The USD and gold have been strange bedfellows this year. Pic: Getty Images
Gold Digger: Why a stronger US dollar does not mean weaker bullion
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- Gold is again threatening all time highs at US$2773/oz
- Commonwealth Bank reinstates US$3000/oz price target for Q4 2025
- US dollar and gold could rise at same time: CBA
Before Donald Trump’s ascent to the throne of the free world, the boss of Australia’s biggest gold miner Northern Star Resources (ASX:NST) predicted the US Election would make for a volatile environment for bullion.
Stuart Tonkin wasn’t wrong when he said in late August: “I think there’s going to be volatility in the gold price up through until the US election, not just in relation to interest rate calls,” on the sidelines of a presentation at the WA Mining Club.
“But investors should be looking at gold for the long term. That’s what Northern Star does. We’ve got things that can survive through the cycles.
“We’re investing in assets that (have a) multi-decade outlook under a various range of gold price environments.
“I think investors really should be looking at those deep value companies that are doing the right things throughout the cycles.”
If anything it’s been more volatile since.
At the time gold was trading at US$2505/oz, around $3680/oz in Aussie dollars.
They rose as high as US$2800/oz a week before the election then got caught in a massive sell off in the days after, dropping to US$2570/oz on November 15.
Now, gold is trading at US$2773/oz or A$4390/oz – a great number for local gold producers.
Curiously, this has come at the same time as Donald Trump’s pro-business policies and tariff threats has sent the US dollar and bond yields higher – normally bad for gold, which doesn’t attract interest.
“Safe‑haven demand, arising more recently from the threat of US tariffs on imports from China, the EU, Canada and Mexico best explains the rise in gold futures since mid‑November,” Commonwealth Bank commodities expert Vivek Dhar said in a note.
“Other factors that can usually explain a rise in gold prices, like a weaker US dollar or lower US 10 year nominal yields, have failed to transpire.”
Back to US$3000
So why then do Commonwealth Bank’s economic forecasters think we’re going to see both a 2% rise in the US dollar and, counter-intuitively, a new high in gold of over US$3000/oz in Q3 and Q4 this year, respectively?
Recent history suggests the conventional inverse relationship between the two is not holding.
“From 1 January to 30 April last year, the US dollar and gold futures increased by ~5% and ~11% respectively,” Dhar said. “Market commentary suggests the lift in gold futures during this period was due to central bank demand, retail demand from China and safe haven demand due to rising tensions in the Middle East.”
“The most recent ~7% rise in gold futures since 15 November has been accompanied with a ~1% increase in the US dollar,” he added.
While a strong US dollar and pro-business ideology could stoke inflationary fears, markets are still expecting to see rate cuts from the US Fed in 2025, the ultimate tinder for the gold price fire.
“A rising US dollar would typically suggest that gold will track lower. However, with gold finding strength even when the US dollar has lifted, a sustained fall in gold futures may not eventuate,” Dhar said.
“We see gold prices rising mildly through 2025 and re‑instate our forecast for gold to average $US3000/oz in Q4 2025. A pullback in the US dollar and a subsequent increase in gold futures in coming months is worth considering too.
“Markets currently expect the Fed Funds rate will be cut by ~40bps by year‑end compared to our forecast cut of 75bps. If our forecast is realised, it should imply some US dollar weakness. It’s also worth flagging that in Trump’s first term, the US dollar fell by ~8.5% from his inauguration on 20 January 2017 to the end of 2017 due to solid global economic growth and high‑risk appetite.
“While those conditions look more likely by year‑end than now, there is tangible risk that the US dollar unwinds slightly in the short‑term because markets have over‑priced Trump’s policies.”
