Gold Beta

How much a stock moves when gold moves. Learn more

204

Stocks measured

Published betas

1.32×

Median beta

Market median

High torque

Beta ≥ 2.00

Low torque

Beta ≤ 0.75

418

Insufficient signal

R² < 0.10 or thin history

Exclude $10B+ majors252 sessions (daily)

Beta Distribution

≤ 0.25

0.25–0.50

0.50–0.75

0.75–1.00

1.00–1.25

1.25–1.50

1.50–1.75

1.75–2.00

2.00–2.50

2.50–3.00

> 3.00

Low Torque

High Torque

Market Median 1.32×

Beta calculated over 252 daily sessions vs GLD returns. Published only when R² ≥ 0.10.

#	Stock	Company	Beta	R²
1	HYMCHycroft Mining Holding Corporation	Hycroft Mining Holding Corporation	2.60	0.41
2	LGCXFLahontan Gold Corp.	Lahontan Gold Corp.	2.52	0.34
3	GRSLFGR Silver Mining Ltd.	GR Silver Mining Ltd.	2.34	0.29
4	SSVFFSouthern Silver Exploration Corp.	Southern Silver Exploration Corp.	2.34	0.38
5	PGEZFStillwater Critical Minerals Corp.	Stillwater Critical Minerals Corp.	2.33	0.26
6	SRCRFScorpio Gold Corporation	Scorpio Gold Corporation	2.27	0.29
7	TRXTRX Gold Corporation	TRX Gold Corporation	2.24	0.44
8	AUMBF1911 Gold Corp.	1911 Gold Corp.	2.22	0.33
9	AGXPFSilver X Mining Corp.	Silver X Mining Corp.	2.15	0.39
10	SVRSFSilver Storm Mining Ltd.	Silver Storm Mining Ltd.	2.14	0.32
11	THMInternational Tower Hill Mines, Ltd.	International Tower Hill Mines, Ltd.	2.14	0.41
12	USASAmericas Gold and Silver Corporation	Americas Gold and Silver Corporation	2.13	0.50
13	HMMCFHemlo Mining Corp	Hemlo Mining Corp	2.00	0.42
14	MMRGFMinaurum Silver Inc.	Minaurum Silver Inc.	2.00	0.28
15	NGNovaGold Resources Inc.	NovaGold Resources Inc.	1.99	0.55
16	AUGOAura Minerals Inc.	Aura Minerals Inc.	1.93	0.59
17	NVANova Minerals Corp	Nova Minerals Corp	1.90	0.11
18	SBMTSilver Bow Mining Corp.	Silver Bow Mining Corp.	1.89	0.32
19	AUSTAustin Gold Corp.	Austin Gold Corp.	1.87	0.34
20	FFMGFFirst Mining Gold Corp.	First Mining Gold Corp.	1.83	0.33
21	VGZVista Gold Corp.	Vista Gold Corp.	1.82	0.41
22	PGLDFP2 Gold Inc.	P2 Gold Inc.	1.82	0.28
23	SLVTFSilver Tiger Metals Inc.	Silver Tiger Metals Inc.	1.81	0.39
24	MAKOMako Mining Corp	Mako Mining Corp	1.80	0.60
25	UAMYUnited States Antimony Corp.	United States Antimony Corp.	1.80	0.16
26	ARISAris Mining Corporation	Aris Mining Corporation	1.79	0.54
27	KUYAFKuya Silver Corporation	Kuya Silver Corporation	1.79	0.27
28	PLGPlatinum Group Metals LTD.	Platinum Group Metals LTD.	1.78	0.41
29	PPTAPerpetua Resources Corp. Common Shares	Perpetua Resources Corp. Common Shares	1.77	0.49
30	SBSWSibanye Stillwater Limited	Sibanye Stillwater Limited	1.77	0.59
31	MUXMcEwen Inc.	McEwen Inc.	1.77	0.62
32	OGCOceanaGold Corporation	OceanaGold Corporation	1.75	0.65
33	SASeabridge Gold, Inc.	Seabridge Gold, Inc.	1.75	0.54
34	TDRRFTudor Gold Corp.	Tudor Gold Corp.	1.74	0.32
35	GAUGaliano Gold Inc.	Galiano Gold Inc.	1.73	0.53
36	GLDGGoldMining Inc.	GoldMining Inc.	1.72	0.50
37	TARSFSilver North Resources Ltd.	Silver North Resources Ltd.	1.71	0.13
38	SSRMSSR Mining Inc.	SSR Mining Inc.	1.70	0.53
39	GOROGoldgroup Mining Inc.	Goldgroup Mining Inc.	1.69	0.22
40	JAGGFJaguar Mining Inc.	Jaguar Mining Inc.	1.68	0.51
41	RVLGFRevival Gold Inc.	Revival Gold Inc.	1.68	0.42
42	NCAUFNewcore Gold Ltd.	Newcore Gold Ltd.	1.68	0.32
43	WRNWestern Copper and Gold Corporation	Western Copper and Gold Corporation	1.68	0.51
44	CHXMFTroilus Mining Corp.	Troilus Mining Corp.	1.68	0.43
45	WHGOFWhite Gold Corp.	White Gold Corp.	1.67	0.31
46	FGOVFFreegold Limited	Freegold Limited	1.66	0.46
47	NFGCNew Found Gold Corp	New Found Gold Corp	1.66	0.43
48	TSKFFTalisker Resources Ltd.	Talisker Resources Ltd.	1.65	0.33
49	SKESkeena Resources Limited	Skeena Resources Limited	1.64	0.58
50	HSTXFHeliostar Metals Ltd.	Heliostar Metals Ltd.	1.63	0.47
51	THSGFThesis Gold & Silver Inc.	Thesis Gold & Silver Inc.	1.63	0.38
52	RIOFFRio2 Limited	Rio2 Limited	1.62	0.46
53	SMDRFSierra Madre Gold and Silver Ltd	Sierra Madre Gold and Silver Ltd	1.61	0.26
54	LBCMFCopper Giant Resources Corp.	Copper Giant Resources Corp.	1.61	0.15
55	ITRGIntegra Resources Corp.	Integra Resources Corp.	1.60	0.51
56	GAYMFGalway Metals Inc.	Galway Metals Inc.	1.58	0.18
57	VCUFFVizsla Copper Corp.	Vizsla Copper Corp.	1.57	0.27
58	TORXFTorex Gold Resources Inc.	Torex Gold Resources Inc.	1.57	0.58
59	ELRRFEloro Resources Ltd.	Eloro Resources Ltd.	1.57	0.29
60	LGDTFLiberty Gold Corp.	Liberty Gold Corp.	1.57	0.34
61	NXGCFNexGold Mining Corp.	NexGold Mining Corp.	1.57	0.38
62	MAUTFMontage Gold Corp.	Montage Gold Corp.	1.56	0.50
63	CNLCollective Mining Ltd.	Collective Mining Ltd.	1.56	0.42
