• Junior Astral and Maximus pause with potential Kambalda gold deal on the cards
  • Where else is M&A likely in the ASX gold sector next year?
  • Leeuwin leads gold gains with purchase of Ramelius’ Marda project

 

It would be hard to miss the barely concealed winks and nudges contained in the twin trading halts of Astral Resources (ASX:AAR) and Maximus Resources (ASX:MXR), the Kambalda gold field neighbours who paused in lockstep for a transaction today.

Astral, which boasts over 1Moz of gold in its growing Kamperman and Feysville projects near the famous Goldfields mining town has long been mooted as a logical target for South African giant Gold Fields, which needs additional material for its St Ives gold mine on the doorstep of the community.

But AAR is paused for an acquisition of its own, due to be unveiled on New Year’s Eve. Pop the champagne.

$19 million capped MXR owns the ~250,000oz Wattle Dam gold project, the lower grade material (5.4Mt at 1.45g/t) identified after Ramelius Resources mined the extraordinarily high grade and nuggety gold found near surface in its early stages as an ASX listed gold miner (267,000oz at 10.6g/t from 2006-2012).

MXR has ~100,000oz across a string of other gold deposits in the region, including Hilditch where it’s struck some decent grade gold of late, and has a lithium JV with Korea’s overseas resource security agency KOMIR.

Astral shares have lifted an impressive 115% YTD, with the company now valued at $180m. The comparatively tiny MXR is also up 50% YTD.

One to watch if a trade there is in the works.

Gold M&A has been a massive part of the market in 2024, with pro-cyclical gold miners targeting growth to capture the benefits of higher prices or grapple at market relevance.

The promised $5bn scrip takeover of De Grey Mining (ASX:DEG) by Northern Star Resources (ASX:NST) is the big ticket item. Newmont’s US$475m sale of the Telfer gold mine to London-listed, Andrew Forrest backed Greatland Gold was the other showstopper.

Westgold Resources (ASX:WGX) became a $2bn+ miner with its takeover of TSX-listed Karora Resources, with Red 5 and Silver Lake Resources nailing a similar valuation with the Vault Minerals (ASX:VAU) tie-up, which counts the King of the Hills mine near Leonora as its flagship asset.

But at the junior end we’ve also seen Horizon Minerals (ASX:HRZ) hoover up Greenstone Resources and Poseidon Nickel and Brightstar Resources (ASX:BTR) grow to 3Moz in resources by swallowing Linden Gold and Alto Metals alongside a $14m deal for Gateway Mining’s (ASX:GML) Montague East project.

There are plenty of reasons tothink more is on the way in 2025.

Which deals are analysts watching?

There’s one deal everyone is looking closely at, a further tie-up between Vault and Genesis Minerals (ASX:GMD).

That would bring the Leonora district under the control of Raleigh Finlayson (presumably the former Saracen and Northern Star boss emerges as the king if a merger deal transpires with Luke Tonkin-led Vault), whose uncles the Lalors famously administered both Vault’s King of the Hills and Genesis’ Gwalia before the collapse of their gold company Sons of Gwalia in the early 2000s.

It has the unlikeliest of things in a gold merger, actual potential synergies, given the close proximity of the assets and the network of nearby mills (Genesis has both Gwalia and the restarting Mt Morgans nearer to Laverton) which would help unlock ore sources held by the companies better suited to other locations.

What Gold Road Resources (ASX:GOR) does with its winnings from the NST-DEG bid will also leave another cashed up mid-tier in the market, as Argonaut’s Hayden Bairstow pointed out to us back in early December.

READ: Everyone’s a target – Why gold’s M&A rush will continue

Canaccord’s Tim Hoff told our Expert’s Digest (read it here and here) Spartan Resources (ASX:SPR), owner of the high grade Never Never discovery, was the obvious takeover target on the ASX.

Ramelius Resources (ASX:RMS) recently upped its stake to 19.9%, the threshold before a formal bid must be declared.

“Ramelius paid around $1 and everyday Spartan is trading towards that dollar is surely another day that Ramelius is looking at making a move there,” Hoff said.

SPR was trading 3% higher at $1.35 on Friday.

Predictive Discovery (ASX:PDI), owner of the 5.4Moz Bankan project in Guinea, has Perseus Mining (ASX:PRU)  sitting in a similar position, with market watchers saying they see more moves from PRU likely.

There’s been recent M&A action in Africa, with Caigen Wang’s Aurum Resources (ASX:AUE) picking up a majority share of Mako Gold (ASX:MKG) in a merger of the Ivory Coast gold names.

