• WGC flags record gold price for Q2, up 18% year-on-year
  • Ongoing economic headwinds not expected to dent demand too much
  • RBC Capital Markets says gold is still a safe haven in a crisis

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

According to the World Gold Council (WGC), second quarter gold demand hit record highs, up 4% year-on-year to 1,258t.

Total demand was supported by healthy over-the-counter (OTC) transactions, up a notable 53% year-on-year at 329t.

Interestingly, demand for gold in technology continued to increase, jumping 11% year-on-year driven primarily by the AI boom in the electronics sector, which saw an increase of 14% year-on-year.

But most notably of all is the increased OTC demand, along with continued buying from central banks, and improved ETF flows which drove record-high gold prices in Q2, with the gold price averaging US$2,338/oz.

That’s 18% higher year-on-year, reaching a record of US$2,427/oz during the quarter.

The supply side wasn’t bad, either. Total gold supply rose 4% year-on-year, with mine production increasing to 929t.

 In Australia however, record gold prices, a strong AUD and economic pressures contributed to a 25% fall in gold consumption in Q2, though ETF investment remained stable.

“The elevated gold price and high living costs continued to weigh on jewellery purchases while a strong local currency and tight financial conditions likely dented investment demand for gold,” WGC head of Asia-Pacific (ex China) and global head of central banks Shaokai Fan said.

Graph: Q2 total gold demand by sector (tonnes as of 30 June 2024). Source: ICE Benchmark Administration, Metals Focus, Refinitiv GFMS, World Gold Council.

Headwinds won’t dent demand too much

Looking forwards, the WGC says an annual central bank survey confirms that reserve managers believe gold allocations will continue to rise over the next 12 months, driven by the need for portfolio protection and diversification in a complex economic and geopolitical environment.

“The OTC market has seen continued appetite for gold from institutional and high-net-worth investors, as well as family offices, as they turn to gold for portfolio diversification,” WGC senior markets analyst Louise Street said.

 “With a long-awaited rate cut from the US Fed on the horizon, inflows into gold ETFs have increased thanks to renewed interest from Western investors.

“A sustained revival of investment from this group could change demand dynamics in the second half of 2024.

“In India, the recently announced import duty cut should create positive conditions for gold demand, where high prices have hampered consumer buying.

“While there are potential headwinds for gold ahead, there are also changes taking place in the global market that should support and elevate gold demand.”

 

Gold still a safe haven in crisis

Christopher Louney, RBC Capital Markets’ commodity strategist, reckons central bank demand will hold strong in 2024 but that consumer demand is slowing.

“With bar premiums turning to discounts and gold imports into China faltering, there are signs that the consumer side of gold demand there is not invincible to higher prices and other themes,” he said.

“Similarly, we were reminded of the fickle nature of consumer demand for gold, as there was an observed 19% y/y drop in jewellery demand in Q2 in the WGC’s Gold Demand Trends report this week.

“Generally, we think OTC demand and investors will be left to pick up the slack (in Asia as well as in North America and Europe) – but how heavy a burden this proves remains to be seen, even as investors could be warming back up to gold.

“Our view on gold’s crisis performance, largely driven by its status as a perceived safe haven, remains.”

A history of gold’s crisis performance. Source: Bloomberg, RBC Capital Markets.

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.

