
May 22, 2024
Kalgoorlie Gold Mining (ASX:KAL, ‘KalGold’ or ‘the Company’), is pleased to announce results of its recent aircore drilling at Wessex and Harbour Lights, within the Pinjin project, around 140 km northeast of Kalgoorlie-Boulder.
Highlights:
- Extensive, thick gold mineralisation and anomalism has been discovered at KalGold’s Wessex target at Pinjin following the first pass aircore drill program (ASX: KAL 5 April 2024, Drilling commences at shallow gold targets, Pinjin Project).
- New intercepts include:
- PSAC24001: 28 m at 1.27 g/t Au from 36m
- including8 m at 1.90 g/t Au from 44 m
- and8 m at 2.15 g/t Au from 56 m
- including8 m at 1.90 g/t Au from 44 m
- PSAC24029: 12 m at 1.17 g/t Au from 52 m
- including4 m at 3.07 g/t Au from 56 m
- PSAC24001: 28 m at 1.27 g/t Au from 36m
- These results are exceptional for aircore drilling, illustrating the enormous potential of KalGold’s Pinjin Project at the southern end of the Pinjin Goldfield.
- The Wessex prospect shows evidence of being part of the broader Anglo Saxon gold mineralised system, with Hawthorn Resources’ (ASX:HAW) open pit mine located less than 1 km from the drill program.
- Results along the southern extension of KalGold’s Harbour Lights target are more typical of an aircore drilling program. Indicators of gold mineralisation include low level gold and arsenic anomalism, quartz veining, and associated pyrite mineralisation.
- KalGold will undertake follow-up exploration at Wessex and Harbour Lights. This will comprise additional aircore and RC drilling.
For MD and CEO Matt Painter’s thoughts on the results of the drill program, see a video on the KalGold Investor Hub at https://investorhub.kalgoldmining.com.au/link/NPwl6y
Commenting on the results, KalGold Managing Director Matt Painter said:
“KalGold’s drill program at its Wessex prospect has delivered excellent results. Thick, coherent zones of shallow gold mineralisation were defined across the tenement boundary from historically recorded gold anomalism. The shape, geometry, and style of gold mineralisation at Wessex displays parallels with Hawthorn Resources’ neighbouring Anglo Saxon gold deposit, located less than 1 km to the northeast. Mineralisation at Wessex is open along strike both to the north and south, and down-dip to the east.
This discovery at Wessex requires follow-up aircore and/or RC drilling to define the full extent of the mineralisation footprint. These results, in addition to the shallow gold mineralisation currently being incorporated into an initial JORC Code (2012) Mineral Resource Estimate at Kirgella Gift and Providence, highlight the incredible prospectivity of KalGold’s Pinjin Project.”
Click here for the full ASX Release
This article includes content from Kalgoorlie Gold Mining Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Sign up to get your FREE
Kalgoorlie Gold Mining Investor Kit
and hear about exciting investment opportunities.
- Corporate info
- Insights
- Growth strategies
- Upcoming projects
GET YOUR FREE INVESTOR KIT
The Conversation (0)
30 May
Kalgoorlie Gold Mining
Investor Insight
Kalgoorlie Gold Mining offers investors a compelling proposition through its strategic focus on low-cost gold exploration in Western Australia's prolific Eastern Goldfields, highlighted by its Lighthorse high-grade gold discovery at the Pinjin project.
Overview
Kalgoorlie Gold Mining (ASX:KAL) is a technically driven explorer targeting multi-million-ounce gold systems in the Eastern Goldfields of Western Australia. Through rigorous geophysical interpretation, structural targeting, and systematic drilling, the company is applying modern techniques to historically overlooked terranes. Its focus is on discovering concealed gold deposits beneath shallow cover by leveraging a proven methodology that includes geophysical analysis, geochemistry, aircore reconnaissance and RC follow-up drilling.
At the heart of this strategy is the flagship Pinjin project, located along the underexplored southern extension of the Laverton Tectonic Zone, a prolific gold-bearing structure responsible for over 30 Moz of historical production from mines such as Sunrise Dam, Granny Smith and Wallaby. Positioned just 20 km north of Ramelius Resources’ Rebecca gold project, Pinjin is ideally situated in a district that has seen limited modern exploration. Kalgoorlie Gold has already delivered a maiden JORC 2012 inferred resource of 76,400 oz (2.34 Mt @ 1.0 g/t gold) at the Kirgella Gift and Providence prospects. These results confirm the presence of shallow mineralization and validate the company’s targeting model. Numerous structural targets have been identified throughout the project area, the majority of which remain untested.
Within Pinjin, the Light Horse Discovery is the company's highest-impact target, where RC drilling has confirmed thick, high-grade mineralization in altered mafic volcanics. The discovery validates Kalgoorlie Gold’s undercover targeting model and is being advanced toward a maiden resource.
Complementing this is the Bulong Taurus project, 35 km east of Kalgoorlie, which hosts the La Mascotte deposit with a JORC inferred resource of 138,000 oz gold (3.61 Mt @ 1.19 g/t). The project includes historic workings and satellite prospects within a structurally favorable corridor. While a secondary focus, heritage approvals are underway to enable follow-up drilling and assess near-term development potential.
To date, Kalgoorlie Gold has tested only around 10 percent of its known targets but has already encountered mineralization in roughly half of them – an exceptional hit rate that underscores the strength of its approach. As the company ramps up its exploration programs, it is positioning itself as one of the most compelling early-stage gold discovery stories in the Australian market.
Company Highlights
- District-scale Positioning: Kalgoorlie Gold controls an expansive, underexplored land package in the Laverton Tectonic Zone, south of major operations like Sunrise Dam and Wallaby and just 20 km north of the planned Rebecca gold mine.
- Lighthorse Discovery: Thick, high-grade gold intercepts under shallow cover confirm a significant greenfields discovery, with potential for resource definition and scale.
- JORC Resource Established at Pinjin: An initial 76,400 oz gold resource at Kirgella Gift and Providence validates the company’s targeting strategy.
- Systematic Exploration Success: >10 targets tested, ~50 percent hit rate with anomalous high-grade gold. Over 90 percent of the company’s target inventory remains untested.
- Experienced Leadership: Matt Painter, managing director, brings deep structural geology expertise and a strong history of generating successful exploration targets globally.
- Favorable Market Tailwinds: With gold trading near all-time highs, Kalgoorlie Gold offers leveraged upside through discovery-driven valuation re-rates.