64	BTGB2Gold Corp.	B2Gold Corp.	1.55	0.54
65	FSMFortuna Mining Corp.	Fortuna Mining Corp.	1.54	0.62
66	BYAGFBanyan Gold Corp.	Banyan Gold Corp.	1.54	0.32
67	IAUXi-80 Gold Corp.	i-80 Gold Corp.	1.54	0.49
68	ELEElemental Royalty Corporation	Elemental Royalty Corporation	1.54	0.41
69	IDRIdaho Strategic Resources, Inc.	Idaho Strategic Resources, Inc.	1.53	0.29
70	DCDakota Gold Corp.	Dakota Gold Corp.	1.53	0.45
71	EGOEldorado Gold Corporation	Eldorado Gold Corporation	1.53	0.56
72	DRDDRDGOLD Limited	DRDGOLD Limited	1.50	0.56
73	NRRSFNorsemont Mining Inc.	Norsemont Mining Inc.	1.50	0.22
74	MGMLFMaple Gold Mines Ltd.	Maple Gold Mines Ltd.	1.50	0.34
75	ALVLFBig Ridge Gold Corp.	Big Ridge Gold Corp.	1.49	0.18
76	NKGFFNevada King Gold Corp.	Nevada King Gold Corp.	1.48	0.18
77	OMGGFOmai Gold Mines Corp.	Omai Gold Mines Corp.	1.47	0.34
78	SNWGFSnowline Gold Corp.	Snowline Gold Corp.	1.47	0.46
79	CGAUCenterra Gold Inc.	Centerra Gold Inc.	1.46	0.62
80	KNTNFK92 Mining Inc.	K92 Mining Inc.	1.45	0.59
81	AWLRFAwale Resources Limited	Awale Resources Limited	1.45	0.26
82	RMRDFRadisson Mining Resources Inc.	Radisson Mining Resources Inc.	1.45	0.25
83	CRDOFCerrado Gold Inc.	Cerrado Gold Inc.	1.44	0.38
84	FURYFury Gold Mines Limited	Fury Gold Mines Limited	1.44	0.32
85	DPMLFDPM Metals Inc.	DPM Metals Inc.	1.44	0.58
86	WDOFFWesdome Gold Mines Ltd.	Wesdome Gold Mines Ltd.	1.42	0.53
87	PZGParamount Gold Nevada Corp.	Paramount Gold Nevada Corp.	1.41	0.29
88	IEIvanhoe Electric Inc.	Ivanhoe Electric Inc.	1.39	0.28
89	JUGRFJuggernaut Exploration Ltd.	Juggernaut Exploration Ltd.	1.39	0.17
90	TGBTrekor Metals Limited	Trekor Metals Limited	1.39	0.33
91	DNRSFDenarius Metals Corp.	Denarius Metals Corp.	1.39	0.18
92	TGRGFTiger Gold Corp.	Tiger Gold Corp.	1.38	0.13
93	WGXRFWestgold Resources Limited	Westgold Resources Limited	1.38	0.48
94	ONGRFONGold Resources Ltd.	ONGold Resources Ltd.	1.38	0.11
95	UUUUEnergy Fuels Inc.	Energy Fuels Inc.	1.37	0.21
96	EUenCore Energy Corp.	enCore Energy Corp.	1.36	0.20
97	AYAAya Gold & Silver Inc.	Aya Gold & Silver Inc.	1.36	0.62
98	NZAUFRua Gold Inc.	Rua Gold Inc.	1.34	0.25
99	SCTSFScottie Resources Corp.	Scottie Resources Corp.	1.34	0.26
100	UECUranium Energy Corp.	Uranium Energy Corp.	1.34	0.25
101	GMTLGuardian Metal Resources PLC	Guardian Metal Resources PLC	1.32	0.14
102	BVNBuenaventura Mining Company Inc.	Buenaventura Mining Company Inc.	1.32	0.53
103	TETOFTectonic Metals Inc.	Tectonic Metals Inc.	1.32	0.14
104	NAKNorthern Dynasty Minerals Ltd.	Northern Dynasty Minerals Ltd.	1.32	0.15
105	NGXXFNGEx Minerals Ltd	NGEx Minerals Ltd	1.30	0.38
106	TLOFFTalon Metals Corp.	Talon Metals Corp.	1.30	0.12
107	HCHDFHochschild Mining PLC	Hochschild Mining PLC	1.29	0.30
108	ARGTFArtemis Gold Inc.	Artemis Gold Inc.	1.28	0.49
109	SYHBFSkyharbour Resources Ltd.	Skyharbour Resources Ltd.	1.28	0.19
110	ATXRFATEX Resources Inc.	ATEX Resources Inc.	1.28	0.33
111	VMETVersamet Royalties Corporation	Versamet Royalties Corporation	1.28	0.24
112	GGOXFGalleon Gold Corp.	Galleon Gold Corp.	1.27	0.30
113	CPPKFFaraday Copper Corp.	Faraday Copper Corp.	1.27	0.25
114	OROR Royalties Inc.	OR Royalties Inc.	1.26	0.61
115	CMCLCaledonia Mining Corporation Plc	Caledonia Mining Corporation Plc	1.26	0.38
116	AMEGFAmerican Eagle Gold Corp.	American Eagle Gold Corp.	1.26	0.14
117	VROYFVizsla Royalties Corp.	Vizsla Royalties Corp.	1.26	0.26
118	USARUSA Rare Earth, Inc.	USA Rare Earth, Inc.	1.25	0.11
119	SLSRSolaris Resources Inc.	Solaris Resources Inc.	1.25	0.39
120	WRLGFWest Red Lake Gold Mines Ltd.	West Red Lake Gold Mines Ltd.	1.25	0.34
121	HSLVHighlander Silver Corp.	Highlander Silver Corp.	1.24	0.64
122	GROYGold Royalty Corp.	Gold Royalty Corp.	1.24	0.46
123	ISOUIsoEnergy Ltd.	IsoEnergy Ltd.	1.24	0.23
124	MTAMetalla Royalty & Streaming Ltd.	Metalla Royalty & Streaming Ltd.	1.23	0.42
125	GSKRFGoldsky Resources Corp.	Goldsky Resources Corp.	1.22	0.30
126	ONXGFOnyx Gold Corp.	Onyx Gold Corp.	1.22	0.20
127	LNRCFLunR Royalties Corp.	LunR Royalties Corp.	1.22	0.18
128	MDNGFMidnight Sun Mining Corp.	Midnight Sun Mining Corp.	1.21	0.13
129	FDMIFFounders Metals Inc.	Founders Metals Inc.	1.21	0.26
130	VOXRVox Royalty Corp.	Vox Royalty Corp.	1.20	0.43
131	GRLVFGroup Eleven Resources Corp.	Group Eleven Resources Corp.	1.19	0.14
132	GCUMFGunnison Copper Corp.	Gunnison Copper Corp.	1.18	0.13
133	SASKFATHA Energy Corp.	ATHA Energy Corp.	1.18	0.16
134	RLTWFTiernan Gold Corp.	Tiernan Gold Corp.	1.18	0.19
135	TFPMTriple Flag Precious Metals Corp.	Triple Flag Precious Metals Corp.	1.18	0.58
