If large cap gold miners are undervalued, how far could small caps climb? Pic: Getty Images
Gold Digger: What does a world of US$3000/oz gold mean for the ASX’s new junior gold darlings?
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- Despite an overnight pullback, gold is still in with a shout of passing US$3000/oz
- Large cap miners are pulling in massive profits – and experts think they remain undervalued
- But we look at what these prices could open up for the juniors who could be the next gold market darlings
We are inching, it seems, towards a world of US$3000/oz gold, or we were at least before a dive on Thursday, with futures crumbling by over 1.5% to US$2868/oz after a sustained rally above US$2900.
ANZ Research attributed the capitulation to a higher US dollar, predicated on the idea that Donald Trump’s tariffs on Mexican and Canadian products would go ahead next week as planned.
“Gold dropped as the USD pushed higher after Trump said tariffs on Canada and Mexico would go ahead next week,” Jack Chambers, Brian Martin and Daniel Hynes noted. “There had been speculation that they would again be delayed, raising the suspicion that they are being used as negotiation tactics.”
The tariff fears have been both bullish and concerning for commodities. While they’ve had a short-term benefit on a rush from traders to move metal Stateside, in the longer term there are concerns they could stall trade and harm global economic growth.
Does yesterday’s move in gold show we’re heading lower now that dust from the initial post-inauguration mayhem has settled?
“Gold has seen its first decline after eight weeks of gains. After starting the week with an attempt to renew its highs, the precious metal has been hit by a more intense sell-off,” FxPro chief market analyst Alex Kuptsikevich said.
“We saw a similar dynamic at the beginning of February, suggesting that sellers are very active at current levels.”
He also noted the move into US bonds in response to Trump’s attempts to reduce spending (most prominently through Elon Musk’s shadow department DOGE).
“The potential pullback in gold allows us to consider the $2800 area as a potential target for the current downside momentum from 2955. This is the area of the peak at the end of October last year and the 61.8% Fibonacci retracement level. A break below would signal the beginning of a reversal to the downside.”
A World Gold Council report today also downplayed the longer-term significance of the “run on vaults” at the Bank of England, which saw Comex prices run as investors sought to move bars to the States ahead of potential precious metals tariffs.
“Gold has not been a direct target of tariffs, but market reactions to trade uncertainty has driven a significant shift in trading behaviour and impacted the gold price,” the WGC’s Juan Carlos Artigas and John Reade said.
“The movement of gold from London to the US, rising COMEX premiums and concerns over availability were largely the result of risk management decisions rather than true supply issues.
“Now that COMEX inventories appear to be well-stocked and the backlog of withdrawals from the BoE continues to be cleared, these disruptions should ease over the coming weeks. However, this period serves as a stark reminder that even indirect trade policy concerns can send ripples through global financial markets.
“This may not be the last time we see temporary distortions in the gold market. The signs are, however, that the depth and liquidity of the gold market is able to absorb – over time – most of these shocks.”
But gold’s still raging today
Despite what could be a reversal or a blip overnight, the gold sector remains extraordinary at these prices, and a standout in the Aussie and global equity market.
As Canaccord Genuity analyst Tim McCormack noted at a WA Mining Club function this week, the street still sees ASX gold miners having 20% upside at current prices. International names like Barrick and Newmont could be as much as 40% undervalued, he claimed.
READ: A 10-year bull run: Why gold miners have so much further to go
Argonaut executive director said the market looked to be in the early stages of a 10-year bull run, with the entry of central bank buyers in the past three years changing the shape of the market.
Gold is now the second ranked currency holding in central bank reserves after the US dollar, he noted.
ASX gold miners have delivered enormous profits this earnings season, by and large.
But what impact is the gold price rally having at the junior end? We’re seeing three themes: Minting new producers, potential M&A and a run in share prices in select stocks that is moving far quicker than the fuller valued majors can muster.
New producers
Brightstar Resources (ASX:BTR) has already been a producer once in recent years, spearheading the mining alliance model before it was cool.
Coverage from major WA brokers Argonaut and Canaccord Genuity shows they have spec buys on the stock, with implied undervaluation from their price targets of 150% and 200% respectively (5c and 6c).
CG’s Tom Prendiville on Thursday called the regulatory approval for underground mining at the Fish deposit – 41,000oz at 5.7g/t gold – “a key de-risking catalyst to near-term production.” BTR is expected to begin processing ore at Genesis Minerals’ Laverton Mill this financial year while it progresses studies on reviving its own process plant and explores its recently consolidated 1.5Moz Sandstone gold project.
Western Gold Resources (ASX:WGR) has laid out plans to become a producer in quick time from its Gold Duke project, which contains a combined measured, indicated and inferred resource of 3.25Mt at 2.1g/t for 214,000oz of contained gold.
In September, WGR released a scoping study outlining a target mining inventory of 447,000t at 2.55g/t to produce 34,000oz of gold.
Based on a gold price of $3500/oz, the operation would cost $2.1-2.5m and generate an estimated undiscounted accumulated cash surplus of $38.1m, rising to $55m when using a $4000/oz gold price.
The company recently confirmed it was in discussions with multiple plant owners in the region. The closest – less than 50km away – is Wiluna, which continues to operate despite the collapse of owner Wiluna Mining Corporation in mid-2022.
WGR believes it can be in production within seven to eight months of signing a toll treatment deal.
Horizon Minerals (ASX:HRZ) recently secured its own plant by merging with Poseidon Nickel, which will potentially retool its Black Swan nickel plant to process gold in the next couple of years.
Until then the Kalgoorlie gold miner is making used of toll milling infrastructure in the bustling WA Goldfields. Ashok Parekh-chaired Horizon poured first gold from its Phillips Find mine near Coolgardie this week at the FMR Investments owned Greenfields Mill, another project in the region developed with privateer BML Ventures after its success on Brightstar’s Selkirk JV and Auric Mining’s Jeffreys Find project near Norseman.
Over in New South Wales, Vertex Minerals (ASX:VTX) has taken the fast mover strategy into the typically less agile east coast gold scene, developing plans to open the ultra-high grade Reward mine.
