Gold stocks are cheap, experts keep saying.
Well-known analyst Jesse Felder has now demonstrated the “pathetic performance” of the US gold majors in handy chart form.
The US listed BANG stocks (Felder’s play on FANG) include gold giants Barrick, Agnico Eagle and Newmont/Goldcorp.
Below is the relative performance of the BANG stocks along with the gold price:
“With the l [gold price] soaring over the past five years, you would think that [BANG stocks] would be outperforming — and yet the miners’ performance has been absolutely pathetic compared to the S&P 500,” Felder says.
This is due in part to the outperformance of the wider stock market, led by FANG stocks like Facebook and Google. That gap could be closed if we enter another equity bear market.
But Felder also believes, like many others, that the gold price is just taking a breather:
“If you believe, as I do, that gold prices are only in the middle of a new longer-term bull market (as the history of prior bull markets for the precious metal would suggest) then gold miner shares are just far too cheap at today’s prices,” Felder says.
Gold price steady at ~US$1790/oz
The gold price continues to trade in a holding patten. It has barely moved over the past 6 months, gaining just 0.26%.
Despite a late week run, the price has dropped marginally over the past 7 days, from $US1795.48/oz to $US1786.5/oz.
This week 121 (46.5%) ASX gold stocks on our list went up, 87 (33.5%) went down, and 52 (20%) didn’t move.
A key catalyst for gold could come from the bond market. If inflation expectations rise faster than bond yields, that historically has been a reliable driver for rising gold prices.
Winners & Losers
Here’s how ASX-listed gold & silver stocks are performing:
Scroll or swipe to reveal table. Click headings to sort. Best viewed on a laptop
>>> Stocks missing from this list? Email [email protected]
|CODE||COMPANY||1 WEEK RETURN %||1 MONTH RETURN %||6 MONTH RETURN %||1 YEAR RETURN %||SHARE PRICE [INTRADAY FRIDAY]||MARKET CAP|
|NPM||Newpeak Metals||100||33||0||-33||0.002||$ 13,654,870.31|
|PNM||Pacific Nickel Mines||54||87||178||108||0.125||$ 27,936,354.68|
|AZL||Arizona Lithium||49||87||78||508||0.073||$ 115,258,853.40|
|A8G||Australasian Gold||35||109||0.72||$ 28,594,460.62|
|XTC||Xantippe Resources||33||100||100||33||0.004||$ 15,279,616.51|
|AOP||Apollo Consolidated||30||62||84||57||0.59||$ 172,056,148.10|
|SNG||Siren Gold||25||61||10||-21||0.395||$ 27,859,120.14|
|BNR||Bulletin Resources||25||14||22||11||0.08||$ 19,840,375.85|
|PF1||Pathfinder Resources||24||0||44||0.36||$ 17,962,646.40|
|PUA||Peak Minerals||24||24||-9||-38||0.021||$ 12,828,647.74|
|RDS||Redstone Resources||18||8||8||-7||0.013||$ 9,346,987.82|
|HRN||Horizon Gold||18||23||5||0||0.43||$ 45,877,566.88|
|FFR||Firefly Resources||17||-4||0||-26||0.11||$ 33,917,348.30|
|ADN||Andromeda Metals||17||50||-22||62||0.21||$ 529,233,689.89|
|AWJ||Auric Mining||17||0||-22||0.14||$ 7,765,709.98|
|ANX||Anax Metals||16||15||45||350||0.11||$ 35,018,389.00|
|WRM||White Rock Minerals||15||27||-38||-35||0.35||$ 49,863,020.20|
|AGS||Alliance Resources||15||30||15||-21||0.195||$ 39,523,255.46|
|HCH||Hot Chili||14||26||17||12||0.048||$ 205,435,708.63|
|TRM||Truscott Mining Corp||14||0||57||65||0.033||$ 5,014,070.95|
|BRB||Breaker Res NL||14||25||38||53||0.33||$ 110,785,915.86|
|AWV||Anova Metals||14||19||9||-17||0.025||$ 32,961,166.60|
|CST||Castile Resources||13||19||9||-43||0.255||$ 51,924,631.46|
|DTM||Dart Mining NL||13||18||0||-28||0.13||$ 12,493,184.50|
|SAU||Southern Gold||13||11||-23||-41||0.071||$ 14,506,355.41|
|TMX||Terrain Minerals||13||13||-18||-31||0.009||$ 6,621,849.08|
|CY5||Cygnus Gold Limited||13||8||-16||-29||0.135||$ 14,636,713.23|
|AMI||Aurelia Metals||13||21||-15||-26||0.3825||$ 475,404,494.18|
|ARL||Ardea Resources||12||20||5||10||0.55||$ 73,848,307.17|
|WCN||White Cliff Min||12||8||-30||-42||0.014||$ 7,757,945.99|
|NAG||Nagambie Resources||12||-1||-4||34||0.075||$ 37,494,925.95|
|AZS||Azure Minerals||12||17||15||-14||0.38||$ 117,699,573.98|
|SMI||Santana Minerals||12||109||85||14||0.24||$ 28,508,159.00|
|MKR||Manuka Resources.||11||32||-6||-23||0.395||$ 40,088,969.89|
|EMU||EMU NL||11||3||-35||-42||0.03||$ 13,995,434.52|
|SKY||SKY Metals||11||9||-38||-52||0.1||$ 32,644,617.08|
|MCT||Metalicity Limited||11||11||-29||-52||0.01||$ 21,437,715.32|
|IDA||Indiana Resources||11||3||-24||3||0.061||$ 26,066,817.60|
|IVR||Investigator Res||11||22||-14||36||0.072||$ 96,648,102.31|
|TSO||Tesoro Resources||11||7||-40||-74||0.105||$ 50,100,686.90|
|VKA||Viking Mines||11||31||-43||15||0.021||$ 21,446,427.05|
|ALY||Alchemy Resource||10||2||-16||-43||0.014||$ 11,764,260.41|
|AAJ||Aruma Resources||10||-7||26||-22||0.088||$ 10,832,689.26|
|MAU||Magnetic Resources||10||3||3||30||1.65||$ 349,077,584.00|
|AYM||Australia United Min||10||22||10||-42||0.011||$ 20,268,352.34|
|CTO||Citigold Corp||10||10||-15||-31||0.011||$ 31,170,250.00|
|AM7||Arcadia Minerals||10||-15||0.22||$ 7,524,000.00|
|TRN||Torrens Mining||10||10||21||0.17||$ 11,843,039.46|
|FML||Focus Minerals||10||16||-8||-28||0.285||$ 51,169,598.20|
|PRS||Prospech Limited||9||-10||-37||0||0.0755||$ 4,888,575.38|
|AUC||Ausgold Limited||9||27||-6||-16||0.047||$ 71,340,729.35|
|BTR||Brightstar Resources||9||71||37||71||0.048||$ 25,807,734.30|
|TTM||Titan Minerals||9||4||20||-14||0.12||$ 173,914,187.25|
|G88||Golden Mile Res||8||8||-45||-21||0.052||$ 8,892,953.06|
|GMR||Golden Rim Resources||8||8||-41||-64||0.0065||$ 19,772,098.07|
|ZNC||Zenith Minerals||8||24||18||73||0.26||$ 84,008,275.78|
|BDC||Bardoc Gold||8||12||-8||-14||0.066||$ 114,526,986.82|
|M24||Mamba Exploration||8||5||-22||0.2||$ 7,400,000.00|
|VAN||Vango Mining||8||3||-13||-31||0.068||$ 70,346,777.66|
|KSN||Kingston Resources||8||8||-5||-25||0.21||$ 60,092,456.97|
|BAR||Barra Resources||8||12||40||-26||0.028||$ 21,360,712.85|
|DLC||Delecta Limited||8||0||100||133||0.014||$ 16,702,471.87|
|CLA||Celsius Resource||7||26||-31||-12||0.029||$ 30,369,614.35|
|LEX||Lefroy Exploration||7||12||-66||78||0.435||$ 52,898,853.48|
|MM8||Medallion Metals.||7||0||-17||0.22||$ 17,408,568.49|
|BAT||Battery Minerals||7||7||-17||-50||0.015||$ 29,444,835.46|
|DCN||Dacian Gold||7||21||-41||-43||0.235||$ 227,346,050.94|
|KZR||Kalamazoo Resources||7||19||-8||-38||0.4||$ 54,408,280.77|
|QML||Qmines Limited||7||23||0.4||$ 21,078,175.20|
|OKR||Okapi Resources||6||6||225||216||0.585||$ 58,246,433.82|
|CDT||Castle Minerals||6||31||42||42||0.017||$ 14,608,859.07|
|RND||Rand Mining||6||3||-2||-33||1.57||$ 91,570,297.21|
|MRR||Minrex Resources||6||13||-22||-36||0.018||$ 10,518,966.99|
|THR||Thor Mining PLC||6||6||36||-21||0.019||$ 11,848,635.32|
|DRE||Drednought Resources||5||5||105||34||0.039||$ 110,442,622.76|
|TBA||Tombola Gold||5||8||-18||-9||0.042||$ 27,274,718.50|
