Gold Digger: How a ‘doom loop’ could drive gold higher again in 2026
Will gold prices continue to rip in 2026? The World Gold Council sees the case for more outsized gains if we wind up in a ‘doom loop’.
Gold could rise up to 15-30% again in 2026 if world's economy hits a 'doom loop', says World Gold Council
More bearish scenarios a possibility as well, but geopolitical uncertainty provides a good base for bullion
African gold M&A sends share prices flying
Gold could rise as much as 15-30% in 2026 if the world economy falls into a "doom loop", according to the World Gold Council.
While it doesn't tip prices, the industry body remains optimistic about the outlook for bullion despite clocking more than 50 record highs this year and sitting close to its peak at US$4206/oz.
The laws of gravity suggest what goes up must go down, but after a ~61% run this year – the best since 1979 – there's still no suggestion the fundamentals underpinning record gold prices are subsiding.
To be clear, the doom loop is just one of three potential scenarios the WGC is modelling.
A moderately bullish one suggests a mild economic slowdown with lower US interest rates, a softer US dollar and rising risk aversion, sending gold 5-15% higher depending on how far and deep the US Fed cuts rates.
A bearish scenario would see gold correct 5-20% should reflation set in stronger than expected, pushing yields and the US dollar higher, crimping retail demand.
That bullish 'doom loop' scenario suggests a deeper market downturn leading to sharply falling yields, heightened geopolitical stress after an already tense 2025 and a flight to safety.
A gold miner can only dream.
Or can they? Where does the World Gold Council think we could be going in 2026?
Push ahead or pull back
Markets are largely pricing in a continuation of the status quo, according to the WGC's analysts.
But with geopolitical uncertainty still high, it's difficult to ascertain what will unfold. Indeed, the WGC's owns Gold Return Attribution Model assigns 12 percentage points of gold's 2025 return to geopolitical risk, on top of four attributed to a weaker US dollar.
"This underscores the outsized influence of politics and macro uncertainty on gold’s performance so far during Trump’s second term," the WGC said.
"Further, price momentum and investor positioning contributed nine percentage points, while economic growth added 10 points."
Gold is also sensitive to 'unforeseen events' like Donald Trump's Liberation Day tariffs on April 2, which roiled equity markets and sent investors flocking to safe assets.
"Looking ahead to 2026, markets are largely pricing in a continuation of the status quo, but divergences in macro data laden with a heavy geoeconomic blanket, mean that uncertainty will remain high," the WGC says.
"Concerns about a softening US labour market are mounting, while debates persist over whether inflation will stay stubbornly high or face renewed upward pressure. At the same time, and despite some progress, geopolitical frictions continue to simmer."
Shallow slip
In the shallow slip scenario outlined in the report titled Push Ahead or Pull Back, the WGC has considered a world where the US labour market softens and heat comes out of AI-inflated US equities.
"Our analysis shows that, in this environment, gold could rise 5%-15% in 2026 from current levels, depending on the severity of the economic slowdown, and the speed and magnitude of the rate cuts," the WGC says.
"This would represent a solid return in a normal year, but following 2025’s strong performance, it would still be considered a noteworthy follow-up. The combination of lower interest rates and a weaker dollar – both of which remain cyclically high – have historically been a source of support for gold.
"In addition, continued strategic central bank buying and potential new investment entrants, such as insurance companies in China or pension funds in India, could further support gold’s positive trend even if the economic environment remains relatively benign."
Doom loop
A deeper, more synchronised slowdown which sees businesses scale back investing and households cut spending could lead to a scenario that is even more bullish for gold.
"US growth weakens further, and inflation falls below target, prompting the Fed to cut rates aggressively. Long-term yields decline sharply, and the US dollar softens as policy eases, contributing to softer global trade and broad commodity weakness," the WGC says.
That situation could create "exceptionally strong tailwinds" for bullion.
"Investment demand, particularly via gold ETFs would remain a key driver, offsetting weakness in other areas of the market, such as jewellery or technology. Rising prices have historically spurred investor interest, accelerating momentum," the group said, noting there is more room for investors to join the run on gold.
"Global gold ETFs have seen US$77bn of inflows so far this year, adding more than 700t to their holdings.
"Even if we move the starting point back further to May 2024, collective gold ETF holdings are up by approximately 850t. This figure is less than half of what we have seen in previous gold bull cycles leaving ample room for growth."
Reflation
The prospect of a correction, of course, can't be discounted, though even if gold comes off 5-20% as the WGC suggests it could, equities will still be sitting on good margins.
If reflation takes place, investors could become risk-on and rotate into equities and assets with high yields. But there could be a buffer.
"However, historical analysis also shows that opportunistic buying from consumers and long-term investors could act as a buffer in this kind of environment," the WGC says.
"Despite this, the combination of higher opportunity costs, risk-on sentiment, and negative price momentum could create challenging conditions for gold, reinforcing this as the most bearish scenario in our outlook."
There remain wildcards. Central bank demand remains strong and even with record net inflows in the past three years, emerging market central banks continue to hold a much lower share of their overall reserves than advanced economies in bullion.
Meanwhile, recycling has been less pronounced than may be expected at current prices, with gold's use as collateral against loans in places like India curbing the impulse to liquidate and cash in.
While a bearish scenario is plausible, the WGC suggests investors will continue to maintain gold exposure in the face of serious macroeconomic uncertainty.
