Gold Digger: When #silversqueeze 2.0?
Mining
Our Gold Digger column wraps all the news driving ASX stocks with exposure to precious metals.
In February 2021 – inspired by its triumph in the Battle for GameStop – Reddit’s retail heroes turned their attention to the silver market.
We saw Twitter posts like this:
Documented/proven, banks can print fake silver sell orders (the physical market $2 billion, the ‘paper’ mkt $70 bn)
It’s called ‘naked short-selling’ It’s illegal but no regulator enforces the law
A WSB attack *can* overcome this with a resulting price gap in SILVER to $500 https://t.co/2wZeSVbzTt
— Max Keiser (@maxkeiser) January 28, 2021
The idea behind the #silversqueeze theory was this. Big banks and hedge funds have massive, short positions in the silver market to suppress the price of the precious metal.
According to this theory, if enough small investors buy silver these big players will be forced to cover or buy back their short positions, which would send the price soaring.
Retail wins again.
If it sounds like nonsense, it probably is.
But there’s a more fundamental bull case for silver, as nascent – but potentially prodigious – demand from the solar sector threatens to overwhelm supply.
Solar panel (photovoltaics, or PV for short) production consumed a record high 140.3Moz of silver in 2022, representing 11.3% of total demand.
A big jump from the 55Moz used in 2012.
PV’s share of silver demand has been growing strongly and will continue to do so.
In 2022, global solar PV manufacturing capacity increased by over 70% to reach almost 450 GW, with China accounting for over 95% of new facilities throughout the supply chain, reported the IEA in June.
In 2023 and 2024, global solar PV manufacturing capacity is expected to double, with China again claiming over 90% of this increase.
The #silver chart will soon look like that of olive oil. @SilverInstitute‘s 142 mn oz deficit for ’23 will likely have to be revised up to ~400 mn oz based on China’s solar boom. If the #silversqueeze movement returns, there could be 300mn+ oz of add’l ETP demand (akin to ’20). https://t.co/oxZ4JrRghe
— JC (@j16425646) July 12, 2023
Experts are predicting PV will account for 20% of total silver production by 2027.
A study release December last year – the silver learning curve for photovoltaics and projected silver demand for net-zero emissions by 2050 – is fuel for the silver bulls.
“The clean energy transition could see the cumulative installed capacity of photovoltaics increase from 1 TW before the end of 2022 to 15–60 TW by 2050, creating a significant silver demand risk,” it warns.
“Maintaining business as usual with a dominance of p-type technology could require over 20% of the current annual silver supply by 2027 and a cumulative 450–520 kt of silver until 2050, approximately 85–98% of the current global silver reserves.”
That’s a big deal because silver supply is not keeping pace.
Total production of 842Moz silver is expected this year; 51Moz lower than the market’s apex in 2016.
The study talks about thrifting/replacing silver in PV cells – which has already happened to a degree – but there are problems to be addressed before cheaper substitutes like copper and aluminium can be used at scale.
“Copper has a similar conductivity as silver and is therefore a practical substitute, but there are still processing and reliability challenges to be solved before mass production,” it says.
“Aluminium has a lower conductivity.”
Meanwhile, punters continue stashing silver bars and coins at record levels, especially in the US – a trend actually sparked by Reddit’s #silversqueeze.
Remarkably strong demand for silver coins and bars by western retail investors between 2020-2022 contributed strongly to a widening physical deficit, in which silver demand far exceeded supply.
“In North America (dominated by the US market), silver physical investment hit successive record highs over 2021-22, with last year’s volumes more than double that of the 2019 total,” writes Metals Focus.
“In Europe (led by Germany), investment also hit a new high in 2021 and then remained essentially unchanged at exceptionally high levels in 2022.”
While German demand has collapsed in 2023 thanks to an increased tax rate on imported silver bullion coins, North America looks set to hit another record thanks to “worries about the health of the banking sector and the ongoing mistrust of the government”.
“On our quarterly coin survey, sales of newly minted silver bullion coins jumped by 23% y/y in H1.23, making it the highest first half performance in our survey starting in 2015,” it says.
People aren’t selling them, either.
“With fears about the safety of the money held in bank accounts, it is perhaps unsurprising that selling back of silver bars and coins has remained muted,” Metals Focus says.
