Gold Digger: Guess which asset class has 'the most potential this decade' according to experts?

On the cusp of a golden bull run? It’s likely already begun, believes Goehring and Rozencwajg
In an upcoming commodity bull market, gold could pull a 7X from its current position
Morgan Stanley is a buyer of gold on the event of declining rates
This week’s top ASX precious metals stocks

Our Gold Digger column wraps the news driving ASX stocks with exposure to precious metals.

First things first.

If you’d stuck your money into the goldies this week, then you’d likely be smiling as the XGD ASX All Ords Gold index is pointing 3.2% higher for the week, ahead of the Banks on 1.32% and Resources on 1.08%.

Good session, that. Nicely played. Same again next week, please. And now onto this article’s headline act…

Two sets of investment experts have made some head-turning comments about atomic number 79 this week. Let’s examine, and prize out the best nuggets, because there are some beauts.

Firstly we have Wall Street resources investors Goehring and Rozencwajg, who have just provided their thoughts on what they see as an “upcoming gold bull market” in a new report.

Their best quote is this little show-stopper:

Source: Goehring and Rozencwajg report dated 31/08/2023

Interestingly they clarify they are “no gold bugs”, which makes their thesis even more compelling, really. And that’s a thesis based on determining when gold is undervalued or overvalued.

“If an investor can identify periods when gold becomes extremely undervalued, it can offer exceptional excess returns, often uncorrelated with other financial assets,” they write.

Right now, according to Goehring and Rozencwajg, it’s very much undervalued considering what they believe is ahead.

Pointing to this chart (below) the Wall Street investors believe the size of the Fed’s balance is related to the dollar value of the Treasury’s gold holdings over the long term.

According to the chart, there have been two distinct periods over the past 100 years in which gold was highly overvalued and three periods during which gold was significantly undervalued.

That chart tells us… we’re looking at a peak bargain right about now.

“Gold, relative to the size of the Fed’s balance sheet, is more undervalued today than in the late 1960s or 1990s,” write Goehring and Rozencwajg.

“The reason: even though gold advanced over seven-fold over the last 23 years, the Federal Reserve’s balance sheet has grown even faster. Following the global financial crisis of 2008, global central banks have undertaken radical monetary policies.”

This is just one part of their thesis, but the upshot is they conclude that a commodity bull market has likely started, and that commodities, led by gold, are as undervalued as they have ever been compared with other financial assets.

Meanwhile, here’s what Morgan Stanley reckons

Gold has been showing a huge amount of resilience and staying power amid the interest rates hiking-a-thon this year, believes Lisa Shalett, Chief Investment Officer at Morgan Stanley Wealth Management, and it represents a buying opportunity of, you guessed it, the golden variety.

“Like equities, which have continued to shrug off the negative implications of rising real rates, gold, which moves inversely to real rates and in turn to the U.S. dollar DXY, has remained extremely resilient,” said Lisa Shalett, chief investment officer at Morgan Stanley Wealth Management, in a note earlier this week.

“Regarding the intermediate outlook, we are buyers of gold on weakness or declines in rates,” she wrote.

Further to that, gold’s resilience is possibly tied to a market expectation that central banker rate hiking is temporary and “purely technical,” added Shalett.

How high could gold go in an upcoming bull market?

This is the US$14,000 question. And, actually, we just answered it right there. Or, more specifically, Goehring and Rozencwajg did.

That’s US$14,000 per ounce, a bit more than a 7X from the yellow metal’s current price of US$1,940 an ounce.

Why that figure? The analytical resource investors looked to the past, to dig that one up. In previous gold bull markets, they wrote, “the value of the [US] Treasury’s gold holdings has surpassed the monetary base by over 1.5 times – including in 1980 after the US dollar was no longer backed by gold.

“The Fed’s monetary base today stands at $5.6tr. For the Treasury’s gold holdings to cover the monetary base by 1.5 times, gold would have to reach $32,000 per ounce.

