Gold Digger: Gold vs Bitcoin, analysts vs analysts – store of value narratives get in the ring

Gold hit a US ATH, then dipped a tad, but not by much. In fact, it’s doing pretty well on the whole…
… It’s less volatile than Bitcoin, anyway, which is a good or bad thing depending on outlook
Speaking of which, RBC has some fairly cautious perspective on gold right now
ASX gold stocks performing well lately include: XAM and KAL, among others

What’s happening in the world near and far pertaining to gold on Friday March 22? Let’s take a squizz.

The most stoic of metals, the shiny yellow one is up a tad further than this time last week. Which is good, obvs. The US Fed’s reasonably doveish tone earlier in the week, keeping rates unchanged for now and suggesting three rate cuts at some point this year, kinda helped matters.

Here’s where gold’s at, then – at last check.

In Yankee Doodle Dandy dollars, it’s trading at $2,184, having actually hit $2,222 not long after the Fed’s Jerome Powell spoke in the week.

In plastic fantastic Aussie buckeroos, it’s fanged up to $3,325. Which, if isn’t an all-time-high (it isn’t), is pretty darn close to it.

Here’s the Schiff-meister with a take or two…

Overnight weakness in foreign currencies ultimately caused #gold to surrender early morning gains to a new record-high price. But the sell-off won’t last, as dovish foreign central banks are also bullish for gold. Foreign central bank’s mistakes don’t let the #Fed off the hook.

— Peter Schiff (@PeterSchiff) March 21, 2024

Checking in on… Gold vs Bitcoin

Compared with one of its chief rivals/pretenders/wannabes for a store of value narrative – gold 2.0, that’d be Bitcoin – the yellow metal is a nice, safe ride at Luna Park with non-Death Metal music.

Bitcoin, on the other hand, has a lot more opportunity for potential, outsized gains, but is more volatile than the combined energies of Joe Pesci’s character in Goodfellas, a rugby league player hepped up on horse steroids and buckets of Mad Monday booze, and a 14-year-old who just lost his internet connection in the middle of the, like, most important Fortnite battle, like, f**kin’ ever and stuff.

Store of value? Hmm… if you’ve been in it for the long haul, then yes, but you take the good with the bad, there. Every. Single. Day.

#Bitcoin vs Gold pic.twitter.com/yB6wYv0C8V

— Michal Ehren (@MichalEhren) March 21, 2024

Wrong column, so we’ll shut up about Bitcoin in a second or three, but by the way, it’s been staging a bit of a late-week recovery after its dramatic near 20% dip from recently recorded all-time high of just north of US$73k. It’s currently changing sweaty hands for about US$66k. (Aw nuts, another quick check and it’s now $65k.)

Schiff again…

To the extent that #Bitcoin has distracted attention and buying from #gold, it’s the best thing that’s happend to big government and central banks. Gold is the primary threat to the fiat based monetary system and U.S. dollar hegemony. That may be why those new ETFs were approved.

— Peter Schiff (@PeterSchiff) March 21, 2024

And here’s something Peter Schiff will hate, from a Bitcoin bug investooor / influencooor…

#GOLD vs #Bitcoin
Got it yet? https://t.co/Yjbb6EtIiG

— InvestAnswers (@invest_answers) March 20, 2024

But sticking to the actual topic at hand, regarding gold commodity investing, frankly, it’s mostly been very decent indeed this year, if not out and out spectacular.

Digging deep into gold company equities, of course, is the far trickier and more volatile area. But there’s the odd sick, crypto-like gainz to be found here and there, we’re reasonably sure, if you’re diligently due and possibly also a bit lucky. (See further below for some of the latest on the ASX.)

That said… that said… not all gold miners are doing amazingly right now. Heavy rain over in WA has proved a pain in the butt for some of the state’s gold production, according to various reports, with Regis Resources (ASX:RRL), Gold Road Resources (ASX:GOR), Capricorn Metals (ASX:CMM) and Westgold Resources (ASX:WGX) , for example, among those dealing with challenging conditions.

