Gold Digger: Feel down about your gold stocks? It could just be seasonal depression

ASX gold stocks were a little low in June, but research suggests it could be a seasonal blip with prices remaining high.

Have the winter blues? ASX gold stocks may get 'em too. Pic: Getty Images

• The All Ords Gold sub-index is down 12% in the past month

• But June is often a down time for Aussie gold miners, Canaccord says

• Price bets from analysts remain bullish

Wet weather got you feeling down in the dumps?

There's seasonality, also, in the world of gold stocks.

After a ripping start to 2025, the past month has disappointed.

Gold equities may be the best asset class out over a 12 month time frame, close to 55% up if you use the ASX All Ords gold sub-index as a barometer.

Over the past month, though, we're talking a 12.2% decline. That's even with a relatively stagnant gold price, which peaked at over US$3400/oz mid-month amid World War 3 fears stoked by Israeli-Iranian missile fire before dying down once a ceasefire set in.

There may be reasons to remain optimistic, even if you're worried you've now got into gold miners and the top and are staring down from the precipice at a gaping abyss below.

Gold stocks, as it turns out, are vulnerable to a sort of seasonal depression, a winter blues as it were.

"Reflecting on a tough month of June for gold stocks, we analysed the monthly share price performance for six of the steady state producers over a six-year period to see if there was a seasonality trend," Canaccord Genuity analysts led by veteran gold bull Tim McCormack said.

"The results are obvious; June was consistently the worst month on average. The purpose of this note is not to define the rationale behind the seasonality (June gold price moves are generally benign), but simply point to the potential for a rebound in the 2H of the calendar year, acknowledging that past performance is no guarantee of future results."

In each of the past six years the six largest, long-standing ASX gold miners have finished June in the red as a collective at an average rate of 11%, the worst of any month.

June quarter production reports are on the horizon, an opportunity for the big players to reclaim gains with expected strong cash flows, as bullion remains in the order of US$3340/oz ($5084/oz).

Bullish

Canaccord remains bullish on the gold thematic.

They're not the only ones.

State Street Investment Management, one of the world's top asset managers, this week assigned an 80% probability that gold prices will be flat to higher in the next 6-9 months.

They have a 30% weighting on a bull scenario which could see gold approach US$4000/oz.

There's plenty of downside protection, if State Street is to be believed, with its team led by head of gold strategy Aakash Doshi calling US$3000/oz "the new US$2000/oz).

Gold's forecast further increase could be influenced by a few factors. State Street rates gold ETF investment to potentially go higher, with tonnages held by physically backed ETFs around 20% below their late 2020 peak.

There's also the prospect of a Chinese consumer rebound from non-traditional sectors now permitted to hold bullion like insurance treasuries, strong central bank demand, global debt at an all time high of close to 30% of government balance sheets and the potential for rate cuts from the US Fed. (Banks don't think we'll see the latter for a while, however, as job prints in the US remain high and tension simmers between chair Jerome Powell and US Prez Donald Trump.)

BMI Commodity Insights meanwhile maintained a US$3100/oz gold price forecast in its latest update, but cautioned there were "downside risks".

It has bullion dropping to US$2900/oz in 2026 and US$2700/oz in 2027, eventually falling to US$2400/oz in 2029.