|MDI||Middle Island Res||5||12||-25||-75||0.105||$ 13,466,004.42|
|CYL||Catalyst Metals||5||12||-7||-19||2.1||$ 206,421,018.30|
|HXG||Hexagon Energy||5||13||-14||67||0.085||$ 37,465,161.47|
|AL8||Alderan Resource||5||-12||-38||-63||0.043||$ 18,299,341.44|
|A1G||African Gold .||5||-12||-8||80||0.22||$ 19,405,647.24|
|GTR||Gti Resources||5||-9||77||62||0.0345||$ 31,042,296.11|
|BRV||Big River Gold||4||-19||-43||-51||0.235||$ 48,277,339.44|
|MGV||Musgrave Minerals||4||41||4||-30||0.38||$ 206,253,335.37|
|OKU||Oklo Resources||4||8||-9||-55||0.13||$ 65,523,875.56|
|BYH||Bryah Resources||4||-4||-24||-13||0.053||$ 12,555,601.80|
|KRM||Kingsrose Mining||4||23||-2||56||0.053||$ 37,230,374.95|
|ASO||Aston Minerals||4||13||17||200||0.135||$ 133,587,640.06|
|MZZ||Matador Mining||4||14||28||0||0.415||$ 87,786,738.77|
|CDR||Codrus Minerals||4||-7||0.14||$ 6,000,000.00|
|TLM||Talisman Mining||4||7||0||21||0.145||$ 27,181,949.26|
|KCC||Kincora Copper||3||-6||-50||0.15||$ 11,516,229.60|
|MOH||Moho Resources||3||3||-18||-45||0.063||$ 6,506,350.33|
|VRC||Volt Resources||3||3||52||167||0.032||$ 79,433,314.65|
|OZM||Ozaurum Resources||3||7||-9||0.16||$ 8,582,400.00|
|ARV||Artemis Resources||3||28||12||-33||0.1||$ 125,499,765.10|
|PRX||Prodigy Gold NL||3||-13||-24||-28||0.034||$ 20,391,966.21|
|VMC||Venus Metals Cor||3||3||-11||-36||0.17||$ 27,949,556.36|
|GBR||Greatbould Resources||3||29||441||168||0.2||$ 67,874,803.71|
|ARN||Aldoro Resources||3||-12||11||327||0.41||$ 37,133,707.38|
|AAR||Anglo Australian||3||-4||-25||-52||0.082||$ 48,886,697.60|
|NES||Nelson Resources.||2||-2||-49||-43||0.043||$ 8,354,564.39|
|CAZ||Cazaly Resources||2||12||4||2||0.047||$ 17,369,473.55|
|GBZ||GBM Rsources||2||31||15||-29||0.1375||$ 70,953,302.98|
|MVL||Marvel Gold Limited||2||7||33||-19||0.064||$ 38,209,565.33|
|STN||Saturn Metals||1||18||4||-43||0.425||$ 47,579,630.48|
|DTR||Dateline Resources||1||2||-10||44||0.09||$ 40,727,653.22|
|YRL||Yandal Resources||1||-10||0||-27||0.455||$ 45,700,178.62|
|ADT||Adriatic Metals||1||-1||26||35||2.81||$ 518,987,577.28|
|AME||Alto Metals Limited||1||28||2||0||0.1||$ 47,277,272.28|
|WMC||Wiluna Mining Corp||1||4||5||-42||1.04||$ 164,639,575.36|
|CHN||Chalice Mining||1||-4||10||114||6.75||$ 2,407,038,387.60|
|MML||Medusa Mining||1||-2||-9||-12||0.755||$ 155,904,975.75|
|EMR||Emerald Res NL||0||19||17||62||1.02||$ 520,551,179.07|
|SBR||Sabre Resources||0||0||-17||-44||0.005||$ 8,446,568.25|
|PUR||Pursuit Minerals||0||-30||-55||192||0.035||$ 30,921,459.23|
|REZ||Resourc & En Grp||0||9||24||-47||0.047||$ 21,152,358.66|
|DCX||Discovex Res||0||11||-29||-17||0.005||$ 12,843,320.38|
|SIH||Sihayo Gold Limited||0||0||-29||-60||0.01||$ 36,854,614.13|
|TMZ||Thomson Res||0||-14||-23||6||0.085||$ 44,961,200.49|
|CWX||Carawine Resources||0||8||-20||-44||0.2||$ 23,411,328.93|
|ENR||Encounter Resources||0||0||38||7||0.22||$ 71,270,217.68|
|BBX||BBX Minerals||0||-3||-21||-55||0.19||$ 87,024,080.25|
|GMN||Gold Mountain||0||5||-49||-49||0.02||$ 21,402,983.40|
|AQX||Alice Queen||0||-9||-50||-69||0.01||$ 13,702,230.10|
|GED||Golden Deeps||0||0||0||-20||0.012||$ 9,310,217.28|
|NAE||New Age Exploration||0||0||-45||-39||0.011||$ 15,794,888.01|
|GUL||Gullewa Limited||0||-11||-9||-30||0.081||$ 15,420,221.10|
|PGD||Peregrine Gold||0||11||48||0.4||$ 15,119,457.75|
|AVW||Avira Resources||0||0||-14||-33||0.006||$ 10,312,740.00|
|TSC||Twenty Seven Co.||0||20||0||-25||0.006||$ 13,304,069.53|
|LCY||Legacy Iron Ore||0||0||-29||88||0.015||$ 96,071,077.76|
|TAM||Tanami Gold NL||0||0||-3||-4||0.072||$ 85,782,084.36|
|KAI||Kairos Minerals||0||0||-3||-56||0.03||$ 51,972,639.28|
|RML||Resolution Minerals||0||11||-28||-53||0.021||$ 11,174,054.58|
|RVR||Red River Resources||0||34||0||8||0.215||$ 114,062,187.36|
|AQI||Alicanto Min||0||10||29||-21||0.135||$ 46,041,444.54|
|DDD||3D Resources Limited||0||0||-20||-26||0.004||$ 15,521,488.37|
|GNM||Great Northern||0||-11||-20||-53||0.008||$ 9,672,407.81|
|RMX||Red Mount Min||0||-10||-18||-40||0.009||$ 13,180,124.72|
|SPQ||Superior Resources||0||18||8||8||0.013||$ 19,537,088.68|
|CGN||Crater Gold Min||0||0||-6||42||0.017||$ 20,867,429.74|
|KGM||Kalnorth Gold||0||0||0||0||0.013||$ 11,625,120.78|
|TRY||Troy Resources||0||0||-48||-75||0.037||$ 30,073,993.35|
|MLS||Metals Australia||0||0||0||0||0.002||$ 10,477,114.72|
|NUS||Nusantara Resources||0||1||29||18||0.3475||$ 80,506,369.93|
|MHC||Manhattan Corp||0||0||-14||-59||0.012||$ 18,315,344.32|
|MBK||Metal Bank||0||11||-9||-17||0.01||$ 11,890,683.04|
|TAR||Taruga Minerals||0||0||-14||-18||0.049||$ 25,090,940.29|
|IPT||Impact Minerals||0||-12||-17||-38||0.015||$ 30,356,923.79|
|SVL||Silver Mines Limited||0||13||-4||0||0.215||$ 284,083,220.74|
|ZAG||Zuleika Gold||0||-8||-45||-66||0.022||$ 9,022,054.21|
|SBM||St Barbara Limited||0||14||-27||-47||1.535||$ 1,085,576,384.97|
|BCN||Beacon Minerals||0||0||-3||1||0.033||$ 120,305,049.32|
|PNX||PNX Metals Limited||0||17||-13||-36||0.007||$ 27,391,451.33|
|MTH||Mithril Resources||0||7||-17||-53||0.015||$ 38,703,495.62|
|RED||Red 5 Limited||0||26||38||-8||0.27||$ 647,999,179.30|
|TCG||Turaco Gold Limited||0||43||131||114||0.15||$ 47,228,223.56|
|GSN||Great Southern||0||62||31||-20||0.076||$ 38,430,191.92|
|NXM||Nexus Minerals||0||43||406||150||0.45||$ 109,759,993.60|
|ANL||Amani Gold||0||50||200||50||0.003||$ 55,163,796.32|
|AGG||AngloGold Ashanti||0||25||-13||-33||5.04||$ 445,146,747.35|
|WGX||Westgold Resources.||-1||17||-14||-30||1.95||$ 831,845,004.53|
|TBR||Tribune Res||-1||1||-8||-30||5||$ 278,605,488.87|
|NML||Navarre Minerals||-1||7||-32||-59||0.092||$ 67,005,326.50|
|S2R||S2 Resources||-1||-5||-48||-66||0.089||$ 31,004,612.39|
|STK||Strickland Metals||-1||87||340||-18||0.088||$ 96,092,907.33|
|NWM||Norwest Minerals||-1||15||19||-25||0.082||$ 14,809,796.55|
|MRZ||Mont Royal Resources||-1||18||20||6||0.36||$ 13,635,617.40|
|ERM||Emmerson Resources||-1||6||-11||-21||0.068||$ 34,378,455.74|
|MAT||Matsa Resources||-2||5||-26||-56||0.061||$ 21,847,431.82|
|ICL||Iceni Gold||-2||30||19||0.28||$ 32,340,598.11|
|CEL||Challenger Exp||-2||2||-11||34||0.275||$ 267,800,616.88|
|MEI||Meteoric Resources||-2||-22||-55||-60||0.025||$ 33,432,288.48|
|WAF||West African Res||-2||43||34||33||1.37||$ 1,224,204,426.51|
|PNR||Pantoro Limited||-2||5||0||0||0.21||$ 295,889,726.58|
|NST||Northern Star||-2||2||-14||-42||9.45||$ 10,982,283,606.57|
|WWI||West Wits Mining||-2||-13||-52||-29||0.041||$ 65,461,893.88|
|GML||Gateway Mining||-3||32||-36||-8||0.0185||$ 34,265,440.80|
|BC8||Black Cat Syndicate||-3||6||-27||-26||0.55||$ 77,444,296.05|
|SLR||Silver Lake Resource||-3||23||-9||-29||1.62||$ 1,403,240,931.77|
|CMM||Capricorn Metals||-3||19||45||44||2.59||$ 931,812,745.49|
|AUT||Auteco Minerals||-3||3||-15||-41||0.0795||$ 133,374,314.88|
