Gold Digger: Don’t expect a rally soon but H2 could be golden, agree top analysts

The price of gold is in a holding pattern, threatening to dip in short term, according to Metals Focus analysis
Metals Focus, like Japan’s biggest bank MUFG, however, has a more positive outlook for gold later this year
Top-performing ASX goldies this week include: MKG, PNX, ARV

The price of gold has inched its way back to a fairly comfortable zone right now, after taking a bit of a beating post Fed chattering last week.

The US labor market pulled a bit of a swifty on us all last week, showing surprising strength and actual creation of real-life jobs of real-life importance for real-life people.

Nice for that lot and their families, perhaps not quite as nice for self-centred, portfolio-checking, world-turmoil-embracing, safe-haven gold investors across the globe. It’s all about us them, you see.

Here’s a World Gold Council chart, tracking the precious metal’s return of late. (It finished the month 1% lower.)

Source: World Gold Council

That said, the yellow metal appears more or less stable again this week, holding above the psychological $2k mark, even as its inversely correlated foe, the US dollar, also seems to be holding at a reasonably strong level for now.

At the time of writing, gold trading for US$2,037 and in Aussie dollars – $3,139, actually just a shade under its all-time-high $3,139.

Some analysis of round-the-traps analysis for you…

Metals Focus is meh on gold short term, bullish longer

In its latest Precious Metals Weekly update, London-based independent precious metals consultancy Metals Focus poses the question: “In the current climate, can gold re-test its all-time highs?”

Our bead on their answer appears to be… not any time soon, but play the long game.

“With the US economy maintaining a decent growth momentum and the labour market still broadly healthy, we believe that there is scope for a hawkish re-pricing of interest rate expectations, which in turn could prevent gold from attempting a new peak in the near term and also open up the possibility of a modest price correction,” said the analysts.

Regarding recent optimism in markets about Fed rate cuts, Metals Focus notes this has cooled off recently, tempered by strong economic data from the US, and the re-emergence of slightly more hawkish rhetoric from the Fed than was perhaps expected. Less rate cuts are now anticipated than the originally optimistic six.

“All of this has helped prevent gold from moving higher so far this year,” notes Metals Focus, “as the timing of the first rate cut has now been pushed back from March to May, effectively implying five rate cuts this year compared to market expectations of six at the beginning of 2024.”

In fact, at the January FOMC meeting, the Fed suggested they actually envision just three rate cuts in 2024. And, according to Metals Focus, that more hawkish stance from the Fed, a US recession now unlikely and aggressive loosening of monetary policy probably off the cards, too, could “push gold below the long held $2,000 level in the short term”.

Okay… ‘wen moon’?

The safe-haven gold schtick amid ongoing Middle Eastern and Eastern European concerns, conflcits and rising body counts and geopolitical temperatures elsewhere around the world… is still alive and kicking.

Gold investors tends to benefit, whether they feel middle-class safe-haven guilt about it or not.

There are other uncertainties, too, here are some takes from the excellent X account Gold Telegraph…

Janet Yellen is warning that high commercial real estate vacancies are expected to create stress for smaller banks.

Better late than ever?

What a movie playing out in real-time.

— Gold Telegraph (@GoldTelegraph_) February 8, 2024

Legendary investor Paul Tudor Jones is now warning that a debt bomb could be on the verge of exploding.

When it rains, it pours.

Meanwhile,

Central banks are stockpiling gold.

— Gold Telegraph (@GoldTelegraph_) February 8, 2024

And regarding such complexities – geopolitical, macroeconomic, which have tended to keep gold elevated in recent times, Metals Focus adds:

“On balance, we believe that even as uncertainties abound, gold may not be able to re-test its all-time highs in the near future. At best, the presence of uncertainties will underpin safe haven demand for gold and help ensure that any price corrections are modest.

