Precious Metals
Bullish? Aussie gold producers are adding hedges as high as $3200/oz
It looks like some smart money thinks gold will go higher, with ASX miners now adding hedges at well over … Read More
The post Gold Digger: Bullish?…
- ASX miners adding to hedge books at prices up to A$3200/oz – well above record highs
- Heavy hedging a vestige of times past due to losses suffered in the late 90s, early 2000s
- Regis Resources still has 145,000oz of legacy hedges at frighteningly low price of $1571/oz
Our Gold Digger column wraps all the news driving ASX stocks with exposure to precious metals.
It looks like some smart money thinks gold will go higher, with miners like Northern Star (ASX:NST), Silver Lake Resources (ASX:SLR) and Ramelius Resources (ASX:RMS) now adding hedges at well over record prices.
Gold producer hedges are a way for miners to manage risk.
Hedging involves a gold producer forward selling a portion of future gold production at a fixed price to lock in guaranteed revenue, rather than taking its chances with the spot price if it falls.
Some new producers do it as part of project financing. Capricorn Metals (ASX:CMM), for example, had 148,000oz of flat forward contracts remaining at an average delivery price of $2,260/oz at the end of the March quarter. This was part of the original hedging program required under the project financing facility for the Karlawinda gold project (KGP).
But in the latest round of quarterlies established producers NST, SLR and RMS spoke of adding record price hedges to their respective books.
“The additions … in the quarter were well over $3000 an ounce and if you compared our hedge book against every bank’s forecast, they’ve all got gold price coming off and we’ve got gold price going up,” NST boss Stuart Tonkin says.
“So something’s different there, but I’m confident that our policies work well for us today.
“We’ve still got over 75-80% of our production delivering into spot so it’s working well for us.”
Meanwhile, RMS is signing contracts on hedges as high as $3200/oz.
“The A$ gold price performed exceptionally well over the quarter pushing close to A$3,000 per ounce representing a 10% increase on the closing gold price on 31 December 2022,” it says.
“Ramelius took advantage of these gold prices, and the forward curve being in contango, by adding a net 20,000 ounces to the hedge book.
“The average price added to the hedge book over the quarter was A$2,911 per ounce with the highest contract being more than A$3,200 per ounce.”
SLR also hedged a substantial 60,000oz at A$3,145/oz for delivery in 2025 “to capitalise on the prevailing gold price and de-risk the cash returns of the planned investment in the Santa open pit and other potential open pits in the Mount Belches area”.
NST, SLR, RMS share price charts
But hedging can f*&k you up make you feel silly
There’s nothing wrong with a dabble, but heavy hedging is a vestige of times past.
Why? Because when prices are going up – like now – you can lose money.
And when it goes bad, it goes really bad.
This happened during the Peak Hedge Epoch of 1995-1999, when gold prices were suffering due to the dotcom boom.
At the time, Central Banks were offloading their reserves, buying into the bulls..t that pets.com was the future and gold was an ‘ancient relic’. Gold producers attempted to stem the bleeding by hedging.
Heavily.
“To demonstrate the scale of the super-sized hedging, in 1999, 3,091 tonnes (99.3 million ounces) were hedged, compared to global gold mine production of 2,602 tonnes (83.6 million ounces),” VanEck portfolio manager and sStrategist Joe Foster writes in a 2018 note.
“As usually happens when anything is taken to excess, a crash soon followed.”
Gold prices unexpectedly spiked and some goldies, like 1.7Mozpa African producer Ashanti, were caught with their pants down.
“A significant portion of the book was locked into prices below $325, as Ashanti failed to anticipate such a rise in gold prices,” Foster writes.
“When the price rose, the value of the book fell to negative $570 million.
“This brought margin calls from the banks that totalled $270 million. However, the company did not have the liquidity to post margin.
“It was effectively bankrupt.”
The Ashanti crash “scared the daylights out of every gold company CFO with a hedge book”, resulting in the huge decline in hedging which has continued to the present day.
Regis Resources: When hedges go bad (Part 2)
Still, you get the odd outlier. Regis Resources (ASX:RRL) continues to have 145,000oz of legacy hedges in the book as of March 31 at a frighteningly low price of $1571/oz.
RRL has $204m in the bank and managed to generate $99m in operating cash in the March quarter, despite torching $29m in hedge losses.
For years, RRL has been frantically working down a massive hedging position which easily surpassed 400,000oz in 2019 at an average delivery price of A$1,592 per ounce.
A$1600/oz didn’t look too bad four years ago. It does now.
Winners & Losers
Here’s how ASX-listed precious metals stocks are performing:
Scroll or swipe to reveal table. Click headings to sort. Best viewed on a laptop.
