Gold Digger: The early mail on ASX gold miners for 2025

Gold prices are near record highs, but not all gold equities are made equal
Early December quarter reports from ASX gold producers have been mixed
We checked out the numbers from nine mid-tier gold miners

With prices circling record highs it’d be tempting to assume any bet on an ASX gold miner is a safe one right now.

But the numbers filing early out of the sector this year show that conclusion is a fallacy.

Any number of factors influence the performance of a gold mine, from stripping ratio to grade to capital requirements and exploration spend. And then there’s the impact of hedges, which can be cut well below the prevailing spot gold price.

And at the end of the day, prices of $4250/oz should mean big margins and large free cash flows. It doesn’t always.

Miners often drop production and cash figures ahead of their quarterly reports so they can turn the attention away from past performance onto future plans by the time their late January quarterly calls, especially if they need to get bad news out of the way first.

We’ve scoured the ASX for the good, bad and the curious of the ASX gold sector’s December quarter reporting so far.

Regis Resources (ASX:RRL)

Regis Resources has finally come back in vogue with investors after clearing its hedges and moving to cash generation mode despite regulatory struggles (cf McPhillamys) and a declining production profile.

In the end it’s not how much you produce but how much money you make off it. Regis generated a record cash and bullion build of $149 million from its 100% owned Duketon gold mine and 30% owned Tropicana to boast a record cash balance of $529m including gold on hand.

Duketon produced 58,300oz in the December quarter, up from 57,500oz in September, putting the mine on track to deliver guidance of 220,000-240,0000oz for the financial year.

Tropicana, meanwhile, outperformed at 43,000oz, up from 37,000oz in September. RRL’s 101,300oz total was up from 94,500oz, placing it well on track to hit guidance of 350,000-380,000oz for FY25.

The result and cash build places Regis, like many other gold miners, on M&A watch, with a focus also to turn to whether it delivers potential returns via a buyback, though it still had $300m of debt to pay down as of early December.

Regis shares are 53% higher in the past six months.

Bellevue Gold (ASX:BGL)

From good to bad and Bellevue Gold disappointed with just 26,230oz in gold sales at an average price of $3339/oz.

Production is weighted to the back half, but already guidance for FY25 has been trimmed from 165,000-180,000oz to 150,000-165,000oz. All-in sustaining costs are also up for review ahead of the quarterly.

Consensus forecasts had been 38,000oz, making the quarter a 30% miss. Canaccord Genuity analyst Tim McCormack estimated all-in sustaining costs of $2600/oz against the broker’s pre-report forecast of $1989/oz.

Slower than expected development rates have played a role, with development in the main area of the mine averaging 270m per month in the December quarter, delaying access to higher grade stopes.

BGL finished the quarter with $81m in cash, down from $109m pro-forma at September 30, with $100m of debt but no repayments due until CY27 after cutting its liabilities to banker Macquarie as part of a surprise capital raising in August.

Canaccord cut its price target from $2.25 to $2.10 on the announcement, with BGL down 45% over the past six months.

Gold Road Resources (ASX:GOR)

Happier times for Gold Road, which saw its 50% owned Gruyere gold mine produce a record 91,631oz in the December quarter.

That saw the Gold Fields managed operation produce 287,270oz for 2024, just below its annual guidance of 290,000-305,000oz (bearing in mind it had originally been set at 300,000-335,000oz before a rain affected start to 2024.)

Gold Road, unhedged, made the most of the record gold price in the quarter, selling 47,745oz at an average sale price of $4093/oz, with cash lifting from $109.2m to $173.9m.

Its listed investments were worth $740.6m, largely its 17% stake in De Grey Mining (ASX:DEG). There’s a standing watch on there from market observers to see if it sells out early to realise immediate value from De Grey’s $5bn scrip sale to Northern Star Resources (ASX:NST) or trades out to a potential interloper in the deal that will net Stu Tonkin and his team the 11.5Moz Hemi gold mine.

Perspectives on Gold Road are mixed. Euroz has a $2.65 price target and buy recommendation on the company, saying its undervalued relative to peers, while RBC has an underperform and $2.30 target on GOR.

The gold miner, which is under pressure to use its cash for an acquisition or shareholder returns, is up 22% in the past six months at $2.16, having traded at $1.87 before the NST-DEG agreement was announced.

Westgold Resources (ASX:WGX)

RBC has a $4.20 price target on WGX, hard to justify with cash generation stagnating in the December quarter.

Westgold is unhedged as well, announcing a QoQ lift from 77,369oz to 80,886oz in the December quarter.

It says first half production of 158,255oz is consistent with guidance, assuming a big second half loading will get the company to 400,000-420,000oz, but the concern for investors who sold off 8% of WGX on Thursday was the lack of cash build.

Its cash, bullion and liquid investments were collectively up from $103m to $152m between September 30 and December 31, but that included the drawing of $50m from a $300m corporate debt facility announced in October.

