Gold prices have soared since the start of 2024 and have set record prices in major global currencies. On August 1, the price for an ounce of gold in Australian dollars surged to AU$3,762.17, breaking the previous record of AU$3,638.01 set in April.
Recent gains have come on the back of the resumption of buying by Chinese banks, an improving US economic situation that is increasing odds of US interest rate cuts in September and ongoing geopolitical instability.
Year-to-date gain: 471.43 percent; market cap: AU$123.95 million; share price: AU$0.40
The study also included a maiden ore reserve estimate, with 3.15 million tonnes of ore grading 3.2 g/t gold and 1.2 percent antimony for 320,000 ounces and 39,000 tonnes of contained metal respectively.
The company indicated a post-tax net present value of AU$157 million and an internal rate of return of 50 percent with a payback period of 2 years, contingent on prices of US$2,000 per ounce of gold and US$15,000 per tonne of antimony.
Shares in Larvotto reached a year-to-date high of AU$0.41 on August 26.
Year-to-date gain: 319.12 percent; market cap: AU$75.70 million; share price: AU$0.29
Australian Gold and Copper is an exploration company that has spent 2024 focused on advancing the Achilles gold-silver discovery at its South Cobar project in New South Wales, Australia.
The company also provided an update on RC drilling, saying of the 21 holes planned 14 had been completed and assays have been received for the first five, with gold, silver and base mineralization extending to the north and south and at depth. It said it would be commencing diamond core drilling in mid-August to help identify higher-grade zones at the project.
Shares of the firm reached a year-to-date high of AU$0.56 on May 22 alongside a rally in the gold price.
Year-to-date gain: 179.5 percent; market cap: AU$503.5 million; share price: AU$2.25
Catalyst Metals is a gold development and production company focused on its Plutonic mine in Western Australia and Henty mine in Tasmania.
As for its Henty mine, Catalyst said Henty achieved record quarterly production of 6,926 ounces in its fiscal Q4 and produced 24,982 during the year. According to the company, the mine is on its way to annual production of 30,000.
Catalyst also said it had reduced debt from AU$36 million to AU$8 million.
Shares in Catalyst reached a year-to-date high of AU$2.28 on August 29.
Year-to-date gain: 173.81 percent; market cap: AU$125.50 million; share price: AU$0.12
WIA Gold is an exploration company focused on developing projects in Africa. The company’s primary goal is to advance the Kokoseb deposit at its Damaran gold project.
Kokoseb is located on WIA’s Okombahe exploration licence, which consists of 12 tenements across a 2,700 square kilometre area within the Damaran Belt in Northwest Namibia. WIA Gold holds an 80 percent stake in the exploration licence, with the remaining 20 percent being held by Namibian state-owned mining company Epangelo.
Shares in WIA Gold reached a year-to-date high of AU$0.125 on May 21 alongside a surging gold price.
Year-to-date gain: 165.15 percent; market cap: AU$1.58 billion; share price: AU$1.37
Spartan Resources is a gold exploration and development company whose core assets are located in Western Australia. Its flagship operation, the Dalgaranga gold mine, produced 71,153 ounces of the metal in 2022 before being placed on care and maintenance as low grades reduced the asset’s viability.
Spartan has since turned its focus to increasing grades and expanding Dalgaranga’s resource estimate. It has largely focused on the Never Never deposit, which it discovered in 2022.
Shares of Spartan reached a year-to-date high of AU$1.455 on August 29.
When looking for a gold company to invest in, be sure to do your due diligence and learn about the company’s key characteristics, including its leadership team, its finances and the geology of its projects.
Once you’ve selected a company or multiple companies to invest in, you can buy gold stocks using trading apps with access to ASX stocks, or you can get the help of a stock broker.
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Spartan Resources is a client of the Investing News Network. This article is not paid-for content.
Leave a Reply