Key Projects
Pinjin Project
The Pinjin project covers more than 350 sq km and is situated within the southern extension of the Laverton Tectonic Zone, a crustal-scale shear corridor accounting for >30 Moz of historical production. Despite its proximity to major mines, this southern area has seen minimal modern exploration.
Kalgoorlie Gold’s initial focus has been the Kirgella Gift and Providence prospects, where the company defined a JORC 2012 inferred resource of 2.34 Mt @ 1.0 g/t Au for 76,400oz. This estimate was derived from near-surface RC drilling down to ~100 metres, with mineralization remaining open at depth and along strike.
The company has also acquired geophysical datasets and conducted interpretation work to identify additional structural corridors and dilation zones likely to host mineralization. These were validated by soil sampling, structural mapping and aircore drilling. Work completed to date includes more than 16,000 metres of drilling, extensive geological mapping, and data reinterpretation, while upcoming plans involve deeper drilling, geophysics to enhance target definition, and continued aircore programs to expand the exploration footprint.
Lighthorse Discovery
The Lighthorse prospect, situated within the greater Pinjin project area, represents Kalgoorlie Gold’s most promising greenfields discovery to date. Discovered beneath shallow cover using the company's rigorous targeting methodology, Light Horse has yielded multiple thick, high-grade intercepts, confirming the presence of a significant mineralized system. RC drilling has returned standout results such as 2.2 g/t gold over 23 metres, 3.1 g/t gold over 14 metres, and 6.5 g/t gold over 7 metres. These intercepts occur in altered mafic volcanics and are interpreted to represent a robust gold system with potential for lateral and vertical continuity. The discovery validates Kalgoorlie Gold’s structural targeting model and supports the thesis that the region may host not just a single deposit, but a larger gold field. Currently, Lighthorse is the highest-priority drill target in the company’s pipeline. Near-term plans include further RC step-out and infill drilling to define mineralized zones, downhole geophysics to guide targeting of high-grade shoots, and eventual metallurgical sampling. A maiden resource is anticipated following the next phase of drilling, with the potential to rapidly advance toward scoping studies in 2026.
Bulong Taurus Project
Located just 35 kilometres east of Kalgoorlie-Boulder, the Bulong Taurus project offers near-term optionality and brownfields upside. The project hosts the La Mascotte deposit, which contains a JORC 2012 inferred mineral resource of 138,000 oz at 1.19 g/t gold. This outcropping resource is located within the historical Taurus Goldfield and is surrounded by a suite of satellite targets, historical workings and underexplored geophysical anomalies. The geology is characterized by a mix of felsic and mafic volcaniclastic units, cut by northeast-trending structures favorable for gold deposition. Kalgoorlie Gold has undertaken mapping, sampling and historical data reprocessing to refine targeting, and is currently working with Traditional Owners to secure heritage clearances for further exploration. Planned future activities at Bulong Taurus include RC drilling to test extensions of La Mascotte, soil and geophysical surveys across adjacent prospects, and evaluation of development or joint venture options depending on resource scale and continuity. While not the company’s primary focus, Bulong Taurus offers strategic exposure to additional ounces near existing infrastructure.
Management Team
Dr. Matt Painter – Managing Director & Chief Executive Officer
Dr. Matt Painter is a geologist with over 25 years of experience in mineral exploration and project development. He holds a BSc (Hons) and a PhD in geology. Before joining Kalgoorlie Gold Mining, Painter served as general manager of exploration at Ardea Resources Limited, where he played a pivotal role in advancing the company's gold and nickel projects. His expertise lies in structural geology and the discovery of concealed mineral systems, which is instrumental in driving Kalgoorlie Gold Mining's exploration strategy.
Graeme Smith – Chief Financial Officer & Company Secretary
Graeme Smith brings more than 30 years of financial and corporate governance experience to Kalgoorlie Gold Mining. He holds a Bachelor of Economics and is a Fellow of the Chartered Institute of Secretaries, a Fellow of CPA Australia, and a Fellow of the Chartered Secretaries Australia. Smith has held senior financial roles across various ASX-listed companies, providing strategic financial oversight and ensuring compliance with corporate regulations.
Pauline Gately – Non-executive Chair
Pauline Gately is an accomplished non-executive director with over a decade of board experience across the mining, financial technology and consumer goods sectors. Her board contributions are underpinned by 20 years in investment banking, encompassing senior roles in investment strategy, economics and funds management. Gately is a graduate and member of the Australian Institute of Company Directors and holds a BA (Hons) in Economics and a Graduate Diploma in Accounting. She also serves as a non-executive director of Ardiden Limited.
Andrew Penkethman – Non-executive Director
Andrew Penkethman is a geologist with more than 25 years of technical and corporate experience in the resources sector. He has worked across exploration, feasibility studies, and operations within Australia and internationally. Penkethman is currently the managing director and CEO of Ardea Resources, bringing valuable insights into project development and strategic planning to the board of Kalgoorlie Gold Mining.
Scott Herrmann – Exploration Manager
Scott Herrmann oversees Kalgoorlie Gold’s exploration programs across its project portfolio. With a strong background in geology and mineral exploration, Herrmann plays a critical role in target generation and drill program execution, contributing to the company's discovery success.
Keep reading...Show less
Unlocking gold deposits hidden under shallow cover in the heart of Western Australia’s Eastern Goldfields
8h
Mount Hope Mining Kicks Off Maiden Drilling in NSW’s Prolific Cobar Region
Mount Hope Mining (ASX:MHM) has commenced its maiden drill program at its 100 percent owned Mount Hope project in New South Wales. The company’s managing director and CEO, Fergus Kiley, outlined the company’s exploration strategy, emphasising the geological significance of its targets.
“Looking for those key major continental structures that formed the (Cobar) Basin is really important. We've got three of them that run north-south through the entirety of our tenure," he explained. "And as I said, these structures already host existing, known, previously operating mines within our area. So being on these major structural trends, these north-south faults in our area, is really important. We've actively chosen these areas to explore from a geological context."
The program is focused on the Mount Hope East, Black Hill, Blue Heeler and Mount Solitary targets.
According to Kiley, “all of these targets are along strike or next door to existing old, previously operating mines. So we feel there’s a good opportunity there for us to look for the down-dip extensions of some of these.”
Since its initial public offering in December, Mount Hope Mining has expanded its footprint by nearly 300 percent through the acquisition of additional tenure immediately east of the original portfolio. The company is also reviewing further strategic acquisitions in the Cobar region.