“That said, notwithstanding the risk of a short-term price fall, as we outline in our latest 5-Year Gold Forecast, with the increasing likelihood of rate cuts later this year, this will set the stage for a more sustainable price rally.”

‘Gold is our most bullish call this year’, says MUFG

Scouting around for more takes, Japan’s largest bank MUFG is pretty darn positive on the most precious one this year, also caveating range-bound prices tied to Fed decision-making.

“We believe downside to the price will be limited by robust support from the other two channels, namely, supportive central bank demand and bullion’s role as the geopolitical hedge of last resort,” the bank noted this week.

“Gold is our most bullish call this year. Bullion is set to hit record levels on a trifecta of Fed cuts, supportive central bank demand and bullion’s role as the geopolitical hedge of last resort.”

And here’s a further opinion this week from gold market analyst Christopher Lewis over at FXEmpire, who is also “bullish longer term”, suggesting gold, at a reasonably sized position, can make up a strong part of portfolios.

“Gold is something that I do not want to sell right now due to the fact that we have so much in the way of geopolitical concerns,” he said. “And of course, central banks around the world will be cutting rates this year.

“It’s a bit of a perfect storm for gold given enough time, but do keep in mind that this is a contract that tends to be very noisy and therefore don’t be surprised at all to see a lot of volatility.”

Winners & Losers

Here’s how ASX-listed precious metals stocks are performing, circa midday Feb 9:

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 0.012 -8% -14% -68% $13,018,410 NPM Newpeak Metals 0.014 8% -22% -86% $1,499,276 ASO Aston Minerals Ltd 0.017 6% -26% -81% $22,016,093 MTC Metalstech Ltd 0.17 -23% -26% -66% $32,122,280 FFX Firefinch Ltd 0.2 0% 0% 0% $236,569,315 GED Golden Deeps 0.043 10% -4% -57% $4,620,894 G88 Golden Mile Res Ltd 0.013 0% -32% -39% $4,282,064 DCX Discovex Res Ltd 0.002 0% 0% -50% $6,605,136 NMR Native Mineral Res 0.021 -22% 5% -74% $4,404,761 AQX Alice Queen Ltd 0.005 -9% 0% -85% $3,454,921 SLZ Sultan Resources Ltd 0.014749 15% -21% -77% $2,185,729 MKG Mako Gold 0.024 71% 140% -43% $14,573,007 KSN Kingston Resources 0.081 1% 4% -16% $39,338,985 AMI Aurelia Metals Ltd 0.11 -4% -4% -11% $194,323,251 PNX PNX Metals Limited 0.006 50% 100% 100% $32,283,748 GIB Gibb River Diamonds 0.033 -6% 14% -48% $6,979,812 KCN Kingsgate Consolid. 1.195 -11% -6% -25% $305,435,755 TMX Terrain Minerals 0.005 0% 25% -23% $7,158,353 BNR Bulletin Res Ltd 0.085 5% -39% -29% $23,489,066 NXM Nexus Minerals Ltd 0.04 18% -5% -80% $14,395,225 SKY SKY Metals Ltd 0.032 7% -11% -37% $14,764,739 LM8 Lunnonmetalslimited 0.245 -16% -58% -74% $55,548,240 CST Castile Resources 0.09 0% 13% -7% $21,529,316 YRL Yandal Resources 0.13 44% 13% 40% $32,861,662 FAU First Au Ltd 0.003 20% 0% -33% $4,985,980 ARL Ardea Resources Ltd 0.385 0% -19% -45% $79,791,851 GWR GWR Group Ltd 0.089 -6% -3% 51% $28,588,282 IVR Investigator Res Ltd 0.0365 -1% 1% -9% $58,603,544 GTR Gti Energy Ltd 0.011 5% 22% 2% $24,599,365 IPT Impact Minerals 0.011 -8% -8% 5% $31,511,743 BNZ Benzmining 0.165 -15% -27% -69% $18,365,486 MOH Moho Resources 0.006 -25% -40% -71% $3,215,647 BCM Brazilian Critical 0.026 0% 8% -81% $19,238,877 PUA Peak Minerals Ltd 0.003 50% 0% -40% $3,124,130 MRZ Mont Royal Resources 0.1 -9% -23% -59% $8,502,979 SMS Starmineralslimited 0.043 23% 8% -41% $3,264,680 MVL Marvel Gold Limited 0.009 -10% -18% -61% $7,774,116 PRX Prodigy Gold NL 0.004 0% -33% -67% $7,004,431 AAU Antilles Gold Ltd 0.021 0% 0% -43% $19,742,843 CWX Carawine Resources 0.095 -21% -10% -12% $23,612,545 RND Rand Mining Ltd 1.305 -3% -5% -7% $74,223,129 CAZ Cazaly Resources 0.022 16% -24% -33% $10,001,999 BMR Ballymore Resources 0.125 -4% -7% -22% $22,041,323 DRE Dreadnought Resources Ltd 0.018 -5% -33% -84% $69,581,459 ZNC Zenith Minerals Ltd 0.115 -15% -15% -49% $42,285,706 REZ Resourc & En Grp Ltd 0.012 20% 0% -14% $5,997,669 LEX Lefroy Exploration 0.135 -7% -21% -44% $26,964,535 ERM Emmerson Resources 0.051 -4% -6% -34% $27,780,199 AM7 Arcadia Minerals 0.066 20% -4% -71% $7,197,307 ADT Adriatic Metals 3.41 -5% -5% -1% $860,630,504 AS1 Asara Resources Ltd 0.012 0% 9% -64% $9,512,771 CYL Catalyst Metals 0.53 -5% -18% -59% $114,481,923 CHN Chalice Mining Ltd 0.985 -3% -25% -85% $392,852,937 KAL Kalgoorliegoldmining 