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. 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.

Subscribe

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

  • Mkt cap per production ounce

  • Current cash cost

  • Future cash cost

  • Current all-in sustaining cost (AISC)

  • Future AISC

  • Sovereign risk

  • 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 cash cost TCO

  • Future cash cost TCO

  • Current TCO + sovereign risk

  • Future TCO + sovereign risk

  • Current cash cost TCO + Sovereign Risk

  • Future cash cost 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

  • 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 26 March 2018.

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
ABU — ABM Resources
AIV — Activex
A1C — AIC Resources
AQG — Alacer Gold
AQI — Alicanto Minerals
ALK — Alkane Resources
AGS — Alliance Resources
AYR — Alloy Resources
ARS — ALT Resources
AME — Alto Metals
ANL — Amani Gold
ADN — Andromeda Metals
AAR — Anglo Australian Resources
AGG — AngloGold Ashanti
AWV — Anova Metals
AZY — Antipa Minerals
AOP — Apollo Consolidated
ARX — Arc Exploration
AHK — Arc Mines
ARD — Argent Minerals
AMD — Arrow Minerals
ARV — Artemis Resources
AAJ — Aruma Resources
AMI — Aurelia Metals
AUC — Ausgold
AOA — Ausmon Resources
AUL — AuStar Gold
AGD — Austral Gold
AYM — Australia United Mining
AZM — Azumah Resources
AZS — Azure Minerals
B
BAR — Barra Resources
BSR — Bassari Resources
BBX — BBX Minerals
BCN — Beacon Minerals
BDR — Beadell Resources
BC8 — Black Cat Syndicate
BLK — Blackham Resources
BSX — Blackstone Minerals
BGH — Bligh Resources
BOC — Bougainville Copper
BRB — Breaker Resources
C
CAI — Calidus Resources
CMM — Capricorn Metals
CWX — Carawine Resources
CRB — Carbine Resources
CDV — Cardinal Resources
CAV — Carnavale Resources
CDT — Castle Minerals
CYL — Catalyst Metals
CTM — Centaurus Metals
CTL — Centennial Mining
CVS — Cervantes Corporation
CHN — Chalice Gold
CHZ — Chesser Resources
CTO — Citigold Corporation
CLZ — Classic Minerals
CZR — Coziron Resources
CGN — Crater Gold Mining
CAS — Crusader Resources
CY5 — Cygnus Gold
D
DCN — Dacian Gold
DAU — Dampier Gold
DTM — Dart Mining
DTR — Dateline Resources
DEG — De Grey Mining
DGO — DGO Gold
DRM — Doray Minerals
DRA — Dragon Mining
DRG — Draig Resources
DKM — Duketon Mining
E
E2M — E2 Metals
EGS — Eastern Goldfields
EAR — Echo Resources
EGA — Egan Street Resources
EMR — Emerald Resources
ERM — Emmerson Resources
ERL — Empire Resources
EVN — Evolution Mining
EXG — Excelsior Gold
EXU — Explaurum
F
FML — Focus Minerals
FNT — Frontier Resources
G
GCY — Gascoyne Resources
GBM — GBM Gold
GBZ — GBM Resources
GMD — Genesis Minerals
GES — Genesis Resources
GPR — Geopacific Resources
GMN — Gold Mountain
GOR — Gold Road Resources
GMR — Golden Rim Resources
GBR — Great Boulder Resources
H
HDY — Hardey Resources
HAV — Havilah Resources
HAW — Hawthorn Resources
HIG — Highlands Pacific
HRN — Horizon Gold
I
IPT — Impact Minerals
IGO — Independence Group
IDA — Indiana Resources
IRC — Intermin Resources
IVR — Investigator Resources
K
KAI — Kairos Minerals
KZR — Kalamazoo Resources
KGM — KalNorth Gold Mines
KDR — Kidman Resources
KIN — Kin Mining
KRC — King River Copper
KCN — Kingsgate
KRM — Kingsrose Mining
KLA — Kirkland Lake Gold
KOR — Korab Resources
KGD — Kula Gold
L
LNY — Laneway Resources
LCD — Latitude Consolidated
LEX — Lefroy Exploration
LLO — Lion One Metals
LSR — Lodestar Minerals
M
MRP — MacPhersons Resources
MAG — Magmatic Resources
MAU — Magnetic Resources
MAR — Malachite Resources
MSR — Manas Resources
MZN — Marindi Metals
MEU — Marmota
MZZ — Matador Mining
MAT — Matsa Resources
MXR — Maximus Resources
MML — Medusa Mining
MBK — Metal Bank
MNC — Metminco
MDI — Middle Island Resources
MOY — Millennium Minerals
MCR — Mincor
MRR — Minrex Resources
MOD — MOD Resources
MOX — Monax Mining
MRV — Moreton Resources
MGV — Musgrave Minerals
N
NAG — Nagambie Resources
NML — Navarre Minerals
NES — Nelson Resources
NTL — New Talisman Gold Mines
NCM — Newcrest Mining
NME — Nex Metals Exploration
NXM — Nexus Minerals
NIU — Niuminco Group
NMM — Noble Metals
NMI — Northern Mining
NST — Northern Star Resources
NTM — NTM Gold
NUS — Nusantara Resources
O
OGC — OceanaGold
OKR — Okapi Resources
OKU — Oklo Resources
ORR — OreCorp
OGX — Orinoco Gold
OVL — Oro Verde
OVR — Overland Resources
OZL — OZ Minerals
P
PMY — Pacifico Minerals
PGI — PanTerra Gold
PNR — Pantoro
PRU — Perseus Mining
PIO — Pioneer Resources
PGM — Platina Resources
PNX — PNX Metals
PDI — Predictive Discovery
PGO — Primary Gold
R
RMS — Ramelius Resources
RND — Rand Mining
RED — Red 5
RRL — Regis Resources
RSG — Resolute Mining
RBX — Resource Base
REZ — Resources & Energy Group
RIE — Riedel Resources
RIM — Rimfire Pacific Mining
RGL — Riversgold
RTR — Rumble Resources
S
S2R — S2 Resources
SFR — Sandfire Resources
SMI — Santana Minerals
SAR — Saracen Mineral Holdings
STN — Saturn Metals
SBU — Siburian Resources
SIH — Sihayo Gold
SLR — Silver Lake Resources
SVL — Silver Mines
SMG — Soon Mining
SAU — Southern Gold
SPI — Spitfire Materials
SBM — St Barbara
SHK — Stone Resources Australia
SWJ — Stonewall Resources
SMC — Strategic Minerals
SUM — Sumatra Copper and Gold
SMD — Syndicated Metals
T
TAM — Tanami Gold
TRL — Tanga Resources
TMX — Terrain Minerals
THX — Thundelarra
TIE — Tietto Minerals
TNR — Torian Resources
TBR — Tribune Resources
TRY — Troy Resources
TRM — Truscott Mining
TYX — Tyranna Resources
V
VAN — Vango Mining
VEC — Vector Resources
VML — Vital Metals
W
WAF — West African Resources
WWI — West Wits Mining
WGX — Westgold Resources
WCN — White Cliff Minerals
WRM — White Rock Minerals
WPG — WPG Resources
X
XAM — Xanadu Mines