“We think that the Cobar presents a really strong opportunity for investors to get high-quality gold and base metals exploration exposure. And we think that Mount Hope Mining presents a really strong vehicle for investors to get that exposure.”
Watch the full interview with Mount Hope Mining Managing Director and CEO Fergus Kiley above.
Keep reading...Show less
9h
What Was the Highest Price for Gold?
Gold has long been considered a store of wealth, and the price of gold often makes its biggest gains during turbulent times as investors look for cover in this safe-haven asset.
The 21st century has so far been heavily marked by episodes of economic and sociopolitical upheaval. Uncertainty has pushed the precious metal to record highs as market participants seek its perceived security.
And each time the gold price rises, there are calls for even higher record-breaking levels.
Gold market gurus from Lynette Zang to Chris Blasi to Jordan Roy-Byrne have shared eye-popping predictions on the gold price that would intrigue any investor — gold bug or not.
Some have posited that the gold price may rise as high as US$4,000 or US$5,000 per ounce, and there are those who believe that US$10,000 gold or even US$40,000 gold could become a reality.
These impressive price predictions have investors wondering, what is gold's all-time high (ATH)?
In the past year, gold has reached new all-time highs dozens of times. Find out what has driven it to these levels, plus how the gold price has moved historically and what has impacted its performance in recent years.
In this article
How is gold traded?
Before discovering what the highest gold price ever was, it’s worth looking at how the precious metal is traded. Knowing the mechanics behind gold's historical moves can help illuminate why and how its price changes.
Gold bullion is traded in dollars and cents per ounce, with activity taking place worldwide at all hours, resulting in a live price. Investors trade gold in major commodities markets such as New York, London, Tokyo and Hong Kong.
London is seen as the center of physical precious metals trading, including for silver. The COMEX division of the New York Mercantile Exchange is home to most paper trading.
There are many popular ways to invest in gold. The first is through purchasing gold bullion products such as bullion bars, bullion coins and rounds. Physical gold is sold on the spot market, meaning that buyers pay a specific price per ounce for the metal and then have it delivered or stored in a secure facility. In some parts of the world, such as India, buying gold in the form of jewelry is the largest and most traditional route to investing in gold.
Another path to gold investment is paper trading, which is done through the gold futures market. Participants enter into gold futures contracts for the delivery of gold in the future at an agreed-upon price.
In such contracts, two positions can be taken: a long position under which delivery of the metal is accepted or a short position to provide delivery of the metal. Paper trading as a means to invest in gold can provide investors with the flexibility to liquidate assets that aren’t available to those who possess physical gold bullion.
One significant long-term advantage of trading in the paper market is that investors can benefit from gold’s safe-haven status without needing to store it. Furthermore, gold futures trading can offer more financial leverage in that it requires less capital than trading in the physical market. Investors can also purchase physical gold via the futures market, but the process is complicated and lengthy and comes with a large investment and additional costs.
Aside from those options, market participants can invest in gold through exchange-traded funds (ETFs). Investing in a gold ETF is similar to trading a gold stock on an exchange, and there are numerous gold ETF options to choose from depending on your preference. For instance, some ETFs focus solely on physical gold bullion, while others focus on gold futures contracts. Other gold ETFs center on gold-mining stocks or follow the gold spot price.
It is important to understand that you will not own any physical gold when investing in an ETF — in general, even a gold ETF that tracks physical gold cannot be redeemed for tangible metal.
Gold has an interesting relationship with the stock market. The two often move in sync during “risk-on periods” when investors are bullish. On the flip side, they tend to become inversely correlated in times of volatility.
According to the World Gold Council, gold's ability to decouple from the stock market during periods of stress makes it “unique amongst most hedges in the marketplace.” It is often during these times that gold outperforms the stock market. For that reason, it is often used as a portfolio diversifier to hedge against uncertainty.
There are a variety of options for investing in gold stocks, including gold-mining stocks on the TSX and ASX, gold juniors, precious metals royalty companies and gold stocks that pay dividends.
What was the highest gold price ever?
The gold price peaked at US$3,748.80, its all-time high, during trading on September 22, 2025.
What drove it to this new ATH? Gold reached its new highest price in US dollars during Monday's trading session as geopolitical tensions rose and US President Donald Trump continued to criticize the US Federal Reserve Chair Jerome Powell for being slow, even after the agency announced a widely anticipated interest rate reduction of 25 basis points on September 17.
Gold has been consistently setting new record highs in September. News and speculation around the Fed meeting has been supportive of the gold price in the past few weeks, with rate cut expectations heavily fueled by the release of US consumer price index data, as well as weaker than expected US jobs numbers.
Highs last week were also supported by the US dollar index falling to a year-to-date low 96.56 on September 16, continuing a downtrend that started in mid-January. Traditionally, gold trades higher when the US dollar is weak, making it a popular hedge.
Bond market turmoil in the US and abroad on September 2 also provided tailwinds for gold.
While gold's fresh ATH came on September 22, on September 7 gold's record-breaking run officially took it past its inflation adjusted all-time high of US$850 per ounce set in January 1980.
2025 gold price chart
Gold price chart, December 31, 2024, to September 22, 2025.
Chart via the Investing News Network.
Why is the gold price setting new highs in 2025?
Gold's record-setting activity extends beyond the last several weeks as well.
Increased economic and geopolitical turmoil caused by the Trump administration has been a tailwind for gold this year, as well as a weakening US dollar, sticky inflation in the country and increased safe-haven gold demand.
Since coming into office in late January, Trump has threatened or enacted tariffs on many countries, including blanket tariffs on longtime US allies Canada and Mexico and tariffs on the EU.
Trump has also implemented 25 percent tariffs on all steel and aluminum imports.
The gold price set a string of new highs in the month of April amid high market volatility as markets reacted to tariff decisions from Trump, including the "Liberation Day" tariffs announced April 2, and the escalating trade war between the US and China. By April 11, Trump had raised US tariffs on Chinese imports to 145 percent and China had raised its tariffs on US products to 125 percent. Trump has reiterated that the US may need to go through a period of economic pain to enter a new "golden age" of economic prosperity.
Falling markets and a declining US dollar have supported gold too, as well as increased buying from China. Elon Musk's call to audit the gold holdings in Fort Knox has also brought attention to the yellow metal.
What factors have driven the gold price in the last five years?