136	OMZNFOsisko Metals Incorporated	Osisko Metals Incorporated	1.17	0.21
137	AECAnfield Energy Inc.	Anfield Energy Inc.	1.17	0.16
138	OCGSFOutcrop Silver & Gold Corporation	Outcrop Silver & Gold Corporation	1.17	0.43
139	NEXMNexMetals Mining Corp.	NexMetals Mining Corp.	1.17	0.23
140	DNNDenison Mines Corp.	Denison Mines Corp.	1.16	0.30
141	KTGDFK2 Gold Corporation	K2 Gold Corporation	1.16	0.16
142	USGOU.S. GoldMining Inc.	U.S. GoldMining Inc.	1.16	0.27
143	AXREFAmarc Resources Ltd.	Amarc Resources Ltd.	1.16	0.22
144	IPXIperionX Limited	IperionX Limited	1.15	0.17
145	AMQFFAbitibi Metals Corp.	Abitibi Metals Corp.	1.15	0.12
146	CBGZFCabral Gold Inc.	Cabral Gold Inc.	1.15	0.20
147	GOTRFGoliath Resources Limited	Goliath Resources Limited	1.15	0.28
148	GGPSFGreatland Resources Limited	Greatland Resources Limited	1.14	0.16
149	AMXEFAmex Gold Mining Inc.	Amex Gold Mining Inc.	1.14	0.28
150	FWEDFFireweed Metals Corp.	Fireweed Metals Corp.	1.13	0.25
151	RMLRFRamelius Resources Limited	Ramelius Resources Limited	1.11	0.16
152	SIISprott Inc.	Sprott Inc.	1.11	0.39
153	NTCPFNorthIsle Copper and Gold Inc.	NorthIsle Copper and Gold Inc.	1.11	0.21
154	ARREFAmerigo Resources Ltd.	Amerigo Resources Ltd.	1.10	0.32
155	STLRSTLLR Gold Inc.	STLLR Gold Inc.	1.09	0.10
156	MRRDFMeridian Mining Plc	Meridian Mining Plc	1.08	0.20
157	SICOFSilverco Mining Ltd.	Silverco Mining Ltd.	1.08	0.46
158	UROYUranium Royalty Corp.	Uranium Royalty Corp.	1.07	0.19
159	AZASFArizona Gold & Silver Inc.	Arizona Gold & Silver Inc.	1.07	0.12
160	LUCALuca Mining Corp.	Luca Mining Corp.	1.06	0.25
161	BBBXFBrixton Metals Corporation	Brixton Metals Corporation	1.06	0.11
162	MINEMayfair Gold Corp.	Mayfair Gold Corp.	1.05	0.24
163	URGUr-Energy Inc.	Ur-Energy Inc.	1.05	0.17
164	PMNXFPerseus Mining Limited	Perseus Mining Limited	1.05	0.32
165	GSVRFGuanajuato Silver Company Ltd	Guanajuato Silver Company Ltd	1.05	0.45
166	SCZMSantacruz Silver Mining Ltd.	Santacruz Silver Mining Ltd.	1.04	0.60
167	AGMRFSilver Mountain Resources Inc.	Silver Mountain Resources Inc.	1.04	0.43
168	BADEFHercules Metals Corp.	Hercules Metals Corp.	1.03	0.13
169	ASMAvino Silver & Gold Mines Ltd.	Avino Silver & Gold Mines Ltd.	1.00	0.54
170	GARLFRoxmore Resources Inc.	Roxmore Resources Inc.	0.99	0.13
171	KRYXFKoryx Copper S.A.	Koryx Copper S.A.	0.98	0.14
172	NXENexGen Energy Ltd.	NexGen Energy Ltd.	0.98	0.26
173	SITKFSitka Gold Corp.	Sitka Gold Corp.	0.98	0.18
174	AAGFFAftermath Silver Ltd.	Aftermath Silver Ltd.	0.97	0.46
175	EXKEndeavour Silver Corp.	Endeavour Silver Corp.	0.96	0.59
176	BKRRFBlackrock Silver Corp.	Blackrock Silver Corp.	0.94	0.41
177	SUMMFSummit Royalties Ltd.	Summit Royalties Ltd.	0.94	0.35
178	AGFirst Majestic Silver Corp.	First Majestic Silver Corp.	0.94	0.61
179	HUSIFNicola Mining Inc.	Nicola Mining Inc.	0.93	0.14
180	DSVSFDiscovery Mining Ltd.	Discovery Mining Ltd.	0.93	0.53
181	ABBRFAbraSilver Resource Corp.	AbraSilver Resource Corp.	0.92	0.51
182	PNPNFPower Metallic Mines Inc.	Power Metallic Mines Inc.	0.92	0.13
183	NEWPNew Pacific Metals Corp.	New Pacific Metals Corp.	0.91	0.45
184	KLDCFKenorland Minerals Ltd.	Kenorland Minerals Ltd.	0.91	0.18
185	MPMP Materials Corp.	MP Materials Corp.	0.91	0.13
186	SVMSilvercorp Metals Inc. Common Shares	Silvercorp Metals Inc. Common Shares	0.88	0.60
187	MMNGFMetallic Minerals Corp	Metallic Minerals Corp	0.88	0.25
188	ANPMFAndean Precious Metals Corp.	Andean Precious Metals Corp.	0.87	0.50
189	APGOFApollo Silver Corp.	Apollo Silver Corp.	0.82	0.34
190	GLGDFGoGold Resources Inc.	GoGold Resources Inc.	0.81	0.52
191	AAUCAllied Gold Corporation	Allied Gold Corporation	0.81	0.22
192	AGAGFArgenta Silver Corp.	Argenta Silver Corp.	0.80	0.26
193	HBEIFHoney Badger Silver Inc.	Honey Badger Silver Inc.	0.79	0.10
194	LITOFFrontier Lithium Inc.	Frontier Lithium Inc.	0.79	0.11
195	OGNNFOrogen Royalties Inc.	Orogen Royalties Inc.	0.78	0.11
196	ATUSFAltius Minerals Corporation	Altius Minerals Corporation	0.75	0.27
197	VZLAVizsla Silver Corp.	Vizsla Silver Corp.	0.75	0.46
198	CAPTFCapitan Silver Corp.	Capitan Silver Corp.	0.72	0.28
199	CTGOContango Silver & Gold Inc.	Contango Silver & Gold Inc.	0.71	0.46
200	ADSLFAndean Silver Limited	Andean Silver Limited	0.70	0.26
201	SLCRFSilver Crown Royalties Inc.	Silver Crown Royalties Inc.	0.58	0.11
202	PAGFFPacifica Silver Corp.	Pacifica Silver Corp.	0.45	0.12
203	GCCGolden Cariboo Resources Ltd.	Golden Cariboo Resources Ltd.	0.42	0.44
204	EXGExGen Resources Inc.	ExGen Resources Inc.	0.21	0.17
–	AAAvventura Resources Ltd.	Avventura Resources Ltd.	N/A	–