Wang’s previous company Tietto, owner of the Abujar mine in Cote d’Ivoire, passed into the hands of China’s Zhaojin Mining in a $768m in the first half.

Back in Australia and the fallout from the Greatland Gold Telfer deal has analysts, fundies and brokers humming on what will follow in the hot Paterson Province. Greatland will need lower grade tonnes to eventually supplement ore from its high grade Havieron deposit and keep Telfer running full bore.

Antipa Minerals (ASX:AZY) is a regular name in these discussions, with its 2.3Moz Minyari Dome resource among the largest deposits not owned by a major. There’s plenty of competitive tension in the district as well, with Sumitomo recently announcing a more than $600 million deal for 30% of Rio Tinto’s Winu gold and copper deposit and IGO (ASX:IGO) formalising a JV with Encounter Resources (ASX:ENR) in the region.

“Antipa has a huge resource less than 40kms from Telfer, which is a great big hungry gold process facility recently acquired by Greatland Gold who plan to list on ASX,” Lion Selection Group’s Hedley Widdup told Stockhead.

“Greatland, of course, have the large and high grade Havieron deposit which is a similar trucking distance to Telfer, but is underground and will only ever provide a fraction of the annual tonnage the Telfer process plant can accommodate. Antipa’s gold project has wonderful valuation fundamentals to build a new mine and process plant, but it makes so much sense for Greatland to be looking at Antipa.”

Another potential deal on the radar is Emmerson Resources (ASX:ERM), which holds a free-carried 6% production royalty in a JV over the development of the Tennant Creek mineral field. Its partner Tennant Creek Mineral Group just got bought out by LSE-listed Pan African Resources, which is now developing the project.

That means ERM’s royalty now makes it a prime target either for PAR or a royalty streamer, with cashflows to be unlocked from 2026, Bridge Street Capital Partners’ Chris Baker mused in a note this month.

 

