Gold could have steady path towards $US1,800 level if dollar weakness remains: OANDA
ASX gold miners surging this week, led by Evolution Mining +30%, Capricorn Metals +27%, and Regis Resources +27%
Weekly small cap standouts: Focus Minerals, Gold 50
Our Gold Digger column wraps all the news driving ASX stocks with exposure to precious metals.
Gold prices are surging after a cool US inflation report reassured markets that the Fed could soon downshift to half-point rate hiking pace.
“It looks like the dollar died today and chaos in crypto has made good ol’ gold very attractive again,” OANDA senior markets analyst Ed Moya says.
“Gold is breaking out here and it could have a steady path towards the $1,800 level if dollar weakness remains.”
Gold miners have mirrored the uptrend. The Betashares (ASX:MNRS) and VanEck (ASX:GDX) Gold Miners ETFs are up 11.79% and 10.6% respectively over the past 5 days.
Individual miners leading the nascent recovery include Evolution Mining (ASX:EVN) +30%, Capricorn Metals (ASX:CMM) +27% and Regis Resources (ASX:RRL) +27%.
Behemoths Newcrest (ASX:NCM) and Northern Star (ASX:NST) are up 16% and 22% respectively.
All up, 149 ASX gold stocks on our list made gains over the past week. 64 were in the red and 58 were unchanged.
MNRS, GDX, EVN, CMM, RRL, NCM and NST share price charts
Earlier this week columnist Guy le Page said some of the smart money was starting to reposition in gold equities.
“… it was no surprise that we are seeing the launch of a gold fund by Perth Stockbroker Argonaut Securities which in late October announced it was seeking $50 million as a “unique counter cyclical opportunity’,” he says.
“The fund will be weighted 50% towards Australian gold stocks.”
Morgan Stanley was also seeing huge value in gold stocks prior to the current resurgence.
“Morgan Stanley has … demonstrated that the implied valuations of a number of the larger Australian gold producers are factoring in very low US$ gold prices (figure below) which would imply they are, in the most part, significantly undervalued or the gold price is likely to drop,” le Page says.
“Morgan Stanley clearly think the space is undervalued with valuations well below current share prices.”
Figure 4: Implied gold price for Morgan Stanley Australian Gold producers (Source: Data Dig: What’s implied, Morgan Stanley, 26 October 2022).
Winners & Losers
Here’s how ASX-listed precious metals stocks are performing:
