• Northern Star/Saracen $16bn mega merger could open the M&A floodgates, experts say
  • Cashed up producers are running out of gold reserves, which is good news for potential takeover targets
  • This weeks top movers include Encounter Resources, Red Mountain Mining, Nexus Minerals, and Tesoro Resources

“Looks like meat’s back on the menu, boys!”  roars a hungry Orc in the film Lord of the Rings: The Two Towers.

Substitute ‘meat’ with ‘mergers and acquisitions’, and ‘hungry orc’ with ‘gold-starved miners’, in this shitty metaphor and we set the stage for a deal-making blitz.

Gold M&A has been going through a dry spell. In 2019, gold M&A was worth $US26bn. In 2020, just $US9.8bn worth of deals have either been completed or agreed upon so far, according to Bloomberg.

Experts say the well received $16bn Northern Star (ASX:NST)Saracen Mineral Holdings (ASX:SAR) mega merger announced this week could open the floodgates.

The fact that cashed up producers are hungry for more gold is also good news for potential small and medium-sized takeover targets.

Its more expensive, but often quicker and easier, for these major miners to replace their reserves through acquisitions rather than exploration.

In June, $1.45bn gold miner Perseus Mining (ASX:PRU) scooped up West African explorer Exore Resources (ASX:ERX) at a 69 per cent premium to the stock’s last closing share price.

Meanwhile, a fiery Russia vs China battle over 5 million oz gold project developer Cardinal Resources (ASX:CDV) has sent the stock up +320 since March. Who’s next?

The gold price continues to bounce around the $US1,900/oz mark. It was a decent week for ASX-listed stocks — 98 went up, 60 went down, and 35 stayed the same.

The USD gold price over the past 12 months.

Winners & Losers

Here’s how 193 ASX-listed gold stocks performed October 05 – October 9 [intraday]