Stocks missing from this list? Email [email protected]
| Code | Company | % Monday | % Month | YTD% | % 12 Month Return | Price | Market Cap |
|---|---|---|---|---|---|---|---|
| PRS | Prospech Limited | 33% | 39% | 19% | -42% | 0.032 | $3,708,541 |
| EMU | EMU NL | 25% | 25% | -49% | -80% | 0.0025 | $2,900,043 |
| GNM | Great Northern | 25% | -29% | -38% | -58% | 0.0025 | $3,418,102 |
| MOM | Moab Minerals Ltd | 25% | 43% | 11% | -64% | 0.01 | $5,455,708 |
| CTO | Citigold Corp Ltd | 20% | 20% | 0% | -29% | 0.006 | $14,368,295 |
| XTC | Xantippe Res Ltd | 17% | -13% | -30% | -75% | 0.0035 | $31,740,299 |
| ENR | Encounter Resources | 16% | 48% | 3% | 16% | 0.185 | $56,884,125 |
| MXR | Maximus Resources | 15% | -10% | -5% | -56% | 0.038 | $10,528,840 |
| ZAG | Zuleika Gold Ltd | 14% | 33% | -24% | -47% | 0.016 | $7,322,709 |
| TMB | Tambourahmetals | 14% | 40% | 14% | -52% | 0.12 | $4,325,223 |
| CLA | Celsius Resource Ltd | 13% | 13% | 6% | -26% | 0.017 | $28,090,775 |
| TSO | Tesoro Gold Ltd | 11% | 69% | 36% | -33% | 0.049 | $46,354,553 |
| TLM | Talisman Mining | 10% | 19% | 14% | -6% | 0.16 | $27,222,227 |
| ARL | Ardea Resources Ltd | 10% | -17% | -39% | -73% | 0.43 | $66,886,081 |
| KAU | Kaiser Reef | 10% | 30% | 30% | 10% | 0.215 | $27,631,048 |
| RDS | Redstone Resources | 10% | 22% | 38% | 10% | 0.011 | $7,368,324 |
| BMR | Ballymore Resources | 7% | 19% | 7% | -14% | 0.16 | $14,447,618 |
| LYN | Lycaonresources | 6% | -15% | -40% | -59% | 0.165 | $5,102,406 |
| SRN | Surefire Rescs NL | 6% | -10% | 50% | -55% | 0.018 | $26,883,179 |
| ICG | Inca Minerals Ltd | 6% | -5% | -22% | -82% | 0.018 | $8,219,746 |
| LEX | Lefroy Exploration | 6% | 30% | 8% | -15% | 0.28 | $42,521,371 |
| ASR | Asra Minerals Ltd | 5% | -9% | -50% | -66% | 0.01 | $13,937,627 |
| TG1 | Techgen Metals Ltd | 5% | 48% | 10% | -31% | 0.09 | $5,530,757 |
| XAM | Xanadu Mines Ltd | 5% | 24% | 59% | 48% | 0.046 | $72,064,264 |
| GAL | Galileo Mining Ltd | 4% | 12% | -7% | 270% | 0.815 | $154,147,443 |
| BGD | Bartongoldholdings | 4% | 4% | 20% | 4% | 0.24 | $19,856,612 |
| ASO | Aston Minerals Ltd | 4% | -9% | 25% | -29% | 0.1 | $107,014,170 |
| CDR | Codrus Minerals Ltd | 4% | 53% | 0% | 43% | 0.13 | $5,053,750 |
| S2R | S2 Resources | 4% | 7% | -15% | -6% | 0.145 | $57,412,813 |
| OZM | Ozaurum Resources | 3% | 43% | -9% | -64% | 0.06 | $7,366,000 |
| SVL | Silver Mines Limited | 3% | 26% | 14% | 3% | 0.2275 | $308,953,071 |
| ARV | Artemis Resources | 3% | 23% | -36% | -74% | 0.016 | $24,201,985 |
| TMS | Tennant Minerals Ltd | 3% | 7% | 3% | -37% | 0.032 | $23,542,436 |
| STN | Saturn Metals | 3% | 3% | -6% | -54% | 0.17 | $25,005,506 |
| TAM | Tanami Gold NL | 3% | 0% | -8% | -40% | 0.036 | $41,128,397 |
| MLS | Metals Australia | 3% | -3% | -17% | -75% | 0.037 | $21,853,303 |
| FML | Focus Minerals Ltd | 3% | 15% | -25% | -21% | 0.19 | $53,013,349 |
| RXL | Rox Resources | 3% | 40% | 120% | 0% | 0.385 | $84,132,848 |