|EVN||Evolution Mining||-3||1||-20||-35||3.78||$ 6,891,851,557.44|
|CAI||Calidus Resources||-3||10||44||-14||0.605||$ 239,957,008.20|
|POL||Polymetals Resources||-3||4||0.14||$ 5,241,139.70|
|LCL||Los Cerros Limited||-3||12||-18||-26||0.14||$ 85,855,457.93|
|KWR||Kingwest Resources||-4||8||4||-40||0.13||$ 26,034,648.88|
|RRL||Regis Resources||-4||10||-19||-54||2.21||$ 1,660,508,757.60|
|SI6||SI6 Metals Limited||-4||0||-20||0||0.012||$ 17,137,727.82|
|PKO||Peako Limited||-4||-15||-34||-36||0.023||$ 7,094,444.32|
|KAU||Kaiser Reef||-4||5||-29||-44||0.225||$ 27,544,660.65|
|MEU||Marmota Limited||-4||-12||0||-8||0.044||$ 42,615,482.36|
|TG1||Techgen Metals||-5||14||-22||0.21||$ 8,091,044.85|
|MKG||Mako Gold||-5||14||15||-9||0.105||$ 39,179,764.21|
|DEX||Duke Exploration||-5||-13||-41||0.205||$ 18,042,230.40|
|HMX||Hammer Metals||-5||-13||-45||27||0.061||$ 52,877,150.50|
|BGL||Bellevue Gold||-5||3||-14||-34||0.8575||$ 838,888,321.45|
|CBY||Canterbury Resources||-5||6||-9||-31||0.1||$ 12,019,853.00|
|GWR||GWR Group||-5||5||-52||-15||0.1475||$ 48,445,830.88|
|RSG||Resolute Mining||-5||7||-17||-54||0.4325||$ 485,712,790.64|
|EM2||Eagle Mountain||-5||8||-25||76||0.74||$ 173,328,732.72|
|PDI||Predictive Disc||-5||42||103||203||0.185||$ 244,147,970.16|
|RMS||Ramelius Resources||-5||11||-12||-27||1.54||$ 1,247,072,312.79|
|BMO||Bastion Minerals||-5||8||26||0.265||$ 18,730,003.90|
|HAW||Hawthorn Resources||-6||6||-11||-53||0.051||$ 17,009,296.26|
|GOR||Gold Road Res||-6||6||3||-10||1.325||$ 1,172,136,632.87|
|KCN||Kingsgate Consolid.||-6||83||73||91||1.555||$ 368,498,554.25|
|BMR||Ballymore Resources||-6||-8||0||0||0.245||$ 17,512,129.85|
|ALK||Alkane Resources||-6||16||17||-34||0.895||$ 553,892,580.60|
|OAU||Ora Gold Limited||-6||-6||-27||-30||0.016||$ 13,473,523.55|
|SFM||Santa Fe Minerals||-6||-6||-20||-2||0.08||$ 5,825,503.12|
|AXE||Archer Materials||-6||-24||76||206||1.53||$ 358,877,061.00|
|TIE||Tietto Minerals||-6||39||56||-21||0.445||$ 200,800,407.86|
|TNR||Torian Resources||-6||0||-37||-12||0.029||$ 29,070,036.56|
|GRL||Godolphin Resources||-6||-6||-28||-51||0.145||$ 12,616,690.65|
|SRN||Surefire Rescs NL||-7||0||-46||-56||0.014||$ 16,012,500.93|
|GIB||Gibb River Diamonds||-7||14||24||-35||0.084||$ 17,343,774.49|
|AAU||Antilles Gold||-7||-5||-13||117||0.077||$ 23,104,377.04|
|ICG||Inca Minerals||-7||-11||-11||92||0.125||$ 62,522,839.21|
|RDN||Raiden Resources||-7||9||4||-47||0.025||$ 28,235,754.41|
|SLZ||Sultan Resources||-8||13||-5||-31||0.18||$ 12,516,190.02|
|E2M||E2 Metals||-8||-15||-34||2||0.23||$ 34,608,378.99|
|FAU||First Au||-8||-27||-31||-52||0.011||$ 8,451,145.34|
|RXL||Rox Resources||-8||-4||-32||-57||0.38||$ 59,890,893.32|
|OBM||Ora Banda Mining||-9||-4||-62||-71||0.096||$ 94,499,776.99|
|LNY||Laneway Res||-9||0||-17||-29||0.005||$ 19,520,329.67|
|DGO||DGO Gold Limited||-9||-6||-18||-22||2.79||$ 231,664,691.94|
|NMR||Native Mineral Res||-10||7||-19||0.235||$ 6,627,105.00|
|KTA||Krakatoa Resources||-11||-11||-1||-35||0.0595||$ 17,387,885.10|
|SVY||Stavely Minerals||-12||6||-26||-36||0.435||$ 117,432,653.40|
|DEG||De Grey Mining||-12||14||-15||-10||1.11||$ 1,564,018,364.81|
|RDT||Red Dirt Metals||-12||182||355||220||0.705||$ 103,229,951.58|
|CHZ||Chesser Resources||-14||-11||4||-52||0.125||$ 60,514,496.25|
|NVA||Nova Minerals||-14||11||3||-9||0.155||$ 286,406,009.12|
|PAK||Pacific American Hld||-15||6||-17||-9||0.017||$ 5,415,943.30|
|CXU||Cauldron Energy||-16||-27||-31||-16||0.027||$ 13,756,221.64|
|GSM||Golden State Mining||-22||-22||-19||-64||0.105||$ 8,724,238.43|
$14m market cap NPM has gold exploration projects in Finland and Argentina. This week, there was news from both.
The first drill hole at the ‘Satulinmäki’ prospect in Finland hit promising 5m at 1.8g/t gold from 20m (including 3m at 2.7g/t from 22m and 1m at 4.3g/t from 23m). To date, 5 holes for 921m have been completed.
Meanwhile, sampling at ‘Las Opeñas’ in Argentina has confined anomalous gold and silver at surface across a 600 x 100m geophysical anomaly.
The sample results reinforce that Las Opeñas is a priority target for drilling, NPM says.
Fellow AOP suitor Gold Road Resources (ASX:GOR) one-upped its mid-tier colleague, with a $166 million all cash offer for the junior explorer yesterday morning.
Apollo owns the 1.1Moz Lake Rebecca gold project around 100km east of Kalgoorlie.
GOR’s 56c a share all cash offer would appear to trump the cash and scrip bid from Ramelius, which would have handed Apollo’s shareholders $99m all up in cash at 34c plus the balance in shares.
The Gold Road bid is a 23% premium to Apollo’s 45.5c closing price on October 14, before Apollo entered a trading halt ahead of the Ramelius deal, a 40% premium to the 30 day VWAP of 40c and a 73% premium to its 6 month VWAP of 32.4c.
Apollo stock hit a 12 month low of just 27c on December 15 last year.
Gold Road has also built a 19.9% stake in Apollo after picking up a number of shares at the 56c off-market offer price, effectively blocking the Ramelius bid which has a 90% minimum acceptance condition.
Apollo’s board, which recommended shareholders accept the Ramelius offer, has advised shareholders to take no action in regards to the Gold Road bid until it has prepared a target’s statement.
PUA is spinning out its gold exploration assets into new vehicle Vertex Minerals, which has lodged a prospectus to raise $5.5m at 20c per share.
The company’s assets will include:
- The ‘Hill End’ project — located in the region where the largest single piece of reef gold ever discovered was found — in the Lachlan Fold Belt of NSW
- The ‘Hargraves’ project, 30km north of Hill End, a 4km by 10km goldfield “with numerous mineralised structures”
- The ‘Pride of Elvire’ and ‘Taylors Rock ‘projects in WA
The expected date for quotation on ASX is 21 December, 2021.
The post Gold Digger: Two charts that show how undervalued gold stocks really are appeared first on Stockhead.
Tossing up ASX-listed African gold stocks? Here’s the ultimate, only guide you’ll ever need
In recent years attitudes towards African mining stocks have arguably changed as investors have become more risk averse and sensitive … Read More
In recent years attitudes towards African mining stocks have arguably changed as investors have become more risk averse and sensitive to both ESG and geopolitical risk.
The words “Tier 1 jurisdiction” are becoming more prominent in the lexicon of gold majors, a turn of phrase that appears to value projects in developed nations like Australia and Canada over “riskier” jurisdictions like Africa and the Pacific.
But with Australian gold miners facing rising costs, a stagnant gold price and struggling to find traction in equity markets, some mid-tier miners in West Africa have punched above their weight in 2021.
