Gold Digger: As gold demand rises, here’s how you find an outperformer

Gold is tipped to remain strong as inflows to ETFs surged in April, but which miners does Goldman Sachs see outperforming?

Some gold miners do better than others. Pic: Getty Images

• Gold ETF inflows soared in April, driven by Chinese investors

• State Street sees "bull case" of US$3500-3900/oz in 2025

• Goldman Sachs surveys Australia's best performing gold miners

Gold may have taken a tumble last night amid signs of normalisation in the US trade universe – a deal between the US and UK that keeps a 10% tariff in place but gives concessions for beef, steel and more – but even with a deal with China on the cards, asset managers remain gold bulls.

At over US$3300/oz, gold prices still clock in at over $5000/oz for Aussie miners, with exchange rates also in their favour.

Figures for April from the World Gold Council, following up the strongest first quarter since 2016 continue to show the demand from investors for the yellow metal.

ETFs recorded a fifth straight month of net inflows, adding US$11 billion in April, with global holdings lifting 115t to 3561t.

That's the highest level of gold held in global ETFs since August 2022 but 10% below the month-end record of 3915t in October 2020.

Intriguingly, it was Asian buyers that provided the most steam for the engine, accounting for 65% of net inflows.

Gold ETF inflows have surged since the election of Donald Trump. Pic: World Gold Council

Over US$378bn of assets under management are now held in ETFs, with Asian funds' US$7.3bn of inflows in the month of April the strongest on record, led strongly by China.

"The bulk of the demand came from China (Table 2), marking the third consecutive month of inflows and the strongest on record for the region. And more impressively, the April inflows have now surpassed those in Q1 and in full year 2024," the WGC said.

"In addition to the continued local gold price surge, demand was also driven by:

• The ongoing trade dispute with the US, which has raised fears of weaker growth, amplified equity volatility, and intensified expectations of the local currency depreciation
• Lower government bond yields, amid rising rate cut anticipations."

US ETFs added US$4.5bn, their second highest on record.

Despite the pause after gold prices hit a brief record of US$3500/t in the days post-tariff in April, forecasters continue to tip higher levels.

State Street Global Advisors say "there is a strong tactical and strategic case to be made that the gold market has transitioned to a higher price regime north of US$3000/oz."

They've loaded up a new baseline floor price of US$3000-3100/oz, with a base case of US$3100-3500/oz for 2025.

The bull case for H2 has been moved up to an even stronger US$3500-3900/oz.

"An extended global trade war – even if isolated to US-China – should buttress demand for gold as a haven and alt-fiat asset," State Street says.

Despite the recent move down they say post-Liberation Day trade policies have 'enhanced the case for gold investment'.

Are all gold stocks a good bet?

A rising tide may float all boats.

But not to the same level.

Goldman Sachs' Aussie analysts Hugo Nicolaci, Paul Young, Marcus Dosanjh and Isaac Brooke have put together a catalogue of measurements to assess the outperformers in the ASX mid and large caps.

Their most recent note extends GS' analysis to over 45 listed gold assets covering more than 85% of gold production in Australia by names listed here and offshore.

There are a few market-specific trends which Goldman, on record as like equities above spot gold for value at the moment, has noted across the sector.

"At a sector-level, we find AISC/cash cost increases continued to moderate in the Mar-25 Q, though UG mining costs continue to rise," they said.

"While costs remain well above PcP levels, we expect further moderation of nominal cost increases, affirmed by our recent Perth trip seeing >25 corporates (mostly gold) with labour cost inflation seen at ~2-3% (and turnover for some falling to ~5-10%, from ~20-40% Covid peaks, improving productivity), softening oil/diesel prices, and unit costs further supported by grade improvements and growth projects adding to produced ounces."

When it comes to companies, they like Capricorn Metals (ASX:CMM), citing "peer-leading cost performance" in both open pit mining and processing at the Karlawinda gold mine "adding a defensive buffer to our preferred mid-cap gold exposure".

Gold Road Resources (ASX:GOR), which just agreed to a $3.7bn takeover by its JV partner at the Gruyere gold mine, Gold Fields, is viewed as having strong cash cost performance, while Newmont Corporation (ASX:NEM) (buy) and Evolution Mining (ASX:EVN) (neutral) have the benefit of copper by-products that support their cost base.

Northern Star Resources (ASX:NST) is also rated by Goldman as a buy, with strip ratios coming down at the Super Pit in Kalgoorlie and a wall remediation that cut off access to high grade ore deep in the big hole now complete.

A number of mid-cap names also look attractive on their higher than reserve grade mining performance.

