• Gold sold off violently from highs in 2020 and 2022, but is holding its ground in 2023
  • “An important bullish signal for gold could be a weekly close above US$2035, the highest close in history”: FxPro
  • Weekly ASX small cap standouts: Chesser, Besra

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

 

In 2020 and 2022, gold sold off violently from its highs of ~US$2050-80/oz.

Gold showed very high volatility on Thursday and Friday last week, rising to $2081 and falling below $2000 in less than 48 hours.

But, unlike 2020 and 2022, this time the precious metal is holding its ground, an important bullish signal as the next leg up into US$2100/oz territory beckons.

The price is remaining within the uptrend that has been in place since the second half of March, Alex Kuptsikevich, FxPro senior market analyst says.

“Gold … is approaching historical highs much more smoothly than in 2020 or 2022, leaving more strength for a breakout,” he says.

While gold has rallied on US banking drama, this is not the only driver of gold’s bullish run in 2023.

“Investors should also bear in mind the trend towards increasing purchases of gold as a reserve by emerging market central banks, which are also exposed to the risk of being hit by US or EU sanctions that block settlement in dollars and euros,” Kuptsikevich says.

Geopolitical risks and sanctions against Russia have highlighted importance of central banks maintaining gold holdings, WGC head of Asia-Pacific and director of central banks Shaokai Fan says.

“When sanctions were announced against the Bank of Russia last year, it was really the first time that a major large central bank was sanctioned in this way,” he said.

The World Gold Council declared the March quarter this year the best in a decade for central bank purchases.

National reserves added around 228t of bullion, equivalent to around two-thirds of Australia’s annual gold production and 34% higher than the previous record in 2013.

It followed a record 2022, when central banks added 1078t to their reserves.

 

Can gold hit a record-high weekly close?

Gold is currently paying US$2011/oz, or $3004/oz Aussie with one day left in the US working week.

Silver is paying US$24/oz, or $36/oz Aussie.

“An important bullish signal for gold could be a weekly close above US$2035, the highest close in history,” FxPro’s Kuptsikevich says.

“However, a much smoother ride with a touch of the lower end of the uptrend range around US$2000 is seen as a more likely scenario before the uptrend resumes.”

 

How did precious metals miners perform this week?

An understandably flat week on the bourse for ASX listed gold miners with an average loss of between 3-7%.

In the news was Silver Lake Resources (ASX:SLR), which has not given up it audacious 11th hour bid for the Gwalia gold mine.

Silver Lake had an initial offer knocked back by the St Barbs (ASX:SBM) board, which plans to see the original Genesis (ASX:GMD) deal through.

But SLR returned with a second proposal –$707m including $326m cash and 327.1m shares, with St Barbara keeping 7.5% or 94.8m of SLR’s shares worth around $111m to provide liquidity and working capital in its new life as an overseas gold miner.

The rest of the SLR shares issued in the deal would go in-specie to SBM shareholders.

An expert’s report will also no longer be required for the transaction, reducing the time risk.

SLR reckons this one is a 27% premium to the Genesis bid on the disturbed VWAP since it revealed its offer to the market on May 4.

SBM and GMD are yet to give their takes on the revised bid from Silver Lake, which if successful would become a 400,000ozpa gold miner with three operations in WA and one in Canada.

SLR, GMD, SBM share price charts

 

Meanwhile, Ramelius Resources (ASX:RMS) has given itself a shot of making ambitious Q4 production guidance after securing approvals to haul ore from its high grade Penny gold mine.

The mid-tier gold miner considers Penny the key to reinvigorating its business, with its ultra-high-grade ore expected to slash production costs.

RBC’s Alex Barkley says RMS is forecast to deliver 244,000oz in FY23, around the mid-point of its revised 240,000-250,000oz guidance range.

“While a minor update from RMS, we think the approval of large capacity ore haulage from Penny is a positive outcome and a Q4 de-risking event which should help Ramelius hit FY23 guidance considering that the lack of high-grade Penny ore was one of the key drivers to the Q3FY23 production miss,” he said.