“Critics might argue the monetary base is distorted by excess reserves left on balance at the Fed. At present, excess reserves foot to $3.2 tr, and the Fed has talked of someday draining them out of the system. If that were to happen, the Fed’s monetary base would fall to $2.4 trillion.

“Even under this conservative scenario, gold would have to reach $14,000 for the Treasury’s gold position to cover the monetary base by 1.5 times…

“Could the dollar value of the Treasury’s gold holdings reach 1.5 times the monetary base – as it has twice in the last 100 years? We believe it’s highly probable.”

What’s hot

The week’s biggest golden gainers

Zenith Minerals (ASX:ZNC): +67%

Koonenberry Gold (ASX:KNB): +35%

Golden State Mining (ASX:GSM): +30%

What’s not

The week’s biggest falls

Avira Resources (ASX:AVW): -50%

Aldoro Resources (ASX:ARN): -39%

Chalice (ASX:CHN): -36%

Winners & Losers

Here’s a broad look at how ASX-listed precious metals stocks are performing:

Scroll or swipe to reveal table. Click headings to sort. Best viewed on a laptop.

Stocks missing from this list? Email [email protected]

Code	Company	Price	% Month	% Week	% Year	% YTD	Market Cap
ZNC	Zenith Minerals Ltd	0.12	20%	67%	-63%	-55%	$45,809,515
KNB	Koonenberrygold	0.054	64%	35%	-31%	-13%	$4,090,848
GSM	Golden State Mining	0.039	18%	30%	-30%	-9%	$6,879,178
OBM	Ora Banda Mining Ltd	0.105	-5%	30%	88%	25%	$161,270,451
YRL	Yandal Resources	0.06	18%	25%	-61%	-39%	$9,468,185
MEI	Meteoric Resources	0.23	7%	24%	1991%	334%	$417,133,782
RDN	Raiden Resources Ltd	0.031	313%	24%	263%	553%	$61,658,068
DRE	Dreadnought Resources Ltd	0.054	4%	23%	-61%	-49%	$193,997,137
TMX	Terrain Minerals	0.006	20%	20%	-33%	0%	$6,499,196
PUA	Peak Minerals Ltd	0.003	20%	20%	-70%	-50%	$3,124,130
CPM	Coopermetalslimited	0.15	11%	20%	-68%	-36%	$7,689,847
LRL	Labyrinth Resources	0.006	-14%	20%	-74%	-63%	$8,312,806
BYH	Bryah Resources Ltd	0.02	11%	18%	-28%	-22%	$6,990,106
AWJ	Auric Mining	0.048	4%	17%	-36%	-25%	$6,281,260
PGD	Peregrine Gold	0.31	11%	17%	-60%	-20%	$17,391,809
NXM	Nexus Minerals Ltd	0.069	-8%	17%	-70%	-66%	$23,432,638
PRX	Prodigy Gold NL	0.007	17%	17%	-44%	-42%	$12,257,755
RED	Red 5 Limited	0.245	36%	17%	-4%	20%	$847,573,428
MBK	Metal Bank Ltd	0.046	28%	15%	2%	35%	$13,547,790
BMO	Bastion Minerals	0.024	-11%	14%	-79%	-29%	$4,506,430
GMD	Genesis Minerals	1.6525	12%	12%	37%	32%	$1,658,391,762