Despite these recent runs, gold has seen its share of both peaks and troughs over the last decade. After remaining rangebound between US$1,100 and US$1,300 from 2014 to early 2019, gold pushed above US$1,500 in the second half of 2019 on a softer US dollar, rising geopolitical issues and a slowdown in economic growth.
Gold’s first breach of the significant US$2,000 price level in mid-2020 was due in large part to economic uncertainty caused by the COVID-19 pandemic. To break through that barrier and reach what was then a record high, the yellow metal added more than US$500, or 32 percent, to its value in the first eight months of 2020.
Gold price chart, September 21, 2020, to September 22, 2025.
Chart via the Investing News Network.
The gold price surpassed that level again in early 2022 as Russia's invasion of Ukraine collided with rising inflation around the world, increasing the allure of safe-haven assets and pulling the yellow metal up to a price of US$2,074.60 on March 8. However, it fell throughout the rest of 2022, dropping below US$1,650 in October.
Although it didn't quite reach the level of volatility as the previous year, the gold price experienced drastic price changes in 2023 on the back of banking instability, high interest rates and the breakout of war in the Middle East.
After central bank buying pushed the gold price up to the US$1,950.17 mark by the end of January, the Fed's 0.25 percent rate hike on February 1 sparked a retreat as the dollar and treasury yields saw gains. The precious metal went on to fall to its lowest price level of the year at US$1,809.87 on February 23.
The banking crisis that hit the US in early March caused a domino effect through the global financial system and led to the mid-March collapse of Credit Suisse, Switzerland’s second-largest bank. The gold price had jumped to US$1,989.13 by March 15. The continued fallout in the global banking system throughout the second quarter of the year allowed gold to break above US$2,000 on April 3, and go on to flirt with a near-record high of US$2,049.92 on May 3.
Those gains were tempered by the Fed’s ongoing rate hikes and improvements in the banking sector, resulting in a downward trend in the gold price throughout the remainder of the second quarter and throughout Q3. By October 4, gold had fallen to a low of US$1,820.01 and analysts expected the precious metal to drop below US$1,800.
That was before the October 7 attacks by Hamas on Israel ignited legitimate fears of a much larger conflict erupting in the Middle East. Reacting to those fears, and to rising expectations that the Fed would begin to reverse course on interest rates, gold broke through the important psychological level of US$2,000 and closed at US$2,007.08 on October 27. As the fighting intensified, gold reached a then-new high of US$2,152.30 in intraday trading on December 3.
That robust momentum in the spot gold price continued into 2024, chasing new highs on fears of a looming US recession, the promise of Fed rate cuts on the horizon, the worsening conflict in the Middle East and the tumultuous US presidential election year. By mid-March, gold was pushing up against the US$2,200 level.
That record-setting momentum continued into the second quarter of 2024, when gold broke through US$2,400 in mid-April on strong central bank buying, sovereign debt concerns in China and investors expecting the Fed to start cutting interest rates. The precious metal went on to hit US$2,450.05 on May 20.
Throughout the summer, the hits kept on coming.
The global macro environment was highly bullish for gold leading up to the US election. Following the failed assassination attempt on Trump and a statement about coming rate cuts by Fed Chair Jerome Powell, the gold spot price hit a then new all-time high on July 16 at US$2,469.30. One week later, news that then-President Joe Biden would not seek re-election and would instead pass the baton to Vice President Kamala Harris eased some of the tension in the stock market and strengthened the US dollar. This also pushed the price of gold down to US$2,387.99 on July 22, 2024.
However, the bullish factors supporting gold remained in play, and the spot price for gold went on to breach US$2,500 on August 2 that year on a less-than-stellar US jobs report; it closed just above the US$2,440 level. A few weeks later, gold pushed past US$2,500 once again on August 16, closing above that level for the first time ever after the US Department of Commerce released data showing a fifth consecutive monthly decrease in a row for homebuilding.
The news that the Chinese government issued new gold import quotas to banks in the country following a two month pause also helped fuel the gold price rally. Central bank gold buying has been a significant tailwind for the gold price this year, and China's central bank has been one of the strongest buyers.
Market watchers expected the Fed to cut interest rates by a quarter point at its September 2024 meeting, but news on September 12 that the regulators were still deciding between the expected cut or a larger half-point cut led the gold price on a rally that carried through into the next day, bringing the metal near US$2,600.
At the September 18 Fed meeting, the committee ultimately made the decision to cut rates by half a point, news that sent gold even higher. By September 20, it had moved above US$2,600 and was holding above US$2,620.
In October 2024, gold first breached the US$2,700 level and continued to higher on a variety of factors, including further rate cuts and economic data anticipation, the escalating conflict in the Middle East between Israel and Hezbollah, and economic stimulus in China — not to mention the very close race between the US presidential candidates.
While the gold price fell following Trump's win in early November and largely held under US$2,700 through the end of the year, it began trending upward in 2025.
Gold's first breach of the US$3,000 mark came on March 14, 2025, as Trump implemented and threatened tariffs against a wide range of countries, including allies. The gold price continued to climb, moving as high as US$3,160 on April 2, when Trump announced his "Liberation Day" tariffs.
We dive further into gold's record-setting run and new all-time high in 2025 in the previous sections.
What's next for the gold price?
What's next for the gold price is never an easy call to make. There are many factors to consider, but some of the most prevalent long-term drivers include economic expansion, market risk, opportunity cost and momentum.
Economic expansion is one of the primary gold price contributors as it facilitates demand growth in several categories, including jewelry, technology and investment. As the World Gold Council explains, “This is particularly true in developing economies where gold is often used as a luxury item and a means to preserve wealth.”
Market risk is also a prime catalyst for gold values as investors view the precious metal as the “ultimate safe haven,” and a hedge against currency depreciation, inflation and other systemic risks.
Going forward, in addition to the Fed, inflation and geopolitical events, experts will be looking for cues from factors like supply and demand. In terms of supply, the world’s five top gold producers are China, Australia, Russia, Canada and the US. The consensus in the gold market is that major miners have not spent enough on gold exploration in recent years. As for gold mine production, global output fell from around 3,200 to 3,300 metric tons (MT) each year between 2018 and 2020 to around 3,000 to 3,100 MT each year between 2021 and 2022. However, gold production turned around in 2023 and 2024, reaching 3,250 MT and 3,300 MT respectively.
On the demand side, China and India are the biggest buyers of physical gold, and are in a perpetual fight for the title of world’s largest gold consumer. That said, it's worth noting that the last few years have brought a big rebound in central bank gold buying, which dropped to a record low in 2020, but reached a 55 year high of 1,136 MT in 2022.