“With the approvals in place RMS should be able to see significant QoQ production uplift. We expect a 22% QoQ gold increase in Q4. We stay sector perform, Price target A$1.20/sh, but expect RMS to trade higher today with some FY23 operational risks removed.”

 

And Newmont has been granted an additional week to do due diligence on gold target Newcrest (ASX:NCM).

The deadline was due to strike just before midnight yesterday, but the US gold behemoth now has until May 18 to decide whether it will lob a binding offer for the 2Mozpa plus Aussie gold miner.

At an implied price of $32.87 per share, the deal would come in at an equity value of $29.4b and enterprise value of $32b, implying a 46.4% premium to NCM’s price on February 3 before Newmont’s approaches were publicly revealed.

 

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.

Stocks missing from this list? Email [email protected]

Code Company % Week % Month YTD% % Year Price Market Cap
CHZ Chesser Resources 67% 46% 41% 20% 0.12 $73,575,169
XTC Xantippe Res 67% 25% 0% -50% 0.005 $52,900,498
BEZ Besragoldinc 45% 73% 515% 712% 0.32 $118,543,732
BMO Bastion Minerals 42% 31% 0% -80% 0.034 $4,304,113
ENR Encounter Resources 37% 79% 44% 93% 0.26 $74,660,414
HMG Hamelingoldlimited 35% 37% -10% -10% 0.13 $16,500,000
LYN Lycaonresources 32% 9% -33% -53% 0.185 $4,444,031
CDR Codrus Minerals 32% 92% 27% 101% 0.165 $7,075,250
MEI Meteoric Resources 30% 59% 244% 1304% 0.1825 $305,520,056
AZS Azure Minerals 29% 9% 118% 96% 0.49 $195,118,036
DLI Delta Lithium 27% 40% 18% 26% 0.56 $254,229,020
SIH Sihayo Gold Limited 25% 25% 25% -29% 0.0025 $15,255,320
ICG Inca Minerals 25% 39% 9% -73% 0.025 $11,604,347
ORN Orion Minerals 24% 31% 31% -13% 0.021 $120,246,737
IDA Indiana Resources 23% 7% -11% -14% 0.049 $20,754,398
CEL Challenger Exp 21% 3% -3% -37% 0.17 $188,130,223
MI6 Minerals260Limited 21% 13% 44% 36% 0.49 $109,980,000
FG1 Flynngold 21% -19% -22% -46% 0.078 $7,818,389
VRC Volt Resources 20% 0% -20% -37% 0.012 $43,333,663
XAM Xanadu Mines 17% 14% 66% 66% 0.048 $75,339,913
OAU Ora Gold Limited 17% 40% -30% -57% 0.0035 $11,810,775
HXG Hexagon Energy 17% 17% -18% -50% 0.014 $7,180,823
RDN Raiden Resources 17% -8% -26% -63% 0.0035 $6,491,039
CPM Coopermetalslimited 16% 2% 40% -12% 0.33 $12,998,679
MAT Matsa Resources 15% 0% 22% -15% 0.045 $19,364,346
AVM Advance Metals 14% 0% -20% -38% 0.008 $4,656,353
ICL Iceni Gold 14% -2% -14% -47% 0.0685 $14,287,143
EMC Everest Metals Corp 14% 17% 4% -22% 0.082 $10,354,649
TLM Talisman Mining 13% 20% 29% 29% 0.18 $32,854,412
ALY Alchemy Resource 13% 29% -22% -14% 0.018 $18,849,220
GTR Gti Energy 13% 0% -17% -43% 0.009 $16,692,563
RDS Redstone Resources 13% 0% 13% 13% 0.009 $6,676,906
