Gold Digger: More strength in ASX gold equities to come even after Q1 surge
You only get this feeling from drugs (apparently) and ASX gold stocks. Pic: Getty Images
- Goldman Sachs continues to like the look of ASX gold miners, even as they outpace bullion in 2025
- Silver down, with gold:silver ratio showing few signs of closing
- OzAurum and Koonenberry Gold among this week’s precious metals standouts
Goldman Sachs analysts say gold miners’ margins are poised for a ‘two-pronged expansion’, which will enable them to keep outperforming even after a stellar start to 2025.
Led by Hugo Nicolaci, a new note from the investment bank’s Aussie mining team says even with ASX and global gold equities lifting 30-40% against gold’s 19% rise in the March quarter, there remains upside as margins grow.
“This continued from the latter part of CY24, where gold price improvements began to outpace cash costs/AISC increases, which had previously kept pace leaving sector margins flat from CY20 to mid-CY24 (see charts within), driving underperformance against the commodity,” they said.
“We expect this gold equities cycle to continue, with stocks well positioned to continue to outperform the commodity through 2025 supported by two-pronged margin expansion with rising gold prices and moderating unit cost pressures (further supported by production growth), where our sector cost benchmarking work implies moderating nominal cost increases, with this affirmed by our recent Perth trip seeing >25 corporates (mostly gold) with labour cost inflation seen at ~2-3%.”
At the same time, it could get harder to pick the right winner in a crowded market.
Nicolaci, along with Paul Young and Marcus Dosanjh, says mid-tiers now make up 60% of the ASX gold sector from 40% a year ago, making it harder for them to stand out despite the launch of new actively managed gold funds.
“While over the last 12-24 months sector focus has shifted from volume growth to margins/FCF, beyond near-term gold leverage, we expect a combination of factors to drive medium-term outperformance: 1) Margins/cash generation, 2) volume growth/exploration upside (M&A remains a theme), and 3) improving balance sheet strength/accelerated capital returns,” they said.
The big move in Goldman’s coverage universe is an upgrade to a buy on Capricorn Metals (ASX:CMM), the owner of the Karlawinda gold mine which has a key expansion asset at the Mt Gibson gold project in WA’s Mid West.
It has a sell rating on Regis Resources (ASX:RRL), with a neutral on Evolution Mining (ASX:EVN) and buy on Northern Star Resources (ASX:NST), Newmont Corporation (ASX:NEM), Gold Road Resources (ASX:GOR) and Bellevue Gold (ASX:BGL), the latter pending a potential guidance downgrade.
It comes after gold broke through fresh highs this week, running up to more than US$3100/oz as Donald Trump shook markets with heavy tariffs on the US’ trading partners.
That sent gold beyond $5000/oz Australian for the first time, with average AISC margins nearing on $3000/oz assuming production is unencumbered by hedges.
According to Aurum Analytics, average reported all in sustaining costs fell 4.6% in the December quarter to $2051/oz.
Silver stacks itself
While gold has been a terrific performer in this week’s maelstrom, silver hasn’t, dropping close to 6% on Thursday night.
It comes after a failed “silver squeeze 2.0” attempt promoted by X users (and probably some traders who really had something to gain by getting people to buy physical silver).
Read why experts we spoke to cautioned investors to be cynical here.
Bank of America warned this week that investors hoping for silver to claw back an expanding gold:silver ratio (currently above 90-to-1) could be disappointed, even if it has a constructive US$35/oz average price forecast for 2025.
“We remain bullish gold but would avoid positioning for mean-reversion in gold-silver spreads as we do not find co-integration,” BofA’s analysts said in a note.
Silver tends to outperform gold in precious metals bull markets, but that’s not happening this time around.
One of the reasons BofA pointed to is central banks, which have been major buyers of gold but net sellers of silver. The commodity runs a significant physical deficit and is becoming increasingly sold for industrial rather than investment purposes thanks to the commodity’s use in solar PV.
