Gold Digger: As volatility runs wild US$4000/oz is now on the cards

Could gold run as high as US$4000/oz? This fundie who picked the gold bull run early thinks conditions are there to fire bullion further.

Could gold hit US$4000/oz? It's not unpossible. Pic: Getty Images

• Gold hit a new record high this week, passing US$3300/oz

• Fundie Cameron Judd says the conditions are there to push bullion further, with US$4000/oz now in sight

• Gold miners look "cheap" as they print cash

After an extraordinary run in 2025 already, gold prices climbed another big leg higher on Wednesday, soaring way past US$3300/oz as the tech-heavy Nasdaq 100 shuddered again, sieving over 3% of its value.

Already climbing to never-before-seen highs in the first quarter of 2025, a 19% lift counted as the best quarterly performance in 39 years for the safe haven metal, the weeks since Donald Trump's market-crashing "Liberation Day" tariffs have seen bullion go ballistic.

If only someone had seen this coming ...

Well, some investors did. One of those is Cameron Judd, the portfolio manager of the gold fund at Melbourne-based family office Victor Smorgon Group.

READ: Gold Digger: Forget US$3000 gold, how about US$3600?

Backing Aussie and Canadian gold equities, VSG's Resources Gold Fund gained 28.5% over the March quarter, 9.4% in the month of March and 50.8% over the financial year to date, with its net return of 111% outstripping the ASX gold equities index by 67% since the fund's launch in May 2020.

Judd thinks with US$3300/oz in the rear view mirror, there's a potential pathway to US$4000/oz. That would take AUD gold prices from over $5100/oz to more than $6300/oz, against average all-in sustaining costs across the Oz and NZ gold sector of $2051/oz (December quarter 2024 as per Aurum Analytics).

"Gold's been appreciating incredibly strongly recently. It's hard to put a timeline on it. But why will it? Where will that demand come from?" Judd said.

"I still think central banks will continue to buy gold as they diversify away from the US dollar ... as it's expected to weaken. They're price agnostic. If you look at say China for example, they own probably 6% gold in their foreign reserves versus some of the developed countries that hold a lot more than that.

"I think also you're starting to see ETFs really pick up."

Chinese investors, for instance, have come into that market in a big way. After adding 23t across the March quarter, Chinese ETF holdings have lifted 29t in the first two weeks of April alone, Judd noted.

"So there's strong demand coming from retail investors now," he said.

Cash in the bank

In the world of gold miners, where VSG holds its key investments, cash generation has been strong so far in reporting season.

Genesis Minerals (ASX:GMD) shares stormed higher on Wednesday as the Raleigh Finlayson led WA gold miner added $111m in cash to its bank account in the March quarter on production of just 59,767oz at an AISC of $2323/oz.

Evolution Mining (ASX:EVN) banked another $141m to take its war chest to $661m after producing 179,778oz of gold and 19,450t copper.

Ramelius Resources (ASX:RMS) saw its underlying free cash flow lift from $174.5m to $223m, increasing its bank balance from $501.7m to $657.1m, on 80,455oz of gold output from its Mt Magnet and Edna May hubs.

Over in Burkina Faso, West African Resources (ASX:WAF) produced 50,033oz at US$1262/oz, taking its bank balance to $331m and US$43m ($69m) of unsold gold bullion.

Those sorts of results have seen gold companies enjoy big share price gains so far this year.

The ASX All Ords gold sub-index is up ~50% YTD. Despite that level of performance, Judd says equities remain undervalued.

"The consensus gold price is well below spot price, so you're going to see brokers – and they already have started to – increase their gold price forecasts," he said.

"Gold equities are coming off a very low base and once you see that rerate from brokers, earnings multiples going forward are well below their long-term averages for gold equities.

"So I think they look very attractive and particularly attractive and undervalued compared to where a lot of investors have been in the tech space."

That presents an opportunity for real generalist money to enter the gold space.

"I think gold equities would have to be ringing on just about every quant screen at the moment. I mean, the cash that they're generating is outstanding," Judd said.

Among the stocks Judd likes the look of are new gold miners Meeka Metals (ASX:MEK) and Black Cat Syndicate (ASX:BC8), and King of the Hills owner Vault Minerals (ASX:VAU).

He even thinks Newmont Corporation (ASX:NEM), the world's largest gold producer by volume but recently overtaken as the largest market capped gold miner by Agnico Eagle, is screening well, trading below its long-term earnings multiple after being punished for a production disappointment last year.