The focus is now on the development of additional mining fronts and infrastructure, with the Great Fingall mine in the Murchison to enter production late in the financial year and plant expansion studies underway for Higginsville, Bluebird and Fortnum to structurally reduce unit costs.

“Investment to support increased and sustainable production from our principal mines was the key focus of our activities over H1, with multiple growth projects advancing in parallel across the expanded group. Bluebird-South Junction and Beta Hunt are our key drivers of growth in H2, FY25 with operational changes being implemented to see outputs lift and become more consistent into H2, FY25,” MD Wayne Bramwell also said.

$2.5bn capped WGX is up 6% over the past six months, a period following its merger with TSX-listed Beta Hunt gold mine owner Karora Resources.

Catalyst Metals (ASX:CYL)

Up a massive 8% on announcing its December quarter production on Thursday, CYL produced 28,400oz in the three months to December 31.

That included 21,800oz at Plutonic in WA’s Mid West and 6600oz at Henty in Tasmania, with cash and bullion up $26m to $84m at the end of the quarter.

CYL says it is on track to meet guidance of 105,000-120,000oz of gold at AISC of $2300-2500/oz in FY25, with a second mine at Plutonic East to open this quarter and the company quadrupling its active drill fleet to eight in order to increase resources and reserves.

The K2 and Trident mines will come online over the next 12 months, providing additional feed for the Plutonic plant, MD James Champion de Crespigny said.

Emerald Resources (ASX:EMR)

Emerald produced 31,388oz at the Okvau mine in Cambodia, beating its 25,000-30,000oz production guidance with gold recoveries of 85.4% far exceeding historical plant performance of around 80% and higher mill availability enabling Okvau to run 17% above nameplate capacity. That took the plant’s scale from 2Mtpa to 2.3Mtpa thanks to throughout improvements since July 2024.

All-in sustaining costs are expected to come in towards the bottom end of the cost curve, within previously disclosed guidance of US$810-880/oz. EMR closed the quarter with $243m in cash, up from $180.8m at the end of September.

Canaccord upped its price target on Emerald from $4.60 to $5. EMR shares have traded 12% lower over the past siz months to $3.39.

Ramelius Resources (ASX:RMS)

Ramelius raked in $174.5m of underlying free cash flow after boosting gold production from 62,444oz to 85,311oz, 67,050oz of that from its flagship Mt Magnet hub.

The company is sitting on cash and gold of $501.7m, making it a serious player in M&A if it chooses to push the button. There could now be guidance upgrades, with ore from the newly opened Cue operations exceeding its grade expectations.

Euroz’s Michael Scantlebury reiterated comments this week from a note to clients in November that the high grades at Break of Day could outperform.

“As we have previously flagged on our site visit note published on the 1st of November “We believe there is a good chance of grade overcalling on the Break of Day ore, given the top-cut applied,” he said.

“We believe this is playing out and will become evident once in the full quarterly report and presents a potential upside risk to the FY25 guidance of 270-300,000oz at AISC of A$1500-1700/oz.”

Euroz maintained a $2.80 price target and buy recommendation, pointing to strong FY25 cash flows and an organic growth pipeline following studies on the Eridanus deposit at Mt Magnet and Rebecca/Roe project near Kalgoorlie. RMS shares are up 13.5% over the past six months to $2.19.

West African Resources (ASX:WAF)

WAF has the eternal overhang of its location in politically fraught Burkina Faso, but hit the upper end of guidance at the Sanbrado mine, producing 206,622oz for 2024.

That included 51,178oz in the December quarter, with 47,953oz sold at an average price of US$2690.oz.

199,500oz were sold at US$2391/oz across calendar 2024, powered by the high grade M1 South underground mine.

Mining is also expected to begin at the similarly sized Kiaka project in Q1 2025.

WAF shares are up 11.7% in the past six months to $1.58, despite ructions in October when the Burkina Faso government flagged the proposition of taking back mining permits. WAF righted the ship after telling the market its licences remained in good standing and the government, a military junta led by 36-year-old officer Ibrahim Traore, remains supportive of the Aussie gold miner.

Capricorn Metals (ASX:CMM)

Mark Clark’s Capricorn also says it’s on track to hit the mid-point of its FY25 guidance of between 110,000-120,000oz after producing 28,702oz in the December quarter at the Karlawinda gold mine and 54,261oz for the half year.

AISC for the quarter is expected to be within the FY25 cost guidance range of $1370-1470/oz.

CMM finished the quarter with $363.1m in cash, including $193.4m from a capital raising and $31.2m of cash build from operations, but will be spending the bulk of its cash bringing to $260m Mt Gibson gold mine in WA’s Mid West back into production.

Capricorn shares are up over 30% in the past six months to $6.72 for a market cap of $2.8bn, having closed on a record $7 in December.

Where are prices heading?

There is some positive news for those miners sitting on thin margins. Users of precious metals trading marketplace BullionVault in its December survey predicted gold prices would move, on average, 17.6% higher to US$3070/oz this year. Silver has been tipped by its customers to rise over 27% to US$36.90/oz.

