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.)

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Testimonials

Gold Road (ASX: GOR) is coming to an end (at $3.49, taken over). It was your product that made me chose that company when it was still 9 cents. I bought more every time they found Gold and my average climbed to 33 cents before I stopped buying. GOR paid for my daughter's school and without GoldNerds I may have never even become aware of the company. A massive big Thank you to all in your team and their leaders.
Thomas H.
It has become an essential investment research tool for me over the last 12months. It is a fantastic document. Thank you for all the hard work that you and your team invest to compile this document.
Ricardo H.
Huge fan of this I recommend it to all my Gold peers. Best Gold analysis info I have ever seen.
Matthew Hill
Gold has been one of my best investments thanks to your analysis tools to a large extent. Four to six ten bangers.
Jason Blomfield
... 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
... 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
... 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
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
The amount of data in the spreadsheet is incredible, and I haven't found anything that's not spot-on.
Allen Gotts

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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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 6, 2026. 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: AAR — Astral Resources
B: BPM — BPM Minerals
C: CTN — Catalina Resources
D: DTM — Dart Mining; DUN — Dundas Minerals
F: FEG — Far East Gold
G: GHM — Golden Horse
K: KNB — Koonenberry Gold
A: AQI — Alicanto Minerals; ALK — Alkane Resources; AZY — Antipa Minerals; AA2 — Ariana Resources; AWJ — Auric Mining; AUC — Ausgold; AYM — Australia United Mining
B: BCN — Beacon Minerals; BGL — Bellevue Gold; BEZ — Besra Gold; BC8 — Black Cat Syndicate; BMG — BMG Resources; BML — Boab Metals; BOC — Bougainville Copper; BTR — Brightstar Resources; BHM — Broken Hill Mines
C: CMM — Capricorn Metals; CAV — Carnavale Resources; CST — Castile Resources; CYL — Catalyst Metals; CHN — Chalice Mining; CEL — Challenger Gold; CTO — Citigold Corporation; CLZ — Classic Minerals
D: DTR — Dateline Resources; DM1 — Desert Metals; DPM — DPM Metals; DRE — Dreadnought Resources
E: EMR — Emerald Resources; ERM — Emmerson Resources; EVN — Evolution Mining
F: FXG — Felix Gold; FLG — Flagship Minerals; FML — Focus Minerals
G: GML — Gateway Mining; GMD — Genesis Minerals; GIB — Gibb River Diamonds; GSN — Great Southern Mining; GGP — Greatland Resources
H: HRN — Horizon Gold; HRZ — Horizon Minerals
K: KZR — Kalamazoo Resources; KCN — Kingsgate; KTA — Krakatoa Resources
L: LRV — Larvotto Resources; LNQ — LinQ Metals
A: AGR — Aguia Resources; ABR — Albright Metals; AQX — Alice Queen; ALR — Altair Minerals; ARD — Argent Minerals; ARI — Arika Resources; AUR — Auris Minerals; AUE — Aurum Resources; A8G — Australasian Metals
B: BMR — Ballymore Resources; BKB — Black Bear Minerals; BHL — Black Horse Mining; BMC — BMC Minerals
C: CAE — Cannindah Resources; CRS — Caprice Resources; CNB — Carnaby Resources; CVR — Cavalier Resources; CMO — Cosmo Metals
E: ERE — European Resources; EMC — Everest Metals
G: GA8 — GoldArc Resources; GGR — Golden Globe Resources; GSM — Golden State Mining
H: HAW — Hawthorn Resources; HTM — High-Tech Metals
I: ILT — Iltani Resources
J: JAV — Javelin Minerals
K: KAU — Kaiser Reef; KLI — Killi Resources; KGD — Kula Gold
L: LCL — LCL Resources; LM1 — Leeuwin Metals; LM8 — Lunnon Metals
A: ADG — Adelong Gold
B: BGD — Barton Gold
E: 10X — Exulant Mining
G: GBM — GBM Resources; GPR — Geopacific Resources; GG8 — Gorilla Gold Mines; GDM — Great Divide Mining
L: LEX — Lefroy Exploration
A: A1M — AIC Mines; ASL — Andean Silver; AAU — Antilles Gold; ADV — Ardiden; AGD — Austral Gold
B: BM1 — Ballard Mining
C: CDT — Castle Minerals
F: FFM — Firefly Metals
K: KAI — Kairos Minerals; KSN — Kingston Resources
L: LGM — Legacy Minerals
A: AX8 — Accelerate Resources; AIV — Activex; AVM — Advance Metals; A1G — African Gold; ALY — Alchemy Resources; ARV — Artemis Resources; AS1 — Asara Resources; AS2 — Askari Metals; AUG — Augustus Minerals; AAM — AuMega Metals; AKA — Aureka; AYT — Austin Metals; ACM — Australian Critical Minerals; AGC — Australian Gold & Copper
B: BNZ — Benz Mining; BUS — Bubalus Resources
C: CAZ — Cazaly Resources; CDR — Codrus Minerals; CZN — Corazon Mining; CRR — Critical Resources; CZR — CZR Resources
D: DAL — Dalaroo Metals; DSM — Desert Minerals; DES — DeSoto Resources; DBO — Diablo Resources
E: E79 — E79 Gold Mines; EM3 — EMC Gold Corporation
F: FAL — Falcon Metals; FAU — First Au; FG1 — Flynn Gold; FRS — Forrestania Resources
G: G50 — G50 Corp; GAL — Galileo Mining; GES — Genesis Resources; GRL — Godolphin Resources; G88 — Golden Mile Resources; GBR — Great Boulder Resources; GG1 — Green and Gold Minerals
H: HMG — Hamelin Gold; HAR — Haranga Resources; HWK — Hawk Resources
I: ICL — Iceni Gold; IDA — Indiana Resources; IVR — Investigator Silver
K: KAL — Kalgoorlie Gold Mining
L: LAT — Latitude 66; LDR — Lode Resources
B: BNR — Bulletin Resources
F: FNR — Far Northern Resources

