KEY POINTS:
ANZ, Victor Smorgon Group expect gold to trade near US$2500/oz by the end of 2024; Goldman Sachs has a US$2700/oz price target
Naysayers like RBC Capital Markets commodity strategist Christopher Louney warn gold looks ‘overvalued’
ASX Large Cap Standouts This Week: Westgold, Regis, Silver Lake
ASX Small Cap Standouts This Week: Felix Gold, Matador Mining
“A noble spirit embiggens the smallest man,” a wise man, who may have actually been an evil pirate, once said.
Jebediah Springfield was, in actuality, the murderous Hans Sprungfeld and much like the herd mentality that led the town of Springfield to whack snakes in his honour, a rising gold price has embiggened analysts to pump up their forecasts.
It used to be a hearty joke told by aristocrats around the fireplace to disinterested servants that gold could bound beyond US$3000 an ounce.
Now, as the world collapses under geopolitical strife, central banks stock up for the apocalypse and eager beavers bay for rate cuts from the US Fed even conservative assessors are touting a move beyond US$2500/oz.
ANZ this week said it expects gold to trade near US$2500/oz by the end of 2024 (and silver to a decade long high of US$31/oz). Goldman Sachs has a US$2700/oz price target by year end, up from US$2300/oz previously.
All of a sudden those dreamers (and maybe even the #silversqueeze bros) don’t seem so crazy.
The Victor Smorgon Group has seen its gold fund return 13.9% in March and 38.2% since its May 2020 inception, outperforming the ASX Gold Equities Index by 43.0%. Here’s the composition difference between the two:
Source: VICTOR SMORGON PARTNERS RESOURCES GOLD FUND INVESTOR UPDATE – MARCH 2024.
Its executive chair Peter Edwards and co-CIO Joseph Sitch reckons gold could move to US$2500/oz with hints of recessionary scents wafting through the air.
“Heightened geopolitical tensions in a key election year for global economies, combined with strong central bank buying, should provide further support for the gold price,” they said.
“A recession has historically rewarded gold, averaging a price gain of around 13% in the past seven recessions, which implies a price of around US$2,500/oz.
“Together with the fact that gold ETF demand has not matched the rise in the gold price suggests that there is still significant potential upside for gold.”
Gold closed Thursday at US$US2383.70/oz on the LBMA, but caught new wind in futures markets on Friday after a reported missile strike by Israel on Iran.
Tailwinds for gold
ANZ’s Daniel Hynes and Soni Kumari had previously seen gold going to US$2300/oz by the end of the year. They now think it could go even higher to US$2500/oz by December, US$2550/oz by next March and US$2600/oz by next June.
For reference gold averaged just US$1926/oz in 2023 — at that point an all time year high.
Between ANZ and World Gold Council data, they see gold demand and supply eclipsing 5000t for the first time in 2025.
Pic: ANZ
But are there naysayers? You betcha
Of course not everyone can be convinced as the gold trade flips from contrarian bet to conventional wisdom.
RBC Capital Markets commodity strategist Christopher Louney warned gold looks ‘overvalued’ by more traditional macro drivers while bulls focused on safe haven demand, central bank demand and physical premia.
“Gold prices have rallied to record highs with market participants, ourselves included, attributing much of the driving force to be strong central bank demand, strong Chinese consumer demand, physical demand generally (take the Costco gold bar sales stories as an example), and geopolitical risks given ongoing conflicts in both Europe and the Middle East, never mind other potential flashpoints,” Louney said.
“All this time, however, we have cited gold as still holding inherent vulnerabilities. This is for a few reasons.”
He argued the current drivers for higher gold prices were not usually those most predictive of movements historically.
“It is important to stress here that these are relevant factors for gold, but rarely in recent times are they the overriding drivers of price or the most predictive parts of models on a sustained basis” Louney said.
“Gold models often rely much more on macro drivers like rates (which remain high), the dollar (which remains strong) and other items.
“By most of those measures, gold is actually quite overvalued, especially when looking at single factors. But even when using a blended model like ours for example, gold still looks overvalued versus our high scenario (never mind our middle scenario). Perhaps this is a signal to readjust our expectations? Or perhaps the gravity indicated by macro drivers is just not important right now?”
