Gold Digger: Metal Focus bucks the trend, goes negative on gold

Gold’s surge towards $us1,900/oz hits speed bump
Metal Focus forecasts further easing in price
Weekly small cap standouts: Alkane Resources (ASX:ALK), Tietto Minerals (ASX:TIE)

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

Gold’s run at the US$1,900 price point has come to an abrupt halt after a tight US labour market led the US Federal Reserve to maintain a restrictive policy stance and confirm its commitment to bringing down inflation.

Metals Focus has forecast that gold prices will ease noticeably in 2023 as real rates rise, the US dollar holds on to most of its recent gains, the attractions of rival assets build and physical markets, including central banks, disappoint.

Silver is expected to mirror its fellow precious metal while platinum prices are expected to stay rangebound due to its widening deficit.

This stands out in stark contrast with recent forecasts predicting that gold will make gains this year.

Martin Place Securities analyst Barry Dawes told Stockhead late last year that gold demand in Asia and the US will rise in 2023 while ANZ Research noted that while gold prices tended to come under pressure ahead of recessions, it also outperformed other markets (such as equities) during them.

They aren’t the only ones predicting a big gold breakout in 2023.

Three Reasons Why Goldman Just Turned Very Bullish On Gold https://t.co/WlgwKkfiu1

— zerohedge (@zerohedge) January 5, 2023

Why does Metals Focus think gold will lose its legs in 2023?

It noted that prices had charged to a seven-month high of US$1,865/oz at the beginning of this year due to short covering and as part of a broader rally that started in November on expectations that rates might not rise as fast as previously thought.

However, Metals Focus said it was doubtful that there is much force left in this argument as the market appears to have placed considerable emphasis on nominal rates.

“Cuts even if they occur should only be seen when the Fed feels confident that inflation has been conquered and yesterday’s FOMC minutes were seen as hawkish, with prices easing back into the $1,830s,” it added.

“As such, it is hard to see how we can avoid a rise in real rates, given the last US CPI print of 7.1% and with 10-year Treasuries trading at 3.7%.

“We can neither ignore the upward pressure on bond yields from the Fed’s balance sheet reductions, even if that is partly neutralised by other policy actions it carries out.”

Metals Focus added that its view is based on inflation easing and that the US will weather the next few months better than Europe, making it hard to see interest rate differentials undermining the US dollar.

It also believes a stronger global economy by the second half of 2023 should also give a boost to equity markets and lessen the appeal of safe haven assets.

“This backdrop of risk-on sentiment and rising real rates lead us to forecast that we are likely to see a notable slide in the gold price during much of this year,” Metal Focus explained.

“Other factors to consider are that many physical markets are currently weak (India has moved to a discount) and we are unlikely to see a repeat of last year’s bumper buying by the official sector.

“Lastly, it is worth trying to gauge the scale of institutional investment and therefore the extent to which this can potentially continue to rise.”