Sprott says BullionVault’s predictions have, on average, been higher than those from the London Bullion Markets Association survey, which have undershot over the past couple years.

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	0.009	20%	13%	0%	-40%	29%	$ 9,763,807.53
NPM	Newpeak Metals	0.013	18%	30%	0%	-23%	18%	$ 4,186,932.50
ASO	Aston Minerals Ltd	0.01	0%	11%	0%	-57%	11%	$ 12,950,642.69
MTC	Metalstech Ltd	0.1425	2%	24%	-41%	-34%	2%	$ 28,643,225.04
GED	Golden Deeps	0.025	0%	-4%	-24%	-44%	0%	$ 3,788,058.73
G88	Golden Mile Res Ltd	0.009	0%	-10%	-18%	-53%	0%	$ 4,255,405.70
LAT	Latitude 66 Limited	0.046	7%	-34%	-68%	-77%	21%	$ 6,596,432.43
NMR	Native Mineral Res	0.04	3%	25%	100%	100%	3%	$ 19,883,622.61
AQX	Alice Queen Ltd	0.008	0%	14%	14%	45%	0%	$ 9,175,120.54
SLZ	Sultan Resources Ltd	0.006	0%	-14%	-25%	-68%	0%	$ 1,388,819.46
MKG	Mako Gold	0.014	8%	0%	56%	40%	8%	$ 13,812,667.05
KSN	Kingston Resources	0.074	-1%	-8%	-4%	-1%	4%	$ 57,158,473.32
AMI	Aurelia Metals Ltd	0.18	3%	6%	-14%	64%	6%	$ 304,481,624.76
GIB	Gibb River Diamonds	0.04	0%	3%	8%	38%	0%	$ 8,794,887.25
KCN	Kingsgate Consolid.	1.32	2%	-7%	-15%	3%	3%	$ 340,232,233.44
TMX	Terrain Minerals	0.0035	17%	-13%	0%	-22%	17%	$ 6,337,434.14
BNR	Bulletin Res Ltd	0.039	5%	3%	-13%	-72%	0%	$ 11,157,306.27
NXM	Nexus Minerals Ltd	0.046	2%	-12%	18%	10%	2%	$ 23,425,207.68
SKY	SKY Metals Ltd	0.051	-6%	-6%	46%	42%	-6%	$ 36,245,861.47
LM8	Lunnonmetalslimited	0.21	-16%	-16%	11%	-64%	-16%	$ 46,331,916.54
CST	Castile Resources	0.07	-1%	-13%	3%	-13%	-13%	$ 20,698,575.15
YRL	Yandal Resources	0.18	3%	-25%	38%	38%	3%	$ 54,116,121.85
FAU	First Au Ltd	0.002	0%	-33%	0%	-50%	0%	$ 4,143,986.55
ARL	Ardea Resources Ltd	0.32	-2%	-2%	-30%	-32%	-3%	$ 63,898,532.80
GWR	GWR Group Ltd	0.079	-4%	-10%	-7%	-14%	-1%	$ 25,376,115.75
IVR	Investigator Res Ltd	0.021	0%	-43%	-56%	-40%	5%	$ 33,366,471.05
IPT	Impact Minerals	0.011	10%	-4%	-27%	-15%	10%	$ 36,713,204.62
BNZ	Benzmining	0.37	7%	0%	222%	64%	7%	$ 45,068,955.42
MOH	Moho Resources	0.005	25%	11%	0%	-50%	0%	$ 3,582,372.87
PUA	Peak Minerals Ltd	0.009	13%	29%	117%	262%	13%	$ 20,416,882.11
MRZ	Mont Royal Resources	0.03	-30%	-25%	-50%	-77%	-30%	$ 2,550,893.79
SMS	Starmineralslimited	0.034	-6%	-11%	21%	-9%	-6%	$ 4,141,426.20
MVL	Marvel Gold Limited	0.009	0%	-10%	29%	-18%	0%	$ 7,774,116.33
PRX	Prodigy Gold NL	0.002	0%	0%	-25%	-63%	0%	$ 6,350,111.10
AAU	Antilles Gold Ltd	0.004	0%	-20%	33%	-81%	33%	$ 7,431,504.23
CWX	Carawine Resources	0.1	0%	5%	14%	-5%	0%	$ 23,612,544.90
RND	Rand Mining Ltd	1.4	-3%	-13%	-6%	2%	-8%	$ 79,626,345.40
CAZ	Cazaly Resources	0.014	8%	-18%	-30%	-52%	0%	$ 6,458,241.87
BMR	Ballymore Resources	0.12	0%	-27%	-23%	-8%	0%	$ 21,207,670.20
DRE	Dreadnought Resources Ltd	0.0115	5%	-12%	-48%	-57%	-4%	$ 41,445,800.00
