The World Gold Council has delivered its outlook for 2025. Pic: Getty Images
Mining
Often when the mainstream media catches on to an investing theme and there’s a consensus, that’s a hint the easy gains may already have been made.
And gold’s 2025 performance, a 28% increase through November – lauded as the best price rise in over a decade by the World Gold Council, is a situation that would typically imply some downside on the other side of the mountain.
Take this all with a grain of salt, the WGC is always likely to be optimistic, if not bullish on the precious metal.
But the global research house and industry body thinks 2025 will be rangebound, with the possibility of some upside.
That comes off the back of a few market consensus bets, notably an expected 100bps rate cut from the US Fed and similar trims in Europe next year, the sort of thing that generally bodes well for bullion investment demand.
A flatter or weaker US dollar is also being tipped, balanced out by some negatives including cooling inflation and strong US equities performance.
“Gold is having a record-breaking year due to a confluence of factors, driving the gold price and demand to record levels,” WGC global head of research Juan Carlos Artigas said.
“And while the current consensus on global economic performance suggests that gold could move sideways, the uncertainty surrounding the geopolitical landscape could provide a springboard for gold next year.
“2025 is set to be marked by evolving fiscal and economic policies that may result in shifting global dynamics. For gold, 2025 will be a tale of two halves – first, we may experience more risk-on appetite as we wait for strategic and tactical drivers to unravel, leading to more clarity and direction for gold’s performance later in the year.
“This could really ring true if there is a significant drop in interest rates or a marked increase in market volatility to further fuel investor interest. We also expect global central bank demand and Asian markets to continue playing a pivotal role.”
Gold is currently fetching US$2686/oz according to Kitco, or A$4220/oz in Aussie dollar terms.
If your costs are anywhere near where they should be (~A$2500/oz and below) and your production is unhedged, you’re laughing.
Indeed, the free cash expected to be printed by ASX gold miners has made them some of the top picks of Aussie fundies.
How prices hold up from here will likely be heavily influence by the policies of new/old US President Donald Trump.
His success over Kamala Harris in last month’s poll has prompted a surge in the US stock market and strong US dollar trade which capped upside for gold. But the WGC says it could be a trigger for hedges as riskier trades proliferate.
“A more business-friendly fiscal policy combined with an America-first agenda is likely to improve sentiment among domestic investors and consumers,” the WGC says.
“This will likely favour risk-on trades in the first few months of the year. The question, however, is whether these policies will also result in inflationary pressures and disruptions to supply chains.
“In addition, concerns about European sovereign debt are once again mounting, not to mention continued geopolitical instability, particularly in light of the events in South Korea and Syria in early December.
“In all, this could prompt investors to look for hedges, such as gold, to counter risk.”
A more dovish US Fed is also potentially positive, as long as we don’t see a big rebound in inflation both there and in Europe.
“Historically, gold has risen by an average of 6% in the first six months of a rate cut cycle. Its subsequent performance has been influenced by the length and depth of that cycle,” the WGC says.
“Overall, a more dovish Fed will be beneficial for gold, but a prolonged pause or policy reversal would likely put further pressure on investment demand.”
A large measure of the demand that has sent gold to record highs this year has come from central banks, many of which are cutting their reliance on the US dollar and hedging against uncertainty.
Indeed, central banks have looked to add gold holdings on a net basis in every year since 2010, peaking in 2022 and 2023.
YTD numbers show gold won’t quite reach those heights in 2024, but it remains above average, with the WGC projecting 7-10% of the positive performance in gold has derived from central bank buying.
Its analysts call the practice “an important part of the puzzle”.
“Central bank buying is policy driven and thus difficult to forecast, but our surveys and analysis suggest that the current trend will remain in place,” the WGC says.
“In our view, demand in excess of 500 tonnes (the approximate long-term trend) should still have a net positive effect on performance. And we believe central bank demand in 2025 will surpass that. But a deceleration below that level could bring additional pressures to gold.”
Central bank buying lifted in October, with 60t of net purchases led by a 27t addition from India’s reserve bank, 17t from Turkiye and 8t from Poland setting a YTD record.
China also resumed purchases in November after a six-month pause.
The swing factor, though, may be ETF inflows and outflows. Global ETFs saw their first monthly outflow since April in November, the WGC reported, with US$2.1bn collectively traded out of funds.
But North American ETFs reported inflows. Assets under management dropped 4% to US$274bn across the month, with YTD flows up at US$2.6bn.
YTD gold demand from ETFs is now negative, however. European funds reported US$1.9bn in outflows, while Asian funds lost US$145 million, the first net outflows in 20 months.
Asia, however, remains a relatively small portion of the global gold ETF market, with North American funds accounting for US$141.1bn of the US$274.3bn under management.