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
ARN	Aldoro Resources	41%	-4%	73%	-32%	0.26	$25,969,833
AL8	Alderan Resource Ltd	33%	-11%	-33%	-70%	0.008	$4,047,863
NSM	North Stawell Minerals	31%	94%	36%	-32%	0.19	$22,824,130
GML	Gateway Mining	30%	-1%	-23%	-51%	0.069	$14,690,712
AUT	Auteco Minerals	29%	9%	41%	-18%	0.062	$128,205,851
ALK	Alkane Resources Ltd	27%	0%	1%	-26%	0.675	$383,227,259
BAT	Battery Minerals Ltd	25%	25%	0%	-58%	0.005	$14,626,212
ENR	Encounter Resources	23%	13%	52%	27%	0.1975	$63,994,641
DEG	De Grey Mining	21%	23%	76%	29%	1.53	$2,333,944,538
BNR	Bulletin Res Ltd	20%	-17%	-20%	28%	0.1	$29,259,110
TRM	Truscott Mining Corp	20%	26%	2%	53%	0.049	$8,190,696
KAI	Kairos Minerals Ltd	19%	-4%	19%	-7%	0.025	$47,138,244
GSR	Greenstone Resources	19%	-3%	-30%	14%	0.032	$33,849,238
TIE	Tietto Minerals	18%	0%	126%	54%	0.815	$847,429,080
AAU	Antilles Gold Ltd	17%	-8%	-45%	-54%	0.034	$16,081,251
KRM	Kingsrose Mining Ltd	17%	25%	41%	-7%	0.076	$54,181,909
ASR	Asra Minerals Ltd	17%	31%	-22%	-5%	0.021	$27,820,969
RED	Red 5 Limited	17%	23%	0%	-14%	0.245	$670,276,011
CAI	Calidus Resources	17%	-14%	-52%	-56%	0.315	$131,379,512
GSM	Golden State Mining	16%	4%	25%	-42%	0.05	$6,201,753
WGX	Westgold Resources.	16%	21%	-22%	-49%	1.005	$464,150,275
DTM	Dart Mining NL	16%	-2%	23%	-24%	0.065	$9,626,130
NVA	Nova Minerals Ltd	16%	-7%	-8%	-41%	0.7	$145,987,621
SPQ	Superior Resources	15%	9%	67%	25%	0.06	$96,969,564
IDA	Indiana Resources	15%	21%	16%	10%	0.064	$31,563,304
KAU	Kaiser Reef	15%	6%	15%	-10%	0.19	$24,097,574
AMI	Aurelia Metals Ltd	15%	-8%	-52%	-67%	0.1375	$154,679,652
MEI	Meteoric Resources	14%	250%	387%	211%	0.056	$93,104,140
ADV	Ardiden Ltd	14%	0%	14%	-38%	0.008	$21,506,683
MTH	Mithril Resources	14%	0%	-33%	-75%	0.004	$13,052,361
RXL	Rox Resources	14%	5%	-25%	-43%	0.2	$39,095,613
EMU	EMU NL	14%	0%	-33%	-58%	0.008	$4,810,877
BGL	Bellevue Gold Ltd	14%	9%	97%	59%	1.32	$1,391,884,467
PUR	Pursuit Minerals	14%	39%	0%	-38%	0.016	$18,280,798
M24	Mamba Exploration	14%	7%	60%	-24%	0.16	$7,169,751
MI6	Minerals260Limited	14%	-9%	60%	-32%	0.4	$81,400,000
RXL	Rox Resources	14%	5%	-25%	-43%	0.2	$39,095,613
MLS	Metals Australia	14%	14%	-8%	23%	0.049	$27,923,665
GAL	Galileo Mining Ltd	14%	-12%	-32%	309%	0.9	$171,933,686
SBM	St Barbara Limited	14%	29%	-1%	-37%	0.8825	$702,225,815
ARL	Ardea Resources Ltd	14%	-14%	-1%	72%	0.79	$132,914,648
HCH	Hot Chili Ltd	14%	-14%	16%	-48%	0.915	$108,097,911
SLR	Silver Lake Resource	14%	0%	0%	-25%	1.335	$1,231,911,241
MZZ	Matador Mining Ltd	13%	-13%	-13%	-65%	0.13	$37,825,300
AUC	Ausgold Limited	13%	11%	27%	8%	0.052	$101,473,727
