On Australian Gold Share Investments

... the Nerds have the Numbers

The gold sector is volatile. There are over 200 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

The information is presented in a sophisticated spreadsheet, in Microsoft Excel on Windows (sorry, but it does not work on Macs). The GoldNerds spreadsheet is very friendly — more like a mini-app. No experience with spreadsheets is required.

A new edition of the GoldNerds spreadsheet with the latest information is compiled every two weeks. Subscribers can download the latest spreadsheet at any time from this website.

Subscriptions are for either six months or twelve months. There are two versions: Standard and Professional (compare below). Prices are aimed at mum and dad investors rather than industry professionals. Sorry, only runs on Excel on Windows, and no demonstrations available.




The GoldNerds spreadsheet has over 25 graphs. You choose the companies to compare in the 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, or less than a 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.

The first example graph shows one of the measures of the in-ground cost of gold. 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 a graph of in-ground costs for some ASX gold producers in February 2016:
The second example concerns free cash flow, which is how much cash a company generates each year from its gold production, after paying its expenses. This money can be used to expand its operations or to pay dividends to its shareholders. (Free-cash flow is only in the Professional version.)

This graph shows the cost of buying free-cash flow for a bunch of producers in early 2016, just before Millennium Minerals (MOY) went from 5 cents to 24 cents and Resolute Mining (RSG) went from 35 cents to $1.46:
The third example shows some share price rises from December 2015 to July 2016. The gold price started trending upwards for the first time in three years, and the effect on the sector was electric. Notice that the two companies that rose the most were the two with the lowest price per dollar of free cash flow a few months earlier. The market doesn't always contain signals that are this clear, and due care has to be taken because company-specific factors abound, but GoldNerds is useful for spotting these sort of temporary mispricings.

Spreadsheet Columns

View, sort, filter by, and get help on any column. Everything in the Standard version is in the Professional version. Some columns are hidden by default, but can be switched on.

Columns in both the Standard and Professional versions:

  • ASX code

  • Company name

  • Long comment on projects, mining studies, recent exploration results, capital raisings, etc.

  • Historic share price

  • Recent share price

  • Change in share price

  • Number of shares

  • Cash

  • Hedgebook
    (comment includes details and references)

  • Market capitalization (mkt cap)

  • Status
    (producer, developer, or explorer)

  • Minerals

  • Percentage in gold

  • Percentage in silver

  • HQ location

  • Reserves
    (comment includes breakdown by project, grades, references)

  • Resources
    (comment includes breakdown by project, grades, references)

  • Mineable gold

  • Mkt cap per reserve ounce

  • Mkt cap per resource ounce

  • Mkt cap per mineable ounce

  • Current production
    (comment includes amounts and costs for previous quarters)

  • Future production

  • Reserve life

  • Mkt cap per production ounce

  • Current all-in sustaining cost (AISC)

  • Future AISC

  • Sovereign risk

  • Percentage of reserves in Tier 1 countries

  • Score

  • Custom 1

  • Custom 2

Columns in the Professional version only:

  • Options
    (list in its own window)

  • Option cost

  • Investments
    (list in its own window)

  • Liabilities

  • Other financial assets

  • Enterprise value (EV)

  • Net financial assets

  • EV per resource ounce

  • EV per reserve ounce

  • EV per mineable ounce

  • EV per production ounce

  • Construction costs

  • Ongoing capex

  • Current total cost of ownership (TCO)