“The pace of buying meant that product shortages remained commonplace, keep wholesale and retail premiums elevated (this was most pronounced for coins).”
More fuel on the fire.
NOW READ: ASX silver stocks guide: Here’s everything you need to know
Here’s how ASX-listed precious metals stocks are performing:
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CODE COMPANY 1 WEEK RETURN % 1 MONTH RETURN % YTD RETURN % 12 MONTH RETURN % PRICE MARKET CAP AYM Australia United Min 100% 100% 33% -20% 0.004 $5,527,732 IDA Indiana Resources 80% 76% 31% 31% 0.072 $38,033,000 AL8 Alderan Resource Ltd 67% 43% 43% -9% 0.01 $6,166,946 MBK Metal Bank Ltd 62% 70% 0% -15% 0.034 $8,847,537 PKO Peako Limited 43% 43% -31% -33% 0.01 $4,707,315 PNM Pacific Nickel Mines 40% 9% 1% 8% 0.084 $36,028,608 MDI Middle Island Res 38% 16% -24% -76% 0.029 $4,079,088 ICG Inca Minerals Ltd 34% 86% 70% -45% 0.039 $16,490,339 TMB Tambourahmetals 33% 167% 129% 50% 0.24 $8,348,168 AQI Alicanto Min Ltd 32% 35% 16% -12% 0.05 $24,315,156 MAU Magnetic Resources 31% 47% -18% -36% 0.705 $171,791,675 MRZ Mont Royal Resources 30% 63% 11% -44% 0.195 $13,011,707 VRC Volt Resources Ltd 30% 44% -13% -24% 0.013 $51,212,510 GBZ GBM Rsources Ltd 29% 16% -49% -61% 0.022 $13,551,146 ARN Aldoro Resources 27% 43% 3% 10% 0.165 $18,847,324 TGM Theta Gold Mines Ltd 27% 54% 47% 67% 0.1 $77,008,251 LYN Lycaonresources 26% 61% 5% 29% 0.29 $9,217,250 ZNC Zenith Minerals Ltd 26% 2% -63% -64% 0.098 $33,828,565 DCX Discovex Res Ltd 25% 25% -17% -50% 0.0025 $8,256,420 RMX Red Mount Min Ltd 25% 25% 0% -17% 0.005 $11,359,255 EMU EMU NL 25% 25% -49% -68% 0.0025 $2,900,043 AUT Auteco Minerals 23% 42% -27% -12% 0.037 $87,887,779 IPT Impact Minerals 23% 23% 129% 100% 0.016 $48,359,966 SPQ Superior Resources 23% 14% -43% -11% 0.032 $58,705,720 ENR Encounter Resources 23% 104% 167% 317% 0.48 $189,852,375 AZS Azure Minerals 21% 91% 773% 883% 1.965 $753,155,619 VKA Viking Mines Ltd 20% 33% 20% 100% 0.012 $12,303,101 AQX Alice Queen Ltd 18% 0% -50% -67% 0.02 $2,277,267 FAU First Au Ltd 17% 17% -13% -65% 0.0035 $4,355,980 TMS Tennant Minerals Ltd 17% 9% 13% 21% 0.035 $25,820,736 MEG Megado Minerals Ltd 16% 29% 60% -9% 0.072 $18,066,345 QML Qmines Limited 16% 32% -12% -15% 0.145 $22,152,989 GSN Great Southern 16% 16% -24% -37% 0.022 $14,303,473 GMD Genesis Minerals 14% 8% 16% 18% 1.45 $1,481,475,132 CLA Celsius Resource Ltd 14% 4% 56% 56% 0.025 $57,552,343 XAM Xanadu Mines Ltd 13% -19% 221% 304% 0.093 $158,868,947 PNT Panthermetalsltd 13% -1% -58% -62% 0.079 $4,280,500 AAR Astral Resources NL 13% 11% 11% 6% 0.08 $54,705,032 LRL Labyrinth Resources 