Gold Digger: Gold steady despite muggy CPI data; emerging markets provide ‘ballast’

Gold’s price was looking a bit lethargic after warm CPI weather blew in
The World Gold Council eyes emerging markets and ‘seasonal strength’ in January
The week’s top ASX gold-related stocks led by: GUE, CXU, SIH

Gold bugs will be hoping emerging markets (EMs) can pick up even more of the slack this quarter, as the price of gold was looking pretty… meh, earlier. That said, it looks like it’s now picked up a bit as we head into the pub weekend.

Some warmer than expected – muggy even – CPI inflation figures emanating from the US seems largely responsible for sending the most precious one to a four-week low, earlier.

It’s currently consolidated back around US$2,037, though, so nothing too disastrous, although those looking for a major CPI meltdown may be a teensy bit disappointed right about now.

Aside from fresh news in Large Caps just now regarding airstrikes in Yemen, which is also highly relevant from a geopolitically fuelled save haven angle) Eddy “Market Highlights” Sunarto told us earlier in the day:

Consumer prices in the US picked up again in December to 3.4% (from 3.1% in November), driven by increase in costs for housing, dining out and car insurance.

The number was more than what analysts had expected and could complicate the Fed’s plans to cut rates this year.

Investors are banking on the US Fed making an interest rate cut in March, and with these latest inflation figures, the chances of that happening have just cooled a bit. That said, according to the CME Fedwatch tool, the odds on that still seem to be about 60% for now, down from about 70%.

In plastic fantastic Aussie dollars, by the way, gold is travelling okay at about $3,039, and the S&P/ASX All Ordinaries Gold is down about half a percent.

Thanks, EMs – keep it up

Emerging market (EM) demand for gold helped drive the price of the yellow metal higher in 2023, and provided a “ballast” for pretty ordinary developed market activity. So says The World Gold Council in its latest report. , delivered on January 10.

Close to two thirds of the world’s gold demand comes from EMs and by far the largest two players in that market segment are China (average gold consumption – eg. for jewellery – about 1,120 tonnes per year) and India (about 800 tonnes per year). The next biggest, the US, averages around 200 tonnes per year in gold consumption.

Speaking of emerging markets… the Saudis seem busy…

“The resources include gold, copper, phosphate and rare earth elements, offering new sources of subterranean wealth on top of Saudi Arabia’s mammoth oil reserves…”

Source: https://t.co/tNqDz6KXSB

— Gold Telegraph (@GoldTelegraph_) January 10, 2024

The World Gold Council also noted that central bank gold purchases were a significant contributor to record gold price highs in 2023. (US$2,078/oz ended up being the highest annual close on record.)

“We estimate this added up to 15% to gold’s annual performance,” wrote the Council.

Conversely… “Bond yields, despite hitting a 15-year high in October, were only a small drag as they made a round trip to end the year roughly where they started,” added the WGC.

Gold ETFs saw big outflows in 2023

Meanwhile, the WGC says global gold-backed exchange-traded funds (ETFs) witnessed their third successive yearly outflow in 2023, so that’s not great news, despite the record price rise for the yellow metal.

Funds reportedly saw outflows of $14.7 billion last year, with total assets under administration (AUMs) falling to $214.4 billion. Total ETF holdings fell by just over 244 tonnes in 2023, to 3,226 tonnes.

As reported by Forbes:

“The WGC said that outflows during most of 2023 ‘were driven by the region’s rocketing interest rates, the hawkish stance of local central banks, strong currencies and rising living costs which, among other factors, may have led to profit taking.’

“Strong gold price rises and safe-haven demand amid the banking sector turmoil” helped mitigate outflows in the first half, while weakening yields and a falling dollar on expectations of interest rate cuts supported holdings towards the end of 2023.

However… ‘seasonal strength’ in January?

The WGC also notes, again, that EMs came to the rescue, “mopping up DM outflows”.

And when assessing outlook for January, the Council seems optimistic, noting:

“January tends to exhibit seasonal strength. The jury is out on whether recent price records deter or encourage investment. So far so good.”

It added: “Geopolitical risks continue to bubble in the Middle East adding to near-term inflationary risks” and looks ahead with the following in mind:

“In the near term, a tug-of-war between historically positive January seasonality and some pushback against the dovish sentiment that drove prices to all-time-highs in December is likely.

“Equally, there may well be a battle between intermittent inflationary scares (shipping costs) and recessionary impulses (JOLTS hiring), highlighting how perilously narrow the path to an economic soft landing is.”