SRN Surefire Rescs NL 12% -24% 58% -34% 0.019 $30,045,906
MOH Moho Resources 12% 27% -10% -53% 0.019 $3,737,920
NXM Nexus Minerals 11% -42% -52% -65% 0.097 $31,568,971
USL Unico Silver Limited 11% -14% -12% -12% 0.15 $45,823,073
CLA Celsius Resource 11% 33% 25% 5% 0.02 $37,514,367
SKY SKY Metals 11% 11% 4% -44% 0.05 $19,215,957
PKO Peako Limited 11% 11% -31% -47% 0.01 $4,236,583
KNB Koonenberrygold 11% -17% -19% -47% 0.05 $3,787,822
BBX BBX Minerals 10% -21% -29% -18% 0.075 $38,122,292
MAU Magnetic Resources 10% -19% -36% -61% 0.55 $128,526,933
SPQ Superior Resources 9% -33% -38% -5% 0.035 $59,542,715
SFM Santa Fe Minerals 9% -2% -25% -43% 0.06 $4,223,490
GAL Galileo Mining 8% 2% -10% 25% 0.795 $160,076,191
GMR Golden Rim Resources 8% 1% 11% -48% 0.0345 $19,522,416
IPT Impact Minerals 8% 27% 100% 40% 0.014 $36,981,151
AAJ Aruma Resources 8% -1% 32% -12% 0.07 $10,987,305
SNG Siren Gold 8% 8% -41% -69% 0.1075 $14,097,175
KCC Kincora Copper 7% 7% 0% -21% 0.073 $8,586,739
BTR Brightstar Resources 7% 0% -12% -35% 0.015 $12,489,432
PNT Panthermetals 6% -20% -56% -60% 0.084 $5,197,750
LCL Los Cerros Limited 6% 17% -39% -45% 0.035 $25,417,743
PUR Pursuit Minerals 6% 0% 13% -14% 0.018 $46,553,359
MEU Marmota Limited 6% 0% -21% -22% 0.038 $40,234,422
MEG Megado Minerals 5% -11% -13% -68% 0.039 $9,923,767
IGO IGO Limited 5% 17% 9% 30% 14.67 $11,124,264,173
MXR Maximus Resources 5% -5% 0% -45% 0.04 $12,124,119
FEG Far East Gold 5% 5% -36% -23% 0.305 $48,975,427
POL Polymetals Resources 5% 78% 31% 205% 0.32 $14,458,461
MGV Musgrave Minerals 5% 2% 10% -21% 0.23 $135,977,828
SAU Southern Gold 5% 0% -8% -49% 0.023 $7,206,847
EM2 Eagle Mountain 4% -20% -29% -59% 0.12 $38,120,858
BGD Bartongoldholdings 4% 14% 30% 27% 0.26 $23,309,936
SSR SSR Mining Inc. 4% 2% 4% -15% 23.94 $441,433,347
KZR Kalamazoo Resources 4% -15% -33% -58% 0.14 $22,098,921
GBZ GBM Rsources 4% 4% -33% -69% 0.029 $16,014,984
A8G Australasian Metals 4% -17% -24% -63% 0.145 $5,969,722
BNZ Benzmining 3% -12% -12% -42% 0.36 $28,244,214
PNR Pantoro Limited 3% 4% -21% -71% 0.076 $230,190,363
STN Saturn Metals 3% -5% 6% -46% 0.19 $31,067,447
GSR Greenstone Resources 3% -9% -38% -44% 0.02 $24,265,368
TRM Truscott Mining Corp 2% -6% 7% -10% 0.044 $7,354,911
OKR Okapi Resources 2% -9% -18% -50% 0.1225 $24,061,182
SVY Stavely Minerals 2% -27% -48% -66% 0.1275 $44,046,952
OZM Ozaurum Resources 2% 8% -14% -64% 0.057 $7,366,000
TUL Tulla Resources 1% 8% 6% -37% 0.355 $114,240,421
ERM Emmerson Resources 1% -4% -4% -22% 0.072 $38,674,395
HCH Hot Chili 1% 0% 19% -15% 1.045 $123,625,788
SXG Southern Cross Gold 1% -24% -29% 0% 0.57 $48,506,021
LM8 Lunnonmetalslimited 0% -7% 15% 10% 1.025 $114,845,817
