Gold Digger: ‘Assured growth’ – central bank buying spree set to drive gold higher in 2024

Central banks will drive the price of gold higher in 2024, believe various analysts
Spot gold prices seem stable to strong as we close out the year
The week’s top ASX gold-related stocks led by: KCC, EMU, MTC
The year’s top ASX goldies led by: SPR, OBM, BEZ

Before we delve into another gold article hook for one last week this year, let’s get a bead on the latest gold pricings.

First up, US of Larry Finkin’ A. Spot gold in USD is currently doing just fine at $2,053 per ounce.

In Aussie plastic bucks, it’s also not too far from all-time highs again, changing hands for $3,028.

Sporting roughly 11.6% YTD performance, it’s been a pretty decent year for the prettiest commodity of all.

That said some of you might think this > , and its 163% YTD gain is even prettier. (Is Bitcoin a commodity, though? SEC chair Gary Gensler can’t give a straight answer, but it very likely is. It can’t really be a security. There’s literally no one tangible, no governing body, to pin it to. We digress…)

Spot gold price (USD) YTD Source: abcbullion.com.au

So, who’s been the biggest buyer of actual, physical gold this year? Yep, you guessed it – it’s the world’s central banks. No surprise there.

And also no real surprise, it’s been led by the most centralised of all central banks – the People’s Bank of China (PBoC). And by a considerable margin.

China reaches ‘lucky 13th’ month of buying

Source: World Gold Council – last updated for 2023 September quarter

The PBoC recently disclosed it had bought yet more gold in November, its 13th consecutive month.

Luckily, 13 is not an unlucky number in China. In fact, it’s generally associated with “assured growth”.

Perhaps the bank ought to leave it there, then, because 14 translates to something more like “assured shrinkage”.

There’s every chance it and other major world central banks have remained in full Smaug mode (gathering and hoarding the yellow metal) in December and will likely do so into 2024.

Why’s that, then?

The World Gold Council has some reasons, as do various analysts such as Sprott Asset Management and deVere Group’s Nigel Green and others.

Let’s run through a few of the main factors…

Helping the case for gold in 2024

• De-dollarisation – you’ll notice in that chart above that (along with Japan, Switzerland, Thailand, Hong Kong and South Korea) BRICS nations’ central banks are prominent in the top 10 buyers of gold this year.

The move to reduce exposure risk to the US dollar has been a big part of gold’s good year, sending it to all-time highs recently.

A Sprott Asset Management report this month suggested that fears about assets being vulnerable, following the US seizure of Russia’s foreign exchange reserves of US$650 billion in February last year, have spurred central banks to “diversify away from USD and USD-based assets” and to buy more gold.

“In Q3 2023, central banks resumed their torrid gold purchasing pace, buying 337 tonnes of gold to bring the average of the last five quarters to 328 tonnes per quarter.”

As we nearly close off 2023,

China is now accumulating gold and reducing exposure to US treasuries as they secure partnerships worldwide for minerals.

How can anyone ignore this?

This is a very powerful strategy.

— Gold Telegraph (@GoldTelegraph_) December 20, 2023

• The US Federal Reserve and remaining recession risk – The Fed’s actions play into the thesis above for many a global counterpart central bank.

Jerome Powell and mates raised interest rates 11 times since March 2022, which pushed the US federal funds rate to the highest levels in 22 years. The Fed has now signalled at least three rate cuts next year.

Take this next commentary with a grain of salt, as it comes from a state-owned Chinese propaganda pamphlet, but China Daily notes: “The decline in the credit of dollar assets, as well as the risk of asset impairment caused by the US’ rate cuts, has also caused other central banks to sell dollars and buy gold.” Proposed 2024 rate cuts, that is.

Meanwhile, Robin Tsui, gold strategist for SPDRS ETFs in Asia Pacific at State Street Global Advisors (takes breath) said the following, in conversation with AsianInvestor:

“A shift to a more dovish Fed supports gold’s prospects, while the US dollar’s outlook in 2024 is lukewarm as a scenario of interest rate cuts may spur demand for non-dollar currencies as interest rate spreads narrow globally.”