World Gold Council data shows 2024 central bank gold purchases came to 1,044.6 metric tons, marking the third year in a row above 1,000 MT. In H1 2025, the organization reported gold purchases from central banks reached 415.1 MT.
“I expect the Fed’s rate-cutting cycle to be good for gold, but central bank buying has been and remains a major factor," Lobo Tiggre, CEO of IndependentSpeculator.com, told the Investing News Network (INN) at the start of Q4 2024.
David Barrett, CEO of the UK division of global brokerage firm EBC Financial Group, is also keeping an eye on central bank purchases of gold. “I still see the global central bank buying as the main driver — as it has been over the last 15 years,” the expert said in an email to INN. "This demand removes supply from the market. They are the ultimate buy-and-hold participants and they have been buying massive amounts."
In addition to central bank moves, analysts are also watching escalating tensions in the Middle East, a weakening US dollar, declining bond yields and further interest rate cuts as factors that could push gold higher as investors look to secure their portfolios.
“When it comes to outside factors that affect the market, it’s just tailwind after tailwind after tailwind. So I don’t really see the trend changing,” said Eric Coffin of Hard Rock Analyst.
Randy Smallwood of Wheaton Precious Metals (TSX:WPM,NYSE:WPM) told INN in March 2025 that gold is seeing support from many factors, including central bank buying, nervousness around the US dollar and stronger institutional interest. Smallwood is seeing an influx of fund managers wanting to learn about precious metals.
Joe Cavatoni, senior market strategist, Americas, at the World Gold Council, believes that market risk and uncertainty surrounding tariffs and continued demand from central banks are the main drivers of gold.
"Market risk in particular is a key strategic driver for the gold price and performance," Cavatoni told INN in a July 2025 interview. "Think strategically when you think about gold, and keep that allocation in mind."
Check out more of INN's interviews to find out what experts have said about the gold price during its 2025 bull run and where it could go next.
Should you beware of gold price manipulation?
It’s important for investors to be aware that gold price manipulation is a hot topic in the industry.
In 2011, when gold hit what was then a record high, it dropped swiftly in just a few short years. This decline after three years of impressive gains led many in the gold sector to cry foul and point to manipulation.
Early in 2015, 10 banks were hit in a US probe on precious metals manipulation.
Evidence provided by Deutsche Bank (NYSE:DB) showed “smoking gun” proof that UBS Group (NYSE:UBS), HSBC Holdings (NYSE:HSBC), the Bank of Nova Scotia (TSX:BNS,NYSE:BNS and other firms were involved in rigging gold and silver rates in the market from 2007 to 2013. Not long after, the long-running London gold fix was replaced by the LBMA gold price in a bid to increase gold price transparency. The twice-a-day process, operated by the ICE Benchmark Administration, still involves a variety of banks collaborating to set the gold price, but the system is now electronic.
Still, manipulation has by no means been eradicated, as a 2020 fine on JPMorgan Chase & Co. (NYSE:JPM) shows. The next year, chat logs were released in a spoofing trial for two former precious metals traders from the Bank of America's (NYSE:BAC) Merrill Lynch unit. They show a trader bragging about how easy it is to manipulate the gold price.
Gold market participants have consistently spoken out about manipulation. In mid-2020, Chris Marcus, founder of Arcadia Economics and author of the book “The Big Silver Short,” said that when gold fell back below the US$2,000 mark after hitting close to US$2,070, he saw similarities to what happened with the gold price in 2011.
Marcus has been following the gold and silver markets with a focus specifically on price manipulation for nearly a decade. His advice? “Trust your gut. I believe we’re witnessing the ultimate ’emperor’s really naked’ moment. This isn’t complex financial analysis. Sometimes I think of it as the greatest hypnotic thought experiment in history.”
Investor takeaway
While we have the answer to what the highest gold price ever is as of now, it remains to be seen how high gold can climb, and if the precious metal can reach as high as US$5,000, US$10,000 or even US$40,000.
Even so, many market participants believe gold is a must have in any investment profile, and there is little doubt investors will continue to see gold price action making headlines this year and beyond.
This is an updated version of an article first published by the Investing News Network in 2020.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Lauren Kelly, 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.
Keep reading...Show less
10h
Mali Approves New Gold Mining Deals Under Revised Code
Mali’s military government has approved a fresh round of mining agreements under its revised code.
The country's Council of Ministers on Friday (September 19) ratified seven exploitation and exploration agreements, according to a Reuters report.
The deals cover some of the country’s biggest gold operations, including Allied Gold’s (NYSE:AAUC,TSX:AAUC) Sadiola project, B2Gold (TSX:BTO,NYSE:BTG) Fekola mine, Resolute Mining’s (ASX:RSG,LSE:RSG) Syama site, and Ganfeng’s (OTC Pink:GNENF,HKEX:1772) Bougouni lithium project.
The government said the agreements guarantee Mali a “non-reducible” stake in projects along with priority access to dividends, part of its drive to secure greater revenue from natural resources.
The approvals follow preliminary accords reached last year and reflect the provisions of the 2023 mining code, which lifted royalties to 10 percent from 6.5 percent and increased mandatory state and local ownership in mines to at least 35 percent from 20 percent.
Companies such as Endeavour Mining (TSX:EDV,LSE:EDV) have already signed deals on those terms, while Allied Gold, B2Gold, and Ganfeng have not release any statements.
Barrick Mining (TSX:ABX,NYSE:B), by contrast, has resisted the government’s demands and remains locked in a confrontation that has now spilled into courts and international arbitration.
Tensions escalated in November 2024, when Malian authorities arrested four of the company’s employees, including a regional manager, on allegations of money laundering, terrorism financing, and tax violations.
A judge later granted bail set at 50 billion CFA francs (about US$90.3 million) but prosecutors appealed, keeping the employees in jail pending review by the Court of Appeal, Bloomberg reported.
The arrests are widely seen as part of a protracted standoff over Barrick’s Loulo-Gounkoto complex, once the company’s largest African operation.
Mali has pressed for a larger share of profits under the new mining code, while Barrick has resisted altering its existing arrangements. The dispute intensified this year when government forces twice removed bullion directly from the site.
In January, officials seized three metric tons of gold and blocked exports, forcing Barrick to suspend operations. In July, military helicopters again landed unannounced at Loulo-Gounkoto and took more than a metric ton of gold, worth over US$117 million at prevailing prices, without company consent.
