When is #silversqueeze 2.0?

• Solar panel production consumed a record high 140.3Moz of silver in 2022; 11.3% of total demand
• Expected to jump to 20% of total demand by 2027
• But silver production not keeping pace “creating a significant silver demand risk”

Our Gold Digger column wraps all the news driving ASX stocks with exposure to precious metals.

 

In February 2021 – inspired by its triumph in the Battle for GameStop – Reddit’s retail heroes turned their attention to the silver market.

We saw Twitter posts like this:

Documented/proven, banks can print fake silver sell orders (the physical market $2 billion, the ‘paper’ mkt $70 bn)

It’s called ‘naked short-selling’ It’s illegal but no regulator enforces the law

A WSB attack *can* overcome this with a resulting price gap in SILVER to $500 https://t.co/2wZeSVbzTt

— Max Keiser (@maxkeiser) January 28, 2021

The idea behind the #silversqueeze theory was this. Big banks and hedge funds have massive, short positions in the silver market to suppress the price of the precious metal.

According to this theory, if enough small investors buy silver these big players will be forced to cover or buy back their short positions, which would send the price soaring.

Retail wins again.

If it sounds like nonsense, it probably is.

But there’s a more fundamental bull case for silver, as nascent – but potentially prodigious – demand from the solar sector threatens to overwhelm supply.

 

Solar silver demand  just getting started

Solar panel (photovoltaics, or PV for short) production consumed a record high 140.3Moz of silver in 2022, representing 11.3% of total demand.

A big jump from the 55Moz used in 2012.

PV’s share of silver demand has been growing strongly and will continue to do so.

In 2022, global solar PV manufacturing capacity increased by over 70% to reach almost 450 GW, with China accounting for over 95% of new facilities throughout the supply chain, reported the IEA in June.

In 2023 and 2024, global solar PV manufacturing capacity is expected to double, with China again claiming over 90% of this increase.

The #silver chart will soon look like that of olive oil. @SilverInstitute‘s 142 mn oz deficit for ’23 will likely have to be revised up to ~400 mn oz based on China’s solar boom. If the #silversqueeze movement returns, there could be 300mn+ oz of add’l ETP demand (akin to ’20). https://t.co/oxZ4JrRghe

— JC (@j16425646) July 12, 2023

Experts are predicting PV will account for 20% of total silver production by 2027.

A study release December last year  – the silver learning curve for photovoltaics and projected silver demand for net-zero emissions by 2050 – is fuel for the silver bulls.

“The clean energy transition could see the cumulative installed capacity of photovoltaics increase from 1 TW before the end of 2022 to 15–60 TW by 2050, creating a significant silver demand risk,” it warns.

“Maintaining business as usual with a dominance of p-type technology could require over 20% of the current annual silver supply by 2027 and a cumulative 450–520 kt of silver until 2050, approximately 85–98% of the current global silver reserves.”

That’s a big deal because silver supply is not keeping pace.

Total production of 842Moz silver is expected this year; 51Moz lower than the market’s apex in 2016.

The study talks about thrifting/replacing silver in PV cells – which has already happened to a degree – but there are problems to be addressed before cheaper substitutes like copper and aluminium can be used at scale.

“Copper has a similar conductivity as silver and is therefore a practical substitute, but there are still processing and reliability challenges to be solved before mass production,” it says.

“Aluminium has a lower conductivity.”

 

US silver bar, coin demand still at record levels

Meanwhile, punters continue stashing silver bars and coins at record levels, especially in the US – a trend actually sparked by Reddit’s #silversqueeze.

Remarkably strong demand for silver coins and bars by western retail investors between 2020-2022 contributed strongly to a widening physical deficit, in which silver demand far exceeded supply.

“In North America (dominated by the US market), silver physical investment hit successive record highs over 2021-22, with last year’s volumes more than double that of the 2019 total,” writes Metals Focus.

“In Europe (led by Germany), investment also hit a new high in 2021 and then remained essentially unchanged at exceptionally high levels in 2022.”

