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

Gold could smash past US$3000/oz and hit US$3600/oz, a leading Australian fund manager believes, as Trump’s tariffs lift stagflation risk.

Pic: Getty Images

• Gold could hit US$3600 on stagflation risk: Victor Smorgon Group

• EVN and NST deliver big dividend boost

• Beaten down Westgold reports loss on merger costs

Ask yourself not whether gold can break US$3000/oz, but whether it can cross US$3600. That's close to $5700 Aussie on the current exchange rate – you'd love to see it.

That's the bold call from leading gold fund manager Cameron Judd, the Victor Smorgon Group stock picker who thinks the bullion boom still has a ways to go.

With its role as a hedge against macroeconomic uncertainty – and there's plenty of that with Donald Trump's quill still dripping wet from his quadrillionth executive order – Judd recommends holding 5-10% of a portfolio in the gold market.

The key risk emerging, along with that aforementioned uncertainty, is stagflation.

“Notably, gold has averaged price increases of around 30% in periods of stagflation, which would imply a price of around US$3600/oz. Most economists agree that US trade tariffs increase the risk of elevated inflation, rising unemployment and a contraction in economic growth this year or next," Judd said (emphasis the analyst's).

“In this environment, gold can deliver steadier, and potentially stronger, returns than traditional equities markets. Gold remains the one global asset that has a low correlation to risk assets, no third-party or geopolitical risks, relatively low volatility, and a deep and liquid market. Gold’s performance in times of uncertainty or crisis could see it push towards US$3600."

VSG's gold strategy, one of seven portfolio pillars, has delivered 13.3% net in January and 32.8% over the financial year to date, well over the Van Eck gold miners ETF's 14.8% return and the US dollar gold price's ~20% gain.

But Judd says opportunities remain strong in the ASX gold space even as valuations lift, raising the prospect international raiders could come sniffing for ASX takeovers.

"Gold miners are generating significant free cash flow, with implied margins at record highs exceeding A$1500/oz of production," he said.

"Recent December quarter results demonstrate Australian gold miners are generating significant cash and have strong balance sheets. The ASX gold sector is trading on a 12-month forward EV/EBITDA of 4.5 times, significantly lower than the ASX All Ordinaries which is trading on 10.5 times."

We're currently at US$2930/oz ($4640/oz). Happy Valentine's Day bullion believers.

Sparkling results

The ASX's large and mid-tier gold miners are on track to produce one of the most sparkling earnings seasons on record if the opening salvo from Evolution Mining (ASX:EVN) on Wednesday is anything to go by.

EVN unfurled a quite extraordinary set of results for the first half, upping its interim divided by 250% to 7c as its Jake Klein-led board decided to pay out close to $140 million to patient shareholders, who have weathered years of portfolio management, high capex and operational hiccups to get to this point.

The divvie came in well above the 5c forecast in the Visible Alpha consensus, which says a lot about the confidence gold producers have in future earnings.

There's almost certainly more joy to come. With gold eclipsing US$2900/oz for the first time this week, spot prices are now $700/oz higher than the average EVN pulled in over the first half of FY25 in Aussie dollar terms, a haul that powered underlying EBITDA of $1.014 billion and underlying NPAT of $385m for the December half.

Talking to analysts on Wednesday Klein – who will finally step into a non-executive role in July, 14 years after Evolution was founded via the merger of Catalpa Resources and Conquest Mining – as well as current MD Lawrie Conway both suggested M&A would be looked into, with cash starting to build for EVN and other gold producers.

If it hits 2024-25 guidance, EVN could generate over $2bn of operating cash flow this year, at mines like the Cowal, Mungari and Red Lake gold and Northparkes and Ernest Henry copper assets.

But the run in gold producers this year has analysts flipping their recommendations from buy to hold.

Canaccord lifted its EBITDA forecast by 4% and made small long term changes after the result, with capex guidance for this year also lifting 10%.

But after lifting close to 30% so far this year, valuations at EVN and other large gold miners are looking fuller than they did in recent years, when miners badly trailed a rising gold price.

"Our price target (1.0x forward curve NPV5%) of $6.15 remains unchanged. While we continue to like EVN's unique investment offering given its almost full gold (+11% YTD) and copper (+14% YTD) leverage and improving balance sheet capacity with capital management upside potential (see above), we think this upside is priced in for now," CG's Tom Prendiville and Reg Spencer said.

"With EVN shares are +29% YTD (at five-year highs) and trading at >1x NAV (P/NAV CGe 1.03x and FactSet consensus (median) 1.15x), we are moving to HOLD (from Buy)."

Not alone

Argonaut's director of research Hayden Bairstow has a similar view.

He maintained a hold rating on EVN, with a price target of $6.50, a relatively mild return of 7% if hit.