Also, the ASX Gold Miners ETF has underperformed gold prices by more than 30% over the past three years, according to UBS analysis.

It’s definitely a tricky area to navigate, like pretty much all resources equities.

#BTC pic.twitter.com/ZnBRc8VZ76

— naiive (@naiivememe) March 21, 2024

Let’s check in with some of the latest pro analysis, however, that we’ve been seeing around the traps. Here’s RBC Capital…

RBC Capital isn’t overly sold on gold… for now

Which is to say, it probably isn’t buying it up in droves necessarily right now.

What’s RBC Capital? It’s a global investment bank affiliated to the Royal Bank of Canada, providing services in banking, finance, and capital markets to corporations, institutional investors, asset managers, and governments. As well as North America, it has a strong European, Asian and Aussie presence, too.

Now you kinda know what it is, what is it saying about gold? Among other things, this:

“For gold, most eyes were on the Fed today [March 20], but in our eyes there remain questions. Putting aside the slightly more gold-positive rate narrative, the ongoing lack of investor inflows remains a key concern. Where are those flows going and when will they return?”

Sigh… okay RBC, guess we’ll bite… when, then?

Elevated prices vulnerable

“Indeed, a rate cut narrative is gold positive, and indeed, there are wildly under-appreciated geopolitical risks in our view,” continued the RBC analysis, not yet answering our question and then continuing with more questions, that they then quickly answer…

“However, has the rate cut narrative grown as incrementally more gold positive as price moves indicate? In our view, not really.

“In terms of geopolitical or crisis hedging, are we seeing evidence of geopolitical allocations in other assets? No. Thus, in terms of durability, where are the drivers… or is gold simply destined for higher prices?”

To answer that question, the RBC spoilsports said they believe the gold commodity elevated pricing is actually “more vulnerable” than it perhaps seems right now.

The analysts are not expecting up only [who does? Oh yeah, crypto folk], but a better entry or re-entry point than current levels.

If a downwards catalyst materialises, RBC views “Q1 and Q2 middle scenario forecasts as better prices to allocate into if they materialize ($2007/oz and $2068/oz, respectively), and think that in most cases, gold will lose steam around our high
scenario prices ($2,226/oz and $2,282/oz in Q1 and Q2, respectively) if/when it gets there.”

ETP inflows weakened

Weak investor allocations is RBC’s chief thesis here, citing weakening gold-backed ETP inflows since the middle of last year.

Interestingly, back on the Bitcoin and crypto angle for just a moment, RBC also noted:

“Some have posited that cryptocurrencies and now the budding bitcoin ETP space could be absorbing those flows,” but countered with:

“We see little evidence of that. The AUM numbers do not neatly stack-up (Figure 1). Likewise, the correlation between gold and crypto currencies remains weak and generally, we still think that there are more diversification reasons to hold both in a portfolio rather than one or the other.”

Fair enough, can’t argue with that last point.

Source: RBC Capital

Re the ETP flows, RBC reckons investors are probably “holding their holdings” flat in value terms rather than tonnage.

Explaining that further: “Given gold’s price gains on average this has meant a heavy outflow in tonnage terms, likely moving into risk assets in our view.”

The analysts concluded with the thought that, if investor flows were actually to perk up, then so would RBC’s confidence in the current elevated prices remaining relatively intact and potentially moving higher.

Wait, here are some more bullish takes

In a note on Thursday, UBS, another prominent multinational investment bank (mentioned above re Gold Miner ETF), noted that, while it’s a fact that ETF has been underperforming…

“With gold trading at A$3,340/oz (US$2,180/oz), we remain positive the sector with our forecasts calling for A$3,400/oz (US$2,200/oz) by year end on the US rate easing cycle … Lifting our long-term price could add 10-30% to our net present values; however, pressure continues on delivery for the gold miners.”

