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"There was also much shuffling in the GDXJ top 25’s lower ranks as gold-stock prices soared last quarter. DPM Metals, Greatland Resources, Discovery Silver, Ramelius Resources, and Aris Mining all catapulted way up in weightings over this past year. That’s great, leaving more juniors in the GDXJ top 25 than it has boasted in many years. Their market capitalizations used to be mostly-too-small for this ETF to buy in size.

This current GDXJ-top-25 lineup is among the best I’ve seen, with only two majors Endeavour Mining and Harmony Gold Mining left. I’ve long believed and argued GDX’s and GDXJ’s holdings should be mutually-exclusive, larger gold miners in the former and smaller ones in the latter. Yet every GDXJ-top-25 component is also in GDX, ranking from 11th to 37th with a 29.3% total weighting! GDXJ expands that to 65.7%.

Still GDXJ is a far-superior gold-miners ETF because GDX’s top-10 super-majors and majors are mostly deadweight. They operate at such vast scales they have long struggled to overcome depletion. And in addition to usually-declining production, their mining costs are generally rising and higher than many of the better mid-tiers’ and juniors’. So GDXJ not being burdened by them and heavily weighting mid-tiers is great."

https://www.investing.com/analysis/gold-miners-q1-profits-show-the-bull-run-still-has-room-200680809

UT @ £6.75, up 0.22%

"Dogs in the fight

While gold prices remain strong, and margins have expanded, Scantlebury notes gold producers are now underperforming the gold price....

...On the flipside, Greatland Resources (ASX:GGP) was up 45% YTD as of May 13, and thanks to stockpile processing, came in as the lowest cost producer on a CAIC basis at A$3860/oz, generating $260m in FCF at an average Aussie gold price of close to $7000/oz.... "

I state again, QUALITY showing through on the ASX, pushing us ahead of our peer group. Sure, I accept, not every day, but certainly well above on average.

https://stockhead.com.au/resources/gold-digger-is-now-the-time-to-reconsider-asx-2026-gold-laggards/

Sorry, typo, it should read, "gold is now increasingly taking positions from being only on the margins of portfolios to being the foundation of a monetary realignment...."

Deutsche very much stating a similar view on gold as the guys in the piece I posted yesterday, that gold is now increasingly taking positions on the margins of portfolios to the foundation of a monetary realignment, and that gold is no longer just an insurance policy, but the engine of returns for a world in which government bonds have lost their antifragile role.

GGP ended up at A$12.91 (£6.84), up 4.96% and the 3rd highest riser on the ASX 100.

Again, above all of our peer group of companies.

A LONG read, or just head for the conclusions....Positive gold, positive gold miners.

https://ingoldwetrust.report/wp-content/uploads/2026/05/In-Gold-We-Trust-report-2026-english.pdf

Thanks for that h2g.

I hope you don't mind, but I've added the numbers in Australian Dollars, at todays exchange rate. It's of note that all of the forecasts, apart from Deutshe and Morgan Stanley (by just a whisker!), are above the best average gold price we've achieved to date in A$ so far (A$6,773/oz in Q3 FY26).

JPMorgan Chase: $5,055 by Q4 2026, with a long-term target of $6,000 by 2028 (A$7,090 & A$8,420)

Bank of America: $5,000 average for 2026 (A$7,015)

Goldman Sachs: $4,900 by the end of 2026 (A$6,875)

Morgan Stanley: $4,800 by mid-2026 (A$6,750)

Deutsche Bank: Base case $4,450, bull case $4,950 (A$6,245 & A$6,950)

UBS: $5,400 (A$7,575)

Just looking at the steep rise in the gold price, and recent fall, it's still worth noting that, even today, we're still at the same average price (+/- A$6,300/oz) that we achieved in Q2 FY26 (1st October - 31st December 2025) which generated net revenue of A$507 million (including Copper) and an operating cash flow of A$406 million for the quarter. At that time it was greeted as amazing. Sure, we were higher in Q3, but, overall, it's still a great price, and should still continue building fantastic cash flow...

We achieved an average gold price of A$5,014/oz in Q4 FY25 (1st April - 30th June 2025) which generated net revenue of A$487 million (including Copper) and an operating cash flow of A$310 million for the quarter, delivering a closing cash balance of A$575 million (from A$398 million at 31st March 2025), debt free.

We achieved an average gold price of A$5,277/oz in Q1 FY26 (1st July - 30th September 2025) which generated net revenue of A$476 million (including Copper) and an operating cash flow of A$284 million for the quarter, delivering a closing cash balance of A$750 million (from A$575 million at 30 June 2025), debt free.

We achieved an average gold price of A$6,301/oz in Q2 FY26 (1st October - 31st December 2025) which generated net revenue of A$507 million (including Copper) and an operating cash flow of A$406 million for the quarter, delivering a closing cash balance of A$948 million (from A$750 million at 30 September 2025), debt free.

We achieved an average gold price of A$6,773/oz in Q3 FY26 (1st January - 31st March 2026) which generated net revenue of A$742 million (including Copper) and an operating cash flow of A$453 million for the quarter, delivering a closing cash balance of A$1,208 million (from A$948 million at 31st December 2025), debt free.