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	0.0075	7%	7%	-12%	-42%	7%	$ 8,678,940.02
NPM	Newpeak Metals	0.011	10%	-27%	-8%	-28%	0%	$ 3,542,789.04
ASO	Aston Minerals Ltd	0.019	36%	6%	90%	58%	111%	$ 23,311,156.84
MTC	Metalstech Ltd	0.11	14%	-4%	-12%	-37%	-21%	$ 21,729,343.13
GED	Golden Deeps	0.018	6%	-14%	-42%	-60%	-28%	$ 3,188,262.62
G88	Golden Mile Res Ltd	0.01	25%	11%	-23%	-23%	11%	$ 4,898,230.70
LAT	Latitude 66 Limited	0.049	-11%	-20%	-54%	-76%	29%	$ 7,887,038.78
NMR	Native Mineral Res	0.135	36%	93%	275%	382%	246%	$ 99,200,739.48
AQX	Alice Queen Ltd	0.006	20%	-8%	-25%	0%	-25%	$ 6,881,340.41
SLZ	Sultan Resources Ltd	0.009	50%	29%	50%	-18%	50%	$ 1,851,759.28
KSN	Kingston Resources	0.09	14%	11%	10%	27%	27%	$ 73,975,941.27
AMI	Aurelia Metals Ltd	0.29	45%	26%	49%	61%	71%	$ 456,994,612.80
GIB	Gibb River Diamonds	0.037	16%	-10%	-8%	32%	-8%	$ 7,078,811.69
KCN	Kingsgate Consolid.	1.67	24%	11%	10%	14%	30%	$ 417,557,741.04
TMX	Terrain Minerals	0.003	0%	-25%	-14%	-25%	0%	$ 6,010,669.80
BNR	Bulletin Res Ltd	0.062	15%	48%	48%	17%	59%	$ 18,497,639.35
NXM	Nexus Minerals Ltd	0.08	29%	33%	45%	31%	78%	$ 37,579,490.18
SKY	SKY Metals Ltd	0.051	24%	-2%	4%	38%	-6%	$ 34,824,455.13
LM8	Lunnonmetalslimited	0.26	37%	30%	-15%	-4%	4%	$ 55,157,043.50
CST	Castile Resources	0.072	0%	13%	-16%	-21%	-10%	$ 23,236,892.08
YRL	Yandal Resources	0.125	-4%	-11%	9%	-17%	-29%	$ 40,200,547.66
FAU	First Au Ltd	0.0025	25%	0%	150%	25%	25%	$ 5,179,983.19
ARL	Ardea Resources Ltd	0.44	17%	10%	0%	-41%	33%	$ 87,860,482.60
GWR	GWR Group Ltd	0.087	2%	-1%	-2%	-13%	9%	$ 29,124,598.95
IVR	Investigator Res Ltd	0.023	5%	10%	-43%	-56%	15%	$ 36,544,230.20
GTR	Gti Energy Ltd	0.004	33%	33%	-11%	-33%	14%	$ 8,996,848.99
IPT	Impact Minerals	0.005	25%	-29%	-56%	-71%	-47%	$ 18,513,316.32
BNZ	Benzmining	0.42	20%	5%	83%	87%	22%	$ 54,485,047.68
MOH	Moho Resources	0.003	-14%	-40%	-57%	-40%	-40%	$ 2,192,623.72
BCM	Brazilian Critical	0.01	25%	11%	25%	-52%	11%	$ 10,629,585.88
PUA	Peak Minerals Ltd	0.01	25%	43%	312%	315%	29%	$ 28,073,212.90
MRZ	Mont Royal Resources	0.041	0%	0%	-25%	-41%	-5%	$ 3,486,221.51
SMS	Starmineralslimited	0.027	17%	-10%	-49%	-34%	-25%	$ 3,946,972.98
MVL	Marvel Gold Limited	0.013	8%	18%	-7%	30%	44%	$ 15,116,337.31
PRX	Prodigy Gold NL	0.002	33%	0%	-20%	-25%	0%	$ 6,350,111.10
AAU	Antilles Gold Ltd	0.004	0%	-20%	0%	-80%	33%	$ 8,505,470.73
CWX	Carawine Resources	0.096	-1%	-9%	-2%	-13%	-4%	$ 21,251,290.41
RND	Rand Mining Ltd	1.95	17%	15%	-2%	24%	29%	$ 108,064,325.90
CAZ	Cazaly Resources	0.015	7%	25%	7%	-25%	7%	$ 6,458,241.87
BMR	Ballymore Resources	0.105	-5%	-5%	-25%	-13%	-13%	$ 19,440,364.35
DRE	Dreadnought Resources Ltd	0.013	18%	-7%	-28%	-28%	8%	$ 70,047,500.00
ZNC	Zenith Minerals Ltd	0.05	2%	4%	4%	-48%	25%	$ 20,372,071.10
REZ	Resourc & En Grp Ltd	0.026	13%	33%	-21%	100%	13%	$ 16,790,978.05