Also read: Cinderella Story: Silver waits for lead role as WA explorers revive golden age mines
Winners & Losers
Here’s how ASX-listed precious metals stocks are performing:
| CODE | COMPANY | PRICE | WEEK % | MONTH % | 6 MONTH % | YEAR % | YTD % | MARKET CAP |
|---|---|---|---|---|---|---|---|---|
| MRR | Minrex Resources Ltd | 0.008 | 0% | -11% | -6% | -43% | 14% | $ 8,678,940.02 |
| NPM | Newpeak Metals | 0.012 | -8% | -14% | -14% | 22% | 9% | $ 3,864,860.77 |
| ASO | Aston Minerals Ltd | 0.016 | -16% | -6% | 28% | 14% | 78% | $ 23,311,156.84 |
| MTC | Metalstech Ltd | 0.105 | -9% | -9% | -32% | -36% | -25% | $ 20,741,645.72 |
| GED | Golden Deeps | 0.02 | 0% | -17% | -47% | -59% | -20% | $ 3,080,446.98 |
| G88 | Golden Mile Res Ltd | 0.008 | -11% | -27% | -38% | -33% | -11% | $ 4,898,230.70 |
| LAT | Latitude 66 Limited | 0.06 | -5% | -17% | -52% | -70% | 58% | $ 8,890,843.71 |
| NMR | Native Mineral Res | 0.11 | 36% | 43% | 400% | 358% | 182% | $ 84,700,679.69 |
| AQX | Alice Queen Ltd | 0.005 | 0% | -29% | -44% | 0% | -38% | $ 4,587,560.27 |
| SLZ | Sultan Resources Ltd | 0.007 | -13% | -13% | 17% | -36% | 17% | $ 1,851,759.28 |
| KSN | Kingston Resources | 0.083 | -6% | 12% | -2% | 4% | 17% | $ 70,688,121.66 |
| AMI | Aurelia Metals Ltd | 0.225 | -12% | 10% | 18% | 41% | 32% | $ 406,217,433.60 |
| GIB | Gibb River Diamonds | 0.038 | 3% | 9% | 0% | 27% | -5% | $ 7,293,321.13 |
| KCN | Kingsgate Consolid. | 1.435 | -3% | 7% | 6% | 7% | 12% | $ 377,606,228.78 |
| TMX | Terrain Minerals | 0.0035 | 17% | -13% | -13% | -13% | 17% | $ 6,010,669.80 |
| BNR | Bulletin Res Ltd | 0.049 | 20% | 17% | 4% | -30% | 26% | $ 13,506,212.86 |
| NXM | Nexus Minerals Ltd | 0.081 | 13% | 42% | 56% | 45% | 80% | $ 40,019,716.81 |
| SKY | SKY Metals Ltd | 0.043 | -14% | -12% | -14% | 39% | -20% | $ 36,245,861.47 |
| LM8 | Lunnonmetalslimited | 0.21 | -2% | 0% | -26% | -16% | -16% | $ 46,331,916.54 |
| CST | Castile Resources | 0.073 | 1% | 22% | -9% | 1% | -9% | $ 22,319,646.34 |
| YRL | Yandal Resources | 0.13 | -19% | -19% | 55% | 40% | -26% | $ 40,200,547.66 |
| FAU | First Au Ltd | 0.002 | 0% | 0% | 100% | 0% | 0% | $ 4,143,986.55 |
| ARL | Ardea Resources Ltd | 0.405 | -4% | -9% | 3% | -40% | 23% | $ 84,865,238.88 |
| GWR | GWR Group Ltd | 0.085 | 2% | -3% | -2% | -15% | 6% | $ 27,303,415.68 |
| IVR | Investigator Res Ltd | 0.021 | -9% | 11% | -43% | -53% | 5% | $ 36,544,230.20 |
| GTR | Gti Energy Ltd | 0.0025 | -17% | 0% | -38% | -64% | -29% | $ 8,996,848.99 |
| IPT | Impact Minerals | 0.005 | -29% | -34% | -59% | -65% | -47% | $ 18,513,316.32 |
| BNZ | Benzmining | 0.3675 | -3% | -8% | 145% | 183% | 7% | $ 51,678,321.60 |
| MOH | Moho Resources | 0.004 | 0% | 0% | -33% | -33% | -20% | $ 2,923,498.30 |
| BCM | Brazilian Critical | 0.008 | 0% | -11% | -33% | -65% | -11% | $ 8,503,668.70 |
| PUA | Peak Minerals Ltd | 0.01 | -9% | 11% | 416% | 315% | 29% | $ 33,687,855.48 |
| MRZ | Mont Royal Resources | 0.041 | 0% | 0% | -23% | -33% | -5% | $ 3,486,221.51 |
| SMS | Starmineralslimited | 0.025 | -7% | -17% | -54% | -21% | -31% | $ 4,098,779.63 |
| MVL | Marvel Gold Limited | 0.013 | 18% | 18% | 18% | 30% | 44% | $ 14,036,598.93 |
| PRX | Prodigy Gold NL | 0.0015 | -25% | -25% | -25% | -44% | -25% | $ 6,350,111.10 |
| AAU | Antilles Gold Ltd | 0.004 | 0% | -20% | 0% | -79% | 33% | $ 8,505,470.73 |
| CWX | Carawine Resources | 0.105 | 6% | 9% | 8% | -2% | 5% | $ 24,793,172.15 |
| RND | Rand Mining Ltd | 1.71 | -3% | 1% | -5% | 22% | 13% | $ 101,239,210.58 |
| CAZ | Cazaly Resources | 0.014 | -13% | 0% | -7% | -22% | 0% | $ 6,919,544.87 |
