Gold prices have historically outperformed during recessions
ANZ research raises end of 2023 gold price target to $US1,900/oz
Weekly small cap standouts: Peregrine Gold (ASX:PGD), Ora Gold (ASX:OAU)
Our Gold Digger column wraps all the news driving ASX stocks with exposure to precious metals.
It’s been a rollercoaster ride for gold in 2022, but the consensus seems to be that a recession-hit 2023 will be a lot more positive for the precious metal.
Gold prices tend to come under pressure ahead of recessions, but then outperform other markets (such as equities) during them, according to ANZ research.
“Short term, we see scope for some retracement of gold’s recent gains, but we expect safe haven buying to raise prices,” write ANZ commodity strategists Daniel Hynes and Soni Kumari.
“We have subsequently raised our end of 2023 target to USD1,900/oz.”
That falls short of Saxo’s “outrageous” $US3,000oz 2023 prediction but hey – still a win for gold.
The global economy is at an inflection point, with tighter monetary policies amid high inflation likely to slow economic growth in 2023, Hynes and Kumari say.
This backdrop is typically positive for gold.
“Although we expect the US fed funds rate to peak at 5%, a pause in rate hiking should turn market sentiment in favour of gold,” they say.
“This comes as we approach the end of US dollar dominance, and a depreciation in the currency would add further support to investor demand.”
History tells us that gold performs well during recessions
Gold price returns over the six months before a recession average just 2%, Hynes and Kumari say.
“It then tends to outperform equities during recessions, with average returns of 16%,” the say.
“For the six months after a recession, gold continues to deliver decent gains.”
The 1980s recession had “striking similarities” to the current situation, according to the pair.
“Following the Iranian Revolution in 1979, oil supply was disrupted causing an energy crisis that pushed up already high inflation,” they say.
“Central banks tightened monetary policy, and most countries experienced double-dip recessions.
“Gold rallied from USD230/oz to reach USD835/oz in early 1980 but trended lower into early 1982.
“In late 1982, a second period of weak economic growth lifted the gold price more than 50%.”
Something similar, but different, happened during the Global Financial Crisis.
“Gold rallied for much of the period leading into the Great Financial Crisis of 2008,” Hynes and Kumari say.
“As the magnitude of the crisis became clear, the gold bullion market experienced an increasingly disorderly selloff.
“Prices fell to their lowest value for the year, USD692/oz, in the wake of the Lehman Brothers collapse in September 2008.