While German demand has collapsed in 2023 thanks to an increased tax rate on imported silver bullion coins, North America looks set to hit another record thanks to “worries about the health of the banking sector and the ongoing mistrust of the government”.

“On our quarterly coin survey, sales of newly minted silver bullion coins jumped by 23% y/y in H1.23, making it the highest first half performance in our survey starting in 2015,” it says.

People aren’t selling them, either.

“With fears about the safety of the money held in bank accounts, it is perhaps unsurprising that selling back of silver bars and coins has remained muted,” Metals Focus says.

“The pace of buying meant that product shortages remained commonplace, keep wholesale and retail premiums elevated (this was most pronounced for coins).”

More fuel on the fire.

NOW READ: ASX silver stocks guide: Here’s everything you need to know

 

Winners & Losers

Here’s how ASX-listed precious metals stocks are performing:

Scroll or swipe to reveal table. Click headings to sort. Best viewed on a laptop.

Stocks missing from this list? Email [email protected]

CODE	COMPANY	1 WEEK RETURN %	1 MONTH RETURN %	YTD RETURN %	12 MONTH RETURN %	PRICE	MARKET CAP
AYM	Australia United Min	100%	100%	33%	-20%	0.004	$5,527,732
IDA	Indiana Resources	80%	76%	31%	31%	0.072	$38,033,000
AL8	Alderan Resource Ltd	67%	43%	43%	-9%	0.01	$6,166,946
MBK	Metal Bank Ltd	62%	70%	0%	-15%	0.034	$8,847,537
PKO	Peako Limited	43%	43%	-31%	-33%	0.01	$4,707,315
PNM	Pacific Nickel Mines	40%	9%	1%	8%	0.084	$36,028,608
MDI	Middle Island Res	38%	16%	-24%	-76%	0.029	$4,079,088
ICG	Inca Minerals Ltd	34%	86%	70%	-45%	0.039	$16,490,339
TMB	Tambourahmetals	33%	167%	129%	50%	0.24	$8,348,168
AQI	Alicanto Min Ltd	32%	35%	16%	-12%	0.05	$24,315,156
MAU	Magnetic Resources	31%	47%	-18%	-36%	0.705	$171,791,675
MRZ	Mont Royal Resources	30%	63%	11%	-44%	0.195	$13,011,707
VRC	Volt Resources Ltd	30%	44%	-13%	-24%	0.013	$51,212,510
GBZ	GBM Rsources Ltd	29%	16%	-49%	-61%	0.022	$13,551,146
ARN	Aldoro Resources	27%	43%	3%	10%	0.165	$18,847,324
TGM	Theta Gold Mines Ltd	27%	54%	47%	67%	0.1	$77,008,251
LYN	Lycaonresources	26%	61%	5%	29%	0.29	$9,217,250
ZNC	Zenith Minerals Ltd	26%	2%	-63%	-64%	0.098	$33,828,565
DCX	Discovex Res Ltd	25%	25%	-17%	-50%	0.0025	$8,256,420
RMX	Red Mount Min Ltd	25%	25%	0%	-17%	0.005	$11,359,255