Louney cautioned that RBC “certainly may be wrong”, but noted poor investor interest in ETFs outside of Asia showed there could still be a reckoning for the bull run.
RBC’s high scenario has prices averaging US$2248/oz in 2024 and not lifting to current levels sustainably until 2025, when it sees high scenario averages of US$2394/oz.
This week’s large cap winners
WESTGOLD RESOURCES (ASX:WGX) +12%
REGIS RESOURCES (ASX:RRL) +10%
SILVER LAKE RESOURCES (ASX:SLR) +9%
This week’s large cap losers
GOLD ROAD RESOURCES (ASX:GOR) -10%
WEST AFRICAN RESOURCES (ASX:WAF) -4%
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 %Wk %Mth %Yr SHARE PRICE MARKET CAP LYN Lycaonresources 67% 71% 67% 0.3 $12,556,031.54 FXG Felix Gold Limited 64% 173% -16% 0.082 $17,613,284.61 TAR Taruga Minerals 50% 50% -51% 0.009 $6,354,241.07 NPM Newpeak Metals 36% 50% -85% 0.015 $1,699,179.44 ENR Encounter Resources 31% 39% 145% 0.355 $155,242,428.63 MZZ Matador Mining Ltd 29% 73% 7% 0.076 $38,824,919.99 GBZ GBM Rsources Ltd 27% 56% -53% 0.014 $15,036,955.56 IPT Impact Minerals 25% 54% 67% 0.02 $57,294,077.78 CTO Citigold Corp Ltd 25% 0% -17% 0.005 $16,500,000.00 MCT Metalicity Limited 25% 25% 0% 0.0025 $8,970,107.59 ARD Argent Minerals 24% 110% 50% 0.021 $20,668,144.03 MXR Maximus Resources 24% 31% 5% 0.042 $12,516,884.95 AS1 Asara Resources Ltd 22% 22% -67% 0.011 $8,821,753.50 MBK Metal Bank Ltd 21% 5% -25% 0.023 $8,980,563.69 AUN Aurumin 20% 47% 77% 0.053 $22,733,780.21 LRL Labyrinth Resources 20% 20% -57% 0.006 $7,125,262.21 POL Polymetals Resources 19% 13% 17% 0.31 $47,285,342.40 BCM Brazilian Critical 19% 9% -70% 0.025 $18,498,920.38 NVA Nova Minerals Ltd 19% 17% -14% 0.315 $66,021,753.69 LM8 Lunnon Metals 18% 11% -74% 0.295 $63,172,508.73 DTR Dateline Resources 17% 0% -18% 0.014 $20,338,990.66 CDT Castle Minerals 17% 0% -53% 0.007 $8,571,450.89 CYL Catalyst Metals 16% 38% -15% 0.875 $176,138,247.48 CY5 Cygnus Metals Ltd 16% 61% -72% 0.074 $21,866,935.43 PNT Panther Metalsltd 15% 0% -64% 0.038 $2,963,649.51 RXL Rox Resources 15% 44% -40% 0.23 $79,411,165.90 LCY Legacy Iron Ore 14% 14% 7% 0.016 $123,416,772.19 KNB Koonenberrygold 13% 33% -38% 0.026 $4,406,766.40 STN Saturn Metals 13% 22% 22% 0.22 $49,280,544.94 CST Castile Resources 13% 24% -2% 0.098 $23,222,632.99 KCN Kingsgate Consolidated 13% 31% 5% 1.62 $403,381,397.98 STK Strickland Metals 13% 53% 207% 0.135 $200,469,547.44 ARV Artemis Resources 13% 6% 13% 0.018 $28,750,334.53 KAL Kalgoorlie Gold Mining 13% 44% -16% 0.036 $5,864,526.57 RDS Redstone Resources 13% 13% -55% 0.0045 $4,164,203.07 SVG Savannah Goldfields 12% -3% -82% 0.028 $7,870,377.65 WGX Westgold Resources. 