Investing News Network AUSTRALIA


CARBONXT Launches a Non-Renounceable Pro-Rata Entitlement Offer and Placement to Raise up to $2.94M

Carbonxt Group Limited (Carbonxt or the Company) is pleased to announce that the Company has decided to launch a capital raise comprising of a placement to sophisticated and professional investors (Placement) and non-renounceable pro-rata entitlement offer to existing shareholders (Offer) to raise approximately $2.94m.
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Carbonxt Group Limited (ASX: CG1) – Trading Halt


The securities of Carbonxt Group Limited (‘CG1’) will be placed in trading halt at the request of CG1, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Wednesday, 6 December 2023 or when the announcement is released to the market.

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Appointment of Ian Rodger as CEO

Jindalee Lithium Limited (ASX:JLL) (Jindalee, the Company) is pleased to announce the appointment of Ian Rodger as Chief Executive Officer (CEO).

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Daydream-2 Progress Report

Elixir Energy Limited (“Elixir” or the “Company”) is pleased to provide an update on its 100% owned Grandis Gas Project (ATP 2044) located in the Taroom Trough of the Bowen Basin, Queensland.

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Makuutu Land Access Agreement Verification Completed by DGSM for Stage 1 Mining License Application

Ionic Rare Earths Limited (“IonicRE” or “the Company”) (ASX: IXR) is pleased to provide a further update on progress in securing land access agreements and the verification process for the Mining Licence Application (MLA) for the Stage One development of the Makuutu Rare Earths Project (“Makuutu”) over Retention Licence (RL) 1693 (application TN03834), through local Ugandan operating entity Rwenzori Rare Metals Limited (“RRM”).

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2023 Q4 Gold Outlook: Australia Edition

Find out what is in store for gold in 2023!

The Investing News Network (INN) spoke with analysts, market watchers and insiders about which trends will impact the precious metals sector in the year ahead.

✓ Trends        ✓ Forecasts       ✓ Top Stocks

Table of Contents:

  • Gold Price Update: Q1 2023 in Review
  • Gold Price Update: Q2 2023 in Review
  • Gold Price Update: Q3 2023 in Review
  • Lobo Tiggre: Gold Stocks are My Highest-Conviction Trade for 2024
  • Tavi Costa: Gold Price Breakout is "Inevitable," Don't Lose Focus Now
  • Top 5 ASX Gold Stocks
Gold and metal bars

A Sneak Peek At What The Insiders Are Saying

"My guess is that as the world descends into chaos — and I think that's true, we are going to see chaos later this year and throughout this decade — there's going to be a panic into gold, because it's the only financial asset that's not simultaneously someone else's liability"

— Doug Casey,

Who We Are

The Investing News Network is a growing network of authoritative publications delivering independent, unbiased news and education for investors. We deliver knowledgeable, carefully curated coverage of a variety of markets including gold, cannabis, biotech and many others. This means you read nothing but the best from the entire world of investing advice, and never have to waste your valuable time doing hours, days or weeks of research yourself.

At the same time, not a single word of the content we choose for you is paid for by any company or investment advisor: We choose our content based solely on its informational and educational value to you, the investor.

So if you are looking for a way to diversify your portfolio amidst political and financial instability, this is the place to start. Right now.

2023 Gold Outlook: Australia Edition

Gold Price Update: Q1 2023 in Review

Gold has seen a thunderous start to 2023 — thanks to significant economic disruptions, it's jumped in value while continuing to play a key role as a safe haven.

The precious metal's run has created tremendous opportunities for gold bulls, especially as it appears to be stabilizing above the US$2,000 per ounce mark, with experts pointing to potentially higher points this year.

Here the Investing News Network (INN) provides a recap of what happened in the gold market in the first three months of 2023.

Narrative changing after disappointing 2022

Greg Taylor, chief investment officer at Purpose Investments, told INN that many investors were disappointed with gold last year due to its flat performance, even with high levels of inflation.

“(Investors) just got really frustrated with it and it hadn't really worked. Now it's starting to work and people are taking another look at it,” Taylor said.