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

CODE NAME 1 WEEK CHANGE % 1 YEAR CHANGE % PRICE MARKET CAP
ENR Encounter Resources 51 100 0.28 $ 74,418,616.52
RMX Red Mountain Mining 50 140 0.012 $ 10,145,902.40
NXM Nexus Minerals 48 150 0.135 $ 22,235,442.17
GBR Great Boulder Resources 38 41 0.069 $ 14,104,482.75
STK Strickland Metals 30 264 0.091 $ 39,301,542.97
TNR Torian Resources 30 146 0.026 $ 19,016,132.49
AZS Azure Minerals 27 34 0.235 $ 56,915,265.00
TSO Tesoro Resources 25 884 0.4 $ 162,015,819.74
TRY Troy Resources 25 0 0.11 $ 69,527,014.48
MEI Meteoric Resources 23 -2 0.058 $ 69,452,003.38
ARV Artemis Resources 23 332 0.16 $ 167,976,200.55
DCN Dacian Gold 23 -52 0.405 $ 228,168,507.14
MAR Malachite Resources 23 -46 0.054 $ 5,109,555.30
KAI Kairos Minerals 20 457 0.078 $ 125,464,987.35
VRC Volt Resources 20 5 0.12 $ 24,246,664.48
AME Alto Metals 20 214 0.11 $ 39,028,080.21
RGL Riversgold 18 339 0.066 $ 26,452,512.86
VKA Viking Mines 18 82 0.02 $ 5,960,639.26
GSM Golden State Mining 17 219 0.2875 $ 14,069,720.00
CTO Citigold Corp 17 180 0.014 $ 36,759,424.93
MSR Manas Resources 17 100 0.007 $ 15,858,974.93
SAR Saracen Mineral 16 71 6.01 $ 6,535,057,816.20
RXL Rox Resources 16 137 0.064 $ 128,887,193.17
VMC Venus Metals 16 73 0.285 $ 42,302,031.24
AUC Ausgold 16 87 0.043 $ 49,413,282.56
TTM Titan Minerals 16 -22 0.145 $ 154,402,115.56
NML Navarre Minerals 16 37 0.185 $ 97,639,587.18
NST Northern Star 15 37 15.9 $ 11,573,829,142.26
CST Castile Resources 15 0 0.34 $ 66,902,890.54
MTH Mithril Resources 14 540 0.032 $ 66,786,404.67
TSC Twenty Seven Co. 14 60 0.008 $ 11,104,246.15
ONX Orminex 14 -79 0.025 $ 12,938,452.03
A1G African Gold 13 -29 0.17 $ 5,336,562.48
TAR Taruga Minerals 13 222 0.068 $ 32,918,508.43
MLL Mali Lithium 13 127 0.175 $ 60,274,909.04
ARL Ardea Resources 13 22 0.53 $ 64,244,831.69
MKG Mako Gold 13 41 0.1125 $ 26,927,118.33
MTC Metalstech 13 959 0.18 $ 25,649,336.65
MHC Manhattan Corp 12 820 0.046 $ 61,008,819.88
SKY SKY Metals 11 90 0.15 $ 36,997,474.20
BRV Big River Gold 11 244 0.062 $ 80,333,874.18
KWR Kingwest Resources 11 -45 0.155 $ 22,285,609.41
CHN Chalice Gold Mines 10 1168 2.79 $ 833,367,069.00
BGL Bellevue Gold 10 95 1.16 $ 932,286,195.03
WGX Westgold Resources 10 13 2.65 $ 1,101,003,307.40
AGS Alliance Resources 9 83 0.24 $ 42,792,019.20
AIS Aeris Resources 9 19 0.058 $ 108,130,000.00
RVR Red River Resources 9 16 0.185 $ 82,843,898.72
TLM Talisman Mining 9 19 0.125 $ 24,261,690.05
TAM Tanami Gold 8 42 0.064 $ 72,856,016.85
SVL Silver Mines 8 118 0.205 $ 205,295,766.80
MAT Matsa Resources 7 -3 0.145 $ 39,316,272.81
STN Saturn Metals 7 61 0.74 $ 79,179,092.30
AUT Auteco Minerals 7 1775 0.15 $ 219,405,051.04
CAI Calidus Resources 7 121 0.62 $ 164,200,760.75
CLA Celsius Resources 7 107 0.031 $ 24,186,760.51
TIE Tietto Minerals 7 118 0.545 $ 236,202,989.40
DGO DGO Gold 7 335 3.5 $ 243,062,215.56
MAU Magnetic Resources 7 147 1.2 $ 257,124,938.63
WAF West African Resources 6 160 1.19 $ 998,759,461.74
SFM Santa Fe Minerals 6 -6 0.085 $ 6,189,597.07
CHZ Chesser Resources 6 309 0.27 $ 107,841,051.20
SLR Silver Lake Resources 6 169 2.44 $ 2,123,713,740.61
BNR Bulletin Resources 6 192 0.073 $ 12,371,222.11
CY5 Cygnus Gold 6 245 0.19 $ 19,420,574.99
GML Gateway Mining 5 11 0.02 $ 39,944,436.76
GNM Great Northern Minerals 5 100 0.02 $ 18,053,128.92
FML Focus Minerals 5 53 0.42 $ 73,099,426.00
MOH Moho Resources 5 38 0.105 $ 7,300,818.74