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 | 0.008 | 0% | -6% | -20% | -53% | -53% | $ 8,678,940.02 |
| NPM | Newpeak Metals | 0.012 | 20% | 0% | -40% | -10% | -16% | $ 3,664,860.78 |
| ASO | Aston Minerals Ltd | 0.008 | 0% | -20% | -33% | -71% | -67% | $ 10,360,514.15 |
| MTC | Metalstech Ltd | 0.11 | -4% | -15% | -51% | -12% | -50% | $ 21,729,343.13 |
| GED | Golden Deeps | 0.026 | -10% | -10% | -47% | -43% | -43% | $ 3,939,581.07 |
| G88 | Golden Mile Res Ltd | 0.009 | 0% | -25% | -18% | -55% | -53% | $ 4,255,405.70 |
| LAT | Latitude 66 Limited | 0.057 | -12% | -42% | 2750% | -62% | -72% | $ 8,747,443.01 |
| NMR | Native Mineral Res | 0.031 | 3% | -23% | -9% | 24% | 55% | $ 16,003,891.37 |
| AQX | Alice Queen Ltd | 0.0075 | 7% | -6% | 7% | 25% | 50% | $ 9,175,120.54 |
| SLZ | Sultan Resources Ltd | 0.007 | 17% | -13% | -30% | -49% | -69% | $ 1,620,289.37 |
| MKG | Mako Gold | 0.014 | -13% | -18% | 40% | 56% | 40% | $ 13,812,667.05 |
| KSN | Kingston Resources | 0.075 | -17% | -17% | -4% | -8% | -2% | $ 54,453,733.80 |
| AMI | Aurelia Metals Ltd | 0.175 | 0% | 0% | 3% | 75% | 59% | $ 304,481,624.76 |
| GIB | Gibb River Diamonds | 0.037 | -3% | 0% | -14% | 23% | 23% | $ 7,936,849.47 |
| KCN | Kingsgate Consolid. | 1.395 | -4% | 10% | -14% | 4% | 1% | $ 366,007,402.64 |
| TMX | Terrain Minerals | 0.0035 | 0% | -13% | 17% | -30% | -30% | $ 6,300,100.81 |
| BNR | Bulletin Res Ltd | 0.038 | -7% | -7% | -14% | -70% | -73% | $ 11,157,306.27 |
| NXM | Nexus Minerals Ltd | 0.05 | -11% | -17% | 22% | 19% | 6% | $ 25,288,908.32 |
| SKY | SKY Metals Ltd | 0.052 | -5% | 8% | 51% | 49% | 44% | $ 37,306,674.13 |
| LM8 | Lunnonmetalslimited | 0.24 | 2% | -8% | 14% | -66% | -60% | $ 54,053,902.63 |
| CST | Castile Resources | 0.0785 | 5% | -10% | -2% | 2% | -4% | $ 18,989,340.52 |
| YRL | Yandal Resources | 0.215 | -27% | -37% | 72% | 142% | 159% | $ 69,023,836.28 |
| FAU | First Au Ltd | 0.002 | 0% | 0% | 0% | -33% | -33% | $ 4,143,986.55 |
| ARL | Ardea Resources Ltd | 0.31 | -6% | -22% | -41% | -40% | -35% | $ 61,901,703.65 |
| GWR | GWR Group Ltd | 0.082 | -7% | -4% | -13% | -6% | -14% | $ 27,303,415.68 |
| IVR | Investigator Res Ltd | 0.038 | 0% | -3% | -27% | -17% | 0% | $ 63,555,182.96 |
| GTR | Gti Energy Ltd | 0.0035 | 17% | -13% | -30% | -53% | -56% | $ 8,888,848.99 |
| IPT | Impact Minerals | 0.01 | -9% | -17% | -47% | 11% | -9% | $ 33,653,770.90 |
| BNZ | Benzmining | 0.34 | -15% | 36% | 113% | 42% | 36% | $ 46,973,277.48 |
| MOH | Moho Resources | 0.004 | -11% | -43% | 0% | -56% | -60% | $ 2,695,890.98 |
| BCM | Brazilian Critical | 0.009 | -10% | 13% | -47% | -59% | -65% | $ 8,100,527.29 |
| PUA | Peak Minerals Ltd | 0.008 | 14% | 33% | 141% | 222% | 222% | $ 19,976,882.11 |
| MRZ | Mont Royal Resources | 0.04 | 0% | -11% | -25% | -74% | -73% | $ 3,401,191.72 |
| SMS | Starmineralslimited | 0.039 | 3% | -7% | 39% | 19% | 4% | $ 4,233,181.40 |
| MVL | Marvel Gold Limited | 0.01 | 0% | 0% | 11% | 11% | -17% | $ 8,637,907.03 |
| PRX | Prodigy Gold NL | 0.002 | 0% | 0% | -25% | -72% | -62% | $ 6,350,111.10 |
| AAU | Antilles Gold Ltd | 0.005 | 25% | 67% | -17% | -77% | -78% | $ 7,431,504.23 |
| CWX | Carawine Resources | 0.097 | -12% | -16% | -3% | -19% | -12% | $ 22,904,168.55 |
| RND | Rand Mining Ltd | 1.45 | -5% | -30% | 4% | 7% | 6% | $ 87,304,600.14 |
| CAZ | Cazaly Resources | 0.016 | -20% | 19% | -24% | -43% | -45% | $ 7,380,847.86 |
