Gold Digger: Goldies continue to impress as dividends flow

Precious metals companies have not always been known for outsized shareholder returns. But record prices are helping this year.

There's no better time to own some ASX gold. Pic: Getty Images

• Gold miners are starting to deliver strong payouts to investors as record prices continue

• Ramelius returns 3c maiden interim dividend in "surprise result"

• Newmont and Gold Road fall as not all goldies impress

With gold prices at record highs, earnings are set to get even better for gold producers on the ASX, as this month's half-year results deliver bumper returns to investors.

Precious metals producers have, historically, been criticised for the paucity of returns they've delivered to investors, with tight margins and pressure to grow often seeing dividends and buybacks put to one side.

But prices in excess of US$2930/oz ($4580/oz) and a brighter cost inflation environment have those same miners humming, with the best cash generators putting payouts well and truly on the agenda.

Ramelius Resources (ASX:RMS) was the latest to impress, announcing a maiden fully franked interim dividend of 3c per share, which will put close to $35m in shareholders' pockets. Boss Mark Zeptner says the company sees $650m in operating cash flow coming through this year at current spot prices.

It came as RMS delivered record net profit after tax of $170.4m, a 313% lift, with underlying free cash flow up 417% to $264.1m, with Ramelius on track to deliver guidance of 270,000-300,000oz at costs of $1500-1700/oz.

Analysts see upside risks with early grades of ore from a high-grade supergene zone at its Cue gold project, one of the sites trucking to the Mt Magnet mill, far exceeding expectations. Macquarie's Andrew Bowler described the interim dividend as a 'surprise'.

"These results have not only been driven by the A$ gold price, but also our low-cost price, which I believe distinguishes us from our peers, and that we anticipate these type of results will continue through the second half of FY25 and into the FY26," Zeptner told analysts on a conference call.

While the gold price has given rise to speculation about whether Ramelius may cutback the previously uneconomic open pit at its mothballing Edna May gold mine, Zeptner said a number of other projects were taking a higher priority, including its DFS and FID on the Rebecca Roe project, due in the September quarter, and the Eridanus open pit/underground study along with a planned mill expansion at Mt Magnet.

Gold Road, Newmont also report

Meanwhile, the world's largest gold miner, Newmont Corporation (ASX:NEM), will trim production in 2025 from 6.85Moz to 5.9Moz after streamlining its portfolio with the sale of  string of non-core assets, which will pull in up to US$4.3bn over time and US$2.5bn in the first half of 2025.

The world's top gold miner reported net income of US$3.4bn in 2024 including US$1.6bn of adjusted net income in the fourth quarter as gold prices surged to record highs, levels they have streamed past in early 2025.

Adjusted EBITDA was US$8.7bn for the year, with a US25c final quarter dividend taking total returns to US$1.1bn. Free cash flow rose over 3000% YoY from US$88m to US$2.916bn.

Where its Australian operations are concerned, Cadia's gold output will fall 40% this year as Newmont transitions to a new block cave, with the miner expecting to produce 280,000oz gold and 67,000t copper at costs of US$1950/oz and US$8780/t respectively.

Tanami will deliver 380,000oz at US$1630/oz, while Boddington will produce 560,000oz at US$1620/oz and 23,000t copper at US$6830/t.

Gold Road Resources (ASX:GOR), meanwhile, will deliver a 1.5c final dividend after reporting record NPAT of $142.7m, up 23.3% YoY, and operating cash flow of $250.6m in 2024.

Better returns are likely in 2025 as production at its 50-50 owned Gruyere mine lifts from around 287,000oz in 2024 to 325,000-355,000oz this year, with gold prices and the impending sale of De Grey Mining (ASX:DEG) in a scheme with Northern Star Resources (ASX:NST) adding further fuel.

But with $174m on the company's balance sheet, MD Duncan Gibbs also faced questions over why it didn't pay to the top end of GOR's policy of 15-30% of free cash flow.

Gibbs noted the company exercised discretion to pay a 0.5c dividend outside policy at its half-year results after a rain hit start to 2024 which limited cash flow at Gruyere. He says the De Grey sale needs to play out, with NST's $5bn all scrip bid not yet across the line.

"Moving forward I think there's a fair bit of people counting their chickens before they hatch with the De Grey situation," he said.

"The time for us to look at that is really when the whole situation has been clarified.

"We have maintained really the dividend level relative to prior year, obviously a slight reduction, but it does reflect the overall cash flow for the full year noting that we paid out on a discretionary basis and we obviously increased the dividend in the second half."