| BMR | Ballymore Resources | 0.115 | -8% | -12% | -21% | -8% | -4% | $ 22,091,323.13 |
| DRE | Dreadnought Resources Ltd | 0.012 | -20% | -25% | -29% | -33% | 0% | $ 54,069,600.00 |
| ZNC | Zenith Minerals Ltd | 0.057 | 10% | 36% | 27% | -38% | 43% | $ 22,409,278.21 |
| REZ | Resourc & En Grp Ltd | 0.028 | 40% | 12% | 4% | 155% | 22% | $ 18,134,256.29 |
| LEX | Lefroy Exploration | 0.083 | -1% | -5% | 6% | -17% | 19% | $ 21,115,711.73 |
| ERM | Emmerson Resources | 0.135 | -4% | 17% | 193% | 181% | 75% | $ 88,986,643.06 |
| AM7 | Arcadia Minerals | 0.015 | -25% | -25% | -56% | -82% | -21% | $ 1,995,518.36 |
| ADT | Adriatic Metals | 4.115 | -11% | -6% | 18% | 2% | 6% | $ 1,294,003,354.56 |
| AS1 | Asara Resources Ltd | 0.045 | 13% | 36% | 165% | 350% | 137% | $ 49,553,003.16 |
| CYL | Catalyst Metals | 5.8 | 8% | 36% | 99% | 689% | 125% | $ 1,299,508,878.00 |
| CHN | Chalice Mining Ltd | 0.9875 | -26% | -31% | -38% | -9% | -11% | $ 410,423,261.34 |
| KAL | Kalgoorliegoldmining | 0.057 | -15% | -10% | 138% | 119% | 217% | $ 22,031,203.26 |
| MLS | Metals Australia | 0.02 | 5% | 0% | -26% | -17% | -13% | $ 14,574,390.48 |
| ADN | Andromeda Metals Ltd | 0.008 | 14% | 14% | 0% | -60% | 14% | $ 27,429,821.51 |
| MEI | Meteoric Resources | 0.061 | -10% | -5% | -42% | -72% | -28% | $ 140,211,766.92 |
| SRN | Surefire Rescs NL | 0.003 | 0% | 0% | -57% | -67% | -14% | $ 7,248,923.44 |
| WA8 | Warriedarresourltd | 0.061 | -2% | 39% | 3% | 42% | 39% | $ 55,499,156.52 |
| HMX | Hammer Metals Ltd | 0.028 | -3% | -10% | -28% | -38% | -15% | $ 22,193,967.50 |
| WCN | White Cliff Min Ltd | 0.016 | -9% | -6% | -24% | 14% | 0% | $ 30,327,531.97 |
| AVM | Advance Metals Ltd | 0.043 | -7% | -4% | 95% | 23% | 26% | $ 9,417,532.70 |
| ASR | Asra Minerals Ltd | 0.003 | -14% | 50% | -25% | -57% | 0% | $ 8,305,943.90 |
| ARI | Arika Resources | 0.018 | -16% | -50% | -38% | -10% | -33% | $ 12,036,664.12 |
| CTO | Citigold Corp Ltd | 0.004 | 0% | 0% | -20% | 0% | 0% | $ 12,000,000.00 |
| SMI | Santana Minerals Ltd | 0.495 | -13% | -12% | -24% | 14% | 2% | $ 383,040,897.75 |
| M2R | Miramar | 0.004 | 0% | 33% | -43% | -76% | 33% | $ 1,825,387.11 |
| MHC | Manhattan Corp Ltd | 0.018 | 0% | -10% | -55% | -57% | -5% | $ 4,228,180.16 |
| GRL | Godolphin Resources | 0.01 | -17% | -33% | -29% | -72% | -31% | $ 4,488,733.12 |
| SVG | Savannah Goldfields | 0.015 | -12% | -6% | -18% | -39% | -18% | $ 9,623,655.59 |
| EMC | Everest Metals Corp | 0.15 | -12% | -14% | 15% | 81% | 11% | $ 34,686,494.58 |
| GUL | Gullewa Limited | 0.048 | 0% | -26% | -26% | -13% | -14% | $ 10,465,064.26 |
| CY5 | Cygnus Metals Ltd | 0.084 | -20% | -30% | -1% | 71% | -16% | $ 76,430,850.39 |
| G50 | G50Corp Ltd | 0.11 | -24% | -15% | -33% | -27% | -29% | $ 19,271,719.08 |
| ADV | Ardiden Ltd | 0.14 | 8% | -7% | 4% | -13% | 4% | $ 9,065,038.37 |
| AAR | Astral Resources NL | 0.155 | -3% | 15% | 35% | 150% | 15% | $ 236,950,321.06 |
| VMC | Venus Metals Cor Ltd | 0.105 | -5% | 27% | 57% | 13% | 57% | $ 21,574,155.13 |
| NAE | New Age Exploration | 0.0045 | 0% | -10% | 13% | 13% | 29% | $ 11,967,295.10 |
| VKA | Viking Mines Ltd | 0.008 | 0% | 0% | -11% | -20% | 0% | $ 10,625,178.56 |
| LCL | LCL Resources Ltd | 0.007 | 0% | -30% | -30% | -42% | -30% | $ 8,363,688.95 |
| MTH | Mithril Silver Gold | 0.34 | -13% | -8% | -29% | 70% | -15% | $ 53,203,685.53 |
| ADG | Adelong Gold Limited | 0.005 | 0% | 11% | 25% | 43% | 11% | $ 6,987,430.99 |
| RMX | Red Mount Min Ltd | 0.007 | -13% | -30% | -22% | -60% | -22% | $ 3,719,662.37 |
| PRS | Prospech Limited | 0.028 | 22% | 12% | -18% | -28% | -3% | $ 9,864,776.61 |
