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 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 file, in Microsoft Excel on Windows. 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 for the differences, here and here, or Find on “Professional” and “Elite”).
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.) No demonstrations available, but see the screenshots below.
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 for the differences, here and here, or Find on “Professional” and “Elite”).
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.) No demonstrations available, but see the screenshots below.
Graphs
The GoldNerds spreadsheet file has 25 graphs. Choose the companies to compare in the graphs by typing their codes into a list, then press a button.
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 often only one or two 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. And remember, the stock prices in this sector are volatile, so the numbers and comparisons can quickly go out of date.
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 an example graph of the in-ground costs for some ASX gold producers, measured by market capitalization per resource ounce of precious metals (mainly gold, but also any silver, platinum, palladium, or rhodium in gold-equivalent ounces). Clearly, some gold is cheaper than other gold (warning: this example uses past data and includes made-up data):
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 often only one or two 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. And remember, the stock prices in this sector are volatile, so the numbers and comparisons can quickly go out of date.
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 an example graph of the in-ground costs for some ASX gold producers, measured by market capitalization per resource ounce of precious metals (mainly gold, but also any silver, platinum, palladium, or rhodium in gold-equivalent ounces). Clearly, some gold is cheaper than other gold (warning: this example uses past data and includes made-up data):
The market capitalization of a company includes its cash and debt, which can sometime mislead. The enterprise value (EV) of a company removes the financial assets from the valuation -- it is the value the market is putting on just the physical assets of a company, it's underground minerals, mines, and equipment. We get a clearer picture of the market value of a company's in-ground gold from its EV per resource ounce (Professional and Elite versions only) (warning: this example graph uses past data and includes made-up data):
Some gold companies also have a lot of non-precious minerals in their tenements. For example, Australia's leading gold company is Newcrest Mining (NCM), which has almost as much value in its copper as its gold. Several of its mines are bulk gold-copper mines. The "byproduct" credits from selling the copper are subtracted off the costs of gold production, so the cost to produce an once of gold at some of its mine can be very low, even negative in some quarters (meaning the revenue from the copper paid for all the mining). When evaluating Newcrest, we need to look at more than the in-ground cost of its gold -- we need to look at the in-ground cost of all its minerals, expressed in equivalent gold ounces. Now a different picture emerges (compare NCM's ranking in this graph with the first graph above) (warning: this example graph uses past data and includes made-up data):
The main factor affecting the profitability of a miner is its cost of production. The vast majority of the cost is captured by its "all-in sustaining cost", or AISC, which is the industry-standard measure of the cost of producing an ounce of gold. (The "all-in cost" tends to be one or two hundred dollars per ounce higher, but is not reported by most companies.)
Investors who believe the price of gold will increase soon will 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: this example graph uses past data and includes made-up data):
Companies with a lot of debt and little cash are in more danger of going bust, because even a small unexpected event or a temporary downturn in the grade of mined ore can leave the company unable to meet its obligations. When a company has to call in the receivers, shareholders usually lose their entire investment. The Professional and Elite versions of GoldNerds track total liabilities, investments, and other financial assets, and construct the Net Financial Assets (NFA) indicator: financial assets less financial liabilities, as a percentage of market capitalization. Beware of companies whose NFA slips below -25. In the NFA graph, the safe companies are on the left and the riskier companies are on the right (warning: this example graph uses past data and includes made-up data):
Company Columns
View, sort, filter, and get help on any column on the Companies sheet. Some columns are hidden by default, but can be switched on.
Everything in the Standard version is in the Professional version, and everything in the Professional version is in the Elite version. The Professional and Elite versions have the same columns — see the next section for the differences between those versions.
Everything in the Standard version is in the Professional version, and everything in the Professional version is in the Elite version. The Professional and Elite versions have the same columns — see the next section for the differences between those versions.
Columns in all versions:
ASX code of company
Company name
Long comment on projects, mining studies, recent exploration results, capital raisings, etc.