13% -15% -45% -63% 0.009 $8,836,470 KZR Kalamazoo Resources 12% 4% -31% -24% 0.145 $24,040,436 G50 Gold50Limited 11% 11% -22% 30% 0.195 $11,103,885 LCL LCL Resources Ltd 11% 11% -28% 34% 0.041 $34,155,092 FML Focus Minerals Ltd 11% 17% -18% 56% 0.21 $54,446,143 GNM Great Northern 10% 14% -47% -47% 0.032 $4,174,985 EM2 Eagle Mountain 10% 29% -21% -37% 0.135 $38,120,858 GED Golden Deeps 10% 83% 22% -15% 0.011 $12,707,494 ERM Emmerson Resources 10% 8% -11% -28% 0.067 $35,406,136 WCN White Cliff Min Ltd 9% 71% -14% -8% 0.012 $12,278,519 BTR Brightstar Resources 9% -8% -29% -40% 0.012 $18,888,183 GSM Golden State Mining 9% -3% -14% -23% 0.037 $7,452,443 PXX Polarx Limited 8% 0% -35% 0% 0.013 $17,600,832 GCY Gascoyne Res Ltd 8% 11% 20% -3% 0.2 $171,017,556 MOH Moho Resources 8% 17% -33% -53% 0.014 $3,114,933 BAT Battery Minerals Ltd 8% 33% 17% -28% 0.14 $15,505,251 M24 Mamba Exploration 8% 6% -52% -11% 0.07 $3,963,917 PRS Prospech Limited 7% -9% 12% 12% 0.03 $6,592,799 SFM Santa Fe Minerals 7% 5% -44% -47% 0.045 $3,276,846 ALY Alchemy Resource Ltd 7% -12% -35% -6% 0.015 $17,671,144 MI6 Minerals260Limited 7% 40% 121% 138% 0.75 $168,480,000 CBY Canterbury Resources 7% 3% -24% -28% 0.031 $4,480,229 BMR Ballymore Resources 7% 23% 7% -16% 0.16 $13,484,444 AZY Antipa Minerals Ltd 7% 14% -24% -48% 0.016 $53,955,772 SRN Surefire Rescs NL 6% 21% 42% -19% 0.017 $28,073,179 PNR Pantoro Limited 6% 21% -11% -53% 0.085 $399,842,594 CHZ Chesser Resources 6% 13% 50% 42% 0.1275 $76,518,175 TNC True North Copper 6% 9% 381% 264% 0.255 $67,558,777 STN Saturn Metals 6% 3% 0% -38% 0.18 $28,180,356 ORN Orion Minerals Ltd 6% 6% 13% 0% 0.018 $101,646,874 GIB Gibb River Diamonds 6% -4% -38% -16% 0.037 $7,825,849 MEU Marmota Limited 6% 12% -21% -32% 0.038 $40,234,422 HAW Hawthorn Resources 6% 2% 24% 74% 0.1425 $43,552,030 AGC AGC Ltd 5% 4% -3% -15% 0.058 $5,800,000 SBM St Barbara Limited 5% 27% -14% -26% 0.29 $233,084,869 WWI West Wits Mining Ltd 5% 100% 25% 0% 0.02 $44,860,345 NWM Norwest Minerals 5% 77% 15% 100% 0.062 $17,213,340 KSN Kingston Resources 5% -20% 4% -10% 0.084 $40,299,156 KAU Kaiser Reef 5% 5% 27% 14% 0.21 $29,539,536 M2R Miramar 5% -7% -42% -47% 0.044 $4,067,316 HMG Hamelingoldlimited 5% 22% -24% 10% 0.11 $17,325,000 PGO Pacgold 5% -18% -8% -35% 0.33 $18,137,399 SKY SKY Metals Ltd 5% 15% -6% -10% 0.045 $20,909,613 AME Alto Metals Limited 4% 6% -16% -13% 0.056 $34,317,667 AWJ Auric Mining 4% 26% -9% -8% 0.058 $7,197,278 NSM Northstaw 3% -24% -41% -45% 0.091 $9,610,160 FEG Far East Gold 3% 3% -36% -9% 0.305 $46,679,704 POL Polymetals Resources 3% -15% 31% 256% 0.32 $47,573,831 NVA Nova Minerals