| TTM | Titan Minerals | 0.36 | -14% | -13% | -10% | 29% | -5% | $ 98,834,321.98 |
| AKA | Aureka Limited | 0.155 | -6% | -3% | -98% | -98% | 15% | $ 15,365,234.40 |
| AAM | Aumegametals | 0.043 | 2% | -14% | -17% | -17% | 2% | $ 25,372,747.76 |
| KZR | Kalamazoo Resources | 0.077 | -1% | 3% | 0% | -20% | 4% | $ 16,960,874.88 |
| BCN | Beacon Minerals | 0.027 | 2% | 13% | 20% | 0% | 23% | $ 114,111,833.18 |
| MAU | Magnetic Resources | 1.465 | 0% | 13% | 17% | 58% | 33% | $ 392,248,895.01 |
| BC8 | Black Cat Syndicate | 0.925 | 18% | 9% | 87% | 294% | 64% | $ 679,133,806.81 |
| EM2 | Eagle Mountain | 0.005 | -17% | -29% | -88% | -89% | -44% | $ 6,242,705.09 |
| EMR | Emerald Res NL | 3.84 | 2% | -5% | 2% | 23% | 18% | $ 2,530,527,684.30 |
| BYH | Bryah Resources Ltd | 0.004 | 0% | 33% | 0% | -60% | 33% | $ 2,507,202.91 |
| HCH | Hot Chili Ltd | 0.5 | -30% | -30% | -41% | -57% | -29% | $ 80,345,958.97 |
| WAF | West African Res Ltd | 2.255 | -2% | 27% | 36% | 68% | 57% | $ 2,667,112,222.32 |
| MEU | Marmota Limited | 0.038 | -10% | -22% | 3% | -12% | -3% | $ 44,775,620.02 |
| NVA | Nova Minerals Ltd | 0.265 | -15% | -4% | 83% | 6% | -28% | $ 87,128,302.59 |
| SVL | Silver Mines Limited | 0.092 | -8% | 18% | 2% | -49% | 18% | $ 170,858,437.63 |
| PGD | Peregrine Gold | 0.22 | 26% | 91% | 16% | 0% | 57% | $ 18,276,713.10 |
| ICL | Iceni Gold | 0.075 | -5% | -6% | 88% | 241% | 6% | $ 20,628,327.09 |
| FG1 | Flynngold | 0.025 | 0% | -11% | -17% | -42% | 0% | $ 8,351,753.02 |
| WWI | West Wits Mining Ltd | 0.017 | -11% | 0% | 13% | 6% | 21% | $ 47,252,101.01 |
| RML | Resolution Minerals | 0.008 | -11% | 0% | -50% | -60% | -33% | $ 3,680,507.99 |
| AAJ | Aruma Resources Ltd | 0.01 | -9% | 0% | -41% | -44% | -17% | $ 2,220,581.72 |
| HWK | Hawk Resources. | 0.024 | 4% | 4% | -31% | -46% | 9% | $ 5,960,447.88 |
| GMN | Gold Mountain Ltd | 0.002 | 0% | 0% | -50% | -60% | -33% | $ 9,158,446.37 |
| MEG | Megado Minerals Ltd | 0.015 | 0% | 0% | -7% | 43% | -12% | $ 6,295,248.93 |
| HMG | Hamelingoldlimited | 0.084 | 5% | 53% | 27% | 12% | 31% | $ 13,280,400.00 |
| BM8 | Battery Age Minerals | 0.06 | -5% | -17% | -50% | -40% | -43% | $ 7,266,981.67 |
| TBR | Tribune Res Ltd | 4.87 | 6% | 1% | 5% | 21% | 14% | $ 257,093,577.30 |
| FML | Focus Minerals Ltd | 0.22 | 7% | 13% | 47% | 19% | 29% | $ 63,042,901.90 |
| VRC | Volt Resources Ltd | 0.004 | -11% | 0% | 0% | -20% | 33% | $ 18,739,111.93 |
| ARV | Artemis Resources | 0.008 | -11% | 0% | -33% | -53% | 0% | $ 20,228,234.46 |
| HRN | Horizon Gold Ltd | 0.445 | 5% | 13% | 20% | 71% | -7% | $ 65,177,965.35 |
| CLA | Celsius Resource Ltd | 0.006 | -14% | -40% | -50% | -57% | -45% | $ 17,445,427.20 |
| QML | Qmines Limited | 0.04 | -9% | -12% | -58% | -44% | -26% | $ 17,585,018.33 |
| RDN | Raiden Resources Ltd | 0.0045 | -18% | -10% | -90% | -81% | -59% | $ 15,529,011.49 |
| TCG | Turaco Gold Limited | 0.4125 | 18% | 25% | 29% | 136% | 62% | $ 365,464,491.71 |
| KCC | Kincora Copper | 0.024 | 9% | -8% | -47% | -44% | -11% | $ 5,935,401.29 |
| GBZ | GBM Rsources Ltd | 0.009 | 13% | 29% | 13% | -18% | 13% | $ 10,539,629.80 |
| DTM | Dart Mining NL | 0.005 | 0% | -9% | -67% | -86% | -44% | $ 3,438,819.57 |
| MKR | Manuka Resources. | 0.027 | 0% | -4% | -27% | -64% | -4% | $ 22,701,494.73 |
| AUC | Ausgold Limited | 0.53 | -4% | 14% | 17% | 51% | 26% | $ 189,182,511.55 |
| ANX | Anax Metals Ltd | 0.008 | 0% | -11% | -58% | -70% | -33% | $ 7,062,460.54 |
| EMU | EMU NL | 0.025 | -11% | -11% | -7% | -9% | -7% | $ 5,227,238.04 |
| SFM | Santa Fe Minerals | 0.038 | -5% | -7% | 3% | -16% | 23% | $ 2,912,751.56 |