Code Company Price %Wk % Month YTD+/- Market Cap
XTC XTC Lithium Limited 0.2 19900% 0% 20% $17,528,272
AME Alto Metals Limited 0.06 82% 82% 2% $23,810,265
NAG Nagambie Resources 0.012 71% -8% -2% $9,559,628
AAJ Aruma Resources Ltd 0.017 55% 31% -1% $3,544,047
BEZ Besragoldinc 0.082 52% -17% -7% $36,374,779
SLZ Sultan Resources Ltd 0.008 33% -11% -1% $1,580,692
BMO Bastion Minerals 0.008 33% 33% -1% $3,045,587
NAE New Age Exploration 0.0045 29% 50% 0% $8,969,495
GPR Geopacific Resources 0.027 29% 35% 1% $24,624,161
PNX PNX Metals Limited 0.005 25% 25% 0% $29,851,074
QML Qmines Limited 0.05 25% -9% -3% $11,945,830
KAI Kairos Minerals Ltd 0.01 25% 5% 0% $26,209,122
MAU Magnetic Resources 1.475 21% 25% 46% $381,840,878
OZM Ozaurum Resources 0.064 21% 28% -9% $10,160,000
CDR Codrus Minerals Ltd 0.03 20% -30% -3% $4,961,625
PUR Pursuit Minerals 0.003 20% 0% -1% $10,906,200
GMN Gold Mountain Ltd 0.0035 17% 17% 0% $11,122,102
LRL Labyrinth Resources 0.015 15% 275% 1% $21,174,033
MXR Maximus Resources 0.031 15% 7% 0% $13,265,758
AAU Antilles Gold Ltd 0.004 14% 0% -2% $5,845,711
VKA Viking Mines Ltd 0.008 14% 0% -1% $8,202,067
SMS Starmineralslimited 0.034 13% 17% -1% $3,220,575
MEK Meeka Metals Limited 0.043 13% 26% 0% $54,327,193
MVL Marvel Gold Limited 0.009 13% 0% 0% $7,774,116
GBZ GBM Rsources Ltd 0.009 13% 0% 0% $10,410,200
A1G African Gold Ltd. 0.028 12% 33% 0% $6,698,040
SMI Santana Minerals Ltd 1.25 11% 21% 24% $268,409,616
NMR Native Mineral Res 0.022 10% 5% 0% $5,770,889
AS1 Asara Resources Ltd 0.011 10% 10% 0% $9,703,929
MEG Megado Minerals Ltd 0.011 10% 10% -2% $2,799,011
LEX Lefroy Exploration 0.079 10% -25% -10% $16,036,679
RXL Rox Resources 0.145 9% 12% -4% $61,086,336
DLI Delta Lithium 0.235 9% -11% -24% $171,217,714
AM7 Arcadia Minerals 0.036 9% -14% -4% $4,213,804
MM8 Medallion Metals. 0.06 9% 13% -1% $18,461,049
GSM Golden State Mining 0.012 9% 20% 0% $3,352,448
HRN Horizon Gold Ltd 0.305 9% 2% 1% $44,176,177
CAZ Cazaly Resources 0.025 9% 32% 0% $11,993,878
TTMDD Titan Minerals - Deferred Settlement 0.5 9% -9% 22% $86,339,816
LAT Latitude 66 Limited 0.13 8% -35% -7% $17,113,929
CHN Chalice Mining Ltd 1.115 8% -29% -58% $455,161,342
TCG Turaco Gold Limited 0.22 7% 10% 9% $168,818,094
KZR Kalamazoo Resources 0.074 7% -4% -5% $13,310,145
SFR Sandfire Resources 8.725 7% 1% 139% $4,157,453,622
WGX Westgold Resources. 2.8 7% 15% 62% $1,256,638,631
BTR Brightstar Resources 0.016 7% 0% 0% $70,833,354
ORN Orion Minerals Ltd 0.016 7% 7% 0% $109,346,335
MDI Middle Island Res 0.018 6% 38% 0% $3,931,212
ZAG Zuleika Gold Ltd 0.018 6% 13% 0% $14,076,719
AGC AGC Ltd 0.295 5% 2% 22% $71,901,519
CWX Carawine Resources 0.09 5% 5% -2% $21,251,290
WAF West African Res Ltd 1.4475 4% -9% 50% $1,683,197,972
TBR Tribune Res Ltd 3.94 4% 15% 99% $206,724,223
RSG Resolute Mining 0.6375 4% 23% 19% $1,383,882,508