“As the world entered a deep and sharp correction in growth, gold rebounded more than 65% to end 2009 just under USD1,200/oz.”
Gold price over the past year. Source: GoldPrice.Org
How long will it take for the band-wagoners to return to gold?
Says it all, really.
Winners & Losers
Here’s 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 1 WEEK RETURN % 1 MONTH RETURN % 6 MONTH RETURN % 1 YEAR RETURN % PRICE MARKET CAP MEI Meteoric Resources 81% 107% 123% 81% 0.029 $24,420,758 PGD Peregrine Gold 53% 23% 53% 57% 0.58 $18,794,666 ANL Amani Gold 50% 0% 50% 50% 0.0015 $35,540,162 PUR Pursuit Minerals 33% 45% -11% -43% 0.016 $15,970,867 OAU Ora Gold 33% 0% -11% -43% 0.008 $6,889,619 NSM Northstaw 28% 19% -34% -59% 0.125 $15,015,875 SRN Surefire Rescs 27% 8% -33% 27% 0.014 $22,139,089 AQX Alice Queen 25% 0% -44% -75% 0.0025 $5,500,625 MEG Megado Minerals 23% -11% -46% -46% 0.049 $6,737,500 SLZ Sultan Resources 17% -13% -25% -48% 0.083 $6,912,604 BMR Ballymore Resources 14% -9% -14% -32% 0.16 $15,410,793 SMS Starminerals 14% 0% -41% -65% 0.074 $2,188,920 GRL Godolphin Resources 14% 11% 18% -23% 0.1 $11,836,945 FG1 Flynngold 13% 0% 0% -35% 0.11 $7,482,021 ASR Asra Minerals 13% -10% -44% -10% 0.018 $24,892,446 ADV Ardiden 13% 0% 13% -18% 0.009 $24,195,018 PNM Pacific Nickel Mines 11% 11% -1% -7% 0.079 $28,618,382 GML Gateway Mining 11% 8% -13% -50% 0.07 $15,820,767 PNT Panthermetals 11% 5% 5% 8% 0.2 $6,150,000 XTC Xantippe Res 10% -27% -39% 10% 0.0055 $46,909,526 SI6 SI6 Metals 10% -8% -21% -39% 0.0055 $8,224,670 EMC Everest Metals Corp 10% -9% -13% -35% 0.091 $9,791,846 SBM St Barbara 8% 9% -37% -54% 0.6925 $571,579,152 GIB Gibb River Diamonds 8% 16% 40% -20% 0.067 $14,171,133 KZR Kalamazoo Resources 7% -12% -2% -42% 0.225 $32,740,262 WWI West Wits Mining 7% -6% -27% -52% 0.016 $32,720,603 CHZ Chesser Resources 7% 7% -2% -24% 0.08 $47,049,849 MBK Metal Bank 6% 20% -28% -40% 0.036 $9,953,479 GBZ GBM Rsources 5% -16% -45% -64% 0.041 $23,636,154 TRM Truscott Mining Corp 5% 21% -24% 28% 0.041 $6,853,439 ZAG Zuleika Gold 5% 5% -30% 11% 0.021 $10,984,063 BRB Breaker Res NL 5% 10% 56% 10% 0.32 $105,996,963 MTC Metalstech 5% 5% 18% 53% 0.435 $75,407,293 FAL Falconmetals 4% 2% 9% 0% 0.245 $43,365,000 OZM Ozaurum Resources 4% 7% -55% -40% 0.075 $5,228,700 ERM Emmerson Resources 4% -13% -19% -45% 0.077 $41,942,654 MVL Marvel Gold 4% 4% -16% -60% 0.026 $18,316,854 MDI Middle Island Res 4% -19% -61% -46% 0.052 $6,365,748 ZNC Zenith Minerals 4% -7% -15% 26% 0.265 $89,585,217 AWJ Auric Mining 4% 11% -2% -27% 0.08 $7,507,570 ARV Artemis Resources 4% -18% -4% -60% 0.027 $37,568,296 EMR Emerald Res NL 4% 4% -1% 9% 1.17 $694,600,900 DRE Dreadnought Resources 3% -9% 146% 153% 0.091 $282,781,463 RXL Rox Resources 3% -8% -41% -55% 0.165 $38,009,623 HMG Hamelingold 3% -6% 43% 18% 