Regis Resources (ASX:RRL), notably, has been seeing improved steadily improving grades that are outperforming reserves, Goldman's analysts noted. GS remains sell rated on Regis however, with its $4.25 price target tracking well below the current market price of $4.82.

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	0.0085	6%	6%	0%	-23%	21%	$ 8,678,940.02
NPM	Newpeak Metals	0.013	8%	30%	8%	-31%	18%	$ 3,864,860.77
ASO	Aston Minerals Ltd	0.017	0%	21%	70%	55%	89%	$ 24,606,221.11
MTC	Metalstech Ltd	0.125	25%	26%	-14%	-51%	-11%	$ 25,046,595.12
GED	Golden Deeps	0.02	11%	5%	-34%	-50%	-20%	$ 3,188,262.62
G88	Golden Mile Res Ltd	0.011	0%	38%	-12%	0%	22%	$ 6,530,974.26
LAT	Latitude 66 Limited	0.047	-16%	-15%	-53%	-77%	24%	$ 6,739,833.14
NMR	Native Mineral Res	0.18	-3%	82%	414%	847%	362%	$ 159,001,115.22
AQX	Alice Queen Ltd	0.006	0%	33%	-25%	0%	-25%	$ 6,881,340.41
SLZ	Sultan Resources Ltd	0.006	-14%	-14%	-33%	-45%	0%	$ 1,388,819.46
KSN	Kingston Resources	0.089	-1%	13%	-6%	24%	25%	$ 76,441,805.98
AMI	Aurelia Metals Ltd	0.32	10%	49%	78%	73%	88%	$ 533,160,381.60
GIB	Gibb River Diamonds	0.035	-10%	3%	-5%	46%	-13%	$ 7,936,849.47
KCN	Kingsgate Consolid.	2.08	25%	48%	49%	31%	62%	$ 530,968,485.52
TMX	Terrain Minerals	0.003	0%	0%	-25%	-25%	0%	$ 6,675,669.80
BNR	Bulletin Res Ltd	0.076	12%	62%	81%	52%	95%	$ 22,608,225.87
NXM	Nexus Minerals Ltd	0.073	1%	4%	35%	3%	62%	$ 45,281,970.98
SKY	SKY Metals Ltd	0.048	-4%	14%	0%	23%	-11%	$ 34,113,751.97
LM8	Lunnonmetalslimited	0.215	0%	16%	-32%	-31%	-14%	$ 48,538,198.28
CST	Castile Resources	0.075	0%	4%	-4%	-18%	-6%	$ 22,931,143.50
YRL	Yandal Resources	0.18	24%	57%	-47%	64%	3%	$ 55,662,296.76
FAU	First Au Ltd	0.003	20%	50%	50%	50%	50%	$ 6,215,979.83
ARL	Ardea Resources Ltd	0.42	-5%	11%	6%	-36%	27%	$ 87,321,359.73
GWR	GWR Group Ltd	0.115	24%	35%	34%	5%	44%	$ 35,596,732.05
IVR	Investigator Res Ltd	0.022	-4%	5%	-48%	-57%	10%	$ 36,544,230.20
GTR	Gti Energy Ltd	0.003	0%	0%	-25%	-40%	-14%	$ 8,996,848.99
IPT	Impact Minerals	0.006	0%	50%	-47%	-74%	-36%	$ 22,215,979.58
BNZ	Benzmining	0.385	1%	13%	33%	148%	12%	$ 60,463,801.50
MOH	Moho Resources	0.004	0%	14%	-43%	-20%	-20%	$ 2,923,498.30
BCM	Brazilian Critical	0.009	0%	29%	0%	-64%	0%	$ 9,566,627.29
PUA	Peak Minerals Ltd	0.013	44%	30%	123%	439%	68%	$ 36,495,176.77
MRZ	Mont Royal Resources	0.041	0%	0%	-9%	-23%	-5%	$ 3,486,221.51
SMS	Starmineralslimited	0.025	-4%	0%	-44%	-11%	-31%	$ 3,795,166.33
MVL	Marvel Gold Limited	0.015	7%	25%	25%	67%	67%	$ 15,116,337.31
PRX	Prodigy Gold NL	0.002	0%	33%	-33%	-10%	0%	$ 6,350,111.10
AAU	Antilles Gold Ltd	0.004	0%	0%	33%	-64%	33%	$ 8,505,470.73
CWX	Carawine Resources	0.097	1%	-8%	-16%	-8%	-3%	$ 22,904,168.55
RND	Rand Mining Ltd	1.91	1%	11%	-3%	22%	26%	$ 108,633,085.51
CAZ	Cazaly Resources	0.016	0%	7%	14%	-6%	14%	$ 6,919,544.87