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	0.008	0%	-11%	7%	-11%	14%	$ 8,678,940.02
NPM	Newpeak Metals	0.021	5%	75%	91%	17%	91%	$ 6,763,506.35
MTC	Metalstech Ltd	0.13	0%	4%	-16%	-46%	-7%	$ 24,002,986.99
GED	Golden Deeps	0.022	10%	22%	-19%	-35%	-12%	$ 3,896,765.42
G88	Golden Mile Res Ltd	0.01	-9%	-44%	11%	-9%	11%	$ 5,986,726.41
LAT	Latitude 66 Limited	0.035	52%	-4%	-19%	1650%	-8%	$ 5,019,024.68
NMR	Native Mineral Res	0.1825	-1%	-9%	356%	769%	368%	$ 160,709,417.58
AQX	Alice Queen Ltd	0.004	33%	33%	-50%	-50%	-50%	$ 3,748,920.20
SLZ	Sultan Resources Ltd	0.006	-14%	20%	0%	-33%	0%	$ 1,388,819.46
KSN	Kingston Resources	0.15	7%	15%	95%	86%	111%	$ 111,174,423.89
AMI	Aurelia Metals Ltd	0.185	-5%	-41%	3%	-5%	9%	$ 330,051,664.80
GIB	Gibb River Diamonds	0.032	28%	-6%	-20%	-26%	-20%	$ 6,435,283.35
KCN	Kingsgate Consolid.	2.42	7%	14%	83%	53%	88%	$ 616,026,543.88
TMX	Terrain Minerals	0.0025	25%	0%	-38%	-38%	-17%	$ 6,329,535.68
BNR	Bulletin Res Ltd	0.056	-3%	-8%	47%	37%	44%	$ 16,442,346.09
NXM	Nexus Minerals Ltd	0.07	-1%	-9%	40%	79%	56%	$ 41,659,413.30
SKY	SKY Metals Ltd	0.063	24%	31%	17%	80%	17%	$ 41,931,486.79
LM8	Lunnonmetalslimited	0.235	7%	-2%	-6%	7%	-6%	$ 54,053,902.63
CST	Castile Resources	0.057	2%	16%	-22%	-21%	-29%	$ 17,733,417.64
YRL	Yandal Resources	0.085	-6%	-29%	-51%	-39%	-51%	$ 26,594,208.45
FAU	First Au Ltd	0.004	14%	33%	167%	100%	100%	$ 8,305,165.11
ARL	Ardea Resources Ltd	0.4	1%	3%	23%	-17%	21%	$ 84,165,166.00
GWR	GWR Group Ltd	0.092	1%	-3%	14%	7%	15%	$ 29,771,812.26
IVR	Investigator Res Ltd	0.025	4%	0%	19%	-44%	25%	$ 41,585,109.86
GTR	Gti Energy Ltd	0.003	0%	-25%	0%	-33%	-14%	$ 11,995,798.65
IPT	Impact Minerals	0.008	33%	60%	-15%	-44%	-15%	$ 27,687,309.78
BNZ	Benzmining	0.6	38%	33%	69%	362%	74%	$ 90,834,588.38
MOH	Moho Resources	0.004	0%	0%	0%	-33%	-20%	$ 2,981,656.11
BCM	Brazilian Critical	0.012	9%	20%	33%	-25%	33%	$ 15,726,398.82
PUA	Peak Minerals Ltd	0.051	96%	155%	484%	2016%	557%	$ 120,714,815.47
MRZ	Mont Royal Resources	0.041	0%	0%	-5%	-41%	-5%	$ 3,486,221.51
SMS	Starmineralslimited	0.025	4%	4%	-29%	-8%	-31%	$ 4,830,972.98
MVL	Marvel Gold Limited	0.013	8%	-7%	44%	63%	44%	$ 18,111,154.14
PRX	Prodigy Gold NL	0.002	0%	-33%	0%	-10%	0%	$ 9,525,166.65
AAU	Antilles Gold Ltd	0.005	0%	25%	67%	25%	67%	$ 11,895,340.08
CWX	Carawine Resources	0.096	0%	-2%	-4%	16%	-4%	$ 22,668,043.10
RND	Rand Mining Ltd	1.965	10%	2%	33%	31%	30%	$ 111,761,263.37
CAZ	Cazaly Resources	0.021	24%	40%	56%	0%	50%	$ 9,226,059.82
BMR	Ballymore Resources	0.155	0%	-7%	19%	-3%	29%	$ 26,509,587.75
DRE	Dreadnought Resources Ltd	0.009	-10%	-31%	-25%	-63%	-25%	$ 45,715,500.00
ZNC	Zenith Minerals Ltd	0.035	-8%	-13%	-13%	-31%	-13%	$ 14,412,955.20
REZ	Resourc & En Grp Ltd	0.021	17%	24%	-13%	75%	-9%	$ 14,104,421.56
