Gold Digger: China back making big gold buys as price tops US$3300/oz
Open interest on the Shanghai Futures Exchange is at levels not seen since Q4 2019
Chinese gold imports hit an 11-month high of 127.5Mt in April
A few weeks ago we looked at the impact on gold prices as Chinese traders heavily liquidated gold positions on local exchanges in the lead up to the key Labor Day holiday in the Middle Kingdom.
As it turns out we need not have been so concerned.
Prices aren't around the US$3500/oz levels they hit as panic set in following Donald Trump's twin foibles of pounding tariffs around its trading partners like a teenager on an arcade shooter and threatening to fire US Fed Chair Jerome Powell.
But a big move has come this week, with prices surging back over US$3300/oz to US$3320/oz.
We're now looking at a tidy 13% one week gain for the ASX All Ords gold sub-index, taking its 12-month performance to +62%.
A couple of bat signals from Bloomberg and Goldman Sachs in recent days give reason to be bullish on Chinese demand for bullion.
Its long been thought China's Government, institutions and retail investors were big buyers of bullion as they look to diversify away from the US Dollar and previously safe investments like US Treasuries.
Chinese gold imports climbed to 127.5Mt in April, according to customs data this week.
An 11-month high, with the extraordinary part being that gold was trading at multiple all-time highs across the month.
"The rise in imports is likely due to the People's Bank of China allocating fresh quotas to some commercial banks in April, as the authority responds to strong demand from institutional and retail investors at the height of the trade war," Bloomberg said.
"The central bank controls physical bullion flows, typically granting import licenses and quotas only to select banks."
Interest remains
A couple factors boosted gold's safe haven appeal this past week.
Increasing tensions in the Middle East, the likely extension of the war in Ukraine and downgrade of America's credit rating by Moody's have all sent gold higher.
Over in China buying is ramping up again.
The Shanghai Metals Market, quoting Goldman Sachs analyst Adam Gillard, said there was clear logical support behind gold's recent uptrend.
"Specifically, gold buying initiated in the Chinese domestic market during the night session of the Shanghai Futures Exchange (SHFE) triggered a follow-up rally in the New York Mercantile Exchange (COMEX) market. The total open interest in COMEX increased by 3% (4% for silver), while the arbitrage spread between the two major markets, SHFE/CMX, widened significantly," SMM reported.
Open interest in gold futures in Shanghai is at levels not seen since Q4 2019.
Bullish indeed.
Winners & Losers