0.165 $18,150,000 HMG Hamelingold 3% -6% 43% 18% 0.165 $18,150,000 CLA Celsius Resource 3% 50% -13% -3% 0.0165 $24,045,265 RXL Rox Resources 3% -8% -41% -55% 0.165 $38,009,623 NAG Nagambie Resources 3% -8% 55% 3% 0.068 $36,819,122 KWR Kingwest Resources 3% -5% -64% -81% 0.035 $9,860,439 S2R S2 Resources 3% 13% 13% 0% 0.175 $60,668,725 GMD Genesis Minerals 3% -7% -10% -21% 1.225 $525,062,022 FML Focus Minerals 3% -12% 16% -31% 0.18 $51,580,556 NML Navarre Minerals 3% -21% -22% -42% 0.038 $54,639,408 TAM Tanami Gold NL 3% -5% -28% -42% 0.038 $44,653,688 MGV Musgrave Minerals 3% -19% -30% -43% 0.195 $116,124,590 AGG AngloGold Ashanti 2% 9% 24% 6% 5.69 $501,347,639 CWX Carawine Resources 2% 9% -22% -49% 0.094 $18,500,842 TCG Turaco Gold 2% -13% -18% -58% 0.053 $22,668,983 X64 Ten Sixty Four 2% 1% -24% -19% 0.57 $130,184,182 AGC AGC 2% -2% -21% -30% 0.064 $4,334,546 HAV Havilah Resources 2% 5% 14% 91% 0.325 $102,907,743 MEK Meeka Metals 1% 6% 35% 67% 0.07 $75,800,234 TBR Tribune Res 1% 28% 8% -20% 4.02 $210,921,670 NPM Newpeak Metals 0% 0% 0% -50% 0.001 $9,145,132 ASO Aston Minerals 0% 27% -10% -22% 0.09 $99,104,253 FFX Firefinch 0% 0% -11% -18% 0.2 $236,248,644 GED Golden Deeps 0% 0% -29% -17% 0.01 $11,552,267 DCX Discovex Res 0% 0% -37% -30% 0.003 $9,907,704 PNX PNX Metals 0% 11% 25% -26% 0.005 $22,220,289 FAU First Au 0% 0% -67% -60% 0.004 $3,807,973 GTR Gti Energy 0% -21% -27% -54% 0.011 $16,560,319 IPT Impact Minerals 0% 0% -13% -44% 0.007 $17,369,594 PUA Peak Minerals 0% -17% -55% -60% 0.005 $5,206,854 SIH Sihayo Gold 0% 0% -20% -71% 0.002 $12,204,256 AWV Anova Metals 0% 0% 55% -6% 0.017 $27,167,601 MCT Metalicity 0% 17% 17% -64% 0.0035 $12,222,138 CTO Citigold Corp 0% -14% 0% -25% 0.006 $17,001,955 TRY Troy Resources 0% 0% 0% 0% 0.0295 $62,920,961 CGN Crater Gold Min 0% 0% 0% 0% 0.017 $21,063,474 GUL Gullewa 0% -2% -12% -12% 0.06 $11,722,386 G50 Gold50 0% 25% 43% -4% 0.25 $14,235,750 NAE New Age Exploration 0% 13% 50% -10% 0.009 $12,923,090 VKA Viking Mines 0% 38% 83% -39% 0.011 $11,277,843 RMX Red Mount Min 0% 11% 0% -38% 0.005 $9,941,744 MAU Magnetic Resources 0% 4% -35% -48% 0.8 $183,609,905 BC8 Black Cat Syndicate 0% -17% -10% -41% 0.315 $68,780,536 MEU Marmota 0% 0% -16% 5% 0.046 $49,763,627 RML Resolution Minerals 0% -11% -11% -50% 0.008 $8,557,970 TBA Tombola Gold 0% 8% -47% -7% 0.027 $34,403,445 PF1 Pathfinder Resources 0% 0% 0% 79% 0.5 $28,984,082 GSR Greenstone Resources 0% 16% -36% 4% 0.029 $31,162,790 SFM Santa Fe Minerals 0% -8% -24% -30% 0.08 $5,825,503 BGD Bartongoldholdings 0% 11% 11% 3% 0.2 $17,248,461 RVR Red River Resources 0% 0% -53% -59% 0.073 $37,847,908 RGL Riversgold 0% -31% -3% 78% 0.029 $29,309,499 WMC Wiluna Mining Corp 0% 0% -58% -76% 0.205 $74,238,031 THR Thor Mining PLC 0% -33% -40% -54% 0.006 $8,653,277 CDR Codrus Minerals 0% 64% 50% -14% 0.12 $4,851,600 VAN Vango Mining 0% 8% -5% -34% 0.039 $49,137,568 AVW Avira Resources 0% 0% -25% -40% 0.003 $6,401,370 LRL Labyrinth Resources 0% 6% -18% -50% 0.018 $15,912,302 A8G Australasian Metals 0% -6% 13% -42% 0.225 $9,263,361 NES Nelson Resources. 