State Street Global Advisors and ANZ launch Australian managed gold fund to capitalise on the metal’s bull run
Senior strategist Clive Maguchu says State Street is positive on the outlook for the safe haven commodity, which is close to record highs
Junior miners Catalyst and Ora Banda among this week’s gold winners
One of the world’s largest institutional asset managers, a walk-up starter on the top 20 shareholder list of any ASX 300 miner, has launched its first unlisted gold fund in Australia in a bid to capitalise on safe haven demand for the hot commodity.
Gold has faced a menagerie of headwinds this year, chiefly the failed promise of US Fed rate cuts, persistent inflation, a strong US dollar and Stateside bond yields and weak ETF demand.
But the threat and reality of war, a crummy Christmas lunch of a US election being fought by your racist alcoholic uncle and senile pop-pop and hefty buying from central banks have – against the odds – led bullion to levels broaching record highs.
A weake than expected US CPI print on Thursday lifted hopes the rates tide would flow gold’s way again, touching US$2409/oz on the London market overnight. That’s just shy of the all time highs of US$2427/oz seen in May.
To put that into context, then Treasurer Peter Costello approved the sale of two-thirds of Australia’s public gold holdings in 1997 for US$306/oz by Reserve Bank Governor Ian Macfarlane, with Costello declaring it ‘no longer plays a significant role in the international financial system’.
Nearly 27 years later the alleged shirtfront of a journalist has bounced the one-time Prime Ministerial hopeful out of public life, but gold has retained and even enhanced its lustre.
And unlike the pre-boom Reserve Bank, Aussie institutional, high-net-worth and advised investors, along with intermediaries such as advisers and trading platforms, can place chips on the gold price through the State Street Gold Fund, an unlisted fund seeded by clients of ANZ Private Bank with securities backed by physical gold stored in vaults in the financial centres of London, New York and Zurich.
The fourth-largest asset manager in the world, State Street holds around US$4tn under its watch, with US$66bn invested specifically in the gold space.
Gold prices have performed strongly in 2024. Pic: LBMA
Largest of its kind
State Street senior strategist Clive Maguchu said the fund was the one of the largest managed gold funds in Australia, seeded with funding of around $50m after SSGA was approached to develop the product by ANZ Private, which manages some $9bn in funds for clients.
With access also for retail investors, the fund is linked to units in the SPDR Gold MiniShares Trust, which trades in the US market.
While gold equities have lagged bullion prices – the ASX All Ords Gold sub-index up only 10.73% in the past 12 months – Maguchu said State Street’s US gold funds had trailed only fixed income and US equities in returns over the past year.
“We’ve been performing quite well, reasonably in line with the gold price performance, which over the last few years has performed really strongly,” Maguchu told Stockhead.
“I think the one-year performance is close to 15%, which is very, very good when you look at some markets that haven’t performed quite as well.
“And on a five-year basis, you’re looking at 10-11% outperformance per annum for gold, which stacks up really well when you compare it across other asset classes, only global equities and US equities really outperform better in that time period.”
Maguchu said access to gold had been better through physically backed funds than miners in recent years, with “some idiosyncratic risk” coming from being exposed to gold mining operations.
While it sees a small risk that rate cuts don’t emerge, State Street remains bullish on gold’s performance going forward.
“You’ve got this geopolitical uncertainty, you’ve got inflation that’s still pretty high and sticky across many global markets, and you’ve got this central bank demand that’s been coming primarily from China and other central banks, particularly emerging markets central banks,” Maguchu said.
“Consumer discretionary is (also) a sector that’s had enormous demand over the last couple of years, and that forms a pretty strong component of gold demand in terms of the gold that’s used for jewellery. So we think all those factors are very positive and remain very positive for gold, at least in the medium term.”
The World Gold Council stats this week showed gold ETFs, though they had seen big inflows in the past two months, posted their weakest first-half performance since 2013 with US$6.7bn in net outflows.
But Asian gold ETFs had seen strong inflows, and Maguchu said the outperformance of tech-heavy US equity indexes could explain some of the outflows in the US market.
State Street claims management fees in the gold fund are the lowest in the country, heightening its competitiveness against ETFs.