CODE COMPANY PRICE WEEK % MONTH % 6 MONTH % YEAR % YTD % MARKET CAP
MRR Minrex Resources Ltd 0.011 29% 38% 38% -4% 57% $ 10,848,675.03
NPM Newpeak Metals 0.013 44% 18% 30% -46% 18% $ 4,831,075.97
ASO Aston Minerals Ltd 0.023 28% 28% 156% 28% 156% $ 28,491,413.92
MTC Metalstech Ltd 0.14 4% 27% 22% -39% 0% $ 29,221,027.64
GED Golden Deeps 0.018 0% -5% -36% -59% -28% $ 3,365,388.32
G88 Golden Mile Res Ltd 0.015 15% 50% 36% 7% 67% $ 7,619,469.97
LAT Latitude 66 Limited 0.043 -4% -14% -45% -79% 13% $ 6,453,031.73
NMR Native Mineral Res 0.17 6% 6% 347% 400% 336% $ 136,917,627.00
AQX Alice Queen Ltd 0.005 -17% 0% -38% -29% -38% $ 5,734,450.34
SLZ Sultan Resources Ltd 0.006 0% -33% -14% -40% 0% $ 1,388,819.46
KSN Kingston Resources 0.12 38% 28% 28% 41% 69% $ 102,880,662.25
AMI Aurelia Metals Ltd 0.295 2% -5% 74% 44% 74% $ 524,697,518.40
GIB Gibb River Diamonds 0.037 23% -3% 16% -24% -8% $ 7,293,321.13
KCN Kingsgate Consolid. 2 6% 14% 37% 9% 56% $ 520,658,417.84
TMX Terrain Minerals 0.003 0% 0% 0% 0% 0% $ 6,745,669.80
BNR Bulletin Res Ltd 0.068 -9% 6% 66% 33% 74% $ 19,965,705.96
NXM Nexus Minerals Ltd 0.075 9% -4% 19% 23% 67% $ 45,281,970.98
SKY SKY Metals Ltd 0.047 4% 9% -8% 7% -13% $ 34,113,751.97
LM8 Lunnonmetalslimited 0.205 -11% -18% -13% -34% -18% $ 44,125,634.80
CST Castile Resources 0.064 -9% -11% -23% -30% -20% $ 19,567,909.12
YRL Yandal Resources 0.125 -29% -4% -67% -4% -29% $ 43,292,897.48
FAU First Au Ltd 0.0035 40% 75% 75% 0% 75% $ 6,215,979.83
ARL Ardea Resources Ltd 0.415 1% -6% 14% -33% 26% $ 86,269,295.15
GWR GWR Group Ltd 0.097 -8% 9% 17% -3% 21% $ 31,713,452.19
IVR Investigator Res Ltd 0.022 5% -12% -44% -63% 10% $ 34,966,350.63
GTR Gti Energy Ltd 0.004 33% 33% 0% -33% 14% $ 10,496,323.82
IPT Impact Minerals 0.006 0% 20% -47% -70% -36% $ 21,754,314.83
BNZ Benzmining 0.395 10% -2% 41% 204% 14% $ 64,494,721.60
MOH Moho Resources 0.006 20% 100% 20% 50% 20% $ 4,472,484.16
BCM Brazilian Critical 0.009 0% 0% -18% -63% 0% $ 9,566,627.29
PUA Peak Minerals Ltd 0.019 0% 111% 201% 425% 145% $ 50,531,783.22
MRZ Mont Royal Resources 0.041 0% 0% 3% -23% -5% $ 3,486,221.51
SMS Starmineralslimited 0.025 0% -17% -34% -1% -31% $ 3,795,166.33
MVL Marvel Gold Limited 0.016 14% 7% 78% 100% 78% $ 15,116,337.31
PRX Prodigy Gold NL 0.002 0% 0% 0% -25% 0% $ 6,350,111.10
AAU Antilles Gold Ltd 0.004 0% 14% 0% -60% 33% $ 8,505,470.73
CWX Carawine Resources 0.096 -4% 2% -17% -4% -4% $ 22,668,043.10
RND Rand Mining Ltd 1.935 4% 3% 2% 29% 28% $ 109,486,224.93
CAZ Cazaly Resources 0.016 7% 14% 23% -33% 14% $ 7,380,847.86
BMR Ballymore Resources 0.155 -9% 48% 11% -23% 29% $ 27,393,240.68
DRE Dreadnought Resources Ltd 0.012 -8% 0% -20% -29% 0% $ 66,033,500.00
ZNC Zenith Minerals Ltd 0.042 -9% -14% 2% -40% 5% $ 16,705,098.30