EMU	EMU NL	25%	25%	-49%	-68%	0.0025	$2,900,043
AUT	Auteco Minerals	23%	42%	-27%	-12%	0.037	$87,887,779
IPT	Impact Minerals	23%	23%	129%	100%	0.016	$48,359,966
SPQ	Superior Resources	23%	14%	-43%	-11%	0.032	$58,705,720
ENR	Encounter Resources	23%	104%	167%	317%	0.48	$189,852,375
AZS	Azure Minerals	21%	91%	773%	883%	1.965	$753,155,619
VKA	Viking Mines Ltd	20%	33%	20%	100%	0.012	$12,303,101
AQX	Alice Queen Ltd	18%	0%	-50%	-67%	0.02	$2,277,267
FAU	First Au Ltd	17%	17%	-13%	-65%	0.0035	$4,355,980
TMS	Tennant Minerals Ltd	17%	9%	13%	21%	0.035	$25,820,736
MEG	Megado Minerals Ltd	16%	29%	60%	-9%	0.072	$18,066,345
QML	Qmines Limited	16%	32%	-12%	-15%	0.145	$22,152,989
GSN	Great Southern	16%	16%	-24%	-37%	0.022	$14,303,473
GMD	Genesis Minerals	14%	8%	16%	18%	1.45	$1,481,475,132
CLA	Celsius Resource Ltd	14%	4%	56%	56%	0.025	$57,552,343
XAM	Xanadu Mines Ltd	13%	-19%	221%	304%	0.093	$158,868,947
PNT	Panthermetalsltd	13%	-1%	-58%	-62%	0.079	$4,280,500
AAR	Astral Resources NL	13%	11%	11%	6%	0.08	$54,705,032
LRL	Labyrinth Resources	13%	-15%	-45%	-63%	0.009	$8,836,470
KZR	Kalamazoo Resources	12%	4%	-31%	-24%	0.145	$24,040,436
G50	Gold50Limited	11%	11%	-22%	30%	0.195	$11,103,885
LCL	LCL Resources Ltd	11%	11%	-28%	34%	0.041	$34,155,092
FML	Focus Minerals Ltd	11%	17%	-18%	56%	0.21	$54,446,143
GNM	Great Northern	10%	14%	-47%	-47%	0.032	$4,174,985
EM2	Eagle Mountain	10%	29%	-21%	-37%	0.135	$38,120,858
GED	Golden Deeps	10%	83%	22%	-15%	0.011	$12,707,494
ERM	Emmerson Resources	10%	8%	-11%	-28%	0.067	$35,406,136
WCN	White Cliff Min Ltd	9%	71%	-14%	-8%	0.012	$12,278,519
BTR	Brightstar Resources	9%	-8%	-29%	-40%	0.012	$18,888,183
GSM	Golden State Mining	9%	-3%	-14%	-23%	0.037	$7,452,443
PXX	Polarx Limited	8%	0%	-35%	0%	0.013	$17,600,832
GCY	Gascoyne Res Ltd	8%	11%	20%	-3%	0.2	$171,017,556
MOH	Moho Resources	8%	17%	-33%	-53%	0.014	$3,114,933
BAT	Battery Minerals Ltd	8%	33%	17%	-28%	0.14	$15,505,251
M24	Mamba Exploration	8%	6%	-52%	-11%	0.07	$3,963,917
PRS	Prospech Limited	7%	-9%	12%	12%	0.03	$6,592,799
SFM	Santa Fe Minerals	7%	5%	-44%	-47%	0.045	$3,276,846
ALY	Alchemy Resource Ltd	7%	-12%	-35%	-6%	0.015	$17,671,144
MI6	Minerals260Limited	7%	40%	121%	138%	0.75	$168,480,000
CBY	Canterbury Resources	7%	3%	-24%	-28%	0.031	$4,480,229
BMR	Ballymore Resources	7%	23%	7%	-16%	0.16	$13,484,444
AZY	Antipa Minerals Ltd	7%	14%	-24%	-48%	0.016	$53,955,772