According to Euroz Hartleys, the two lowest cost mid-tier gold miners in the September quarter could be found there – West African Resources (ASX:WAF) with its new Sanbrado mine in Burkina Faso and , which recently opened the low cost Yaoure mine in Cote d’Ivoire. (ASX:PRU)
Simon Taylor, the managing director of Malian gold explorer Oklo Resources (ASX:OKU), says investors who count West Africa out could be sleeping on the next major gold discovery.
“It’s been easy to invest in the West Australian gold space and some of the Canadian space over the last four or five years,” he told Stockhead.
“For investors, I think what you’re getting from Oklo and from other companies is huge upside on very large deposits that can be found, and that’s why we’re there.”
African gold stocks = incredible value on offer
The next gold producer in line appears to be Tietto Minerals (ASX:TIE), which this week completed an $85 million equity raising to secure funding for the US$200 million Abujar gold mine in Cote d’Ivoire.
Tietto was trading at just 6c a share in early 2019 before a string of high grade, shallow gold hits saw the explorer increase its gold bounty by 146% to 1.7Moz in the space of a couple months.
After two years of sustained drilling success Abujar now contains 3.4Moz, and Tietto plans to produce its first gold bar in the fourth quarter of 2022.
At 42c and a market cap of $195 million Tietto is a long way from where it once was.
But with a post-tax NPV of US$722 million and IRR of 95%, it’s not hard to imagine the market may price the same thing at a higher premium if it were out the back of Kalgoorlie.
“You always need to challenge your biases or your views,” Tietto executive director Mark Strizek said.
“And that’s one of the things that I love explaining is that Africa isn’t what we think it is.
“In some areas, I’d probably say the Ivoirian phone network is better than it is in Australia. So you’ve got to leave your biases and preconceptions behind.
“We know where we stand and we’re really excited about the opportunities and I think that’s where shareholders need to have a look at that as well.
“I think we probably are moving into an area that as the valuations in Australia start hitting the peak, this is where the opportunities lie.
“There is an incredible amount of headroom or uplift to come on valuations from obviously us getting into production and also for the established producers as well.”
Looking for multi-million ounce potential
As Tietto has shown, new discoveries in West Africa can be large and drilled out at a fast click.
$70 million capped Oklo is not at the same stage as Tietto, but its initial resource for the Seko deposits at its Dandoko project of 11.34Mt at 1.83g/t for 668,500oz should be a launching pad for further resource growth.
It has since enjoyed some high grade hits from its Disse prospect and has started a 9000m drilling program to grow the Seko resource, which will continue into next year.
Dandoko is located within the Kenieba Inlier of west Mali, between B2Gold’s 7.1Moz Fekola mine and Barrick’s world class 17.9Moz Loulo-Gounkoto mining complex.
Oklo secured 500km2 of tenure between the two giant gold mines, and even though Dandoko is further from the famed Senegal-Mali Shear Zone, Taylor says the Australian explorer is finding the same mineralising systems.
With scoping studies and resource drilling both underway, Taylor said Oklo’s aim is to uncover something of million-ounce potential or better.
“Rule of thumb on these projects is a 10-year mine life. If you hit the 10-year mine life, over 100,000 ounces a year, that’s what we want to get to,” he said.
“So that’s that million-ounce mark, which we’re aiming for, and we want to ensure that is constrained and modelled and robust.
“But the ultimate prize from there is to find the multi-million ounce potential which we think the area has, and we know it has from what our neighbours have found over the last few years.”
Top African producers deliver on costs
In recent times major mining discoveries in mature mining destinations like the WA Goldfields have increasingly been made under deep cover.
On the other hand, many recent discoveries in the relatively under-explored West African gold fields like the Senegal-Mali shear zone and Birimian greenstone belt have been made close to surface with big oxide components.
Lower pre-stripping and processing costs often mean the early years of new West African mines like Sanbrado are cheaper, providing early cashflow to pay back capex quickly.
Tietto’s Abujar is expected to produce 260,000oz at sector-low costs of just US$651/oz in its first year, and 200,000ozpa over its first six years at an average AISC of just US$804/oz.
While that could come apart in execution, Strizek says recent history has shown some of the cheapest operators are in West Africa.
“I think in terms of the cheapest cost production, it’s obviously WAF and where we’re looking at our first year, and the first six years, we’re right up there,” he said.
“So (Africa’s) very, very competitive. And I think that’s one of the keys that as investors you run the ruler over.
“You’ve got to look at the track records of Perseus and obviously now WAF and at Tietto we’ve tried pretty hard.
“We’ve secured a fantastic build team that we’ve got fresh out of the Sanbrado build working for us and we’re running very, very hard to get this thing up and running for Q4 next year.”
Like Strizek, Taylor believes investors will move into African gold companies when they see the success many are having building large gold deposits.
It was not so long ago that Papillon Resources, an Australian company run by Oklo chairman Mark Connelly, sold along with the Fekola deposit to B2Gold for $600 million in 2014.
Taylor pointed to the $181 million takeover by Ramelius Resources (ASX:RMS) of gold explorer Apollo Consolidated (ASX:AOP) and its 1.1Moz Rebecca gold project near Kalgoorlie as an example of the premiums being offered in WA.
“You can see with the recent takeover of Apollo and other assets in WA, if some of these (African) assets were in Western Australia, the market cap and valuation would be a lot higher I think,” Taylor said.
“I think the investment appetite will come back, it always does.
“There’s fantastic geology where we are, it’s very under-explored and you’ve seen some good successes in the last two or three years on companies exploring there.
“The majors are all there and you’ve seen great success stories like WAF, which is now in production and going very well.”
What about the political instability?
There have been a number of incidents in recent years that have underlined the risks of operating in Africa.
In the past two years there have been successful coups in Mali and Guinea.
Civil unrest this year in South Africa caused supply chain delays and saw Rio Tinto call force majeure at its Richards Bay mineral sands mine, while resource nationalism agendas can make mining and environmental policies unpredictable.
But the impact of social and political events on mining operations is not always clear cut.
At Abujar, Strizek says Cote d’Ivoire has a modern mining code – just seven years old – and a maturing local industry.
The country has set ambitious targets to increase the share of its GDP that comes from mining.
The Ivoirian Government takes a 10% free carried equity interest in projects like Abujar, but Strizek said it also has a 25% corporate tax rate, well-resourced mining department and sensible environmental approval system.
“They looked around the world and in some instances modelled on the West Australian mining jurisdiction, the good aspects of it,” he said.
“Especially in Cote d’Ivoire you’ve got a mining department that’s resourced, has skilled, professional people that are working for it, and you can get decisions made.
“There’s a very good mix of professionals and good contractors operating in country as well.
“And it’s without the cost pressure and inflationary aspects we’re seeing here, especially in Western Australia, you just don’t have that. There’s a large pool of workers and a large pool of contractors that are eager to do business with you.”
Taylor notes Oklo continued to operate following the 2020 Malian Coup and even after Mali’s previous coup in 2012, Connelly’s Papillon continued to drill Fekola into a world class resource worth over half a billion bucks.
“There was a coup in Mali last year (and) it hasn’t affected any of our operations,” he said.
“It hasn’t affected any of the gold mines. We’re getting on with business as usual.
“And one of the keys to operating in places like West Africa is really good personnel. And we have some fantastic Malian guys involved, in particular our director in country Madani Diallo.”
Outside of Tietto and Oklo there are a number of African gold stocks on the ASX.
We picked out five producers and 13 explorers and three potential IPOs on the lookout for gold on the African continent.
$1.3 billion capped West African Resources is one of the star gold miners on the ASX right now, and is the poster child for African gold on the bourse, sitting on a 51% gain over the past year.
Having kicked off production at the Sanbrado mine in Burkina Faso in March 2020 at the start of the Covid-19 pandemic, the company is now one of the lowest cost mid-tier gold producers on the ASX.
It is on track to beat the 280,000oz upper end of its production guidance in its first full year of operations in 2021, and has purchased the 6.8Moz Kiaka mine from B2Gold in the hopes of becoming a 400,000ozpa producer by the middle of the decade.
“We’re in this to make money for our shareholders and stakeholders and the two best performing or the two highest margin producers on the ASX right now are West African gold producers in Perseus and West African Resources,” WAF managing director Richard Hyde told Stockhead this month when asked about operating in Africa.
“It just shows you that new projects over there, they generate a lot of free cash flow early on.
“West Africa seems to me that it is kind of where the Westwere at in the 1980s and ’90s when new discoveries were being made.”
Resolute is one of the oldest gold mining companies on the ASX and is known as a trailblazer for Aussie gold stocks in Africa, having operated there for three decades.
It now owns the Syama mine in Mali and the Mako gold mine in Senegal, purchased via the takeover of Toro Gold in 2019.
Unfortunately for Resolute that portfolio has not performed as planned in recent years, with the gold miner cutting production guidance for 2021 in August from 350,000-370,000oz at US$1200-1275/oz to 315,000-340,000oz at US$1290-1365/oz.
It recently did bank US$90 million from the sale of its mothballed Bibiani gold mine in Ghana, having sold the Ravenswood gold mine in Queensland to EMR Capital and Golden Energy and Resources in January 2020.
$408m-capped, 38c a share, Resolute has lost 80% of its value over the past two years having hit a five-year peak of $2 in August 2019.
While Resolute has been on the decline, fellow West African mid-tier Perseus has been moving in the other direction.
It is now the most valuable primary ASX-listed African gold miner with a market cap of ~$2 billion.
