Gold Digger: Gold's fundamentals remain strong as investors seek shelter from the economic storm
If economic conditions deteriorate, gold could run 10-15% higher still in H2
Anno Domini, anything goes in 2025 for gold with Bombs Over Baghdad (well not Baghdad, but all around it, it seems) sending the precious metal on a rocket to all time highs.
We've caught our breath after the first round of Trump Admin tariffs and war in the Middle East sent bullion to US$3500/oz in April.
But the precious metal is still 26% up through the first six months of the year and, as noted by the World Gold Council in its mid-year review this week, it's outperformed every asset major class there is, at least from an American-Eurocentric perspective.
All up, the WGC has counted some 26 new all time highs through the first half of 2025, following on from 40 in 2024.
Gold's attractiveness in times of crisis has been a major factor, with trade wars and concerns over the US economy sending investors flocking from US Treasuries for safe haven.
The US Dollar has had its worst start to a year since 1973.
"Conversely, gold ETF demand was particularly strong in the first half of the year, led by notable inflows from all regions," the WGC said in its report.
"By the end of H1 the combination of a surging gold price and investor flight to safety pushed global gold ETF's total AUM 41% higher to US$383bn.
"Total holdings rose by an impressive 397t (equivalent to US$38bn) to 3,616t – the highest month-end level since August 2022."
While central bank demand doesn't look as strong as it did in the past three years, it will remain above long term averages.
"At the same time, central bank demand is likely to remain robust in 2025, moderating from its previous records while staying well above the pre-2022 average of 500-600t."
So where to from here?
The WGC doesn't predict prices.
But it has analysed the likelihood of various economic scenarios playing out.
In the bull case global economic conditions could deteriorate, with gold benefitting from "lower interest rates and dollar weakness given growing concerns around US economic leadership and policy uncertainty."
That would likely prompt a resurgence in central bank buying to diversify holdings away from paper currency and the Greenback, while gold ETFs have some slack.
While high prices have been a deterrent, it's worth noting at 3616t, physical ETF holdings are shy of the 2020 peak of 3925t.
The current bull cycle has seen 500t of additions and 400t of accumulation in the past six months alone. Previous bull cycles have seen ETFs amass 700-1100t, the WGC notes.
A bull case could add a further 10-15% to gold in H2 for a 40% gain, eclipsing the percentage gain across 2024.
A bear case, which would likely follow some form of risk resolution in terms of geopolitical and trade conflict (as remote as our dreams of firing Elon Musk off to Mars with only a Grok chatbot to keep him company), could lead to a 12-17% reduction in the gold price.
Never fear ASX gold investors. That still hits a comfy natural support level of US$3000/oz. If you're not making money at that price your mine is not worth its salt.
"In all, given the intrinsic limitations of forecasting the global economy, we believe that gold – through its fundamentals – remains well positioned to support tactical and strategic investment decisions in the current macro landscape," the report authors concluded.
Winners and losers
Here's how ASX-listed precious metals stocks are performing:
CODE COMPANY PRICE WEEK % MONTH % 6 MONTH % YEAR % YTD % MARKET CAP
MRR Minrex Resources Ltd 0.008 0% 0% 0% -20% 14% $ 8,678,940.02
