016	14%	7%	78%	78%	78%	$ 20,897,485.55
PRX	Prodigy Gold NL	0.002	-33%	0%	0%	-25%	0%	$ 6,350,111.10
AAU	Antilles Gold Ltd	0.004	0%	0%	0%	-33%	33%	$ 9,245,472.06
CWX	Carawine Resources	0.093	-5%	-15%	-4%	-7%	-7%	$ 22,195,792.21
RND	Rand Mining Ltd	1.98	2%	2%	29%	42%	31%	$ 112,614,402.78
CAZ	Cazaly Resources	0.02	25%	18%	25%	-5%	43%	$ 8,764,756.83
BMR	Ballymore Resources	0.18	13%	3%	16%	6%	50%	$ 32,695,158.23
DRE	Dreadnought Resources Ltd	0.012	-14%	-8%	9%	-33%	0%	$ 66,033,500.00
ZNC	Zenith Minerals Ltd	0.039	-3%	-13%	-7%	-39%	-3%	$ 15,890,215.46
REZ	Resourc & En Grp Ltd	0.017	0%	-11%	-19%	31%	-26%	$ 11,417,865.07
LEX	Lefroy Exploration	0.11	5%	38%	59%	22%	57%	$ 26,084,114.49
ERM	Emmerson Resources	0.135	4%	-7%	137%	238%	75%	$ 82,630,454.27
AM7	Arcadia Minerals	0.018	6%	0%	-18%	-64%	-5%	$ 2,112,901.79
ADT	Adriatic Metals	5	-5%	27%	18%	29%	28%	$ 1,516,946,105.00
AS1	Asara Resources Ltd	0.055	-5%	38%	139%	450%	189%	$ 61,665,959.49
CYL	Catalyst Metals	7.03	3%	11%	146%	614%	172%	$ 1,686,945,021.30
CHN	Chalice Mining Ltd	1.615	23%	42%	34%	14%	46%	$ 569,924,244.42
KAL	Kalgoorliegoldmining	0.045	-4%	1%	105%	36%	150%	$ 17,547,260.14
MLS	Metals Australia	0.018	0%	-5%	-18%	-10%	-22%	$ 13,116,951.43
ADN	Andromeda Metals Ltd	0.012	-14%	-29%	71%	-33%	71%	$ 49,573,459.96
MEI	Meteoric Resources	0.13	4%	33%	48%	-26%	53%	$ 315,476,475.57
SRN	Surefire Rescs NL	0.002	0%	-20%	-32%	-72%	-32%	$ 2,486,445.39
WA8	Warriedarresourltd	0.125	9%	14%	112%	136%	184%	$ 135,918,297.48
HMX	Hammer Metals Ltd	0.035	0%	-5%	3%	0%	6%	$ 28,408,278.40
WCN	White Cliff Min Ltd	0.021	-13%	-34%	11%	24%	31%	$ 53,094,495.21
AVM	Advance Metals Ltd	0.049	2%	11%	36%	113%	44%	$ 12,721,672.03
ASR	Asra Minerals Ltd	0.002	0%	-20%	-33%	-50%	-33%	$ 7,891,611.02
ARI	Arika Resources	0.039	-3%	39%	39%	95%	44%	$ 32,097,380.46
CTO	Citigold Corp Ltd	0.0035	0%	-13%	0%	-30%	-13%	$ 10,500,000.00
SMI	Santana Minerals Ltd	0.58	-2%	6%	29%	63%	20%	$ 440,858,391.75
M2R	Miramar	0.004	33%	33%	-20%	-53%	33%	$ 3,488,881.50
MHC	Manhattan Corp Ltd	0.022	0%	-8%	-4%	-12%	16%	$ 5,167,775.76
GRL	Godolphin Resources	0.01	-5%	0%	-33%	-47%	-31%	$ 4,488,733.12
SVG	Savannah Goldfields	0.019	-14%	-17%	3%	-6%	3%	$ 21,689,963.74
EMC	Everest Metals Corp	0.15	0%	0%	11%	36%	11%	$ 33,619,688.25
GUL	Gullewa Limited	0.074	0%	-8%	25%	6%	32%	$ 16,133,640.73
CY5	Cygnus Metals Ltd	0.097	-8%	23%	-16%	83%	-3%	$ 85,113,167.10