| EMC | Everest Metals Corp | 3% | 4% | -1% | -44% | 0.078 | $9,836,916 |
| KIN | KIN Min NL | 3% | -9% | -38% | -56% | 0.04 | $45,947,871 |
| IDA | Indiana Resources | 3% | -18% | -25% | -37% | 0.041 | $20,148,193 |
| GWR | GWR Group Ltd | 2% | -6% | 41% | -46% | 0.083 | $26,018,549 |
| HMX | Hammer Metals Ltd | 2% | 55% | 28% | -17% | 0.087 | $69,819,625 |
| BC8 | Black Cat Syndicate | 2% | 11% | 24% | -16% | 0.44 | $114,622,715 |
| CY5 | Cygnus Metals Ltd | 2% | 13% | -33% | 65% | 0.255 | $46,781,053 |
| RND | Rand Mining Ltd | 2% | -1% | 1% | -8% | 1.375 | $76,782,547 |
| HRZ | Horizon | 2% | 19% | -8% | -55% | 0.056 | $38,334,102 |
| DTM | Dart Mining NL | 2% | 5% | 7% | -19% | 0.059 | $9,025,992 |
| NVA | Nova Minerals Ltd | 1% | -22% | -49% | -50% | 0.345 | $71,702,524 |
| MI6 | Minerals260Limited | 1% | 24% | 24% | -11% | 0.42 | $97,110,000 |
| CYL | Catalyst Metals | 1% | 3% | -18% | -47% | 0.97 | $167,697,430 |
| CPM | Coopermetalslimited | 1% | 27% | 49% | -22% | 0.35 | $14,339,813 |
| GMD | Genesis Minerals | 0% | 28% | 9% | -6% | 1.36 | $644,448,719 |
| DEG | De Grey Mining | 0% | 6% | 26% | 36% | 1.6175 | $2,521,284,568 |
| NPM | Newpeak Metals | 0% | 0% | 0% | 0% | 0.001 | $9,145,132 |
| MTC | Metalstech Ltd | 0% | -4% | -34% | 44% | 0.345 | $61,221,834 |
| FFX | Firefinch Ltd | 0% | 0% | 0% | -40% | 0.2 | $236,569,315 |
| GED | Golden Deeps | 0% | -6% | -17% | -64% | 0.0075 | $8,664,200 |
| G88 | Golden Mile Res Ltd | 0% | 47% | 8% | -64% | 0.022 | $5,795,509 |
| DCX | Discovex Res Ltd | 0% | 0% | 0% | -55% | 0.003 | $9,907,704 |
| AQX | Alice Queen Ltd | 0% | 50% | -25% | -75% | 0.0015 | $3,795,431 |
| SLZ | Sultan Resources Ltd | 0% | -3% | -54% | -75% | 0.039 | $4,028,091 |
| MKG | Mako Gold | 0% | -10% | -5% | -54% | 0.038 | $17,922,752 |
| KSN | Kingston Resources | 0% | 11% | 30% | -40% | 0.105 | $43,643,634 |
| AMI | Aurelia Metals Ltd | 0% | 29% | 8% | -69% | 0.135 | $167,054,024 |
| GIB | Gibb River Diamonds | 0% | 7% | -25% | -30% | 0.045 | $9,517,925 |
| TMX | Terrain Minerals | 0% | 20% | 0% | -40% | 0.006 | $6,499,196 |
| CST | Castile Resources | 0% | -2% | 2% | -48% | 0.097 | $23,464,535 |
| FAU | First Au Ltd | 0% | -20% | 0% | -73% | 0.004 | $4,379,133 |
| IVR | Investigator Res Ltd | 0% | 51% | 48% | 3% | 0.062 | $89,104,541 |
| IPT | Impact Minerals | 0% | 37% | 86% | 18% | 0.013 | $32,257,817 |
| BNZ | Benzmining | 0% | -5% | -10% | -47% | 0.37 | $27,030,276 |
| MOH | Moho Resources | 0% | 0% | -10% | -63% | 0.019 | $3,945,582 |
| PUA | Peak Minerals Ltd | 0% | 25% | -17% | -69% | 0.005 | $5,206,883 |
| SMS | Starmineralslimited | 0% | -3% | -3% | -65% | 0.07 | $2,109,926 |
| PRX | Prodigy Gold NL | 0% | 22% | -8% | -46% | 0.011 | $19,226,711 |
| ZNC | Zenith Minerals Ltd | 0% | -26% | -45% | -64% | 0.145 | $50,997,376 |
| REZ | Resourc & En Grp Ltd | 0% | 14% | 0% | -65% | 0.016 | $7,996,893 |
| AM7 | Arcadia Minerals | 0% | 3% | -2% | -34% | 0.2 | $9,339,578 |