NPM Newpeak Metals 0.021 0% 62% 31% 31% 91% $ 9,018,008.47
MTC Metalstech Ltd 0.14 8% 0% -3% -42% 0% $ 28,177,419.51
GED Golden Deeps 0.023 10% 0% 0% -39% -8% $ 4,073,891.12
G88 Golden Mile Res Ltd 0.009 -18% -31% 13% -10% 0% $ 4,898,230.70
LAT Latitude 66 Limited 0.037 -3% 23% -5% -74% -3% $ 5,305,826.09
NMR Native Mineral Res 0.155 -6% -30% 244% 675% 297% $ 137,011,284.06
AQX Alice Queen Ltd 0.004 0% 0% -56% -43% -50% $ 5,538,784.76
SLZ Sultan Resources Ltd 0.006 0% 20% -25% -25% 0% $ 1,388,819.46
KSN Kingston Resources 0.135 -4% 4% 73% 73% 90% $ 112,501,868.36
AMI Aurelia Metals Ltd 0.2 0% -35% 5% -5% 18% $ 330,051,664.80
GIB Gibb River Diamonds 0.035 9% 0% -10% -13% -13% $ 7,507,830.58
KCN Kingsgate Consolid. 2.46 -2% 1% 82% 47% 91% $ 616,026,543.88
TMX Terrain Minerals 0.0025 -17% 0% -38% -17% -17% $ 6,329,535.68
BNR Bulletin Res Ltd 0.056 -5% -7% 44% 24% 44% $ 17,910,412.70
NXM Nexus Minerals Ltd 0.065 -7% -21% 38% 71% 44% $ 43,470,692.14
SKY SKY Metals Ltd 0.078 28% 81% 47% 123% 44% $ 49,114,418.45
LM8 Lunnonmetalslimited 0.22 2% -8% 6% 38% -12% $ 49,641,339.15
CST Castile Resources 0.057 0% 2% -19% -29% -29% $ 17,121,920.48
YRL Yandal Resources 0.15 -12% 43% 3% -3% -14% $ 52,569,946.94
FAU First Au Ltd 0.004 14% 0% 100% 100% 100% $ 6,228,873.83
ARL Ardea Resources Ltd 0.42 0% 6% 25% -14% 27% $ 90,477,553.45
GWR GWR Group Ltd 0.115 17% 26% 35% 44% 44% $ 33,978,698.78
IVR Investigator Res Ltd 0.028 17% -10% 12% -45% 40% $ 48,515,961.51
GTR Gti Energy Ltd 0.004 0% 0% 0% 0% 14% $ 12,981,291.82
IPT Impact Minerals 0.008 14% 33% -26% -44% -15% $ 27,953,309.78
BNZ Benzmining 0.58 4% 26% 45% 330% 68% $ 110,501,390.72
MOH Moho Resources 0.005 25% 25% 25% 0% 0% $ 3,727,070.14
BCM Brazilian Critical 0.015 50% 36% 67% 0% 67% $ 20,968,531.76
PUA Peak Minerals Ltd 0.058 0% 205% 444% 1344% 648% $ 165,717,313.53
MRZ Mont Royal Resources 0.041 0% 0% 8% -38% -5% $ 3,486,221.51
SMS Starmineralslimited 0.027 8% 42% -25% -4% -25% $ 4,830,972.98
MVL Marvel Gold Limited 0.013 0% 0% 63% 117% 44% $ 18,111,154.14
PRX Prodigy Gold NL 0.002 0% 0% 0% 12% 0% $ 6,350,111.10
AAU Antilles Gold Ltd 0.005 0% 0% 0% 25% 67% $ 11,895,340.08
CWX Carawine Resources 0.095 -2% 0% -5% 10% -5% $ 22,431,917.66
RND Rand Mining Ltd 1.9 2% -9% 25% 30% 25% $ 106,926,806.68
CAZ Cazaly Resources 0.02 -9% -5% 54% -5% 43% $ 8,764,756.83
BMR Ballymore Resources 0.175 13% -8% 52% 9% 46% $ 35,346,117.00
DRE Dreadnought Resources Ltd 0.011 5% -8% 0% -48% -8% $ 55,874,500.00
ZNC Zenith Minerals Ltd 0.036 6% 20% 3% -29% -10% $ 18,001,486.90
REZ Resourc & En Grp Ltd 0.019 -10% 19% -42% 15% -17% $ 14,201,979.17
LEX Lefroy Exploration 0.13 24% 24% 88% 63% 86% $ 31,052,517.25
ERM Emmerson Resources 0.135 4% -4% 73% 114% 75% $ 82,630,454.27
AM7 Arcadia Minerals 0.021 17% 31% -9% -45% 11% $ 2,465,052.09
ADT Adriatic Metals 5.91 3% 9% 46% 73% 52% $ 1,775,635,876.45
AS1 Asara Resources Ltd 0.056 17% 4% 167% 460% 195% $ 61,665,959.49
CYL Catalyst Metals 4.9 -6% -22% 42% 180% 90% $ 1,185,897,171.69
CHN Chalice Mining Ltd 1.84 9% 17% 49% 52% 67% $ 696,357,950.52
KAL Kalgoorliegoldmining 0.04 -9% -9% 167% 33% 122% $ 15,650,073.06
MLS Metals Australia 0.02 18% 18% -17% 0% -13% $ 12,388,231.91
ADN Andromeda Metals Ltd 0.011 -8% -8% 83% -50% 57% $ 41,968,474.49
MEI Meteoric Resources 0.155 24% 19% 67% 15% 82% $ 350,604,417.30
SRN Surefire Rescs NL 0.002 0% 0% -20% -60% -32% $ 6,457,218.50
WA8 Warriedarresourltd 0.105 -5% -9% 110% 36% 139% $ 129,393,960.19
HMX Hammer Metals Ltd 0.029 -9% -17% -12% -28% -12% $ 23,081,726.20
WCN White Cliff Min Ltd 0.025 9% 14% 25% 67% 56% $ 55,507,881.36
AVM Advance Metals Ltd 0.044 10% -8% 16% 52% 29% $ 11,131,463.03