LEX	Lefroy Exploration	0.077	3%	-9%	1%	-43%	10%	$ 18,631,510.35
ERM	Emmerson Resources	0.145	12%	16%	202%	202%	88%	$ 92,164,737.46
AM7	Arcadia Minerals	0.018	20%	-10%	-50%	-82%	-5%	$ 1,995,518.36
ADT	Adriatic Metals	4.2	21%	-9%	8%	2%	8%	$ 1,291,865,207.00
AS1	Asara Resources Ltd	0.053	10%	56%	165%	489%	179%	$ 60,564,781.64
CYL	Catalyst Metals	6.64	20%	43%	117%	762%	157%	$ 1,517,748,614.80
CHN	Chalice Mining Ltd	1.06	28%	-23%	-35%	-19%	-4%	$ 406,532,993.46
KAL	Kalgoorliegoldmining	0.052	-17%	-19%	117%	58%	189%	$ 19,752,113.26
MLS	Metals Australia	0.02	5%	-5%	-17%	-13%	-13%	$ 14,574,390.48
ADN	Andromeda Metals Ltd	0.01	25%	43%	25%	-41%	43%	$ 34,287,276.89
MEI	Meteoric Resources	0.13	103%	83%	37%	-42%	53%	$ 257,054,906.02
SRN	Surefire Rescs NL	0.003	0%	0%	-45%	-70%	-14%	$ 7,248,923.44
WA8	Warriedarresourltd	0.069	23%	48%	21%	50%	57%	$ 68,895,504.65
HMX	Hammer Metals Ltd	0.022	5%	-21%	-42%	-50%	-33%	$ 18,642,932.70
WCN	White Cliff Min Ltd	0.019	46%	19%	-17%	19%	19%	$ 36,013,944.21
AVM	Advance Metals Ltd	0.048	33%	-2%	100%	93%	41%	$ 7,491,219.19
ASR	Asra Minerals Ltd	0.002	-33%	-33%	-56%	-71%	-33%	$ 7,119,380.49
ARI	Arika Resources	0.03	88%	43%	-17%	50%	11%	$ 19,005,259.14
CTO	Citigold Corp Ltd	0.004	0%	-20%	-20%	-20%	0%	$ 12,000,000.00
SMI	Santana Minerals Ltd	0.575	39%	0%	-15%	36%	19%	$ 375,813,711.00
M2R	Miramar	0.003	-14%	0%	-57%	-74%	0%	$ 2,990,469.86
MHC	Manhattan Corp Ltd	0.017	6%	-6%	-58%	-49%	-11%	$ 4,228,180.16
GRL	Godolphin Resources	0.011	22%	-15%	-27%	-63%	-24%	$ 4,488,733.12
SVG	Savannah Goldfields	0.019	36%	19%	3%	-16%	3%	$ 10,265,232.62
EMC	Everest Metals Corp	0.15	11%	-3%	7%	36%	11%	$ 32,448,656.22
GUL	Gullewa Limited	0.099	87%	52%	52%	77%	77%	$ 19,185,951.14
CY5	Cygnus Metals Ltd	0.096	23%	-17%	20%	17%	-4%	$ 73,909,255.38
G50	G50Corp Ltd	0.105	5%	-16%	-38%	-42%	-32%	$ 16,059,765.90
ADV	Ardiden Ltd	0.145	4%	0%	7%	-6%	7%	$ 9,065,038.37
AAR	Astral Resources NL	0.17	26%	21%	42%	143%	26%	$ 237,731,352.74
VMC	Venus Metals Cor Ltd	0.099	10%	-18%	77%	2%	48%	$ 19,612,868.30
NAE	New Age Exploration	0.005	25%	0%	-17%	25%	43%	$ 10,637,595.64
VKA	Viking Mines Ltd	0.008	14%	-11%	-20%	-27%	0%	$ 9,297,031.24
LCL	LCL Resources Ltd	0.008	33%	0%	-11%	-27%	-20%	$ 8,363,688.95
MTH	Mithril Silver Gold	0.345	17%	-14%	-21%	73%	-14%	$ 51,017,232.70
ADG	Adelong Gold Limited	0.006	20%	20%	50%	71%	33%	$ 6,987,430.99
RMX	Red Mount Min Ltd	0.008	14%	-11%	-11%	-47%	-11%	$ 3,254,704.57
PRS	Prospech Limited	0.024	0%	-4%	-14%	-41%	-17%	$ 7,891,821.29
TTM	Titan Minerals	0.41	17%	1%	-9%	28%	8%	$ 104,036,128.40
AKA	Aureka Limited	0.14	-3%	-10%	-99%	-99%	4%	$ 13,316,536.48
AAM	Aumegametals	0.041	3%	-7%	-28%	-40%	-2%	$ 24,164,521.68
KZR	Kalamazoo Resources	0.085	10%	9%	1%	-14%	15%	$ 16,960,874.88
