
On Australian Gold Share Investments
... the Nerds have the Numbers
The gold sector is volatile. There are over 250 gold and silver companies on the Australian Stock Exchange (ASX). All but the biggest are under the radar of market analysts, so temporary mispricings and market inefficiencies are common.
GoldNerds provides information for investors on all the gold and silver companies on the ASX. We've done an enormous amount of legwork for you. Use GoldNerds to compare companies — to find undervalued stocks to buy, and overvalued stocks to sell. GoldNerds does not recommend stocks, but it helps you make informed decisions.
Investing without GoldNerds is like being blind. Are your current gold stocks good value, compared to their peers? Subscribe to find out.
What we offer
Every two weeks (except in January), a new edition of the GoldNerds spreadsheet file with the latest information is compiled and posted to this website, and subscribers are notified by email. Subscribers can download the latest spreadsheet file at any time from this website.
Subscriptions are for either six months or twelve months. Subscribe to one of three versions: Standard, Professional, or Elite (the differences are described below).
Because it is an app rather than a plain spreadsheet, GoldNerds only runs on Excel on Windows. (Sorry, but due to limitations of Excel on the Mac it does not run, or even open, on a Mac.) No demonstrations available, but see the screenshots below.
Features
Discover New Companies
Simple
Easy to Operate
Comprehensive
Hover for more details
The entire sector
Find mispricings
Up to date
Compare
Filter
Capital Structure
Reserves and Resources
Ore Calculator
Financials
Find Projects
Free Cash Flow
TCO
Production
Renew Manually
Excel on Windows
Graphs
Did you know you can buy gold more cheaply when it is underground? Gold in an exploration lease is often less than ten dollars per ounce, and often only one or two hundred dollars an ounce underneath a working mine. You can buy a lot of ounces this way, for a lot of leverage to a rising price of gold, but you incur company risk. Bargains abound, but you may need a GoldNerds spreadsheet to find them. And remember, the stock prices in this sector are volatile, so the numbers and comparisons can quickly go out of date.
The in-ground cost of a company's gold is the value of the company (its market capitalization or enterprise value) divided by the number of ounces of gold it has rights over (typically expressed as its gold resources or reserves). The in-ground cost of gold escalates as a deposit is found, gets a resource statement, then a mining study, and finally goes into production. However, at all these stages the cost of the in-ground gold is far lower than the cost of bullion.
By buying shares of gold companies, you get to effectively own a lot more ounces of gold than by buying bullion. This gives you greater leverage to rises and falls in the gold price. This is part of the reason that the share prices of gold companies, even those that are not producing gold, are so sensitive to the price of gold. When the gold price moves up or down, gold shares usually rise or fall by a much greater percentage.
Even among producers there are big differences in the in-ground cost, because mining costs vary between resources and because companies go in and out of favor for non-fundamental reasons. Here is an example graph of the in-ground costs for some ASX gold producers, measured by market capitalization per resource ounce of precious metals (mainly gold, but also any silver, platinum, palladium, or rhodium in gold-equivalent ounces). Clearly, some gold is cheaper than other gold (warning: this example uses past data and includes made-up data):





Company Columns
Columns in all versions:
ASX code of company
Company name
Long comment on projects, mining studies, recent exploration results, capital raisings, etc.