ICG	Inca Minerals Ltd	13%	-10%	-71%	-77%	0.026	$12,554,188
PNX	PNX Metals Limited	13%	13%	13%	-33%	0.0045	$19,998,260
KZR	Kalamazoo Resources	13%	0%	18%	-38%	0.225	$34,972,553
HXG	Hexagon Energy	13%	3%	-22%	-76%	0.018	$9,232,486
RMS	Ramelius Resources	13%	1%	8%	-32%	1.035	$885,380,734
OAU	Ora Gold Limited	13%	50%	0%	-44%	0.009	$8,858,082
ADN	Andromeda Metals Ltd	12%	-6%	-41%	-76%	0.047	$143,060,388
BC8	Black Cat Syndicate	12%	13%	15%	-39%	0.38	$82,790,082
TSO	Tesoro Gold Ltd	12%	9%	-20%	-49%	0.038	$41,837,211
CHN	Chalice Mining Ltd	12%	20%	85%	-19%	6.97	$2,503,373,840
ANX	Anax Metals Ltd	11%	2%	-29%	-28%	0.059	$21,697,926
TLM	Talisman Mining	11%	11%	3%	-9%	0.15	$26,283,530
BRB	Breaker Res NL	11%	15%	73%	20%	0.355	$119,042,743
AAR	Astral Resources NL	10%	15%	-3%	-30%	0.076	$46,578,699
CWX	Carawine Resources	10%	21%	36%	-35%	0.11	$21,649,921
XTC	Xantippe Res Ltd	10%	-15%	-31%	-21%	0.0055	$51,460,174
DCN	Dacian Gold Ltd	10%	-15%	16%	-48%	0.11	$121,680,094
STK	Strickland Metals	10%	-4%	-23%	-38%	0.044	$63,223,688
KSN	Kingston Resources	10%	-15%	1%	-48%	0.089	$36,993,175
GMD	Genesis Minerals	10%	7%	8%	-23%	1.315	$527,288,653
PRU	Perseus Mining Ltd	9%	2%	37%	43%	2.33	$3,035,768,111
GTR	Gti Energy Ltd	9%	0%	-14%	-54%	0.012	$16,560,319
SRN	Surefire Rescs NL	9%	-8%	-56%	0%	0.012	$18,976,362
HAW	Hawthorn Resources	9%	-4%	46%	29%	0.12	$40,021,874
AQI	Alicanto Min Ltd	9%	-22%	-33%	-61%	0.049	$22,310,681
ALY	Alchemy Resource Ltd	9%	-7%	79%	108%	0.025	$30,629,983
SFR	Sandfire Resources	9%	8%	34%	-13%	5.875	$2,631,697,505
A1G	African Gold Ltd.	8%	27%	4%	-43%	0.09	$12,278,216
ARV	Artemis Resources	8%	8%	-13%	-67%	0.026	$33,394,041
OKR	Okapi Resources	8%	-7%	-14%	-57%	0.1625	$22,837,467
SAU	Southern Gold	8%	-4%	-13%	-55%	0.026	$6,933,183
CMM	Capricorn Metals	8%	3%	50%	50%	4.98	$1,847,188,053
MVL	Marvel Gold Limited	8%	17%	-10%	-58%	0.027	$19,021,348
BCN	Beacon Minerals	8%	4%	-3%	-15%	0.028	$105,189,509
NXM	Nexus Minerals Ltd	8%	19%	8%	-51%	0.215	$66,717,928
KAL	Kalgoorliegoldmining	8%	-18%	-31%	-41%	0.086	$6,427,072
MGV	Musgrave Minerals	8%	8%	-17%	-37%	0.215	$130,065,749
VAN	Vango Mining Ltd	8%	8%	2%	-22%	0.043	$54,177,318
NML	Navarre Minerals Ltd	7%	7%	-10%	-45%	0.044	$63,266,683
EVN	Evolution Mining Ltd	7%	13%	29%	-21%	3.24	$5,872,052,221
GSN	Great Southern	7%	-25%	-23%	-52%	0.03	$17,409,852
CXU	Cauldron Energy Ltd	7%	-23%	-3%	-73%	0.0075	$6,520,976
BMO	Bastion Minerals	7%	-51%	-79%	-87%	0.031	$3,357,331
GOR	Gold Road Res Ltd	7%	3%	56%	18%	1.8225	$1,931,298,475
KCN	Kingsgate Consolid.	7%	6%	36%	-6%	1.82	$400,590,020
KCN	Kingsgate Consolid.	7%	6%	36%	-6%	1.82	$400,590,020