12% 0% 60% 2.35 $1,094,068,506.30 GAL Galileo Mining Ltd 12% 19% -59% 0.285 $51,382,481.02 CBY Canterbury Resources 12% -3% -22% 0.029 $4,980,485.98 FML Focus Minerals Ltd 11% 18% 8% 0.2 $55,878,935.78 PUR Pursuit Minerals 11% 0% -74% 0.005 $14,719,857.08 GSR Greenstone Resources 11% 25% -50% 0.01 $13,732,572.74 VKA Viking Mines Ltd 11% 0% -17% 0.01 $9,227,325.88 TBR Tribune Res Ltd 11% 32% 12% 4.54 $238,205,069.58 RRL Regis Resources 10% 23% 6% 2.285 $1,714,619,094.16 MI6 Minerals260Limited 10% -3% -64% 0.16 $33,930,000.00 MAU Magnetic Resources 10% 5% 85% 1.08 $277,350,637.48 TTM Titan Minerals 10% 18% -45% 0.033 $57,899,104.06 SRN Surefire Rescs NL 10% 10% -52% 0.011 $21,849,385.94 BNZ Benzmining 10% 18% -59% 0.165 $20,030,035.32 GSN Great Southern 10% 15% 5% 0.023 $17,356,609.35 TSO Tesoro Gold Ltd 9% 13% 25% 0.035 $35,657,840.53 SPR Spartan Resources 9% 13% 435% 0.655 $632,842,041.68 SLZ Sultan Resources Ltd 9% -8% -70% 0.012 $2,371,037.87 SLR Silver Lake Resource 9% 25% 17% 1.445 $1,350,705,561.19 G50 Gold50Limited 9% 90% -5% 0.19 $20,765,100.00 ICL Iceni Gold 8% 13% -59% 0.026 $7,150,270.51 SBM St Barbara Limited 8% 81% 30% 0.3075 $241,301,262.10 AAR Astral Resources NL 8% 23% -17% 0.07 $66,249,925.06 RED Red 5 Limited 7% 24% 142% 0.435 $1,489,434,236.07 PNR Pantoro Limited 7% 55% 24% 0.087 $452,750,654.72 AVM Advance Metals Ltd 7% -19% -84% 0.029 $1,322,333.21 TMB Tambourahmetals 7% -11% -40% 0.075 $6,552,287.89 RMS Ramelius Resources 7% 29% 46% 2.07 $2,342,257,960.95 FG1 Flynngold 7% 12% -39% 0.048 $7,386,340.95 SNG Siren Gold 7% 14% -43% 0.065 $12,066,385.26 ADV Ardiden Ltd 6% 3% -45% 0.165 $9,690,213.43 OBM Ora Banda Mining Ltd 6% 36% 143% 0.34 $630,532,227.68 GRL Godolphin Resources 6% 9% -59% 0.035 $5,415,744.54 BC8 Black Cat Syndicate 6% 32% -41% 0.27 $84,852,197.38 ARL Ardea Resources Ltd 6% 1% 74% 0.74 $145,792,517.10 KRM Kingsrose Mining Ltd 6% 19% -41% 0.037 $28,596,007.72 ZAG Zuleika Gold Ltd 5% 18% 25% 0.02 $13,985,624.88 MM8 Medallion Metals. 5% 20% -45% 0.067 $20,612,660.68 PGD Peregrine Gold 5% 2% -38% 0.23 $14,593,860.52 ADT Adriatic Metals 4% 14% 17% 4.285 $1,097,355,364.56 GWR GWR Group Ltd 4% -1% 30% 0.099 $32,121,665.50 TRE Toubani Res Ltd 4% 0% -39% 0.125 $16,733,208.25 NXM Nexus Minerals Ltd 4% 52% -56% 0.076 $29,568,569.80 AGC AGC Ltd 4% 13% 58% 0.079 $16,666,666.65 FAL Falconmetalsltd 4% 8% -65% 0.135 $24,780,000.00 ALK Alkane Resources Ltd 3% 14% -22% 0.67 $410,337,375.56 EVN Evolution Mining Ltd 3% 21% 