2023 wrap-up: From Powell’s rate-hike reversal to looming rate cuts, we’re in a hard-landing recession. Fed’s fiscal dominance forces rate cuts to manage debt, signaling more printing ahead. Expect deflation before inflation, with gold as a stable asset amidst market and currency… pic.twitter.com/qxlSDUIsUB

— Lavrion Mining (@LavrionMining) December 19, 2023

By the way, Bloomberg’s commodities expert Mike McGlone reckons gold has the upper-hand advantage over its digital rival Bitcoin, in the event of US recession.

#Gold May Have an Upper Hand vs. #Bitcoin in 2024 If US Recession – The Bitcoin-to-gold cross rate appears to be gaining underpinnings from a rising stock market, with implications for a typical risk-asset drawdown in a recession. pic.twitter.com/BxNN51aZtb

— Mike McGlone (@mikemcglone11) December 17, 2023

• Geopolitcal turmoil – Yep, feeding the classic gold bug safe-haven schtick.

Geopolitics as a general narrative added about 3 to 6% to gold’s performance in 2023, the World Gold Council recently noted.

“Since the Russia-Ukraine war, central banks have been buying at 2.58 times the prior quarterly average of the preceding decade,” said Sprott, which believes global conflicts and de-dollarisation diversification factors have “put a floor under gold prices”.

Obviously ongoing conflict in Gaza and Israel is another contributing factor at play in gold’s age-old flight to safety, store-of-value narrative.

As deVere’s Nigel Green noted in his breakdown of risk factors for global markets in 2024: “Diversification and risk management strategies will be crucial for investors to navigate potential geopolitical shocks emanating from the Middle East.”

• A big election year globally – An addendum to the geopolitical turmoil above, “2024 is marked by decisive elections in over 40 countries, representing more than 50% of the world’s GDP,” noted Green.

“Investors are likely to face increased volatility in the lead-up to and aftermath of elections. Shifts in political landscapes typically result in policy changes that impact various sectors, prompting investors to reassess their portfolios.”

Regarding this, The World Gold Council reckons: “In a year with major elections taking place globally, including the US, EU, India and Taiwan, investors’ need for portfolio hedges will likely be higher than normal.”

WGC strategist Joseph Catavoni also suggested to The Australian recently that:

“There are a lot of elections to be held in 2024 and this creates a very uncertain outlook that could provide uplift to gold markets and other risk assets. Markets are likely to react very differently to a Republican or Democrat outcome in the US.”

Re central bank buying, though – a caveat

Per the South China Morning Post, The World Gold Council’s Shaokai Fan noted and caveated:

“On the whole, we expect central banks to continue buying gold in 2024 but the levels may not reach the record amounts of buying that we have witnessed recently.”

And that’s because, while the central bank buying helps to push the price of gold higher, banks are ultimately likely to slow down when prices rise, then wait for a price dip.

And, gotta love a bullish price prediction…

… although, we have seen at least one forecast that’s quite a bit higher not so long ago.

But this one comes from that SCMP article mentioned above:

“Central bank purchases may stumble as gold prices are expected to rise as and when the Federal Reserve starts cutting rates next year. Prices could rise to US$2,400-US$2,500 per ounce by the middle of next year,” said Gnanasekhar Thiagarajan, director of Commtrendz Risk Management in India.

Not bad. We’ll take it.