–	AAGCALL AMERICAN GOLD CORP	ALL AMERICAN GOLD CORP	N/A	–
–	ABMAben Gold Corp.	Aben Gold Corp.	N/A	–
–	ADPAdelphi Metals Inc	Adelphi Metals Inc	N/A	–
–	ADYAdyton Resources Corporation	Adyton Resources Corporation	N/A	–
–	ADZAdamera Minerals Corp.	Adamera Minerals Corp.	N/A	–
–	AIRClean Air Metals Inc.	Clean Air Metals Inc.	N/A	–
–	ALGRFALGO GRANDE COPPER CORP	ALGO GRANDE COPPER CORP	N/A	–
–	ALMAlliance Mining Corp.	Alliance Mining Corp.	N/A	–
–	ALMAAlma Gold Inc.	Alma Gold Inc.	N/A	–
–	ALTAAltamira Gold Corp.	Altamira Gold Corp.	N/A	–
–	AMCArizona Metals Corp.	Arizona Metals Corp.	N/A	–
–	AMCOFAmericore Resources Corp.	Americore Resources Corp.	N/A	–
–	ANKOFAngkor Resources Corp.	Angkor Resources Corp.	N/A	–
–	APXApex Resources Inc.	Apex Resources Inc.	N/A	–
–	ARAAFAclara Resources Inc.	Aclara Resources Inc.	N/A	–
–	ARKArras Minerals Corp.	Arras Minerals Corp.	N/A	–
–	ARRNFAmerican Rare Earths Limited	American Rare Earths Limited	N/A	–
–	ASEAsante Gold Corporation	Asante Gold Corporation	N/A	–
–	ASHLAshley Gold Corp.	Ashley Gold Corp.	N/A	–
–	ASTRAstra Exploration Inc.	Astra Exploration Inc.	N/A	–
–	ATCATERRA Metals Inc.	ATERRA Metals Inc.	N/A	–
–	AUAUA2 Gold Corp.	A2 Gold Corp.	N/A	–
–	AUCAusgold Limited	Ausgold Limited	N/A	–
–	AUGCFAu Gold Corp.	Au Gold Corp.	N/A	–
–	AUHIFAdvanced Gold Exploration Inc.	Advanced Gold Exploration Inc.	N/A	–
–	AURFFAuro Metals Inc.	Auro Metals Inc.	N/A	–
–	AWMAngel Wing Metals Inc.	Angel Wing Metals Inc.	N/A	–
–	AWRAurwest Resources Corporation	Aurwest Resources Corporation	N/A	–
–	AWXArcWest Exploration Inc.	ArcWest Exploration Inc.	N/A	–
–	AZEMFArizona Eagle Mining Corp.	Arizona Eagle Mining Corp.	N/A	–
–	AZMAzimut Exploration Inc.	Azimut Exploration Inc.	N/A	–
–	AZZTFAztec Minerals Corp.	Aztec Minerals Corp.	N/A	–
–	BARUFBaru Gold Corporation	Baru Gold Corporation	N/A	–
–	BCMRFBCM Resources Corp.	BCM Resources Corp.	N/A	–
–	BCUBell Copper Corporation	Bell Copper Corporation	N/A	–
–	BERLFRockland Resources Ltd.	Rockland Resources Ltd.	N/A	–
–	BEXBenton Resources Inc.	Benton Resources Inc.	N/A	–
–	BGFBeauce Gold Fields Inc.	Beauce Gold Fields Inc.	N/A	–
–	BGLBlue Gold Limited Class A Ordinary Shares	Blue Gold Limited Class A Ordinary Shares	N/A	–
–	BGLDBoreal Gold Inc.	Boreal Gold Inc.	N/A	–
–	BHSBayhorse Silver Inc.	Bayhorse Silver Inc.	N/A	–
–	BIRDThunderbird Minerals Corp.	Thunderbird Minerals Corp.	N/A	–
–	BLLGBlue Lagoon Resources Inc.	Blue Lagoon Resources Inc.	N/A	–
–	BOGOBorealis Mining Company Limited	Borealis Mining Company Limited	N/A	–
–	BPAGBP Silver Corp.	BP Silver Corp.	N/A	–
–	BRWBrunswick Exploration Inc.	Brunswick Exploration Inc.	N/A	–
–	BSXGFBelo Sun Mining Corp.	Belo Sun Mining Corp.	N/A	–
–	BTRBonterra Resources Inc.	Bonterra Resources Inc.	N/A	–
–	BTUBTU Metals Corp.	BTU Metals Corp.	N/A	–
–	BVABravada Gold Corporation	Bravada Gold Corporation	N/A	–
–	CAMCascadia Minerals Ltd.	Cascadia Minerals Ltd.	N/A	–
–	CAMBCambria Gold Mines Inc.	Cambria Gold Mines Inc.	N/A	–
–	CANCanadian Gold Resources Ltd.	Canadian Gold Resources Ltd.	N/A	–
–	CANXCANEX Metals Inc.	CANEX Metals Inc.	N/A	–
–	CAPRCaprock Mining Corp.	Caprock Mining Corp.	N/A	–
–	CASACasa Minerals Inc.	Casa Minerals Inc.	N/A	–
–	CBIColibri Resource Corporation	Colibri Resource Corporation	N/A	–
–	CBNWFCARBON STREAMING CORPORATION	CARBON STREAMING CORPORATION	N/A	–
–	CCICanadian Copper Inc.	Canadian Copper Inc.	N/A	–
–	CDPRCerro de Pasco Resources Inc.	Cerro de Pasco Resources Inc.	N/A	–
–	CGDCFCarlin Gold Corporation	Carlin Gold Corporation	N/A	–
–	CGDXFXali Gold Corp.	Xali Gold Corp.	N/A	–
–	CHPGFChesapeake Gold Corp.	Chesapeake Gold Corp.	N/A	–
–	CLFCleveland-Cliffs Inc.	Cleveland-Cliffs Inc.	N/A	–
–	CMETClarity Metals Corp.	Clarity Metals Corp.	N/A	–
–	CMMCapricorn Metals Ltd	Capricorn Metals Ltd	N/A	–
–	CNDIFCANADIAN COPPER INC.	CANADIAN COPPER INC.	N/A	–
–	CNRICanadian North Resources Inc.	Canadian North Resources Inc.	N/A	–
–	CNRIFCondor Resources Inc.	Condor Resources Inc.	N/A	–
–	CNUCFCanuc Resources Corporation	Canuc Resources Corporation	N/A	–
–	COCCFCoast Copper Corp.	Coast Copper Corp.	N/A	–
–	COSRFCosigo Resources Ltd.	Cosigo Resources Ltd.	N/A	–
–	CPNFFEuro Sun Mining Inc.	Euro Sun Mining Inc.	N/A	–
–	CPPMFCoppernico Metals Inc	Coppernico Metals Inc	N/A	–
–	CRBCariboo Rose Resources Ltd.	Cariboo Rose Resources Ltd.	N/A	–
–	CRGCrossroads Gold Corp.	Crossroads Gold Corp.	N/A	–
–	CRTIFCartier Silver Corporation	Cartier Silver Corporation	N/A	–
–	CTGCentenario Gold Corp	Centenario Gold Corp	N/A	–