0.024 9% -11% -64% $3,487,016 MLS Metals Australia 0.0305 -5% -10% -46% $19,033,104 ADN Andromeda Metals Ltd 0.023 -4% -4% -50% $71,536,231 MEI Meteoric Resources 0.185 6% -36% 61% $378,122,771 SRN Surefire Rescs NL 0.012 9% 33% -14% $21,594,736 SIH Sihayo Gold Limited 0.0015 0% 0% -25% $18,306,384 WA8 Warriedarresourltd 0.04 -9% -23% -80% $20,416,876 HMX Hammer Metals Ltd 0.035 0% -22% -53% $32,797,072 WCN White Cliff Min Ltd 0.018 13% 100% 64% $24,045,468 AVM Advance Metals Ltd 0.036 -3% 0% -83% $1,443,058 WRM White Rock Min Ltd 0.063 0% 0% -3% $17,508,200 ASR Asra Minerals Ltd 0.0055 -8% -21% -61% $9,818,974 MCT Metalicity Limited 0.0025 25% 25% -17% $11,212,634 AME Alto Metals Limited 0.028 -7% -33% -62% $20,202,649 CTO Citigold Corp Ltd 0.005 0% 0% -17% $15,000,000 TIE Tietto Minerals 0.6175 0% 2% -20% $689,233,175 SMI Santana Minerals Ltd 1.41 -1% 42% 72% $256,077,372 M2R Miramar 0.02 -13% -13% -73% $3,126,260 MHC Manhattan Corp Ltd 0.0035 -13% -13% -50% $10,279,429 GRL Godolphin Resources 0.038 -3% -5% -56% $6,431,197 SVG Savannah Goldfields 0.037 -14% -16% -79% $8,322,883 EMC Everest Metals Corp 0.08 5% -1% -11% $13,306,932 GUL Gullewa Limited 0.055 0% 0% 8% $11,262,521 CY5 Cygnus Metals Ltd 0.077 12% -38% -84% $22,450,054 G50 Gold50Limited 0.1 -5% -23% -47% $10,929,000 ADV Ardiden Ltd 0.18 0% -3% -44% $11,253,151 AAR Astral Resources NL 0.07 8% -1% -4% $53,930,632 VMC Venus Metals Cor Ltd 0.1 -5% 0% 27% $18,972,868 NAE New Age Exploration 0.004 0% -20% -43% $7,175,596 VKA Viking Mines Ltd 0.014 17% -13% 8% $14,353,618 LCL LCL Resources Ltd 0.011 -12% -31% -72% $11,413,759 MTH Mithril Resources 0.002 0% 0% -43% $6,737,609 ADG Adelong Gold Limited 0.0045 -10% -10% -55% $2,798,623 RMX Red Mount Min Ltd 0.003 20% 0% -50% $8,020,728 PRS Prospech Limited 0.03 -17% -9% 16% $8,104,462 TTM Titan Minerals 0.018 -5% -28% -74% $32,134,118 NML Navarre Minerals Ltd 0.019 0% 0% -54% $28,555,654 MZZ Matador Mining Ltd 0.037 3% -8% -63% $19,412,460 KZR Kalamazoo Resources 0.115 24% -4% -41% $21,627,228 BCN Beacon Minerals 0.022 -12% -14% -29% $90,162,436 MAU Magnetic Resources 1 1% 2% 26% $244,667,260 BC8 Black Cat Syndicate 0.215 -14% -9% -48% $62,726,234 EM2 Eagle Mountain 0.061 -6% -23% -72% $18,602,979 EMR Emerald Res NL 3.055 0% 1% 104% $1,913,852,453 BYH Bryah Resources Ltd 0.011 -8% -27% -54% $4,336,073 HCH Hot Chili Ltd 1.11 8% 11% 19% $132,584,179 WAF West African Res Ltd 0.85 -12% -8% -17% $867,255,675 MEU Marmota Limited 0.051 19% 24% 13% $55,057,630 NVA Nova Minerals Ltd 0.27 -18% -24% -57% $56,940,309 SVL Silver Mines Limited 0.135 -21% -16% -31% $189,584,839 PGD Peregrine Gold 0.27 -14% -7% -45% $18,089,050 ICL Iceni Gold 0.041 -9% -37% -61% $9,862,442 FG1 Flynngold 0.053 -7% 0% -43% $8,699,468 WWI West Wits Mining Ltd 0.012 9% -8% -25% $29,164,700 RML Resolution