"EVN’s 1HFY25 result was better than we expected, with new records set for a six-monthly period across most key metrics. Underlying EBITDA and underlying earnings were 9% and 12% higher than we had forecast. Key guidance ranges for FY25 remain unchanged and we have made only minor adjustments to our outlook after incorporating the 1HFY25 result," he told clients.

The concern is capex on extensions to Ernest Henry, Northparkes and Cowal could exceed forecasts currently factored in.

A day after Evolution's bumper result, the ASX's biggest gold miner Northern Star Resources (ASX:NST) reported underlying earnings of $512m, with EBITDA of $1.4bn and $778m of EBIT.

That saw its dividend lift 67% to 25c per share, 6% higher than Argonaut's forecast.

Argonaut remains buy rated on the larger Northern Star with a $24.60 price target with majors starting to run through price targets, is now the time for investment to trickle down to the small caps?

While the All Ords gold sub-index, comprising gold producers and explorers among Australia's 500 largest companies, is up 20% YTD for CY2025, there is plenty of slack with smaller capped gold stocks getting cheaper against their larger cousins.

That said, it's not all sunshine and rainbows and operational issues still matter.

Westgold Resources (ASX:WGX) wobbled with its latest financials, with $83.6m in acquisition costs on its scrip deal to acquire TSX-listed Karora Resources, the owner of the Beta Hunt gold mine near Kambalda and two regional processing plants, leading to a $27.6m loss for the half year to December 31.

That meant no interim dividend, though MD Wayne Bramwell pledged the outlay in the first half would lead to stronger returns in the second. WGX's policy is to pay out a minimum of 1c per share and up to 30% of free cash flow for the full financial year. The company recently scythed guidance by 70,000oz from its WA gold mines, making it an outlier in the sector with its share price down close to 13% YTD.

Argonaut has a $5.90 price target and buy on Westgold, implying around 140% upside.