Winners & Losers
Here’s how ASX-listed precious metals stocks are performing:
| CODE | COMPANY | PRICE | WEEK % | MONTH % | 6 MONTH % | YEAR % | YTD % | MARKET CAP |
|---|---|---|---|---|---|---|---|---|
| MRR | Minrex Resources Ltd | 0.008 | 0% | 0% | -11% | -38% | 14% | $ 8,678,940.02 |
| NPM | Newpeak Metals | 0.017 | 6% | 21% | 13% | 19% | 55% | $ 5,797,291.16 |
| ASO | Aston Minerals Ltd | 0.01 | 0% | 11% | 0% | -50% | 11% | $ 12,950,642.69 |
| MTC | Metalstech Ltd | 0.15 | 3% | 3% | -33% | -32% | 7% | $ 26,667,830.21 |
| GED | Golden Deeps | 0.023 | -4% | -4% | -32% | -43% | -8% | $ 3,636,536.38 |
| G88 | Golden Mile Res Ltd | 0.01 | 11% | 25% | -9% | -33% | 11% | $ 4,962,228.55 |
| LAT | Latitude 66 Limited | 0.045 | 15% | -4% | -65% | -78% | 18% | $ 6,739,833.14 |
| NMR | Native Mineral Res | 0.042 | -5% | 5% | 50% | 45% | 8% | $ 20,368,589.01 |
| AQX | Alice Queen Ltd | 0.008 | -11% | 14% | 0% | 33% | 0% | $ 8,028,230.48 |
| SLZ | Sultan Resources Ltd | 0.007 | 0% | 0% | 0% | -53% | 17% | $ 1,851,759.28 |
| MKG | Mako Gold | 0.014 | 0% | 8% | 27% | 75% | 8% | $ 13,812,667.05 |
| KSN | Kingston Resources | 0.074 | -10% | 1% | -1% | 9% | 4% | $ 60,719,538.64 |
| AMI | Aurelia Metals Ltd | 0.175 | -3% | 6% | -15% | 79% | 3% | $ 296,023,801.85 |
| GIB | Gibb River Diamonds | 0.038 | -3% | -16% | -7% | 27% | -5% | $ 9,009,396.69 |
| KCN | Kingsgate Consolid. | 1.42 | 3% | 9% | -8% | 19% | 11% | $ 371,162,436.48 |
| TMX | Terrain Minerals | 0.004 | -20% | 33% | 33% | -20% | 33% | $ 7,242,781.87 |
| BNR | Bulletin Res Ltd | 0.035 | -8% | -17% | -29% | -57% | -10% | $ 10,570,079.63 |
| NXM | Nexus Minerals Ltd | 0.046 | 2% | 0% | 28% | 10% | 2% | $ 22,937,182.52 |
| SKY | SKY Metals Ltd | 0.052 | -2% | 0% | 63% | 68% | -4% | $ 38,377,970.96 |
| LM8 | Lunnonmetalslimited | 0.205 | -2% | -2% | 14% | -27% | -18% | $ 44,125,634.80 |
| CST | Castile Resources | 0.061 | -13% | -24% | -24% | -13% | -24% | $ 18,298,740.35 |
| YRL | Yandal Resources | 0.135 | -4% | -27% | -7% | 63% | -23% | $ 41,746,722.57 |
| FAU | First Au Ltd | 0.002 | 0% | 0% | 0% | -33% | 0% | $ 4,143,986.55 |
| ARL | Ardea Resources Ltd | 0.345 | 5% | 8% | -29% | -17% | 5% | $ 71,885,849.40 |
| GWR | GWR Group Ltd | 0.09 | 11% | 13% | 13% | 7% | 13% | $ 27,624,632.33 |
| IVR | Investigator Res Ltd | 0.023 | -4% | 35% | -50% | -32% | 15% | $ 36,544,230.20 |
| GTR | Gti Energy Ltd | 0.0035 | -13% | 17% | -13% | -68% | 0% | $ 10,370,323.82 |
| IPT | Impact Minerals | 0.0115 | 5% | 15% | -23% | -4% | 15% | $ 33,653,770.90 |
| BNZ | Benzmining | 0.385 | -6% | 10% | 235% | 103% | 12% | $ 62,382,373.56 |
| MOH | Moho Resources | 0.005 | 25% | 25% | 0% | -50% | 0% | $ 3,582,372.87 |
| BCM | Brazilian Critical | 0.009 | -10% | -10% | -50% | -64% | 0% | $ 9,454,127.29 |
| PUA | Peak Minerals Ltd | 0.015 | 36% | 88% | 262% | 503% | 88% | $ 35,729,543.70 |
| MRZ | Mont Royal Resources | 0.03 | -21% | -30% | -55% | -73% | -30% | $ 3,231,132.13 |
| SMS | Starmineralslimited | 0.033 | -6% | -11% | 18% | -4% | -8% | $ 4,141,426.20 |
| MVL | Marvel Gold Limited | 0.008 | 0% | -11% | 0% | -27% | -11% | $ 6,910,325.62 |
| PRX | Prodigy Gold NL | 0.0015 | -25% | -25% | -44% | -66% | -25% | $ 6,350,111.10 |
| AAU | Antilles Gold Ltd | 0.004 | 14% | 33% | 0% | -80% | 33% | $ 7,431,504.23 |
| CWX | Carawine Resources | 0.105 | 5% | 5% | 22% | 0% | 5% | $ 24,793,172.15 |
| RND | Rand Mining Ltd | 1.58 | 10% | 4% | 6% | 15% | 4% | $ 87,020,220.33 |