G50	G50Corp Ltd	0.135	-33%	35%	-25%	13%	-13%	$ 22,483,672.26
ADV	Ardiden Ltd	0.145	0%	4%	12%	0%	7%	$ 9,065,038.37
AAR	Astral Resources NL	0.185	-5%	19%	12%	134%	37%	$ 255,243,101.22
VMC	Venus Metals Cor Ltd	0.115	0%	10%	67%	34%	72%	$ 23,535,441.96
NAE	New Age Exploration	0.003	0%	-25%	-33%	-25%	-14%	$ 10,637,595.64
VKA	Viking Mines Ltd	0.006	0%	-20%	-33%	-33%	-25%	$ 8,735,666.87
LCL	LCL Resources Ltd	0.007	0%	0%	-30%	-36%	-30%	$ 8,363,688.95
MTH	Mithril Silver Gold	0.54	26%	46%	20%	157%	35%	$ 77,254,666.66
ADG	Adelong Gold Limited	0.005	-17%	-38%	0%	0%	11%	$ 12,412,060.04
RMX	Red Mount Min Ltd	0.01	11%	43%	0%	0%	11%	$ 4,184,620.16
PRS	Prospech Limited	0.021	5%	-9%	-25%	-38%	-28%	$ 7,955,343.63
TTM	Titan Minerals	0.39	-1%	3%	-5%	11%	3%	$ 97,764,639.75
AKA	Aureka Limited	0.145	26%	16%	-3%	-98%	7%	$ 12,804,362.00
AAM	Aumegametals	0.032	-9%	-16%	-32%	-47%	-24%	$ 20,539,843.43
KZR	Kalamazoo Resources	0.087	2%	-5%	0%	-4%	18%	$ 18,648,448.95
BCN	Beacon Minerals	0.029	0%	7%	32%	12%	32%	$ 118,339,072.38
MAU	Magnetic Resources	1.7	-2%	11%	39%	60%	54%	$ 442,764,760.35
BC8	Black Cat Syndicate	0.885	-3%	-1%	31%	222%	57%	$ 597,839,593.91
EM2	Eagle Mountain	0.007	75%	17%	-43%	-84%	-22%	$ 5,675,186.45
EMR	Emerald Res NL	4.7	-1%	6%	23%	28%	45%	$ 2,918,933,335.92
BYH	Bryah Resources Ltd	0.012	-8%	200%	200%	50%	300%	$ 12,179,349.31
HCH	Hot Chili Ltd	0.54	-8%	14%	-25%	-43%	-23%	$ 84,893,843.44
WAF	West African Res Ltd	2.36	-10%	-2%	44%	69%	64%	$ 2,644,545,261.68
MEU	Marmota Limited	0.04	-5%	-9%	5%	0%	3%	$ 48,310,537.39
NVA	Nova Minerals Ltd	0.355	-10%	18%	20%	73%	-4%	$ 108,204,134.70
SVL	Silver Mines Limited	0.125	14%	33%	29%	-26%	60%	$ 240,269,677.92
PGD	Peregrine Gold	0.19	36%	23%	46%	-12%	36%	$ 17,818,025.61
ICL	Iceni Gold	0.075	-19%	39%	17%	-5%	6%	$ 26,398,284.51
FG1	Flynngold	0.034	6%	36%	21%	31%	36%	$ 13,304,759.98
WWI	West Wits Mining Ltd	0.027	-10%	35%	100%	125%	93%	$ 70,964,816.93
RML	Resolution Minerals	0.035	106%	250%	119%	119%	192%	$ 18,301,753.07
AAJ	Aruma Resources Ltd	0.01	0%	0%	-23%	-38%	-17%	$ 2,775,727.14
HWK	Hawk Resources.	0.015	-17%	-21%	-40%	-58%	-32%	$ 4,334,871.18
GMN	Gold Mountain Ltd	0.001	-50%	-50%	-67%	-67%	-67%	$ 11,239,518.49
MEG	Megado Minerals Ltd	0.014	0%	27%	8%	34%	-18%	$ 5,875,565.67
HMG	Hamelingoldlimited	0.083	-7%	-16%	11%	0%	30%	$ 16,340,625.00
BM8	Battery Age Minerals	0.053	-7%	0%	-56%	-67%	-50%	$ 6,582,158.44