UBS’s ASX gold stonks picks right now, by the way, (also per a Market Index summary) are, in the larger end of town:

• Evolution Mining (ASX:EVN) (buy – “on a turnaround”)

• Northern Star Resources (ASX:NST) (neutral – “copper leverage”)

• Newmont Corporation (ASX:NEM) (neutral – despite being “still disappointing”)

And in the smaller end:

De Grey Mining (ASX:DEG) (buy – based on large inventory, geology, lots of “optionality to high prices”)

Gold Road Resources (ASX:GOR) (as above)

Bellevue Gold (ASX:BGL) (neutral)

Further positive analysis, as seen on Bloomberg, came from Chris Weston, head of research for Pepperstone Group Ltd:

“What we saw last night was the green light really for gold traders to come back in… They’re tolerant of the inflation that we’ve seen, they’re tolerant that the labor market strength is not going to be the impediment.”

And Marcus Garvey, head of commodities strategy at Macquarie Group Ltd, who said that gold’s move toward $2,300 an ounce is a “reasonable technical target”, adding:

“I think the Fed not taking the opportunity of recently firmer inflation to lean hawkish at their meeting yesterday means gold is now going into a short-term overshoot scenario.”

ASX Winners & Losers

Here’s how ASX-listed precious metals stocks are performing, circa 3pm March 22:

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 % Month % Year Market Cap MRR Minrex Resources Ltd 0.014 4% 8% -33% $14,103,278 NPM Newpeak Metals 0.011 0% -15% -89% $999,517 ASO Aston Minerals Ltd 0.015 0% -12% -86% $19,425,964 MTC Metalstech Ltd 0.16 -9% -18% -53% $32,122,280 FFX Firefinch Ltd 0.2 0% 0% 0% $236,569,315 GED Golden Deeps 0.049 7% 17% -39% $5,314,028 G88 Golden Mile Res Ltd 0.012 0% 0% -20% $4,934,674 DCX Discovex Res Ltd 0.002 0% 0% -33% $6,605,136 NMR Native Mineral Res 0.025 19% 25% -55% $4,614,511 AQX Alice Queen Ltd 0.006 20% 0% -65% $4,145,905 SLZ Sultan Resources Ltd 0.012 -14% -8% -78% $2,371,038 MKG Mako Gold 0.014 17% 17% -68% $13,664,115 KSN Kingston Resources 0.082 0% 12% -12% $41,828,794 AMI Aurelia Metals Ltd 0.14 -3% 27% 40% $253,465,111 PNX PNX Metals Limited 0.005 -9% -17% 67% $26,903,124 GIB Gibb River Diamonds 0.025 -7% -22% -58% $5,287,736 KCN Kingsgate Consolid. 1.21 -11% 0% -34% $323,478,373 TMX Terrain Minerals 0.004 0% -20% -20% $5,726,683 BNR Bulletin Res Ltd 0.07 -9% -15% -20% $18,204,026 NXM Nexus Minerals Ltd 0.049 7% 36% -69% $18,674,886 SKY SKY Metals Ltd 0.033 -3% -15% -27% $14,764,739 LM8 Lunnonmetalslimited 0.275 -7% 22% -73% $57,726,603 CST Castile Resources 0.077 -3% 3% -14% $19,110,292 YRL Yandal Resources 0.09 -5% -14% -1% $24,102,685 FAU First Au Ltd 0.002 0% -33% -33% $3,323,987 ARL Ardea Resources Ltd 0.69 5% 60% 52% $136,926,756 GWR GWR Group Ltd 0.1 -5% 5% -9% $32,121,666 IVR Investigator Res Ltd 0.041 -2% 17% -2% $68,106,822 GTR Gti Energy Ltd 0.008 -6% -11% -26% $16,399,577 IPT Impact Minerals 0.016 14% 33% 60% $40,105,854 BNZ Benzmining 0.195 50% 50% -51% $17,804,476 MOH Moho Resources 0.006 20% -14% -63% $3,235,069 BCM Brazilian Critical 0.023 10% 5% -80% $17,019,007 PUA Peak Minerals Ltd 0.003 0% 20% -40% $3,124,130 MRZ Mont Royal Resources 0.085 25% -9% -48% $7,227,532 SMS Starmineralslimited 0.034 -3% -11% -51% $2,581,375 MVL Marvel Gold Limited 0.01 11% 0% -44% $8,637,907 PRX Prodigy Gold NL 0.005 0% 67% -55% $8,755,539 AAU Antilles Gold Ltd 0.02 -5% -9% -47% $17,967,690 CWX Carawine Resources 0.105 0% 6% 9% $24,793,172 RND Rand Mining Ltd 1.36 -1% 7% -1% $77,351,307 CAZ Cazaly Resources 0.018 -5% -14% -31% $8,183,454 BMR Ballymore Resources 0.13 0% 30% -19% $22,922,976 DRE Dreadnought Resources Ltd 0.017 -6% -15% -72% $59,186,740 ZNC Zenith Minerals Ltd 0.091 -9% -4% -52% $33,476,184 REZ Resourc & En Grp Ltd 0.009 -10% -10% -31% $4,498,252 LEX Lefroy Exploration 0.1 -13% -26% -51% $23,052,725 ERM Emmerson Resources 0.05 -4% -9% -35% $27,235,489 AM7 Arcadia Minerals 0.07 0% 21% -67% $7,633,507 ADT Adriatic Metals 3.92 3% 26% 7% $972,149,601 AS1 Asara Resources Ltd 0.009 -18% -10% -70% $7,939,578 CYL Catalyst Metals 0.655 -4% 35% -34% $151,908,705 CHN Chalice Mining Ltd 1.105 -8% 