ASR Asra Minerals Ltd 0.002 0% 0% -33% -67% -33% $ 8,000,396.02
ARI Arika Resources 0.044 22% 16% 57% 120% 63% $ 34,445,969.27
CTO Citigold Corp Ltd 0.004 0% 0% 0% -20% 0% $ 12,000,000.00
SMI Santana Minerals Ltd 0.585 8% 0% 27% 43% 21% $ 422,790,424.88
M2R Miramar 0.004 0% 33% 0% -50% 33% $ 3,987,293.14
MHC Manhattan Corp Ltd 0.02 -5% -9% -29% -20% 5% $ 4,932,876.86
GRL Godolphin Resources 0.012 20% 9% -8% -29% -17% $ 5,162,043.09
SVG Savannah Goldfields 0.02 11% 11% 14% -37% 9% $ 23,973,117.82
EMC Everest Metals Corp 0.135 0% -7% 0% 13% 0% $ 30,257,719.43
GUL Gullewa Limited 0.069 1% -7% 23% -5% 23% $ 15,043,529.87
CY5 Cygnus Metals Ltd 0.087 -1% -7% -33% 38% -13% $ 95,693,596.02
G50 G50Corp Ltd 0.26 16% 93% 86% 44% 68% $ 43,361,367.93
ADV Ardiden Ltd 0.16 -3% 10% 14% 19% 19% $ 10,002,800.96
AAR Astral Resources NL 0.155 3% -14% 11% 87% 15% $ 226,883,100.64
VMC Venus Metals Cor Ltd 0.11 5% -4% 57% 38% 64% $ 23,535,441.96
NAE New Age Exploration 0.0035 17% 0% -13% -13% 0% $ 8,117,734.22
VKA Viking Mines Ltd 0.006 0% 0% -33% -33% -25% $ 8,063,692.49
LCL LCL Resources Ltd 0.006 0% -14% -40% -33% -40% $ 7,195,542.91
MTH Mithril Silver Gold 0.515 17% 3% 23% 203% 29% $ 72,254,170.89
ADG Adelong Gold Limited 0.005 0% 0% -17% 0% 11% $ 13,492,060.04
RMX Red Mount Min Ltd 0.008 -16% -20% -11% -20% -11% $ 4,602,141.26
PRS Prospech Limited 0.024 4% 33% -11% -37% -17% $ 9,091,821.29
TTM Titan Minerals 0.325 7% -14% -16% -34% -14% $ 83,425,825.92
AKA Aureka Limited 0.095 -14% -27% -47% -99% -30% $ 12,478,977.82
AAM Aumegametals 0.033 10% 3% -15% -40% -21% $ 20,539,843.43
KZR Kalamazoo Resources 0.1 15% 12% 30% 25% 35% $ 21,281,171.15
BCN Beacon Minerals 1.205 18% 4% 21% 12% 37% $ 121,510,365.05
MAU Magnetic Resources 1.42 -1% -12% 15% 15% 29% $ 389,096,304.55
BC8 Black Cat Syndicate 0.82 6% -13% 12% 110% 45% $ 573,113,006.82
EM2 Eagle Mountain 0.006 20% 0% -40% -88% -33% $ 6,810,223.73
EMR Emerald Res NL 3.75 2% -21% 5% -7% 15% $ 2,411,446,350.18
BYH Bryah Resources Ltd 0.007 17% -42% 75% 40% 133% $ 6,789,674.65
HCH Hot Chili Ltd 0.655 10% 19% -11% -31% -6% $ 93,237,877.58
WAF West African Res Ltd 2.25 -3% -3% 38% 46% 57% $ 2,530,721,898.18
MEU Marmota Limited 0.039 -3% -3% -32% -13% 0% $ 45,953,925.81
NVA Nova Minerals Ltd 0.26 -12% -29% -20% 18% -30% $ 102,699,328.42
SVL Silver Mines Limited 0.145 21% 21% 77% -12% 86% $ 276,692,308.80
PGD Peregrine Gold 0.185 -5% 3% 37% -3% 32% $ 16,121,070.79
ICL Iceni Gold 0.064 3% -3% -18% -12% -10% $ 23,001,192.93
FG1 Flynngold 0.03 -6% -14% 7% 30% 20% $ 11,739,494.10
WWI West Wits Mining Ltd 0.02 3% -17% 25% 25% 43% $ 64,294,361.35
RML Resolution Minerals 0.065 41% 48% 491% 171% 442% $ 41,676,766.74
AAJ Aruma Resources Ltd 0.009 13% -18% 0% -31% -25% $ 2,623,524.20
HWK Hawk Resources. 0.019 0% 36% -17% -47% -14% $ 4,876,730.08
GMNDA Gold Mountain Ltd 0.11 10% 120% 10% -27% -27% $ 12,925,446.28
MEG Megado Minerals Ltd 0.043 41% 258% 207% 402% 153% $ 25,181,647.22
HMG Hamelingoldlimited 0.068 8% -18% 13% -35% 6% $ 13,484,642.83
BM8 Battery Age Minerals 0.062 15% 22% -35% -56% -41% $ 9,259,911.20
TBR Tribune Res Ltd 4.77 0% -3% 11% 24% 11% $ 250,272,727.29
FML Focus Minerals Ltd 0.375 6% -3% 79% 163% 121% $ 113,190,664.78
VRC Volt Resources Ltd 0.005 43% 11% 67% 11% 67% $ 16,396,972.94
ARV Artemis Resources 0.005 0% -9% -38% -50% -38% $ 12,678,360.83
HRN Horizon Gold Ltd 0.52 -2% -10% 8% 86% 8% $ 75,316,759.96
CLA Celsius Resource Ltd 0.007 0% 0% -36% -46% -36% $ 21,948,419.16
QML Qmines Limited 0.046 -4% 21% -25% -21% -15% $ 22,061,893.30
RDN Raiden Resources Ltd 0.004 0% -20% -50% -85% -64% $ 15,529,011.49
TCG Turaco Gold Limited 0.47 -3% -3% 59% 92% 84% $ 479,080,192.80