0% 17% -40% -69% 0.007 $4,120,160 GNM Great Northern 0% 0% 0% -43% 0.004 $6,836,204 BTR Brightstar Resources 0% -25% -21% -68% 0.015 $11,722,061 DEX Duke Exploration 0% 0% -41% -67% 0.053 $5,587,240 SNG Siren Gold 0% 3% -33% -40% 0.175 $20,461,958 AYM Australia United Min 0% 0% 0% -43% 0.004 $7,370,310 GCY Gascoyne Res 0% 0% -20% -33% 0.195 $83,082,880 GCY Gascoyne Res 0% 0% -20% -33% 0.195 $83,082,880 CHN Chalice Mining -1% 30% 62% -27% 6.265 $2,355,620,434 SFR Sandfire Resources -1% 17% 6% -13% 5.37 $2,535,750,200 CYL Catalyst Metals -1% -12% -21% -42% 1.19 $117,162,816 KCN Kingsgate Consolid. -1% -15% 18% -5% 1.655 $370,711,759 KCN Kingsgate Consolid. -1% -15% 18% -5% 1.655 $370,711,759 RRL Regis Resources -1% 7% 16% 11% 2.015 $1,562,903,665 WAF West African Res -1% -8% -8% -17% 1.11 $1,174,589,926 AAJ Aruma Resources -1% -10% -7% -1% 0.066 $10,673,382 IDA Indiana Resources -2% -11% -2% -18% 0.051 $25,417,851 MLS Metals Australia -2% 28% 4% 25% 0.05 $30,351,810 NWM Norwest Minerals -2% -32% 60% -31% 0.048 $11,105,369 AM7 Arcadia Minerals -2% -11% 24% 12% 0.235 $10,974,005 AUC Ausgold -2% -4% 4% -2% 0.047 $95,385,303 MXR Maximus Resources -2% -5% -15% -36% 0.041 $12,756,231 MKG Mako Gold -3% -11% -49% -66% 0.039 $18,394,403 CBY Canterbury Resources -3% 0% -15% -53% 0.039 $5,226,918 MAT Matsa Resources -3% -13% -9% -33% 0.039 $16,068,180 RED Red 5 -3% -3% -45% -35% 0.18 $502,707,008 NXM Nexus Minerals -3% -3% -8% -69% 0.175 $56,954,329 SVG Savannah Goldfields -3% -19% 9% -24% 0.175 $30,204,727 RND Rand Mining -3% -9% -4% -6% 1.36 $77,351,307 ENR Encounter Resources -3% -22% 14% 14% 0.16 $56,884,125 HRN Horizon Gold -3% -3% -6% -17% 0.31 $40,684,033 ADT Adriatic Metals -3% 2% 50% 23% 3.09 $693,566,237 MZZ Matador Mining -3% 17% -13% -57% 0.14 $45,705,571 TG1 Techgen Metals -4% -18% -34% -47% 0.082 $4,489,414 TLM Talisman Mining -4% 4% -10% -10% 0.135 $25,344,832 VMC Venus Metals Cor -4% -10% -13% -21% 0.13 $24,040,622 NST Northern Star -4% 4% 32% 18% 10.51 $12,589,967,244 BCN Beacon Minerals -4% -7% -11% -24% 0.025 $93,919,204 SAU Southern Gold -4% -14% -34% -54% 0.025 $6,666,522 SKY SKY Metals -4% -4% -29% -52% 0.048 $17,332,040 POL Polymetals Resources -4% 9% 167% 71% 0.24 $9,883,846 HMX Hammer Metals -4% 8% 48% 54% 0.071 $59,889,736 SSR SSR Mining Inc. -4% 0% -19% -6% 21.89 $404,388,367 MOH Moho Resources -4% -4% -21% -61% 0.023 $4,776,231 DCN Dacian Gold -4% -28% -32% -28% 0.115 $152,100,117 CDT Castle