For information, here are last years Group Mineral Resource Statement and Telfer Ore Reserve:

https://polaris.brighterir.com/public/greatland_gold/news/rns/story/xolmj3x

https://polaris.brighterir.com/public/greatland_gold/news/rns/story/x83lpjr

From 34:25 mins

https://www.youtube.com/watch?v=NXC6C9XaxwU

Thanks Paddy! With the FID targeted for 1 June, we'll hopefully receive the WA EPA decision in the next couple of weeks, but, as we know with government agencies, nothing is certain timewise. Thereafter, there's a load of major works can then be signed off and officially started.

"Euroz Hartleys, an Australian brokerage, estimates about 21 listed producers generated roughly AU$2.7 billion of free cash flow in the March quarter, up from around AU$1.53 billion in the December quarter. The change was mostly price, not output: gold averaged about AU$6,998 an ounce and production was largely flat, so much of the extra revenue flowed through to cash. Because many costs don’t move much in the short run, higher prices can lift margins quickly. But the broker warned the surge can hide big gaps in “real total costs of production” – what it really costs to keep producing – which matter if gold cools or input prices rise."

"When prices rise and production doesn’t, miners with better cost control usually see cash flow jump fastest, while higher-cost operators can look fine simply because the gold price is doing the heavy lifting. That can widen differences in cash-flow yield – a way of comparing cash generation with a company’s value – across the sector. Euroz Hartleys flagged West African Resources as the cheapest on that measure and Greatland Resources as a low-cost standout. Those labels tend to matter most when conditions get less friendly, because lower-cost producers usually have more room to keep funding projects and paying down debt...."

https://finimize.com/content/australian-gold-miners-turned-record-cash-flow-in-march

Pretty much all gold miners are down, but we're ahead of the pack again today...

Genesis -2.56%

Ramelius -2.51%

Northern Star -2.36%

Capricorn -1.48%

Evolution -1.27%

Regis -1.02%

Greatland -0.94%

"Greatland Resources Ltd (ASX: GGP): Greatland Resources’ market capitalisation increased by 17.9% during April 2026. The increase was supported by Greatland’s April production and quarterly activity updates, with the company reporting March quarter production of 82,723oz of gold and 4,128t of copper at AISC of A$2,056/oz, alongside sales of 97,800oz of gold and 4,620t of copper. Greatland also delivered a record quarterly cash build of A$260 million, increasing its closing cash balance to A$1.208 billion while remaining debt free. Investor sentiment was further supported by Greatland’s expectation that FY26 gold production would be around, or slightly above, the upper end of its 260,000–310,000oz guidance range, with AISC expected to trend toward the lower end of guidance. Although gold prices were volatile during April and the company continued to monitor potential Middle East-related cost and supply chain impacts, Greatland’s strong operating performance, debt-free balance sheet, full upside exposure to gold prices and continued Telfer / Havieron growth investment supported the positive market reaction."

https://www.deloitte.com/au/en/services/economics/analysis/wa-stock-exchange-index-april-2026.html

https://www.deloitte.com/content/dam/assets-zone1/au/en/docs/services/economics/wa-index-top-100-april-2026-v1.pdf

Q4 FY26 is 1st April - 30th June 2026.

CORRECTION: The current price is +/- A$18,000/t, but the same still applies (I used the price per metric tonne, but should be per ton)

Indeed! Here's where we've been with our copper sales:

Q4 FY25 - 3,729t PRODUCED WITH SALES OF 3,740t @ A$ 12,718/t = A$ 47,565,320 (9.77% OF REVENUE)

Q1 FY26 - 3,366t PRODUCED WITH SALES OF 3,277t @ A$ 12,552/t = A$ 41,132,904 (8.64% OF REVENUE)

Q2 FY26 - 3,528t PRODUCED WITH SALES OF 3,301t @ A$ 14,652/t = A$ 48,366,252 (9.54% OF REVENUE)

Q3 FY26 - 4,128t PRODUCED WITH SALES OF 4,620t @ A$ 15,803/t = A$ 73,009,860 (9.84% OF REVENUE)

The current spot price is +/- A$20,000/t, so looking great at the moment for Q4 FY26, and the AISC.

I was waiting to see officially, but we did open at £8.00

https://www.londonstockexchange.com/stock/GGP/greatland-resources-limited/company-page

Thanks to Stuart Hinds...

Shaun Day, Chief Executive Officer at Greatland, recently visited our Jandakot base to share why supporting the Royal Flying Doctor Service WA as a Matched Giving Partner is so important to their organisation.

https://www.linkedin.com/posts/rfdswa_shaun-day-chief-executive-officer-at-greatland-ugcPost-7458369318876160000-_Ok3?utm_medium=ios_app&rcm=ACoAAAxE6B4BDheYtlnWjOcCoWNWoibz6hQZy7I&utm_source=social_share_video_v2&utm_campaign=copy_link

https://x.com/hinds_stuart/status/2054421108837802077/photo/1