7% -83% $439,528,534 KAL Kalgoorliegoldmining 0.024 20% 4% -52% $3,962,518 MLS Metals Australia 0.023 -4% -21% -36% $16,976,869 ADN Andromeda Metals Ltd 0.023 -15% 0% -48% $74,646,502 MEI Meteoric Resources 0.2425 3% 39% 111% $477,628,763 SRN Surefire Rescs NL 0.0105 5% -13% -42% $20,856,232 SIH Sihayo Gold Limited 0.0015 50% 50% 50% $18,306,384 WA8 Warriedarresourltd 0.049 -2% 53% -65% $26,113,193 HMX Hammer Metals Ltd 0.038 6% -19% -30% $32,797,072 WCN White Cliff Min Ltd 0.0145 -3% -9% 45% $22,741,424 AVM Advance Metals Ltd 0.038 6% -5% -76% $1,523,228 WRM White Rock Min Ltd 0.063 0% 0% 0% $17,508,200 ASR Asra Minerals Ltd 0.005 25% 0% -55% $8,319,979 MCT Metalicity Limited 0.002 0% 0% -33% $11,212,634 AME Alto Metals Limited 0.03 0% 3% -55% $23,088,742 CTO Citigold Corp Ltd 0.004 0% 0% -20% $15,000,000 TIE Tietto Minerals 0.6075 -1% -1% 5% $694,882,627 SMI Santana Minerals Ltd 1.3 -2% 17% 73% $234,797,637 M2R Miramar 0.018 20% -5% -58% $2,828,521 MHC Manhattan Corp Ltd 0.003 20% 0% -40% $7,342,449 GRL Godolphin Resources 0.033 -8% -23% -49% $5,584,987 SVG Savannah Goldfields 0.027 -13% -10% -85% $7,870,378 EMC Everest Metals Corp 0.08 0% -1% 7% $13,142,649 GUL Gullewa Limited 0.055 0% -2% -2% $11,262,521 CY5 Cygnus Metals Ltd 0.054 6% -19% -77% $15,744,194 G50 Gold50Limited 0.145 51% 67% -34% $10,929,000 ADV Ardiden Ltd 0.15 7% -9% -46% $9,690,213 AAR Astral Resources NL 0.059 -3% -3% -21% $47,585,852 VMC Venus Metals Cor Ltd 0.089 -1% -7% 2% $16,885,853 NAE New Age Exploration 0.004 0% 0% -33% $7,175,596 VKA Viking Mines Ltd 0.011 10% -8% 10% $11,277,843 LCL LCL Resources Ltd 0.013 0% 18% -59% $11,462,706 MTH Mithril Resources 0.002 0% 0% 0% $6,737,609 ADG Adelong Gold Limited 0.004 -11% 0% -60% $3,521,956 RMX Red Mount Min Ltd 0.002 0% 0% -50% $5,347,152 PRS Prospech Limited 0.038 9% 27% 64% $9,455,205 TTM Titan Minerals 0.031 15% 48% -49% $51,944,086 NML Navarre Minerals Ltd 0.019 0% 0% -34% $28,555,654 MZZ Matador Mining Ltd 0.042 5% 15% -48% $21,511,104 KZR Kalamazoo Resources 0.087 -5% -13% -38% $15,033,104 BCN Beacon Minerals 0.024 -4% 9% -14% $90,162,436 MAU Magnetic Resources 1.005 0% 2% 52% $253,230,614 BC8 Black Cat Syndicate 0.205 -13% 3% -41% $66,107,485 EM2 Eagle Mountain 0.06 -19% -8% -63% $21,042,714 EMR Emerald Res NL 2.8 -12% -1% 77% $1,833,838,632 BYH Bryah Resources Ltd 0.011 38% 38% -38% $4,354,535 HCH Hot Chili Ltd 1.1 8% 1% 20% $136,167,535 WAF West African Res Ltd 1.08 7% 26% 8% $1,129,231,613 MEU Marmota Limited 0.046 -10% -4% 21% $50,822,428 NVA Nova Minerals Ltd 0.285 0% 6% -35% $59,049,217 SVL Silver Mines Limited 0.16 -3% 19% -3% $263,906,345 PGD Peregrine Gold 0.21 -9% -21% -42% $14,191,468 ICL Iceni Gold 0.024 -4% -33% -73% $5,670,904 FG1 Flynngold 0.041 -5% -21% -47% $6,729,777 WWI West Wits Mining Ltd 0.014 -7% 8% 