Minerals -4% 0% -4% -8% 0.023 $22,988,339 M2R Miramar -4% -9% -18% -59% 0.09 $6,361,357 IGO IGO -4% -7% 33% 34% 14.24 $10,844,075,082 AAR Astral Resources NL -4% 8% -15% -24% 0.065 $43,251,649 NVA Nova Minerals -4% -24% 16% -43% 0.65 $135,231,521 GWR GWR Group -5% 2% -35% -45% 0.063 $20,557,866 KRM Kingsrose Mining -5% 7% 19% -21% 0.063 $47,409,171 TIE Tietto Minerals -5% -2% 109% 74% 0.73 $798,850,343 NCM Newcrest Mining -5% 4% -13% -11% 20.21 $18,651,703,115 DTR Dateline Resources -5% -47% -63% -54% 0.039 $22,042,196 KAL Kalgoorliegoldmining -5% -10% -10% -32% 0.095 $7,433,722 LM8 Lunnonmetals -5% 18% 35% 141% 0.94 $103,283,559 ANX Anax Metals -5% 2% -38% -37% 0.056 $22,926,110 EVN Evolution Mining -5% 3% -19% -27% 2.75 $5,229,796,509 LCY Legacy Iron Ore -5% 13% -5% -18% 0.018 $115,322,872 TGM Theta Gold Mines -5% -8% -13% -55% 0.07 $43,949,644 BBX BBX Minerals -5% -27% -43% -57% 0.069 $33,583,782 PRU Perseus Mining -6% -3% 21% 41% 2.145 $3,008,418,849 AME Alto Metals -6% -4% -13% -34% 0.066 $40,519,087 TSO Tesoro Gold -6% -10% -39% -57% 0.033 $36,332,315 OKR Okapi Resources -6% -15% -23% -50% 0.165 $24,310,852 CEL Challenger Exp -6% 0% -20% -40% 0.165 $177,634,913 MI6 Minerals260 -6% 17% 35% -17% 0.405 $92,400,000 HCH Hot Chili -6% -3% -4% -50% 0.885 $102,125,651 HXG Hexagon Energy -6% 7% -33% -77% 0.016 $8,206,654 CPM Coopermetals -6% -18% -32% 38% 0.235 $9,434,600 CAZ Cazaly Resources -6% 3% -14% -28% 0.031 $11,526,476 BGL Bellevue Gold -6% 21% 36% 30% 1.08 $1,231,707,286 ARL Ardea Resources -6% -9% -4% 76% 0.845 $144,062,328 GSM Golden State Mining -6% 0% -2% -45% 0.046 $5,382,653 DTM Dart Mining NL -6% -9% 5% -24% 0.061 $9,470,870 ADN Andromeda Metals -6% -8% -32% -74% 0.045 $139,950,379 EM2 Eagle Mountain -6% -17% -47% -71% 0.15 $42,967,032 VRC Volt Resources -6% -12% -12% -38% 0.015 $54,311,934 GBR Greatbould Resources -6% -10% 24% -35% 0.088 $37,102,452 PGO Pacgold -6% -25% -40% -24% 0.365 $20,061,062 WCN White Cliff Min -7% -22% -7% -7% 0.014 $9,792,707 XAM Xanadu Mines -7% 4% 22% -3% 0.028 $39,543,286 AXE Archer Materials -7% -5% 10% -42% 0.625 $155,604,504 SMI Santana Minerals -7% 8% 12% 123% 0.67 $106,375,983 SVL Silver Mines -7% 3% 21% 3% 0.2 $264,825,589 SPQ Superior Resources -7% 0% 51% 141% 0.053 $98,670,784 AMI Aurelia Metals -7% 8% -54% -68% 0.13 $167,054,024 ADG Adelong Gold -7% -19% -78% -84% 0.0065 $2,880,715 FEG Far East Gold -7% -17% 75% 0% 0.515 $66,280,310 KSN Kingston Resources -7% -4% -5% -45% 0.09 $37,824,483 BYH Bryah Resources -7% 0% -19% -51% 0.025 $7,031,337 DEG De Grey Mining -8% -10% 23% 2% 1.17 $1,896,817,802 GAL Galileo Mining -8% -27% -47% 307% 0.855 $176,874,310 WGX Westgold Resources. -8% -18% -40% -62% 0.73 $355,217,048 HAW Hawthorn Resources -8% 40% 33% 36% 0.12 $40,021,874 