IDA Indiana Resources 0.088 4% 4% 1% $56,459,044
SVL Silver Mines Limited 0.15 3% -3% -1% $226,205,439
LM8 Lunnonmetalslimited 0.16 3% -20% -44% $34,854,939
SKY SKY Metals Ltd 0.033 3% -3% 0% $19,455,254
SFM Santa Fe Minerals 0.033 3% 3% -1% $2,403,020
KAU Kaiser Reef 0.165 3% -3% -1% $32,711,023
TMS Tennant Minerals Ltd 0.0195 3% -11% -1% $18,639,863
PNR Pantoro Limited 0.086 2% -9% 3% $574,408,716
SBM St Barbara Limited 0.22 2% 7% 1% $184,043,336
CMM Capricorn Metals 5.36 2% 10% 65% $2,053,752,489
BNR Bulletin Res Ltd 0.05 2% 19% -9% $14,680,666
DEG De Grey Mining 1.2125 2% 4% -2% $2,947,919,998
ERM Emmerson Resources 0.055 2% -4% 0% $29,959,038
HAW Hawthorn Resources 0.072 1% 20% -2% $22,781,062
AAR Astral Resources NL 0.074 1% -11% 0% $69,204,618
RND Rand Mining Ltd 1.49 0% -1% 12% $84,745,182
MRR Minrex Resources Ltd 0.009 0% 0% -1% $9,763,808
NPM Newpeak Metals 0.014 0% -22% 0% $4,166,938
ASO Aston Minerals Ltd 0.009 0% -10% -2% $11,655,578
MKG Mako Gold 0.01 0% 11% 0% $9,760,082
CST Castile Resources 0.08 0% 11% 0% $19,110,292
FAU First Au Ltd 0.002 0% 0% 0% $3,323,987
IVR Investigator Res Ltd 0.045 0% -2% 1% $74,442,340
GTR Gti Energy Ltd 0.004 0% 0% 0% $10,199,788
IPT Impact Minerals 0.014 0% -7% 0% $44,361,789
BCM Brazilian Critical 0.016 0% -6% -1% $12,461,091
MRZ Mont Royal Resources 0.06 0% -17% -9% $5,101,788
PRX Prodigy Gold NL 0.003 0% 50% 0% $6,353,323
BMR Ballymore Resources 0.14 0% -13% 2% $22,974,976
REZ Resourc & En Grp Ltd 0.023 0% 92% 1% $14,872,700
MLS Metals Australia 0.019 0% 0% -2% $13,788,671
ADN Andromeda Metals Ltd 0.019 0% 19% -1% $65,315,690
SIH Sihayo Gold Limited 0.002 0% -20% 0% $24,408,512
HMX Hammer Metals Ltd 0.039 0% 11% -1% $34,569,887
WCN White Cliff Min Ltd 0.017 0% 13% 1% $27,699,586
ASR Asra Minerals Ltd 0.006 0% 20% 0% $12,216,476
MCT Metalicity Limited 0.002 0% 0% 0% $8,971,705
GUL Gullewa Limited 0.07 0% -5% 2% $14,334,117
CY5 Cygnus Metals Ltd 0.064 0% 52% -7% $22,714,977
MTH Mithril Resources 0.14 0% -22% -6% $14,360,671
ADG Adelong Gold Limited 0.004 0% -33% 0% $3,353,967
NML Navarre Minerals Ltd 0.019 0% 0% 0% $28,555,654
BYH Bryah Resources Ltd 0.005 0% 0% -1% $2,516,434
MEU Marmota Limited 0.041 0% -13% 0% $46,722,869
PGD Peregrine Gold 0.19 0% 0% -5% $14,254,468
AL8 Alderan Resource Ltd 0.004 0% 0% 0% $4,427,445
HMG Hamelingoldlimited 0.1 0% 27% 2% $15,750,000
TBA Tombola Gold Ltd 0.026 0% 0% 0% $33,129,243
ARV Artemis Resources 0.009 0% -25% -1% $17,251,942
RDN Raiden Resources Ltd 0.024 0% -25% -2% $67,971,562
X64 Ten Sixty Four Ltd 0.57 0% 0% 0% $130,184,182
SI6 SI6 Metals Limited 0.002 0% 0% 0% $4,737,719
BGD Bartongoldholdings 0.24 0% -14% -3% $52,478,141
TSO Tesoro Gold Ltd 0.028 0% 0% 0% $42,380,260
GUE Global Uranium 0.063 0% -23% -4% $18,066,732
CPM Coopermetalslimited 0.068 0% -6% -27% $5,328,184