15% 4.07 $7,943,511,032.00 AWJ Auric Mining 3% 32% 310% 0.205 $30,453,441.06 TRM Truscott Mining Corp 3% 31% 31% 0.0615 $10,662,074.19 AME Alto Metals Limited 2% 54% -34% 0.043 $31,025,496.40 EMR Emerald Res NL 2% 31% 115% 3.68 $2,354,255,891.36 SFR Sandfire Resources 2% 6% 29% 9.075 $4,140,351,180.24 DEG De Grey Mining 2% 12% -14% 1.3575 $2,471,439,475.88 A8G Australasian Metals 2% -10% -60% 0.064 $3,335,711.62 PRU Perseus Mining Ltd 1% 14% -2% 2.31 $3,118,506,058.05 IDA Indiana Resources 1% 3% 55% 0.082 $50,621,639.00 NST Northern Star 1% 14% 11% 15.525 $17,587,154,817.90 RND Rand Mining Ltd 1% 15% 18% 1.57 $88,726,499.16 SMI Santana Minerals Ltd 1% 8% 67% 1.31 $237,194,761.58 TIE Tietto Minerals 0% 5% -9% 0.6425 $723,129,888.64 SSR SSR Mining Inc. 0% 35% -66% 8.02 $36,993,146.08 PDI Predictive Disc Ltd 0% 7% 31% 0.235 $456,773,699.36 FFX Firefinch Ltd 0% 0% 0% 0.2 $236,569,315.40 X64 Ten Sixty Four Ltd 0% 0% 0% 0.57 $130,184,181.57 BCN Beacon Minerals 0% 21% -17% 0.029 $112,703,045.13 RDN Raiden Resources Ltd 0% 24% 675% 0.031 $87,667,308.53 WMC Wiluna Mining Corp 0% 0% 0% 0.205 $74,238,030.68 BGD Bartongoldholdings 0% -2% 22% 0.275 $56,452,133.52 BTR Brightstar Resources 0% 12% 36% 0.019 $53,762,723.03 AZY Antipa Minerals Ltd 0% 0% -40% 0.012 $53,752,502.86 MEU Marmota Limited 0% -6% 16% 0.044 $46,587,225.30 YRL Yandal Resources 0% 58% 61% 0.15 $41,510,180.17 GBR Greatbould Resources 0% 3% -35% 0.064 $39,035,219.86 TBA Tombola Gold Ltd 0% 0% 0% 0.026 $33,129,242.98 WA8 Warriedarresourltd 0% -8% -65% 0.046 $30,644,957.44 NML Navarre Minerals Ltd 0% 0% -37% 0.019 $28,555,653.83 PNX PNX Metals Limited 0% 0% 67% 0.005 $27,478,123.60 ANL Amani Gold Ltd 0% 0% 0% 0.001 $25,143,441.13 KAU Kaiser Reef 0% 30% -19% 0.15 $23,946,145.16 HAW Hawthorn Resources 0% 1% -1% 0.071 $23,786,108.52 KZR Kalamazoo Resources 0% 5% -42% 0.098 $17,130,746.72 ASO Aston Minerals Ltd 0% -20% -89% 0.012 $16,835,835.50 BNR Bulletin Res Ltd 0% -29% -46% 0.049 $14,680,666.15 MRR Minrex Resources Ltd 0% 0% -24% 0.013 $14,103,277.54 GMN Gold Mountain Ltd 0% 0% 33% 0.004 $11,902,022.75 ASR Asra Minerals Ltd 0% 40% -33% 0.007 $11,647,970.18 GUL Gullewa Limited 0% 2% 0% 0.056 $11,467,293.60 LCL LCL Resources Ltd 0% -15% -63% 0.011 $10,507,480.69 NAG Nagambie Resources 0% -8% -75% 0.012 $9,559,628.12 MVL Marvel Gold Limited 0% 0% -47% 0.009 $8,637,907.03 SI6 SI6 Metals Limited 0% 0% -30% 0.0035 $8,291,007.99 ALY Alchemy Resource Ltd 0% 0% -50% 0.007 $8,246,533.79 CPM Coopermetalslimited 0% -19% -72% 0.105 $8,227,343.25 NAE New Age Exploration 0% 