BMR	Ballymore Resources	0.145	16%	32%	7%	4%	21%	$ 28,276,893.60
DRE	Dreadnought Resources Ltd	0.014	0%	17%	-13%	-18%	17%	$ 67,821,635.90
ZNC	Zenith Minerals Ltd	0.044	-2%	-20%	0%	-41%	10%	$ 18,334,863.99
REZ	Resourc & En Grp Ltd	0.019	-10%	-21%	-34%	46%	-17%	$ 13,432,782.44
LEX	Lefroy Exploration	0.08	1%	1%	5%	-20%	14%	$ 18,879,930.49
ERM	Emmerson Resources	0.14	0%	17%	122%	180%	82%	$ 95,342,831.85
AM7	Arcadia Minerals	0.018	0%	20%	-49%	-75%	-5%	$ 2,112,901.79
ADT	Adriatic Metals	3.9	-6%	3%	-6%	-12%	0%	$ 1,185,253,699.50
AS1	Asara Resources Ltd	0.04	-15%	-15%	100%	233%	111%	$ 51,204,769.93
CYL	Catalyst Metals	6.08	11%	2%	98%	611%	136%	$ 1,431,667,350.08
CHN	Chalice Mining Ltd	1.13	4%	25%	-28%	-14%	2%	$ 429,874,600.74
KAL	Kalgoorliegoldmining	0.043	0%	-33%	115%	65%	139%	$ 17,165,797.97
MLS	Metals Australia	0.0195	-3%	3%	-30%	-7%	-15%	$ 13,845,670.96
ADN	Andromeda Metals Ltd	0.017	-32%	143%	183%	-6%	143%	$ 58,288,370.71
MEI	Meteoric Resources	0.099	0%	41%	-6%	-55%	16%	$ 222,001,964.29
SRN	Surefire Rescs NL	0.003	0%	0%	-25%	-73%	-14%	$ 7,248,923.44
WA8	Warriedarresourltd	0.105	25%	81%	110%	69%	139%	$ 105,257,020.99
HMX	Hammer Metals Ltd	0.036	24%	50%	-5%	-8%	9%	$ 31,071,554.50
WCN	White Cliff Min Ltd	0.034	70%	127%	89%	113%	113%	$ 57,429,622.44
AVM	Advance Metals Ltd	0.044	-21%	22%	13%	91%	29%	$ 9,845,602.36
ASR	Asra Minerals Ltd	0.0025	25%	-17%	-29%	-64%	-17%	$ 5,412,093.66
ARI	Arika Resources	0.028	4%	56%	27%	40%	4%	$ 20,272,276.42
CTO	Citigold Corp Ltd	0.004	0%	0%	0%	-43%	0%	$ 12,000,000.00
SMI	Santana Minerals Ltd	0.575	11%	21%	-11%	55%	19%	$ 415,563,238.13
M2R	Miramar	0.003	0%	0%	-50%	-65%	0%	$ 2,990,469.86
MHC	Manhattan Corp Ltd	0.017	6%	0%	-58%	-49%	-11%	$ 3,993,281.27
GRL	Godolphin Resources	0.01	11%	11%	-41%	-58%	-31%	$ 4,488,733.12
SVG	Savannah Goldfields	0.026	4%	86%	41%	6%	41%	$ 20,873,048.93
EMC	Everest Metals Corp	0.15	15%	0%	15%	67%	11%	$ 33,619,688.25
GUL	Gullewa Limited	0.082	-11%	55%	17%	49%	46%	$ 18,095,840.28
CY5	Cygnus Metals Ltd	0.084	4%	-1%	-40%	2%	-16%	$ 72,210,192.04
G50	G50Corp Ltd	0.1	-9%	-5%	-33%	-44%	-35%	$ 16,059,765.90
ADV	Ardiden Ltd	0.145	4%	4%	7%	-9%	7%	$ 9,065,038.37
AAR	Astral Resources NL	0.16	3%	10%	14%	135%	19%	$ 226,788,498.88
VMC	Venus Metals Cor Ltd	0.11	10%	16%	51%	20%	64%	$ 21,574,155.13
NAE	New Age Exploration	0.004	0%	0%	-20%	0%	14%	$ 11,967,295.10
VKA	Viking Mines Ltd	0.007	0%	0%	-42%	-42%	-13%	$ 10,751,589.99
LCL	LCL Resources Ltd	0.007	0%	17%	-22%	-36%	-30%	$ 8,363,688.95
MTH	Mithril Silver Gold	0.375	9%	17%	-6%	88%	-6%	$ 53,932,503.14
ADG	Adelong Gold Limited	0.007	17%	40%	75%	75%	56%	$ 8,384,917.19
RMX	Red Mount Min Ltd	0.008	0%	14%	-20%	-20%	-11%	$ 3,254,704.57
PRS	Prospech Limited	0.027	-4%	13%	-4%	-40%	-7%	$ 8,878,298.95
TTM	Titan Minerals	0.4	0%	3%	-18%	54%	5%	$ 106,889,339.46
AKA	Aureka Limited	0.13	-4%	-7%	-99%	-99%	-4%	$ 11,267,838.56