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 Price % Week % Month % YTD Market Cap MRR Minrex Resources Ltd 0.017 0% -19% -47% $18,442,748 NPM Newpeak Metals 0.018 0% -82% -82% $1,799,131 ASO Aston Minerals Ltd 0.025 -7% -24% -69% $32,376,607 MTC Metalstech Ltd 0.195 44% 30% -63% $36,846,145 FFX Firefinch Ltd 0.2 0% 0% 0% $236,569,315 GED Golden Deeps 0.047 4% -10% -48% $5,429,550 G88 Golden Mile Res Ltd 0.017 -11% -29% -16% $5,599,622 DCX Discovex Res Ltd 0.002 0% 0% -33% $6,605,136 NMR Native Mineral Res 0.023 -15% -30% -79% $4,824,262 AQX Alice Queen Ltd 0.005 0% -38% -85% $3,454,921 SLZ Sultan Resources Ltd 0.022 38% 38% -74% $3,260,181 MKG Mako Gold 0.01 11% 0% -75% $6,624,094 KSN Kingston Resources 0.083 -6% 2% 2% $41,330,832 AMI Aurelia Metals Ltd 0.11 10% -4% -8% $185,874,414 PNX PNX Metals Limited 0.004 0% 0% -5% $21,522,499 GIB Gibb River Diamonds 0.03 0% -9% -50% $6,345,283 KCN Kingsgate Consolid. 1.36 1% 14% -21% $350,542,301 TMX Terrain Minerals 0.005 25% 11% -17% $6,767,139 BNR Bulletin Res Ltd 0.12 0% -27% 29% $35,233,599 NXM Nexus Minerals Ltd 0.043 -12% 8% -78% $16,729,586 SKY SKY Metals Ltd 0.038 9% -17% -21% $17,533,127 LM8 Lunnonmetalslimited 0.635 -9% -9% -29% $137,830,713 CST Castile Resources 0.081 1% 40% -15% $19,594,097 YRL Yandal Resources 0.082 -8% -7% -16% $19,247,545 FAU First Au Ltd 0.004 33% 100% 0% $6,647,973 ARL Ardea Resources Ltd 0.505 4% 6% -29% $98,349,717 GWR GWR Group Ltd 0.09 2% 15% 53% $28,909,499 IVR Investigator Res Ltd 0.036 -8% -12% -14% $55,430,428 GTR Gti Energy Ltd 0.007 -13% -13% -35% $14,349,630 IPT Impact Minerals 0.011 10% 0% 57% $31,511,743 BNZ Benzmining 0.235 -2% -34% -43% $26,252,196 MOH Moho Resources 0.011 22% 38% -48% $5,895,353 BCM Brazilian Critical 0.024 4% -11% -77% $17,758,964 PUA Peak Minerals Ltd 0.0035 0% 75% -42% $3,644,818 MRZ Mont Royal Resources 0.15 -3% -14% -14% $12,754,469 SMS Starmineralslimited 0.035 0% -3% -51% $2,657,298 MVL Marvel Gold Limited 0.013 18% 30% -50% $11,229,279 PRX Prodigy Gold NL 0.007 -13% -13% -42% $12,257,755 AAU Antilles Gold Ltd 0.022 10% -21% -27% $18,818,459 CWX Carawine Resources 0.115 -4% 10% 17% $27,154,427 RND Rand Mining Ltd 1.315 -4% 0% -3% $74,791,889 CAZ Cazaly Resources 0.029 0% -28% -15% $13,184,453 BMR Ballymore Resources 0.135 0% 35% -10% $23,804,629 DRE Dreadnought Resources Ltd 0.031 0% -3% -70% $107,165,304 ZNC Zenith Minerals Ltd 0.155 -6% -6% -42% $54,619,037 REZ Resourc & En Grp Ltd 0.013 -7% -13% -19% $6,497,475 LEX Lefroy Exploration 0.175 6% -3% -33% $34,352,807 ERM Emmerson Resources 0.055 -4% -5% -27% $29,959,038 AM7 Arcadia Minerals 0.076 -3% -16% -63% $8,287,808 ADT Adriatic Metals 3.4 5% 4% 8% $819,378,682 AS1 Asara Resources Ltd 0.011 -8% -8% -65% $8,060,040 CYL Catalyst