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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 FML Focus Minerals Ltd 70% 84% 18% -18% 0.23 $65,908,488 G50 Gold50Limited 65% 38% -18% -39% 0.165 $9,395,595 ALY Alchemy Resource Ltd 55% 55% 143% 292% 0.051 $57,480,737 AQI Alicanto Min Ltd 47% 29% -40% -63% 0.053 $21,868,522 NMR Native Mineral Res 40% 75% 27% -2% 0.21 $12,736,468 MDI Middle Island Res 35% 9% -48% -24% 0.07 $8,569,276 AGG AngloGold Ashanti 34% 19% 0% 4% 5.29 $454,959,602 MZZ Matador Mining Ltd 33% 14% -45% -68% 0.12 $33,097,912 CTO Citigold Corp Ltd 33% 33% 33% -16% 0.008 $22,669,273 SBM St Barbara Limited 31% -13% -46% -61% 0.6225 $456,983,321 EVN Evolution Mining Ltd 30% 33% -27% -34% 2.6 $4,458,841,348 SFR Sandfire Resources 29% 20% -9% -18% 4.61 $1,726,864,570 GMN Gold Mountain Ltd 29% 29% 50% -53% 0.009 $14,831,492 BGD Bartongoldholdings 29% 20% -14% -8% 0.18 $14,183,272 CMM Capricorn Metals 27% 32% 22% 52% 4.34 $1,533,093,259 LCL Los Cerros Limited 27% 17% -58% -80% 0.028 $16,916,870 RRL Regis Resources 27% 16% 2% -5% 1.9 $1,351,496,406 PGO Pacgold 26% -2% -25% 32% 0.46 $25,282,435 DEG De Grey Mining 26% 31% 28% 14% 1.32 $1,918,290,914 KZR Kalamazoo Resources 26% 23% -21% -33% 0.245 $30,507,972 FAL Falconmetalsltd 25% 15% -24% 0% 0.225 $37,170,000 QML Qmines Limited 25% 45% -10% -41% 0.225 $20,297,032 SIH Sihayo Gold Limited 25% -17% -17% -72% 0.0025 $15,255,320 MTH Mithril Resources 25% 11% -29% -71% 0.005 $14,701,165 WGX Westgold Resources. 23% 4% -34% -58% 0.895 $404,947,434 GOR Gold Road Res Ltd 23% 24% 23% 11% 1.625 $1,651,556,077 CEL Challenger Exp Ltd 23% 6% -30% -41% 0.19 $182,859,469 TCG Turaco Gold Limited 23% 14% -44% -69% 0.049 $19,247,250 NST Northern Star 22% 28% 21% 4% 10.57 $11,477,041,963 TIE Tietto Minerals 22% 36% 93% 102% 0.83 $863,621,992 RDT Red Dirt Metals Ltd 21% 9% 60% -20% 0.65 $209,619,368 ADV Ardiden Ltd 21% 21% -23% -35% 0.0085 $22,680,851 NXM Nexus Minerals Ltd 21% 5% -30% -60% 0.2 $58,581,596 BGL Bellevue Gold Ltd 20% 17% 8% -5% 0.8975 $890,398,251 PRU Perseus Mining Ltd 20% 35% 20% 31% 2.15 $2,802,159,600 ARN Aldoro Resources 20% 67% 53% -29% 0.36 $37,046,751 EMU EMU NL 20% -14% -60% -77% 0.006 $4,123,609 IVR Investigator Res Ltd 20% 17% 6% -28% 0.055 $69,384,310 ADN Andromeda Metals Ltd 19% 13% -52% -72% 0.0465 $136,840,371 AM7 Arcadia Minerals 19% -3% 55% 22% 0.31 $13,542,389 WCN White Cliff Min Ltd 19% -24% -17% 58% 0.019 $13,456,861 SLR Silver Lake Resource 19% 11% -14% -26% 1.31 $1,134,288,086 MKR Manuka Resources. 19% 10% -27% -58% 0.16 $41,472,955 CHN Chalice Mining Ltd 18% 27% -18% -44% 4.87 $1,700,863,317 WAF West African Res Ltd 18% 19% 1% -14% 1.205 $1,154,162,275 KCN Kingsgate Consolid. 18% 24% 43% 43% 1.925 $405,016,429 CYL Catalyst Metals 18% 4% -16% -36% 1.3 $127,992,992 BTR Brightstar Resources 18% 18% 0% -66% 0.02 $13,689,454 TAR Taruga Minerals 17% 13% 89% -31% 0.034 $23,033,705 HRZ Horizon 17% 5% -34% -49% 0.069 $39,239,312 ADT Adriatic Metals 17% 34% 25% 8% 2.87 $623,725,120 MGV Musgrave Minerals 17% 4% -16% -36% 0.245 $129,749,508 AUC Ausgold Limited 17% 9% -14% 11% 0.049 $97,414,778 ARL Ardea Resources Ltd 16% 2% -11% 108% 0.965 $164,645,639 IGO IGO Limited 16% 11% 50% 83% 16.98 $12,305,601,961 NCM Newcrest Mining 16% 15% -20% -20% 20.07 $17,123,461,030 ERM Emmerson Resources 15% 7% -13% 11% 0.083 $45,210,912 MM8 Medallion Metals. 