TBR	Tribune Res Ltd	5.01	-1%	-1%	13%	46%	17%	$ 257,093,577.30
FML	Focus Minerals Ltd	0.39	0%	70%	111%	160%	129%	$ 113,190,664.78
VRC	Volt Resources Ltd	0.004	0%	-27%	33%	-33%	33%	$ 18,739,111.93
ARV	Artemis Resources	0.006	-14%	-14%	-45%	-54%	-25%	$ 17,699,705.16
HRN	Horizon Gold Ltd	0.595	1%	10%	32%	113%	24%	$ 84,007,155.34
CLA	Celsius Resource Ltd	0.007	8%	-13%	-46%	-30%	-36%	$ 21,948,419.16
QML	Qmines Limited	0.035	0%	-10%	-44%	-39%	-35%	$ 17,271,190.48
RDN	Raiden Resources Ltd	0.006	0%	20%	-45%	-82%	-45%	$ 20,705,348.65
TCG	Turaco Gold Limited	0.485	-4%	10%	62%	149%	90%	$ 433,911,101.28
KCC	Kincora Copper	0.039	5%	11%	30%	-43%	44%	$ 8,477,247.17
GBZ	GBM Rsources Ltd	0.006	-14%	-33%	-33%	-45%	-25%	$ 7,026,419.87
DTM	Dart Mining NL	0.0035	0%	-30%	-68%	-83%	-61%	$ 4,193,194.52
MKR	Manuka Resources.	0.04	-5%	21%	0%	0%	43%	$ 33,342,706.76
AUC	Ausgold Limited	0.74	9%	9%	51%	118%	76%	$ 269,873,342.68
ANX	Anax Metals Ltd	0.007	-22%	-13%	-30%	-81%	-42%	$ 7,062,460.54
EMU	EMU NL	0.017	-6%	-26%	-39%	-35%	-37%	$ 3,591,223.96
SFM	Santa Fe Minerals	0.038	-3%	3%	31%	-5%	23%	$ 2,767,113.98
PNR	Pantoro Gold Limited	3.6	-1%	10%	112%	138%	135%	$ 1,437,695,334.78
CMM	Capricorn Metals	10.22	6%	8%	48%	130%	63%	$ 4,116,818,498.05
VRL	Verity Resources	0.025	-17%	0%	12%	-57%	28%	$ 7,192,327.17
HAW	Hawthorn Resources	0.052	8%	2%	27%	-26%	27%	$ 16,415,765.04
BGD	Bartongoldholdings	0.88	10%	31%	232%	184%	259%	$ 190,844,891.15
SVY	Stavely Minerals Ltd	0.012	0%	9%	-37%	-68%	-29%	$ 6,800,526.16
AGC	AGC Ltd	0.165	0%	10%	3%	-47%	6%	$ 43,621,527.74
RGL	Riversgold	0.004	0%	0%	33%	-33%	0%	$ 6,734,850.37
TSO	Tesoro Gold Ltd	0.027	0%	0%	35%	-23%	35%	$ 48,544,188.50
GUE	Global Uranium	0.06	-8%	3%	2%	-35%	0%	$ 29,559,053.75
CPM	Coopermetalslimited	0.037	-3%	-5%	-20%	-51%	-20%	$ 2,820,803.40
MM8	Medallion Metals.	0.29	0%	23%	199%	492%	142%	$ 144,964,021.65
FFM	Firefly Metals Ltd	1.055	2%	18%	-4%	60%	14%	$ 603,167,542.95
CBY	Canterbury Resources	0.025	-7%	25%	0%	-48%	14%	$ 5,600,904.19
SLA	Solara Minerals	0.18	24%	57%	96%	-20%	100%	$ 10,147,344.03
SFR	Sandfire Resources	11.32	-3%	9%	9%	30%	22%	$ 5,242,600,641.20
TAM	Tanami Gold NL	0.046	-4%	28%	59%	39%	53%	$ 54,054,464.12
NWM	Norwest Minerals	0.014	40%	8%	-22%	-40%	17%	$ 13,072,840.59
ALK	Alkane Resources Ltd	0.76	-3%	-3%	38%	46%	49%	$ 448,101,000.08
BMO	Bastion Minerals	0.002	33%	-33%	-50%	-75%	-50%	$ 2,710,882.69