Minerals 0.003 0% -14% -57% $3,779,990 AAJ Aruma Resources Ltd 0.019 -10% -27% -75% $3,740,939 AL8 Alderan Resource Ltd 0.004 14% -20% -50% $4,427,445 GMN Gold Mountain Ltd 0.003 0% -33% -45% $7,941,775 MEG Megado Minerals Ltd 0.015 -17% -40% -63% $3,816,833 HMG Hamelingoldlimited 0.071 -3% -5% -43% $11,182,500 TBA Tombola Gold Ltd 0.026 0% 0% 0% $33,129,243 BM8 Battery Age Minerals 0.14 -7% -32% -78% $13,764,048 TBR Tribune Res Ltd 2.95 0% 3% -20% $154,780,827 FML Focus Minerals Ltd 0.17 0% -3% -11% $48,714,970 GSR Greenstone Resources 0.0055 -21% -45% -80% $8,208,681 VRC Volt Resources Ltd 0.005 -9% -17% -62% $20,650,533 ARV Artemis Resources 0.019 46% 6% -21% $27,059,138 HRN Horizon Gold Ltd 0.275 0% 10% -18% $39,830,979 CLA Celsius Resource Ltd 0.012 9% 0% -29% $24,706,568 QML Qmines Limited 0.076 -12% -6% -58% $16,371,136 RDN Raiden Resources Ltd 0.024 0% -37% 359% $61,101,457 TCG Turaco Gold Limited 0.115 -2% -12% 95% $67,630,222 KCC Kincora Copper 0.036 3% -12% -57% $6,936,177 GBZ GBM Rsources Ltd 0.009 -10% 13% -81% $7,195,052 DTM Dart Mining NL 0.0135 -4% -16% -72% $3,186,115 MKR Manuka Resources. 0.073 -13% -3% -17% $45,173,640 AUC Ausgold Limited 0.027 0% -7% -48% $61,995,813 ANX Anax Metals Ltd 0.02 -13% -33% -71% $11,391,407 EMU EMU NL 0.001 -33% 0% -76% $2,024,771 SFM Santa Fe Minerals 0.043 0% 0% -39% $3,131,208 SSR SSR Mining Inc. 14.5 1% -7% -36% $79,627,634 PNR Pantoro Limited 0.041 0% -16% -54% $223,773,312 CMM Capricorn Metals 4.355 -3% 0% -1% $1,648,888,452 X64 Ten Sixty Four Ltd 0.57 0% 0% -5% $130,184,182 SI6 SI6 Metals Limited 0.0045 0% 0% -10% $8,972,367 HAW Hawthorn Resources 0.083 -14% -21% -14% $27,806,296 BGD Bartongoldholdings 0.245 7% -6% 0% $49,145,494 SVY Stavely Minerals Ltd 0.033 10% -27% -89% $12,604,023 AGC AGC Ltd 0.072 7% 3% 18% $15,555,556 RGL Riversgold 0.009 -18% -25% -67% $8,708,953 TSO Tesoro Gold Ltd 0.026 8% 0% -16% $34,428,260 GUE Global Uranium 0.135 8% 29% -23% $30,770,301 CPM Coopermetalslimited 0.295 -8% -17% 0% $20,272,030 MM8 Medallion Metals. 0.06 11% 0% -58% $18,459,099 FFM Firefly Metals Ltd 0.465 -11% -19% -33% $172,279,764 CBY Canterbury Resources 0.027 0% 8% -33% $4,637,004 LYN Lycaonresources 0.2 -2% -2% -29% $8,811,250 SFR Sandfire Resources 7.05 -2% 4% 10% $3,262,925,765 TMZ Thomson Res Ltd 0.005 0% 0% -71% $4,881,018 TAM Tanami Gold NL 0.033 0% -6% -20% $38,778,203 WMC Wiluna Mining Corp 0.205 0% 0% 0% $74,238,031 NWM Norwest Minerals 0.026 8% -19% -60% $7,476,807 ALK Alkane Resources Ltd 0.5475 -5% -16% -23% $325,856,151 BMO Bastion Minerals 0.0115 5% -28% -75% $3,581,607 IDA Indiana Resources 0.084 2% -1% 47% $51,679,913 GSM Golden State Mining 0.012 -8% -8% -73% $3,352,448 NSM Northstaw 0.048 0% -2% -70% $6,714,038 GSN Great Southern 0.019 -5% -5% -27% $15,092,704 RED Red 5 Limited 0.32 -3% 10% 60% $1,143,054,181 