ZNC	Zenith Minerals Ltd	0.037	-8%	-10%	-21%	-70%	-8%	$ 15,075,332.61
REZ	Resourc & En Grp Ltd	0.026	4%	4%	86%	108%	13%	$ 15,447,699.81
LEX	Lefroy Exploration	0.068	-4%	-4%	-31%	-60%	-3%	$ 17,119,409.51
ERM	Emmerson Resources	0.078	-1%	37%	24%	44%	1%	$ 50,213,891.44
AM7	Arcadia Minerals	0.02	-5%	-9%	-43%	-71%	5%	$ 2,347,668.66
ADT	Adriatic Metals	3.835	-3%	-6%	3%	8%	-2%	$ 1,076,345,755.40
AS1	Asara Resources Ltd	0.018	0%	-22%	80%	38%	-5%	$ 17,939,885.53
CYL	Catalyst Metals	3.01	16%	13%	163%	382%	17%	$ 641,793,264.96
CHN	Chalice Mining Ltd	1.0825	-4%	-13%	-17%	-17%	-2%	$ 414,313,529.22
KAL	Kalgoorliegoldmining	0.018	-5%	-25%	-38%	-38%	0%	$ 4,915,951.24
MLS	Metals Australia	0.022	-8%	-4%	10%	-35%	-4%	$ 15,998,829.53
ADN	Andromeda Metals Ltd	0.006	-14%	-14%	-60%	-73%	-14%	$ 22,286,729.98
MEI	Meteoric Resources	0.0895	3%	3%	-31%	-69%	5%	$ 188,834,748.12
SRN	Surefire Rescs NL	0.003	0%	-25%	-63%	-67%	-14%	$ 8,457,077.35
WA8	Warriedarresourltd	0.046	0%	-23%	-23%	-12%	5%	$ 43,961,372.41
HMX	Hammer Metals Ltd	0.034	-6%	-3%	-8%	-29%	3%	$ 29,296,037.10
WCN	White Cliff Min Ltd	0.018	13%	13%	20%	80%	13%	$ 34,028,473.46
AVM	Advance Metals Ltd	0.036	6%	6%	38%	9%	6%	$ 6,234,469.44
ASR	Asra Minerals Ltd	0.003	-25%	-25%	-40%	-50%	0%	$ 6,937,890.37
ARI	Arika Resources	0.032	23%	14%	60%	7%	19%	$ 19,005,259.14
CTO	Citigold Corp Ltd	0.0035	-13%	-13%	-13%	-30%	-13%	$ 10,500,000.00
SMI	Santana Minerals Ltd	0.47	2%	-1%	19%	42%	-3%	$ 302,749,798.76
M2R	Miramar	0.0045	13%	13%	-44%	-81%	50%	$ 1,785,704.78
MHC	Manhattan Corp Ltd	0.025	32%	9%	-25%	-62%	32%	$ 5,872,472.45
GRL	Godolphin Resources	0.014	0%	0%	-18%	-67%	-3%	$ 4,668,282.45
SVG	Savannah Goldfields	0.025	19%	19%	32%	-43%	19%	$ 7,308,207.82
EMC	Everest Metals Corp	0.14	0%	0%	8%	65%	4%	$ 30,210,817.86
GUL	Gullewa Limited	0.057	2%	-3%	-22%	4%	2%	$ 12,427,263.80
CY5	Cygnus Metals Ltd	0.125	9%	14%	191%	9%	25%	$ 110,281,554.50
G50	G50Corp Ltd	0.15	-9%	-29%	-17%	15%	-3%	$ 23,112,060.90
ADV	Ardiden Ltd	0.135	0%	4%	-4%	-25%	0%	$ 8,439,863.31
AAR	Astral Resources NL	0.1425	10%	-5%	76%	110%	6%	$ 174,041,713.72
VMC	Venus Metals Cor Ltd	0.07	4%	0%	-5%	-33%	4%	$ 13,140,621.76
NAE	New Age Exploration	0.003	-14%	-33%	-25%	-40%	-14%	$ 6,431,696.73
VKA	Viking Mines Ltd	0.008	0%	-11%	0%	-47%	0%	$ 10,625,178.56
LCL	LCL Resources Ltd	0.009	13%	-10%	0%	-44%	-10%	$ 10,753,314.36
MTH	Mithril Silver Gold	0.45	15%	34%	150%	125%	13%	$ 63,843,349.68
ADG	Adelong Gold Limited	0.005	0%	0%	-17%	0%	11%	$ 5,589,944.79
RMX	Red Mount Min Ltd	0.009	0%	0%	-10%	-66%	0%	$ 4,184,620.16
PRS	Prospech Limited	0.029	0%	0%	-19%	-9%	0%	$ 9,535,950.72
TTM	Titan Minerals	0.38	0%	-4%	-7%	52%	0%	$ 89,995,689.41
AKA	Aureka Limited	0.175	17%	52%	-98%	-98%	30%	$ 17,413,932.32