Up 29% YTD, VTX has begun tabling gold concentrate to prepare for sale as it commissions lower grade stockpile material from a Gekko gravity plant installed at the site.
Once it’s into the underground material, though, the grade should really start to sing. Part of the Hill End gold project, Reward contains an indicated and inferred resource of 419,000t at an eye-watering 16.7g/t gold for 225,000oz of gold.
A February 2024 pre-feasibility study forecast gold production of 49,890oz over two years at an AISC of $1833/oz. At a gold price of $3000/oz (Aussie), the project would generate gross revenue of $150 million and pre-tax free cashflow of $41 million.
This list is by no means exhaustive, but a number of juniors are looking to generate cash flow with small operations this year, including those with high-grade gold deposits near sites held by hungry underfed Mid-West WA gold mills.
Some of those players include Rumble Resources (ASX:RTR), Dreadnought Resources (ASX:DRE) and New Murchison Gold (ASX:NMG), the latter of which has a deal to process ore from its Crown Prince mine with Westgold Resources (ASX:WGX) (mining to start June 2025).
M&A potential
With rising gold prices, more corporate dealmaking is on the agenda as well, with larger gold miners often ascribing larger valuations on assets than the market of today does.
Matsa Resources (ASX:MAT) demonstrated the hunger of the majors to put their foot on resources near their mills, with AngloGold Ashanti offering up to $101m CASH in a staged deal to acquired its 936,000oz Lake Carey gold project.
The whole company is only worth $37m on market, giving a sense of the valuation gap seen by the majors shaking hands.
Medallion Metals (ASX:MM8) shares have lifted 220% over the past year, as the Ravensthorpe gold project owner has progressed an innovative plan to streamline its path to production, conducting due diligence on a plan to utilise IGO’s Cosmic Boy mill at the shuttered Forrestania nickel mines to reduce its capex bill.
That’s been well received by investors, with Lion Selection Group and Lowell Resources Fund among the well-heeled names backing the $63m developer in an oversubscribed $6.5m raise that will take the company through a feasibility study and to a decision to mine later this year.
But another group that backed that raise is clearly an interested observer, with NSW gold miner Alkane Resources (ASX:ALK) now holding over 6% of its shares.
Alkane is a single-asset operator at the Tomingley gold mine over east, and would likely be very keen to snag a second, with its large Boda-Kaiser porphyry discovery looming as a larger and costlier project to develop than its $372m market cap would currently allow.
Magnetic Resources (ASX:MAU) has been open about having a dataroom available with its Lady Julie North 4 deposit continuing to draw attention due to its proximity to underfed plants near Laverton owned by Genesis and Gold Fields.
Met results have been good for the deposit, which currently contains 1.546Moz at 2.04g/t and remains open, with a feasibility study ongoing.
Bridge Street Capital Partners is closely watching Emmerson Resources (ASX:ERM), which stands to come into the money in the next year or so as the junior partner in the Tennant Creek JV led by London-listed and diversifying South African miner Pan African Resources.
It garners a royalty of 6% with no capital outlay on the deposits mined by PAR, and has seen its shares run 46% YTD as the development progresses.
A recent 490,000oz resource posted for the White Devil deposit, which runs at a tidy 4.2g/t gold (434,700oz at 4.5g/t indicated) could be the first deposit declared as a ‘major mine’ by the JV, which would see ERM hold a richer 40% equity stake if developed.
Euroz analyst Michael Scantlebury told Stockhead recently that Antipa Minerals (ASX:AZY) loomed as a ‘plain target’ for London and soon to be ASX-listed Greatland Gold.
Its Minyari Dome project has 2.3Moz of gold, not to mention copper, silver and cobalt credits, within cooee of the Andrew Forrest backed goldie’s recently acquired Telfer mine, where its main future ore source Havieron is far to small to fill a two-train, 20Mtpa processing facility.
READ: As bullion booms, ASX gold miners could soon be raking in $1 billion a quarter
Founder of the now legendary Never Never discovery, which contains around 1.5Moz at over 8g/t, Spartan Resources (ASX:SPR) is clearly on the radar of Ramelius Resources (ASX:RMS), which is sitting on the $1.7bn explorer’s register with a 19.9% stake.
Predictive Discovery (ASX:PDI), which owns the 5.4Moz Bankan project in Guinea, is another larger explorer on the radar of larger predators.
Perseus Mining (ASX:PRU) holds a 17.8% stake, but is going to face competition from the Lundin family and China’s Zijin, after they combined to invest ~$69m into the West African junior and claim 10% of the firm.
Astral Resources (ASX:AAR) meanwhile, up only ~4% YTD but 125% over the past 12 months, has just nabbed majority control of neighbour Maximus Resources (ASX:MXR).
But it is also incredibly well-located should Gold Fields look externally for new ore sources at its St Ives gold mine, with the South African giant known to be running under capacity at the site’s long-running Lefroy Mill.