The expert added that since the US dollar was up and enjoyed a strong period last year, it “offset a lot of the inflation reasons for people to own gold.”

But heading into this year, Taylor said, the gold investment cycle has seen new life.

The financial expert explained that even as central banks prepare to pause or slow the pace of their rate hikes, inflation remains higher than they would like.

“We're starting to hear more and more concerns that there's potential stagflation ,” Taylor said. “When you get stagflation, that's the perfect snare for gold.”

More investors appreciating gold in 2023

Shree Kargutkar, managing partner at Sprott (TSX: SII ,NYSE:SII), told INN that despite gold's success so far in 2023, he still doesn’t think most investors have exposure to the yellow metal.

“I would say the average investor today is not really invested in gold. Rather, the average investor today is a speculator as far as the bullion is concerned,” Kargutkar said.

The Sprott expert explained that holdings in precious metals bullion exchange-traded funds have declined approximately 15 percent from their peak in the second half of 2020.

“People have actually been reducing their allocation to gold. And the average investor has been spectating for admission,” Kargutkar said.

When discussing the role of gold in an investor’s portfolio, Taylor cautioned that he doesn’t think gold should take a dominant role. “But having a sleeve of real asset exposure in the 5 to 10 percent range is probably not a bad, bad percentage to look at,” he said.

For his part, Kargutkar said the recent move in gold could create a bigger spotlight for the asset class. “My guess is it will probably make people want to perhaps take a second look at the metal as an important constituent of a portfolio,” he said.

US banking crisis boosts gold's safe-haven appeal

Gold’s tremendous rise can be attributed to a variety of factors in the global economic spectrum, but a major driver has been the fallout from US banking issues.

Silicon Valley Bank and Signature Bank faced serious bank runs after losing the confidence of their users, leading to two of the biggest bank collapses in US history.

This chaos was accompanied by the emergency rescue acquisition of Credit Suisse (NYSE: CS ) by UBS (NYSE: UBS ), which was in part organized by Swiss authorities.

The pressure points these events created caused panic to settle into the economic landscape, allowing gold to fulfill its role as a safe haven for the investing class.

Gold first crossed the US$2,000 level in March, and has found some stability above the coveted price mark.

gold price chart, january 1, 2023, to april 20, 2023

Gold price chart, January 1, 2023, to April 20, 2023.

Chart via Trading Economics .

Market watchers eyeing the Fed's next move

Aside from banking issues, gold continues to be affected by moves from the US Federal Reserve.

Following its meeting in March, the central bank announced a 25 basis point rate hike, saying it remains committed to its goal of curbing inflation. Investors are now watching closely to see what it will do at its next meeting in May.

Economists polled by Reuters are expecting to see another 25 basis point interest rate increase from the central bank, despite recent data points from the consumer price index and the producer price index.

Both price markers show inflationary pressures are easing — in fact, the March drop in the producer price index was the biggest decline since the start of the pandemic in early 2020. Even so, inflation is still far from the Fed's target of 2 percent.

At the same time, the Fed may not be able to hike much further. Its latest meeting minutes indicate that it expects a “mild recession” in the second half of 2023, spurred by the banking crisis outlined earlier.

“Given their assessment of the potential economic effects of the recent banking-sector developments, the staff’s projection at the time of the March meeting included a mild recession starting later this year, with a recovery over the subsequent two years,” the central bank states in its meeting recap .

The Fed's next meeting runs from May 2 to 3.

Investor takeaway

After what many deemed a weaker year for gold in 2022, 2023 has been incredibly bullish for the precious metal.

EY's Theo Yameogo told INN it’s important to remember the nature of the market, and how these jumps have come and gone in the past. “It's just a reminder that this is cyclical,” he said.

Don't forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.

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Gold Price Update: Q2 2023 in Review

Gold remained at historically high levels in the second quarter, although it fell below US$2,000 per ounce.

The US Federal Reserve was in focus during Q2, with investors closely watching the American economy for hints on the central bank's next move. While the summer is often a slower time, some experts believe it's a good chance to position.

Here the Investing News Network (INN) presents a recap of the Q2 period for the gold market.

How did the gold price perform in Q2?

