Under-rated under the radar gold producer and explorer Millennium Minerals delivered a $41.7 million maiden profit for the 12 months to December 31, 2013, which, when announced, triggered a sharp share price re-rating. While $27.8 million related to unrealised derivative gains and an income tax benefit, this was still a good result from an operational perspective, particularly given that it was a year of transition for the company.

Millennium operates the Nullagine gold project located in the Pilbara region of Western Australia. It has seven deposits and the key infrastructure and processing facilities are located within 10 kilometres of the Nullagine township, providing ideal logistics in terms of minimising costs. While the 1.5 million tonnes per annum processing plant was commissioned in August 2012, commercial production wasn’t declared effective until January 2013.