AAM	Aumegametals	0.044	16%	-2%	-27%	16%	5%	$ 26,580,973.85
KZR	Kalamazoo Resources	0.082	12%	0%	-4%	-41%	11%	$ 16,262,684.96
BCN	Beacon Minerals	0.023	5%	5%	-8%	-8%	5%	$ 97,206,376.42
MAU	Magnetic Resources	1.125	0%	-9%	-7%	14%	2%	$ 297,438,682.25
BC8	Black Cat Syndicate	0.685	19%	-4%	88%	198%	21%	$ 379,990,823.08
EM2	Eagle Mountain	0.009	-10%	-27%	-82%	-85%	0%	$ 3,605,919.98
EMR	Emerald Res NL	3.38	3%	-8%	-12%	9%	4%	$ 2,207,672,564.16
BYH	Bryah Resources Ltd	0.004	33%	0%	-20%	-71%	33%	$ 2,013,147.42
HCH	Hot Chili Ltd	0.7	-1%	-10%	-29%	-28%	0%	$ 103,723,008.25
WAF	West African Res Ltd	1.585	8%	-1%	12%	69%	10%	$ 1,806,546,297.74
MEU	Marmota Limited	0.046	18%	21%	5%	15%	18%	$ 49,982,604.19
NVA	Nova Minerals Ltd	0.38	1%	49%	77%	12%	3%	$ 116,118,997.07
SVL	Silver Mines Limited	0.073	-6%	-37%	-56%	-54%	-6%	$ 126,364,052.83
PGD	Peregrine Gold	0.155	19%	3%	-18%	-52%	11%	$ 8,824,194.73
ICL	Iceni Gold	0.085	12%	37%	2%	31%	20%	$ 26,170,265.72
FG1	Flynngold	0.025	-4%	-11%	0%	-46%	0%	$ 6,532,911.75
WWI	West Wits Mining Ltd	0.014	0%	-7%	-7%	27%	0%	$ 38,140,902.21
RML	Resolution Minerals	0.011	-8%	-15%	-54%	-61%	-8%	$ 2,479,280.39
AAJ	Aruma Resources Ltd	0.01	-17%	-23%	-9%	-62%	-17%	$ 2,442,639.89
HWK	Hawk Resources.	0.024	9%	-4%	-40%	-46%	9%	$ 5,710,306.78
GMN	Gold Mountain Ltd	0.003	0%	-25%	0%	-40%	0%	$ 13,737,669.55
MEG	Megado Minerals Ltd	0.015	0%	7%	57%	-37%	-12%	$ 6,295,248.93
HMG	Hamelingoldlimited	0.059	-8%	-20%	-26%	-21%	-8%	$ 9,327,900.00
BM8	Battery Age Minerals	0.097	-3%	-19%	-33%	-56%	-8%	$ 10,017,591.58
TBR	Tribune Res Ltd	4.2	-2%	-7%	24%	47%	-2%	$ 220,365,923.40
FML	Focus Minerals Ltd	0.21	24%	17%	40%	24%	24%	$ 60,177,315.45
VRC	Volt Resources Ltd	0.003	-14%	-14%	-25%	-50%	0%	$ 12,639,718.57
ARV	Artemis Resources	0.0085	0%	-15%	-29%	-55%	6%	$ 19,848,441.83
HRN	Horizon Gold Ltd	0.48	-3%	20%	71%	78%	0%	$ 69,523,163.04
CLA	Celsius Resource Ltd	0.009	-14%	-18%	-36%	-25%	-18%	$ 24,023,146.07
QML	Qmines Limited	0.048	-14%	-21%	-19%	-39%	-11%	$ 16,497,846.86
RDN	Raiden Resources Ltd	0.015	50%	25%	-46%	-58%	36%	$ 51,763,371.63
TCG	Turaco Gold Limited	0.295	16%	-5%	44%	136%	16%	$ 255,493,515.93
KCC	Kincora Copper	0.03	11%	-9%	-30%	-27%	11%	$ 7,136,290.47
GBZ	GBM Rsources Ltd	0.007	-13%	-13%	-30%	-7%	-13%	$ 8,096,822.22
DTM	Dart Mining NL	0.009	0%	-25%	-48%	-39%	0%	$ 5,382,500.19
MKR	Manuka Resources.	0.027	0%	-13%	-22%	-61%	-4%	$ 21,079,959.39
AUC	Ausgold Limited	0.415	-1%	4%	22%	54%	-1%	$ 155,127,438.87
ANX	Anax Metals Ltd	0.011	-8%	0%	-54%	-61%	-8%	$ 9,640,969.16
EMU	EMU NL	0.025	-7%	-14%	0%	-9%	-7%	$ 4,809,479.68
SFM	Santa Fe Minerals	0.032	3%	10%	0%	-26%	3%	$ 2,330,201.25
SSR	SSR Mining Inc.	12.11	8%	24%	74%	-22%	11%	$ 44,579,283.48
PNR	Pantoro Limited	0.1	10%	6%	2%	117%	11%	$ 632,494,990.37