15% 23% -19% 2% 0.19 $24,492,135 NWM Norwest Minerals 15% 32% 13% -25% 0.054 $11,327,477 LYN Lycaonresources 15% 13% -23% 0% 0.31 $10,204,813 PDI Predictive Disc Ltd 15% 8% 3% -17% 0.195 $309,902,678 SVL Silver Mines Limited 14% 11% 0% -11% 0.2 $251,907,268 BC8 Black Cat Syndicate 14% -3% -27% -41% 0.32 $67,408,165 ARV Artemis Resources 14% -40% -20% -64% 0.032 $43,133,970 HXG Hexagon Energy 14% -3% -41% -85% 0.016 $8,206,654 NML Navarre Minerals Ltd 14% 9% -40% -45% 0.049 $69,018,199 RMS Ramelius Resources 14% 38% -30% -45% 0.91 $745,813,328 CAI Calidus Resources 14% -13% -51% -29% 0.415 $172,923,773 CLZ Classic Min Ltd 14% -26% -91% -91% 0.0125 $8,836,600 EM2 Eagle Mountain 14% 8% -30% -69% 0.21 $49,629,037 AWV Anova Metals Ltd 13% 21% 42% -15% 0.017 $25,569,507 LM8 Lunnonmetalslimited 13% 10% -1% 131% 0.9 $88,999,663 CY5 Cygnus Gold Limited 13% 32% 314% 241% 0.58 $85,151,050 LCY Legacy Iron Ore 13% -5% -25% 29% 0.018 $115,322,872 BCN Beacon Minerals 13% 8% -13% -16% 0.027 $97,675,972 TSO Tesoro Gold Ltd 13% -14% -44% -56% 0.036 $30,519,327 THR Thor Mining PLC 13% 0% -31% -44% 0.009 $9,925,951 MTC Metalstech Ltd 12% -5% 14% 33% 0.42 $71,034,428 SVG Savannah Goldfields 12% -2% 18% 11% 0.235 $40,560,633 RED Red 5 Limited 12% 12% -44% -28% 0.19 $485,124,736 LRL Labyrinth Resources 12% -21% -34% -47% 0.019 $16,593,968 TTM Titan Minerals 12% 13% 9% -13% 0.087 $119,958,221 AAJ Aruma Resources Ltd 11% 20% -6% -8% 0.078 $12,086,036 ALK Alkane Resources Ltd 11% -3% -28% -27% 0.685 $392,209,148 MI6 Minerals260Limited 11% -3% -4% -28% 0.345 $79,200,000 HMX Hammer Metals Ltd 11% 30% -15% 46% 0.07 $56,584,089 TMZ Thomson Res Ltd 11% 0% -26% -72% 0.02 $15,320,971 FAU First Au Ltd 11% 0% -62% -55% 0.005 $4,759,966 GMD Genesis Minerals 11% 27% 0% -11% 1.27 $491,766,525 TUL Tulla Resources 11% -3% -16% -21% 0.42 $79,234,130 KAI Kairos Minerals Ltd 10% 7% 19% 7% 0.032 $58,922,805 NSM Northstaw 10% -26% -60% -68% 0.1 $12,012,700 ENR Encounter Resources 10% 48% 31% -6% 0.17 $57,935,754 BYH Bryah Resources Ltd 10% -4% -52% -62% 0.023 $6,468,830 KAU Kaiser Reef 9% 16% 0% -16% 0.18 $22,109,717 PUR Pursuit Minerals 9% -8% -40% -65% 0.012 $11,978,150 MEK Meeka Metals Limited 8% 7% 52% 3% 0.064 $67,259,363 SSR SSR Mining Inc. 8% 2% -24% -7% 22.27 $390,698,208 BNR Bulletin Res Ltd 8% 8% 0% 84% 0.14 $39,499,799 MEI Meteoric Resources 8% 0% 27% -30% 0.014 $21,368,163 IPT Impact Minerals 8% -7% -30% -48% 0.007 $17,369,594 FEG Far East