OBM Ora Banda Mining 0% 7% 73% 339% 0.145 $241,671,034
FFX Firefinch 0% 0% 0% -36% 0.2 $236,569,315
X64 Ten Sixty Four 0% 0% -11% -20% 0.57 $130,184,182
LCY Legacy Iron Ore 0% -6% -16% -30% 0.016 $108,916,045
DCN Dacian Gold 0% 9% -16% -55% 0.084 $102,211,279
TTM Titan Minerals 0% 3% -10% -24% 0.06 $84,676,391
WMC Wiluna Mining Corp 0% 0% 0% -58% 0.205 $74,238,031
TRY Troy Resources 0% 0% 0% 0% 0.0295 $62,920,961
WA8 Warriedarresour 0% -10% -24% 8% 0.13 $58,192,940
ZNC Zenith Minerals 0% 3% -43% -58% 0.15 $50,997,376
AAR Astral Resources NL 0% -13% 0% -14% 0.072 $50,308,436
KAI Kairos Minerals 0% 5% -9% -19% 0.021 $43,210,057
RVR Red River Resources 0% 0% 0% -59% 0.073 $37,847,908
WWI West Wits Mining 0% -12% -6% -40% 0.015 $33,645,259
TBA Tombola Gold 0% 0% 0% -54% 0.026 $33,129,243
SVG Savannah Goldfields 0% -6% -18% -23% 0.155 $28,327,266
ANL Amani Gold 0% 0% 0% 0% 0.001 $25,143,441
ADV Ardiden 0% -13% 0% -36% 0.007 $18,818,347
CWX Carawine Resources 0% 0% -5% -34% 0.095 $18,697,659
PXX Polarx Limited 0% 18% -35% -19% 0.013 $18,264,783
CDT Castle Minerals 0% -16% -24% -56% 0.016 $17,991,888
CGN Crater Gold Min 0% 0% 0% 0% 0.014499 $17,965,037
WRM White Rock Min 0% 0% -5% -48% 0.063 $17,508,200
PNX PNX Metals Limited 0% 0% -29% -36% 0.003 $16,141,874
ASR Asra Minerals 0% -17% -50% -74% 0.01 $14,671,187
CTO Citigold Corp 0% -17% -17% 0% 0.005 $14,368,295
BMR Ballymore Resources 0% -3% 3% -34% 0.155 $13,966,031
BAT Battery Minerals 0% -20% 0% -50% 0.004 $13,427,769
A1G African Gold . 0% -5% -5% -26% 0.079 $13,375,586
NSM Northstaw 0% -19% -32% -58% 0.105 $12,613,335
YRL Yandal Resources 0% -13% -18% -61% 0.08 $12,308,640
GUL Gullewa Limited 0% 0% -8% -24% 0.055 $10,767,521
CAZ Cazaly Resources 0% 4% -21% -29% 0.027 $10,039,188
DCX Discovex Res 0% -25% 0% -55% 0.003 $9,907,704
MTH Mithril Resources 0% 50% -14% -57% 0.003 $9,789,271
GIB Gibb River Diamonds 0% -6% -27% -27% 0.044 $9,729,434
NPM Newpeak Metals 0% 0% 0% 0% 0.001 $9,145,132
WCN White Cliff Min 0% 14% -43% -62% 0.008 $8,631,490
MBK Metal Bank 0% -9% -12% -50% 0.03 $8,294,566
AM7 Arcadia Minerals 0% -5% -15% -17% 0.175 $8,172,131
GED Golden Deeps 0% -13% -22% -50% 0.007 $8,086,587
REZ Resourc & En Grp 0% 23% 0% -66% 0.016 $7,996,893
THR Thor Energy PLC 0% 25% -17% -63% 0.005 $7,368,064
NAE New Age Exploration 0% -17% -29% -55% 0.005 $7,179,495
MCT Metalicity Limited 0% -20% -33% -67% 0.002 $7,009,079
CXU Cauldron Energy 0% -14% -14% -48% 0.006 $6,520,981
TMX Terrain Minerals 0% 9% 0% -33% 0.006 $6,499,196
AVW Avira Resources 0% 50% 0% -40% 0.003 $6,401,370
GMN Gold Mountain 0% -14% -57% -50% 0.003 $5,909,798
CLZ Classic Min 0% 0% -89% -99% 0.001 $5,761,929