BCN	Beacon Minerals	0.027	8%	4%	17%	-7%	23%	$ 114,111,833.18
MAU	Magnetic Resources	1.51	8%	0%	16%	45%	37%	$ 405,590,694.16
BC8	Black Cat Syndicate	1.005	23%	23%	79%	287%	78%	$ 710,263,011.17
EM2	Eagle Mountain	0.005	0%	-29%	-88%	-90%	-44%	$ 5,675,186.45
EMR	Emerald Res NL	4.34	20%	5%	5%	24%	34%	$ 2,793,705,276.50
BYH	Bryah Resources Ltd	0.005	25%	0%	25%	-50%	67%	$ 4,349,767.61
HCH	Hot Chili Ltd	0.46	8%	-32%	-45%	-62%	-34%	$ 70,492,209.29
WAF	West African Res Ltd	2.42	16%	10%	56%	85%	69%	$ 2,746,897,630.68
MEU	Marmota Limited	0.039	3%	-15%	5%	-9%	0%	$ 43,597,314.23
NVA	Nova Minerals Ltd	0.33	35%	12%	65%	12%	-11%	$ 108,103,634.70
SVL	Silver Mines Limited	0.094	13%	4%	-18%	-51%	21%	$ 172,638,213.02
PGD	Peregrine Gold	0.17	0%	42%	0%	-21%	21%	$ 14,848,354.68
ICL	Iceni Gold	0.06	-13%	-24%	46%	131%	-15%	$ 18,473,128.74
FG1	Flynngold	0.024	0%	9%	-17%	-47%	-4%	$ 7,066,867.94
WWI	West Wits Mining Ltd	0.019	6%	12%	19%	6%	36%	$ 49,877,217.74
RML	Resolution Minerals	0.008	14%	-27%	-50%	-50%	-33%	$ 4,206,294.84
AAJ	Aruma Resources Ltd	0.01	11%	-9%	-41%	-47%	-17%	$ 2,109,552.63
HWK	Hawk Resources.	0.019	-5%	-14%	-46%	-64%	-14%	$ 5,147,659.53
GMN	Gold Mountain Ltd	0.002	33%	100%	0%	-50%	-33%	$ 9,591,959.88
MEG	Megado Minerals Ltd	0.01	-9%	-33%	-30%	5%	-41%	$ 4,616,515.88
HMG	Hamelingoldlimited	0.089	25%	24%	5%	17%	39%	$ 15,356,250.00
BM8	Battery Age Minerals	0.06	2%	-2%	-48%	-40%	-43%	$ 6,075,673.20
TBR	Tribune Res Ltd	5.04	6%	7%	1%	11%	17%	$ 272,309,319.63
FML	Focus Minerals Ltd	0.24	12%	14%	33%	30%	41%	$ 70,206,868.03
VRC	Volt Resources Ltd	0.0045	13%	0%	-10%	-10%	50%	$ 23,423,889.92
ARV	Artemis Resources	0.008	0%	14%	-43%	-53%	0%	$ 20,228,234.46
HRN	Horizon Gold Ltd	0.45	2%	3%	22%	73%	-6%	$ 65,177,965.35
CLA	Celsius Resource Ltd	0.007	0%	-13%	-42%	-42%	-36%	$ 20,352,998.40
QML	Qmines Limited	0.042	0%	-7%	-42%	-40%	-22%	$ 19,300,629.87
RDN	Raiden Resources Ltd	0.006	20%	20%	-82%	-81%	-45%	$ 17,254,457.21
TCG	Turaco Gold Limited	0.45	25%	38%	25%	150%	76%	$ 388,024,028.23
KCC	Kincora Copper	0.0325	35%	5%	-23%	-7%	20%	$ 7,913,868.38
GBZ	GBM Rsources Ltd	0.008	0%	14%	0%	-43%	0%	$ 8,197,489.85
DTM	Dart Mining NL	0.004	-11%	0%	-71%	-88%	-56%	$ 2,751,055.66
MKR	Manuka Resources.	0.037	48%	28%	-31%	-58%	32%	$ 24,323,030.07
AUC	Ausgold Limited	0.55	12%	4%	8%	72%	31%	$ 196,321,474.25
ANX	Anax Metals Ltd	0.006	-14%	-25%	-57%	-78%	-50%	$ 5,296,845.40
EMU	EMU NL	0.021	5%	-30%	-13%	-24%	-22%	$ 4,065,629.59
SFM	Santa Fe Minerals	0.038	0%	-7%	3%	-19%	23%	$ 2,767,113.98
SSR	SSR Mining Inc.	15.77	0%	0%	93%	117%	45%	$ 55,398,117.60
PNR	Pantoro Limited	2.87	38%	6%	35%	119%	88%	$ 1,061,244,248.06
CMM	Capricorn Metals	9.97	18%	25%	55%	95%	59%	$ 4,296,157,455.87
X64	Ten Sixty Four Ltd	0	-100%	-100%	-100%	-100%	-100%	$ 129,844,903.32
VRL	Verity Resources	0.014	0%	11%	-28%	-76%	-28%	$ 2,212,086.73