| BMR | Ballymore Resources | 0.155 | -6% | 11% | -9% | 7% | 24% | $ 27,393,240.68 |
| DRE | Dreadnought Resources Ltd | 0.012 | -14% | -25% | -33% | -61% | -60% | $ 41,445,800.00 |
| ZNC | Zenith Minerals Ltd | 0.043 | 2% | -2% | -33% | -72% | -71% | $ 16,995,873.05 |
| REZ | Resourc & En Grp Ltd | 0.021 | -22% | -25% | 62% | 50% | 50% | $ 14,104,421.56 |
| LEX | Lefroy Exploration | 0.066 | -7% | -7% | -27% | -62% | -62% | $ 16,874,846.52 |
| ERM | Emmerson Resources | 0.061 | 2% | 9% | 53% | 7% | 3% | $ 31,048,457.92 |
| AM7 | Arcadia Minerals | 0.022 | 0% | -31% | -56% | -70% | -70% | $ 2,575,102.20 |
| ADT | Adriatic Metals | 4.18 | 0% | 6% | 7% | 36% | 4% | $ 1,181,763,950.50 |
| AS1 | Asara Resources Ltd | 0.022 | -15% | 22% | 120% | 83% | 120% | $ 24,916,507.68 |
| CYL | Catalyst Metals | 2.9 | 5% | 2% | 194% | 197% | 260% | $ 646,312,935.84 |
| CHN | Chalice Mining Ltd | 1.18 | -14% | -21% | -17% | -25% | -30% | $ 468,777,279.54 |
| KAL | Kalgoorliegoldmining | 0.02 | -17% | 0% | -39% | -23% | -26% | $ 6,008,384.84 |
| MLS | Metals Australia | 0.022 | -12% | -12% | 10% | -35% | -41% | $ 15,998,829.53 |
| ADN | Andromeda Metals Ltd | 0.007 | 0% | 17% | -61% | -68% | -72% | $ 24,001,093.82 |
| MEI | Meteoric Resources | 0.088 | -3% | -20% | -50% | -57% | -66% | $ 202,651,924.82 |
| SRN | Surefire Rescs NL | 0.004 | 0% | -20% | -53% | -60% | -53% | $ 8,265,231.25 |
| WA8 | Warriedarresourltd | 0.051 | -16% | 16% | -4% | -15% | -4% | $ 45,135,905.24 |
| HMX | Hammer Metals Ltd | 0.033 | -3% | -6% | -6% | -37% | -37% | $ 30,183,795.80 |
| WCN | White Cliff Min Ltd | 0.019 | 19% | 6% | 12% | 90% | 111% | $ 35,918,944.21 |
| AVM | Advance Metals Ltd | 0.033 | 0% | -6% | 43% | -40% | -10% | $ 5,728,971.92 |
| ASR | Asra Minerals Ltd | 0.0035 | 17% | 17% | -13% | -50% | -50% | $ 6,937,807.46 |
| ARI | Arika Resources | 0.026 | -13% | 18% | 30% | 30% | 4% | $ 17,430,241.86 |
| AME | Alto Metals Limited | 0.094 | 0% | 8% | 161% | 104% | 119% | $ 69,538,678.17 |
| CTO | Citigold Corp Ltd | 0.004 | 0% | 0% | -20% | -20% | -20% | $ 12,000,000.00 |
| SMI | Santana Minerals Ltd | 0.47 | -6% | -22% | 32% | 68% | 40% | $ 288,936,463.05 |
| M2R | Miramar | 0.0045 | 13% | -36% | -47% | -80% | -77% | $ 1,984,116.43 |
| MHC | Manhattan Corp Ltd | 0.023 | -8% | -43% | -8% | -65% | -65% | $ 5,402,674.65 |
| GRL | Godolphin Resources | 0.014 | -18% | -13% | -26% | -63% | -64% | $ 5,385,168.32 |
| SVG | Savannah Goldfields | 0.022 | 5% | 5% | -4% | -52% | -56% | $ 6,183,868.15 |
| EMC | Everest Metals Corp | 0.14 | 0% | 8% | 27% | 63% | 75% | $ 30,048,817.86 |
| GUL | Gullewa Limited | 0.059 | 0% | -9% | -16% | 7% | 7% | $ 12,391,308.15 |
| CY5 | Cygnus Metals Ltd | 0.11 | 0% | -8% | 108% | -15% | -19% | $ 54,691,355.69 |
| G50 | G50Corp Ltd | 0.18 | -5% | 20% | 50% | 44% | 33% | $ 27,734,473.08 |
| ADV | Ardiden Ltd | 0.13 | 0% | -4% | -10% | -24% | -26% | $ 8,127,275.78 |
| AAR | Astral Resources NL | 0.16 | 19% | 23% | 103% | 105% | 119% | $ 198,392,968.29 |
| VMC | Venus Metals Cor Ltd | 0.065 | 0% | -14% | -24% | -35% | -35% | $ 13,532,879.13 |
| NAE | New Age Exploration | 0.004 | -11% | -20% | 0% | -33% | -33% | $ 8,575,595.64 |
| VKA | Viking Mines Ltd | 0.009 | -10% | -25% | 0% | -31% | -36% | $ 11,953,325.88 |
| LCL | LCL Resources Ltd | 0.01 | 11% | 0% | -9% | -38% | -41% | $ 11,948,127.07 |
