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The Platinum Group Metals Sector is at a Crossroads, and No One can Agree What the Future Looks Like

Perspectives on key demand drivers and their implications for PGM demand are diverging Biggest demand sector for PGMs is auto catalysts … Read More
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This article was originally published by Stockhead
  • Perspectives on key demand drivers and their implications for PGM demand are diverging
  • Biggest demand sector for PGMs is auto catalysts in car exhausts which are being phased out by EVs
  • Producers relying on an emergent hydrogen economy to take up the slack in demand
  • Gold recovers ground to US$1960/oz this week; silver lags at US$23.30/oz

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

 

What does the future hold for platinum group metals?

The recent London Platinum Week brought to light contrasting viewpoints regarding future demand and supply for platinum group metals (PGMs), says Metals Focus.

Notably, the perspectives on key demand drivers and their implications for autocatalyst demand are diverging.

The biggest demand sector for PGMs is ‘auto catalysts’ in car exhausts which reduce polluting emissions in ICE and hybrid vehicles.

These auto catalysts, or catalytic convertors, account for 40% and 80% of annual platinum and palladium production, respectively.

They look something like this:

bbx asx stocks
Pic: BanksPhotos / iStock / Getty Images Plus via Getty Images.

Electric vehicles don’t need catalytic convertors, and therein lies the conundrum for PGM producers, which are relying on an emergent hydrogen economy to take up the slack in demand.

(PGMs are used as catalysts in electrolysers and fuel cells).

“There are differing views on the pace of vehicle electrification by various stakeholders,” Metals Focus writes.

“Furthermore, the uncertain growth trajectory of the hydrogen economy is also contributing to disparate opinions.”

This means producers have shown a reluctance to expand production or bring new mines online.

“Uncertainty surrounding future demand and PGM price volatility has led to a conservative approach to expansion capex to bring additional production online and secure output beyond current mine lives,” Metals Focus writes.

“The volatile PGM basket pricing presents a challenge to miners when considering their capital allocation strategy.

“Given the project execution risk and long timeline required to develop a new mine, operations commonly enter production in very different market conditions to those that their feasibility studies anticipated.

“Thus, in recent years M&A has been favoured over project development.”

Globally, platinum and rhodium mine supply is expected to remain flat at 5.5Moz and 0.7Moz respectively in 2023. Palladium is expected to decline 4% to 6.3Moz.

 

Gold recovers ground, but further rate hikes likely

Gold surged early May on the risk of a US default, but as time went on the potential for a catastrophic default loomed ever larger, eventually hurting gold prices as well.

The bipartisan debt deal has now passed, and gold has bounced back above US$1980/oz.

With that out of the way gold’s biggest challenge remains more interest rate increases, says OANDA analyst Ed Moya.

“Another dose of robust labour data is raising the risk that the Fed will need to do more tightening that will eventually lead to much weaker lending,” Moya says.

“Unless inflation plays nice over the next few months, the US economy is likely headed towards a recession.

“The risks of inflation being sticky should be the base case, which means the Fed will raise rates at least once more.”

Gold was paying US$1982/oz Friday arvo, or $3000/oz in the local currency — just one pineapple shy of all-time highs, and great news for our local producers.

 

Winners & Losers

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

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

Stocks missing from this list? Email [email protected] to complain.

 
 
