• USD gold price continues to fall, currently $US1,621/oz
  • Mixed bag of results for gold producers in Q1: Perseus, Northern Star outperformers so far
  • Weekly small cap standouts: Strickland metals, Medallion Metals. GBM Resources

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

 

‘When will gold prices come good?’

A real mystery. Some of the gold price’s historic relationships are coming unstuck. A hedge against economic uncertainty and inflation?

Not this time.

This is despite near record physical demand.

Even the experts are puzzled.

“Gold has been the unexpected loser of the current macroeconomic environment, with its safe-haven status in direct competition with the U.S. dollar,” said Aude Marjolin, associate commodity analyst at S&P Global Commodity Insight.

The clearest current links are with geopolitical volatility – gold briefly hit $US2,000oz in March after Russia invaded Ukraine – and the USD, which has enjoyed unprecedented strength of late.

US currency remains a stumbling block as the Fed pursues an aggressive monetary policy to battle inflation.

Historically, strong dollar = weak gold price, and vice versa.

So, what could boost the gold price? A loosening of monetary policy.

“I tend to think that Fed hawkishness is largely now ‘in the price’,” Philip Klapwijk, managing director of Hong Kong-based consultant Precious Metals Insights told livemint in an email. “That said, the scope for a near-term major rebound in gold prices is very limited while rates climb and the US dollar remains strong.”

Gold prices over the past year. Dark (USD), Light (AUD) Sources: FastMarkets, ICE Benchmark Administration, Thomson Reuters, World Gold Council

 