| CAZ | Cazaly Resources | 0.011 | -15% | -21% | -50% | -50% | -21% | $ 5,535,635.89 |
| BMR | Ballymore Resources | 0.125 | 9% | -7% | -22% | -11% | 4% | $ 22,091,323.13 |
| DRE | Dreadnought Resources Ltd | 0.011 | 0% | -8% | -52% | -50% | -8% | $ 45,213,600.00 |
| ZNC | Zenith Minerals Ltd | 0.045 | 29% | 10% | -15% | -72% | 13% | $ 18,334,863.99 |
| REZ | Resourc & En Grp Ltd | 0.032 | 0% | 45% | 45% | 146% | 39% | $ 23,507,369.27 |
| LEX | Lefroy Exploration | 0.071 | 3% | 1% | -1% | -54% | 1% | $ 17,853,098.49 |
| ERM | Emmerson Resources | 0.083 | 14% | 12% | 43% | 63% | 8% | $ 52,756,366.96 |
| AM7 | Arcadia Minerals | 0.02 | -17% | 5% | -47% | -71% | 5% | $ 2,347,668.66 |
| ADT | Adriatic Metals | 4.17 | 3% | 5% | 31% | 18% | 7% | $ 1,149,990,464.98 |
| AS1 | Asara Resources Ltd | 0.025 | 14% | 32% | 150% | 108% | 32% | $ 26,909,828.29 |
| CYL | Catalyst Metals | 3.55 | 8% | 39% | 101% | 418% | 38% | $ 795,462,074.88 |
| CHN | Chalice Mining Ltd | 1.205 | 1% | 9% | 11% | 19% | 9% | $ 466,832,145.60 |
| KAL | Kalgoorliegoldmining | 0.015 | 0% | -21% | -46% | -46% | -17% | $ 3,823,517.63 |
| MLS | Metals Australia | 0.022 | -8% | -4% | 16% | -31% | -4% | $ 16,726,049.05 |
| ADN | Andromeda Metals Ltd | 0.006 | 0% | 0% | -73% | -74% | -14% | $ 24,001,093.82 |
| MEI | Meteoric Resources | 0.084 | -6% | -7% | -30% | -57% | -1% | $ 193,440,473.69 |
| SRN | Surefire Rescs NL | 0.0035 | -13% | 0% | -50% | -61% | 0% | $ 9,665,231.25 |
| WA8 | Warriedarresourltd | 0.048 | -2% | 9% | -31% | 17% | 9% | $ 45,872,736.43 |
| HMX | Hammer Metals Ltd | 0.03 | -9% | -6% | -25% | -25% | -9% | $ 26,632,761.00 |
| WCN | White Cliff Min Ltd | 0.02 | 0% | 18% | 25% | 33% | 25% | $ 37,909,414.96 |
| AVM | Advance Metals Ltd | 0.041 | 24% | 21% | 41% | 24% | 21% | $ 6,402,968.61 |
| ASR | Asra Minerals Ltd | 0.003 | 0% | 0% | -50% | -50% | 0% | $ 6,937,890.37 |
| ARI | Arika Resources | 0.0305 | 2% | 17% | 22% | 53% | 13% | $ 17,738,241.86 |
| AME | Alto Metals Limited | 0 | -100% | -100% | -100% | -100% | -100% | $ 69,538,678.17 |
| CTO | Citigold Corp Ltd | 0.003 | 0% | -25% | -25% | -40% | -25% | $ 9,000,000.00 |
| SMI | Santana Minerals Ltd | 0.495 | 9% | 8% | 27% | 18% | 2% | $ 297,489,044.44 |
| M2R | Miramar | 0.004 | 0% | -20% | -64% | -82% | 33% | $ 1,587,293.14 |
| MHC | Manhattan Corp Ltd | 0.023 | -15% | 10% | -8% | -65% | 21% | $ 5,637,573.55 |
| GRL | Godolphin Resources | 0.014 | 8% | -7% | 0% | -64% | -3% | $ 5,027,381.10 |
| SVG | Savannah Goldfields | 0.017 | -19% | -19% | -51% | -55% | -19% | $ 5,340,613.40 |
| EMC | Everest Metals Corp | 0.14 | 4% | 4% | 12% | 77% | 4% | $ 32,448,656.22 |
| GUL | Gullewa Limited | 0.056 | 0% | 0% | -23% | 2% | 0% | $ 12,209,241.63 |
| CY5 | Cygnus Metals Ltd | 0.1425 | 10% | 43% | 134% | 76% | 43% | $ 118,764,751.00 |
| G50 | G50Corp Ltd | 0.18 | 29% | 20% | 3% | 64% | 16% | $ 28,504,875.11 |
| ADV | Ardiden Ltd | 0.145 | 4% | 4% | 7% | -9% | 7% | $ 9,065,038.37 |
| AAR | Astral Resources NL | 0.1475 | 9% | -2% | 87% | 123% | 9% | $ 180,257,489.21 |
| VMC | Venus Metals Cor Ltd | 0.063 | -16% | 0% | -28% | -36% | -6% | $ 12,748,364.40 |
| NAE | New Age Exploration | 0.003 | -25% | -25% | -14% | -25% | -14% | $ 8,575,595.64 |
| VKA | Viking Mines Ltd | 0.009 | 13% | 13% | 13% | -25% | 13% | $ 11,953,325.88 |
| LCL | LCL Resources Ltd | 0.009 | 0% | 0% | 6% | -31% | -10% | $ 10,753,314.36 |
| MTH | Mithril Silver Gold | 0.385 | -4% | -1% | 157% | 93% | -4% | $ 59,722,044.02 |