Metals 0.79 -18% -1% -33% $173,924,460 CHN Chalice Mining Ltd 1.71 7% 8% -73% $665,127,250 KAL Kalgoorliegoldmining 0.025 -4% -4% -70% $3,962,518 MLS Metals Australia 0.036 6% -3% -19% $22,465,303 ADN Andromeda Metals Ltd 0.021 -5% -13% -52% $65,310,177 SRN Surefire Rescs NL 0.009 -10% 0% -25% $17,668,420 SIH Sihayo Gold Limited 0.0015 0% -25% -25% $18,306,384 WA8 Warriedarresourltd 0.054 -4% -5% -68% $27,562,783 HMX Hammer Metals Ltd 0.053 2% 6% -22% $46,979,589 WCN White Cliff Min Ltd 0.009 -10% -18% -36% $11,489,034 WRM White Rock Min Ltd 0.063 0% 0% -5% $17,508,200 ASR Asra Minerals Ltd 0.0075 -6% -25% -63% $12,217,468 MCT Metalicity Limited 0.002 33% 0% -33% $8,970,108 AME Alto Metals Limited 0.042 2% -7% -37% $30,223,204 CTO Citigold Corp Ltd 0.005 0% 0% -17% $14,368,295 TIE Tietto Minerals 0.625 1% 6% -11% $706,181,532 SMI Santana Minerals Ltd 1.01 7% 36% 54% $179,609,823 M2R Miramar 0.02 -26% -17% -74% $2,977,391 MHC Manhattan Corp Ltd 0.0035 -13% -13% -36% $10,279,429 GRL Godolphin Resources 0.042 11% 17% -49% $7,108,165 SVG Savannah Goldfields 0.045 2% -10% -76% $9,034,810 EMC Everest Metals Corp 0.082 1% -11% 4% $13,389,215 GUL Gullewa Limited 0.055 0% 0% -8% $11,262,521 CY5 Cygnus Metals Ltd 0.115 -8% -28% -70% $33,529,301 G50 Gold50Limited 0.14 12% 12% -44% $15,300,600 ADV Ardiden Ltd 0.17 6% -34% -44% $10,627,976 AAR Astral Resources NL 0.072 -5% -10% 0% $57,103,023 VMC Venus Metals Cor Ltd 0.105 -9% 17% 34% $19,921,512 NAE New Age Exploration 0.005 -17% -38% -29% $8,969,495 VKA Viking Mines Ltd 0.015 25% 36% 50% $15,378,876 LCL LCL Resources Ltd 0.016 -6% -33% -72% $15,218,345 MTH Mithril Resources 0.002 0% 0% -43% $6,737,609 ADG Adelong Gold Limited 0.005 0% -17% -29% $3,398,278 RMX Red Mount Min Ltd 0.003 0% -25% -40% $8,020,728 PRS Prospech Limited 0.033 10% 6% 23% $7,401,166 TTM Titan Minerals 0.026 -7% -12% -61% $43,192,226 NML Navarre Minerals Ltd 0.019 0% 0% -54% $28,555,654 MZZ Matador Mining Ltd 0.045 -13% 0% -61% $22,544,470 KZR Kalamazoo Resources 0.105 7% -13% -50% $17,993,795 BCN Beacon Minerals 0.026 -4% 0% -7% $97,675,972 MAU Magnetic Resources 1.02 2% 1% 19% $249,560,605 BC8 Black Cat Syndicate 0.255 -2% -6% -28% $77,460,162 EM2 Eagle Mountain 0.075 12% 29% -56% $22,872,515 EMR Emerald Res NL 2.94 5% 15% 148% $1,833,466,044 BYH Bryah Resources Ltd 0.013 8% -24% -49% $5,636,894 HCH Hot Chili Ltd 1 3% -12% 14% $119,445,206 WAF West African Res Ltd 0.97 5% 18% -17% $995,329,685 MEU Marmota Limited 0.044 -4% 7% -8% $46,587,225 NVA Nova Minerals Ltd 0.375 4% 47% -45% $79,083,735 SVL Silver Mines Limited 0.16 -3% -3% -20% $224,693,143 PGD Peregrine Gold 0.245 7% -13% -36% $14,579,180 ICL Iceni Gold 0.053 2% -9% -34% $12,712,429 FG1 Flynngold 0.051 2% -40% -49% $7,431,937 WWI West Wits