| MTH | Mithril Silver Gold | 0.415 | 12% | 9% | 98% | 108% | 108% | $ 65,099,484.90 |
| ADG | Adelong Gold Limited | 0.005 | 0% | 0% | 0% | 0% | 0% | $ 5,589,944.79 |
| RMX | Red Mount Min Ltd | 0.0105 | 5% | -5% | 5% | -60% | -60% | $ 4,649,577.96 |
| PRS | Prospech Limited | 0.029 | 4% | -6% | -15% | -9% | -6% | $ 9,535,950.72 |
| TTM | Titan Minerals | 0.39 | -11% | -18% | 11% | 50% | 39% | $ 99,712,932.75 |
| AKA | Aureka Limited | 0.145 | 38% | 26% | -98% | -98% | -98% | $ 15,365,234.40 |
| AAM | Aumegametals | 0.043 | -2% | -9% | -28% | -4% | -9% | $ 28,315,560.83 |
| KZR | Kalamazoo Resources | 0.086 | 2% | 0% | -5% | -18% | -28% | $ 17,888,953.46 |
| BCN | Beacon Minerals | 0.022 | 0% | 0% | -15% | -19% | -12% | $ 92,980,012.22 |
| MAU | Magnetic Resources | 1.23 | -9% | 8% | 15% | 20% | 21% | $ 326,759,268.50 |
| BC8 | Black Cat Syndicate | 0.665 | -11% | 27% | 142% | 161% | 166% | $ 368,588,758.50 |
| EM2 | Eagle Mountain | 0.014 | -13% | -70% | -75% | -78% | -81% | $ 5,609,208.86 |
| EMR | Emerald Res NL | 3.71 | 0% | -1% | 1% | 43% | 23% | $ 2,509,913,450.92 |
| BYH | Bryah Resources Ltd | 0.004 | 0% | 0% | -50% | -69% | -69% | $ 2,013,147.42 |
| HCH | Hot Chili Ltd | 0.7 | -9% | -16% | -26% | -29% | -35% | $ 109,022,724.00 |
| WAF | West African Res Ltd | 1.605 | -2% | 5% | 15% | 84% | 70% | $ 1,869,234,024.16 |
| MEU | Marmota Limited | 0.038 | 3% | 0% | -5% | -14% | -12% | $ 41,289,977.38 |
| NVA | Nova Minerals Ltd | 0.29 | 16% | 53% | 41% | -11% | -19% | $ 81,282,073.64 |
| SVL | Silver Mines Limited | 0.093 | -19% | -4% | -45% | -44% | -42% | $ 146,279,516.93 |
| PGD | Peregrine Gold | 0.125 | -4% | -14% | -42% | -54% | -48% | $ 8,824,194.73 |
| ICL | Iceni Gold | 0.064 | 3% | 33% | -19% | 25% | 23% | $ 17,753,908.29 |
| FG1 | Flynngold | 0.028 | 4% | -24% | 8% | -47% | -38% | $ 7,316,861.16 |
| WWI | West Wits Mining Ltd | 0.0135 | -4% | -4% | 13% | 23% | 13% | $ 34,326,811.99 |
| RML | Resolution Minerals | 0.018 | 38% | 13% | 13% | -25% | -25% | $ 3,220,046.02 |
| AAJ | Aruma Resources Ltd | 0.013 | -7% | -13% | -19% | -57% | -52% | $ 2,886,756.24 |
| HWK | Hawk Resources. | 0.024 | -8% | -20% | -33% | -46% | -46% | $ 4,773,236.23 |
| GMN | Gold Mountain Ltd | 0.003 | 50% | 50% | 0% | -40% | -45% | $ 11,902,419.55 |
| MEG | Megado Minerals Ltd | 0.014 | 0% | 0% | 34% | -39% | -58% | $ 5,455,882.41 |
| HMG | Hamelingoldlimited | 0.075 | 14% | -21% | -10% | -6% | -5% | $ 11,857,500.00 |
| BM8 | Battery Age Minerals | 0.105 | -13% | 8% | -34% | -45% | -45% | $ 12,212,896.80 |
| TBR | Tribune Res Ltd | 4.485 | 1% | -8% | 31% | 66% | 52% | $ 233,482,942.65 |
| FML | Focus Minerals Ltd | 0.185 | 9% | 3% | 23% | 9% | 0% | $ 53,013,349.33 |
| VRC | Volt Resources Ltd | 0.003 | 0% | -14% | -50% | -63% | -54% | $ 12,476,034.38 |
| ARV | Artemis Resources | 0.011 | 10% | -8% | -15% | -45% | -42% | $ 21,085,706.69 |
| HRN | Horizon Gold Ltd | 0.435 | 2% | -5% | 55% | 45% | 45% | $ 65,177,965.35 |
| CLA | Celsius Resource Ltd | 0.013 | 18% | 24% | 30% | 0% | 8% | $ 33,423,318.51 |
| QML | Qmines Limited | 0.061 | -2% | 0% | 7% | -28% | -26% | $ 21,309,718.87 |
| RDN | Raiden Resources Ltd | 0.013 | 18% | -54% | -61% | -65% | -68% | $ 37,959,805.86 |
| TCG | Turaco Gold Limited | 0.29 | -9% | 7% | 49% | 176% | 123% | $ 259,823,914.50 |
| KCC | Kincora Copper | 0.027 | -23% | -31% | -60% | 4% | -34% | $ 6,508,551.66 |