SSR	SSR Mining Inc.	7%	8%	0%	5%	25.09	$459,932,656
GIB	Gibb River Diamonds	7%	23%	60%	-18%	0.064	$13,536,604
WWI	West Wits Mining Ltd	7%	0%	-30%	-52%	0.016	$32,720,603
NCM	Newcrest Mining	6%	5%	5%	-11%	22.025	$19,304,110,555
GRL	Godolphin Resources	6%	-7%	-16%	-42%	0.084	$8,759,339
ASO	Aston Minerals Ltd	6%	-11%	-7%	-26%	0.085	$94,650,129
REZ	Resourc & En Grp Ltd	6%	0%	-29%	-73%	0.017	$8,496,698
EM2	Eagle Mountain	6%	6%	-26%	-73%	0.17	$49,460,761
LRL	Labyrinth Resources	6%	9%	-31%	-49%	0.018	$15,351,797
BTR	Brightstar Resources	6%	13%	6%	-59%	0.018	$13,919,948
KCC	Kincora Copper	6%	4%	37%	-45%	0.074	$7,793,735
SVG	Savannah Goldfields	6%	0%	-5%	-17%	0.19	$32,793,703
YRL	Yandal Resources	5%	-14%	-32%	-72%	0.099	$15,622,505
NST	Northern Star	5%	7%	62%	23%	11.655	$13,362,366,245
ERM	Emmerson Resources	5%	3%	-13%	-47%	0.08	$43,576,783
TAM	Tanami Gold NL	5%	3%	-20%	-35%	0.04	$47,003,882
MDI	Middle Island Res	5%	-31%	-69%	-64%	0.04	$4,896,729
SBR	Sabre Resources	5%	0%	0%	0%	0.04	$11,367,961
CY5	Cygnus Gold Limited	5%	-20%	170%	125%	0.405	$70,791,572
AM7	Arcadia Minerals	5%	-18%	31%	-5%	0.21	$8,872,599
FML	Focus Minerals Ltd	5%	8%	45%	-35%	0.21	$60,177,315
AGC	AGC Ltd	5%	-6%	-10%	-36%	0.063	$3,995,910
AGC	AGC Ltd	5%	-6%	-10%	-36%	0.063	$3,995,910
MXR	Maximus Resources	5%	-9%	-9%	-46%	0.042	$12,762,231
IVR	Investigator Res Ltd	5%	-19%	-2%	-38%	0.043	$61,798,037
RSG	Resolute Mining	5%	5%	-6%	-33%	0.22	$457,736,412
WRM	White Rock Min Ltd	5%	-30%	-38%	-70%	0.068	$18,305,464
RRL	Regis Resources	5%	7%	35%	14%	2.165	$1,638,406,257
LYN	Lycaonresources	5%	-13%	-1%	-22%	0.2875	$9,217,250
AGG	AngloGold Ashanti	4%	9%	34%	11%	6.12	$548,627,755
ZNC	Zenith Minerals Ltd	4%	-12%	0%	-16%	0.26	$89,585,217
TAR	Taruga Minerals	4%	-33%	30%	-40%	0.026	$18,147,768
FAL	Falconmetalsltd	4%	13%	38%	-66%	0.27	$47,790,000
OBM	Ora Banda Mining Ltd	4%	-5%	93%	46%	0.087	$129,747,093
MKR	Manuka Resources.	3%	-39%	-52%	-71%	0.089	$43,682,833
RGL	Riversgold	3%	-12%	-3%	84%	0.03	$28,364,031
RDT	Red Dirt Metals Ltd	3%	-13%	11%	-44%	0.45	$183,310,962
IGO	IGO Limited	3%	-11%	40%	15%	13.88	$10,177,679,407
MM8	Medallion Metals.	3%	-16%	-21%	-34%	0.155	$21,693,034
TUL	Tulla Resources	3%	-16%	-41%	-39%	0.33	$69,175,747
HMX	Hammer Metals Ltd	3%	-14%	42%	21%	0.068	$55,855,700
AME	Alto Metals Limited	3%	0%	-1%	-27%	0.069	$42,284,268
RND	Rand Mining Ltd	3%	4%	6%	-4%	1.4	$77,351,307
MBK	Metal Bank Ltd	3%	-5%	-13%	-50%	0.035	$9,676,993
MRZ	Mont Royal Resources	3%	-5%	-41%	-49%	0.18	$12,326,880
PDI	Predictive Disc Ltd	3%	-16%	-3%	-30%	0.19	$356,031,477
MKG	Mako Gold	3%	-9%	-42%	-63%	0.039	$19,337,706