17% $36,455,875 RML Resolution Minerals 0.003 -14% -25% -50% $3,779,990 AAJ Aruma Resources Ltd 0.017 0% 13% -69% $3,544,047 AL8 Alderan Resource Ltd 0.0045 0% 13% -36% $4,980,876 GMN Gold Mountain Ltd 0.004 0% -20% 0% $14,877,528 MEG Megado Minerals Ltd 0.011 0% -15% -71% $2,544,556 HMG Hamelingoldlimited 0.074 0% 1% -18% $11,655,000 TBA Tombola Gold Ltd 0.026 0% 0% 0% $33,129,243 BM8 Battery Age Minerals 0.1 -26% -38% -72% $9,634,833 TBR Tribune Res Ltd 3.61 6% 24% 2% $198,329,331 FML Focus Minerals Ltd 0.19 12% 19% 3% $51,580,556 GSR Greenstone Resources 0.008 14% 14% -64% $9,576,794 VRC Volt Resources Ltd 0.006 9% 0% -40% $20,650,533 ARV Artemis Resources 0.018 0% 6% 20% $30,441,531 HRN Horizon Gold Ltd 0.3 3% 9% -11% $42,727,777 CLA Celsius Resource Ltd 0.014 8% 17% -7% $31,444,723 QML Qmines Limited 0.07 8% -5% -56% $15,605,497 RDN Raiden Resources Ltd 0.026 8% 4% 584% $66,414,628 TCG Turaco Gold Limited 0.17 3% 48% 158% $99,975,111 KCC Kincora Copper 0.037 6% 9% -47% $6,135,504 GBZ GBM Rsources Ltd 0.009 0% 0% -71% $10,183,648 DTM Dart Mining NL 0.017 13% 21% -55% $4,096,433 MKR Manuka Resources. 0.077 -13% 3% 43% $50,676,964 AUC Ausgold Limited 0.031 0% 24% -38% $71,180,377 ANX Anax Metals Ltd 0.022 0% 10% -63% $12,476,303 EMU EMU NL 0.001 0% 0% -50% $2,024,771 SFM Santa Fe Minerals 0.045 0% 0% -22% $3,276,846 SSR SSR Mining Inc. 6.04 -3% -12% -72% $30,572,113 PNR Pantoro Limited 0.0635 15% 51% -5% $301,833,770 CMM Capricorn Metals 4.97 2% 13% 5% $1,894,688,716 X64 Ten Sixty Four Ltd 0.57 0% 0% 0% $130,184,182 SI6 SI6 Metals Limited 0.004 0% 0% -20% $9,475,438 HAW Hawthorn Resources 0.075 1% -9% -14% $25,126,171 BGD Bartongoldholdings 0.275 -2% 10% 25% $55,042,953 SVY Stavely Minerals Ltd 0.03 -12% -3% -84% $11,458,203 AGC AGC Ltd 0.076 9% -5% 46% $16,888,889 RGL Riversgold 0.008 0% -11% -47% $7,741,292 TSO Tesoro Gold Ltd 0.029 -17% 26% 0% $36,887,421 GUE Global Uranium 0.105 0% -19% -28% $27,668,899 CPM Coopermetalslimited 0.12 -14% -53% -50% $9,794,456 MM8 Medallion Metals. 0.057 -2% 0% -53% $17,536,144 FFM Firefly Metals Ltd 0.7075 19% 40% 10% $259,326,382 CBY Canterbury Resources 0.033 10% 27% -18% $5,667,450 LYN Lycaonresources 0.16 10% -16% -18% $7,489,563 SFR Sandfire Resources 8.65 2% 18% 54% $3,971,263,991 TMZ Thomson Res Ltd 0.005 0% 0% 0% $4,881,018 TAM Tanami Gold NL 0.034 3% 13% -3% $38,778,203 WMC Wiluna Mining Corp 0.205 0% 0% 0% $74,238,031 NWM Norwest Minerals 0.027 -10% -21% -10% $9,702,977 ALK Alkane Resources Ltd 0.58 -1% 16% -20% $362,062,390 BMO Bastion Minerals 0.01 11% 0% -64% $3,520,124 IDA Indiana Resources 0.079 -4% -4% 65% $48,769,628 GSM Golden State Mining 0.01 -17% -9% -69% $2,793,706 NSM Northstaw 0.044 29% 10% -69% $6,154,534 GSN Great Southern 0.022 -4% 16% 22% $16,601,974 RED Red 5 Limited 0.3575 -2% 21% 155% $1,229,649,195 