Ltd 3% 20% -52% -54% 0.325 $65,375,888 MGV Musgrave Minerals 3% 19% 67% 46% 0.35 $209,878,822 KRM Kingsrose Mining Ltd 3% 21% 8% 27% 0.07 $54,181,909 S2R S2 Resources 3% 36% 12% 31% 0.19 $84,068,762 SMI Santana Minerals Ltd 3% 11% -11% -18% 0.585 $102,480,895 HRZ Horizon 3% -7% -34% -38% 0.04 $26,485,380 AAJ Aruma Resources Ltd 2% -4% -19% -38% 0.043 $8,829,083 ADT Adriatic Metals 2% 24% 12% 102% 3.54 $785,872,633 MM8 Medallion Metals. 2% -2% -51% -57% 0.075 $17,297,439 TCG Turaco Gold Limited 2% 4% -10% 2% 0.052 $26,141,267 RMS Ramelius Resources 2% -3% 46% 37% 1.355 $1,367,991,486 DRE Dreadnought Resources Ltd 2% 11% -42% 22% 0.061 $199,663,693 NXM Nexus Minerals Ltd 2% 5% -69% -73% 0.063 $21,479,918 CDR Codrus Minerals Ltd 1% -22% -42% 0% 0.075 $5,280,100 SSR SSR Mining Inc. 1% 4% -6% -10% 21.66 $390,362,598 EMR Emerald Res NL 0% 4% 94% 153% 2.3 $1,375,517,146 NPM Newpeak Metals 0% 0% 0% 0% 0.001 $9,248,616 MTC Metalstech Ltd 0% -18% -57% -38% 0.225 $43,379,056 FFX Firefinch Ltd 0% 0% 0% 0% 0.2 $236,569,315 AMI Aurelia Metals Ltd 0% 1% -22% -68% 0.093 $156,685,036 PNX PNX Metals Limited 0% 0% -29% -20% 0.003 $16,141,874 TMX Terrain Minerals 0% -14% 0% -14% 0.006 $6,499,196 ARL Ardea Resources Ltd 0% 118% 3% -33% 0.73 $134,077,922 GWR GWR Group Ltd 0% 17% 37% -23% 0.081 $26,018,549 AAU Antilles Gold Ltd 0% -13% 13% -44% 0.034 $20,071,325 RND Rand Mining Ltd 0% -2% -10% -12% 1.23 $69,957,432 GMR Golden Rim Resources 0% 13% 10% -44% 0.034 $19,522,416 SIH Sihayo Gold Limited 0% 0% 0% -20% 0.002 $24,408,512 AVM Advance Metals Ltd 0% 0% -30% -42% 0.007 $4,119,911 WRM White Rock Min Ltd 0% 0% -5% -37% 0.063 $17,508,200 MCT Metalicity Limited 0% 33% -33% -33% 0.002 $7,472,172 CTO Citigold Corp Ltd 0% 0% -33% -27% 0.004 $14,368,295 MHC Manhattan Corp Ltd 0% 43% 82% 18% 0.01 $29,362,787 TRY Troy Resources Ltd 0% 0% 0% 0% 0.0295 $62,920,961 CGN Crater Gold Min Ltd 0% 0% 0% 0% 0.144993 $17,965,132 NAE New Age Exploration 0% 10% -21% -21% 0.0055 $8,615,393 MTH Mithril Resources 0% 33% -43% -67% 0.002 $6,737,609 XTC Xantippe Res Ltd 0% -33% -60% -75% 0.002 $22,960,199 NML Navarre Minerals Ltd 0% 0% -54% -60% 0.019 $28,555,654 ICL Iceni Gold 0% 22% 50% 29% 0.12 $22,942,857 FG1 Flynngold 0% -21% -45% -41% 0.055 $7,474,265 RML Resolution Minerals 0% 50% -25% -40% 0.006 $7,543,751 TBA Tombola Gold Ltd 0% 0% 0% -32% 0.026 $33,129,243 HRN Horizon Gold Ltd 0% 6% 13% -9% 0.35 $43,813,574 RDN Raiden Resources Ltd 0% 60% 68% -6% 0.008 $16,442,151 X64 Ten Sixty Four Ltd 0% 0% -11% -3% 0.57 $130,184,182 SI6 SI6 Metals Limited 0% 0% 0% -25% 0.006 $9,720,065 BGD Bartongoldholdings 0% -6% 25% 