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%	0%	0%	-33%	14%	$ 8,678,940.02
NPM	Newpeak Metals	0.016	7%	23%	14%	19%	45%	$ 4,509,004.23
ASO	Aston Minerals Ltd	0.019	58%	90%	111%	12%	111%	$ 22,016,092.57
MTC	Metalstech Ltd	0.115	-4%	-15%	-41%	-34%	-18%	$ 24,692,435.38
GED	Golden Deeps	0.024	4%	-4%	-20%	-44%	-4%	$ 3,696,536.38
G88	Golden Mile Res Ltd	0.009	13%	0%	-10%	-36%	0%	$ 5,273,478.55
LAT	Latitude 66 Limited	0.073	109%	59%	-27%	-64%	92%	$ 8,890,843.71
NMR	Native Mineral Res	0.07	27%	75%	259%	180%	79%	$ 39,407,833.61
AQX	Alice Queen Ltd	0.008	0%	0%	14%	60%	0%	$ 9,175,120.54
SLZ	Sultan Resources Ltd	0.008	33%	33%	0%	-38%	33%	$ 1,851,759.28
MKG	Mako Gold	0.011	10%	-21%	22%	-54%	-15%	$ 10,852,809.83
KSN	Kingston Resources	0.082	1%	3%	8%	7%	15%	$ 65,716,530.48
AMI	Aurelia Metals Ltd	0.2375	10%	28%	36%	116%	40%	$ 380,602,030.95
GIB	Gibb River Diamonds	0.037	0%	-8%	-5%	12%	-8%	$ 7,936,849.47
KCN	Kingsgate Consolid.	1.31	-4%	-1%	-5%	7%	2%	$ 340,232,233.44
TMX	Terrain Minerals	0.005	11%	67%	43%	25%	67%	$ 10,017,783.01
BNR	Bulletin Res Ltd	0.039	-3%	5%	-17%	-55%	0%	$ 11,744,532.92
NXM	Nexus Minerals Ltd	0.057	4%	19%	63%	50%	27%	$ 26,841,383.80
SKY	SKY Metals Ltd	0.05	-6%	-2%	56%	35%	-7%	$ 35,535,158.30
LM8	Lunnonmetalslimited	0.22	0%	5%	52%	-10%	-12%	$ 50,744,480.02
CST	Castile Resources	0.071	6%	3%	0%	-10%	-11%	$ 20,998,554.50
YRL	Yandal Resources	0.2	18%	38%	43%	74%	14%	$ 57,208,471.67
FAU	First Au Ltd	0.002	0%	0%	0%	-20%	0%	$ 4,143,986.55
ARL	Ardea Resources Ltd	0.41	5%	26%	-9%	-5%	24%	$ 78,874,751.43
GWR	GWR Group Ltd	0.087	-6%	9%	6%	-5%	9%	$ 27,624,632.33
IVR	Investigator Res Ltd	0.025	-4%	19%	-40%	-31%	25%	$ 41,310,868.92
GTR	Gti Energy Ltd	0.003	0%	-14%	0%	-73%	-14%	$ 8,888,848.99
IPT	Impact Minerals	0.01	0%	-9%	-29%	0%	0%	$ 30,594,337.18
BNZ	Benzmining	0.435	13%	28%	222%	156%	26%	$ 53,297,331.16
MOH	Moho Resources	0.004	0%	-20%	-11%	-43%	-20%	$ 2,865,898.30
BCM	Brazilian Critical	0.008	0%	-20%	-43%	-64%	-11%	$ 8,503,668.70
PUA	Peak Minerals Ltd	0.0105	-13%	17%	250%	322%	31%	$ 28,073,212.90
MRZ	Mont Royal Resources	0.041	37%	11%	-25%	-57%	-5%	$ 2,720,953.38
SMS	Starmineralslimited	0.034	6%	0%	10%	-15%	-6%	$ 4,141,426.20
MVL	Marvel Gold Limited	0.01	11%	25%	25%	11%	11%	$ 9,501,697.73
PRX	Prodigy Gold NL	0.0025	0%	25%	41%	-44%	25%	$ 6,350,111.10
AAU	Antilles Gold Ltd	0.004	0%	0%	14%	-82%	33%	$ 7,431,504.23
CWX	Carawine Resources	0.099	-1%	-1%	9%	-6%	-1%	$ 24,793,172.15
RND	Rand Mining Ltd	1.83	14%	29%	24%	44%	21%	$ 104,651,768.24
CAZ	Cazaly Resources	0.0155	41%	19%	-3%	-26%	11%	$ 7,380,847.86
BMR	Ballymore Resources	0.15	7%	22%	30%	20%	25%	$ 26,509,587.75
DRE	Dreadnought Resources Ltd	0.011	0%	0%	-31%	-50%	-8%	$ 45,751,200.00
ZNC	Zenith Minerals Ltd	0.041	-5%	14%	-7%	-66%	3%	$ 17,112,539.72
REZ	Resourc & En Grp Ltd	0.028	-7%	-13%	40%	155%	22%	$ 19,477,534.54
LEX	Lefroy Exploration	0.086	1%	28%	23%	-39%	23%	$ 21,612,552.01
ERM	Emmerson Resources	0.11	-4%	41%	104%	120%	43%	$ 69,918,076.69
AM7	Arcadia Minerals	0.02	0%	0%	-49%	-70%	5%	$ 2,347,668.66
ADT	Adriatic Metals	4.2	-2%	12%	56%	25%	8%	$ 1,194,545,402.82
AS1	Asara Resources Ltd	0.032	10%	78%	191%	191%	68%	$ 31,893,129.82
CYL	Catalyst Metals	4.27	8%	41%	119%	683%	66%	$ 942,351,378.48
CHN	Chalice Mining Ltd	1.1925	-3%	13%	22%	19%	8%	$ 464,887,011.66
KAL	Kalgoorliegoldmining	0.083	261%	419%	246%	277%	361%	$ 22,121,780.56