Up almost 200% over the past five years and 25.75% YTD, Perseus has been rewarded for consistent EBITDA growth in recent years.
Its Edikan, Sissingue and Yaoure mines in Ghana and Cote d’Ivoire delivered record quarterly gold production for Perseus of 112,786oz at a weighted all in cost of US$966/oz in the September quarter.
That came after a 2021 financial year which saw the growing gold miner deliver a 1.5c maiden dividend, 9.5 years after declaring commercial production from its first mine Edikan.
Perseus says it is on track to become a 500,000ozpa producer from organic sources, but is also facing questions on whether it will buy out competitors in order to grow faster.
“In terms of the potential to implement step changes in our ambitions by merging Perseus with other companies, this possibility is ever present, and we continue to search for opportunities that will achieve our strict investment criteria and enhance the overall value of our asset portfolio and our organisation,” managing director Jeff Quartermaine said at Perseus’ AGM last Thursday.
“I have said many times, that it is easier to talk about these things than to implement.
“To those who are anxious that Perseus will ‘miss the boat’ in the area of consolidation, let me say that we have not missed any opportunities that we have set our sights on in the past and the results of our selectivity speak for themselves – look no further than the value created for all shareholders by the acquisition of Amara and its Yaouré Project several years ago.”
Firefinch is up a whopping 239.47% year to date, making the relativelyminer a $600 million company.
It was more before a sell-off following the announcement of a Share Purchase Plan on Thursday conducted at 58c, a discount to its 70c price on Wednesday.
That is no doubt a vote of confidence in its plans to return the Morila gold mine in Mali to its former glory.
Firefinch paid just US$28.8 million for the mine, owned by AngloGold and Barrick, which has produced upwards of 7Moz since opening in 2000.
It was once known as Morila the Gorilla for the astonishing grade and scale of the Morila Super Pit, which was at its peak a 1Moz producer.
It is currently producing around 50,000ozpa and rising from satellite pits and tailings, but with Firefinch planning to restart mining at the main Morila Pit next year, it plans to make Morila a 100,000oz producer in 2022 with longer term plans to become a 200,000ozpa mine.
Firefinch is also priced for its giant Goulamina lithium project, which will be developed in a joint venture with China’s Ganfeng through a demerged company Leo Lithium.
Primarily listed in America and Johannesburg but dual-listed in Australia where it runs the big Sunrise Dam and Tropicana gold mines.
AngloGold’s attitude towards its home continent has shifted over the years. Formely the gold division of Anglo American it has now sold out of its costly assets in its homeland of South Africa.
But the world’s third biggest gold producer, which merged with Ghana’s Ashanti Goldfields in 2004, still has an expansive portfolio of African gold mines and JVs that delivered 1.6Moz across five operations in 2020.
These include the 600,000ozpa Geita mine in Tanzania, its share in the Kibali JV with Barrick in the DRC, Iduapriem and Obuasi in Ghana, and the 10Moz Siguiri mine in Guinea.
Turaco Gold is run by Justin Tremain and if his history in Africa is anything to go by, he may develop a company worthy of a big money takeover.
Tremain led Exore Resources ahead of its takeover by Emerald Resources (ASX:EMR).last year in a ~$80 million deal, having previously headed Renaissance Minerals before its takeover by Asian gold producer
Formerly known as Manas Resources, Turaco has undergone a facelift since Tremain and Co. came on board in November last year, driving a near doubling of the West African explorer’s share price.
Turaco describes itself as a leading Cote d’Ivoire explorer. Its investment case rests on the 8350sqkm landholding it has built on the Birimian Greenstone Belt.
That includes the Boundiali and Ferke projects in the northern part of the African nation, 89% owned JVs with Predictive Discovery where Turaco has made high grade discoveries including 20m at 10.45g/t, 30m at 8.3g/t (Boundiali) and 45.3m at 3.16g/t (Ferke).
The Nyangoubue discovery at Boundiali South presents as a runs-on-the-board opportunity, with a maiden JORC resource likely early next year.
It also owns the Eburnea gold project, where a large scale discovery was declared on the basis of auger drilling last month that delineated 4.5km of strike and saw shallow grades of up to 9.91g/t.
Turaco additionally owns the Tongon North gold project, an expansive near-2000sqkm land package abutting Barrick’s 4.5Moz Tongon mine.
In a recent note Far East Capital analyst Warwick Grigor said to “keep this one on your radar” after its shares dipped following a $10 million placement at 12c a pop.
“There seems to be plenty of gold on its licences, judging by assays so far,” he wrote. “The shares have been quite strong since September, but dipped recently owing to the placement.
“Once this has been digested by the market the impending exploration news should help in the resumption of uptrend.”
Dominated by artisanal miners, Ethiopia’s economic reform agenda has seen gold exports skyrocket in 2020 and 2021.
Around 75% of the country’s gold comes from prospectors, who have been encouraged to deliver into the State-owned trading centres so the value of the commodity to the Ethiopian economy can be quantified.
Renowned as a source of the precious metal for the Pharoahs of Ancient Egypt, Ethiopia is on the cusp of re-emerging as a gold exporter.
One Aussie stock riding this theme is Megado, which listed in October last year in a $6m IPO to chase to explore six gold projects in the forgotten region.
The $4.4m microcap says it has had promising results at its Babicho and Chakata projects.
$334 million capped prospect generator Predictive Discovery is up 308.33% in 2021 after hitting the mother lode at its North-East Bankan find in Guinea’s Siguiri Basin.
The Eureka moment arrived when the company struck 46m at 6.58g/t from its Bankan project in April 2020.
PDI released a maiden inferred resource of 72.8Mt at 1.56g/t for 3.65Moz for Bankan at a “discovery cost” of just $4/oz.
The company subsequently dipped last month amid reports questioning the legality of setting up mining operations at Bankan, which sits within the outer buffer zone of the Upper Niger National Park.
Those concerns have dissipated in the month since, with the stock climbing to multi-year highs upwards of 24c.
Listed in 2019, African Gold shares popped in September after it announced shallow screen fire assays including a hit of 10m at 123g/t gold from its Didievi project in Cote d’Ivoire.
The Evan Cranston and Tolga Kumova backed ~$25 million small cap has since settled back into the 20c a share range.
It owns a swag of six pre-resource projects across the Ivory Coast and Mali. African Gold has been most active at Didievi, where Glencore, Equigold, Lihir and Newcrest all set foot between 2006 and 2011.
The 391km2 project is located in central Cote d’Ivoire on the emerging Oume-Fetekro Birimian greenstone belt, which hosts Allied Gold’s plus-3Moz Bonikro/Hire (+3Moz) and Endeavor’s 1Moz Agbaou gold mine to the south and the recent plus-2.5Moz Fetekro discovery made by Endeavour to the north.
Follow up drilling is set to take place this quarter at Didievi where African Gold has identified a large 1.5km x 1km gold system at the Blaffo Gueto target that it says is open in all directions.
Chaired by metallurgical engineer David Sproule, Polymetals bears the same name as his successful former private explorer, which went public and merged into the ill-fated Black Oak Minerals with Southern Cross Goldfields.
This Polymetals has a different angle to Sproule’s former vehicle, which ran mines across Australia, and listed this year bearing the rights to two exploration licences covering 112km of Guinea’s Siguiri Basin.
Polymetals’ Alahine and Mansala projects are located near the 10Moz Siguiri mine.
Its exploration activities have been unaffected by the coup that saw Guinea’s military take the capital of Conakry a couple months ago, completing its phase 2 exploration program at East Alahine in the September Quarter, comprising 98 drill holes including 94 aircore and 4 Reverse Circulation holes for a total of 7,320m.
Golden Rim Resources boasts a resource of 2Moz at 1.3g/t gold in its Kouri gold project in Burkina Faso and last year acquired the Kada gold project in Guinea, where it is earning the right to own up to 75%.
The project hosts a non-JORC resource in its oxide profile to around 100m deep, and sits just 36km south of AngloGold’s Siguiri mine.
Kada was previously drilled by Newmont, which sunk 33,857m worth of diamond and RC holes, but was considered too small a target for the world’s biggest gold miner.
That’s all good for $22m capped Golden Rim, which is going to undertake a 6500m resource definition RC drilling campaign with the intention of delivering a maiden resource in January next year.
Another Ivoirian explorer on the hunt for high grade gold deposits in the West African nation.
Founded by the husband-wife team of Peter and Ann Ledwidge who led Orbis Gold into its $178 million takeover by SEMAFO in 2015, Mako owns the Napie gold project and the Korhogo project adjacent to Barrick’s 4.9Moz Tongon mine.
Located on the same belt as Tietto’s Abujar, Mako this year reached an agreement to take its share in its Napie JV with Perseus from 51 to 90%.
In exchange the leading African mid-tier has become a 5.1% cornerstone shareholder in Mako.
Four prospects are currently being drilled in an expansive 35,000m RC and diamond program at Napie. Like Orbis, Mako is hoping to find a multi-million ounce resource, with maiden numbers due soon for the Tchaga and Gogbala prospects.
Marvel Gold was a struggling African graphite company known as Graphex before it locked down a suite of Malian gold assets to change course.
Marvel recently spun Graphex’s old Chilalo graphite project into a new ASX-listed graphite company, Evolution Energy Minerals (ASX:EV1), which popped on debut and is now worth $51 million to Marvel Gold’s own $45m market cap. Go figure.
