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

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.

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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

  • 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

  • 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 May 19, 2020. 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
A1G — African Gold
A1M — AIC Mines
AAJ — Aruma Resources
AAR — Anglo Australian Resources
ADN — Andromeda Metals
ADV — Ardiden
AGD — Austral Gold
AGG — AngloGold Ashanti
AGS — Alliance Resources
AIV — Activex
ALK — Alkane Resources
AMD — Arrow Minerals
AME — Alto Metals
AMG — Ausmex Mining
AMI — Aurelia Metals
ANL — Amani Gold
AOP — Apollo Consolidated
AQG — Alacer Gold
AQI — Alicanto Minerals
AQX — Alice Queen
ARD — Argent Minerals
ARS — ALT Resources
ARV — Artemis Resources
AUC — Ausgold
AUL — AuStar Gold
AUT — AuTECO Minerals
AWV — Anova Metals
AYM — Australia United Mining
AYR — Alloy Resources
AZY — Antipa Minerals
B
BAR — Barra Resources
BBX — BBX Minerals
BC8 — Black Cat Syndicate
BCN — Beacon Minerals
BDC — Bardoc Gold
BDG — Black Dragon Gold
BGL — Bellevue Gold
BLK — Blackham Resources
BNR — Bulletin Resources
BOC — Bougainville Copper
BRB — Breaker Resources
BRV — Big River Gold
BSR — Bassari Resources
C
CAE — Cannindah Resources
CAI — Calidus Resources
CAV — Carnavale Resources
CDT — Castle Minerals
CDV — Cardinal Resources
CEL — Challenger Exploration
CGN — Crater Gold Mining
CHN — Chalice Gold
CHZ — Chesser Resources
CLZ — Classic Minerals
CMM — Capricorn Metals
CNB — Carnaby Resources
CRS — Caprice Resources
CTO — Citigold Corporation
CVS — Cervantes Corporation
CWX — Carawine Resources
CY5 — Cygnus Gold
CYL — Catalyst Metals
CYM — Cyprium Metals
CZR — Coziron Resources
D
DAU — Dampier Gold
DCN — Dacian Gold
DCX — DiscovEx
DEG — De Grey Mining
DGO — DGO Gold
DTM — Dart Mining
DTR — Dateline Resources
E
E2M — E2 Metals
EHX — EHR Resources
EMR — Emerald Resources
EMU — Emu
ENR — Encounter Resources
ERM — Emmerson Resources
ERX — Exore Resources
EVN — Evolution Mining
F
FAU — First Au
FFR — Firefly Resources
FML — Focus Minerals
FNT — Frontier Resources
G
G88 — Golden Mile Resources
GBM — GBM Gold
GBR — Great Boulder Resources
GBZ — GBM Resources
GES — Genesis Resources
GLA — Gladiator Resources
GMD — Genesis Minerals
GML — Gateway Mining
GMN — Gold Mountain
GMR — Golden Rim Resources
GOR — Gold Road Resources
GPR — Geopacific Resources
GSM — Golden State Mining
GSN — Great Southern Mining
H
HAV — Havilah Resources
HAW — Hawthorn Resources
HRN — Horizon Gold
HRZ — Horizon Minerals
I
IDA — Indiana Resources
IGO — IGO
IPT — Impact Minerals
IVR — Investigator Resources
K
KAI — Kairos Minerals
KAU — Kaiser Reef
KCN — Kingsgate
KGM — KalNorth Gold Mines
KIN — Kin Mining
KLA — Kirkland Lake Gold
KOR — Korab Resources
KRM — Kingsrose Mining
KSN — Kingston Resources
KWR — Kingwest Resources
KZR — Kalamazoo Resources
L
LCL — Los Cerros
LEX — Lefroy Exploration
LLO — Lion One Metals
LNY — Laneway Resources
LSR — Lodestar Minerals
M
MAG — Magmatic Resources
MAT — Matsa Resources
MAU — Magnetic Resources
MBK — Metal Bank
MDI — Middle Island Resources
MEI — Meteoric Resources
MEU — Marmota
MGV — Musgrave Minerals
MKG — Mako Gold
MML — Medusa Mining
MOH — Moho Resources
MRR — Minrex Resources
MRV — Moreton Resources
MRZ — Mont Royal Resources
MSR — Manas Resources
MTC — MetalsTech
MTH — Mithral Resources
MXR — Maximus Resources
MYL — Myanmar Metals
MZZ — Matador Mining
N
NAG — Nagambie Resources
NCM — Newcrest Mining
NES — Nelson Resources
NIU — Niuminco Group
NME — Nex Metals Exploration
NML — Navarre Minerals
NST — Northern Star Resources
NTL — New Talisman Gold Mines
NTM — NTM Gold
NUS — Nusantara Resources
NVA — Nova Minerals
NWM — Norwest Minerals
NXM — Nexus Minerals
O
OAR — Oakdale Resources
OAU — Ora Gold
OBM — Ora Banda Mining
OGC — OceanaGold
OKR — Okapi Resources
OKU — Oklo Resources
ONX — Orminex
ORR — OreCorp
OZL — OZ Minerals
P
PDI — Predictive Discovery
PGI — PanTerra Gold
PGM — Platina Resources
PNR — Pantoro
PNX — PNX Metals
PRU — Perseus Mining
PRX — Prodigy Gold
R
RBX — Resource Base
RED — Red 5
REZ — Resources & Energy Group
RGL — Riversgold
RIE — Riedel Resources
RIM — Rimfire Pacific Mining
RMS — Ramelius Resources
RND — Rand Mining
RNX — Renegade Exploration
RRL — Regis Resources
RSG — Resolute Mining
RTG — RTG Mining
RXL — Rox Resources
S
S2R — S2 Resources
SAR — Saracen Mineral Holdings
SAU — Southern Gold
SBM — St Barbara
SFR — Sandfire Resources
SHK — Stone Resources Australia
SIH — Sihayo Gold
SKY — Sky Metals
SLR — Silver Lake Resources
SLZ — Sultan Resources
SMC — Strategic Minerals
SMG — Soon Mining
SMI — Santana Minerals
STN — Saturn Metals
SVL — Silver Mines
T
TAM — Tanami Gold
TBR — Tribune Resources
TGM — Theta Gold Mines
TIE — Tietto Minerals
TLM — Talisman Mining
TMX — Terrain Minerals
TNR — Torian Resources
TRL — Tanga Resources
TRM — Truscott Mining
TRY — Troy Resources
TSC — Twenty Seven Co.
TSO — Tesoro Resources
TTM — Titan Minerals
TYX — Tyranna Resources
V
VAN — Vango Mining
VEC — Vector Resources
VKA — Viking Mines
VMC — Venus Metals
VMC — Venus Metals
W
WAF — West African Resources
WGX — Westgold Resources
WRM — White Rock Minerals
WWI — West Wits Mining
X
XAM — Xanadu Mines
Y
YRL — Yandal Resources