The gold price spent a decent amount of time above US$2,000 in Q2, but has since pulled back.

The yellow metal remained near or above that level through April and May, but in June its price strength began to decline. It finished the second quarter around US$1,920, although by mid-July it was back up around US$1,970.

gold price chart, January 1, 2023, to July 20, 2023.

Gold price chart, January 1, 2023, to July 20, 2023.

Chart via Trading Economics .

Actions from the US Federal Reserve continue to impact gold, and at its June meeting it left interest rates unchanged at 5 to 5.25 percent. The decision came after 10 consecutive increases from the central bank.

Fed officials have said the goal is to take time to review the effects of its aggressive hiking strategy.

Since the June meeting, experts have been debating what the Fed will do next. While some market watchers are surprised the Fed has been able to raise rates as far as it has and don't think it will be able to go much further, the latest "dot plot" projections from Fed officials tell another story — they show two more hikes of 25 basis points each are possible in 2023.

In the gold space, there's a broad consensus that a change in tactics from the Fed could provide a price boost.

As part of its half-year update , the World Gold Council said global economies appear to be nearing the end of their tightening cycles. “As monetary policy likely transitions from tightening to on-hold, market consensus is for a mild contraction in the US this year, and slow growth in developed markets,” the organization states in its report.

“In this context and following gold’s positive returns in H1, we expect gold to remain supported on the back of range bound bond yields and a weaker dollar,” the World Gold Council also notes.

According to the association, gold has been one of the only true positive investment assets so far in 2023, especially as the economy was hit with uncertainty in North America from several staggering bank runs .

Gold ETF inflow streak ends in June

In another report, the World Gold Council states that June brought the end of a three month streak for inflows into gold-backed exchange-traded funds (ETFs), which are often seen as a safer way to get exposure to the market.

Gold ETFs saw outflows of US$3.7 billion in June, concentrated in Europe and in North America.

“The early June strong equity market performance in key markets likely shifted focus away from risk-off assets such as gold,” the World Global Council said, noting that global gold ETF holdings fell 56 metric tons to 3,422 metric tons.

“And the majority of outflows occurred when the gold price dropped during the second half of the month amid hawkishness from major central banks in the face of obstinate inflationary pressure.”

Summer offers gold investors time to position

John Feneck, portfolio manager and consultant at Feneck Consulting, recently told INN that investors should take advantage of the summer doldrum months to better position themselves in the gold space.

"Summertime and in December as well, when people aren't doing their homework, is when we're doing most of our work, because this is when you can pick up some huge bargains. If you feel like doing something with them and disposing of them later next year or the year after, you're going to make some considerable money we think," he said.

Watch the full interview with Feneck above.

Investor takeaway

The Q2 period offered a bit of a stopping point for gold as the Fed broke off from its rate hike strategy. Now investors are looking ahead at the second half of the year for catalysts that could push it above US$2,000 once again.

Don't forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.

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Gold Price Update: Q3 2023 in Review

The gold price began Q3 on a relatively high note, but was approaching US$1,800 per ounce by its end.

The yellow metal was pushing back toward the US$2,000 mark at the start of the period, but wasn't able to maintain that level. The quarter culminated in a precipitous decline that saw gold break through support.

What has caused gold to retreat so quickly? Read on to learn more about what factors have affected its price over the last three months, and about significant gold-related news released during that time.

How did the gold price perform in Q3?

Gold tends to underperform in when interest rates are high, which was the case in Q3. At its July meeting, the US Federal Reserve raised rates for the 11th time since March 2022, adding 25 basis points for a range of 5.25 to 5.5 percent — the highest in 22 years. The gold price fell steadily in the two weeks after the decision, slumping to US$1,885.70 on August 17.

gold price chart, q3 2023

Gold price chart, Q3 2023.

Chart via .

After seeing some support from mid-August to mid-September, gold went into a tailspin to close the quarter at US$1,848.80. The drop came as the Fed announced on September 20 that it would hold rates steady , and as Chair Jerome Powell suggested the central bank is in a good position to deliver a “soft enough” landing.