IDA	Indiana Resources	0.08	0%	4%	31%	81%	31%	$ 49,490,399.27
GSM	Golden State Mining	0.007	0%	0%	-22%	-30%	-13%	$ 1,955,594.41
NSM	Northstaw	0.032	0%	-30%	78%	40%	100%	$ 9,305,001.00
GSN	Great Southern	0.025	9%	14%	67%	39%	67%	$ 22,926,498.67
VAU	Vault Minerals Ltd	0.44	-2%	-1%	16%	1%	33%	$ 2,925,063,554.26
THR	Thor Energy PLC	0.009	-10%	-18%	-25%	-50%	-31%	$ 7,818,688.19
CDR	Codrus Minerals Ltd	0.04	-2%	21%	150%	-22%	135%	$ 7,649,172.02
MDI	Middle Island Res	0.021	-13%	11%	50%	62%	75%	$ 7,330,849.28
WTM	Waratah Minerals Ltd	0.34	-4%	0%	89%	258%	119%	$ 80,561,731.77
POL	Polymetals Resources	0.86	-2%	1%	-9%	187%	8%	$ 211,704,125.45
RDS	Redstone Resources	0.0035	-30%	-13%	17%	0%	40%	$ 3,619,935.74
NAG	Nagambie Resources	0.017	0%	-19%	-19%	89%	-6%	$ 14,459,442.19
BGL	Bellevue Gold Ltd	0.965	3%	1%	-30%	-49%	-14%	$ 1,365,601,648.98
GBR	Greatbould Resources	0.074	14%	14%	54%	17%	72%	$ 54,014,865.75
KAI	Kairos Minerals Ltd	0.026	-2%	30%	86%	189%	117%	$ 71,034,629.10
KAU	Kaiser Reef	0.19	3%	12%	15%	36%	19%	$ 106,838,307.00
HRZ	Horizon	0.054	10%	-2%	38%	29%	35%	$ 135,632,283.27
CDT	Castle Minerals	0.085	-8%	18%	42%	-48%	42%	$ 10,324,851.73
RSG	Resolute Mining	0.57	-6%	-3%	31%	7%	44%	$ 1,213,558,507.41
EVN	Evolution Mining Ltd	9.2	1%	11%	76%	147%	91%	$ 17,460,740,659.52
CXU	Cauldron Energy Ltd	0.007	0%	-10%	-49%	-76%	-40%	$ 10,229,832.26
DLI	Delta Lithium	0.18	3%	-12%	-5%	-28%	6%	$ 121,812,104.64
ALY	Alchemy Resource Ltd	0.0055	-8%	-8%	-8%	-21%	-21%	$ 5,890,381.28
NH3	Nh3Cleanenergyltd	0.031	24%	24%	55%	94%	72%	$ 18,631,957.91
OBM	Ora Banda Mining Ltd	1.045	-18%	0%	46%	212%	61%	$ 1,911,991,665.47
AVW	Avira Resources Ltd	0.007	-13%	0%	-65%	-65%	-65%	$ 1,610,000.00
LCY	Legacy Iron Ore	0.009	13%	-10%	13%	-33%	-10%	$ 87,858,383.26
PDI	Predictive Disc Ltd	0.42	6%	18%	75%	127%	83%	$ 1,087,481,224.69
MAT	Matsa Resources	0.07	6%	4%	84%	159%	100%	$ 51,318,383.13
ZAG	Zuleika Gold Ltd	0.013	8%	8%	-7%	-32%	0%	$ 8,902,559.12
GML	Gateway Mining	0.031	0%	0%	35%	7%	48%	$ 12,673,429.15
SBM	St Barbara Limited	0.38	9%	25%	13%	55%	69%	$ 400,653,146.17
SBR	Sabre Resources	0.009	13%	13%	-10%	-50%	-10%	$ 3,550,157.40
STK	Strickland Metals	0.13	-13%	18%	46%	24%	53%	$ 316,730,371.58
CEL	Challenger Gold Ltd	0.087	-13%	10%	81%	43%	85%	$ 179,699,299.44
GG8	Gorilla Gold Mines	0.475	-13%	-2%	79%	1588%	83%	$ 307,685,968.03
NST	Northern Star	22.53	7%	17%	35%	64%	46%	$ 30,613,796,476.57
