Gold Digger: Fedspeak soap opera sends gold up, then down, but narrative remains strong

Despite a late-week cool-off, gold remains in striking distance of its all-time highs
The Australian Federal government sees a good longer-term future for gold producers
This week’s top ASX golden gainers include: Dart Mining, Alto Metals, Felix Gold

The gold price, as you probably very well know has/had been soaring this week, hitting all-time highs yet again, trading north of US$2,302 per ounce and in the Aussie version, a stonking $3,511 a couple of days ago.

These have since taken a bit of a breather, pulling back a wee tad to close the Aussie week – perhaps due to profit-taking sell pressure, but also partly due to some rate-cut-optimism-killing vibes from certain Fed members on Thursday evening.

But all up, so far it continues to be a beaut year for the precious yellow one, with a YTD gain of about 11.2%.

Source: abcbullion.com.au

That’s all well and good for the commodity price, but what about the gold mining and exploration stocks disconnect? Is that still prevalent?

Actually, there have been some further signs this week that the gap may be closing. The performance of the S&P/ASX All Ordinaries Gold Index (ASX:XGD), which covers gold-industry players on the local Aussie bourse, would suggest it indeed is.

That’s up about 4% for the week, and a very decent 14% over the past month, despite a bit of a dip late today (Friday).

Gold prices have officially crossed above $2,300 for the first time in history.

Since February 14th, gold is up an incredible $300/oz or 15% in less than 2 months.

Even as 3 interest rate cuts have been removed from market forecasts, gold is pushing higher.

Geopolitical… pic.twitter.com/6LK9meQJIU

— The Kobeissi Letter (@KobeissiLetter) April 4, 2024

What’s been driving the golden gains train of late?

Various factors, including the US Federal Reserve indicating that a couple of rate cuts are still shuffled somewhere in their deck of cards, and indeed the hand they might well play at some point this year.

Optimism for that eventuality was delivered by US Fed chairman Jerome Powell at Stanford University midweek and that gave the US dollar and US Treasury bond yields a swift uppercut, helping gold and equities.

But then…

… this whole rate-cut narrative is turning into something of a soap opera, or at least one big tease, because late on Thursday evening, Aussie times, comments from Fed officials suggested rate cuts may come not in the middle, but instead late in the year or even next year.

Wall Street took a dip fell after Minneapolis Fed boss Neel Kashkari said that although the Fed has pencilled in two rate cuts, it has the rubber handy because none may actually be implemented this year if inflation stays sticky.

“If we continue to see inflation moving sideways, then that would make me question whether we need to do those rate cuts at all,” Kashkari said. “There’s a lot of momentum in the economy right now.”

The US macroeconomic narrative has another opportunity spoil the party a tad for gold in the next day or so, too, with more Fedspeak and US employment data on the cards (the US non-farm payrolls report hits late, late Friday Aussie time).

The NFP – that’s the next point of focus for markets, and if it comes in hot again, like it did in February and like plenty of analysts seem to think it might, then gold and equities may see some short-term cooling off.

Yet this…

… could be just another short-term blip for gold if it plays out that way.

Add a pinch or two of ongoing Middle Eastern and Eastern European turmoil into the pot, and a great big spoonful of central bank buying and stir.

“There is big demand [for gold] coming from Asia, particularly from China and solid demand from central banks,” noted Carlo Alberto De Casa, a market analyst at Kinesis Money this week, also citing the rate-cutting hopes and geopolitical risks that could keep save haven gold on the up.

As for the last factor, ongoing it very much is. The Associated Press reported that US jarhead types are expecting some sort of retaliation from Iran after an Israeli air strike earlier this week managed to knock some top Iranian military brass off the board.

How ’bout an Aussie gov gold projection?

For what it’s worth, the Federal government, via the latest commodities projections report by the Department of Industry, Sciences and Resources, wrote this very recently:

“Australian gold export earnings are forecast to increase by 14% to $28 billion in 2023–24.”