Junior share prices
| CODE | COMPANY | PRICE | WEEK % | MONTH % | 6 MONTH % | YEAR % | YTD % | MARKET CAP |
|---|---|---|---|---|---|---|---|---|
| MRR | Minrex Resources Ltd | 0.008 | 0% | 0% | -11% | -38% | 14% | $ 8,678,940.02 |
| NPM | Newpeak Metals | 0.014 | -13% | -18% | 0% | 31% | 27% | $ 4,509,004.23 |
| ASO | Aston Minerals Ltd | 0.018 | 0% | 100% | 80% | 20% | 100% | $ 22,016,092.57 |
| MTC | Metalstech Ltd | 0.12 | 0% | -17% | -33% | -20% | -14% | $ 25,680,132.79 |
| GED | Golden Deeps | 0.024 | 4% | 4% | -14% | -40% | -4% | $ 3,696,536.38 |
| G88 | Golden Mile Res Ltd | 0.009 | -10% | -10% | -10% | -18% | 0% | $ 5,986,726.41 |
| LAT | Latitude 66 Limited | 0.072 | 9% | 60% | -40% | -52% | 89% | $ 10,468,251.47 |
| NMR | Native Mineral Res | 0.075 | 17% | 74% | 257% | 200% | 92% | $ 53,500,464.68 |
| AQX | Alice Queen Ltd | 0.008 | -11% | -11% | -11% | 45% | 0% | $ 9,175,120.54 |
| SLZ | Sultan Resources Ltd | 0.008 | -11% | 33% | 33% | -47% | 33% | $ 2,083,229.19 |
| KSN | Kingston Resources | 0.076 | -10% | 3% | -4% | -1% | 7% | $ 64,073,617.22 |
| AMI | Aurelia Metals Ltd | 0.2 | -7% | 14% | 21% | 48% | 18% | $ 355,228,562.22 |
| GIB | Gibb River Diamonds | 0.035 | -3% | -8% | -22% | 17% | -13% | $ 7,507,830.58 |
| KCN | Kingsgate Consolid. | 1.3 | -3% | -8% | -4% | 8% | 1% | $ 345,387,267.28 |
| TMX | Terrain Minerals | 0.004 | -11% | 0% | 33% | 0% | 33% | $ 8,014,226.40 |
| BNR | Bulletin Res Ltd | 0.044 | 10% | 26% | -4% | -42% | 13% | $ 13,212,599.54 |
| CRS | Caprice Resources | 0.057 | 6% | 185% | 90% | 185% | 185% | $ 25,250,000.00 |
| NXM | Nexus Minerals Ltd | 0.056 | -15% | 22% | 24% | 70% | 24% | $ 31,233,610.24 |
| SKY | SKY Metals Ltd | 0.05 | -4% | -7% | 56% | 16% | -7% | $ 37,667,267.80 |
| LM8 | Lunnonmetalslimited | 0.225 | 0% | 10% | 32% | 13% | -10% | $ 46,331,916.54 |
| CST | Castile Resources | 0.061 | -14% | 0% | -13% | -15% | -24% | $ 18,598,719.70 |
| YRL | Yandal Resources | 0.18 | -10% | 33% | 20% | 71% | 3% | $ 55,662,296.76 |
| FAU | First Au Ltd | 0.003 | 20% | 100% | 50% | 0% | 50% | $ 4,143,986.55 |
| ARL | Ardea Resources Ltd | 0.46 | 2% | 35% | 5% | 15% | 39% | $ 92,852,555.48 |
| GWR | GWR Group Ltd | 0.095 | 0% | 6% | 27% | 0% | 19% | $ 30,515,582.23 |
| IVR | Investigator Res Ltd | 0.02 | -20% | -9% | -46% | -41% | 0% | $ 36,544,230.20 |
| GTR | Gti Energy Ltd | 0.003 | 0% | 0% | -14% | -67% | -14% | $ 8,963,848.99 |
| IPT | Impact Minerals | 0.007 | -30% | -36% | -53% | -42% | -30% | $ 27,534,903.46 |
| BNZ | Benzmining | 0.4 | -8% | 5% | 208% | 176% | 16% | $ 53,939,467.68 |
| MOH | Moho Resources | 0.004 | 0% | -20% | -11% | -33% | -20% | $ 2,865,898.30 |
| BCM | Brazilian Critical | 0.009 | 13% | 0% | -31% | -63% | 0% | $ 9,566,627.29 |
| PUA | Peak Minerals Ltd | 0.01 | -6% | -31% | 416% | 398% | 29% | $ 25,521,102.64 |
| MRZ | Mont Royal Resources | 0.041 | 0% | 37% | -32% | -48% | -5% | $ 3,486,221.51 |
| SMS | Starmineralslimited | 0.03 | -3% | -9% | -3% | -13% | -17% | $ 3,654,199.59 |
| MVL | Marvel Gold Limited | 0.011 | 10% | 38% | 38% | 10% | 22% | $ 9,501,697.73 |
| PRX | Prodigy Gold NL | 0.002 | 0% | 0% | 0% | -44% | 0% | $ 6,350,111.10 |
| AAU | Antilles Gold Ltd | 0.0045 | -10% | 13% | 0% | -80% | 50% | $ 10,133,130.29 |
| CWX | Carawine Resources | 0.095 | -5% | -10% | 4% | -1% | -5% | $ 22,431,917.66 |
| RND | Rand Mining Ltd | 1.69 | -1% | 7% | 4% | 35% | 12% | $ 96,120,374.09 |
| CAZ | Cazaly Resources | 0.016 | 0% | 45% | 7% | -20% | 14% | $ 6,919,544.87 |
| BMR | Ballymore Resources | 0.105 | -13% | -16% | -5% | 9% | -13% | $ 19,440,364.35 |
| DRE | Dreadnought Resources Ltd | 0.017 | 31% | 55% | 0% | -6% | 42% | $ 70,706,400.00 |
| ZNC | Zenith Minerals Ltd | 0.045 | 7% | 0% | 7% | -51% | 13% | $ 17,112,539.72 |
| REZ | Resourc & En Grp Ltd | 0.025 | -7% | -19% | -7% | 178% | 9% | $ 17,462,617.17 |
| LEX | Lefroy Exploration | 0.087 | 9% | 23% | -10% | -13% | 24% | $ 22,357,812.42 |
| ERM | Emmerson Resources | 0.115 | 5% | 39% | 121% | 130% | 49% | $ 76,274,265.48 |
| AM7 | Arcadia Minerals | 0.02 | -13% | 0% | -35% | -72% | 5% | $ 2,347,668.66 |