LEX	Lefroy Exploration	0.11	10%	12%	53%	10%	57%	$ 24,842,013.80
ERM	Emmerson Resources	0.125	0%	-4%	44%	131%	62%	$ 79,452,359.88
AM7	Arcadia Minerals	0.018	13%	20%	-14%	-57%	-5%	$ 2,112,901.79
ADT	Adriatic Metals	5.68	2%	10%	45%	51%	46%	$ 1,727,501,747.11
AS1	Asara Resources Ltd	0.052	6%	-2%	189%	420%	174%	$ 59,463,603.79
CYL	Catalyst Metals	5.35	1%	-26%	94%	382%	107%	$ 1,349,556,017.04
CHN	Chalice Mining Ltd	1.73	5%	48%	55%	42%	57%	$ 719,699,557.80
KAL	Kalgoorliegoldmining	0.039	-5%	-20%	105%	26%	117%	$ 15,268,363.96
MLS	Metals Australia	0.017	-6%	-6%	-26%	-11%	-26%	$ 12,388,231.91
ADN	Andromeda Metals Ltd	0.012	0%	9%	71%	-20%	71%	$ 45,783,790.36
MEI	Meteoric Resources	0.115	5%	-4%	25%	-26%	35%	$ 280,483,533.84
SRN	Surefire Rescs NL	0.002	33%	0%	-32%	-70%	-32%	$ 4,972,890.78
WA8	Warriedarresourltd	0.11	-8%	-4%	134%	90%	150%	$ 134,855,035.09
HMX	Hammer Metals Ltd	0.038	31%	6%	15%	6%	15%	$ 28,408,278.40
WCN	White Cliff Min Ltd	0.022	0%	-8%	33%	57%	38%	$ 53,094,495.21
AVM	Advance Metals Ltd	0.049	4%	11%	44%	104%	44%	$ 12,986,706.87
ASR	Asra Minerals Ltd	0.002	33%	0%	-33%	-56%	-33%	$ 8,000,396.02
ARI	Arika Resources	0.037	12%	-12%	42%	85%	37%	$ 28,965,928.71
CTO	Citigold Corp Ltd	0.004	33%	33%	0%	-11%	0%	$ 12,000,000.00
SMI	Santana Minerals Ltd	0.55	2%	-1%	15%	47%	13%	$ 397,495,271.25
M2R	Miramar	0.004	14%	33%	0%	-56%	33%	$ 3,987,293.14
MHC	Manhattan Corp Ltd	0.022	10%	-4%	0%	-12%	16%	$ 5,167,775.76
GRL	Godolphin Resources	0.0095	6%	-5%	-27%	-50%	-34%	$ 4,039,859.81
SVG	Savannah Goldfields	0.023	28%	10%	14%	38%	25%	$ 23,973,117.82
EMC	Everest Metals Corp	0.14	4%	-3%	4%	0%	4%	$ 31,378,375.70
GUL	Gullewa Limited	0.071	1%	-4%	27%	-7%	27%	$ 14,171,441.18
CY5	Cygnus Metals Ltd	0.089	2%	-5%	-26%	123%	-11%	$ 92,503,809.49
G50	G50Corp Ltd	0.2	43%	11%	25%	0%	29%	$ 32,119,531.80
ADV	Ardiden Ltd	0.15	7%	0%	7%	20%	11%	$ 10,002,800.96
AAR	Astral Resources NL	0.155	-9%	-14%	11%	99%	15%	$ 219,792,670.50
VMC	Venus Metals Cor Ltd	0.105	0%	-25%	57%	50%	57%	$ 20,593,511.72
NAE	New Age Exploration	0.0035	17%	17%	0%	-13%	0%	$ 9,470,689.92
VKA	Viking Mines Ltd	0.006	0%	0%	-33%	-25%	-25%	$ 8,063,692.49
LCL	LCL Resources Ltd	0.007	40%	0%	-13%	-13%	-30%	$ 8,394,800.06
MTH	Mithril Silver Gold	0.44	-11%	2%	2%	151%	10%	$ 64,955,769.79
ADG	Adelong Gold Limited	0.005	11%	0%	0%	-29%	11%	$ 10,343,383.37
RMX	Red Mount Min Ltd	0.01	11%	11%	0%	0%	11%	$ 3,719,662.37
PRS	Prospech Limited	0.016	7%	-27%	-41%	-41%	-45%	$ 6,061,214.19
TTM	Titan Minerals	0.325	-4%	-19%	-14%	-35%	-14%	$ 82,122,297.39
AKA	Aureka Limited	0.115	-4%	-4%	-18%	-99%	-15%	$ 15,756,285.13
AAM	Aumegametals	0.03	0%	-12%	-25%	-48%	-29%	$ 17,519,278.22
KZR	Kalamazoo Resources	0.09	0%	10%	22%	6%	22%	$ 20,184,203.56
