Can Gold Outperformance Shore up ASX Gold Companies?

Team Veye | 16-May-2024

US inflation numbers for April beat the expectations and provided a significant boost to the US markets, eventually percolating down globally.

US consumer prices rising only 0.3% in April led to drop in Treasury yields amidst growing optimism about Fed rate cut. Some Central banks reducing bond buying and switching to gold pushed its prices further. 

Gold has been leading the recent rally in critical minerals. But will this rise drive the gold mining stocks higher is a million dollar question.

With a supportive approach towards critical minerals highlighted in the latest budget best Gold Mining Stocks are in for renewed focus. Veye had recommended Best Gold Stocks even before the rally started with our subscribers reaping exceptional profits.

Australian Gold and Copper Limited (ASX: AGC)

Australian Gold and Copper Limited (ASX: AGC) reported the successful closure of a capital investment agreement with Delin Mining Group Cooperation Limited. Under this agreement, Delin subscribed for 122,222,222 new fully paid ordinary shares at $0.082636 per share, as previously announced on 21 September 2023 and 22 December 2023. The infusion of $10.1 million from this investment is earmarked to expedite exploration activities across the company's portfolio as this strategic investment creates a pathway for aggressive exploration, particularly at the South Cobar targets identified at Hilltop, Achilles, and Planet. Proceeds from the issuance of Placement Shares will also be utilized to advance AGC's other projects in New South Wales and to meet general working capital requirements.

AGC, considered as one of the Best Upcoming Gold Companies to Invest in highlights three drill-ready copper projects spanning approximately 1,835 km2 within the Central Lachlan Fold Belt in New South Wales, a region recognized for its world-class district with substantial untapped potential. Despite relatively being in the early stages of exploration, the company's project fundamentals and recent results instill confidence in the establishment of a robust resource base and commercial viability over the longer term. 

AGC's ambitious drill activities planned for the year further bolster the potential for commercial success and the discovery of prospective resources, paving the way for significant expansion in the company's growth trajectory as the portfolio of advanced exploration projects is anticipated to be capable of hosting multi-million-ounce discoveries, underlining the scale of the company's exploration ambitions. Remarkably, the company maintains a minimal expense base relative to its progress, signalling strong potential for positive economics and returns. 

AGC's portfolio includes advanced exploration projects that exhibit significant potential for multi-million ounce discoveries, underscoring the company's commitment to substantial resource development. The upcoming year is set to witness aggressive exploration activities, with a primary focus on Hilltop and Achilles targets.

Renegade Exploration Limited (ASX: RNX)

Renegade Exploration Limited (ASX: RNX) announced that its recent drilling and field work at the Mongoose Project had confirmed significant copper-gold mineralization extending from ground level to a depth of 200 meters. Renegade has conducted over 3600 meters of RC drilling at Mongoose, yielding promising results. Additionally, a high-resolution ground magnetics survey successfully delineated a discrete magnetic anomaly over Mongoose West, aiding in drill hole planning.

Renegade identified a significant drill target named "Mongoose Deeps" north of the Mongoose prospect. This led to the company receiving a $300,000 Collaborative Exploration Initiative (CEI) grant from the Queensland Government to fund drilling of the target.

Renegade Exploration's identification of a sizable magnetic anomaly and its plans to drill the significant target in May 2024 underscores the potential for substantial advancements for the company throughout 2024. The planned RC drilling and diamond drilling programs slated for the year are expected to play a crucial role in delineating the company’s future commercial prospects, offering a strong indication of its potential for growth and development.


Veye Pty Ltd(ABN 58 623 120 865), holds (AFSL No. 523157 ). All information provided by Veye Pty Ltd through its website, reports, and newsletters is general financial product advice only and should not be considered a personal recommendation to buy or sell any asset or security. Before acting on the advice, you should consider whether it’s appropriate to you, in light of your objectives, financial situation, or needs. You should look at the Product Disclosure Statement or other offer document associated with the security or product before making a decision on acquiring the security or product. You can refer to our Terms & Conditions and Financial Services Guide for more information. Any recommendation contained herein may not be suitable for all investors as it does not take into account your personal financial needs or investment objectives. Although Veye takes the utmost care to ensure accuracy of the content and that the information is gathered and processed from reliable resources, we strongly recommend that you seek professional advice from your financial advisor or stockbroker before making any investment decision based on any of our recommendations. All the information we share represents our views on the date of publishing as stocks are subject to real time changes and therefore may change without notice. Please remember that investments can go up and down and past performance is not necessarily indicative of future returns. We request our readers not to interpret our reports as direct recommendations. To the extent permitted by law, Veye Pty Ltd excludes all liability for any loss or damage arising from the use of this website and any information published (including any indirect or consequential loss, any data loss, or data corruption) (as mentioned on the website, and confirms that the employees and/or associates of Veye Pty Ltd do not hold positions in any of the financial products covered on the website on the date of publishing this report. Veye Pty Ltd hereby limits its liability, to the extent permitted by law to the resupply of services.

veye logo

Grab Your Free Report On 5 ASX Dividend Stocks To Buy In 2024