TMZ Thomson Res Ltd 0.005 0% 0% 0% $4,881,018
THR Thor Energy PLC 0.017 0% 21% -1% $3,995,417
GBR Greatbould Resources 0.048 0% -17% -2% $29,112,350
HRZ Horizon 0.036 0% 0% -1% $41,386,687
CAI Calidus Resources 0.115 0% 0% -10% $93,678,206
CDT Castle Minerals 0.004 0% -11% -1% $5,311,305
EVN Evolution Mining Ltd 3.96 0% 16% 0% $7,963,369,810
HXG Hexagon Energy 0.013 0% 30% 0% $6,667,907
AVW Avira Resources Ltd 0.001 0% 0% 0% $2,938,790
MAT Matsa Resources 0.025 0% -4% 0% $13,761,879
STK Strickland Metals 0.092 0% -16% 0% $209,419,400
ION Iondrive Limited 0.009 0% 0% 0% $6,376,568
TG1 Techgen Metals Ltd 0.03 0% 7% -5% $3,843,977
XAM Xanadu Mines Ltd 0.056 0% 0% 0% $99,528,349
A8G Australasian Metals 0.084 0% 15% -9% $4,430,242
NES Nelson Resources. 0.003 0% 0% 0% $1,840,783
GNM Great Northern 0.011 0% 0% -1% $1,700,920
TRM Truscott Mining Corp 0.06 0% -2% 1% $10,470,960
STN Saturn Metals 0.18 0% 6% 1% $51,733,216
USL Unico Silver Limited 0.16 0% 7% 4% $54,729,286
PNM Pacific Nickel Mines 0.024 0% -29% -6% $10,038,075
AYM Australia United Min 0.003 0% 50% 0% $5,527,732
ANL Amani Gold Ltd 0.001 0% 0% 0% $25,743,441
HAV Havilah Resources 0.2 0% 3% 1% $63,327,842
PNT Panthermetalsltd 0.036 0% 57% -2% $3,137,982
PGO Pacgold 0.135 0% 23% -6% $11,359,634
GAL Galileo Mining Ltd 0.175 0% -15% -11% $34,584,362
CLZ Classic Min Ltd 0.001 0% 0% -5% $1,253,842
SPD Southernpalladium 0.38 0% 0% 1% $34,105,000
AZY Antipa Minerals Ltd 0.011 0% 10% -1% $56,520,593
RMS Ramelius Resources 1.9225 -1% 3% 24% $2,243,382,186
CYL Catalyst Metals 1.855 -1% 61% 105% $438,018,135
ADT Adriatic Metals 3.12 -1% -19% -89% $898,056,970
NST Northern Star 14.13 -1% 10% 48% $16,329,870,763
KSN Kingston Resources 0.075 -1% -6% 0% $55,147,558
SXG Southern Cross Gold 2.17 -1% -3% 91% $437,019,995
BC8 Black Cat Syndicate 0.34 -1% 13% 9% $154,970,348
KIN KIN Min NL 0.057 -2% 2% -1% $67,154,581
EM2 Eagle Mountain 0.056 -2% 4% -2% $21,608,121
GMD Genesis Minerals 2.08 -2% 18% 29% $2,367,412,427
KCC Kincora Copper 0.046 -2% -8% 1% $9,435,174
AWJ Auric Mining 0.22 -2% 10% 10% $32,681,742
GOR Gold Road Res Ltd 1.735 -2% -1% -23% $1,863,352,648
OBM Ora Banda Mining Ltd 0.42 -2% 40% 18% $808,832,609
VMC Venus Metals Cor Ltd 0.08 -2% 14% -2% $15,178,295
IGO IGO Limited 5.41 -3% -8% -364% $4,225,554,397
PRS Prospech Limited 0.036 -3% 33% 1% $10,894,599
SPR Spartan Resources 1.245 -3% 33% 73% $1,394,640,936
MKR Manuka Resources. 0.035 -3% -5% -4% $27,291,868
FFM Firefly Metals Ltd 0.785 -3% 6% 16% $389,373,449
MI6 Minerals260Limited 0.155 -3% 3% -17% $36,270,000
YRL Yandal Resources 0.15 -3% -3% 7% $40,171,142
ARL Ardea Resources Ltd 0.45 -3% -10% -3% $90,855,726
PRU Perseus Mining Ltd 2.495 -3% 8% 65% $3,521,855,437
KAL Kalgoorliegoldmining 0.028 -3% 0% 0% $4,438,020
TAM Tanami Gold NL 0.028 -3% -18% -1% $31,727,620
FG1 Flynngold 0.027 -4% 8% -2% $7,127,252