REZ Resourc & En Grp Ltd 0.013 -19% -48% -55% 0% -43% $ 10,746,225.95
LEX Lefroy Exploration 0.085 10% 5% 10% -14% 21% $ 19,376,770.76
ERM Emmerson Resources 0.125 -4% -14% 98% 140% 62% $ 82,630,454.27
AM7 Arcadia Minerals 0.019 6% 6% -32% -74% 0% $ 2,230,285.23
ADT Adriatic Metals 5.04 35% 12% 24% 8% 29% $ 1,507,399,576.80
AS1 Asara Resources Ltd 0.052 21% 8% 136% 373% 174% $ 53,957,714.55
CYL Catalyst Metals 6.35 -3% -5% 96% 470% 146% $ 1,504,156,836.16
CHN Chalice Mining Ltd 1.23 20% 18% -9% -28% 11% $ 435,710,002.56
KAL Kalgoorliegoldmining 0.039 -5% -28% 77% 44% 117% $ 15,639,949.26
MLS Metals Australia 0.02 8% 5% -23% -13% -13% $ 13,116,951.43
ADN Andromeda Metals Ltd 0.011 -21% 22% 57% -35% 57% $ 41,946,773.81
MEI Meteoric Resources 0.105 0% 0% 7% -43% 24% $ 245,370,592.11
SRN Surefire Rescs NL 0.003 0% -25% -14% -67% -14% $ 7,459,336.17
WA8 Warriedarresourltd 0.115 15% 49% 117% 113% 161% $ 119,610,251.13
HMX Hammer Metals Ltd 0.031 -6% 48% -13% -21% -6% $ 26,632,761.00
WCN White Cliff Min Ltd 0.027 -7% 29% 69% 80% 69% $ 54,285,580.94
AVM Advance Metals Ltd 0.041 -2% -21% 24% 41% 21% $ 11,131,463.03
ASR Asra Minerals Ltd 0.0025 0% 25% -17% -64% -17% $ 5,533,072.31
ARI Arika Resources 0.034 13% 26% 3% 70% 26% $ 26,540,250.20
CTO Citigold Corp Ltd 0.004 0% 0% 0% -43% 0% $ 9,000,000.00
SMI Santana Minerals Ltd 0.555 6% -8% 6% 42% 14% $ 401,108,864.63
M2R Miramar 0.004 33% 100% -33% -58% 33% $ 2,990,469.86
MHC Manhattan Corp Ltd 0.024 9% 41% 20% -28% 26% $ 5,402,674.65
GRL Godolphin Resources 0.01 0% 0% -29% -64% -31% $ 4,039,859.81
SVG Savannah Goldfields 0.022 0% -4% 20% -19% 20% $ 25,114,694.86
EMC Everest Metals Corp 0.15 3% 7% 20% 3% 11% $ 33,619,688.25
GUL Gullewa Limited 0.07 0% -24% 11% 27% 25% $ 15,261,552.04
CY5 Cygnus Metals Ltd 0.075 1% -22% -40% -10% -25% $ 65,537,138.67
G50 G50Corp Ltd 0.125 14% 0% -32% -26% -19% $ 16,059,765.90
ADV Ardiden Ltd 0.145 -3% 7% 12% -3% 7% $ 9,065,038.37
AAR Astral Resources NL 0.17 17% 0% 31% 91% 26% $ 233,875,639.47
VMC Venus Metals Cor Ltd 0.11 11% 16% 57% 28% 64% $ 20,593,511.72
NAE New Age Exploration 0.004 0% 0% -11% 0% 14% $ 10,637,595.64
VKA Viking Mines Ltd 0.007 0% 17% -36% -30% -13% $ 10,079,615.62
LCL LCL Resources Ltd 0.007 0% -13% -22% -42% -30% $ 8,363,688.95
MTH Mithril Silver Gold 0.355 1% 3% -16% 25% -11% $ 53,203,685.53
ADG Adelong Gold Limited 0.007 0% 0% 40% 75% 56% $ 10,481,146.49
RMX Red Mount Min Ltd 0.007 -13% 0% -36% -30% -22% $ 3,719,662.37
PRS Prospech Limited 0.024 -4% 0% -17% -43% -17% $ 7,891,821.29
TTM Titan Minerals 0.395 10% -6% -4% 65% 4% $ 99,068,168.28
AKA Aureka Limited 0.125 4% -17% 14% -99% -7% $ 13,316,536.48
AAM Aumegametals 0.034 3% -17% -13% -54% -19% $ 21,748,069.51
KZR Kalamazoo Resources 0.0855 -1% -3% 2% -22% 16% $ 18,648,448.95