| GMR | Golden Rim Resources | 0% | 10% | 6% | -51% | 0.033 | $19,522,416 |
| SIH | Sihayo Gold Limited | 0% | 100% | 0% | -33% | 0.002 | $12,204,256 |
| WA8 | Warriedarresourltd | 0% | 4% | -21% | 4% | 0.135 | $58,192,940 |
| WCN | White Cliff Min Ltd | 0% | -22% | -50% | -75% | 0.007 | $6,713,381 |
| AVM | Advance Metals Ltd | 0% | 13% | -10% | -44% | 0.009 | $5,238,397 |
| WRM | White Rock Min Ltd | 0% | 0% | -5% | -68% | 0.063 | $17,508,200 |
| MCT | Metalicity Limited | 0% | 0% | -33% | -70% | 0.002 | $7,009,079 |
| M2R | Miramar | 0% | 0% | -44% | -75% | 0.045 | $3,515,478 |
| MHC | Manhattan Corp Ltd | 0% | -9% | -9% | -58% | 0.005 | $14,681,393 |
| GRL | Godolphin Resources | 0% | -14% | -12% | -46% | 0.073 | $8,640,970 |
| TRY | Troy Resources Ltd | 0% | 0% | 0% | 0% | 0.0295 | $62,920,961 |
| CGN | Crater Gold Min Ltd | 0% | 0% | 0% | 0% | 0.014499 | $17,965,037 |
| GUL | Gullewa Limited | 0% | -2% | -8% | -32% | 0.055 | $10,767,521 |
| G50 | Gold50Limited | 0% | -3% | -22% | -22% | 0.195 | $11,103,885 |
| ADV | Ardiden Ltd | 0% | 0% | 0% | -50% | 0.007 | $18,818,347 |
| MGV | Musgrave Minerals | 0% | 18% | 7% | -32% | 0.225 | $133,021,789 |
| VMC | Venus Metals Cor Ltd | 0% | 26% | 44% | 3% | 0.195 | $34,725,343 |
| NAE | New Age Exploration | 0% | -17% | -29% | -62% | 0.005 | $7,179,495 |
| LCL | Los Cerros Limited | 0% | 0% | -46% | -65% | 0.031 | $24,623,438 |
| MTH | Mithril Resources | 0% | 0% | -43% | -76% | 0.002 | $6,526,180 |
| ADG | Adelong Gold Limited | 0% | 18% | 86% | -68% | 0.013 | $6,939,690 |
| RMX | Red Mount Min Ltd | 0% | -13% | -30% | -61% | 0.0035 | $7,951,479 |
| NML | Navarre Minerals Ltd | 0% | 0% | -34% | -69% | 0.027 | $40,577,737 |
| KZR | Kalamazoo Resources | 0% | 7% | -31% | -64% | 0.145 | $21,908,131 |
| BCN | Beacon Minerals | 0% | 14% | 18% | -4% | 0.033 | $123,973,350 |
| MAU | Magnetic Resources | 0% | -29% | -42% | -66% | 0.495 | $113,608,629 |
| BYH | Bryah Resources Ltd | 0% | 0% | -12% | -60% | 0.023 | $6,468,830 |
| MEU | Marmota Limited | 0% | -5% | -25% | -29% | 0.036 | $38,116,821 |
| PGD | Peregrine Gold | 0% | -4% | -4% | -27% | 0.37 | $20,757,966 |
| ICL | Iceni Gold | 0% | -27% | -24% | -58% | 0.061 | $12,722,857 |
| RML | Resolution Minerals | 0% | 0% | -38% | -67% | 0.005 | $5,398,731 |
| AL8 | Alderan Resource Ltd | 0% | 0% | 14% | -67% | 0.008 | $4,859,271 |
| GMN | Gold Mountain Ltd | 0% | -25% | -57% | -57% | 0.003 | $5,909,798 |
| TBA | Tombola Gold Ltd | 0% | 0% | 0% | -52% | 0.026 | $33,129,243 |
| GSR | Greenstone Resources | 0% | -10% | -41% | -42% | 0.019 | $23,052,100 |
| VRC | Volt Resources Ltd | 0% | 10% | -27% | -45% | 0.011 | $43,333,663 |
| HRN | Horizon Gold Ltd | 0% | 0% | 13% | -9% | 0.35 | $43,813,574 |
| TCG | Turaco Gold Limited | 0% | -10% | 5% | -36% | 0.061 | $26,090,717 |
| GBZ | GBM Rsources Ltd | 0% | 38% | -23% | -73% | 0.033 | $18,584,299 |
| MKR | Manuka Resources. | 0% | 19% | 2% | -68% | 0.087 | $47,055,695 |