OKR	Okapi Resources	0.105	0%	12%	-63%	-30%	$19,434,032
WGX	Westgold Resources.	1.625	-2%	11%	74%	86%	$767,268,823
SLR	Silver Lake Resource	0.96	8%	11%	-28%	-19%	$920,723,168
AAJ	Aruma Resources Ltd	0.041	-5%	11%	-37%	-23%	$8,240,478
GSN	Great Southern	0.021	5%	11%	-40%	-28%	$15,018,647
SPD	Southernpalladium	0.32	-6%	10%	-67%	-60%	$12,061,932
STK	Strickland Metals	0.043	-2%	10%	-17%	8%	$67,210,122
SI6	SI6 Metals Limited	0.0055	-21%	10%	-39%	-8%	$9,969,297
CDT	Castle Minerals	0.011	-8%	10%	-66%	-48%	$12,369,423
TRM	Truscott Mining Corp	0.045	10%	10%	13%	10%	$7,801,518
MZZ	Matador Mining Ltd	0.06	3%	9%	-52%	-48%	$18,926,042
ARV	Artemis Resources	0.0305	91%	9%	-8%	22%	$45,527,633
SBR	Sabre Resources	0.049	29%	9%	-18%	29%	$14,282,823
ZAG	Zuleika Gold Ltd	0.013	-7%	8%	-46%	-38%	$6,799,658
KAL	Kalgoorliegoldmining	0.027	-21%	8%	-79%	-67%	$4,156,153
TGM	Theta Gold Mines Ltd	0.135	35%	8%	93%	99%	$94,510,126
PRU	Perseus Mining Ltd	1.91	10%	8%	21%	-9%	$2,582,436,187
EMC	Everest Metals Corp	0.14	-26%	8%	100%	77%	$18,659,635
AMI	Aurelia Metals Ltd	0.086	-7%	8%	-67%	-28%	$153,357,132
LEX	Lefroy Exploration	0.215	5%	8%	-23%	-17%	$32,091,600
GOR	Gold Road Res Ltd	1.7575	12%	7%	38%	4%	$1,914,197,969
GIB	Gibb River Diamonds	0.03	-6%	7%	-49%	-50%	$6,345,283
IDA	Indiana Resources	0.06	-13%	7%	-2%	9%	$32,140,564
PNM	Pacific Nickel Mines	0.092	-8%	7%	-8%	11%	$36,962,640
RND	Rand Mining Ltd	1.395	14%	7%	0%	3%	$79,341,966
CHZ	Chesser Resources	0.1175	2%	7%	38%	38%	$70,632,162
IGO	IGO Limited	13.745	0%	7%	2%	2%	$10,541,167,957
A8G	Australasian Metals	0.16	7%	7%	-41%	-16%	$8,339,279
SFR	Sandfire Resources	6.73	0%	7%	47%	24%	$3,056,606,998
RSG	Resolute Mining	0.3625	1%	7%	42%	81%	$787,732,431
HRN	Horizon Gold Ltd	0.33	-6%	6%	-15%	6%	$41,309,942
CMM	Capricorn Metals	4.5	1%	6%	23%	-2%	$1,714,369,278
REZ	Resourc & En Grp Ltd	0.017	-11%	6%	-23%	6%	$7,996,893
NAG	Nagambie Resources	0.034	3%	6%	-50%	-48%	$19,778,695
OAU	Ora Gold Limited	0.0085	42%	6%	51%	70%	$37,543,868
PDI	Predictive Disc Ltd	0.2175	32%	6%	6%	21%	$444,672,479
AUC	Ausgold Limited	0.035	-15%	6%	-29%	-26%	$80,364,942
RMS	Ramelius Resources	1.3575	6%	6%	68%	46%	$1,363,206,027
AME	Alto Metals Limited	0.053	0%	6%	-25%	-21%	$35,710,005
BGL	Bellevue Gold Ltd	1.65	14%	6%	99%	46%	$1,916,065,143
MAT	Matsa Resources	0.037	0%	6%	-10%	0%	$15,244,273
