The high Aussie gold price is sparking extraordinary demand for third party milling capacity in the WA Goldfields. This could impact a number of gold explorers on the ASX currently looking to toll treat small, historic deposits for quick and easy cashflows.

Toll treating – or processing ore at another company’s mill for a fee – is perfect for gold deposits too small to justify their own large-scale plant development.

>>>Scroll down for the top gold movers over the past week>>>

In recent years, numerous Australian gold mills were largely considered to be under-utilised (‘hungry’) or had a chunk of spare capacity set aside for junior players. That appears to have changed in a high gold price environment.

On Friday, aspiring miner Alt Resources (ASX:ARS) said it would be forced to postpone mining at the 36,700oz Tim’s Find gold deposit in the Goldfields region of WA.

Tim’s Find was going to help Alt ‘self-fund’ its wider exploration and project development plans; a strategy that is good for shareholders.

But the strong Aussie gold price has sparked increased demand for milling capacity in the WA Goldfields region, the company says, “with multiple small-scale mining operations commencing during the first quarter of 2020 and larger producers also looking for additional mill capacity to process ore”.

Mining operations were scheduled to kick off in July, but the company has been unable to lock down milling capacity.

Kalgoorlie’s Lakewood Mill, owned by private company Golden Mile Milling, is now fully booked for the remainder of 2020 and further into mid 2021, Alt says.

Alt was negotiating an ore sale agreement with the Paddington Mill, with ore scheduled to be delivered September through October 2020. That also fell through.

Paddington told the company that all spare milling capacity had now been contracted “to a larger company” through to early 2021. The lack of milling options has also led to an increased toll treatment cost per tonne, Alt says.

“The company will not commence mining operations at the Tim’s Find project without a contracted milling solution in place and is discussing other milling solutions,” Alt says.

USD (yellow) and AUD (orange) gold prices over the past month.

 

Winners & Losers

Here’s how ASX-listed gold stocks performed for the period May 11– 15 [intraday]:

Scroll or swipe to reveal table. Click headings to sort. Best viewed on a laptop:

