Gold has reasserted its position as a leading force in Australia’s mid-tier mining sector, marking a notable shift after critical minerals dominated in 2023.
The commodity’s dominance was showcased in PwC’s recent ‘Aussie Mine‘ report, which considers some prevailing trends affecting Australia’s mid-tier mining sector and charts the best performers of the recent financial year.
After analysing Aussie Mine’s MT50 rankings, here are four mid-tier gold companies worth keeping an eye on.
Spartan Resources
Currently in the exploration phase, Spartan Resources surged to number 35 on the MT50, boasting a market capitalisation of $1.09 billion – 626 per cent higher than a year before.
The company has achieved significant milestones in gold exploration and development over the past year, primarily through its activities at the Dalgaranga gold project in Western Australia’s Murchison region.
Following its rebranding from Gascoyne Resources and a $50 million recapitalisation in early 2024, the company focused on aggressive drilling and de-risking strategies.
This approach has already yielded promising results, including the discovery of visible gold 170m below the high-grade Never Never deposit.
The Dalgaranga project now boasts a total resource of 1.69 million ounces (Moz) of gold across two deposits, with Never Never containing 952,900 ounces at an average grade of 5.74 grams per tonne (g/t).
Spartan has prioritised converting over 85 per cent of this resource into the indicated category, while metallurgical testing is enhancing resource and reserve confidence for potential open-pit and underground mining scenarios.
These efforts mark a significant turnaround from the project’s care-and-maintenance phase in late 2022, setting the stage for Spartan’s long-term success.
Spartan’s share price at close on Thursday was $1.23 per share, with a market cap of $1.37 billion.
Vault Minerals
Vault Minerals, which was formerly Red 5 before its recent merger with Silver Lake Resources, has catapulted 24 spots up the rankings to sit at 18 with a market capitalisation of $2.45 billion – up 273 per cent from a year before.
The company achieved notable success in the September 2024 quarter, producing 97,493 ounces of gold and selling 102,529 ounces at an average price of $3162 per ounce.
Vault also advanced key projects in its portfolio, including significant exploration in the Deflector region and expansion efforts at Leonora, positioning itself as a leading mid-tier gold producer.
Financially, Vault reinforced its resilience by simplifying its capital structure and ending the September quarter with $523.4 million in cash and bullion, free of debt.
The merger of Red 5 and Silver Lake Resources further strengthened its operational base, streamlining operations and unlocking efficiencies across its portfolio.
Vault’s share price at close on Thursday was $0.33 per share, with a market cap of $2.24 billion.
Ora Banda Mining
Ora Banda Mining jumped to 41 on the rankings as it made its debut on the MT50, boasting a market capitalisation of $620 million – 194 per cent higher than a year before.
Ora Banda Mining has made significant strides in the past year, focusing on its “Drive to 100” campaign, which aims to achieve 100,000 ounces of annual gold production by 2025.
This goal is underpinned by advancements at the Riverina underground mine, where the company recently intersected its first ore from the main lode ahead of schedule.
With grades as high as 10g/t and stoping operations set to reach full capacity in the coming months, Riverina is poised to become Ora Banda’s primary producing asset.
This progress is complemented by infrastructure improvements, including the completion of a main ventilation shaft and pump station.
Additionally, Ora Banda is exploring further opportunities at its Sand King project, which has shown promising high-grade lode systems.
A recent recalculation of mineral resources at its Davyhurst operations revealed 1.8Moz at 2.7g/t, with reserves increasing to 160,000 ounces at a higher grade of 3g/t.
Ora Banda’s share price at close on Thursday was $0.74 per share, with a market cap of $1.38 billion.
Emerald Resources
Emerald Resources jumped 13 spots to sit at 19 on the MT50, with a market capitalisation of $2.32 billion – 90 per cent higher than a year before.
The company has enjoyed a strong year of gold production, primarily driven by its Okvau gold mine in Cambodia.
Emerald achieved impressive quarterly production levels, reaching approximately 28,000 ounces of gold in recent quarters, which consistently met or exceeded guidance. This robust output has been supported by efficient processing operations and careful management of high-grade ore stockpiles.
Financially, the company has been proactive amid the soaring gold price, reducing its debt obligations while maintaining a solid cash and bullion position of approximately $180.8 million at the end of the September quarter.
These efforts have placed Emerald in a strong position to expand its operations, including potential future developments and acquisitions.
Emerald’s share price at close on Thursday was $3.64 per share, with a market cap of $2.39 billion.
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