22% 0.25 $47,588,582 RVR Red River Resources 0% 0% 0% -50% 0.073 $37,847,908 OKR Okapi Resources 0% -15% -27% -42% 0.11 $21,284,892 CPM Coopermetalslimited 0% -6% -36% -70% 0.15 $6,602,504 TMZ Thomson Res Ltd 0% 0% -74% -75% 0.005 $4,349,755 WMC Wiluna Mining Corp 0% 0% 0% 0% 0.205 $74,238,031 THR Thor Energy PLC 0% -11% -33% -60% 0.004 $5,837,166 NAG Nagambie Resources 0% 0% -39% -40% 0.04 $23,269,053 CAI Calidus Resources 0% 14% -26% -68% 0.2 $121,522,032 RSG Resolute Mining 0% 2% 118% 90% 0.435 $926,117,858 CXU Cauldron Energy Ltd 0% -14% -14% -35% 0.006 $5,589,412 HXG Hexagon Energy 0% 0% -35% -52% 0.011 $5,642,075 AVW Avira Resources Ltd 0% 0% -33% -50% 0.002 $4,267,580 LCY Legacy Iron Ore 0% -5% 0% 6% 0.019 $121,729,698 ZAG Zuleika Gold Ltd 0% 7% -29% -25% 0.015 $7,845,759 NES Nelson Resources. 0% 20% -14% -41% 0.006 $3,374,769 PUR Pursuit Minerals 0% -7% -19% -28% 0.013 $36,494,100 OAU Ora Gold Limited 0% 180% 40% 12% 0.007 $31,058,476 TRM Truscott Mining Corp 0% -9% 0% -18% 0.041 $6,892,799 KNB Koonenberrygold 0% 0% -45% -58% 0.034 $2,575,719 USL Unico Silver Limited 0% 19% -26% -17% 0.125 $32,565,675 ANL Amani Gold Ltd 0% 0% 0% -33% 0.001 $25,143,441 HAV Havilah Resources 0% 2% -27% 0% 0.24 $79,159,803 MEK Meeka Metals Limited 0% 3% -49% -31% 0.035 $38,433,922 CLZ Classic Min Ltd 0% 0% -89% -97% 0.001 $7,929,588 FAL Falconmetalsltd 0% -2% -23% -12% 0.215 $38,055,000 TRE Toubaniresourcesinc 0% 25% 25% 0% 0.2 $11,799,702 CMM Capricorn Metals 0% 9% 2% 49% 4.7 $1,782,041,750 LM8 Lunnonmetalslimited -1% -1% 4% 9% 0.93 $164,458,680 HCH Hot Chili Ltd -1% 43% 65% 106% 1.44 $177,973,357 DLI Delta Lithium -1% 28% 96% 191% 0.93 $495,784,121 EVN Evolution Mining Ltd -1% 5% 21% 56% 3.61 $6,826,260,707 MZZ Matador Mining Ltd -2% -7% -50% -53% 0.057 $17,975,465 YRL Yandal Resources -2% -4% -44% -63% 0.055 $7,890,154 GRL Godolphin Resources -2% -20% -49% -51% 0.042 $5,686,517 G88 Golden Mile Res Ltd -2% 4% 131% 80% 0.047 $15,481,307 SVY Stavely Minerals Ltd -2% -17% -63% -41% 0.091 $33,280,354 SLZ Sultan Resources Ltd -2% -2% -49% -55% 0.043 $6,075,792 RED Red 5 Limited -2% 14% -2% -15% 0.2 $691,896,676 TAM Tanami Gold NL -3% 8% 0% -13% 0.039 $47,003,882 ALK Alkane Resources Ltd -3% 7% 46% 5% 0.78 $484,267,094 SLR Silver Lake Resource -3% 9% -3% -14% 1.15 $1,092,449,591 STK Strickland Metals -3% -16% -8% -34% 0.037 $57,231,306 GOR Gold Road Res Ltd -3% -11% -6% 35% 1.59 $1,774,003,188 NMR Native Mineral Res -3% 35% -68% -78% 0.035 $5,143,770 PDI Predictive Disc Ltd -3% 10% -6% -6% 0.17 $351,431,495 MAT Matsa Resources -3% -6% -8% -19% 0.034 $14,008,251 MLS Metals Australia -3% 