BCN	Beacon Minerals	0.026	-7%	-10%	13%	0%	18%	$ 118,339,889.50
MAU	Magnetic Resources	1.49	-2%	-16%	33%	22%	35%	$ 402,513,418.50
BC8	Black Cat Syndicate	0.815	7%	-4%	41%	159%	44%	$ 580,188,476.04
EM2	Eagle Mountain	0.006	0%	20%	-40%	-86%	-33%	$ 6,810,223.73
EMR	Emerald Res NL	3.96	-2%	-19%	19%	11%	22%	$ 2,617,208,689.54
BYH	Bryah Resources Ltd	0.006	-50%	-60%	100%	50%	100%	$ 6,789,674.65
HCH	Hot Chili Ltd	0.61	7%	5%	-14%	-40%	-13%	$ 96,270,003.68
WAF	West African Res Ltd	2.33	6%	-18%	56%	47%	62%	$ 2,667,430,371.06
MEU	Marmota Limited	0.041	3%	-2%	5%	-9%	5%	$ 49,488,843.18
NVA	Nova Minerals Ltd	0.315	-2%	-10%	-19%	62%	-15%	$ 101,744,186.36
SVL	Silver Mines Limited	0.12	4%	14%	56%	-23%	54%	$ 230,576,924.00
PGD	Peregrine Gold	0.155	0%	35%	7%	-18%	11%	$ 12,302,922.45
ICL	Iceni Gold	0.061	9%	-29%	-23%	2%	-14%	$ 21,284,685.99
FG1	Flynngold	0.03	0%	0%	15%	20%	20%	$ 12,130,810.57
WWI	West Wits Mining Ltd	0.021	0%	-30%	50%	75%	50%	$ 72,369,545.27
RML	Resolution Minerals	0.052	0%	247%	333%	117%	333%	$ 34,222,579.92
AAJ	Aruma Resources Ltd	0.008	-16%	-11%	-33%	-33%	-33%	$ 2,623,524.20
HWK	Hawk Resources.	0.019	27%	27%	-14%	-39%	-14%	$ 5,147,659.53
GMN	Gold Mountain Ltd	0.003	200%	100%	0%	20%	0%	$ 5,619,759.25
MEG	Megado Minerals Ltd	0.026	53%	86%	73%	173%	53%	$ 15,167,081.55
HMG	Hamelingoldlimited	0.065	2%	-27%	2%	-19%	2%	$ 12,889,732.12
BM8	Battery Age Minerals	0.055	-5%	12%	-45%	-71%	-48%	$ 6,460,266.62
TBR	Tribune Res Ltd	4.77	2%	-6%	12%	47%	11%	$ 243,976,558.05
FML	Focus Minerals Ltd	0.35	-1%	-13%	100%	126%	106%	$ 100,295,525.75
VRC	Volt Resources Ltd	0.0035	17%	-13%	17%	-13%	17%	$ 18,739,397.64
ARV	Artemis Resources	0.006	0%	20%	-25%	-54%	-25%	$ 12,678,360.83
HRN	Horizon Gold Ltd	0.545	-3%	-6%	3%	82%	14%	$ 81,110,356.88
CLA	Celsius Resource Ltd	0.007	0%	0%	-33%	-53%	-36%	$ 21,948,419.16
QML	Qmines Limited	0.042	-5%	17%	-22%	-24%	-22%	$ 18,134,750.00
RDN	Raiden Resources Ltd	0.004	0%	-33%	-64%	-87%	-64%	$ 13,803,565.77
TCG	Turaco Gold Limited	0.5	9%	-7%	85%	133%	96%	$ 509,393,553.20
KCC	Kincora Copper	0.04	3%	14%	48%	-15%	48%	$ 9,183,684.43
GBZ	GBM Rsources Ltd	0.015	15%	114%	88%	36%	88%	$ 21,237,916.65
DTM	Dart Mining NL	0.003	0%	-14%	-67%	-86%	-67%	$ 3,594,166.73
MKR	Manuka Resources.	0.044	7%	10%	63%	19%	57%	$ 36,676,977.44
AUC	Ausgold Limited	0.635	-16%	-9%	46%	92%	51%	$ 243,064,732.48
ANX	Anax Metals Ltd	0.007	75%	-22%	-42%	-71%	-42%	$ 6,179,652.97
EMU	EMU NL	0.019	-5%	6%	-30%	-30%	-30%	$ 4,013,720.89
SFM	Santa Fe Minerals	0.145	368%	272%	368%	353%	368%	$ 10,194,630.46
PNR	Pantoro Gold Limited	3.23	7%	-8%	100%	94%	111%	$ 1,237,360,738.95
CMM	Capricorn Metals	9.39	-5%	-5%	45%	96%	50%	$ 4,069,399,646.24
VRL	Verity Resources	0.02	0%	-29%	14%	-49%	3%	$ 5,588,469.36
HAW	Hawthorn Resources	0.056	2%	6%	37%	-7%	37%	$ 19,095,889.94