| ANX | Anax Metals Ltd | 0% | 1% | 28% | -41% | 0.068 | $27,838,848 |
| SFM | Santa Fe Minerals | 0% | -5% | -31% | -54% | 0.055 | $4,005,033 |
| PNR | Pantoro Limited | 0% | 30% | -24% | -74% | 0.073 | $221,103,902 |
| X64 | Ten Sixty Four Ltd | 0% | 0% | -11% | -30% | 0.57 | $130,184,182 |
| SI6 | SI6 Metals Limited | 0% | 0% | -17% | -50% | 0.005 | $7,476,973 |
| HAW | Hawthorn Resources | 0% | 5% | -26% | -50% | 0.085 | $28,476,327 |
| AGC | AGC Ltd | 0% | -6% | -17% | -47% | 0.05 | $5,000,000 |
| RVR | Red River Resources | 0% | 0% | 0% | -68% | 0.073 | $37,847,908 |
| RGL | Riversgold | 0% | 0% | -47% | -78% | 0.016 | $15,127,483 |
| MM8 | Medallion Metals. | 0% | -21% | -29% | -55% | 0.11 | $25,369,577 |
| AUT | Auteco Minerals | 0% | 5% | -22% | -43% | 0.04 | $92,513,452 |
| CBY | Canterbury Resources | 0% | -8% | -15% | -42% | 0.035 | $5,058,324 |
| TMZ | Thomson Res Ltd | 0% | 0% | -74% | -88% | 0.005 | $4,349,755 |
| WMC | Wiluna Mining Corp | 0% | 0% | 0% | -68% | 0.205 | $74,238,031 |
| NWM | Norwest Minerals | 0% | 24% | -33% | -40% | 0.036 | $8,905,364 |
| GSM | Golden State Mining | 0% | 3% | -23% | -58% | 0.033 | $3,861,469 |
| NSM | Northstaw | 0% | -21% | -23% | -58% | 0.12 | $14,415,240 |
| GSN | Great Southern | 0% | 20% | -17% | -59% | 0.024 | $16,640,568 |
| THR | Thor Energy PLC | 0% | 11% | -17% | -64% | 0.005 | $7,380,564 |
| MDI | Middle Island Res | 0% | 34% | 13% | -68% | 0.043 | $5,263,984 |
| POL | Polymetals Resources | 0% | 44% | 14% | 107% | 0.28 | $12,651,154 |
| NAG | Nagambie Resources | 0% | -17% | -41% | -23% | 0.039 | $22,687,326 |
| KAI | Kairos Minerals Ltd | 0% | 13% | -4% | -24% | 0.022 | $43,210,057 |
| CDT | Castle Minerals | 0% | -11% | -19% | -67% | 0.017 | $19,116,381 |
| CXU | Cauldron Energy Ltd | 0% | 8% | 0% | -52% | 0.007 | $6,520,981 |
| HXG | Hexagon Energy | 0% | 0% | -35% | -71% | 0.011 | $5,642,075 |
| AVW | Avira Resources Ltd | 0% | 0% | 0% | -50% | 0.003 | $6,401,370 |
| SBR | Sabre Resources | 0% | -7% | -34% | -58% | 0.025 | $7,287,155 |
| SAU | Southern Gold | 0% | -9% | -16% | -56% | 0.021 | $6,305,991 |
| LRL | Labyrinth Resources | 0% | -17% | -29% | -68% | 0.012 | $11,513,848 |
| KTA | Krakatoa Resources | 0% | 14% | -25% | -70% | 0.033 | $11,375,427 |
| MBK | Metal Bank Ltd | 0% | 7% | -6% | -47% | 0.032 | $8,847,537 |
| TAR | Taruga Minerals | 0% | 21% | -29% | -15% | 0.017 | $12,002,455 |
| NES | Nelson Resources. | 0% | -17% | -29% | -71% | 0.005 | $2,942,972 |
| PUR | Pursuit Minerals | 0% | -6% | 6% | -35% | 0.017 | $43,967,062 |
| PKO | Peako Limited | 0% | 0% | -38% | -50% | 0.009 | $4,236,583 |
| A1G | African Gold Ltd. | 0% | 19% | -4% | -37% | 0.08 | $13,544,897 |
| OAU | Ora Gold Limited | 0% | 20% | -40% | -72% | 0.003 | $11,810,775 |
| KRM | Kingsrose Mining Ltd | 0% | 3% | -5% | -15% | 0.062 | $46,656,644 |
| BTR | Brightstar Resources | 0% | -6% | -12% | -44% | 0.015 | $12,489,432 |