–	CTMCFCanterra Minerals Corporation	Canterra Minerals Corporation	N/A	–
–	CYGCygnus Metals Ltd.	Cygnus Metals Ltd.	N/A	–
–	DAUDesert Gold Ventures Inc.	Desert Gold Ventures Inc.	N/A	–
–	DBGDoubleview Gold Corp.	Doubleview Gold Corp.	N/A	–
–	DECXFDecade Resources Ltd.	Decade Resources Ltd.	N/A	–
–	DEFDefiance Silver Corp.	Defiance Silver Corp.	N/A	–
–	DGCOFDAURA GOLD CORP	DAURA GOLD CORP	N/A	–
–	DLTADelta Resources Limited	Delta Resources Limited	N/A	–
–	DMXDistrict Metals Corp.	District Metals Corp.	N/A	–
–	DNGDynacor Group Inc.	Dynacor Group Inc.	N/A	–
–	DRYGFDryden Gold Corp.	Dryden Gold Corp.	N/A	–
–	ECRFFCartier Resources Inc.	Cartier Resources Inc.	N/A	–
–	EDGEndurance Gold Corporation	Endurance Gold Corporation	N/A	–
–	ELEMElement79 Gold Corp.	Element79 Gold Corp.	N/A	–
–	ELREastern Platinum Limited	Eastern Platinum Limited	N/A	–
–	EMErrington Metals Inc.	Errington Metals Inc.	N/A	–
–	EMAUFEmperor Metals Inc.	Emperor Metals Inc.	N/A	–
–	EMGDFEminent Gold Corp.	Eminent Gold Corp.	N/A	–
–	EMOEmerita Resources Corp.	Emerita Resources Corp.	N/A	–
–	EMR.AXEmerald Resources NL	Emerald Resources NL	N/A	–
–	EMUSElectric Metals (USA) Limited	Electric Metals (USA) Limited	N/A	–
–	ENDREnduro Metals Corporation	Enduro Metals Corporation	N/A	–
–	EPLEagle Plains Resources Ltd.	Eagle Plains Resources Ltd.	N/A	–
–	ERLFFEntree Resources Ltd.	Entree Resources Ltd.	N/A	–
–	ESAUFESGold Corp.	ESGold Corp.	N/A	–
–	ESKYFEskay Mining Corp.	Eskay Mining Corp.	N/A	–
–	ETFEastfield Resources Ltd.	Eastfield Resources Ltd.	N/A	–
–	EXNExcellon Resources Inc.	Excellon Resources Inc.	N/A	–
–	FASLFFirst Andes Silver Ltd.	First Andes Silver Ltd.	N/A	–
–	FEAM5E Advanced Materials, Inc.	5E Advanced Materials, Inc.	N/A	–
–	FFFNF55 North Gold Inc.	55 North Gold Inc.	N/A	–
–	FFMFFFireFly Metals Ltd.	FireFly Metals Ltd.	N/A	–
–	FFOXFFireFox Gold Corp.	FireFox Gold Corp.	N/A	–
–	FGFalcon Gold Corp.	Falcon Gold Corp.	N/A	–
–	FINXFinex Metals Ltd.	Finex Metals Ltd.	N/A	–
–	FMANFFreeman Gold Corp.	Freeman Gold Corp.	N/A	–
–	FMRFairmont Resources Inc.	Fairmont Resources Inc.	N/A	–
–	FORFortune Bay Corp.	Fortune Bay Corp.	N/A	–
–	FREDFFredonia Mining Inc.	Fredonia Mining Inc.	N/A	–
–	FRGForge Resources Corp.	Forge Resources Corp.	N/A	–
–	FUUFFF3 Uranium Corp.	F3 Uranium Corp.	N/A	–
–	FWMFlow Metals Corp.	Flow Metals Corp.	N/A	–
–	FYLFinlay Minerals Ltd.	Finlay Minerals Ltd.	N/A	–
–	GALGalantas Gold Corp.	Galantas Gold Corp.	N/A	–
–	GALKFGalantas Gold Corporation	Galantas Gold Corporation	N/A	–
–	GCNGoldcliff Resource Corporation	Goldcliff Resource Corporation	N/A	–
–	GCPGolcap Resources Corp.	Golcap Resources Corp.	N/A	–
–	GDPGolden Pursuit Resources Ltd.	Golden Pursuit Resources Ltd.	N/A	–
–	GDSRFGold Strike Resources Corp.	Gold Strike Resources Corp.	N/A	–
–	GFGGFG Resources Inc	GFG Resources Inc	N/A	–
–	GFKRFOpus One Gold Corporation	Opus One Gold Corporation	N/A	–
–	GGGolconda Gold Ltd.	Golconda Gold Ltd.	N/A	–
–	GGIGaribaldi Resources Corp.	Garibaldi Resources Corp.	N/A	–
–	GGLDGeneral Copper Gold Corp.	General Copper Gold Corp.	N/A	–
–	GGMGranada Gold Mine Inc.	Granada Gold Mine Inc.	N/A	–
–	GHCCFGOLD HART COPPER CORP.	GOLD HART COPPER CORP.	N/A	–
–	GHRTFGreenheart Gold Inc.	Greenheart Gold Inc.	N/A	–
–	GLATFGlobal Atomic Corporation	Global Atomic Corporation	N/A	–
–	GLDCCassiar Gold Corp.	Cassiar Gold Corp.	N/A	–
–	GLDSGolden Spike Resources Corp.	Golden Spike Resources Corp.	N/A	–
–	GMDGenesis Minerals Limited	Genesis Minerals Limited	N/A	–
–	GMVGMV Minerals Inc.	GMV Minerals Inc.	N/A	–
–	GMXGlobex Mining Enterprises Inc.	Globex Mining Enterprises Inc.	N/A	–
–	GORGoldrea Resources Corp.	Goldrea Resources Corp.	N/A	–
–	GPGGrande Portage Resources Ltd.	Grande Portage Resources Ltd.	N/A	–
–	GPHOFGraphite One Inc.	Graphite One Inc.	N/A	–
–	GPMGPM Metals Inc.	GPM Metals Inc.	N/A	–
–	GPSGreat Plains Metals Corp.	Great Plains Metals Corp.	N/A	–
–	GQCGoldquest Mining Corp.	Goldquest Mining Corp.	N/A	–
–	GRAPFFirst Canadian Graphite Inc.	First Canadian Graphite Inc.	N/A	–
–	GRAYGraycliff Exploration Limited	Graycliff Exploration Limited	N/A	–
–	GRGGolden Arrow Resources Corporation	Golden Arrow Resources Corporation	N/A	–
–	GRHKGreenhawk Resources Inc.	Greenhawk Resources Inc.	N/A	–
–	GRIGalore Resources Inc.	Galore Resources Inc.	N/A	–
–	GRUNGold Runner Exploration Inc.	Gold Runner Exploration Inc.	N/A	–
–	GSHRFGold X2 Mining Inc.	Gold X2 Mining Inc.	N/A	–
–	GXLDHi-View Resources Inc	Hi-View Resources Inc	N/A	–
–	GYGCGUYANA GOLD CORP	GUYANA GOLD CORP	N/A	–
–	GZDGrizzly Discoveries Inc.	Grizzly Discoveries Inc.	N/A	–