Marvel’s own stake in EV1 was worth $25.5 million as of last week, which added to its $5.4 million bank balance values its own 1Moz plus gold inventory at just $11 million.
MVL is sitting on ~1Moz of gold at its ‘Tabakorole’ project in southern Mali, a region which includes Firefinch’s 7.5Moz Morila gold mine and Resolute Mining’s 7Moz Syama gold mine.
It also has a strong pipeline of regional targets, with a mammoth 15,000m auger and 15,000m aircore drill program now underway.
The company is assessing its options with respect to the EV1 investment “to ensure value is maximised for shareholders”, MVl managing director Phil Hoskins says.
The $45m market cap stock is up 10% over the past month, and 54% year-to-date.
MVL had about $5.2m in the bank at the end of the September quarter which, alongside this $25.5m windfall, gives the company plenty of cash to either return to shareholders or sink into exploration/acquisitions.
Formerly focused on Australian exploration projects, Arrow moved into Africa with the takeover of Boromo Gold in 2019.
That brought Boromo’s impeccably named Howard Golden – a geo involved in the Syama and Oyu Tolgoi discoveries – in as chief executive.
Arrow’s focus is in Burkina Faso, where it controls five gold projects including the Dassa gold discovery, where more than 12,500m has been completed with 60% of drill holes intersecting gold above 1g/t.
Arrow controls an unbroken 80km of strike over the Boromo belt, near Ouagadougou and is currently sinking 6000m of RC drilling into the Vranso project including 50 holes at Dassa, Guido, Semapoun and Bantole.
Klaus Eckhof’s tiddler Amani Gold owns the Giro Gold Project, just 35km west of the aforementioned Kibali in the DRC.
Amani chairman Eckhof is intimately familiar with the region, having led Moto Gold Mines ahead of the sale of the 22Moz Kibali gold mine to AngloGold and Randgold and previously chaired DRC lithium explorer AVZ Minerals (ASX:AVZ).
Giro hosts the 4.1Moz Kebigada gold deposit, where Amani plans to run a 3500m diamond drilling program over the December and March quarters.
Bassari Resources hasn’t traded on the ASX for over a year.
After a board shake-up that saw former South African and Zimbabwean international cricketer and lawyer John Traicos become executive chairman it has been working to revive its Makabingui project in Senegal.
That is the project that needed to be redrilled back in 2017 to ensure it hadn’t been depleted after the mine wasoverrun by up to 50,000 illegal miners “from all parts of Africa”.
This month it said a settlement had been reached over a dispute regarding a finance facility and an MoU has been signed with the Senegalese Government to allow the company’s operating permit to be renewed beyond its initial five-year term in July next year.
Among the terms and conditions, Bassari’s local subsidiary Makabingui Gold Operation SA is required to “immediately re-commence operations at the Project and carry out preproduction works (civil, earthworks, plant construction, mine site preparation) and commence mining in accordance with an agreed schedule of works towards gold production by August 2022.”
Unlike the other companies in this list Theta Gold Mines operates in a mature gold field in South Africa.
The former Stonewall Resources owns the TGME underground project in the Eastern Transvaal gold fields, near Johannesburg and around 300km northeast of the famous Witwatersrand Basin.
Theta says it dominates the Eastern Transvaal with a 620km2 tenement package covering 43 historical mines and nine mining rights.
The first phase of the underground project would involve the development of three mines – Frankfort, CDM and Beta – with a probably ore reserve of 419,000oz and 3.5Moz of inferred mineral resources beyond that.
A PFS in April said the mine could produce 60,000ozpa from its third year of operations with a 7.67 year mine life at AISC of US$905/oz and a capital cost of US$79m.
South Africa has become a less predictable place to invest in recent times, and Theta has run into some permitting issues with the SA Minister for Forestry, Fisheries and the Environment declaring a forest nature reserve over an area containing 20% of its potential resource base and the first phase of underground mining last month.
Theta shares hit a 12 month peak of 40c early this year but are now down 48% year to date at 17c.
Another South African gold hopeful, West Wits owns the Witwatersrand Basin Project.
A DFS showed its first stage, the Qala Shadows mine could deliver 663,000oz over a glacial 17-year mine life, with a 5.5-year payback period on its US$50 million development costs and peak steady state production of 53,000ozpa over a 10-year period.
The broader WBP would produce 1.57Moz of gold over a 25-year life of mine, with average steady state production of 80,000ozpa over an 18-year period, according to a scoping study.
$62 million-capped WWI has run afoul of environmentalists, who lodged failed objections to its mining approval this year. The company is planning to begin production from an “early mining initiative” at the Qala Shallows in February.
WWI shares have dropped 56.25% over the past 12 months to 3.5c.
Another Mark Connelly-chaired company chasing riches in West Africa, Chesser also counts Oklo MD Simon Taylor as a non-exec director.
The gold explorer has been banging about for a few years, selling the modest Kestanelik discovery in Turkey to a local conglomerate back in 2014 for $40 million.
That made for happy shareholders after a $33 million special payout and left Chesser hunting for a new calling.
It found that in Senegal’s Diamba Sud, a greenfields gold project located on the rich Senegal-Mali Shear Zone.
Chesser last week released a maiden gold resource for Diamba Sud, four years after acquiring the project, of 15.2Mt at 1.6g/t for 781,000oz. That came around 16 months after making the discovery of high grade gold at its Area D target.
Around 69% of those are in the indicated category and, as is common in West Africa, 95% of the ounces are within 135m of surface.
A 15,000-20,000m drill program is planned to commence in January 2022 target resource expansion.
“We are very pleased to deliver the maiden Mineral Resource at Diamba Sud at a low discovery cost of US$11 per ounce,” Chesser MD Andrew Grove said. “The shallow, high-grade nature of the mineralisation has resulted in a robust resource that we believe will continue to grow with additional drilling.”
Time for a break. Go for walk or take some tea; we’ll be back right after this with upcoming IPOs.
Another of Grigor’s picks, Sarama is reportedly keen on returning to its bosses’ Aussie roots by listing on the ASX, though the move announced in October last year has been stalled by permitting issues.
Sarama owns the Sanutura project in southwest Burkina Faso, which between the Tankoro and Bondi deposits has a mineral resource of 2.9Moz, including 9.4Mt at 1.9g/t for 600,000oz in the indicated category and 52.7Mt at 1.4g/t for 2.3Moz inferred.
The gold explorer is led by MD Andrew Dinning, a former WMC man who was COO at Moto Gold Mines, the company which outlined the 22Moz Kibali gold mine in the DRC and flipped it to Randgold (now Barrick) and AngloGold Ashanti for US$600 million in 2009.
Its market cap is just ~C$19m on last count – too low in Grigor’s opinion.
“It is contemplating a a mineable resource in the order of 2Moz at around 2 gpt with low technical risk and high gold recoveries. The target resource across its portfolio of projects is 3-3.5Moz. All the negatives have been factored into the share price, and then some,” Grigor said.
“A market capitalisation of only $20m for 2.9 Moz is way too cheap. We expect that once the ASX listing is sorted, and there is another $5m in the kitty, the share price will rise above the long term downtrend in which it is currently imprisoned.”
Haranga was chasing up $6-6.5m in an IPO led by CPS Capital Group.
Not to be confused with the delisted iron ore explorer of the same name, it owns the Issia project to the south of Tietto’s Abujar project in southern Cote d’Ivoire.
Issia boasts “extensive” geochemical gold anomalies but no previous exploration drilling despite evidence of ‘artisanal mining’ from local prospectors.
Haranga wants to launch a RAB drilling program in early 2022.
It is also holds or is securing permits for gold projects in the southern part of Burkina Faso, and the Saraya uranium and lithium project over in Senegal.
This IPO hopeful recently opened a $7.5 million IPO through Novus Capital seeking cash to explore gold and base metals projects in Queensland and South Africa.
Its South African projects are all located in the Northern Cape Province, including the Koa project 15km south of Orion Minerals’ large Prieska VMS deposit and the 412,000t Bushy Park zinc deposit.
Lukin’s gold interests come at the Vaalkop project, which hosts the polymetallic Salt River deposit.
That contains 440,000oz of gold, 434,000t of zinc and 140,000t of copper.
At Stockhead, we tell it like it is. While Oklo Resources and Firefinch are Stockhead advertisers, they did not sponsor this article.
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Best Penny Stocks To Buy Right Now
Penny stocks can sometimes get a bad reputation. On the… Read More
The post Best Penny Stocks To Buy Right Now appeared first on Investment U.
Penny stocks can sometimes get a bad reputation. On the one hand, they can offer tremendous growth potential as young, promising companies. But, on the other hand, they can be failing businesses with no escape plans. Luckily, I will cover the best penny stocks to buy right now and help you avoid a money-drain situation.
To be considered a penny stock, it generally includes assets trading under $5 a share. Although not all companies trade for pennies, they offer immense growth potential for those who find the hidden gems.
Check out this list for the best penny stocks to buy right now.
Top 5 – The Best Penny Stocks to Buy Right Now
Penny stocks have gotten a huge boost this year from traders looking to capture the next big thing. For example, GameStop (NYSE: GME), a stock trading for less than $5 around two years ago, is now up over 3,000%.
However, it’s also important to realize these investments still come with major risks. Penny stocks are often more volatile than other types of investments.