So that’s pretty positive for gold producers. But hang on, it looks further ahead and it’s not so upbeat:

“Export earnings are forecast to decline in real terms over the outlook period to around $20 billion by 2028–29. This is largely because of expected declines in real gold prices.”

Ah… bummer. What goes up, must come down and all that. Just buy Bitcoin? The gov continues with:

“Prices are forecast to remain elevated throughout 2024 and 2025, before softening in real terms to average around US$1,750 an ounce by 2029.”

But wait… it added something positive again:

“[Australian gold] production is forecast to grow over the long-term as major new projects and expansions come on-stream… Higher export volumes are predicted to outweigh the impact of lower [longer term] Australian gold prices in real terms.”

What else is making news?

• Bank of America remains bullish on gold for 2024. In a note published earlier this week, its commodity analysts reaffirmed their outlook for gold prices to move north of US$2,400 an ounce this year.

“We had previously proposed a $2,400/oz price estimate if the Fed cut rates in 1Q24; we commit to that estimate for this year, even if rate cuts come later,” said analyst Michael Widmer in the report.

• Central banks continued to buy gold in February, according to The World Gold Council’s latest data, with global central bank gold reserves increasing by 19 tonnes in the month.

That said, purchases were reportedly down 58% compared to January as some central banks also took the opportunity to take some profit.

• HSBC has launched a tokenised gold product – a blockchain-based offering for its retail customers in Hong Kong.

The HSBC Gold Token launched for trading in the Hong Kong market last week, according to a report from the South China Morning Post, and it’s the the first such product to be issued by a bank.

• Oh, and this…

So far in 2024 here are the results:#Silver up 13.13%#Gold up 11.88%#Bitcoin up 52%

The results speak for themselves.