Mining Ltd 0.012 0% -4% -25% $29,164,700 RML Resolution Minerals 0.003 0% -25% -63% $3,779,990 AAJ Aruma Resources Ltd 0.027 -10% -23% -49% $5,316,071 AL8 Alderan Resource Ltd 0.005 0% -29% -29% $5,534,307 GMN Gold Mountain Ltd 0.005 25% -17% -29% $11,345,393 MEG Megado Minerals Ltd 0.023 -8% -26% -49% $5,852,478 HMG Hamelingoldlimited 0.066 -12% -22% -54% $10,395,000 TBA Tombola Gold Ltd 0.026 0% 0% 0% $33,129,243 BM8 Battery Age Minerals 0.185 3% -21% -63% $16,490,324 TBR Tribune Res Ltd 2.68 -1% -9% -33% $140,614,446 FML Focus Minerals Ltd 0.18 6% 9% -29% $51,580,556 GSR Greenstone Resources 0.007 -7% -13% -78% $9,576,794 VRC Volt Resources Ltd 0.007 0% 17% -53% $28,910,747 ARV Artemis Resources 0.021 11% -34% -16% $35,515,119 HRN Horizon Gold Ltd 0.3 0% 3% -2% $43,451,977 CLA Celsius Resource Ltd 0.013 -7% 8% -19% $29,198,672 QML Qmines Limited 0.084 -6% 14% -49% $17,717,788 TCG Turaco Gold Limited 0.125 4% 47% 116% $73,400,000 KCC Kincora Copper 0.044 52% 69% -40% $8,792,742 GBZ GBM Rsources Ltd 0.01 -9% -23% -77% $6,203,218 DTM Dart Mining NL 0.016 7% -11% -71% $3,641,274 MKR Manuka Resources. 0.086 -10% 110% 1% $48,600,325 AUC Ausgold Limited 0.029 -6% 4% -38% $66,588,095 ANX Anax Metals Ltd 0.031 0% 15% -42% $14,908,447 EMU EMU NL 0.0015 50% 50% -69% $3,037,157 SFM Santa Fe Minerals 0.043 0% 0% -46% $3,131,208 SSR SSR Mining Inc. 16.23 0% -4% -30% $381,826,785 PNR Pantoro Limited 0.051 -2% 0% -47% $265,405,556 CMM Capricorn Metals 4.68 3% 3% 2% $1,765,751,050 X64 Ten Sixty Four Ltd 0.57 0% 0% -11% $130,184,182 SI6 SI6 Metals Limited 0.0055 10% -8% -8% $10,966,227 HAW Hawthorn Resources 0.099 2% 6% -14% $33,166,546 BGD Bartongoldholdings 0.255 2% 6% 28% $49,861,997 SVY Stavely Minerals Ltd 0.047 0% -28% -81% $17,951,184 AGC AGC Ltd 0.068 8% 5% 13% $6,800,000 RGL Riversgold 0.011 -8% 0% -63% $10,644,276 TSO Tesoro Gold Ltd 0.027 -7% 59% -25% $31,076,739 GUE Global Uranium 0.094 3% -22% -37% $19,947,643 CPM Coopermetalslimited 0.335 0% 40% 43% $21,559,143 MM8 Medallion Metals. 0.06 -3% -3% -60% $18,459,099 FFM Firefly Metals Ltd 0.625 20% 10% -18% $225,475,566 CBY Canterbury Resources 0.03 7% 0% -27% $4,335,706 LYN Lycaonresources 0.16 10% -6% -42% $7,049,000 SFR Sandfire Resources 6.97 5% 11% 28% $3,185,237,056 TMZ Thomson Res Ltd 0.005 0% 0% -74% $4,881,018 TAM Tanami Gold NL 0.036 -5% 3% -8% $42,303,494 WMC Wiluna Mining Corp 0.205 0% 0% 0% $74,238,031 NWM Norwest Minerals 0.03 11% -9% -44% $8,627,085 ALK Alkane Resources Ltd 0.67 1% 5% 25% $404,303,002 BMO Bastion Minerals 0.018 38% -5% -47% $3,764,795 IDA Indiana Resources 0.064 2% 8% 16% $39,375,172 GSM Golden State Mining 0.0155 -3% -18% -64% $3,702,334 NSM Northstaw 0.05 -18% -33% -65% $6,006,350 GSN Great Southern 0.02 -5% -13% -31% $15,092,704 