| M24 | Mamba Exploration | 0% | 40% | -28% | -19% | 0.105 | $6,403,250 |
| DEX | Duke Exploration | 0% | 0% | 0% | -62% | 0.053 | $5,587,240 |
| KNB | Koonenberrygold | 0% | -30% | -32% | -57% | 0.042 | $3,181,771 |
| AWJ | Auric Mining | 0% | 17% | -19% | -40% | 0.052 | $6,804,699 |
| SNG | Siren Gold | 0% | 10% | -45% | -76% | 0.1 | $13,425,881 |
| USL | Unico Silver Limited | 0% | -7% | -18% | -36% | 0.14 | $40,095,189 |
| AYM | Australia United Min | 0% | 0% | 0% | -57% | 0.003 | $5,527,732 |
| BRB | Breaker Res NL | 0% | 15% | 44% | 84% | 0.46 | $151,988,065 |
| ANL | Amani Gold Ltd | 0% | 0% | 0% | -50% | 0.001 | $25,143,441 |
| GCY | Gascoyne Res Ltd | 0% | 28% | -24% | -44% | 0.1275 | $111,819,171 |
| PNT | Panthermetalsltd | 0% | -21% | -52% | -59% | 0.09 | $5,225,625 |
| FEG | Far East Gold | 0% | -3% | -41% | -26% | 0.285 | $43,618,740 |
| CLZ | Classic Min Ltd | 0% | -33% | -89% | -99% | 0.001 | $5,426,262 |
| FAL | Falconmetalsltd | 0% | -5% | 29% | 13% | 0.36 | $63,720,000 |
| SPD | Southernpalladium | 0% | -16% | -38% | 0% | 0.5 | $21,539,164 |
| ORN | Orion Minerals Ltd | 0% | 14% | 0% | -33% | 0.016 | $87,452,173 |
| PXX | Polarx Limited | 0% | 8% | -35% | -28% | 0.013 | $17,588,310 |
| NST | Northern Star | 0% | 14% | 23% | 38% | 13.44 | $15,478,265,892 |
| SBM | St Barbara Limited | 0% | -7% | -22% | -54% | 0.6025 | $494,007,695 |
| RRL | Regis Resources | 0% | 13% | 3% | 4% | 2.12 | $1,608,205,220 |
| AGG | AngloGold Ashanti | -1% | 20% | 33% | 43% | 7.845 | $703,849,266 |
| BM8 | Battery Age Minerals | -1% | -17% | -34% | -34% | 0.3325 | $24,863,085 |
| RMS | Ramelius Resources | -1% | 10% | 40% | -12% | 1.3025 | $1,148,322,002 |
| CHN | Chalice Mining Ltd | -1% | 15% | 25% | 20% | 7.86 | $2,988,990,720 |
| IGO | IGO Limited | -1% | 6% | 1% | 2% | 13.61 | $10,412,432,429 |
| WAF | West African Res Ltd | -1% | 0% | -18% | -25% | 0.965 | $997,988,303 |
| PRU | Perseus Mining Ltd | -1% | -4% | 5% | 15% | 2.205 | $3,050,610,676 |
| GBR | Greatbould Resources | -1% | -4% | -3% | -10% | 0.088 | $43,168,701 |
| PGO | Pacgold | -1% | 19% | 21% | -38% | 0.435 | $24,183,199 |
| BNR | Bulletin Res Ltd | -1% | -2% | -10% | -61% | 0.084 | $24,955,244 |
| DCN | Dacian Gold Ltd | -1% | 4% | -19% | -65% | 0.081 | $99,777,677 |
| AQI | Alicanto Min Ltd | -1% | 1% | -8% | -58% | 0.0395 | $21,448,545 |
| EVN | Evolution Mining Ltd | -1% | 20% | 18% | -12% | 3.515 | $6,532,658,096 |
| MZZ | Matador Mining Ltd | -1% | -8% | -36% | -69% | 0.074 | $23,641,413 |
| ALK | Alkane Resources Ltd | -1% | 23% | 62% | -12% | 0.8675 | $526,937,481 |
| TUL | Tulla Resources | -1% | 32% | -1% | -45% | 0.33 | $107,804,341 |
| NCM | Newcrest Mining | -2% | 8% | 38% | 7% | 28.48 | $25,861,152,769 |
| SFR | Sandfire Resources | -2% | 5% | 18% | 11% | 6.41 | $2,974,366,451 |
| SXG | Southern Cross Gold | -2% | -6% | -20% | 0% | 0.64 | $58,386,877 |
| AME | Alto Metals Limited | -2% | -9% | -7% | -33% | 0.062 | $38,607,375 |