BEZ	Besragoldinc	0.185	-20%	6%	369%	256%	$67,520,005
TCG	Turaco Gold Limited	0.057	14%	6%	-7%	-2%	$28,654,850
NST	Northern Star	11.77	2%	5%	49%	8%	$13,716,802,548
RRL	Regis Resources	1.6075	-4%	5%	3%	-22%	$1,223,648,869
AGC	AGC Ltd	0.059	13%	5%	-11%	-2%	$5,900,000
BNZ	Benzmining	0.395	13%	5%	-25%	-4%	$43,791,862
SKY	SKY Metals Ltd	0.04	-2%	5%	-35%	-17%	$18,182,272
TSO	Tesoro Gold Ltd	0.02	-20%	5%	-53%	-44%	$21,072,251
MGV	Musgrave Minerals	0.3525	4%	5%	31%	68%	$209,878,822
CYL	Catalyst Metals	0.555	-23%	5%	-58%	-53%	$116,646,398
KRM	Kingsrose Mining Ltd	0.069	3%	5%	35%	6%	$52,676,856
GBR	Greatbould Resources	0.071	-3%	4%	-29%	-21%	$35,371,670
GWR	GWR Group Ltd	0.096	12%	4%	12%	63%	$30,836,799
HAV	Havilah Resources	0.27	8%	4%	-32%	-18%	$85,492,587
EMR	Emerald Res NL	2.425	7%	4%	107%	105%	$1,412,577,989
MRR	Minrex Resources Ltd	0.0145	-3%	4%	-74%	-55%	$15,188,145
TNC	True North Copper	0.2175	-5%	4%	235%	310%	$57,165,119
SRN	Surefire Rescs NL	0.0155	3%	3%	11%	29%	$25,596,134
LCL	LCL Resources Ltd	0.033	-14%	3%	2%	-42%	$27,800,656
SXG	Southern Cross Gold	0.5	16%	3%	35%	-38%	$45,027,812
HCH	Hot Chili Ltd	1.375	-6%	3%	48%	57%	$170,806,645
ERM	Emmerson Resources	0.069	-7%	3%	-25%	-8%	$36,495,556
MLS	Metals Australia	0.036	11%	3%	-33%	-19%	$23,089,339
EVN	Evolution Mining Ltd	3.625	-2%	2%	52%	22%	$6,814,284,075
KCN	Kingsgate Consolid.	1.29	6%	2%	-20%	-25%	$338,943,475
CAZ	Cazaly Resources	0.043	16%	2%	10%	26%	$16,985,129
SMS	Starmineralslimited	0.044	2%	2%	-48%	-39%	$1,595,123
BNR	Bulletin Res Ltd	0.056	2%	2%	-60%	-40%	$17,321,875
KSN	Kingston Resources	0.081	-1%	1%	-6%	0%	$39,836,947
WAF	West African Res Ltd	0.86	-4%	1%	-32%	-27%	$877,326,681
HMG	Hamelingoldlimited	0.089	-6%	1%	-41%	-39%	$14,017,500
AZS	Azure Minerals	2.7	47%	1%	1250%	1100%	$1,110,563,139
NCM	Newcrest Mining	25.72	-3%	0%	45%	25%	$23,276,825,954
NPM	Newpeak Metals	0.001	0%	0%	0%	0%	$9,495,579
FFX	Firefinch Ltd	0.2	0%	0%	0%	0%	$236,569,315
DCX	Discovex Res Ltd	0.002	0%	0%	-60%	-33%	$6,605,136
AQX	Alice Queen Ltd	0.014	-7%	0%	-72%	-65%	$1,771,208
PNX	PNX Metals Limited	0.003	0%	0%	-20%	-29%	$16,141,874
FAU	First Au Ltd	0.003	0%	0%	-50%	-25%	$4,355,980
MVL	Marvel Gold Limited	0.012	9%	0%	-59%	-54%	$10,365,488
CWX	Carawine Resources	0.135	4%	0%	35%	35%	$26,570,358
SIH	Sihayo Gold Limited	0.002	0%	0%	0%	0%	$24,408,512
HMX	Hammer Metals Ltd	0.054	-17%	0%	4%	-21%	$51,411,626