Winners and 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 | 0.0115 | 5% | -12% | 28% | 44% | 64% | $ 11,933,542.53 |
| NPM | Newpeak Metals | 0.021 | -9% | -9% | 75% | 91% | 91% | $ 6,582,866.48 |
| MTC | Metalstech Ltd | 0.27 | 2% | 2% | 108% | 170% | 93% | $ 63,314,163.60 |
| GED | Golden Deeps | 0.058 | 7% | 5% | 142% | 87% | 132% | $ 13,224,413.31 |
| G88 | Golden Mile Res Ltd | 0.007 | -13% | -22% | -61% | -22% | -22% | $ 4,405,695.23 |
| LAT | Latitude 66 Limited | 0.063 | -13% | 15% | 75% | -3% | 66% | $ 9,187,328.56 |
| NMR | Native Mineral Res | 0.06 | -13% | -32% | -71% | 100% | 54% | $ 59,199,392.21 |
| AQX | Alice Queen Ltd | 0.005 | 0% | 0% | 67% | -29% | -38% | $ 7,534,863.12 |
| SLZ | Sultan Resources Ltd | 0.01 | 11% | 0% | 100% | 67% | 67% | $ 4,826,884.49 |
| KSN | Kingston Resources | 0.115 | 0% | -8% | -4% | 30% | 62% | $ 96,604,644.05 |
| AMI | Aurelia Metals Ltd | 0.235 | 0% | 0% | -31% | 38% | 38% | $ 406,217,433.60 |
| GIB | Gibb River Diamonds | 0.058 | -3% | 2% | 61% | 61% | 45% | $ 12,441,547.81 |
| KCN | Kingsgate Consolid. | 4.61 | 10% | 7% | 111% | 226% | 259% | $ 1,203,700,401.64 |
| TMX | Terrain Minerals | 0.005 | 11% | 0% | 100% | 67% | 67% | $ 14,831,015.87 |
| BNR | Bulletin Res Ltd | 0.051 | 6% | 9% | -23% | 34% | 31% | $ 14,974,279.47 |
| NXM | Nexus Minerals Ltd | 0.08 | 5% | 1% | 5% | 45% | 78% | $ 47,093,249.81 |
| LM8 | Lunnonmetalslimited | 0.31 | 5% | 4% | 35% | 19% | 24% | $ 69,235,070.78 |
| CST | Castile Resources | 0.1075 | 2% | 8% | 103% | 43% | 34% | $ 33,632,343.80 |
| YRL | Yandal Resources | 0.25 | -2% | -15% | 108% | 4% | 43% | $ 94,877,233.00 |
| FAU | First Au Ltd | 0.007 | 0% | -22% | 133% | 180% | 250% | $ 18,350,392.95 |
| GWR | GWR Group Ltd | 0.13 | 18% | 18% | 40% | 48% | 63% | $ 40,450,831.88 |
| IVR | Investigator Silver | 0.071 | 42% | 45% | 173% | 87% | 255% | $ 134,063,795.62 |
| IPTDA | Impact Minerals | 0.047 | -6% | -22% | -6% | -55% | -50% | $ 23,720,496.00 |
| BNZ | Benzmining | 1.49 | 2% | -2% | 235% | 273% | 332% | $ 318,189,353.34 |
| MOH | Moho Resources | 0.008 | 14% | 0% | 100% | 60% | 60% | $ 7,101,992.79 |
| SMS | Starmineralslimited | 0.042 | -5% | -21% | 83% | 11% | 17% | $ 8,906,911.96 |
| MVL | Marvel Gold Limited | 0.018 | 13% | 6% | 33% | 100% | 100% | $ 24,130,803.78 |
| PRX | Prodigy Gold NL | 0.062 | 2% | 13% | 3% | 3% | 55% | $ 21,573,975.87 |
| AAU | Antilles Gold Ltd | 0.009 | 13% | 0% | 125% | 80% | 200% | $ 27,965,712.15 |
| RND | Rand Mining Ltd | 2.44 | 1% | 8% | 27% | 57% | 61% | $ 139,346,104.45 |
| CAZ | Cazaly Resources | 0.031 | 3% | -14% | 107% | 72% | 121% | $ 17,420,923.35 |
| BMR | Ballymore Resources | 0.26 | 16% | 63% | 58% | 68% | 117% | $ 52,746,650.55 |
| DRE | Dreadnought Resources Ltd | 0.027 | -13% | -16% | 108% | 80% | 125% | $ 156,625,999.96 |
| ZNC | Zenith Minerals Ltd | 0.097 | 0% | 3% | 143% | 131% | 143% | $ 56,327,290.37 |
| REZ | Resourc & En Grp Ltd | 0.016 | -6% | 0% | -11% | -38% | -30% | $ 11,592,088.82 |
| LEX | Lefroy Exploration | 0.18 | 0% | 3% | 80% | 157% | 157% | $ 44,715,624.84 |
| ERM | Emmerson Resources | 0.3 | 5% | -2% | 140% | 426% | 290% | $ 193,199,237.10 |
| AS1 | Asara Resources Ltd | 0.081 | 13% | 13% | 50% | 238% | 326% | $ 142,682,826.69 |
| CYL | Catalyst Metals | 6.52 | -4% | -5% | -8% | 140% | 153% | $ 1,652,261,598.90 |
| KAL | Kalgoorliegoldmining | 0.064 | 12% | 3% | 36% | 156% | 256% | $ 29,147,842.88 |
| MLS | Metals Australia | 0.026 | -7% | -13% | 44% | 8% | 13% | $ 19,024,707.62 |