Historic share price
(on a date of your choosing)Recent share price
Change in share price
Number of existing shares
Number of shares when fully diluted
Cash
(comment has date, recent changes)Hedgebook
(comment has details)Market capitalization
Status
(producer, developer, or explorer)Minerals
Percentage in gold
(focus calculated from resources, exploration targets)Percentage in silver
(focus calculated from resources, exploration targets)HQ location
Reserves, precious
(comment describes all reserves by project: minerals, grades, types, dates, etc)Resources, precious
(comment describes all resources by project: minerals, grades, types, dates, etc)Potential, precious
(comment describes all potentials by project: minerals, grades, types, dates, etc)Mineable, precious
(reserves + 60% of (resources - reserves), or your choice)Reserves, non-precious
Resources, non-precious
Potential, non-precious
Mineable, non-precious
Reserves, all
Resources, all
Potential, all
Mineable, all
Mineable Byproducts, all
Mkt cap per reserve ounce, precious
Mkt cap per resource ounce, precious
Mkt cap per mineable ounce, precious
Mkt cap per reserve ounce, all
Mkt cap per resource ounce, all
Mkt cap per mineable ounce, all
Current production, precious
(comment includes amounts and costs for previous quarters)Current production, non-precious
Current production, all
Future production
(comment includes guidance and dates)Reserve life
Mkt cap per production ounce
Current all-in sustaining cost (AISC)
Future all-in sustaining cost (AISC)
Sovereign risk
Percentage of reserves in Tier 1 countries
Score
Custom 1 ... 6
(sortable, filterable columns for your calcs)
Columns in the Professional and Elite versions only:
Number of in-the-money options
Revenue from in-the-money options
Investments
(double-click for window of details)Liabilities
(comment has date)Other financial assets
Enterprise value (EV)
Net financial assets
(as a percentage of market cap.)EV per resource ounce, precious
EV per reserve ounce, precious
EV per mineable ounce, precious
EV per resource ounce, all
EV per reserve ounce, all
EV per mineable ounce, all
EV per production ounce
Construction costs
Current total cost of ownership (TCO)
Future total cost of ownership (TCO)
Free cash flow
EV per free cash flow
Price to free cash flow
GDXJ index percentage
Dividends last year
(comment contains details)Dividend yield
CommSec lending ratio
Leveraged Equities lending ratio
Screenshots








Custom Windows
For example, here is the Capital Structure window. It lists all of a company's shares and potential shares (warning: example out of date):






Feedback
Companies Currently on the GoldNerds Spreadsheet
Link to this list with https://goldnerds.com.au/#companies.
Alphabetical by company name (not by ASX code):
- A
- AIV — Activex
- ADT — Adriatic Metals
- A1G — African Gold
- A1M — AIC Mines
- ALY — Alchemy Resources
- AQI — Alicanto Minerals
- AQX — Alice Queen
- ALK — Alkane Resources
- AME — Alto Metals
- ANL — Amani Gold
- AGG — AngloGold Ashanti
- AWV — Anova Metals
- AAU — Antilles Gold
- AZY — Antipa Minerals
- ADV — Ardiden
- ARD — Argent Minerals
- AMD — Arrow Minerals
- ARV — Artemis Resources
- AAJ — Aruma Resources
- AS2 — Askari Metals
- ASR — Asra Minerals
- ASO — Aston Minerals