0% -20% 0.004 $7,175,595.64 RGL Riversgold 0% -13% -53% 0.007 $6,773,630.20 MTH Mithril Resources 0% 0% 0% 0.002 $6,737,608.94 AL8 Alderan Resource Ltd 0% 25% -29% 0.005 $6,641,167.84 DCX Discovex Res Ltd 0% 0% -33% 0.002 $6,605,136.20 OZM Ozaurum Resources 0% -24% -32% 0.041 $6,508,750.00 REZ Resourc & En Grp Ltd 0% 30% -7% 0.013 $6,497,475.26 PRX Prodigy Gold NL 0% -25% -73% 0.003 $6,041,321.97 NMR Native Mineral Res 0% 27% -30% 0.028 $5,875,814.39 TMX Terrain Minerals 0% 0% -33% 0.004 $5,726,682.69 NSM Northstaw 0% 3% -67% 0.04 $5,595,031.36 AYM Australia United Min 0% 0% 0% 0.003 $5,527,732.46 TMZ Thomson Res Ltd 0% 0% 0% 0.005 $4,881,018.47 BYH Bryah Resources Ltd 0% 25% -58% 0.01 $4,354,535.23 AQX Alice Queen Ltd 0% 20% -77% 0.006 $4,145,940.41 RML Resolution Minerals 0% 0% -40% 0.003 $4,024,992.02 ICG Inca Minerals Ltd 0% -23% -71% 0.005 $4,023,694.09 MDI Middle Island Res 0% 20% -44% 0.018 $3,703,518.34 SFM Santa Fe Minerals 0% 4% -22% 0.047 $3,422,483.08 GSM Golden State Mining 0% 10% -68% 0.011 $3,352,447.56 FAU First Au Ltd 0% 0% -71% 0.002 $3,323,986.55 PUA Peak Minerals Ltd 0% 0% -40% 0.003 $3,124,129.85 SMS Starmineralslimited 0% 14% -45% 0.04 $3,036,911.96 MEG Megado Minerals Ltd 0% -8% -78% 0.011 $2,799,011.14 RMX Red Mount Min Ltd 0% -43% -62% 0.001 $2,673,576.04 AVW Avira Resources Ltd 0% -33% -67% 0.001 $2,133,790.00 EMU EMU NL 0% 0% -50% 0.001 $2,024,771.29 CMM Capricorn Metals 0% 6% 11% 5.25 $1,981,497,162.75 AZS Azure Minerals -1% -6% 712% 3.41 $1,573,270,942.25 BGL Bellevue Gold Ltd -1% 14% 41% 1.9575 $2,313,476,737.22 ZNC Zenith Minerals Ltd -1% -3% -35% 0.097 $35,238,088.30 HCH Hot Chili Ltd -1% 11% 10% 1.205 $145,723,151.32 KSN Kingston Resources -1% -8% -37% 0.07 $44,992,292.96 IVR Investigator Res Ltd -2% 33% -18% 0.056 $87,113,376.57 GMD Genesis Minerals -2% 1% 49% 1.8775 $2,047,528,338.20 VMC Venus Metals Cor Ltd -2% 11% -14% 0.098 $18,593,410.93 PRS Prospech Limited -3% 8% 5% 0.039 $11,616,395.05 MTC Metalstech Ltd -3% 3% -36% 0.18 $33,067,053.25 PNM Pacific Nickel Mines -3% -10% -62% 0.036 $14,220,605.57 TG1 Techgen Metals Ltd -3% 6% -49% 0.036 $4,576,772.45 DRE Dreadnought Resources Ltd -3% 3% -76% 0.0175 $63,235,313.28 ILT Iltani Resources Lim -3% 6% 0% 0.165 $5,101,575.75 GPR Geopacific Resources -3% 65% 17% 0.028 $23,008,086.44 WAF West African Res Ltd -4% 31% 31% 1.3125 $1,360,925,631.30 CAI Calidus Resources -4% -24% -53% 0.125 $95,119,279.75 AQI Alicanto Min Ltd -4% -17% -40% 0.025 $15,383,420.15 ANX Anax Metals Ltd -4% 9% -64% 0.025 $14,191,610.35 ERM Emmerson Resources -4% -10% -41% 