Who shined like a gold bar this week?
Catalyst Metals (ASX:CYL) (+32%)
At one point a run-of-the-mill Victorian gold explorer, aggressive M&A and a commitment to turning old goldfields around has lifted CYL into the status of 100,000ozpa gold miner.
Now worth $350 million, the firm has gold royalty running through it. Boss James Champion de Crespigny is the son of Robert, the founder and key mover behind Aussie gold success story and one time Super Pit owner Normandy Mining, acquired by mining giant Newmont in 2002.
It boasts the 30,000ozpa Henty mine in Tasmania and 85,000ozpa Plutonic gold mine, the latter acquired in a takeover of TSX-listed Superior Gold last year and once run by gold giants Northern Star Resources and Barrick Gold. It’s part of a broader consolidation play that has linked together the ground around the Mid-West gold district.
CYL shares have now almost doubled year to date after the miner announced annual group production of 110,000oz earlier this week.
Plutonic’s output rose 41% from 60,000oz in FY23 to 85,000oz in 2024.
“It has been a big year for Catalyst. Producing well over 100koz of gold, repaying A$28m of debt and still growing our cash balance,” Champion de Crespigny said.
“Now, with Plutonic stabilising, we are able to focus on developing Trident and Plutonic East which will see our production grow to over 150koz.
“Catalyst is entering the next financial year in a balanced position with a long pipeline of near term, low capital, organic growth options.”
Ora Banda (ASX:OBM) (+26%)
Ora Banda Mining approved its Sand King development at the Davyhurst gold operations on Thursday, putting a $39m price tag on developing the second underground mine at the gold project near Kalgoorlie.
Anchored by the higher grade Riverina underground mine, OBM also forecast production of 100,000-110,000oz at an all-in sustaining cost of $1975-2125/oz for the 2025 financial year, though that will come before $25m to spend on exploration around Riverina and Sand King and $63m of growth capex.
By 2026, the company is aiming to complete the turnaround at the Davyhurst operations, where previous owners have failed to live up to expectations.
From FY26, Sand King’s addition to Riverina is expected to bolster production to ~150,000oz at AISC of $1740-1890/oz.
Key to the expansion will be exploration investment, with OBM already forecasting it will spend $60-80m on exploration and growth capital to uncover future organic growth pathways.
ASX Winners & Losers
Here’s how ASX-listed precious metals stocks are performing, Friday June 5.
Scroll or swipe to reveal table. Click headings to sort. Best viewed on a laptop.