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 14% 0% -11% -53% -53% $ 8,678,940.02
NPM Newpeak Metals 0.013 0% 30% -35% -19% -9% $ 4,275,670.91
ASO Aston Minerals Ltd 0.009 -10% 0% -10% -65% -63% $ 11,655,578.42
MTC Metalstech Ltd 0.135 0% 13% -39% -31% -39% $ 26,667,830.21
GED Golden Deeps 0.025 4% -4% -24% -47% -46% $ 3,636,536.38
G88 Golden Mile Res Ltd 0.01 25% 0% -17% -41% -47% $ 4,728,228.55
LAT Latitude 66 Limited 0.047 -11% -23% 2250% -69% -77% $ 6,883,233.84
NMR Native Mineral Res 0.039 5% 11% 56% 70% 95% $ 18,913,689.80
AQX Alice Queen Ltd 0.007 0% -13% 8% 40% 40% $ 8,028,230.48
SLZ Sultan Resources Ltd 0.007 17% 0% -13% -69% -69% $ 1,620,289.37
MKG Mako Gold 0.013 0% -13% 30% 44% 30% $ 12,826,047.98
KSN Kingston Resources 0.074 0% -18% -10% -6% -4% $ 57,952,341.01
AMI Aurelia Metals Ltd 0.165 0% -6% -13% 57% 50% $ 287,565,978.94
GIB Gibb River Diamonds 0.04 0% 8% -5% 33% 33% $ 8,794,887.25
KCN Kingsgate Consolid. 1.29 -3% -8% -17% -7% -6% $ 329,922,165.76
TMX Terrain Minerals 0.003 0% 0% 0% -40% -40% $ 5,432,086.40
BNR Bulletin Res Ltd 0.039 0% -5% -9% -68% -72% $ 11,450,919.60
NXM Nexus Minerals Ltd 0.044 -10% -27% 13% 2% -6% $ 22,449,157.36
SKY SKY Metals Ltd 0.052 0% -2% 63% 41% 44% $ 36,956,564.63
LM8 Lunnonmetalslimited 0.21 0% 0% 11% -65% -65% $ 46,331,916.54
CST Castile Resources 0.08 7% 4% 10% -2% -2% $ 23,998,348.00
YRL Yandal Resources 0.185 -5% -16% 42% 128% 123% $ 57,981,559.13
FAU First Au Ltd 0.002 0% 0% -20% -33% -33% $ 3,107,989.92
ARL Ardea Resources Ltd 0.33 3% -10% -31% -30% -31% $ 61,901,703.65
GWR GWR Group Ltd 0.082 1% -5% -5% -10% -14% $ 25,697,332.40
IVR Investigator Res Ltd 0.0195 3% -49% -58% -47% -49% $ 30,188,711.91
GTR Gti Energy Ltd 0.003 -25% -14% -40% -60% -63% $ 8,888,848.99
IPT Impact Minerals 0.0105 5% -19% -30% 5% -5% $ 32,124,054.04
BNZ Benzmining 0.35 6% 17% 180% 49% 40% $ 42,529,859.34
MOH Moho Resources 0.004 0% -20% 0% -64% -60% $ 2,865,898.30
BCM Brazilian Critical 0.0095 6% -21% -44% -63% -63% $ 9,979,356.59
PUA Peak Minerals Ltd 0.008 -11% 33% 222% 222% 222% $ 20,416,882.11
MRZ Mont Royal Resources 0.043 0% 8% -30% -71% -71% $ 3,656,281.10
SMS Starmineralslimited 0.037 -8% 0% 37% 13% -1% $ 4,506,846.16
MVL Marvel Gold Limited 0.009 0% -18% 13% -31% -25% $ 7,774,116.33
PRX Prodigy Gold NL 0.002 0% 0% 12% -63% -62% $ 6,350,111.10
AAU Antilles Gold Ltd 0.004 33% 14% 0% -82% -83% $ 7,431,504.23
CWX Carawine Resources 0.1 1% -13% 11% -9% -9% $ 23,612,544.90
RND Rand Mining Ltd 1.52 -3% -16% 1% 12% 11% $ 86,167,080.92
CAZ Cazaly Resources 0.013 -13% 0% -28% -58% -55% $ 5,996,938.88
BMR Ballymore Resources 0.125 -4% -22% -22% 2% 0% $ 22,091,323.13
DRE Dreadnought Resources Ltd 0.0115 5% -18% -43% -63% -62% $ 41,445,800.00
ZNC Zenith Minerals Ltd 0.04 0% -2% -20% -76% -73% $ 17,519,981.15
REZ Resourc & En Grp Ltd 0.025 39% -4% 127% 108% 79% $ 16,119,338.93
LEX Lefroy Exploration 0.07 3% -8% -30% -60% -60% $ 17,119,409.51
ERM Emmerson Resources 0.075 1% 23% 42% 36% 27% $ 47,035,797.05
AM7 Arcadia Minerals 0.019 0% -27% -49% -75% -74% $ 2,230,285.23
ADT Adriatic Metals 3.95 -1% -4% -1% 13% -1% $ 1,099,791,380.16
AS1 Asara Resources Ltd 0.019 -14% -17% 90% 58% 90% $ 17,939,885.53
CYL Catalyst Metals 2.61 0% -5% 137% 235% 224% $ 578,517,872.64
CHN Chalice Mining Ltd 1.135 5% -15% -16% -32% -33% $ 425,984,332.86
KAL Kalgoorliegoldmining 0.02 11% -20% -31% -20% -26% $ 5,189,059.64