OZM	Ozaurum Resources	0.072	-10%	-8%	157%	60%	140%	$ 16,495,334.86
TG1	Techgen Metals Ltd	0.03	25%	11%	-9%	-14%	-14%	$ 3,966,642.75
XAM	Xanadu Mines Ltd	0.079	0%	61%	65%	36%	61%	$ 178,714,472.74
AQI	Alicanto Min Ltd	0.032	7%	7%	-20%	94%	-14%	$ 27,140,575.23
KTA	Krakatoa Resources	0.012	9%	20%	20%	-20%	26%	$ 7,751,675.31
ARN	Aldoro Resources	0.31	-3%	-7%	-5%	377%	-18%	$ 54,513,655.50
WGX	Westgold Resources.	3.31	5%	17%	8%	43%	17%	$ 2,933,071,135.90
MBK	Metal Bank Ltd	0.013	0%	30%	-19%	-45%	-13%	$ 6,466,966.97
A8G	Australasian Metals	0.069	-5%	8%	-14%	-14%	-13%	$ 3,994,391.03
TAR	Taruga Minerals	0.009	0%	0%	-18%	29%	-10%	$ 5,710,032.46
DTR	Dateline Resources	0.091	-33%	184%	2933%	810%	2500%	$ 293,543,904.60
GOR	Gold Road Res Ltd	3.44	2%	5%	59%	119%	68%	$ 3,682,892,813.40
S2R	S2 Resources	0.074	-13%	-21%	7%	-33%	10%	$ 32,605,775.50
NES	Nelson Resources.	0.003	0%	0%	20%	0%	0%	$ 6,515,782.98
TLM	Talisman Mining	0.13	-7%	-21%	-46%	-49%	-37%	$ 24,481,645.37
BEZ	Besragoldinc	0.047	31%	4%	-33%	-51%	-48%	$ 17,866,369.50
PRU	Perseus Mining Ltd	3.86	-2%	8%	38%	68%	50%	$ 5,121,952,885.12
SPQ	Superior Resources	0.004	-11%	0%	-33%	-50%	-33%	$ 9,483,930.90
PUR	Pursuit Minerals	0.041	-5%	5%	-70%	-80%	-57%	$ 4,089,092.48
RMS	Ramelius Resources	2.93	2%	8%	22%	56%	42%	$ 3,279,818,334.64
PKO	Peako Limited	0.002	-33%	-20%	0%	-48%	-33%	$ 2,975,483.92
ICG	Inca Minerals Ltd	0.006	0%	33%	9%	-14%	20%	$ 7,881,950.31
A1G	African Gold Ltd.	0.175	9%	30%	187%	573%	218%	$ 79,203,271.29
NMG	New Murchison Gold	0.019	12%	27%	81%	280%	111%	$ 172,389,876.87
GNM	Great Northern	0.015	-17%	-6%	0%	7%	7%	$ 2,010,178.00
KRM	Kingsrose Mining Ltd	0.033	10%	6%	3%	-27%	-6%	$ 22,605,795.57
BTR	Brightstar Resources	0.58	1%	2%	5%	66%	16%	$ 264,643,384.32
RRL	Regis Resources	5.06	-2%	8%	76%	186%	98%	$ 3,716,950,451.28
M24	Mamba Exploration	0.014	8%	0%	17%	-30%	17%	$ 3,541,987.32
TRM	Truscott Mining Corp	0.055	-15%	-8%	-29%	-8%	-29%	$ 10,529,670.80
TNC	True North Copper	0.31	9%	55%	-90%	-94%	-90%	$ 39,639,290.04
MOM	Moab Minerals Ltd	0.001	0%	0%	-67%	-75%	-50%	$ 1,733,666.03
KNB	Koonenberrygold	0.044	-29%	-52%	193%	144%	267%	$ 45,086,469.08
AWJ	Auric Mining	0.19	9%	-16%	-44%	6%	-44%	$ 31,616,787.34
ENR	Encounter Resources	0.23	-6%	21%	-32%	-35%	-29%	$ 114,722,233.37
SNG	Siren Gold	0.053	-10%	-4%	-22%	-32%	-18%	$ 11,605,442.28
STN	Saturn Metals	0.38	10%	43%	85%	77%	85%	$ 167,775,981.03