| ADT | Adriatic Metals | 4.26 | 0% | 2% | 41% | 32% | 9% | $ 1,261,946,434.32 |
| AS1 | Asara Resources Ltd | 0.033 | 6% | 32% | 200% | 230% | 74% | $ 37,440,046.83 |
| CYL | Catalyst Metals | 4.09 | -2% | 15% | 94% | 761% | 59% | $ 953,650,555.68 |
| CHN | Chalice Mining Ltd | 1.35 | -8% | 13% | 18% | 34% | 22% | $ 595,210,985.64 |
| KAL | Kalgoorliegoldmining | 0.061 | -14% | 281% | 144% | 177% | 239% | $ 20,755,556.97 |
| MLS | Metals Australia | 0.02 | -5% | -9% | 0% | -29% | -13% | $ 14,574,390.48 |
| ADN | Andromeda Metals Ltd | 0.008 | 14% | 23% | -11% | -64% | 14% | $ 24,001,093.82 |
| MEI | Meteoric Resources | 0.065 | -6% | -23% | -38% | -63% | -24% | $ 161,200,394.74 |
| SRN | Surefire Rescs NL | 0.003 | -14% | -25% | -50% | -73% | -14% | $ 7,248,923.44 |
| WA8 | Warriedarresourltd | 0.045 | -10% | -6% | -35% | 55% | 2% | $ 44,917,054.42 |
| HMX | Hammer Metals Ltd | 0.031 | 3% | 3% | -28% | -18% | -6% | $ 27,520,519.70 |
| WCN | White Cliff Min Ltd | 0.018 | -5% | -10% | 13% | 20% | 13% | $ 34,118,473.46 |
| AVM | Advance Metals Ltd | 0.044 | -6% | 10% | 83% | 54% | 29% | $ 8,937,454.55 |
| ASR | Asra Minerals Ltd | 0.003 | 0% | 0% | -50% | -50% | 0% | $ 7,119,380.49 |
| ARI | Arika Resources | 0.037 | -10% | 23% | 85% | 85% | 37% | $ 23,439,819.61 |
| CTO | Citigold Corp Ltd | 0.004 | 0% | 14% | 0% | -20% | 0% | $ 10,500,000.00 |
| SMI | Santana Minerals Ltd | 0.56 | -7% | 15% | -2% | 57% | 15% | $ 397,024,378.48 |
| M2R | Miramar | 0.003 | -25% | -25% | -77% | -82% | 0% | $ 1,369,040.33 |
| MHC | Manhattan Corp Ltd | 0.02 | 5% | -13% | 0% | -52% | 5% | $ 4,697,977.96 |
| GRL | Godolphin Resources | 0.015 | -12% | 7% | 11% | -61% | 3% | $ 5,745,578.40 |
| SVG | Savannah Goldfields | 0.016 | -27% | 8% | -24% | -39% | -13% | $ 10,265,232.62 |
| EMC | Everest Metals Corp | 0.17 | 3% | 21% | 48% | 100% | 26% | $ 39,162,171.30 |
| GUL | Gullewa Limited | 0.048 | -8% | -14% | -26% | -14% | -14% | $ 12,209,241.63 |
| CY5 | Cygnus Metals Ltd | 0.125 | -7% | -11% | 108% | 112% | 25% | $ 106,153,958.88 |
| G50 | G50Corp Ltd | 0.125 | -14% | -31% | -7% | 49% | -19% | $ 21,680,683.97 |
| ADV | Ardiden Ltd | 0.15 | -3% | 3% | 25% | -6% | 11% | $ 9,377,625.90 |
| AAR | Astral Resources NL | 0.135 | -10% | -10% | 65% | 121% | 0% | $ 167,825,938.23 |
| VMC | Venus Metals Cor Ltd | 0.082 | -8% | 30% | 17% | -15% | 22% | $ 15,494,165.96 |
| NAE | New Age Exploration | 0.005 | 0% | 67% | 25% | 25% | 43% | $ 8,625,595.64 |
| VKA | Viking Mines Ltd | 0.008 | 0% | -20% | 0% | -27% | 0% | $ 10,625,178.56 |
| LCL | LCL Resources Ltd | 0.01 | 0% | 11% | 25% | -9% | 0% | $ 10,753,314.36 |
| MTH | Mithril Silver Gold | 0.31 | -16% | -18% | 130% | 55% | -23% | $ 48,797,279.87 |
| ADG | Adelong Gold Limited | 0.005 | -17% | 0% | 0% | 0% | 11% | $ 8,384,917.19 |
| RMX | Red Mount Min Ltd | 0.009 | 13% | 13% | -10% | -49% | 0% | $ 4,184,620.16 |
| PRS | Prospech Limited | 0.027 | 8% | 13% | -18% | -10% | -7% | $ 8,878,298.95 |
| TTM | Titan Minerals | 0.44 | -11% | 7% | 5% | 100% | 16% | $ 113,139,289.64 |
| AKA | Aureka Limited | 0.155 | -11% | -6% | -98% | -98% | 15% | $ 15,365,234.40 |
| AAM | Aumegametals | 0.044 | -6% | 5% | -2% | 26% | 5% | $ 24,768,634.72 |
| KZR | Kalamazoo Resources | 0.077 | -3% | 4% | -19% | -20% | 4% | $ 16,205,449.49 |
| BCN | Beacon Minerals | 0.024 | -8% | -8% | 4% | 9% | 9% | $ 105,659,104.80 |
| MAU | Magnetic Resources | 1.25 | -8% | 1% | -22% | 32% | 13% | $ 360,127,552.50 |
| BC8 | Black Cat Syndicate | 0.825 | -2% | 17% | 132% | 313% | 46% | $ 511,641,186.98 |
| EM2 | Eagle Mountain | 0.007 | -13% | -22% | -82% | -86% | -22% | $ 9,080,298.31 |
| EMR | Emerald Res NL | 3.98 | -3% | 6% | -1% | 44% | 22% | $ 2,615,040,715.88 |
| BYH | Bryah Resources Ltd | 0.004 | 0% | 0% | 0% | -43% | 33% | $ 2,507,202.91 |
| HCH | Hot Chili Ltd | 0.7 | -9% | 3% | -18% | -34% | 0% | $ 112,051,133.00 |
| WAF | West African Res Ltd | 1.735 | -1% | 7% | 18% | 105% | 21% | $ 2,000,308,361.22 |
| MEU | Marmota Limited | 0.05 | -6% | -18% | 28% | 19% | 28% | $ 61,271,901.08 |
