Gold Digger: Gold is cool in a crisis and the history books prove it

'tis but a scorch. Pic: Getty Images

Gold tends to be cool in a crisis
TD Cowen analysis suggests gold equities outperformed the broader market by 16-24% in economic shocks since the year 2000
Alice Queen and Leeuwin Metals among this week’s top gold gainers

Gold has once again proven itself cool in a crisis.

We don’t need to regale you of all the tales you’ve read many times this week, including no doubt in Eddy Sunarto and Phoebe Shields’ wonderful Lunch Wrap and Closing Bell columns, about the inferno which has engulfed equity markets this week on account of one President Trump.

In a nutshell. This.

https://t.co/cLKxvtK7kb pic.twitter.com/XLQ7scQxJo

— Kristie Batten (@kristiebatten) April 7, 2025

Thanks KB.

Gold’s more of a chill guy though, and as the world’s been burning bullion again crashed through record highs on Thursday. We’re now at US$3215/oz, or $5164/oz Aussie for those of us whose toilets drain the right way.

This is all little surprise to the analysts at TD Cowen in the States.

Gold observers Wayne Lam, Steven Green and Kulvir Gill say gold has typically shone in previous crises. While gold miners haven’t done so well in the immediate aftermath of a shock, they tend to outperform in the wash-up.

“Looking at three-month performance following an economic shock, we highlight past outperformance of gold equities vs. the S&P 500, including the COVID-19 period (+16% vs. SPX), Bear Stearns collapse (+22%), and the LTCM crisis (+24%),” Lam and his crew said in a note this week.

“Lastly, investor preference for gold as a relative safe haven has previously driven spikes in the gold/silver ratio, including the Global Financial Crisis (83x), COVID-19 (114x), and current U.S. tariffs (103x), with reversion in the months following as volatility subsides.”

Gold and gold miners outperform in times of crisis. Pic: TD Cowen

More interest to come

While gold may be knocking the lights out as near on everything hides for cover, generalist money is still favouring other areas of the market.

That suggests there’s plenty of growth left in the recently high-performing gold equities market, TD’s analysts say.

“We continue to view tepid investor interest in gold equities, with $2.6bln in outflows from the GDX/GDXJ in Q1/25 and $5.3bln over the past year despite an ~$870/oz increase in gold price,” they said.

“In addition, while current precious metals weighting in the S&P/TSX has increased 2.2% YTD to 9.6%, this sits well below the high of 12.7% seen in mid-2020, with the current gold price $1,000/oz+ higher vs. prior levels.

“We view investors as underweight precious metals but we have seen a marked uptick in generalist interest evaluating greater allocation of capital back into the space.”

The North American focused GDX ETF traded 9% down last Friday when the tariffs really hit.

But TD suggests that leaves global gold miners at a valuation of just 0.7x NAV, meaning valuations are attractive despite record high prices.

They think prices of just US$2492/oz are priced into gold equities in North America.

M&A will be a continuing focus, as will ramping up shareholder returns.

“Key themes through our recent marketing include discounted equity valuations, capital returns, and consolidation,” the analysts said.

“Generalist interest has increased, but remains cautious amidst market uncertainty, with discussions around capital allocation strategies and a potential increase in shareholder returns to incentivise non-resource investors back into the space.”

Winners & Losers

Here’s how ASX-listed precious metals stocks are performing:

CODE	COMPANY	PRICE	WEEK %	MONTH %	6 MONTH %	YEAR %	YTD %	MARKET CAP
A1G	African Gold Ltd.	0.125	25%	98%	166%	286%	127%	$ 52,802,180.86
A8G	Australasian Metals	0.066	-12%	-18%	-47%	5%	-16%	$ 3,820,721.85
AAJ	Aruma Resources Ltd	0.011	10%	0%	-35%	-45%	-8%	$ 2,220,581.72
AAM	Aumegametals	0.042	0%	-5%	-19%	-25%	0%	$ 25,976,860.81
AAR	Astral Resources NL	0.165	-3%	22%	57%	154%	22%	$ 223,502,446.72
AAU	Antilles Gold Ltd	0.004	14%	-20%	0%	-79%	33%	$ 8,505,470.73
ADG	Adelong Gold Limited	0.0045	-10%	13%	29%	29%	0%	$ 6,987,430.99
ADN	Andromeda Metals Ltd	0.009	13%	13%	6%	-55%	29%	$ 24,001,093.82
ADT	Adriatic Metals	4.23	-1%	-6%	17%	1%	8%	$ 1,228,031,867.36
ADV	Ardiden Ltd	0.14	-3%	0%	0%	-15%	4%	$ 8,752,450.84
AGC	AGC Ltd	0.16	0%	-6%	-29%	116%	3%	$ 41,055,555.52
AKA	Aureka Limited	0.15	0%	-6%	-98%	-98%	11%	$ 15,365,234.40
ALK	Alkane Resources Ltd	0.7	4%	10%	52%	6%	37%	$ 408,740,777.10
ALY	Alchemy Resource Ltd	0.006	0%	-14%	0%	-14%	-14%	$ 7,068,457.54
AM7	Arcadia Minerals	0.017	0%	-15%	-53%	-82%	-11%	$ 1,760,751.50
AMI	Aurelia Metals Ltd	0.23	-4%	12%	28%	24%	35%	$ 372,365,980.80
ANL	Amani Gold Ltd	0	-100%	-100%	-100%	-100%	-100%	$ 21,449,587.12
ANX	Anax Metals Ltd	0.006	-20%	-25%	-67%	-79%	-50%	$ 5,296,845.40
AQI	Alicanto Min Ltd	0.03	0%	-9%	50%	26%	-19%	$ 25,444,289.28
AQX	Alice Queen Ltd	0.006	50%	0%	-25%	-14%	-25%	$ 6,881,340.41
ARD	Argent Minerals	0.022	-4%	16%	22%	29%	29%	$ 30,358,450.08
ARI	Arika Resources	0.023	21%	-4%	-23%	15%	-15%	$ 13,937,190.04
ARL	Ardea Resources Ltd	0.4	-6%	-8%	-11%	-44%	21%	$ 81,869,995.15
ARN	Aldoro Resources	0.385	10%	12%	413%	413%	1%	$ 65,642,508.45
ARV	Artemis Resources	0.0075	-6%	-6%	-42%	-58%	-6%	$ 17,699,705.16
AS1	Asara Resources Ltd	0.052	16%	58%	189%	478%	174%	$ 57,261,248.10
ASO	Aston Minerals Ltd	0.015	-17%	-12%	25%	25%	67%	$ 19,425,964.04
ASR	Asra Minerals Ltd	0.003	0%	50%	-40%	-63%	0%	$ 7,119,380.49
AUC	Ausgold Limited	0.54	2%	10%	7%	59%	29%	$ 185,613,030.20
AUN	Aurumin	0.056	-8%	-14%	12%	27%	-15%	$ 28,172,828.21
AVM	Advance Metals Ltd	0.04	-9%	-9%	90%	14%	18%	$ 8,347,358.53
AVW	Avira Resources Ltd	0.006	-33%	-25%	-70%	-70%	-70%	$ 1,098,676.37
AWJ	Auric Mining	0.25	-7%	4%	-24%	22%	-26%	$ 37,238,342.75
AYM	Australia United Min	0.002	0%	-33%	0%	-33%	-50%	$ 3,685,154.97
AZY	Antipa Minerals Ltd	0.4775	4%	27%	91%	298%	84%	$ 252,061,814.40
BC8	Black Cat Syndicate	1.075	9%	16%	107%	330%	90%	$ 648,201,194.66
BCM	Brazilian Critical	0.007	-13%	-30%	-42%	-65%	-22%	$ 7,440,710.12
BCN	Beacon Minerals	0.026	-7%	0%	16%	-10%	18%	$ 114,111,833.18
BEZ	Besragoldinc	0.042	-2%	50%	-49%	-63%	-53%	$ 17,450,535.94
BGD	Bartongoldholdings	0.4	8%	40%	63%	45%	63%	$ 87,569,870.80
BGL	Bellevue Gold Ltd	1.145	0%	-13%	-15%	-41%	2%	$ 1,469,907,307.95
BM8	Battery Age Minerals	0.053	-13%	-16%	-52%	-45%	-50%	$ 7,028,719.97