SRN	Surefire Rescs NL	6%	21%	42%	-19%	0.017	$28,073,179
PNR	Pantoro Limited	6%	21%	-11%	-53%	0.085	$399,842,594
CHZ	Chesser Resources	6%	13%	50%	42%	0.1275	$76,518,175
TNC	True North Copper	6%	9%	381%	264%	0.255	$67,558,777
STN	Saturn Metals	6%	3%	0%	-38%	0.18	$28,180,356
ORN	Orion Minerals Ltd	6%	6%	13%	0%	0.018	$101,646,874
GIB	Gibb River Diamonds	6%	-4%	-38%	-16%	0.037	$7,825,849
MEU	Marmota Limited	6%	12%	-21%	-32%	0.038	$40,234,422
HAW	Hawthorn Resources	6%	2%	24%	74%	0.1425	$43,552,030
AGC	AGC Ltd	5%	4%	-3%	-15%	0.058	$5,800,000
SBM	St Barbara Limited	5%	27%	-14%	-26%	0.29	$233,084,869
WWI	West Wits Mining Ltd	5%	100%	25%	0%	0.02	$44,860,345
NWM	Norwest Minerals	5%	77%	15%	100%	0.062	$17,213,340
KSN	Kingston Resources	5%	-20%	4%	-10%	0.084	$40,299,156
KAU	Kaiser Reef	5%	5%	27%	14%	0.21	$29,539,536
M2R	Miramar	5%	-7%	-42%	-47%	0.044	$4,067,316
HMG	Hamelingoldlimited	5%	22%	-24%	10%	0.11	$17,325,000
PGO	Pacgold	5%	-18%	-8%	-35%	0.33	$18,137,399
SKY	SKY Metals Ltd	5%	15%	-6%	-10%	0.045	$20,909,613
AME	Alto Metals Limited	4%	6%	-16%	-13%	0.056	$34,317,667
AWJ	Auric Mining	4%	26%	-9%	-8%	0.058	$7,197,278
NSM	Northstaw	3%	-24%	-41%	-45%	0.091	$9,610,160
FEG	Far East Gold	3%	3%	-36%	-9%	0.305	$46,679,704
POL	Polymetals Resources	3%	-15%	31%	256%	0.32	$47,573,831
NVA	Nova Minerals Ltd	3%	20%	-52%	-54%	0.325	$65,375,888
MGV	Musgrave Minerals	3%	19%	67%	46%	0.35	$209,878,822
KRM	Kingsrose Mining Ltd	3%	21%	8%	27%	0.07	$54,181,909
S2R	S2 Resources	3%	36%	12%	31%	0.19	$84,068,762
SMI	Santana Minerals Ltd	3%	11%	-11%	-18%	0.585	$102,480,895
HRZ	Horizon	3%	-7%	-34%	-38%	0.04	$26,485,380
AAJ	Aruma Resources Ltd	2%	-4%	-19%	-38%	0.043	$8,829,083
ADT	Adriatic Metals	2%	24%	12%	102%	3.54	$785,872,633
MM8	Medallion Metals.	2%	-2%	-51%	-57%	0.075	$17,297,439
TCG	Turaco Gold Limited	2%	4%	-10%	2%	0.052	$26,141,267
RMS	Ramelius Resources	2%	-3%	46%	37%	1.355	$1,367,991,486
DRE	Dreadnought Resources Ltd	2%	11%	-42%	22%	0.061	$199,663,693
NXM	Nexus Minerals Ltd	2%	5%	-69%	-73%	0.063	$21,479,918
CDR	Codrus Minerals Ltd	1%	-22%	-42%	0%	0.075	$5,280,100
SSR	SSR Mining Inc.	1%	4%	-6%	-10%	21.66	$390,362,598
EMR	Emerald Res NL	0%	4%	94%	153%	2.3	$1,375,517,146
NPM	Newpeak Metals	0%	0%	0%	0%	0.001	$9,248,616
MTC	Metalstech Ltd	0%	-18%	-57%	-38%	0.225	$43,379,056
FFX	Firefinch Ltd	0%	0%	0%	0%	0.2	$236,569,315
AMI	Aurelia Metals Ltd	0%	1%	-22%	-68%	0.093	$156,685,036