MLS	Metals Australia	0.021	-7%	-13%	11%	-30%	-9%	$ 15,303,110.00
ADN	Andromeda Metals Ltd	0.007	0%	8%	-59%	-71%	0%	$ 27,429,821.51
MEI	Meteoric Resources	0.075	-9%	-18%	-29%	-58%	-12%	$ 186,531,885.34
SRN	Surefire Rescs NL	0.0035	17%	17%	-46%	-68%	0%	$ 8,457,077.35
WA8	Warriedarresourltd	0.05	11%	6%	-17%	39%	14%	$ 46,350,577.44
HMX	Hammer Metals Ltd	0.033	3%	-7%	-11%	-31%	0%	$ 29,296,037.10
WCN	White Cliff Min Ltd	0.019	0%	0%	27%	27%	19%	$ 36,013,944.21
AVM	Advance Metals Ltd	0.056	24%	56%	180%	69%	65%	$ 9,435,953.74
ASR	Asra Minerals Ltd	0.003	0%	0%	-40%	-57%	0%	$ 6,937,890.37
ARI	Arika Resources	0.0375	14%	25%	88%	88%	39%	$ 22,806,310.97
AME	Alto Metals Limited	0	-100%	-100%	-100%	-100%	-100%	$ 69,538,678.17
CTO	Citigold Corp Ltd	0.004	0%	0%	-20%	-20%	0%	$ 12,000,000.00
SMI	Santana Minerals Ltd	0.585	10%	24%	37%	34%	21%	$ 385,222,987.70
M2R	Miramar	0.005	25%	25%	-17%	-74%	67%	$ 1,190,469.86
MHC	Manhattan Corp Ltd	0.02	-9%	-13%	0%	-60%	5%	$ 4,697,977.96
GRL	Godolphin Resources	0.018	29%	33%	38%	-55%	24%	$ 6,104,677.05
SVG	Savannah Goldfields	0.023	21%	19%	-15%	-6%	25%	$ 9,222,314.82
EMC	Everest Metals Corp	0.155	-3%	3%	24%	107%	15%	$ 35,805,413.76
GUL	Gullewa Limited	0.056	0%	0%	-14%	2%	0%	$ 12,209,241.63
CY5	Cygnus Metals Ltd	0.14	17%	17%	150%	84%	40%	$ 114,646,275.59
G50	G50Corp Ltd	0.165	6%	14%	6%	83%	6%	$ 26,498,613.74
ADV	Ardiden Ltd	0.16	14%	19%	28%	-6%	19%	$ 10,002,800.96
AAR	Astral Resources NL	0.14	0%	4%	92%	109%	4%	$ 174,041,713.72
VMC	Venus Metals Cor Ltd	0.091	25%	36%	36%	-4%	36%	$ 18,043,838.84
NAE	New Age Exploration	0.0045	29%	13%	13%	13%	29%	$ 8,575,595.64
VKA	Viking Mines Ltd	0.008	-11%	0%	0%	-27%	0%	$ 10,625,178.56
LCL	LCL Resources Ltd	0.009	13%	13%	29%	-18%	-10%	$ 10,753,314.36
MTH	Mithril Silver Gold	0.375	-5%	-15%	213%	88%	-6%	$ 55,352,138.36
ADG	Adelong Gold Limited	0.006	9%	20%	50%	20%	33%	$ 7,825,922.71
RMX	Red Mount Min Ltd	0.008	0%	-11%	-47%	-54%	-11%	$ 3,719,662.37
PRS	Prospech Limited	0.024	20%	-14%	-31%	-25%	-17%	$ 8,220,647.18
TTM	Titan Minerals	0.455	1%	12%	-7%	153%	20%	$ 117,040,644.45
AKA	Aureka Limited	0.18	16%	6%	-98%	-98%	33%	$ 17,926,106.80
AAM	Aumegametals	0.047	-4%	12%	4%	27%	12%	$ 27,789,199.93
KZR	Kalamazoo Resources	0.081	8%	1%	27%	-30%	9%	$ 16,828,736.01
BCN	Beacon Minerals	0.026	-4%	13%	8%	13%	18%	$ 109,885,468.99
MAU	Magnetic Resources	1.325	12%	14%	-16%	39%	20%	$ 348,123,300.75
BC8	Black Cat Syndicate	0.745	4%	0%	122%	263%	32%	$ 436,839,843.85
EM2	Eagle Mountain	0.008	-11%	0%	-79%	-84%	-11%	$ 3,608,619.98
EMR	Emerald Res NL	4.17	-6%	24%	14%	31%	28%	$ 2,739,879,343.02
BYH	Bryah Resources Ltd	0.004	0%	0%	-20%	-60%	33%	$ 2,507,202.91
HCH	Hot Chili Ltd	0.74	10%	1%	-9%	-31%	6%	$ 115,836,644.25
WAF	West African Res Ltd	1.79	2%	12%	29%	105%	25%	$ 2,028,802,782.32
MEU	Marmota Limited	0.055	4%	17%	41%	10%	41%	$ 67,163,430.03
NVA	Nova Minerals Ltd	0.32	0%	-14%	121%	23%	-14%	$ 107,862,434.70
SVL	Silver Mines Limited	0.09	8%	29%	-40%	-33%	15%	$ 149,501,132.93
PGD	Peregrine Gold	0.125	-11%	-19%	-32%	-52%	-11%	$ 9,932,996.25
ICL	Iceni Gold	0.087	14%	5%	102%	123%	23%	$ 24,630,838.32
FG1	Flynngold	0.029	21%	7%	4%	-37%	16%	$ 7,578,177.63
WWI	West Wits Mining Ltd	0.016	-11%	7%	14%	33%	14%	$ 43,774,667.72
RML	Resolution Minerals	0.009	0%	-18%	-55%	-63%	-25%	$ 2,684,377.13