Gold 8% -9% 82% 0% 0.645 $78,714,000 MKG Mako Gold 8% -12% -45% -59% 0.043 $20,176,130 GSM Golden State Mining 8% 8% -30% -63% 0.043 $5,031,611 ASO Aston Minerals Ltd 7% -12% -40% -37% 0.072 $80,174,227 RGL Riversgold 7% -10% -8% 131% 0.044 $34,157,246 KRM Kingsrose Mining Ltd 7% 5% -16% -14% 0.059 $44,399,065 MRR Minrex Resources Ltd 7% -21% -13% 105% 0.045 $45,508,751 CHZ Chesser Resources 7% 0% -25% -52% 0.075 $44,109,233 XAM Xanadu Mines Ltd 7% 7% 15% 7% 0.03 $42,367,806 AUT Auteco Minerals 7% 31% -25% -39% 0.046 $93,052,634 VMC Venus Metals Cor Ltd 7% 7% 0% -14% 0.16 $26,711,802 A8G Australasian Metals 7% -14% -36% -64% 0.245 $10,292,624 RDN Raiden Resources Ltd 6% 6% -23% -60% 0.0085 $13,875,758 SMI Santana Minerals Ltd 6% -11% -13% 156% 0.615 $89,266,559 WWI West Wits Mining Ltd 6% 6% -25% -53% 0.018 $36,810,678 WRM White Rock Min Ltd 6% -10% -41% -74% 0.074 $13,890,445 HMG Hamelingoldlimited 6% 19% 31% 6% 0.19 $20,900,000 TBR Tribune Res Ltd 5% -9% -24% -35% 3.1 $160,552,316 AAR Astral Resources NL 5% -22% -29% -30% 0.059 $39,259,189 IDA Indiana Resources 5% 3% 2% 0% 0.06 $28,350,680 MRZ Mont Royal Resources 5% -15% -32% -56% 0.2 $13,407,190 RSG Resolute Mining 5% -7% -34% -53% 0.205 $226,364,971 FG1 Flynngold 5% 0% -27% -37% 0.11 $7,046,716 SKY SKY Metals Ltd 5% -10% -49% -48% 0.045 $16,955,256 GBR Greatbould Resources 4% -2% 2% -32% 0.095 $40,172,856 DTR Dateline Resources 4% -11% -26% -22% 0.073 $39,345,622 BNZ Benzmining 4% 0% -13% -20% 0.52 $35,562,423 E2M E2 Metals 4% 0% -18% -45% 0.135 $26,882,864 TLM Talisman Mining 4% -4% -7% -4% 0.135 $25,344,832 BRB Breaker Res NL 4% 12% 33% -29% 0.285 $92,864,665 AZS Azure Minerals 4% 24% 6% -27% 0.285 $79,237,609 ZNC Zenith Minerals Ltd 4% -6% -15% 23% 0.29 $99,119,155 KSN Kingston Resources 3% 0% -31% -61% 0.09 $37,619,093 PGD Peregrine Gold 3% -23% 10% 11% 0.45 $17,438,350 HAV Havilah Resources 3% 0% 72% 51% 0.31 $98,158,155 M2R Miramar 3% -2% -25% -50% 0.098 $6,926,811 RND Rand Mining Ltd 3% 7% -1% 7% 1.495 $85,029,562 KWR Kingwest Resources 3% 0% -74% -74% 0.035 $9,015,258 X64 Ten Sixty Four Ltd 3% -7% -14% -24% 0.575 $129,042,215 MLS Metals Australia 3% -9% -57% -22% 0.039 $22,460,339 TAM Tanami Gold NL 3% -13% -27% -45% 0.04 $44,653,688 PNT Panthermetalsltd 3% -2% 0% 0% 0.2 $6,100,000 POL Polymetals Resources 3% 21% 95% 46% 0.205 $8,442,452 OKR Okapi Resources 2% -16% -13% -61% 0.21 $29,467,699 HAW Hawthorn Resources 2% -4% -31% 54% 0.086 $28,682,343 MXR Maximus Resources 2% -2% -35% -39% 0.045 $14,350,760 OBM Ora Banda Mining Ltd 1% -1% 132% 12% 0.079 $107,293,082 EMR Emerald Res NL 0% -6% 2% 9% 1.1 $646,916,071 FFX Firefinch Ltd 0% 0% -35% -11% 0.2 $236,248,644 PNR Pantoro Limited 0% -24% -42% -35% 0.14 $228,795,403 NVA Nova Minerals Ltd 0% 19% 