Central banks continue buying gold

While higher rates continued to put pressure on gold this past quarter, global central bank buying has helped maintain the precious metal's price level. July and August saw central banks pick up 55 metric tons (MT) and 77 MT of gold respectively, bringing the total to 219 MT for the three months ended in August.

Leading the way is China , which has purchased 155 MT of the yellow metal since the start of the year as it tries to minimize its US dollar exposure. Its central bank currently holds gold reserves of 2,165 MT, accounting for 4 percent of global reserves.

With the Russia-Ukraine war on its doorstep, Poland has also been a significant buyer of gold, adding another 18 MT in August and bringing its yearly total to 88 MT. That moves it closer to its intended buying target of 100 MT for the year.

BRICS meeting turns head

Sanctions imposed on Russia following its invasion of Ukraine in February 2022 have renewed the BRICS nations' interest in finding an alternative to the US dollar as the global reserve currency.

Member nations Brazil, Russia, India and South Africa are keen to break from the US dollar, but it’s China in particular that has been working for several years to establish its own currency as an alternative, with increasing uptake . When the BRICS countries met from August 22 to 24, some market participants believed they might announce a new BRICS currency — perhaps one backed by gold or another commodity. But ultimately no such announcement was made at the meeting.

Many analysts believe the idea is untenable unless China and India are able to find common ground and resolve long-standing differences — and even if they did so, a BRICS currency wouldn't necessarily be backed by gold.

“The lack of information out there is extremely important in understanding what you’re looking at. There’s a lack of information because there is a lack of development,” Jeffrey Christian, managing partner at CPM Group, explained to the Investing News Network (INN) in the lead-up to the BRICS meeting.

“They do see a desire to cooperate among themselves to counter decades of hegemonic activity by the US and to a lesser extent Europe,” he continued. “But the idea of a central currency makes no sense. None of the countries really want to tie their currencies to Russia. The idea of a different currency backed by gold is a non-starter.”

M&A activity makes headlines

The massive deal between gold giants Newmont (TSX: NGT ,NYSE:NEM) and Newcrest Mining (ASX: NCM ,TSX:NCM) inched closer to completion through the third quarter. The deal, which will see Newmont acquire 100 percent of Newcrest, reached significant milestones as the companies received key approvals from Australia, Japan and Papua New Guinea.

Newmont shareholders met on October 11 to vote, with 96 percent of them voting in favor of the transaction. Newcrest shareholders are set to vote on October 13. Newmont has been trading lower since it announced its intention to acquire Newcrest on February 5, while Newcrest's share price has reacted more favorably.

Though this may be the biggest gold deal of the year, 2023 continues to be hot and is on track to bring in the highest level of mergers and acquisitions for the mining sector in a decade.

Other notable M&A announcements in the sector during Q3 include the completion of a merger between GCM Mining and Aris Gold on September 26 to create Aris Mining (TSX: ARIS ,NYSE:ARMN). The resultant company has operations in Colombia and produced 60,193 ounces of gold in its most recent quarter .

Aside from that, Canada’s Silvercorp Metals (TSX: SVM ,NYSEAMERICAN:SVM) announced on August 6 that it has entered into a binding scheme implementation deed to acquire Australia’s OreCorp (ASX: ORR ). The acquisition would give Silvercorp a US$630 million market cap and access to OreCorp’s multimillion-ounce Nyanzaga gold project in Northwest Tanzania. The project is expected to produce 240,000 ounces of gold per year once complete.

David Erfle, editor and founder of Junior Miner Junky, told INN at the end of Q3 that he sees growth potential in gold stocks, but with limited interest from retail investors, more M&A activity is necessary to bring interest to the market.

“A lot of (companies) are at the feasibility stage, or the construction stage or the finance stage, and their market cap is two or three or sometimes four times less than the equity it would take to build the mine,” he said. “What I'd like to see is several of these companies merge, so you have one company with a handful of these projects — maybe $150 million, $200 million in the bank, access to capital and also tack on a big board US listing. Then you're more liquid, you're more attractive."