BCN Beacon Minerals 0.027 -4% -4% 23% -7% 23% $ 114,112,676.93
MAU Magnetic Resources 1.66 13% 9% 33% 55% 50% $ 442,764,760.35
BC8 Black Cat Syndicate 0.835 4% -22% 33% 153% 48% $ 604,794,918.69
EM2 Eagle Mountain 0.005 -9% -17% -84% -92% -44% $ 5,675,186.45
EMR Emerald Res NL 4.57 12% 3% 24% 17% 41% $ 3,043,842,645.34
BYH Bryah Resources Ltd 0.004 0% -20% 33% -56% 33% $ 3,479,814.09
HCH Hot Chili Ltd 0.515 4% 14% -34% -56% -26% $ 80,345,958.97
WAF West African Res Ltd 2.65 20% 3% 77% 78% 85% $ 2,986,512,321.38
MEU Marmota Limited 0.044 -2% 13% 13% -8% 13% $ 50,667,148.97
NVA Nova Minerals Ltd 0.32 -3% -6% 56% 36% -14% $ 108,204,134.70
SVL Silver Mines Limited 0.097 5% 0% -3% -52% 24% $ 176,197,763.81
PGD Peregrine Gold 0.14 -3% -18% 8% -49% 0% $ 11,454,445.04
ICL Iceni Gold 0.06 7% -2% 7% -13% -15% $ 18,378,686.00
FG1 Flynngold 0.023 -8% 5% -23% -30% -8% $ 9,782,911.75
WWI West Wits Mining Ltd 0.03 50% 58% 114% 100% 114% $ 78,753,501.69
RML Resolution Minerals 0.013 44% 63% -19% -46% 8% $ 6,835,229.12
AAJ Aruma Resources Ltd 0.01 -9% 0% -38% -44% -17% $ 2,775,727.14
HWK Hawk Resources. 0.019 6% 0% -37% -47% -14% $ 5,418,588.98
GMN Gold Mountain Ltd 0.0015 0% 0% -25% -63% -50% $ 10,267,776.44
MEG Megado Minerals Ltd 0.014 17% 40% 17% 13% -18% $ 5,455,882.41
HMG Hamelingoldlimited 0.07 -22% -22% -11% -7% 9% $ 13,781,250.00
BM8 Battery Age Minerals 0.05 -15% -15% -42% -67% -52% $ 6,460,266.62
TBR Tribune Res Ltd 4.74 -1% -8% -4% 25% 10% $ 256,044,215.76
FML Focus Minerals Ltd 0.23 -4% -6% 28% 53% 35% $ 68,774,074.80
VRC Volt Resources Ltd 0.005 0% 0% 25% 0% 67% $ 23,423,889.92
ARV Artemis Resources 0.006 -14% -25% -45% -60% -25% $ 15,171,175.85
HRN Horizon Gold Ltd 0.5 -4% 11% 4% 82% 4% $ 72,419,961.50
CLA Celsius Resource Ltd 0.007 0% 0% -36% -30% -36% $ 21,948,419.16
QML Qmines Limited 0.034 -8% -21% -44% -53% -37% $ 14,582,698.12
RDN Raiden Resources Ltd 0.006 50% 9% -74% -87% -45% $ 20,705,348.65
TCG Turaco Gold Limited 0.45 13% 1% 45% 100% 76% $ 397,047,842.84
KCC Kincora Copper 0.033 0% -11% 0% -11% 22% $ 7,105,172.01
GBZ GBM Rsources Ltd 0.0075 -17% -17% 7% -38% -6% $ 9,368,559.82
DTM Dart Mining NL 0.003 -25% -33% -73% -89% -67% $ 4,193,194.52
MKR Manuka Resources. 0.036 3% -5% -8% -27% 29% $ 27,566,100.75
AUC Ausgold Limited 0.61 2% 9% 36% 56% 45% $ 225,192,325.68
ANX Anax Metals Ltd 0.008 -11% 60% -27% -82% -33% $ 7,062,460.54
EMU EMU NL 0.019 -21% -17% -30% -29% -30% $ 4,013,720.89
SFM Santa Fe Minerals 0.037 0% 0% 23% -8% 19% $ 2,694,295.19
PNR Pantoro Gold Limited 3.43 16% 14% 102% 122% 124% $ 1,335,150,120.85
CMM Capricorn Metals 9.26 10% -9% 42% 89% 47% $ 4,013,256,775.01
VRL Verity Resources 0.024 -4% 100% 23% -69% 23% $ 7,187,096.28
HAW Hawthorn Resources 0.05 -9% 14% 0% -26% 22% $ 16,750,780.65