AOP Apollo Consolidated 5 35 0.33 $ 88,801,544.70
G88 Golden Mile Resources 5 -6 0.066 $ 7,381,099.68
TBR Tribune Resources 5 -12 7.28 $ 377,770,154.40
MGV Musgrave Minerals 5 670 0.57 $ 265,883,679.60
GRL Godolphin Resources 4 0 0.235 $ 14,640,612.91
RSG Resolute Mining 4 -33 0.96 $ 1,037,659,143.64
RMS Ramelius Resources 4 69 2.18 $ 1,706,613,810.21
EMR Emerald Resources 4 55 0.62 $ 319,546,268.34
SAU Southern Gold 4 -48 0.125 $ 19,999,597.50
GOR Gold Road Resources 4 31 1.53 $ 1,324,286,745.74
CBY Canterbury Resources 4 -37 0.135 $ 10,429,399.44
DRE Dreadnought Resources 4 238 0.027 $ 58,683,728.35
DAU Dampier Gold 3 25 0.03 $ 7,978,895.12
MVL Marvel Gold 3 -42 0.061 $ 24,404,999.42
SBM St Barbara 3 12 3.1 $ 2,130,178,686.62
BC8 Black Cat Syndicate 3 70 0.79 $ 87,127,256.93
OKR Okapi Resources 3 -31 0.18 $ 6,127,287.22
NES Nelson Resources 3 8 0.073 $ 7,806,545.66
CYL Catalyst Metals 3 9 2.67 $ 220,831,190.64
PRU Perseus Mining 2 98 1.41 $ 1,722,043,664.87
BBX BBX Minerals 2 105 0.44 $ 182,980,586.31
EVN Evolution Mining 2 27 5.91 $ 10,097,904,248.40
AMI Aurelia Metals 2 12 0.51 $ 436,991,898.50
MRZ Mont Royal Resources 1 55 0.34 $ 11,558,550.50
ALK Alkane Resources 1 89 1.43 $ 848,429,040.00
KCN Kingsgate Consolidated 1 112 0.87 $ 186,636,400.50
MZZ Matador Mining 1 69 0.44 $ 74,711,453.96
ERM Emmerson Resources 1 -34 0.089 $ 42,973,994.79
CMM Capricorn Metals 1 65 1.82 $ 598,307,364.18
AQI Alicanto Minerals 0 183 0.17 $ 47,729,814.38
AAR Anglo Australian 0 48 0.155 $ 87,670,309.81
BCN Beacon Minerals 0 -14 0.038 $ 108,843,808.23
CXU Cauldron Energy 0 138 0.038 $ 14,945,013.73
DEG De Grey Mining 0 1973 1.29 $ 1,554,768,074.42
ERX Exore Resources 0 14 0.12 $ 73,124,732.64
GED Golden Deeps 0 -48 0.014 $ 7,538,169.79
GMR Golden Rim Resources 0 13 0.017 $ 30,334,319.14
GUL Gullewa 0 224 0.11 $ 17,373,741.00
HMX Hammer Metals 0 68 0.042 $ 27,554,186.57
HAW Hawthorn Resources 0 137 0.14 $ 48,359,763.89
HRN Horizon Gold 0 50 0.45 $ 40,923,932.59
KAU Kaiser Reef 0 0 0.41 $ 10,106,500.41
KGM Kalnorth Gold 0 44 0.013 $ 11,625,120.78
LNY Laneway Resources 0 17 0.007 $ 26,425,461.53
MEU Marmota 0 81 0.049 $ 47,433,650.81
MCT Metalicity 0 342 0.023 $ 34,598,353.68
MLS Metals Australia 0 25 0.0025 $ 9,120,881.94
NPM Newpeak Metals 0 -25 0.003 $ 10,912,906.27
NVA Nova Minerals 0 170 0.1 $ 145,438,911.65
OKU Oklo Resources 0 135 0.27 $ 135,962,049.42
PAK Pacific American Holdings 0 -40 0.022 $ 6,291,698.00
PGI Panterra Gold 0 39 0.039 $ 7,415,382.66
PUR Pursuit Minerals 0 11 0.01 $ 4,801,093.16
RDS Redstone Resources 0 114 0.015 $ 7,839,450.24
SBR Sabre Resources 0 233 0.01 $ 11,255,816.32
SMI Santana Minerals 0 -25 0.003 $ 6,105,673.46
SLZ Sultan Resources 0 275 0.225 $ 13,190,692.50
TMX Terrain Minerals 0 275 0.015 $ 9,401,093.12
VAN Vango Mining 0 -47 0.1 $ 99,359,275.40
XTC Xantippe Resources 0 50 0.003 $ 10,186,411.01
RRL Regis Resources 0 2 5.05 $ 2,550,890,165.00
NCM Newcrest Mining 0 -14 30.99 $ 24,741,662,980.20
CDV Cardinal Resources 0 169 1.05 $ 557,865,464.10
RND Rand Mining 0 -33 2.08 $ 125,108,828.00
BDC Bardoc Gold -1 -20 0.078 $ 136,741,682.70
AGG AngloGold Ashanti -2 20 7.3 $ 635,159,286.80
NUS Nusantara Resources -2 11 0.295 $ 62,710,892.32
MML Medusa Mining -2 -4 0.79 $ 156,884,697.26
AXE Archer Materials -2 241 0.5 $ 113,450,685.62
AMG Ausmex Mining -2 -52 0.045 $ 24,640,573.95
CEL Challenger Exploration -2 464 0.22 $ 120,572,751.20