Biggest IPO of the year is golden

July 7 brought Indonesia’s biggest initial public offering (IPO) this year and one of the world’s best-performing IPOs so far in 2023: PT Amman Mineral Internasional (IDX: AMMN ). The company raised the equivalent of over US$713 million in its IPO, and shares have since surged 250 percent in value, giving the firm a market cap of US$29 billion.

The company's most significant asset, Amman Mineral Nusa Tenggara — which includes the Batu Hijau mine, the second largest gold mine in Indonesia — was purchased from Newmont in 2016. The copper-gold mine produced 172,000 ounces of the yellow metal during the first half of the year.

So, why has gold retreated?

Even though there have been strong gold sector developments over the past three months, larger economic trends have made investments like Treasuries more attractive and have dulled gold's luster . The yellow metal's relatively flat growth over the past few years has also prompted investors to look for more immediate gains elsewhere.

With the US economy and dollar staying strong and no relief from high interest rates until at least 2024, it's not looking good for investors who hope gold will break through US$2,000 in the coming months.

However, the Fed has indicated that it's tracking the economy closely and has acknowledged that a recession hasn't been completely avoided . The central bank will meet again from October 31 to November 1 to determine whether another hike will be needed and to outline its steps for the beginning of next year.

Investor takeaway

Following a solid start to the year for gold, the third quarter brought setbacks for the metal, which is subject to both broad market forces and investor appetites. While retail and institutional investors may continue to shy away from gold for interest-bearing assets, central bank buying looks set to persist and may be a factor in price stabilization in Q4.

At the same time, Q4 has already brought a great deal of geopolitical instability. The invasion of Ukraine remains an issue for investors and, if it worsens, it could push the price of gold higher. Additionally, a burgeoning conflict in Israel has already pushed the price of the yellow metal up nearly 1 percent since hostilities began on October 7.

Don't forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.

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Lobo Tiggre: Gold Stocks are My Highest-Conviction Trade for 2024

In a recent interview, Lobo Tiggre, editor and founder of , shared his highest-conviction trade for 2024. While he's still a uranium bull, he sees the most opportunity in gold stocks next year.

Back in July , Tiggre's focus had narrowed to uranium and he was feeling bearish on gold in the near term. But now he sees various factors lining up for gold, including a US recession, geopolitical concerns, inflation and central bank buying.

"Maybe it means a little bit more for me to say I'm looking at (gold)," he told the Investing News Network. "I'm looking at the recession — it's here on a global level and I think it's here in disguise in the US. But I think the disguise falls."

Watch the interview above for more from Tiggre on gold, as well as uranium and silver. You can also click here for the Investing News Network's full New Orleans Investment Conference playlist on YouTube.

Don't forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.

Additional information on Australia stock investing — FREE

Tavi Costa: Gold Price Breakout is "Inevitable," Don't Lose Focus Now

Speaking at the New Orleans Investment Conference, Tavi Costa, partner and portfolio manager at Crescat Capital, discussed sentiment in the resource sector, including where he sees opportunity today.

"Everyone is sort of waiting for this breakout in gold, otherwise there's no party," he said on the sidelines of the event. "Everyone is just waiting patiently, and in my view it's going to happen — it's inevitable that we're going to see a breakout. Then other commodities should follow, and then the valuations of companies should be rerated."

In terms of timing, Costa said that back in 2018 he started looking closely at CAPEX trends among mining companies. "You can kind of see when that bottoms out you tend to see a bull market in commodities. You just don't know on the macro side what the trigger is going to be, but the foundation of the thesis is there," he explained.

"I feel like everything is really coming together right now, (but) the sentiment is really bearish," Costa continued. "I am not that way at all. I'm extremely bullish, I'm really focused right now ... you don't want to lose focus at the wrong time."

Moving forward, he expects to see the traditional 60/40 portfolio fall by the wayside. "Those two allocations need to be redefined," he said. "I think commodities are going to play a role there. I think gold is going to be one of those assets that is going to be competing with Treasuries, just like central banks have been changing their allocation." Notably, he pointed out that recent research shows 70 percent of advisors have portfolios with less than 1 percent gold.

"I think (gold is) going to be one side. And then a basket of commodities will probably take the other side. And I would say emerging markets, especially rich resource economies like Brazil, will probably take a part of the equity market portion."