| ADG | Adelong Gold Limited | 0.006 | 0% | 50% | 50% | 20% | 33% | $ 6,707,933.75 |
| RMX | Red Mount Min Ltd | 0.008 | -11% | -11% | -20% | -54% | -11% | $ 3,719,662.37 |
| PRS | Prospech Limited | 0.024 | -11% | -17% | -35% | -35% | -17% | $ 6,905,343.63 |
| TTM | Titan Minerals | 0.4 | 1% | 18% | -11% | 90% | 5% | $ 94,139,607.87 |
| AKA | Aureka Limited | 0.165 | -3% | 27% | -98% | -98% | 22% | $ 17,926,106.80 |
| AAM | Aumegametals | 0.042 | -2% | 0% | -22% | 24% | 0% | $ 25,976,860.81 |
| KZR | Kalamazoo Resources | 0.075 | -5% | -1% | 3% | -19% | 1% | $ 16,033,390.62 |
| BCN | Beacon Minerals | 0.0255 | 6% | 19% | 6% | 9% | 16% | $ 105,659,104.80 |
| MAU | Magnetic Resources | 1.25 | 5% | 13% | 0% | 45% | 13% | $ 330,783,826.00 |
| BC8 | Black Cat Syndicate | 0.71 | -3% | 20% | 112% | 209% | 26% | $ 412,903,414.05 |
| EM2 | Eagle Mountain | 0.009 | 0% | 10% | -81% | -85% | 0% | $ 3,605,919.98 |
| EMR | Emerald Res NL | 3.775 | 6% | 11% | -1% | 19% | 16% | $ 2,457,349,818.44 |
| BYH | Bryah Resources Ltd | 0.004 | 0% | 33% | -11% | -64% | 33% | $ 2,013,147.42 |
| HCH | Hot Chili Ltd | 0.675 | -10% | -4% | -25% | -34% | -4% | $ 100,694,599.25 |
| WAF | West African Res Ltd | 1.6225 | 1% | 8% | 14% | 76% | 13% | $ 1,863,535,139.94 |
| MEU | Marmota Limited | 0.06 | 5% | 62% | 43% | 36% | 54% | $ 64,108,122.77 |
| NVA | Nova Minerals Ltd | 0.37 | 6% | 7% | 72% | 12% | 0% | $ 109,472,321.78 |
| SVL | Silver Mines Limited | 0.074 | -6% | -8% | -52% | -51% | -5% | $ 135,262,929.79 |
| PGD | Peregrine Gold | 0.155 | 15% | 15% | 7% | -48% | 11% | $ 10,181,763.15 |
| ICL | Iceni Gold | 0.072 | -9% | 13% | 9% | 44% | 1% | $ 21,551,983.53 |
| FG1 | Flynngold | 0.025 | -7% | -7% | -14% | -46% | 0% | $ 6,532,911.75 |
| WWI | West Wits Mining Ltd | 0.015 | -12% | 0% | 0% | 36% | 7% | $ 35,856,372.08 |
| RML | Resolution Minerals | 0.012 | 9% | 9% | -50% | -50% | 0% | $ 2,490,280.39 |
| AAJ | Aruma Resources Ltd | 0.01 | 11% | -9% | -9% | -44% | -17% | $ 2,220,581.72 |
| HWK | Hawk Resources. | 0.022 | -4% | 10% | -38% | -38% | 0% | $ 5,234,447.88 |
| GMN | Gold Mountain Ltd | 0.002 | -33% | -33% | -33% | -50% | -33% | $ 9,158,446.37 |
| MEG | Megado Minerals Ltd | 0.013 | -7% | -13% | 52% | -35% | -24% | $ 6,295,248.93 |
| HMG | Hamelingoldlimited | 0.06 | -3% | -5% | -45% | -25% | -6% | $ 9,486,000.00 |
| BM8 | Battery Age Minerals | 0.098 | -2% | -2% | -25% | -47% | -7% | $ 10,120,865.72 |
| TBR | Tribune Res Ltd | 4.3 | 0% | -2% | 11% | 42% | 0% | $ 217,742,519.55 |
| FML | Focus Minerals Ltd | 0.21 | 0% | 24% | 50% | 24% | 24% | $ 60,177,315.45 |
| VRC | Volt Resources Ltd | 0.0035 | 17% | 17% | -30% | -42% | 17% | $ 13,224,718.57 |
| ARV | Artemis Resources | 0.009 | 6% | 13% | -10% | -40% | 13% | $ 17,643,059.41 |
| HRN | Horizon Gold Ltd | 0.52 | 8% | 17% | 86% | 73% | 8% | $ 73,144,161.12 |
| CLA | Celsius Resource Ltd | 0.009 | -18% | -10% | -31% | -25% | -18% | $ 26,692,384.52 |
| QML | Qmines Limited | 0.056 | -10% | 4% | 19% | -24% | 4% | $ 19,247,488.01 |
| RDN | Raiden Resources Ltd | 0.007 | -13% | -36% | -73% | -72% | -36% | $ 24,156,240.09 |
| TCG | Turaco Gold Limited | 0.315 | 3% | 15% | 40% | 152% | 24% | $ 277,145,508.80 |
| KCC | Kincora Copper | 0.029 | -3% | 7% | -46% | -19% | 7% | $ 6,660,537.77 |
| GBZ | GBM Rsources Ltd | 0.008 | -11% | 0% | -11% | 0% | 0% | $ 9,368,559.82 |
| DTM | Dart Mining NL | 0.01 | 0% | 11% | -45% | -22% | 11% | $ 5,980,555.77 |
| MKR | Manuka Resources. | 0.026 | 0% | -10% | -24% | -63% | -7% | $ 21,890,727.06 |
