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

If it feels like the global economy is burning that could be a hint that gold equities are about to outperform again.

'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.

Wild times. Pic: Kitco

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."

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

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.

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