AAJ	Aruma Resources Ltd	0.01	11%	0%	-33%	-41%	-17%	$ 2,442,639.89
HWK	Hawk Resources.	0.026	8%	8%	-3%	-3%	18%	$ 6,186,165.67
GMN	Gold Mountain Ltd	0.0025	25%	25%	-17%	-38%	-17%	$ 11,448,057.96
MEG	Megado Minerals Ltd	0.015	15%	7%	43%	5%	-12%	$ 6,295,248.93
HMG	Hamelingoldlimited	0.063	15%	-3%	-48%	-14%	-2%	$ 8,695,500.00
BM8	Battery Age Minerals	0.079	-1%	-18%	-25%	-44%	-25%	$ 9,053,944.37
TBR	Tribune Res Ltd	4.9	1%	16%	28%	68%	14%	$ 257,093,577.30
FML	Focus Minerals Ltd	0.21	5%	0%	62%	31%	24%	$ 60,177,315.45
VRC	Volt Resources Ltd	0.004	33%	33%	33%	-20%	33%	$ 18,117,573.47
ARV	Artemis Resources	0.01	25%	25%	11%	-38%	25%	$ 22,053,824.26
HRN	Horizon Gold Ltd	0.53	2%	2%	86%	93%	10%	$ 74,592,560.35
CLA	Celsius Resource Ltd	0.011	16%	16%	-8%	0%	0%	$ 24,023,146.07
QML	Qmines Limited	0.052	4%	-10%	-7%	-34%	-4%	$ 17,872,667.44
RDN	Raiden Resources Ltd	0.007	0%	-13%	-70%	-74%	-36%	$ 24,156,240.09
TCG	Turaco Gold Limited	0.365	6%	28%	49%	232%	43%	$ 311,788,697.40
KCC	Kincora Copper	0.028	8%	-7%	-40%	-13%	4%	$ 7,232,871.57
GBZ	GBM Rsources Ltd	0.008	0%	14%	14%	-11%	0%	$ 9,368,559.82
DTM	Dart Mining NL	0.006	-14%	-40%	-56%	-45%	-33%	$ 4,186,389.04
MKR	Manuka Resources.	0.027	8%	4%	-7%	-63%	-4%	$ 18,647,656.39
AUC	Ausgold Limited	0.47	-2%	9%	52%	68%	12%	$ 169,392,030.95
ANX	Anax Metals Ltd	0.011	10%	0%	-39%	-42%	-8%	$ 8,764,517.42
EMU	EMU NL	0.028	17%	12%	40%	2%	4%	$ 5,386,617.24
SFM	Santa Fe Minerals	0.037	-8%	16%	3%	-18%	19%	$ 2,694,295.19
SSR	SSR Mining Inc.	14.78	2%	30%	117%	0%	35%	$ 51,464,586.99
PNR	Pantoro Limited	0.1475	13%	48%	40%	260%	64%	$ 935,834,424.53
CMM	Capricorn Metals	7.9	-2%	17%	32%	81%	26%	$ 3,212,323,092.93
X64	Ten Sixty Four Ltd	0.57	0%	0%	0%	0%	0%	$ 129,844,903.32
VRL	Verity Resources	0.016	14%	-11%	-60%	-80%	-20%	$ 2,698,164.62
HAW	Hawthorn Resources	0.046	10%	12%	-23%	-45%	12%	$ 15,410,718.20
BGD	Bartongoldholdings	0.31	7%	32%	35%	24%	27%	$ 64,553,410.40
SVY	Stavely Minerals Ltd	0.021	24%	-9%	-9%	-38%	24%	$ 10,336,799.77
AGC	AGC Ltd	0.14	-10%	4%	-52%	66%	-10%	$ 34,640,624.97
RGL	Riversgold	0.005	67%	67%	25%	-41%	25%	$ 8,418,562.97
TSO	Tesoro Gold Ltd	0.028	0%	27%	-3%	22%	40%	$ 42,718,886.13
GUE	Global Uranium	0.083	5%	14%	57%	-31%	38%	$ 23,577,559.52
CPM	Coopermetalslimited	0.046	2%	2%	-32%	-85%	0%	$ 3,604,359.90
MM8	Medallion Metals.	0.1725	28%	33%	192%	208%	44%	$ 78,278,700.56
FFM	Firefly Metals Ltd	1.035	15%	12%	34%	107%	12%	$ 575,960,260.44
CBY	Canterbury Resources	0.028	22%	22%	-24%	4%	27%	$ 5,133,463.30
LYN	Lycaonresources	0.14	-10%	-7%	-48%	-13%	56%	$ 7,417,875.22
SFR	Sandfire Resources	10.925	6%	15%	33%	55%	18%	$ 4,944,841,980.54
SMG	Silvermetalgroupltd	0.06	0%	0%	0%	0%	0%	$ 4,881,135.48
TAM	Tanami Gold NL	0.03	3%	0%	3%	0%	0%	$ 35,252,911.38
NWM	Norwest Minerals	0.013	-7%	-19%	-46%	-50%	-7%	$ 6,306,553.63
ALK	Alkane Resources Ltd	0.6375	9%	33%	47%	18%	25%	$ 378,463,682.50
BMO	Bastion Minerals	0.004	0%	0%	-43%	-60%	0%	$ 3,378,898.66
IDA	Indiana Resources	0.075	0%	21%	51%	66%	23%	$ 47,562,201.89
GSM	Golden State Mining	0.01	25%	11%	-17%	-17%	25%	$ 2,793,706.30
NSM	Northstaw	0.021	5%	31%	71%	-46%	31%	$ 5,453,530.00
GSN	Great Southern	0.022	0%	29%	38%	16%	47%	$ 22,719,904.57
VAU	Vault Minerals Ltd	0.4125	-2%	21%	15%	31%	25%	$ 2,823,026,453.53
DEG	De Grey Mining	2.135	1%	10%	74%	81%	21%	$ 5,059,587,445.62
THR	Thor Energy PLC	0.011	0%	-15%	-31%	-62%	-15%	$ 2,951,193.75