Stocks missing from this list? Please email [email protected]
CODE COMPANY PRICE WEEK RETURN% MONTH RETURN % 6 MOMTH RETURN % YEAR RETURN % MARKET CAP MOM Moab Minerals Ltd 0.007 133% 75% 17% -46% $ 5,556,699.67 SVG Savannah Goldfields 0.036 89% 44% -18% -65% $ 10,119,056.98 PUA Peak Minerals Ltd 0.005 67% 25% 67% 67% $ 4,165,506.47 PGO Pacgold 0.17 62% 31% -13% -48% $ 14,725,452.00 SIH Sihayo Gold Limited 0.003 50% 20% 100% 50% $ 36,612,768.54 ASR Asra Minerals Ltd 0.006 50% 33% -14% -40% $ 14,252,555.44 RML Resolution Minerals 0.003 50% 50% 0% -40% $ 4,830,065.42 GMN Gold Mountain Ltd 0.003 50% 0% -40% -79% $ 9,533,230.35 SI6 SI6 Metals Limited 0.003 50% 0% -40% -57% $ 7,106,578.28 LYN Lycaonresources 0.36 38% 50% 71% 36% $ 16,160,371.02 CYL Catalyst Metals 1.55 32% 56% 121% 103% $ 339,119,641.44 USL Unico Silver Limited 0.21 31% 50% 91% 83% $ 55,324,544.34 MDI Middle Island Res 0.017 31% 31% 0% -14% $ 3,049,956.28 FEG Far East Gold 0.125 30% 9% -11% -58% $ 32,198,354.38 TAR Taruga Minerals 0.009 29% 50% -18% -25% $ 5,648,214.28 HMG Hamelingoldlimited 0.095 27% 12% 27% -5% $ 13,387,500.00 THR Thor Energy PLC 0.019 27% 6% -39% -53% $ 4,230,441.22 OBM Ora Banda Mining Ltd 0.43 26% 26% 79% 231% $ 724,481,040.66 CTO Citigold Corp Ltd 0.005 25% 11% 0% 0% $ 12,000,000.00 LRL Labyrinth Resources 0.005 25% 25% -17% -39% $ 5,937,718.51 REZ Resourc & En Grp Ltd 0.016 23% 23% 33% -24% $ 10,346,225.95 WWI West Wits Mining Ltd 0.016 23% 23% 33% -24% $ 38,125,902.21 MKG Mako Gold 0.011 22% 10% 22% -65% $ 9,760,081.80 SPQ Superior Resources 0.011 22% 83% -27% -56% $ 22,013,424.60 EM2 Eagle Mountain 0.064 21% 14% -15% -48% $ 24,751,120.09 PRX Prodigy Gold NL 0.003 20% 0% -50% -57% $ 6,353,323.45 HXG Hexagon Energy 0.018 20% 13% 80% 64% $ 8,206,654.42 ARD Argent Minerals 0.019 19% 6% 90% 58% $ 25,801,661.99 ANX Anax Metals Ltd 0.026 18% -32% -4% -62% $ 17,974,244.55 AWJ Auric Mining 0.235 18% 31% 96% 473% $ 35,652,809.04 BC8 Black Cat Syndicate 0.375 17% 27% 56% -4% $ 136,033,278.84 ALY Alchemy Resource Ltd 0.007 17% 0% -30% -50% $ 9,424,610.05 HAV Havilah Resources 0.225 15% 25% 25% -2% $ 71,243,822.25 RXL Rox Resources 0.155 15% 0% -13% -46% $ 59,050,124.66 TRE Toubani Res Ltd 0.195 15% 15% 56% 11% $ 29,283,114.18 SBM St Barbara Limited 0.235 15% 2% 21% -10% $ 184,043,335.50 SPR Spartan Resources 1.05 14% 46% 130% 471% $ 1,084,720,728.28 PRU Perseus Mining Ltd 2.73 14% 17% 58% 60% $ 3,627,081,487.92 ORN Orion Minerals Ltd 0.017 13% 0% 17% 0% $ 103,512,517.63 RED Red 5 Limited 0.4175 13% -5% 39% 104% $ 2,857,038,820.44 FAL Falconmetalsltd 0.265 13% 6% 96% 29% $ 46,905,000.00 ICL Iceni Gold 0.08 13% 3% 23% -27% $ 21,275,362.06 ADV Ardiden Ltd 0.135 