| AUC | Ausgold Limited | 0.435 | 2% | 6% | 18% | 61% | 4% | $ 153,344,364.86 |
| ANX | Anax Metals Ltd | 0.01 | -17% | -17% | -62% | -50% | -17% | $ 8,764,517.42 |
| EMU | EMU NL | 0.027 | 4% | 4% | 17% | -2% | 0% | $ 5,194,238.05 |
| SFM | Santa Fe Minerals | 0.034 | 6% | 17% | 6% | -21% | 10% | $ 2,475,838.83 |
| SSR | SSR Mining Inc. | 12.45 | 6% | 13% | 57% | -15% | 14% | $ 45,836,079.20 |
| PNR | Pantoro Limited | 0.105 | 0% | 17% | 30% | 156% | 17% | $ 677,673,203.97 |
| CMM | Capricorn Metals | 7.51 | 7% | 16% | 42% | 73% | 20% | $ 3,133,973,749.20 |
| X64 | Ten Sixty Four Ltd | 0.57 | 0% | 0% | 0% | 0% | 0% | $ 129,844,903.32 |
| VRL | Verity Resources | 0.019 | 0% | -5% | -53% | -81% | -5% | $ 2,817,045.75 |
| HAW | Hawthorn Resources | 0.044 | -4% | 7% | -36% | -55% | 7% | $ 15,410,718.20 |
| BGD | Bartongoldholdings | 0.26 | -2% | 4% | 4% | 13% | 6% | $ 56,894,531.20 |
| SVY | Stavely Minerals Ltd | 0.017 | -19% | 6% | -37% | -48% | 0% | $ 9,792,757.67 |
| AGC | AGC Ltd | 0.1275 | -9% | -20% | -56% | 96% | -18% | $ 33,357,638.86 |
| RGL | Riversgold | 0.003 | 0% | 0% | -50% | -67% | -25% | $ 5,051,137.78 |
| TSO | Tesoro Gold Ltd | 0.021 | -13% | -5% | -25% | -16% | 5% | $ 31,068,280.82 |
| GUE | Global Uranium | 0.077 | 4% | 28% | 7% | -49% | 28% | $ 20,192,229.86 |
| CPM | Coopermetalslimited | 0.045 | -6% | 13% | -31% | -83% | -2% | $ 3,526,004.25 |
| MM8 | Medallion Metals. | 0.12 | -11% | 14% | 90% | 111% | 0% | $ 50,153,504.96 |
| FFM | Firefly Metals Ltd | 0.895 | -7% | -3% | 11% | 85% | -3% | $ 521,539,902.85 |
| CBY | Canterbury Resources | 0.022 | 5% | -12% | -53% | -27% | 0% | $ 3,948,817.92 |
| LYN | Lycaonresources | 0.245 | 58% | 172% | -21% | 26% | 172% | $ 8,742,495.80 |
| SFR | Sandfire Resources | 9.98 | 2% | 6% | 19% | 49% | 8% | $ 4,541,181,410.70 |
| SMG | Silvermetalgroupltd | 0.06 | 0% | 0% | 0% | 0% | 0% | $ 4,881,135.48 |
| TAM | Tanami Gold NL | 0.028 | -3% | -7% | -7% | -15% | -7% | $ 32,902,717.29 |
| NWM | Norwest Minerals | 0.014 | -13% | -18% | -52% | -42% | 0% | $ 7,276,792.65 |
| ALK | Alkane Resources Ltd | 0.535 | 3% | 7% | 6% | -3% | 5% | $ 317,909,493.30 |
| BMO | Bastion Minerals | 0.0045 | 13% | 0% | -25% | -72% | 13% | $ 3,378,898.66 |
| IDA | Indiana Resources | 0.064 | 2% | 5% | 38% | 53% | 5% | $ 41,777,609.77 |
| GSM | Golden State Mining | 0.008 | 0% | -11% | -33% | -27% | 0% | $ 2,234,965.04 |
| NSM | Northstaw | 0.02 | 0% | 18% | 22% | -39% | 25% | $ 5,453,530.00 |
| GSN | Great Southern | 0.018 | 13% | 24% | -10% | 0% | 20% | $ 16,792,972.95 |
| VAU | Vault Minerals Ltd | 0.365 | -1% | 11% | -6% | 24% | 11% | $ 2,584,939,885.16 |
| DEG | De Grey Mining | 1.9975 | -1% | 11% | 66% | 70% | 13% | $ 4,819,002,852.57 |
| THR | Thor Energy PLC | 0.012 | 9% | 0% | -25% | -66% | -8% | $ 3,263,215.52 |
| CDR | Codrus Minerals Ltd | 0.017 | 6% | -11% | -48% | -66% | 0% | $ 2,811,587.57 |
| MDI | Middle Island Res | 0.013 | -7% | 0% | -35% | -13% | 8% | $ 3,823,298.15 |
| WTM | Waratah Minerals Ltd | 0.145 | -3% | -3% | -62% | 53% | -6% | $ 30,358,124.85 |
| POL | Polymetals Resources | 0.88 | 3% | 14% | 209% | 214% | 11% | $ 172,936,264.38 |
| RDS | Redstone Resources | 0.003 | 0% | 20% | -40% | -40% | 20% | $ 2,776,135.38 |
| NAG | Nagambie Resources | 0.016 | -6% | -6% | 129% | -43% | -11% | $ 14,459,442.19 |
| BGL | Bellevue Gold Ltd | 1.12 | 2% | 0% | -37% | -19% | 0% | $ 1,476,326,117.15 |
| GBR | Greatbould Resources | 0.049 | 7% | 14% | -9% | -16% | 14% | $ 35,677,715.70 |