40% -40% 0.81 $145,092,407 AMI Aurelia Metals Ltd 0% -31% -73% -74% 0.1 $123,743,722 SPQ Superior Resources 0% 25% 76% 233% 0.06 $102,073,225 WMC Wiluna Mining Corp 0% 0% -58% -76% 0.205 $74,238,031 TRY Troy Resources Ltd 0% 0% 0% 0% 0.0295 $62,920,961 XTC Xantippe Res Ltd 0% -6% -32% 50% 0.0075 $57,016,609 S2R S2 Resources 0% 0% -3% -19% 0.145 $51,717,854 VAN Vango Mining Ltd 0% 3% -7% -40% 0.039 $49,137,568 SVY Stavely Minerals Ltd 0% -6% -57% -71% 0.145 $45,213,652 LEX Lefroy Exploration 0% 0% -2% -32% 0.28 $40,844,907 RVR Red River Resources 0% -11% -59% -64% 0.073 $37,847,908 ASR Asra Minerals Ltd 0% -4% -37% -8% 0.022 $33,678,015 GSN Great Southern 0% 16% 19% -28% 0.05 $29,016,421 PF1 Pathfinder Resources 0% 0% 0% 79% 0.5 $28,984,082 GSR Greenstone Resources 0% -19% -7% 8% 0.026 $26,864,474 ANL Amani Gold Ltd 0% 0% -33% -50% 0.001 $23,693,441 CGN Crater Gold Min Ltd 0% 0% 0% 0% 0.017 $21,063,474 KTA Krakatoa Resources 0% -14% -23% -2% 0.06 $20,682,595 PRX Prodigy Gold NL 0% 0% -31% -64% 0.011 $19,226,711 SRN Surefire Rescs NL 0% 0% -59% 18% 0.013 $18,976,362 PNX PNX Metals Limited 0% -11% -20% -41% 0.004 $17,776,231 CLA Celsius Resource Ltd 0% -29% -44% -62% 0.01 $13,525,461 BAT Battery Minerals Ltd 0% 0% -44% -68% 0.0045 $13,163,591 GED Golden Deeps 0% -27% -21% -8% 0.011 $12,707,494 MCT Metalicity Limited 0% 0% -33% -48% 0.004 $12,222,138 CWX Carawine Resources 0% -9% -39% -59% 0.086 $11,853,754 SBR Sabre Resources 0% -38% -20% -20% 0.004 $11,659,424 NAE New Age Exploration 0% 14% -27% -27% 0.008 $11,487,191 CAZ Cazaly Resources 0% -19% -19% -32% 0.03 $11,124,654 TSC Twenty Seven Co. Ltd 0% 0% -18% -43% 0.002 $10,643,256 DTM Dart Mining NL 0% -14% 10% -36% 0.067 $10,247,171 GRL Godolphin Resources 0% 2% -28% -38% 0.09 $9,943,034 DCX Discovex Res Ltd 0% -25% -61% -37% 0.003 $9,907,704 MHC Manhattan Corp Ltd 0% 0% -36% -36% 0.007 $9,157,672 NPM Newpeak Metals 0% 0% 0% 0% 0.001 $9,040,417 SI6 SI6 Metals Limited 0% 0% -33% -50% 0.006 $8,972,368 RMX Red Mount Min Ltd 0% -17% -38% -55% 0.005 $8,211,819 VKA Viking Mines Ltd 0% 14% -11% -60% 0.008 $8,202,067 MBK Metal Bank Ltd 0% -25% -45% -63% 0.003 $7,845,743 KAL Kalgoorliegoldmining 0% -20% -20% 0% 0.1 $7,743,460 AYM Australia United Min 0% 0% -50% -56% 0.004 $7,370,310 GNM Great Northern 0% 0% -20% -43% 0.004 $6,836,204 MOM Moab Minerals Ltd 0% -8% -60% -78% 0.011 $6,819,635 AVW Avira Resources Ltd 0% -25% -40% -57% 0.003 $6,401,370 SFM Santa Fe Minerals 0% 2% -17% -2% 0.087 $6,335,235 TRM Truscott Mining Corp 0% -6% -31% 13% 0.034 $5,367,598 PKO Peako Limited 0% -17% -21% -35% 0.015 $5,308,547 AVM Advance Metals Ltd 0% 0% -12% -45% 0.011 $5,256,651 M24 Mamba Exploration 0% -17% 4% -40% 0.12 $5,061,000 DEX Duke Exploration 0% 6% -59% -72% 0.053 $4,781,191 