DEG De Grey Mining 1.2175 -5% -3% -23% $2,323,338,234 THR Thor Energy PLC 0.024 -4% -8% -40% $4,420,131 CDR Codrus Minerals Ltd 0.041 -2% -13% -54% $3,787,888 MDI Middle Island Res 0.017 13% 6% -55% $3,700,118 WTM Waratah Minerals Ltd 0.088 35% 6% -27% $12,845,347 POL Polymetals Resources 0.3 13% 15% 62% $47,285,342 RDS Redstone Resources 0.004 0% 0% -60% $3,701,514 NAG Nagambie Resources 0.014 -7% -42% -70% $11,152,899 BGL Bellevue Gold Ltd 1.9025 15% 34% 57% $2,342,910,283 GBR Greatbould Resources 0.06 -5% -3% -33% $37,212,846 KAI Kairos Minerals Ltd 0.013 -7% -7% -32% $34,071,858 KAU Kaiser Reef 0.13 -4% 0% -28% $20,525,267 HRZ Horizon 0.034 0% 6% -32% $23,833,445 CAI Calidus Resources 0.12 -27% -23% -49% $101,086,600 CDT Castle Minerals 0.007 0% 17% -61% $7,959,204 RSG Resolute Mining 0.38 3% 10% 1% $851,620,005 MXR Maximus Resources 0.031 -11% 3% -11% $9,949,319 EVN Evolution Mining Ltd 3.415 1% 13% 18% $6,890,995,820 CXU Cauldron Energy Ltd 0.038 -5% 0% 543% $49,773,345 DLI Delta Lithium 0.3125 -5% 1% -1% $228,290,285 ALY Alchemy Resource Ltd 0.007 0% -13% -50% $8,246,534 HXG Hexagon Energy 0.023 44% 77% 109% $11,797,066 OBM Ora Banda Mining Ltd 0.26 2% 6% 86% $451,749,526 SLR Silver Lake Resource 1.1775 -2% 17% 2% $1,121,693,200 AVW Avira Resources Ltd 0.001 0% 0% -50% $2,133,790 LCY Legacy Iron Ore 0.014 -7% -13% -18% $115,703,224 PDI Predictive Disc Ltd 0.225 -6% 18% 25% $477,536,140 MAT Matsa Resources 0.027 -7% -10% -27% $13,885,897 ZAG Zuleika Gold Ltd 0.019 12% -5% 36% $14,721,710 GML Gateway Mining 0.025 -7% -7% -42% $8,636,486 SBM St Barbara Limited 0.165 0% 6% -43% $139,054,965 SBR Sabre Resources 0.019 0% -10% -24% $7,110,977 STK Strickland Metals 0.088 -1% 7% 138% $146,174,326 ION Iondrive Limited 0.009 0% -10% -53% $4,376,568 CEL Challenger Gold Ltd 0.076 -5% 1% -34% $98,371,133 LRL Labyrinth Resources 0.005 0% 0% -42% $7,125,262 NST Northern Star 13.555 -3% 3% 16% $15,755,821,500 OZM Ozaurum Resources 0.053 -36% -27% 26% $8,255,000 TG1 Techgen Metals Ltd 0.031 -3% -30% -50% $4,068,242 XAM Xanadu Mines Ltd 0.063 47% 43% 91% $113,256,397 AQI Alicanto Min Ltd 0.03 -6% 25% -32% $18,460,104 KTA Krakatoa Resources 0.009 -10% -44% -70% $4,248,965 ARN Aldoro Resources 0.078 -3% -22% -63% $10,500,652 WGX Westgold Resources. 2.445 -2% 28% 114% $1,174,584,370 MBK Metal Bank Ltd 0.023 5% 35% -22% $8,980,564 A8G Australasian Metals 0.072 0% -18% -54% $3,700,555 TAR Taruga Minerals 0.008 14% 0% -50% $5,648,214 DTR Dateline Resources 0.015 15% 25% -17% $20,338,991 GOR Gold Road Res Ltd 1.525 -4% 10% -7% $1,639,413,745 S2R S2 Resources 0.1325 -5% -2% -5% $58,871,539 NES Nelson Resources. 