MLS Metals Australia 0.022 5% -21% 16% -37% -41% $ 15,998,829.53
ADN Andromeda Metals Ltd 0.0065 -7% -7% -59% -70% -74% $ 24,001,093.82
MEI Meteoric Resources 0.089 10% -6% -43% -64% -66% $ 198,046,199.25
SRN Surefire Rescs NL 0.003 -25% -25% -63% -67% -65% $ 7,232,077.35
WA8 Warriedarresourltd 0.045 7% -13% -21% -17% -15% $ 41,094,326.39
HMX Hammer Metals Ltd 0.034 10% 0% 0% -31% -35% $ 28,408,278.40
WCN White Cliff Min Ltd 0.0165 -3% -3% 10% 83% 83% $ 32,138,002.72
AVM Advance Metals Ltd 0.034 0% 10% 36% -8% -8% $ 5,728,971.92
ASR Asra Minerals Ltd 0.003 0% 0% -25% -63% -57% $ 6,937,807.46
ARI Arika Resources 0.026 0% -13% 30% 30% 4% $ 17,104,733.23
AME Alto Metals Limited 0 -100% -100% -100% -100% -100% $ 69,538,678.17
CTO Citigold Corp Ltd 0.0035 -13% -30% -13% -42% -30% $ 12,000,000.00
SMI Santana Minerals Ltd 0.48 5% -4% 41% 48% 43% $ 289,826,296.20
M2R Miramar 0.004 0% -33% -50% -80% -80% $ 1,587,293.14
MHC Manhattan Corp Ltd 0.019 -14% -37% -24% -71% -71% $ 4,932,876.86
GRL Godolphin Resources 0.014 4% 0% -26% -65% -64% $ 5,026,260.30
SVG Savannah Goldfields 0.022 5% 5% 47% -50% -56% $ 6,183,868.15
EMC Everest Metals Corp 0.135 0% 4% 13% 65% 69% $ 30,210,817.86
GUL Gullewa Limited 0.056 0% -7% -21% 2% 2% $ 12,209,241.63
CY5 Cygnus Metals Ltd 0.1025 -7% -15% 138% -18% -24% $ 50,681,549.91
G50 G50Corp Ltd 0.155 3% 7% -6% 19% 15% $ 23,112,060.90
ADV Ardiden Ltd 0.13 0% 0% 0% -28% -26% $ 8,752,450.84
AAR Astral Resources NL 0.15 3% 15% 70% 108% 105% $ 180,357,243.90
VMC Venus Metals Cor Ltd 0.065 0% -7% -7% -38% -35% $ 12,356,107.03
NAE New Age Exploration 0.004 0% 0% 33% -33% -33% $ 8,575,595.64
VKA Viking Mines Ltd 0.008 7% -11% 0% -38% -43% $ 10,625,178.56
LCL LCL Resources Ltd 0.009 0% 0% 0% -44% -47% $ 10,753,314.36
MTH Mithril Silver Gold 0.385 5% -4% 108% 93% 93% $ 55,862,930.97
ADG Adelong Gold Limited 0.005 25% 0% -17% 0% 0% $ 4,471,955.83
RMX Red Mount Min Ltd 0.01 11% -9% 0% -62% -62% $ 4,649,577.96
PRS Prospech Limited 0.029 -3% 4% 4% -15% -6% $ 9,207,124.84
TTM Titan Minerals 0.355 6% -17% -15% 27% 27% $ 80,256,750.75
AKA Aureka Limited 0.145 12% 38% -98% -98% -98% $ 14,340,885.44
AAM Aumegametals 0.038 -7% 6% -34% -17% -19% $ 24,700,808.38
KZR Kalamazoo Resources 0.078 -3% -7% -3% -26% -35% $ 16,669,252.08
BCN Beacon Minerals 0.023 5% 5% -12% -12% -8% $ 92,980,012.22
MAU Magnetic Resources 1.1 -2% -12% 7% 10% 8% $ 293,437,265.00
BC8 Black Cat Syndicate 0.615 8% -10% 105% 141% 146% $ 347,078,232.10
EM2 Eagle Mountain 0.009 -10% -50% -83% -88% -88% $ 3,605,919.98
EMR Emerald Res NL 3.37 -3% -6% 0% 10% 12% $ 2,168,249,839.80
BYH Bryah Resources Ltd 0.004 33% 33% -33% -71% -69% $ 2,013,147.42
HCH Hot Chili Ltd 0.685 -1% -14% -26% -32% -37% $ 101,451,701.50
WAF West African Res Ltd 1.46 -2% -3% -6% 51% 54% $ 1,641,278,655.36
MEU Marmota Limited 0.037 0% -8% -20% -16% -14% $ 41,289,977.38
NVA Nova Minerals Ltd 0.355 27% 61% 87% 4% -1% $ 97,239,440.55
SVL Silver Mines Limited 0.081 0% -13% -48% -49% -49% $ 142,382,031.36
PGD Peregrine Gold 0.11 -8% -24% -44% -54% -54% $ 8,145,410.52
ICL Iceni Gold 0.07 6% 25% 8% 32% 35% $ 20,012,556.14
FG1 Flynngold 0.026 -4% -10% 4% -42% -43% $ 7,055,544.69
WWI West Wits Mining Ltd 0.014 0% 4% 17% 17% 17% $ 35,598,175.40
RML Resolution Minerals 0.013 0% -19% -19% -46% -46% $ 3,155,447.76
AAJ Aruma Resources Ltd 0.011 0% -27% -8% -58% -59% $ 2,442,639.89