0.047 $25,601,360.04 HMX Hammer Metals Ltd -4% 15% -51% 0.046 $39,001,923.36 MLS Metals Australia -4% -4% -41% 0.022 $15,562,129.53 SPD Southernpalladium -4% 28% -13% 0.435 $18,739,072.25 CWX Carawine Resources -5% 0% 12% 0.105 $25,973,799.39 WTM Waratah Minerals Ltd -5% 69% -13% 0.105 $16,430,094.78 GED Golden Deeps -5% -11% -48% 0.042 $4,620,893.96 MKR Manuka Resources. -5% 2% 2% 0.083 $57,119,960.73 SVL Silver Mines Limited -5% 27% -22% 0.19 $278,986,707.55 HXG Hexagon Energy -5% -14% 58% 0.019 $10,771,233.92 TAM Tanami Gold NL -5% 12% 3% 0.037 $47,003,881.84 A1G African Gold Ltd. -5% -3% -53% 0.036 $6,095,203.60 WCN White Cliff Min Ltd -6% 31% 113% 0.017 $29,238,973.45 BMR Ballymore Resources -6% 4% -22% 0.125 $22,091,323.13 TCG Turaco Gold Limited -6% 0% 143% 0.165 $104,872,167.02 IGO IGO Limited -6% -7% -49% 7.09 $5,512,909,678.64 ARN Aldoro Resources -6% -9% -59% 0.074 $9,962,156.98 EM2 Eagle Mountain -6% -19% -62% 0.059 $22,478,106.30 SVY Stavely Minerals Ltd -6% 0% -81% 0.029 $11,840,142.88 AMI Aurelia Metals Ltd -7% 22% 38% 0.1775 $304,158,132.72 HRN Horizon Gold Ltd -7% -3% -24% 0.28 $40,555,178.44 MKG Mako Gold -7% 17% -65% 0.014 $13,664,114.52 CHN Chalice Mining Ltd -7% 14% -84% 1.295 $511,486,744.76 RSG Resolute Mining -7% 20% -6% 0.4425 $936,782,005.72 ORN Orion Minerals Ltd -7% 0% -19% 0.013 $76,001,700.84 PXX Polarx Limited -7% 0% -16% 0.013 $28,693,289.32 LEX Lefroy Exploration -7% 13% -55% 0.13 $28,064,187.48 HMG Hamelingoldlimited -8% 0% -26% 0.074 $11,655,000.00 SXG Southern Cross Gold -8% 7% 178% 2.07 $186,773,470.92 KAI Kairos Minerals Ltd -8% -11% -34% 0.012 $31,450,946.27 KCC Kincora Copper -8% 16% -44% 0.036 $7,173,931.73 G88 Golden Mile Res Ltd -8% 9% -45% 0.012 $4,934,674.26 GNM Great Northern -8% -20% -73% 0.012 $1,855,548.92 TLM Talisman Mining -8% 21% 64% 0.23 $43,313,680.27 FFM Firefly Metals Ltd -8% 24% 6% 0.745 $358,118,002.33 MEK Meeka Metals Limited -8% -3% -33% 0.034 $41,980,103.69 HRZ Horizon -8% 3% -45% 0.034 $24,534,428.66 AUC Ausgold Limited -8% 6% -38% 0.033 $73,476,518.66 SPQ Superior Resources -8% 10% -77% 0.011 $22,013,424.60 MOH Moho Resources -8% -8% -73% 0.0055 $2,695,890.99 M2R Miramar -8% -39% -74% 0.011 $2,046,956.23 EMC Everest Metals Corp -9% 33% 54% 0.105 $18,071,141.99 THR Thor Energy PLC -9% -13% -53% 0.021 $3,854,631.46 CEL Challenger Gold Ltd -9% 2% -48% 0.083 $113,155,061.96 MEI Meteoric Resources -9% -5% 90% 0.2275 $487,579,362.03 MRZ Mont Royal Resources -9% 0% -30% 0.07 $5,101,787.58 NWM Norwest Minerals -9% 71% 30% 0.048 $19,794,095.01 CDR Codrus