- AAR — Astral Resources
- AMI — Aurelia Metals
- AWJ — Auric Mining
- AUR — Auris Minerals
- AUE — Aurum Resources
- AUN — Aurumin
- AUC — Ausgold
- AYT — Austin Metals
- AGD — Austral Gold
- A8G — Australasian Metals
- AYM — Australia United Mining
- AGC — Australian Gold & Copper
- AUT — AuTECO Minerals
- AZS — Azure Minerals
- B
- BMR — Ballymore Resources
- BGD — Barton Gold
- BMO — Bastion Minerals
- BBX — BBX Minerals
- BCN — Beacon Minerals
- BGL — Bellevue Gold
- BNZ — Benz Mining
- BEZ — Besra Gold
- BRV — Big River Gold
- BC8 — Black Cat Syndicate
- BDG — Black Dragon Gold
- BMG — BMG Resources
- BML — Boab Metals
- BOC — Bougainville Copper
- BPM — BPM Minerals
- BRB — Breaker Resources
- BTR — Brightstar Resources
- BNR — Bulletin Resources
- C
- CAD — Caeneus Minerals
- CAI — Calidus Resources
- CAE — Cannindah Resources
- CRS — Caprice Resources
- CMM — Capricorn Metals
- CWX — Carawine Resources
- CNB — Carnaby Resources
- CAV — Carnavale Resources
- CPN — Caspin Resources
- CDT — Castle Minerals
- CYL — Catalyst Metals
- CHN — Chalice Mining
- CEL — Challenger Exploration
- CHZ — Chesser Resources
- CTO — Citigold Corporation
- CLZ — Classic Minerals
- CDR — Codrus Minerals
- CGN — Crater Gold Mining
- D
- DCN — Dacian Gold
- DTM — Dart Mining
- DTR — Dateline Resources
- DEG — De Grey Mining
- DEV — DevEx Resources
- DGO — DGO Gold
- DBO — Diablo Resources
- DCX — DiscovEx
- E
- E2M — E2 Metals
- E79 — E79 Gold Mines
- EMR — Emerald Resources
- ERM — Emmerson Resources
- EMU — Emu
- ENR — Encounter Resources
- EQE — Equus Mining
- ERW — Errawarra Resources
- ESS — Essential Metals
- EVN — Evolution Mining
- F
- FAL — Falcon Metals
- FXG — Felix Gold
- FFX — Firefinch
- FAU — First Au
- FML — Focus Minerals
- FRS — Forrestania Resources
- G
- GCY — Gascoyne Resources
- GML — Gateway Mining
- GBZ — GBM Resources
- GMD — Genesis Minerals
- GES — Genesis Resources
- GPR — Geopacific Resources
- GIB — Gibb River Diamonds
- GLA — Gladiator Resources
- GRL — Godolphin Resources
- G50 — Gold 50
- GMN — Gold Mountain
- GOR — Gold Road Resources
- G88 — Golden Mile Resources
- GMR — Golden Rim Resources
- GSM — Golden State Mining
- GBR — Great Boulder Resources
- GNM — Great Northern Minerals
- GSN — Great Southern Mining
- GSR — Greenstone Resources
- H
- HMG — Hamelin Gold
- HAR — Haranga Resources
- HAV — Havilah Resources
- HRN — Horizon Gold
- HRZ — Horizon Minerals
- I
- ICL — Iceni Gold
- IPT — Impact Minerals
- IDA — Indiana Resources
- IVR — Investigator Resources
- IR1 — Iris Metals
- K
- KAI — Kairos Minerals
- KAU — Kaiser Reef
- KZR — Kalamazoo Resources
- KAL — Kalgoorlie Gold Mining
- KLI — Killi Resources
- KIN — Kin Mining
- KCN — Kingsgate
- KRM — Kingsrose Mining
- KSN — Kingston Resources
- KWR — Kingwest Resources
- KNB — Koonenberry Gold
- KTA — Krakatoa Resources
- L
- LRL — Labyrinth Resources
- LNY — Laneway Resources
- LEX — Lefroy Exploration
- LGM — Legacy Minerals
- LLO — Lion One Metals
- LDR — Lode Resources
- LSR — Lodestar Minerals
- LCL — Los Cerros
- LYN — Lycaon Resources
- M
- M3M — M3 Mining
- MAG — Magmatic Resources
- MAU — Magnetic Resources
- MKG — Mako Gold
- M24 — Mamba Exploration
- MHC — Manhattan Corporation
- MKR — Manuka Resources
- MPG — Many Peaks Gold
- MEU — Marmota
- MMA — Maronan Metals