Argonaut adjusted its price target downwards from $3 to $2.80 after lifting its open pit life of mine costs for Gruyere, cutting from a buy to a hold.

GOR stock fell 2.5%, a similar fate befalling Newmont, while RMS rose 3%.

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%	-38%	14%	$ 8,678,940.02
NPM	Newpeak Metals	0.015	7%	-12%	15%	29%	36%	$ 5,153,147.70
ASO	Aston Minerals Ltd	0.018	6%	80%	80%	-5%	100%	$ 23,311,156.84
MTC	Metalstech Ltd	0.14	12%	0%	-26%	-15%	0%	$ 23,704,737.96
GED	Golden Deeps	0.024	0%	4%	-23%	-41%	-4%	$ 3,696,536.38
G88	Golden Mile Res Ltd	0.01	0%	25%	0%	-17%	11%	$ 5,273,478.55
LAT	Latitude 66 Limited	0.071	15%	69%	-41%	-65%	87%	$ 9,321,045.83
NMR	Native Mineral Res	0.066	-1%	50%	214%	200%	69%	$ 37,643,303.74
AQX	Alice Queen Ltd	0.009	13%	0%	13%	50%	13%	$ 10,322,010.61
SLZ	Sultan Resources Ltd	0.008	0%	0%	33%	-38%	33%	$ 1,851,759.28
MKG	Mako Gold	0.011	10%	-21%	22%	-54%	-15%	$ 10,852,809.83
KSN	Kingston Resources	0.083	4%	14%	8%	14%	17%	$ 69,002,357.00
AMI	Aurelia Metals Ltd	0.225	0%	22%	25%	105%	32%	$ 363,686,385.13
GIB	Gibb River Diamonds	0.035	-5%	-10%	-5%	9%	-13%	$ 7,507,830.58
KCN	Kingsgate Consolid.	1.37	4%	4%	0%	11%	7%	$ 346,676,025.74
TMX	Terrain Minerals	0.0045	-10%	13%	50%	0%	50%	$ 9,016,004.70
BNR	Bulletin Res Ltd	0.046	15%	18%	-2%	-43%	18%	$ 11,744,532.92
NXM	Nexus Minerals Ltd	0.066	14%	40%	38%	89%	47%	$ 32,209,660.56
SKY	SKY Metals Ltd	0.05	0%	-9%	56%	28%	-7%	$ 36,956,564.63
LM8	Lunnonmetalslimited	0.225	-2%	14%	55%	-10%	-10%	$ 49,641,339.15
CST	Castile Resources	0.071	1%	1%	-5%	-5%	-11%	$ 21,298,533.85
YRL	Yandal Resources	0.19	3%	36%	52%	81%	9%	$ 61,846,996.40
FAU	First Au Ltd	0.002	0%	0%	0%	-33%	0%	$ 5,179,983.19
ARL	Ardea Resources Ltd	0.435	10%	26%	-5%	1%	32%	$ 89,857,311.75
GWR	GWR Group Ltd	0.095	10%	8%	27%	-1%	19%	$ 30,515,582.23
IVR	Investigator Res Ltd	0.026	0%	8%	-35%	-26%	30%	$ 39,721,989.35
GTR	Gti Energy Ltd	0.003	0%	0%	0%	-67%	-14%	$ 8,888,848.99
IPT	Impact Minerals	0.01	0%	-9%	-23%	-23%	0%	$ 29,064,620.32
BNZ	Benzmining	0.43	4%	8%	207%	219%	25%	$ 55,865,877.24
MOH	Moho Resources	0.004	0%	-20%	-11%	-43%	-20%	$ 2,865,898.30
BCM	Brazilian Critical	0.01	25%	0%	-23%	-60%	11%	$ 8,503,668.70
PUA	Peak Minerals Ltd	0.011	0%	-21%	340%	431%	38%	$ 28,073,212.90
MRZ	Mont Royal Resources	0.041	28%	8%	-16%	-56%	-5%	$ 3,486,221.51
SMS	Starmineralslimited	0.031	-9%	-11%	7%	-13%	-14%	$ 3,776,006.24
MVL	Marvel Gold Limited	0.01	-9%	25%	0%	0%	11%	$ 9,501,697.73
PRX	Prodigy Gold NL	0.002	-20%	0%	12%	-44%	0%	$ 6,350,111.10
AAU	Antilles Gold Ltd	0.005	25%	25%	25%	-76%	67%	$ 9,476,880.29
CWX	Carawine Resources	0.1	-5%	0%	10%	0%	0%	$ 23,612,544.90
RND	Rand Mining Ltd	1.785	-3%	14%	13%	40%	18%	$ 96,689,133.70
CAZ	Cazaly Resources	0.016	0%	33%	-6%	-20%	14%	$ 7,150,196.36
BMR	Ballymore Resources	0.115	-23%	0%	0%	10%	-4%	$ 21,207,670.20
