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 has provided information for investors on all the gold and silver companies on the ASX since 2007. We do 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 file, in Microsoft Excel on Windows, for desktop and laptop computers. The GoldNerds spreadsheet file is very friendly — more like a mini-app. No experience with spreadsheets is required.

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 (see 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.)

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Find Cheap Gold

One use of GoldNerds is to compare companies by the cost of the gold in their tenements.

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 gold underneath a working mine is often only two hundred dollars an ounce. You can buy more ounces this way, for more leverage to a rising price of gold.

But you incur company risk. Bargains abound, but you may need a GoldNerds spreadsheet to find them. Stock prices in this sector are volatile, so the numbers and comparisons can quickly go out of date. GoldNerds helps you buy companies that are undervalued (compared to their peers) and sell those that are overvalued.

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 (its gold resources or reserves). The in-ground cost of gold escalates as a company (a) finds a deposit, (b) issues a resource statement, (c) does a mining study, and (d) mines the gold. However, at all these stages the cost of the in-ground gold is far lower than the cost of bullion.

Even among producing companies, there are big differences in the in-ground costs between companies. Mining costs vary between resources, and companies go in and out of favor for non-fundamental reasons. For example, here are past in-ground costs for some ASX gold producers:

The main factor affecting the profitability of a miner is its cost of production, which is mostly captured by its all-in sustaining cost. AISC is the industry-standard measure of the cost of producing an ounce of gold.

Investors who believe the price of gold will increase soon generally prefer to buy a high-cost mine, because it offers greater leverage -- profit increases by a higher percentage for a given rise in the price of gold if the AISC is high. Investors who think the price of gold is stable or will decline in the near future will generally prefer a low-AISC mine, for safety. GoldNerds can display the industry cost curve (warning: past data):

By buying shares of gold companies, you get to effectively own a lot more ounces of gold than by spending the same money buying bullion. You get greater leverage to rises and falls in the gold price. When the gold price moves up or down, gold shares usually rise or fall by a much greater percentage.

For example, the gold price in USD moved up 15% in the last three months of 2022, but look at what the share prices of the leading producers and developers did:

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Features

• Companies table -- View, sort, filter, and get help on any column on the Companies sheet. Some columns are hidden by default, but can be switched on.

• Simple -- One company per row of the Companies sheet. Double click the start of a row to highlight it. View, sort, and filter just by clicking a few preset buttons.

• Extensive Help -- Click a help button at the top of each column to open a window with clear and concise help about what it means.

• Discover New Companies -- Most subscribers find companies of interest they hadn't known about.

• Find mispricings -- Find companies that are undervalued or overpriced, compared to their peers. One good decision more than pays for a year's subscription to GoldNerds.

• Up to date -- Every two weeks (except in January) we check the public announcements of all the companies, update the spreadsheet file, and email subscribers that the spreadsheet file has been updated, ready for download.

• Value Matters -- In the short run the market is a voting machine, but in the long run it is a weighing machine -- Benjamin Graham (sometimes attributed to Warren Buffett)

• Renew Manually -- Subscriptions are NOT automatically renewed. To renew, subscribe again.

• Entire sector -- All the companies in the gold and silver sector on the ASX are present. All the producers, developers, and explorers.

• Excel on Windows -- Requires Microsoft Excel 2010 or later, running on Windows. The GoldNerds spreadsheet does NOT work on a Mac — it will not even open. (The macros in Mac Office are incomplete.)

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Versions

The three versions of GoldNerds spreadsheets, in order of increasing cost, are Standard, Professional, and Elite.