| SRN | Surefire Rescs NL | 0.002 | 33% | -20% | 0% | -40% | -32% | $ 8,051,218.50 |
| WA8 | Warriedarresourltd | 0.265 | 0% | 13% | 130% | 410% | 502% | $ 332,993,866.69 |
| HMX | Hammer Metals Ltd | 0.024 | -11% | -17% | -25% | -31% | -27% | $ 23,211,726.20 |
| WCN | White Cliff Min Ltd | 0.017 | 3% | -17% | -35% | 6% | 6% | $ 44,569,780.22 |
| AVM | Advance Metals Ltd | 0.1075 | 30% | 17% | 129% | 236% | 216% | $ 40,949,106.35 |
| GA8 | Goldarc Resources | 0.065 | 0% | 30% | 225% | 117% | 117% | $ 36,888,754.50 |
| ARI | Arika Resources | 0.032 | 14% | -3% | -22% | 7% | 19% | $ 26,081,209.51 |
| CTO | Citigold Corp Ltd | 0.01 | -17% | -23% | 150% | 122% | 150% | $ 33,000,000.00 |
| SMI | Santana Minerals Ltd | 0.81 | 0% | 9% | 29% | 67% | 67% | $ 677,541,660.72 |
| M2R | Miramar | 0.0025 | -17% | -17% | -29% | -38% | -17% | $ 2,987,308.11 |
| MHC | Manhattan Corp Ltd | 0.026 | 13% | 0% | 18% | 30% | 37% | $ 13,376,966.93 |
| GRL | Godolphin Resources | 0.015 | -6% | 0% | 50% | 0% | 3% | $ 10,855,011.52 |
| SVG | Savannah Goldfields | 0.0195 | -3% | -7% | -11% | 6% | 6% | $ 40,689,963.74 |
| EMC | Everest Metals Corp | 0.125 | 19% | 4% | -17% | -4% | -7% | $ 33,713,377.13 |
| GUL | Gullewa Limited | 0.081 | 0% | 4% | 9% | 37% | 45% | $ 18,749,906.79 |
| CY5 | Cygnus Metals Ltd | 0.135 | 13% | -4% | 38% | 13% | 35% | $ 138,375,245.84 |
| G50 | G50Corp Ltd | 0.5825 | 6% | 12% | 233% | 199% | 276% | $ 116,423,840.07 |
| ADV | Ardiden Ltd | 0.28 | -7% | -13% | 87% | 115% | 107% | $ 18,737,664.27 |
| AAR | Astral Resources NL | 0.22 | 5% | 13% | 16% | 63% | 63% | $ 331,885,261.35 |
| VMC | Venus Metals Cor Ltd | 0.2 | 3% | 54% | 60% | 208% | 199% | $ 39,518,084.40 |
| NAE | New Age Exploration | 0.0025 | 0% | -38% | -17% | -44% | -29% | $ 12,617,734.22 |
| VKA | Viking Mines Ltd | 0.007 | 17% | 0% | 0% | -30% | -13% | $ 9,518,281.83 |
| LCL | LCL Resources Ltd | 0.006 | 0% | -14% | -14% | -33% | -40% | $ 7,795,171.48 |
| MTH | Mithril Silver Gold | 0.515 | 27% | 1% | 20% | 41% | 29% | $ 95,954,000.48 |
| ADG | Adelong Gold Limited | 0.0095 | -14% | -21% | 90% | 90% | 111% | $ 25,668,363.62 |
| RMX | Red Mount Min Ltd | 0.028 | -13% | -7% | 211% | 180% | 211% | $ 24,252,854.02 |
| PRS | Prospech Limited | 0.015 | 0% | -17% | -26% | -48% | -46% | $ 7,329,166.33 |
| TTM | Titan Minerals | 0.8 | 18% | 40% | 100% | 60% | 111% | $ 209,156,366.83 |
| AKA | Aureka Limited | 0.16 | 10% | 23% | 23% | 52% | 19% | $ 19,864,400.72 |
| AAM | Aumegametals | 0.036 | 3% | -12% | 13% | -10% | -14% | $ 27,620,262.71 |
| KZR | Kalamazoo Resources | 0.205 | 0% | 14% | 144% | 159% | 177% | $ 53,188,462.58 |
| BCN | Beacon Minerals | 2.59 | 2% | 1% | 123% | 194% | 194% | $ 276,034,603.52 |
| MAU | Magnetic Resources | 1.215 | -3% | 0% | -31% | -7% | 10% | $ 354,318,427.20 |
| BC8 | Black Cat Syndicate | 1.0475 | 2% | 13% | 18% | 40% | 85% | $ 736,609,672.23 |
| EM2 | Eagle Mountain | 0.008 | -11% | 1% | 62% | -38% | -10% | $ 11,870,435.60 |
| EMR | Emerald Res NL | 5.17 | -2% | 8% | 6% | 44% | 59% | $ 3,386,972,163.96 |
| ABR | Albrightmetals Ltd | 0.004 | -20% | 0% | -71% | 0% | 33% | $ 5,942,662.66 |
| HCH | Hot Chili Ltd | 1.16 | 29% | 26% | 91% | 48% | 66% | $ 214,607,794.94 |
| WAF | West African Res Ltd | 2.875 | 6% | -5% | 6% | 90% | 100% | $ 3,151,943,824.32 |
| MEU | Marmota Limited | 0.073 | 4% | 12% | 74% | 92% | 87% | $ 87,342,628.46 |
| NVA | Nova Minerals Ltd | 1.3 | 17% | 57% | 247% | 431% | 251% | $ 478,371,336.14 |
| SVL | Silver Mines Limited | 0.1975 | 10% | 23% | 88% | 99% | 153% | $ 449,897,272.23 |