BMO	Bastion Minerals	0.003	0%	-25%	-50%	-63%	-25%	$ 2,534,173.99
BMR	Ballymore Resources	0.115	-12%	-12%	-23%	-12%	-4%	$ 20,324,017.28
BNR	Bulletin Res Ltd	0.065	41%	59%	59%	35%	67%	$ 16,442,346.09
BNZ	Benzmining	0.41	3%	1%	141%	173%	19%	$ 51,241,890.08
BRX	Belararoxlimited	0.16	-16%	67%	-44%	-41%	-9%	$ 26,608,800.18
BTR	Brightstar Resources	0.021	5%	5%	24%	8%	5%	$ 239,529,476.97
BYH	Bryah Resources Ltd	0.004	0%	33%	0%	-56%	33%	$ 3,479,814.09
CAZ	Cazaly Resources	0.013	-13%	0%	0%	-35%	-7%	$ 6,458,241.87
CBY	Canterbury Resources	0.023	-12%	-15%	-30%	-4%	5%	$ 4,541,140.61
CDR	Codrus Minerals Ltd	0.016	-6%	-27%	-20%	-62%	-6%	$ 2,646,200.06
CDTDA	Castle Minerals	0.06	0%	0%	-33%	-67%	0%	$ 3,793,628.22
CEL	Challenger Gold Ltd	0.062	9%	11%	29%	-31%	32%	$ 99,576,641.18
CHN	Chalice Mining Ltd	0.955	-9%	-30%	-36%	-33%	-14%	$ 363,740,046.78
CLA	Celsius Resource Ltd	0.0065	8%	-28%	-46%	-54%	-41%	$ 20,352,998.40
CLZ	Classic Min Ltd	0.001	0%	0%	0%	-90%	0%	$ 1,544,025.56
CMM	Capricorn Metals	9.21	14%	20%	60%	72%	47%	$ 3,830,776,307.19
CPM	Coopermetalslimited	0.034	-15%	-15%	-37%	-68%	-26%	$ 2,664,092.10
CST	Castile Resources	0.071	-1%	11%	-8%	-9%	-11%	$ 21,402,400.60
CTO	Citigold Corp Ltd	0.004	0%	0%	0%	-20%	0%	$ 12,000,000.00
CWX	Carawine Resources	0.096	-9%	0%	-4%	-13%	-4%	$ 22,668,043.10
CXU	Cauldron Energy Ltd	0.008	-11%	-11%	-56%	-81%	-33%	$ 12,421,939.18
CY5	Cygnus Metals Ltd	0.089	-1%	-26%	9%	41%	-11%	$ 75,608,318.72
CYL	Catalyst Metals	6.18	7%	32%	110%	713%	140%	$ 1,343,320,788.92
DEG	De Grey Mining	2.49	16%	24%	80%	89%	41%	$ 5,659,459,010.72
DLI	Delta Lithium	0.155	-9%	-14%	-42%	-48%	-9%	$ 111,063,977.76
DRE	Dreadnought Resources Ltd	0.012	-8%	-29%	-33%	-37%	0%	$ 56,038,000.00
DTM	Dart Mining NL	0.0045	-10%	-25%	-68%	-88%	-50%	$ 2,751,055.66
DTR	Dateline Resources	0.006	0%	50%	20%	-52%	71%	$ 15,393,411.72
EM2	Eagle Mountain	0.005	0%	0%	-88%	-91%	-44%	$ 5,675,186.45
EMC	Everest Metals Corp	0.15	-3%	-9%	20%	36%	11%	$ 32,448,656.22
EMR	Emerald Res NL	4.1	6%	2%	5%	18%	26%	$ 2,497,663,688.40
EMU	EMU NL	0.022	-19%	-24%	-8%	-20%	-19%	$ 4,259,231.00
ENR	Encounter Resources	0.195	-7%	-13%	-47%	-24%	-40%	$ 99,758,463.80
ERM	Emmerson Resources	0.125	-11%	14%	166%	160%	62%	$ 79,452,359.88
EVN	Evolution Mining Ltd	7.65	8%	20%	70%	95%	59%	$ 14,296,982,604.24
FAL	Falconmetalsltd	0.105	-5%	-5%	-32%	-22%	-9%	$ 19,470,000.00
FAU	First Au Ltd	0.002	-20%	0%	100%	0%	0%	$ 4,143,986.55
FEG	Far East Gold	0.12	-23%	-29%	-37%	-27%	-33%	$ 44,043,294.36
FFM	Firefly Metals Ltd	0.795	-8%	-21%	-24%	-2%	-14%	$ 434,793,529.94
FG1	Flynngold	0.023	-12%	5%	-18%	-55%	-8%	$ 7,388,089.21
FML	Focus Minerals Ltd	0.225	2%	7%	61%	25%	32%	$ 63,042,901.90
FXG	Felix Gold Limited	0.135	-10%	-7%	48%	170%	61%	$ 44,402,362.11
G50	G50Corp Ltd	0.1	-17%	-33%	-46%	-41%	-35%	$ 16,059,765.90
G88	Golden Mile Res Ltd	0.009	0%	-10%	-31%	-31%	0%	$ 4,353,982.84
