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. One well-informed decision to buy, or sell, or not buy, can easily make you more than the cost of a subscription.

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.)

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 Stock prices in this sector are volatile, so the numbers and comparisons can quickly go out of date.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:

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.)

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

  • Matthew Hill, Australia
    Huge fan of this I recommend it to all my Gold peers. Best Gold analysis info I have ever seen.
    Matthew Hill, Australia
  • 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 June 17, 2024. 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
AAU — Antilles Gold
AZY — Antipa Minerals
ADV — Ardiden
ARD — Argent Minerals
ARV — Artemis Resources
AS1 — Asara 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
B
BMR — Ballymore Resources
BGD — Barton Gold
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
BCM — Brazilian Critical Minerals
BTR — Brightstar Resources
C
CAI — Calidus Resources
CAE — Cannindah Resources
CRS — Caprice Resources
CMM — Capricorn Metals
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
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
FNR — Far Northern Resources
FXG — Felix Gold
FFM — Firefly Metals
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
G50 — Gold 50
GOR — Gold Road Resources
G88 — Golden Mile Resources
GSM — Golden State Mining
GBR — Great Boulder Resources
GDM — Great Divide Mining
GSN — Great Southern Mining
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
LRV — Larvotto Resources
LCL — LCL Resources
LEX — Lefroy Exploration
LGM — Legacy Minerals
LLO — Lion One Metals
LDR — Lode Resources
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
MPK — Many Peaks Minerals
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
MI6 — Minerals 260
M2R — Miramar Resources
MTH — Mithril Resources
MMC — Mitre Mining
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
ODY — Odyssey Gold
OBM — Ora Banda Mining
OAU — Ora Gold
OMX — Orange Minerals
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
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
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
SS1 — Sun Silver
SHN — Sunshine Metals
STM — Sunstone Metals
SPQ — Superior 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
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
W
WA8 — Warriedar Resources
WAF — West African Resources
WWI — West Wits Mining
WSR — Westar Resources
WGR — Western Gold Resources
WGX — Westgold Resources
WIA — Wia Gold
WC8 — Wildcat Resources
X
XAM — Xanadu Mines
Y
YRL — Yandal Resources
Z
ZAG — Zuleika Gold