CODE COMPANY 1 WEEK RETURN % YEAR TO DATE RETURN % 12 MONTH RETURN % PRICE MARKET CAP
GSM Golden State Mining 77% 23% -17% 0.053 $7,646,003
CAZ Cazaly Resources 48% 9% -14% 0.037 $13,385,585
MHC Manhattan Corp Ltd 45% 45% -27% 0.008 $19,085,812
HAW Hawthorn Resources 34% -18% -18% 0.094 $30,821,436
MCT Metalicity Limited 33% -33% -60% 0.002 $7,472,172
LRL Labyrinth Resources 27% -18% -44% 0.014 $12,473,335
DTR Dateline Resources 25% -46% -83% 0.02 $15,240,385
MEI Meteoric Resources 23% 353% 1614% 0.24 $376,595,964
G88 Golden Mile Res Ltd 22% 8% -56% 0.022 $5,872,506
TMB Tambourahmetals 22% 5% -52% 0.11 $4,531,186
AAU Antilles Gold Ltd 22% 50% -36% 0.045 $26,696,067
NAE New Age Exploration 20% -14% -40% 0.006 $10,051,292
MOM Moab Minerals Ltd 18% 11% -64% 0.01 $6,137,671
IPT Impact Minerals 17% 100% 40% 0.014 $34,136,447
ADV Ardiden Ltd 17% 0% -36% 0.007 $18,818,347
AL8 Alderan Resource Ltd 17% 0% -65% 0.007 $4,316,863
A8G Australasian Metals 15% -21% -61% 0.15 $8,339,279
TAR Taruga Minerals 15% -38% -35% 0.015 $11,296,429
PXX Polarx Limited 15% -25% 0% 0.015 $18,954,742
GTR Gti Energy Ltd 14% -26% -52% 0.008 $13,634,279
AVM Advance Metals Ltd 14% -20% -27% 0.008 $4,119,911
MEG Megado Minerals Ltd 14% 27% -61% 0.057 $13,486,145
GCY Gascoyne Res Ltd 12% -16% -44% 0.14 $127,166,900
ASR Asra Minerals Ltd 11% -50% -75% 0.01 $11,736,949
REZ Resourc & En Grp Ltd 9% -25% -66% 0.012 $5,997,669
ICG Inca Minerals Ltd 9% 9% -68% 0.025 $12,087,862
AME Alto Metals Limited 8% -3% -21% 0.065 $38,607,375
AZS Azure Minerals 8% 131% 86% 0.52 $210,727,479
POL Polymetals Resources 8% 35% 154% 0.33 $32,070,288
TG1 Techgen Metals Ltd 8% -1% -46% 0.081 $5,273,513
BGD Bartongoldholdings 8% 38% 25% 0.275 $22,446,605
GMD Genesis Minerals 8% 2% -16% 1.27 $599,273,263
LCY Legacy Iron Ore 7% -16% -33% 0.016 $96,102,393
AUC Ausgold Limited 6% 6% -15% 0.05 $110,214,778
VKA Viking Mines Ltd 6% -15% -6% 0.0085 $8,202,067
FG1 Flynngold 6% -30% -48% 0.07 $7,201,148
PGO Pacgold 6% -3% -44% 0.35 $18,137,399
EMC Everest Metals Corp 6% 14% -14% 0.09 $11,648,980
EM2 Eagle Mountain 5% -38% -77% 0.105 $33,546,355
HMG Hamelingoldlimited 5% -21% -15% 0.115 $15,812,500
CLA Celsius Resource Ltd 4% 56% 32% 0.025 $55,276,292
CPM Coopermetalslimited 4% 6% -46% 0.25 $10,729,069
IVR Investigator Res Ltd 4% 26% -2% 0.053 $73,295,671
BGL Bellevue Gold Ltd 4% 17% 51% 1.325 $1,452,101,052
SVY Stavely Minerals Ltd 4% -45% -58% 0.135 $42,415,583
DEG De Grey Mining 4% 9% 24% 1.405 $2,091,963,666
DCN Dacian Gold Ltd 4% -14% -55% 0.086 $105,861,682
CDR Codrus Minerals Ltd 4% 12% 69% 0.145 $5,862,350
AGG AngloGold Ashanti 3% 27% 46% 7.44 $646,756,296
CMM Capricorn Metals 3% -3% 18% 4.45 $1,624,139,316
STN Saturn Metals 3% -6% -55% 0.17 $28,985,509
FML Focus Minerals Ltd 3% -27% 9% 0.185 $55,878,936
LYN Lycaonresources 3% -25% -53% 0.205 $7,571,313
LCL Los Cerros Limited 2% -26% -36% 0.042 $32,566,483