| PGD | Peregrine Gold | 0.26 | -5% | 0% | 73% | 117% | 86% | $ 26,590,708.35 |
| ICL | Iceni Gold | 0.068 | 28% | 19% | -19% | 17% | -4% | $ 22,697,491.41 |
| FG1 | Flynngold | 0.022 | 10% | -8% | -31% | -18% | -11% | $ 12,781,761.22 |
| WWI | West Wits Mining Ltd | 0.053 | 2% | -2% | 77% | 253% | 279% | $ 203,241,711.26 |
| RML | Resolution Minerals | 0.053 | -22% | -39% | 212% | 430% | 342% | $ 97,385,752.52 |
| AAJ | Aruma Resources Ltd | 0.018 | 3% | -5% | 100% | 29% | 50% | $ 7,018,029.56 |
| HWK | Hawk Resources. | 0.03 | 11% | -3% | 100% | 15% | 36% | $ 10,159,853.97 |
| GMN | Gold Mountain Ltd | 0.054 | -10% | -23% | -20% | -40% | -60% | $ 9,891,314.24 |
| MEG | Megado Minerals Ltd | 0.031 | 19% | -3% | 121% | 107% | 82% | $ 16,787,764.81 |
| HMG | Hamelingoldlimited | 0.062 | -2% | -23% | -30% | -6% | -3% | $ 12,294,821.40 |
| TBR | Tribune Res Ltd | 6.2 | 4% | -2% | 22% | 38% | 45% | $ 332,647,608.18 |
| FML | Focus Minerals Ltd | 3.01 | 0% | 18% | 643% | 1724% | 1671% | $ 851,079,175.65 |
| ARV | Artemis Resources | 0.009 | 0% | 0% | 29% | 0% | 13% | $ 35,823,760.57 |
| HRN | Horizon Gold Ltd | 0.82 | 12% | 11% | 42% | 84% | 72% | $ 134,018,623.33 |
| CLA | Celsius Resource Ltd | 0.011 | 0% | -8% | 57% | 0% | 0% | $ 35,656,372.97 |
| QML | Qmines Limited | 0.051 | -4% | -4% | 46% | -16% | -6% | $ 32,566,214.67 |
| RDN | Raiden Resources Ltd | 0.005 | 0% | -17% | -23% | -69% | -55% | $ 17,254,457.21 |
| TCG | Turaco Gold Limited | 0.745 | 51% | 73% | 39% | 148% | 192% | $ 710,619,255.23 |
| KCC | Kincora Copper | 0.92 | -5% | -29% | 149% | 149% | 241% | $ 19,963,669.32 |
| GBZ | GBM Rsources Ltd | 0.0325 | -2% | -21% | 364% | 306% | 306% | $ 144,588,899.87 |
| DTM | Dart Mining NL | 0.05 | 14% | 0% | -5% | -70% | -63% | $ 10,275,722.53 |
| MKR | Manuka Resources. | 0.062 | -16% | 17% | 51% | 81% | 126% | $ 83,030,015.45 |
| AUC | Ausgold Limited | 0.9475 | 10% | 22% | 38% | 134% | 126% | $ 453,818,802.20 |
| ANX | Anax Metals Ltd | 0.008 | -11% | -20% | -11% | -20% | -33% | $ 7,062,460.54 |
| EMU | EMU NL | 0.039 | -11% | -20% | 131% | 49% | 54% | $ 14,308,277.30 |
| SFM | Santa Fe Minerals | 0.28 | 6% | 14% | 618% | 866% | 803% | $ 32,153,354.87 |
| PNR | Pantoro Gold Limited | 4.82 | -6% | -4% | 31% | 189% | 215% | $ 1,777,755,890.57 |
| CMM | Capricorn Metals | 13.8 | -5% | 6% | 37% | 114% | 120% | $ 6,353,359,569.90 |
| VRL | Verity Resources | 0.019 | 19% | 0% | -41% | -11% | -3% | $ 7,317,584.35 |
| HAW | Hawthorn Resources | 0.08 | -4% | -9% | 67% | 82% | 95% | $ 26,801,249.04 |
| BGD | Bartongoldholdings | 1.27 | 17% | 10% | 62% | 388% | 418% | $ 294,534,915.35 |
| SVY | Stavely Minerals Ltd | 0.013 | -4% | -28% | 8% | -41% | -24% | $ 8,902,222.97 |
| AGC | AGC Ltd | 0.21 | 17% | 14% | 27% | 8% | 35% | $ 55,202,464.17 |
| RGL | Riversgold | 0.007 | 17% | 0% | 75% | 100% | 75% | $ 14,585,988.15 |
| TSODD | Tesoro Gold Ltd | 0.995 | -8% | 18% | 155% | 176% | 232% | $ 171,248,641.50 |
| GUE | Global Uranium | 0.063 | 9% | 0% | -5% | 3% | 5% | $ 29,611,983.64 |
| CPM | Coopermetalslimited | 0.055 | 6% | -10% | 57% | 17% | 20% | $ 4,074,493.80 |
| MM8 | Medallion Metals. | 0.42 | 5% | 1% | 47% | 372% | 250% | $ 254,565,152.08 |
| FFM | Firefly Metals Ltd | 1.8175 | 1% | -3% | 76% | 71% | 96% | $ 1,249,253,950.56 |
| CBY | Canterbury Resources | 0.022 | 0% | -12% | -19% | 7% | 0% | $ 6,202,482.77 |
| SLA | Solara Minerals | 0.19 | 3% | -5% | 23% | -3% | 111% | $ 11,550,790.49 |
| SFR | Sandfire Resources | 16.835 | 8% | 7% | 46% | 62% | 81% | $ 7,771,363,241.40 |