Minerals Ltd -10% -14% -67% 0.038 $4,386,890.78 AAJ Aruma Resources Ltd -10% 12% -78% 0.019 $3,740,938.61 GOR Gold Road Res Ltd -10% 5% -10% 1.61 $1,755,018,192.06 AAU Antilles Gold Ltd -10% -5% -51% 0.018 $18,290,699.86 ION Iondrive Limited -10% 0% -57% 0.009 $4,376,567.51 GUE Global Uranium -10% -18% -25% 0.094 $25,297,278.82 ADN Andromeda Metals Ltd -11% -26% -60% 0.017 $49,764,334.91 WWI West Wits Mining Ltd -11% 21% -6% 0.017 $41,316,658.02 SBR Sabre Resources -11% -11% -23% 0.017 $6,362,452.86 MAT Matsa Resources -11% 18% -23% 0.033 $16,280,017.26 PGO Pacgold -11% 10% -63% 0.165 $13,883,997.60 AM7 Arcadia Minerals -11% 31% -50% 0.085 $10,905,010.00 DLI Delta Lithium -12% -17% -35% 0.265 $185,485,856.92 USL Unico Silver Limited -12% 30% -12% 0.15 $42,927,480.70 S2R S2 Resources -12% -2% -9% 0.1275 $56,607,249.13 FEG Far East Gold -13% 12% -56% 0.14 $37,350,091.08 QML Qmines Limited -13% 3% -56% 0.07 $16,255,726.35 GIB Gibb River Diamonds -13% 4% -39% 0.028 $5,922,264.46 BMO Bastion Minerals -13% -30% -70% 0.007 $3,444,670.76 ADG Adelong Gold Limited -13% -13% -77% 0.0035 $3,081,711.35 NES Nelson Resources. -13% 17% -30% 0.0035 $2,147,580.15 XAM Xanadu Mines Ltd -13% 20% 40% 0.067 $116,688,408.61 BEZ Besragoldinc -13% -26% -55% 0.1 $43,900,595.13 GML Gateway Mining -14% -30% -63% 0.019 $6,218,269.65 TGM Theta Gold Mines Ltd -14% -3% 76% 0.155 $110,288,674.89 KIN KIN Min NL -14% 11% 78% 0.073 $84,826,839.46 GTR Gti Energy Ltd -14% -25% -29% 0.006 $12,299,682.55 BM8 Battery Age Minerals -15% -30% -73% 0.094 $8,992,511.16 TMS Tennant Minerals Ltd -15% -15% -32% 0.023 $21,980,789.02 M24 Mamba Exploration -15% -8% -81% 0.023 $4,602,056.90 TNC True North Copper -15% 15% 60% 0.085 $43,859,502.65 SKY SKY Metals Ltd -15% 3% -43% 0.034 $19,308,631.18 CLA Celsius Resource Ltd -15% -27% -31% 0.011 $24,706,568.28 OAU Ora Gold Limited -17% -17% 100% 0.005 $34,836,005.35 VRC Volt Resources Ltd -17% 0% -50% 0.005 $20,793,390.64 MOM Moab Minerals Ltd -17% -17% -29% 0.005 $3,559,815.30 CAZ Cazaly Resources -18% -5% -36% 0.018 $8,183,453.83 HAV Havilah Resources -19% 15% -39% 0.19 $64,911,038.05 CLZ Classic Min Ltd -20% -84% -84% 0.008 $2,790,310.37 PKO Peako Limited -20% -20% -50% 0.004 $2,108,338.88 DTM Dart Mining NL -25% 114% -58% 0.03 $7,737,707.49 CXU Cauldron Energy Ltd -26% -8% 526% 0.037 $48,599,360.76 SIH Sihayo Gold Limited -33% -33% -50% 0.001 $12,204,256.18 MHC Manhattan Corp Ltd -33% -33% -60% 0.002 $5,873,959.55 KTA Krakatoa Resources -33% 33% -64% 0.012 $5,665,286.64
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