TRM Truscott Mining Corp 2% 12% -19% 0.046 $7,689,225
RSG Resolute Mining 2% 140% 95% 0.48 $1,021,923,153
HCH Hot Chili Ltd 2% 15% -17% 1.01 $128,403,596
WGX Westgold Resources. 2% 84% 12% 1.61 $731,747,118
NST Northern Star 2% 22% 49% 13.31 $14,849,142,212
ENR Encounter Resources 2% 61% 115% 0.29 $112,724,848
RMS Ramelius Resources 1% 53% 8% 1.42 $1,338,430,109
SPD Southernpalladium 1% -41% 0% 0.475 $19,385,247
SFR Sandfire Resources 1% 4% 3% 5.65 $2,627,128,586
MRR Minrex Resources Ltd 0% -56% -75% 0.014 $15,730,579
NPM Newpeak Metals 0% 0% 0% 0.001 $9,145,132
FFX Firefinch Ltd 0% 0% -48% 0.2 $236,569,315
DCX Discovex Res Ltd 0% -17% -63% 0.0025 $8,256,420
AQX Alice Queen Ltd 0% -50% -80% 0.001 $2,530,288
PNX PNX Metals Limited 0% -29% -36% 0.003 $16,141,874
FAU First Au Ltd 0% -13% -73% 0.0035 $5,081,976
GWR GWR Group Ltd 0% 10% -43% 0.065 $20,879,083
PUA Peak Minerals Ltd 0% -50% -79% 0.003 $3,124,130
CWX Carawine Resources 0% 0% -31% 0.1 $19,681,747
RND Rand Mining Ltd 0% -13% -21% 1.18 $67,113,634
BMR Ballymore Resources 0% -7% -32% 0.14 $13,484,444
CYL Catalyst Metals 0% -35% -51% 0.77 $117,038,831
SIH Sihayo Gold Limited 0% 0% -33% 0.002 $12,204,256
WCN White Cliff Min Ltd 0% -50% -70% 0.007 $6,233,854
WRM White Rock Min Ltd 0% -5% -52% 0.063 $17,508,200
CTO Citigold Corp Ltd 0% -17% -17% 0.005 $14,368,295
TIE Tietto Minerals 0% -27% 17% 0.515 $538,326,108
TRY Troy Resources Ltd 0% 0% 0% 0.0295 $62,920,961
CGN Crater Gold Min Ltd 0% 0% 0% 0.014499 $17,965,037
SVG Savannah Goldfields 0% -24% -28% 0.145 $29,377,266
GUL Gullewa Limited 0% -8% -26% 0.055 $10,767,521
G50 Gold50Limited 0% -40% -29% 0.15 $8,541,450
MTH Mithril Resources 0% -43% -67% 0.002 $6,737,609
ADG Adelong Gold Limited 0% 29% -74% 0.009 $4,804,401
RMX Red Mount Min Ltd 0% -20% -53% 0.004 $9,087,404
PRS Prospech Limited 0% 49% 8% 0.04 $8,512,832
XTC Xantippe Res Ltd 0% -20% -64% 0.004 $45,920,399
KZR Kalamazoo Resources 0% -38% -61% 0.13 $19,050,794
BCN Beacon Minerals 0% 11% -3% 0.031 $112,703,045
RML Resolution Minerals 0% -38% -44% 0.005 $6,286,459
TBA Tombola Gold Ltd 0% 0% -54% 0.026 $33,129,243
VRC Volt Resources Ltd 0% -33% -50% 0.01 $37,424,527
ARV Artemis Resources 0% -52% -68% 0.012 $18,839,020
SFM Santa Fe Minerals 0% -25% -40% 0.06 $4,369,127
X64 Ten Sixty Four Ltd 0% -11% -25% 0.57 $130,184,182
SI6 SI6 Metals Limited 0% 0% -25% 0.006 $10,467,762
KWR Kingwest Resources 0% -17% -79% 0.029 $8,170,078
AGC AGC Ltd 0% -3% -36% 0.058 $5,900,000
RVR Red River Resources 0% 0% -62% 0.073 $37,847,908
CBY Canterbury Resources 0% -15% -35% 0.035 $5,058,324
TMZ Thomson Res Ltd 0% -74% -81% 0.005 $4,349,755
WMC Wiluna Mining Corp 0% 0% -58% 0.205 $74,238,031
RED Red 5 Limited 0% -27% -61% 0.15 $518,922,507
THR Thor Energy PLC 0% -17% -63% 0.005 $7,368,064
HRZ Horizon 0% -26% -65% 0.045 $29,273,314
ALY Alchemy Resource Ltd 0% -22% -25% 0.018 $21,205,373
OBM Ora Banda Mining Ltd 0% 67% 259% 0.14 $217,503,930