TGM Theta Gold Mines Ltd 0.13 -4% -16% 2% $92,500,179
AVM Advance Metals Ltd 0.025 -4% -14% -1% $3,520,724
BM8 Battery Age Minerals 0.125 -4% -22% -7% $11,628,018
TLM Talisman Mining 0.25 -4% -6% 2% $49,904,892
EMR Emerald Res NL 3.67 -4% 6% 66% $2,427,848,092
NWM Norwest Minerals 0.024 -4% -25% 0% $11,642,868
RRL Regis Resources 1.655 -4% -6% -53% $1,265,192,503
EMC Everest Metals Corp 0.115 -4% -18% 4% $21,422,558
GML Gateway Mining 0.023 -4% 5% 0% $9,095,567
S2R S2 Resources 0.115 -4% 22% -5% $52,078,669
TNC True North Copper 0.045 -4% -13% -5% $40,272,549
BNZ Benzmining 0.11 -4% -15% -14% $11,867,727
EMU EMU NL 0.022 -4% -15% -1% $2,760,982
KTA Krakatoa Resources 0.0105 -5% -19% -3% $5,193,179
ILT Iltani Resources Lim 0.21 -5% -28% 5% $7,142,206
DTM Dart Mining NL 0.02 -5% 0% 0% $5,168,657
SSR SSR Mining Inc. 7.67 -5% 13% -815% $35,249,419
NXM Nexus Minerals Ltd 0.038 -5% -3% -1% $14,395,225
PDI Predictive Disc Ltd 0.18 -5% 3% -3% $423,162,357
MBK Metal Bank Ltd 0.018 -5% -25% -1% $8,199,645
POL Polymetals Resources 0.26 -5% 6% -5% $52,315,380
GSN Great Southern 0.017 -6% -6% 0% $14,374,923
LCY Legacy Iron Ore 0.017 -6% 21% 0% $131,130,320
WA8 Warriedarresourltd 0.066 -6% 16% 1% $45,698,135
ARN Aldoro Resources 0.08 -6% 11% -5% $10,769,899
ARD Argent Minerals 0.016 -6% -6% 1% $22,934,811
AAM Aumegametals 0.046 -6% -15% 0% $24,188,379
CEL Challenger Gold Ltd 0.046 -6% -19% -3% $67,381,654
CBY Canterbury Resources 0.045 -6% 0% 2% $7,728,340
GWR GWR Group Ltd 0.074 -6% -14% -2% $24,412,466
ENR Encounter Resources 0.565 -7% -28% 28% $259,226,131
WWI West Wits Mining Ltd 0.014 -7% 8% 0% $35,584,175
TMB Tambourahmetals 0.042 -7% -27% -7% $3,483,495
DRE Dreadnought Resources Ltd 0.02 -7% -5% -1% $70,720,000
SBR Sabre Resources 0.013 -7% -24% -2% $5,501,467
ADV Ardiden Ltd 0.125 -7% 0% -5% $8,127,276
TRE Toubani Res Ltd 0.185 -8% 9% 4% $30,993,435
SVY Stavely Minerals Ltd 0.024 -8% -17% -2% $11,556,970
PXX Polarx Limited 0.012 -8% -8% 1% $22,555,307
AUN Aurumin 0.036 -8% -3% 1% $16,405,697
FAL Falconmetalsltd 0.29 -8% 18% 15% $52,657,500
BCN Beacon Minerals 0.023 -8% -12% 0% $90,162,436
OAU Ora Gold Limited 0.0055 -8% -8% 0% $39,276,378
KRM Kingsrose Mining Ltd 0.043 -9% 10% 0% $32,358,640
MTC Metalstech Ltd 0.21 -9% -7% -1% $42,268,652
GED Golden Deeps 0.031 -9% -11% -2% $3,759,443
ZNC Zenith Minerals Ltd 0.05 -9% 4% -10% $17,619,044
M24 Mamba Exploration 0.01 -9% -38% -4% $1,840,823
KCN Kingsgate Consolid. 1.39 -9% -12% 2% $373,739,953
AMI Aurelia Metals Ltd 0.1675 -9% -12% 6% $287,565,979
HCH Hot Chili Ltd 0.84 -10% -13% -24% $134,697,233
SPQ Superior Resources 0.009 -10% 13% 0% $18,010,984
RED Red 5 Limited 0.355 -10% -4% 5% $2,516,915,151
CTO Citigold Corp Ltd 0.004 -11% 0% 0% $12,000,000
RDS Redstone Resources 0.004 -11% 0% 0% $3,701,514
AUC Ausgold Limited 0.031 -11% -11% 0% $114,009,852
