Gold stories ruled our top ASX resources stocks for March
\nUranium stocks \u2013 after a frothy start to the year \u2014 fell off the face of the earth
\nStandout Stocks for March: Macro Metals, Magmatic Resources, Many Peaks, Turaco<\/p>\n
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Until very recently, investors were displaying a complete lack of interest in Aussie gold stocks even as the prices scaled all-time highs.<\/a><\/p>\n The divergence between the metal, now up +40% from its November 2022 low of US$1640\/oz, and stocks performance\u00a0puzzled the experts.<\/p>\n Many said it was just a matter of time. They could be right.<\/p>\n Gold stories ruled the roost in March, in signs the precious metals malaise could be over.<\/p>\n READ: Up, Up, Down, Down: Gold wins the commodities game in March as bullion prices continue to level up<\/a><\/strong><\/p>\n Copper stocks also did well, tracking an improvement in the price last month.<\/p>\n A tentative recovery had punters dusting off their lithium hopefuls, while uranium stocks \u2013 after a frothy start to the year<\/a> \u2014 fell off the face of the earth.<\/p>\n\n \u00a0<\/p>\n Scroll or swipe to reveal table. Click headings to sort.<\/em><\/strong><\/p>\n CODE COMPANY MARCH 2024 RETURN SHARE PRICE MARKET CAP COMMODITIES M4M Macro Metals 180% 0.007 $25,856,534.05 IRON ORE MAG Magmatic Resrce 165% 0.098 $36,637,339.10 COPPER, GOLD MPK Many Peaks Minerals 118% 0.205 $8,193,570.59 GOLD CVR Cavalier Resources 100% 0.19 $4,933,481.98 GOLD HXG Hexagon Energy 100% 0.026 $13,335,813.43 GRAPHITE, AMMONIA SRL Sunrise 86% 0.67 $55,941,048.76 NICKEL, COBALT SCN Scorpion Minerals 83% 0.033 $14,330,966.72 LITHIUM ARL Ardea Resources 83% 0.73 $142,837,263.38 NICKEL, COBALT STM Sunstone Metals 78% 0.016 $45,508,470.10 COPPER, GOLD SRX Sierra Rutile 76% 0.12 $48,787,191.41 MINERAL SANDS APS Allup Silica 72% 0.062 $1,115,835.93 SILICA SANDS GTE Great Western Exp. 70% 0.068 $23,316,711.34 COPPER, GOLD NYM Narryer Metals 70% 0.051 $3,149,637.29 LITHIUM AWJ Auric Mining 64% 0.18 $22,900,428.43 GOLD RR1 Reach Resources 64% 0.003 $9,836,169.46 LITHIUM PNR Pantoro 61% 0.0645 $317,445,861.35 GOLD G50 Gold50 61% 0.135 $14,754,150.00 GALLIUM MMC Mitre Mining 61% 0.45 $34,328,491.89 SILVER, GOLD TCG Turaco Gold 59% 0.175 $99,975,111.47 GOLD ALM Alma Metals 57% 0.011 $11,140,007.87 COPPER WIA WIA Gold 57% 0.08 $73,654,796.88 GOLD AIS Aeris Resources 55% 0.155 $145,128,831.00 COPPER, ZINC, GOLD, SILVER XAM Xanadu Mines 55% 0.062 $99,528,348.52 COPPER, GOLD AUQ Alara Resources 54% 0.06 $43,085,252.46 COPPER, GOLD GCX GCX Metals 53% 0.055 $15,594,419.90 COPPER, GOLD, NICKEL, PGE <\/p>\n WordPress Table Plugin<\/a><\/p>\n \u00a0<\/p>\n MACRO METALS (ASX:M4M)<\/a><\/strong><\/p>\n In recent times iron ore has been an unhappy hunting ground for junior resources companies.<\/p>\n Smalls caps are either saddled with multi-billion dollar projects stuck in development purgatory or build cheap, high cost mines unprofitable whenever the price drops below US$100\/t.<\/p>\n There are notable exceptions (Fenix, for example) but iron ore exploration\/production is a tough game to play, let alone win.<\/p>\n Hoping to buck the trend and \u201cbecome a multi mine producer\u201d is the stock formerly known as Kogi Iron, which is back to its roots after a brief dalliance in the lithium space.<\/p>\n M4M rerated last month after reskinning as a WA iron ore play and voting in a new board, which includes famous small cap investors Tolga Kumova and Evan Cranston.<\/p>\n The new assets include W5, 5km along strike from Fenix Resources\u2019 (ASX:FEX) Iron Ridge mine in the Mid West, and Deepdale, next door to Rio Tinto\u2019s Robe Valley operations and CZR Resources\u2019 \u00a0(ASX:CZR) Robe Mesa project in the Pilbara.<\/p>\n\n <\/span>\u00a0<\/p>\n MAGMATIC RESOURCES (ASX:MAG)<\/a><\/strong><\/p>\n Fortescue (ASX:FMG)<\/strong><\/a> will spent up to $14m over six years to get a 75% JV interest in Magmatic\u2019s Myall project in New South Wales. For Fortescue, which paid $3.3b in dividends for the first half of FY24, that\u2019s chump change.<\/p>\n For Magmatic it\u2019s manna from heaven,<\/a> as is FMG\u2019s decision to subscribe for 75.9 million shares to claim a 19.9% stake in the junior.<\/p>\n FMG can claim an initial 51% interest in Myall by spending $6m on exploration over the first four years. Another $8m over the subsequent two years would take its share to 75%.<\/p>\n Importantly Myall already has a large mineral resource of 110Mt at 0.33% copper equivalent, containing 293,000t copper, 237,000oz gold and 2.8Moz silver at Magmatic\u2019s Corvette and Kingswood prospects, released in July last year.<\/p>\n That\u2019s on the low end of the scale for grade, even for a porphyry, though Magmatic says it believes it has \u2018Tier-1 potential\u2019 at Myall, which sits just 50km north in the same geological setting as the Northparkes copper and gold mine.<\/p>\n The majority 80% share of that operation was acquired by copper-leaning gold major\u00a0Evolution Mining (ASX:EVN)\u00a0<\/strong><\/a>for ~$700m in December.<\/p>\n\n \ufeff<\/span><\/span>\u00a0<\/p>\n MANY PEAKS (ASX:MPK)<\/a> & TURACO GOLD (ASX:TCG)<\/a><\/strong><\/p>\n MPK inked a deal to buy the advanced Ferke and Odienne gold projects in Cote d\u2019Ivoire from TCG and JV partner Predictive Discovery (ASX:PDI).<\/a><\/p>\n At Ferke, MPK will follow up promising hits like 35.95m @ 3.88 g\/t gold within 77.6m and 91.1m @ 2.02 g\/t gold from surface.<\/em><\/p>\n \u201cLeveraging over US$4m of previous expenditure in recent years has generated multiple targets ready for follow-up, including extension targets, providing Many Peaks with a transformational acquisition with near-term resource potential viable,\u201d MPK executive chairman Travis Schwertfeger says.<\/p>\n TCG gets a 11% stake in MPK as part of the deal, which gives it exposure to any exploration upside.<\/p>\n It follows a bunch of other lucrative divestments and farm outs by TCG, which leaves it with two projects in Cote d\u2019Ivoire including the flagship Afema, where resource drilling is underway.<\/p>\n\n \ufeff<\/span><\/span>\u00a0 The post Who Made the Gains: Here are the top ASX mining and exploration stocks for March<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"Here are the top ASX resources stocks for the month of March >>><\/strong><\/h2>\n
March Small Cap Standouts<\/h2>\n
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