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 % Year Market Cap MRR Minrex Resources Ltd 0.014 -13% -18% -66% $16,273,013 NPM Newpeak Metals 0.02 0% 11% -80% $1,999,035 ASO Aston Minerals Ltd 0.021 -13% -25% -73% $27,196,350 MTC Metalstech Ltd 0.24 2% 75% -49% $42,514,783 FFX Firefinch Ltd 0.2 0% 0% 0% $236,569,315 GED Golden Deeps 0.044 0% -6% -56% $5,082,983 G88 Golden Mile Res Ltd 0.018 -10% -14% -11% $5,929,011 DCX Discovex Res Ltd 0.002 0% 0% -33% $6,605,136 NMR Native Mineral Res 0.02 5% -20% -80% $4,195,010 AQX Alice Queen Ltd 0.006 9% 0% -86% $4,145,905 SLZ Sultan Resources Ltd 0.017 -15% 21% -80% $2,667,421 MKG Mako Gold 0.009 -10% -5% -79% $5,961,685 KSN Kingston Resources 0.078 0% -11% -16% $39,338,985 AMI Aurelia Metals Ltd 0.1075 -2% -2% -22% $194,323,251 PNX PNX Metals Limited 0.0035 17% 0% -7% $16,141,874 GIB Gibb River Diamonds 0.03 0% 7% -53% $6,345,283 KCN Kingsgate Consolid. 1.27 1% -6% -29% $324,767,132 TMX Terrain Minerals 0.006 20% 20% 0% $8,120,567 BNR Bulletin Res Ltd 0.13 -4% 13% 18% $39,637,799 NXM Nexus Minerals Ltd 0.044 -2% -6% -80% $17,118,646 SKY SKY Metals Ltd 0.036 -8% 3% -23% $16,610,331 LM8 Lunnonmetalslimited 0.505 -16% -27% -45% $121,596,798 CST Castile Resources 0.074 -8% -3% -28% $19,110,292 YRL Yandal Resources 0.13 48% 46% 30% $36,382,554 FAU First Au Ltd 0.004 14% 33% 0% $6,647,973 ARL Ardea Resources Ltd 0.46 -4% -13% -42% $89,642,696 GWR GWR Group Ltd 0.093 -1% 7% 55% $28,909,499 IVR Investigator Res Ltd 0.034 -3% -26% -23% $53,890,694 GTR Gti Energy Ltd 0.0105 5% 31% -3% $18,449,524 IPT Impact Minerals 0.013 18% 30% 86% $34,376,447 BNZ Benzmining 0.21 -9% -16% -48% $24,522,514 MOH Moho Resources 0.01 0% 11% -52% $5,359,412 BCM Brazilian Critical 0.023 -4% 10% -78% $17,019,007 PUA Peak Minerals Ltd 0.003 0% 0% -50% $3,124,130 MRZ Mont Royal Resources 0.13 -10% -16% -28% $11,053,873 SMS Starmineralslimited 0.039 3% 11% -46% $3,036,912 MVL Marvel Gold Limited 0.011 -8% 22% -58% $9,501,698 PRX Prodigy Gold NL 0.006 -14% -25% -50% $10,506,647 AAU Antilles Gold Ltd 0.022 0% 5% -39% $18,884,459 CWX Carawine Resources 0.105 -5% -13% -11% $24,793,172 RND Rand Mining Ltd 1.37 0% 1% -4% $77,920,067 CAZ Cazaly Resources 0.026 -13% -7% -21% $12,275,181 BMR Ballymore Resources 0.135 8% 4% -13% $23,804,629 DRE Dreadnought Resources Ltd 0.0265 -5% -17% -72% $93,934,970 ZNC Zenith Minerals Ltd 0.155 11% 15% -40% $52,857,132 REZ Resourc & En Grp Ltd 0.012 0% -14% -33% $5,997,669 LEX Lefroy Exploration 0.17 -6% 6% -29% $34,954,027 ERM Emmerson Resources 0.053 -4% -5% -36% $28,869,619 AM7 Arcadia Minerals 0.07 1% -5% -70% $7,633,507 ADT Adriatic Metals 3.55 -2% 14% 12% $854,640,093 AS1 Asara Resources Ltd 0.012 0% 0% -61% $9,512,771 CYL Catalyst Metals 0.705 -3% -31% -42% $154,110,281 CHN Chalice Mining Ltd 1.2875 -13% -21% -81% $509,541,928 KAL Kalgoorliegoldmining 0.025 -14% 0% -67% $4,596,521 MLS Metals Australia 0.035 0% 0% -33% $21,217,230 ADN Andromeda Metals Ltd 0.024 4% 14% -52% $71,530,194 MEI Meteoric Resources 0.245 -14% 17% 371% $507,480,560 SRN Surefire Rescs NL 0.009 13% -10% -40% $17,668,420 SIH Sihayo Gold Limited 0.002 33% 0% 0% $18,306,384 WA8 Warriedarresourltd 0.05 -2% -17% -69% $25,010,673 HMX Hammer Metals Ltd 0.046 -4% -13% -36% $40,774,738 WCN White Cliff Min Ltd 0.01 11% -9% -23% $12,765,593 AVM Advance Metals Ltd 0.036 0% -40% -80% $1,443,058 WRM White Rock Min Ltd 0.063 0% 0% -7% $17,508,200 ASR Asra Minerals Ltd 0.007 0% 0% -67% $11,455,470 MCT Metalicity Limited 0.002 0% 0% -43% $11,212,634 AME Alto Metals Limited 0.042 -2% 0% -38% $31,025,496 CTO Citigold Corp Ltd 0.005 0% 0% -17% $14,368,295 TIE Tietto Minerals 0.6125 2% 2% -28% $694,882,627 SMI Santana Minerals Ltd 1.22 21% 38% 77% $209,841,179 M2R Miramar 0.025 19% -11% -67% $3,721,739 GRL Godolphin Resources 0.042 -7% 11% -53% $6,769,681 SVG Savannah Goldfields 0.044 0% -5% -72% $9,897,483 EMC Everest Metals Corp 0.081 -2% -14% -5% $13,389,215 GUL Gullewa Limited 0.055 0% 0% -8% $11,262,521 CY5 Cygnus Metals Ltd 0.1175 -6% -10% -74% $34,987,097 G50 Gold50Limited 0.12 -11% -4% -48% $13,114,800 ADV Ardiden Ltd 0.17 -3% 0% -51% $10,627,976 AAR Astral Resources NL 0.07 -7% -10% -3% $55,516,828 VMC Venus Metals Cor Ltd 0.1025 3% 3% 36% $18,972,868 NAE New Age Exploration 0.005 -9% -29% -38% $8,969,495 VKA Viking Mines Ltd 0.015 7% 36% 88% $15,378,876 LCL LCL Resources Ltd 0.016 -6% 0% -62% $15,693,918 MTH Mithril Resources 0.002 0% 0% -43% $6,737,609 ADG Adelong Gold Limited 0.005 -9% 0% -23% $3,498,278 RMX Red Mount Min Ltd 0.003 0% 0% -40% $8,020,728 PRS Prospech Limited 0.037 23% -5% 74% $8,914,908 TTM Titan Minerals 0.025 -4% -4% -64% $42,281,734 NML Navarre Minerals Ltd 0.019 0% 0% -57% $28,555,654 MZZ Matador Mining Ltd 0.036 -18% -25% -72% $18,361,962 KZR Kalamazoo Resources 0.135 23% 23% -43% $23,357,406 BCN Beacon Minerals 0.025 0% -7% -14% $93,919,204 MAU Magnetic Resources 0.87 -13% -16% 6% $212,860,516 BC8 Black Cat Syndicate 0.235 0% -6% -41% $72,903,682 EM2 Eagle Mountain 0.074 -3% 0% -59% $23,177,482 EMR Emerald Res NL 3.19 9% 25% 157% $1,978,670,875 BYH Bryah Resources Ltd 0.014 8% 8% -45% $5,636,894 HCH Hot Chili Ltd 0.965 -4% -3% 8% $117,056,302 WAF West African Res Ltd 0.96 5% 10% -21% $990,416,244 MEU Marmota Limited 0.04 -2% -9% -13% $43,410,824 NVA Nova Minerals Ltd 0.34 -7% 6% -51% $67,484,788 SVL Silver Mines Limited 0.1575 -2% -5% -23% $224,693,143 PGD Peregrine Gold 0.305 9% 24% -31% $19,428,979 ICL Iceni Gold 0.069 23% 20% -37% $15,883,214 FG1 Flynngold 0.057 14% -10% -42% $8,597,731 WWI West Wits Mining Ltd 0.012 0% 9% -33% $29,164,700 RML Resolution Minerals 0.003 -14% 