| GBZ | GBM Rsources Ltd | 0.009 | 13% | 13% | -18% | -10% | 0% | $ 10,410,200.00 |
| DTM | Dart Mining NL | 0.011 | 0% | -8% | -48% | -25% | -29% | $ 6,578,611.35 |
| MKR | Manuka Resources. | 0.028 | -20% | -3% | -30% | -68% | -64% | $ 32,430,706.76 |
| AUC | Ausgold Limited | 0.47 | 16% | 6% | 38% | 47% | 47% | $ 174,577,919.32 |
| ANX | Anax Metals Ltd | 0.01 | 0% | -5% | -72% | -60% | -67% | $ 8,714,349.42 |
| EMU | EMU NL | 0.027 | -4% | 13% | 4% | -35% | -2% | $ 4,101,977.24 |
| SFM | Santa Fe Minerals | 0.029 | 0% | -3% | -28% | -33% | -33% | $ 2,111,744.88 |
| SSR | SSR Mining Inc. | 11.96 | 29% | 44% | 60% | -27% | -24% | $ 47,331,185.93 |
| PNR | Pantoro Limited | 0.095 | -5% | -2% | 7% | 94% | 67% | $ 645,403,051.40 |
| CMM | Capricorn Metals | 6.99 | 0% | 14% | 57% | 62% | 48% | $ 2,839,535,732.15 |
| X64 | Ten Sixty Four Ltd | 0.57 | 0% | 0% | 0% | 0% | 0% | $ 129,844,903.32 |
| VRL | Verity Resources | 0.023 | 5% | 15% | -62% | -77% | -77% | $ 3,368,708.02 |
| HAW | Hawthorn Resources | 0.042 | 0% | -22% | -40% | -53% | -55% | $ 13,735,640.13 |
| BGD | Bartongoldholdings | 0.255 | -2% | -2% | -18% | 4% | -4% | $ 57,988,656.80 |
| SVY | Stavely Minerals Ltd | 0.019 | -5% | -32% | -49% | -60% | -58% | $ 10,336,799.77 |
| AGC | AGC Ltd | 0.165 | -13% | -21% | -47% | 162% | 132% | $ 41,055,555.52 |
| RGL | Riversgold | 0.003 | 0% | 0% | -50% | -77% | -75% | $ 5,696,119.08 |
| TSO | Tesoro Gold Ltd | 0.02 | -13% | 0% | -43% | -31% | -31% | $ 31,068,280.82 |
| GUE | Global Uranium | 0.056 | -10% | -8% | -39% | -36% | -43% | $ 15,675,546.87 |
| CPM | Coopermetalslimited | 0.046 | -2% | -10% | -39% | -84% | -86% | $ 3,761,071.20 |
| MM8 | Medallion Metals. | 0.092 | 6% | 24% | 88% | 42% | 42% | $ 39,713,387.60 |
| FFM | Firefly Metals Ltd | 1.045 | -3% | -9% | 58% | 97% | 66% | $ 617,390,479.59 |
| CBY | Canterbury Resources | 0.025 | 25% | 0% | -48% | -11% | 0% | $ 4,936,022.40 |
| LYN | Lycaonresources | 0.093 | -52% | -65% | -59% | -40% | -54% | $ 4,874,603.72 |
| SFR | Sandfire Resources | 9.96 | -3% | -2% | 14% | 56% | 36% | $ 4,770,534,007.20 |
| TMZ | Thomson Res Ltd | 0.06 | 0% | 0% | 0% | 0% | 0% | $ 4,881,135.48 |
| TAM | Tanami Gold NL | 0.029 | 0% | 4% | -12% | -22% | -17% | $ 34,077,814.33 |
| NWM | Norwest Minerals | 0.017 | -15% | -6% | -37% | -41% | -37% | $ 10,187,509.71 |
| ALK | Alkane Resources Ltd | 0.525 | 1% | 6% | 1% | -15% | -20% | $ 333,048,040.60 |
| BMO | Bastion Minerals | 0.0045 | -10% | -25% | -44% | -63% | -75% | $ 3,378,898.66 |
| IDA | Indiana Resources | 0.061 | 2% | 6% | 38% | 90% | 40% | $ 39,206,679.94 |
| GSM | Golden State Mining | 0.009 | 0% | 0% | -10% | -40% | -40% | $ 2,514,335.67 |
| NSM | Northstaw | 0.015 | -17% | 7% | -34% | -74% | -63% | $ 4,908,177.00 |
| GSN | Great Southern | 0.015 | -6% | -6% | -17% | -25% | -21% | $ 14,817,329.07 |
| VAU | Vault Minerals Ltd | 0.375 | 6% | 12% | -14% | 7% | 21% | $ 2,584,939,885.16 |
| DEG | De Grey Mining | 1.9 | -1% | 40% | 84% | 56% | 54% | $ 4,661,693,347.23 |
| THR | Thor Energy PLC | 0.013 | -7% | -7% | -28% | -54% | -57% | $ 3,292,632.36 |
| CDR | Codrus Minerals Ltd | 0.016 | 0% | -11% | -69% | -72% | -71% | $ 2,646,200.06 |
| MDI | Middle Island Res | 0.014 | -7% | -18% | 8% | -7% | -13% | $ 3,823,298.15 |
| WTM | Waratah Minerals Ltd | 0.175 | 9% | -35% | 84% | 192% | 46% | $ 36,429,749.82 |