AAM	Aumegametals	0.036	0%	-13%	-28%	-50%	-14%	$ 22,352,182.55
KZR	Kalamazoo Resources	0.089	10%	16%	2%	-2%	20%	$ 19,745,416.53
BCN	Beacon Minerals	0.028	4%	12%	27%	-3%	27%	$ 118,339,072.38
MAU	Magnetic Resources	1.46	1%	9%	25%	33%	32%	$ 406,924,874.08
BC8	Black Cat Syndicate	0.96	2%	6%	79%	243%	70%	$ 686,304,790.21
EM2	Eagle Mountain	0.005	0%	0%	-87%	-92%	-44%	$ 5,675,186.45
EMR	Emerald Res NL	4.58	13%	19%	19%	31%	41%	$ 3,043,842,645.34
BYH	Bryah Resources Ltd	0.005	25%	25%	25%	-33%	67%	$ 4,349,767.61
HCH	Hot Chili Ltd	0.47	2%	3%	-43%	-58%	-33%	$ 75,798,074.50
WAF	West African Res Ltd	2.51	9%	14%	51%	73%	75%	$ 2,860,913,692.52
MEU	Marmota Limited	0.041	-2%	14%	14%	-5%	5%	$ 48,310,537.39
NVA	Nova Minerals Ltd	0.325	-2%	41%	59%	35%	-12%	$ 106,589,147.61
SVL	Silver Mines Limited	0.097	-3%	10%	-3%	-45%	24%	$ 177,977,539.20
PGD	Peregrine Gold	0.15	2%	-19%	-6%	-32%	7%	$ 12,727,161.15
ICL	Iceni Gold	0.054	-8%	-23%	8%	-39%	-24%	$ 17,915,357.78
FG1	Flynngold	0.025	14%	14%	-17%	-11%	0%	$ 9,782,911.75
WWI	West Wits Mining Ltd	0.019	0%	19%	36%	36%	36%	$ 52,502,334.46
RML	Resolution Minerals	0.0095	19%	36%	-41%	-41%	-21%	$ 5,257,868.55
AAJ	Aruma Resources Ltd	0.01	11%	11%	-38%	-33%	-17%	$ 2,498,154.43
HWK	Hawk Resources.	0.018	-5%	-10%	-40%	-60%	-18%	$ 4,876,730.08
GMN	Gold Mountain Ltd	0.002	0%	0%	0%	-50%	-33%	$ 9,591,959.88
MEG	Megado Minerals Ltd	0.011	10%	-15%	-18%	5%	-35%	$ 4,616,515.88
HMG	Hamelingoldlimited	0.099	10%	41%	10%	30%	55%	$ 19,490,625.00
BM8	Battery Age Minerals	0.053	-12%	-12%	-46%	-47%	-50%	$ 6,313,934.89
TBR	Tribune Res Ltd	5.12	-1%	10%	6%	22%	19%	$ 268,636,554.24
FML	Focus Minerals Ltd	0.24	0%	9%	30%	100%	41%	$ 63,042,901.90
VRC	Volt Resources Ltd	0.005	11%	11%	25%	0%	67%	$ 23,423,889.92
ARV	Artemis Resources	0.007	0%	-13%	-50%	-56%	-13%	$ 17,699,705.16
HRN	Horizon Gold Ltd	0.55	21%	25%	25%	83%	15%	$ 70,971,562.27
CLA	Celsius Resource Ltd	0.008	14%	14%	-20%	-20%	-27%	$ 20,352,998.40
QML	Qmines Limited	0.039	-7%	-9%	-38%	-43%	-28%	$ 16,512,761.11
RDN	Raiden Resources Ltd	0.005	0%	25%	-84%	-89%	-55%	$ 17,254,457.21
TCG	Turaco Gold Limited	0.45	5%	18%	45%	109%	76%	$ 406,071,657.45
KCC	Kincora Copper	0.031	-6%	19%	-14%	-11%	15%	$ 7,815,689.21
GBZ	GBM Rsources Ltd	0.009	13%	29%	13%	-10%	13%	$ 10,539,629.80
DTM	Dart Mining NL	0.003	-40%	-33%	-70%	-88%	-67%	$ 3,438,819.57
MKR	Manuka Resources.	0.035	-8%	30%	-8%	-49%	25%	$ 28,376,868.42
AUC	Ausgold Limited	0.645	22%	29%	29%	139%	54%	$ 226,662,065.73
ANX	Anax Metals Ltd	0.007	27%	0%	-30%	-83%	-42%	$ 7,062,460.54
EMU	EMU NL	0.025	19%	4%	-7%	-6%	-7%	$ 4,065,629.59
SFM	Santa Fe Minerals	0.037	0%	-3%	23%	-18%	19%	$ 2,694,295.19
PNR	Pantoro Gold Limited	3.26	16%	39%	74%	126%	113%	$ 1,288,439,329.45
CMM	Capricorn Metals	9.72	7%	14%	56%	103%	55%	$ 4,192,739,422.83