PNX	PNX Metals Limited	0%	0%	-29%	-20%	0.003	$16,141,874
TMX	Terrain Minerals	0%	-14%	0%	-14%	0.006	$6,499,196
ARL	Ardea Resources Ltd	0%	118%	3%	-33%	0.73	$134,077,922
GWR	GWR Group Ltd	0%	17%	37%	-23%	0.081	$26,018,549
AAU	Antilles Gold Ltd	0%	-13%	13%	-44%	0.034	$20,071,325
RND	Rand Mining Ltd	0%	-2%	-10%	-12%	1.23	$69,957,432
GMR	Golden Rim Resources	0%	13%	10%	-44%	0.034	$19,522,416
SIH	Sihayo Gold Limited	0%	0%	0%	-20%	0.002	$24,408,512
AVM	Advance Metals Ltd	0%	0%	-30%	-42%	0.007	$4,119,911
WRM	White Rock Min Ltd	0%	0%	-5%	-37%	0.063	$17,508,200
MCT	Metalicity Limited	0%	33%	-33%	-33%	0.002	$7,472,172
CTO	Citigold Corp Ltd	0%	0%	-33%	-27%	0.004	$14,368,295
MHC	Manhattan Corp Ltd	0%	43%	82%	18%	0.01	$29,362,787
TRY	Troy Resources Ltd	0%	0%	0%	0%	0.0295	$62,920,961
CGN	Crater Gold Min Ltd	0%	0%	0%	0%	0.144993	$17,965,132
NAE	New Age Exploration	0%	10%	-21%	-21%	0.0055	$8,615,393
MTH	Mithril Resources	0%	33%	-43%	-67%	0.002	$6,737,609
XTC	Xantippe Res Ltd	0%	-33%	-60%	-75%	0.002	$22,960,199
NML	Navarre Minerals Ltd	0%	0%	-54%	-60%	0.019	$28,555,654
ICL	Iceni Gold	0%	22%	50%	29%	0.12	$22,942,857
FG1	Flynngold	0%	-21%	-45%	-41%	0.055	$7,474,265
RML	Resolution Minerals	0%	50%	-25%	-40%	0.006	$7,543,751
TBA	Tombola Gold Ltd	0%	0%	0%	-32%	0.026	$33,129,243
HRN	Horizon Gold Ltd	0%	6%	13%	-9%	0.35	$43,813,574
RDN	Raiden Resources Ltd	0%	60%	68%	-6%	0.008	$16,442,151
X64	Ten Sixty Four Ltd	0%	0%	-11%	-3%	0.57	$130,184,182
SI6	SI6 Metals Limited	0%	0%	0%	-25%	0.006	$9,720,065
BGD	Bartongoldholdings	0%	-6%	25%	22%	0.25	$47,588,582
RVR	Red River Resources	0%	0%	0%	-50%	0.073	$37,847,908
OKR	Okapi Resources	0%	-15%	-27%	-42%	0.11	$21,284,892
CPM	Coopermetalslimited	0%	-6%	-36%	-70%	0.15	$6,602,504
TMZ	Thomson Res Ltd	0%	0%	-74%	-75%	0.005	$4,349,755
WMC	Wiluna Mining Corp	0%	0%	0%	0%	0.205	$74,238,031
THR	Thor Energy PLC	0%	-11%	-33%	-60%	0.004	$5,837,166
NAG	Nagambie Resources	0%	0%	-39%	-40%	0.04	$23,269,053
CAI	Calidus Resources	0%	14%	-26%	-68%	0.2	$121,522,032
RSG	Resolute Mining	0%	2%	118%	90%	0.435	$926,117,858
CXU	Cauldron Energy Ltd	0%	-14%	-14%	-35%	0.006	$5,589,412
HXG	Hexagon Energy	0%	0%	-35%	-52%	0.011	$5,642,075
AVW	Avira Resources Ltd	0%	0%	-33%	-50%	0.002	$4,267,580
LCY	Legacy Iron Ore	0%	-5%	0%	6%	0.019	$121,729,698
ZAG	Zuleika Gold Ltd	0%	7%	-29%	-25%	0.015	$7,845,759
NES	Nelson Resources.	0%	20%	-14%	-41%	0.006	$3,374,769
