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 reuben@stockhead.com.au
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
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