DEX Duke Exploration 0% 0% 0% -56% 0.053 $5,587,240
G88 Golden Mile Res 0% -25% 3% -57% 0.021 $5,532,077
AYM Australia United Min 0% -25% 0% -63% 0.003 $5,527,732
TMB Tambourahmetals 0% 29% 5% -48% 0.11 $4,531,186
TMZ Thomson Res 0% 0% -74% -82% 0.005 $4,349,755
AL8 Alderan Resource 0% -13% 0% -65% 0.007 $4,316,863
PUA Peak Minerals 0% 0% -33% -67% 0.004 $4,165,506
GNM Great Northern 0% -33% -50% -60% 0.002 $4,052,627
NMR Native Mineral Res 0% -12% -73% -82% 0.03 $3,604,162
M2R Miramar 0% 2% -44% -65% 0.045 $3,515,478
FAU First Au 0% -42% -13% -73% 0.0035 $3,284,350
NES Nelson Resources. 0% -11% -43% -71% 0.004 $2,648,674
RMS Ramelius Resources -1% -7% 44% 4% 1.3425 $1,244,379,356
ADT Adriatic Metals -1% -3% 10% 55% 3.48 $840,520,390
SPD Southernpalladium -1% -5% -39% 0% 0.495 $21,323,772
BRB Breaker Res NL -1% -6% 47% 119% 0.47 $168,757,423
EMR Emerald Res NL -1% 10% 60% 76% 1.8975 $1,149,074,533
TG1 Techgen Metals -1% 35% 2% -35% 0.084 $5,402,135
PGD Peregrine Gold -1% -8% -8% -17% 0.355 $20,757,966
BM8 Battery Age Minerals -1% -5% -30% -30% 0.35 $28,573,993
AME Alto Metals Limited -2% -7% -3% -23% 0.065 $39,833,006
DTM Dart Mining NL -2% -21% 5% -5% 0.058 $9,131,223
HAV Havilah Resources -2% -16% -23% 55% 0.255 $85,492,587
CHN Chalice Mining -2% -4% 19% 33% 7.475 $2,913,701,282
MRZ Mont Royal Resources -2% -16% -50% -73% 0.088 $6,163,440
STK Strickland Metals -2% 0% 0% -45% 0.04 $65,179,796
CYL Catalyst Metals -3% -4% -19% -41% 0.96 $167,697,430
FML Focus Minerals -3% 3% -25% -3% 0.19 $54,446,143
KAL Kalgoorliegoldmining -3% -26% -55% -70% 0.037 $2,790,757
MTC Metalstech -3% 1% -32% 0% 0.355 $63,040,754
MLS Metals Australia -3% -13% -21% -61% 0.035 $21,246,267
AAU Antilles Gold -3% 0% 17% -44% 0.035 $20,312,225
TAM Tanami Gold NL -3% -11% -13% -41% 0.034 $39,953,300
MEK Meeka Metals Limited -3% -32% -50% -17% 0.034 $38,433,922
SMS Starmineralslimited -3% -6% -6% -69% 0.068 $2,079,784
NST Northern Star -3% 0% 24% 54% 13.485 $15,964,840,736
TBR Tribune Res -3% -10% -12% -16% 3.54 $185,736,993
BCN Beacon Minerals -3% -3% 14% 0% 0.032 $120,216,581
GOR Gold Road Res -3% 7% 11% 41% 1.875 $2,059,784,857
G50 Gold50Limited -3% -26% -38% -23% 0.155 $8,826,165
NCM Newcrest Mining -3% -5% 37% 14% 28.23 $25,834,325,847
KTA Krakatoa Resources -3% 3% -32% -64% 0.03 $10,901,298
KRM Kingsrose Mining -3% -9% -9% -12% 0.059 $45,151,591
S2R S2 Resources -4% -7% -21% -13% 0.135 $57,412,813
PNM Pacific Nickel Mines -4% -5% -2% 3% 0.081 $34,800,360
ARN Aldoro Resources -4% -25% -16% -37% 0.135 $18,819,324
AGG AngloGold Ashanti -4% 0% 35% 58% 7.93 $719,014,586
RXL Rox Resources -4% -4% 123% 15% 0.39 $87,498,161
SFR Sandfire Resources -4% -8% 14% 23% 6.185 $2,969,797,532