- MVL — Marvel Gold
- MZZ — Matador Mining
- MAT — Matsa Resources
- MXR — Maximus Resources
- MM8 — Medallion Metals
- MEK — Meeka Gold
- MEG — Megado Gold
- MBK — Metal Bank
- MHK — Metal Hawk
- MCT — MetaliCity
- MTC — MetalsTech
- MEI — Meteoric Resources
- MM1 — Midas Minerals
- M2R — Miramar Resources
- MTH — Mithril Resources
- MOH — Moho Resources
- MMG — Monger Gold
- MRZ — Mont Royal Resources
- M2M — Mt Malcolm Mines
- MTM — Mt Monger Resources
- MGV — Musgrave Minerals
- N
- NAG — Nagambie Resources
- NMR — Native Mineral Resources Holdings
- NML — Navarre Minerals
- NES — Nelson Resources
- NAE — New Age Exploration
- NTL — New Talisman Gold Mines
- NCM — Newcrest Mining
- NPM — NewPeak Metals
- NME — Nex Metals Exploration
- NXM — Nexus Minerals
- NFL — Norfolk Metals
- NSM — North Stawell Minerals
- NST — Northern Star Resources
- NWM — Norwest Minerals
- NVA — Nova Minerals
- O
- OAR — OAR Resources
- OGC — OceanaGold
- OXX — Octanex
- ODY — Odyssey Gold
- OKU — Oklo Resources
- OBM — Ora Banda Mining
- OAU — Ora Gold
- OMX — Orange Minerals
- ORR — OreCorp
- OZM — OzAurum
- OZZ — OZZ Resources
- P
- PGO — Pacgold
- PNR — Pantoro
- PKO — Peako
- PRU — Perseus Mining
- PGM — Platina Resources
- PNX — PNX Metals
- POD — Podium Minerals
- POL — Polymetals Resources
- PDI — Predictive Discovery
- PRX — Prodigy Gold
- PRS — Prospech
- Q
- QXR — QX Resources
- R
- RDN — Raiden Resources
- RMS — Ramelius Resources
- RND — Rand Mining
- RR1 — Reach Resources
- RED — Red 5
- RDT — Red Dirt Metals
- RMX — Red Mountain Mining
- RRL — Regis Resources
- RNX — Renegade Exploration
- RSG — Resolute Mining
- REZ — Resources & Energy Group
- RIE — Riedel Resources
- RCR — Rincon Resources
- RGL — Riversgold
- RXL — Rox Resources
- S
- S2R — S2 Resources
- SMI — Santana Minerals
- SRR — Sarama Resources
- STN — Saturn Metals
- SHH — Shree Minerals
- SNX — Sierra Nevada Gold
- SNX — Sierra Nevada Gold
- SIH — Sihayo Gold
- SLR — Silver Lake Resources
- SVL — Silver Mines
- SNG — Siren Gold
- SKY — Sky Metals
- SLS — Solstice Minerals
- SMG — Soon Mining
- SXG — Southern Cross Gold
- SAU — Southern Gold
- SSR — SSR Mining
- SBM — St Barbara
- SMS — Star Minerals
- SVY — Stavely Minerals
- STK — Strickland Metals
- SLZ — Sultan Resources
- SHN — Sunshine Gold
- STM — Sunstone Metals
- SPQ — Superior Resources
- SRN — Surefire Resources
- T
- TLM — Talisman Mining
- TAM — Tanami Gold
- TG1 — TechGen Metals
- TEM — Tempest Minerals
- TMR — Tempus Resources
- X64 — Ten Sixty Four
- TMX — Terrain Minerals
- TSO — Tesoro Gold
- TGM — Theta Gold Mines
- TMZ — Thomson Resources
- TIE — Tietto Minerals
- TTM — Titan Minerals
- TBA — Tombola Gold
- TOR — Torque Metals
- TKL — Traka Resources
- TBR — Tribune Resources
- TRY — Troy Resources
- TRM — Truscott Mining
- TUL — Tulla Resources
- TCG — Turaco Gold
- TSC — Twenty Seven Co.
- V
- VAN — Vango Mining
- VKA — Viking Mines
- VMM — Virdis Mining
- W
- WAF — West African Resources
- WWI — West Wits Mining
- WSR — Westar Resources
- WGR — Western Gold Resources
- WGX — Westgold Resources
- WRM — White Rock Minerals
- WIA — Wia Gold
- WC8 — Wildcat Resources
- WMC — Wiluna Mining
- X
- XAM — Xanadu Mines
- XTC — Xantippe Resources
- Y
- YRL — Yandal Resources
- Z
- ZAG — Zuleika Gold