WCN	White Cliff Min Ltd	0.008	-20%	0%	-60%	-43%	$10,056,148
AVM	Advance Metals Ltd	0.006	-14%	0%	-45%	-40%	$3,531,352
WRM	White Rock Min Ltd	0.063	0%	0%	-33%	-5%	$17,508,200
MCT	Metalicity Limited	0.002	0%	0%	-60%	-33%	$7,472,172
CTO	Citigold Corp Ltd	0.005	0%	0%	-23%	-17%	$14,368,295
M2R	Miramar	0.043	8%	0%	-62%	-43%	$6,401,390
TRY	Troy Resources Ltd	0.0295	0%	0%	0%	0%	$62,920,961
GUL	Gullewa Limited	0.055	0%	0%	-8%	-8%	$10,767,521
CY5	Cygnus Metals Ltd	0.215	-33%	0%	-26%	-43%	$51,207,629
ADV	Ardiden Ltd	0.006	-14%	0%	-25%	-14%	$16,130,012
NAE	New Age Exploration	0.005	0%	0%	-29%	-29%	$7,179,495
VKA	Viking Mines Ltd	0.009	-10%	0%	13%	-10%	$9,227,326
RMX	Red Mount Min Ltd	0.004	0%	0%	-43%	-20%	$10,097,404
XTC	Xantippe Res Ltd	0.001	-33%	0%	-83%	-67%	$17,528,005
NML	Navarre Minerals Ltd	0.019	0%	0%	-58%	-54%	$28,555,654
MEU	Marmota Limited	0.03	-19%	0%	-40%	-38%	$32,822,818
FG1	Flynngold	0.065	18%	0%	-29%	-35%	$8,864,868
RML	Resolution Minerals	0.005	-9%	0%	-58%	-38%	$6,286,459
TBA	Tombola Gold Ltd	0.026	0%	0%	-16%	0%	$33,129,243
FML	Focus Minerals Ltd	0.2	-5%	0%	43%	-22%	$57,311,729
VRC	Volt Resources Ltd	0.009	-25%	0%	-54%	-40%	$35,454,815
CLA	Celsius Resource Ltd	0.011	-56%	0%	-15%	-31%	$24,706,568
GBZ	GBM Rsources Ltd	0.018	-14%	0%	-69%	-58%	$12,319,224
MKR	Manuka Resources.	0.048	-13%	0%	-70%	-44%	$28,688,523
EMU	EMU NL	0.002	0%	0%	-74%	-59%	$2,900,043
SFM	Santa Fe Minerals	0.044	-2%	0%	-48%	-45%	$3,204,027
X64	Ten Sixty Four Ltd	0.57	0%	0%	0%	-11%	$130,184,182
HAW	Hawthorn Resources	0.115	-4%	0%	31%	0%	$38,526,795
RVR	Red River Resources	0.073	0%	0%	-42%	0%	$37,847,908
RGL	Riversgold	0.013	-7%	0%	-65%	-57%	$12,366,399
CBY	Canterbury Resources	0.028	8%	0%	-36%	-32%	$4,046,659
TMZ	Thomson Res Ltd	0.005	0%	0%	-80%	-74%	$4,349,755
WMC	Wiluna Mining Corp	0.205	0%	0%	0%	0%	$74,238,031
POL	Polymetals Resources	0.3	-3%	0%	94%	22%	$44,600,467
HRZ	Horizon	0.038	12%	0%	-46%	-38%	$27,182,363
CAI	Calidus Resources	0.17	-3%	0%	-72%	-37%	$103,339,576
HXG	Hexagon Energy	0.009	-18%	0%	-44%	-47%	$5,129,159
LCY	Legacy Iron Ore	0.016	-11%	0%	-24%	-16%	$102,509,219
KTA	Krakatoa Resources	0.027	-16%	0%	-58%	-39%	$11,512,168
ICG	Inca Minerals Ltd	0.02	-46%	0%	-64%	-13%	$9,700,200
STN	Saturn Metals	0.16	-16%	0%	-40%	-11%	$25,764,897
AYM	Australia United Min	0.003	-25%	0%	-50%	0%	$5,527,732
ANL	Amani Gold Ltd	0.001	0%	0%	-33%	0%	$25,143,441