X64	Ten Sixty Four Ltd	0	-100%	-100%	-100%	-100%	-100%	$ 129,844,903.32
VRL	Verity Resources	0.022	29%	69%	-25%	-62%	13%	$ 5,932,822.87
HAW	Hawthorn Resources	0.054	15%	29%	-8%	-23%	32%	$ 20,435,952.39
BGD	Bartongoldholdings	0.555	18%	50%	95%	82%	127%	$ 123,692,442.51
SVY	Stavely Minerals Ltd	0.011	-15%	-35%	-62%	-59%	-35%	$ 6,528,505.12
AGC	AGC Ltd	0.145	0%	0%	-31%	56%	-6%	$ 39,772,569.41
RGL	Riversgold	0.0045	13%	13%	50%	-25%	13%	$ 8,418,562.97
TSO	Tesoro Gold Ltd	0.027	-4%	0%	13%	-37%	35%	$ 52,427,723.58
GUE	Global Uranium	0.06	-5%	13%	-14%	-43%	0%	$ 28,308,775.82
CPM	Coopermetalslimited	0.042	5%	14%	-14%	-63%	-9%	$ 3,290,937.30
MM8	Medallion Metals.	0.25	11%	4%	221%	363%	108%	$ 122,083,970.85
FFM	Firefly Metals Ltd	0.905	17%	23%	-26%	7%	-2%	$ 499,767,392.73
CBY	Canterbury Resources	0.018	-14%	-28%	-28%	-74%	-18%	$ 4,048,817.92
SLA	Solara Minerals	0.115	-12%	10%	-52%	-63%	28%	$ 6,378,330.53
SFR	Sandfire Resources	10.25	4%	17%	-3%	5%	10%	$ 4,746,803,032.40
TAM	Tanami Gold NL	0.036	3%	24%	22%	-3%	20%	$ 43,478,590.70
NWM	Norwest Minerals	0.013	8%	69%	-11%	-61%	8%	$ 6,306,553.63
ALK	Alkane Resources Ltd	0.79	1%	22%	53%	34%	55%	$ 490,488,932.52
BMO	Bastion Minerals	0.003	0%	0%	-50%	-67%	-25%	$ 2,710,882.69
IDA	Indiana Resources	0.08	4%	8%	40%	82%	31%	$ 50,133,131.72
GSM	Golden State Mining	0.007	0%	-13%	-22%	-36%	-13%	$ 1,955,594.41
NSM	Northstaw	0.043	2%	16%	207%	39%	169%	$ 11,768,089.50
GSN	Great Southern	0.022	10%	10%	47%	16%	47%	$ 22,926,498.67
VAU	Vault Minerals Ltd	0.47	9%	12%	32%	4%	42%	$ 3,299,199,590.27
DEG	De Grey Mining	2.46	0%	13%	71%	102%	39%	$ 5,915,063,112.00
THR	Thor Energy PLC	0.011	-8%	10%	-27%	-35%	-15%	$ 7,818,688.19
CDR	Codrus Minerals Ltd	0.032	39%	100%	60%	-26%	88%	$ 5,292,400.13
MDI	Middle Island Res	0.018	0%	20%	6%	6%	50%	$ 5,786,248.34
WTM	Waratah Minerals Ltd	0.305	56%	107%	17%	165%	97%	$ 61,931,520.63
POL	Polymetals Resources	0.86	1%	13%	6%	207%	8%	$ 224,157,309.30
RDS	Redstone Resources	0.005	-17%	67%	67%	67%	100%	$ 5,552,270.76
NAG	Nagambie Resources	0.022	16%	38%	47%	83%	22%	$ 16,869,349.22
BGL	Bellevue Gold Ltd	0.975	11%	-15%	-32%	-44%	-13%	$ 1,432,036,323.79
GBR	Greatbould Resources	0.069	-1%	-10%	64%	10%	60%	$ 53,983,317.04
KAI	Kairos Minerals Ltd	0.02	0%	0%	25%	67%	67%	$ 55,249,155.97
KAU	Kaiser Reef	0.18	6%	20%	6%	44%	13%	$ 60,266,192.00
HRZ	Horizon	0.058	5%	5%	32%	45%	45%	$ 124,136,586.14
CDT	Castle Minerals	0.071	27%	-21%	-21%	-53%	18%	$ 6,960,574.20
RSG	Resolute Mining	0.6	20%	46%	-10%	38%	52%	$ 1,288,075,257.87
MXR	Maximus Resources	0	-100%	-100%	-100%	-100%	-100%	$ 33,424,752.21
EVN	Evolution Mining Ltd	8.63	12%	28%	77%	127%	79%	$ 17,300,550,378.24
CXU	Cauldron Energy Ltd	0.008	-11%	0%	-47%	-79%	-33%	$ 13,152,641.48
DLI	Delta Lithium	0.21	20%	40%	-14%	-35%	24%	$ 154,056,485.28
ALY	Alchemy Resource Ltd	0.006	0%	0%	0%	-14%	-14%	$ 7,068,457.54