GAL	Galileo Mining Ltd	0.115	-4%	-18%	-15%	-53%	-8%	$ 21,738,741.97
GBR	Greatbould Resources	0.084	11%	17%	50%	35%	95%	$ 57,024,630.68
GBZ	GBM Rsources Ltd	0.008	-11%	0%	0%	-27%	0%	$ 9,368,559.82
GED	Golden Deeps	0.016	-20%	-24%	-53%	-63%	-36%	$ 3,011,136.92
GG8	Gorilla Gold Mines	0.415	-7%	6%	108%	1080%	60%	$ 263,349,798.60
GIB	Gibb River Diamonds	0.034	0%	-15%	-11%	6%	-15%	$ 6,864,302.24
GMD	Genesis Minerals	4	8%	25%	97%	106%	62%	$ 4,405,801,647.00
GML	Gateway Mining	0.024	-4%	14%	0%	9%	14%	$ 9,811,687.08
GMN	Gold Mountain Ltd	0.0015	-25%	-25%	-50%	-63%	-50%	$ 6,868,834.77
GNM	Great Northern	0.014	0%	-13%	0%	8%	0%	$ 2,164,807.08
GOR	Gold Road Res Ltd	3.045	4%	18%	76%	78%	49%	$ 3,346,109,104.80
GPR	Geopacific Resources	0.02	-5%	0%	-18%	-26%	0%	$ 63,649,306.52
GRL	Godolphin Resources	0.01	0%	-23%	-31%	-70%	-31%	$ 4,488,733.12
GSM	Golden State Mining	0.008	0%	-11%	-27%	-33%	0%	$ 2,234,965.04
GSN	Great Southern	0.02	-9%	-13%	25%	-5%	33%	$ 20,932,890.09
GTR	Gti Energy Ltd	0.003	0%	0%	-40%	-57%	-14%	$ 8,996,848.99
GUE	Global Uranium	0.05	-12%	-30%	-32%	-50%	-17%	$ 14,146,535.71
GUL	Gullewa Limited	0.075	56%	15%	15%	34%	34%	$ 13,953,419.01
GWR	GWR Group Ltd	0.089	5%	6%	2%	-11%	11%	$ 28,477,385.64
HAV	Havilah Resources	0.175	-5%	-15%	-17%	-24%	-22%	$ 57,673,570.32
HAW	Hawthorn Resources	0.042	-19%	-5%	-29%	-41%	2%	$ 14,070,655.75
HCH	Hot Chili Ltd	0.435	-18%	-36%	-47%	-64%	-38%	$ 68,218,267.05
HMG	Hamelingoldlimited	0.07	-17%	35%	8%	-15%	9%	$ 11,541,300.00
HMX	Hammer Metals Ltd	0.023	-8%	-18%	-41%	-50%	-30%	$ 20,418,450.10
HRN	Horizon Gold Ltd	0.445	-1%	9%	16%	48%	-7%	$ 60,832,767.66
HRZ	Horizon	0.062	9%	3%	19%	63%	55%	$ 126,275,317.93
HWK	Hawk Resources.	0.02	-9%	-9%	-33%	-63%	-9%	$ 5,418,588.98
ICG	Inca Minerals Ltd	0.005	-9%	-9%	0%	0%	0%	$ 5,727,251.40
ICL	Iceni Gold	0.069	-1%	-14%	77%	165%	-3%	$ 23,091,410.93
IDA	Indiana Resources	0.079	1%	7%	52%	86%	30%	$ 48,847,666.81
IGO	IGO Limited	3.48	-1%	-9%	-36%	-54%	-27%	$ 2,665,582,701.76
ILT	Iltani Resources Lim	0.22	2%	-6%	-6%	29%	7%	$ 9,539,043.89
IPT	Impact Minerals	0.005	0%	-29%	-56%	-62%	-47%	$ 18,513,316.32
IVR	Investigator Res Ltd	0.022	-4%	10%	-42%	-60%	10%	$ 34,955,350.63
KAI	Kairos Minerals Ltd	0.02	0%	18%	60%	54%	67%	$ 49,987,331.59
KAL	Kalgoorliegoldmining	0.075	29%	10%	213%	127%	317%	$ 25,449,838.24
KAU	Kaiser Reef	0.17	-3%	3%	10%	10%	6%	$ 52,122,112.00
KCC	Kincora Copper	0.023	-4%	-15%	-47%	-41%	-15%	$ 5,688,092.90
KCN	Kingsgate Consolid.	1.545	5%	7%	12%	5%	20%	$ 373,739,953.40
KNB	Koonenberrygold	0.053	-2%	71%	308%	165%	342%	$ 42,342,936.48
KRM	Kingsrose Mining Ltd	0.032	-6%	-11%	-16%	-16%	-9%	$ 23,359,322.09
KSN	Kingston Resources	0.085	-1%	9%	2%	18%	20%	$ 69,866,166.76
KTA	Krakatoa Resources	0.009	6%	0%	-14%	13%	-5%	$ 5,581,206.23
KZR	Kalamazoo Resources	0.078	-4%	7%	-10%	-22%	5%	$ 16,123,300.81