HAW	Hawthorn Resources	0.044	5%	2%	-24%	-38%	7%	$ 14,740,686.97
BGD	Bartongoldholdings	0.43	19%	46%	76%	51%	76%	$ 96,326,857.88
SVY	Stavely Minerals Ltd	0.013	-19%	-19%	-61%	-58%	-24%	$ 8,160,631.40
AGC	AGC Ltd	0.145	-3%	-12%	-40%	84%	-6%	$ 37,206,597.19
RGL	Riversgold	0.0045	0%	0%	50%	-36%	13%	$ 7,576,706.67
TSO	Tesoro Gold Ltd	0.031	7%	11%	0%	-3%	55%	$ 43,495,593.15
GUE	Global Uranium	0.056	12%	-20%	-30%	-43%	-7%	$ 16,504,291.66
CPM	Coopermetalslimited	0.035	0%	-19%	-38%	-68%	-24%	$ 3,134,226.00
MM8	Medallion Metals.	0.245	17%	44%	195%	260%	104%	$ 122,083,970.85
FFM	Firefly Metals Ltd	0.81	19%	-18%	-22%	3%	-12%	$ 457,380,206.82
CBY	Canterbury Resources	0.022	-12%	5%	-31%	-12%	0%	$ 4,343,699.71
SLA	Solara Minerals	0.115	10%	-8%	-59%	-60%	28%	$ 7,248,102.88
SFR	Sandfire Resources	9.7	19%	-11%	-10%	6%	5%	$ 4,265,958,294.90
TAM	Tanami Gold NL	0.034	21%	26%	0%	-15%	13%	$ 38,778,202.52
NWM	Norwest Minerals	0.0155	55%	29%	-14%	-70%	11%	$ 6,791,673.14
ALK	Alkane Resources Ltd	0.765	22%	22%	44%	16%	50%	$ 469,294,966.30
BMO	Bastion Minerals	0.003	0%	-25%	-50%	-63%	-25%	$ 2,534,173.99
IDA	Indiana Resources	0.082	12%	11%	57%	86%	34%	$ 51,418,596.64
GSM	Golden State Mining	0.009	29%	0%	-10%	-18%	13%	$ 2,234,965.04
NSM	Northstaw	0.038	9%	6%	73%	16%	138%	$ 10,126,030.50
GSN	Great Southern	0.021	5%	-5%	17%	0%	40%	$ 20,932,890.09
VAU	Vault Minerals Ltd	0.485	21%	7%	41%	14%	47%	$ 3,197,162,489.54
DEG	De Grey Mining	2.64	17%	26%	89%	108%	50%	$ 6,258,977,973.72
THR	Thor Energy PLC	0.01	0%	-17%	-38%	-52%	-23%	$ 7,107,898.35
CDR	Codrus Minerals Ltd	0.021	31%	40%	5%	-46%	24%	$ 2,646,200.06
MDI	Middle Island Res	0.019	12%	12%	6%	6%	58%	$ 5,235,177.07
WTM	Waratah Minerals Ltd	0.165	14%	10%	-50%	43%	6%	$ 32,488,666.56
POL	Polymetals Resources	0.845	19%	2%	111%	182%	6%	$ 207,968,170.30
RDS	Redstone Resources	0.0035	17%	17%	-13%	-30%	40%	$ 3,238,824.61
NAG	Nagambie Resources	0.022	29%	47%	29%	69%	22%	$ 17,672,651.57
BGL	Bellevue Gold Ltd	0.985	-14%	-26%	-33%	-48%	-12%	$ 1,245,248,985.77
GBR	Greatbould Resources	0.085	15%	18%	70%	29%	98%	$ 68,429,556.81
KAI	Kairos Minerals Ltd	0.021	11%	11%	62%	62%	75%	$ 51,302,787.69
KAU	Kaiser Reef	0.195	30%	11%	11%	22%	22%	$ 58,637,376.00
HRZ	Horizon	0.064	19%	8%	28%	106%	60%	$ 136,976,739.39
CDT	Castle Minerals	0.059	-2%	-2%	-51%	-67%	-2%	$ 6,380,526.35
RSG	Resolute Mining	0.465	18%	8%	-44%	8%	18%	$ 947,427,255.79
MXR	Maximus Resources	0.077	-6%	20%	67%	132%	33%	$ 33,424,752.21
EVN	Evolution Mining Ltd	8.46	28%	25%	69%	119%	76%	$ 16,659,789,253.12
CXU	Cauldron Energy Ltd	0.008	0%	-20%	-56%	-79%	-33%	$ 11,691,236.87
DLI	Delta Lithium	0.155	0%	-6%	-37%	-43%	-9%	$ 114,646,686.72
ALY	Alchemy Resource Ltd	0.006	0%	-14%	-25%	-14%	-14%	$ 5,890,381.28
NH3	Nh3Cleanenergyltd	0.026	18%	30%	18%	37%	44%	$ 14,679,724.41
