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, yet). 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.

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Features

Graphs

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. Some columns hidden by default.

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

Feedback

  • 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 March 23, 2020. 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):
K
KOR — Korab Resources
KLA — Kirkland Lake Gold
KWR — Kingwest Resources
KSN — Kingston Resources
KRM — Kingsrose Mining
KCN — Kingsgate
KIN — Kin Mining
KGM — KalNorth Gold Mines
KZR — Kalamazoo Resources
KAU — Kaiser Reef
KAI — Kairos Minerals
I
IVR — Investigator Resources
IDA — Indiana Resources
IPT — Impact Minerals
IGO — IGO
H
HRZ — Horizon Minerals
HRN — Horizon Gold
HAW — Hawthorn Resources
HAV — Havilah Resources
G
GSN — Great Southern Mining
GBR — Great Boulder Resources
GSM — Golden State Mining
GMR — Golden Rim Resources
G88 — Golden Mile Resources
GOR — Gold Road Resources
GMN — Gold Mountain
GLA — Gladiator Resources
GPR — Geopacific Resources
GES — Genesis Resources
GMD — Genesis Minerals
GBZ — GBM Resources
GBM — GBM Gold
GML — Gateway Mining
F
FNT — Frontier Resources
FML — Focus Minerals
FAU — First Au
FFR — Firefly Resources
E
ERX — Exore Resources
EVN — Evolution Mining
ENR — Encounter Resources
EMU — Emu
ERM — Emmerson Resources
EMR — Emerald Resources
EHX — EHR Resources
E2M — E2 Metals
D
DGO — DGO Gold
DEG — De Grey Mining
DTR — Dateline Resources
DTM — Dart Mining
DAU — Dampier Gold
DCN — Dacian Gold
C
CYM — Cyprium Metals
CY5 — Cygnus Gold
CGN — Crater Gold Mining
CZR — Coziron Resources
CLZ — Classic Minerals
CTO — Citigold Corporation
CHZ — Chesser Resources
CEL — Challenger Exploration
CHN — Chalice Gold
CVS — Cervantes Corporation
CYL — Catalyst Metals
CDT — Castle Minerals
CAV — Carnavale Resources
CNB — Carnaby Resources
CDV — Cardinal Resources
CWX — Carawine Resources
CMM — Capricorn Metals
CRS — Caprice Resources
CAE — Cannindah Resources
CAI — Calidus Resources
B
BRB — Breaker Resources
BOC — Bougainville Copper
BLK — Blackham Resources
BDG — Black Dragon Gold
BC8 — Black Cat Syndicate
BRV — Big River Gold
BGL — Bellevue Gold
BCN — Beacon Minerals
BBX — BBX Minerals
BSR — Bassari Resources
BAR — Barra Resources
BDC — Bardoc Gold
A
AUT — AuTECO Minerals
AYM — Australia United Mining
AGD — Austral Gold
AUL — AuStar Gold
AMG — Ausmex Mining
AUC — Ausgold
AMI — Aurelia Metals
AAJ — Aruma Resources
ARV — Artemis Resources
AMD — Arrow Minerals
ARD — Argent Minerals
ADV — Ardiden
AOP — Apollo Consolidated
AZY — Antipa Minerals
AWV — Anova Metals
AGG — AngloGold Ashanti
AAR — Anglo Australian Resources
ADN — Andromeda Metals
ANL — Amani Gold
AME — Alto Metals
ARS — ALT Resources
AYR — Alloy Resources
AGS — Alliance Resources
ALK — Alkane Resources
AQX — Alice Queen
AQI — Alicanto Minerals
AQG — Alacer Gold
A1M — AIC Mines
A1G — African Gold
AIV — Activex
Y
YRL — Yandal Resources
X
XAM — Xanadu Mines
W
WRM — White Rock Minerals
WGX — Westgold Resources
WWI — West Wits Mining
WAF — West African Resources
V
VKA — Viking Mines
VMC — Venus Metals
VEC — Vector Resources
VAN — Vango Mining
T
TYX — Tyranna Resources
TSC — Twenty Seven Co.
TRM — Truscott Mining
TRY — Troy Resources
TBR — Tribune Resources
TNR — Torian Resources
TTM — Titan Minerals
TIE — Tietto Minerals
TGM — Theta Gold Mines
TSO — Tesoro Resources
TMX — Terrain Minerals
TRL — Tanga Resources
TAM — Tanami Gold
TLM — Talisman Mining
S
SMD — Syndicated Metals
SLZ — Sultan Resources
SMC — Strategic Minerals
SHK — Stone Resources Australia
SBM — St Barbara
SPX — Spectrum Metals
SAU — Southern Gold
SMG — Soon Mining
SVL — Silver Mines
SLR — Silver Lake Resources
SIH — Sihayo Gold
STN — Saturn Metals
SAR — Saracen Mineral Holdings
SMI — Santana Minerals
SFR — Sandfire Resources
S2R — S2 Resources
R
RTG — RTG Mining
RXL — Rox Resources
RGL — Riversgold
RIM — Rimfire Pacific Mining
RIE — Riedel Resources
REZ — Resources & Energy Group
RBX — Resource Base
RSG — Resolute Mining
RNX — Renegade Exploration
RRL — Regis Resources
RED — Red 5
RND — Rand Mining
RMS — Ramelius Resources
P
PRX — Prodigy Gold
PDI — Predictive Discovery
PNX — PNX Metals
PGM — Platina Resources
PRU — Perseus Mining
PNR — Pantoro
PGI — PanTerra Gold
O
OZL — OZ Minerals
ONX — Orminex
ORR — OreCorp
OAU — Ora Gold
OBM — Ora Banda Mining
OKU — Oklo Resources
OKR — Okapi Resources
OGC — OceanaGold
OAR — Oakdale Resources
N
NUS — Nusantara Resources
NTM — NTM Gold
NVA — Nova Minerals
NWM — Norwest Minerals
NST — Northern Star Resources
NIU — Niuminco Group
NXM — Nexus Minerals
NME — Nex Metals Exploration
NCM — Newcrest Mining
NTL — New Talisman Gold Mines
NES — Nelson Resources
NML — Navarre Minerals
NAG — Nagambie Resources
M
MYL — Myanmar Metals
MGV — Musgrave Minerals
MRV — Moreton Resources
MRZ — Mont Royal Resources
MOH — Moho Resources
MRR — Minrex Resources
MDI — Middle Island Resources
MEI — Meteoric Resources
MBK — Metal Bank
MML — Medusa Mining
MXR — Maximus Resources
MAT — Matsa Resources
MZZ — Matador Mining
MEU — Marmota
MSR — Manas Resources
MAR — Malachite Resources
MKG — Mako Gold
MAU — Magnetic Resources
MAG — Magmatic Resources
L
LCL — Los Cerros
LSR — Lodestar Minerals
LLO — Lion One Metals
LEX — Lefroy Exploration
LNY — Laneway Resources