CLZ	Classic Min Ltd	0.001	0%	0%	-93%	-89%	$12,046,242
PXX	Polarx Limited	0.009	-10%	0%	-25%	-55%	$13,450,639
TRE	Toubaniresourcesinc	0.14	-28%	0%	0%	-13%	$12,263,880
SSR	SSR Mining Inc.	22.96	8%	-1%	16%	0%	$421,234,239
DEG	De Grey Mining	1.39	4%	-1%	42%	8%	$2,233,371,884
ALK	Alkane Resources Ltd	0.66	-6%	-1%	-10%	23%	$403,054,600
SPR	Spartan Resources	0.2975	17%	-1%	-4%	78%	$263,286,010
EM2	Eagle Mountain	0.091	-24%	-1%	-59%	-46%	$27,751,985
ADT	Adriatic Metals	3.76	7%	-1%	65%	19%	$895,862,548
AAR	Astral Resources NL	0.067	-1%	-1%	-23%	-7%	$49,787,199
CST	Castile Resources	0.063	2%	-2%	-48%	-34%	$14,514,146
LM8	Lunnonmetalslimited	0.88	-8%	-2%	-2%	-2%	$173,491,213
PNT	Panthermetalsltd	0.056	-28%	-2%	-76%	-70%	$3,669,000
NVA	Nova Minerals Ltd	0.275	-13%	-2%	-70%	-60%	$59,049,189
MTC	Metalstech Ltd	0.21	-2%	-2%	-28%	-60%	$40,549,987
MRZ	Mont Royal Resources	0.21	8%	-2%	-31%	20%	$14,401,614
OZM	Ozaurum Resources	0.042	2%	-2%	-68%	-36%	$5,334,000
THRDD	Thor Energy PLC	0.039	-3%	-3%	-61%	-35%	$5,837,149
KIN	KIN Min NL	0.039	15%	-3%	-48%	-40%	$47,126,022
CEL	Challenger Gold Ltd	0.077	-16%	-3%	-62%	-56%	$89,389,897
SBM	St Barbara Limited	0.19	-21%	-3%	-53%	-44%	$163,594,076
AQI	Alicanto Min Ltd	0.037	-23%	-3%	-31%	-14%	$23,900,635
GML	Gateway Mining	0.036	-14%	-3%	-64%	-40%	$8,789,007
ARL	Ardea Resources Ltd	0.71	5%	-3%	-27%	0%	$123,764,236
MM8	Medallion Metals.	0.071	3%	-3%	-60%	-53%	$21,834,506
DLI	Delta Lithium	0.795	-10%	-3%	35%	67%	$412,696,089
TMS	Tennant Minerals Ltd	0.03	-6%	-3%	-27%	-3%	$22,783,002
SMI	Santana Minerals Ltd	0.585	7%	-3%	-32%	-11%	$104,247,807
DTM	Dart Mining NL	0.029	-17%	-3%	-77%	-47%	$4,996,330
TLM	Talisman Mining	0.145	-6%	-3%	-15%	4%	$26,364,849
AAU	Antilles Gold Ltd	0.027	-13%	-4%	-47%	-10%	$15,938,994
WA8	Warriedarresourltd	0.08	4%	-4%	-38%	-53%	$34,484,705
VMC	Venus Metals Cor Ltd	0.125	4%	-4%	34%	59%	$23,716,085
BCN	Beacon Minerals	0.025	-11%	-4%	0%	-11%	$97,675,972
KAI	Kairos Minerals Ltd	0.024	0%	-4%	-6%	15%	$65,522,805
SVL	Silver Mines Limited	0.1775	-1%	-4%	1%	-11%	$259,801,446
ASO	Aston Minerals Ltd	0.046	-8%	-4%	-49%	-43%	$57,396,642
DCN	Dacian Gold Ltd	0.115	20%	-4%	15%	15%	$139,932,108
A1G	African Gold Ltd.	0.045	-13%	-4%	-36%	-46%	$7,619,004
TMB	Tambourahmetals	0.215	-37%	-4%	46%	105%	$17,417,474
USL	Unico Silver Limited	0.105	-5%	-5%	-30%	-38%	$31,085,417