| TAM | Tanami Gold NL | 0.067 | -1% | 5% | 29% | 131% | 123% | $ 79,906,599.13 |
| NWM | Norwest Minerals | 0.013 | 18% | 0% | 18% | -31% | 8% | $ 12,361,283.41 |
| ALK | Alkane Resources Ltd | 1.045 | 7% | 1% | 36% | 103% | 105% | $ 1,427,255,740.52 |
| BMODA | Bastion Minerals | 0.037 | -38% | -38% | -22% | -76% | -71% | $ 2,502,289.76 |
| IDA | Indiana Resources | 0.038 | -3% | -14% | 21% | 58% | 49% | $ 24,461,833.40 |
| GSM | Golden State Mining | 0.019 | 19% | 19% | 171% | 138% | 138% | $ 8,010,659.76 |
| NSM | Northstaw | 0.034 | 0% | -8% | 4% | 91% | 115% | $ 12,652,470.35 |
| GSN | Great Southern | 0.029 | -3% | 0% | 26% | 81% | 93% | $ 28,907,324.41 |
| VAU | Vault Minerals Ltd | 4.905 | 1% | 6% | 62% | 122% | 129% | $ 5,117,248,134.60 |
| CDR | Codrus Minerals Ltd | 0.016 | -20% | -24% | -60% | -11% | -6% | $ 3,307,750.06 |
| MDI | Middle Island Res | 0.026 | -10% | -4% | 4% | 73% | 117% | $ 28,806,331.13 |
| WTM | Waratah Minerals Ltd | 0.555 | 1% | -20% | 54% | 217% | 258% | $ 170,093,650.65 |
| POL | Polymetals Resources | 1.1 | 17% | 26% | 29% | 31% | 38% | $ 282,543,429.24 |
| RDS | Redstone Resources | 0.003 | 20% | 0% | -33% | 0% | 20% | $ 3,689,944.93 |
| NAG | Nagambie Resources | 0.0105 | -19% | -19% | -34% | -54% | -42% | $ 9,863,579.00 |
| BGL | Bellevue Gold Ltd | 1.43 | 11% | 25% | 51% | 13% | 27% | $ 2,058,240,989.07 |
| GBR | Greatbould Resources | 0.072 | -4% | 1% | 11% | 64% | 67% | $ 75,966,973.24 |
| KAI | Kairos Minerals Ltd | 0.032 | -3% | -9% | 23% | 113% | 167% | $ 104,389,097.29 |
| KAU | Kaiser Reef | 0.26 | -4% | 2% | 37% | 68% | 63% | $ 154,410,758.06 |
| HRZ | Horizon | 0.068 | -7% | 31% | 42% | 70% | 70% | $ 221,886,884.66 |
| CDT | Castle Minerals | 0.062 | 3% | 3% | -35% | 3% | 3% | $ 10,750,523.17 |
| RSG | Resolute Mining | 1.11 | 0% | 26% | 79% | 164% | 181% | $ 2,342,665,614.30 |
| EVN | Evolution Mining Ltd | 11.96 | 0% | 15% | 30% | 139% | 149% | $ 23,758,269,970.50 |
| CXU | Cauldron Energy Ltd | 0.022 | 16% | 16% | 193% | 46% | 88% | $ 37,577,528.58 |
| ALY | Alchemy Resource Ltd | 0.009 | 13% | -10% | 80% | 29% | 29% | $ 10,692,686.30 |
| NH3 | Nh3Cleanenergyltd | 0.085 | -2% | -15% | 270% | 305% | 372% | $ 62,025,377.33 |
| OBM | Ora Banda Mining Ltd | 1.265 | -2% | 7% | 0% | 90% | 95% | $ 2,405,349,997.72 |
| AVW | Avira Resources Ltd | 0.011 | -15% | -15% | 38% | -45% | -45% | $ 5,555,000.00 |
| LCY | Legacy Iron Ore | 0.007 | 0% | -13% | -13% | -30% | -30% | $ 68,334,298.09 |
| PDI | Predictive Disc Ltd | 0.72 | 20% | 35% | 80% | 194% | 213% | $ 1,903,926,130.08 |
| MAT | Matsa Resources | 0.12 | 9% | 21% | 79% | 179% | 243% | $ 118,086,247.75 |
| ZAG | Zuleika Gold Ltd | 0.046 | 10% | 44% | 283% | 188% | 254% | $ 38,109,596.72 |
| GML | Gateway Mining | 0.074 | -5% | -20% | 124% | 196% | 252% | $ 174,211,114.43 |
| SBM | St Barbara Limited | 0.5375 | -4% | 3% | 51% | 63% | 139% | $ 659,338,744.25 |
| SBR | Sabre Resources | 0.012 | 9% | -8% | 50% | 9% | 20% | $ 4,733,543.20 |
| STK | Strickland Metals | 0.18 | -5% | 0% | 30% | 124% | 137% | $ 399,885,464.48 |
| CEL | Challenger Gold Ltd | 0.125 | 9% | 4% | 33% | 178% | 166% | $ 290,294,352.84 |
| GG8 | Gorilla Gold Mines | 0.44 | 10% | 14% | -16% | 83% | 69% | $ 309,829,295.48 |
| NST | Northern Star | 26.25 | -3% | 10% | 25% | 63% | 70% | $ 37,327,884,290.08 |
| OZM | Ozaurum Resources | 0.056 | -5% | -13% | -31% | 75% | 87% | $ 13,287,908.63 |
| TG1 | Techgen Metals Ltd | 0.032 | 14% | 3% | 46% | -4% | -4% | $ 11,800,737.09 |