GCY Gascoyne Res -4% 0% -25% -41% 0.125 $114,011,704
ARV Artemis Resources -4% -11% -50% -70% 0.0125 $20,298,439
MVL Marvel Gold Limited -4% -26% -52% -69% 0.0125 $7,756,038
AWJ Auric Mining -4% -17% -22% -41% 0.05 $6,542,980
EVN Evolution Mining -4% 6% 25% 4% 3.715 $7,119,863,318
ANX Anax Metals -4% -3% 34% -17% 0.071 $29,476,428
KSN Kingston Resources -4% -18% 16% -33% 0.094 $39,487,097
BNR Bulletin Res -4% -22% -25% -56% 0.07 $19,964,195
CY5 Cygnus Metals -4% -6% -39% 64% 0.23 $49,332,190
GMD Genesis Minerals -4% 12% -1% 0% 1.235 $580,246,500
SBR Sabre Resources -4% 0% -42% -56% 0.022 $6,412,696
AQI Alicanto Min -5% -7% -9% -55% 0.039 $21,073,135
VMC Venus Metals Cor -5% -5% 41% 6% 0.19 $34,433,450
CST Castile Resources -5% 2% 0% -50% 0.095 $23,222,633
HRN Horizon Gold -5% 10% 21% 7% 0.375 $46,943,115
CAI Calidus Resources -5% -24% -31% -79% 0.185 $101,633,046
TSO Tesoro Gold -5% 37% 3% -42% 0.037 $38,983,665
MZZ Matador Mining -5% -5% -36% -65% 0.074 $23,956,631
GWR GWR Group -5% 4% 25% -43% 0.074 $23,127,599
SLZ Sultan Resources -5% -10% -56% -75% 0.037 $3,821,522
MDI Middle Island Res -5% -3% -8% -76% 0.035 $4,529,474
FAL Falconmetals -6% -3% 21% 13% 0.34 $61,950,000
WAF West African Res -6% -8% -20% -21% 0.9425 $997,988,303
RED Red 5 Limited -6% -9% -22% -54% 0.16 $570,814,758
PRS Prospech Limited -6% -40% 19% -32% 0.032 $7,421,443
KCN Kingsgate Consolid. -6% -13% -20% 2% 1.3825 $366,007,403
GML Gateway Mining -6% -22% -22% -53% 0.047 $13,050,344
MRR Minrex Resources -6% -6% -53% -72% 0.015 $17,357,880
DTR Dateline Resources -6% -17% -59% -85% 0.015 $10,944,933
TAR Taruga Minerals -6% -6% -38% -12% 0.015 $10,590,402
ZAG Zuleika Gold -6% 15% -29% -48% 0.015 $7,845,759
LEX Lefroy Exploration -6% -10% -15% -24% 0.22 $36,103,050
RRL Regis Resources -6% -7% -1% 10% 2.04 $1,623,305,739
GSM Golden State Mining -6% -12% -33% -55% 0.029 $3,393,412
NAG Nagambie Resources -7% -7% -35% -7% 0.043 $25,014,232
PRU Perseus Mining -7% -13% -2% 18% 2.075 $2,886,452,254
AMI Aurelia Metals -7% -10% 8% -63% 0.135 $167,054,024
KWR Kingwest Resources -7% -27% -23% -80% 0.027 $7,606,624
CMM Capricorn Metals -7% -12% -9% 19% 4.17 $1,586,543,499
GRL Godolphin Resources -7% 2% -20% -49% 0.066 $7,102,167
BGL Bellevue Gold -7% -10% 13% 55% 1.2825 $1,463,401,449
AUC Ausgold Limited -7% -2% 6% -11% 0.05 $117,665,561
PGO Pacgold -8% -12% 3% -38% 0.37 $20,335,872
GBR Greatbould Resources -8% -14% -10% -14% 0.081 $40,844,817
ALK Alkane Resources -8% -1% 56% -13% 0.8325 $526,937,481
SBM St Barbara Limited -8% -2% -19% -46% 0.63 $551,165,610
PDI Predictive Disc -8% -6% -6% -17% 0.17 $314,580,622
ARL Ardea Resources -8% -4% -41% -61% 0.4175 $69,458,623
WGX Westgold Resources. -8% 1% 74% 12% 1.5225 $767,268,823
