Gold has seen astonishing gains in 2024, rising nearly 30 percent and breaking all time prices along the way. Its most recent record was set at US$2,682.79 per ounce on September 26.
The new record came just days after the US Federal Reserve shifted its fiscal policy as post-pandemic inflation figures neared the central bank’s target rate of 2 percent. This, along with a softening job market caused the Fed to make an outsized cut to its benchmark rate and slashed 50 basis points.
However, fiscal policy wasn’t the only factor affecting gold prices in 2024. Continued central bank gold buying provided critical support for much of the year and rising geopolitical tensions in the Middle East pushed investors toward the safety of the precious metal.
Year-to-date gain: 1,800 percent
Market cap: C$38.28 million
Share price: C$0.19
Adyton Resources is working to advance the Feni Island and Fergusson Island gold projects in Papua New Guinea.
The project consists of two advanced exploration licenses for the Wapolu and Gameta targets, which host a combined indicated resource of 173,000 ounces of gold and an inferred resource of 540,000 ounces of gold.
Adyton’s share price reached a year-to-date high of C$0.20 on October 9.
Year-to-date gain: 958.82 percent
Market cap: C$24.59 million
Share price: C$0.90
Black Mammoth Metals is a gold explorer working to advance its US properties in Nevada, Idaho and California.
Its Happy Cat gold property is located in the Ravenswood Mining District in Ladner County, Nevada. The site covers about 1,213 hectares and hosts an approximately 4 square kilometer area where the company has identified a potential alteration zone. Black Mammoth completed ground gravity and magnetic surveys at the site in 2023.
The company also owns the Blanco Creek gold property in the Elk Creek Mining District in Central Idaho. The site hosts three historic mines along 3,550 meters of strike length.
Shares of Black Mammoth reached a year-to-date high of C$1.25 on June 12.
Year-to-date gain: 212.5 percent
Market cap: C$102.25 million
Share price: C$0.375
Falco Resources is an exploration and development company operating within the Abitibi Greenstone Belt in Québec, Canada. Its flagship asset is the Horne 5 polymetallic gold project, which consists of 67,000 hectares of land in the Noranda mining camp, and includes 13 historic gold and base metals mining sites, including the Horne mine.
The deal will also establish a technical committee to ensure that operations at Horne 5 do not interfere with Glencore’s Horne smelter. Additionally, Glencore will gain the right to require remediation, suspension or risk mitigation in order to protect its Horne smelter. Glencore will also have the right to a seat on Falco’s board of directors.
It said the next steps would be to review and address concerns raised in the hearings and would meet with the advisory committee to identify possible solutions and make improvements to the project. The final report is due to be sent to the ministry by December 26, with the publication set for mid-January 2025.
Year-to-date gain: 202.86 percent
Market cap: C$314.35 million
Share price: C$1.06
The Sunday Creek project is located 60 kilometers north of Melbourne, Australia, and covers an area of 19,385 hectares. It hosted previous gold mining between 1880 and 1920, and during the 1990s, it saw exploration that focused on shallow, previously mined workings.
The company said the results significantly extend the exploration target area and demonstrate a system that continues almost half a kilometer below the most prolific mine in the Sunday Creek gold field.
Shares in Mawson Gold reached a year-to-date high of C$1.09 on October 7.
Year-to-date gain: 186.96 percent
Market cap: C$96.13 million
Share price: C$0.33
Historic prospecting at the Moss site from the late 1800s to the 1950s resulted in multiple high-grade discoveries, as well as limited mining. More extensive exploration started at the Snodgrass lake prospect in the 1970s, when it was under the ownership of Falconbridge Exploration, and exploration was continued by various companies up until the 2000s.
The company also provided an update on its preliminary economic assessment, saying that G Mining Service completed a site visit on July 23 to identify potential infrastructure sites. It is also evaluating different mining and milling scenarios to identify the optimal project for the study. Goldshore did not provide an estimated date for the completion of the report.
Shares in Goldshore reached a year-to-date high of C$0.39 on September 25 alongside a rise in the gold price.
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
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