RED Red 5 Limited 0.315 -11% -3% 54% $1,090,589,614 DEG De Grey Mining 1.295 0% 4% 1% $2,397,319,686 THR Thor Energy PLC 0.031 11% 3% -48% $5,767,126 CDR Codrus Minerals Ltd 0.06 5% -9% -54% $5,261,250 MDI Middle Island Res 0.015 0% -6% -58% $3,264,810 BAT Battery Minerals Ltd 0.12 -11% 186% 0% $17,923,740 POL Polymetals Resources 0.31 11% -3% 27% $47,172,149 RDS Redstone Resources 0.005 0% -29% -38% $4,606,892 NAG Nagambie Resources 0.028 4% -10% -58% $22,233,056 BGL Bellevue Gold Ltd 1.705 1% 13% 51% $1,959,054,490 GBR Greatbould Resources 0.068 1% 17% -25% $40,710,730 KAI Kairos Minerals Ltd 0.016 7% -6% -23% $41,934,595 KAU Kaiser Reef 0.17 0% 13% 3% $25,139,129 HRZ Horizon 0.042 -7% 24% -31% $29,441,314 CAI Calidus Resources 0.205 17% 14% -24% $125,098,586 CDT Castle Minerals 0.008 -11% -24% -62% $9,795,944 RSG Resolute Mining 0.445 1% 20% 123% $947,427,256 MXR Maximus Resources 0.035 6% -26% -13% $11,221,202 EVN Evolution Mining Ltd 3.94 6% 3% 32% $7,783,495,728 DLI Delta Lithium 0.455 -3% -9% -2% $313,087,842 ALY Alchemy Resource Ltd 0.01 0% 0% -57% $11,780,763 HXG Hexagon Energy 0.011 0% 22% -35% $5,642,075 OBM Ora Banda Mining Ltd 0.22 0% 10% 162% $375,450,871 SLR Silver Lake Resource 1.185 2% 14% 0% $1,107,672,035 AVW Avira Resources Ltd 0.0015 0% -25% -50% $3,200,685 LCY Legacy Iron Ore 0.0165 -3% -8% -13% $105,712,632 PDI Predictive Disc Ltd 0.205 -9% -11% 14% $425,630,038 MAT Matsa Resources 0.029 12% 16% -22% $13,881,547 ZAG Zuleika Gold Ltd 0.019 12% 12% -10% $13,985,625 GML Gateway Mining 0.025 -17% 32% -58% $8,510,397 SBM St Barbara Limited 0.205 5% 8% -39% $167,683,928 SBR Sabre Resources 0.028 12% -36% -26% $10,138,485 STK Strickland Metals 0.088 -45% -47% 120% $143,550,886 ION Iondrive Limited 0.014 27% 17% -44% $6,807,994 CEL Challenger Gold Ltd 0.066 -1% -6% -62% $83,131,307 LRL Labyrinth Resources 0.007 0% 17% -57% $8,312,806 NST Northern Star 13.62 3% 15% 25% $15,652,391,600 OZM Ozaurum Resources 0.115 10% -36% 74% $18,256,250 TG1 Techgen Metals Ltd 0.076 -10% -16% -7% $7,304,975 XAM Xanadu Mines Ltd 0.055 6% -10% 90% $93,545,137 AQI Alicanto Min Ltd 0.035 0% -27% -19% $21,536,788 KTA Krakatoa Resources 0.039 -3% -9% -11% $18,412,182 ARN Aldoro Resources 0.083 0% -2% -48% $11,173,771 WGX Westgold Resources. 2.12 -3% 1% 142% $1,004,080,188 MBK Metal Bank Ltd 0.027 -18% -10% -20% $10,542,401 A8G Australasian Metals 0.16 7% -6% -16% $8,339,279 TAR Taruga Minerals 0.011 0% 10% -54% $7,766,295 DTR Dateline Resources 0.009 0% -25% -76% $11,816,510 GOR Gold Road Res Ltd 2 3% 8% 18% $2,162,402,480 S2R S2 Resources 0.17 -8% 3% 0% $76,815,859 NES Nelson Resources. 