PUR	Pursuit Minerals	0%	-7%	-19%	-28%	0.013	$36,494,100
OAU	Ora Gold Limited	0%	180%	40%	12%	0.007	$31,058,476
TRM	Truscott Mining Corp	0%	-9%	0%	-18%	0.041	$6,892,799
KNB	Koonenberrygold	0%	0%	-45%	-58%	0.034	$2,575,719
USL	Unico Silver Limited	0%	19%	-26%	-17%	0.125	$32,565,675
ANL	Amani Gold Ltd	0%	0%	0%	-33%	0.001	$25,143,441
HAV	Havilah Resources	0%	2%	-27%	0%	0.24	$79,159,803
MEK	Meeka Metals Limited	0%	3%	-49%	-31%	0.035	$38,433,922
CLZ	Classic Min Ltd	0%	0%	-89%	-97%	0.001	$7,929,588
FAL	Falconmetalsltd	0%	-2%	-23%	-12%	0.215	$38,055,000
TRE	Toubaniresourcesinc	0%	25%	25%	0%	0.2	$11,799,702
CMM	Capricorn Metals	0%	9%	2%	49%	4.7	$1,782,041,750
LM8	Lunnonmetalslimited	-1%	-1%	4%	9%	0.93	$164,458,680
HCH	Hot Chili Ltd	-1%	43%	65%	106%	1.44	$177,973,357
DLI	Delta Lithium	-1%	28%	96%	191%	0.93	$495,784,121
EVN	Evolution Mining Ltd	-1%	5%	21%	56%	3.61	$6,826,260,707
MZZ	Matador Mining Ltd	-2%	-7%	-50%	-53%	0.057	$17,975,465
YRL	Yandal Resources	-2%	-4%	-44%	-63%	0.055	$7,890,154
GRL	Godolphin Resources	-2%	-20%	-49%	-51%	0.042	$5,686,517
G88	Golden Mile Res Ltd	-2%	4%	131%	80%	0.047	$15,481,307
SVY	Stavely Minerals Ltd	-2%	-17%	-63%	-41%	0.091	$33,280,354
SLZ	Sultan Resources Ltd	-2%	-2%	-49%	-55%	0.043	$6,075,792
RED	Red 5 Limited	-2%	14%	-2%	-15%	0.2	$691,896,676
TAM	Tanami Gold NL	-3%	8%	0%	-13%	0.039	$47,003,882
ALK	Alkane Resources Ltd	-3%	7%	46%	5%	0.78	$484,267,094
SLR	Silver Lake Resource	-3%	9%	-3%	-14%	1.15	$1,092,449,591
STK	Strickland Metals	-3%	-16%	-8%	-34%	0.037	$57,231,306
GOR	Gold Road Res Ltd	-3%	-11%	-6%	35%	1.59	$1,774,003,188
NMR	Native Mineral Res	-3%	35%	-68%	-78%	0.035	$5,143,770
PDI	Predictive Disc Ltd	-3%	10%	-6%	-6%	0.17	$351,431,495
MAT	Matsa Resources	-3%	-6%	-8%	-19%	0.034	$14,008,251
MLS	Metals Australia	-3%	0%	-28%	-32%	0.032	$20,593,194
DCN	Dacian Gold Ltd	-3%	6%	-7%	-7%	0.093	$109,512,084
CHN	Chalice Mining Ltd	-3%	-13%	-9%	40%	5.76	$2,272,051,963
BEZ	Besragoldinc	-3%	39%	448%	681%	0.285	$104,389,257
KCN	Kingsgate Consolid.	-3%	-1%	-19%	4%	1.4	$368,584,920
BC8	Black Cat Syndicate	-3%	11%	17%	34%	0.415	$114,756,875
GUL	Gullewa Limited	-4%	-2%	-8%	-7%	0.055	$10,767,521
RRL	Regis Resources	-4%	8%	2%	34%	2.11	$1,615,879,460
CYL	Catalyst Metals	-4%	-5%	-37%	-44%	0.745	$164,296,908
SVG	Savannah Goldfields	-4%	-13%	-49%	-52%	0.096	$17,822,208