13% -7% -21% -55% $ 8,596,157.08 VKA Viking Mines Ltd 0.009 13% 0% -40% -18% $ 10,252,584.31 NWM Norwest Minerals 0.036 13% 50% 38% -46% $ 13,972,302.36 ENR Encounter Resources 0.84 12% 143% 163% 115% $ 380,949,705.63 GSN Great Southern 0.019 12% 0% -5% 0% $ 16,066,090.26 AMI Aurelia Metals Ltd 0.2175 12% 24% 89% 131% $ 372,144,208.04 STN Saturn Metals 0.195 11% -7% 5% 8% $ 50,328,900.90 MRR Minrex Resources Ltd 0.01 11% -5% -33% -38% $ 10,848,675.03 KCC Kincora Copper 0.052 11% -20% 30% -24% $ 10,665,848.86 ERM Emmerson Resources 0.064 10% 60% 21% 2% $ 35,406,136.22 SVL Silver Mines Limited 0.17 10% 0% 6% -11% $ 256,366,163.69 A1G African Gold Ltd. 0.023 10% -8% -27% -50% $ 5,501,961.35 EMR Emerald Res NL 3.995 9% 16% 26% 71% $ 2,598,206,133.60 S2R S2 Resources 0.105 9% -13% -32% -42% $ 47,550,089.27 MEK Meeka Metals Limited 0.035 9% 9% -10% -8% $ 41,980,103.69 CHN Chalice Mining Ltd 1.355 9% -8% 3% -78% $ 501,762,662.16 RGL Riversgold 0.006 9% 0% -52% -60% $ 7,257,460.92 GNM Great Northern 0.012 9% -14% -40% -54% $ 1,855,548.92 KIN KIN Min NL 0.06 9% 0% -8% 76% $ 69,510,882.33 AZY Antipa Minerals Ltd 0.012 9% -8% -25% -20% $ 51,810,543.71 AAR Astral Resources NL 0.085 9% 9% 20% 21% $ 72,945,407.81 RSG Resolute Mining 0.6375 9% 18% 59% 55% $ 1,288,075,257.87 AVM Advance Metals Ltd 0.026 8% -10% -22% -80% $ 3,520,723.52 GMD Genesis Minerals 2.015 8% 11% 25% 67% $ 2,193,379,671.88 RRL Regis Resources 1.9225 8% 9% -11% -7% $ 1,416,260,265.00 NXM Nexus Minerals Ltd 0.042 8% -2% -7% -31% $ 15,951,465.29 MM8 Medallion Metals. 0.056 8% 18% -10% -20% $ 17,230,312.51 CBY Canterbury Resources 0.044 7% -12% 69% 69% $ 7,728,340.32 POL Polymetals Resources 0.295 7% -13% 0% -8% $ 55,094,396.18 LCY Legacy Iron Ore 0.015 7% 7% -12% -25% $ 115,703,223.93 ZAG Zuleika Gold Ltd 0.015 7% -32% -12% 0% $ 11,113,198.91 TG1 Techgen Metals Ltd 0.031 7% -11% -56% -52% $ 3,972,109.61 NST Northern Star 13.685 6% -1% 7% 7% $ 15,272,623,676.64 ZNC Zenith Minerals Ltd 0.05 6% -19% -64% -44% $ 17,619,044.15 WAF West African Res Ltd 1.4625 6% 5% 52% 64% $ 1,620,609,730.05 TLM Talisman Mining 0.26 6% 11% 6% 58% $ 50,846,494.23 GUE Global Uranium 0.089 6% -6% -32% -23% $ 23,380,476.68 AUC Ausgold Limited 0.036 6% 0% 38% -22% $ 93,912,801.07 SPD Southernpalladium 0.36 6% -15% 13% 4% $ 32,310,000.00 ALK Alkane Resources Ltd 0.545 6% 1% -13% -31% $ 319,849,958.11 EVN Evolution Mining Ltd 3.8 6% 1% 1% 11% $ 7,466,900,370.08 XAM Xanadu Mines Ltd 0.059 5% -6% 13% -30% $ 101,244,354.53 PDI Predictive Disc Ltd 0.2 5% 8% 0% 18% $ 481,114,906.52 CMM Capricorn Metals 5.265 5% 19% 16% 20% $ 1,985,797,443.06 BNR Bulletin Res Ltd 0.043 5% 2% -68% -31% $ 12,625,372.89 AQI Alicanto Min Ltd 0.022 5% 33% -27% -31% $ 12,311,736.12 TBR Tribune Res Ltd 3.4 5% -9% 15% 3% $ 174,718,696.41 SSR SSR Mining Inc. 7.48 5% -2% -51% -65% $ 30,538,075.20 CPM Coopermetalslimited 0.07 4% -10% -80% -53% $ 5,171,472.90 MTC Metalstech Ltd 0.235 4% 0% 4% 9% $ 45,061,728.11 MEU Marmota Limited 0.047 4% 18% 15% 34% $ 51,069,182.54 WGX Westgold Resources. 