CDR	Codrus Minerals Ltd	0.02	18%	18%	-31%	-59%	18%	$ 3,307,750.08
MDI	Middle Island Res	0.017	13%	42%	13%	6%	42%	$ 4,096,390.88
WTM	Waratah Minerals Ltd	0.185	23%	28%	-44%	115%	19%	$ 37,441,687.32
POL	Polymetals Resources	0.8	-6%	-3%	220%	196%	1%	$ 158,113,156.00
RDS	Redstone Resources	0.003	0%	0%	-25%	-40%	20%	$ 2,776,135.38
NAG	Nagambie Resources	0.016	0%	-11%	60%	-33%	-11%	$ 12,049,535.16
BGL	Bellevue Gold Ltd	1.26	3%	18%	-10%	-5%	12%	$ 1,540,514,209.20
GBR	Greatbould Resources	0.063	15%	34%	31%	3%	47%	$ 47,823,321.04
KAI	Kairos Minerals Ltd	0.0185	16%	48%	85%	42%	54%	$ 47,356,419.40
KAU	Kaiser Reef	0.16	-6%	-3%	3%	14%	0%	$ 40,394,636.80
HRZ	Horizon	0.073	52%	59%	83%	103%	83%	$ 108,376,244.70
CDT	Castle Minerals	0.003	50%	20%	-25%	-57%	50%	$ 5,690,442.32
RSG	Resolute Mining	0.345	-4%	-13%	-45%	-4%	-13%	$ 755,812,754.62
MXR	Maximus Resources	0.065	0%	10%	132%	102%	12%	$ 27,442,412.22
EVN	Evolution Mining Ltd	6.315	6%	21%	66%	108%	31%	$ 12,433,392,125.00
CXU	Cauldron Energy Ltd	0.011	-8%	-15%	-44%	-76%	-8%	$ 16,075,450.70
DLI	Delta Lithium	0.18	3%	0%	-12%	-36%	6%	$ 121,812,104.64
ALY	Alchemy Resource Ltd	0.008	33%	14%	33%	-11%	14%	$ 9,424,610.05
NH3	Nh3Cleanenergyltd	0.02	0%	18%	25%	43%	11%	$ 10,442,490.92
OBM	Ora Banda Mining Ltd	0.9875	10%	33%	127%	339%	52%	$ 1,786,745,585.65
AVWDB	Avira Resources Ltd	0.009	-55%	-55%	-55%	-78%	-55%	$ 2,938,790.00
LCY	Legacy Iron Ore	0.01	25%	11%	-35%	-35%	0%	$ 97,620,425.84
PDI	Predictive Disc Ltd	0.345	0%	33%	77%	73%	50%	$ 901,179,043.65
MAT	Matsa Resources	0.055	38%	31%	120%	90%	57%	$ 38,095,231.62
ZAG	Zuleika Gold Ltd	0.012	-8%	0%	-8%	-43%	-8%	$ 8,160,679.20
GML	Gateway Mining	0.024	4%	9%	14%	2%	14%	$ 9,811,687.08
SBM	St Barbara Limited	0.2525	-8%	1%	17%	58%	12%	$ 270,711,585.25
SBR	Sabre Resources	0.009	0%	0%	-31%	-57%	-10%	$ 3,536,657.40
STK	Strickland Metals	0.072	-1%	-10%	-31%	-18%	-15%	$ 158,933,861.42
CEL	Challenger Gold Ltd	0.054	13%	10%	23%	-33%	15%	$ 87,762,463.41
GG8	Gorilla Gold Mines	0.235	15%	-4%	97%	457%	-10%	$ 126,158,545.35
NST	Northern Star	18.425	1%	10%	29%	38%	19%	$ 20,976,805,973.37
OZM	Ozaurum Resources	0.1275	-6%	390%	155%	72%	325%	$ 26,623,557.77
TG1	Techgen Metals Ltd	0.035	3%	3%	21%	-13%	0%	$ 5,394,634.14
XAM	Xanadu Mines Ltd	0.053	6%	18%	-4%	13%	8%	$ 99,434,272.91
AQI	Alicanto Min Ltd	0.036	-10%	-3%	140%	71%	-3%	$ 30,335,147.06
KTA	Krakatoa Resources	0.009	13%	-5%	-10%	-47%	-5%	$ 5,901,340.25
ARN	Aldoro Resources	0.305	-16%	5%	307%	205%	-20%	$ 48,343,048.04
WGX	Westgold Resources.	2.53	1%	-3%	-12%	30%	-11%	$ 2,329,480,934.30
MBK	Metal Bank Ltd	0.016	0%	14%	-5%	-19%	7%	$ 7,959,343.97
A8G	Australasian Metals	0.069	1%	-10%	-21%	-37%	-13%	$ 3,994,391.03
TAR	Taruga Minerals	0.01	0%	0%	43%	11%	0%	$ 7,060,267.85
DTR	Dateline Resources	0.0035	17%	17%	-30%	-75%	0%	$ 10,065,041.88
GOR	Gold Road Res Ltd	2.635	1%	18%	51%	82%	29%	$ 2,796,774,412.20
S2R	S2 Resources	0.07	9%	-16%	-33%	-52%	4%	$ 31,700,059.51
NES	Nelson Resources.	0.003	-14%	0%	0%	-40%	0%	$ 6,515,782.98
TLM	Talisman Mining	0.195	3%	-5%	-15%	8%	-5%	$ 36,722,468.06
BEZ	Besragoldinc	0.058	-19%	-30%	-42%	-61%	-36%	$ 26,591,292.86
PRU	Perseus Mining Ltd	2.815	-4%	6%	14%	68%	10%	$ 3,883,282,217.07
SPQ	Superior Resources	0.006	-14%	-14%	-25%	-45%	0%	$ 13,019,182.79
PUR	Pursuit Minerals	0.073	-14%	-14%	-51%	-71%	-24%	$ 6,027,412.54