Watch the interview above for more of Costa's thoughts on gold and the resource sector. You can also click here for the Investing News Network's full New Orleans Investment Conference playlist on YouTube.

Don't forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.

Additional information on Australia stock investing — FREE

Top 5 ASX Gold Stocks of 2023

The gold price has taken quite a ride this past year, facing significant peaks and valleys.

The yellow metal came close to making a new all-time high in May as the banking crisis in the US spooked investors, but then fell to yearly lows as the US Federal Reserve increased interest rates to the highest they’ve been since 2001. More recently, gold has moved back to higher levels, spurred upward by the ongoing conflict in the Middle East.

While physical gold is seen as a portfolio stabiliser, gold stocks can be appealing for those willing to take more risks.

But where should investors focus their attention? While there are many choices, the list below shows the ASX-listed gold companies that have seen the biggest share price gains year-to-date. All share price data was obtained on November 7, 2023, using TradingView's stock screener , and the stocks listed had market caps above AU$50 million at that time.

1. Spartan Resources

Year-to-date gain: 340 percent; market cap: AU$381.88 million; current share price: AU$0.44

Spartan Resources (ASX: SPR ) is a gold exploration and development company whose core assets are located in Western Australia. Its flagship operation, the Dalgaranga gold project, produced 71,153 ounces of the metal in 2022 before being placed on care and maintenance as low grades reduced the mine’s viability. The company believes its discovery of the Never Never deposit will allow it to shift its focus at the site by providing higher-grade feed.

Company shares began to rise in May following an announcement that new assay results from Never Never had revealed significant mineralisation from 110 metres below the core resource body. Exploration at the site indicated high-grade gold from near the surface to a depth of 500 metres, with one intercept hitting 35.47 grams per tonne (g/t) gold over 9.44 metres.

The high-grade assay results at Never Never were reinforced in June as continued drilling allowed Spartan to further define the depth of the resource and expand the envelope an additional 80 metres to the south . Based on the success of the drill program, in July Spartan provided an upgraded mineral reserve estimate of 721,200 ounces of gold from Never Never and 1.18 million ounces for the overall Dalgaranga project.

On September 12 , Spartan began a new 25,000 meter drill campaign at Dalgaranga. The plan is to cover a wide range of targets, including drilling to further extend the resource envelope for Never Never and exploring near-mine targets; the company will also drill the Arc prospect to the north and two new prospects to the south — called Four Pillars and West Wind, Spartan has said these new prospects are “Never Never look-alikes.”

The company released follow-up news on October 17 , providing initial results from the drill program; they feature more high-grade assays from Never Never, along with samples from Arc, including a section of 8.33 g/t gold over 4 metres. Spartan also said it is targeting a new deposit located 1.6 kilometres north of Never Never, which it has named Patient Wolf; drilling at the site has revealed a highlight interval grading 19.84 g/t gold over 10 metres.

The company’s most recent news came on October 30 , when it released an update on exploration efforts at its non-core Glenburgh and Egerton projects. Assays revealed near-surface deposits of 91.91 g/t gold over 4 metres from Egerton and 4.4 g/t gold over 12 metres from Glenburgh. Although they are outside of the core work taking place at Dalgaranga, Spartan said they add opportunities to its project portfolio.

2. Strickland Metals

Year-to-date gain: 300 percent; market cap: AU$280.29 million; current share price: AU$0.16

Strickland Metals (ASX: STK ) is an exploration company that is focused on gold and copper. Its current operations include the Yandal East project in Western Australia, which hosts the Horse Well target. The company's previous operation in the area was the Millrose gold deposit, which it sold to Northern Star Resources (ASX: NST ,OTC Pink:NESRF) on July 25 for AU$61 million. The company also owns the Bryah Basin gold and copper project in the Gascoyne region of Western Australia, and the Iroquois zinc, lead and silver project in the Earaheedy Basin in Western Australia.

Shares of Strickland have soared since its September 19 announcement of a previously unidentified gold trend at Horse Well. The discovery, dubbed the Marwari trend, came as part of a 40,000 metre drill program that the company announced on August 10 . The partial results included a high-grade interval of 5.6 g/t gold over 31 metres.