| POL | Polymetals Resources | 0.88 | 0% | 9% | 193% | 209% | 184% | $ 186,084,997.75 |
| RDS | Redstone Resources | 0.003 | 0% | 0% | -14% | -40% | -50% | $ 2,776,135.38 |
| NAG | Nagambie Resources | 0.02 | -17% | 0% | 122% | -33% | -31% | $ 16,869,349.22 |
| BGL | Bellevue Gold Ltd | 1.305 | -2% | -1% | -31% | -23% | -22% | $ 1,753,598,612.19 |
| GBR | Greatbould Resources | 0.046 | -4% | 10% | -27% | -28% | -29% | $ 36,436,816.03 |
| KAI | Kairos Minerals Ltd | 0.0135 | 4% | -16% | 50% | -10% | -4% | $ 36,832,770.65 |
| KAU | Kaiser Reef | 0.17 | 10% | 3% | 21% | 0% | 0% | $ 41,433,242.40 |
| HRZ | Horizon | 0.041 | 5% | -2% | -2% | 3% | -2% | $ 55,757,138.31 |
| CAI | Calidus Resources | 0.115 | 0% | 0% | 5% | -32% | -47% | $ 93,678,205.58 |
| CDT | Castle Minerals | 0.002 | 0% | -20% | -64% | -78% | -79% | $ 3,345,628.21 |
| RSG | Resolute Mining | 0.43 | 0% | -3% | -20% | 0% | -3% | $ 926,136,755.66 |
| MXR | Maximus Resources | 0.043 | 2% | 2% | 48% | 22% | 26% | $ 18,400,890.71 |
| EVN | Evolution Mining Ltd | 5.05 | -2% | 7% | 35% | 40% | 28% | $ 10,424,155,957.60 |
| CXU | Cauldron Energy Ltd | 0.0135 | -13% | -4% | -55% | -37% | -42% | $ 20,459,664.53 |
| DLI | Delta Lithium | 0.18 | 3% | -20% | -28% | -59% | -62% | $ 136,142,940.48 |
| ALY | Alchemy Resource Ltd | 0.008 | 33% | 33% | 14% | -11% | -20% | $ 7,068,457.54 |
| NH3 | Nh3Cleanenergyltd | 0.02 | -5% | -20% | 25% | 82% | 67% | $ 10,258,318.02 |
| OBM | Ora Banda Mining Ltd | 0.675 | -4% | -9% | 101% | 181% | 181% | $ 1,344,257,463.84 |
| AVW | Avira Resources Ltd | 0.001 | 0% | 0% | 0% | -50% | -50% | $ 2,938,790.00 |
| LCY | Legacy Iron Ore | 0.008 | -20% | -36% | -41% | -48% | -51% | $ 78,096,340.67 |
| PDI | Predictive Disc Ltd | 0.235 | -10% | -4% | 27% | 2% | 12% | $ 564,216,475.92 |
| MAT | Matsa Resources | 0.037 | -14% | -12% | 37% | 28% | 42% | $ 25,353,412.62 |
| ZAG | Zuleika Gold Ltd | 0.014 | -13% | -22% | -26% | -18% | -22% | $ 10,386,318.98 |
| GML | Gateway Mining | 0.023 | -12% | -12% | -21% | -21% | -8% | $ 9,095,566.78 |
| SBM | St Barbara Limited | 0.31 | -9% | 2% | 27% | 68% | 48% | $ 303,836,808.58 |
| SBR | Sabre Resources | 0.01 | -9% | -9% | -44% | -64% | -70% | $ 3,929,619.33 |
| STK | Strickland Metals | 0.095 | 10% | 19% | -10% | -39% | 0% | $ 196,459,912.04 |
| ION | Iondrive Limited | 0.026 | 30% | 117% | 86% | 136% | 117% | $ 18,472,306.90 |
| CEL | Challenger Gold Ltd | 0.0495 | 1% | -3% | -19% | -27% | -33% | $ 73,545,659.81 |
| LRL | Labyrinth Resources | 0.275 | 15% | 31% | 878% | 459% | 459% | $ 148,239,707.33 |
| NST | Northern Star | 16.44 | -1% | -1% | 20% | 33% | 20% | $ 19,257,221,421.75 |
| OZM | Ozaurum Resources | 0.028 | -13% | -22% | -38% | -72% | -81% | $ 4,445,000.00 |
| TG1 | Techgen Metals Ltd | 0.033 | -3% | 18% | -6% | -64% | -58% | $ 5,235,968.43 |
| XAM | Xanadu Mines Ltd | 0.047 | -15% | -11% | -19% | -4% | -20% | $ 87,703,008.62 |
| AQI | Alicanto Min Ltd | 0.04 | 0% | 18% | 142% | 21% | 21% | $ 33,705,718.96 |
| KTA | Krakatoa Resources | 0.01 | -9% | 0% | -33% | -75% | -72% | $ 4,721,072.20 |
| ARN | Aldoro Resources | 0.295 | 84% | 260% | 354% | 255% | 136% | $ 43,752,716.48 |
| WGX | Westgold Resources. | 2.98 | 0% | 7% | 28% | 40% | 37% | $ 2,885,915,651.40 |
| MBK | Metal Bank Ltd | 0.016 | -6% | -20% | -33% | -54% | -40% | $ 7,959,343.97 |
| A8G | Australasian Metals | 0.08 | -5% | 3% | 0% | -50% | -53% | $ 4,169,639.52 |
