
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
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.
Features
Find mispricings
Simple
Easy to Operate
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TCO
The entire sector
Comprehensive
Up to date
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Excel on Windows
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:

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:


Spreadsheet Columns
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
Companies Currently on the GoldNerds Spreadsheet
Link to this list with https://goldnerds.com.au/#companies.
Alphabetical by company name (not by ASX code):
- A
- AX8 — Accelerate Resources
- AIV — Activex
- ADT — Adriatic Metals
- AIS — Aeris Resources
- A1G — African Gold
- A1M — AIC Mines
- ALY — Alchemy Resources
- AQI — Alicanto Minerals
- AQX — Alice Queen
- ALK — Alkane Resources
- AGS — Alliance Resources
- AME — Alto Metals
- ANL — Amani Gold
- ANX — Anax Metals
- ADN — Andromeda Metals
- AAR — Anglo Australian Resources
- AGG — AngloGold Ashanti
- AWV — Anova Metals
- AAU — Antilles Gold
- AZY — Antipa Minerals
- AOP — Apollo Consolidated
- ADV — Ardiden
- ARD — Argent Minerals
- AMD — Arrow Minerals
- ARV — Artemis Resources
- AAJ — Aruma Resources
- AMI — Aurelia Metals
- AWJ — Auric Mining
- AUR — Auris Minerals
- AUN — Aurumin
- AUC — Ausgold
- AMG — Ausmex Mining
- AUL — AuStar Gold
- AGD — Austral Gold
- AYM — Australia United Mining
- AGC — Australian Gold & Copper
- AUT — AuTECO Minerals
- AZS — Azure Minerals
- B
- BDC — Bardoc Gold
- BAR — Barra Resources
- BSR — Bassari Resources
- BBX — BBX Minerals
- BCN — Beacon Minerals
- BGL — Bellevue Gold
- BNZ — Benz Mining
- BRV — Big River Gold
- BC8 — Black Cat Syndicate
- BDG — Black Dragon Gold
- BMG — BMG Resources
- BML — Boab Metals
- BOC — Bougainville Copper
- BPM — BPM Minerals
- BRB — Breaker Resources
- BTR — Brightstar Resources
- BNR — Bulletin Resources
- C
- CAI — Calidus Resources
- CAE — Cannindah Resources
- CRS — Caprice Resources
- CMM — Capricorn Metals
- CWX — Carawine Resources
- CNB — Carnaby Resources
- CPN — Caspin Resources
- CST — Castile Resources
- CDT — Castle Minerals
- CYL — Catalyst Metals
- CLA — Celsius Resources
- CVS — Cervantes Corporation
- CEL — Challenger Exploration
- CHZ — Chesser Resources
- CTO — Citigold Corporation
- CLZ — Classic Minerals
- CGN — Crater Gold Mining
- CY5 — Cygnus Gold
- CZR — CZR Resources
- D
- DCN — Dacian Gold
- DTM — Dart Mining
- DTR — Dateline Resources
- DEG — De Grey Mining
- DEV — DevEx Resources
- DGO — DGO Gold
- DCX — DiscovEx
- E
- E2M — E2 Metals
- EMR — Emerald Resources
- ERM — Emmerson Resources
- EMU — Emu
- ENR — Encounter Resources
- EQE — Equus Mining
- ERW — Errawarra Resources
- ESS — Essential Metals
- EVN — Evolution Mining
- F
- FFX — Firefinch
- FFR — Firefly Resources
- FAU — First Au
- FML — Focus Minerals
- FNT — Frontier Resources
- G
- GCY — Gascoyne Resources
- GML — Gateway Mining
- GBM — GBM Gold
- GBZ — GBM Resources
- GMD — Genesis Minerals
- GES — Genesis Resources
- GPR — Geopacific Resources
- GIB — Gibb River Diamonds
- GLA — Gladiator Resources
- GMN — Gold Mountain
- GOR — Gold Road Resources
- GED — Golden Deeps
- G88 — Golden Mile Resources
- GMR — Golden Rim Resources
- GSM — Golden State Mining
- GBR — Great Boulder Resources
- GNM — Great Northern Minerals
- GSN — Great Southern Mining
- H
- HAV — Havilah Resources
- HAW — Hawthorn Resources
- HRN — Horizon Gold
- HRZ — Horizon Minerals
- HCH — Hot Chili
- I
- IPT — Impact Minerals
- IDA — Indiana Resources
- IVR — Investigator Resources
- J