CMM	Capricorn Metals	6.73	7%	-4%	33%	52%	7%	$ 2,762,483,478.90
X64	Ten Sixty Four Ltd	0.57	0%	0%	0%	0%	0%	$ 129,844,903.32
VRL	Verity Resources	0.021	11%	17%	-65%	-79%	5%	$ 3,113,576.89
HAW	Hawthorn Resources	0.041	-2%	3%	-32%	-59%	0%	$ 13,735,640.13
BGD	Bartongoldholdings	0.24	-4%	-8%	-2%	-6%	-2%	$ 52,518,028.80
SVY	Stavely Minerals Ltd	0.023	5%	10%	-12%	-48%	35%	$ 12,512,968.14
AGC	AGC Ltd	0.14	-7%	-20%	-56%	100%	-10%	$ 35,923,611.08
RGL	Riversgold	0.003	-25%	0%	-40%	-75%	-25%	$ 6,734,850.37
TSO	Tesoro Gold Ltd	0.02	5%	-13%	-39%	-23%	0%	$ 31,068,280.82
GUE	Global Uranium	0.077	31%	24%	-9%	-23%	28%	$ 20,192,229.86
CPM	Coopermetalslimited	0.041	-5%	-9%	-36%	-88%	-11%	$ 3,369,292.95
MM8	Medallion Metals.	0.135	13%	52%	155%	111%	13%	$ 51,177,045.88
FFM	Firefly Metals Ltd	0.965	9%	-4%	16%	57%	4%	$ 541,273,845.12
CBY	Canterbury Resources	0.023	5%	10%	-49%	-8%	5%	$ 4,541,140.61
LYN	Lycaonresources	0.16	0%	-16%	-45%	-26%	78%	$ 8,477,571.68
SFR	Sandfire Resources	9.72	4%	-4%	6%	44%	5%	$ 4,362,286,385.43
SMG	Silvermetalgroupltd	0.06	0%	0%	0%	0%	0%	$ 4,881,135.48
TAM	Tanami Gold NL	0.03	-3%	7%	-6%	-14%	0%	$ 34,077,814.33
NWM	Norwest Minerals	0.015	7%	-29%	-53%	-56%	7%	$ 7,761,912.16
ALK	Alkane Resources Ltd	0.52	-2%	5%	1%	-19%	2%	$ 320,937,202.76
BMO	Bastion Minerals	0.004	-11%	0%	-33%	-75%	0%	$ 3,378,898.66
IDA	Indiana Resources	0.064	3%	3%	38%	44%	5%	$ 41,134,877.31
GSM	Golden State Mining	0.008	0%	-11%	-20%	-38%	0%	$ 2,234,965.04
NSM	Northstaw	0.016	0%	-16%	78%	-60%	0%	$ 4,362,824.00
GSN	Great Southern	0.016	0%	7%	-6%	-20%	7%	$ 15,805,151.01
VAU	Vault Minerals Ltd	0.3425	4%	-2%	-14%	18%	4%	$ 2,312,840,949.88
DEG	De Grey Mining	1.92	7%	0%	66%	53%	9%	$ 4,577,806,834.55
CDR	Codrus Minerals Ltd	0.017	0%	6%	-58%	-73%	0%	$ 2,811,587.57
MDI	Middle Island Res	0.012	0%	-20%	-20%	-25%	0%	$ 3,277,112.70
WTM	Waratah Minerals Ltd	0.15	-6%	-3%	-50%	55%	-3%	$ 30,358,124.85
POL	Polymetals Resources	0.86	9%	-3%	207%	187%	8%	$ 173,924,471.60
RDS	Redstone Resources	0.003	0%	0%	-40%	-40%	20%	$ 2,776,135.38
NAG	Nagambie Resources	0.0185	3%	-26%	85%	-34%	3%	$ 14,861,093.36
BGL	Bellevue Gold Ltd	1.0675	-6%	-20%	-46%	-31%	-5%	$ 1,382,398,905.96
GBR	Greatbould Resources	0.047	12%	4%	-11%	-29%	9%	$ 35,677,715.70
KAI	Kairos Minerals Ltd	0.013	0%	-19%	44%	-7%	8%	$ 34,201,858.46
KAU	Kaiser Reef	0.165	0%	0%	3%	10%	3%	$ 41,433,242.40
HRZ	Horizon	0.045	5%	15%	15%	22%	13%	$ 65,764,829.80
CDT	Castle Minerals	0.002	0%	-20%	-50%	-75%	0%	$ 4,742,035.27
RSG	Resolute Mining	0.4075	1%	1%	-33%	-2%	3%	$ 862,265,255.27
MXR	Maximus Resources	0.06	3%	43%	94%	81%	3%	$ 25,675,661.46
EVN	Evolution Mining Ltd	5.135	6%	2%	38%	35%	7%	$ 10,165,541,401.40
CXU	Cauldron Energy Ltd	0.013	0%	0%	-42%	-57%	8%	$ 18,998,259.92