Barrick has described the seizures as illegal and launched proceedings at the International Center for Settlement of Investment Disputes (ICSID). The company also disputes the legitimacy of a provisional administrator installed at Loulo-Gounkoto following a local court order in June.
Despite the tensions, Mali remains one of Africa’s top gold producers, with output from mines operated by foreign companies forming a backbone of state revenues.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Keep reading...Show less
15h
Perpetua's Stibnite Gold-Antimony Project Gets Green Light for Construction
Perpetua Resources (TSX:PPTA,NASDAQ:PPTA) has secured final federal clearance to move forward with construction of its Stibnite gold-antimony project in Idaho.
The US Forest Service issued a conditional notice to proceed last week, confirming that the company has met all requirements outlined in its January 2025 record of decision.
“After 8 years of extensive permitting review and over $400 million invested, it is finally time for the Stibnite Gold Project to deliver for America,” said Jon Cherry, Perpetua's president and CEO.
“With the US Forest Service’s Notice to Proceed and the joint financial assurance package approved, we are ready to begin to bring Stibnite back to life as a national strategic asset,” he added.
The project can advance once Perpetua posts the joint financial assurance bonds agreed to with state and federal regulators. Once posted, regulators will sign off on Perpetua’s operating plan, clearing the way for construction to begin.
The Stibnite project carries both strategic and environmental ambitions. It is expected to supply more than 100 million pounds of antimony over its projected 15 year mine life, potentially meeting more than a third of US annual demand.
Antimony, used in munitions and advanced defense systems, is currently imported largely from China.
The project is also designed to produce about 450,000 ounces of gold annually. Proven and probable reserves at the site include 148 million pounds of antimony and more than 6 million ounces of gold.
Beyond mineral production, the project is pitched as an environmental restoration initiative for a heavily impacted historical mine site. Plans call for cleaning up legacy contamination, reconnecting salmon to native spawning grounds, improving water temperatures and enhancing wetlands and stream habitats.
The final mine plan reduces the project footprint by 13 percent compared to earlier designs and frontloads restoration work to occur alongside mining activities.
Perpetua began formal permitting under the National Environmental Policy Act in 2016.
The Forest Service, as lead agency, issued a draft environmental impact statement in 2020, followed by a supplemental draft in 2022 and a final environmental impact statement in 2024.
The final record of decision came in January after a process that drew more than 23,000 supportive public comments.
The Trump administration included the Stibnite project on its FAST-41 permitting transparency list earlier this year, placing it among infrastructure and resource projects deemed nationally significant and eligible for expedited review.
Perpetua’s shares reflected the regulatory breakthrough, climbing 2.2 percent in pre-market trading on Friday (September 19) following the notice to proceed. The company expects bonding to be completed within weeks, paving the way for site work and a targeted commercial production in 2028.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Keep reading...Show less
19 September
Top 5 Canadian Mining Stocks This Week: Japan Gold Rises 119 Percent
Welcome to the Investing News Network's weekly look at the best-performing Canadian mining stocks on the TSX, TSXV and CSE, starting with a round-up of Canadian and US news impacting the resource sector.
Statistics Canada released July’s monthly mineral production survey on Friday (September 19).
The data shows that gold production increased month-over-month, while copper and silver output declined; shipments, however, saw broad declines from June for all three metals. Gold production increased significantly, rising to 18,855 kilograms compared to 16,935 kilograms in June. Meanwhile, copper production fell to 37.99 million kilograms from 39.17 million kilograms in June, and silver production slipped to 25,345 kilograms from 28,390 kilograms.
Gold shipments slid to 16,748 kilograms from 18,554, copper shipments fell to 39.28 million kilograms from 45.96 million and silver shipments decreased to 26,397 kilograms from 31,181.
This week also brought the release of August consumer price index data from Statistics Canada. It came out on Tuesday (September 16), the day before the Bank of Canada's interest rate decision.
All-items inflation rose 1.9 percent on a yearly basis, up from the 1.7 percent recorded in July. The agency attributes the faster growth in headline inflation in part to a slower year-on-year decline in gasoline prices, which fell 12.7 percent in August versus 16.1 percent in July, resulting in a less moderating effect on inflation than during the previous month.
Statistics Canada notes that without volatile gasoline prices included, the consumer price index rose 2.4 percent year-on-year in August after registering a 2.5 percent increase in the three previous months.
The Bank of Canada reduced its benchmark lending rate by 25 basis points to 2.5 percent on Wednesday (September 17), noting "a weaker economy and less upside risk to inflation." It marks the first cut since March.
South of the border, the US Federal Reserve held its September meeting on Tuesday and Wednesday. The central bank also chose to cut 25 basis points from the federal funds rate, bringing it to the 4 to 4.25 percent range.
It is the first change to the interest rate since the last 25 basis point cut in December 2024.
For more on what’s moving markets this week, check out our top market news round-up.
Markets and commodities react
Canadian equity markets were in positive territory this week.
The S&P/TSX Composite Index (INDEXTSI:OSPTX) set another new record high this week, ending the week up 1.29 percent to 29,768.36. The S&P/TSX Venture Composite Index (INDEXTSI:JX) performed even better, climbing 2.65 percent to finish Friday at 904.80, its first close above 900 since January 2022. for its part, the CSE Composite Index (CSE:CSECOMP) also jumped, gaining 4.98 percent to end the week at 162.04.
The gold price was in focus again this week as it climbed to another new record, reaching an intraday high of US$3,707.34 per ounce on Wednesday just after the Fed meeting. While the price retreated slightly to US$3,642 on Thursday (September 18), it ended the week up 1.15 percent overall at US$3,685.26.
The silver price rose to US$42.83 per ounce early in the week before dipping below US$42 in mid-week trading. It bounced back to end the week on 14 year highs, gaining 2.11 percent to close Friday at US$43.08.
Copper saw its mid-week gains erased by the end of the week, closing Friday largely flat at US$4.63 per pound. The S&P Goldman Sachs Commodities Index (INDEXSP:SPGSCI) echoed those movements with a 0.06 percent gain to end the week at 545.95.
Top Canadian mining stocks this week
How did mining stocks perform against this backdrop?
Take a look at this week’s five best-performing Canadian mining stocks below.
Stocks data for this article was retrieved at 4:00 p.m. EDT on Friday using TradingView's stock screener. Only companies trading on the TSX, TSXV and CSE with market caps greater than C$10 million are included. Mineral companies within the non-energy minerals, energy minerals, process industry and producer manufacturing sectors were considered.