More results from the program were released on September 27 , at which time the company reported that Marwari extended at least 500 metres to the south of the initial discovery. In addition to the extension of Marwari, Strickland reported results from the Palomino prospect, with drilling revealing an interval of 39 meters grading 6.1 g/t gold, including 7 metres at 22 g/t gold. Furthermore, the company reported that a reinterpretation of datasets at Horse Well indicate the likely presence of an approximately 3 kilometre strike extension to the northwest that has not been drilled.

Continuing from its previous announcements, Strickland released news on October 2 that an additional discovery had been made at Horse Well, with intersects indicating high-grade, near-surface deposits across 200 metres along a 600 metre shear zone. The company noted that historic exploration of the site was oriented parallel to the structure and missed the target. It plans to continue drilling along the zone.

In its most recent update from Marwari, released on October 19 , Strickland reported that it has used magnetic inversion modelling to help better define the deposit. This testing has extended the strike length to 700 metres, and has also outlined a substantial new target beneath the current drilling. The company commenced diamond drilling at Marwari October 27 .

3. Westgold Resources

Year-to-date gain: 136.16 percent; market cap: AU$1 billion; current share price: AU$2.09

Westgold Resources (ASX: WGX ) is a mid-tier gold-mining company with operations in Western Australia. Its Murchison assets are the Cue and Meekatharra gold operations, which include two processing hubs, as well as multiple operating and potential mines. Its Bryah operations include the Fortnum processing hub and the Starlight underground mine.

After hitting a five year low on December 11, 2022, shares of Westgold have steadily risen through 2023, peaking at AU$2.12 on November 5. The company's move higher started when it released results for its second fiscal quarter of 2023 , reporting improved operating cash flow and saying it was tracking toward the top end of its guidance with 128,228 ounces produced in the first half of the year.

The company saw its most significant share price gains between March and May as the price of gold climbed to near record highs on the back of the US banking crisis. These gains were reinforced with news in March from Westgold's flagship mine, Big Bell , which is located at Cue. The firm said Big Bell was exceeding design outputs and had produced 16,342 ounces in January and February; meanwhile, exploration at the site revealed higher grades than were reported in Westgold's December quarterly report.

On March 27, the company reported that drilling at Cue's Great Fingall deposit showed mineralisation at 200 metres below the base of the original mine plan, with grades around 3.7 g/t gold. Continued drilling at the deposit into Q3 helped Westgold stay elevated despite gold beginning its retreat toward US$1,800. The company announced on May 31 that the resource estimate Great Fingall had increased to 588,000 ounces, providing higher confidence that future assays will provide continued high-grade results, both at the site and at the nearby but untested Golden Crown system.

The falling price of gold put downward pressure on Westgold's share price in September. However, the company bounced back in early October as the yellow metal rebounded and as it released results for its first fiscal quarter of 2024. The period saw a combined 63,104 ounces of gold produced between Westgold's assets.

Later that month, the company shared its annual report for its 2023 fiscal year. During the period, its Murchison assets produced a combined 203,382 ounces of gold, while the Bryah operations, supplemented with on-surface low-grade stock, produced 53,735 ounces. In the report, the company said decreased production was offset by the higher gold price, which helped improve cash flow and profitability through the second half of the year. Westgold also said it had begun to see results from new strategies that were implemented in 2022.

4. Emerald Resources

Year-to-date gain: 126.16 percent; market cap: AU$1.64 billion; current share price: AU$2.68

Emerald Resources (ASX: EMR ) is a mid-tier gold exploration and development company. Its core asset, the Okvau gold mine in Cambodia, hosts total measured, indicated and inferred reserves of 990,000 ounces. The company currently has a 76.5 percent stake in Bullseye Mining and has extended the date for a complete takeover to November 24 . Its stake in Bullseye Mining gives it access to an additional three mining projects in Western Australia.

Shares of Emerald have followed a long-term upward trend, gaining 771 percent in the past five years. This year, the company has enjoyed strong gains since January , when it announced record quarterly gold production of 29,640 ounces from Okvau.