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 1 WEEK RETURN % 1 MONTH RETURN % 6 MONTH RETURN % 1 YEAR RETURN % PRICE MARKET CAP
STK Strickland Metals 31% 2% -28% -46% 0.046 $63,593,559
NAE New Age Exploration 29% 0% -36% -18% 0.009 $11,487,191
AZS Azure Minerals 24% 40% -20% -23% 0.28 $85,452,323
MM8 Medallion Metals 23% 9% -32% -10% 0.19 $26,591,461
TBA Tombola Gold 22% -3% -33% -20% 0.033 $36,033,120
GBZ GBM Resources 18% -2% -62% -67% 0.046 $22,948,269
SAU Southern Gold 14% -9% -38% -51% 0.032 $6,826,520
BEZ Besra Gold 13% 34% -15% -68% 0.051 $12,291,134
PNX PNX Metals Limited 13% -10% -10% -38% 0.0045 $19,998,260
MCT Metalicity Limited 13% -10% -33% -48% 0.0045 $15,564,177
AUT Auteco Minerals 13% 10% -39% -45% 0.045 $93,052,634
STN Saturn Metals 13% 0% -33% -36% 0.27 $35,072,778
FML Focus Minerals 12% 4% -43% -50% 0.14 $40,118,210
FAU First Au 11% -29% -67% -55% 0.005 $4,657,055
AL8 Alderan Resource 11% 0% -60% -77% 0.01 $5,782,661
ARN Aldoro Resources 11% 4% -15% -40% 0.25 $24,896,829
AME Alto Metals Limited 10% 7% -14% -29% 0.075 $41,159,388
PRX Prodigy Gold NL 10% 10% -41% -64% 0.011 $18,223,511
RMX Red Mount Min 10% -8% -39% -39% 0.0055 $9,033,001
NVA Nova Minerals 10% -13% -16% -56% 0.68 $126,726,280
TAR Taruga Minerals 10% 13% 36% -28% 0.034 $19,754,911
DRE Dreadnought Resources 9% -15% 133% 163% 0.1025 $319,466,023
POL Polymetals Resources 9% 15% 90% 31% 0.19 $7,824,711
GSN Great Southern 8% 18% -22% -40% 0.045 $25,043,816
SRN Surefire Rescs NL 8% -13% -43% -10% 0.013 $20,557,725
ASR Asra Minerals 8% -7% 0% -7% 0.026 $38,070,800
RML Resolution Minerals 8% 24% -19% -35% 0.013 $12,437,700
VAN Vango Mining 8% 0% -26% -34% 0.039 $49,137,568
SNG Siren Gold 8% -5% -50% -48% 0.2 $23,385,095
AVM Advance Metals 8% 17% -18% -18% 0.014 $6,690,284
CLA Celsius Resource 8% -7% -44% -52% 0.014 $21,039,607
DTM Dart Mining NL 8% -7% 2% -31% 0.084 $13,041,853
VRC Volt Resources 7% 4% 7% -9% 0.029 $96,299,250
XAM Xanadu Mines 7% -9% -22% -3% 0.029 $40,955,546
TIE Tietto Minerals 7% 39% 31% 48% 0.69 $744,873,968
MEK Meeka Metals Limited 7% -11% 27% 32% 0.062 $66,681,863
GTR Gti Energy 7% -20% -27% -52% 0.016 $22,582,254
OZM Ozaurum Resources 7% -24% -20% -47% 0.08 $5,577,280
ERM Emmerson Resources 7% 0% -33% 16% 0.081 $44,121,493
PGD Peregrine Gold 6% -1% 14% 42% 0.595 $23,039,326
CEL Challenger Exp 6% -6% -48% -38% 0.17 $177,634,913
GMD Genesis Minerals 6% 9% -33% -16% 1.115 $449,231,170
PKO Peako Limited 6% -25% 6% -18% 0.018 $6,825,275
PRU Perseus Mining 5% 17% -14% 1% 1.69 $2,218,434,078
BTR Brightstar Resources 5% 25% -33% -57% 0.02 $13,529,952
X64 Ten Sixty Four 5% 2% -32% -20% 0.61 $139,319,914
TAM Tanami Gold NL 5% -7% -34% -45% 0.041 $48,178,979
BMR Ballymore Resources 5% 5% 11% -16% 0.21 $15,430,397
ADN Andromeda Metals 5% -10% -59% -79% 0.043 $133,730,363
KCN Kingsgate Consolid. 4% 0% -7% -12% 1.55 $338,620,293
CDT Castle Minerals 4% -17% -55% 47% 0.025 $24,987,325
G88 Golden Mile Res 4% -21% -56% -47% 0.027 $5,523,923
ADT Adriatic Metals 4% -1% -15% -21% 2.2 $468,557,626