| CMM | Capricorn Metals | -2% | -7% | -5% | 8% | 4.35 | $1,664,608,715 |
| HAV | Havilah Resources | -2% | -20% | -23% | 46% | 0.255 | $82,326,195 |
| BGL | Bellevue Gold Ltd | -2% | 16% | 23% | 50% | 1.3875 | $1,599,006,217 |
| EM2 | Eagle Mountain | -2% | -28% | -28% | -66% | 0.1225 | $38,120,858 |
| AUC | Ausgold Limited | -2% | -2% | 4% | -28% | 0.049 | $113,139,962 |
| CWX | Carawine Resources | -2% | 4% | -5% | -55% | 0.095 | $19,091,294 |
| TIE | Tietto Minerals | -2% | -3% | -17% | 19% | 0.5875 | $652,516,494 |
| GML | Gateway Mining | -2% | 9% | -22% | -61% | 0.047 | $12,784,010 |
| GOR | Gold Road Res Ltd | -2% | 13% | 9% | 20% | 1.835 | $2,022,040,108 |
| SSR | SSR Mining Inc. | -2% | -2% | -7% | -29% | 21.47 | $404,088,432 |
| TRM | Truscott Mining Corp | -2% | -15% | -2% | -22% | 0.04 | $6,853,439 |
| KAL | Kalgoorliegoldmining | -3% | -5% | -53% | -72% | 0.039 | $3,100,841 |
| ADN | Andromeda Metals Ltd | -3% | -19% | -11% | -61% | 0.039 | $124,400,337 |
| AZY | Antipa Minerals Ltd | -3% | 6% | -10% | -55% | 0.019 | $70,064,297 |
| AZS | Azure Minerals | -3% | 14% | 67% | 14% | 0.375 | $150,240,888 |
| WGX | Westgold Resources. | -3% | 24% | 70% | -6% | 1.485 | $722,274,663 |
| TBR | Tribune Res Ltd | -3% | -2% | -10% | -24% | 3.61 | $194,656,566 |
| PDI | Predictive Disc Ltd | -3% | -1% | -4% | -23% | 0.1725 | $317,817,071 |
| EMR | Emerald Res NL | -3% | 28% | 58% | 56% | 1.875 | $1,146,035,897 |
| AAU | Antilles Gold Ltd | -3% | -8% | 13% | -48% | 0.034 | $17,160,879 |
| LCY | Legacy Iron Ore | -3% | 3% | -18% | -43% | 0.0155 | $102,509,219 |
| DRE | Dreadnought Resources Ltd | -3% | 0% | -42% | 45% | 0.061 | $208,701,878 |
| TTM | Titan Minerals | -3% | 7% | -10% | -35% | 0.06 | $87,498,938 |
| A8G | Australasian Metals | -3% | -6% | -21% | -69% | 0.15 | $6,381,427 |
| QML | Qmines Limited | -3% | -6% | -12% | -48% | 0.145 | $13,531,355 |
| PNM | Pacific Nickel Mines | -3% | 13% | 2% | -19% | 0.085 | $33,440,373 |
| SVY | Stavely Minerals Ltd | -3% | -24% | -43% | -67% | 0.14 | $47,309,689 |
| OBM | Ora Banda Mining Ltd | -3% | 17% | 67% | 233% | 0.14 | $233,615,332 |
| CEL | Challenger Exp Ltd | -3% | 8% | -20% | -57% | 0.14 | $160,464,014 |
| KCN | Kingsgate Consolid. | -4% | -9% | -21% | -3% | 1.36 | $355,346,113 |
| ADT | Adriatic Metals | -4% | -6% | 11% | 45% | 3.51 | $823,922,095 |
| RSG | Resolute Mining | -4% | 19% | 130% | 56% | 0.46 | $1,021,923,153 |
| HCH | Hot Chili Ltd | -4% | 15% | 17% | -38% | 1.02 | $127,209,144 |
| SLR | Silver Lake Resource | -4% | 11% | 3% | -35% | 1.215 | $1,180,775,303 |
| LM8 | Lunnonmetalslimited | -4% | 3% | 23% | 4% | 1.1 | $126,371,447 |
| MRZ | Mont Royal Resources | -4% | -30% | -50% | -74% | 0.087 | $6,231,923 |
| DLI | Delta Lithium | -4% | 32% | -8% | -19% | 0.435 | $202,523,908 |
| YRL | Yandal Resources | -5% | -9% | -18% | -68% | 0.08 | $13,255,459 |
| CAI | Calidus Resources | -5% | -16% | -30% | -81% | 0.19 | $87,910,168 |