NH3	Nh3Cleanenergyltd	0.027	0%	35%	17%	29%	50%	$ 14,115,119.63
OBM	Ora Banda Mining Ltd	1.105	8%	10%	31%	245%	70%	$ 2,203,561,188.27
AVW	Avira Resources Ltd	0.007	0%	-13%	-65%	-77%	-65%	$ 1,281,789.10
LCY	Legacy Iron Ore	0.008	-20%	-11%	-36%	-45%	-20%	$ 78,096,340.67
PDI	Predictive Disc Ltd	0.365	0%	6%	38%	78%	59%	$ 995,729,470.18
MAT	Matsa Resources	0.067	12%	22%	43%	123%	91%	$ 47,642,679.37
ZAG	Zuleika Gold Ltd	0.012	0%	20%	-29%	-37%	-8%	$ 9,644,439.05
GML	Gateway Mining	0.029	-3%	12%	12%	93%	38%	$ 11,855,788.56
SBM	St Barbara Limited	0.32	7%	52%	-3%	28%	42%	$ 346,510,829.12
SBR	Sabre Resources	0.008	14%	33%	-27%	-56%	-20%	$ 3,155,695.46
STK	Strickland Metals	0.105	18%	28%	28%	5%	24%	$ 221,711,260.11
CEL	Challenger Gold Ltd	0.083	4%	51%	51%	17%	77%	$ 136,931,244.31
GG8	Gorilla Gold Mines	0.515	16%	29%	124%	1365%	98%	$ 341,727,714.85
NST	Northern Star	19.77	4%	1%	18%	35%	28%	$ 28,451,592,142.74
OZM	Ozaurum Resources	0.082	-11%	-17%	128%	39%	173%	$ 18,549,151.71
TG1	Techgen Metals Ltd	0.0245	29%	-2%	-13%	-23%	-30%	$ 3,173,314.20
XAM	Xanadu Mines Ltd	0.047	-18%	-19%	-13%	-30%	-4%	$ 97,522,075.36
AQI	Alicanto Min Ltd	0.03	0%	7%	-6%	36%	-19%	$ 25,444,289.28
KTA	Krakatoa Resources	0.01	0%	11%	-9%	-44%	5%	$ 6,201,340.25
ARN	Aldoro Resources	0.365	4%	9%	324%	462%	-4%	$ 68,496,191.23
WGX	Westgold Resources.	2.91	5%	6%	0%	32%	3%	$ 2,772,742,488.60
MBK	Metal Bank Ltd	0.011	-8%	-21%	-50%	-44%	-27%	$ 5,472,048.98
A8G	Australasian Metals	0.07	0%	8%	-10%	-13%	-11%	$ 3,994,391.03
TAR	Taruga Minerals	0.009	-10%	13%	-31%	13%	-10%	$ 7,060,267.85
DTR	Dateline Resources	0.036	300%	620%	800%	260%	929%	$ 110,622,744.80
GOR	Gold Road Res Ltd	3.28	8%	7%	80%	109%	60%	$ 3,585,116,898.00
S2R	S2 Resources	0.094	-4%	-3%	29%	-22%	40%	$ 43,927,225.32
NES	Nelson Resources.	0.003	0%	0%	50%	0%	0%	$ 6,515,782.98
TLM	Talisman Mining	0.175	3%	17%	-26%	-41%	-15%	$ 32,014,459.33
BEZ	Besragoldinc	0.045	-2%	13%	-42%	-51%	-50%	$ 17,450,535.94
PRU	Perseus Mining Ltd	3.61	7%	13%	39%	55%	40%	$ 4,956,455,807.49
SPQ	Superior Resources	0.0045	0%	-18%	-36%	-55%	-25%	$ 9,483,930.90
PUR	Pursuit Minerals	0.037	-14%	-18%	-75%	-84%	-61%	$ 3,989,358.52
RMS	Ramelius Resources	2.87	8%	21%	33%	42%	39%	$ 3,337,759,895.04
PKO	Peako Limited	0.0025	-17%	-17%	-17%	-35%	-17%	$ 3,719,354.90
ICG	Inca Minerals Ltd	0.005	0%	0%	-17%	-17%	0%	$ 8,573,313.84
A1G	African Gold Ltd.	0.135	0%	29%	78%	419%	145%	$ 64,802,676.51
NMG	New Murchison Gold	0.015	-6%	0%	50%	200%	67%	$ 157,613,601.71
GNM	Great Northern	0.016	14%	23%	23%	45%	14%	$ 2,164,807.08
KRM	Kingsrose Mining Ltd	0.033	0%	3%	-11%	-6%	-6%	$ 24,112,848.61
BTR	Brightstar Resources	0.6	30%	20%	-2%	33%	20%	$ 295,360,920.00
RRL	Regis Resources	4.85	11%	15%	91%	129%	90%	$ 3,671,621,787.24
M24	Mamba Exploration	0.012	0%	9%	0%	-45%	0%	$ 3,541,987.32