— Bottom G (@itsbottomg) April 3, 2024

ASX Winners & Losers

Here’s how ASX-listed precious metals stocks are performing, circa 3pm April 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 % Month % Year Market Cap MRR Minrex Resources Ltd 0.013 -7% -7% -24% $14,103,278 NPM Newpeak Metals 0.011 0% -8% -89% $1,099,469 ASO Aston Minerals Ltd 0.013 0% -7% -90% $18,130,900 MTC Metalstech Ltd 0.17 3% 6% -50% $32,122,280 FFX Firefinch Ltd 0.2 0% 0% 0% $236,569,315 GED Golden Deeps 0.042 -14% 5% -40% $5,198,506 G88 Golden Mile Res Ltd 0.012 -8% 9% 0% $4,934,674 DCX Discovex Res Ltd 0.002 0% 0% -33% $6,605,136 NMR Native Mineral Res 0.02 -20% -26% -41% $4,197,010 AQX Alice Queen Ltd 0.005 0% 0% -71% $3,454,921 SLZ Sultan Resources Ltd 0.013 8% 0% -66% $2,568,624 MKG Mako Gold 0.0155 11% 19% -62% $14,640,123 KSN Kingston Resources 0.075 -13% 3% -16% $39,836,947 AMI Aurelia Metals Ltd 0.1725 11% 23% 34% $270,362,785 PNX PNX Metals Limited 0.005 25% 0% 67% $24,212,811 GIB Gibb River Diamonds 0.028 0% 0% -38% $5,922,264 KCN Kingsgate Consolid. 1.37 12% 7% -6% $378,894,987 TMX Terrain Minerals 0.0045 0% 0% -10% $5,726,683 BNR Bulletin Res Ltd 0.065 3% -7% -28% $19,084,866 NXM Nexus Minerals Ltd 0.064 39% 78% -58% $23,343,608 SKY SKY Metals Ltd 0.031 -6% -24% -24% $17,604,928 LM8 Lunnonmetalslimited 0.25 -6% -9% -78% $54,459,059 CST Castile Resources 0.071 -1% -5% -20% $17,416,975 YRL Yandal Resources 0.135 48% 8% 47% $29,458,838 FAU First Au Ltd 0.002 0% -33% -60% $3,323,987 ARL Ardea Resources Ltd 0.685 -6% 47% 46% $132,001,333 GWR GWR Group Ltd 0.105 0% 12% 24% $32,121,666 IVR Investigator Res Ltd 0.048 17% 33% 17% $79,193,979 GTR Gti Energy Ltd 0.007 -7% -13% -13% $14,349,630 IPT Impact Minerals 0.015 0% 25% 50% $42,970,558 BNZ Benzmining 0.155 11% 15% -62% $14,466,137 MOH Moho Resources 0.006 20% 0% -60% $2,695,891 BCM Brazilian Critical 0.021 0% -16% -77% $16,279,050 PUA Peak Minerals Ltd 0.003 -14% 50% -25% $3,124,130 MRZ Mont Royal Resources 0.057 -19% -23% -46% $4,846,698 SMS Starmineralslimited 0.035 -3% -3% -51% $2,657,298 MVL Marvel Gold Limited 0.01 11% 0% -44% $8,637,907 PRX Prodigy Gold NL 0.003 -14% 0% -70% $4,852,353 AAU Antilles Gold Ltd 0.019 -5% -5% -49% $17,990,700 CWX Carawine Resources 0.11 2% 15% 20% $25,973,799 RND Rand Mining Ltd 1.45 6% 16% 4% $83,892,042 CAZ Cazaly Resources 0.02 11% 5% -26% $9,092,726 BMR Ballymore Resources 0.125 -11% 30% -14% $22,974,976 DRE Dreadnought Resources Ltd 0.018 6% -5% -72% $62,668,313 ZNC Zenith Minerals Ltd 0.091 -2% -4% -39% $31,714,279 REZ Resourc & En Grp Ltd 0.011 -8% 10% -31% $5,497,864 LEX Lefroy Exploration 0.097 -8% -12% -57% $21,048,141 ERM Emmerson Resources 0.047 -2% -10% -38% $26,690,780 AM7 Arcadia Minerals 0.095 36% 28% -53% $9,269,259 ADT Adriatic Metals 3.95 0% 22% 5% $981,994,154 AS1 Asara Resources Ltd 0.009 0% 