DEG De Grey Mining 1.2 0% -3% -15% $2,212,262,302 THR Thor Energy PLC 0.031 -6% 7% -38% $5,944,708 CDR Codrus Minerals Ltd 0.05 -2% -21% -57% $4,619,375 MDI Middle Island Res 0.017 0% 6% -67% $3,917,772 WTM Waratah Minerals Ltd 0.1 6% -13% -17% $15,683,272 POL Polymetals Resources 0.26 -2% -4% 37% $40,980,630 RDS Redstone Resources 0.004 -20% -20% -60% $3,701,514 NAG Nagambie Resources 0.025 0% -11% -53% $18,322,621 BGL Bellevue Gold Ltd 1.3275 3% -12% 13% $1,554,091,243 GBR Greatbould Resources 0.055 -10% -18% -37% $32,927,796 KAI Kairos Minerals Ltd 0.014 -7% 0% -27% $36,692,771 KAU Kaiser Reef 0.13 24% -10% -26% $21,380,487 HRZ Horizon 0.034 -3% -8% -42% $25,235,412 CAI Calidus Resources 0.165 -8% -21% -35% $101,062,948 CDT Castle Minerals 0.007 0% -13% -70% $8,571,451 RSG Resolute Mining 0.36 -11% -13% 36% $777,103,255 MXR Maximus Resources 0.033 -6% -3% -18% $10,591,210 EVN Evolution Mining Ltd 3.08 -3% -19% -5% $6,116,320,540 CXU Cauldron Energy Ltd 0.049 26% 58% 610% $63,438,430 DLI Delta Lithium 0.29 0% -17% -37% $213,545,893 ALY Alchemy Resource Ltd 0.009 13% -10% -47% $10,602,686 HXG Hexagon Energy 0.013 18% 8% -28% $6,667,907 OBM Ora Banda Mining Ltd 0.235 7% -2% 147% $401,147,815 SLR Silver Lake Resource 1.09 -9% -6% -9% $1,046,913,653 AVW Avira Resources Ltd 0.002 0% 0% -33% $4,267,580 LCY Legacy Iron Ore 0.017 0% 0% 0% $102,509,219 PDI Predictive Disc Ltd 0.2 -5% -5% 11% $415,248,818 MAT Matsa Resources 0.029 4% -17% -19% $14,364,721 ZAG Zuleika Gold Ltd 0.017 -15% -11% -11% $12,513,454 GML Gateway Mining 0.022 -15% 10% -62% $7,489,149 SBM St Barbara Limited 0.1625 -4% -17% -47% $130,875,261 SBR Sabre Resources 0.023 -8% -23% -43% $8,608,024 STK Strickland Metals 0.09 -7% -25% 143% $149,427,251 ION Iondrive Limited 0.009 0% -25% -63% $4,376,568 CEL Challenger Gold Ltd 0.077 8% 7% -52% $97,109,965 LRL Labyrinth Resources 0.006 0% -14% -63% $7,125,262 NST Northern Star 13.125 -2% 2% 4% $15,296,133,054 OZM Ozaurum Resources 0.065 -7% -43% -12% $10,318,750 TG1 Techgen Metals Ltd 0.033 -20% -57% -63% $3,941,110 XAM Xanadu Mines Ltd 0.05 0% -4% 67% $86,741,855 AQI Alicanto Min Ltd 0.025 -17% -26% -47% $15,383,420 KTA Krakatoa Resources 0.017 -15% -53% -61% $8,025,823 ARN Aldoro Resources 0.115 -4% 15% -50% $15,481,730 WGX Westgold Resources. 1.9775 -12% 3% 77% $951,981,687 MBK Metal Bank Ltd 0.022 -4% -19% -32% $7,418,727 A8G Australasian Metals 0.12 20% -20% -35% $5,159,929 TAR Taruga Minerals 0.009 13% -25% -55% $6,354,241 DTR Dateline Resources 0.01 -23% 0% -68% $13,295,562 GOR Gold Road Res Ltd 1.4275 -3% -16% -9% $1,567,981,048 S2R S2 Resources 0.14 0% -10% -7% $63,400,119 NES Nelson Resources. 