TRM	Truscott Mining Corp	0.06	0%	-8%	-23%	-4%	-23%	$ 11,486,913.60
TNC	True North Copper	0.185	-3%	-16%	-94%	-97%	-94%	$ 18,875,852.40
MOM	Moab Minerals Ltd	0.0015	0%	-25%	-63%	-70%	-25%	$ 2,600,499.05
KNB	Koonenberrygold	0.085	20%	89%	507%	431%	608%	$ 74,367,372.38
AWJ	Auric Mining	0.23	2%	-12%	-27%	39%	-32%	$ 34,259,275.33
ENR	Encounter Resources	0.19	3%	-3%	-46%	-47%	-42%	$ 94,770,540.61
SNG	Siren Gold	0.056	4%	17%	-25%	-21%	-14%	$ 12,043,383.50
STN	Saturn Metals	0.275	-5%	25%	8%	15%	34%	$ 122,522,838.65
USL	Unico Silver Limited	0.215	0%	8%	-16%	34%	10%	$ 100,727,063.65
PNM	Pacific Nickel Mines	0.024	0%	0%	0%	-4%	0%	$ 10,103,834.52
AYM	Australia United Min	0.003	50%	50%	0%	0%	-25%	$ 3,685,154.97
ANL	Amani Gold Ltd	0	-100%	-100%	-100%	-100%	-100%	$ 21,449,587.12
HAV	Havilah Resources	0.17	-3%	0%	-17%	-15%	-24%	$ 59,369,851.80
SPR	Spartan Resources	2.22	7%	19%	69%	283%	57%	$ 2,857,891,250.09
PNT	Panthermetalsltd	0.015	-6%	0%	-32%	-45%	36%	$ 4,212,663.67
MEK	Meeka Metals Limited	0.145	0%	4%	123%	292%	88%	$ 377,215,150.50
GMD	Genesis Minerals	4.36	13%	21%	95%	143%	77%	$ 4,914,163,375.50
PGO	Pacgold	0.08	0%	21%	-11%	-45%	7%	$ 10,516,347.04
FEG	Far East Gold	0.155	3%	29%	-16%	11%	-14%	$ 56,889,255.22
MI6	Minerals260Limited	0.135	13%	4%	4%	-7%	4%	$ 279,089,999.96
IGO	IGO Limited	4.15	7%	26%	-22%	-47%	-13%	$ 3,082,079,998.91
GAL	Galileo Mining Ltd	0.115	5%	-12%	-15%	-56%	-8%	$ 22,726,866.61
RXL	Rox Resources	0.315	-13%	-10%	85%	91%	58%	$ 210,401,543.72
PTN	Patronus Resources	0.058	-9%	-2%	-12%	-3%	18%	$ 99,881,266.04
CLZ	Classic Min Ltd	0.001	0%	0%	0%	-88%	0%	$ 1,544,025.56
TGM	Theta Gold Mines Ltd	0.135	-4%	0%	-27%	-13%	-25%	$ 118,722,864.51
FAL	Falconmetalsltd	0.115	5%	20%	-26%	-21%	0%	$ 21,240,000.00
SPD	Southernpalladium	0.23	7%	-31%	-67%	-54%	-62%	$ 22,282,750.00
ORN	Orion Minerals Ltd	0.012	-8%	-8%	-29%	-33%	-20%	$ 75,354,926.00
TMB	Tambourahmetals	0.025	-4%	-11%	-19%	-63%	19%	$ 2,822,161.10
TMS	Tennant Minerals Ltd	0.007	0%	-33%	-46%	-67%	-22%	$ 8,603,013.74
AZY	Antipa Minerals Ltd	0.485	1%	24%	120%	341%	87%	$ 278,593,952.69
PXX	Polarx Limited	0.008	0%	23%	-11%	-38%	23%	$ 21,379,508.80
TRE	Toubani Res Ltd	0.27	-7%	42%	-4%	145%	59%	$ 73,331,911.61
AUN	Aurumin	0.075	23%	32%	17%	92%	14%	$ 37,069,510.80
GPR	Geopacific Resources	0.021	0%	11%	-25%	-6%	5%	$ 63,649,306.52
FXG	Felix Gold Limited	0.16	-6%	3%	100%	105%	90%	$ 52,625,021.76
ILT	Iltani Resources Lim	0.25	-4%	25%	47%	32%	22%	$ 11,313,749.73
BRX	Belararoxlimited	0.08	-11%	-56%	-64%	-68%	-54%	$ 12,521,788.32
TM1	Terra Metals Limited	0.027	4%	-4%	-31%	-54%	-4%	$ 11,006,146.67
TOR	Torque Met	0.099	4%	32%	48%	-29%	87%	$ 25,348,409.04
ARD	Argent Minerals	0.02	-5%	5%	-23%	11%	18%	$ 30,358,450.08
LM1	Leeuwin Metals Ltd	0.17	10%	13%	127%	154%	21%	$ 17,641,117.20
SX2	Southgold Consol	5.7	9%	24%	0%	0%	0%	$ 793,848,491.94