| SSR | SSR Mining Inc. | 15.77 | -8% | 2% | 86% | 120% | 45% | $ 54,695,541.60 |
| PNRDA | Pantoro Limited | 2.48 | -12% | 8% | 22% | 95% | 62% | $ 57,806,753.40 |
| CMM | Capricorn Metals | 8.5 | 6% | 11% | 47% | 59% | 35% | $ 3,468,813,191.55 |
| X64 | Ten Sixty Four Ltd | 0 | -100% | -100% | -100% | -100% | -100% | $ 129,844,903.32 |
| VRL | Verity Resources | 0.013 | -28% | -19% | -35% | -81% | -35% | $ 2,765,108.42 |
| HAW | Hawthorn Resources | 0.043 | -19% | -4% | -26% | -39% | 5% | $ 17,420,811.88 |
| BGD | Bartongoldholdings | 0.355 | 11% | 23% | 37% | 37% | 45% | $ 81,002,130.49 |
| SVY | Stavely Minerals Ltd | 0.016 | 0% | -11% | -53% | -47% | -6% | $ 8,704,673.49 |
| AGC | AGC Ltd | 0.15 | -21% | 0% | -39% | 92% | -3% | $ 41,055,555.52 |
| RGL | Riversgold | 0.005 | 25% | 11% | -17% | -29% | 25% | $ 8,418,562.97 |
| TSO | Tesoro Gold Ltd | 0.028 | -13% | -7% | -20% | 0% | 40% | $ 48,155,835.27 |
| GUE | Global Uranium | 0.057 | -14% | -19% | -34% | -42% | -5% | $ 16,799,011.16 |
| CPM | Coopermetalslimited | 0.04 | 3% | -7% | -29% | -67% | -13% | $ 3,134,226.00 |
| MM8 | Medallion Metals. | 0.235 | 9% | 52% | 292% | 279% | 96% | $ 123,626,845.42 |
| FFM | Firefly Metals Ltd | 0.8075 | -19% | -17% | -24% | 13% | -13% | $ 485,613,552.92 |
| CBY | Canterbury Resources | 0.026 | 8% | 8% | -19% | -30% | 18% | $ 5,133,463.30 |
| SLA | Solara Minerals | 0.11 | 0% | -19% | -61% | -29% | 22% | $ 6,378,330.53 |
| SFR | Sandfire Resources | 8.77 | -21% | -18% | -18% | -1% | -5% | $ 4,380,634,593.15 |
| SMG | Silvermetalgroupltd | 0 | -100% | -100% | -100% | -100% | -100% | $ 4,881,135.48 |
| TAM | Tanami Gold NL | 0.029 | 0% | 0% | -12% | -24% | -3% | $ 34,077,814.33 |
| NWM | Norwest Minerals | 0.01 | 0% | -17% | -52% | -67% | -29% | $ 4,851,195.10 |
| ALK | Alkane Resources Ltd | 0.655 | 1% | 7% | 51% | 0% | 28% | $ 408,740,777.10 |
| BMO | Bastion Minerals | 0.003 | -25% | -25% | -50% | -63% | -25% | $ 2,534,173.99 |
| IDA | Indiana Resources | 0.078 | 0% | 10% | 47% | 86% | 28% | $ 50,133,131.72 |
| GSM | Golden State Mining | 0.008 | -11% | 0% | -20% | -33% | 0% | $ 2,234,965.04 |
| NSM | Northstaw | 0.037 | 3% | 28% | 164% | 1% | 131% | $ 10,634,383.50 |
| GSN | Great Southern | 0.022 | -4% | -4% | 22% | -4% | 47% | $ 21,929,694.38 |
| VAU | Vault Minerals Ltd | 0.43 | -3% | 9% | 37% | 10% | 30% | $ 2,993,088,288.08 |
| DEG | De Grey Mining | 2.21 | 6% | 11% | 63% | 76% | 25% | $ 5,131,882,323.28 |
| THR | Thor Energy PLC | 0.012 | 0% | -8% | -8% | -45% | -8% | $ 8,529,478.02 |
| CDR | Codrus Minerals Ltd | 0.017 | 0% | 0% | -19% | -59% | 0% | $ 2,811,587.57 |
| MDI | Middle Island Res | 0.017 | 0% | 0% | 0% | 6% | 42% | $ 4,959,641.43 |
| WTM | Waratah Minerals Ltd | 0.165 | -6% | 3% | -46% | 85% | 6% | $ 32,381,999.84 |
| POL | Polymetals Resources | 0.855 | 0% | 30% | 151% | 223% | 8% | $ 231,629,219.61 |
| RDS | Redstone Resources | 0.0035 | 17% | 17% | -13% | -13% | 40% | $ 3,238,824.61 |
| NAG | Nagambie Resources | 0.018 | 0% | 13% | 13% | 29% | 0% | $ 15,262,744.54 |
| BGL | Bellevue Gold Ltd | 1.145 | 0% | -3% | -11% | -39% | 2% | $ 1,469,907,307.95 |
| GBR | Greatbould Resources | 0.073 | 7% | 4% | 30% | 24% | 70% | $ 57,691,625.38 |
| KAI | Kairos Minerals Ltd | 0.019 | 0% | 0% | 52% | 46% | 58% | $ 52,618,243.78 |
| KAU | Kaiser Reef | 0.17 | 6% | 3% | 10% | 13% | 6% | $ 57,008,560.00 |
| HRZ | Horizon | 0.055 | -14% | -11% | 15% | 53% | 38% | $ 121,994,798.68 |
| CDT | Castle Minerals | 0.002 | -33% | 0% | -33% | -67% | 0% | $ 3,855,645.76 |
| RSG | Resolute Mining | 0.435 | -6% | 14% | -39% | -2% | 10% | $ 936,782,005.72 |