| NVA | Nova Minerals Ltd | 0.28 | -15% | -27% | 87% | 2% | -24% | $ 93,373,450.93 |
| SVL | Silver Mines Limited | 0.08 | -10% | 10% | -12% | -43% | 3% | $ 144,161,806.75 |
| PGD | Peregrine Gold | 0.115 | -18% | -23% | -30% | -50% | -18% | $ 9,138,356.55 |
| ICL | Iceni Gold | 0.079 | -12% | 10% | 103% | 339% | 11% | $ 24,630,838.32 |
| FG1 | Flynngold | 0.024 | -11% | -4% | -11% | -43% | -4% | $ 6,794,228.22 |
| WWI | West Wits Mining Ltd | 0.017 | -15% | 6% | 13% | 31% | 21% | $ 47,252,101.01 |
| RML | Resolution Minerals | 0.008 | -11% | -33% | -50% | -67% | -33% | $ 2,386,113.01 |
| AAJ | Aruma Resources Ltd | 0.01 | -5% | 0% | -29% | -33% | -17% | $ 2,220,581.72 |
| HWK | Hawk Resources. | 0.025 | 4% | 14% | -6% | -44% | 14% | $ 5,948,236.23 |
| GMN | Gold Mountain Ltd | 0.002 | 0% | 0% | -50% | -50% | -33% | $ 9,158,446.37 |
| MEG | Megado Minerals Ltd | 0.015 | 15% | 15% | 31% | 43% | -12% | $ 6,295,248.93 |
| HMG | Hamelingoldlimited | 0.055 | -11% | -13% | -38% | -31% | -14% | $ 8,695,500.00 |
| BM8 | Battery Age Minerals | 0.071 | -7% | -28% | -41% | -57% | -32% | $ 7,981,766.75 |
| TBR | Tribune Res Ltd | 4.88 | -2% | 13% | 25% | 69% | 14% | $ 254,994,854.22 |
| FML | Focus Minerals Ltd | 0.195 | 0% | -11% | 39% | 18% | 15% | $ 57,311,729.00 |
| VRC | Volt Resources Ltd | 0.0045 | 50% | 50% | 13% | -25% | 50% | $ 18,117,573.47 |
| ARV | Artemis Resources | 0.0085 | -15% | -6% | -35% | -43% | 6% | $ 20,228,234.46 |
| HRN | Horizon Gold Ltd | 0.4 | -12% | -23% | 33% | 54% | -17% | $ 58,660,168.82 |
| CLA | Celsius Resource Ltd | 0.01 | -9% | 0% | -33% | -9% | -9% | $ 29,361,622.97 |
| QML | Qmines Limited | 0.045 | -12% | -20% | -32% | -32% | -17% | $ 19,300,629.87 |
| RDN | Raiden Resources Ltd | 0.004 | -33% | -43% | -86% | -84% | -64% | $ 17,254,457.21 |
| TCG | Turaco Gold Limited | 0.33 | -8% | 3% | 38% | 200% | 29% | $ 294,467,103.10 |
| KCC | Kincora Copper | 0.026 | -7% | -10% | -50% | -30% | -4% | $ 6,509,584.41 |
| GBZ | GBM Rsources Ltd | 0.007 | -13% | -13% | -22% | -13% | -13% | $ 8,197,489.85 |
| DTM | Dart Mining NL | 0.005 | -17% | -52% | -64% | -61% | -44% | $ 2,990,277.89 |
| MKR | Manuka Resources. | 0.029 | 4% | 7% | 16% | -61% | 4% | $ 23,512,262.40 |
| AUC | Ausgold Limited | 0.45 | -4% | 2% | 20% | 88% | 7% | $ 160,476,660.90 |
| ANX | Anax Metals Ltd | 0.009 | -10% | -10% | -60% | -50% | -25% | $ 7,945,268.10 |
| EMU | EMU NL | 0.03 | -12% | 7% | 50% | 9% | 11% | $ 5,963,754.80 |
| SFM | Santa Fe Minerals | 0.037 | 0% | 9% | -5% | -18% | 19% | $ 2,694,295.19 |
| SSR | SSR Mining Inc. | 15.99 | -2% | 28% | 99% | 128% | 47% | $ 59,390,344.74 |
| PNR | Pantoro Limited | 0.14 | 0% | 33% | 27% | 250% | 56% | $ 912,598,468.74 |
| CMM | Capricorn Metals | 7.58 | -5% | 1% | 26% | 61% | 21% | $ 3,254,523,299.48 |
| X64 | Ten Sixty Four Ltd | 0.57 | 0% | 0% | 0% | 0% | 0% | $ 129,844,903.32 |
| VRL | Verity Resources | 0.016 | 7% | -16% | -60% | -80% | -20% | $ 2,539,449.06 |
| HAW | Hawthorn Resources | 0.045 | 2% | 7% | -27% | -44% | 10% | $ 15,075,702.59 |
| BGD | Bartongoldholdings | 0.28 | -10% | 6% | 14% | 12% | 14% | $ 67,835,787.20 |
| SVY | Stavely Minerals Ltd | 0.018 | -14% | 0% | -31% | -45% | 6% | $ 10,336,799.77 |
| AGC | AGC Ltd | 0.165 | 0% | 27% | -48% | 101% | 6% | $ 42,338,541.63 |
| RGL | Riversgold | 0.005 | 0% | 67% | 0% | -44% | 25% | $ 8,418,562.97 |
| TSO | Tesoro Gold Ltd | 0.032 | -3% | 39% | 7% | 39% | 60% | $ 48,155,835.27 |
| GUE | Global Uranium | 0.067 | -13% | -13% | 8% | -42% | 12% | $ 21,809,242.56 |
| CPM | Coopermetalslimited | 0.046 | -4% | 0% | -28% | -82% | 0% | $ 3,447,648.60 |
| MM8 | Medallion Metals. | 0.16 | 3% | 33% | 181% | 202% | 33% | $ 80,832,937.39 |
| FFM | Firefly Metals Ltd | 0.975 | -1% | 8% | -1% | 97% | 5% | $ 587,253,598.88 |
| CBY | Canterbury Resources | 0.024 | -4% | 9% | -20% | -23% | 9% | $ 4,738,581.50 |
| LYN | Lycaonresources | 0.135 | -4% | -45% | -49% | -27% | 50% | $ 7,417,875.22 |
| SFR | Sandfire Resources | 10.59 | -2% | 7% | 17% | 41% | 14% | $ 4,940,254,928.61 |