Although not every penny stock will perform like GameStop, these businesses are making a name for themselves. With this in mind, let’s take a look.
#5 Invacare Corp. (NYSE: IVC)
- Market Cap: 115.92M
- Focus: Health Care Equipment
- Key Statistic: 5.8% net sales growth in Q3.
Invacare Corp is a newer member of the penny stock club, falling from a yearly high of over $10 a share. But, after experiencing several issues in the previous quarter, the company is lowering its guidance for the rest of the year.
Between labor shortages and freight costs, the company had no choice but to change the growth outlook to -1% – 2%. As a result of the outlook changes, IVC stock is down over 60% this year.
Looking ahead, however, Invacare is in a growing medical equipment segment. The company offers several innovative patient products in categories such as mobility, rest, and patient transfer.
Despite just being surpassed by millennials as the largest generation, Baby Boomers carry the second largest population group. And with the baby boomer generation all being over the age of 65 by 2030, the demand for medical equipment will continue growing.
- Market Cap: 1.31B
- Focus: Uranium
- Key Statistic: Q2 revenue grew 58% YOY.
This year, Dennis Mines has been a hot penny stock, with Uranium prices soaring in September, hitting its highest price in seven years. The demand for uranium comes as energy prices are being pushed higher due to supply chain issues brought about by the pandemic.
Additionally, uranium is considered a clean energy source since it doesn’t emit harmful gases. In fact, it provided 52% of America’s clean energy in 2020.
With that in mind, Denison has a growing portfolio of projects with enormous potential. Its flagship Wheeler River project is the largest undeveloped uranium mine, with ‘top 5’ producing potential.
As clean energy becomes more of a priority, look for the demand for uranium to continue climbing. And because of this, Denison earns a spot on the best penny stocks to buy right now list.
#3 Ocean Power Technologies (NYSE: OPTT)
- Market Cap: 95.47M
- Focus: Renewable Energy
- Key Statistic: Q1 revenue growth of 60%.
There’s no denying the movement towards renewable energy sources. And what better way to capture clean energy than from one of the most abundant sources – wave energy.
According to recent insights, wave power has the potential to generate about 66% of the electricity in the United States. As a pioneer in its field, OPTT is developing technology for a cleaner future.
The company just received a U.S Department of Energy award to study next-generation wave energy technology. On top of this, the company is transitioning from research stage to deployment, offering excellent growth potential for investors.
Keep reading to discover the best penny stocks to buy right now.
Best Penny Stocks – #2 IZEA Worldwide (NASDAQ: IZEA)
- Market Cap: 110.36M
- Focus: Digital Marketing
- Key Statistic: Managed services grew 130% YOY.
IZEA is an online platform that connects creators with businesses. The online marketplace makes it simple for companies to partner with top influencers to help promote their brand. The company has been developing the online influencer industry since it was started in 2006.
Despite being up over 200% since last year, IZEA stock is still down from its highs of $7.45 per share.
But, the company is starting to gain some traction growing its user base to over 850K registered creators. On top of this, the company has worked with major brands like…
- Harley Davidson
- And Planet Fitness
If the company can continue growing its user base with solid brands, it has a real chance of capturing a sizable position in the potential +$785 billion digital marketing industry.
Best Penny Stocks – #1 Energous Corp. (NASDAQ: WATT)
- Market Cap: 112.36M
- Focus: Wireless Charging Tech
- Key Statistic: +50% YOY revenue growth in each of the last five quarters.
Another innovator, Energous Corp, is developing next-generation wireless charging technology. The company was started in 2012 and is making significant developments as of lately.
The company is making strides to bring its product to the mainstream, a market that can be worth over $2.5 billion by 2028.
With that in mind, WATT stock is down 13% in the past year, currently sitting just under $2 a share. The innovative product, value, and potential market land Energous number one on the best penny stocks list.
Best Penny Stocks to Buy Right Now – Is Penny Stock Investing Right for You?
When it comes to investing in penny stocks, it’s essential to know the risks. Penny stocks are highly volatile and can change prices significantly in a matter of seconds. Even the best penny stocks can experience drawdowns at times.
It’s crucial to do your due diligence before investing in penny stocks. These can often be newer companies with little known about them.
But, with that said, they can also offer investors a chance to get in on the ground floor of some of the most innovative companies. If you decide to invest in penny stocks, stay up to date with the company as things can change often.
Most importantly, investing in penny stocks can take years for meaningful returns to develop. Make sure you believe in the company and its mission.
And lastly, for more of the best penny stocks to buy right now, join Trade of the Day. This free newsletter comes packed with investing tips, tricks, and resources designed to make you a better investor. Invest with the best and sign up today!
New Covid Variant Spooked the Markets; Gold Fundamentals Remained Solid
US and Canadian stock markets fell sharply on Friday in reaction to a new coronavirus variant originating in South Africa.
The Dow Jones Industrial…
US and Canadian stock markets fell sharply on Friday in reaction to a new coronavirus variant originating in South Africa.
The Dow Jones Industrial Average had its worst day of the year, at one point dropping over 1,000 points before recovering about 100 points at time of writing. The S&P 500 and the Nasdaq each lost 2.2% while in Canada, the S&P/ TSX composite index sold off nearly 500 points, as the price of oil tumbled over 10% on demand destruction fears.
The World Health Organization on Friday declared the new South African strain of covid-19 a “variant of concern” and named it omicron. The WHO defines a variant of concern as one that shows genetic changes that in theory could give it the potential to affect transmissibility, severity of disease, or how well vaccines or treatments work on the virus.
Up to now the most serious version of covid has been the delta variant.
According to a report by CNBC, South African scientists identified a new variant they say is behind a recent spike in infections in Gauteng, the country’s most populous province. The covid mutation was also detected in travelers to Hong Kong and Botswana.
Cases in South Africa ballooned to 1,200 on Wednesday and 2,465 on Thursday, compared to a daily count of just over 200 in recent weeks. Scientists are worried that “omicron” has a high number of mutations (30) in the coronavirus’ spike protein which could affect how easily it spreads.
This concern was enough to prompt British authorities to make travelers arriving in the UK from South Africa and neighboring countries to self-isolate for 10 days. The United States will also restrict travel from the region starting Monday. CNBC quoted an infectious disease specialist at Imperial College London saying that the new variant has an “unprecedented” number of mutations and that compared to previous variants, the South African version might evade current vaccines.
That could trigger widespread travel restrictions and renewed curbs on social activity, potentially even lockdowns, throwing a wrench into the machinery of economic recovery for most of the world’s major economies.
Investors and traders didn’t like what they were hearing and on Friday they sold off risky assets like stocks and bitcoin, which was down over $4,600 at time of writing, or 7.5%, to $54,292.
Bond yields also fell sharply, with benchmark US Treasuries on track for their biggest drop since the start of the pandemic in early 2020. The yield on the 10-year slipped over 15 basis points to 1.485% while the 30-year fell to 1.826%, in mid-day trading Friday. Yields move in the opposite direction of bond prices, which typically rise on market uncertainty.
To us at AOTH it’s all good for gold.
There is a strong correlation between rising gold prices and falling bond yields, although gold’s performance Friday was oddly weak. Despite climbing to $1,814 per ounce at the start of the session, strong selling pressure pushed the precious metal to an intra-day low of $1,784; it was changing hands for around $1,791, at time of writing.
Gold has been on a run, a week ago trading at its highest level since June. The latest US inflation data (6.2% in October) has reinforced concerns over rising prices, especially after seeing the central banks’ approach to soothe the situation.
While a growing number of Federal Reserve officials have indicated they are open to tapering the Fed’s bond-buying program, if inflation holds, and would move more quickly to raise interest rates, the latest covid variant scare appears to be pouring cold water on that notion.
Bloomberg reports that Money-markets pushed back the timing of a first 25-basis-point rate increase by the Federal Reserve to September from June, while briefly pricing out any more hikes unit 2023…
It’s a similar story in the U.K. where the Bank of England is now expected to tighten policy in February instead of next month. Wagers that the European Central Bank will raise its deposit rate by the end of next year were also slashed…
With gold widely seen as a hedge against inflation, it makes sense for the safe-haven metal to be in demand.
It’s also important to note that gold has been rallying despite a stronger US dollar, which competes with gold as a safe store of value. This indicates that investors have looked past this to focus on its traditional role as an inflation hedge.
In the near term, there’s optimism that rising price levels could offer more support for the gold market.
Analysts at UBS have lifted their gold price forecasts, highlighting risks of further strength in inflation in early 2022. The Swiss investment bank’s March-end gold price target was raised to $1,800/oz, up from $1,700.
While some, including UBS, are predicting a moderation in inflation expectations for the coming year, this will likely take longer than most have anticipated.
The Fed’s official line is that inflation is “transitory” based on supply chain disruptions resulting from the pandemic. We don’t buy it. Sure, we accept the idea that high demand for products and services in countries coming out of the pandemic has led to supply shortages and higher prices in a number of industries. But there are several inflation manifestations that simply cannot be called temporary or transitory. We have reported on most, if not all of them.
To recap, an energy crunch has pushed coal and natural gas prices to record highs. We also have energy inflation because of too massive a shift to renewables and a de-investment in fossil fuels, before renewable energy is ready to take the place of oil, natural gas and coal. The problem isn’t about to sort itself out anytime soon, because even though solar and wind power are getting less expensive, many parts of the world still depend on coal and natural gas as a primary source, or as a backup.