SLR Silver Lake Resource 0% -10% -32% 1.07 $971,582,828
AVW Avira Resources Ltd 0% 0% -25% 0.003 $6,401,370
PDI Predictive Disc Ltd 0% -11% -18% 0.16 $278,628,551
STK Strickland Metals 0% 8% -40% 0.043 $69,949,049
CEL Challenger Exp Ltd 0% -9% -38% 0.16 $171,530,498
CHZ Chesser Resources 0% 35% 15% 0.115 $66,217,652
S2R S2 Resources 0% -24% -32% 0.13 $57,412,813
NES Nelson Resources. 0% -29% -64% 0.005 $2,942,972
OAU Ora Gold Limited 0% -40% -66% 0.003 $11,810,775
GNM Great Northern 0% -50% -60% 0.002 $4,272,627
RRL Regis Resources 0% 0% 2% 2.06 $1,525,152,369
DEXDA Duke Exploration 0% 0% -52% 0.053 $2,462,016
AYM Australia United Min 0% 33% -33% 0.004 $7,370,310
ANL Amani Gold Ltd 0% 0% -50% 0.001 $25,143,441
FEG Far East Gold 0% -35% -6% 0.31 $45,914,463
CLZ Classic Min Ltd 0% -89% -99% 0.001 $7,013,882
ORN Orion Minerals Ltd 0% 19% -14% 0.019 $107,293,923
NCM Newcrest Mining -1% 27% 5% 26.3 $22,972,787,505
MRZ Mont Royal Resources -1% -50% -75% 0.087 $5,957,992
EMR Emerald Res NL -1% 65% 59% 1.96 $1,119,382,685
ARL Ardea Resources Ltd -1% -49% -72% 0.365 $63,027,269
TUL Tulla Resources -1% 1% -46% 0.34 $113,194,558
TGM Theta Gold Mines Ltd -1% 0% -35% 0.068 $42,374,331
MZZ Matador Mining Ltd -1% -43% -64% 0.066 $22,065,318
WAF West African Res Ltd -2% -25% -32% 0.885 $885,394,751
MKR Manuka Resources. -2% -31% -73% 0.059 $31,911,334
GOR Gold Road Res Ltd -2% 8% 35% 1.83 $1,898,021,648
MGV Musgrave Minerals -2% 12% -24% 0.235 $130,065,749
SKY SKY Metals Ltd -2% -6% -44% 0.045 $19,773,221
PRU Perseus Mining Ltd -2% -9% -2% 1.91 $2,496,576,001
SVL Silver Mines Limited -3% -3% 3% 0.195 $280,866,429
GBR Greatbould Resources -3% -14% -16% 0.078 $39,836,303
GML Gateway Mining -3% -35% -65% 0.039 $10,919,675
SSR SSR Mining Inc. -3% -1% -17% 22.9 $397,828,346
VMC Venus Metals Cor Ltd -3% 37% -8% 0.185 $33,527,306
SBM St Barbara Limited -3% -28% -56% 0.555 $436,849,780
MAT Matsa Resources -3% -3% -29% 0.036 $14,832,265
RXL Rox Resources -3% 106% 4% 0.36 $80,767,534
KIN KIN Min NL -3% -46% -56% 0.035 $38,878,968
PNR Pantoro Limited -3% -28% -76% 0.069 $208,988,619
YRL Yandal Resources -3% -31% -67% 0.068 $10,730,609
SRN Surefire Rescs NL -3% 42% -50% 0.017 $28,073,179
ICL Iceni Gold -3% -15% -50% 0.068 $13,348,571
PUR Pursuit Minerals -3% 6% -23% 0.017 $44,314,264
TAM Tanami Gold NL -3% -15% -39% 0.033 $38,778,203
CHN Chalice Mining Ltd -3% 12% 11% 7.08 $2,702,382,795
KCN Kingsgate Consolid. -3% -26% -27% 1.275 $319,612,098
DLI Delta Lithium -3% 33% 17% 0.63 $294,658,536
CDT Castle Minerals -3% -29% -61% 0.015 $16,867,395
PNM Pacific Nickel Mines -4% -1% 12% 0.082 $32,753,280
MKG Mako Gold -4% -33% -68% 0.027 $14,644,775
USL Unico Silver Limited -4% -21% -23% 0.135 $37,746,578
HAV Havilah Resources -4% -24% -6% 0.25 $79,159,803
XAM Xanadu Mines Ltd -4% 69% 88% 0.049 $81,891,210
HRN Horizon Gold Ltd -4% 16% 3% 0.36 $46,943,115