G88 Golden Mile Res Ltd 0% -21% -56% -57% 0.022 $4,500,975 AQX Alice Queen Ltd 0% -20% -60% -85% 0.002 $4,400,500 ADG Adelong Gold Limited 0% -47% -73% -82% 0.008 $3,545,495 CDR Codrus Minerals Ltd 0% -1% -17% -58% 0.068 $2,720,000 GAL Galileo Mining Ltd 0% -18% 460% 446% 1.12 $218,136,127 AWJ Auric Mining -1% 1% -16% -41% 0.071 $5,659,784 AME Alto Metals Limited -1% -3% -20% -34% 0.066 $35,279,476 HRN Horizon Gold Ltd -2% -7% -7% -18% 0.325 $40,684,033 GUL Gullewa Limited -2% -10% -16% -20% 0.061 $11,645,089 ANX Anax Metals Ltd -2% -11% -35% -47% 0.056 $22,758,110 SLZ Sultan Resources Ltd -2% 8% -31% -41% 0.097 $8,078,586 A1G African Gold Ltd. -2% 56% -8% -49% 0.095 $11,343,981 MEU Marmota Limited -2% -4% -10% 2% 0.045 $47,646,026 HCH Hot Chili Ltd -3% 2% -24% -57% 0.95 $108,695,137 MAT Matsa Resources -3% -5% -37% -36% 0.038 $16,062,330 PNM Pacific Nickel Mines -3% -18% -22% -30% 0.07 $25,083,060 SNG Siren Gold -3% -6% -53% -51% 0.17 $19,877,331 KCC Kincora Copper -3% 21% -32% -50% 0.068 $5,066,869 GML Gateway Mining -3% -31% -39% -63% 0.061 $13,560,658 DCN Dacian Gold Ltd -3% 45% -22% -37% 0.145 $176,436,136 GWR GWR Group Ltd -3% -15% -59% -45% 0.058 $18,630,566 KIN KIN Min NL -4% 11% 0% -32% 0.078 $80,736,157 GBZ GBM Rsources Ltd -4% 37% -46% -60% 0.052 $29,157,122 GIB Gibb River Diamonds -4% -14% -7% -40% 0.05 $10,575,472 MVL Marvel Gold Limited -4% -4% -38% -65% 0.024 $16,907,865 CST Castile Resources -4% 10% -36% -49% 0.115 $27,818,779 MOH Moho Resources -4% -15% -43% -62% 0.023 $4,776,231 STK Strickland Metals -4% 13% -42% -43% 0.043 $60,349,884 ZAG Zuleika Gold Ltd -5% 11% -22% -5% 0.021 $10,952,563 MAU Magnetic Resources -5% -16% -44% -53% 0.77 $176,016,869 RML Resolution Minerals -5% -5% -27% -47% 0.0095 $10,067,589 RXL Rox Resources -5% -23% -44% -49% 0.185 $30,409,370 GMR Golden Rim Resources -5% -16% -47% -64% 0.036 $11,300,882 REZ Resourc & En Grp Ltd -5% -10% -62% -72% 0.018 $8,996,504 BBX BBX Minerals Ltd -6% 18% -32% -62% 0.065 $31,636,896 BMR Ballymore Resources -6% -26% -29% -26% 0.16 $14,570,293 ICG Inca Minerals Ltd -6% -23% -66% -76% 0.03 $14,461,885 BMO Bastion Minerals -6% -24% -60% -78% 0.06 $5,694,996 KNB Koonenberrygold -6% -3% -18% -54% 0.074 $5,605,977 PRS Prospech Limited -6% -12% -42% -67% 0.029 $1,890,249 AXE Archer Materials -7% -23% -12% -59% 0.63 $151,869,996 NAG Nagambie Resources -7% -7% 52% -13% 0.07 $37,007,001 GTR Gti Energy Ltd -7% -7% -13% -52% 0.014 $21,076,770 OZM Ozaurum Resources -7% -7% -53% -53% 0.07 $4,880,120 GCY Gascoyne Res Ltd -7% -24% -22% -45% 0.195 $83,082,880 AGC AGC Ltd -7% -2% -30% -39% 0.064 $4,334,546 BEZ Besragoldinc -8% -26% -12% -74% 0.037 $9,328,208 PUA Peak Minerals Ltd -8% -25% -50% -63% 0.006 $6,248,225 TGM Theta Gold Mines Ltd -9% 