USL	Unico Silver Limited	0.27	6%	23%	35%	100%	38%	$ 120,434,532.63
PNM	Pacific Nickel Mines	0.024	0%	0%	0%	-14%	0%	$ 10,103,834.52
AYM	Australia United Min	0.003	0%	0%	50%	50%	-25%	$ 5,527,732.46
HAV	Havilah Resources	0.18	-3%	6%	-23%	3%	-20%	$ 62,762,414.76
SPR	Spartan Resources	2.27	1%	8%	57%	193%	61%	$ 2,832,259,938.43
PNT	Panthermetalsltd	0.015	7%	-6%	0%	-29%	36%	$ 4,212,663.67
MEK	Meeka Metals Limited	0.18	16%	29%	120%	463%	134%	$ 440,248,404.75
GMD	Genesis Minerals	4.85	3%	18%	77%	170%	96%	$ 5,369,152,525.00
PGO	Pacgold	0.065	-2%	-19%	-11%	-35%	-13%	$ 10,399,173.90
FEG	Far East Gold	0.16	3%	7%	-6%	33%	-11%	$ 55,054,117.95
MI6	Minerals260Limited	0.13	-10%	-4%	8%	-7%	0%	$ 279,089,999.96
IGO	IGO Limited	4.22	-3%	-3%	-18%	-35%	-12%	$ 3,203,242,848.99
GAL	Galileo Mining Ltd	0.12	14%	0%	0%	-52%	-4%	$ 25,691,240.51
RXL	Rox Resources	0.295	-2%	0%	51%	103%	48%	$ 212,437,644.87
PTN	Patronus Resources	0.066	27%	14%	27%	12%	35%	$ 108,068,255.06
CLZ	Classic Min Ltd	0.001	0%	0%	0%	-67%	0%	$ 2,790,941.81
TGM	Theta Gold Mines Ltd	0.145	4%	12%	-19%	-3%	-19%	$ 123,120,007.64
FAL	Falconmetalsltd	0.135	8%	17%	-7%	-49%	17%	$ 24,780,000.00
SPD	Southernpalladium	0.7	47%	204%	17%	69%	17%	$ 54,570,000.00
ORN	Orion Minerals Ltd	0.011	0%	-8%	-27%	-35%	-27%	$ 75,354,926.00
TMB	Tambourahmetals	0.023	15%	-12%	-18%	-67%	10%	$ 3,677,251.15
TMS	Tennant Minerals Ltd	0.006	-14%	-14%	-33%	-73%	-33%	$ 6,395,342.49
AZY	Antipa Minerals Ltd	0.815	22%	73%	191%	579%	213%	$ 445,237,678.27
PXX	Polarx Limited	0.008	0%	0%	0%	-33%	23%	$ 19,004,007.82
TRE	Toubani Res Ltd	0.3	3%	9%	100%	79%	76%	$ 78,478,010.67
AUN	Aurumin	0.092	-2%	19%	37%	136%	39%	$ 44,483,412.96
GPR	Geopacific Resources	0.024	20%	14%	8%	18%	20%	$ 76,379,167.82
FXG	Felix Gold Limited	0.145	-12%	-6%	61%	190%	73%	$ 61,687,020.15
ILT	Iltani Resources Lim	0.235	9%	-6%	34%	-19%	15%	$ 11,603,914.96
BRX	Belararoxlimited	0.055	-4%	-35%	-66%	-76%	-69%	$ 9,466,726.20
TM1	Terra Metals Limited	0.045	13%	67%	61%	-2%	61%	$ 17,435,672.60
TOR	Torque Met	0.135	8%	38%	150%	-33%	155%	$ 67,449,154.11
ARD	Argent Minerals	0.024	4%	20%	14%	41%	41%	$ 37,599,652.48
LM1	Leeuwin Metals Ltd	0.15	-6%	-27%	150%	168%	7%	$ 14,112,893.76
SX2	Southgold Consol	7.44	9%	32%	0%	0%	0%	$ 1,050,251,817.68
UVA	Uvrelimited	0.088	-5%	-6%	-6%	-16%	-1%	$ 5,418,000.09
VTX	Vertexmin	0.3	0%	36%	54%	270%	45%	$ 58,256,701.80