VMC Venus Metals Cor 4% -15% -30% -26% 0.14 $22,411,016
NSM Northstaw 4% -10% -52% -58% 0.14 $16,817,780
AAJ Aruma Resources 4% 13% -61% -17% 0.0715 $11,222,747
BGD Bartongoldholdings 3% 0% -42% -12% 0.15 $12,464,087
AM7 Arcadia Minerals 3% 11% 15% 39% 0.305 $14,009,368
KTA Krakatoa Resources 3% -10% -49% 3% 0.061 $21,027,305
QML Qmines Limited 3% 15% -47% -60% 0.155 $12,392,510
ASO Aston Minerals 3% -4% -50% -43% 0.0795 $88,525,709
KCC Kincora Copper 3% -7% -39% -60% 0.064 $4,733,874
MZZ Matador Mining 3% -10% -62% -76% 0.099 $27,940,271
SMI Santana Minerals 3% -8% -1% 148% 0.67 $98,916,983
KAU Kaiser Reef 3% 0% -17% -22% 0.175 $22,760,003
CAI Calidus Resources 3% -34% -64% -38% 0.365 $159,790,322
KIN KIN Min NL 3% 3% -19% -38% 0.075 $78,639,114
KZR Kalamazoo Resources 3% -20% -58% -51% 0.195 $26,787,487
TSO Tesoro Gold 3% 11% -50% -62% 0.04 $34,879,231
SVG Savannah Goldfields 3% -15% -7% 7% 0.205 $34,870,180
SFM Santa Fe Minerals 2% 2% -28% 9% 0.087 $6,335,235
FEG Far East Gold 2% -1% 115% 0% 0.665 $81,154,745
MXR Maximus Resources 2% -10% -42% -47% 0.045 $14,350,760
MEU Marmota Limited 2% 0% -4% 7% 0.047 $49,763,627
IVR Investigator Res 2% -2% -28% -28% 0.048 $62,618,742
KAI Kairos Minerals 2% -25% -2% -8% 0.0285 $54,994,618
SVY Stavely Minerals 2% -13% -61% -68% 0.1525 $49,250,585
CPM Coopermetalslimited 1% -8% -19% 0% 0.34 $12,643,467
IGO IGO Limited 1% 4% 10% 60% 15.58 $11,790,659,848
HAW Hawthorn Resources 1% -6% -47% 70% 0.09 $30,016,405
NML Navarre Minerals 1% 0% -47% -54% 0.048 $67,580,320
M2R Miramar 1% -5% -43% -44% 0.1 $6,418,666
ARL Ardea Resources 1% 1% -53% 85% 0.905 $159,553,506
NPM Newpeak Metals 0% 0% 0% -50% 0.001 $8,853,750
FFX Firefinch 0% 0% -48% -11% 0.2 $236,248,644
AQX Alice Queen 0% 0% -57% -70% 0.003 $4,400,500
GIB Gibb River Diamonds 0% -4% -15% -30% 0.055 $11,633,019
BNR Bulletin Res 0% -14% -49% 71% 0.12 $35,110,932
SKY SKY Metals 0% -9% -52% -50% 0.05 $18,839,174
IPT Impact Minerals 0% -7% -55% -52% 0.007 $17,369,594
RND Rand Mining 0% -4% -9% -9% 1.43 $81,332,624
WCN White Cliff Min 0% -19% -37% 46% 0.019 $14,204,464
CTO Citigold Corp 0% 0% -25% -40% 0.006 $17,001,955
TRY Troy Resources 0% 0% 0% 0% 0.0295 $62,920,961
CGN Crater Gold Min 0% 0% 0% 0% 0.017 $21,063,474
G50 Gold50Limited 0% -14% -52% -51% 0.12 $6,833,160
ADV Ardiden 0% -13% -53% -36% 0.007 $18,678,347
VKA Viking Mines 0% -13% -42% -67% 0.007 $7,176,809
LCL Los Cerros Limited 0% -26% -79% -84% 0.023 $14,964,924
TTM Titan Minerals 0% 17% -24% -39% 0.076 $107,256,762
MAU Magnetic Resources 0% -5% -38% -42% 0.9 $210,190,097
BC8 Black Cat Syndicate 0% -9% -42% -42% 0.32 $68,478,136
EMR Emerald Res NL 0% -5% -9% 12% 1.115 $661,753,596
BYH Bryah Resources 0% -11% -55% -54% 0.025 $6,981,337
DCN Dacian Gold 0% 55% -52% -44% 0.135 $176,436,136
FG1 Flynngold 0% 5% -30% -31% 0.11 $7,046,716
WWI West Wits Mining 0% 6% -49% -57% 0.018 $36,180,678
GMN Gold Mountain 0% 0% -25% -70% 0.006 $8,898,895
HMG Hamelingoldlimited 0% 10% 3% 0% 0.16 $17,600,000