BGD Bartongoldholdings 0.675 5% 41% 160% 114% 176% $ 147,774,156.98
SVY Stavely Minerals Ltd 0.011 -8% -21% -56% -78% -35% $ 5,984,463.02
AGC AGC Ltd 0.155 -3% 7% -26% -67% 0% $ 41,055,555.52
RGL Riversgold 0.004 -11% -11% 33% -43% 0% $ 6,734,850.37
TSO Tesoro Gold Ltd 0.027 0% -16% 17% -37% 35% $ 52,427,723.58
GUE Global Uranium 0.065 8% 20% 7% -46% 8% $ 27,916,660.95
CPM Coopermetalslimited 0.037 0% 3% -24% -68% -20% $ 2,977,514.70
MM8 Medallion Metals. 0.27 13% 8% 229% 343% 125% $ 129,265,380.90
FFM Firefly Metals Ltd 0.99 9% 29% -15% 22% 7% $ 574,445,279.00
CBY Canterbury Resources 0.021 11% -5% -13% -64% -5% $ 4,453,699.71
SLA Solara Minerals 0.125 14% 14% -47% -58% 39% $ 6,668,254.65
SFR Sandfire Resources 10.99 3% 16% 7% 12% 18% $ 5,054,381,178.60
TAM Tanami Gold NL 0.039 8% 8% 34% 11% 30% $ 44,066,139.23
NWM Norwest Minerals 0.012 20% 0% -22% -63% 0% $ 5,821,434.12
ALK Alkane Resources Ltd 0.735 4% -11% 43% 18% 44% $ 442,045,581.16
BMO Bastion Minerals 0.0015 -50% -50% -70% -85% -63% $ 903,627.56
IDA Indiana Resources 0.08 4% 0% 40% 81% 31% $ 52,061,329.10
GSM Golden State Mining 0.009 0% 13% 0% -25% 13% $ 2,514,335.67
NSM Northstaw 0.039 -3% -5% 255% 45% 144% $ 10,399,707.00
GSN Great Southern 0.022 0% 0% 16% 10% 47% $ 21,929,694.38
VAU Vault Minerals Ltd 0.45 8% -9% 30% -6% 36% $ 3,061,113,021.90
THR Thor Energy PLC 0.01 -9% -9% -23% -38% -23% $ 7,107,898.35
CDR Codrus Minerals Ltd 0.034 -11% 48% 89% -32% 100% $ 5,623,175.14
MDI Middle Island Res 0.018 -5% 6% 20% 13% 50% $ 5,246,769.04
WTM Waratah Minerals Ltd 0.34 -3% 89% 100% 196% 119% $ 79,394,170.44
POL Polymetals Resources 0.81 3% -16% 12% 189% 2% $ 206,722,851.91
RDS Redstone Resources 0.007 17% 133% 180% 75% 180% $ 5,552,270.76
NAG Nagambie Resources 0.016 -16% -30% -11% 33% -11% $ 13,656,139.85
BGL Bellevue Gold Ltd 0.91 10% -1% -33% -55% -19% $ 1,343,456,757.37
GBR Greatbould Resources 0.065 0% -24% 51% 8% 51% $ 47,153,038.31
KAI Kairos Minerals Ltd 0.028 8% 33% 75% 155% 133% $ 71,034,629.10
KAU Kaiser Reef 0.165 -3% -15% 3% 14% 3% $ 94,967,384.00
HRZ Horizon 0.049 0% -29% 7% 7% 23% $ 107,368,332.69
CDT Castle Minerals 0.092 12% 61% 53% -39% 53% $ 11,252,928.29
RSG Resolute Mining 0.62 13% 23% 53% 16% 57% $ 1,341,301,508.19
EVN Evolution Mining Ltd 8.77 15% -1% 73% 120% 82% $ 17,741,073,651.76
CXU Cauldron Energy Ltd 0.009 13% 13% -40% -77% -25% $ 10,229,832.26
DLI Delta Lithium 0.185 -8% 19% -3% -44% 9% $ 136,142,940.48
ALY Alchemy Resource Ltd 0.007 17% 17% 0% 0% 0% $ 8,246,533.79
NH3 Nh3Cleanenergyltd 0.023 -12% 0% 5% 28% 28% $ 12,985,910.06
OBM Ora Banda Mining Ltd 1.04 10% -13% 40% 201% 60% $ 1,977,922,412.55
AVW Avira Resources Ltd 0.007 0% -13% -65% -65% -65% $ 1,535,000.00
LCY Legacy Iron Ore 0.009 0% 13% -10% -33% -10% $ 87,858,383.26