Historic share price
(on a date of your choosing)Recent share price
Change in share price
Number of existing shares
Number of shares when fully diluted
Cash
(comment has date, recent changes)Hedgebook
(comment has details)Market capitalization
Status
(producer, developer, or explorer)Minerals
Percentage in gold
(focus calculated from resources, exploration targets)Percentage in silver
(focus calculated from resources, exploration targets)HQ location
Reserves, precious
(comment describes all reserves by project: minerals, grades, types, dates, etc)Resources, precious
(comment describes all resources by project: minerals, grades, types, dates, etc)Potential, precious
(comment describes all potentials by project: minerals, grades, types, dates, etc)Mineable, precious
(reserves + 60% of (resources - reserves), or your choice)Reserves, non-precious
Resources, non-precious
Potential, non-precious
Mineable, non-precious
Reserves, all
Resources, all
Potential, all
Mineable, all
Mineable Byproducts, all
Mkt cap per reserve ounce, precious
Mkt cap per resource ounce, precious
Mkt cap per mineable ounce, precious
Mkt cap per reserve ounce, all
Mkt cap per resource ounce, all
Mkt cap per mineable ounce, all
Current production, precious
(comment includes amounts and costs for previous quarters)Current production, non-precious
Current production, all
Future production
(comment includes guidance and dates)Reserve life
Mkt cap per production ounce
All-in sustaining cost (AISC) -- Last quarter
All-in sustaining cost (AISC) -- Last Year
All-in sustaining cost (AISC) -- Future
All-in cost (AIC) -- Last quarter
All-in cost (AIC) -- Last Year
Sovereign risk
Percentage of reserves in Tier 1 countries
Score
Custom 1 ... 6
(sortable, filterable columns for your calcs)
Columns in the Professional and Elite versions only:
Number of in-the-money options
Revenue from in-the-money options
Investments
(double-click for window of details)Liabilities
(comment has date)Other financial assets
Enterprise value (EV)
Net financial assets
(as a percentage of market cap.)EV per resource ounce, precious
EV per reserve ounce, precious
EV per mineable ounce, precious
EV per resource ounce, all
EV per reserve ounce, all
EV per mineable ounce, all
EV per production ounce
Construction costs
Current total cost of ownership (TCO)
Future total cost of ownership (TCO)
Free cash flow
EV per free cash flow
Price to free cash flow
GDXJ index percentage
Dividends last year
(comment contains details)Dividend yield
CommSec lending ratio
Leveraged Equities lending ratio
Differences Between Elite and Professional
The Professional and Elite versions have the same company columns (see here for the columns in the Standard version).
The following three features are in the Elite version but not in the Professional version:
1. The Mineral Estimates custom window shows a company's reserves and resources by project and by component (proved, measured, etc.), and, in some cases, also by deposit. Double clicking on the Reserves or Resources cell of a company opens the window. The contents of the window are summarized in the comments on those cells in all versions of GoldNerds, but cannot be altered or examined in detail except in this window in the Elite version. This window also shows ore, ownership level, announcement dates, cutoffs, and which minerals are regarded as by-products. See the two examples in the Custom Windows section, below.
2. The Ore Calculator part of the Mineral Estimates window shows the gross mineral value, GMV per tonne, gold equivalent amount, and gold equivalent grade, for every component of a project's reserve and resource. This allows you to compare resources with different mixes of minerals, and to judge the viability of poly-metallic deposits. You can set the mineral prices to be used in the Ore Calculator, and also the mining factor and recovery percentages for each component of each deposit. See the Mineral Estimates custom window, and the Assumptions custom window, below.
3. The Minerals sheet compares every project with a resource estimate, across all the companies. Sort and filter companies or projects by mineral, contained metal, gross mineral value, GMV per tonne, gold equivalent amount, and gold equivalent grade. See the two screenshots of the Minerals sheet below.
The following three features are in the Elite version but not in the Professional version:
1. The Mineral Estimates custom window shows a company's reserves and resources by project and by component (proved, measured, etc.), and, in some cases, also by deposit. Double clicking on the Reserves or Resources cell of a company opens the window. The contents of the window are summarized in the comments on those cells in all versions of GoldNerds, but cannot be altered or examined in detail except in this window in the Elite version. This window also shows ore, ownership level, announcement dates, cutoffs, and which minerals are regarded as by-products. See the two examples in the Custom Windows section, below.
2. The Ore Calculator part of the Mineral Estimates window shows the gross mineral value, GMV per tonne, gold equivalent amount, and gold equivalent grade, for every component of a project's reserve and resource. This allows you to compare resources with different mixes of minerals, and to judge the viability of poly-metallic deposits. You can set the mineral prices to be used in the Ore Calculator, and also the mining factor and recovery percentages for each component of each deposit. See the Mineral Estimates custom window, and the Assumptions custom window, below.
3. The Minerals sheet compares every project with a resource estimate, across all the companies. Sort and filter companies or projects by mineral, contained metal, gross mineral value, GMV per tonne, gold equivalent amount, and gold equivalent grade. See the two screenshots of the Minerals sheet below.