| SMG | Silvermetalgroupltd | 0.06 | 0% | 0% | 0% | 0% | 0% | $ 4,881,135.48 |
| TAM | Tanami Gold NL | 0.03 | 7% | 7% | -6% | 7% | 0% | $ 34,077,814.33 |
| NWM | Norwest Minerals | 0.012 | -11% | -20% | -50% | -60% | -14% | $ 5,821,434.12 |
| ALK | Alkane Resources Ltd | 0.615 | -3% | 15% | 48% | 27% | 21% | $ 381,491,391.96 |
| BMO | Bastion Minerals | 0.004 | 0% | -20% | -33% | -56% | 0% | $ 3,378,898.66 |
| IDA | Indiana Resources | 0.072 | -1% | 13% | 39% | 66% | 18% | $ 46,919,469.43 |
| GSM | Golden State Mining | 0.008 | -11% | 0% | -38% | -20% | 0% | $ 2,234,965.04 |
| NSM | Northstaw | 0.029 | 0% | 45% | 137% | -7% | 81% | $ 8,180,295.00 |
| GSN | Great Southern | 0.022 | -8% | 22% | 22% | 16% | 47% | $ 23,707,726.51 |
| VAU | Vault Minerals Ltd | 0.405 | -1% | 11% | 13% | 29% | 23% | $ 2,720,989,352.80 |
| DEG | De Grey Mining | 1.965 | -4% | -2% | 61% | 56% | 11% | $ 4,843,775,658.84 |
| THR | Thor Energy PLC | 0.013 | 0% | 13% | -13% | -50% | 0% | $ 9,253,397.86 |
| CDR | Codrus Minerals Ltd | 0.017 | -6% | 0% | -35% | -65% | 0% | $ 2,811,587.57 |
| MDI | Middle Island Res | 0.017 | -11% | 31% | 31% | 21% | 42% | $ 4,642,576.33 |
| WTM | Waratah Minerals Ltd | 0.17 | -6% | 13% | -58% | 124% | 10% | $ 30,358,124.85 |
| POL | Polymetals Resources | 0.66 | -15% | -25% | 175% | 140% | -17% | $ 164,146,182.60 |
| RDS | Redstone Resources | 0.003 | 0% | 0% | -25% | -25% | 20% | $ 2,776,135.38 |
| NAG | Nagambie Resources | 0.015 | -6% | -6% | -35% | -48% | -17% | $ 13,656,139.85 |
| BGL | Bellevue Gold Ltd | 1.175 | -2% | 5% | -13% | -19% | 4% | $ 1,534,095,400.00 |
| GBR | Greatbould Resources | 0.072 | 9% | 50% | 53% | 20% | 67% | $ 57,691,625.38 |
| KAI | Kairos Minerals Ltd | 0.018 | -18% | 33% | 80% | 50% | 50% | $ 49,987,331.59 |
| KAU | Kaiser Reef | 0.16 | -9% | -3% | 7% | 28% | 0% | $ 44,303,795.20 |
| HRZ | Horizon | 0.061 | -12% | 33% | 45% | 103% | 53% | $ 132,644,288.31 |
| CDT | Castle Minerals | 0.003 | 50% | 50% | -14% | -50% | 50% | $ 5,690,442.32 |
| RSG | Resolute Mining | 0.365 | 1% | -10% | -46% | 9% | -8% | $ 787,748,504.81 |
| MXR | Maximus Resources | 0.064 | -4% | 3% | 113% | 111% | 10% | $ 26,913,436.84 |
| EVN | Evolution Mining Ltd | 6.09 | -5% | 10% | 40% | 110% | 27% | $ 12,532,859,262.00 |
| CXU | Cauldron Energy Ltd | 0.01 | -17% | -20% | -46% | -72% | -17% | $ 16,075,450.70 |
| DLI | Delta Lithium | 0.165 | -6% | -3% | -30% | -43% | -3% | $ 121,812,104.64 |
| ALY | Alchemy Resource Ltd | 0.008 | 0% | 14% | 33% | 14% | 14% | $ 9,424,610.05 |
| NH3 | Nh3Cleanenergyltd | 0.022 | 16% | 22% | 22% | 69% | 22% | $ 12,640,910.06 |
| OBM | Ora Banda Mining Ltd | 0.925 | -4% | 22% | 67% | 263% | 42% | $ 1,739,757,692.48 |
| AVW | Avira Resources Ltd | 0.009 | 0% | -55% | -55% | -55% | -55% | $ 1,616,337.18 |
| LCY | Legacy Iron Ore | 0.01 | -9% | 11% | -20% | -31% | 0% | $ 87,858,383.26 |
| PDI | Predictive Disc Ltd | 0.34 | 5% | 26% | 21% | 94% | 48% | $ 901,200,112.80 |
| MAT | Matsa Resources | 0.057 | 6% | 43% | 90% | 119% | 63% | $ 43,956,636.48 |
| ZAG | Zuleika Gold Ltd | 0.011 | -8% | -8% | -15% | -35% | -15% | $ 8,160,679.20 |
| GML | Gateway Mining | 0.02 | -9% | -9% | -9% | -20% | -5% | $ 8,176,405.90 |
| SBM | St Barbara Limited | 0.215 | -17% | -14% | -16% | 54% | -4% | $ 249,054,658.43 |
| SBR | Sabre Resources | 0.008 | -11% | 0% | -33% | -58% | -20% | $ 3,143,695.46 |
| STK | Strickland Metals | 0.072 | 6% | -8% | -35% | -5% | -15% | $ 147,896,787.71 |
| CEL | Challenger Gold Ltd | 0.055 | -7% | 10% | 20% | -29% | 17% | $ 94,513,422.14 |
| GG8 | Gorilla Gold Mines | 0.31 | 15% | 35% | 194% | 880% | 19% | $ 142,979,684.73 |
| NST | Northern Star | 17.16 | -4% | 0% | 13% | 34% | 11% | $ 20,141,395,806.40 |
| OZM | Ozaurum Resources | 0.068 | -38% | 127% | 39% | -3% | 127% | $ 13,428,427.36 |
| TG1 | Techgen Metals Ltd | 0.03 | -17% | -12% | -40% | -23% | -14% | $ 4,601,305.59 |
| XAM | Xanadu Mines Ltd | 0.047 | -11% | 0% | -20% | 18% | -4% | $ 93,697,680.24 |
| AQI | Alicanto Min Ltd | 0.036 | -5% | -16% | 112% | 64% | -3% | $ 29,685,004.16 |