| TAR | Taruga Minerals | 0.011 | 10% | -8% | 57% | 0% | 0% | $ 7,766,294.64 |
| DTR | Dateline Resources | 0.003 | -14% | 0% | -70% | -73% | -70% | $ 7,548,781.41 |
| GOR | Gold Road Res Ltd | 2.11 | 2% | 20% | 34% | 12% | 7% | $ 2,341,485,554.40 |
| S2R | S2 Resources | 0.064 | -2% | -9% | -42% | -64% | -61% | $ 30,794,343.52 |
| NES | Nelson Resources. | 0.0025 | -17% | 25% | -17% | -29% | -38% | $ 5,429,819.15 |
| TLM | Talisman Mining | 0.24 | 7% | 7% | -6% | 4% | 2% | $ 45,196,883.76 |
| BEZ | Besragoldinc | 0.079 | 27% | 11% | -17% | -44% | -47% | $ 28,668,737.62 |
| PRU | Perseus Mining Ltd | 2.74 | -2% | 9% | 19% | 49% | 48% | $ 3,852,845,161.20 |
| SPQ | Superior Resources | 0.005 | -29% | -23% | -37% | -68% | -61% | $ 13,019,182.79 |
| PUR | Pursuit Minerals | 0.125 | -11% | 0% | -38% | -72% | -69% | $ 9,815,753.48 |
| RMS | Ramelius Resources | 2.3 | 0% | 13% | 23% | 45% | 36% | $ 2,771,998,747.20 |
| PKO | Peako Limited | 0.003 | 0% | 0% | -22% | -22% | -22% | $ 3,285,424.60 |
| ICG | Inca Minerals Ltd | 0.006 | 0% | 0% | -14% | -37% | -43% | $ 5,646,973.93 |
| A1G | African Gold Ltd. | 0.058 | 4% | -8% | 123% | 127% | 152% | $ 23,283,518.22 |
| NMG | New Murchison Gold | 0.01 | -9% | 11% | 100% | 67% | 43% | $ 77,731,245.06 |
| GNM | Great Northern | 0.015 | 0% | 25% | 7% | -25% | -25% | $ 2,474,065.23 |
| KRM | Kingsrose Mining Ltd | 0.036 | 3% | 0% | -20% | -16% | -12% | $ 24,112,848.61 |
| BTR | Brightstar Resources | 0.021 | -28% | -16% | 50% | 50% | 31% | $ 222,019,990.35 |
| RRL | Regis Resources | 2.75 | 2% | 12% | 55% | 41% | 26% | $ 2,168,221,096.58 |
| M24 | Mamba Exploration | 0.012 | 9% | 0% | -40% | -68% | -76% | $ 2,256,987.31 |
| TRM | Truscott Mining Corp | 0.078 | 0% | 30% | 30% | 31% | 43% | $ 14,932,987.68 |
| TNC | True North Copper | 0.03 | 0% | 0% | -46% | -70% | -69% | $ 26,264,705.94 |
| MOM | Moab Minerals Ltd | 0.003 | 50% | -25% | -25% | -57% | -57% | $ 4,700,998.10 |
| KNB | Koonenberrygold | 0.014 | 8% | 0% | -22% | -45% | -64% | $ 13,114,312.11 |
| AWJ | Auric Mining | 0.33 | -1% | 27% | 83% | 378% | 175% | $ 50,542,146.14 |
| ENR | Encounter Resources | 0.35 | 0% | 3% | -1% | 40% | 21% | $ 169,025,966.30 |
| SNG | Siren Gold | 0.069 | 5% | -3% | -12% | 38% | 1% | $ 14,890,001.41 |
| STN | Saturn Metals | 0.195 | -17% | -17% | -9% | 30% | 15% | $ 63,321,401.22 |
| USL | Unico Silver Limited | 0.19 | -10% | -16% | 41% | 65% | 52% | $ 87,588,751.00 |
| PNM | Pacific Nickel Mines | 0.024 | 0% | 0% | -14% | -72% | -71% | $ 10,103,834.52 |
| AYM | Australia United Min | 0.002 | 0% | -33% | 0% | 0% | -33% | $ 3,685,154.97 |
| ANL | Amani Gold Ltd | 0.001 | 0% | 0% | 0% | 0% | 0% | $ 23,229,097.01 |
| HAV | Havilah Resources | 0.23 | 0% | 21% | 31% | -13% | 18% | $ 79,725,229.56 |
| SPR | Spartan Resources | 1.415 | -10% | 20% | 83% | 220% | 174% | $ 1,848,727,277.80 |
| PNT | Panthermetalsltd | 0.009 | -47% | -59% | -57% | -79% | -79% | $ 3,530,229.57 |
| MEK | Meeka Metals Limited | 0.077 | -9% | 17% | 141% | 83% | 93% | $ 195,794,931.66 |
| GMD | Genesis Minerals | 2.71 | 3% | 18% | 51% | 63% | 51% | $ 3,092,541,943.82 |
| PGO | Pacgold | 0.074 | -9% | -14% | -26% | -63% | -61% | $ 9,596,166.67 |
| FEG | Far East Gold | 0.195 | 26% | 5% | 63% | 39% | 56% | $ 54,779,342.42 |
| MI6 | Minerals260Limited | 0.12 | 0% | -8% | -14% | -64% | -63% | $ 28,080,000.00 |