MRZ Mont Royal Resources -8% -8% -40% -51% 0.175 $11,984,467 AAU Antilles Gold -8% -20% -53% -50% 0.035 $14,875,510 ALK Alkane Resources -8% -14% -33% -29% 0.58 $353,287,629 G88 Golden Mile Res -8% -4% -46% -56% 0.022 $4,500,975 PRX Prodigy Gold NL -8% -8% -18% -63% 0.011 $19,226,711 MHC Manhattan Corp -8% -8% -39% -54% 0.0055 $7,631,393 BNZ Benzmining -9% -15% -17% -28% 0.43 $30,650,074 KNB Koonenberrygold -9% 1% -18% -56% 0.075 $5,681,733 AZS Azure Minerals -9% -19% -24% -35% 0.21 $68,690,134 YRL Yandal Resources -9% -13% -47% -74% 0.1 $15,780,308 GMR Golden Rim Resources -9% -17% -49% -70% 0.03 $9,417,402 AUT Auteco Minerals -9% -17% 14% -28% 0.05 $103,391,815 HRZ Horizon -9% -12% -43% -48% 0.06 $38,616,465 KTA Krakatoa Resources -9% -18% -9% 2% 0.05 $17,235,496 GOR Gold Road Res -9% -3% 36% 10% 1.6175 $1,796,806,938 PKO Peako -10% -7% -7% -33% 0.014 $5,309,014 CMM Capricorn Metals -10% 2% 27% 38% 4.38 $1,701,061,615 IVR Investigator Res -10% -20% -2% -31% 0.045 $61,509,528 GMN Gold Mountain -10% -10% 50% -40% 0.009 $14,203,343 STN Saturn Metals -10% -5% -48% -55% 0.18 $25,330,340 CLZ Classic Min -10% -25% -94% -94% 0.009 $7,188,805 KCC Kincora Copper -10% -11% -11% -44% 0.062 $4,981,806 RMS Ramelius Resources -10% 4% -18% -39% 0.885 $802,512,587 MOM Moab Minerals -11% -15% -69% -69% 0.0085 $5,796,690 LCL Los Cerros -11% 40% 0% -63% 0.042 $31,491,405 KIN KIN Min NL -11% -15% -16% -36% 0.067 $71,299,463 STK Strickland Metals -11% -5% -25% -37% 0.041 $57,476,080 AVM Advance Metals -11% -33% -27% -53% 0.008 $5,800,441 RDS Redstone Resources -11% 33% 33% -38% 0.008 $5,894,659 SBRDA Sabre Resources -11% 0% -20% -20% 0.04 $11,659,424 E2M E2 Metals -11% 19% 14% -41% 0.16 $33,852,495 KAU Kaiser Reef -11% -11% -6% -14% 0.155 $20,189,860 KAI Kairos Minerals -12% -26% 15% -12% 0.023 $45,174,150 ALY Alchemy Resource -12% -21% 35% 109% 0.023 $27,095,754 SLR Silver Lake Resource -12% -5% -20% -26% 1.185 $1,162,180,416 BEZ Besragoldinc -12% 34% -9% -53% 0.053 $13,362,028 BNR Bulletin Res -12% -34% -23% 30% 0.092 $27,503,563 TMX Terrain Minerals -13% 8% -13% -13% 0.007 $5,405,327 EMU EMU NL -13% 27% -30% -61% 0.007 $4,810,877 RDT Red Dirt Metals -14% -29% 8% -31% 0.415 $172,692,217 A1G African Gold . -14% -2% 5% -45% 0.082 $12,278,216 QML Qmines -14% -34% -24% -52% 0.155 $13,531,355 LEX Lefroy Exploration -14% -11% -9% -21% 0.24 $36,468,667 MTH Mithril Resources -14% -40% -40% -80% 0.003 $9,789,271 TMZ Thomson Res -14% -5% -31% -70% 0.018 $14,729,119 RSG Resolute Mining -14% -3% -16% -44% 0.18 $404,501,665 SVY Stavely Minerals -15% 9% -40% -65% 0.175 $59,746,611 PDI Predictive Disc -15% -13% -8% -22% 0.175 $322,002,431 PRS Prospech -15% -31% -19% -61% 0.029 $2,648,958 MM8 Medallion Metals. -15% -19% -43% -30% 0.145 $20,993,259 