LAT	Latitude 66 Limited	0.051	-18%	-18%	-54%	-75%	34%	$ 7,743,638.07
LCL	LCL Resources Ltd	0.006	-14%	-33%	-33%	-45%	-40%	$ 7,168,876.24
LCY	Legacy Iron Ore	0.009	-10%	-18%	-28%	-38%	-10%	$ 87,858,383.26
LEX	Lefroy Exploration	0.078	-8%	-10%	3%	-40%	11%	$ 19,376,770.76
LM1	Leeuwin Metals Ltd	0.17	31%	36%	110%	143%	21%	$ 20,161,276.80
LM8	Lunnonmetalslimited	0.22	5%	19%	-19%	-17%	-12%	$ 45,228,775.67
M24	Mamba Exploration	0.01	-23%	-23%	-23%	-63%	-17%	$ 3,246,821.71
M2R	Miramar	0.003	-25%	-14%	-63%	-76%	0%	$ 1,369,040.33
MAT	Matsa Resources	0.056	-2%	-2%	47%	47%	60%	$ 43,238,323.93
MAU	Magnetic Resources	1.4	-5%	1%	7%	46%	27%	$ 373,570,376.20
MBK	Metal Bank Ltd	0.011	-21%	-35%	-44%	-41%	-27%	$ 5,472,048.98
MDI	Middle Island Res	0.02	11%	33%	25%	25%	67%	$ 4,684,105.80
MEG	Megado Minerals Ltd	0.011	-27%	-21%	-23%	5%	-35%	$ 4,616,515.88
MEI	Meteoric Resources	0.067	12%	0%	-30%	-72%	-21%	$ 163,580,394.74
MEK	Meeka Metals Limited	0.1625	2%	20%	158%	364%	111%	$ 402,362,827.20
MEU	Marmota Limited	0.038	1%	-14%	3%	-17%	-3%	$ 48,310,537.39
MHC	Manhattan Corp Ltd	0.016	-6%	-16%	-60%	-68%	-16%	$ 3,758,382.37
MI6	Minerals260Limited	0.12	-8%	-8%	-14%	-20%	-8%	$ 237,743,333.30
MKR	Manuka Resources.	0.03	7%	3%	-46%	-66%	7%	$ 23,512,262.40
MLS	Metals Australia	0.02	0%	-5%	-23%	-9%	-13%	$ 15,303,110.00
MM8	Medallion Metals.	0.255	-2%	70%	249%	286%	113%	$ 114,902,560.80
MOH	Moho Resources	0.003	-25%	-40%	-50%	-50%	-40%	$ 2,192,623.72
MOM	Moab Minerals Ltd	0.001	-33%	-33%	-75%	-80%	-50%	$ 1,733,666.03
MRR	Minrex Resources Ltd	0.009	13%	29%	13%	-31%	29%	$ 8,678,940.02
MRZ	Mont Royal Resources	0.041	0%	0%	-23%	-35%	-5%	$ 3,486,221.51
MTC	Metalstech Ltd	0.1	-5%	-17%	-33%	-41%	-29%	$ 18,766,250.89
MTH	Mithril Silver Gold	0.365	0%	-4%	-22%	83%	-9%	$ 48,101,962.26
MVL	Marvel Gold Limited	0.0115	-12%	15%	5%	15%	28%	$ 11,877,122.17
MXR	Maximus Resources	0.077	-6%	20%	67%	132%	33%	$ 33,424,752.21
NAE	New Age Exploration	0.0045	0%	-10%	-10%	13%	29%	$ 10,637,595.64
NAG	Nagambie Resources	0.017	-6%	13%	31%	42%	-6%	$ 14,459,442.19
NES	Nelson Resources.	0.0025	-17%	-17%	25%	-38%	-17%	$ 5,429,819.15
NH3	Nh3Cleanenergyltd	0.025	0%	14%	25%	19%	39%	$ 14,115,119.63
NMG	New Murchison Gold	0.015	0%	25%	88%	150%	67%	$ 147,462,751.61
NMR	Native Mineral Res	0.115	5%	64%	271%	326%	195%	$ 86,800,647.05
NPM	Newpeak Metals	0.011	-8%	-27%	-21%	23%	0%	$ 3,542,789.04
NSM	Northstaw	0.039	0%	22%	179%	19%	144%	$ 9,715,515.75
NST	Northern Star	21.235	15%	23%	34%	42%	38%	$ 23,206,636,611.60
NVA	Nova Minerals Ltd	0.275	2%	-15%	67%	8%	-26%	$ 83,901,328.42
NWM	Norwest Minerals	0.009	-10%	0%	-57%	-80%	-36%	$ 4,366,075.59
NXM	Nexus Minerals Ltd	0.0735	-10%	29%	34%	-10%	63%	$ 32,210,991.58
OBM	Ora Banda Mining Ltd	1.235	15%	18%	101%	312%	90%	$ 2,034,056,481.48
ORN	Orion Minerals Ltd	0.0135	-16%	-16%	-29%	-4%	-10%	$ 92,481,045.54