TTM	Titan Minerals	-4%	47%	-1%	10%	0.066	$95,966,577
ANX	Anax Metals Ltd	-4%	-2%	23%	-19%	0.065	$25,382,479
SMS	Starmineralslimited	-4%	5%	-40%	-50%	0.043	$1,386,523
SFR	Sandfire Resources	-5%	-6%	10%	47%	5.96	$2,745,920,487
PRU	Perseus Mining Ltd	-5%	-3%	-18%	5%	1.72	$2,462,376,330
SAU	Southern Gold	-5%	0%	-20%	-39%	0.02	$9,725,706
WAF	West African Res Ltd	-5%	1%	-24%	-29%	0.89	$943,427,212
TBR	Tribune Res Ltd	-5%	2%	-17%	-14%	3.36	$176,292,739
SPD	Southernpalladium	-5%	12%	-57%	-48%	0.35	$15,615,894
KTA	Krakatoa Resources	-6%	43%	-25%	-38%	0.033	$13,444,934
GAL	Galileo Mining Ltd	-6%	5%	-36%	-52%	0.565	$111,658,084
MRR	Minrex Resources Ltd	-6%	23%	-50%	-52%	0.016	$16,273,013
NCM	Newcrest Mining	-6%	-2%	27%	38%	26.19	$24,725,479,740
TG1	Techgen Metals Ltd	-6%	-13%	-26%	-47%	0.061	$4,784,433
AUC	Ausgold Limited	-7%	-12%	-9%	-4%	0.043	$101,030,213
MKG	Mako Gold	-7%	0%	-30%	-60%	0.028	$15,632,906
CDT	Castle Minerals	-7%	40%	-33%	-48%	0.014	$15,742,902
CEL	Challenger Gold Ltd	-7%	-2%	-44%	-51%	0.098	$115,538,183
A1G	African Gold Ltd.	-7%	-5%	-34%	-28%	0.055	$8,973,494
WGX	Westgold Resources.	-7%	12%	85%	37%	1.615	$774,373,164
GML	Gateway Mining	-7%	0%	-33%	-56%	0.04	$11,452,342
ADV	Ardiden Ltd	-7%	-7%	-7%	-19%	0.0065	$18,818,347
GBR	Greatbould Resources	-7%	-1%	-15%	-1%	0.077	$40,340,560
BGL	Bellevue Gold Ltd	-7%	16%	30%	112%	1.47	$1,723,523,782
IVR	Investigator Res Ltd	-7%	4%	21%	21%	0.051	$77,607,181
BBX	BBX Minerals Ltd	-7%	2%	-51%	-35%	0.051	$28,686,040
SVL	Silver Mines Limited	-7%	6%	-5%	27%	0.19	$273,844,768
VMC	Venus Metals Cor Ltd	-7%	13%	59%	26%	0.125	$22,767,442
MVL	Marvel Gold Limited	-8%	0%	-54%	-54%	0.012	$10,365,488
CAZ	Cazaly Resources	-8%	-22%	6%	-8%	0.036	$13,013,763
IGO	IGO Limited	-8%	-4%	8%	47%	14.59	$11,298,435,770
MEI	Meteoric Resources	-8%	9%	343%	1780%	0.235	$455,936,925
TIE	Tietto Minerals	-8%	5%	-28%	19%	0.51	$576,389,570
DTM	Dart Mining NL	-8%	-41%	-38%	-45%	0.034	$5,857,766
BNR	Bulletin Res Ltd	-8%	-8%	-41%	-50%	0.055	$16,441,102
MKR	Manuka Resources.	-8%	-13%	-35%	-68%	0.055	$30,288,723
TAR	Taruga Minerals	-8%	0%	-54%	-56%	0.011	$7,766,295
SXG	Southern Cross Gold	-8%	-21%	-45%	22%	0.44	$39,541,025
MXR	Maximus Resources	-9%	-6%	-20%	-36%	0.032	$10,209,785
RXL	Rox Resources	-9%	-28%	49%	-2%	0.26	$88,603,879
BMO	Bastion Minerals	-9%	11%	-12%	-77%	0.03	$5,199,727
REZ	Resourc & En Grp Ltd	-10%	-36%	13%	-22%	0.018	$8,996,504