0.004 0% -20% -43% $2,454,377 TLM Talisman Mining 0.23 5% 31% 64% $43,313,680 BEZ Besragoldinc 0.135 8% -21% 160% $56,443,622 PRU Perseus Mining Ltd 1.89 1% 6% -10% $2,596,035,877 SPQ Superior Resources 0.012 -25% -50% -79% $22,014,645 PUR Pursuit Minerals 0.008 0% -16% -50% $23,551,771 RMS Ramelius Resources 1.705 4% 10% 83% $1,938,208,159 PKO Peako Limited 0.005 0% 25% -66% $2,635,424 ICG Inca Minerals Ltd 0.01 5% -23% -57% $5,844,355 A1G African Gold Ltd. 0.027 -13% -18% -67% $4,571,403 OAU Ora Gold Limited 0.006 0% -14% 20% $34,136,928 GNM Great Northern 0.02 0% 0% -67% $3,092,582 KRM Kingsrose Mining Ltd 0.042 2% -8% -35% $31,606,114 BTR Brightstar Resources 0.015 0% 15% -12% $35,555,683 RRL Regis Resources 2.19 7% 22% 6% $1,654,191,990 M24 Mamba Exploration 0.041 -7% 17% -72% $2,500,317 TRM Truscott Mining Corp 0.055 -8% 0% 34% $9,535,188 TNC True North Copper 0.099 -10% -27% 87% $32,579,767 MOM Moab Minerals Ltd 0.007 0% 0% -22% $4,983,744 KNB Koonenberrygold 0.046 12% 28% -26% $5,508,458 AWJ Auric Mining 0.08 19% 33% 25% $10,468,767 ENR Encounter Resources 0.325 20% -8% 81% $130,731,504 SNG Siren Gold 0.058 18% 0% -68% $9,219,205 STN Saturn Metals 0.155 -3% 11% -14% $34,612,772 USL Unico Silver Limited 0.105 -5% -5% -38% $31,085,417 PNM Pacific Nickel Mines 0.09 2% -10% 8% $37,642,779 AYM Australia United Min 0.002 0% -33% -33% $3,685,155 ANL Amani Gold Ltd 0.001 0% 0% 0% $25,143,441 HAV Havilah Resources 0.195 -25% -26% -41% $61,744,646 SPR Spartan Resources 0.465 -2% 13% 178% $443,639,363 PNT Panthermetalsltd 0.06 0% -13% -68% $5,101,500 MEK Meeka Metals Limited 0.04 0% 8% -41% $49,388,357 GMD Genesis Minerals 1.77 1% 7% 42% $1,946,756,735 PGO Pacgold 0.195 4% -3% -46% $16,408,361 FEG Far East Gold 0.14 -7% -15% -71% $25,284,869 MI6 Minerals260Limited 0.33 12% 3% -3% $77,220,000 IGO IGO Limited 9.01 8% -2% -33% $6,822,982,995 GAL Galileo Mining Ltd 0.24 2% -14% -73% $47,429,982 RXL Rox Resources 0.185 0% -10% 6% $68,330,538 KIN KIN Min NL 0.067 2% 16% 3% $78,936,087 CLZ Classic Min Ltd 0.001 0% 0% -89% $12,357,082 TGM Theta Gold Mines Ltd 0.12 4% -4% 76% $84,849,001 FAL Falconmetalsltd 0.135 -4% -2% -52% $23,895,000 SXG Southern Cross Gold 1.345 16% 56% 68% $121,124,813 SPD Southernpalladium 0.36 13% -5% -56% $15,508,198 ORN Orion Minerals Ltd 0.014 -7% 0% -13% $81,830,486 TMB Tambourahmetals 0.115 -8% -18% 10% $9,538,141 TMS Tennant Minerals Ltd 0.036 -3% 6% 16% $27,513,477 AZY Antipa Minerals Ltd 0.017 21% 0% -19% $70,291,735 PXX Polarx Limited 0.008 14% 0% -60% $13,116,934 TRE Toubaniresourcesinc 0.15 0% 3% -6% $20,079,850 AUN Aurumin 0.022 0% 5% -64% $7,005,748 GPR Geopacific Resources 0.02 -5% 33% -38% $16,434,347 FXG Felix Gold Limited 0.048 14% -19% -60% $5,697,907 ILT Iltani Resources Lim 0.14 0% -22% 0% $4,761,471 ARD Argent Minerals 0.01 -9% 11% -29% $12,917,590

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