BGD	Bartongoldholdings	0.8	1%	0%	220%	186%	227%	$ 185,264,631.17
SVY	Stavely Minerals Ltd	0.0105	5%	-13%	-56%	-60%	-38%	$ 5,984,463.02
AGC	AGC Ltd	0.16	10%	-6%	7%	-46%	3%	$ 39,772,569.41
RGL	Riversgold	0.004	0%	0%	0%	-20%	0%	$ 6,734,850.37
TSO	Tesoro Gold Ltd	0.027	-4%	4%	32%	-23%	35%	$ 58,425,842.00
GUE	Global Uranium	0.068	10%	1%	8%	-19%	13%	$ 31,378,072.44
CPM	Coopermetalslimited	0.038	9%	6%	-17%	-43%	-17%	$ 2,977,514.70
MM8	Medallion Metals.	0.235	-6%	-22%	88%	361%	96%	$ 122,074,965.60
FFM	Firefly Metals Ltd	1.105	10%	3%	26%	43%	19%	$ 720,237,390.88
CBY	Canterbury Resources	0.024	-17%	-11%	9%	-47%	9%	$ 5,600,904.19
SLA	Solara Minerals	0.17	-3%	21%	13%	-31%	89%	$ 9,857,419.91
SFR	Sandfire Resources	11.33	3%	-1%	22%	29%	22%	$ 5,256,372,797.00
TAM	Tanami Gold NL	0.06	9%	20%	100%	88%	100%	$ 70,505,822.76
NWM	Norwest Minerals	0.011	-8%	0%	-20%	-57%	-8%	$ 10,651,944.18
ALK	Alkane Resources Ltd	0.69	-5%	-10%	30%	41%	35%	$ 420,851,614.94
BMO	Bastion Minerals	0.002	33%	27%	-43%	-58%	-36%	$ 1,807,255.13
IDA	Indiana Resources	0.087	5%	10%	40%	88%	43%	$ 54,632,258.93
GSM	Golden State Mining	0.008	0%	0%	0%	-27%	0%	$ 2,514,335.67
NSM	Northstaw	0.036	13%	10%	128%	305%	128%	$ 10,438,334.39
GSN	Great Southern	0.026	4%	8%	63%	53%	73%	$ 26,913,715.83
VAU	Vault Minerals Ltd	0.405	0%	-10%	21%	9%	23%	$ 2,755,001,719.71
THR	Thor Energy PLC	0.01	11%	11%	-23%	-38%	-23%	$ 7,107,898.35
CDR	Codrus Minerals Ltd	0.031	3%	-14%	82%	-26%	82%	$ 6,822,234.51
MDI	Middle Island Res	0.019	-14%	-14%	58%	46%	58%	$ 5,571,445.45
WTM	Waratah Minerals Ltd	0.275	-11%	-19%	77%	12%	77%	$ 65,383,434.48
POL	Polymetals Resources	0.77	-7%	-11%	-2%	170%	-3%	$ 196,760,304.83
RDS	Redstone Resources	0.0035	17%	-30%	17%	-30%	40%	$ 3,619,935.74
NAG	Nagambie Resources	0.015	-6%	-12%	-12%	15%	-17%	$ 13,656,139.85
BGL	Bellevue Gold Ltd	0.925	6%	-3%	-19%	-50%	-18%	$ 1,372,983,279.51
GBR	Greatbould Resources	0.061	-2%	-12%	42%	9%	42%	$ 57,992,501.10
KAI	Kairos Minerals Ltd	0.029	-6%	12%	107%	222%	142%	$ 76,296,453.48
KAU	Kaiser Reef	0.175	3%	-8%	3%	17%	9%	$ 106,838,307.00
HRZ	Horizon	0.05	-2%	9%	14%	28%	25%	$ 125,768,182.39
CDT	Castle Minerals	0.079	11%	-25%	5%	-34%	32%	$ 8,700,717.75
RSG	Resolute Mining	0.645	2%	3%	59%	15%	63%	$ 1,394,527,758.52
EVN	Evolution Mining Ltd	7.81	4%	-18%	59%	126%	62%	$ 15,778,742,706.08
CXU	Cauldron Energy Ltd	0.01	25%	43%	-32%	-58%	-14%	$ 16,120,449.06
DLI	Delta Lithium	0.16	-6%	-9%	-6%	-40%	-6%	$ 118,229,395.68
ALY	Alchemy Resource Ltd	0.005	0%	-17%	-29%	-9%	-29%	$ 7,068,457.54
NH3	Nh3Cleanenergyltd	0.041	24%	86%	116%	273%	128%	$ 19,196,562.69
OBM	Ora Banda Mining Ltd	0.74	-7%	-41%	12%	124%	14%	$ 1,375,187,444.41
AVW	Avira Resources Ltd	0.007	0%	0%	-65%	-65%	-65%	$ 1,610,000.00