	Std	Pro	Elite
Company
Company Name	•	•	•
ASX Code	•	•	•
Description of projects, capital raisings, etc.	•	•	•
Historic share price (choose date)	•	•	•
Recent share price (with price updater)	•	•	•
Change in share price %	•	•	•
Capital Structure
Number of existing shares	•	•	•
Number of shares when fully diluted	•	•	•
Number of in-the-money options		•	•
Revenue from in-the-money options		•	•
Financial
Cash (with date, recent changes)	•	•	•
Investments (table, listing them)		•	•
Hedgebook	•	•	•
Liabilities		•	•
Other financial assets		•	•
Market capitalization	•	•	•
Enterprise value (EV)		•	•
Net financial assets		•	•
General
Status (producer, developer, or explorer)	•	•	•
Minerals of interest	•	•	•
% in gold	•	•	•
% in silver	•	•	•
Headquarters (state or country)	•	•	•
Mineral Estimates
Reserves, precious, in AuEq Moz	•	•	•
Measured and indicated, precious, in AuEq Moz	•	•	•
Resources, precious, in AuEq Moz	•	•	•
Potential, precious, in AuEq Moz	•	•	•
Mineable, non-precious, in AuEq Moz	•	•	•
Reserves, non-precious, in AuEq Moz	•	•	•
Measured and indicated, non-precious, in AuEq Moz	•	•	•
Resources, non-precious, in AuEq Moz	•	•	•
Potential, non-precious, in AuEq Moz	•	•	•
Mineable, non-precious, in AuEq Moz	•	•	•
Reserves, total, in AuEq Moz	•	•	•
Measured and indicated, total, in AuEq Moz	•	•	•
Resources, total, in AuEq Moz	•	•	•
Potential, total, in AuEq Moz	•	•	•
Mineable, total, in AuEq Moz	•	•	•
Mineable byproducts, in AuEq Moz	•	•	•
Type of mineral (gold, copper, etc.) (description only)	•	•	•
Type of estimate (proven, inferred, etc.) (description only)	•	•	•
Ore	•	•	•
Grade (description only)	•	•	•
Contained metal (description only)	•	•	•
Cutoffs (description only)	•	•	•
Announcement date of mineral estimate	•	•	•
Project ownership (%)	•	•	•
Mineral Estimates Window			•
Ore Calculator			•
Gross metal value			•
Gross metal value per tonne			•
Gold equivalent ounces			•
Gold equivalent grade			•
Minerals Sheet			•
Deposits by project, company, and type of estimate (filterable, sortable)			•
Type of mineral (gold, copper, etc.) (filterable, sortable)			•
Type of estimate (proven, inferred, etc.) (filterable, sortable)			•
Ore (filterable, sortable)			•
Grade (filterable, sortable)			•
Contained metal (filterable, sortable)			•
Gross metal value (filterable, sortable)			•
Gross metal value per tonne of ore (filterable, sortable)			•
Gold equivalent ounces (filterable, sortable)			•
Gold equivalent grade (filterable, sortable)			•
Market Capitalization per Ounce
Market cap. per reserve oz, precious	•	•	•
Market cap. per measured-or-indicated oz, precious	•	•	•
Market cap. per resource oz, precious	•	•	•
Market cap. per mineable oz, precious	•	•	•
Market cap. per reserve oz, all metals	•	•	•
Market cap. per measured-or-indicated oz, all metals	•	•	•
Market cap. per resource oz, all metals	•	•	•
Market cap. per mineable oz, all metals	•	•	•
Enterprise Value per Ounce
EV per reserve oz, precious		•	•
EV per measured-or-indcated oz, precious		•	•
EV per resource oz, precious		•	•
EV per mineable oz, precious		•	•
EV per reserve oz, all metals		•	•
EV per measured-or-indicated oz, all metals		•	•
EV per resource oz, all metals		•	•
EV per mineable oz, all metals		•	•
Mining
Current annual production, precious, in AuEq koz	•	•	•
Current annual production, non-precious, in AuEq koz	•	•	•
Current production, all, in AuEq koz	•	•	•
Future production, all, in AuEq koz	•	•	•
Reserve life	•	•	•
Market cap. per current production ounce	•	•	•
EV per current production ounce		•	•
Costs
Construction costs		•	•
AISC, last quarter	•	•	•
AISC, last year	•	•	•
AISC, future	•	•	•
AIC, last quarter	•	•	•
AIC, last year	•	•	•
Total Cost of Ownership (TCO)
Current TCO		•	•
Future TCO		•	•
Free Cash Flow (FCF)
FCF		•	•
EV Per FCF		•	•
Price per FCF		•	•
Other
GDXJ Index %		•	•
Sovereign risk	•	•	•
Tier 1 %	•	•	•
Dividends, last year		•	•
Dividend yield		•	•
CommSec lending ratio		•	•
Leveraged Equities lending ratio		•	•
Score	•	•	•
Six custom columns	•	•	•

Help Window screenshot

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Testimonials

Huge fan of this I recommend it to all my Gold peers. Best Gold analysis info I have ever seen.
Matthew Hill, 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
The amount of data in the spreadsheet is incredible, and I haven't found anything that's not spot-on.
Allen Gotts, Queensland
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
... 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
... 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
... 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
... 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
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 November 21, 2023. 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):