| IGO | IGO Limited | 5.05 | 2% | -3% | -22% | -35% | -44% | $ 3,877,211,202.56 |
| GAL | Galileo Mining Ltd | 0.115 | 5% | -15% | -54% | -55% | -60% | $ 23,714,991.24 |
| RXL | Rox Resources | 0.2 | 8% | 18% | 38% | 9% | 9% | $ 100,410,609.98 |
| PTN | Patronus Resources | 0.051 | -9% | -16% | -14% | -16% | -24% | $ 85,144,685.81 |
| CLZ | Classic Min Ltd | 0.001 | 0% | 0% | -67% | -98% | -98% | $ 1,544,025.56 |
| TGM | Theta Gold Mines Ltd | 0.18 | 9% | 6% | 20% | 71% | 57% | $ 152,897,152.68 |
| FAL | Falconmetalsltd | 0.135 | -4% | -7% | -49% | -7% | -7% | $ 25,665,000.00 |
| SXG | Southern Cross Gold | 3.88 | 24% | 26% | 39% | 253% | 208% | $ 825,537,872.64 |
| SPD | Southernpalladium | 0.6 | -8% | -14% | 45% | 79% | 60% | $ 54,570,000.00 |
| ORN | Orion Minerals Ltd | 0.015 | 0% | -6% | -12% | 15% | 7% | $ 102,574,202.22 |
| TMB | Tambourahmetals | 0.027 | 0% | -10% | -62% | -80% | -76% | $ 3,096,521.29 |
| TMS | Tennant Minerals Ltd | 0.01 | 11% | -23% | -55% | -74% | -70% | $ 8,603,013.74 |
| AZY | Antipa Minerals Ltd | 0.028 | 12% | 40% | 133% | 87% | 65% | $ 135,909,549.80 |
| PXX | Polarx Limited | 0.007 | -13% | -13% | -42% | 3% | 3% | $ 19,004,007.82 |
| TRE | Toubani Res Ltd | 0.155 | -9% | -26% | -7% | 3% | 7% | $ 34,343,993.85 |
| AUN | Aurumin | 0.067 | 14% | 8% | 72% | 168% | 158% | $ 32,966,897.35 |
| GPR | Geopacific Resources | 0.024 | 9% | -4% | 14% | 26% | 20% | $ 27,210,665.68 |
| FXG | Felix Gold Limited | 0.089 | -6% | 27% | 78% | 112% | 82% | $ 29,579,023.44 |
| ILT | Iltani Resources Lim | 0.16 | 7% | -6% | -45% | 14% | 0% | $ 7,701,838.38 |
| BRX | Belararoxlimited | 0.16 | -6% | -26% | -30% | -57% | -48% | $ 22,840,300.80 |
| TM1 | Terra Metals Limited | 0.028 | -3% | -15% | -39% | -40% | -39% | $ 11,122,185.48 |
| TOR | Torque Met | 0.054 | 10% | -17% | -73% | -76% | -75% | $ 13,481,852.00 |
| ARD | Argent Minerals | 0.019 | -14% | -21% | 12% | 100% | 111% | $ 30,358,450.08 |
The former Navarre Minerals has captured the eye on its return to trading under a new guise, having ditched its lossmaking Mt Carlton operation in Queensland and returned to its roots exploring the Victorian outback.
The company owns the Stawell Corridor gold project, located in an area that hosts the 6Moz Stawell gold mine and 1Moz Ararat field.
Aureka holds a 304,000oz inferred resource across the Resolution and Adventure deposits with an additional exploration target of 280,000-420,000oz.
Those are complemented by a host of prospects, including a JV at Tandarra near the Fosterville gold mine with now 100,000ozpa producer Catalyst Metals (ASX:CYL) and Jubilee, 25km south-west of the Ballarat gold mine, where AKA is looking for discoveries similar to Fosterville’s famous Swan Zone (not that those are easy to find).
READ: Barry FitzGerald: Navarre goes back to the future in return to Victorian gold strategy
Sold off mercilessly after a devastating heap leach slip that trapped miners under rubble at the Copler mine in Turkiye in Feburary, SSR shares hit a six month high on Thursday as it was revealed as the purchaser of Newmont’s Cripple Creek and Victor gold mines in Colorado.
The deal will include US$100 million in cash and US$175m in milestone payments, adding 170,000oz to its annual gold production.
It will take the overall output of SSR’s US ops, including the Marigold mine, to 300,000-400,000ozpa.
Mining
Mining
Mining