MKG Mako Gold -9% -21% -23% -61% 0.031 $16,814,371
BYH Bryah Resources -9% -21% -30% -63% 0.018 $5,062,563
TCG Turaco Gold Limited -9% -26% -12% -41% 0.051 $22,668,983
AGC AGC -9% -7% -15% -44% 0.051 $5,600,000
KAU Kaiser Reef -9% 11% 21% 8% 0.2 $29,539,536
TMS Tennant Minerals -9% -12% -3% -19% 0.03 $22,783,002
RSG Resolute Mining -9% 2% 134% 74% 0.4675 $1,032,568,186
DEG De Grey Mining -9% -8% 12% 41% 1.4425 $2,326,138,703
NVA Nova Minerals -10% -2% -53% -51% 0.32 $70,120,851
SMI Santana Minerals -10% -20% -3% -22% 0.635 $92,985,999
ASO Aston Minerals -10% -18% 18% -27% 0.0945 $105,899,439
KIN KIN Min NL -10% -20% -45% -54% 0.036 $42,413,420
PRX Prodigy Gold NL -10% -25% -25% -49% 0.009 $17,506,078
MHC Manhattan Corp -10% -10% -18% -59% 0.0045 $13,213,254
VKA Viking Mines -10% -18% -10% -10% 0.009 $9,227,326
SI6 SI6 Metals Limited -10% -10% -25% -50% 0.0045 $7,476,973
MOM Moab Minerals -10% 29% 0% -67% 0.009 $6,819,635
HMX Hammer Metals -10% -30% 3% -18% 0.07 $59,141,329
BC8 Black Cat Syndicate -10% -7% 23% 0% 0.435 $119,954,004
HRZ Horizon -10% -12% -15% -53% 0.052 $36,243,151
AZY Antipa Minerals -11% -15% -19% -62% 0.017 $61,081,695
TGM Theta Gold Mines -11% 12% 12% -37% 0.076 $47,359,547
NML Navarre Minerals -11% -29% -41% -70% 0.024 $37,571,979
RND Rand Mining -11% -8% -10% -19% 1.22 $68,819,913
CBY Canterbury Resources -11% -11% -24% -50% 0.031 $4,480,229
DRE Dreadnought Resources -12% -23% -50% 39% 0.053 $178,887,324
AUT Auteco Minerals -12% -23% -27% -38% 0.037 $90,200,616
HAW Hawthorn Resources -13% -9% -39% -39% 0.07 $23,451,093
GSN Great Southern -13% 5% -28% -57% 0.021 $14,560,497
SVL Silver Mines Limited -13% -15% 3% 3% 0.205 $294,909,750
ADG Adelong Gold Limited -13% -23% 43% -67% 0.01 $5,338,223
MM8 Medallion Metals. -13% -33% -41% -62% 0.091 $22,371,354
M24 Mamba Exploration -13% -30% -37% -30% 0.091 $5,793,417
LRL Labyrinth Resources -14% -20% -29% -60% 0.012 $12,473,335
TIE Tietto Minerals -15% -33% -28% 19% 0.505 $576,389,570
QML Qmines Limited -16% -10% -18% -47% 0.135 $23,244,339
SLR Silver Lake Resource -17% -19% -15% -34% 1.0125 $985,528,993
EMU EMU NL -17% 25% -49% -79% 0.0025 $3,625,053
ADN Andromeda Metals -17% -31% -23% -65% 0.034 $111,960,304
IVR Investigator Res -17% -7% 26% 6% 0.053 $80,481,521
NWM Norwest Minerals -21% -37% -50% -41% 0.027 $7,173,765
MKR Manuka Resources. -22% -34% -33% -74% 0.057 $33,533,944
RGL Riversgold -24% 12% -37% -60% 0.019 $17,963,887
RMX Red Mount Min -25% -14% -40% -63% 0.003 $6,815,553
RML Resolution Minerals -25% -25% -44% -65% 0.0045 $5,015,167
AQX Alice Queen -33% 0% -50% -80% 0.001 $2,530,288
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Small Cap Standouts