A: AIV — Activex; ADG — Adelong Gold; ADT — Adriatic Metals; A1G — African Gold; A1M — AIC Mines; ALY — Alchemy Resources; AL8 — Alderan Resources; AQI — Alicanto Minerals; AQX — Alice Queen; ALK — Alkane Resources; AME — Alto Metals; ANL — Amani Gold; AAU — Antilles Gold; AZY — Antipa Minerals; ADV — Ardiden; ARD — Argent Minerals; ARV — Artemis Resources; AAJ — Aruma Resources; ASR — Asra Minerals; ASO — Aston Minerals; AAR — Astral Resources; 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; BBX — BBX Minerals; BCN — Beacon Minerals; BGL — Bellevue Gold; BNZ — Benz Mining; BEZ — Besra Gold; BC8 — Black Cat Syndicate; BDG — Black Dragon Gold; BMG — BMG Resources; BML — Boab Metals; BOC — Bougainville Copper; BPM — BPM Minerals; BTR — Brightstar Resources
C: 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; CTN — Catalina Resources; CYL — Catalyst Metals; CVR — Cavalier Resources; CHN — Chalice Mining; CEL — Challenger Exploration; CTO — Citigold Corporation; CLZ — Classic Minerals; CDR — Codrus Minerals
D: DTM — Dart Mining; DTR — Dateline Resources; DEG — De Grey Mining; DES — DeSoto Resources; DBO — Diablo Resources; DCX — DiscovEx; DUN — Dundas Minerals
E: E79 — E79 Gold Mines; EMR — Emerald Resources; ERM — Emmerson Resources; EMU — Emu; EQE — Equus Mining; ERW — Errawarra Resources; EMC — Everest Metals; EVN — Evolution Mining
F: FAL — Falcon Metals; FEG — Far East Gold; FXG — Felix Gold; FAU — First Au; FG1 — Flynn Gold; FML — Focus Minerals; FRS — Forrestania Resources
G: GAL — Galileo Mining; GML — Gateway Mining; GBZ — GBM Resources; GMD — Genesis Minerals; GES — Genesis Resources; GPR — Geopacific Resources; GIB — Gibb River Diamonds; 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; GDM — Great Divide Mining; 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; IDA — Indiana Resources; IVR — Investigator Resources
K: KAI — Kairos Minerals; KAU — Kaiser Reef; KZR — Kalamazoo Resources; KAL — Kalgoorlie Gold Mining; KLI — Killi Resources; KIN — Kin Mining; KCN — Kingsgate; KSN — Kingston Resources; KNB — Koonenberry Gold; KTA — Krakatoa Resources
L: LRL — Labyrinth Resources; LEX — Lefroy Exploration; LGM — Legacy Minerals; LLO — Lion One Metals; LDR — Lode Resources; 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; MTL — Mantle Minerals; 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 Metals; MEG — Megado Minerals; MBK — Metal Bank; MHK — Metal Hawk; MCT — MetaliCity; MTC — MetalsTech; MEI — Meteoric Resources; MM1 — Midas Minerals; MI6 — Minerals 260; M2R — Miramar Resources; MTH — Mithril Resources; MOH — Moho Resources; MRZ — Mont Royal Resources; M2M — Mt Malcolm Mines
N: NAG — Nagambie Resources; NMR — Native Mineral Resources Holdings; NES — Nelson Resources; NAE — New Age Exploration; NTL — New Talisman Gold Mines; NEM — Newmont Corporation; NXM — Nexus Minerals; NFL — Norfolk Metals; NSM — North Stawell Minerals; NST — Northern Star Resources; NWM — Norwest Minerals; NVA — Nova Minerals; NVO — Novo Resources
O: OAR — OAR Resources; ODY — Odyssey Gold; OBM — Ora Banda Mining; OAU — Ora Gold; OMX — Orange Minerals; ORR — OreCorp; OZM — OzAurum; OZZ — OZZ Resources
P: PGO — Pacgold; PNR — Pantoro; PKO — Peako; PGD — Peregrine Gold; PRU — Perseus Mining; PGM — Platina Resources; PNX — PNX Metals; POD — Podium Minerals; PXX — PolarX; 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; RMX — Red Mountain Mining; RC1 — Redcastle Resources; R8R — Regener8 Resources; RRL — Regis Resources; RNX — Renegade Exploration; RSG — Resolute Mining; REZ — Resources & Energy Group; RIE — Riedel Resources; RCR — Rincon Resources; RXL — Rox Resources
S: S2R — S2 Resources; SMI — Santana Minerals; SRR — Sarama Resources; STN — Saturn Metals; SVG — Savannah Goldfields; SNX — Sierra Nevada Gold; SIH — Sihayo Gold; SLR — Silver Lake Resources; SVL — Silver Mines; SNG — Siren Gold; SKY — Sky Metals; SLS — Solstice Minerals; SXG — Southern Cross Gold; SPR — Spartan Resources; SSR — SSR Mining; SBM — St Barbara; SMS — Star Minerals; STK — Strickland Metals; SLZ — Sultan Resources; SHN — Sunshine Metals; 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; TMS — Tennant Minerals; TMX — Terrain Minerals; TSO — Tesoro Gold; TGM — Theta Gold Mines; TMZ — Thomson Resources; TIE — Tietto Minerals; TTM — Titan Minerals; TOR — Torque Metals; TRE — Toubani Resources; TKL — Traka Resources; TBR — Tribune Resources; TRM — Truscott Mining; TCG — Turaco Gold
U: USL — Unico Silver
V: VTX — Vertex Minerals; VMM — Virdis Mining
W: WA8 — Warriedar Resources; 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
X: XAM — Xanadu Mines
Y: YRL — Yandal Resources
Z: ZAG — Zuleika Gold

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On Australian Gold Share Investments

... the Nerds have the Numbers

What we offer

Find Cheap Gold

Features

Versions

Testimonials

Matthew Hill, Australia

Jason Blomfield, Australia

Allen Gotts, Queensland

Nikesh Thakorlal, New South Wales

Graham Pitkethley, New South Wales

Chris Hogarth, Brunei

Bob, North Carolina

Dan, Florida

Marcus Blockey, Queensland

Companies Currently on the GoldNerds Spreadsheet