0% -28% -32% 0.032 $20,593,194 DCN Dacian Gold Ltd -3% 6% -7% -7% 0.093 $109,512,084 CHN Chalice Mining Ltd -3% -13% -9% 40% 5.76 $2,272,051,963 BEZ Besragoldinc -3% 39% 448% 681% 0.285 $104,389,257 KCN Kingsgate Consolid. -3% -1% -19% 4% 1.4 $368,584,920 BC8 Black Cat Syndicate -3% 11% 17% 34% 0.415 $114,756,875 GUL Gullewa Limited -4% -2% -8% -7% 0.055 $10,767,521 RRL Regis Resources -4% 8% 2% 34% 2.11 $1,615,879,460 CYL Catalyst Metals -4% -5% -37% -44% 0.745 $164,296,908 SVG Savannah Goldfields -4% -13% -49% -52% 0.096 $17,822,208 TTM Titan Minerals -4% 47% -1% 10% 0.066 $95,966,577 ANX Anax Metals Ltd -4% -2% 23% -19% 0.065 $25,382,479 SMS Starmineralslimited -4% 5% -40% -50% 0.043 $1,386,523 SFR Sandfire Resources -5% -6% 10% 47% 5.96 $2,745,920,487 PRU Perseus Mining Ltd -5% -3% -18% 5% 1.72 $2,462,376,330 SAU Southern Gold -5% 0% -20% -39% 0.02 $9,725,706 WAF West African Res Ltd -5% 1% -24% -29% 0.89 $943,427,212 TBR Tribune Res Ltd -5% 2% -17% -14% 3.36 $176,292,739 SPD Southernpalladium -5% 12% -57% -48% 0.35 $15,615,894 KTA Krakatoa Resources -6% 43% -25% -38% 0.033 $13,444,934 GAL Galileo Mining Ltd -6% 5% -36% -52% 0.565 $111,658,084 MRR Minrex Resources Ltd -6% 23% -50% -52% 0.016 $16,273,013 NCM Newcrest Mining -6% -2% 27% 38% 26.19 $24,725,479,740 TG1 Techgen Metals Ltd -6% -13% -26% -47% 0.061 $4,784,433 AUC Ausgold Limited -7% -12% -9% -4% 0.043 $101,030,213 MKG Mako Gold -7% 0% -30% -60% 0.028 $15,632,906 CDT Castle Minerals -7% 40% -33% -48% 0.014 $15,742,902 CEL Challenger Gold Ltd -7% -2% -44% -51% 0.098 $115,538,183 A1G African Gold Ltd. -7% -5% -34% -28% 0.055 $8,973,494 WGX Westgold Resources. -7% 12% 85% 37% 1.615 $774,373,164 GML Gateway Mining -7% 0% -33% -56% 0.04 $11,452,342 ADV Ardiden Ltd -7% -7% -7% -19% 0.0065 $18,818,347 GBR Greatbould Resources -7% -1% -15% -1% 0.077 $40,340,560 BGL Bellevue Gold Ltd -7% 16% 30% 112% 1.47 $1,723,523,782 IVR Investigator Res Ltd -7% 4% 21% 21% 0.051 $77,607,181 BBX BBX Minerals Ltd -7% 2% -51% -35% 0.051 $28,686,040 SVL Silver Mines Limited -7% 6% -5% 27% 0.19 $273,844,768 VMC Venus Metals Cor Ltd -7% 13% 59% 26% 0.125 $22,767,442 MVL Marvel Gold Limited -8% 0% -54% -54% 0.012 $10,365,488 CAZ Cazaly Resources -8% -22% 6% -8% 0.036 $13,013,763 IGO IGO Limited -8% -4% 8% 47% 14.59 $11,298,435,770 MEI Meteoric Resources -8% 9% 343% 1780% 0.235 $455,936,925 TIE Tietto Minerals -8% 5% -28% 19% 0.51 $576,389,570 DTM Dart Mining NL -8% -41% -38% -45% 0.034 $5,857,766 BNR Bulletin Res Ltd -8% -8% -41% -50% 0.055 $16,441,102 MKR Manuka Resources. -8% -13% -35% -68% 0.055 $30,288,723 TAR Taruga Minerals -8% 