–	HAMRFSilver Hammer Mining Corp.	Silver Hammer Mining Corp.	N/A	–
–	HANHannan Metals Ltd.	Hannan Metals Ltd.	N/A	–
–	HANCFHanstone Gold Corp.	Hanstone Gold Corp.	N/A	–
–	HAYHayasa Metals Inc.	Hayasa Metals Inc.	N/A	–
–	HHHHelius Minerals Limited	Helius Minerals Limited	N/A	–
–	HHLKFHot Chili Ltd	Hot Chili Ltd	N/A	–
–	HLUCFHomeland Uranium Corp.	Homeland Uranium Corp.	N/A	–
–	HPMHalcones Precious Metals Corp.	Halcones Precious Metals Corp.	N/A	–
–	HTRCHigh Tide Resources Corp.	High Tide Resources Corp.	N/A	–
–	HVGDFHarvest Gold Corp.	Harvest Gold Corp.	N/A	–
–	HWGHeadwater Gold Inc.	Headwater Gold Inc.	N/A	–
–	ICGSFICG SILVER & GOLD LTD.	ICG SILVER & GOLD LTD.	N/A	–
–	IEGCFIndependence Gold Corp.	Independence Gold Corp.	N/A	–
–	IMRiMetal Resources Inc.	iMetal Resources Inc.	N/A	–
–	IONRioneer Ltd	ioneer Ltd	N/A	–
–	IPTIMPACT Silver Corp.	IMPACT Silver Corp.	N/A	–
–	IRVRFIrving Resources Inc.	Irving Resources Inc.	N/A	–
–	IVSInventus Mining Corp.	Inventus Mining Corp.	N/A	–
–	JAYBlue Jay Gold Corp.	Blue Jay Gold Corp.	N/A	–
–	JGJapan Gold Corp.	Japan Gold Corp.	N/A	–
–	JNCCFMetalite Resources Inc.	Metalite Resources Inc.	N/A	–
–	JSHGJOSHUA GOLD RESOURCES	JOSHUA GOLD RESOURCES	N/A	–
–	JTWOFJ2 METALS INC	J2 METALS INC	N/A	–
–	JZRIFJZR Gold Inc.	JZR Gold Inc.	N/A	–
–	KENYFMAKENITA RES INC	MAKENITA RES INC	N/A	–
–	KGKlondike Gold Corp.	Klondike Gold Corp.	N/A	–
–	KGFMFKingfisher Metals Corp.	Kingfisher Metals Corp.	N/A	–
–	KIBGFKIBOKO GOLD INC	KIBOKO GOLD INC	N/A	–
–	KIROKairos Gold Inc.	Kairos Gold Inc.	N/A	–
–	KLDCKirkland Lake Discoveries Corp.	Kirkland Lake Discoveries Corp.	N/A	–
–	KLGDFKalo Gold Corp.	Kalo Gold Corp.	N/A	–
–	KNGRFKingsmen Resources Ltd	Kingsmen Resources Ltd	N/A	–
–	KOGKO Gold Inc.	KO Gold Inc.	N/A	–
–	KPGLFKAPA Gold Inc.	KAPA Gold Inc.	N/A	–
–	KRIKobo Resources Inc.	Kobo Resources Inc.	N/A	–
–	KTNKootenay Silver Inc.	Kootenay Silver Inc.	N/A	–
–	KTRIFKootenay Resources Inc.	Kootenay Resources Inc.	N/A	–
–	KVLQFValOre Metals Corp.	ValOre Metals Corp.	N/A	–
–	LABLabrador Gold Corp.	Labrador Gold Corp.	N/A	–
–	LACLithium Americas Corp.	Lithium Americas Corp.	N/A	–
–	LAMLaramide Resources Ltd.	Laramide Resources Ltd.	N/A	–
–	LCGMFLion Copper and Gold Corp.	Lion Copper and Gold Corp.	N/A	–
–	LEGYLegacy Gold Mines Ltd.	Legacy Gold Mines Ltd.	N/A	–
–	LGCFFLavras Gold Corp.	Lavras Gold Corp.	N/A	–
–	LINIFLindian Resources Limited	Lindian Resources Limited	N/A	–
–	LIOLion One Metals Limited	Lion One Metals Limited	N/A	–
–	LMELaurion Mineral Exploration Inc.	Laurion Mineral Exploration Inc.	N/A	–
–	LODLode Gold Resources Inc.	Lode Gold Resources Inc.	N/A	–
–	LOTTomaGold Corporation	TomaGold Corporation	N/A	–
–	LPKLupaka Gold Corp.	Lupaka Gold Corp.	N/A	–
–	LRAXFLara Exploration Ltd.	Lara Exploration Ltd.	N/A	–
–	LSTRLodestar Metals Corp.	Lodestar Metals Corp.	N/A	–
–	LUXNewlox Gold Ventures Corp.	Newlox Gold Ventures Corp.	N/A	–
–	LVGLake Victoria Gold Ltd.	Lake Victoria Gold Ltd.	N/A	–
–	LVXFFLeviathan Metals Corp.	Leviathan Metals Corp.	N/A	–
–	LXELatin Explore Inc.	Latin Explore Inc.	N/A	–
–	MACKMackay Gold & Silver Corp.	Mackay Gold & Silver Corp.	N/A	–
–	MAIMining Americas Inc.	Mining Americas Inc.	N/A	–
–	MAXXFMax Power Mining Corp.	Max Power Mining Corp.	N/A	–
–	MCCMorocco Strategic Minerals Corp.	Morocco Strategic Minerals Corp.	N/A	–
–	MCCHMcChip Resources Inc.	McChip Resources Inc.	N/A	–
–	MCIMinnova Corp.	Minnova Corp.	N/A	–
–	MEKMetals Creek Resources Corp.	Metals Creek Resources Corp.	N/A	–
–	MGMAMagma Silver Corp.	Magma Silver Corp.	N/A	–
–	MIDLFMidland Exploration Inc.	Midland Exploration Inc.	N/A	–
–	MJSMajestic Gold Corp.	Majestic Gold Corp.	N/A	–
–	MLMLFMcFarlane Lake Mining Limited	McFarlane Lake Mining Limited	N/A	–
–	MMETFMiata Metals Corp.	Miata Metals Corp.	N/A	–
–	MMMMinco Capital Corp.	Minco Capital Corp.	N/A	–
–	MMYMonument Mining Limited	Monument Mining Limited	N/A	–
–	MOGMogotes Metals Inc.	Mogotes Metals Inc.	N/A	–
–	MRZLFMirasol Resources Ltd.	Mirasol Resources Ltd.	N/A	–
–	MSCMillennium Silver Corp.	Millennium Silver Corp.	N/A	–
–	MSMMetalsource Mining Inc.	Metalsource Mining Inc.	N/A	–
–	MSVMinco Silver Corporation	Minco Silver Corporation	N/A	–
–	MTHMammoth Resources Corp.	Mammoth Resources Corp.	N/A	–
–	MTTMagna Terra Minerals Inc.	Magna Terra Minerals Inc.	N/A	–
–	MUNMundoro Capital Inc.	Mundoro Capital Inc.	N/A	–
–	MURMFMurchison Minerals Ltd.	Murchison Minerals Ltd.	N/A	–
–	NAMNew Age Metals Inc.	New Age Metals Inc.	N/A	–
–	NAMMNamib Minerals Ordinary Shares	Namib Minerals Ordinary Shares	N/A	–