0.0035 17% -13% -13% $2,147,580 TLM Talisman Mining 0.175 -3% -10% 30% $32,014,459 BEZ Besragoldinc 0.14 0% -7% 133% $58,534,127 PRU Perseus Mining Ltd 2.045 -3% 22% -11% $2,870,748,668 SPQ Superior Resources 0.0095 -21% -5% -83% $18,010,984 PUR Pursuit Minerals 0.0045 -10% 13% -78% $14,719,857 RMS Ramelius Resources 1.6825 5% 21% 52% $1,975,073,665 PKO Peako Limited 0.005 -17% 67% -50% $2,635,424 ICG Inca Minerals Ltd 0.005 -17% -17% -75% $4,792,627 A1G African Gold Ltd. 0.035 0% 0% -53% $5,925,892 OAU Ora Gold Limited 0.006 0% 0% 200% $31,570,005 GNM Great Northern 0.015 -12% -12% -71% $2,319,436 KRM Kingsrose Mining Ltd 0.034 6% 10% -44% $23,328,322 BTR Brightstar Resources 0.015 -12% 25% -6% $37,926,062 RRL Regis Resources 1.855 -4% -4% -2% $1,420,036,959 M24 Mamba Exploration 0.026 4% -19% -71% $4,602,057 TRM Truscott Mining Corp 0.051 9% 2% 9% $8,148,252 TNC True North Copper 0.071 -13% -15% 34% $28,821,959 MOM Moab Minerals Ltd 0.006 -14% -14% -14% $3,559,817 KNB Koonenberrygold 0.022 -12% 1% -45% $3,305,075 AWJ Auric Mining 0.165 10% 43% 259% $20,937,535 AZS Azure Minerals 3.645 1% 1% 1179% $1,660,420,062 ENR Encounter Resources 0.245 -8% 2% 96% $106,596,457 SNG Siren Gold 0.057 -5% -2% -40% $11,261,960 STN Saturn Metals 0.18 9% 20% -5% $41,398,833 USL Unico Silver Limited 0.125 14% 30% -11% $37,006,449 PNM Pacific Nickel Mines 0.034 -15% -11% -53% $13,384,099 AYM Australia United Min 0.003 0% 0% 0% $5,527,732 ANL Amani Gold Ltd 0.001 0% 0% 0% $25,143,441 HAV Havilah Resources 0.17 6% 13% -48% $52,245,470 SPR Spartan Resources 0.585 -9% 18% 485% $579,187,888 PNT Panthermetalsltd 0.035 -8% -22% -75% $3,050,816 MEK Meeka Metals Limited 0.038 6% 12% -12% $46,918,939 GMD Genesis Minerals 1.795 -5% 15% 72% $2,154,112,005 PGO Pacgold 0.155 3% 15% -59% $13,042,543 FEG Far East Gold 0.135 0% -4% -55% $25,284,869 MI6 Minerals260Limited 0.15 0% -17% -50% $36,270,000 IGO IGO Limited 7.21 -7% 2% -40% $5,550,773,069 GAL Galileo Mining Ltd 0.265 8% 13% -62% $57,311,229 RXL Rox Resources 0.16 0% 3% -47% $59,096,682 KIN KIN Min NL 0.062 -10% 2% 41% $74,223,485 CLZDC Classic Min Ltd 0.017 -66% -66% -83% $4,640,431 TGM Theta Gold Mines Ltd 0.16 28% 19% 167% $113,846,374 FAL Falconmetalsltd 0.12 0% 9% -68% $20,355,000 SXG Southern Cross Gold 1.94 0% 46% 194% $184,026,802 SPD Southernpalladium 0.33 2% -20% -37% $14,215,848 ORN Orion Minerals Ltd 0.014 0% 8% 0% $76,001,701 TMB Tambourahmetals 0.078 -19% -11% -22% $6,801,109 TMS Tennant Minerals Ltd 0.028 4% -7% -7% $22,170,884 AZY Antipa Minerals Ltd 0.013 0% 8% -28% $49,617,695 PXX Polarx Limited 0.013 -7% 3% 22% $19,675,401 TRE Toubani Res Ltd 0.12 -8% 0% -25% $15,394,552 AUN Aurumin 0.035 0% -8% 9% $14,864,395 GPR Geopacific Resources 0.019 12% 23% -23% $15,612,630 FXG Felix Gold Limited 0.03 0% -9% -71% $6,216,453 ILT Iltani Resources Lim 0.145 -3% -9% 0% $4,931,523 ARD Argent Minerals 0.01 0% 11% -9% $12,917,590

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