QML Qmines Limited -4% -27% -45% 0.12 $20,753,874
BRB Breaker Res NL -4% 48% 111% 0.475 $158,126,031
ADT Adriatic Metals -4% -3% 29% 3.04 $708,763,140
SBR Sabre Resources -4% -42% -63% 0.022 $6,412,696
TBR Tribune Res Ltd -5% -17% -19% 3.33 $174,194,016
IDA Indiana Resources -5% -25% -27% 0.041 $22,334,222
OZM Ozaurum Resources -5% -38% -78% 0.041 $5,207,000
SMI Santana Minerals Ltd -5% -7% -33% 0.61 $103,278,671
SPQ Superior Resources -5% -46% -15% 0.0305 $51,367,505
SNG Siren Gold -5% -45% -74% 0.1 $13,425,881
KAU Kaiser Reef -5% 15% 3% 0.19 $28,062,560
AQI Alicanto Min Ltd -5% -12% -47% 0.038 $19,452,125
ALK Alkane Resources Ltd -5% 38% -33% 0.74 $442,156,912
EVN Evolution Mining Ltd -5% 16% -10% 3.46 $6,312,456,137
GSR Greenstone Resources -5% -44% -63% 0.018 $21,838,831
TLM Talisman Mining -5% 29% 3% 0.18 $33,793,109
KRM Kingsrose Mining Ltd -5% -17% -23% 0.054 $39,883,906
CAI Calidus Resources -5% -35% -79% 0.175 $101,633,046
IGO IGO Limited -5% 2% 9% 13.75 $10,798,639,013
BYH Bryah Resources Ltd -6% -34% -63% 0.017 $5,625,069
ANX Anax Metals Ltd -6% 28% -23% 0.068 $26,201,269
KCC Kincora Copper -6% -10% -27% 0.066 $7,871,178
TMX Terrain Minerals -6% 33% -20% 0.008 $8,665,594
MEU Marmota Limited -6% -33% -53% 0.032 $33,881,618
MEK Meeka Metals Limited -6% -53% -54% 0.032 $36,298,704
CST Castile Resources -6% -1% -46% 0.094 $21,287,414
MTC Metalstech Ltd -6% -40% -19% 0.31 $57,713,367
GMR Golden Rim Resources -6% -3% -53% 0.03 $17,747,651
TMS Tennant Minerals Ltd -6% -3% -29% 0.03 $22,783,002
GRL Godolphin Resources -6% -29% -49% 0.059 $7,102,167
AMI Aurelia Metals Ltd -7% -18% -70% 0.098 $135,745,006
LM8 Lunnonmetalslimited -7% 6% 6% 0.95 $106,603,294
NAG Nagambie Resources -7% -39% -20% 0.04 $23,269,053
WWI West Wits Mining Ltd -7% -19% -54% 0.013 $29,159,224
TCG Turaco Gold Limited -7% -10% -40% 0.052 $26,141,267
TTM Titan Minerals -7% -24% -31% 0.051 $53,628,381
MXR Maximus Resources -8% -10% -52% 0.036 $12,124,119
ARN Aldoro Resources -8% -25% -48% 0.12 $16,130,849
BC8 Black Cat Syndicate -8% 0% -21% 0.355 $97,296,025
KAL Kalgoorliegoldmining -8% -58% -70% 0.035 $2,713,236
AAJ Aruma Resources Ltd -8% 32% -18% 0.07 $10,987,305
MAU Magnetic Resources -8% -40% -63% 0.52 $123,036,554
ASO Aston Minerals Ltd -8% 0% -38% 0.08 $89,178,475
MLS Metals Australia -8% -24% -60% 0.034 $22,465,303
NVA Nova Minerals Ltd -8% -59% -57% 0.28 $61,158,088
SLZ Sultan Resources Ltd -8% -48% -70% 0.044 $6,372,172
WA8 Warriedarresourltd -8% -35% -21% 0.11 $49,571,763
BEZ Besragoldinc -8% 323% 182% 0.22 $77,849,615
SAU Southern Gold -9% -16% -48% 0.021 $5,705,420
AAR Astral Resources NL -9% -3% -19% 0.07 $50,308,436
MI6 Minerals260Limited -9% 29% -14% 0.44 $111,150,000
NML Navarre Minerals Ltd -10% -54% -76% 0.019 $27,052,725
KNB Koonenberrygold -10% -39% -58% 0.038 $3,030,258
NWM Norwest Minerals -10% -50% -37% 0.027 $6,679,023
ERM Emmerson Resources -10% -17% -41% 0.062 $34,861,426