PDI Predictive Disc Ltd 0.43 21% 15% 72% 132% 87% $ 1,100,543,098.62
MAT Matsa Resources 0.067 0% 5% 46% 123% 91% $ 48,375,787.42
ZAG Zuleika Gold Ltd 0.011 -8% -8% -39% -48% -15% $ 8,160,679.20
GML Gateway Mining 0.034 26% 13% 48% 36% 62% $ 13,082,249.44
SBM St Barbara Limited 0.315 15% 2% -9% 9% 40% $ 341,096,597.42
SBR Sabre Resources 0.009 13% 50% -10% -53% -10% $ 3,155,695.46
STK Strickland Metals 0.12 9% 20% 52% 24% 41% $ 271,483,175.64
CEL Challenger Gold Ltd 0.084 11% -5% 75% 15% 79% $ 135,240,735.12
GG8 Gorilla Gold Mines 0.495 5% -9% 94% 1073% 90% $ 319,859,011.83
NST Northern Star 20.35 13% -12% 14% 39% 32% $ 28,966,553,086.50
OZM Ozaurum Resources 0.086 18% -28% 169% 43% 187% $ 19,236,157.33
TG1 Techgen Metals Ltd 0.025 -4% 0% -31% -40% -29% $ 3,966,642.75
XAM Xanadu Mines Ltd 0.081 59% 40% 56% 16% 65% $ 160,350,524.48
AQI Alicanto Min Ltd 0.028 0% -7% -18% 39% -24% $ 22,899,860.35
KTA Krakatoa Resources 0.01 11% 0% 5% -44% 5% $ 6,201,340.25
ARN Aldoro Resources 0.335 12% -36% 314% 347% -12% $ 54,278,466.43
WGX Westgold Resources. 2.86 13% -12% 0% 24% 1% $ 2,687,862,616.50
MBK Metal Bank Ltd 0.011 -8% 10% -39% -44% -27% $ 5,472,048.98
A8G Australasian Metals 0.076 10% 9% 3% 0% -4% $ 4,225,949.93
TAR Taruga Minerals 0.008 -11% -11% -20% -11% -20% $ 5,710,032.46
DTR Dateline Resources 0.055 72% 686% 1471% 358% 1471% $ 140,990,514.35
GOR Gold Road Res Ltd 3.36 5% 0% 76% 105% 64% $ 3,639,436,851.00
S2R S2 Resources 0.091 -7% -13% 14% -27% 36% $ 40,757,219.37
NES Nelson Resources. 0.0025 25% -17% 25% -17% -17% $ 5,429,819.15
TLM Talisman Mining 0.145 -9% -6% -31% -62% -29% $ 27,306,450.61
BEZ Besragoldinc 0.04 -7% -18% -40% -58% -56% $ 15,373,091.19
PRU Perseus Mining Ltd 3.75 16% 4% 40% 53% 46% $ 5,120,305,586.25
SPQ Superior Resources 0.004 0% 0% -43% -50% -33% $ 9,483,930.90
PUR Pursuit Minerals 0.04 -5% -5% -73% -84% -58% $ 3,989,358.52
RMS Ramelius Resources 2.81 17% -4% 34% 35% 36% $ 3,256,633,786.48
PKO Peako Limited 0.002 -20% -33% -33% -14% -33% $ 3,719,354.90
ICG Inca Minerals Ltd 0.004 -20% -20% -38% -43% -20% $ 7,093,755.28
A1G African Gold Ltd. 0.135 17% 13% 145% 382% 145% $ 57,602,379.12
NMG New Murchison Gold 0.014 -7% -22% 56% 211% 56% $ 147,762,751.61
GNM Great Northern 0.019 19% 27% 58% 36% 36% $ 3,092,581.54
KRM Kingsrose Mining Ltd 0.03 -6% -6% -9% -47% -14% $ 23,359,322.09
BTR Brightstar Resources 0.665 8% 21% 16% 56% 33% $ 302,449,582.08
RRL Regis Resources 4.94 15% 1% 86% 133% 94% $ 3,777,388,670.00
M24 Mamba Exploration 0.014 0% 27% 17% -36% 17% $ 4,427,484.15
TRM Truscott Mining Corp 0.065 -10% 8% -13% 4% -17% $ 13,209,950.64
TNC True North Copper 0.32 73% 60% -89% -95% -89% $ 40,268,485.12
MOM Moab Minerals Ltd 0.0015 50% 50% -63% -70% -25% $ 1,733,666.03