CODE NAME 1 WEEK RETURN % 1 YEAR RETURN % PRICE [Intraday Friday] MARKET CAP
RGL RIVERSGOLD 100 -18 0.016 $2,967,044.50
DTR DATELINE RESOURCES 100 -20 0.002 $8,210,078.00
AAJ ARUMA RESOURCES 100 -20 0.004 $2,837,655.50
AWV ANOVA METALS 50 52 0.014 $12,470,415.00
MTH MITHRIL RESOURCES 50 100 0.012 $9,317,395.00
AGS ALLIANCE RESOURCES 48 33 0.125 $18,612,966.00
TTM TITAN MINERALS 38 -67 0.072 $51,087,356.00
SLZ SULTAN RESOURCES 38 94 0.12 $4,762,530.00
BYH BRYAH RESOURCES 36 -50 0.038 $3,328,836.75
BRV BIG RIVER GOLD 35 75 0.036 $42,174,928.00
MSR MANAS RESOURCES 33 33 0.004 $10,572,650.00
CTO CITIGOLD CORP 33 -20 0.004 $9,684,693.00
BNR BULLETIN RESOURCES 30 253 0.065 $9,323,240.00
GML GATEWAY MINING 20 0 0.013 $14,735,776.00
GSN GREAT SOUTHERN MINING 19 84 0.06 $20,371,708.00
GUL GULLEWA 17 126 0.07 $10,083,002.00
DGO DGO GOLD 16 193 2.08 $89,052,888.00
RED RED 5 15 80 0.24 $409,725,184.00
ONX ORMINEX 15 -43 0.06 $33,424,334.00
PUA PURE ALUMINA 15 -73 0.015 $3,548,173.25
HRZ HORIZON MINERALS 15 -27 0.097 $43,938,596.00
NXM NEXUS MINERALS 15 -2 0.046 $5,439,066.00
GNM GREAT NORTHERN MINERALS 14 -73 0.008 $3,794,610.75
CGN CRATER GOLD MINING 11 -23 0.01 $12,274,959.00
CMM CAPRICORN METALS 11 218 1.445 $490,122,208.00
GSM GOLDEN STATE MINING 10 136 0.165 $6,226,454.00
MKG MAKO GOLD 10 -44 0.055 $5,592,529.50
BBX BBX MINERALS 10 -58 0.1 $38,395,436.00
SVL SILVER MINES 10 117 0.094 $79,157,984.00
SAR SARACEN MINERAL HOLDINGS 9 51 4.95 $5,128,442,880.00
ARM AURORA MINERALS 9 50 0.012 $2,811,198.75
RSG RESOLUTE MINING 9 -13 1.0575 $1,108,341,120.00
MDI MIDDLE ISLAND RESOURCES 8 160 0.013 $22,948,618.00
SBM ST BARBARA 8 -12 2.84 $1,863,200,768.00
PGI PANTERRA GOLD 8 75 0.028 $4,878,541.00
PRU PERSEUS MINING 8 124 1.1 $1,261,499,904.00
PRX PRODIGY GOLD 8 -48 0.043 $23,805,732.00
TAM TANAMI GOLD 7 5 0.046 $50,529,172.00
MLL MALI LITHIUM 7 -56 0.075 $23,801,108.00
RRL REGIS RESOURCES 7 9 5.1 $2,479,920,640.00
ADN ANDROMEDA METALS 6 525 0.051 $79,193,472.00
PDI PREDICTIVE DISCOVERY 6 549 0.065 $40,572,124.00
GBR GREAT BOULDER RESOURCES 6 -51 0.035 $4,670,890.00
NAG NAGAMBIE RESOURCES 6 8 0.054 $27,496,280.00
TIE TIETTO MINERALS 6 143 0.375 $129,622,144.00
DCN DACIAN GOLD 5 -64 0.4175 $216,943,264.00
TRY TROY RESOURCES 5 -18 0.08 $51,197,164.00
BAR BARRA RESOURCES 5 -26 0.02 $13,123,346.00
NST NORTHERN STAR RESOURCES 5 45 13.74 $9,894,452,224.00
MEU MARMOTA 5 193 0.048 $37,197,256.00
NCM NEWCREST MINING 4 12 29.915 $22,631,264,256.00
HRN HORIZON GOLD 4 79 0.25 $19,132,654.00
CXU CAULDRON ENERGY 4 44 0.026 $10,159,826.00
BDC BARDOC GOLD 4 16 0.079 $110,261,488.00
HAW HAWTHORN RESOURCES 4 145 0.14 $45,726,184.00
SFM SANTA FE MINERALS 4 -45 0.054 $3,932,214.50
SLR SILVER LAKE RESOURCES 4 138 2.045 $1,777,285,120.00
SPX SPECTRUM METALS 3 675 0.165 $223,279,856.00
RMS RAMELIUS RESOURCES 3 68 1.5 $1,089,116,288.00
WGX WESTGOLD RESOURCES 3 60 2.29 $880,506,624.00
KRM KINGSROSE MINING 3 -3 0.04 $25,550,258.00
MAU MAGNETIC RESOURCES 3 142 0.8 $161,038,064.00
A1G AFRICAN GOLD 3 -54 0.082 $4,648,000.00
ARS ALT RESOURCES 2 72 0.045 $26,726,442.00
CDV CARDINAL RESOURCES 2 16 0.44 $215,010,544.00
AOP APOLLO CONSOLIDATED 2 23 0.245 $67,273,896.00
GMN GOLD MOUNTAIN 2 -15 0.05 $29,272,782.00
FML FOCUS MINERALS 2 2 0.26 $45,687,140.00
NUS NUSANTARA RESOURCES 2 47 0.265 $53,669,364.00
AME ALTO METALS 2 100 0.062 $18,775,922.00
MOH MOHO RESOURCES 1 -3 0.068 $4,170,577.00
EVN EVOLUTION MINING 1 57 5.62 $9,357,233,152.00
VKA VIKING MINES 0 -54 0.006 $1,882,307.13
NES NELSON RESOURCES 0 -44 0.04 $2,112,870.50
SMI SANTANA MINERALS 0 0 0.003 $8,051,836.50
AVW AVIRA RESOURCES 0 -67 0.001 $1,125,000.00
GMR GOLDEN RIM RESOURCES 0 -45 0.006 $7,352,446.50
KTA KRAKATOA RESOURCES 0 11 0.031 $6,562,500.00
AYR ALLOY RESOURCES 0 -50 0.015 $4,555,151.00
LNY LANEWAY RESOURCES 0 -60 0.004 $14,880,264.00
DHR DARK HORSE RESOURCES 0 -60 0.002 $4,968,792.50
TNR TORIAN RESOURCES 0 21 0.017 $7,125,601.00
WWI WEST WITS MINING 0 22 0.011 $10,781,606.00
BSR BASSARI RESOURCES 0 -24 0.013 $31,040,814.00
TMX TERRAIN MINERALS 0 67 0.005 $3,615,805.00
ALY ALCHEMY RESOURCES 0 -18 0.011 $6,055,768.00
DTM DART MINING 0 -50 0.06 $3,789,546.50
ANL AMANI GOLD 0 0 0.002 $10,251,745.00
OAU ORA GOLD 0 157 0.018 $10,984,225.00
MLS METALS AUSTRALIA 0 -50 0.001 $3,207,352.75
DEG DE GREY MINING 0 383 0.37 $432,496,064.00
RXL ROX RESOURCES 0 178 0.025 $36,448,680.00
KGM KALNORTH GOLD MINES 0 200 0.008 $6,259,680.50
ALK ALKANE RESOURCES -1 242 0.75 $435,024,992.00
ERM EMMERSON RESOURCES -1 13 0.09 $38,236,848.00
TLM TALISMAN MINING -1 -13 0.074 $14,370,386.00
GOR GOLD ROAD RESOURCES -2 50 1.5825 $1,359,157,632.00
ARL ARDEA RESOURCES -2 -28 0.265 $28,738,606.00
RND RAND MINING -2 -16 1.95 $114,282,104.00
BRB BREAKER RESOURCES -2 -39 0.22 $42,794,216.00
BCN BEACON MINERALS -3 105 0.04 $114,491,304.00
KCN KINGSGATE CONSOLIDATED -3 43 0.39 $90,490,376.00
BGL BELLEVUE GOLD -3 -10 0.595 $395,590,016.00
LEX LEFROY EXPLORATION -3 -20 0.16 $16,077,879.00
KWR KINGWEST RESOURCES -3 -6 0.145 $18,285,806.00
AAR ANGLO AUSTRALIAN RESOURCES -3 86 0.14 $69,642,928.00
TBR TRIBUNE RESOURCES -3 60 6.47 $368,097,600.00
MML MEDUSA MINING -4 67 0.695 $141,300,128.00
AUC AUSGOLD -4 -10 0.013 $15,486,794.00
OKR OKAPI RESOURCES -4 14 0.14 $4,505,358.00
NVA NOVA MINERALS -4 220 0.049 $49,540,732.00
VAN VANGO MINING -4 -33 0.12 $89,217,608.00
DAU DAMPIER GOLD -4 -4 0.023 $5,711,664.00
HMX HAMMER METALS -4 -21 0.022 $12,853,109.00
MAT MATSA RESOURCES -4 -19 0.11 $26,095,498.00
CHN CHALICE GOLD MINES -4 883 1.18 $300,871,104.00
DGR DGR GLOBAL -5 -47 0.062 $44,368,524.00
GWR GWR GROUP -5 -33 0.06 $15,281,773.00
EMR EMERALD RESOURCES -5 16 0.47 $252,066,144.00
CYL CATALYST METALS -6 41 2.95 $242,254,960.00
VMC VENUS METALS CORP -6 48 0.17 $24,927,982.00
BC8 BLACK CAT SYNDICATE -6 82 0.43 $36,197,236.00
GBZ GBM RESOURCES -6 48 0.074 $16,652,822.00
SIH SIHAYO GOLD -7 0 0.014 $29,368,780.00
STN SATURN METALS -7 46 0.35 $29,458,688.00
CAI CALIDUS RESOURCES -7 17 0.285 $57,972,796.00
AMG AUSMEX MINING GROUP -7 -65 0.039 $22,942,792.00
OKU OKLO RESOURCES -8 71 0.3 $141,693,936.00
SAU SOUTHERN GOLD -8 -13 0.135 $13,201,051.00
TSC TWENTY SEVEN CO -8 100 0.007 $10,404,246.00
NWM NORWEST MINERALS -8 1 0.165 $13,833,630.00
CWX CARAWINE RESOURCES -10 54 0.18 $15,453,774.00
ARV ARTEMIS RESOURCES -10 -27 0.028 $28,946,946.00
BLK BLACKHAM RESOURCES -10 -18 0.01 $100,282,592.00
AQI ALICANTO MINERALS -10 123 0.075 $17,228,108.00
WAF WEST AFRICAN RESOURCES -11 132 0.77 $670,769,216.00
RML RESOLUTION MINERALS -13 8 0.055 $12,798,889.00
CDT CASTLE MINERALS -14 20 0.007 $1,909,711.75
CY5 CYGNUS GOLD -16 -13 0.046 $3,071,298.75
TAR TARUGA MINERALS -20 -52 0.014 $5,517,092.50
E2M E2 METALS -20 -54 0.125 $11,024,374.00
GED GOLDEN DEEPS -36 -72 0.007 $3,156,846.50
VRC VOLT RESOURCES 25 -50 0.01 $17,400,000.00
AUT AUTECO MINERALS -2 980 0.053 $71,800,000.00