ADN Andromeda Metals Ltd -10% -20% -65% 0.035 $115,070,312
GIB Gibb River Diamonds -11% -32% -23% 0.041 $8,671,887
RGL Riversgold -11% -47% -61% 0.016 $16,072,951
PKO Peako Limited -11% -45% -60% 0.008 $3,765,852
BBX BBX Minerals Ltd -11% -48% -71% 0.055 $28,464,645
CY5 Cygnus Metals Ltd -11% -49% 11% 0.195 $43,898,846
AUT Auteco Minerals -11% -39% -40% 0.031 $69,385,089
SMS Starmineralslimited -12% -36% -78% 0.046 $1,356,381
BM8 Battery Age Minerals -12% -33% -33% 0.335 $25,605,266
BMO Bastion Minerals -12% -15% -81% 0.029 $4,622,936
KSN Kingston Resources -13% 30% -28% 0.105 $41,565,366
PGD Peregrine Gold -13% -27% -43% 0.28 $16,269,757
RDN Raiden Resources Ltd -13% -26% -69% 0.0035 $9,272,912
GBZ GBM Rsources Ltd -13% -51% -77% 0.021 $14,167,101
BAT Battery Minerals Ltd -13% -13% -56% 0.0035 $13,427,769
RDS Redstone Resources -13% -13% 0% 0.007 $5,802,149
KTA Krakatoa Resources -13% -52% -75% 0.021 $8,357,661
BNR Bulletin Res Ltd -13% -34% -71% 0.061 $18,789,830
NMR Native Mineral Res -13% -75% -85% 0.027 $3,243,746
ZNC Zenith Minerals Ltd -13% -51% -69% 0.13 $47,571,419
NSM Northstaw -13% -16% -46% 0.13 $15,616,510
AZY Antipa Minerals Ltd -13% -38% -71% 0.013 $50,358,721
SXG Southern Cross Gold -13% -39% -24% 0.485 $43,135,663
M2R Miramar -13% -44% -64% 0.045 $3,617,178
NXM Nexus Minerals Ltd -14% -65% -74% 0.07 $23,432,638
GAL Galileo Mining Ltd -14% -34% -60% 0.585 $122,527,455
GED Golden Deeps -14% -33% -70% 0.006 $6,931,360
MVL Marvel Gold Limited -14% -54% -69% 0.012 $11,224,560
PRX Prodigy Gold NL -14% -50% -64% 0.006 $12,257,755
CXU Cauldron Energy Ltd -14% -14% -61% 0.006 $5,589,412
M24 Mamba Exploration -14% -38% -25% 0.09 $5,244,567
LEX Lefroy Exploration -15% -21% -32% 0.205 $33,696,180
TSO Tesoro Gold Ltd -15% -3% -49% 0.035 $38,983,665
KAI Kairos Minerals Ltd -15% -26% -35% 0.017 $33,389,589
HMX Hammer Metals Ltd -15% -10% -6% 0.061 $54,212,885
HXG Hexagon Energy -15% -35% -58% 0.011 $5,642,075
DTM Dart Mining NL -16% -22% -36% 0.043 $7,408,351
OKR Okapi Resources -16% -30% -60% 0.105 $19,434,032
AM7 Arcadia Minerals -17% -27% -39% 0.15 $7,004,684
PNT Panthermetalsltd -17% -66% -70% 0.064 $4,097,050
MDI Middle Island Res -17% -11% -75% 0.034 $5,019,147
DRE Dreadnought Resources Ltd -17% -54% 14% 0.048 $166,386,411
ZAG Zuleika Gold Ltd -18% -33% -60% 0.014 $7,322,709
GSN Great Southern -18% -38% -59% 0.018 $13,173,783
EMU EMU NL -20% -59% -83% 0.002 $3,625,053
BTR Brightstar Resources -20% -29% -48% 0.012 $17,235,970
A1G African Gold Ltd. -22% -36% -54% 0.053 $8,973,494
MM8 Medallion Metals. -23% -52% -72% 0.075 $19,834,397
BNZ Benzmining -24% -27% -52% 0.3 $25,752,078
FAL Falconmetalsltd -25% -18% -31% 0.23 $50,445,000
GMN Gold Mountain Ltd -25% -57% -40% 0.003 $7,879,730
AWJ Auric Mining -26% -33% -55% 0.043 $5,888,682
MBK Metal Bank Ltd -28% -32% -54% 0.023 $7,741,595
MOH Moho Resources -32% -38% -64% 0.013 $3,634,089