| AQI | Alicanto Min Ltd | 0.057 | 14% | 43% | 111% | 58% | 54% | $ 49,198,202.73 |
| KTA | Krakatoa Resources | 0.0105 | -5% | -19% | 5% | -5% | 11% | $ 11,807,093.32 |
| ARN | Aldoro Resources | 0.44 | 2% | -4% | 42% | 238% | 16% | $ 99,553,422.32 |
| WGX | Westgold Resources. | 5.89 | -3% | 11% | 86% | 110% | 108% | $ 5,536,712,965.04 |
| MBK | Metal Bank Ltd | 0.02 | 18% | 18% | 61% | 23% | 39% | $ 12,943,699.92 |
| A8G | Australasian Metals | 0.08 | -9% | -11% | 21% | -4% | 1% | $ 4,631,178.00 |
| TAR | Taruga Minerals | 0.01 | 0% | 11% | 25% | 0% | 0% | $ 7,137,540.58 |
| DTR | Dateline Resources | 0.2525 | -11% | -3% | 74% | 7114% | 7114% | $ 834,017,673.60 |
| S2R | S2 Resources | 0.076 | -5% | -13% | -11% | 13% | 13% | $ 40,372,206.16 |
| NES | Nelson Resources. | 0.009 | 50% | 50% | 200% | 200% | 200% | $ 17,572,754.62 |
| TLM | Talisman Mining | 0.12 | 20% | 9% | -14% | -49% | -41% | $ 22,598,441.88 |
| BEZ | Besragoldinc | 0.037 | -3% | -35% | -3% | -40% | -59% | $ 15,235,787.42 |
| PRU | Perseus Mining Ltd | 5.405 | -3% | 15% | 36% | 106% | 110% | $ 7,364,205,238.55 |
| SPQ | Superior Resources | 0.009 | -18% | 13% | 125% | 29% | 50% | $ 23,739,827.25 |
| PUR | Pursuit Minerals | 0.079 | -1% | 22% | 84% | -28% | -18% | $ 12,331,849.37 |
| RMS | Ramelius Resources | 3.535 | -3% | 9% | 21% | 68% | 71% | $ 6,833,269,929.95 |
| PKO | Peako Limited | 0.0035 | 17% | 17% | 17% | 17% | 17% | $ 5,207,096.86 |
| RKB | Rokeby Resources Ltd | 0.0035 | -13% | -22% | -42% | -30% | -30% | $ 6,392,964.03 |
| A1G | African Gold Ltd. | 0.5225 | 66% | 77% | 207% | 945% | 850% | $ 285,276,965.02 |
| NMG | New Murchison Gold | 0.0405 | 9% | 19% | 153% | 268% | 350% | $ 432,889,663.80 |
| GNM | Great Northern | 0.049 | -6% | -27% | 172% | 227% | 250% | $ 23,219,426.50 |
| KRM | Kingsrose Mining Ltd | 0.043 | -2% | -10% | 39% | 19% | 23% | $ 32,401,640.32 |
| BTR | Brightstar Resources | 0.45 | -3% | 0% | -22% | -31% | -10% | $ 325,363,327.72 |
| RRL | Regis Resources | 7.09 | -3% | 13% | 36% | 177% | 178% | $ 5,300,765,393.00 |
| M24 | Mamba Exploration | 0.015 | -6% | -17% | 15% | 36% | 25% | $ 4,427,484.15 |
| TRM | Truscott Mining Corp | 0.084 | 5% | 8% | 29% | 8% | 8% | $ 16,437,839.04 |
| TNC | True North Copper | 0.565 | 0% | 77% | 93% | -81% | -81% | $ 71,971,275.22 |
| KNB | Koonenberrygold | 0.042 | 2% | -2% | -33% | 163% | 250% | $ 43,153,320.55 |
| AWJ | Auric Mining | 0.28 | 6% | 0% | 51% | -14% | -18% | $ 52,354,708.56 |
| ENR | Encounter Resources | 0.405 | 1% | -10% | 72% | 16% | 25% | $ 220,362,473.60 |
| SNG | Siren Gold | 0.12 | 4% | 9% | 107% | 85% | 85% | $ 33,001,299.87 |
| STN | Saturn Metals | 0.5025 | 1% | 9% | 57% | 97% | 145% | $ 272,437,602.51 |
| USL | Unico Silver Limited | 0.6525 | 14% | 29% | 151% | 203% | 235% | $ 375,738,096.64 |
| AYM | Australia United Min | 0.004 | 33% | 0% | 33% | 100% | 0% | $ 7,370,309.94 |
| HAV | Havilah Resources | 0.58 | 32% | 115% | 231% | 147% | 158% | $ 206,716,770.72 |
| PNT | Panthermetalsltd | 0.008 | -11% | -23% | -47% | -47% | -23% | $ 2,450,236.38 |
| MEK | Meeka Metals Limited | 0.2425 | -5% | 15% | 56% | 207% | 215% | $ 688,642,277.45 |
| GMD | Genesis Minerals | 6.395 | -5% | 11% | 32% | 165% | 159% | $ 7,276,630,589.41 |
| PGO | Pacgold | 0.062 | -6% | 0% | -5% | -23% | -17% | $ 25,847,717.11 |
| FEG | Far East Gold | 0.16 | -3% | 10% | 14% | 3% | -11% | $ 58,724,392.48 |
| MI6 | Minerals260Limited | 0.375 | 10% | 34% | 159% | 200% | 188% | $ 744,239,999.88 |
| GAL | Galileo Mining Ltd | 0.18 | 6% | -18% | 57% | 57% | 44% | $ 35,572,486.86 |