OBM	Ora Banda Mining Ltd	1.16	18%	5%	73%	257%	78%	$ 2,175,310,403.81
AVW	Avira Resources Ltd	0.007	-13%	-22%	-65%	-65%	-65%	$ 1,098,676.37
LCY	Legacy Iron Ore	0.01	11%	0%	-20%	-35%	0%	$ 97,620,425.84
PDI	Predictive Disc Ltd	0.38	19%	13%	52%	90%	65%	$ 992,855,720.18
MAT	Matsa Resources	0.059	7%	4%	48%	84%	69%	$ 43,973,804.88
ZAG	Zuleika Gold Ltd	0.013	18%	0%	0%	-28%	0%	$ 9,644,439.05
GML	Gateway Mining	0.032	23%	52%	28%	78%	52%	$ 13,491,069.74
SBM	St Barbara Limited	0.26	27%	24%	-33%	-2%	16%	$ 270,711,585.25
SBR	Sabre Resources	0.006	0%	-14%	-54%	-67%	-40%	$ 2,357,771.60
STK	Strickland Metals	0.095	19%	6%	27%	-21%	12%	$ 200,874,741.52
CEL	Challenger Gold Ltd	0.071	27%	22%	37%	-16%	51%	$ 109,703,079.27
GG8	Gorilla Gold Mines	0.52	41%	33%	160%	1132%	100%	$ 266,484,915.25
NST	Northern Star	22.35	16%	25%	33%	48%	45%	$ 25,277,840,372.30
OZM	Ozaurum Resources	0.12	38%	88%	208%	193%	300%	$ 26,070,715.40
TG1	Techgen Metals Ltd	0.027	13%	-10%	-18%	-31%	-23%	$ 4,283,974.17
XAM	Xanadu Mines Ltd	0.06	9%	15%	-5%	-17%	22%	$ 112,819,655.80
AQI	Alicanto Min Ltd	0.031	15%	-3%	55%	17%	-16%	$ 26,292,432.26
KTA	Krakatoa Resources	0.009	13%	13%	-10%	-31%	-5%	$ 5,581,206.23
ARN	Aldoro Resources	0.52	44%	63%	632%	550%	37%	$ 92,254,336.20
WGX	Westgold Resources.	3.2	20%	13%	19%	52%	13%	$ 2,989,657,717.30
MBK	Metal Bank Ltd	0.01	-29%	-41%	-44%	-56%	-33%	$ 5,969,507.98
A8G	Australasian Metals	0.07	6%	-7%	-42%	9%	-11%	$ 3,994,391.03
TAR	Taruga Minerals	0.009	13%	0%	-18%	29%	-10%	$ 6,354,241.07
DTR	Dateline Resources	0.006	0%	33%	20%	-50%	71%	$ 15,993,411.72
GOR	Gold Road Res Ltd	3.26	9%	23%	75%	104%	59%	$ 3,509,068,963.80
S2R	S2 Resources	0.098	7%	46%	27%	-27%	46%	$ 43,474,367.33
NES	Nelson Resources.	0.002	-33%	-33%	0%	-33%	-33%	$ 4,343,855.32
TLM	Talisman Mining	0.16	7%	-6%	-35%	-32%	-22%	$ 28,248,052.35
BEZ	Besragoldinc	0.05	16%	35%	-40%	-50%	-44%	$ 20,774,447.55
PRU	Perseus Mining Ltd	3.5	12%	10%	25%	55%	36%	$ 4,788,376,680.50
SPQ	Superior Resources	0.004	0%	-43%	-33%	-60%	-33%	$ 9,483,930.90
PUR	Pursuit Minerals	0.044	0%	-40%	-71%	-82%	-54%	$ 4,687,496.26
RMS	Ramelius Resources	2.85	24%	30%	22%	44%	38%	$ 3,281,461,485.40
PKO	Peako Limited	0.003	0%	0%	0%	-22%	0%	$ 4,463,225.88
ICG	Inca Minerals Ltd	0.005	11%	-17%	0%	0%	0%	$ 6,381,950.00
A1G	African Gold Ltd.	0.13	41%	106%	18%	324%	136%	$ 62,402,577.38
NMG	New Murchison Gold	0.017	21%	13%	89%	183%	89%	$ 167,124,451.82
GNM	Great Northern	0.014	-7%	0%	0%	27%	0%	$ 2,164,807.08
KRM	Kingsrose Mining Ltd	0.032	3%	-14%	-20%	-11%	-9%	$ 24,866,375.13
BTR	Brightstar Resources	0.022	10%	5%	29%	22%	10%	$ 250,935,642.54
RRL	Regis Resources	4.72	15%	33%	84%	121%	85%	$ 3,611,183,568.52
M24	Mamba Exploration	0.011	22%	-8%	-8%	-59%	-8%	$ 3,837,152.93
TRM	Truscott Mining Corp	0.06	-6%	-18%	-24%	-9%	-23%	$ 11,486,913.60