DLI	Delta Lithium	0.175	3%	6%	-31%	-51%	3%	$ 121,812,104.64
ALY	Alchemy Resource Ltd	0.006	-14%	0%	-14%	-40%	-14%	$ 8,246,533.79
OBM	Ora Banda Mining Ltd	0.735	11%	11%	116%	206%	13%	$ 1,344,761,151.31
AVW	Avira Resources Ltd	0.001	0%	0%	0%	-50%	0%	$ 2,938,790.00
LCY	Legacy Iron Ore	0.009	0%	0%	-33%	-45%	-10%	$ 87,858,383.26
PDI	Predictive Disc Ltd	0.255	6%	2%	38%	28%	11%	$ 587,725,495.75
MAT	Matsa Resources	0.042	20%	-2%	68%	40%	20%	$ 26,653,587.62
ZAG	Zuleika Gold Ltd	0.012	-8%	-25%	-20%	-37%	-8%	$ 8,902,559.12
GML	Gateway Mining	0.022	5%	-15%	-8%	10%	5%	$ 8,994,046.49
SBM	St Barbara Limited	0.265	13%	-18%	23%	33%	18%	$ 270,711,585.25
SBR	Sabre Resources	0.009	0%	-10%	-40%	-69%	-10%	$ 3,536,657.40
STK	Strickland Metals	0.08	-8%	-10%	-15%	-36%	-6%	$ 181,008,008.84
CEL	Challenger Gold Ltd	0.048	12%	0%	-13%	-34%	2%	$ 68,949,056.07
LRL	Labyrinth Resources	0.25	-2%	4%	611%	408%	-4%	$ 139,848,780.50
NST	Northern Star	16.565	7%	0%	28%	29%	7%	$ 18,916,890,493.17
OZM	Ozaurum Resources	0.026	-13%	-16%	-54%	-78%	-13%	$ 5,127,500.01
TG1	Techgen Metals Ltd	0.034	3%	0%	-3%	-55%	-3%	$ 5,394,634.14
XAM	Xanadu Mines Ltd	0.049	2%	-6%	-14%	-6%	0%	$ 93,697,680.24
AQI	Alicanto Min Ltd	0.037	-3%	-8%	95%	22%	0%	$ 31,177,790.04
KTA	Krakatoa Resources	0.009	0%	-10%	-40%	-73%	-5%	$ 5,311,206.23
WGX	Westgold Resources.	2.575	-11%	-12%	1%	32%	-9%	$ 2,386,067,515.70
MBK	Metal Bank Ltd	0.015	0%	-6%	-39%	-44%	0%	$ 7,461,884.97
A8G	Australasian Metals	0.079	5%	-8%	20%	-47%	0%	$ 4,117,519.03
TAR	Taruga Minerals	0.01	0%	-9%	43%	-9%	0%	$ 7,060,267.85
DTR	Dateline Resources	0.003	-14%	0%	-50%	-70%	-14%	$ 7,548,781.41
GOR	Gold Road Res Ltd	2.145	4%	2%	21%	27%	5%	$ 2,330,645,343.50
S2R	S2 Resources	0.077	15%	20%	-30%	-50%	15%	$ 33,058,633.49
NES	Nelson Resources.	0.003	0%	0%	20%	-40%	0%	$ 6,515,782.98
TLM	Talisman Mining	0.205	-5%	-13%	-21%	-20%	0%	$ 38,605,671.55
BEZ	Besragoldinc	0.082	-6%	21%	-17%	-39%	-9%	$ 34,070,093.98
PRU	Perseus Mining Ltd	2.615	0%	-4%	7%	49%	2%	$ 3,613,366,607.39
SPQ	Superior Resources	0.008	14%	33%	-19%	-42%	33%	$ 17,358,910.38
PUR	Pursuit Minerals	0.094	-1%	-30%	-37%	-77%	-2%	$ 8,091,594.91
RMS	Ramelius Resources	2.165	3%	-6%	12%	34%	5%	$ 2,483,299,557.50
PKO	Peako Limited	0.003	0%	50%	30%	-22%	0%	$ 3,285,424.60
ICG	Inca Minerals Ltd	0.007	40%	17%	17%	-33%	40%	$ 7,187,057.73
A1G	African Gold Ltd.	0.06	3%	3%	161%	96%	9%	$ 23,283,518.22
NMG	New Murchison Gold	0.009	0%	-18%	80%	29%	0%	$ 66,862,772.62
GNM	Great Northern	0.0125	-4%	-22%	4%	-34%	-11%	$ 1,932,863.46
KRM	Kingsrose Mining Ltd	0.035	3%	-8%	-19%	-15%	0%	$ 27,126,954.68
BTR	Brightstar Resources	0.02	-5%	-20%	11%	43%	0%	$ 216,527,145.83
RRL	Regis Resources	2.745	6%	2%	50%	26%	8%	$ 2,092,673,323.18