PF1 Pathfinder Resources 0% 0% 0% 64% 0.5 $26,560,505
RDN Raiden Resources 0% 0% -38% -68% 0.008 $13,059,537
AUC Ausgold Limited 0% 2% -47% -9% 0.042 $85,237,931
WMC Wiluna Mining Corp 0% 0% -74% -77% 0.205 $74,238,031
RDS Redstone Resources 0% 0% -27% -38% 0.008 $5,894,659
HXG Hexagon Energy 0% -12% -67% -84% 0.015 $7,693,739
AVW Avira Resources 0% -13% -50% -42% 0.0035 $7,468,265
LCY Legacy Iron Ore 0% -5% -37% 36% 0.019 $121,729,698
PDI Predictive Disc 0% 3% -16% -3% 0.18 $307,430,954
MAT Matsa Resources 0% -5% -46% -38% 0.038 $15,650,476
ZAG Zuleika Gold 0% -5% -44% -20% 0.018 $9,387,911
MBK Metal Bank 0% 0% -43% -58% 0.004 $10,460,991
S2R S2 Resources 0% -7% -16% 61% 0.135 $48,110,605
TLM Talisman Mining 0% 0% -22% -7% 0.14 $26,283,530
OAU Ora Gold Limited 0% -6% -50% -44% 0.008 $7,873,850
GNM Great Northern 0% -20% -33% -56% 0.004 $6,836,204
DEX Duke Exploration 0% 8% -66% -74% 0.053 $4,781,191
MOM Moab Minerals 0% -56% -56% -68% 0.012 $8,183,562
KNB Koonenberrygold 0% -16% -24% -54% 0.076 $5,757,490
ENR Encounter Resources 0% -17% -25% -41% 0.12 $42,066,019
AYM Australia United Min 0% -33% -50% -64% 0.004 $7,370,310
ANL Amani Gold 0% -33% -50% -67% 0.001 $23,693,441
PNT Panthermetals 0% -10% -31% 0% 0.18 $5,490,000
MI6 Minerals260Limited 0% 9% -38% -36% 0.31 $68,200,000
TUL Tulla Resources 0% -8% -33% -15% 0.44 $70,495,424
CLZ Classic Min 0% -2% -88% -88% 0.017 $7,640,830
OBM Ora Banda Mining -1% 36% 54% -10% 0.08 $110,044,187
MEG Megado Minerals -1% -2% -56% -17% 0.079 $8,723,904
NAG Nagambie Resources -1% -1% 58% 5% 0.079 $41,765,044
AWJ Auric Mining -1% -10% -7% -44% 0.076 $5,812,751
MDI Middle Island Res -2% -5% -57% -43% 0.063 $7,712,348
HAV Havilah Resources -2% -13% 55% 40% 0.295 $93,408,567
LEX Lefroy Exploration -2% -11% -13% -31% 0.29 $42,303,654
A8G Australasian Metals -2% -8% -46% -64% 0.275 $11,321,886
ALY Alchemy Resource -2% 26% 26% 104% 0.0265 $30,499,983
KRM Kingsrose Mining -2% -2% -35% 0% 0.052 $39,131,379
NST Northern Star -2% 3% -29% -16% 7.96 $9,158,447,627
AAU Antilles Gold -2% -6% -31% -39% 0.046 $19,126,076
SPQ Superior Resources -2% -20% 13% 221% 0.045 $76,554,919
CBY Canterbury Resources -2% 26% -29% -58% 0.044 $5,897,035
PGO Pacgold -2% -14% -43% 57% 0.44 $24,183,199
RVR Red River Resources -2% -8% -68% -66% 0.08 $39,403,301
DEG De Grey Mining -2% -5% -29% -19% 0.98 $1,517,683,976
TBR Tribune Res -3% -7% -31% -38% 3.27 $171,570,612
CDR Codrus Minerals -3% -7% -26% -55% 0.07 $2,800,000
TRM Truscott Mining Corp -3% -13% -36% 3% 0.035 $5,525,469
GWR GWR Group -3% -24% -62% -62% 0.063 $20,236,649
NCM Newcrest Mining -3% -1% -41% -32% 16.93 $15,023,245,298
ZNC Zenith Minerals -3% 0% -29% 15% 0.3 $103,428,684
AGG AngloGold Ashanti -3% 6% -34% -18% 4.08 $361,291,448
WRM White Rock Min -4% -4% -61% -77% 0.081 $15,624,629
IDA Indiana Resources -4% -18% -20% -4% 0.053 $25,641,655
AXE Archer Materials -4% -5% -13% -50% 0.77 $191,319,749
E2M E2 Metals -4% -22% -47% -50% 0.125 $24,891,540
BCN Beacon Minerals -4% 0% -29% -27% 0.024 $90,162,436