2.62 4% 14% 36% 55% $ 1,209,218,305.35 CXU Cauldron Energy Ltd 0.025 4% -7% -26% 262% $ 31,889,796.41 ILT Iltani Resources Lim 0.255 4% -11% 50% 21% $ 8,162,521.20 IGO IGO Limited 6.13 4% -6% -23% -60% $ 4,483,025,452.96 AAM Aumegametals 0.057 4% -3% 63% -7% $ 31,024,225.00 MI6 Minerals260Limited 0.145 4% 7% -47% -79% $ 36,270,000.00 RMS Ramelius Resources 1.965 3% 6% 27% 51% $ 2,230,143,380.40 BGL Bellevue Gold Ltd 2.03 3% 8% 33% 22% $ 2,354,683,702.00 KAU Kaiser Reef 0.165 3% 18% 6% -18% $ 28,222,242.51 HMX Hammer Metals Ltd 0.036 3% 3% -22% -45% $ 31,910,664.56 PRS Prospech Limited 0.036 3% 6% 9% 16% $ 10,894,599.18 AM7 Arcadia Minerals 0.04 3% -27% -43% -68% $ 4,682,004.00 SMI Santana Minerals Ltd 1.2 3% 13% 2% 102% $ 247,762,722.00 CWX Carawine Resources 0.085 2% -19% -19% -42% $ 20,070,663.17 KCN Kingsgate Consolid. 1.625 2% -2% 29% 10% $ 407,247,673.36 CST Castile Resources 0.071 1% -12% -10% -10% $ 16,691,267.46 MKR Manuka Resources. 0.0365 1% -17% -49% -39% $ 25,917,492.39 VMC Venus Metals Cor Ltd 0.074 1% -14% -26% -49% $ 14,039,922.54 GWR GWR Group Ltd 0.087 1% -7% -3% 7% $ 27,624,632.33 DEG De Grey Mining 1.2025 0% 13% 0% -16% $ 2,768,159,057.90 FFX Firefinch Ltd 0.2 0% 0% 0% 0% $ 236,569,315.40 GED Golden Deeps 0.033 0% -33% -25% -67% $ 3,812,237.52 G88 Golden Mile Res Ltd 0.011 0% -8% -39% -78% $ 4,523,451.41 AQX Alice Queen Ltd 0.007 0% 0% 17% -46% $ 9,175,120.54 SLZ Sultan Resources Ltd 0.008 0% -20% -52% -82% $ 1,580,691.91 KSN Kingston Resources 0.079 0% -2% 4% 5% $ 55,854,577.71 PNX PNX Metals Limited 0.004 0% -20% 33% 33% $ 26,865,966.40 SKY SKY Metals Ltd 0.035 0% 0% -3% -19% $ 20,634,360.81 YRL Yandal Resources 0.135 0% 13% -13% 145% $ 37,493,065.96 FAU First Au Ltd 0.002 0% -33% -33% -33% $ 3,323,986.55 ARL Ardea Resources Ltd 0.455 0% -18% 0% -33% $ 92,852,555.48 IVR Investigator Res Ltd 0.048 0% -9% 33% -8% $ 76,026,219.55 GTR Gti Energy Ltd 0.0045 0% -10% -50% -36% $ 11,424,361.91 SMS Starmineralslimited 0.029 0% -3% -28% -33% $ 2,880,575.17 ADT Adriatic Metals 3.78 0% -5% 7% 9% $ 1,063,636,223.37 KAL Kalgoorliegoldmining 0.028 0% -10% -3% -18% $ 4,438,020.10 MLS Metals Australia 0.019 0% -14% -44% -47% $ 13,788,670.96 WA8 Warriedarresourltd 0.063 0% 17% 29% -18% $ 43,620,946.99 WCN White Cliff Min Ltd 0.015 0% -29% 50% 114% $ 24,365,811.21 