1. Japan Gold (TSXV:JG)
Weekly gain: 119.05 percent
Market cap: C$50.3 million
Share price: C$0.23
Japan Gold is an exploration company focused on a portfolio of Japan-based gold assets.
Its most advanced property is the Mizobe gold project located in Southern Kyushu. The site hosts several exploration targets covering an area of 2 kilometers by 2.5 kilometers and has produced river float samples up to 18.9 g/t of gold.
The company is also working on a trio of projects with Barrick Mining (TSX:ABX,NYSE:B), the most advanced of which is the Hakuryu project located in Northern Hokkaido. The company has identified several targets, including the Hakuryu No. 3 vein, which hosts a 360 meter main zone with a thickness of 20 meters.
Shares of Japan Gold gained significantly at the end of the week; however, the company has not released news since September 9, when it reported it had mobilized for a four hole, 1,600 meter drill program at Mizobe.
2. Minnova (TSXV:MCI)
Weekly gain: 110 percent
Market cap: C$21.06 million
Share price: C$0.21
Minnova is an exploration and development company advancing its brownfield PL gold mine in Manitoba, Canada.
The property consists of 28 mining claims and covers an area of 5,114 hectares. An April 2018 feasibility study for the project indicated project economics with an after-tax net present value of C$36.7 million, an internal rate of return of 53 percent and a payback period of 1.2 years, calculated at a gold price of US$1,250 per ounce.
The company has been working to restart the mine over the past few years, but faced funding shortfalls. Trading for Minnova was halted on August 6 as it worked to resolve financial issues to maintain its listing on the TSXV.
On September 11, the company said trading would resume, also giving a corporate update. It disclosed a working capital deficiency of C$544,611 and said it was planning a private placement to address the shortfall. Funds will also go toward ongoing activities at PL, including drilling, test work and updated NI 43-101 techno-economic studies.
Minnova also announced that it is advancing plans for preliminary open-pit and underground mine design and layout, and that work on a new mine development plan that takes into account higher gold prices is underway.
Shares of Minnova have surged since trading resumed earlier this week from their price of under C$0.10 before the halt.
3. Stamper Oil and Gas (TSXV:STMP)
Weekly gain: 98.26 percent
Market cap: C$16.02 million
Share price: C$0.018
Stamper Oil and Gas is an explorer and developer working to advance offshore projects in Namibia.
The company holds an interest in five exploration blocks in Namibia; its most significant holding is a 32.9 percent stake in PEL 107 located in the Orange Basin. PEL 107 covers an area of 5,484 square kilometers and is located 210 kilometers from shore in an area that hosts three multi-billion-barrel discoveries since 2022. It has been conducting seismic work ahead of the planned drilling of an exploration well set to commence in 2027.
Stamper completed the acquisition of its holdings in the Namibian blocks on September 10, when it reported it had closed its purchase of BISP Exploration, originally announced on May 12.
4. New Break Resources (CSE:NBRK)
Weekly gain: 93.33 percent
Market cap: C$17.03 million
Share price: C$0.29
New Break Resources is working to advance its Moray gold project in Northeastern Ontario, Canada. The property is located near Timmins, within the Abitibi greenstone belt, and spans an area of 10,326 hectares.
Additionally, the project is situated 32 kilometres northwest of Alamos Gold's (TSX:AGI,NYSE:AGI) Young-Davidson gold mine, which produced 174,000 ounces of gold in 2024.
On Wednesday, New Break announced results from its six hole, 1,502 meter maiden diamond drill program at the site. The company highlighted one assay with an average grade of 4.11 grams per metric ton (g/t) gold over 31.3 meters, including an interval of 6.75 g/t over 7.1 meters. The prior week, the company closed the final tranche of an oversubscribed private placement. In total, New Break raised proceeds of C$1 million over three tranches, which will be used for ongoing exploration at Moray and for general working capital purposes.
5. Clean Tech Vanadium Mining (TSXV:CTV)
Weekly gain: 91.67 percent
Market cap: C$15.77 million
Share price: C$0.115
CleanTech Vanadium is an exploration company working to advance several critical mineral projects in the US.
Its most recent focus has been on its Kentucky-Illinois fluorspar projects, which consist of over a dozen deposits covering over 8,150 acres along the border of Kentucky and Illinois. Mining in the region dates back to the late 1800s and has produced 12.5 million metric tons of fluorspar, according to the company.
CleanTech also owns the Gibellini vanadium project in Nevada, US. The project has been approved for multiple state permits and received a positive environmental impact statement from the Bureau of Land Management. The site covers 21 kilometers and hosts a measured and indicated vanadium oxide resource of 127 million pounds.
Additionally, the company announced on August 6 that it had acquired the El Triunfo gold-antimony project near La Paz, Bolivia, from Silver Elephant for cash considerations of C$155,000.
The latest news from CleanTech came on Tuesday, when it welcomed the news that the US Department of Energy plans to allocate nearly US$1 billion to strengthening critical minerals supply chains. It also highlighted the continued inclusion of fluorspar, germanium, gallium, indium and vanadium on the US Geological Survey's critical minerals list.
CleanTech stated that it intends to explore funding options with the Department of Energy, with a focus on advancing its Illinois-Kentucky fluorspar district. The company noted that the US Department of Defense is funding research at the nearby Hicks Dome rare earth and fluorspar project in Illinois.
FAQs for Canadian mining stocks
What is the difference between the TSX and TSXV?
The TSX, or Toronto Stock Exchange, is used by senior companies with larger market caps, and the TSXV, or TSX Venture Exchange, is used by smaller-cap companies. Companies listed on the TSXV can graduate to the senior exchange.
How many mining companies are listed on the TSX and TSXV?
As of May 2025, there were 1,565 companies listed on the TSXV, 910 of which were mining companies. Comparatively, the TSX was home to 1,899 companies, with 181 of those being mining companies.
Together, the TSX and TSXV host around 40 percent of the world’s public mining companies.
How much does it cost to list on the TSXV?
There are a variety of different fees that companies must pay to list on the TSXV, and according to the exchange, they can vary based on the transaction’s nature and complexity. The listing fee alone will most likely cost between C$10,000 to C$70,000. Accounting and auditing fees could rack up between C$25,000 and C$100,000, while legal fees are expected to be over C$75,000 and an underwriters’ commission may hit up to 12 percent.
The exchange lists a handful of other fees and expenses companies can expect, including but not limited to security commission and transfer agency fees, investor relations costs and director and officer liability insurance.