CHESSER RESOURCES (ASX:CHZ)

The advanced African gold explorer is recommending an all-share takeover offer from TSX/NYSE listed Fortuna Silver Mines at a 95% premium to the last closing price.

Under the proposal CHZ shareholders will receive 0.0248 shares in Fortuna per CHZ share. That’s an implied value of $0.142 per CHZ share, or $89m all up.

The attraction for $1.5bn capped Fortuna — which has five operating mines in Peru, Argentina, Mexico, Côte d’Ivoire, and Burkina Faso – is CHZ’s 860,000oz and growing Diamba Sud project in Senegal.

Diamba Sud lies 12km from Barrick’s 12.5Moz Loulo mine and 7km from its 5.5Moz Gounkoto mine.

A recent scoping study envisaged a low cost mine producing ~100kozpa at AISC US$856/oz over an intial 7-8 year mine life.

“In a short time, Chesser has done a great job advancing Diamba Sud from early-stage exploration to a PEA-stage [scoping] project with multiple targets yet to be tested,” Fortuna boss Jorge A. Ganoza says.

“Within the larger and diversified Fortuna portfolio, the advancement of Diamba Sud will benefit from our technical and operational strength and lower cost of capital.”

 

BESRA GOLD (ASX:BEZ)

The US$300m Binding Gold Purchase Agreement with Quantum Metal Recovery Inc is now legally binding.

The facility, paid over 30 months against future gold production ounces, enables BEZ to fully fund development of the ~3Moz Bau project in Malaysia’s Sarawak region.

The company is now updating an old feasibility study completed back in 2013, with initial results due in the second half of 2023.

BEZ pared a big chunk of those early week gains after clarifying that it was required to produce gold concentrate in a pilot plant on or before 31 December 2023.

If it doesn’t, the legally binding Gold Purchase Agreement (GPA) may be terminated by Quantum Metal Recovery.

“In essence, there is a requirement that Besra demonstrates proof of concept – being able, by the end of the year, to physically produce a concentrate from Bau that contains gold,” it says.

“The pilot plant is expected to have a capacity of up to 200 tpd, which is not a commercial scale operation and is not intended to produce gold per se, merely concentrate.

“Based on studies undertaken to date by ZJH Minerals Company Ltd of China (as reported in the Company’s Quarterly Activities Reports since 2 May 2022), the Board of Besra considers the requirement to produce the concentrate is highly achievable.”