RMS	Ramelius Resources	2.645	1%	21%	31%	73%	28%	$ 3,014,866,266.75
PKO	Peako Limited	0.003	0%	0%	-25%	30%	0%	$ 5,950,967.84
ICG	Inca Minerals Ltd	0.007	0%	0%	75%	0%	40%	$ 6,160,335.20
A1G	African Gold Ltd.	0.073	9%	22%	192%	131%	33%	$ 26,718,791.40
NMG	New Murchison Gold	0.012	0%	20%	100%	118%	33%	$ 93,410,505.60
GNM	Great Northern	0.015	15%	25%	36%	-12%	7%	$ 2,474,065.23
KRM	Kingsrose Mining Ltd	0.036	6%	9%	-8%	16%	3%	$ 27,126,954.68
BTR	Brightstar Resources	0.021	5%	5%	40%	50%	5%	$ 228,123,311.40
RRL	Regis Resources	3.205	-3%	14%	97%	60%	26%	$ 2,425,083,526.14
M24	Mamba Exploration	0.015	-9%	0%	50%	-53%	25%	$ 3,289,401.86
TRM	Truscott Mining Corp	0.075	-12%	-4%	25%	51%	-4%	$ 14,358,642.00
TNC	True North Copper	0.38	17%	-16%	-91%	-95%	-87%	$ 50,964,801.48
MOM	Moab Minerals Ltd	0.002	0%	-33%	-50%	-71%	0%	$ 3,133,998.73
KNB	Koonenberrygold	0.033	18%	120%	175%	12%	175%	$ 28,851,486.64
AWJ	Auric Mining	0.3	-6%	-2%	33%	150%	-12%	$ 46,175,545.01
ENR	Encounter Resources	0.25	4%	-18%	-52%	2%	-23%	$ 127,192,041.35
SNG	Siren Gold	0.062	27%	13%	15%	11%	-5%	$ 13,138,236.54
STN	Saturn Metals	0.255	0%	28%	38%	59%	24%	$ 77,221,221.00
USL	Unico Silver Limited	0.23	10%	21%	39%	142%	18%	$ 96,347,626.10
PNM	Pacific Nickel Mines	0.024	0%	0%	0%	-43%	0%	$ 10,103,834.52
AYM	Australia United Min	0.003	-14%	50%	0%	0%	-25%	$ 5,527,732.46
HAV	Havilah Resources	0.205	0%	0%	14%	32%	-9%	$ 71,243,822.16
SPR	Spartan Resources	1.4025	-5%	-12%	10%	221%	-1%	$ 1,740,650,045.04
PNT	Panthermetalsltd	0.008	-11%	0%	-68%	-77%	-27%	$ 1,737,195.34
MEK	Meeka Metals Limited	0.12	14%	24%	135%	233%	56%	$ 286,745,620.24
GMD	Genesis Minerals	3.28	-1%	19%	48%	109%	33%	$ 3,634,363,755.12
PGO	Pacgold	0.06	2%	-21%	-43%	-57%	-20%	$ 7,887,260.28
FEG	Far East Gold	0.165	-8%	0%	14%	22%	-8%	$ 60,044,285.88
MI6	Minerals260Limited	0.13	0%	0%	24%	-19%	0%	$ 30,420,000.00
IGO	IGO Limited	4.79	-4%	-4%	-5%	-31%	0%	$ 3,680,321,571.18
GAL	Galileo Mining Ltd	0.13	-4%	-16%	-19%	-40%	4%	$ 26,679,365.15
RXL	Rox Resources	0.22	-4%	-2%	57%	38%	10%	$ 136,773,753.30
PTN	Patronus Resources	0.067	16%	8%	18%	8%	37%	$ 104,793,459.46
CLZ	Classic Min Ltd	0.001	0%	0%	0%	-98%	0%	$ 1,544,025.56
TGM	Theta Gold Mines Ltd	0.16	0%	-4%	10%	14%	-11%	$ 135,908,580.16
FAL	Falconmetalsltd	0.135	0%	8%	-50%	13%	17%	$ 23,895,000.00
SPD	Southernpalladium	0.395	-8%	-31%	-4%	1%	-34%	$ 35,925,250.00
ORN	Orion Minerals Ltd	0.014	-7%	0%	-7%	8%	-7%	$ 95,906,269.45
TMB	Tambourahmetals	0.027	4%	13%	-40%	-69%	29%	$ 3,096,521.29
TMS	Tennant Minerals Ltd	0.0135	23%	23%	-33%	-56%	50%	$ 12,904,520.60
AZY	Antipa Minerals Ltd	0.036	-8%	20%	227%	188%	38%	$ 199,642,331.95
PXX	Polarx Limited	0.0085	6%	42%	-6%	-37%	31%	$ 21,379,508.80
TRE	Toubani Res Ltd	0.14	-13%	-3%	-22%	22%	-18%	$ 32,054,394.26
AUN	Aurumin	0.066	-4%	6%	89%	78%	0%	$ 32,406,409.36
GPR	Geopacific Resources	0.023	10%	15%	-5%	48%	15%	$ 70,014,237.17
FXG	Felix Gold Limited	0.18	33%	57%	445%	362%	114%	$ 50,980,489.83
ILT	Iltani Resources Lim	0.23	7%	24%	24%	21%	12%	$ 9,760,882.12
BRX	Belararoxlimited	0.175	3%	9%	-31%	-33%	0%	$ 21,594,616.95
TM1	Terra Metals Limited	0.03	-6%	-21%	-46%	-25%	7%	$ 13,451,957.05
TOR	Torque Met	0.1	49%	92%	-9%	-47%	89%	$ 25,078,745.12
ARD	Argent Minerals	0.026	8%	53%	100%	189%	53%	$ 33,249,731.04
LM1	Leeuwin Metals Ltd	0.13	4%	8%	65%	43%	-7%	$ 8,776,775.84