M24	Mamba Exploration	0.013	8%	8%	-13%	-68%	8%	$ 3,054,444.59
TRM	Truscott Mining Corp	0.078	1%	0%	30%	43%	0%	$ 14,932,987.68
TNC	True North Copper	3	0%	0%	-42%	-67%	0%	$ 377,517,048.00
MOM	Moab Minerals Ltd	0.003	50%	50%	-50%	-57%	50%	$ 4,700,998.10
KNB	Koonenberrygold	0.015	0%	15%	0%	-54%	25%	$ 13,114,312.11
AWJ	Auric Mining	0.325	-4%	-6%	41%	195%	-4%	$ 49,154,612.43
ENR	Encounter Resources	0.3	-6%	-12%	-65%	-6%	-8%	$ 149,637,695.70
SNG	Siren Gold	0.058	-13%	-15%	-23%	-11%	-11%	$ 12,919,265.93
STN	Saturn Metals	0.18	-15%	-16%	-3%	-5%	-12%	$ 58,688,127.96
USL	Unico Silver Limited	0.205	5%	3%	24%	86%	5%	$ 85,399,032.23
PNM	Pacific Nickel Mines	0.024	0%	0%	-14%	-69%	0%	$ 10,103,834.52
AYM	Australia United Min	0.002	-50%	0%	0%	-50%	-50%	$ 3,685,154.97
HAV	Havilah Resources	0.215	-2%	-9%	0%	16%	-4%	$ 72,940,103.64
SPR	Spartan Resources	1.57	6%	1%	68%	229%	11%	$ 2,067,021,928.49
PNT	Panthermetalsltd	0.01	-9%	-29%	-54%	-76%	-9%	$ 2,481,707.63
MEK	Meeka Metals Limited	0.099	18%	21%	183%	161%	29%	$ 242,622,842.91
GMD	Genesis Minerals	2.74	10%	3%	45%	71%	11%	$ 3,047,395,346.10
PGO	Pacgold	0.075	0%	-5%	-38%	-61%	0%	$ 9,859,075.35
FEG	Far East Gold	0.165	-8%	-3%	43%	14%	-8%	$ 56,613,183.83
MI6	Minerals260Limited	0.13	0%	8%	-19%	-56%	0%	$ 30,420,000.00
RXL	Rox Resources	0.24	23%	26%	71%	34%	20%	$ 123,582,289.20
PTN	Patronus Resources	0.053	7%	0%	-10%	-21%	8%	$ 88,419,481.42
CLZ	Classic Min Ltd	0.001	0%	0%	0%	-98%	0%	$ 1,544,025.56
TGM	Theta Gold Mines Ltd	0.175	-3%	-5%	0%	46%	-3%	$ 148,650,009.55
FAL	Falconmetalsltd	0.13	13%	-16%	-50%	4%	13%	$ 23,010,000.00
SXG	Southern Cross Gold	3.59	5%	3%	42%	211%	4%	$ 782,900,222.70
SPD	Southernpalladium	0.54	-10%	-14%	59%	54%	-10%	$ 49,113,000.00
ORN	Orion Minerals Ltd	0.015	0%	7%	-12%	7%	0%	$ 102,574,202.22
TMB	Tambourahmetals	0.026	18%	0%	-47%	-77%	24%	$ 2,654,161.10
TMS	Tennant Minerals Ltd	0.011	22%	10%	-48%	-66%	22%	$ 10,514,794.57
AZY	Antipa Minerals Ltd	0.03	11%	20%	200%	88%	15%	$ 153,840,314.10
PXX	Polarx Limited	0.006	0%	-25%	-54%	-23%	-8%	$ 14,253,005.87
TRE	Toubani Res Ltd	0.145	-15%	-17%	-17%	16%	-15%	$ 34,343,993.85
AUN	Aurumin	0.066	0%	-8%	78%	144%	0%	$ 31,907,849.22
GPR	Geopacific Resources	0.0205	3%	-8%	1%	24%	3%	$ 23,661,448.42
FXG	Felix Gold Limited	0.11	26%	22%	144%	156%	31%	$ 34,508,860.68
ILT	Iltani Resources Lim	0.185	-5%	19%	-14%	9%	-10%	$ 7,986,176.28
BRX	Belararoxlimited	0.16	-11%	-11%	-43%	-45%	-9%	$ 22,301,048.31
TM1	Terra Metals Limited	0.03	15%	3%	-59%	-35%	7%	$ 9,136,080.93
TOR	Torque Met	0.052	2%	6%	-61%	-78%	-2%	$ 12,982,524.15
ARD	Argent Minerals	0.019	9%	-14%	12%	100%	12%	$ 26,021,528.64
LM1	Leeuwin Metals Ltd	0.12	0%	100%	135%	-4%	-14%	$ 5,153,683.81
GAL	Galileo Mining Ltd	0.15	25%	36%	-25%	-46%	20%	$ 32,608,112.96