AXE	Archer Materials	3%	-10%	-2%	-48%	0.6	$149,380,324
A8G	Australasian Metals	2%	-9%	2%	-60%	0.21	$8,542,878
GBZ	GBM Rsources Ltd	2%	-7%	-30%	-63%	0.043	$23,636,154
X64	Ten Sixty Four Ltd	2%	13%	2%	-9%	0.645	$148,455,646
BGD	Bartongoldholdings	2%	7%	16%	2%	0.22	$19,835,730
AZS	Azure Minerals	2%	-12%	7%	-38%	0.225	$71,812,413
SKY	SKY Metals Ltd	2%	-4%	-18%	-55%	0.049	$18,839,174
G50	Gold50Limited	2%	-13%	63%	-4%	0.245	$13,951,035
TTM	Titan Minerals	1%	-22%	23%	-30%	0.074	$104,434,216
ADT	Adriatic Metals	1%	-2%	64%	25%	3.14	$696,387,754
SVL	Silver Mines Limited	1%	-8%	35%	-8%	0.2025	$264,825,589
ICL	Iceni Gold	1%	-29%	-8%	-51%	0.085	$10,896,696
CYL	Catalyst Metals	1%	-5%	-6%	-41%	1.16	$119,131,939
NPM	Newpeak Metals	0%	0%	0%	-50%	0.001	$9,145,132
FFX	Firefinch Ltd	0%	0%	0%	-35%	0.2	$236,248,644
GED	Golden Deeps	0%	11%	-23%	-9%	0.01	$11,552,267
G88	Golden Mile Res Ltd	0%	-18%	-23%	-50%	0.023	$4,705,564
DCX	Discovex Res Ltd	0%	0%	-33%	-74%	0.003	$9,907,704
AQX	Alice Queen Ltd	0%	-20%	-33%	-81%	0.002	$4,400,500
SLZ	Sultan Resources Ltd	0%	6%	-13%	-50%	0.085	$7,079,173
TMX	Terrain Minerals	0%	-14%	-25%	-14%	0.006	$5,433,137
LM8	Lunnonmetalslimited	0%	8%	20%	74%	0.86	$97,789,753
CST	Castile Resources	0%	-31%	-40%	-52%	0.096	$23,222,633
FAU	First Au Ltd	0%	-20%	-64%	-56%	0.004	$3,807,973
BBX	BBX Minerals Ltd	0%	37%	-13%	-39%	0.1	$49,072,148
PUA	Peak Minerals Ltd	0%	9%	-45%	-60%	0.006	$6,248,260
PRX	Prodigy Gold NL	0%	9%	-4%	-61%	0.012	$20,974,594
CAZ	Cazaly Resources	0%	-3%	-21%	-31%	0.031	$11,526,476
LEX	Lefroy Exploration	0%	-11%	4%	-26%	0.25	$40,555,540
SIH	Sihayo Gold Limited	0%	0%	0%	-75%	0.002	$12,204,256
MCT	Metalicity Limited	0%	-14%	-14%	-65%	0.003	$10,476,118
CTO	Citigold Corp Ltd	0%	0%	0%	-40%	0.006	$17,001,955
M2R	Miramar	0%	-17%	-11%	-58%	0.08	$5,654,539
TRY	Troy Resources Ltd	0%	0%	0%	0%	0.0295	$62,920,961
CGN	Crater Gold Min Ltd	0%	0%	0%	0%	0.017	$21,063,474
GUL	Gullewa Limited	0%	0%	2%	-27%	0.06	$11,722,386
NAE	New Age Exploration	0%	-22%	0%	-42%	0.007	$10,051,292
ADG	Adelong Gold Limited	0%	0%	-65%	-83%	0.007	$3,211,756
MEU	Marmota Limited	0%	2%	-21%	10%	0.046	$50,822,428
PGD	Peregrine Gold	0%	-6%	11%	-26%	0.4	$14,919,477
FG1	Flynngold	0%	-5%	-30%	-35%	0.1	$7,832,354
RML	Resolution Minerals	0%	0%	-11%	-56%	0.008	$7,488,223
TBA	Tombola Gold Ltd	0%	-7%	-32%	-10%	0.026	$33,129,243
BM8	Battery Age Minerals	0%	0%	0%	69%	0.5	$28,984,082
HRN	Horizon Gold Ltd	0%	-3%	-11%	-26%	0.31	$38,806,309
CLA	Celsius Resource Ltd	0%	14%	-6%	-38%	0.016	$24,813,265
RDN	Raiden Resources Ltd	0%	0%	-25%	-73%	0.006	$8,272,912
TCG	Turaco Gold Limited	0%	16%	-2%	-50%	0.058	$24,807,567