RXL	Rox Resources	0.21	-9%	-5%	-13%	20%	$77,406,893
ORN	Orion Minerals Ltd	0.019	-5%	-5%	6%	19%	$108,047,326
TIE	Tietto Minerals	0.47	-7%	-5%	-9%	-33%	$527,450,833
BBX	BBX Minerals Ltd	0.035	-19%	-5%	-53%	-67%	$18,441,026
S2R	S2 Resources	0.17	-11%	-6%	17%	0%	$69,715,559
SVG	Savannah Goldfields	0.066	-27%	-6%	-67%	-65%	$14,030,816
ENR	Encounter Resources	0.38	-18%	-6%	138%	111%	$148,322,168
GTR	Gti Energy Ltd	0.0075	15%	-6%	-62%	-31%	$13,634,279
AUT	Auteco Minerals	0.03	-9%	-6%	-36%	-41%	$69,385,089
TBR	Tribune Res Ltd	3.24	-2%	-6%	-11%	-20%	$169,996,569
ICL	Iceni Gold	0.086	-22%	-7%	-11%	8%	$17,937,143
G50	Gold50Limited	0.14	-24%	-7%	-3%	-44%	$14,213,625
WWI	West Wits Mining Ltd	0.014	-22%	-7%	-22%	-13%	$32,498,210
MXR	Maximus Resources	0.028	-15%	-7%	-44%	-30%	$8,967,162
PRS	Prospech Limited	0.027	-4%	-7%	-6%	1%	$5,933,519
CXU	Cauldron Energy Ltd	0.0065	-7%	-7%	-25%	-7%	$5,709,412
XAM	Xanadu Mines Ltd	0.097	9%	-8%	203%	234%	$157,231,122
IPT	Impact Minerals	0.012	-29%	-8%	50%	71%	$34,376,447
GSR	Greenstone Resources	0.012	-8%	-8%	-82%	-63%	$16,091,458
MAU	Magnetic Resources	0.875	17%	-8%	-14%	2%	$208,519,551
KCC	Kincora Copper	0.035	-50%	-8%	-42%	-52%	$6,600,437
SNG	Siren Gold	0.091	1%	-8%	-60%	-50%	$12,332,818
KAU	Kaiser Reef	0.17	-15%	-8%	3%	3%	$25,878,515
IVR	Investigator Res Ltd	0.044	-8%	-8%	7%	5%	$66,109,821
KZR	Kalamazoo Resources	0.11	-19%	-8%	-56%	-48%	$16,805,314
SVY	Stavely Minerals Ltd	0.077	-9%	-8%	-50%	-69%	$28,687,174
BTR	Brightstar Resources	0.011	-8%	-8%	-35%	-35%	$21,666,175
BGD	Bartongoldholdings	0.215	-14%	-9%	26%	8%	$41,986,560
TAR	Taruga Minerals	0.01	-17%	-9%	-60%	-58%	$7,060,268
GED	Golden Deeps	0.059	-26%	-9%	-63%	-34%	$7,046,863
PGO	Pacgold	0.245	-13%	-9%	-45%	-32%	$17,420,147
CDR	Codrus Minerals Ltd	0.086	-8%	-9%	-8%	-34%	$6,517,940
TAM	Tanami Gold NL	0.037	-3%	-10%	-16%	-5%	$44,653,688
MEK	Meeka Metals Limited	0.046	18%	-10%	-35%	-32%	$52,906,029
SLZ	Sultan Resources Ltd	0.027	-21%	-10%	-74%	-68%	$4,001,131
GMR	Golden Rim Resources	0.027	-4%	-10%	-41%	-13%	$15,972,886
DTR	Dateline Resources	0.018	-18%	-10%	-81%	-51%	$15,052,528
BMR	Ballymore Resources	0.125	-12%	-11%	-38%	-17%	$12,039,682
SPQ	Superior Resources	0.033	18%	-11%	-44%	-41%	$58,705,720
ADN	Andromeda Metals Ltd	0.0285	-11%	-11%	-50%	-35%	$93,300,253
AM7	Arcadia Minerals	0.097	-12%	-12%	-67%	-53%	$10,159,547
MKG	Mako Gold	0.021	-16%	-13%	-67%	-48%	$12,672,180