GIB Gibb River Diamonds 0.036 -12% -16% 1% $7,614,340
LCL LCL Resources Ltd 0.007 -13% -22% -1% $6,754,146
TAR Taruga Minerals 0.007 -13% 0% 0% $4,942,187
FML Focus Minerals Ltd 0.12 -13% -17% -7% $34,387,037
SNG Siren Gold 0.058 -13% -33% -1% $12,396,450
LYN Lycaonresources 0.245 -14% -9% 5% $13,246,206
SRN Surefire Rescs NL 0.006 -14% -25% 0% $13,904,155
M2R Miramar 0.006 -14% -14% -1% $2,368,677
ALK Alkane Resources Ltd 0.425 -15% -12% -23% $265,535,814
CLA Celsius Resource Ltd 0.011 -15% -27% 0% $26,707,040
ANX Anax Metals Ltd 0.022 -15% -4% -1% $15,241,976
G88 Golden Mile Res Ltd 0.01 -17% -9% -1% $4,112,229
MEI Meteoric Resources 0.1 -17% -38% -16% $208,962,584
RGL Riversgold 0.005 -17% -17% -1% $6,637,313
DTR Dateline Resources 0.005 -17% -44% -1% $7,287,735
WTM Waratah Minerals Ltd 0.27 -17% 108% 15% $48,608,415
ICL Iceni Gold 0.052 -17% -12% 0% $15,001,858
KNB Koonenberrygold 0.014 -18% -18% -2% $4,316,812
FEG Far East Gold 0.14 -18% 40% 2% $36,062,157
SVG Savannah Goldfields 0.026 -19% 37% -2% $7,589,293
CXU Cauldron Energy Ltd 0.021 -19% -13% 0% $29,436,735
MHC Manhattan Corp Ltd 0.001 -20% -20% 0% $2,936,980
GRL Godolphin Resources 0.012 -20% -40% -3% $2,566,695
VRC Volt Resources Ltd 0.004 -20% 0% 0% $18,714,052
ICG Inca Minerals Ltd 0.004 -20% -50% -1% $3,242,146
MOM Moab Minerals Ltd 0.004 -20% 33% 0% $3,969,071
G50 G50Corp Ltd 0.135 -21% -34% 0% $16,187,850
NVA Nova Minerals Ltd 0.135 -21% -33% -23% $34,097,963
FXG Felix Gold Limited 0.036 -22% -20% -1% $9,015,443
ALY Alchemy Resource Ltd 0.007 -22% 27% 0% $8,246,534
AQI Alicanto Min Ltd 0.019 -24% -10% -1% $13,274,311
TMX Terrain Minerals 0.003 -25% -25% 0% $5,298,086
MOH Moho Resources 0.0045 -25% -10% -1% $2,695,891
PUA Peak Minerals Ltd 0.003 -25% 21% 0% $3,592,130
RMX Red Mount Min Ltd 0.0015 -25% 50% 0% $5,135,366
NSM Northstaw 0.015 -25% 36% -4% $2,098,137
PKO Peako Limited 0.003 -25% 30% 0% $1,581,254
BGL Bellevue Gold Ltd 1.365 -25% -24% -31% $1,777,391,883
AQX Alice Queen Ltd 0.006 -33% -8% 0% $6,881,340
RML Resolution Minerals 0.002 -33% -20% 0% $3,220,044
FFX Firefinch Ltd 0 -100% -100% -20% $236,569,315
WRM White Rock Min Ltd 0 -100% -100% -6% $17,508,200
TIE Tietto Minerals 0 -100% -100% -61% $773,881,054
GSR Greenstone Resources 0 -100% -100% -1% $15,761,980
WMC Wiluna Mining Corp 0 -100% -100% -21% $74,238,031
SLR Silver Lake Resource 0 -100% -100% -119% $1,496,968,932
AZS Azure Minerals 0 -100% -100% -370% $1,692,527,632
NAG Nagambie Resources 0.012 71% -8% -2% $9,559,628
AAJ Aruma Resources Ltd 0.017 55% 31% -1% $3,544,047
BEZ Besragoldinc 0.082 52% -17% -7% $36,374,779
SLZ Sultan Resources Ltd 0.008 33% -11% -1% $1,580,692
BMO Bastion Minerals 0.008 33% 33% -1% $3,045,587
NAE New Age Exploration 0.0045 29% 50% 0% $8,969,495
GPR Geopacific Resources 0.027 29% 35% 1% $24,624,161
Wordpress Table Plugin