| KAI | Kairos Minerals Ltd | 0.014 | 17% | 8% | 65% | 8% | 17% | $ 36,832,770.65 |
| KAU | Kaiser Reef | 0.165 | -6% | 0% | -3% | 38% | 3% | $ 42,688,795.20 |
| HRZ | Horizon | 0.0465 | -3% | 19% | 33% | 33% | 16% | $ 73,821,500.01 |
| CAI | Calidus Resources | 0.115 | 0% | 0% | 0% | -44% | 0% | $ 93,678,205.58 |
| CDT | Castle Minerals | 0.002 | 0% | 0% | -50% | -67% | 0% | $ 3,793,628.21 |
| RSG | Resolute Mining | 0.4125 | 2% | 3% | -34% | 4% | 4% | $ 872,910,505.33 |
| MXR | Maximus Resources | 0.062 | 5% | 41% | 107% | 81% | 7% | $ 27,013,624.53 |
| EVN | Evolution Mining Ltd | 5.55 | -1% | 14% | 41% | 81% | 15% | $ 11,259,679,908.40 |
| CXU | Cauldron Energy Ltd | 0.012 | -8% | -8% | -53% | -67% | 0% | $ 18,998,259.92 |
| DLI | Delta Lithium | 0.17 | -11% | 3% | -21% | -37% | 0% | $ 121,812,104.64 |
| ALY | Alchemy Resource Ltd | 0.007 | 0% | 17% | 0% | -13% | 0% | $ 8,246,533.79 |
| NH3 | Nh3Cleanenergyltd | 0.018 | 0% | 0% | 38% | 80% | 0% | $ 9,892,886.13 |
| OBM | Ora Banda Mining Ltd | 0.7475 | -3% | 10% | 87% | 265% | 15% | $ 1,410,588,620.25 |
| AVW | Avira Resources Ltd | 0.001 | 0% | 0% | 0% | -50% | 0% | $ 2,938,790.00 |
| LCY | Legacy Iron Ore | 0.009 | 13% | 0% | -48% | -45% | -10% | $ 87,858,383.26 |
| PDI | Predictive Disc Ltd | 0.27 | 8% | 13% | 38% | 46% | 17% | $ 634,743,535.41 |
| MAT | Matsa Resources | 0.04 | -5% | 14% | 60% | 43% | 14% | $ 24,058,787.61 |
| ZAG | Zuleika Gold Ltd | 0.012 | 0% | -8% | -33% | -40% | -8% | $ 8,902,559.12 |
| GML | Gateway Mining | 0.023 | 5% | 0% | 0% | -15% | 10% | $ 8,585,226.20 |
| SBM | St Barbara Limited | 0.2525 | 5% | -17% | 12% | 44% | 12% | $ 281,540,048.66 |
| SBR | Sabre Resources | 0.008 | 14% | -20% | -43% | -69% | -20% | $ 3,340,176.43 |
| STK | Strickland Metals | 0.078 | -1% | -6% | -20% | -26% | -8% | $ 174,385,764.62 |
| CEL | Challenger Gold Ltd | 0.05 | 0% | 16% | 2% | -25% | 6% | $ 82,699,244.37 |
| LRL | Labyrinth Resources | 0.23 | -6% | -6% | 134% | 445% | -12% | $ 134,254,829.28 |
| NST | Northern Star | 17.19 | -1% | 11% | 23% | 42% | 11% | $ 19,775,188,609.92 |
| OZM | Ozaurum Resources | 0.03 | 0% | 15% | -41% | -63% | 0% | $ 5,719,134.63 |
| TG1 | Techgen Metals Ltd | 0.034 | 10% | 0% | 10% | -28% | -3% | $ 4,918,637.01 |
| XAM | Xanadu Mines Ltd | 0.047 | 0% | -4% | -19% | -10% | -4% | $ 87,961,087.58 |
| AQI | Alicanto Min Ltd | 0.043 | 19% | 13% | 115% | 30% | 16% | $ 31,177,790.04 |
| KTA | Krakatoa Resources | 0.01 | 11% | 0% | 11% | -47% | 5% | $ 6,491,474.28 |
| ARN | Aldoro Resources | 0.28 | 8% | -7% | 246% | 195% | -26% | $ 49,767,766.76 |
| WGX | Westgold Resources. | 2.615 | -3% | -9% | 0% | 32% | -8% | $ 2,593,551,647.50 |
| MBK | Metal Bank Ltd | 0.016 | 7% | 14% | -15% | -35% | 7% | $ 7,959,343.97 |
| A8G | Australasian Metals | 0.075 | -6% | -4% | -6% | -40% | -5% | $ 4,341,729.38 |
| TAR | Taruga Minerals | 0.01 | 0% | 0% | 11% | 25% | 0% | $ 6,354,241.07 |
| DTR | Dateline Resources | 0.003 | 0% | 0% | -50% | -75% | -14% | $ 7,548,781.41 |
| GOR | Gold Road Res Ltd | 2.475 | 5% | 20% | 41% | 50% | 21% | $ 2,677,532,092.30 |
| S2R | S2 Resources | 0.077 | -7% | 20% | -30% | -47% | 15% | $ 33,964,349.48 |
| NES | Nelson Resources. | 0.003 | 0% | 0% | 0% | -25% | 0% | $ 6,515,782.98 |
| TLM | Talisman Mining | 0.215 | 0% | 2% | -17% | -2% | 5% | $ 38,605,671.55 |
| BEZ | Besragoldinc | 0.074 | -9% | -1% | 35% | -45% | -18% | $ 31,161,671.33 |
| PRU | Perseus Mining Ltd | 2.775 | 1% | 7% | 5% | 56% | 8% | $ 3,814,672,990.62 |