| RXL | Rox Resources | 0.41 | 5% | -1% | 41% | 141% | 105% | $ 409,677,266.47 |
| PTN | Patronus Resources | 0.07 | -5% | -3% | 27% | 19% | 43% | $ 102,069,755.65 |
| CLZ | Classic Min Ltd | 0.001 | 0% | 0% | 0% | 0% | 0% | $ 4,265,855.46 |
| TGM | Theta Gold Mines Ltd | 0.175 | 3% | 0% | 25% | 0% | -3% | $ 177,913,907.83 |
| FAL | Falconmetalsltd | 0.54 | -13% | -16% | 350% | 286% | 370% | $ 116,954,764.85 |
| SPD | Southernpalladium | 1.16 | 3% | 10% | 142% | 66% | 93% | $ 134,626,778.76 |
| TMB | Tambourahmetals | 0.083 | 0% | -17% | 315% | 219% | 295% | $ 21,135,319.38 |
| TMS | Tennant Minerals Ltd | 0.008 | 7% | 14% | 33% | -24% | -11% | $ 8,527,123.32 |
| AZY | Antipa Minerals Ltd | 0.63 | -1% | 13% | -5% | 133% | 142% | $ 423,942,540.16 |
| PXX | Polarx Limited | 0.02 | 11% | -5% | 150% | 150% | 208% | $ 54,335,675.14 |
| TRE | Toubani Res Ltd | 0.375 | -1% | 21% | 29% | 127% | 121% | $ 200,914,062.20 |
| AUN | Aurumin | 0.105 | 0% | -5% | 5% | 84% | 59% | $ 53,760,888.09 |
| GPR | Geopacific Resources | 0.0345 | -9% | -12% | 73% | 55% | 73% | $ 111,926,336.52 |
| FXG | Felix Gold Limited | 0.415 | 4% | -9% | 152% | 372% | 394% | $ 183,413,839.49 |
| ILT | Iltani Resources Lim | 0.445 | 13% | 13% | 112% | 218% | 117% | $ 32,243,472.93 |
| BRX | Belararoxlimited | 0.081 | -7% | -8% | 37% | -60% | -54% | $ 18,716,267.19 |
| TM1 | Terra Metals Limited | 0.12 | -4% | -23% | 216% | 329% | 329% | $ 102,879,368.41 |
| TOR | Torque Met | 0.3 | 11% | 30% | 150% | 500% | 466% | $ 162,351,390.30 |
| ARD | Argent Minerals | 0.032 | 7% | 23% | 39% | 60% | 88% | $ 58,807,226.14 |
| LNQ | Linqmineralslimited | 0.21 | 17% | 11% | 0% | 0% | 0% | $ 13,297,750.22 |
| LM1 | Leeuwin Metals Ltd | 0.175 | -3% | -15% | 9% | 169% | 25% | $ 21,625,178.44 |
| SS1 | Sun Silver Limited | 1.29 | 12% | 41% | 79% | 48% | 106% | $ 166,970,061.72 |
| SX2 | Southgold Consol | 7.82 | 3% | -11% | 13% | 0% | 0% | $ 1,113,594,896.00 |
| AA2 | Ariana Resources PLC | 0.3 | 9% | 5% | 0% | 0% | 0% | $ 8,774,353.50 |
| M2M | Mtmalcolmminesnl | 0.013 | 0% | -19% | -44% | -42% | -45% | $ 6,713,462.15 |
| BM1 | Ballardmininglimited | 0.5975 | -9% | 10% | 0% | 0% | 0% | $ 138,778,006.25 |
| MEX | Minerals Exploration | 0.175 | -8% | -19% | 88% | 86% | 97% | $ 34,138,530.18 |
| VTX | Vertexmin | 0.26 | -2% | 13% | -4% | 37% | 25% | $ 75,927,078.94 |
| JAV | Javelin Minerals Ltd | 0.072 | -4% | 0% | -23% | -34% | -23% | $ 18,719,254.22 |
| SNM | Sentinel Metals | 0.31 | -3% | 7% | 0% | 0% | 0% | $ 17,948,149.56 |
| GGR | Goldengloberesources | 0.135 | -7% | -7% | 0% | 0% | 0% | $ 14,532,105.25 |
| RRE | Right Resources | 0.2 | 11% | 0% | 0% | 0% | 0% | $ 17,754,136.00 |
| GDR | Goldendragonmining | 0.2 | 3% | -2% | 0% | 0% | 0% | $ 6,564,999.80 |
| PC2 | Pc Gold Ltd | 0.28 | 22% | 24% | 0% | 0% | 0% | $ 40,713,881.15 |
| OMX | Orangeminerals | 0.087 | -2% | 13% | 45% | 149% | 200% | $ 14,542,276.68 |
| WCE | Westcoastsilver Ltd | 0.185 | 23% | 42% | 106% | 263% | 278% | $ 57,862,051.63 |
| RCR | Rincon | 0.015 | -17% | 0% | 25% | 15% | 36% | $ 4,733,436.50 |
| CRS | Caprice Resources | 0.125 | 0% | -14% | 105% | 468% | 443% | $ 90,373,394.15 |
| MAG | Magmatic Resrce Ltd | 0.059 | 13% | -6% | 69% | 59% | 97% | $ 30,133,862.52 |
| CHN | Chalice Mining Ltd | 1.7275 | -1% | -8% | 39% | 29% | 56% | $ 653,697,392.88 |
| ORE | Orezone Gold Corp | 1.745 | 10% | 23% | 0% | 0% | 0% | $ 133,937,860.81 |
| RXR | Robex Resources | 4.85 | -5% | 2% | 56% | 0% | 0% | $ 372,228,986.08 |