KNB Koonenberrygold 0.07 -10% -7% 367% 250% 483% $ 64,953,780.94
AWJ Auric Mining 0.21 -9% -26% -26% 14% -38% $ 28,301,140.49
ENR Encounter Resources 0.245 9% 32% -36% -39% -25% $ 117,216,194.97
SNG Siren Gold 0.047 -9% -19% -31% -44% -28% $ 10,510,589.23
STN Saturn Metals 0.31 19% -9% 32% 15% 51% $ 124,672,362.13
USL Unico Silver Limited 0.23 15% 0% 7% 24% 18% $ 102,916,782.43
PNM Pacific Nickel Mines 0.024 0% 0% 0% -35% 0% $ 10,103,834.52
AYM Australia United Min 0.003 0% 50% 0% 50% -25% $ 5,527,732.46
HAV Havilah Resources 0.1675 2% -7% -14% -22% -26% $ 55,977,288.84
SPR Spartan Resources 2.19 16% -4% 71% 204% 55% $ 2,806,628,626.77
PNT Panthermetalsltd 0.015 7% 7% -21% -54% 36% $ 3,911,759.12
MEK Meeka Metals Limited 0.14 12% -13% 97% 268% 82% $ 364,740,999.65
GMD Genesis Minerals 4.34 18% -2% 74% 130% 76% $ 4,959,351,084.70
PGO Pacgold 0.076 7% 17% -11% -55% 1% $ 9,990,529.69
FEG Far East Gold 0.145 0% 7% -15% 21% -19% $ 55,054,117.95
MI6 Minerals260Limited 0.155 19% 15% 19% -18% 19% $ 330,773,333.28
IGO IGO Limited 4.21 -4% 23% -15% -45% -12% $ 3,135,088,745.82
GAL Galileo Mining Ltd 0.125 14% 14% -7% -53% 0% $ 23,714,991.24
RXL Rox Resources 0.305 9% -22% 97% 74% 53% $ 219,748,849.20
PTN Patronus Resources 0.059 4% -9% -8% -12% 20% $ 94,969,072.63
CLZ Classic Min Ltd 0.001 0% 0% 0% -86% 0% $ 1,544,025.56
TGM Theta Gold Mines Ltd 0.13 0% -4% -28% -13% -28% $ 114,325,721.38
FAL Falconmetalsltd 0.12 4% 20% -11% -25% 4% $ 23,010,000.00
SPD Southernpalladium 0.35 52% 23% -50% -31% -42% $ 28,649,250.00
ORN Orion Minerals Ltd 0.012 0% -8% -25% -37% -20% $ 82,205,373.82
TMB Tambourahmetals 0.022 0% -21% -24% -71% 5% $ 2,586,981.01
TMS Tennant Minerals Ltd 0.007 -13% 17% -42% -71% -22% $ 6,691,232.91
AZY Antipa Minerals Ltd 0.62 35% 7% 158% 343% 138% $ 373,481,629.30
PXX Polarx Limited 0.008 14% 0% 14% -38% 23% $ 16,628,506.85
TRE Toubani Res Ltd 0.31 13% 5% 68% 100% 82% $ 81,051,060.20
AUN Aurumin 0.079 1% 34% 34% 88% 20% $ 33,115,429.65
GPR Geopacific Resources 0.018 -10% -22% -19% -34% -10% $ 63,649,306.52
FXG Felix Gold Limited 0.14 -3% -22% 94% 150% 67% $ 55,477,952.46
ILT Iltani Resources Lim 0.225 -6% -4% 32% -36% 10% $ 9,982,720.35
BRX Belararoxlimited 0.115 15% 0% -49% -51% -34% $ 18,933,452.40
TM1 Terra Metals Limited 0.028 0% 8% -8% -42% 0% $ 11,623,781.74
TOR Torque Met 0.12 24% 25% 145% -44% 126% $ 31,011,351.49
ARD Argent Minerals 0.02 11% -9% -20% -13% 18% $ 30,358,450.08
LM1 Leeuwin Metals Ltd 0.14 4% -22% 92% 100% 0% $ 14,112,893.76
SX2 Southgold Consol 5.86 4% 3% 0% 0% 0% $ 848,871,426.54
Dateline Resources (ASX:DTR)
$140 million capped Dateline just continues to move after support from US President Donald Trump placed renewed vigour behind its plans to develop the 1.1Moz Colosseum gold mine in California.