KCC Kincora Copper 0.054 4% 42% 80% -5% 100% $ 12,934,629.84
GBZ GBM Rsources Ltd 0.023 53% 254% 156% 188% 188% $ 31,148,944.42
DTM Dart Mining NL 0.003 0% 0% -73% -83% -67% $ 3,594,166.73
MKR Manuka Resources. 0.047 5% 30% 78% 34% 72% $ 36,676,977.44
AUC Ausgold Limited 0.575 -1% -19% 35% 37% 37% $ 205,532,678.20
ANX Anax Metals Ltd 0.007 0% 0% -36% -71% -42% $ 6,179,652.97
EMU EMU NL 0.024 -4% 20% -8% -11% -11% $ 5,069,963.23
SFM Santa Fe Minerals 0.33 83% 725% 931% 931% 965% $ 21,845,636.70
PNR Pantoro Gold Limited 3 -1% -17% 68% 92% 96% $ 1,178,438,799.00
CMM Capricorn Metals 9.4 -1% -9% 31% 72% 50% $ 4,047,845,622.69
VRL Verity Resources 0.026 13% 8% 67% -33% 33% $ 6,985,586.70
HAW Hawthorn Resources 0.054 -5% -2% 32% -23% 32% $ 18,090,843.10
BGD Bartongoldholdings 0.7 -9% -23% 164% 186% 186% $ 157,248,025.90
SVY Stavely Minerals Ltd 0.02 67% 67% 0% -29% 18% $ 10,336,799.77
AGC AGC Ltd 0.16 3% 3% 10% -53% 3% $ 39,772,569.41
RGL Riversgold 0.005 25% 11% 25% -29% 25% $ 8,418,562.97
TSO Tesoro Gold Ltd 0.031 11% 24% 35% -3% 55% $ 58,425,842.00
GUE Global Uranium 0.068 8% 0% -4% -22% 13% $ 30,923,317.76
CPM Coopermetalslimited 0.047 31% 24% -4% -31% 2% $ 3,917,782.50
MM8 Medallion Metals. 0.26 4% -4% 108% 306% 117% $ 122,074,965.60
FFM Firefly Metals Ltd 1.135 -1% 8% 16% 38% 23% $ 738,438,914.45
CBY Canterbury Resources 0.024 0% -14% 4% -47% 9% $ 4,978,581.50
SLA Solara Minerals 0.2 18% 3% 21% -40% 122% $ 11,596,964.60
SFR Sandfire Resources 10.95 -1% -7% 11% 25% 18% $ 4,999,292,555.40
TAM Tanami Gold NL 0.059 -2% 23% 103% 90% 97% $ 65,805,434.58
NWM Norwest Minerals 0.014 8% 0% 2% -52% 17% $ 14,525,378.43
ALK Alkane Resources Ltd 0.65 -3% -15% 21% 17% 27% $ 393,602,229.80
BMO Bastion Minerals 0.0015 0% -5% -52% -68% -52% $ 2,372,022.36
IDA Indiana Resources 0.088 1% 16% 38% 90% 44% $ 57,203,188.76
GSM Golden State Mining 0.009 29% 29% 13% -18% 13% $ 2,234,965.04
NSM Northstaw 0.037 0% 17% 87% 108% 134% $ 11,359,363.90
GSN Great Southern 0.027 4% 23% 50% 35% 80% $ 26,913,715.83
VAU Vault Minerals Ltd 0.395 0% -7% 7% -6% 20% $ 2,686,976,985.89
THR Thor Energy PLC 0.01 11% 0% -9% -44% -23% $ 7,107,898.35
CDR Codrus Minerals Ltd 0.032 7% -16% 129% -11% 88% $ 5,788,562.61
MDI Middle Island Res 0.018 -5% -14% 20% 0% 50% $ 5,864,679.42
WTM Waratah Minerals Ltd 0.3 11% -8% 107% -2% 94% $ 67,718,557.14
POL Polymetals Resources 0.755 3% -12% -17% 165% -5% $ 195,503,984.21
RDS Redstone Resources 0.004 14% 33% 33% -20% 60% $ 4,137,069.42
NAG Nagambie Resources 0.017 13% 6% 6% 70% -6% $ 12,852,837.50
BGL Bellevue Gold Ltd 0.92 -3% -8% -18% -52% -18% $ 1,350,838,387.91
GBR Greatbould Resources 0.062 2% -17% 38% 9% 44% $ 57,992,501.10
KAI Kairos Minerals Ltd 0.024 -14% -23% 71% 167% 100% $ 63,141,892.54
KAU Kaiser Reef 0.175 0% -5% 3% -3% 9% $ 106,838,307.00
HRZ Horizon 0.049 -2% -4% 2% 40% 23% $ 118,370,054.02
CDT Castle Minerals 0.08 18% 0% 33% -33% 33% $ 9,164,756.03
RSG Resolute Mining 0.655 0% -1% 62% -2% 66% $ 1,383,882,508.45
EVN Evolution Mining Ltd 7.56 0% -11% 35% 90% 57% $ 14,977,791,299.68
CXU Cauldron Energy Ltd 0.01 18% 0% -21% -64% -14% $ 17,911,610.07
DLI Delta Lithium 0.17 3% -11% -6% -28% 0% $ 107,481,268.80
ALY Alchemy Resource Ltd 0.005 0% 0% -29% -38% -29% $ 6,479,419.41
NH3 Nh3Cleanenergyltd 0.064 28% 113% 256% 392% 256% $ 42,003,865.07
OBM Ora Banda Mining Ltd 0.66 -9% -33% -10% 47% 2% $ 1,205,643,786.88
AVW Avira Resources Ltd 0.007 0% 0% -65% -65% -65% $ 1,610,000.00
LCY Legacy Iron Ore 0.009 -10% -10% 0% -33% -10% $ 87,858,383.26
PDI Predictive Disc Ltd 0.435 1% 4% 71% 112% 89% $ 1,153,679,641.84
MAT Matsa Resources 0.072 14% 3% 67% 167% 106% $ 53,952,449.98