Resolution Minerals (ASX:RML)

Heading to the States is all the rage for explorers under the pro-mining regime of Donald Trump, and Resolution Minerals caught a bid after picking up the Horse Heaven project over in the States.

Located in Idaho, it sits directly adjacent to the Stibnite gold mine, an operation held by America’s Perpetua Resources which has a bunch of government support lined up for it thanks to its endowment of antimony, a defence critical metal the US Government would dearly love to start producing domestically.

RML’s Horse Heaven is considered prospective for antimony, gold, silver and tungsten, a metal it produced from the Golden Gate Hill deposit between the 1950s and 1980s.

Horse Heaven has strong gold, antimony and silver mineralisation in two prospects – the Antimony Ridge Fault Zone (ARFZ) and the Golden Gate Fault Zone (GGFZ) – and includes past-producing antimony and tungsten mines.

Past rock chip results include up to 5.99g/t gold, 367g/t silver and 19.15% antimony, with past drilling returning up to 1.459g/t gold.

The company said this week Horse Heaven complemented its recently acquired Australian gold-antimony-copper projects – Drake East antimony-gold project (NSW), Neardie antimony project (Qld) and Spur South gold-copper project (NSW) – to create a portfolio highly leveraged to gold and antimony.

“The acquisition of the Horse Heaven project is a company transforming event for RML,” executive director Aharon Zaetz said.

“As many governments around the world look to onshore their supply of critical minerals, such as antimony, we have secured a commanding ground position with known antimony occurrences and next to what will soon be the largest antimony producer in the USA.”

Southern Palladium (ASX:SPD)

SPD owns 70% of the Bengwenyama project in South Africa, one of a handful of platinum and palladium development assets floating around globally.

Prices have been in the toilet the past couple years.

But a massive ~28% lift in platinum prices and 10.5% rise in palladium in the past month has investors plunging back into the PGM space.

There’s more on the background of that here with Ten Bagger expert (and SPD backer) John Forwood.

With its shares up 75% in the past year, SPD received another boost on Friday after coming out of a trading halt on Thursday to announce firm commitments for $8m in a placement to fund DFS activities, a first raising since its 2022 IPO.

The Bridge Street Capital Partners led placement’s positive reception came with the raising conducted at no discount to SPD’s previous 50c share price, always a positive sign for investors scared of dilution.

It’s now trading at 70c.

Exploration Gold