HWK Hawk Resources. 0.021 5% -19% -21% -57% -53% $ 4,758,588.98
GMN Gold Mountain Ltd 0.003 0% 100% 0% -40% -45% $ 11,902,419.55
MEG Megado Minerals Ltd 0.015 -6% 36% 97% -39% -55% $ 6,295,248.93
HMG Hamelingoldlimited 0.064 2% -19% -9% -3% -19% $ 9,960,300.00
BM8 Battery Age Minerals 0.1 0% 20% -23% -46% -47% $ 10,177,414.00
TBR Tribune Res Ltd 4.28 0% -9% 28% 52% 45% $ 224,563,369.56
FML Focus Minerals Ltd 0.165 -8% -8% 14% -6% -11% $ 47,282,176.43
VRC Volt Resources Ltd 0.003 0% 0% -25% -50% -54% $ 12,639,718.57
ARV Artemis Resources 0.008 -11% -11% -33% -60% -58% $ 16,306,250.62
HRN Horizon Gold Ltd 0.445 11% -3% 56% 48% 48% $ 64,453,765.74
CLA Celsius Resource Ltd 0.01 0% -5% -23% -23% -17% $ 26,692,384.52
QML Qmines Limited 0.055 4% -21% 2% -33% -33% $ 17,872,667.44
RDN Raiden Resources Ltd 0.011 0% -35% -66% -71% -73% $ 37,959,805.86
TCG Turaco Gold Limited 0.275 4% -7% 49% 129% 112% $ 233,841,523.05
KCC Kincora Copper 0.027 4% -21% -44% -41% -34% $ 6,527,350.41
GBZ GBM Rsources Ltd 0.008 14% 14% -11% -11% -11% $ 8,096,822.22
DTM Dart Mining NL 0.01 0% -9% -48% -32% -36% $ 5,980,555.77
MKR Manuka Resources. 0.028 8% -18% -24% -66% -64% $ 22,701,494.73
AUC Ausgold Limited 0.42 2% -2% 20% 45% 31% $ 146,212,068.82
ANX Anax Metals Ltd 0.012 -11% 20% -52% -60% -60% $ 10,517,420.90
EMU EMU NL 0.03 15% 15% 7% -27% 9% $ 5,001,858.86
SFM Santa Fe Minerals 0.031 7% 7% -16% -28% -28% $ 2,111,744.88
SSR SSR Mining Inc. 11.38 3% 30% 72% -30% -28% $ 41,504,074.08
PNR Pantoro Limited 0.09 1% -8% -1% 73% 58% $ 587,316,776.77
CMM Capricorn Metals 6.445 -3% 3% 38% 36% 37% $ 2,638,790,188.80
X64 Ten Sixty Four Ltd 0.57 0% 0% 0% 0% 0% $ 129,844,903.32
VRL Verity Resources 0.021 -5% 5% -48% -79% -79% $ 3,113,576.89
HAW Hawthorn Resources 0.041 0% -20% -31% -59% -56% $ 13,735,640.13
BGD Bartongoldholdings 0.25 2% 0% -9% 0% -6% $ 53,612,154.40
SVY Stavely Minerals Ltd 0.016 -6% -27% -45% -66% -64% $ 8,704,673.49
AGC AGC Ltd 0.165 3% -18% -43% 129% 132% $ 41,055,555.52
RGL Riversgold 0.004 33% 14% -20% -67% -67% $ 6,734,850.37
TSO Tesoro Gold Ltd 0.0205 -2% -7% -27% -18% -29% $ 31,068,280.82
GUE Global Uranium 0.06 18% 0% -26% -37% -39% $ 16,738,295.81
CPM Coopermetalslimited 0.043 13% -9% -39% -87% -87% $ 3,134,226.00
MM8 Medallion Metals. 0.11 13% 38% 96% 77% 69% $ 45,035,800.37
FFM Firefly Metals Ltd 0.9175 1% -17% 28% 48% 46% $ 510,263,364.41
CBY Canterbury Resources 0.025 0% 9% -40% -17% 0% $ 4,936,022.40
LYN Lycaonresources 0.094 16% -59% -59% -48% -53% $ 4,821,618.89
SFR Sandfire Resources 9.53 3% -6% 8% 38% 30% $ 4,380,634,593.15
SMG Silvermetalgroupltd 0.06 0% 0% 0% 0% 0% $ 4,881,135.48
TAM Tanami Gold NL 0.03 0% 0% -3% -17% -14% $ 35,252,911.38
NWM Norwest Minerals 0.016 -20% -16% -45% -41% -41% $ 7,761,912.16
ALK Alkane Resources Ltd 0.5175 2% 5% 0% -22% -21% $ 305,798,655.46
BMO Bastion Minerals 0.004 0% -20% -33% -75% -78% $ 3,378,898.66
IDA Indiana Resources 0.062 2% 8% 42% 78% 43% $ 39,206,679.94
GSM Golden State Mining 0.009 13% 0% -10% -40% -40% $ 2,514,335.67
NSM Northstaw 0.016 0% 14% 31% -61% -61% $ 4,635,500.50
GSN Great Southern 0.0145 4% -19% -15% -28% -24% $ 14,323,418.10
VAU Vault Minerals Ltd 0.325 0% 0% -12% 8% 5% $ 2,176,791,482.24
DEG De Grey Mining 1.8 1% 22% 67% 42% 46% $ 4,254,244,571.38
THR Thor Energy PLC 0.012 -8% -14% -20% -59% -60% $ 3,567,018.39
CDR Codrus Minerals Ltd 0.019 0% 6% -53% -67% -66% $ 3,142,362.58