RED Red 5 -2 -1 0.3 $ 610,880,110.31
DTM Dart Mining -3 18 0.16 $ 14,477,085.98
PUA Peak Minerals -3 112 0.032 $ 18,440,467.12
AWV Anova Metals -3 200 0.029 $ 40,126,637.60
SSR SSR Mining -3 0 25.63 $ 398,924,556.16
WMX Wiluna Mining -3 70 1.7 $ 167,785,013.56
GBZ GBM Resources -4 264 0.135 $ 46,097,969.54
NAG Nagambie Resources -4 -10 0.054 $ 26,996,346.68
S2R S2 Resources -4 74 0.27 $ 85,020,618.33
KZR Kalamazoo Resources -4 132 0.66 $ 88,385,467.95
MKR Manuka Resources -4 0 0.51 $ 36,231,191.00
SI6 Six Sigma Metals -4 213 0.0125 $ 13,294,555.28
ADV Ardiden -4 500 0.024 $ 47,844,298.33
OBM Ora Banda Mining -4 114 0.36 $ 301,827,408.48
BAR Barra Resources -4 15 0.023 $ 15,515,986.32
OAU Ora Gold -4 -23 0.023 $ 19,339,440.11
ZNC Zenith Minerals -4 81 0.11 $ 32,379,603.30
RML Resolution Minerals -4 19 0.043 $ 12,296,714.80
GWR GWR Group -5 131 0.21 $ 53,240,762.64
SIH Sihayo Gold -5 4 0.021 $ 64,513,753.72
PDI Predictive Discovery -5 424 0.062 $ 51,904,834.07
GMN Gold Mountain -5 -26 0.04 $ 28,276,159.38
GSN Great Southern Mining -5 79 0.1 $ 40,922,042.00
ALY Alchemy Resource -5 42 0.018 $ 12,100,382.15
E2M E2 Metals -6 31 0.235 $ 30,832,043.71
CWX Carawine Resources -6 0 0.23 $ 22,623,184.69
ADN Andromeda Metals -6 190 0.145 $ 274,370,377.23
HWK Hawkstone Mining -7 30 0.013 $ 15,858,786.78
BYH Bryah Resources -7 7 0.064 $ 8,176,178.08
HXG Hexagon Energy -7 -15 0.05 $ 14,329,236.45
CDT Castle Minerals -8 33 0.012 $ 5,838,469.09
WWI West Wits Mining -8 483 0.035 $ 42,662,403.18
HRZ Horizon -8 -18 0.115 $ 59,637,396.00
LEX Lefroy Exploration -8 12 0.23 $ 23,111,951.35
BRB Breaker Resources -8 -28 0.22 $ 73,314,209.03
CGN Crater Gold Mines -8 -31 0.011 $ 13,502,454.54
NSM Northstaw -9 0 0.42 $ 17,200,000.00
NAE New Age Exploration -10 333 0.013 $ 15,550,925.74
KRM Kingsrose Mining -11 13 0.034 $ 24,820,249.97
AQX Alice Queen -11 -22 0.032 $ 46,901,758.47
FFR Firefly Resources -11 158 0.16 $ 42,865,272.78
FAU First Au -11 7 0.016 $ 8,807,438.81
MDI Middle Island Resources -12 114 0.015 $ 41,438,406.66
AL8 Alderan Resources -13 192 0.14 $ 35,344,841.54
DCX Discovex Resources -13 -13 0.007 $ 7,176,984.46
KTA Krakatoa Resources -16 133 0.084 $ 21,832,650.00
DTR Dateline Resources -17 0 0.0025 $ 20,525,195.19
AVW Avira Resources -20 167 0.008 $ 11,000,000.00
ARN Aldoro Resources -25 -54 0.083 $ 5,376,845.04
ANL Amani Gold -25 -57 0.0015 $ 11,757,295.12
AAJ Aruma Resources -30 17 0.007 $ 11,125,897.33
PRX Prodigy Gold -31 -59 0.0455 $ 29,612,007.91
NWM Norwest Minerals -35 -44 0.1 $ 7,992,105.90

 

Small Cap Standouts

Drilling has started at Encounter Resources’ (ASX:ENR) Aileron gold-copper project, a joint venture with gold miner Newcrest Mining (ASX:NCM) which is funding exploration.

Red Mountain Mining (ASX:RMX) is picking up gold nuggets off the ground at the Mt Maitland project, ahead of a maiden drill program which will kick off in the next seven to 10 days.

Big gold nuggets, like this one:

Drilling at Nexus Minerals’ (ASX:NXM) Wallbrook project in WA’s Eastern Goldfields region has returned high-grade hits including 2m at 12.93 grams per tonne (g/t) gold and 1m at 12.48g/t gold.

Promising results are also pending from a drill program at Torian Resources’ (ASX:TNR) Diorite East prospect.

And Tesoro Resources (ASX:TSO) continues to define wide gold zones at its El Zorro project in Chile. This small cap bolter is now up 884 per cent over the past 12 months.