  • Future TCO

  • Current TCO + sovereign risk

  • Future TCO + sovereign risk

  • Free cash flow

  • EV per free cash flow

  • Price per free cash flow

  • GDXJ index percentage

  • Dividends last year

  • Dividend yield

  • CommSec lending ratio

  • Leveraged Equities lending ratio


  • Jason Blomfield, Australia
    Gold has been one of my best investments thanks to your analysis tools to a large extent. Four to six ten bangers.
    Jason Blomfield, Australia
  • Allen Gotts, Queensland
    The amount of data in the spreadsheet is incredible, and I haven't found anything that's not spot-on.
    Allen Gotts, Queensland
  • Nikesh Thakorlal, New South Wales
    I've spent the last few hours in absolute ecstasy (I know, I'm sick) at the wealth of information you've put into such an easy to use spreadsheet. You've practically smashed my research time to zero. Thank you!
    Nikesh Thakorlal, New South Wales
  • Graham Pitkethley, New South Wales
    ... your programme is brilliant. Comprehensive, easy to use and accurate. By the time I correct all the inaccuracies on every other programme I might as well do it myself. I still check yours but haven't caught you out yet.
    Graham Pitkethley, New South Wales
  • Chris Hogarth, Brunei
    ... I've found the spreadsheet really useful in identifying small companies (i.e. promising projects not yet identified by the market). It has been invaluable in helping to identify great companies.
    Chris Hogarth, Brunei
  • Bob, North Carolina
    ... You've got a great product! I have utilized your scoring system to pick a stronger group of stocks after struggling with choices for some time. I have immediately seen positive results. This is no ordinary spreadsheet, it's a verb- alive with information and customizable... I am utterly grateful and very impressed.
    Bob, North Carolina
  • Dan, Florida
    ... I like GoldNerds for the details. With little work I can find the stocks that meet my criteria and not have to rely on internet noise. I have been well rewarded. Love your product, keep it coming.
    Dan, Florida
  • Marcus Blockey, Queensland
    GoldNerds has saved me literally hundreds of hours. It's a phenomenal resource and a total 'no brainer' for any goldmining investor... a gold mine of knowledge in front of me, for peanuts.
    Marcus Blockey, Queensland

Companies Currently on the GoldNerds Spreadsheet

Here are all the companies on the Australian Stock Exchange (ASX) whose value or focus is at least 50% on gold or silver — as of January 25, 2022. We're so confident we've got the whole sector that if you tell us about a company we haven't included — and which is not already in the research pipeline, as is typical for recent IPOs — we'll email you the current and the next two professional spreadsheets for free. (If you are already a subscriber, we'll add a month to the end of your current subscription.)

Link to this list with https://goldnerds.com.au/#companies.