Screenshots
The Companies sheet lists all the companies in the precious metals sector of the ASX, one company per row. Here is the upper left of that sheet, which includes all of the special buttons (standard version):
The resources of a company are summarized in the comment on its "Resources, Precious" cell on the Companies sheet. For example, here are the resources of Red5, a junior producer in Western Australia. These comments are present in all versions of GoldNerds. (Warning: example data may be out of date.)
Each company has a substantial comment, outlining the history, main issues, recent drill results, capital raisings, mining studies, etc. It's located on the cell containing the name of the company. Companies going into production tend to be the most complex, explorers tend to be simpler. More recent changes or updates are in blue writing, so you can zoom in quickly onto what's changed recently.
Filter the rows (companies) on the Companies sheet, to narrow down the companies:
The Compare sheet compares up to 10 companies in a more relaxed format (standard version shown, example data out of date and includes made-up data):
The Minerals sheet lists all the projects of all the companies in one big table, which is both sortable and filterable. It includes some ore calculator results, such as Gross Metal Value and GMV per tonne of ore. In this example it is sorted by GMV per tonne of gold. This sheet is only present in the Elite version. (Warning: example data is out of date and includes made-up data.)
The Minerals sheet can find all sorts of things by filtering. For example, filtering with "Project" = "Company Total", "Estimate" = "Resource", and "Mineral" = "Nickel" finds all the companies on GoldNerds that have a nickel resource. This sheet is only present in the Elite version. (Warning: example data is out of date and includes made-up data.)
Custom Windows
The file you download from the GoldNerds website is a Microsoft Excel file, but it's not just spreadsheets and graphs. It also contains several custom windows.
For example, here is the Capital Structure window. It lists all of a company's shares and potential shares (warning: example out of date):
For example, here is the Capital Structure window. It lists all of a company's shares and potential shares (warning: example out of date):
This is the Help window, displaying the help for the Market Capitalization column:
Here is the Choose Columns window, for choosing which columns appear on the Companies sheet. This shows the window as it appears in the Professional and Elite versions (in the Standard version some choices are grayed out, because those columns are not available):
Here is the Mineral Estimates window, showing the resources at Newcrest Mining's Cadia project, which is a large gold and copper mine. Notice the Ore Calculator over to the right, showing the gross metal value (GMV), GMV per tonne, and gold-equivalent grades of each part of the deposit. Only the Elite version contains this window. (Warning: example out of date.)
Here is the Mineral Estimates window again, with a summary of all the resources of Newcrest Mining. This is a large company with many projects. This window is only present in the Elite version. (Warning: example out of date.)
The Assumptions window specifies the mineral prices, recoveries, and mining factors used by the ore calculator (Elite version only):
Feedback
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 December 19, 2022.
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):
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
- ANL — Amani Gold
- AGG — AngloGold Ashanti
- AWV — Anova Metals
- AAU — Antilles Gold
- AZY — Antipa Minerals
- ADV — Ardiden
- ARD — Argent Minerals
- ARV — Artemis Resources
- AAJ — Aruma Resources
- AS2 — Askari Metals
- ASR — Asra Minerals
- ASO — Aston Minerals
- AAR — Astral Resources
- AMI — Aurelia Metals
- 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
- AUT — AuTECO Minerals
- AZS — Azure Minerals
- B
- BMR — Ballymore Resources
- BGD — Barton Gold
- BMO — Bastion Minerals
- BBX — BBX Minerals
- 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
- BRB — Breaker Resources
- BTR — Brightstar Resources
- C
- CAI — Calidus Resources
- CAE — Cannindah Resources