| MXR | Maximus Resources | 0.08 | 11% | 29% | 74% | 156% | 38% | $ 36,463,366.04 |
| EVN | Evolution Mining Ltd | 7.015 | 1% | 14% | 55% | 86% | 46% | $ 14,084,546,599.20 |
| CXU | Cauldron Energy Ltd | 0.01 | 11% | -9% | -50% | -74% | -17% | $ 13,152,641.48 |
| DLI | Delta Lithium | 0.165 | -8% | 0% | -30% | -41% | -3% | $ 121,812,104.64 |
| ALY | Alchemy Resource Ltd | 0.006 | -14% | -25% | -14% | -25% | -14% | $ 7,068,457.54 |
| NH3 | Nh3Cleanenergyltd | 0.024 | -4% | 9% | -4% | 0% | 33% | $ 13,550,514.84 |
| OBM | Ora Banda Mining Ltd | 1.0325 | -2% | 12% | 67% | 244% | 59% | $ 2,015,222,625.17 |
| AVW | Avira Resources Ltd | 0.008 | 0% | -11% | -60% | -60% | -60% | $ 1,322,457.70 |
| LCY | Legacy Iron Ore | 0.01 | -9% | 0% | -20% | -31% | 0% | $ 97,620,425.84 |
| PDI | Predictive Disc Ltd | 0.36 | -3% | 6% | 47% | 64% | 57% | $ 979,791,829.13 |
| MAT | Matsa Resources | 0.055 | -4% | -4% | 67% | 77% | 57% | $ 41,772,618.04 |
| ZAG | Zuleika Gold Ltd | 0.01 | -17% | -9% | -29% | -47% | -23% | $ 7,418,799.27 |
| GML | Gateway Mining | 0.028 | 27% | 40% | 12% | 22% | 33% | $ 10,220,507.38 |
| SBM | St Barbara Limited | 0.235 | -2% | 2% | -29% | 27% | 4% | $ 259,883,121.84 |
| SBR | Sabre Resources | 0.007 | -13% | -13% | -50% | -61% | -30% | $ 2,750,733.53 |
| STK | Strickland Metals | 0.083 | 4% | 4% | -6% | -25% | -2% | $ 194,252,497.30 |
| CEL | Challenger Gold Ltd | 0.056 | -5% | 2% | 12% | -30% | 19% | $ 96,201,161.82 |
| GG8 | Gorilla Gold Mines | 0.45 | -5% | 34% | 181% | 966% | 73% | $ 279,025,381.85 |
| NST | Northern Star | 18.92 | 5% | 9% | 19% | 29% | 23% | $ 21,112,546,621.50 |
| OZM | Ozaurum Resources | 0.097 | 52% | 49% | 155% | 116% | 223% | $ 20,845,072.32 |
| TG1 | Techgen Metals Ltd | 0.025 | -17% | -17% | -26% | -4% | -29% | $ 4,442,639.88 |
| XAM | Xanadu Mines Ltd | 0.057 | 10% | 16% | -7% | -22% | 16% | $ 101,346,470.47 |
| AQI | Alicanto Min Ltd | 0.03 | -12% | -14% | 20% | 21% | -19% | $ 25,444,289.28 |
| KTA | Krakatoa Resources | 0.01 | 11% | 0% | -17% | 25% | 5% | $ 5,271,139.21 |
| ARN | Aldoro Resources | 0.34 | -9% | -8% | 330% | 372% | -11% | $ 62,094,264.75 |
| WGX | Westgold Resources. | 2.87 | 0% | 16% | 15% | 22% | 1% | $ 2,716,155,907.20 |
| MBK | Metal Bank Ltd | 0.014 | -13% | 0% | -43% | -29% | -7% | $ 6,964,425.97 |
| A8G | Australasian Metals | 0.075 | 0% | 1% | -44% | 17% | -5% | $ 4,341,729.38 |
| TAR | Taruga Minerals | 0.01 | 11% | 11% | 11% | 43% | 0% | $ 6,354,241.07 |
| DTR | Dateline Resources | 0.006 | 20% | 100% | 20% | -54% | 71% | $ 15,393,411.72 |
| GOR | Gold Road Res Ltd | 3.04 | 4% | 23% | 81% | 89% | 48% | $ 3,194,013,236.40 |
| S2R | S2 Resources | 0.1 | 28% | 59% | 22% | -29% | 49% | $ 44,832,941.31 |
| NES | Nelson Resources. | 0.0025 | -17% | -17% | -17% | -17% | -17% | $ 6,515,782.98 |
| TLM | Talisman Mining | 0.15 | -12% | -17% | -35% | -43% | -27% | $ 29,189,654.10 |
| BEZ | Besragoldinc | 0.04 | -13% | 5% | -58% | -60% | -56% | $ 17,866,024.89 |
| PRU | Perseus Mining Ltd | 3.265 | 1% | 8% | 29% | 49% | 27% | $ 4,528,208,945.70 |
| SPQ | Superior Resources | 0.005 | -29% | -17% | -38% | -50% | -17% | $ 13,019,182.79 |
| PUR | Pursuit Minerals | 0.044 | -15% | -35% | -71% | -82% | -54% | $ 4,488,028.34 |
| RMS | Ramelius Resources | 2.465 | 7% | -7% | 17% | 29% | 19% | $ 2,796,025,071.62 |
| PKO | Peako Limited | 0.003 | 0% | 0% | -25% | -3% | 0% | $ 4,463,225.88 |
| ICG | Inca Minerals Ltd | 0.0055 | 10% | 10% | 0% | -8% | 10% | $ 5,646,973.93 |
| A1G | African Gold Ltd. | 0.088 | -20% | 44% | 144% | 195% | 60% | $ 38,169,702.00 |