Alphabetical by company name (not by ASX code):
AIV — Activex
ADT — Adriatic Metals
AIS — Aeris Resources
A1G — African Gold
A1M — AIC Mines
ALY — Alchemy Resources
AQI — Alicanto Minerals
AQX — Alice Queen
ALK — Alkane Resources
AGS — Alliance Resources
AME — Alto Metals
ANL — Amani Gold
ANX — Anax Metals
AAR — Anglo Australian Resources
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
ASO — Aston Minerals
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
BMR — Ballymore Resources
BDC — Bardoc Gold
BAR — Barra Resources
BGD — Barton Gold
BSR — Bassari Resources
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
CAD — Caeneus Minerals
CAI — Calidus Resources
CAE — Cannindah Resources
CRS — Caprice Resources
CMM — Capricorn Metals
CWX — Carawine Resources
CNB — Carnaby Resources
CPN — Caspin Resources
CST — Castile Resources
CDT — Castle Minerals
CYL — Catalyst Metals
CLA — Celsius Resources
CHN — Chalice Mining
CEL — Challenger Exploration
CHZ — Chesser Resources
CTO — Citigold Corporation
CLZ — Classic Minerals
CDR — Codrus Minerals
CGN — Crater Gold Mining
CY5 — Cygnus Gold
DCN — Dacian Gold
DTM — Dart Mining
DTR — Dateline Resources
DEG — De Grey Mining
DEV — DevEx Resources
DGO — DGO Gold
DBO — Diablo Resources
DCX — DiscovEx
E2M — E2 Metals
E79 — E79 Gold Mines
EM2 — Eagle Mountain
EMR — Emerald Resources
ERM — Emmerson Resources
EMU — Emu
ENR — Encounter Resources
EQE — Equus Mining
ERW — Errawarra Resources
ESS — Essential Metals
EVN — Evolution Mining
FAL — Falcon Metals
FFX — Firefinch
FAU — First Au
FML — Focus Minerals
FRS — Forrestania Resources
FNT — Frontier Resources
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
GED — Golden Deeps
G88 — Golden Mile Resources
GMR — Golden Rim Resources
GSM — Golden State Mining
GBR — Great Boulder Resources
GNM — Great Northern Minerals
GSN — Great Southern Mining
HMG — Hamelin Gold
HAV — Havilah Resources
HAW — Hawthorn Resources
HRN — Horizon Gold
HRZ — Horizon Minerals
HCH — Hot Chili
ICL — Iceni Gold
IPT — Impact Minerals
IDA — Indiana Resources
IVR — Investigator Resources
IR1 — Iris Metals
KAI — Kairos Minerals
KAU — Kaiser Reef
KZR — Kalamazoo Resources
KAL — Kalgoorlie Gold Mining
KIN — Kin Mining
KCN — Kingsgate
KRM — Kingsrose Mining
KSN — Kingston Resources
KWR — Kingwest Resources
KLA — Kirkland Lake Gold
KNB — Koonenberry Gold
KOR — Korab Resources
KTA — Krakatoa Resources
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
M3M — M3 Mining
MAG — Magmatic Resources
MAU — Magnetic Resources
MKG — Mako Gold
M24 — Mamba Exploration
MHC — Manhattan Corporation
MKR — Manuka Resources
MEU — Marmota
MVL — Marvel Gold
MZZ — Matador Mining
MAT — Matsa Resources
MXR — Maximus Resources
MM8 — Medallion Metals
MML — Medusa Mining
MEK — Meeka Gold
MEG — Megado Gold
MBK — Metal Bank
MHK — Metal Hawk
MCT — MetaliCity
MTC — MetalsTech
MEI — Meteoric Resources
MM1 — Midas Minerals
MDI — Middle Island Resources
MRR — Minrex Resources
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
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
NSM — North Stawell Minerals
NST — Northern Star Resources
NWM — Norwest Minerals
NVA — Nova Minerals
OAR — OAR Resources
OGC — OceanaGold
OXX — Octanex
ODY — Odyssey Gold
OKR — Okapi Resources
OKU — Oklo Resources
OBM — Ora Banda Mining
OAU — Ora Gold
ORR — OreCorp
OZL — OZ Minerals
OZM — OzAurum
OZZ — OZZ Resources
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
QML — QMines
QXR — QX Resources
RDN — Raiden Resources
RMS — Ramelius Resources
RND — Rand Mining
RR1 — Reach Resources
RED — Red 5
RDT — Red Dirt Metals
RDM — Red Metal
RMX — Red Mountain Mining
RRL — Regis Resources
RNX — Renegade Exploration
RSG — Resolute Mining
RML — Resolution Minerals
REZ — Resources & Energy Group
RXM — Rex Minerals
RIE — Riedel Resources
RIM — Rimfire Pacific Mining
RCR — Rincon Resources
RGL — Riversgold
RXL — Rox Resources
RTG — RTG Mining
S2R — S2 Resources
SBR — Sabre Resources
SMI — Santana Minerals
STN — Saturn Metals
SHH — Shree Minerals
SIH — Sihayo Gold
SLR — Silver Lake Resources
SVL — Silver Mines
SNG — Siren Gold
SKY — Sky Metals
SMG — Soon Mining
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
TLM — Talisman Mining
TAM — Tanami Gold
TG1 — TechGen Metals
TEM — Tempest Minerals
TMR — Tempus Resources
TMX — Terrain Minerals
TSO — Tesoro Resources
TGM — Theta Gold Mines
TMZ — Thomson Resources
TIE — Tietto Minerals
TTM — Titan Minerals
TBA — Tombola Gold
TNR — Torian Resources
TOR — Torque Metals
TRN — Torrens Mining
TKL — Traka Resources
TBR — Tribune Resources
TRY — Troy Resources
TRM — Truscott Mining
TUL — Tulla Resources
TCG — Turaco Gold
TSC — Twenty Seven Co.
VAN — Vango Mining
VMC — Venus Metals
VKA — Viking Mines
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
XAM — Xanadu Mines
XTC — Xantippe Resources
YRL — Yandal Resources
ZNC — Zenith Minerals
ZAG — Zuleika Gold