It's an interesting one. Trump seems to think his Government was backing the US' second rare earths mine. Could well be, some exploration is in train looking for that sort of thing, with MP Materials and the Mountain Pass mine just 10km away.
But the real value at the moment is in the gold, previously owned by gold behemoth Barrick Gold.
DTR this week said it was fully funded to complete a BFS on Colosseum after investors exercised around $1.1m worth of options, taking its bank balance to $1.95m – $2.3m once the sale of its non-core Udu copper project in Fiji is complete.
But a scoping study update on Friday also boosted the junior developer.
After lifting gold price assumptions from the US$2200/oz mark used in October to US$2900/oz, still markedly below spot, the firm says its scoping study numbers are substantially more attractive.
That includes a 32% lift in sales revenue, 208% increase in net revenue before tax, 134% bump in NPV from US$235m to US$550m using a 6.5% discount rate and jump in IRR before tax from 31% to 61%.
The mine is expected to run for over eight years at an average production rate of 71,000ozpa, with a pre-production capex estimate of US$138m and AISC of US$1490/oz.
Southern Palladium (ASX:SPD)
Moving over to a rarely covered precious metal and Southern Palladium had a bit to smile about this week with envuronmental authorisation for the Bengwenyama project from South Africa's Department of Mineral and Petroleum Resources.
It's a major step towards the award of a Mining Right for the project, one of a handful of platinum group metals projects being prepared for development amid a weak market for the commodities, largely used in catalytic converters that limit emissions from internal combustion engine cars and hybrids.
SPD owns 70% of the project alongside local partners from the community, with a PFS on the way.
'We continue to make meaningful progress toward the development of our flagship Tier 1 Bengwenyama Project, with the recent grant of the Environmental Authorisation (EA) marking a major milestone," MD Johan Odendaal said.
"The EA paves the way for the award of the Mining Right and reflects the strength of our permitting work, including a comprehensive environmental impact assessment and a compliant public participation process.
"This milestone demonstrates our commitment to responsible development and sets a clear path toward project execution. In parallel, we are refining the development pathway outlined in the original Pre-Feasibility Study.
"A revised Stage 1 plan—focused on a smaller-scale, lower-capex operation producing 80,000tpm via a single decline and truck haulage—is now well progressed, and is expected to significantly reduce up-front capital requirements for project development.
"Results of the study are currently being finalised with updated PFS level outputs scheduled to be announced in June.'
SPD's October 2024 PFS generated an NPV8 of US$1.06 billion, an internal rate of return of 28% and a payback of around 3.5 years on average production of ~400,000ozpa PGMs (6E) and 350,000tpa chromite concentrate for a 29-year mine-life.
Also in South Africa, and West Wits Mining is progressing plans to start the first part of its 5Moz Witwatersrand Basin gold project, known as Qala Shallows, later this year.
Like Dateline it's also rejigging its numbers in light of the rapid upswing in the gold price.
West Wits had little news to report this week, aside from responding to a price query from the ASX.
But it came onto the radar of investors after receiving inclusion in the second edition of Canaccord Genuity's Emerging Precious Metals Book, which you can read about here and here.
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