| KTA | Krakatoa Resources | 0.009 | -10% | -10% | -10% | -36% | -5% | $ 5,901,340.25 |
| ARN | Aldoro Resources | 0.4 | 13% | 48% | 433% | 281% | 5% | $ 77,053,994.14 |
| WGX | Westgold Resources. | 2.51 | 1% | -4% | -15% | 39% | -11% | $ 2,348,343,128.10 |
| MBK | Metal Bank Ltd | 0.014 | 0% | -7% | -11% | -21% | -7% | $ 6,964,425.97 |
| A8G | Australasian Metals | 0.074 | 7% | -1% | -45% | -8% | -6% | $ 4,283,839.65 |
| TAR | Taruga Minerals | 0.009 | -10% | -10% | 13% | 13% | -10% | $ 6,354,241.07 |
| DTR | Dateline Resources | 0.003 | 0% | 0% | -57% | -75% | -14% | $ 7,696,705.86 |
| GOR | Gold Road Res Ltd | 2.43 | -7% | -2% | 42% | 66% | 19% | $ 2,734,603,464.60 |
| S2R | S2 Resources | 0.063 | -7% | -18% | -43% | -55% | -6% | $ 28,077,195.57 |
| NES | Nelson Resources. | 0.003 | 0% | 0% | 0% | -25% | 0% | $ 6,515,782.98 |
| TLM | Talisman Mining | 0.165 | -11% | -20% | -18% | -6% | -20% | $ 32,014,459.33 |
| BEZ | Besragoldinc | 0.041 | -9% | -45% | -61% | -73% | -54% | $ 17,035,046.99 |
| PRU | Perseus Mining Ltd | 2.93 | 1% | 5% | 15% | 75% | 14% | $ 4,143,997,277.58 |
| SPQ | Superior Resources | 0.006 | 20% | 0% | -20% | -39% | 0% | $ 13,019,182.79 |
| PUR | Pursuit Minerals | 0.07 | -7% | -15% | -53% | -72% | -27% | $ 5,779,710.65 |
| RMS | Ramelius Resources | 2.63 | 0% | 13% | 26% | 91% | 27% | $ 3,165,184,977.26 |
| PKO | Peako Limited | 0.0025 | -17% | -17% | -50% | -19% | -17% | $ 4,463,225.88 |
| ICG | Inca Minerals Ltd | 0.005 | -17% | -23% | 0% | -17% | 0% | $ 5,133,612.67 |
| A1G | African Gold Ltd. | 0.065 | -16% | -18% | 103% | 106% | 18% | $ 25,573,700.34 |
| NMG | New Murchison Gold | 0.01 | -9% | 0% | 82% | 82% | 11% | $ 79,523,209.10 |
| GNM | Great Northern | 0.015 | -29% | 0% | 0% | -25% | 7% | $ 2,628,694.31 |
| KRM | Kingsrose Mining Ltd | 0.036 | 3% | 6% | -5% | 13% | 3% | $ 27,880,481.20 |
| BTR | Brightstar Resources | 0.019 | -10% | -10% | 6% | 46% | -5% | $ 228,123,311.40 |
| RRL | Regis Resources | 3.2 | 4% | 6% | 78% | 74% | 25% | $ 2,477,966,967.52 |
| M24 | Mamba Exploration | 0.015 | 7% | -12% | 25% | -52% | 25% | $ 4,132,318.54 |
| TRM | Truscott Mining Corp | 0.07 | -3% | -15% | 17% | 41% | -10% | $ 13,401,399.20 |
| TNC | True North Copper | 0.35 | -4% | -15% | -90% | -96% | -88% | $ 47,818,826.08 |
| MOM | Moab Minerals Ltd | 0.001 | -50% | -50% | -80% | -86% | -50% | $ 1,566,999.37 |
| KNB | Koonenberrygold | 0.031 | -6% | 48% | 138% | 116% | 158% | $ 30,110,532.61 |
| AWJ | Auric Mining | 0.28 | -7% | -11% | 0% | 155% | -18% | $ 43,196,477.59 |
| ENR | Encounter Resources | 0.23 | -2% | -15% | -52% | -8% | -29% | $ 119,710,156.56 |
| SNG | Siren Gold | 0.053 | -4% | -4% | -23% | 6% | -18% | $ 12,919,265.93 |
| STN | Saturn Metals | 0.2 | -15% | -15% | 8% | 38% | -2% | $ 64,865,825.64 |
| USL | Unico Silver Limited | 0.175 | -19% | -10% | 0% | 88% | -10% | $ 83,209,313.45 |
| PNM | Pacific Nickel Mines | 0.024 | 0% | 0% | 0% | -37% | 0% | $ 10,103,834.52 |
| AYM | Australia United Min | 0.003 | 0% | 50% | 50% | 0% | -25% | $ 5,527,732.46 |
| ANL | Amani Gold Ltd | 0 | -100% | -100% | -100% | -100% | -100% | $ 21,449,587.12 |
| HAV | Havilah Resources | 0.195 | -7% | -7% | 11% | 30% | -13% | $ 66,154,977.72 |
| SPR | Spartan Resources | 1.31 | 0% | -9% | -2% | 187% | -7% | $ 1,683,055,006.79 |
| PNT | Panthermetalsltd | 0.015 | 7% | 67% | -52% | -46% | 36% | $ 3,722,561.45 |
| MEK | Meeka Metals Limited | 0.125 | -7% | 14% | 119% | 279% | 62% | $ 325,405,297.88 |
| GMD | Genesis Minerals | 3.18 | 0% | 4% | 45% | 103% | 29% | $ 3,648,907,517.90 |
| PGO | Pacgold | 0.06 | -13% | -21% | -40% | -60% | -20% | $ 8,281,623.29 |
| FEG | Far East Gold | 0.155 | -11% | -11% | 11% | 19% | -14% | $ 58,724,392.48 |
| MI6 | Minerals260Limited | 0.13 | 0% | 0% | 8% | -21% | 0% | $ 30,420,000.00 |
| IGO | IGO Limited | 3.98 | -14% | -24% | -25% | -48% | -17% | $ 3,195,670,170.86 |
| GAL | Galileo Mining Ltd | 0.14 | -3% | -10% | -24% | -43% | 12% | $ 30,631,863.69 |
| RXL | Rox Resources | 0.24 | -14% | 4% | 71% | 56% | 20% | $ 145,892,003.52 |