SFM	Santa Fe Minerals	0%	-2%	-17%	-38%	0.08	$5,825,503
SVY	Stavely Minerals Ltd	0%	-2%	41%	-55%	0.24	$75,894,344
RVR	Red River Resources	0%	0%	-54%	-64%	0.073	$37,847,908
CPM	Coopermetalslimited	0%	-18%	-43%	-13%	0.23	$9,024,400
CBY	Canterbury Resources	0%	5%	-13%	-51%	0.041	$5,494,965
WMC	Wiluna Mining Corp	0%	0%	-11%	-80%	0.205	$74,238,031
RDS	Redstone Resources	0%	0%	0%	-38%	0.008	$5,894,659
GBR	Greatbould Resources	0%	-3%	23%	-36%	0.09	$39,661,241
HRZ	Horizon	0%	-8%	-14%	-53%	0.061	$37,993,619
CDT	Castle Minerals	0%	-12%	-15%	-45%	0.022	$21,988,846
AVW	Avira Resources Ltd	0%	-14%	-14%	-40%	0.003	$5,334,475
LCY	Legacy Iron Ore	0%	-5%	-5%	-14%	0.018	$115,322,872
TG1	Techgen Metals Ltd	0%	-11%	-30%	-40%	0.081	$4,511,577
XAM	Xanadu Mines Ltd	0%	7%	25%	11%	0.03	$40,955,546
CHZ	Chesser Resources	0%	13%	-4%	-32%	0.085	$49,990,464
DTR	Dateline Resources	0%	-41%	-62%	-53%	0.037	$19,781,458
S2R	S2 Resources	0%	3%	21%	-11%	0.17	$58,884,351
NES	Nelson Resources.	0%	17%	-25%	-76%	0.007	$4,120,160
GNM	Great Northern	0%	0%	0%	-33%	0.004	$6,836,204
DEX	Duke Exploration	0%	0%	-31%	-69%	0.053	$5,587,240
MOM	Moab Minerals Ltd	0%	0%	-67%	-67%	0.009	$6,137,671
AWJ	Auric Mining	0%	-16%	5%	-39%	0.064	$6,006,056
STN	Saturn Metals	0%	-8%	-44%	-56%	0.18	$26,502,442
E2M	E2 Metals	0%	-11%	42%	-41%	0.17	$35,843,818
PNM	Pacific Nickel Mines	0%	20%	20%	-10%	0.084	$30,460,969
AYM	Australia United Min	0%	-25%	-40%	-63%	0.003	$5,527,732
ANL	Amani Gold Ltd	0%	0%	0%	0%	0.001	$24,693,441
GCY	Gascoyne Res Ltd	0%	0%	-19%	-29%	0.195	$83,082,880
HAV	Havilah Resources	0%	3%	19%	88%	0.31	$99,741,351
GCY	Gascoyne Res Ltd	0%	0%	-19%	-29%	0.195	$83,082,880
PNT	Panthermetalsltd	0%	14%	-9%	-2%	0.2	$6,150,000
CLZ	Classic Min Ltd	0%	-10%	-94%	-94%	0.009	$7,009,803
TBR	Tribune Res Ltd	0%	-1%	-2%	-18%	4	$209,872,308
WAF	West African Res Ltd	0%	-1%	-9%	-9%	1.18	$1,227,410,392
EMR	Emerald Res NL	0%	0%	12%	8%	1.175	$694,747,150
MAU	Magnetic Resources	-1%	2%	-30%	-44%	0.84	$195,085,524
EMC	Everest Metals Corp	-1%	4%	13%	-44%	0.079	$8,514,649
SXG	Southern Cross Gold	-1%	-12%	53%	0%	0.74	$64,674,695
TGM	Theta Gold Mines Ltd	-1%	-17%	22%	-58%	0.067	$41,473,608
GMR	Golden Rim Resources	-2%	-13%	-57%	-80%	0.0295	$11,771,752
FEG	Far East Gold	-2%	-17%	40%	0%	0.47	$63,472,659
SMI	Santana Minerals Ltd	-2%	-7%	5%	97%	0.67	$97,449,327
DRE	Dreadnought Resources Ltd	-2%	6%	118%	150%	0.1025	$301,795,399
BNZ	Benzmining	-2%	-8%	-10%	-41%	0.4	$29,224,489
SNG	Siren Gold	-3%	3%	-33%	-38%	0.18	$21,046,586
MRR	Minrex Resources Ltd	-3%	-15%	-8%	-42%	0.034	$36,885,495
CEL	Challenger Exp Ltd	-3%	-3%	-6%	-44%	0.17	$177,788,557