A1G African Gold . -4% -12% -62% -66% 0.072 $7,642,261
LM8 Lunnonmetalslimited -4% -21% -41% 73% 0.71 $78,012,050
DTR Dateline Resources -4% -19% -41% -24% 0.071 $39,907,703
BRB Breaker Res NL -4% 0% -16% -19% 0.235 $74,943,414
AGC AGC -4% -7% -31% -46% 0.068 $4,605,455
OKR Okapi Resources -4% -20% -43% -62% 0.225 $31,265,935
MGV Musgrave Minerals -4% -10% -40% -42% 0.22 $116,223,184
CMM Capricorn Metals -5% 9% -31% 23% 3.13 $1,166,646,577
GOR Gold Road Res -5% -4% -25% -7% 1.24 $1,318,017,065
MTC Metalstech -5% 4% 31% -5% 0.4 $68,446,859
GMR Golden Rim Resources -5% -11% -49% -56% 0.04 $12,556,536
ANX Anax Metals -5% -17% -53% -44% 0.059 $23,932,061
BGL Bellevue Gold -5% -11% -31% -21% 0.68 $722,793,874
SLZ Sultan Resources -5% -5% -41% -50% 0.095 $7,912,017
REZ Resourc & En Grp -5% -10% -60% -58% 0.019 $9,496,310
EM2 Eagle Mountain -5% -26% -59% -76% 0.185 $49,629,037
NXM Nexus Minerals -5% -10% -47% -60% 0.18 $57,321,596
TMZ Thomson Res -5% -22% -58% -80% 0.018 $14,514,604
GBR Greatbould Resources -5% -10% -25% -56% 0.09 $37,635,623
CYL Catalyst Metals -5% -4% -37% -43% 1.2 $123,070,185
HMX Hammer Metals -5% 10% -50% -16% 0.053 $42,643,081
EVN Evolution Mining -6% -13% -60% -51% 1.8375 $3,394,591,150
SVL Silver Mines Limited -6% 0% -29% -17% 0.17 $219,611,464
PNR Pantoro Limited -6% -3% -47% -19% 0.17 $267,964,518
THR Thor Mining PLC -6% -23% -43% -53% 0.0085 $9,365,287
KWR Kingwest Resources -6% -28% -81% -75% 0.033 $9,296,985
KSN Kingston Resources -6% -9% -57% -61% 0.08 $31,831,540
SLR Silver Lake Resource -6% -2% -47% -29% 1.12 $1,041,313,653
GML Gateway Mining -6% -11% -36% -56% 0.08 $18,080,877
HRN Horizon Gold -6% -13% -26% -25% 0.31 $38,806,309
SSR SSR Mining Inc. -6% 0% -35% -3% 20.87 $379,320,535
CHZ Chesser Resources -6% -8% -37% -44% 0.073 $42,932,987
GED Golden Deeps -7% 8% -33% 17% 0.014 $16,173,174
AWV Anova Metals -7% 0% 0% -39% 0.014 $22,373,319
MHC Manhattan Corp -7% -13% -50% -46% 0.007 $10,683,951
GRL Godolphin Resources -7% -1% -42% -44% 0.084 $9,943,034
ALK Alkane Resources -7% -16% -48% -32% 0.625 $377,045,473
NWM Norwest Minerals -7% -37% -52% -67% 0.027 $6,219,007
HCH Hot Chili -7% -16% -42% -63% 0.93 $111,681,268
WAF West African Res -7% -13% -28% -29% 0.985 $1,005,736,240
MKR Manuka Resources. -7% -22% -57% -66% 0.125 $35,752,548
GUL Gullewa Limited -7% 3% -23% -23% 0.062 $11,835,992
NMR Native Mineral Res -8% -27% -40% -47% 0.12 $6,036,807
MVL Marvel Gold Limited -8% -23% -47% -62% 0.024 $16,907,865
MEI Meteoric Resources -8% -20% -29% -56% 0.012 $18,315,568
M24 Mamba Exploration -8% -20% -11% -40% 0.12 $5,061,000
TCG Turaco Gold Limited -8% -10% -57% -67% 0.045 $19,247,250
RGL Riversgold -8% 10% -42% 107% 0.045 $35,709,848
SI6 SI6 Metals Limited -8% -27% -45% -54% 0.0055 $8,185,040
SBR Sabre Resources -8% -8% -21% 38% 0.0055 $16,031,708
SMS Starmineralslimited -8% -6% -57% 0% 0.087 $2,573,460
RMS Ramelius Resources -9% -13% -61% -62% 0.59 $527,739,255
BNZ Benzmining -9% -16% -35% -37% 0.455 $31,749,783
CY5 Cygnus Gold Limited -9% 67% 165% 233% 0.45 $68,441,171