LCY	Legacy Iron Ore	0.009	13%	0%	0%	-33%	-10%	$ 87,858,383.26
PDI	Predictive Disc Ltd	0.41	8%	5%	64%	122%	78%	$ 1,035,689,678.47
MAT	Matsa Resources	0.069	6%	1%	97%	156%	97%	$ 50,609,179.74
ZAG	Zuleika Gold Ltd	0.015	-6%	25%	15%	-6%	15%	$ 11,128,198.91
GML	Gateway Mining	0.027	0%	-13%	29%	17%	29%	$ 10,629,327.67
SBM	St Barbara Limited	0.29	0%	-15%	18%	45%	29%	$ 319,439,670.60
SBR	Sabre Resources	0.009	13%	13%	-10%	-36%	-10%	$ 3,550,157.40
STK	Strickland Metals	0.15	7%	3%	74%	43%	76%	$ 328,042,170.57
CEL	Challenger Gold Ltd	0.083	1%	-14%	77%	46%	77%	$ 181,764,808.63
GG8	Gorilla Gold Mines	0.38	-6%	-28%	49%	1251%	46%	$ 244,892,913.33
NST	Northern Star	18.39	-2%	-13%	17%	44%	19%	$ 26,513,861,997.44
OZM	Ozaurum Resources	0.062	-2%	-23%	121%	24%	107%	$ 14,204,316.13
TG1	Techgen Metals Ltd	0.026	8%	13%	-21%	-4%	-26%	$ 4,283,974.17
XAM	Xanadu Mines Ltd	0.079	-1%	0%	58%	44%	61%	$ 183,296,895.12
AQI	Alicanto Min Ltd	0.028	8%	8%	-24%	33%	-24%	$ 25,444,289.28
KTA	Krakatoa Resources	0.012	9%	33%	33%	-14%	26%	$ 9,073,036.87
ARN	Aldoro Resources	0.35	9%	11%	-1%	386%	-8%	$ 65,028,597.90
WGX	Westgold Resources.	2.85	-2%	-10%	-2%	17%	1%	$ 2,678,431,519.60
MBK	Metal Bank Ltd	0.012	0%	-8%	-29%	-51%	-20%	$ 5,969,507.98
A8G	Australasian Metals	0.067	2%	2%	-11%	-11%	-15%	$ 3,878,611.58
TAR	Taruga Minerals	0.008	0%	0%	-20%	14%	-20%	$ 5,710,032.46
DTR	Dateline Resources	0.084	-1%	-27%	2700%	833%	2300%	$ 277,875,703.62
GOR	Gold Road Res Ltd	3.25	-1%	-4%	56%	86%	59%	$ 3,552,524,926.20
S2R	S2 Resources	0.071	6%	-17%	4%	-26%	6%	$ 33,030,791.09
NES	Nelson Resources.	0.003	20%	0%	0%	0%	0%	$ 6,515,782.98
TLM	Talisman Mining	0.15	3%	7%	-30%	-40%	-27%	$ 28,248,052.35
BEZ	Besragoldinc	0.054	10%	46%	-39%	-45%	-40%	$ 22,021,339.15
PRU	Perseus Mining Ltd	3.47	3%	-13%	32%	48%	35%	$ 4,746,685,447.00
SPQ	Superior Resources	0.0045	-10%	13%	-36%	-50%	-25%	$ 10,669,422.26
PUR	Pursuit Minerals	0.063	66%	54%	-34%	-58%	-34%	$ 6,582,441.56
RMS	Ramelius Resources	2.38	-7%	-19%	13%	27%	15%	$ 2,816,385,809.58
PKO	Peako Limited	0.003	50%	0%	50%	30%	0%	$ 4,463,225.88
ICG	Inca Minerals Ltd	0.009	13%	80%	80%	50%	80%	$ 14,286,250.26
A1G	African Gold Ltd.	0.185	-5%	6%	208%	781%	236%	$ 105,375,594.40
NMG	New Murchison Gold	0.017	-6%	0%	89%	240%	89%	$ 175,464,451.81
GNM	Great Northern	0.014	0%	-18%	8%	27%	0%	$ 2,319,436.16
KRM	Kingsrose Mining Ltd	0.031	0%	3%	-14%	-30%	-11%	$ 22,605,795.57
BTR	Brightstar Resources	0.465	-5%	-21%	-7%	16%	-7%	$ 222,111,411.84
RRL	Regis Resources	4.47	0%	-16%	73%	155%	75%	$ 3,423,789,873.12
M24	Mamba Exploration	0.013	0%	0%	8%	-19%	8%	$ 3,837,152.93
TRM	Truscott Mining Corp	0.049	0%	-25%	-37%	-20%	-37%	$ 9,380,979.44
TNC	True North Copper	0.405	8%	40%	-87%	-93%	-87%	$ 49,679,287.32