- CRS — Caprice Resources
- CMM — Capricorn Metals
- CWX — Carawine Resources
- 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
- CHZ — Chesser Resources
- CTO — Citigold Corporation
- CLZ — Classic Minerals
- CDR — Codrus Minerals
- CGN — Crater Gold Mining
- D
- DCN — Dacian Gold
- DTM — Dart Mining
- DTR — Dateline Resources
- DEG — De Grey Mining
- DES — DeSoto Resources
- DEV — DevEx Resources
- DBO — Diablo Resources
- DCX — DiscovEx
- E
- E2M — E2 Metals
- E79 — E79 Gold Mines
- EMR — Emerald Resources
- ERM — Emmerson Resources
- EMU — Emu
- ENR — Encounter Resources
- EQE — Equus Mining
- ERW — Errawarra Resources
- ESS — Essential Metals
- EMC — Everest Metals
- EVN — Evolution Mining
- F
- FAL — Falcon Metals
- FEG — Far East Gold
- FXG — Felix Gold
- FFX — Firefinch
- FAU — First Au
- FG1 — Flynn Gold
- FML — Focus Minerals
- FRS — Forrestania Resources
- G
- GAL — Galileo Mining
- GCY — Gascoyne Resources
- GML — Gateway Mining
- GBZ — GBM Resources
- GMD — Genesis Minerals
- GES — Genesis Resources
- GPR — Geopacific Resources
- GIB — Gibb River Diamonds
- GLA — Gladiator Resources
- GRL — Godolphin Resources
- G50 — Gold 50
- GMN — Gold Mountain
- GOR — Gold Road Resources
- G88 — Golden Mile Resources
- GMR — Golden Rim Resources
- GSM — Golden State Mining
- GBR — Great Boulder Resources
- GNM — Great Northern Minerals
- GSN — Great Southern Mining
- GSR — Greenstone Resources
- 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
- IR1 — Iris Metals
- K
- KAI — Kairos Minerals
- KAU — Kaiser Reef
- KZR — Kalamazoo Resources
- KAL — Kalgoorlie Gold Mining
- KLI — Killi Resources
- KIN — Kin Mining
- KCN — Kingsgate
- KRM — Kingsrose Mining
- KSN — Kingston Resources
- KWR — Kingwest Resources
- KNB — Koonenberry Gold
- KTA — Krakatoa Resources
- L
- LRL — Labyrinth Resources
- LEX — Lefroy Exploration
- LGM — Legacy Minerals
- LLO — Lion One Metals
- LDR — Lode Resources
- LSR — Lodestar Minerals
- LCL — Los Cerros
- 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
- MPG — Many Peaks Gold
- 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
- MEI — Meteoric Resources
- MM1 — Midas Minerals
- MI6 — Minerals 260
- M2R — Miramar Resources
- MTH — Mithril Resources
- MOH — Moho Resources
- MRZ — Mont Royal Resources
- M2M — Mt Malcolm Mines
- MTM — Mt Monger Resources
- MGV — Musgrave Minerals
- N
- NAG — Nagambie Resources
- NMR — Native Mineral Resources Holdings
- NML — Navarre Minerals
- NES — Nelson Resources
- NAE — New Age Exploration
- NTL — New Talisman Gold Mines
- NCM — Newcrest Mining
- NPM — NewPeak Metals
- NME — Nex Metals Exploration
- NXM — Nexus Minerals
- NFL — Norfolk Metals
- NSM — North Stawell Minerals
- NST — Northern Star Resources
- NWM — Norwest Minerals
- NVA — Nova Minerals
- O
- OAR — OAR Resources
- ODY — Odyssey Gold
- OBM — Ora Banda Mining
- OAU — Ora Gold
- OMX — Orange Minerals
- ORR — OreCorp
- 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
- POL — Polymetals Resources
- PDI — Predictive Discovery
- PRX — Prodigy Gold
- PRS — Prospech
- Q
- QXR — QX Resources
- R
- RDN — Raiden Resources
- 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
- RGL — Riversgold
- 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
- SLR — Silver Lake Resources
- SVL — Silver Mines
- SNG — Siren Gold
- SKY — Sky Metals
- SLS — Solstice Minerals
- SXG — Southern Cross Gold
- SAU — Southern Gold
- SSR — SSR Mining
- SBM — St Barbara
- SMS — Star Minerals
- STK — Strickland Metals
- SLZ — Sultan Resources
- SHN — Sunshine Gold
- STM — Sunstone Metals
- SPQ — Superior Resources
- SRN — Surefire 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
- TIE — Tietto Minerals
- TTM — Titan Minerals
- TBA — Tombola Gold
- TOR — Torque Metals
- TRE — Toubani Resources
- TKL — Traka Resources
- TBR — Tribune Resources
- TRY — Troy Resources
- TRM — Truscott Mining
- TUL — Tulla Resources
- TCG — Turaco Gold
- V
- VAN — Vango Mining
- VKA — Viking Mines
- VMM — Virdis Mining
- W
- WAF — West African Resources
- WWI — West Wits Mining
- WSR — Westar Resources
- WGR — Western Gold Resources
- WGX — Westgold Resources
- WRM — White Rock Minerals
- WIA — Wia Gold
- WC8 — Wildcat Resources
- X
- XAM — Xanadu Mines
- XTC — Xantippe Resources
- Y
- YRL — Yandal Resources
- Z
- ZAG — Zuleika Gold