13% -71% $8,821,754 CYL Catalyst Metals 0.66 3% 32% -29% $151,908,705 CHN Chalice Mining Ltd 1.1675 8% -4% -84% $455,087,066 KAL Kalgoorliegoldmining 0.031 29% 24% -38% $4,438,020 MLS Metals Australia 0.023 5% -18% -44% $16,976,869 ADN Andromeda Metals Ltd 0.02 -5% -35% -57% $62,205,419 MEI Meteoric Resources 0.22 -10% 2% 76% $457,727,564 SRN Surefire Rescs NL 0.01 5% -9% -52% $19,863,078 SIH Sihayo Gold Limited 0.0015 50% 50% -25% $18,306,384 WA8 Warriedarresourltd 0.041 -5% 17% -70% $28,225,738 HMX Hammer Metals Ltd 0.048 26% 23% -50% $42,547,553 WCN White Cliff Min Ltd 0.015 -3% -6% 114% $25,990,199 AVM Advance Metals Ltd 0.038 0% -3% -79% $1,523,228 WRM White Rock Min Ltd 0 -100% -100% -100% $17,508,200 ASR Asra Minerals Ltd 0.006 20% 0% -45% $9,983,974 MCT Metalicity Limited 0.002 0% 0% 0% $11,212,634 AME Alto Metals Limited 0.047 47% 38% -30% $28,860,927 CTO Citigold Corp Ltd 0.0045 -10% 13% -25% $13,500,000 TIE Tietto Minerals 0.6075 -1% 1% -11% $689,233,175 SMI Santana Minerals Ltd 1.355 8% 6% 61% $235,026,606 M2R Miramar 0.012 -33% -25% -71% $2,084,174 MHC Manhattan Corp Ltd 0.0025 -17% -17% -50% $8,810,939 GRL Godolphin Resources 0.036 0% 20% -52% $6,092,713 SVG Savannah Goldfields 0.028 4% -7% -82% $7,870,378 EMC Everest Metals Corp 0.095 19% 19% 38% $14,785,480 GUL Gullewa Limited 0.055 0% 0% 0% $11,262,521 CY5 Cygnus Metals Ltd 0.055 8% -21% -74% $16,035,753 G50 Gold50Limited 0.145 4% 101% -31% $16,393,500 ADV Ardiden Ltd 0.16 -3% 7% -53% $9,377,626 AAR Astral Resources NL 0.064 7% 25% -16% $49,965,145 VMC Venus Metals Cor Ltd 0.099 4% -1% 0% $18,403,682 NAE New Age Exploration 0.004 0% 0% -20% $8,072,545 VKA Viking Mines Ltd 0.01 0% -9% -9% $10,252,584 LCL LCL Resources Ltd 0.0115 5% 15% -62% $10,507,481 MTH Mithril Resources 0.002 0% 0% 0% $6,737,609 ADG Adelong Gold Limited 0.0035 -13% -22% -65% $3,521,956 RMX Red Mount Min Ltd 0.002 14% 14% -43% $4,678,758 PRS Prospech Limited 0.04 3% 29% 90% $10,805,949 TTM Titan Minerals 0.029 4% -3% -49% $54,280,410 NML Navarre Minerals Ltd 0.019 0% 0% -39% $28,555,654 MZZ Matador Mining Ltd 0.053 6% 20% -33% $27,807,037 KZR Kalamazoo Resources 0.1 12% 3% -23% $17,480,354 BCN Beacon Minerals 0.027 8% 17% -18% $105,189,509 MAU Magnetic Resources 0.965 3% -4% 38% $250,260,575 BC8 Black Cat Syndicate 0.26 16% 27% -41% $83,018,702 EM2 Eagle Mountain 0.063 13% -6% -58% $21,728,836 EMR Emerald Res NL 3.32 13% 11% 131% $2,040,380,184 BYH Bryah Resources Ltd 0.01 0% 25% -54% $4,354,535 HCH Hot Chili Ltd 1.26 15% 20% 16% $154,084,316 WAF West African Res Ltd 1.3125 9% 35% 31% $1,360,210,807 MEU Marmota Limited 0.045 0% 5% 18% $47,646,026 NVA Nova Minerals Ltd 0.25 0% -12% -46% $52,722,516 SVL Silver Mines Limited 0.1825 7% 22% -15% $286,526,889 PGD Peregrine Gold 0.235 2% -2% -37% $15,951,429 ICL Iceni Gold 0.022 -4% -39% -67% $5,670,904 FG1 