LYN Lycaonresources -15% -29% -15% -17% 0.29 $10,040,219 NMR Native Mineral Res -15% -44% -21% -50% 0.115 $13,299,733 ARN Aldoro Resources -15% -40% 59% -39% 0.23 $25,969,833 REZ Resourc & En Grp -16% -11% -36% -68% 0.016 $7,996,893 OBM Ora Banda Mining -17% -25% 176% 18% 0.069 $94,929,664 GSN Great Southern -18% -31% -18% -43% 0.033 $19,150,838 M24 Mamba Exploration -18% 8% 69% -33% 0.135 $5,693,625 ICL Iceni Gold -18% 61% -11% -48% 0.098 $12,563,250 MRR Minrex Resources -18% -31% -6% -18% 0.031 $33,630,893 TTM Titan Minerals -19% -21% 14% -20% 0.079 $131,248,406 BMO Bastion Minerals -20% -30% -70% -80% 0.044 $4,616,330 CY5 Cygnus Gold -20% -26% 129% 117% 0.39 $70,419,267 PNR Pantoro -22% -30% -53% -72% 0.098 $177,882,057 AQI Alicanto Min -22% -20% -13% -59% 0.047 $22,680,394 AL8 Alderan Resource -22% 0% -53% -80% 0.007 $4,047,863 CXU Cauldron Energy -22% -28% -20% -71% 0.007 $4,890,732 ICG Inca Minerals -22% -22% -77% -79% 0.021 $11,816,946 TUL Tulla Resources -23% -22% -37% -41% 0.305 $61,180,784 RDN Raiden Resources -23% -41% -44% -76% 0.005 $8,272,912 BAT Battery Minerals -25% -25% -40% -79% 0.003 $11,700,969 SXG Southern Cross Gold -25% 2% 25% 0% 0.635 $57,009,275 TAR Taruga Minerals -26% -18% 47% -26% 0.028 $18,845,759 CST Castile Resources -27% -18% -43% -48% 0.099 $23,948,340 WRM White Rock Min -32% -33% -52% -73% 0.063 $13,610,975 CAI Calidus Resources -33% -43% -64% -60% 0.235 $111,672,585 MKR Manuka Resources. -37% -49% -59% -74% 0.082 $37,962,611
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Weekly Small Cap Standouts
It’s early days, but PGD appears to be into something very interesting at its Newman gold project in WA.
Yesterday, it announced that a rock sampling program has returned grades of up to 122,497g/t gold and 23,234g/t silver at Birdsnest , part of PGD Newman project in WA.
Yep, you read right. That’s equivalent to 120kg of gold for every tonne of dirt moved.
This style of mineralisation requires “precise surgical diamond drilling to resolve continuity in 3D or down plunge”, technical director George Merhi says.
It’s the latest in a string of impressive gold hits at Newman , which include this spectacular chunk in drill core at its Peninsula prospect:
Diamond drilling at both Birdsnest and Peninsula will start in Q1 2023.
OAU also dropped some solid results this week, boasting (among other highlights) a return of 7m @ 15.75g/t Au from 30m incl. 6m @ 38.06g/t Au from 41m.
That’s thick, shallow, and high grade.
Later in the day, the company released a correction which usually signals that something’s been overstated.
But, in OAU’s case the typo in the original release downplayed the above result – it was meant to be 17m @ 15.75g/t.
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