MOM	Moab Minerals Ltd	0.001	0%	-33%	-67%	-75%	-50%	$ 1,733,666.03
KNB	Koonenberrygold	0.045	41%	-26%	165%	221%	275%	$ 47,135,854.03
AWJ	Auric Mining	0.165	0%	-13%	-52%	-11%	-51%	$ 31,616,787.34
ENR	Encounter Resources	0.255	16%	9%	-20%	-66%	-22%	$ 124,698,079.75
SNG	Siren Gold	0.049	2%	-21%	-27%	-40%	-25%	$ 10,510,589.23
STN	Saturn Metals	0.405	7%	25%	93%	138%	98%	$ 190,758,992.13
USL	Unico Silver Limited	0.3	13%	22%	50%	100%	54%	$ 129,193,407.73
PNM	Pacific Nickel Mines	0.024	0%	0%	0%	-29%	0%	$ 10,103,834.52
AYM	Australia United Min	0.002	-33%	-33%	-50%	-33%	-50%	$ 3,685,154.97
HAV	Havilah Resources	0.18	6%	0%	-18%	-10%	-20%	$ 62,762,414.76
SPR	Spartan Resources	1.89	-5%	-17%	26%	103%	34%	$ 2,460,605,919.36
PNT	Panthermetalsltd	0.015	15%	25%	50%	-7%	36%	$ 5,115,377.32
MEK	Meeka Metals Limited	0.145	0%	-12%	71%	326%	88%	$ 437,355,775.50
GMD	Genesis Minerals	4.23	-3%	-15%	67%	136%	71%	$ 4,837,889,012.00
PGO	Pacgold	0.063	2%	-7%	-16%	-43%	-16%	$ 9,570,724.74
FEG	Far East Gold	0.175	13%	21%	6%	75%	-3%	$ 66,064,941.54
MI6	Minerals260Limited	0.12	0%	-17%	-8%	-14%	-8%	$ 248,079,999.96
IGO	IGO Limited	4.26	6%	12%	-13%	-25%	-11%	$ 3,271,396,952.16
GAL	Galileo Mining Ltd	0.135	23%	35%	0%	-34%	8%	$ 26,679,365.15
RXL	Rox Resources	0.295	4%	0%	48%	127%	48%	$ 223,896,463.20
PTN	Patronus Resources	0.065	-4%	16%	27%	20%	33%	$ 105,612,158.36
CLZ	Classic Min Ltd	0.001	0%	0%	0%	0%	0%	$ 3,017,699.21
TGM	Theta Gold Mines Ltd	0.145	12%	12%	-17%	-19%	-19%	$ 127,517,150.77
FAL	Falconmetalsltd	0.185	54%	54%	54%	-24%	61%	$ 30,975,000.00
SPD	Southernpalladium	0.65	10%	38%	10%	81%	8%	$ 69,517,500.00
ORN	Orion Minerals Ltd	0.012	20%	0%	-25%	-20%	-20%	$ 82,205,373.82
TMB	Tambourahmetals	0.023	5%	5%	0%	-57%	10%	$ 3,235,981.01
TMS	Tennant Minerals Ltd	0.006	9%	-14%	-40%	-74%	-33%	$ 6,395,342.49
AZY	Antipa Minerals Ltd	0.685	-1%	5%	128%	585%	163%	$ 396,986,880.34
PXX	Polarx Limited	0.0085	21%	6%	42%	-35%	31%	$ 19,004,007.82
TRE	Toubani Res Ltd	0.28	-3%	-7%	81%	65%	65%	$ 72,045,386.84
AUN	Aurumin	0.09	-10%	-10%	25%	150%	36%	$ 45,655,933.25
GPR	Geopacific Resources	0.025	0%	39%	25%	17%	25%	$ 82,744,098.48
FXG	Felix Gold Limited	0.13	-7%	-19%	41%	171%	55%	$ 59,249,179.49
ILT	Iltani Resources Lim	0.22	-2%	0%	13%	-14%	7%	$ 15,496,088.47
BRX	Belararoxlimited	0.065	10%	-23%	-64%	-77%	-63%	$ 10,205,935.55
TM1	Terra Metals Limited	0.045	0%	29%	67%	-42%	61%	$ 21,983,260.44
TOR	Torque Met	0.155	0%	24%	204%	19%	192%	$ 78,986,572.05
ARD	Argent Minerals	0.022	5%	0%	19%	38%	29%	$ 31,815,090.56
LM1	Leeuwin Metals Ltd	0.13	0%	-13%	13%	155%	-7%	$ 13,608,861.84
SX2	Southgold Consol	6.85	-7%	-1%	0%	0%	0%	$ 986,178,099.36
UVA	Uvrelimited	0.125	45%	33%	40%	19%	40%	$ 13,224,000.12
VTX	Vertexmin	0.255	-4%	2%	21%	227%	23%	$ 52,444,081.82