TNC	True North Copper	0.2	3%	-46%	-93%	-98%	-93%	$ 25,167,803.20
MOM	Moab Minerals Ltd	0.001	-33%	0%	-67%	-80%	-50%	$ 1,733,666.03
KNB	Koonenberrygold	0.065	67%	124%	442%	225%	442%	$ 61,162,019.36
AWJ	Auric Mining	0.3	18%	3%	-17%	58%	-12%	$ 42,451,710.74
ENR	Encounter Resources	0.2	8%	-11%	-44%	-42%	-38%	$ 99,758,463.80
SNG	Siren Gold	0.062	31%	15%	-34%	-5%	-5%	$ 12,043,383.50
STN	Saturn Metals	0.315	43%	24%	15%	47%	54%	$ 108,322,509.12
USL	Unico Silver Limited	0.225	13%	7%	-13%	36%	15%	$ 98,537,344.88
PNM	Pacific Nickel Mines	0.024	0%	0%	0%	-25%	0%	$ 10,103,834.52
AYM	Australia United Min	0.002	0%	-33%	0%	0%	-50%	$ 3,685,154.97
ANL	Amani Gold Ltd	0	-100%	-100%	-100%	-100%	-100%	$ 21,449,587.12
HAV	Havilah Resources	0.18	6%	-8%	-16%	-8%	-20%	$ 61,066,133.28
SPR	Spartan Resources	2.22	22%	39%	54%	257%	57%	$ 2,819,444,282.60
PNT	Panthermetalsltd	0.014	-7%	-13%	-56%	-41%	27%	$ 4,513,568.22
MEK	Meeka Metals Limited	0.16	14%	10%	154%	357%	108%	$ 414,936,665.55
GMD	Genesis Minerals	4.37	21%	29%	100%	137%	77%	$ 4,959,351,084.70
PGO	Pacgold	0.062	0%	-14%	-31%	-66%	-17%	$ 8,018,714.62
FEG	Far East Gold	0.15	25%	-9%	-32%	0%	-17%	$ 58,724,392.48
MI6	Minerals260Limited	0.13	0%	0%	-7%	-13%	0%	$ 258,416,666.63
IGO	IGO Limited	3.58	15%	-10%	-34%	-51%	-25%	$ 2,574,710,564.20
GAL	Galileo Mining Ltd	0.115	-4%	-15%	-18%	-57%	-8%	$ 22,726,866.61
RXL	Rox Resources	0.38	17%	13%	181%	91%	90%	$ 255,837,055.32
PTN	Patronus Resources	0.061	3%	2%	9%	-18%	24%	$ 99,881,266.04
CLZ	Classic Min Ltd	0.001	0%	0%	0%	-89%	0%	$ 1,544,025.56
TGM	Theta Gold Mines Ltd	0.14	0%	-10%	-22%	-10%	-22%	$ 127,517,150.77
FAL	Falconmetalsltd	0.099	8%	-14%	-40%	-40%	-14%	$ 17,700,000.00
SPD	Southernpalladium	0.32	7%	-20%	-33%	-25%	-47%	$ 28,649,250.00
ORN	Orion Minerals Ltd	0.013	0%	-19%	-32%	-7%	-13%	$ 102,756,717.27
TMB	Tambourahmetals	0.028	4%	-15%	-7%	-57%	33%	$ 3,292,521.29
TMS	Tennant Minerals Ltd	0.005	-50%	-64%	-64%	-79%	-44%	$ 4,779,452.08
AZY	Antipa Minerals Ltd	0.535	34%	14%	73%	312%	106%	$ 309,348,590.40
PXX	Polarx Limited	0.008	14%	14%	-6%	-38%	23%	$ 19,004,007.82
TRE	Toubani Res Ltd	0.295	55%	84%	2%	127%	74%	$ 66,398,388.11
AUN	Aurumin	0.055	-5%	-15%	-2%	15%	-17%	$ 27,678,568.06
GPR	Geopacific Resources	0.024	14%	9%	3%	-1%	20%	$ 66,831,771.85
FXG	Felix Gold Limited	0.18	38%	33%	112%	114%	114%	$ 64,136,745.27
ILT	Iltani Resources Lim	0.23	7%	-4%	-4%	48%	12%	$ 9,317,205.66
BRX	Belararoxlimited	0.135	-18%	50%	-54%	-54%	-23%	$ 21,913,129.56
TM1	Terra Metals Limited	0.029	4%	53%	-26%	-46%	4%	$ 12,229,051.86
TOR	Torque Met	0.099	34%	0%	27%	-29%	87%	$ 26,157,400.82
ARD	Argent Minerals	0.023	21%	5%	28%	35%	35%	$ 33,249,731.04
LM1	Leeuwin Metals Ltd	0.21	17%	75%	159%	196%	50%	$ 19,657,244.88
SX2	Southgold Consol	5.4	27%	41%	0%	0%	0%	$ 676,164,825.08