| NMG | New Murchison Gold | 0.015 | 0% | 67% | 114% | 150% | 67% | $ 147,462,751.61 |
| GNM | Great Northern | 0.015 | 0% | -12% | 7% | 0% | 7% | $ 2,319,436.16 |
| KRM | Kingsrose Mining Ltd | 0.034 | 0% | 0% | -3% | -3% | -3% | $ 25,619,901.65 |
| BTR | Brightstar Resources | 0.02 | 5% | 0% | 11% | 11% | 0% | $ 228,123,311.40 |
| RRL | Regis Resources | 4.065 | 9% | 29% | 103% | 110% | 59% | $ 3,014,356,158.66 |
| M24 | Mamba Exploration | 0.012 | -8% | -14% | -8% | -52% | 0% | $ 3,837,152.93 |
| TRM | Truscott Mining Corp | 0.065 | -10% | -7% | -10% | 26% | -17% | $ 13,401,399.20 |
| TNC | True North Copper | 0.265 | -17% | -24% | -91% | -97% | -91% | $ 32,718,144.16 |
| MOM | Moab Minerals Ltd | 0.001 | 0% | 0% | -75% | -83% | -50% | $ 2,600,499.05 |
| KNB | Koonenberrygold | 0.054 | 38% | 93% | 286% | 218% | 350% | $ 50,811,523.78 |
| AWJ | Auric Mining | 0.26 | -5% | 0% | -20% | 24% | -24% | $ 40,217,410.17 |
| ENR | Encounter Resources | 0.205 | -11% | -11% | -52% | -21% | -37% | $ 104,746,386.99 |
| SNG | Siren Gold | 0.05 | -4% | -7% | -34% | -9% | -23% | $ 11,386,471.67 |
| STN | Saturn Metals | 0.23 | -12% | 12% | -19% | 21% | 12% | $ 67,954,674.48 |
| USL | Unico Silver Limited | 0.22 | -14% | 26% | 2% | 52% | 13% | $ 100,727,063.65 |
| PNM | Pacific Nickel Mines | 0.024 | 0% | 0% | 0% | -29% | 0% | $ 10,103,834.52 |
| AYM | Australia United Min | 0.002 | 0% | -33% | 0% | -50% | -50% | $ 3,685,154.97 |
| ANL | Amani Gold Ltd | 0 | -100% | -100% | -100% | -100% | -100% | $ 21,449,587.12 |
| HAV | Havilah Resources | 0.185 | -5% | -8% | -8% | 9% | -18% | $ 62,762,414.76 |
| SPR | Spartan Resources | 1.915 | 5% | 43% | 49% | 190% | 36% | $ 2,446,567,422.32 |
| PNT | Panthermetalsltd | 0.016 | 14% | 7% | -24% | -24% | 45% | $ 5,115,377.32 |
| MEK | Meeka Metals Limited | 0.15 | 7% | 20% | 150% | 305% | 95% | $ 402,362,827.20 |
| GMD | Genesis Minerals | 3.595 | -3% | 13% | 78% | 89% | 46% | $ 4,179,863,101.00 |
| PGO | Pacgold | 0.065 | 0% | 8% | -32% | -59% | -13% | $ 9,201,803.66 |
| FEG | Far East Gold | 0.135 | -4% | -14% | -13% | -16% | -25% | $ 56,889,255.22 |
| MI6 | Minerals260Limited | 0.13 | 0% | 0% | -4% | -19% | 0% | $ 30,420,000.00 |
| IGO | IGO Limited | 3.44 | -18% | -16% | -40% | -52% | -28% | $ 2,673,155,379.89 |
| GAL | Galileo Mining Ltd | 0.125 | 0% | -11% | -11% | -55% | 0% | $ 22,232,804.29 |
| RXL | Rox Resources | 0.37 | 12% | 51% | 196% | 101% | 85% | $ 228,013,312.88 |
| PTN | Patronus Resources | 0.066 | -1% | 10% | 25% | -6% | 35% | $ 109,705,652.87 |
| CLZ | Classic Min Ltd | 0.001 | 0% | 0% | 0% | -92% | 0% | $ 1,544,025.56 |
| TGM | Theta Gold Mines Ltd | 0.14 | -10% | -10% | -20% | -22% | -22% | $ 123,120,007.64 |
| FAL | Falconmetalsltd | 0.11 | -15% | 10% | -37% | -19% | -4% | $ 19,470,000.00 |
| SPD | Southernpalladium | 0.38 | -7% | -12% | -16% | 15% | -37% | $ 34,561,000.00 |
| ORN | Orion Minerals Ltd | 0.014 | -22% | -7% | -18% | 0% | -7% | $ 109,607,165.09 |
| TMB | Tambourahmetals | 0.032 | 0% | 14% | -14% | -56% | 52% | $ 3,527,701.38 |
| TMS | Tennant Minerals Ltd | 0.01 | -23% | -29% | -29% | -64% | 11% | $ 9,558,904.15 |
| AZY | Antipa Minerals Ltd | 0.42 | -10% | 18% | 83% | 282% | 62% | $ 262,094,523.84 |
| PXX | Polarx Limited | 0.0065 | -19% | -7% | -19% | -46% | 0% | $ 16,628,506.85 |
| TRE | Toubani Res Ltd | 0.21 | 0% | 35% | -19% | 50% | 24% | $ 54,950,390.16 |
| AUN | Aurumin | 0.059 | -5% | -3% | 23% | 51% | -11% | $ 30,149,868.78 |
| GPR | Geopacific Resources | 0.021 | -5% | 5% | -10% | 14% | 5% | $ 66,831,771.85 |
| FXG | Felix Gold Limited | 0.135 | -18% | 8% | 45% | 214% | 61% | $ 49,335,957.90 |