–	NATNNation Gold Corp.	Nation Gold Corp.	N/A	–
–	NAUNevgold Corp.	Nevgold Corp.	N/A	–
–	NBLCNobel Resources Corp.	Nobel Resources Corp.	N/A	–
–	NBRKNew Break Resources Ltd.	New Break Resources Ltd.	N/A	–
–	NIOCFNio Strategic Metals Inc.	Nio Strategic Metals Inc.	N/A	–
–	NLRNorthern Lights Resources Corp.	Northern Lights Resources Corp.	N/A	–
–	NOVAEraNova Metals Inc.	EraNova Metals Inc.	N/A	–
–	NRNNorthern Shield Resources Inc.	Northern Shield Resources Inc.	N/A	–
–	NRVTFNoram Lithium Corp.	Noram Lithium Corp.	N/A	–
–	NRYCFNations Royalty Corp.	Nations Royalty Corp.	N/A	–
–	NSGCFNorthstar Gold Corp.	Northstar Gold Corp.	N/A	–
–	NSRPFNovo Resources Corp.	Novo Resources Corp.	N/A	–
–	NTHNord Precious Metals Mining Inc.	Nord Precious Metals Mining Inc.	N/A	–
–	NTMFFNeotech Metals Corp.	Neotech Metals Corp.	N/A	–
–	NWPGNEWPORT GOLD INC	NEWPORT GOLD INC	N/A	–
–	NWSTNorthWest Copper Corp.	NorthWest Copper Corp.	N/A	–
–	OBMOra Banda Mining Limited	Ora Banda Mining Limited	N/A	–
–	OCOlive Resource Capital Inc.	Olive Resource Capital Inc.	N/A	–
–	OCIOrecap Invest Corp.	Orecap Invest Corp.	N/A	–
–	OGGOsisko Gold Group Inc.	Osisko Gold Group Inc.	N/A	–
–	OMIOrosur Mining Inc.	Orosur Mining Inc.	N/A	–
–	ONVEFSeva Mining Corp.	Seva Mining Corp.	N/A	–
–	OPHRFOphir Metals Corp.	Ophir Metals Corp.	N/A	–
–	OREOrezone Gold Corporation	Orezone Gold Corporation	N/A	–
–	ORSOrestone Mining Corp.	Orestone Mining Corp.	N/A	–
–	ORVOrvana Minerals Corp.	Orvana Minerals Corp.	N/A	–
–	OSCIOSCEOLA GOLD INC	OSCEOLA GOLD INC	N/A	–
–	OTMCFOreterra Metals Corp.	Oreterra Metals Corp.	N/A	–
–	OZValkea Resources Corp	Valkea Resources Corp	N/A	–
–	PAFPan African Resources PLC	Pan African Resources PLC	N/A	–
–	PANXFPTX Metals Inc.	PTX Metals Inc.	N/A	–
–	PAUProvenance Gold Corp.	Provenance Gold Corp.	N/A	–
–	PAUIFPremier American Uranium Inc.	Premier American Uranium Inc.	N/A	–
–	PCAPhoenix Metals Corp.	Phoenix Metals Corp.	N/A	–
–	PERPeruvian Metals Corp.	Peruvian Metals Corp.	N/A	–
–	PGDCPatagonia Gold Corp.	Patagonia Gold Corp.	N/A	–
–	PGXProsper Gold Corp.	Prosper Gold Corp.	N/A	–
–	PHNMFPhenom Resources Corp.	Phenom Resources Corp.	N/A	–
–	PINNPinnacle Silver and Gold Corp.	Pinnacle Silver and Gold Corp.	N/A	–
–	PJXPJX Resources Inc.	PJX Resources Inc.	N/A	–
–	PLLMFEdge Copper Corporation	Edge Copper Corporation	N/A	–
–	PLLRForty Pillars Mining Corp.	Forty Pillars Mining Corp.	N/A	–
–	PMETPMET Resources Inc.	PMET Resources Inc.	N/A	–
–	PMIXFPerseverance Metals Inc.	Perseverance Metals Inc.	N/A	–
–	PNTRFPantera Silver Corp.	Pantera Silver Corp.	N/A	–
–	PONYSilver Pony Resources Corp	Silver Pony Resources Corp	N/A	–
–	PPPProspector Metals Corp.	Prospector Metals Corp.	N/A	–
–	PPXPPX Mining Corp.	PPX Mining Corp.	N/A	–
–	PPZRFSEASIF EXPLORATION INC	SEASIF EXPLORATION INC	N/A	–
–	PREKFPrairieSky Royalty Ltd.	PrairieSky Royalty Ltd.	N/A	–
–	PRGPrecipitate Gold Corp.	Precipitate Gold Corp.	N/A	–
–	PRNCFPrince Silver Corp.	Prince Silver Corp.	N/A	–
–	PRRProspect Ridge Resources Corp.	Prospect Ridge Resources Corp.	N/A	–
–	PUMXFPuma Exploration Inc.	Puma Exploration Inc.	N/A	–
–	PUROPlatauro Metals Corp.	Platauro Metals Corp.	N/A	–
–	PWROPower One Resources Corp.	Power One Resources Corp.	N/A	–
–	PXPelangio Exploration Inc.	Pelangio Exploration Inc.	N/A	–
–	QCCUFXXIX Metal Corp.	XXIX Metal Corp.	N/A	–
–	QGRQ-Gold Resources Ltd.	Q-Gold Resources Ltd.	N/A	–
–	QIMGFQUIMBAYA GOLD INC	QUIMBAYA GOLD INC	N/A	–
–	RAINRain City Resources Inc.	Rain City Resources Inc.	N/A	–
–	RBZArya Resources Ltd.	Arya Resources Ltd.	N/A	–
–	RCGCFRoscan Gold Corporation	Roscan Gold Corporation	N/A	–
–	RDGMFRidgeline Minerals Corp.	Ridgeline Minerals Corp.	N/A	–
–	RDURadius Gold Inc.	Radius Gold Inc.	N/A	–
–	REDLFVault Minerals Limited	Vault Minerals Limited	N/A	–
–	REVXRev Exploration Corp.	Rev Exploration Corp.	N/A	–
–	RFRRenforth Resources Inc.	Renforth Resources Inc.	N/A	–
–	RGCCFRelevant Gold Corp.	Relevant Gold Corp.	N/A	–
–	RGRRIO GRANDE RESOURCES LTD	RIO GRANDE RESOURCES LTD	N/A	–
–	RGRNFRegis Resources Limited	Regis Resources Limited	N/A	–
–	RKMSFRokmaster Resources Corp.	Rokmaster Resources Corp.	N/A	–
–	RMESFRed Metal Resources Ltd.	Red Metal Resources Ltd.	N/A	–
–	RMETFRackla Metals Inc.	Rackla Metals Inc.	N/A	–
–	RMGGFResolute Mining Limited	Resolute Mining Limited	N/A	–
–	RMLFFRusoro Mining Ltd.	Rusoro Mining Ltd.	N/A	–
–	RMRKRIMROCK GOLD CORP	RIMROCK GOLD CORP	N/A	–
–	ROARLion Rock Resources Inc.	Lion Rock Resources Inc.	N/A	–
–	ROCKTrident Resources Corp.	Trident Resources Corp.	N/A	–