DRE	Dreadnought Resources Ltd	0.015	36%	36%	-21%	-21%	25%	$ 54,069,600.00
ZNC	Zenith Minerals Ltd	0.042	0%	11%	-9%	-56%	5%	$ 17,112,539.72
REZ	Resourc & En Grp Ltd	0.027	-7%	-21%	4%	170%	17%	$ 18,134,256.29
LEX	Lefroy Exploration	0.086	-1%	23%	-5%	-39%	23%	$ 19,873,611.04
ERM	Emmerson Resources	0.115	5%	42%	113%	113%	49%	$ 69,918,076.69
AM7	Arcadia Minerals	0.021	0%	-13%	-32%	-64%	11%	$ 2,465,052.09
ADT	Adriatic Metals	4.36	3%	7%	35%	38%	12%	$ 1,208,698,784.37
AS1	Asara Resources Ltd	0.031	-3%	48%	182%	182%	63%	$ 30,896,469.52
CYL	Catalyst Metals	4.01	-4%	20%	86%	702%	55%	$ 940,091,543.04
CHN	Chalice Mining Ltd	1.325	11%	10%	25%	29%	20%	$ 569,924,244.42
KAL	Kalgoorliegoldmining	0.075	-7%	436%	188%	241%	317%	$ 20,798,537.30
MLS	Metals Australia	0.021	0%	-16%	5%	-30%	-9%	$ 15,303,110.00
ADN	Andromeda Metals Ltd	0.007	-13%	0%	-56%	-71%	0%	$ 24,001,093.82
MEI	Meteoric Resources	0.067	-17%	-26%	-33%	-63%	-21%	$ 158,897,531.96
SRN	Surefire Rescs NL	0.0035	0%	-13%	-42%	-68%	0%	$ 8,457,077.35
WA8	Warriedarresourltd	0.05	3%	-2%	-19%	67%	14%	$ 47,784,100.45
HMX	Hammer Metals Ltd	0.031	-6%	0%	-24%	-33%	-6%	$ 27,520,519.70
WCN	White Cliff Min Ltd	0.0195	3%	-3%	22%	15%	22%	$ 36,013,944.21
AVM	Advance Metals Ltd	0.049	-14%	14%	145%	36%	44%	$ 9,546,826.45
ASR	Asra Minerals Ltd	0.003	0%	0%	-50%	-40%	0%	$ 6,937,890.37
ARI	Arika Resources	0.04	11%	33%	100%	100%	48%	$ 25,973,854.16
CTO	Citigold Corp Ltd	0.004	0%	0%	-20%	-11%	0%	$ 12,000,000.00
SMI	Santana Minerals Ltd	0.605	4%	33%	14%	62%	25%	$ 405,115,199.40
M2R	Miramar	0.004	33%	0%	-56%	-78%	33%	$ 1,825,387.11
MHC	Manhattan Corp Ltd	0.019	-5%	-32%	-5%	-62%	0%	$ 4,697,977.96
GRL	Godolphin Resources	0.016	-6%	14%	14%	-60%	10%	$ 6,104,677.05
SVG	Savannah Goldfields	0.022	10%	26%	5%	-16%	20%	$ 10,144,546.30
EMC	Everest Metals Corp	0.165	3%	16%	50%	106%	22%	$ 36,924,332.94
GUL	Gullewa Limited	0.052	-7%	-7%	-20%	-7%	-7%	$ 11,337,152.94
CY5	Cygnus Metals Ltd	0.135	0%	4%	141%	101%	35%	$ 114,646,275.59
G50	G50Corp Ltd	0.145	-12%	7%	0%	58%	-6%	$ 23,286,660.56
ADV	Ardiden Ltd	0.155	-3%	11%	29%	0%	15%	$ 9,690,213.43
AAR	Astral Resources NL	0.14	0%	4%	73%	122%	4%	$ 186,473,264.70
VMC	Venus Metals Cor Ltd	0.089	-3%	37%	46%	-8%	33%	$ 17,455,452.79
NAE	New Age Exploration	0.005	25%	67%	43%	25%	43%	$ 10,781,994.55
VKA	Viking Mines Ltd	0.009	13%	0%	13%	-25%	13%	$ 10,625,178.56
LCL	LCL Resources Ltd	0.008	-11%	-11%	14%	-27%	-20%	$ 11,948,127.07
MTH	Mithril Silver Gold	0.365	-4%	-15%	181%	83%	-9%	$ 53,895,503.14
ADG	Adelong Gold Limited	0.006	-14%	20%	50%	20%	33%	$ 8,384,917.19
RMX	Red Mount Min Ltd	0.009	13%	0%	-40%	-49%	0%	$ 4,184,620.16
PRS	Prospech Limited	0.025	0%	-7%	-24%	-19%	-14%	$ 8,220,647.18
TTM	Titan Minerals	0.49	9%	24%	9%	113%	29%	$ 128,744,708.90
AKA	Aureka Limited	0.15	-14%	-14%	-98%	-98%	11%	$ 17,926,106.80