Latitude 66 (ASX:LAT)

LAT has been surging higher this week, doubling as it preps RC drilling at its KSB project in Finland, which already contains around 650,000oz of gold and 5840t of cobalt.

That would not necessarily be notable under normal circumstances, but RC or reverse circulation drilling, which can quickly and efficiently drill out deep resources quicker and cheaper than diamond drilling, is not overly common in Europe.

It could help Latitude drill out potential discoveries outside its resource envelope faster and more efficiently than before with the drill rig to mobilise to site while the known deposits are put through the rigour of a scoping study.

"“Both the K6E and K6W Prospects have previously returned significant high-grade boulder results only 1km south of the existing K2 Mineral Resource, which has been identified in Scoping Study activities as the prominent option for high-grade feed early in the KSB Project production schedule," LAT MD Grant Coyle said.

“RC drilling is less common in Europe, however if this trial proves to be effective, the technique could provide significant time and cost savings for Lat66 going forward.

“As we finalise the KSB scoping study for release later this quarter, the RC drilling trial is a timely opportunity to drill test the exciting K6E and K6W Prospect targets and demonstrate the potential for future nearby expansion of the KSB Project.”

Riversgold (ASX:RGL)

RGL shares have been moving higher as it preps drilling at the Northern Zone project, 25km from Kalgoorlie in WA's Eastern Goldfields.

Placing a keen focus on the project with gold prices sailing through all time highs, previous drill hits for the David Lenigas backed company have included hits like 5m at 12.27 g/t Au from 32m and 4m at 7.47 g/t Au from 49m, highlighting the gold potential of the 600m long anomaly at the site.

RGL has already started the process of converting its prospecting licence there into a mining lease, a key step before any future mining operation can begin in Western Australia.

At Stockhead, we tell it like it is. While Latitude 66 and Riversgold are Stockhead advertisers, they did not sponsor this article.

Originally published as Gold Digger: Forget US$3000 gold, how about US$3600?