0% -63% $3,779,990 AAJ Aruma Resources Ltd 0.026 -4% -13% -60% $5,119,179 AL8 Alderan Resource Ltd 0.005 -17% 0% -50% $5,534,307 GMN Gold Mountain Ltd 0.0045 -10% -10% -18% $11,345,393 MEG Megado Minerals Ltd 0.025 -17% 0% -48% $5,852,478 HMG Hamelingoldlimited 0.075 -6% -9% -48% $11,812,500 TBA Tombola Gold Ltd 0.026 0% 0% 0% $33,129,243 BM8 Battery Age Minerals 0.21 5% 11% -58% $18,273,062 TBR Tribune Res Ltd 2.96 1% 11% -25% $155,305,508 FML Focus Minerals Ltd 0.17 -3% -3% -19% $50,147,763 GSR Greenstone Resources 0.01 25% 43% -70% $12,313,021 VRC Volt Resources Ltd 0.007 8% 17% -53% $28,910,747 ARV Artemis Resources 0.0185 -3% -12% -23% $31,287,129 HRN Horizon Gold Ltd 0.275 -8% -8% -13% $39,830,979 CLA Celsius Resource Ltd 0.0115 -12% -4% -32% $26,952,620 QML Qmines Limited 0.08 3% -5% -58% $16,874,084 RDN Raiden Resources Ltd 0.034 -11% -8% 616% $95,636,344 TCG Turaco Gold Limited 0.13 0% 8% 110% $73,400,000 KCC Kincora Copper 0.04 -13% 38% -45% $7,950,602 GBZ GBM Rsources Ltd 0.008 -11% -27% -83% $5,851,463 DTM Dart Mining NL 0.016 0% 0% -74% $3,641,274 MKR Manuka Resources. 0.072 -5% -12% -26% $40,688,644 AUC Ausgold Limited 0.028 -3% -7% -46% $59,699,671 ANX Anax Metals Ltd 0.027 -7% 8% -53% $13,054,976 EMU EMU NL 0.001 0% -33% -82% $2,024,771 SFM Santa Fe Minerals 0.043 0% 0% -46% $3,131,208 SSR SSR Mining Inc. 15.29 -3% -10% -39% $97,756,491 PNR Pantoro Limited 0.047 -8% -2% -51% $249,793,465 CMM Capricorn Metals 4.51 4% 5% -10% $1,709,259,654 X64 Ten Sixty Four Ltd 0.57 0% 0% -12% $130,184,182 SI6 SI6 Metals Limited 0.005 0% -9% -17% $9,969,297 HAW Hawthorn Resources 0.087 -12% -3% -28% $33,501,561 BGD Bartongoldholdings 0.24 -11% -4% 2% $48,884,311 SVY Stavely Minerals Ltd 0.043 2% -14% -80% $16,805,364 AGC AGC Ltd 0.068 -1% 1% 19% $15,111,111 RGL Riversgold 0.012 -8% -14% -57% $11,611,937 TSO Tesoro Gold Ltd 0.026 -10% -13% -26% $32,227,730 GUE Global Uranium 0.125 37% 47% -31% $27,587,166 CPM Coopermetalslimited 0.32 -16% 2% 28% $22,202,699 MM8 Medallion Metals. 0.061 -6% -6% -62% $19,074,402 FFM Firefly Metals Ltd 0.55 -8% 4% -40% $195,854,890 CBY Canterbury Resources 0.025 0% -17% -38% $4,465,263 LYN Lycaonresources 0.2 25% 29% -32% $9,251,813 SFR Sandfire Resources 6.8 -6% 5% 10% $3,020,719,790 TMZ Thomson Res Ltd 0.005 0% 0% -71% $4,881,018 TAM Tanami Gold NL 0.035 0% -8% -15% $41,128,397 WMC Wiluna Mining Corp 0.205 0% 0% 0% $74,238,031 NWM Norwest Minerals 0.027 -16% -7% -40% $7,476,807 ALK Alkane Resources Ltd 0.63 -2% 1% -3% $377,148,323 BMO Bastion Minerals 0.018 13% 50% -44% $4,983,105 IDA Indiana Resources 0.082 -2% 37% 39% $49,834,202 GSM Golden State Mining 0.013 -10% -19% -73% $3,631,818 NSM Northstaw 0.049 0% -30% -68% $6,853,913 GSN Great Southern 0.02 0% 0% -33% $15,092,704 RED Red 5 Limited 0.285 -2% -22% 12% $1,039,140,165 DEG