A higher gold price and improved output have helped Emerald continue to perform. The company’s half-year report, released on March 16 , shows that production at Okvau reached 52,857 ounces of gold during the period, while Emerald generated AU$24.8 million after tax; its report for the full year shows that the asset produced 108,866 ounces, while the company saw a record after-tax profit of AU$66.2 million.

In addition to strong business reporting, Emerald’s share price has been supported by positive exploration news. Drilling at Okvau has focused on extending the main resource, with the company's latest program including seven drill holes across 2,764 metres. According to an update on October 30 , two holes reveal new high-grade gold structures outside the current underground deposit, with one containing a highlight of 28.01 g/t gold over 2 meters.

In the same announcement, Emerald details recent news from exploration at its other projects. The company shared high-grade drill results from its Memot gold project, which is located 97 kilometres north of Okvau, including results of up to 1 metre grading 67.4 g/t gold within 5 metres grading 15.36 g/t gold. Drilling at the site began in January 2022, and the company has been working towards defining a maiden resource for the project; it expects to release it in late 2023.

The company also shares highlights from the Bullseye-owned North Laverton gold project in Western Australia, including high-grade intervals such as 3.68 g/t over 20 meters. Emerald said current and past results will be integrated into a prospectus for the project to be released in early 2024.

5. Theta Gold Mines

Year-to-date gain: 113.24 percent; market cap: AU$98.71 million; current share price: AU$0.145

Theta Gold (ASX: TGM ) is an Australian gold development and exploration company with operations focused on the Eastern Transvaal gold fields northeast of Johannesburg, South Africa. Its core project is 74 percent stake in the Transvaal Gold Mining Estate (TGME), South Africa’s first mining company; the minority 26 percent stake is owned by Black Economic Empowerment, which includes a group of local community and employee trusts along with a strategic partner. The TGME gold mine site hosts four planned mines.

Theta's share price began to trend upward during the first half of July following news the company was able to raise AU$5 million through a private placement with Hong Kong Huihua Investment Management. The company said the funding would be applied to permitting and an initial exploration program at TGME. The company announced on July 19 that operations had begun at the site following the commencement of a 3,000 tonne bulk sampling program that was to be delivered to the Barberton gold plant, owned by Pan African Resources (LSE: PAF ,OTCQX:PAFRF).

Theta has continued to see share price momentum, achieving a year-to-date high of AU$0.15 on September 21. The increase came after the company announced that significant investor and shareholder 2Invest had exercised 5,000,000 unlisted options into fully paid ordinary shares. According to Theta, the funds raised will allow the company to advance the bulk sampling program at its Frankfort mine site.

In its 2023 annual report released on September 29, Theta said it expects the mine to produce 1.24 million ounces over a 12.9 year lifespan, with production to begin during the 2024 calendar year. The company also said it has received the necessary environmental and water use permits.

FAQs for ASX gold stocks

How to invest in gold on the ASX?

As Australia is a top gold-mining jurisdiction and the country's government is supportive of mining, there are plenty of options for investing in gold on the ASX. Between gold miners operating major projects and gold explorers hunting for the next significant gold discovery , investors can choose what kind of company matches their risk appetite and portfolio.

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.

How to buy gold on the ASX?

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.

How to buy gold ETFs on the ASX?

For investors who prefer broader exposure to a sector, exchange-traded funds (ETFs) are a good option, and the ASX is home to multiple gold-focused ETFs . Because they are traded on exchanges like stocks, you can buy ETFs using the same methods described above. ASX-listed gold ETFs to consider include:

  • ETFS Physical Gold (ASX: GOLD ) , which promises "low-cost access to physical gold via the stock exchange" and can be redeemed for physical gold.
  • Perth Mint Gold (ASX: PMGOLD ) , which tracks the international price of physical gold.
  • BetaShares Gold Bullion (ASX: QAU ) , which also tracks the physical bullion price.
  • The Van Eck Gold Miners ETF (ASX: GDX ) , which tracks the NYSE Arca Gold Miners Index (INDEXNYSEGIS: GDMNTR ).

Don’t forget to follow us @INN_Australia for real-time updates!

Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

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