| SPQ | Superior Resources | 0.006 | 0% | 0% | -33% | -64% | 0% | $ 13,019,182.79 |
| PUR | Pursuit Minerals | 0.082 | -6% | -22% | -45% | -73% | -15% | $ 6,770,518.19 |
| RMS | Ramelius Resources | 2.315 | 0% | 8% | 21% | 53% | 12% | $ 2,691,233,984.85 |
| PKO | Peako Limited | 0.003 | 50% | 0% | -25% | -3% | 0% | $ 5,475,707.67 |
| ICG | Inca Minerals Ltd | 0.0065 | -19% | 30% | 30% | -24% | 30% | $ 6,673,696.46 |
| A1G | African Gold Ltd. | 0.079 | 36% | 58% | 216% | 132% | 44% | $ 27,482,185.44 |
| NMG | New Murchison Gold | 0.01 | 0% | 11% | 67% | 67% | 11% | $ 76,954,889.15 |
| GNM | Great Northern | 0.015 | 0% | 7% | 36% | -25% | 7% | $ 2,319,436.16 |
| KRM | Kingsrose Mining Ltd | 0.034 | 0% | 0% | -23% | 0% | -3% | $ 26,373,428.17 |
| BTR | Brightstar Resources | 0.021 | 11% | 5% | 31% | 75% | 5% | $ 239,529,476.97 |
| RRL | Regis Resources | 3.015 | 2% | 15% | 62% | 47% | 18% | $ 2,425,083,526.14 |
| M24 | Mamba Exploration | 0.017 | 13% | 42% | 42% | -66% | 42% | $ 3,994,273.69 |
| TRM | Truscott Mining Corp | 0.082 | 4% | 5% | 37% | 65% | 5% | $ 15,698,781.92 |
| TNC | True North Copper | 0.41 | -12% | -86% | -92% | -95% | -86% | $ 54,110,776.88 |
| MOM | Moab Minerals Ltd | 0.002 | 0% | -33% | -60% | -71% | 0% | $ 3,133,998.73 |
| KNB | Koonenberrygold | 0.021 | 40% | 62% | 31% | -63% | 75% | $ 17,485,749.48 |
| AWJ | Auric Mining | 0.315 | -2% | -10% | 37% | 186% | -7% | $ 47,665,078.72 |
| ENR | Encounter Resources | 0.275 | -7% | -17% | -54% | 4% | -15% | $ 134,673,926.13 |
| SNG | Siren Gold | 0.053 | -4% | -17% | -22% | -16% | -18% | $ 11,167,501.06 |
| STN | Saturn Metals | 0.235 | 18% | 21% | 31% | 24% | 15% | $ 71,043,523.32 |
| USL | Unico Silver Limited | 0.195 | -7% | -3% | 15% | 70% | 0% | $ 81,019,594.68 |
| PNM | Pacific Nickel Mines | 0.024 | 0% | 0% | 0% | -53% | 0% | $ 10,103,834.52 |
| AYM | Australia United Min | 0.002 | 0% | -50% | -33% | -33% | -50% | $ 3,685,154.97 |
| ANL | Amani Gold Ltd | 0 | -100% | -100% | -100% | -100% | -100% | $ 21,449,587.12 |
| HAV | Havilah Resources | 0.21 | 0% | -5% | 2% | 31% | -7% | $ 71,243,822.16 |
| SPR | Spartan Resources | 1.445 | 1% | 9% | 17% | 264% | 2% | $ 1,849,440,672.86 |
| PNT | Panthermetalsltd | 0.01 | 25% | -9% | -60% | -71% | -9% | $ 2,481,707.63 |
| MEK | Meeka Metals Limited | 0.1075 | -2% | 40% | 183% | 172% | 40% | $ 273,528,012.45 |
| GMD | Genesis Minerals | 3.055 | 7% | 20% | 44% | 100% | 24% | $ 3,442,428,076.15 |
| PGO | Pacgold | 0.076 | -1% | 4% | -46% | -60% | 1% | $ 10,121,984.03 |
| FEG | Far East Gold | 0.18 | 3% | 3% | 6% | 29% | 0% | $ 65,190,938.95 |
| MI6 | Minerals260Limited | 0.13 | 0% | 0% | -19% | -26% | 0% | $ 30,420,000.00 |
| IGO | IGO Limited | 5.28 | 3% | 8% | -6% | -27% | 11% | $ 3,945,365,305.73 |
| GAL | Galileo Mining Ltd | 0.165 | 0% | 43% | -8% | -23% | 32% | $ 30,631,863.69 |
| RXL | Rox Resources | 0.23 | 2% | 18% | 59% | 54% | 15% | $ 113,305,765.10 |
| PTN | Patronus Resources | 0.057 | -8% | 14% | 2% | -8% | 16% | $ 93,331,674.83 |
| CLZ | Classic Min Ltd | 0.001 | 0% | 0% | 0% | -98% | 0% | $ 1,544,025.56 |
| TGM | Theta Gold Mines Ltd | 0.16 | -3% | -14% | 19% | 52% | -11% | $ 135,908,580.16 |
| FAL | Falconmetalsltd | 0.1375 | 2% | 15% | -56% | 10% | 20% | $ 23,895,000.00 |
| SXG | Southern Cross Gold | 3.45 | 0% | -3% | 58% | 267% | 0% | $ 764,630,196.45 |
| SPD | Southernpalladium | 0.5 | -15% | -17% | 28% | 56% | -17% | $ 48,203,500.00 |