AAM	Aumegametals	0.044	-4%	5%	0%	22%	5%	$ 28,393,312.97
KZR	Kalamazoo Resources	0.078	-4%	-1%	4%	-29%	5%	$ 16,413,211.67
BCN	Beacon Minerals	0.026	0%	4%	13%	18%	18%	$ 109,885,468.99
MAU	Magnetic Resources	1.36	4%	11%	-14%	39%	23%	$ 362,795,164.00
BC8	Black Cat Syndicate	0.865	18%	23%	147%	333%	53%	$ 502,665,025.80
EM2	Eagle Mountain	0.007	-22%	-13%	-83%	-86%	-22%	$ 7,854,992.41
EMR	Emerald Res NL	4.11	-1%	17%	3%	39%	26%	$ 2,687,315,710.54
BYH	Bryah Resources Ltd	0.004	0%	0%	0%	-60%	33%	$ 2,507,202.91
HCH	Hot Chili Ltd	0.74	-3%	5%	-12%	-35%	6%	$ 116,593,746.50
WAF	West African Res Ltd	1.76	-1%	10%	20%	101%	23%	$ 1,988,910,592.78
MEU	Marmota Limited	0.053	-7%	-10%	36%	13%	36%	$ 62,450,206.87
NVA	Nova Minerals Ltd	0.32	-4%	2%	106%	23%	-14%	$ 106,252,547.61
SVL	Silver Mines Limited	0.087	4%	13%	2%	-38%	12%	$ 158,400,009.89
PGD	Peregrine Gold	0.125	0%	-14%	-40%	-48%	-11%	$ 11,124,955.80
ICL	Iceni Gold	0.085	6%	8%	102%	124%	20%	$ 28,017,578.59
FG1	Flynngold	0.026	-10%	0%	4%	-45%	4%	$ 6,794,228.22
WWI	West Wits Mining Ltd	0.019	12%	12%	27%	46%	36%	$ 51,499,609.08
RML	Resolution Minerals	0.009	0%	-18%	-44%	-72%	-25%	$ 2,684,377.13
AAJ	Aruma Resources Ltd	0.01	-9%	11%	-29%	-38%	-17%	$ 2,331,610.81
HWK	Hawk Resources.	0.024	-8%	4%	-10%	-40%	9%	$ 5,710,306.78
GMN	Gold Mountain Ltd	0.002	-20%	-33%	-43%	-56%	-33%	$ 9,158,446.37
MEG	Megado Minerals Ltd	0.015	15%	7%	57%	12%	-12%	$ 5,455,882.41
HMG	Hamelingoldlimited	0.06	9%	0%	-50%	-19%	-6%	$ 9,802,200.00
BM8	Battery Age Minerals	0.076	0%	-20%	-44%	-48%	-28%	$ 9,053,944.37
TBR	Tribune Res Ltd	4.98	2%	16%	29%	71%	16%	$ 260,241,661.92
FML	Focus Minerals Ltd	0.21	0%	0%	40%	31%	24%	$ 55,878,935.78
VRC	Volt Resources Ltd	0.004	33%	33%	0%	-33%	33%	$ 13,588,180.10
ARV	Artemis Resources	0.008	-20%	0%	-43%	-50%	0%	$ 25,255,293.08
HRN	Horizon Gold Ltd	0.455	-12%	-5%	57%	65%	-5%	$ 65,902,164.97
CLA	Celsius Resource Ltd	0.011	22%	10%	-21%	-8%	0%	$ 29,361,622.97
QML	Qmines Limited	0.048	-8%	-24%	-19%	-34%	-11%	$ 17,872,667.44
RDN	Raiden Resources Ltd	0.007	0%	0%	-73%	-73%	-36%	$ 20,705,348.65
TCG	Turaco Gold Limited	0.36	0%	31%	50%	200%	41%	$ 311,788,697.40
KCC	Kincora Copper	0.027	-10%	-18%	-46%	-23%	0%	$ 6,750,680.13
GBZ	GBM Rsources Ltd	0.008	0%	-11%	0%	-11%	0%	$ 9,368,559.82
DTM	Dart Mining NL	0.006	-14%	-45%	-59%	-50%	-33%	$ 3,588,333.46
MKR	Manuka Resources.	0.027	17%	8%	8%	-63%	-4%	$ 22,701,494.73
AUC	Ausgold Limited	0.47	-1%	13%	27%	96%	12%	$ 167,608,956.94
ANX	Anax Metals Ltd	0.01	0%	-9%	-50%	-52%	-17%	$ 8,764,517.42
EMU	EMU NL	0.035	25%	25%	67%	27%	30%	$ 6,540,892.36
SFM	Santa Fe Minerals	0.037	0%	9%	0%	-18%	19%	$ 2,694,295.19
SSR	SSR Mining Inc.	16.26	11%	34%	104%	128%	49%	$ 57,206,358.16
PNR	Pantoro Limited	0.145	0%	49%	45%	237%	61%	$ 912,598,468.74
CMM	Capricorn Metals	7.92	2%	11%	34%	78%	26%	$ 3,279,303,933.74