0.004 33% -20% -50% $2,454,377 TLM Talisman Mining 0.18 -8% -38% 9% $33,897,663 BEZ Besragoldinc 0.16 -3% 19% 214% $64,805,640 PRU Perseus Mining Ltd 1.685 -5% -3% -20% $2,341,926,545 SPQ Superior Resources 0.011 10% -21% -83% $22,013,425 PUR Pursuit Minerals 0.005 0% -41% -78% $14,719,857 RMS Ramelius Resources 1.4975 -5% -8% 61% $1,721,113,742 PKO Peako Limited 0.003 0% -40% -79% $1,581,254 ICG Inca Minerals Ltd 0.008 -6% -16% -62% $4,702,611 A1G African Gold Ltd. 0.039 -3% 5% -57% $6,603,137 OAU Ora Gold Limited 0.006 0% -25% 20% $34,440,005 GNM Great Northern 0.017 -11% -11% -68% $2,628,694 KRM Kingsrose Mining Ltd 0.034 3% -15% -51% $24,833,375 BTR Brightstar Resources 0.012 0% -20% -40% $28,444,546 RRL Regis Resources 1.9475 -1% -9% -6% $1,461,580,593 M24 Mamba Exploration 0.035 -34% -44% -82% $8,099,620 TRM Truscott Mining Corp 0.05 0% -9% -57% $8,668,353 TNC True North Copper 0.083 -8% -17% 57% $32,787,683 MOM Moab Minerals Ltd 0.007 0% 0% -22% $4,983,744 KNB Koonenberrygold 0.041 -7% -25% -18% $4,909,713 AWJ Auric Mining 0.115 0% 0% 80% $14,394,555 AZS Azure Minerals 3.64 0% -1% 1074% $1,669,593,653 ENR Encounter Resources 0.26 4% -16% 58% $104,585,203 SNG Siren Gold 0.058 -5% -17% -64% $9,331,338 STN Saturn Metals 0.165 22% -18% -4% $35,753,441 USL Unico Silver Limited 0.097 -8% -12% -25% $29,013,056 PNM Pacific Nickel Mines 0.042 -16% -46% -44% $17,148,377 AYM Australia United Min 0.003 0% -25% -25% $5,527,732 ANL Amani Gold Ltd 0.001 0% 0% 0% $25,143,441 HAV Havilah Resources 0.16 7% -14% -53% $49,079,078 SPR Spartan Resources 0.4375 -7% -11% 162% $429,564,350 PNT Panthermetalsltd 0.049 -2% -18% -73% $4,271,142 MEK Meeka Metals Limited 0.036 -3% -3% -36% $46,918,939 GMD Genesis Minerals 1.58 -2% -3% 26% $1,770,778,725 PGO Pacgold 0.16 -6% -20% -56% $14,304,725 FEG Far East Gold 0.145 12% 7% -64% $26,187,900 MI6 Minerals260Limited 0.165 -6% -47% -49% $39,780,000 IGO IGO Limited 7.11 -2% -17% -52% $5,459,900,932 GAL Galileo Mining Ltd 0.21 0% -18% -76% $42,489,359 RXL Rox Resources 0.16 -11% -11% -14% $64,636,996 KIN KIN Min NL 0.062 3% -9% 17% $73,045,334 CLZ Classic Min Ltd 0.001 0% 0% -86% $12,357,085 TGM Theta Gold Mines Ltd 0.13 18% 8% 91% $64,750,125 FAL Falconmetalsltd 0.125 0% 4% -43% $22,125,000 SXG Southern Cross Gold 1.1425 -5% 1% 69% $103,113,688 SPD Southernpalladium 0.385 17% 10% -47% $17,877,506 ORN Orion Minerals Ltd 0.014 0% -7% -18% $81,847,986 TMB Tambourahmetals 0.082 3% -25% -22% $6,801,109 TMS Tennant Minerals Ltd 0.028 -10% -13% -30% $22,170,884 AZY Antipa Minerals Ltd 0.012 -20% -25% -47% $49,617,695 PXX Polarx Limited 0.013 18% 86% -43% $21,315,018 TRE Toubani Res Ltd 0.12 -4% -8% -40% $14,725,223 AUN Aurumin 0.038 27% 31% -41% $15,054,609 GPR Geopacific Resources 0.016 7% -6% -13% $12,325,761 FXG Felix Gold Limited 0.041 3% -5% -66% $8,495,820 ILT Iltani Resources Lim 0.18 0% 3% 0% $6,121,891 ARD Argent Minerals 0.009 13% -5% -47% $11,625,831

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