OZM	Ozaurum Resources	0.12	30%	74%	216%	161%	300%	$ 22,443,485.43
PDI	Predictive Disc Ltd	0.38	1%	21%	55%	58%	65%	$ 914,472,373.85
PGD	Peregrine Gold	0.17	-26%	55%	3%	-24%	21%	$ 14,424,115.97
PGO	Pacgold	0.06	-14%	-5%	-37%	-65%	-20%	$ 7,755,805.94
PKO	Peako Limited	0.003	0%	0%	-25%	-22%	0%	$ 4,463,225.88
PNM	Pacific Nickel Mines	0.024	0%	0%	0%	-33%	0%	$ 10,103,834.52
PNRDA	Pantoro Limited	2.54	0%	3%	20%	94%	66%	$ 925,683,851.41
PNT	Panthermetalsltd	0.014	-18%	-7%	-46%	-39%	27%	$ 4,212,663.67
POL	Polymetals Resources	0.87	-6%	14%	112%	241%	9%	$ 195,514,986.45
PRS	Prospech Limited	0.024	-11%	-4%	-20%	-37%	-17%	$ 7,891,821.29
PRU	Perseus Mining Ltd	3.38	2%	10%	29%	49%	32%	$ 4,542,117,308.36
PRX	Prodigy Gold NL	0.002	0%	-20%	0%	-25%	0%	$ 6,350,111.10
PTN	Patronus Resources	0.058	-13%	-5%	7%	-31%	18%	$ 98,243,868.24
PUA	Peak Minerals Ltd	0.011	-8%	22%	467%	356%	42%	$ 25,265,891.61
PUR	Pursuit Minerals	0.045	0%	-38%	-70%	-80%	-53%	$ 4,488,028.34
PXX	Polarx Limited	0.009	29%	29%	13%	-36%	38%	$ 16,628,506.85
QML	Qmines Limited	0.043	5%	0%	-53%	-43%	-20%	$ 18,442,824.10
RDN	Raiden Resources Ltd	0.005	11%	0%	-87%	-84%	-55%	$ 17,254,457.21
RDS	Redstone Resources	0.0035	0%	0%	-13%	-13%	40%	$ 2,776,135.38
REZ	Resourc & En Grp Ltd	0.022	-19%	-4%	-19%	69%	-4%	$ 15,447,699.81
RGL	Riversgold	0.0045	-10%	0%	13%	-36%	13%	$ 7,576,706.67
RML	Resolution Minerals	0.008	14%	-43%	-50%	-67%	-33%	$ 3,680,507.99
RMS	Ramelius Resources	2.665	10%	-4%	23%	38%	29%	$ 3,004,154,881.00
RMX	Red Mount Min Ltd	0.007	-13%	-13%	-13%	-53%	-22%	$ 3,254,704.57
RND	Rand Mining Ltd	1.79	1%	5%	-8%	14%	18%	$ 101,807,970.19
RRL	Regis Resources	4.555	14%	38%	120%	116%	79%	$ 3,316,547,252.26
RSG	Resolute Mining	0.4575	4%	12%	-36%	-5%	16%	$ 936,782,005.72
RXL	Rox Resources	0.395	5%	41%	243%	81%	98%	$ 213,189,272.80
S2R	S2 Resources	0.1	1%	47%	25%	-23%	49%	$ 47,550,089.27
SBM	St Barbara Limited	0.2325	-3%	6%	-34%	-15%	3%	$ 227,397,731.61
SBR	Sabre Resources	0.007	0%	-22%	-53%	-63%	-30%	$ 2,750,733.53
SFM	Santa Fe Minerals	0.038	-5%	-7%	3%	-19%	23%	$ 2,767,113.98
SFR	Sandfire Resources	9.15	-4%	-18%	-16%	3%	-1%	$ 4,265,958,294.90
SKY	SKY Metals Ltd	0.04	-22%	-20%	-18%	-7%	-26%	$ 31,981,642.47
SLA	Solara Minerals	0.125	14%	-11%	-58%	-40%	39%	$ 7,248,102.88
SLZ	Sultan Resources Ltd	0.006	-14%	-14%	0%	-45%	0%	$ 1,620,289.37
SMG	Silvermetalgroupltd	0	-100%	-100%	-100%	-100%	-100%	$ 4,881,135.48
SMI	Santana Minerals Ltd	0.495	-7%	-19%	-34%	13%	2%	$ 325,223,403.75
SMS	Starmineralslimited	0.024	-11%	-20%	-56%	-36%	-33%	$ 3,491,553.02
SNG	Siren Gold	0.05	-4%	-11%	-41%	-14%	-23%	$ 9,853,677.41
SPD	Southernpalladium	0.3	-21%	-25%	-38%	-34%	-50%	$ 27,285,000.00
SPQ	Superior Resources	0.005	-17%	-17%	-29%	-58%	-17%	$ 11,854,913.63
SPR	Spartan Resources	2.1	10%	39%	68%	255%	49%	$ 2,627,209,445.15