X64	Ten Sixty Four Ltd	0.57	0%	0%	0%	0%	0%	$ 129,844,903.32
VRL	Verity Resources	0.017	0%	-6%	-58%	-79%	-15%	$ 2,380,733.49
HAW	Hawthorn Resources	0.044	-4%	5%	-28%	-47%	7%	$ 14,740,686.97
BGD	Bartongoldholdings	0.31	5%	17%	29%	24%	27%	$ 67,835,787.20
SVY	Stavely Minerals Ltd	0.021	11%	-5%	-25%	-30%	24%	$ 11,424,883.95
AGC	AGC Ltd	0.165	22%	22%	-45%	101%	6%	$ 42,338,541.63
RGL	Riversgold	0.005	0%	43%	25%	-38%	25%	$ 8,418,562.97
TSO	Tesoro Gold Ltd	0.031	13%	35%	3%	44%	55%	$ 49,709,249.31
GUE	Global Uranium	0.08	0%	-4%	54%	-38%	33%	$ 22,693,401.04
CPM	Coopermetalslimited	0.048	4%	-6%	-30%	-84%	4%	$ 3,761,071.20
MM8	Medallion Metals.	0.16	-3%	33%	186%	181%	33%	$ 73,534,536.89
FFM	Firefly Metals Ltd	0.99	-3%	3%	11%	92%	7%	$ 553,373,583.56
CBY	Canterbury Resources	0.025	-4%	9%	-31%	-4%	14%	$ 4,936,022.40
LYN	Lycaonresources	0.14	0%	-13%	-46%	-10%	56%	$ 7,417,875.22
SFR	Sandfire Resources	10.88	1%	10%	24%	48%	17%	$ 4,949,429,032.47
SMG	Silvermetalgroupltd	0.06	0%	0%	0%	0%	0%	$ 4,881,135.48
TAM	Tanami Gold NL	0.029	-3%	0%	-6%	0%	-3%	$ 32,902,717.29
NWM	Norwest Minerals	0.014	8%	-7%	-33%	-59%	0%	$ 6,549,113.39
ALK	Alkane Resources Ltd	0.63	1%	18%	47%	19%	24%	$ 384,519,101.42
BMO	Bastion Minerals	0.005	25%	25%	-17%	-50%	25%	$ 3,378,898.66
IDA	Indiana Resources	0.072	-3%	13%	45%	60%	18%	$ 46,919,469.43
GSM	Golden State Mining	0.0095	-5%	19%	-14%	-14%	19%	$ 2,514,335.67
NSM	Northstaw	0.027	35%	35%	107%	-17%	69%	$ 7,907,618.50
GSN	Great Southern	0.024	4%	33%	50%	26%	60%	$ 23,707,726.51
VAU	Vault Minerals Ltd	0.41	-1%	15%	12%	37%	24%	$ 2,789,014,086.62
DEG	De Grey Mining	2.09	-1%	7%	71%	73%	18%	$ 4,915,712,921.10
THR	Thor Energy PLC	0.014	27%	27%	0%	-46%	8%	$ 3,487,774.43
CDR	Codrus Minerals Ltd	0.018	-10%	20%	-31%	-62%	6%	$ 2,976,975.07
MDI	Middle Island Res	0.019	27%	36%	58%	19%	58%	$ 5,188,761.78
WTM	Waratah Minerals Ltd	0.175	-5%	17%	-55%	106%	13%	$ 36,429,749.82
POL	Polymetals Resources	0.765	-4%	-16%	206%	194%	-4%	$ 188,285,327.10
RDS	Redstone Resources	0.003	0%	0%	-25%	-25%	20%	$ 2,776,135.38
NAG	Nagambie Resources	0.018	20%	13%	29%	-25%	0%	$ 12,852,837.50
BGL	Bellevue Gold Ltd	1.185	-1%	8%	-11%	-17%	5%	$ 1,534,095,400.00
GBR	Greatbould Resources	0.074	17%	72%	64%	17%	72%	$ 50,100,622.04
KAI	Kairos Minerals Ltd	0.022	22%	69%	120%	57%	83%	$ 57,880,068.16
KAU	Kaiser Reef	0.18	16%	3%	24%	38%	13%	$ 45,606,848.00
HRZ	Horizon	0.069	0%	50%	68%	116%	73%	$ 142,590,923.07
CAI	Calidus Resources	0	-100%	-100%	-100%	-100%	-100%	$ 93,678,205.58
CDT	Castle Minerals	0.0025	-17%	25%	-29%	-62%	25%	$ 3,793,628.21
RSG	Resolute Mining	0.375	6%	-4%	-44%	4%	-5%	$ 766,458,004.68
MXR	Maximus Resources	0.068	6%	10%	134%	105%	17%	$ 28,728,775.30
EVN	Evolution Mining Ltd	6.36	2%	15%	49%	110%	32%	$ 12,692,006,681.20
CXU	Cauldron Energy Ltd	0.011	0%	-21%	-37%	-74%	-8%	$ 17,536,855.31