ZAG Zuleika Gold Ltd 0.016 14% -16% 33% -11% 23% $ 11,870,078.83
GML Gateway Mining 0.026 -4% -16% 18% -4% 24% $ 11,038,147.97
SBM St Barbara Limited 0.29 4% -11% 18% 23% 29% $ 303,196,975.48
SBR Sabre Resources 0.009 -10% 0% 29% -36% -10% $ 3,550,157.40
STK Strickland Metals 0.15 0% 7% 81% 56% 76% $ 328,042,170.57
CEL Challenger Gold Ltd 0.081 8% -7% 69% 42% 72% $ 169,474,253.50
GG8 Gorilla Gold Mines 0.37 0% -17% 53% 251% 42% $ 232,641,390.96
NST Northern Star 16.52 -1% -21% -5% 14% 7% $ 23,342,484,107.66
OZM Ozaurum Resources 0.081 23% 21% 170% 25% 170% $ 18,786,353.59
TG1 Techgen Metals Ltd 0.021 -16% -13% -30% -25% -40% $ 3,490,645.62
XAM Xanadu Mines Ltd 0.08 1% 1% 70% 38% 63% $ 181,005,683.93
AQI Alicanto Min Ltd 0.029 12% -6% -22% 45% -22% $ 24,596,146.30
KTA Krakatoa Resources 0.012 20% 0% 33% -8% 26% $ 10,076,742.33
ARN Aldoro Resources 0.365 0% 14% 33% 345% -4% $ 68,767,180.88
WGX Westgold Resources. 2.77 0% -9% 3% 0% -2% $ 2,584,120,550.60
MBK Metal Bank Ltd 0.011 10% -8% -27% -49% -27% $ 5,969,507.98
A8G Australasian Metals 0.067 0% 0% -16% -4% -15% $ 3,878,611.58
TAR Taruga Minerals 0.008 0% -11% -27% -11% -20% $ 5,710,032.46
DTR Dateline Resources 0.125 40% 26% 4067% 1983% 3471% $ 394,873,142.00
GOR Gold Road Res Ltd 3.2 0% -5% 34% 74% 56% $ 3,476,476,992.00
S2R S2 Resources 0.068 0% -4% -11% -32% 1% $ 38,495,477.10
NES Nelson Resources. 0.003 0% 0% -14% 0% 0% $ 6,515,782.98
TLM Talisman Mining 0.145 -3% 4% -31% -50% -29% $ 25,423,247.12
BEZ Besragoldinc 0.05 0% -17% -40% -30% -44% $ 20,774,848.25
PRU Perseus Mining Ltd 3.6 1% -6% 31% 32% 40% $ 4,841,878,059.48
SPQ Superior Resources 0.0045 13% 13% -25% -59% -25% $ 11,854,913.63
PUR Pursuit Minerals 0.065 -12% 71% -25% -57% -32% $ 6,582,441.56
RMS Ramelius Resources 2.51 5% -9% 7% 24% 21% $ 2,851,462,643.76
PKO Peako Limited 0.0025 0% 25% 0% -19% -17% $ 3,719,354.90
ICG Inca Minerals Ltd 0.014 56% 100% 87% 180% 180% $ 26,157,778.24
A1G African Gold Ltd. 0.21 0% 27% 256% 740% 282% $ 108,009,984.26
NMG New Murchison Gold 0.018 13% 0% 80% 227% 100% $ 175,464,451.81
GNM Great Northern 0.017 21% 21% 13% 55% 21% $ 2,628,694.31
KRM Kingsrose Mining Ltd 0.036 13% 13% 3% -23% 3% $ 27,126,954.68
BTR Brightstar Resources 0.54 15% -5% 8% 27% 8% $ 259,917,609.60
RRL Regis Resources 4.47 0% -6% 51% 127% 75% $ 3,340,651,487.68
M24 Mamba Exploration 0.013 0% 8% -13% 0% 8% $ 3,837,152.93
TRM Truscott Mining Corp 0.049 0% -6% -38% -23% -37% $ 9,380,979.44
TNC True North Copper 0.385 4% 28% -16% -93% -87% $ 50,316,201.26
MOM Moab Minerals Ltd 0.001 -33% 0% -50% -83% -50% $ 1,874,666.03
KNB Koonenberrygold 0.053 20% 33% 212% 231% 342% $ 49,203,420.82
AWJ Auric Mining 0.175 0% -3% -46% -27% -49% $ 33,476,598.36
ENR Encounter Resources 0.29 -2% 26% -3% -58% -11% $ 142,155,810.92
SNG Siren Gold 0.053 10% 4% -5% -26% -18% $ 11,167,501.06
STN Saturn Metals 0.43 9% 15% 105% 139% 110% $ 188,460,691.02
USL Unico Silver Limited 0.445 41% 68% 123% 112% 128% $ 192,695,252.20
PNM Pacific Nickel Mines 0.024 0% 0% 0% 0% 0% $ 10,103,834.52
AYM Australia United Min 0.002 0% -33% 0% -33% -50% $ 3,685,154.97
HAV Havilah Resources 0.18 -3% 0% -16% -25% -20% $ 59,369,851.80
SPR Spartan Resources 2 5% -7% 40% 85% 42% $ 2,505,017,048.34
PNT Panthermetalsltd 0.01 0% -38% 11% -60% -9% $ 3,309,950.03
MEK Meeka Metals Limited 0.14 0% -20% 27% 226% 82% $ 393,620,197.95
GMD Genesis Minerals 3.93 -5% -16% 35% 82% 59% $ 4,465,664,825.15
PGO Pacgold 0.065 5% -10% -16% -50% -13% $ 9,725,091.26
FEG Far East Gold 0.175 0% 9% 3% -5% -3% $ 67,900,078.81
MI6 Minerals260Limited 0.115 0% -15% -12% -21% -12% $ 237,743,333.30
IGO IGO Limited 4.94 9% 18% -7% -15% 4% $ 3,657,603,536.79