De Grey Mining 1.21 2% -4% -19% $2,267,800,268 THR Thor Energy PLC 0.035 21% 25% -42% $5,767,126 CDR Codrus Minerals Ltd 0.061 -2% -5% -63% $5,261,250 MDI Middle Island Res 0.017 6% 21% -63% $3,700,118 WTM Waratah Minerals Ltd 0.088 -20% 100% -35% $14,040,263 POL Polymetals Resources 0.295 -3% 9% 55% $46,497,253 RDS Redstone Resources 0.005 -17% -9% -44% $4,606,892 NAG Nagambie Resources 0.027 -7% -10% -58% $21,439,018 BGL Bellevue Gold Ltd 1.5775 7% -6% 18% $1,755,165,327 GBR Greatbould Resources 0.062 -3% -6% -31% $37,717,294 KAI Kairos Minerals Ltd 0.0135 -7% -16% -35% $34,071,858 KAU Kaiser Reef 0.15 3% -12% -21% $26,511,804 HRZ Horizon 0.037 -3% -10% -41% $25,235,412 CAI Calidus Resources 0.215 0% 19% -40% $122,354,269 CDT Castle Minerals 0.008 -11% -11% -68% $9,795,944 RSG Resolute Mining 0.4125 -3% -4% 65% $851,620,005 MXR Maximus Resources 0.044 29% 10% 2% $14,427,260 EVN Evolution Mining Ltd 3.82 1% 6% 16% $7,467,414,683 CXU Cauldron Energy Ltd 0.037 37% 95% 436% $38,516,528 DLI Delta Lithium 0.325 -28% -28% -27% $234,774,505 ALY Alchemy Resource Ltd 0.009 -10% 0% -63% $11,780,763 HXG Hexagon Energy 0.012 0% 20% -29% $5,129,159 OBM Ora Banda Mining Ltd 0.235 -2% 2% 164% $409,624,769 SLR Silver Lake Resource 1.175 5% 6% -19% $1,074,955,983 AVW Avira Resources Ltd 0.002 33% 0% -33% $4,267,580 LCY Legacy Iron Ore 0.017 -6% 6% -6% $108,916,045 PDI Predictive Disc Ltd 0.205 3% -7% 5% $415,248,818 MAT Matsa Resources 0.027 -7% 0% -31% $12,924,199 ZAG Zuleika Gold Ltd 0.017 -6% -11% -15% $12,513,454 GML Gateway Mining 0.021 -9% -28% -68% $6,127,486 SBM St Barbara Limited 0.195 -3% 3% -47% $159,504,224 SBR Sabre Resources 0.029 -3% 7% -36% $11,224,752 STK Strickland Metals 0.11 -8% -31% 175% $195,953,177 ION Iondrive Limited 0.012 0% 9% -59% $5,835,423 CEL Challenger Gold Ltd 0.068 -4% -1% -60% $85,759,449 LRL Labyrinth Resources 0.006 -14% -14% -70% $7,125,262 NST Northern Star 13.055 2% 6% 10% $14,755,999,129 OZM Ozaurum Resources 0.115 -18% 17% 58% $19,843,750 TG1 Techgen Metals Ltd 0.07 -16% -19% -20% $6,728,266 XAM Xanadu Mines Ltd 0.054 -5% -2% 80% $88,442,675 AQI Alicanto Min Ltd 0.032 -6% -11% -35% $20,306,115 KTA Krakatoa Resources 0.028 -26% -33% -36% $13,691,109 ARN Aldoro Resources 0.095 -21% 14% -61% $13,058,503 WGX Westgold Resources. 1.965 -3% -6% 72% $911,723,755 MBK Metal Bank Ltd 0.024 -14% -27% -41% $9,371,023 A8G Australasian Metals 0.14 -7% -13% -33% $7,818,074 TAR Taruga Minerals 0.011 -12% 0% -58% $7,766,295 DTR Dateline Resources 0.01 0% -9% -74% $13,129,455 GOR Gold Road Res Ltd 1.72 0% -8% -7% $1,865,072,139 S2R S2 Resources 0.155 -3% -24% -9% $70,037,989 NES Nelson Resources. 