| ORN | Orion Minerals Ltd | 0.014 | -7% | 0% | -18% | -7% | -7% | $ 102,574,202.22 |
| TMB | Tambourahmetals | 0.025 | 0% | 9% | -43% | -71% | 19% | $ 2,543,571.06 |
| TMS | Tennant Minerals Ltd | 0.0115 | 5% | 28% | -48% | -59% | 28% | $ 9,558,904.15 |
| AZY | Antipa Minerals Ltd | 0.0325 | 20% | 25% | 195% | 117% | 25% | $ 181,500,946.51 |
| PXX | Polarx Limited | 0.0095 | 58% | 58% | -21% | -19% | 46% | $ 19,004,007.82 |
| TRE | Toubani Res Ltd | 0.135 | -4% | -10% | -33% | 8% | -21% | $ 32,054,394.26 |
| AUN | Aurumin | 0.064 | 3% | 3% | 64% | 129% | -3% | $ 32,904,969.50 |
| GPR | Geopacific Resources | 0.021 | 11% | 3% | -2% | 40% | 5% | $ 23,661,448.42 |
| FXG | Felix Gold Limited | 0.1325 | -5% | 68% | 165% | 188% | 58% | $ 44,402,362.11 |
| ILT | Iltani Resources Lim | 0.22 | 10% | 7% | 5% | 22% | 7% | $ 9,539,043.89 |
| BRX | Belararoxlimited | 0.175 | 9% | 9% | -30% | -13% | 0% | $ 25,193,719.78 |
| TM1 | Terra Metals Limited | 0.028 | -7% | 22% | -51% | -30% | 0% | $ 10,724,964.57 |
| TOR | Torque Met | 0.058 | 14% | 12% | -55% | -71% | 9% | $ 14,480,507.71 |
| ARD | Argent Minerals | 0.0185 | 3% | 3% | 9% | 118% | 9% | $ 26,021,528.64 |
| LM1 | Leeuwin Metals Ltd | 0.12 | 9% | -11% | 46% | -4% | -14% | $ 5,622,200.52 |
Top ASX Gold Stories this Week
Investors are eagerly awaiting exploration results from Lycaon’s West Arunta project, where it’s been drilling for both rare earths and iron oxide copper-gold discoveries wrapping up a maiden drill program in December last year.
The junior really came to the attention of small cap investors with the appointment of Tony Rovira as a non-exec director in early 2025.
Rovira famously led Azure Minerals to the discovery of the world class Andover lithium deposit and its eventual $1.7bn takeover by Gina Rinehart’s Hancock Prospecting and SQM.
What awaits is a matter of speculation, with a ridiculous seeming 49% run in the junior’s share price prompting a speeding ticket from the ASX on Friday that revealed an announcement on exploration results was on its way after the company exits a trading halt.
Koonenberry shares rose 40% in the past week, with Newmont turning the drill rigs on for an 11,000m program at its Junee joint venture.
Having the billions of Newmont behind KNB is a good start for the junior, which is looking to make the next big copper and gold discovery in the Lachlan Fold Belt of New South Wales, where NEM operates the giant Cadia gold and copper mine.
“We are of the opinion that Junee is extremely fertile and has a high potential for a copper-gold porphyry discovery,” KNB managing director Dan Power told Stockhead’s Jess Cummins this week.
“Newmont is manager of the JV and has tremendous technical and operational experience as well as large exploration budgets. If a discovery is made, Koonenberry shareholders may see tremendous underlying value reflected in the share price.”
KNB has close to 40 targets at various stages across close to 4200km2 of turf in New South Wales, mostly looking for gold and copper, including the recently acquired Enmore gold and Lachlan copper projects.
Well stocked with close to $4.4m in the bank as of December 31, Koonenberry also announced the discovery of a 4km long gold trend at the Prince of Wales prospect this week. The underexplored site has historically produced 26,000oz at 8.7g/t gold.
At Stockhead we tell it like it is. While Koonenberry Gold is a Stockhead advertiser, it did not sponsor this article.
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