MDI Middle Island Res 0.013 -7% -19% -7% -13% -19% $ 3,550,205.43
WTM Waratah Minerals Ltd 0.155 0% -6% 41% 35% 29% $ 30,358,124.85
POL Polymetals Resources 0.835 4% 22% 227% 169% 169% $ 154,160,327.10
RDS Redstone Resources 0.003 20% 20% -25% -40% -50% $ 2,776,135.38
NAG Nagambie Resources 0.017 6% 0% 70% -39% -41% $ 13,656,139.85
BGL Bellevue Gold Ltd 1.135 -3% -10% -34% -33% -32% $ 1,439,998,860.38
GBR Greatbould Resources 0.044 2% 5% -24% -33% -32% $ 31,882,214.03
KAI Kairos Minerals Ltd 0.0125 -4% -11% 39% -17% -11% $ 34,201,858.46
KAU Kaiser Reef 0.165 0% 10% 6% -3% -3% $ 41,433,242.40
HRZ Horizon 0.041 5% -5% 28% -2% -2% $ 55,757,138.31
CAI Calidus Resources 0.115 0% 0% 10% -43% -47% $ 93,678,205.58
CDT Castle Minerals 0.0025 25% 25% -29% -71% -74% $ 4,182,035.27
RSG Resolute Mining 0.3975 -2% 2% -23% -11% -11% $ 830,329,505.07
MXR Maximus Resources 0.045 2% 10% 67% 32% 32% $ 19,256,746.10
EVN Evolution Mining Ltd 4.885 1% 0% 44% 25% 23% $ 9,628,418,861.60
CXU Cauldron Energy Ltd 0.013 18% -13% -44% -44% -44% $ 18,998,259.92
DLI Delta Lithium 0.165 0% -15% -25% -64% -65% $ 118,229,395.68
ALY Alchemy Resource Ltd 0.007 0% 0% 17% -30% -30% $ 8,246,533.79
NH3 Nh3Cleanenergyltd 0.019 0% -10% 73% 58% 58% $ 9,792,886.12
OBM Ora Banda Mining Ltd 0.6775 5% 2% 96% 195% 182% $ 1,231,914,061.69
AVW Avira Resources Ltd 0.001 0% 0% 0% -50% -50% $ 2,938,790.00
LCY Legacy Iron Ore 0.009 0% -10% -28% -42% -45% $ 87,858,383.26
PDI Predictive Disc Ltd 0.235 2% -6% 38% 12% 12% $ 552,461,966.01
MAT Matsa Resources 0.0315 -10% -25% 26% 17% 21% $ 20,477,756.34
ZAG Zuleika Gold Ltd 0.013 0% -24% -19% -32% -28% $ 9,644,439.05
GML Gateway Mining 0.022 -4% -4% -4% -12% -12% $ 8,585,226.20
SBM St Barbara Limited 0.22 -25% -34% 13% 10% 5% $ 216,569,268.20
SBR Sabre Resources 0.01 0% 0% -38% -66% -70% $ 3,929,619.33
STK Strickland Metals 0.083 -3% 11% -21% -3% -13% $ 176,593,179.36
CEL Challenger Gold Ltd 0.043 13% -10% -22% -34% -42% $ 67,416,854.82
LRL Labyrinth Resources 0.235 -10% -6% 735% 377% 377% $ 134,254,829.28
NST Northern Star 15.56 2% -9% 20% 14% 14% $ 17,693,650,010.79
OZM Ozaurum Resources 0.03 15% -9% -43% -75% -80% $ 4,127,500.00
TG1 Techgen Metals Ltd 0.033 -3% 3% 18% -57% -58% $ 5,235,968.43
XAM Xanadu Mines Ltd 0.049 -2% -4% -13% -11% -17% $ 90,512,736.62
AQI Alicanto Min Ltd 0.037 0% 6% 76% 15% 12% $ 32,020,433.01
KTA Krakatoa Resources 0.0095 6% -14% -32% -74% -74% $ 5,606,273.24
ARN Aldoro Resources 0.365 18% 368% 400% 345% 192% $ 40,387,122.90
WGX Westgold Resources. 2.87 -3% 4% 14% 32% 32% $ 2,678,431,519.60
MBK Metal Bank Ltd 0.015 7% -21% -31% -44% -44% $ 6,964,425.97
A8G Australasian Metals 0.078 1% 0% 4% -54% -54% $ 4,065,398.53
TAR Taruga Minerals 0.01 0% 0% 43% -17% -9% $ 7,060,267.85
DTR Dateline Resources 0.003 0% -14% -65% -70% -70% $ 7,548,781.41
GOR Gold Road Res Ltd 2.065 1% 11% 26% 3% 5% $ 2,200,562,812.70
S2R S2 Resources 0.067 -1% -6% -26% -63% -59% $ 29,435,769.55
NES Nelson Resources. 0.0025 -17% -17% -17% -38% -38% $ 5,429,819.15
TLM Talisman Mining 0.21 0% -9% -18% -2% -11% $ 40,488,875.04
BEZ Besragoldinc 0.081 21% 25% -18% -46% -46% $ 32,823,627.13
PRU Perseus Mining Ltd 2.575 -3% 0% 10% 38% 39% $ 3,495,080,967.66
SPQ Superior Resources 0.006 0% -14% -14% -53% -53% $ 13,019,182.79
PUR Pursuit Minerals 0.105 -5% -16% -30% -72% -74% $ 8,256,729.50
RMS Ramelius Resources 2.13 -1% 4% 14% 23% 26% $ 2,437,098,635.50