DLI	Delta Lithium	0.175	3%	-3%	-15%	-44%	3%	$ 125,394,813.60
ALY	Alchemy Resource Ltd	0.009	13%	29%	50%	13%	29%	$ 9,424,610.05
NH3	Nh3Cleanenergyltd	0.017	-11%	-11%	21%	31%	-6%	$ 10,442,490.92
OBM	Ora Banda Mining Ltd	0.94	-1%	32%	86%	276%	45%	$ 1,805,586,361.92
AVWDB	Avira Resources Ltd	0.009	-55%	-55%	-55%	-70%	-55%	$ 1,322,455.50
LCY	Legacy Iron Ore	0.01	0%	11%	-26%	-31%	0%	$ 97,620,425.84
PDI	Predictive Disc Ltd	0.335	-3%	24%	31%	68%	46%	$ 848,936,780.25
MAT	Matsa Resources	0.053	2%	29%	89%	96%	51%	$ 39,560,432.83
ZAG	Zuleika Gold Ltd	0.012	9%	-8%	-8%	-43%	-8%	$ 8,902,559.12
GML	Gateway Mining	0.022	-8%	5%	10%	-19%	5%	$ 8,994,046.49
SBM	St Barbara Limited	0.26	4%	6%	8%	73%	16%	$ 281,540,048.66
SBR	Sabre Resources	0.009	0%	29%	-25%	-57%	-10%	$ 3,536,657.40
STK	Strickland Metals	0.072	0%	-6%	-35%	-11%	-15%	$ 150,104,202.46
CEL	Challenger Gold Ltd	0.059	13%	18%	23%	-24%	26%	$ 99,576,641.18
GG8	Gorilla Gold Mines	0.27	20%	15%	140%	668%	4%	$ 151,390,254.42
NST	Northern Star	18.15	-1%	7%	25%	38%	18%	$ 20,473,271,078.21
OZM	Ozaurum Resources	0.11	-19%	244%	124%	41%	267%	$ 21,722,456.03
TG1	Techgen Metals Ltd	0.036	9%	20%	13%	-18%	3%	$ 5,711,965.56
XAM	Xanadu Mines Ltd	0.053	2%	18%	-7%	23%	8%	$ 101,346,470.47
AQI	Alicanto Min Ltd	0.039	8%	11%	129%	77%	5%	$ 32,229,433.09
KTA	Krakatoa Resources	0.01	0%	0%	11%	-33%	5%	$ 5,901,340.25
ARN	Aldoro Resources	0.35	25%	40%	349%	268%	-8%	$ 61,469,578.77
WGX	Westgold Resources.	2.5	1%	-5%	-17%	31%	-12%	$ 2,348,343,128.10
MBK	Metal Bank Ltd	0.014	-13%	-7%	1%	-21%	-7%	$ 6,964,425.97
A8G	Australasian Metals	0.069	0%	-14%	-31%	-22%	-13%	$ 3,994,391.03
TAR	Taruga Minerals	0.0105	5%	17%	50%	31%	5%	$ 7,060,267.85
DTR	Dateline Resources	0.003	-25%	-14%	-57%	-77%	-14%	$ 7,696,705.86
GOR	Gold Road Res Ltd	2.56	-1%	5%	41%	84%	25%	$ 2,829,295,044.90
S2R	S2 Resources	0.067	-4%	-12%	-36%	-50%	0%	$ 30,794,343.52
NES	Nelson Resources.	0.003	0%	0%	0%	-40%	0%	$ 6,515,782.98
TLM	Talisman Mining	0.185	-5%	-14%	-8%	-10%	-10%	$ 34,839,264.57
BEZ	Besragoldinc	0.045	-30%	-44%	-57%	-70%	-50%	$ 18,697,002.80
PRU	Perseus Mining Ltd	2.9	2%	8%	12%	72%	13%	$ 3,979,335,134.10
SPQ	Superior Resources	0.006	-14%	0%	-14%	-33%	0%	$ 13,019,182.79
PUR	Pursuit Minerals	0.07	-4%	-16%	-30%	-65%	-27%	$ 6,192,547.13
RMS	Ramelius Resources	2.73	5%	19%	31%	90%	32%	$ 3,038,115,507.37
PKO	Peako Limited	0.003	0%	20%	-25%	30%	0%	$ 4,463,225.88
ICG	Inca Minerals Ltd	0.006	0%	-14%	50%	0%	20%	$ 6,160,335.20
A1G	African Gold Ltd.	0.07	0%	21%	180%	135%	27%	$ 29,390,670.54
NMG	New Murchison Gold	0.011	-8%	10%	83%	100%	22%	$ 86,589,917.07
GNM	Great Northern	0.021	40%	40%	91%	24%	50%	$ 3,247,210.62
KRM	Kingsrose Mining Ltd	0.035	-3%	6%	-8%	6%	0%	$ 26,373,428.17
BTR	Brightstar Resources	0.021	5%	0%	24%	62%	5%	$ 239,529,476.97
RRL	Regis Resources	3.12	-3%	7%	85%	61%	22%	$ 2,319,316,643.38