ASR	Asra Minerals Ltd	0.007	-18%	-13%	-65%	-65%	$10,082,710
MDI	Middle Island Res	0.021	-9%	-13%	-70%	-45%	$2,953,823
SAU	Southern Gold	0.014	-18%	-13%	-59%	-44%	$7,294,279
PKO	Peako Limited	0.007	-30%	-13%	-67%	-52%	$3,295,120
MI6	Minerals260Limited	0.435	-30%	-13%	38%	28%	$105,300,000
GRL	Godolphin Resources	0.033	-20%	-13%	-63%	-60%	$5,083,436
BC8	Black Cat Syndicate	0.23	-35%	-13%	-36%	-35%	$60,047,202
BM8	Battery Age Minerals	0.325	-17%	-13%	-35%	-35%	$28,791,814
PUR	Pursuit Minerals	0.0095	-32%	-14%	-34%	-41%	$26,495,743
RDS	Redstone Resources	0.006	-14%	-14%	-25%	-25%	$5,228,271
NES	Nelson Resources.	0.006	0%	-14%	-41%	-14%	$3,681,566
ALY	Alchemy Resource Ltd	0.011	-21%	-15%	-45%	-52%	$12,958,839
FAL	Falconmetalsltd	0.165	-21%	-15%	-23%	-41%	$29,205,000
PNR	Pantoro Limited	0.049	-39%	-16%	-74%	-49%	$260,201,526
TTM	Titan Minerals	0.041	-37%	-16%	-27%	-39%	$66,619,020
NWM	Norwest Minerals	0.035	-33%	-17%	-36%	-35%	$10,064,933
M24	Mamba Exploration	0.05	-35%	-17%	-50%	-66%	$3,293,100
MOM	Moab Minerals Ltd	0.01	0%	-17%	-64%	11%	$7,501,598
BAT	Battery Minerals Ltd	0.054	-58%	-17%	-64%	-55%	$6,697,852
NMR	Native Mineral Res	0.048	60%	-17%	-60%	-56%	$8,749,764
GNM	Great Northern	0.024	-27%	-17%	-64%	-60%	$3,865,727
G88	Golden Mile Res Ltd	0.032	-24%	-18%	0%	57%	$10,540,464
AZY	Antipa Minerals Ltd	0.0135	-10%	-18%	-60%	-36%	$50,358,721
GAL	Galileo Mining Ltd	0.38	-28%	-19%	-67%	-57%	$77,073,722
MEG	Megado Minerals Ltd	0.046	-29%	-19%	-54%	2%	$11,704,956
ANX	Anax Metals Ltd	0.05	-18%	-19%	-32%	-6%	$22,784,908
MOH	Moho Resources	0.008	-20%	-20%	-80%	-62%	$2,448,320
MHC	Manhattan Corp Ltd	0.008	0%	-20%	-11%	45%	$26,432,818
LYN	Lycaonresources	0.22	-19%	-21%	-27%	-20%	$9,145,906
QML	Qmines Limited	0.1	-23%	-23%	-26%	-39%	$21,759,337
MTH	Mithril Resources	0.0015	-25%	-25%	-75%	-57%	$5,053,207
ADG	Adelong Gold Limited	0.0075	-17%	-25%	-63%	7%	$4,770,578
TG1	Techgen Metals Ltd	0.035	-38%	-26%	-83%	-57%	$2,778,058
FEG	Far East Gold	0.19	-32%	-27%	-56%	-60%	$36,121,242
NSM	Northstaw	0.048	-46%	-29%	-67%	-69%	$5,766,096
AL8	Alderan Resource Ltd	0.007	-22%	-30%	-36%	0%	$4,933,557
GMN	Gold Mountain Ltd	0.007	-13%	-30%	17%	0%	$15,883,550
CHN	Chalice Mining Ltd	3.21	-46%	-36%	-30%	-49%	$1,384,168,175
ARN	Aldoro Resources	0.125	-19%	-39%	-51%	-22%	$16,827,968
AVW	Avira Resources Ltd	0.001	-50%	-50%	-75%	-67%	$2,133,790