Flynngold 0.048 -2% 20% -40% $7,878,764 WWI West Wits Mining Ltd 0.016 14% 23% 14% $41,316,658 RML Resolution Minerals 0.0025 0% -17% -50% $4,024,992 AAJ Aruma Resources Ltd 0.019 6% 19% -74% $3,740,939 AL8 Alderan Resource Ltd 0.005 0% 25% -44% $5,534,307 GMN Gold Mountain Ltd 0.004 -20% 0% 33% $11,902,023 MEG Megado Minerals Ltd 0.011 -8% -8% -74% $2,799,011 HMG Hamelingoldlimited 0.075 4% 6% -14% $11,812,500 TBA Tombola Gold Ltd 0.026 0% 0% 0% $33,129,243 BM8 Battery Age Minerals 0.096 -4% -40% -75% $8,900,751 TBR Tribune Res Ltd 4.02 6% 33% 7% $220,365,923 FML Focus Minerals Ltd 0.185 3% 9% 9% $53,013,349 GSR Greenstone Resources 0.009 29% 29% -53% $10,944,908 VRC Volt Resources Ltd 0.005 -17% -17% -55% $20,650,533 ARV Artemis Resources 0.018 6% 20% 29% $30,441,531 HRN Horizon Gold Ltd 0.25 -4% 2% -26% $40,555,178 CLA Celsius Resource Ltd 0.014 0% 8% -7% $33,690,775 QML Qmines Limited 0.077 10% 17% -51% $15,605,497 RDN Raiden Resources Ltd 0.026 4% -4% 584% $66,414,628 TCG Turaco Gold Limited 0.17 -3% 17% 139% $111,228,056 KCC Kincora Copper 0.039 -13% 26% -42% $7,993,810 GBZ GBM Rsources Ltd 0.011 38% 22% -61% $12,446,681 DTM Dart Mining NL 0.039 129% 117% -23% $10,468,663 MKR Manuka Resources. 0.074 0% 6% -11% $47,711,967 AUC Ausgold Limited 0.035 9% 35% -27% $80,364,942 ANX Anax Metals Ltd 0.024 4% 14% -68% $14,103,647 EMU EMU NL 0.001 0% 0% -50% $2,024,771 SFM Santa Fe Minerals 0.047 4% 4% -22% $3,422,483 SSR SSR Mining Inc. 7.08 9% 11% -69% $36,061,999 PNR Pantoro Limited 0.074 17% 64% 32% $390,302,289 CMM Capricorn Metals 5.22 1% 4% 13% $2,072,079,890 X64 Ten Sixty Four Ltd 0.57 0% 0% 0% $130,184,182 SI6 SI6 Metals Limited 0.003 -14% -40% -45% $7,106,578 HAW Hawthorn Resources 0.08 14% 4% 10% $26,801,249 BGD Bartongoldholdings 0.27 6% 4% 15% $51,111,314 SVY Stavely Minerals Ltd 0.03 0% -12% -83% $11,458,203 AGC AGC Ltd 0.072 -10% -12% 33% $16,444,444 RGL Riversgold 0.007 -13% -22% -56% $7,741,292 TSO Tesoro Gold Ltd 0.028 -7% 12% 0% $34,428,260 GUE Global Uranium 0.1 3% -5% -31% $27,668,899 CPM Coopermetalslimited 0.11 -12% -65% -61% $8,619,122 MM8 Medallion Metals. 0.063 5% 7% -54% $19,689,706 FFM Firefly Metals Ltd 0.75 3% 46% 11% $300,970,585 CBY Canterbury Resources 0.037 0% 12% -3% $6,354,413 LYN Lycaonresources 0.165 -8% -3% -13% $6,828,719 SFR Sandfire Resources 8.815 -1% 15% 40% $4,144,921,104 TMZ Thomson Res Ltd 0.005 0% 0% 0% $4,881,018 TAM Tanami Gold NL 0.036 9% 16% -10% $45,828,785 WMC Wiluna Mining Corp 0.205 0% 0% 0% $74,238,031 NWM Norwest Minerals 0.03 7% -6% -27% $10,781,085 ALK Alkane Resources Ltd 0.6525 4% 28% -17% $389,217,069 BMO Bastion Minerals 0.0085 -15% -6% -67% $3,444,671 IDA Indiana Resources 0.076 -3% -7% 52% $46,300,280 GSM Golden State Mining 0.012 0% 9% -65% $3,073,077 NSM Northstaw 0.045 0% 29% -67% $6,294,410 GSN Great Southern 0.021 -5% 5% 