M24	Mamba Exploration	0.014	0%	-18%	75%	-53%	17%	$ 3,289,401.86
TRM	Truscott Mining Corp	0.074	-1%	-10%	23%	49%	-5%	$ 13,784,296.32
TNC	True North Copper	0.365	-10%	-21%	-90%	-95%	-88%	$ 45,931,240.84
MOM	Moab Minerals Ltd	0.002	0%	0%	-60%	-71%	0%	$ 3,133,998.73
KNB	Koonenberrygold	0.032	-3%	68%	146%	42%	167%	$ 31,051,486.75
AWJ	Auric Mining	0.295	-5%	-9%	5%	146%	-13%	$ 44,686,011.30
ENR	Encounter Resources	0.25	-2%	-18%	-47%	2%	-23%	$ 117,216,194.97
SNG	Siren Gold	0.057	-5%	4%	-14%	-12%	-12%	$ 12,043,383.50
STN	Saturn Metals	0.24	-4%	9%	30%	71%	17%	$ 72,587,947.74
USL	Unico Silver Limited	0.215	-2%	13%	10%	122%	10%	$ 94,157,907.33
PNM	Pacific Nickel Mines	0.024	0%	0%	0%	-40%	0%	$ 10,103,834.52
AYM	Australia United Min	0.003	0%	50%	50%	0%	-25%	$ 5,527,732.46
ANL	Amani Gold Ltd	0	-100%	-100%	-100%	-100%	-100%	$ 21,449,587.12
HAV	Havilah Resources	0.205	-2%	-7%	8%	41%	-9%	$ 71,243,822.16
SPR	Spartan Resources	1.345	-1%	-5%	1%	179%	-5%	$ 1,676,655,558.09
PNT	Panthermetalsltd	0.017	143%	89%	-16%	-50%	55%	$ 3,474,390.68
MEK	Meeka Metals Limited	0.125	9%	14%	116%	238%	62%	$ 336,614,423.76
GMD	Genesis Minerals	3.3	2%	15%	51%	114%	34%	$ 3,577,929,535.32
PGO	Pacgold	0.074	23%	-3%	-26%	-49%	-1%	$ 9,070,349.32
FEG	Far East Gold	0.175	0%	0%	9%	25%	-3%	$ 64,229,804.28
MI6	Minerals260Limited	0.13	0%	0%	4%	-26%	0%	$ 30,420,000.00
IGO	IGO Limited	4.48	-8%	-18%	-11%	-36%	-6%	$ 3,498,577,296.06
GAL	Galileo Mining Ltd	0.145	7%	-6%	-9%	-40%	16%	$ 28,655,614.42
RXL	Rox Resources	0.265	18%	23%	89%	67%	33%	$ 170,207,337.44
PTN	Patronus Resources	0.062	-3%	7%	5%	-3%	27%	$ 101,518,663.85
CLZ	Classic Min Ltd	0.001	0%	0%	0%	-98%	0%	$ 1,544,025.56
TGM	Theta Gold Mines Ltd	0.165	3%	6%	10%	22%	-8%	$ 148,650,009.55
FAL	Falconmetalsltd	0.13	-4%	-4%	-53%	16%	13%	$ 23,010,000.00
SPD	Southernpalladium	0.47	19%	-20%	27%	7%	-22%	$ 40,927,500.00
ORN	Orion Minerals Ltd	0.014	0%	0%	-13%	0%	-7%	$ 95,906,269.45
TMB	Tambourahmetals	0.028	0%	12%	-27%	-73%	33%	$ 2,985,931.24
TMS	Tennant Minerals Ltd	0.013	-7%	18%	-35%	-58%	44%	$ 11,470,684.98
AZY	Antipa Minerals Ltd	0.038	6%	36%	217%	217%	46%	$ 211,108,107.08
PXX	Polarx Limited	0.008	0%	33%	0%	-37%	23%	$ 19,004,007.82
TRE	Toubani Res Ltd	0.155	11%	11%	-14%	29%	-9%	$ 35,488,793.65
AUN	Aurumin	0.065	0%	3%	86%	67%	-2%	$ 31,632,649.22
GPR	Geopacific Resources	0.021	-5%	0%	-6%	44%	5%	$ 70,014,237.17
FXG	Felix Gold Limited	0.16	3%	23%	264%	385%	90%	$ 46,046,894.04
ILT	Iltani Resources Lim	0.23	5%	10%	35%	28%	12%	$ 10,204,558.58
BRX	Belararoxlimited	0.155	3%	-9%	-49%	-47%	-11%	$ 22,314,437.52
TM1	Terra Metals Limited	0.029	-9%	-3%	-29%	-28%	4%	$ 12,229,051.86
TOR	Torque Met	0.105	13%	102%	0%	-38%	98%	$ 26,966,392.60
ARD	Argent Minerals	0.022	-4%	16%	38%	175%	29%	$ 31,804,090.56
LM1	Leeuwin Metals Ltd	0.125	-11%	4%	56%	37%	-11%	$ 7,836,407.00