Arika Resources (ASX:ARI)

Up 88% in the past week, Arika Resources has been on a tear after the first diamond drilling results hit paydirt at the Pennyweight Point prospect, one of two high-priority targets drilled so far at its Yundamindra gold project near Laverton.

Diamond drilling returned 13.46m at 5.28g/t Au from 111.4m within a broader intersection of 35.75m at 2.14g/t from 104.27m. It also included 1.5m at 9.01g/t from 112.55m and 6.13m at 8g/t from 117.47m.

The results, which have confirmed a significant high-grade gold system at Pennyweight Point, are from a hole 150m down-plunge of a drill hit last year of 14m at 15.48g/t Au.

Another diamond hole in the latest campaign returned 23.97m at 2.54g/t from 162.03m, including 5.38m at 10.62g/t from 170.52m and 4.34m at 13.05g/t from 171.56m.

These are the deepest holes drilled to date in the area with Pennyweight Point now defined over a strike length of more than 350m and to a depth of at least 200m below the surface.

“The assay results from our first two diamond-cored drill-holes at Pennyweight Point have added further significant momentum to our ongoing systematic exploration campaign at Yundamindra,” Arika managing director Justin Barton said at the time.

Norwest Minerals (ASX:NWM)

Norwest Minerals shares have been on the up since the exploration junior was awarded a mining lease on Wednesday for its Bulgera gold project.

The project is on the larger side when it comes to the dormant gold deposits of WA's Mid West gold district, containing 6.3Mt at 1.07g/t for a sizeable 217,600oz.

That resource was modelled in 2021 and 2022, when gold was valued at just $2500/oz. Need we remind you it's now trading beyond $5000/oz.

The deposit was last mined in 2004, when ore was hauled 50km west to the Plutonic gold mine, still in operation today under the auspices of $1.5bn capped ASX gold producer Catalyst Metals (ASX:CYL).

“The granting of ML 52/1085 is a significant milestone for Norwest and the Bulgera Gold Project, marking an important step in solidifying our plans for cashflow generation in the short and longer terms," NWM CEO Charles Schaus said.

"The rising gold price has significantly bolstered the Bulgera project economics with the Company reviewing options to exploit this valuable gold asset for the benefit of all stakeholders. Norwest would like to thank the Gingirana people, their representatives Marputu AC, and DEMIRS for their ongoing support of the Bulgera Gold Project.”

Another 2Mt of low-grade oxide ore is estimated to be stored on site running at under 1g/t, a potential source of early cash flow given the current gold price.

The views, information, or opinions expressed in the interviews in this article are solely those of the interviewee and do not represent the views of Stockhead.

At Stockhead, we tell it like it is. While Arika Resources and Norwest Minerals are Stockhead advertisers, they did not sponsor this article.

Originally published as Gold Digger: As volatility runs wild US$4000/oz is now on the cards