ADN	Andromeda Metals Ltd	-10%	-10%	-18%	-61%	0.036	$108,850,295
ADG	Adelong Gold Limited	-10%	13%	29%	-55%	0.009	$5,366,901
KCC	Kincora Copper	-10%	-9%	-15%	3%	0.062	$7,819,647
DEG	De Grey Mining	-10%	1%	8%	82%	1.39	$2,248,636,687
KAI	Kairos Minerals Ltd	-10%	68%	24%	24%	0.026	$50,234,150
WA8	Warriedarresourltd	-11%	-11%	-53%	-11%	0.0805	$35,346,823
BNZ	Benzmining	-11%	-17%	1%	9%	0.415	$51,115,113
CY5	Cygnus Metals Ltd	-11%	21%	-25%	90%	0.285	$66,981,161
HMX	Hammer Metals Ltd	-11%	5%	-4%	23%	0.065	$61,791,848
GSR	Greenstone Resources	-11%	7%	-50%	-67%	0.016	$19,504,998
NST	Northern Star	-11%	-13%	7%	69%	11.67	$13,526,406,849
DTR	Dateline Resources	-12%	-23%	-38%	-75%	0.023	$20,564,914
TLM	Talisman Mining	-12%	-17%	7%	7%	0.15	$28,248,052
AM7	Arcadia Minerals	-12%	-19%	-46%	-27%	0.11	$10,345,511
BM8	Battery Age Minerals	-12%	-2%	-12%	-12%	0.44	$34,140,355
OBM	Ora Banda Mining Ltd	-12%	-12%	31%	116%	0.11	$194,918,525
SNG	Siren Gold	-12%	22%	-40%	-56%	0.11	$16,263,057
ASO	Aston Minerals Ltd	-12%	-21%	-19%	-35%	0.065	$72,457,511
KIN	KIN Min NL	-12%	13%	-45%	-54%	0.036	$44,769,721
CST	Castile Resources	-13%	-21%	-26%	-52%	0.07	$17,296,024
GTR	Gti Energy Ltd	-13%	-13%	-35%	-53%	0.007	$13,634,279
RDS	Redstone Resources	-13%	-13%	-13%	-22%	0.007	$6,099,649
BCN	Beacon Minerals	-13%	-10%	-4%	-5%	0.027	$108,946,277
KAL	Kalgoorliegoldmining	-13%	10%	-60%	-79%	0.033	$4,377,007
RGL	Riversgold	-13%	0%	-57%	-54%	0.013	$12,366,399
A8G	Australasian Metals	-14%	14%	-16%	-33%	0.16	$8,339,279
PUA	Peak Minerals Ltd	-14%	50%	-50%	-68%	0.003	$3,124,130
PRX	Prodigy Gold NL	-14%	-14%	-50%	-52%	0.006	$12,257,755
PGD	Peregrine Gold	-15%	-12%	-31%	-36%	0.265	$14,867,192
LEX	Lefroy Exploration	-15%	-5%	-21%	-29%	0.205	$34,498,470
BYH	Bryah Resources Ltd	-16%	7%	-38%	-42%	0.016	$6,564,600
ARV	Artemis Resources	-16%	0%	-36%	-41%	0.016	$23,548,776
OZM	Ozaurum Resources	-16%	3%	-38%	-68%	0.041	$5,207,000
TSO	Tesoro Gold Ltd	-17%	-7%	-31%	-38%	0.025	$26,340,314
ASR	Asra Minerals Ltd	-18%	13%	-55%	-59%	0.009	$13,683,677
SBR	Sabre Resources	-22%	35%	-8%	-13%	0.035	$10,493,503
MOM	Moab Minerals Ltd	-25%	-36%	0%	-67%	0.009	$6,137,671
EMC	Everest Metals Corp	-26%	31%	115%	94%	0.17	$22,650,794
CWX	Carawine Resources	-27%	10%	10%	15%	0.11	$21,649,921
GMN	Gold Mountain Ltd	-31%	50%	29%	50%	0.009	$17,729,394

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