Dreadnought Resources (ASX:DRE)

Chaired by former Silver Lake Resources boss Paul Chapman, now involved with two of 2025's new gold miners Black Cat Syndicate (ASX:BC8) and Meeka Metals (ASX:MEK), Dreadnought was previously intently focused on a rare earths discovery in WA's Gascoyne.

But the shifting tides of the resources market have seen the junior focus now on its high-grade Star of Mangaroon deposit, which contains 23,300oz at 12.8g/t.

The junior thinks it could deliver $50m in free cash flow at a gold price of $4600/oz, processing the ore at Black Cat's reopened Paulsens mine, which would generate internal financing for its larger exploration initiatives.

Miramar Resources (ASX:M2R)

Allan Kelly's Miramar raised $1.8m in a placement to sophisticated investors last week, returning to exploration at its Gidji JV just 15km north of Kalgoorlie, which sits adjacent to deposits held by Northern Star Resources.

“At the time, investors had little interest in gold exploration, so we suspended work at Gidji and instead focused on advancing our Gascoyne region projects until investor sentiment towards gold explorers improved,” Kelly said after the capital raise.

“As a result, we have multiple walk-up drill targets, including several shallow high-grade gold results, that require infill and/or extensional aircore drilling followed by systematic bedrock testing and this placement will enable us to kick-start those drilling programmes in a record gold price environment.

“We look forward to getting back out on the ground at Gidji and progressing this highly prospective emerging gold camp in a prime location."