Besra Gold (ASX:BEZ)

Besra Gold has appointed Matthew Antill as managing director of subsidiary North Borneo Gold Sdn Bhd where he will head the mining and development team.

Antill is an experienced mine development specialist and will be responsible for moving the Jugan project towards commercialisation, through pilot production and delivery of a Definitive Feasibility Study (DFS).

The Jugan pilot plant is part of Besra flagship Bau Corridor gold project, which currently has a high confidence measured resource of 3.4Mt at 1.5g/t gold, or 166,900oz of contained gold, an indicated resource of 16.4Mt at 1.57g/t gold, or 824,800oz contained gold, and an inferred resource of 47.9Mt at 1.29g/t gold, or ~1.99oz contained gold.

The Jugan plant will study the metallurgical processing of ore for Bau and has been designed to process 50 tonnes per day (tpd).

It also has the required licensing and capability to increase the processing throughput to up to 200 tpd.

New Age Exploration (ASX:NAE)

New Age Exploration has started aircore drilling at its Wagyu gold project in WA’s Pilbara region, the next key step in its six-month exploration campaign.

Wagyu is in the same gold-rich region as De Grey Mining’s (ASX:DEG) district defining Hemi gold deposit, which has a major resource of 10.5Moz of gold and very attractive economics.

It sits halfway between Hemi and De Grey’s (ASX:DEG) 600,000oz Withnell deposit, which is being eyed as the potential site of a second regional concentrator alongside the main Hemi plant.

The company latest drilling follows a successful cultural heritage survey and will test high priority targets – including a Hemi-style intrusive gold target – that were identified through the use of newly acquired airborne magnetic survey data, combined with ground gravity geophysics and a passive seismic survey used in identification of targets.

Geopacific (ASX:GPR)

Geopacific Resources has taken a huge step towards re-commencing development of its 1.56Moz Woodlark Gold Project with the release of a Scoping Study confirming its financial and technical merits.

The study released this week for its 100%-owned project forecasts robust operating margins, including significant free cash flow over 12 years and rapid payback.

The initial production target is 1.14Moz gold over the 12-year mine life from low-strip open pit mining, with a payback period of only 18 months from first production.

GPR estimates pre-tax net present value and internal rate of return – both key measures of a project’s profitability – will be a very healthy $625m and 40.5% (post-tax 37.7%), respectively.

The Undiscounted Life of Mine revenue is forecast to be $3.3 billion, with pre-tax net cashflow of $1.3 billion.

Life of mine all-in sustaining costs are modelled at A$1,534/oz gold, and all-in costs of A$1,820/oz gold.

Kairos Minerals (ASX:KAI)

The company has sold gold tenements to Pilbara Minerals (ASX:PLS) – which has the neighbouring Pilgangoora lithium mine – for $20m.

PLS is interested in the lithium and tantalum rights there but also gets a small 230,000oz gold resources, with Kairos to get gold and base metal rights over an additional 367km2 in the Pilbara with known gold occurrences and maintain control of its 1.38Moz main trend resource at Mt York.

“The tenure being sold represents a small and non-core part of our Mt York gold project, meaning we will retain the 1.38Moz Main Trend resource which underpins the Mt York gold project and have access to a further 1.4km of the continuous Main Trend mineralisation into the Pilbara ground that we know is well mineralised,” Kairos managing director Dr Peter Turner said.

“In the process, we intend to obtain access to all mineral rights (except lithium and tantalum) to a 367sqkm, prospective land package with known gold occurrences.

“This area has untested exploration potential which we will be targeting for accelerated resource growth as part of the upcoming drilling program.”

 

At Stockhead we tell it like it is. While Besra Gold, New Age Exploration and Geopacific Resources are Stockhead advertisers, they did not sponsor this article.