 

On May 13, minnow Riversgold Resources (ASX:RGL) went from 0.8c to a high of 1.3c per share on big volumes for no apparent reason.

The ASX  asked if there was info that hadn’t been announced to the market “which if known by some in the market, could explain the recent trading in securities”.

Riversgold said yes, there was.

“In the normal course of business”, the explorer had considered a potential unnamed transaction “to which the size did not fit the capital structure”.

“It was therefore decided not to pursue this specific transaction,” it said. The stock is now in a halt pending a cap raise announcement.

 

Mithril Resources (ASX:MTH) is working to acquire private explorer Sun Minerals which holds an exclusive option to earn up to a 100 per cent in the high-grade Copalquin gold silver project in Mexico.

Over the past week mystery investor ‘Kenneth Baker’ has hoovered up close to 10 per cent of the company’s shares.

Whoever Ken is, he appears pretty upbeat about the company’s prospects.

He’s not the only one.

 

Ecuador-focused Titan Minerals (ASX:TTM) has finalised a deal to acquire Canadian company Core Gold, which will now be delisted from the TSX.

The deal includes a large, ~2moz and growing epithermal gold project called Dynasty.

Titan managing director Laurie Marsland says the explorer is keen to get back on the ground.

“Globally, Ecuador is attracting a lot of attention, particularly given recent transactions that include Newcrest increasing its interest in Lundin Gold and Franco Nevada providing a $US100m royalty financing package for SolGold,” he says.