14% -38% -59% 0.074 $45,201,987 CDT Castle Minerals -9% -13% -45% -32% 0.021 $20,989,353 DRE Dreadnought Resources Ltd -9% 9% 170% 127% 0.1 $302,218,444 CXU Cauldron Energy Ltd -9% -17% -23% -60% 0.01 $5,354,113 ICL Iceni Gold -9% -36% -57% -76% 0.058 $7,435,393 VRC Volt Resources Ltd -10% -32% 12% -32% 0.019 $64,293,498 SAU Southern Gold -10% -7% -44% -58% 0.027 $5,759,876 CPM Coopermetalslimited -12% -11% -6% 0% 0.29 $10,880,800 OAU Ora Gold Limited -13% -13% -42% -46% 0.007 $6,889,619 AL8 Alderan Resource Ltd -13% -22% -67% -82% 0.007 $4,047,863 TG1 Techgen Metals Ltd -13% -38% -23% -59% 0.1 $5,474,896 TBA Tombola Gold Ltd -13% -13% -56% -21% 0.026 $29,481,644 CBY Canterbury Resources -14% -16% -39% -65% 0.038 $5,360,941 TMX Terrain Minerals -14% -14% -40% -25% 0.006 $4,564,566 RDS Redstone Resources -14% -20% -29% -57% 0.006 $4,420,994 NES Nelson Resources. -14% -52% -55% -80% 0.006 $1,765,783 YRL Yandal Resources -15% -24% -46% -73% 0.11 $14,878,404 AAU Antilles Gold Ltd -16% -25% -36% -52% 0.038 $16,215,586 STN Saturn Metals -16% -24% -42% -61% 0.21 $27,278,827 MEG Megado Minerals Ltd -18% -30% -53% -39% 0.056 $7,700,000 SMS Starmineralslimited -19% -27% -69% -62% 0.069 $2,041,020
Weekly ASX Small Cap Gold Standouts
FML shut its Coolgardie, Laverton and The Mount operations in 2013 amid nosediving gold prices and high operating costs.
Now the WA goldie is about to restart mining operations at Coolgardie, where it wants to produce 402,000oz over an initial seven-year life.
The numbers are pretty good. It would cost $51m to build/refurbish, a process which is already underway.
Once in production, it would have an all-in sustaining cost of $1,618/oz – giving FML pre-tax cashflow of $354m and NPV of $242m at a gold price of $2,500/oz.
Commissioning is scheduled for mid 2023.
Meanwhile, toll treating (using third party plants) of low-grade stockpiles has produced 2,200oz to date, and a small 3,400oz mining project at the Big Blow deposit kicked off in October with ore to be milled via a toll treating campaign later in the year.
US-based Gold 50 has picked up the high-grade historic White Caps Mine in Nevada, which produced more than 125,000 ounces at around 30g/t gold.
5g/t and above is generally considered high grade.
Mined ore grades ranged from 33g/t to 79g/t gold over 6m to 9m widths and grades increased with depth, with the cross-cut on the lowest mine level (400m) assaying 10m at 94g/t.
The company is confident there’s potential for thicker zones of mineralisation around the historic workings as zones containing <10g/t gold were often ignored and not mined.
The post Gold Digger: Was that the bottom? Gold poised to punch through $US1,800/oz after surging $120/oz in a week appeared first on Stockhead.