AWV	Anova Metals Ltd	-3%	-6%	100%	-11%	0.016	$31,641,884
QML	Qmines Limited	-3%	-18%	-3%	-52%	0.16	$13,982,400
KIN	KIN Min NL	-3%	-16%	-18%	-43%	0.063	$66,056,856
BMR	Ballymore Resources	-3%	3%	-12%	-17%	0.15	$14,929,206
PNR	Pantoro Limited	-3%	-28%	-54%	-75%	0.09	$156,536,210
KNB	Koonenberrygold	-3%	-34%	-25%	-64%	0.06	$4,545,387
VRC	Volt Resources Ltd	-3%	-9%	-28%	-50%	0.0145	$54,311,934
CDR	Codrus Minerals Ltd	-4%	13%	108%	2%	0.135	$5,458,050
VMC	Venus Metals Cor Ltd	-4%	0%	-24%	-28%	0.13	$23,150,229
BYH	Bryah Resources Ltd	-4%	-11%	-11%	-46%	0.025	$6,750,083
NWM	Norwest Minerals	-4%	0%	79%	-29%	0.05	$11,327,477
SMS	Starmineralslimited	-4%	-4%	-24%	-67%	0.069	$2,041,020
PGO	Pacgold	-4%	-14%	-39%	-31%	0.345	$18,961,826
KTA	Krakatoa Resources	-4%	-26%	-20%	-14%	0.043	$15,167,236
MOH	Moho Resources	-5%	-9%	-19%	-66%	0.021	$4,360,906
NAG	Nagambie Resources	-5%	-7%	26%	5%	0.063	$33,083,849
ZAG	Zuleika Gold Ltd	-5%	-17%	-26%	0%	0.02	$10,461,013
AAJ	Aruma Resources Ltd	-5%	-27%	-23%	-38%	0.053	$8,318,960
MAT	Matsa Resources	-5%	-20%	-20%	-39%	0.035	$15,656,176
MTC	Metalstech Ltd	-6%	16%	48%	65%	0.495	$84,998,203
OZM	Ozaurum Resources	-6%	-10%	-56%	-49%	0.066	$4,601,256
KWR	Kingwest Resources	-7%	4%	-41%	-82%	0.0355	$9,860,439
WCN	White Cliff Min Ltd	-7%	-21%	13%	-41%	0.0135	$9,039,422
HMG	Hamelingoldlimited	-7%	-21%	23%	-10%	0.135	$15,950,000
HMG	Hamelingoldlimited	-7%	-21%	23%	-10%	0.135	$15,950,000
THR	Thor Mining PLC	-8%	-14%	-40%	-54%	0.006	$8,731,877
BEZ	Besragoldinc	-8%	-23%	4%	-56%	0.048	$16,985,371
GWR	GWR Group Ltd	-8%	-10%	-54%	-69%	0.055	$17,666,916
SI6	SI6 Metals Limited	-8%	10%	-8%	-42%	0.0055	$8,972,368
MEG	Megado Minerals Ltd	-9%	-11%	-49%	-51%	0.041	$5,637,500
NMR	Native Mineral Res	-9%	-23%	-36%	-53%	0.1	$12,721,483
MHC	Manhattan Corp Ltd	-9%	-9%	-44%	-62%	0.005	$7,631,393
AVM	Advance Metals Ltd	-10%	-25%	13%	-47%	0.009	$5,220,397
VKA	Viking Mines Ltd	-10%	-18%	29%	-40%	0.009	$10,252,584
MEK	Meeka Metals Limited	-10%	-15%	21%	42%	0.061	$62,988,927
LCL	Los Cerros Limited	-11%	0%	65%	-59%	0.051	$37,932,828
RMX	Red Mount Min Ltd	-11%	-20%	-33%	-60%	0.004	$7,953,395
IPT	Impact Minerals	-13%	-13%	-13%	-48%	0.007	$17,369,594
PKO	Peako Limited	-13%	8%	8%	-38%	0.013	$4,929,799
POL	Polymetals Resources	-14%	-7%	133%	35%	0.21	$9,488,365
TMZ	Thomson Res Ltd	-16%	-27%	-24%	-76%	0.016	$14,080,834
PRS	Prospech Limited	-21%	-34%	-23%	-65%	0.023	$2,030,868
GMN	Gold Mountain Ltd	-29%	-44%	0%	-69%	0.005	$11,047,044
AGS	Alliance Resources	-100%	-100%	-100%	-100%	0	$41,303,448
TRN	Torrens Mining	-100%	-100%	-100%	-100%	0	$9,218,942