 

 

Weekly Small Cap Standouts

TOUBANI RESOURCES (ASX:TRE)

The Canadian explorer jumped ship to the ASX late November last year with the advanced 3.1Moz Kobada gold project in Mali.

This 4.5km-long resource ticks some important boxes; it is shallow, oxide dominant (softer ore), free-milling and potentially just one of multiple discoveries to be made at the project.

With ~$110m already spent on exploration and studies no significant resource drill-out programs are required ahead of a final investment decision, pencilled in for 1H 2025.

TRE is currently updating a 2021 feasibility study which outlined a +100,000oz per annum operation at US$972/oz AISC over the first 10 years, delivering a pre-tax NPV of $US506m and an IRR of 45%.

NPV and IRR are a measure of a project’s potential profitability; the higher they are above zero, the better.

The $15m capped stock is flat year-to-date, and reckons it is undervalued compared to its peers:

 

ANTILLES GOLD (ASX:AAU)

The Cuba-based gold-copper play is aiming to develop a pipeline of projects through its 49:51 mining joint venture with the Cuban Government’s mining company, GeoMinera SA.

The goal, initially, is to fund a copper porphyry hunt via its part-owned La Demajagua mine.

The La Demajagua open pit would produce 53,146tpa gold and 5905tpa silver and antimony concentrates for nine years, which is expected to be followed by underground operations.

An open pit Definitive Feasibility Study (DFS) is nearing completion which should allow construction to kick off Q4 2023.

AAU’s share of construction costs is expected to be ~$20m. Its share of LOM cash surplus will be $265m, it says.

 

WIA GOLD (ASX:WIA)

WIA is getting thick and high grade extensional drill hits, just weeks after unveiling a monster 1.3Moz maiden resource for the Kokoseb gold deposit in Namibia.

The company is already working toward its next resource upgrade with new intercepts like 15m at 17.13g/t from 292m.

“Kokoseb, once again, is revealing its outstanding potential. Following the recent announcement of the initial mineral resource estimate of 1.3Moz at 1.0g/t Au, the latest RC drilling results have returned very high-grade, thick mineralised intercepts beneath the existing US$1,800/oz resource pit shells,” WIA exec Andrew Pardey says.

“Hole KRC086 confirms that high-grade mineralisation extends to almost 200m below the existing resource.

“It is also noteworthy in that it has an unconstrained intercept of 68m at 5.72g/t Au, which includes a series of 1m samples at over 10g/t Au, from which one is over 90g/t Au and two are in the order of 50g/t Au.

“Such a coherent zone of very high-grade mineralisation at depth opens a new and exciting chapter for the overall scale and grade potential of Kokoseb.”

The maiden resource was delivered just 11 months from the discovery drillhole, at a discovery cost of just US$2/oz.

WIA says this is one of the lowest resource discovery costs by industry standards.

The post Gold Digger: The Platinum Group Metals sector is at a crossroads, and no one can agree what the future looks like appeared first on Stockhead.

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