| GGP | Greatland Resources | 8.37 | 14% | 14% | 0% | 0% | 0% | $ 5,457,271,755.55 |
| MMA | Maronanmetalslimited | 0.325 | 7% | -2% | 38% | 51% | 55% | $ 82,977,529.80 |
| LGM | Legacy Minerals | 0.2075 | -6% | -14% | 15% | 19% | 43% | $ 31,931,345.09 |
| LDR | Lode Resources | 0.205 | 14% | 3% | 17% | 95% | 123% | $ 32,356,829.00 |
| BUS | Bubalusresources | 0.15 | 0% | -3% | 20% | 7% | 15% | $ 8,034,321.12 |
| BHL | Black Horse Mining | 0.35 | 0% | 0% | 0% | 0% | 0% | $ 13,200,000.00 |
Gold medal performers
Who were some of the top precious metals names this week?
Tolga Kumova and Evan Cranston have printed a winner with African Gold, the owner of the Didievi gold project in Cote d'Ivoire securing a 50c per share takeover by Lundin and Zijin backed Montage Gold Corp valuing the company at $264m.
It comes after the explorer grew the resource at the site beyond 1Moz, taking advantage of rising gold prices and the aggressive investment strategy being employed by the mining giants in West Africa.
The deal came in at a 54% premium to A1G's 10-day VWAP of 32.5c per share, and marked a win for former Northern Star Resources (ASX:NST), Rio Tinto (ASX:RIO) and Hancock Prospecting operative Adam Oehlman, whose first go as an ASX CEO delivered an exit in around 12 months.
"This transaction represents a compelling outcome for African Gold shareholders at this stage of the Company’s evolution. It validates the scale, quality and strategic positioning of the Didievi Gold Project and provides our shareholders with continued exposure to the upside through ownership in a larger, well-capitalised Côte d’Ivoire-focused gold company," Oehlman said.
“The Board believes this proposed combination delivers scale, balance sheet strength and development expertise that materially de-risks Didievi and enhances its path toward production.”
Blaffo Guetto, Didievi's key deposit, clocks in at 12.4Mt at 2.5g/t for 989,000oz at a cut-off grade of 0.8g/t, or over 1Moz at a lower cut-off.
It comes with West African gold M&A really heating up – Perseus Mining (ASX:PRU) sent Predictive Discovery (ASX:PDI) shares soaring this week after gazumping a takeover bid from Robex Resources Inc (ASX:RXR) to secure its Bankan project in Guinea.
And investors must be looking with great curiosity at free agent Turaco, which won the emerging company award at Diggers and Dealers this year.
Justin Tremain's Turaco boasts more than 4Moz of gold, albeit at lower grades, at its Afema project where a preliminary feasibility study is due in the June quarter of 2026.
Some big drill hits at the Herman and Woulo Woulo deposits at Afema were received well by punters on Monday before insto T. Rowe Price emerged as a substantial shareholder on Friday after a string of on-market purchases at between 47c and 56.3c from early August to December 2.
TCG shares rose 10.4% to 74c by late in the trading day on Friday.
Turaco hasn't fallen under the acquisitive eye of Montage, Lundin, Zijin or Perseus yet, but does count major African gold producer Endeavour Gold as a substantial shareholder.
MD Tremain is an experienced mine seller, having previously sold Exore Resources to Perseus, adding mine life to its Sissingue mine in Cote d'Ivoire, and Renaissance Minerals to Emerald Resources (ASX:EMR), setting the $3.5bn miner on the path to developing its successful Okvau gold mine in Cambodia.
Originally published as Gold Digger: How a ‘doom loop’ could drive gold higher again in 2026
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