SRN	Surefire Rescs NL	0.003	0%	0%	-50%	-70%	-14%	$ 7,248,923.44
SSR	SSR Mining Inc.	15.77	0%	0%	93%	117%	45%	$ 55,398,117.60
STK	Strickland Metals	0.092	5%	8%	15%	-23%	8%	$ 185,422,838.33
STN	Saturn Metals	0.26	18%	30%	-4%	30%	27%	$ 92,847,864.96
SVG	Savannah Goldfields	0.014	-7%	0%	-24%	-36%	-24%	$ 8,982,078.55
SVL	Silver Mines Limited	0.094	-2%	19%	0%	-51%	21%	$ 163,739,336.06
SVY	Stavely Minerals Ltd	0.014	-13%	-18%	-59%	-56%	-18%	$ 8,160,631.40
SX2	Southgold Consol	4.89	2%	36%	0%	0%	0%	$ 546,206,465.31
TAM	Tanami Gold NL	0.03	3%	5%	-9%	-23%	0%	$ 35,252,911.38
TAR	Taruga Minerals	0.009	0%	0%	-10%	50%	-10%	$ 7,060,267.85
TBR	Tribune Res Ltd	4.7	-4%	-3%	4%	12%	10%	$ 252,371,450.37
TCG	Turaco Gold Limited	0.42	4%	27%	27%	127%	65%	$ 360,952,584.40
TG1	Techgen Metals Ltd	0.025	-11%	-17%	-29%	-29%	-29%	$ 4,125,308.46
TGM	Theta Gold Mines Ltd	0.14	0%	-3%	-18%	-20%	-22%	$ 118,722,864.51
THR	Thor Energy PLC	0.01	-17%	-23%	-29%	-55%	-23%	$ 7,107,898.35
TLM	Talisman Mining	0.145	-6%	-9%	-33%	-40%	-29%	$ 27,306,450.61
TM1	Terra Metals Limited	0.029	61%	32%	-29%	-53%	4%	$ 12,229,051.86
TMB	Tambourahmetals	0.027	-10%	-10%	-25%	-62%	29%	$ 3,174,931.24
TMS	Tennant Minerals Ltd	0.011	10%	-31%	-21%	-59%	22%	$ 11,470,684.98
TMX	Terrain Minerals	0.0035	17%	-13%	0%	-13%	17%	$ 6,010,669.80
TNC	True North Copper	0.21	-19%	-35%	-92%	-98%	-93%	$ 27,684,583.52
TOR	Torque Met	0.08	-17%	-13%	4%	-45%	51%	$ 21,573,114.08
TRE	Toubani Res Ltd	0.235	-2%	62%	-11%	124%	38%	$ 50,371,190.98
TRM	Truscott Mining Corp	0.059	-16%	-19%	-18%	-1%	-24%	$ 11,486,913.60
TSO	Tesoro Gold Ltd	0.028	-10%	4%	-13%	-7%	40%	$ 43,495,593.15
TTM	Titan Minerals	0.39	3%	-1%	-14%	44%	3%	$ 93,632,515.56
USL	Unico Silver Limited	0.22	-4%	13%	-4%	26%	13%	$ 98,537,344.88
VAU	Vault Minerals Ltd	0.45	2%	6%	41%	10%	36%	$ 2,925,063,554.26
VKA	Viking Mines Ltd	0.007	-13%	-13%	-36%	-22%	-13%	$ 9,297,031.24
VMC	Venus Metals Cor Ltd	0.1025	-7%	7%	86%	3%	53%	$ 19,612,868.30
VRC	Volt Resources Ltd	0.004	0%	0%	0%	-20%	33%	$ 21,081,500.92
VRL	Verity Resources	0.012	-5%	-18%	-59%	-82%	-38%	$ 2,396,427.29
WA8	Warriedarresourltd	0.063	7%	37%	13%	37%	43%	$ 57,412,920.54
WAF	West African Res Ltd	2.31	-1%	3%	62%	72%	61%	$ 2,564,530,983.00
WCN	White Cliff Min Ltd	0.0165	3%	-3%	-28%	-3%	3%	$ 28,432,061.22
WGX	Westgold Resources.	2.955	3%	16%	17%	41%	4%	$ 2,659,569,325.80
WTM	Waratah Minerals Ltd	0.16	0%	3%	-48%	52%	3%	$ 30,358,124.85
WWI	West Wits Mining Ltd	0.019	6%	12%	27%	19%	36%	$ 47,252,101.01
X64	Ten Sixty Four Ltd	0	-100%	-100%	-100%	-100%	-100%	$ 129,844,903.32
XAM	Xanadu Mines Ltd	0.056	6%	8%	-23%	-26%	14%	$ 108,995,260.69
YRL	Yandal Resources	0.125	-4%	-11%	33%	-11%	-29%	$ 40,200,547.66
ZAG	Zuleika Gold Ltd	0.011	10%	-8%	-21%	-42%	-15%	$ 8,160,679.20
ZNC	Zenith Minerals Ltd	0.052	-5%	16%	6%	-47%	30%	$ 21,186,953.94