GAL Galileo Mining Ltd 0.165 10% 50% 0% -11% 32% $ 31,619,988.32
RXL Rox Resources 0.3 0% 0% 40% 94% 50% $ 220,228,793.78
PTN Patronus Resources 0.067 6% -3% 12% 12% 37% $ 109,705,652.87
CLZ Classic Min Ltd 0.001 0% 0% 0% 0% 0% $ 3,017,699.21
TGM Theta Gold Mines Ltd 0.185 16% 37% 19% 32% 3% $ 172,306,249.98
FAL Falconmetalsltd 0.665 250% 343% 412% 122% 478% $ 89,385,000.00
SPD Southernpalladium 0.6 -6% 0% 2% 62% 0% $ 62,565,750.00
ORN Orion Minerals Ltd 0.01 0% -9% -29% -33% -33% $ 70,423,003.77
TMB Tambourahmetals 0.022 0% 0% -12% -55% 5% $ 3,474,996.92
TMS Tennant Minerals Ltd 0.007 0% 17% -36% -67% -22% $ 7,461,232.91
AZY Antipa Minerals Ltd 0.575 3% -29% 98% 379% 121% $ 359,198,895.99
PXX Polarx Limited 0.01 25% 43% 67% -17% 54% $ 19,004,007.82
TRE Toubani Res Ltd 0.33 14% 6% 136% 65% 94% $ 86,197,159.26
AUN Aurumin 0.099 10% 2% 62% 161% 50% $ 49,129,754.26
GPR Geopacific Resources 0.028 8% 22% 40% 25% 40% $ 85,926,563.80
FXG Felix Gold Limited 0.165 27% 18% 27% 267% 96% $ 74,610,077.87
ILT Iltani Resources Lim 0.195 5% -9% -5% -15% -5% $ 12,528,752.38
BRX Belararoxlimited 0.08 25% 38% -50% -71% -54% $ 9,881,937.60
TM1 Terra Metals Limited 0.061 30% 36% 91% -9% 118% $ 28,673,817.96
TOR Torque Met 0.205 37% 52% 302% 52% 287% $ 105,315,429.40
ARD Argent Minerals 0.022 5% -8% 10% 22% 29% $ 31,815,090.56
LM1 Leeuwin Metals Ltd 0.135 0% 0% 13% 101% -4% $ 14,112,893.76
SX2 Southgold Consol 6.13 2% -19% 61% 0% 0% $ 843,143,743.26
UVA Uvrelimited 0.125 4% 44% 39% 25% 40% $ 24,076,000.13
VTX Vertexmin 0.23 -2% -19% 0% 180% 11% $ 46,397,181.71
Falcon Metals (ASX:FAL)
An unexplained 30% gain on Friday followed a high-grade gold discovery late last week from the Blue Moon prospect on the outskirts of the Bendigo gold zone.
The Bendigo region has delivered 22Moz of gold since the gold rush, including 5.2Moz at 15g/t from the Garden Gully Anticline.
Mark Bennett chaired Falcon thinks Blue Moon is sitting to the north of that trend on the Eastern Limb of the anticline, with visual gold and a deep hit of 1m at 543g/t from 544.2m getting small cap punters all hot and bothered.
Santa Fe Minerals (ASX:SFM)
This one has been quiet since early July, when it picked up the Eburnea project from West African gold hunter Turaco Gold (ASX:TCG), which hosts previous drill results like 26m at 4.82g/t and 30m at 1.92g/t.
SFM is now up a quite remarkable 725% in a month. Could it follow a similar trajectory to the now 2.5Moz Turaco and its Afema project and Many Peaks Minerals (ASX:MPK), which has had similar success at Ferké, another project traded out of Turaco's Cote d'Ivoire portfolio, and announced a private $13.5m placement this week?
Stavely Minerals (ASX:SVY)
Previously focused on the copper resource at its Cayley Lode discovery, SVY has turned its attention to the gold potential of its Stavely project in Western Victoria.
It plunged just one RC drill hole into the Fairview South prospect, but it was a good'un, striking 40m at 1.96g/t gold, from surface no less.
Some high-grade results from rock chips 600m to the south have also provided encouragement, opening up a fair lick of strike to target future drilling activities.
That was followed up by gold hits at the Fairview North prospect that suggested heap leachable material was located in shallow positions at the prospect, including a headline strike of 59m at 1.31g/t from surface.
"It's great to see such a consistent set of gold results from the recent RC drilling at Fairview North, where the mineralisation is characterised by shallow, broad zones of moderate grade gold mineralisation with notable internal zones of higher-grade," SVY MD Chris Cairns said.