MCT Metalicity Limited 0.002 0% 0% -20% 0% $ 8,971,705.37 MHC Manhattan Corp Ltd 0.002 0% 0% -43% -78% $ 5,873,959.55 NAE New Age Exploration 0.004 0% 0% -20% -20% $ 7,175,595.64 RMX Red Mount Min Ltd 0.001 0% 0% -62% -77% $ 3,423,577.31 TTM Titan Minerals 0.046 0% 44% 84% -34% $ 82,245,615.08 NML Navarre Minerals Ltd 0.019 0% 0% 0% 0% $ 28,555,653.83 BYH Bryah Resources Ltd 0.004 0% -50% -69% -78% $ 2,013,147.42 FG1 Flynngold 0.024 0% -14% -54% -45% $ 6,618,162.15 AAJ Aruma Resources Ltd 0.012 0% -25% -54% -73% $ 2,362,698.07 AL8 Alderan Resource Ltd 0.004 0% 0% -20% -33% $ 4,427,445.22 MEG Megado Minerals Ltd 0.01 0% -9% -57% -82% $ 2,544,555.58 TBA Tombola Gold Ltd 0.026 0% 0% 0% 0% $ 33,129,242.98 HRN Horizon Gold Ltd 0.28 0% 0% 2% -20% $ 40,555,178.44 TCG Turaco Gold Limited 0.21 0% 2% 68% 289% $ 157,182,667.11 GBZ GBM Rsources Ltd 0.01 0% -9% 25% -38% $ 12,723,577.78 SFM Santa Fe Minerals 0.032 0% -20% -26% -24% $ 2,330,201.25 X64 Ten Sixty Four Ltd 0.57 0% 0% 0% 0% $ 130,184,181.57 HAW Hawthorn Resources 0.06 0% -14% -40% -57% $ 20,100,936.78 TSO Tesoro Gold Ltd 0.034 0% -15% 21% 13% $ 40,576,163.36 TMZ Thomson Res Ltd 0.005 0% 0% 0% 0% $ 4,881,018.47 TAM Tanami Gold NL 0.031 0% -6% -11% -21% $ 36,428,008.43 BMO Bastion Minerals 0.006 0% -14% -63% -82% $ 2,610,503.08 IDA Indiana Resources 0.085 0% 9% 5% 113% $ 53,921,558.46 GSM Golden State Mining 0.01 0% 0% -23% -71% $ 2,793,706.30 NSM Northstaw 0.011 0% -61% -78% -87% $ 1,538,633.62 RDS Redstone Resources 0.006 0% 50% 20% -25% $ 5,552,270.76 NAG Nagambie Resources 0.012 0% 33% -56% -69% $ 8,762,992.45 CAI Calidus Resources 0.115 0% 5% -43% -39% $ 93,678,205.58 AVW Avira Resources Ltd 0.001 0% 0% -50% -60% $ 2,938,790.00 MAT Matsa Resources 0.026 0% 4% -4% -26% $ 14,312,353.69 ION Iondrive Limited 0.009 0% -10% -25% -57% $ 5,443,709.39 ARN Aldoro Resources 0.072 0% 14% -26% -42% $ 9,692,909.50 GOR Gold Road Res Ltd 1.79 0% 13% 4% 13% $ 1,901,269,708.07 BEZ Besragoldinc 0.099 0% 1% -29% -53% $ 41,391,989.69 PUR Pursuit Minerals 0.003 0% -25% -57% -77% $ 10,906,199.96 ICG Inca Minerals Ltd 0.006 0% -14% -37% -73% $ 4,863,218.87 OAU Ora Gold Limited 0.0055 0% 38% -21% 10% $ 35,705,798.16 BTR Brightstar Resources 0.017 0% 21% 13% 70% $ 80,277,800.95 TRM Truscott Mining Corp 0.06 0% -9% 21% 47% $ 10,470,959.58 KNB Koonenberrygold 0.014 0% -26% -57% -45% $ 3,741,237.16 ANL Amani Gold Ltd 0.001 0% 0% 0% 0% $ 25,743,441.13 CLZ Classic Min Ltd 0.001 0% -67% -98% -98% $ 808,364.94 AUN Aurumin 0.037 0% -5% 28% 37% $ 16,405,696.94 SFR Sandfire Resources 9.065 0% 2% 37% 51% $ 4,152,879,965.80 RND Rand Mining Ltd 1.495 0% 15% 9% 22% $ 85,029,561.70 FFM Firefly Metals Ltd 0.8175 -1% 21% 51% 88% $ 389,373,449.22 CEL Challenger Gold Ltd 0.053 -2% -18% -22% -52% $ 75,227,522.96 OZM Ozaurum Resources 0.049 -2% 9% -61% 11% $ 7,778,750.00 PGD Peregrine Gold 0.19 -3% -12% -34% -36% $ 12,896,899.99 AGC AGC Ltd 0.33 -3% 16% 385% 459% $ 76,061,111.04 BMR Ballymore Resources 0.155 -3% -9% 15% 3% $ 27,393,240.68 MXR Maximus Resources 0.031 -3% 11% -30% -9% $ 13,265,758.42 PNT Panthermetalsltd 0.031 -3% -31% -48% -59% $ 2,702,151.02 FML Focus Minerals Ltd 0.15 -3% -6% -12% -25% $ 42,983,796.75 RDN Raiden Resources Ltd 0.029 -3% -12% -19% 263% $ 78,847,011.83 LAT Latitude 66 Limited 0.14 -3% 6900% -30% -44% $ 19,253,169.86 GBR Greatbould Resources 0.055 -4% -13% -13% -30% $ 32,737,831.02 CLA Celsius Resource Ltd 0.0135 -4% 35% 23% -41% $ 33,990,778.40 KTA Krakatoa Resources 0.0135 -4% -10% -53% -63% $ 6,137,393.86 BCN Beacon Minerals 0.026 -4% 4% 4% -16% $ 97,675,972.45 DLI Delta Lithium 0.25 -4% 0% -24% -73% $ 178,351,785.50 SXG Southern Cross Gold 2.5 -4% -11% 129% 432% $ 489,199,845.00 GUL Gullewa Limited 0.073 -4% 3% 33% 28% $ 14,948,436.30 GML Gateway Mining 0.024 -4% -23% 33% -40% $ 9,491,026.20 PNR Pantoro Limited 0.095 -4% 6% 98% 32% $ 600,224,837.80 MTH Mithril Resources 0.1775 -4% -23% -11% -11% $ 17,012,957.74 MRZ Mont Royal Resources 0.066 -4% 25% -49% -56% $ 5,611,966.34 TMS Tennant Minerals Ltd 0.022 -4% 5% -35% -21% $ 21,029,589.13 CAZ Cazaly Resources 0.02 -5% -5% -26% -49% $ 9,226,059.82 GPR Geopacific Resources 0.02 -5% -9% 18% 0% $ 20,064,131.19 KAI Kairos Minerals Ltd 0.009 -5% 0% -33% -69% $ 23,588,209.70 AME Alto Metals Limited 0.035 -5% -5% -19% -34% $ 25,253,311.02 HCH Hot Chili Ltd 0.955 -5% -1% -3% -21% $ 146,804,849.82 BGD Bartongoldholdings 0.255 -6% -15% 2% 0% $ 55,211,377.81 TGM Theta Gold Mines Ltd 0.165 -6% 10% 38% 120% $ 124,519,471.65 ADN Andromeda Metals Ltd 0.016 -6% -11% -30% -60% $ 49,764,334.91 KZR Kalamazoo Resources 0.078 -6% -14% -42% -35% $ 13,849,745.91 IPT Impact Minerals 0.015 -6% -21% 25% 15% $ 48,950,939.49 QML Qmines Limited 0.057 -7% -3% -29% -50% $ 12,622,009.01 NVA Nova Minerals Ltd 0.21 -7% 2% -34% -34% $ 47,312,513.82 KRM Kingsrose Mining Ltd 0.042 -7% -13% 14% -40% $ 31,606,113.80 SNG Siren Gold 0.076 -7% -10% 17% -31% $ 15,366,385.35 HRZ Horizon 0.037 -8% -12% 3% -10% $ 41,386,686.77 EMC Everest Metals Corp 0.12 -8% 14% 46% -52% $ 18,892,557.54 MAU Magnetic Resources 1.14 -8% 6% 31% 109% $ 299,280,687.88 PXX Polarx Limited 0.012 -8% 9% 54% -5% $ 24,605,789.74 BNZ Benzmining 0.115 -8% -28% -48% -76% $ 12,407,168.99 MBK Metal Bank Ltd 0.023 -8% -4% -4% 6% $ 8,980,563.69 DRE Dreadnought Resources Ltd 0.022 -8% 10% -19% -61% $ 80,800,678.08 ARV Artemis Resources 