Alice Queen (ASX:AQX)

Alice Queen’s main game is the Viani project, located on the island of Vanua Levu in Fiji, where in late March the company confirmed the continuity of high-grade epithermal gold at the Dakuniba prospect from surface to a depth of 175m.

The first diamond hole at the prospect, mapped over 3km of low-sulphidation epithermal gold mineralisation, returned intersected several zones from 103.5 to 166.88m including 1.25m grading 2.24g/t gold and 12.48g/t silver from 107.9m and 1.9m at 8.52g/t gold and 13.1g/t silver from 144.2m.

A follow-up hole proved the depth continuity of this zone 80m deeper after returning a top assay of 4.14m at 6.13g/t gold and 9.42g/t silver from 195.76m, including 0.58m at 26.4g/t gold and 39.7g/t silver and 0.80m at 11.4g/t gold and 6.52g/t silver.

Assays are awaited for a third diamond hole that is testing another 100m below that, with drilling and other exploration works planned elsewhere at the Sabeto project in Fiji.

Alice Queen also boast over 500,000oz of gold resources at its Horn Island project in Queensland and two exploration projects in NSW’s Lachlan Fold Belt.

Leeuwin Metals (ASX:LM1)

Leeuwin Metals surged in the past week after securing a deal to acquire Ramelius Resources’ (ASX:RMS) Marda gold project.

It’s already got a host of intercepts outside of mined areas for LM1 to follow up, with the mine – previously a satellite for RMS’ mothballed Edna May gold mine – not passing the disclosure muster in the warehouse of the $3bn gold miner.

With Leeuwin counting Marda as its main game, the 120km project 120km north of Southern Cross will get the love and attention it deserves.

Leeuwin shares rose around 60% over five trading days to Thursday, and remain 120% higher over the past six months despite a Friday blow off.

Among the observers keenly watching LM1’s progress is Lowell Resources Fund CIO and Ten Bagger expert John Forwood.

See his thoughts on the explorer below.

READ: Ten Bagger: The tailwinds for gold miners keep gathering pace

At Stockhead, we tell it like it is. While Alice Queen and Leeuwin Metals are Stockhead advertisers, they did not sponsor this article.

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