'The significance of the shallow broader zones of gold mineralisation is that metallurgical testwork completed in 2017 clearly demonstrates that this style of mineralisation is amenable to low-capital and low-operating cost heap leach extraction."
SVY says it now understands the orientation to mineralisation at the Flexure A area, with more drilling to define that at the Flexure B and C areas.
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SBS Australia
35 minutes ago
- SBS Australia
Are Australians at risk from lifting the restrictions on US beef imports?
"Australia bans — and they're wonderful people, and wonderful everything — but they ban American beef. Yet we imported $3 billion of Australian beef from them just last year alone. They won't take any of our beef. They don't want it because they don't want it to affect their farmers and, you know what I don't blame them, but we're doing the same thing.' When United States President Donald Trump singled out Australia's ban on US beef imports, Prime Minister Anthony Albanese said he would never compromise on protecting farmers or biosecurity. "We have made it very clear to the United States that we will not compromise on biosecurity. We will not weaken the measures that protect our farmers and producers from the risks of disease or contamination. Indeed, we've made it a priority to strengthen biosecurity, because one of the things that makes Australian food and fibre the best in the world is a people everywhere, know that it stands for quality. It also stands for safety." Now, ahead of the tariff deadline on August 1, Australia's restrictions on US beef imports have been dropped. But the government says the timing of the decision is a coincidence, and has nothing to do with Donald Trump. Minister for Agriculture, Julie Collins, says a review into the US beef ban began in 2015 under the Coalition Government. "This decision has been purely based on science and a rigorous assessment by my department. Biosecurity risk assessment process is very robust and I have faith in the officials in my department to do this appropriately. These are experts in the field. Australia's biosecurity system is world-renowned for a reason and this assessment has now been completed." In 2019, Australia changed restrictions to allow beef imports from cattle traceably born, raised, and slaughtered in the US. In practice, however, the ongoing biosecurity rules meant that only a small amount of beef, largely shelf-stable products, were imported from the US. "We are assured that the supply chain and traceability and the safety of any food coming into Australia is safe. The US, of course, has been able to bring beef into Australia since 2019. Our farmers, are of course, are exporting already to the United States. We're exporting over four billion dollars' worth of beef to the United States presently and our farmers are a net beneficiary of our two-way trading system." So, why was the ban imposed in the first place? And should Australians be concerned about eating beef imported from the US? In 2003, Australia placed restrictions on the import of US beef in response to an outbreak of bovine spongiform encephalopathy, more commonly known as Mad Cow Disease. Humans cannot contract mad cow disease, though in rare cases they can develop a variant which leads to dementia and premature death. However, the Australian food regulator deems US beef is low-risk. Trade Minister Don Farrell says the government would not compromise standards for trade. "We have not made any compromise and we certainly have not compromised Australia's strict biosecurity laws. This has been a process that's been underway for the last 10 years. It's now come to a completion and it's appropriate that we announce the results of that inquiry. But at no stage do we risk our terrific biosecurity standards for any trade arrangement." One key concern remaining after 2019 was that Mexico's livestock tracking system could inadvertently allow beef from disease-affected regions to enter Australia. However, the government says the review has found that the US Department of Agriculture protocols for beef imported from Canada and Mexico now address Australia's biosecurity concerns. Mark Thomas, the Chair of the Western Beef Association, says it's unclear how effective the US tracking system is. "Well, we implement an NIL system, as they call it, so any animal that's born on your property has a electronic tag, and that same tag is scanned and transferred whenever that animal leaves your property, all the way through to sort of slaughter. So an animal that's been slaughtered, they can go back and work out where that animal has been over its lifetime. I am unsure how quickly America can get up to speed. However, it's taken many, many years for Australia to implement that system and make sure that it works efficiently." Despite government assurances, National Party leader David Littleproud is among critics calling for an independent examination into the matter. "The government has not provided or released the protocols on which the beef from the U.S could be imported into this country. Those are the legal requirements that an importer would have to meet to bring beef from the United States into Australia, that was from Mexico or Canada. The fact they haven't done that raises serious concerns to me around how this decision has been made and the timing of it. If it was well planned, the department would be able to provide me with those details. They have not. I think the prudent way forward is to have an independent scientific panel review the department's decision and the protocols when they came out." Along with concerns about the spread of disease, there are also concerns about differing US regulations around the use of hormones and antibiotics on cattle. While some cattle in the US are given approved natural or synthetic hormones to help them grow, the US Food and Drug Administration regulates these, and experts say they are in extremely low levels. US beef, according to both Australian and US officials, is safe to eat, but is it better than Australian beef? Evangeline Mantzioris is the Program Director of Nutrition and Food Sciences at the University of South Australia. She says the diet of an animal impacts the nutritional value of the meat. "What it comes down to is the type of feed that the animals are given. So in the US they tend to be grain-fed whilst here in Australia, they tend to be grass-fed, and that produces differences in the way that the body of the cow handles it and in the way that they make and lay down fat in their body. The other thing that might make a slight difference is also the genetics of the cows. So assuming it's the same breed of cow, we expect grain-fed to lead to more fat in the meat compared to grass-fed." Studies show that grass-fed beef can be 30 to 75 per cent