0.011 -8% -8% -42% -48% $ 19,406,157.64 STK Strickland Metals 0.096 -9% -17% -20% 146% $ 194,857,912.04 TNC True North Copper 0.051 -9% -7% -44% -74% $ 45,525,490.30 SVY Stavely Minerals Ltd 0.029 -9% -22% -34% -69% $ 13,191,619.90 NMR Native Mineral Res 0.019 -10% -44% -5% -47% $ 4,197,010.28 DTM Dart Mining NL 0.019 -10% -10% 19% -51% $ 4,910,224.57 ASO Aston Minerals Ltd 0.009 -10% -25% -57% -88% $ 12,950,642.69 AS1 Asara Resources Ltd 0.009 -10% -18% -25% -73% $ 8,821,753.50 LCL LCL Resources Ltd 0.009 -10% -18% -44% -77% $ 8,683,902.23 GAL Galileo Mining Ltd 0.175 -10% -34% -34% -72% $ 36,560,611.50 GRL Godolphin Resources 0.017 -11% -23% -58% -62% $ 3,636,150.76 NPM Newpeak Metals 0.016 -11% -24% -10% -82% $ 4,493,186.11 BCM Brazilian Critical 0.016 -11% -6% -30% -69% $ 14,122,570.23 VRC Volt Resources Ltd 0.004 -11% -20% -43% -64% $ 20,793,390.64 A8G Australasian Metals 0.066 -12% -18% -56% -64% $ 3,439,952.60 CY5 Cygnus Metals Ltd 0.043 -12% -16% -63% -87% $ 12,614,442.98 TMX Terrain Minerals 0.0035 -13% 17% -42% -30% $ 5,010,847.35 AAU Antilles Gold Ltd 0.0035 -13% -42% -84% -90% $ 3,487,872.48 SRN Surefire Rescs NL 0.007 -13% -13% -22% -61% $ 13,904,154.69 CDR Codrus Minerals Ltd 0.035 -13% -31% -42% -53% $ 5,788,562.64 SBR Sabre Resources 0.014 -13% -18% -53% -67% $ 5,501,467.06 TMB Tambourahmetals 0.049 -13% -32% -59% -76% $ 4,064,077.30 FXG Felix Gold Limited 0.042 -13% -19% 5% -51% $ 10,017,159.32 M24 Mamba Exploration 0.013 -13% -35% -75% -83% $ 2,393,069.59 GIB Gibb River Diamonds 0.037 -14% -14% 23% -5% $ 7,825,849.47 ADG Adelong Gold Limited 0.006 -14% 20% 20% -33% $ 6,707,933.75 WTM Waratah Minerals Ltd 0.24 -16% 161% 155% 85% $ 45,737,946.99 LM8 Lunnonmetalslimited 0.18 -16% -28% -68% -80% $ 43,568,673.80 NES Nelson Resources. 0.0025 -17% -17% -50% -58% $ 1,533,985.82 MEI Meteoric Resources 0.14 -18% -22% -45% -43% $ 268,666,179.08 EMU EMU NL 0.023 -18% -12% -16% -58% $ 2,886,481.30 BM8 Battery Age Minerals 0.145 -19% -9% -29% -70% $ 13,488,500.30 CDT Castle Minerals 0.004 -20% -20% -50% -73% $ 5,311,305.27 MVL Marvel Gold Limited 0.007 -22% -22% -36% -46% $ 6,046,534.92 G50 G50Corp Ltd 0.155 -23% 29% 29% -11% $ 19,185,600.00 LEX Lefroy Exploration 0.079 -25% -12% -55% -66% $ 17,038,970.97 PKO Peako Limited 0.003 -25% -40% -25% -57% $ 1,581,254.16 MOH Moho Resources 0.005 -29% 25% -55% -62% $ 2,695,890.99 M2R Miramar 0.007 -30% -26% -70% -81% $ 1,381,728.46 PNM Pacific Nickel Mines 0.021 -30% -25% -73% -69% $ 8,783,315.21 DTR Dateline Resources 0.006 -33% -40% -40% -77% $ 8,745,281.71 AYM Australia United Min 0.002 -33% -33% -33% 0% $ 3,685,154.97
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