N: NSM — North Stawell Minerals
P: PGD — Peregrine Gold; PGM — Platina Resources
R: RMX — Red Mountain Mining; REZ — Resources & Energy Group
S: STK — Strickland Metals; SPQ — Superior Resources
T: TG1 — TechGen Metals; TRM — Truscott Mining
M: MAU — Magnetic Resources; MKR — Manuka Resources; MAT — Matsa Resources; MM8 — Medallion Metals; MTC — MetalsTech; MI6 — Minerals 260; MOH — Moho Resources
N: NMR — Native Mineral Resources Holdings; NEM — Newmont Corporation; NXM — Nexus Minerals; NST — Northern Star Resources
O: ORE — Orezone Gold Corporation
P: PGO — Pacgold; PC2 — PC Gold; PRU — Perseus Mining; POD — Podium Minerals; POL — Polymetals Resources
R: RMS — Ramelius Resources; RND — Rand Mining; RR1 — Reach Resources; RRL — Regis Resources; RSG — Resolute Mining; RIE — Riedel Resources; RTR — Rumble Resources
S: SRR — Sarama Resources; SVG — Savannah Goldfields; SVL — Silver Mines; SBM — St Barbara
T: TG6 — TG Metals; TOK — Tolu Mining; TRE — Toubani Resources; TBR — Tribune Resources
V: VAU — Vault Minerals; VTX — Vertex Minerals
W: WAF — West African Resources; WWI — West Wits Mining; WGX — Westgold Resources
M: MHC — Manhattan Corporation; MTL — Mantle Minerals; MEG — Megado Minerals; MGA — Metals Grove Mining; MEX — Minerals Exploration; ML8 — Moonlight Resources; M2M — Mt Malcolm Mines
N: NMT — Neometals; NAE — New Age Exploration; NPM — Newpeak Metals; NVA — Nova Minerals
O: ORD — Ordell Minerals
P: PNT — Panther Metals; PKO — Peako; PRX — Prodigy Gold
Q: QXR — QX Resources
R: R8R — Regener8 Resources; RCR — Rincon Resources; RGL — Riversgold; RXR — Robex Resources; RKB — Rokeby Resources; RXL — Rox Resources
S: SFM — Santa Fe Minerals; SKY — Sky Metals
T: TLM — Talisman Mining; TAM — Tanami Gold; TEM — Tempest Minerals; TMS — Tennant Minerals; TMX — Terrain Minerals; TCG — Turaco Gold
V: VKA — Viking Mines
W: WTM — Waratah Minerals; WCE — West Coast Silver; WSR — Westar Resources; WIA — Wia Gold; WIN — WIN Metals
Y: YRL — Yandal Resources
Z: ZAG — Zuleika Gold
M: MMA — Maronan Metals; MEK — Meeka Metals
O: OBM — Ora Banda Mining
P: PTN — Patronus Resources
R: RC1 — Redcastle Resources
S: SMS — Star Minerals
M: MVL — Marvel Gold
N: NMG — New Murchison Gold; NVO — Novo Resources
O: OZM — OzAurum
P: PNR — Pantoro
S: STN — Saturn Metals
T: TGM — Theta Gold Mines
W: WGR — Western Gold Resources
M: M3M — M3 Mining; MAG — Magmatic Resources; M24 — Mamba Exploration; M79 — Mammoth Minerals; MPK — Many Peaks Minerals; MEU — Marmota; MBK — Metal Bank; MHK — Metal Hawk; MRR — Minrex Resources; M2R — Miramar Resources; MTH — Mithril Silver and Gold; MHM — Mt Hope Mining
N: NAG — Nagambie Resources; NES — Nelson Resources; NNL — Nordic Resources; NFL — Norfolk Metals; NWM — Norwest Minerals
O: ODY — Odyssey Gold; OMX — Orange Minerals; OR3 — Ore Resources
P: PFE — Pantera Minerals; PDI — Predictive Discovery
R: RCM — Rapid Critical Metals; RML — Resolution Minerals; RRE — Right Resources
S: SMI — Santana Minerals; SNM — Sentinel Metals; SNX — Sierra Nevada Gold; SNG — Siren Gold; SLA — Solara Minerals; SLS — Solstice Minerals; SX2 — Southern Cross Gold; SMX — Strata Minerals; SS1 — Sun Silver; SHN — Sunshine Metals; STM — Sunstone Metals
T: TMB — Tambourah Metals; TSO — Tesoro Gold; THB — Thunderbird Minerals; TTM — Titan Minerals; TOR — Torque Metals
U: USL — Unico Silver
V: VMC — Venus Metals; VRL — Verity Resources
Z: ZNC — Zenith Minerals
S: S2R — S2 Resources; SLZ — Sultan Resources

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On Australian Gold Share Investments

... the Nerds have the Numbers

What we offer

Testimonials

Thomas H.

Ricardo H.

Matthew Hill

Jason Blomfield

Graham Pitkethley

Chris Hogarth

Bob, North Carolina

Dan, Florida

Marcus Blockey

Nikesh Thakorlal

Allen Gotts

Find Cheap Gold

Features

Versions

Companies Currently on the GoldNerds Spreadsheet