lower in fat than grain-fed. Grass-fed is also reported to have higher levels of beneficial Omega-3 fats, up to five times more antioxidants, and slightly higher protein, with some studies also indicating lower cholesterol. So, for consumers, choosing between local and imported beef will mostly come down to personal preference rather than health concerns. Dr Mantzioris says while the differences aren't major, grass-fed beef is the best option. "So if we combine all of those different components of the beef that we've looked at, overall grass fed beef, which is what we have in Australia, is the healthier option." But what about Australian farmers? When Australia lifted the ban, Donald Trump wrote on social media that the US was now going to sell 'so much beef' to Australia. Australia is the second largest exporter of beef products in the world. And while Australians are some of the highest per capita consumers of beef products, our relatively small population means we have a lot left to export. Mark Thomas says he isn't too worried about competing with U-S products. "Well, I suppose, from a from a cattle perspective's point of view, our only concern would be if we thought that US beef was going to compete with our own product here in Australia, and I don't believe that that is going to do so based on the price of cattle in the US over a longer period of time and considering their cattle numbers compared to what we have here in Australia." In fact, US cattle stocks have been in decline for two decades. The United States is the second largest importer of beef globally and cattle stocks in the country are the lowest they've been since the 1950's. The US Department of Agriculture says beef prices have increased by 8 per cent since the start of 2025, with one kilogram of beef costing around AU$30.. Mark Thomas says with beef shortages in the United States, it's unlikely the Australian market is going to be flooded with imported US beef. "Well, currently, there's a lot of Australian beef going into the US market, purely because they need it. At the moment, cattle prices in the US are just quoting a heavy steer close to $5 whereas that same animal in Australia is only going for $2.50 so how can they purchase an animal for $5 a kilo? Process it, send it to the other side of the world and expect to compete with the product that we have here?" While beef prices have been increasing in the United States, Australian beef exports broke an all-time monthly record in June. And the biggest buyer was, that's right, the United States. In New York, Stew Leonard Junior is the CEO of a grocery chain. He says he gets grass-fed beef from Australia and plans on splitting the tariff cost with his supplier. "We are a huge meat purchaser, and it's mainly the US. So you know, there could be some, that's one of our trains going by up there, okay, for the kids right there, they love that. But one of the things we don't get a lot from Australia, the only thing we do get is our grass-fed beef. They sell beautiful grass- fed beef in Australia. That's being tariffed a little bit. We're splitting that tariff with our supplier. We don't really buy beef from Canada or Mexico or Argentina."
News.com.au
2 hours ago
- News.com.au
ASX Resources Quarterly Wrap: Lithium bounce could boost these junior explorers
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This has proved to be a boon for lithium producers with Mineral Resources (ASX:MIN) rising 37% since July 1, 2025, to $29.80 while Pilbara Minerals (ASX:PLS) has put on 23.2% to $1.67 in the same period. Juniors have also gained from the improved lithium sentiment, and here are some companies that have been progressing operations during the June 2025 quarter… Anson Resources (ASX:ASN) During this period, Anson defined maiden JORC resources of 103,000t of contained lithium carbonate equivalent at its Green River project in Utah. The estimate is based on the drilling on the Bosydaba #1 well and could be increased in the near-term through the re-entry of the historical Mt Fuel-Skyline Geyser 1-25 well in the current quarter. Anson has also added 100 strategic placer claims to increase the Green River landholding by 10%. About 28% of these fall within the Area of Influence and will be included in subsequent JORC Mineral Resource estimates upgrades. 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Both assets have highly prospective tenure, are under-explored and host compelling targets for immediate exploration. Delta has also updated resources at Yinnetharra to 21.9Mt at 1% Li2O and 39.4Mt at 102ppm tantalum. The company has started systematic geochemical sampling and mapping over priority areas with passive seismic surveying to follow this year along with drill testing at Jamesons and adjacent prospects along the Leake Springs meta-sediment package in the following quarter. First Lithium (ASX:FL1) First Lithium continues to work closely with the Mali government to finalise renewals for its Gouna and Faraba permits. Discussions have also indicated the maiden resource will be finalised with results released in the current quarter. The Mali government had earlier this year announced plans to partially lift the suspension of mining permits that had been in place since September 2022 from March 15, 2025. The company has received a letter from the National Director of Geology and Mines in Mali confirming geophysical survey work can continue on both permits while direct meetings have confirmed the requirements for the licence renewal process. Chariot Corporation (ASX:CC9) Meanwhile, Chariot acquired a 66.7% interest in one of the largest hard rock lithium portfolios in Nigeria for US$1.5m in cash and 42 million shares in the company. The assets cover ~254km2 across the Fonlo, Gbugbu, Iganna, and Saki projects in Oyo and Kwara states. These contain a mix of licence types: exploration licences (ELs) for large-scale exploration and small-scale mining leases (SSMLs) over known mineralisation which provide Chariot with an opportunity to investigate fast-track development options. Notably, the Nigerian tenements have historically produced several thousand tonnes of spodumene concentrate for export to Chinese customers between 2021 and 2024, validating both the quality of mineralisation and existence of buyers. Chariot plans to start systematic exploration across the Nigerian portfolio, with initial field programs underway and first drilling targeted for late 2025. Separately, the company is awaiting results from Phase 2 drilling at its Black Mountain lithium project in Wyoming. It is also monitoring developments at neighbouring projects to its Resurgent project in the McDermitt Caldera on the border of Nevada and southern Oregon.
The Australian
3 hours ago
- The Australian
Donald Trump flags baseline tariff hike
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