Weekly Small Cap Standouts

Alkane Resources (ASX:ALK)

Production at Alkane’s Tomingley Gold Operations in central west New South Wales exceeded forecasts during the December quarter.

The company produced 18,301oz of gold during the quarter, taking production in the first half of the 2023 financial year up to 37,790oz.

It now forecasts FY2023 production at between 62,000oz and 70,000oz at an all-in sustaining cost of between $1,550/oz and $1,800/oz. This is up from its previous forecast of 55,000oz to 60,000oz at an AISC of between $1,650/oz and $1,900/oz.

Antilles Gold (ASX:AAU)

The company expects to release an updated Scoping Study for its proposed La Demajagua open pit mining in Cuba once it confirms the likely sale price of the antimony-gold-silver concentrate to be produced from the mine.

An acceptable indicative offer has already been received from a major international trading company for the separate gold concentrate which will be produced and shipped to several smelters which can accommodate its high arsenic levels.

Joint venture company Minera La Victoria has engaged Brisbane based consultants, West End Mining, to assist in marketing the antimony concentrate due to their experience in successfully marketing similar concentrates, and their established contacts with antimony smelters.

Additional antimony assays from the recent drilling program at La Demajagua, ongoing metallurgical test work, and further engineering by the preferred turnkey process plant constructor will refine the design and costing of the flotation circuit for inclusion in the Definitive Feasibility Study.

Tietto Minerals (ASX:TIE)

Tietto is days away from becoming the ASX’ next gold producer with the company noting at the beginning of the week that it had started wet commissioning of the 4.5Mtpa CIL processing system at its Abujar gold project in Côte d’Ivoire, West Africa.

Open pit mining stockpiles are building with more than 15,000t per day of ore being added to the run-of-mine pad and first gold pour expected within 10 days (from 3 January 2023).

Abujar is forecast to produce 260,000oz of gold in its first year of production.

Truscott Mining (ASX:TRM)

Diamond drilling at the company’s Westminster project appears to have validated its structural model at depth.

All three holes drilled under the program intersected the deeper zones for mineralisation within 5m of the predicted target depths.

Core samples have been sent to Darwin for analysis with results expected towards the close of January 2023.