RED Red 5 Limited -9% -35% -66% -43% 0.15 $421,055,771
RRL Regis Resources -9% -3% -36% -35% 1.445 $1,087,237,332
RDT Red Dirt Metals -9% -15% -8% -24% 0.54 $179,277,744
CWX Carawine Resources -9% -14% -59% -59% 0.086 $11,853,754
LRL Labyrinth Resources -10% -24% -55% -44% 0.019 $16,593,968
SFR Sandfire Resources -10% -19% -42% -43% 3.28 $1,345,395,674
BAT Battery Minerals -10% -10% -55% -68% 0.0045 $13,163,591
AQI Alicanto Min -10% -27% -65% -72% 0.035 $14,371,477
WGX Westgold Resources. -11% -8% -58% -60% 0.765 $362,321,388
MLS Metals Australia -11% -18% -76% 3% 0.041 $24,888,484
MRZ Mont Royal Resources -12% -25% -50% -47% 0.19 $12,736,831
GAL Galileo Mining -12% -9% 389% 331% 1.1 $223,071,334
DCX Discovex Res -13% -30% -59% -33% 0.0035 $11,558,988
XTC Xantippe Res -13% -22% -50% 75% 0.007 $57,016,609
ICG Inca Minerals -13% 3% -67% -73% 0.035 $16,872,199
LYN Lycaonresources -13% -35% -48% 0% 0.235 $7,500,906
CXU Cauldron Energy -13% -17% -38% -68% 0.01 $5,354,113
GSM Golden State Mining -13% -26% -54% -65% 0.0365 $4,271,018
RSG Resolute Mining -14% -17% -49% -57% 0.19 $204,280,583
BMO Bastion Minerals -14% -25% -58% -75% 0.068 $6,454,329
TMX Terrain Minerals -14% -14% -45% -33% 0.006 $4,564,566
CAZ Cazaly Resources -14% -21% -23% -38% 0.03 $11,124,654
EMU EMU NL -14% -25% -71% -79% 0.006 $4,123,609
CST Castile Resources -15% -25% -45% -60% 0.094 $22,738,828
ARV Artemis Resources -15% -17% -50% -67% 0.035 $54,265,316
MOH Moho Resources -15% -36% -57% -63% 0.023 $4,776,231
ICL Iceni Gold -15% -18% -33% -73% 0.077 $9,871,125
HRZ Horizon -15% -24% -56% -56% 0.055 $34,177,831
PUR Pursuit Minerals -15% -21% -68% -69% 0.011 $10,979,971
KAL Kalgoorliegoldmining -16% -28% -28% 0% 0.105 $7,605,633
MTH Mithril Resources -17% 0% -55% -67% 0.005 $14,701,165
GSR Greenstone Resources -17% -64% -31% -7% 0.025 $26,393,849
GCY Gascoyne Res -17% -27% -28% -44% 0.22 $95,857,932
AAR Astral Resources NL -17% -25% -36% -20% 0.063 $37,559,292
PRS Prospech Limited -18% -18% -43% -62% 0.028 $1,825,068
MKG Mako Gold -18% -29% -52% -59% 0.041 $15,671,906
BBX BBX Minerals -18% -29% -60% -74% 0.05 $24,336,074
RXL Rox Resources -19% -33% -53% -48% 0.195 $32,098,780
RXL Rox Resources -19% -33% -53% -48% 0.195 $32,098,780
AMI Aurelia Metals -20% -51% -77% -71% 0.1125 $136,118,094
MRR Minrex Resources -20% -15% -41% 132% 0.044 $46,578,286
TSC Twenty Seven Co. -20% 0% -29% -43% 0.002 $10,643,256
PNM Pacific Nickel Mines -20% -25% -38% -49% 0.071 $20,369,961
TG1 Techgen Metals -24% -42% -21% -46% 0.11 $6,022,385
PUA Peak Minerals -25% -33% -63% -58% 0.006 $6,248,225
DDDDB 3D Resources Limited -30% -30% -80% -83% 0.007 $3,545,498
SIH Sihayo Gold Limited -33% 0% -50% -78% 0.002 $12,204,256
YRL Yandal Resources -37% -35% -60% -75% 0.1 $11,609,155
NES Nelson Resources. -38% -56% -69% -81% 0.008 $3,531,566
SBM St Barbara Limited -39% -43% -69% -70% 0.46 $375,379,157
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A mixed week for the producers, who are reporting on the September quarter.