- JDR — Jadar Resources
- K
- KAI — Kairos Minerals
- KAU — Kaiser Reef
- KZR — Kalamazoo Resources
- KGM — KalNorth Gold Mines
- KIN — Kin Mining
- KCN — Kingsgate
- KRM — Kingsrose Mining
- KSN — Kingston Resources
- KWR — Kingwest Resources
- KLA — Kirkland Lake Gold
- KOR — Korab Resources
- KTA — Krakatoa Resources
- L
- LNY — Laneway Resources
- LCD — Latitude Consolidated
- LEX — Lefroy Exploration
- LLO — Lion One Metals
- LSR — Lodestar Minerals
- LCL — Los Cerros
- M
- MAG — Magmatic Resources
- MAU — Magnetic Resources
- MKG — Mako Gold
- M24 — Mamba Exploration
- MSR — Manas Resources
- MHC — Manhattan Corporation
- MKR — Manuka Resources
- MEU — Marmota
- MVL — Marvel Gold
- MZZ — Matador Mining
- MAT — Matsa Resources
- MXR — Maximus Resources
- MML — Medusa Mining
- MEG — Megado Gold
- MBK — Metal Bank
- MHK — Metal Hawk
- MCT — MetaliCity
- MTC — MetalsTech
- MEI — Meteoric Resources
- MDI — Middle Island Resources
- MRR — Minrex Resources
- M2R — Miramar Resources
- MTH — Mithril Resources
- MOH — Moho Resources
- MRZ — Mont Royal Resources
- MGV — Musgrave Minerals
- MYL — Myanmar Metals
- N
- NAG — Nagambie Resources
- NMR — Native Mineral Resources Holdings
- NML — Navarre Minerals
- NES — Nelson Resources
- NPM — New Peak Metals
- NTL — New Talisman Gold Mines
- NCM — Newcrest Mining
- NME — Nex Metals Exploration
- NXM — Nexus Minerals
- NIU — Niuminco Group
- NSM — North Stawell Minerals
- NST — Northern Star Resources
- NWM — Norwest Minerals
- NVA — Nova Minerals
- NTM — NTM Gold
- NUS — Nusantara Resources
- O
- OAR — OAR Resources
- OGC — OceanaGold
- OKR — Okapi Resources
- OKU — Oklo Resources
- OBM — Ora Banda Mining
- OAU — Ora Gold
- ORR — OreCorp
- ONX — Orminex
- OZL — OZ Minerals
- OZM — OzAurum
- P
- PNR — Pantoro
- PKO — Peako
- PRU — Perseus Mining
- PGM — Platina Resources
- PNX — PNX Metals
- PDI — Predictive Discovery
- PRX — Prodigy Gold
- PRS — Prospech
- PRL — Province Resources
- R
- RMS — Ramelius Resources
- RND — Rand Mining
- RED — Red 5
- RMX — Red Mountain Mining
- RRL — Regis Resources
- RNX — Renegade Exploration
- RSG — Resolute Mining
- RML — Resolution Minerals
- REZ — Resources & Energy Group
- RXM — Rex Minerals
- RIE — Riedel Resources
- RIM — Rimfire Pacific Mining
- RGL — Riversgold
- RXL — Rox Resources
- RTG — RTG Mining
- S
- S2R — S2 Resources
- SBR — Sabre Resources
- SFR — Sandfire Resources
- SMI — Santana Minerals
- STN — Saturn Metals
- SHH — Shree Minerals
- SIH — Sihayo Gold
- SLR — Silver Lake Resources
- SVL — Silver Mines
- SNG — Siren Gold
- SKY — Sky Metals
- SMG — Soon Mining
- SAU — Southern Gold
- SSR — SSR Mining
- SBM — St Barbara
- SVY — Stavely Minerals
- STK — Strickland Metals
- SLZ — Sultan Resources
- SHN — Sunshine Gold
- SPQ — Superior Resources
- T
- TLM — Talisman Mining
- TAM — Tanami Gold
- TRL — Tanga Resources
- TEM — Tempest Minerals
- TMR — Tempus Resources
- TMX — Terrain Minerals
- TSO — Tesoro Resources
- TGM — Theta Gold Mines
- TMZ — Thomson Resources
- TIE — Tietto Minerals
- TTM — Titan Minerals
- TIN — TNT Mines
- TNR — Torian Resources
- TRN — Torrens Mining
- TKL — Traka Resources
- TBR — Tribune Resources
- TRY — Troy Resources
- TRM — Truscott Mining
- TSC — Twenty Seven Co.
- V
- VAN — Vango Mining
- VEC — Vector Resources
- VMC — Venus Metals
- VKA — Viking Mines
- VRC — Volt Resources
- W
- WAF — West African Resources
- WWI — West Wits Mining
- WSR — Westar Resources
- WGX — Westgold Resources
- WRM — White Rock Minerals
- WC8 — Wildcat Resources
- WMX — Wiluna Mining
- X
- XAM — Xanadu Mines
- XTC — Xantippe Resources
- Y
- YRL — Yandal Resources
- Z
- ZAG — Zuleika Gold