| ILT | Iltani Resources Lim | 0.22 | -2% | -2% | -8% | 47% | 7% | $ 9,539,043.89 |
| BRX | Belararoxlimited | 0.185 | -39% | 89% | -27% | -27% | 6% | $ 27,353,181.47 |
| TM1 | Terra Metals Limited | 0.02 | 0% | -20% | -49% | -63% | -29% | $ 7,337,431.12 |
| TOR | Torque Met | 0.09 | -10% | -9% | 20% | -25% | 70% | $ 25,887,736.90 |
| ARD | Argent Minerals | 0.021 | -13% | 17% | 24% | 40% | 24% | $ 33,249,731.04 |
| LM1 | Leeuwin Metals Ltd | 0.125 | 0% | 4% | 49% | 81% | -11% | $ 10,958,963.08 |
| SX2 | Southgold Consol | 4.78 | -6% | 40% | 0% | 0% | 0% | $ 592,015,449.35 |
Small cap standouts
$20 million capped OzAurum launched a string of intersections from RC drilling at the Cross Fault Zone of its Mulgabbbie North gold project, located north-east of Kalgoorlie.
The RC drilling program intersected up to 48m at 1.66g/t gold from surface including 9m at 5.79g/t from 12m and has the company believing that the discovery is linked to a substantial gold system.
Other results from Cross Fault, which is 2km south of the 260,000oz Mulgabbie North resource, are 12m at 4.26g/t gold from 18m, including 2m at 22.58g/t; and 17m at 1.65g/t gold from 45m, including 39m at 1.09g/t from 31m.
Describing the results as exceptional, OZM CEO and MD Andrew Pumphrey said: “We’re particularly encouraged by the extension of the mineralisation into fresh rock and the widespread presence of sulphides, both of which point to the potential for a substantial gold system.
“With further drilling underway and diamond drilling about to commence, we’re confident that the Cross Fault discovery will significantly enhance the overall value of the Mulgabbie North gold project.”
Koonenberry shares reached a two year high on Wednesday as it unleashed assays from the first diamond hole the explorer has drilled at the Sunnyside prospect in the Enmore gold project in northern New South Wales.
The hole returned a 170m intersection grading 1.75g/t gold from 77m and within this was an 18.3m interval at 9.95g/t gold from 172.9m, which coincided with previously reported visible gold zones.
The new assays validate historical results, as 25ENDD001 was drilled as a diamond core twin of historical reverse circulation hole OSSRC006 that returned 174m at 1.83g/t gold from surface including 3m at 8.86g/t from 172m.
“This hole was planned to target high-grade vein sets at a high angle to the main shear zone and we have certainly demonstrated the potential for this system to carry exceptionally high gold grades as well as verified the broad zones of gold mineralisation intersected in historical drilling,” KNB managing director Dan Power said.
“Samples from holes 25ENDD002, 003 and 004, which all intersected visible gold, are now at the lab and will be reported through April.
“Drilling at Sunnyside is ongoing and continues to target extensions to the system, which we have demonstrated to have a 240m vertical depth extent on three sections.”
Koonenberry is also partnering with Newmont, which recently began drilling at the Fairholme copper-gold JV and is searching for a Cadia style deposit in the Lachlan Fold Belt.
The views, information, or opinions expressed in the analysts in this article are solely those of the interviewees and do not represent the views of Stockhead.
Stockhead does not provide, endorse or otherwise assume responsibility for any financial product advice contained in this article.
At Stockhead, we tell it like it is. While OzAurum Resources and Koonenberry Gold are Stockhead advertisers, they did not sponsor this article.
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