17% $16,601,974 RED Red 5 Limited 0.3825 1% 13% 155% $1,333,563,211 DEG De Grey Mining 1.285 2% -2% -15% $2,425,157,838 THR Thor Energy PLC 0.022 -4% -12% -51% $4,038,185 CDR Codrus Minerals Ltd 0.042 2% -5% -51% $3,787,888 MDI Middle Island Res 0.016 0% 0% -45% $3,482,464 WTM Waratah Minerals Ltd 0.07 -22% 9% -53% $11,949,160 POL Polymetals Resources 0.265 -4% -5% 39% $41,768,719 RDS Redstone Resources 0.004 -20% -20% -50% $3,701,514 NAG Nagambie Resources 0.014 8% -42% -69% $11,152,899 BGL Bellevue Gold Ltd 1.895 1% 18% 51% $2,248,722,935 GBR Greatbould Resources 0.06 3% -2% -32% $36,012,432 KAI Kairos Minerals Ltd 0.0125 -11% -4% -31% $31,450,946 KAU Kaiser Reef 0.15 -6% 20% -14% $25,656,584 HRZ Horizon 0.035 6% -3% -29% $26,637,380 CAI Calidus Resources 0.1475 28% -5% -31% $110,338,365 CDT Castle Minerals 0.007 8% 17% -65% $7,959,204 RSG Resolute Mining 0.4625 8% 25% 10% $968,717,756 MXR Maximus Resources 0.035 25% 3% -19% $10,270,265 EVN Evolution Mining Ltd 3.875 8% 25% 20% $7,566,194,258 CXU Cauldron Energy Ltd 0.042 8% 8% 509% $52,201,313 DLI Delta Lithium 0.29 2% -15% -16% $206,888,071 ALY Alchemy Resource Ltd 0.008 33% 14% -43% $9,424,610 HXG Hexagon Energy 0.023 -15% 64% 77% $11,797,066 OBM Ora Banda Mining Ltd 0.3 7% 15% 150% $543,943,307 SLR Silver Lake Resource 1.27 2% 14% 9% $1,187,125,303 AVW Avira Resources Ltd 0.001 0% 0% -67% $2,133,790 LCY Legacy Iron Ore 0.015 0% 7% 0% $115,703,224 PDI Predictive Disc Ltd 0.23 2% 7% 35% $456,773,699 MAT Matsa Resources 0.036 20% 20% -12% $14,843,545 ZAG Zuleika Gold Ltd 0.02 18% 25% 43% $13,985,625 GML Gateway Mining 0.023 -8% -15% -57% $7,945,567 SBM St Barbara Limited 0.205 17% 28% -27% $155,414,372 SBR Sabre Resources 0.019 0% 12% -17% $7,110,977 STK Strickland Metals 0.115 21% 42% 219% $199,334,626 ION Iondrive Limited 0.009 -10% 0% -59% $4,376,568 CEL Challenger Gold Ltd 0.088 10% 11% -45% $122,473,714 LRL Labyrinth Resources 0.006 20% 33% -38% $7,125,262 NST Northern Star 14.815 2% 8% 18% $17,000,916,324 OZM Ozaurum Resources 0.045 -4% -41% -6% $6,667,500 TG1 Techgen Metals Ltd 0.027 0% -31% -58% $3,686,844 XAM Xanadu Mines Ltd 0.069 17% 57% 73% $121,836,427 AQI Alicanto Min Ltd 0.029 21% -19% -34% $17,229,431 KTA Krakatoa Resources 0.008 0% -33% -71% $3,776,858 ARN Aldoro Resources 0.071 0% -16% -62% $9,558,286 WGX Westgold Resources. 2.305 -12% 4% 68% $1,160,375,689 MBK Metal Bank Ltd 0.02 -9% -9% -39% $8,199,645 A8G Australasian Metals 0.064 7% -6% -64% $3,335,712 TAR Taruga Minerals 0.007 17% 17% -50% $4,942,187 DTR Dateline Resources 0.012 -14% 0% -31% $18,886,206 GOR Gold Road Res Ltd 1.655 5% 4% -5% $1,782,101,806 S2R S2 Resources 0.1375 2% 2% 2% $65,664,409 NES Nelson Resources. 