| STK | Strickland Metals | -5% | 6% | -5% | -45% | 0.038 | $63,590,045 |
| CHZ | Chesser Resources | -5% | -21% | -18% | -36% | 0.07 | $43,556,500 |
| GTR | Gti Energy Ltd | -6% | -6% | -21% | -55% | 0.0085 | $16,692,563 |
| SVG | Savannah Goldfields | -6% | 0% | -13% | -18% | 0.165 | $33,048,477 |
| SKY | SKY Metals Ltd | -6% | 0% | 2% | -50% | 0.049 | $19,592,740 |
| MRR | Minrex Resources Ltd | -6% | -27% | -50% | -77% | 0.016 | $18,442,748 |
| RED | Red 5 Limited | -6% | 10% | -22% | -62% | 0.16 | $588,112,175 |
| SMI | Santana Minerals Ltd | -6% | -7% | 7% | -13% | 0.7 | $110,839,311 |
| WWI | West Wits Mining Ltd | -6% | 15% | -6% | -50% | 0.015 | $35,888,276 |
| KWR | Kingwest Resources | -6% | -12% | -14% | -85% | 0.03 | $9,015,258 |
| MEG | Megado Minerals Ltd | -7% | -2% | -4% | -71% | 0.043 | $9,340,556 |
| ERM | Emmerson Resources | -7% | -3% | -5% | -38% | 0.071 | $41,397,944 |
| AAJ | Aruma Resources Ltd | -7% | 18% | 34% | -23% | 0.071 | $11,929,074 |
| ALY | Alchemy Resource Ltd | -7% | 8% | -39% | -63% | 0.014 | $17,671,144 |
| BBX | BBX Minerals Ltd | -7% | -35% | -35% | -43% | 0.068 | $36,917,668 |
| CAZ | Cazaly Resources | -7% | 4% | -21% | -31% | 0.027 | $10,782,832 |
| OKR | Okapi Resources | -7% | -10% | -10% | -55% | 0.135 | $26,619,943 |
| SPQ | Superior Resources | -8% | -27% | -34% | -5% | 0.037 | $68,048,817 |
| VKA | Viking Mines Ltd | -8% | -8% | 10% | 0% | 0.011 | $12,303,101 |
| AAR | Astral Resources NL | -9% | -6% | 1% | -19% | 0.073 | $53,232,798 |
| FG1 | Flynngold | -9% | -9% | -28% | -46% | 0.072 | $8,127,009 |
| MEK | Meeka Metals Limited | -9% | -7% | -40% | -11% | 0.041 | $48,042,402 |
| HMG | Hamelingoldlimited | -9% | 10% | -31% | -35% | 0.1 | $12,100,000 |
| ARN | Aldoro Resources | -9% | -17% | -6% | -45% | 0.15 | $22,179,918 |
| NXM | Nexus Minerals Ltd | -10% | -44% | -55% | -70% | 0.09 | $32,545,331 |
| MEI | Meteoric Resources | -10% | 9% | 197% | 950% | 0.1575 | $304,244,865 |
| DTR | Dateline Resources | -11% | -16% | -57% | -87% | 0.016 | $11,588,752 |
| TGM | Theta Gold Mines Ltd | -11% | 29% | 4% | -45% | 0.071 | $49,852,154 |
| KCC | Kincora Copper | -11% | -6% | -14% | -35% | 0.063 | $8,467,479 |
| BEZ | Besragoldinc | -12% | 100% | 265% | 250% | 0.19 | $76,080,306 |
| MAT | Matsa Resources | -12% | -10% | 0% | -44% | 0.037 | $17,304,194 |
| BMO | Bastion Minerals | -12% | -19% | -35% | -89% | 0.022 | $3,985,290 |
| RDN | Raiden Resources Ltd | -13% | 23% | -26% | -78% | 0.0035 | $7,418,330 |
| MVL | Marvel Gold Limited | -13% | -24% | -50% | -71% | 0.013 | $10,576,416 |
| NMR | Native Mineral Res | -15% | -24% | -69% | -82% | 0.034 | $4,805,549 |
| PNX | PNX Metals Limited | -17% | -17% | -41% | -52% | 0.0025 | $16,141,874 |
| BAT | Battery Minerals Ltd | -25% | -14% | -25% | -67% | 0.003 | $13,427,769 |
The post Gold Digger: Bullish? Aussie gold producers are adding hedges as high as $3200/oz appeared first on Stockhead.
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