PKO Peako Limited 0.003 0% 0% -3% -22% -22% $ 3,285,424.60
ICG Inca Minerals Ltd 0.005 -17% -29% -29% -47% -52% $ 5,646,973.93
A1G African Gold Ltd. 0.054 8% 2% 125% 135% 135% $ 19,084,851.00
NMG New Murchison Gold 0.009 -10% 0% 80% 50% 29% $ 74,275,052.92
GNM Great Northern 0.015 7% 7% 25% -25% -25% $ 2,164,807.08
KRM Kingsrose Mining Ltd 0.033 -8% -8% -18% -18% -20% $ 24,866,375.13
BTR Brightstar Resources 0.0205 3% -21% 21% 37% 28% $ 227,923,311.40
RRL Regis Resources 2.635 -1% 3% 52% 21% 21% $ 1,956,687,331.06
M24 Mamba Exploration 0.012 0% 0% -20% -71% -76% $ 2,819,487.31
TRM Truscott Mining Corp 0.078 0% 1% 30% 43% 43% $ 14,932,987.68
TNC True North Copper 0.03 0% 0% -41% -70% -69% $ 41,498,633.82
MOM Moab Minerals Ltd 0.002 0% -50% -33% -71% -71% $ 3,133,998.73
KNB Koonenberrygold 0.013 8% -13% -13% -64% -66% $ 11,365,737.16
AWJ Auric Mining 0.335 -6% 16% 91% 235% 179% $ 49,899,379.29
ENR Encounter Resources 0.33 10% -12% -41% 10% 14% $ 164,054,614.35
SNG Siren Gold 0.064 2% 5% -29% 8% -6% $ 14,233,089.59
STN Saturn Metals 0.21 8% -9% 8% 20% 24% $ 67,954,674.48
USL Unico Silver Limited 0.2 11% 0% 33% 67% 60% $ 83,209,313.45
PNM Pacific Nickel Mines 0.024 0% 0% -20% -73% -71% $ 10,103,834.52
AYM Australia United Min 0.004 0% 33% 100% 33% 33% $ 7,370,309.94
ANL Amani Gold Ltd 0.001 0% 0% 0% 0% 0% $ 21,449,587.12
HAV Havilah Resources 0.2175 4% 12% 14% 9% 12% $ 74,636,385.12
SPR Spartan Resources 1.3475 3% 3% 50% 171% 161% $ 1,676,655,558.09
PNT Panthermetalsltd 0.012 20% -37% -34% -71% -71% $ 2,824,183.66
MEK Meeka Metals Limited 0.078 3% 16% 136% 95% 95% $ 179,537,058.30
GMD Genesis Minerals 2.525 -1% 4% 44% 44% 41% $ 2,855,522,305.79
PGO Pacgold 0.075 1% -15% -35% -61% -61% $ 9,727,621.01
FEG Far East Gold 0.17 -6% 6% 70% 21% 36% $ 59,991,785.88
MI6 Minerals260Limited 0.125 -4% -7% -11% -63% -61% $ 29,250,000.00
IGO IGO Limited 4.85 -1% 1% -18% -46% -46% $ 3,650,030,858.66
GAL Galileo Mining Ltd 0.12 0% 0% -41% -52% -58% $ 22,726,866.61
RXL Rox Resources 0.2 11% 29% 54% 9% 9% $ 97,835,978.95
PTN Patronus Resources 0.05 2% -18% -11% -22% -25% $ 81,869,890.20
CLZ Classic Min Ltd 0.001 0% 0% 0% -98% -98% $ 1,544,025.56
TGM Theta Gold Mines Ltd 0.185 0% 6% 19% 68% 61% $ 157,144,295.81
FAL Falconmetalsltd 0.125 -4% -11% -51% -7% -14% $ 20,355,000.00
SXG Southern Cross Gold 3.57 3% 21% 62% 171% 183% $ 771,873,459.00
SPD Southernpalladium 0.6 0% -14% 56% 64% 60% $ 54,570,000.00
ORN Orion Minerals Ltd 0.014 -7% -13% -7% 0% 0% $ 95,735,922.07
TMB Tambourahmetals 0.023 0% -8% -55% -80% -80% $ 2,543,571.06
TMS Tennant Minerals Ltd 0.01 11% -23% -52% -72% -70% $ 9,080,958.94
AZY Antipa Minerals Ltd 0.0255 2% 16% 143% 50% 50% $ 126,201,724.82
PXX Polarx Limited 0.007 0% 0% -46% 20% 3% $ 16,628,506.85
TRE Toubani Res Ltd 0.1625 20% -17% -12% 12% 12% $ 36,633,593.44
AUN Aurumin 0.062 7% 9% 82% 182% 138% $ 32,406,409.36
GPR Geopacific Resources 0.021 8% -2% 8% 3% 8% $ 23,661,448.42
FXG Felix Gold Limited 0.08 -8% 18% 100% 67% 63% $ 26,292,465.28
ILT Iltani Resources Lim 0.2 11% 33% -35% 43% 25% $ 8,873,529.20
BRX Belararoxlimited 0.16 -11% -20% -14% -53% -48% $ 22,146,048.31
TM1 Terra Metals Limited 0.021 -5% -28% -70% -56% -54% $ 8,738,860.02
TOR Torque Met 0.05 -2% 6% -66% -78% -77% $ 12,982,524.15
ARD Argent Minerals 0.018 6% -14% 29% 80% 100% $ 24,575,888.16
LM1 Leeuwin Metals Ltd 0.13 117% 78% 183% -13% -7% $ 5,622,200.52
Wordpress Table Plugin