Dateline Resources (ASX:DTR)

Much like last week, Dateline Resources enjoyed outsized gains after Donald Trump called out its permitting success with the Bureau of Land Management, which confirmed its right to mine the 1.1Moz Colosseum gold mine in California.

Strangely it seems to be the as yet untested rare earths potential of the operation which really has the US President buzzing.

Once owned by Barrick, Colosseum is a historic gold producer but sits just 10km from Mountain Pass, the US' only operating rare earths mine.

Dateline announced on Monday that it was preparing to conduct drilling for rare earths are the project where a gold feasibility study is also ongoing.

White Cliff Minerals (ASX:WCN)

A thick intercept of good grade copper has WCN's tail up, striking 175m at 2.5% Cu & 8.66g/t silver from 7.6m, including 14m at 7.55% Cu & 25.8g/t Ag from 138m at the Rae project in Canada's Nunavut province.

The hit included 3.9% Cu & 14.96g/t Ag over its last 60m and 4.46% copper at the end of the hole.

A second hole delivered 52m at 1.16% Cu & 3.43g/t Ag from surface, including 7.6m at 3% Cu & 9.5g/t Ag from 18.28m, with more assays from the first pending.

It demonstrates the potential for WCN to grow an existing non-JORC compliant resource and the copper and silver rich site.

White Cliff called the strike at Danvers "globally significant".

"DAN25008 was prioritised for assay due to the abundance of visual sulphides observed during drilling, and these results have underpinned our confidence in those visuals prevalent in the Company’s prior work," MD Troy Whittaker said.

"We believe this drill hole ranks among the most significant copper intersections globally within the last 50 years and comfortably sits within the top 10 globally reported “grade-metre” copper results.

"This discovery and outstanding results from Danvers is a clear testament to our technical team’s expertise and geological understanding, in particular the professionalism and persistence of Olga Solovieva and Sam Vaughan.

"To illustrate the magnitude of this result, the DAN25001 intercept of 52m at 1.2% Cu - a strong result in its own right - now appears modest when viewed alongside the 175m @ 2.5% Cu from DAN25008. In the context of global copper supply constraints, the Company is well positioned to leverage these results with mineralisation from surface, supporting potential open pit mining activities and an open water port less than 80km from the deposit."

At Stockhead, we tell it like it is. While White Cliff Minerals is a Stockhead advertiser, it did not sponsor this article.

Originally published as Gold Digger: As gold demand rises, here’s how you find an outperformer