St Barbara (ASX:SBM) stock collapsed after a disastrous quarter, with 63,700oz produced at a radically higher than expected all in sustaining cost of $2490/oz.

It pulled in an average selling price for that gold of just $2486/oz.

St Barbs has also deferred $180 million of expansionary capex for 12 months, including the development of the Aphrodite mine, the construction of a refractory milling circuit at its Gwalia processing plant and a proposed expansion from 1.4mtpa to 2.1Mtpa.

 Evolution Mining (ASX:EVN) says the company is track to hit production and cost guidance in FY23 followed a “solid start” in the September quarter.

The boffins at RBC disagreed, saying that Q1 production of 161,000oz and an all-in sustaining cost of $1,513/oz came in 10% below and 10% above their expectations, respectively.

Consistent, can-do-no-wrong African goldie Perseus Mining (ASX:PRU) fared much better.

Q1 highlights for PRU included record gold production of 137,460oz, 12% more than in the June 2022 quarter. Perseus is on track to achieve 240,000-265,000oz guidance for the December 2022 half year, it says.

Remarkably, costs actually reduced.

PRU’s average AISC dropped 12% to US$879 per ounce during the quarter — well below market guidance of $1,000 – $1,100 per ounce for the December 2022 half year.

Northern Star (ASX:NST) also tread close to analyst expectations by selling 369,000oz of gold at all in sustaining costs of $1788/oz and all in costs of $2361/oz, with the higher all in cost number including a big uptick in growth capital and exploration spending.

NST generated $255m in mine operating cash flow and $78m in net mine cash flow, its best number on that metric in three quarters.

SBM, EVN,PRU,NST share price charts

 

WEEKLY GOLD STANDOUTS

STRICKLAND METALS (ASX:STK)

This explorer has enjoyed a 30% bump to its share price over the past week thanks to some strong news flow.

On Thursday, it was strong gold drilling results at the new Wanamaker discovery, part of the Millrose project in WA.

New oxide gold results include 5m @ 14.5g/t from 67m and 5m @ 6.6g/t Au from 83m, in two separate holes.

The first of these is ~200m away from the hit of 7m at 22.2g/t announced earlier this week.

On Friday, STK announced plans to spin out its Iroquois zinc-lead (80% Strickland; 20% Gibb River Diamonds (ASX:GIB)) and Bryah Basin copper-gold projects into a new ASX company.

STK’s focus is Milrose, but Iroquois and Bryah are still projects of significance, CEO Andrew Bray says.

“ The Iroquois Zn-Pb project lies directly along strike from Rumble Resources’ (ASX:RTR) world-class Earaheedy project, and has shown tremendous potential for additional Zn-Pb discoveries,” he says.

The work completed to date has shown that Iroquois warrants development in a standalone ASX-listed base metals company, Bray says.

“Should the spin out proceed as proposed, Iroquois will be front-and-centre of the new company. This allows for much more dedicated and focused exploration programs,” he says.

 

MEDALLION METALS (ASX:MM8)

This hard-working explorer is looking to building on an existing 1.4Moz resource at the Kundip Mining Centre – part of the Ravensthorpe project (RGP) in WA — with a 13,000m drilling program.

Latest results from the previously mined Flag prospect — like 4.9m @ 8.1 g/t Au, 0.27 % Cu, 5.09 g/t Ag from 285m – confirm that high-grade mineralisation continues beneath historical workings.

All results are at the margins of, or outside, the Inferred 2020 Mineral Resource Estimate (MRE) and will be incorporated in upcoming November MRE update, MM8 says.

And there’s more to come, managing director Paul Bennett says.

“All the holes intersected the structure giving the team great confidence in the continuity of the deposit and the ability to further extend the structure with further drilling,” he says.

“The exceptional grades in many of the holes demonstrate the potential of Flag to yield high margin material.

“We now have all the data in hand to inform the next Kundip mineral resource update, and we look forward to releasing that result in the coming weeks as we continue to build critical mass at RGP.”

MM8’s ultimate goal is to have enough gold in the ground to run a 100,000oz per annum operation for at least 8 years.

 

GBM RESOURCES (ASX:GBZ)

Junior explorer GBM Resources has inked a $25m farm in agreement with gold giant Newcrest (ASX:NCM) over GBZ’s 330,000oz Mount Coolon project in the Drummond Basin of QLD.

NCM can acquire up to 75% of Mount Coolon by spending up to $25m and completing a series of exploration milestones – including 23,000m of drilling – over six years.

The deal frees up GBZ to focus its efforts (and money) on the nearby Twin Hills and Yandan gold projects, which have a combined resource of ~1.38Moz.

GBZ purchased Mount Coolon in February 2015 from DGO (recently acquired by Gold Road Resources) for $850,000 cash and 50m shares.

It has done some drilling since then but believes “a well-credentialed partner in Newcrest” is required to give the project a red-hot go.

“The results of the 2021 and 2020 drill programs have demonstrated a substantial multi-stage hydrothermal system is present at GEES [Glen Eva and Eastern Siliceous zone],” GBZ says.

“GBM believes that the Glen Eva epithermal veining, the pyrite halo, and CBM veining may be part of a large mineral system that zones outward from a base metal bearing core to a low sulfidation precious metal system to the northwest at Glen Eva and potentially also to the southeast at Eastern Siliceous.

“This is a preliminary interpretation and requires additional drill testing over 1.5 km of intervening untested strike projection of the vein corridor back to Glen Eva and over 2 km of intervening untested strike towards Eastern Siliceous.”

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