 

Top ASX gold stories this week

Leeuwin Metals (ASX:LM1)

Leeuwin shares lifted over 100% after its purchase last week of the Marda gold project from Ramelius Resources (ASX:RMS).

RMS mined Marda, near Southern Cross, for a few years as a satellite mine for its Edna May gold mine, where it plans to end processing this year.

But LM1 is looking to chase up high grade zones that went unmined by RMS, which never had a discrete focus on the deposit, one of many feeding the mill at Westonia.

LM1 has been in less attractive markets previously, pivoting to gold having previously explored for lithium in Canada and iron ore in the Pilbara.

While the latter two are well off their long-term highs, gold is not far off its October record of a touch under US$2800/oz, currently fetching US$2626/oz or A$4200/oz.

It’s a tried and tested strategy to go after an old deposit held by a major or mid-tier which needs to rationalise and get unnecessary costs off its books.

By placing capital and a specific company-wide focus, the thesis is a smaller company can extract more water, or in this case gold, out of the stone.

 

Javelin Minerals (ASX:JAV) and Labyrinth Resources (ASX:LRL) are two juniors who have done the same recently, with JAV picking up the formerly RMS owned Coogee project east of Kalgoorlie, and LRL dealing directly with RMS for the Vivien underground mine near Leinster.

Javelin’s up 75% YTD, while LRL is up almost 400%. Leeuwin has packed on the pounds, adding 140% in the past week to put some meat on its bones ahead of Christmas lunch.

 

Resources and Energy Group (ASX:REZ)

REZ had no news out on the market but has been undertaking trial mining at its East Menzies gold project.

Having previously made $23 million in revenue (note, revenue, not cash flow) from its Granny Venn project at lower gold prices of around $2600/oz (vs $4200/oz today), it’s aiming to develop a string of small, shallow deposits starting with the 8000oz Maranoa via a “low cost” vat leach process.

A small scale 5000t operation is underway using material from Maranoa, with an optimised pit shell for the larger Goodenough deposit established last year of 179,000t at 1.71g/t for 9800oz.

 

At Stockhead, we tell it like it is. While Astral Resources, Antipa Minerals, Mako Gold, Brightstar Resources and Spartan Resources are Stockhead advertisers, they did not sponsor this article.

Read MoreGoldMergers & Acquisitions

Featured Companies

You might be interested in