Santa Fe Minerals (ASX:SFM)

We knew SFA about SFM until this week, a company with virtually no news to report until the big ticket item that it acquired the Eburnea gold project in Cote d'Ivoire from Turaco Gold (ASX:TCG).

TCG is now a $520 million explorer thanks to its bet on the land of Didier Drogba and Yaya Toure (Kolo as well), which has emerged as the premier jurisdiction for new entrants into West Africa after military coups in Mali and Burkina Faso.

SFM will be itching to follow in the footsteps of Eburnea's vendor, Turaco having plenty of work on its hands at the 3.55Moz Afema gold project.

Historic drilling includes 26m at 4.82g/t and 30m at 1.92g/t at different points along a 2km mineralised zone in the Satama permit.

SFM, which is raising $1.2m at 5c per share, is also picking up a 65% share in the Bouake North application, 35km from Endeavour Mining's 3Moz Lafigue gold mine.

That placement came at a 61.3% premium and is already well out of the money, SFM shares fetching 14c on Friday (for a modest MC of $11m).

Falcon Metals (ASX:FAL)

Mark Bennett chaired Chalice Mining (ASX:CHN) spinoff Falcon announced some high grade gold intercepts from its first drill hole at Blue Moon, a prospect directly north of the 22Moz Bendigo Goldfield.

It's chasing what the company says is a down-plunge extension of the Garden Gully anticline from where 5.2Moz at 15g/t Au has been historically produced.

Those diamond drill hits, both from the same hole:

• 2.2m at 6.5g/t Au from 41.2m, including
  • 0.3m at 39.2g/t Au from 41.2m; and
• 2.4m at 8.4g/t Au from 600m, including
  • 0.3m at 48.7g/t Au from 600m; and
  • 0.3m at 18.2g/t Au from 602.1m.

"This is an exciting start to the drill program, intersecting high-grade veins in our first hole in the east limb of the anticline," Falcon MD Tim Markwell said.

"The recognition of Bendigo-style mineralisation with visible gold proves our concept that the high-grade Bendigo lodes plunge into Falcon tenure and provides encouragement to drill wedge holes, in order to track these zones closer towards the fold hinge, where they are usually thickest.”

A bit of visible gold in there as well. Nice to see our rock lickers have found a purpose for the 5c piece.

Pic: Falcon Metals

Originally published as Gold Digger: Feel down about your gold stocks? It could just be seasonal depression