Research from Dalhousie University’s Agri-Food Analytics Lab, quoted by BNN Bloomberg, shows that food inflation in Canada is close to 5%, well above the normal 1-2%. A similar trend is happening in the United States. In September food prices jumped 0.9% with the largest rise since April 2020 driven by a surge in meat costs.
It isn’t only retail food shoppers that are feeling the pinch of climbing prices. Recently the Green Markets North American Fertilizer Index hit a record high, rising 7.9% to US$996.32 per ton, and blasting past its 2008 peak. Higher fertilizer prices are usually passed onto the end user, the buyer of grains, fruits, vegetables and meats, for the grower/ farmer/ rancher to preserve his profit margin. This is precisely what we see happening right now.
Climate change is affecting not only the prices of agricultural commodities and food, but the entire commodities complex. As global temperatures warm, practically everything that is grown or mined is impacted. The prices of a number of industrial metals, including copper, zinc, nickel and aluminum, have seen healthy gains this year due to a constellation of factors, including robust demand from top commodities buyer China.
As for what the new coronavirus variant could mean for gold, we see a “rinse and repeat” scenario taking place.
If the new stain turns out to be as potent as it seems, central banks will shrink away from monetary tightening, instead choosing to fall back on their current dovish monetary policies (low interest rates, bond-buying, money-printing), which are great for precious metals.
Depending on how quickly and to what extent it spreads, US states (and Canadian provinces) may be forced to re-instate mask mandates, social distancing measures, school closures, etc., to prevent health care systems from being overloaded. If stimulus check disbursements continue, along with potentially hundreds of billions in new stimulus measures to fight a strengthened pandemic, it could easily push inflation higher.
Note that in 2008, “quantifornication” i.e., rock-bottom interest rates and the monthly purchases of mortgage-backed securities and government bonds did not cause inflation, so the idea that tapering QE will stop inflation doesn’t make sense, imo.
Finally there is a good amount of geopolitical risk in the world right now that should boost safe-haven demand for gold.
Despite a friendly online meeting between US President Biden and Chinese President Xi, the US government recently added a dozen more Chinese companies to its restricted trade list, citing concerns that some of the firms are help to develop the Chinese military’s quantum computing program.
Tensions between the United States and China over Taiwan are also ratcheting up, after five US lawmakers this week arrived in Taiwan to meet with government officials. Beijing considers the island to be a renegade province and has made re-unification with the Motherland a top priority.
Meanwhile over in Belarus, there are fears that Russia is trying to sow chaos in the landlocked Eastern European country as a pretext for an invasion of Ukraine to the south. The European Union has blamed Minsk, the capital and seat of government, for flying in thousands of Middle Eastern migrants, who are hoping to make it to Europe, yet instead are stranded on the border between Belarus and Poland in terrible conditions. This week Ukraine reportedly deployed 8,500 troops to the Belarusian border in anticipation of a clash with Russia, which according to the head of Ukraine’s military intelligence, has massed 92,000 troops around Ukraine’s borders and is preparing for an attack by the end of January or early February.
The world is clearly getting more dangerous and when combined with the resurgent threat of a covid variant that may be resistant to current vaccines, investors should be looking at safe investments that won’t be diminished by inflation yet offer solid growth potential. Junior gold stocks are an excellent choice in this type of environment and four of my favorites — all of them are undervalued and offer major exploration upside — are listed below.
Goldshore Resources (TSXV: GSHR) (OTC: GSHRF) (FRA: 8X00) has embarked on an extensive 100,000-meter drill program on its flagship Moss Lake project that will run for about a year until mid-2022.
Results of drilling so far have not disappointed, giving us a glimpse of what may be a significant mineralized system within northwestern Ontario, a historically productive gold-mining province. From the first three holes reported, the highlight was MMD-21-001, which was mineralized over 550m. This corresponds to an estimated true thickness of 422m and a 52% increase over the historical resource model.
Several higher-grade zones were identified:
- 57.00m at 1.20 g/t Au from 4.0m and
- 36.00m at 1.15 g/t Au from 182.0m in MMD-21-003
31.00m at 1.18 g/t Au from 122.0m and
- 16.30m at 2.09 g/t Au from 350.7m in MMD-21-001
35.00m at 1.09 g/t Au from 100.0m in MMD-21-002
The three holes reported here represent only 2.3% of the planned 100,000 meters of drilling scheduled to be completed by the end of Q2 of 2022 as the drill program ramps-up from two to four drill rigs.
The property is located in an excellent jurisdiction with a number of major gold deposits nearby, including’s Detour project with 15.7Moz proven and probable reserves at 0.82 g/t Au, ’s Rainy River with 2.6Moz P&P at 1.06 g/t Au, and Cote (IAMGOLD & Sumitomo) with 7.3Moz P&P at 1.0 g/t Au.
Moss Lake itself hosts a number of gold and base metal rich deposits. These include the Moss Lake deposit, the East Coldstream deposit, the historically producing North Coldstream mine and the Hamlin zone, all of which occur over a mineralized trend exceeding 20 km in length.
’s ( ) (OTCQB: MGLQF) flagship San Francisco project in Sonora, Mexico, resumed production in Q3 2020 and achieved commercial production earlier this year.
Located 150 km north of Hermosillo, this 47,395-hectare property consists of two previously mined open pits (San Francisco and Chicharra) and associated heap leaching facilities.
The mine was previously operated from 1995 through 2000. During that time, approximately 13.5 million tonnes of ore at a grade of 1.13 g/t Au were treated by heap leaching, and 300,834 ounces of gold were recovered.
An updated prefeasibility study (PFS) on the property last September showed total proven and probable reserves of 47.6 million tonnes, graded at 0.495 g/t Au, leaving 758,000 ounces of contained gold. Now at full capacity, the San Francisco mine is capable of producing as much as 90,000 ounces annually.
There is also ample room for resource expansion, with an estimated upside of 3Moz gold and 50Moz silver.
Meanwhile, Magna has also been advancing several of its other precious metals assets across Mexico. The next area of exploration focus is Chihuahua, where its newly acquired Margarita silver project is situated. The project is a low-intermediate sulfidation epithermal Ag-Pb-Zn system, which can be traced to many of Mexico’s producing silver mines.
Drilling programs are also planned at the San Judas and Veta Tierra gold projects, and the La Pima silver project.
In the southern part of the Golden Triangle in northwestern British Columbia, Dolly Varden Silver Corp’s () (OTC: DOLLF), silver project of the same name lies in an area well known for its base and precious metals deposits.
The property hosts four historically active silver mines: Dolly Varden, Torbrit, North Star and Wolf.
Historical records show that the Torbrit mine produced 18.5 million ounces of silver at an average recovered grade of 13.58 oz per tonne between 1949 and 1959, while the Dolly Varden mine had 1.5 million ounces at an average grade of 35.7 oz per tonne in the early 1920s.
Altogether, about 20 million ounces of silver were produced from the two historical mines over a 40-year period, with assays of ore as high as 2,200 oz (over 72 kg) per tonne.
Now, under Dolly Varden’s control, the path to restoring these silver mines back to production has begun, much like howis reawakening the Eskay Creek mine up north.
An updated NI 43-101 resource estimate completed by the company in 2019 revealed 32.9Moz silver in indicated resources and 11.477Moz inferred, for a total of 44Moz silver, adjacent to the historical deposits.
An aggressive two-year drilling campaign is underway to expand these resources. Last year’s drilling returned consistent intervals of high-grade silver mineralization at the Torbrit silver deposit, which Dolly Varden believes has the potential to support economically attractive underground bulk-mining.
The company also hasn’t ruled out a gold discovery consistent with the +1 million-ounce resource at the adjacent Homestake property, in addition to the potential for another Torbrit-like silver discovery.
About 170 km northeast of Reno, Nevada,( ) (OTCQB: GGLDF) is in the midst of a drill campaign at the advanced-stage Fondaway Canyon project, comprising 170 unpatented lode claims in Churchill County.
The property has been the subject of multiple exploration campaigns dating back to the late 1980s and early ‘90s, with nearly 50,000m of drilling completed. It covers 12 known veins, including five mineralized areas — Colorado, Halfmoon, Paperweight, Silica Ridge and Hamburger Hill.
The latest technical report on Fondaway Canyon (2017) provided an estimate of 409,000 oz indicated gold resources grading 6.18 g/t Au and 660,000 oz inferred grading 6.4 g/t Au, for a combined 1.1 million oz. Up to 80% of these ounces are within Colorado, Paperweight and Halfmoon, with the remainder found in parallel veins or splays off the main veins.
Five of the six holes drilled as part of a 2,000m program intersected significant gold intercepts within the Central Area, which is considered by company management to be the “nexus for the gold-mineralizing system” observed at Fondaway.
Following up on the drilling success, which Getchell says “blew the potential of the project wide open” by producing a revised geological interpretation for Fondaway that extrapolated the continuity of the gold mineralization over extensive distances, the company decided to proceed with a drill program twice the size this year.
The 2021 program is designed to complete sufficient infill drilling to confirm this new geological model, thus elevating the resource estimate from the current 1.1Moz. Getchell will also continue stepping out from known gold intercepts to expand the geological model.
The results so far have been promising, with the latest drill hole returning one of the best cumulative series of gold intercepts in the project’s 45-year history. This was also the seventh consecutive hole to hit substantive mineralization, with more results still to come.
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