0.003 -25% -25% -40% $1,840,783 TLM Talisman Mining 0.255 4% 42% 70% $49,904,892 BEZ Besragoldinc 0.11 22% -24% -37% $45,991,100 PRU Perseus Mining Ltd 2.24 4% 20% -4% $3,063,047,622 SPQ Superior Resources 0.01 5% 0% -83% $20,012,204 PUR Pursuit Minerals 0.005 11% 0% -69% $14,719,857 RMS Ramelius Resources 1.95 5% 29% 57% $2,238,630,025 PKO Peako Limited 0.004 0% 0% -60% $2,635,424 ICG Inca Minerals Ltd 0.005 0% -29% -71% $4,023,694 A1G African Gold Ltd. 0.035 0% -5% -51% $5,925,892 OAU Ora Gold Limited 0.006 0% 0% 140% $40,642,006 GNM Great Northern 0.013 0% -13% -71% $2,087,493 KRM Kingsrose Mining Ltd 0.036 13% 6% -43% $26,338,428 BTR Brightstar Resources 0.018 13% 29% 29% $55,215,770 RRL Regis Resources 2.04 1% 6% 0% $1,499,347,534 M24 Mamba Exploration 0.025 4% -14% -75% $4,602,057 TRM Truscott Mining Corp 0.056 8% 12% 19% $9,535,188 TNC True North Copper 0.105 8% 11% 98% $43,859,503 MOM Moab Minerals Ltd 0.006 50% -14% -14% $4,271,781 KNB Koonenberrygold 0.017 -11% -2% -62% $2,341,095 AWJ Auric Mining 0.195 5% 39% 205% $26,171,918 AZS Azure Minerals 3.59 -2% 0% 941% $1,655,833,266 ENR Encounter Resources 0.245 0% -17% 104% $104,585,203 SNG Siren Gold 0.06 11% 15% -39% $10,859,747 STN Saturn Metals 0.2 11% 8% 3% $43,636,608 USL Unico Silver Limited 0.16 23% 78% 3% $50,328,770 PNM Pacific Nickel Mines 0.038 52% -19% -48% $15,893,618 AYM Australia United Min 0.003 -25% 0% -25% $5,527,732 ANL Amani Gold Ltd 0.001 0% 0% 0% $25,143,441 HAV Havilah Resources 0.205 21% 37% -33% $58,578,254 SPR Spartan Resources 0.6575 0% 15% 558% $652,165,463 PNT Panthermetalsltd 0.03 3% -21% -75% $2,614,985 MEK Meeka Metals Limited 0.037 3% 3% -14% $44,449,522 GMD Genesis Minerals 1.86 0% 9% 69% $2,142,892,672 PGO Pacgold 0.155 7% 7% -59% $13,042,543 FEG Far East Gold 0.15 -6% 15% -50% $38,638,025 MI6 Minerals260Limited 0.155 3% -6% -65% $37,440,000 IGO IGO Limited 7.255 3% -11% -42% $5,520,482,357 GAL Galileo Mining Ltd 0.245 -13% -4% -66% $51,382,481 RXL Rox Resources 0.2 21% 18% -27% $70,177,309 KIN KIN Min NL 0.071 6% 18% 69% $87,183,141 CLZ Classic Min Ltd 0.011 -35% -78% -78% $2,835,935 TGM Theta Gold Mines Ltd 0.16 -9% 23% 129% $113,846,374 FAL Falconmetalsltd 0.135 0% -18% -62% $23,010,000 SXG Southern Cross Gold 1.905 4% 47% 154% $171,666,793 SPD Southernpalladium 0.33 0% -13% -42% $14,215,848 ORN Orion Minerals Ltd 0.014 0% -7% 0% $81,847,986 TMB Tambourahmetals 0.072 -5% -19% -18% $5,971,705 TMS Tennant Minerals Ltd 0.028 0% 4% -13% $21,406,371 AZY Antipa Minerals Ltd 0.012 0% -8% -37% $53,752,503 PXX Polarx Limited 0.013 0% 8% 34% $21,315,018 TRE Toubani Res Ltd 0.125 -17% 19% -29% $18,071,865 AUN Aurumin 0.043 26% 0% 54% $19,236,276 GPR Geopacific Resources 0.025 32% 79% 25% $19,721,217 FXG Felix Gold Limited 0.05 43% 47% -47% $11,396,831 ILT Iltani Resources Lim 0.15 0% 7% 0% $5,101,576 KGD Kula Gold 0.01 33% 25% -37% $4,620,000 ARD Argent Minerals 0.016 45% 68% 45% $20,668,144

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