| PTN | Patronus Resources | 0.063 | 2% | 11% | 21% | 7% | 29% | $ 103,156,061.65 |
| CLZ | Classic Min Ltd | 0.001 | 0% | 0% | 0% | -98% | 0% | $ 1,544,025.56 |
| TGM | Theta Gold Mines Ltd | 0.165 | -6% | 3% | 18% | 32% | -8% | $ 135,908,580.16 |
| FAL | Falconmetalsltd | 0.11 | -15% | -19% | -58% | -4% | -4% | $ 19,470,000.00 |
| SPD | Southernpalladium | 0.4175 | -7% | -17% | 10% | -1% | -30% | $ 37,971,625.00 |
| ORN | Orion Minerals Ltd | 0.016 | 14% | 14% | 0% | 23% | 7% | $ 95,906,269.45 |
| TMB | Tambourahmetals | 0.027 | -2% | 8% | -29% | -71% | 29% | $ 3,096,521.29 |
| TMS | Tennant Minerals Ltd | 0.013 | 8% | 13% | -32% | -54% | 44% | $ 13,382,465.81 |
| AZYDA | Antipa Minerals Ltd | 0.36 | -5% | 9% | 200% | 227% | 38% | $ 177,167,805.89 |
| PXX | Polarx Limited | 0.0075 | -6% | -17% | -17% | -41% | 15% | $ 19,004,007.82 |
| TRE | Toubani Res Ltd | 0.155 | 0% | 15% | -18% | 29% | -9% | $ 33,199,194.06 |
| AUN | Aurumin | 0.061 | -5% | -5% | 53% | 79% | -8% | $ 33,362,559.72 |
| GPR | Geopacific Resources | 0.02 | -9% | -9% | -18% | 37% | 0% | $ 63,649,306.52 |
| FXG | Felix Gold Limited | 0.13 | -7% | 4% | 160% | 282% | 55% | $ 42,757,830.18 |
| ILT | Iltani Resources Lim | 0.24 | 4% | 9% | -19% | 66% | 17% | $ 11,091,911.50 |
| BRX | Belararoxlimited | 0.14 | -10% | -20% | -49% | -60% | -20% | $ 19,435,155.26 |
| TM1 | Terra Metals Limited | 0.028 | -7% | -3% | -28% | -22% | 0% | $ 11,006,146.67 |
| TOR | Torque Met | 0.1 | 0% | 72% | 0% | -38% | 89% | $ 26,696,728.67 |
| ARD | Argent Minerals | 0.018 | -18% | 0% | 20% | 100% | 6% | $ 26,021,528.64 |
| LM1 | Leeuwin Metals Ltd | 0.12 | -4% | 0% | 48% | 36% | -14% | $ 7,522,950.72 |
| SX2 | Southgold Consol | 3.41 | -5% | -8% | 0% | 0% | 0% | $ 438,281,846.73 |
Normally we look at the week’s gainers here, but today we’re turning our attention to some YTD bolters.
High-grade gold results had punters piling into Kalgoorlie Gold Mining (ASX:KAL), with the Ardea Resources spinoff picking itself off the canvas by declaring the Lighthorse discovery at Pinjin.
The 17m at 4.81g/t Au from 48m discovery hole, which included 8m at 9.2g/t and ended in mineralisation, is well located given its proximity to Northern Star’s Carosue Dam and Ramelius’ planned Rebecca/Roe gold project.
Also in the district, OzAurum Resources (ASX:OZM) lifted strongly early in February on a high-grade discovery at the nearby Mulagbbie North, including a hit of 20m at 3.57g/t gold from surface in aircore drilling along the Relief Shear.
That comes on top of a 260,000oz mineral resource at 0.7g/t, which is currently the subject of a study into a heap leach profit-share with potential JV partner Line Hydrogen and BIM Metals.
Caprice Resources (ASX:CRS), up 185% YTD, also had well received drill results from its Island gold project near Cue, where it’s looking for analogue targets of the high-grade Break of Day deposit which led to Ramelius Resources’ takeover of Musgrave Minerals in a $201m deal in 2023.
Hits at Vadrians Hill included results like 28m at 6.4g/t, 27m at 3g/t and 15m at 4.6g/t, and led to a big interest in option exercises from shareholders, boosting the company’s cash balance to $4m.
Results from a further 30 RC drill holes, around 3500m worth, are due in March.
Koonenberry Gold (ASX:KNB), meanwhile, has drawn strong interest for drilling at its Enmore project in New South Wales, where it reported visible gold in recent intersections.
But it also has the world’s most prolific gold miner Newmont in its corner, running an 11,000m drill program at the Junee project, where the companies are chasing analogues of the Cadia and Northparkes mines.
Newmont holds 80% and is managing the JV, in which Koonenberry has a 20% interest.
At Stockhead, we tell it like it is. While OzAurum Resources, Caprice Resources, Koonenberry Gold, Spartan Resources, Medallion Metals, Astral Resources, Magnetic Resources, Brightstar Resources, Vertex Minerals, Antipa Minerals and Western Gold Resources are Stockhead advertisers, they did not sponsor this article.
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