These are all just for the initial listing, of course. There are ongoing expenses once companies are trading, such as sustaining fees and additional listing fees, plus the costs associated with filing regular reports.
How do you trade on the TSXV?
Investors can trade on the TSXV the way they would trade stocks on any exchange. This means they can use a stock broker or an individual investment account to buy and sell shares of TSXV-listed companies during the exchange's trading hours.
Article by Dean Belder; FAQs by Lauren Kelly.
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.
Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.
Keep reading...Show less
19 September
Editor's Picks: Gold Price Breaks US$3,700 for First Time, Major Miners Hone Portfolios
Gold hit yet another new price record this week, rising past US$3,700 per ounce.
The yellow metal broke that level on Wednesday (September 16), the first day of the US Federal Reserve's meeting, and then did it again the next day just after the gathering wrapped up.
The Fed was widely anticipated to cut interest rates, and that's exactly what happened — it announced a 25 basis point reduction to the 4 to 4.25 percent range, with Chair Jerome Powell describing it to reporters as a "risk-management cut."
Although inflation is still outside the Fed's 2 percent target, Powell said the central bank has shifted its focus toward the jobs market due to a change in the balance of risks — in his view, it's no longer possible to call the labor market "very solid."
"Labor demand has softened, and the recent pace of job creation appears to be running below the break-even rate needed to hold the unemployment rate constant." — Jerome Powell, US Federal Reserve
All Fed governors were in favor of the 25 basis point cut, with the exception of new addition Stephen Miran, who wanted to see a 50 basis point decline. Miran, who is on leave from his position at the White House Council of Economic Advisers, was confirmed by the Senate this week. He was selected by US President Donald Trump to replace Adriana Kugler.
Miran's new role at the Fed has raised questions about the central bank's independence, as Trump has now nominated three out of seven governors. Lisa Cook, who Trump attempted to fire in August, ultimately did not lose her position after a federal appeals court ruling.
Looking forward, the Fed's latest dot plot shows policymakers expect two additional 25 basis point cuts this year, which would take rates to the 3.5 to 3.75 percent level.
In 2026, they are currently anticipating only one quarter-point reduction.
Going back to gold, it took a breather after passing US$3,700, sinking back down to the US$3,640 level after the Fed's meeting. It was back at up at US$3,685 as of Friday (September 19) afternoon.
While that's a fairly big move in a short amount of time, many experts agree that right now it's the big picture that's important for gold, not day-to-day factors.
Here's how Will Rhind of GraniteShares explained it:
"I think the main thing that's driving gold, like I said, is this alternative to the dollar. People want an alternative to fiat money and particularly the dollar, and also to traditional stocks and bonds. And so gold's appeal as being a genuine alternative, an uncorrelated alternative grows by the month, seemingly."
Bullet briefing — Gold M&A heats up, GDX switches index
Newmont announces sale of Coffee
Denver Gold Group hosted its Mining Forum Americas in Colorado Springs this week, bringing together the gold sector's major players — and with them a slew of news.
Among the major transactions announced was Newmont's (TSX:NGT,NYSE:NEM,ASX:NEM) sale of its Yukon-based Coffee project to explorer Fuerte Metals (TSXV:FMT,OTCQB:FUEMF), formerly Atacama Copper, for total consideration of up to US$150 million.
The Coffee transaction is the latest in a series of divestments from Newmont, which is looking to cut costs and hone in on tier-one assets after buying Newcrest Mining in 2023. Once the deal goes through, Newmont will have sold all six operations and two projects it set out to trim.
"The sale of the Coffee Project reflects our ongoing efforts to streamline the portfolio and sharpen our focus on core operations" — Tom Palmer, Newmont
During the last gold bull market, major miners were criticized for doing high-priced deals and letting costs spiral out of control — this time, they appear to be taking steps to avoid that.
Alamos to divest Turkish subsidiary
Also divesting an asset this week was Alamos Gold (TSX:AGI,NYSE:AGI), which said it plans to sell its Turkish subsidiary to a unit of industrial conglomerate Nurol Holding.
The US$470 million agreement will take several assets off Alamos' hands, including its Kirazlı gold project, which has been blocked since 2019, when its mining licenses were not renewed amid protests. Alamos filed a $1 billion claim against Turkey in response, but said arbitration will be suspended and ultimately discontinued if certain contractual milestones are met.
"This transaction marks a positive outcome, allowing us to crystallize significant value for our Turkish assets, and utilize the proceeds to support the development of our portfolio of other high-return growth projects" — John A. McCluskey, Alamos Gold
Zijin Gold plans IPO
Zijin Gold International, which operates all of Zijin Mining Group's (OTC Pink:ZIJMF,HKEX:2899,SHA:601899) mines outside of China, is lining up a Hong Kong initial public offering (IPO) that could raise over US$3 billion.
Trading is set to begin on September 29, and the deal will value Zijin Gold at US$24.1 billion. According to Zijin Gold's prospectus, it ranks ninth and eleventh globally in terms of gold reserves and production, respectively. The IPO is reportedly the world's largest since May, and of course comes as gold continues on its record-setting price run.
GDX makes index switch
The VanEck Gold Miners ETF (ARCA:GDX), better known as GDX, began tracking a new index on Friday. It now follows the MarketVector Global Gold Miners Index.
VanEck announced the change at the beginning of June, saying that it would coincide with GDX's regular index reconstitution and rebalance cycle. In an update this week, the company shared how the shift will impact weightings for its holdings. While in many cases the difference is less than a percentage point, there are some larger changes — for example, Newmont's weighting is falling by 6.04 percent; in addition, some companies have been removed or added.
So far VanEck hasn't announced changes for the VanEck Junior Gold Miners ETF (ARCA:GDXJ). Adjustments to that fund could be interesting — market participants often note that it doesn't provide true exposure to exploration-stage companies.
Want more YouTube content? Check out our expert market commentary playlist, which features interviews with key figures in the resource space. If there's someone you'd like to see us interview, please send an email to cmcleod@investingnews.com.
And 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.
Keep reading...Show less
Latest News
Sign up to get your FREE
Kalgoorlie Gold Mining Investor Kit
and hear about exciting investment opportunities.
- Corporate info
- Insights
- Growth strategies
- Upcoming projects
GET YOUR FREE INVESTOR KIT
Latest Press Releases
Related News
TOP STOCKS
American Battery4.030.24
Aion Therapeutic0.10-0.01
Cybin Corp2.140.00