0.005 25% 25% -29% $3,067,972 TLM Talisman Mining 0.25 -17% 9% 52% $46,138,486 BEZ Besragoldinc 0.13 -4% -10% 145% $58,534,127 PRU Perseus Mining Ltd 1.755 0% -4% -25% $2,369,397,824 SPQ Superior Resources 0.015 25% 0% -76% $30,018,306 PUR Pursuit Minerals 0.007 -22% -7% -63% $20,607,800 RMS Ramelius Resources 1.54 -7% -2% 44% $1,757,808,492 PKO Peako Limited 0.005 0% 0% -67% $2,635,424 ICG Inca Minerals Ltd 0.01 -23% 0% -66% $5,878,263 A1G African Gold Ltd. 0.037 3% 9% -59% $6,264,515 OAU Ora Gold Limited 0.0075 25% 25% 33% $39,826,416 GNM Great Northern 0.02 -5% 0% -62% $3,092,582 KRM Kingsrose Mining Ltd 0.038 -5% -10% -48% $27,843,481 BTR Brightstar Resources 0.015 0% 0% -17% $35,555,683 RRL Regis Resources 2.16 3% 14% -4% $1,639,085,213 M24 Mamba Exploration 0.049 -11% 40% -73% $3,268,196 TRM Truscott Mining Corp 0.05 -9% -17% -4% $8,668,353 TNC True North Copper 0.096 -4% -13% 81% $33,067,478 MOM Moab Minerals Ltd 0.006 -25% -14% -45% $4,271,781 KNB Koonenberrygold 0.043 -22% 54% -33% $5,149,211 AWJ Auric Mining 0.125 -4% 87% 95% $16,357,449 AZS Azure Minerals 3.7 1% 4% 1133% $1,683,354,040 ENR Encounter Resources 0.315 -6% 13% 66% $128,720,250 SNG Siren Gold 0.067 -3% 34% -65% $10,457,534 STN Saturn Metals 0.185 3% 17% -3% $41,312,018 USL Unico Silver Limited 0.11 -4% 5% -29% $32,565,675 PNM Pacific Nickel Mines 0.067 -19% -24% -18% $33,041,995 AYM Australia United Min 0.003 -25% 50% -40% $5,527,732 ANL Amani Gold Ltd 0.001 0% 0% 0% $25,143,441 HAV Havilah Resources 0.18 -5% -31% -45% $56,995,058 SPR Spartan Resources 0.465 -7% 1% 178% $438,869,047 PNT Panthermetalsltd 0.06 0% 0% -68% $5,101,500 MEK Meeka Metals Limited 0.038 0% -10% -39% $48,153,648 GMD Genesis Minerals 1.6075 -1% -9% 23% $1,776,278,038 PGO Pacgold 0.195 -3% -3% -44% $16,408,361 FEG Far East Gold 0.14 4% -3% -71% $25,284,869 MI6 Minerals260Limited 0.275 -18% -14% -28% $64,350,000 IGO IGO Limited 8.1 -7% 1% -45% $6,020,279,113 GAL Galileo Mining Ltd 0.245 -4% -13% -76% $52,370,606 RXL Rox Resources 0.18 0% -5% -12% $68,330,538 KIN KIN Min NL 0.065 -2% 2% 3% $76,579,786 CLZ Classic Min Ltd 0.001 0% 0% -88% $12,357,082 TGM Theta Gold Mines Ltd 0.12 0% 0% 76% $84,849,001 FAL Falconmetalsltd 0.13 4% -10% -55% $23,895,000 SXG Southern Cross Gold 1.045 -10% 6% 49% $98,160,629 SPD Southernpalladium 0.32 -9% -4% -62% $13,785,065 ORN Orion Minerals Ltd 0.013 -13% 0% -24% $84,753,003 TMB Tambourahmetals 0.11 -8% -21% 5% $9,952,842 TMS Tennant Minerals Ltd 0.032 -3% -14% -3% $25,984,951 AZY Antipa Minerals Ltd 0.017 0% 21% -23% $68,224,331 PXX Polarx Limited 0.008 14% 14% -71% $13,116,934 TRE Toubaniresourcesinc 0.12 -17% -20% -27% $16,733,208 AUN Aurumin 0.03 15% 36% -52% $10,394,849 GPR Geopacific Resources 0.016 0% -16% -47% $13,969,195 FXG Felix Gold Limited 0.046 -6% 10% -54% $4,748,256 ILT Iltani Resources Lim 0.175 6% 25% 0% $5,781,786 ARD Argent Minerals 0.009 -10% -10% -40% $12,917,590

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