0% -54% -56% 0.011 $7,766,295 SXG Southern Cross Gold -8% -21% -45% 22% 0.44 $39,541,025 MXR Maximus Resources -9% -6% -20% -36% 0.032 $10,209,785 RXL Rox Resources -9% -28% 49% -2% 0.26 $88,603,879 BMO Bastion Minerals -9% 11% -12% -77% 0.03 $5,199,727 REZ Resourc & En Grp Ltd -10% -36% 13% -22% 0.018 $8,996,504 ADN Andromeda Metals Ltd -10% -10% -18% -61% 0.036 $108,850,295 ADG Adelong Gold Limited -10% 13% 29% -55% 0.009 $5,366,901 KCC Kincora Copper -10% -9% -15% 3% 0.062 $7,819,647 DEG De Grey Mining -10% 1% 8% 82% 1.39 $2,248,636,687 KAI Kairos Minerals Ltd -10% 68% 24% 24% 0.026 $50,234,150 WA8 Warriedarresourltd -11% -11% -53% -11% 0.0805 $35,346,823 BNZ Benzmining -11% -17% 1% 9% 0.415 $51,115,113 CY5 Cygnus Metals Ltd -11% 21% -25% 90% 0.285 $66,981,161 HMX Hammer Metals Ltd -11% 5% -4% 23% 0.065 $61,791,848 GSR Greenstone Resources -11% 7% -50% -67% 0.016 $19,504,998 NST Northern Star -11% -13% 7% 69% 11.67 $13,526,406,849 DTR Dateline Resources -12% -23% -38% -75% 0.023 $20,564,914 TLM Talisman Mining -12% -17% 7% 7% 0.15 $28,248,052 AM7 Arcadia Minerals -12% -19% -46% -27% 0.11 $10,345,511 BM8 Battery Age Minerals -12% -2% -12% -12% 0.44 $34,140,355 OBM Ora Banda Mining Ltd -12% -12% 31% 116% 0.11 $194,918,525 SNG Siren Gold -12% 22% -40% -56% 0.11 $16,263,057 ASO Aston Minerals Ltd -12% -21% -19% -35% 0.065 $72,457,511 KIN KIN Min NL -12% 13% -45% -54% 0.036 $44,769,721 CST Castile Resources -13% -21% -26% -52% 0.07 $17,296,024 GTR Gti Energy Ltd -13% -13% -35% -53% 0.007 $13,634,279 RDS Redstone Resources -13% -13% -13% -22% 0.007 $6,099,649 BCN Beacon Minerals -13% -10% -4% -5% 0.027 $108,946,277 KAL Kalgoorliegoldmining -13% 10% -60% -79% 0.033 $4,377,007 RGL Riversgold -13% 0% -57% -54% 0.013 $12,366,399 A8G Australasian Metals -14% 14% -16% -33% 0.16 $8,339,279 PUA Peak Minerals Ltd -14% 50% -50% -68% 0.003 $3,124,130 PRX Prodigy Gold NL -14% -14% -50% -52% 0.006 $12,257,755 PGD Peregrine Gold -15% -12% -31% -36% 0.265 $14,867,192 LEX Lefroy Exploration -15% -5% -21% -29% 0.205 $34,498,470 BYH Bryah Resources Ltd -16% 7% -38% -42% 0.016 $6,564,600 ARV Artemis Resources -16% 0% -36% -41% 0.016 $23,548,776 OZM Ozaurum Resources -16% 3% -38% -68% 0.041 $5,207,000 TSO Tesoro Gold Ltd -17% -7% -31% -38% 0.025 $26,340,314 ASR Asra Minerals Ltd -18% 13% -55% -59% 0.009 $13,683,677 SBR Sabre Resources -22% 35% -8% -13% 0.035 $10,493,503 MOM Moab Minerals Ltd -25% -36% 0% -67% 0.009 $6,137,671 EMC Everest Metals Corp -26% 31% 115% 94% 0.17 $22,650,794 CWX Carawine Resources -27% 10% 10% 15% 0.11 $21,649,921 GMN Gold Mountain Ltd -31% 50% 29% 50% 0.009 $17,729,394