–	RPXRPX Gold Inc.	RPX Gold Inc.	N/A	–
–	RRIRiverside Resources Inc.	Riverside Resources Inc.	N/A	–
–	RSGRocky Shore Gold Ltd.	Rocky Shore Gold Ltd.	N/A	–
–	RTGRTG Mining Inc.	RTG Mining Inc.	N/A	–
–	RUSHCarolina Rush Corporation	Carolina Rush Corporation	N/A	–
–	RYESRise Gold Corp.	Rise Gold Corp.	N/A	–
–	RYORio Silver Inc.	Rio Silver Inc.	N/A	–
–	RYRRoyal Road Minerals Limited	Royal Road Minerals Limited	N/A	–
–	SAESable Resources Ltd.	Sable Resources Ltd.	N/A	–
–	SAMStarcore International Mines Ltd.	Starcore International Mines Ltd.	N/A	–
–	SASQSasquatch Resources Corp.	Sasquatch Resources Corp.	N/A	–
–	SBMCFSilver Bullet Mines Corp.	Silver Bullet Mines Corp.	N/A	–
–	SEASDeep Sea Minerals Corp.	Deep Sea Minerals Corp.	N/A	–
–	SGCSolstice Gold Corp.	Solstice Gold Corp.	N/A	–
–	SGZSego Resources Inc.	Sego Resources Inc.	N/A	–
–	SHOWShowcase Minerals Inc.	Showcase Minerals Inc.	N/A	–
–	SILEFSilver Elephant Mining Corp.	Silver Elephant Mining Corp.	N/A	–
–	SIREFSirios Resources Inc.	Sirios Resources Inc.	N/A	–
–	SMOFFSonoro Gold Corp.	Sonoro Gold Corp.	N/A	–
–	SNGCFSanu Gold Corp.	Sanu Gold Corp.	N/A	–
–	SNLGFSan Lorenzo Gold Corp.	San Lorenzo Gold Corp.	N/A	–
–	SOMASoma Gold Corp.	Soma Gold Corp.	N/A	–
–	SPASpanish Mountain Gold Ltd.	Spanish Mountain Gold Ltd.	N/A	–
–	SPMCSouth Pacific Metals Corp.	South Pacific Metals Corp.	N/A	–
–	SRANFSranan Gold Corp.	Sranan Gold Corp.	N/A	–
–	SRKZFSky Gold Corp.	Sky Gold Corp.	N/A	–
–	SRSSorrento Resources Ltd.	Sorrento Resources Ltd.	N/A	–
–	STALSTAR ALLIANCE INTL CORP	STAR ALLIANCE INTL CORP	N/A	–
–	STGOSteppe Gold Ltd.	Steppe Gold Ltd.	N/A	–
–	STKXFStrikePoint Gold Inc.	StrikePoint Gold Inc.	N/A	–
–	STNSaturn Metals Limited	Saturn Metals Limited	N/A	–
–	STNGStinger Resources Inc.	Stinger Resources Inc.	N/A	–
–	STRMStorm Exploration Inc.	Storm Exploration Inc.	N/A	–
–	STUVFStuve Gold Corp.	Stuve Gold Corp.	N/A	–
–	SUNPFSun Peak Metals Corp.	Sun Peak Metals Corp.	N/A	–
–	SUPCFSuper Copper Corp.	Super Copper Corp.	N/A	–
–	SVESilver One Resources Inc.	Silver One Resources Inc.	N/A	–
–	SVMLFSovereign Metals Ltd	Sovereign Metals Ltd	N/A	–
–	SWASarama Resources Ltd	Sarama Resources Ltd	N/A	–
–	SWLFSilver Wolf Exploration Ltd.	Silver Wolf Exploration Ltd.	N/A	–
–	SXGCSouthern Cross Gold Consolidated Ltd.	Southern Cross Gold Consolidated Ltd.	N/A	–
–	SXTYSixty North Gold Mining Ltd.	Sixty North Gold Mining Ltd.	N/A	–
–	SYGSylla Gold Corp.	Sylla Gold Corp.	N/A	–
–	TALMFTalamore Mining Corp.	Talamore Mining Corp.	N/A	–
–	TBKTrailbreaker Resources Ltd.	Trailbreaker Resources Ltd.	N/A	–
–	TDGGFTDG GOLD CORP.	TDG GOLD CORP.	N/A	–
–	TGTrifecta Gold Ltd.	Trifecta Gold Ltd.	N/A	–
–	TGOLThunder Gold Corp.	Thunder Gold Corp.	N/A	–
–	THXThor Explorations Ltd.	Thor Explorations Ltd.	N/A	–
–	TIGTriumph Gold Corp.	Triumph Gold Corp.	N/A	–
–	TITITITIMINAS SILVER INC	TITIMINAS SILVER INC	N/A	–
–	TKTinka Resources Limited	Tinka Resources Limited	N/A	–
–	TMQTrilogy Metals Inc.	Trilogy Metals Inc.	N/A	–
–	TNO-HTerreno Resources Corp.	Terreno Resources Corp.	N/A	–
–	TNRTNR Gold Corp.	TNR Gold Corp.	N/A	–
–	TRGEFTarga Exploration Corp.	Targa Exploration Corp.	N/A	–
–	TRRTerra Rossa Gold Ltd.	Terra Rossa Gold Ltd.	N/A	–
–	TRUIFTRU Precious Metals Corp.	TRU Precious Metals Corp.	N/A	–
–	TSGTriStar Gold, Inc.	TriStar Gold, Inc.	N/A	–
–	TSLVFTier One Silver Inc.	Tier One Silver Inc.	N/A	–
–	TTTOTAL METALS CORP	TOTAL METALS CORP	N/A	–
–	TTEXFBullion Gold Discoveries Corp.	Bullion Gold Discoveries Corp.	N/A	–
–	TWRTower Resources Ltd.	Tower Resources Ltd.	N/A	–
–	UGDUnigold Inc.	Unigold Inc.	N/A	–
–	UPPRUnion Power Metals Corporation	Union Power Metals Corporation	N/A	–
–	USGDFAmerican Pacific Mining Corp.	American Pacific Mining Corp.	N/A	–
–	USHAUsha Resources Ltd.	Usha Resources Ltd.	N/A	–
–	VAUViva Gold Corp.	Viva Gold Corp.	N/A	–
–	VGDVisible Gold Mines Inc.	Visible Gold Mines Inc.	N/A	–
–	VIOVior Gold Corporation Inc.	Vior Gold Corporation Inc.	N/A	–
–	VIPRFSilver Viper Minerals Corp.	Silver Viper Minerals Corp.	N/A	–
–	VIRMFVIRIDIAN METALS INC	VIRIDIAN METALS INC	N/A	–
–	VIZVisionary Metals Corp.	Visionary Metals Corp.	N/A	–
–	VLGDFValor Gold Corp.	Valor Gold Corp.	N/A	–
–	VMLViscount Mining Corp.	Viscount Mining Corp.	N/A	–
–	VTXGFVertex Resource Group Ltd.	Vertex Resource Group Ltd.	N/A	–
–	VZZVal-d'Or Mining Corporation	Val-d'Or Mining Corporation	N/A	–
–	WSpartan Metals Corp.	Spartan Metals Corp.	N/A	–
–	WAFWest African Resources Limited	West African Resources Limited	N/A	–
–	WAMAlaska Silver Corp.	Alaska Silver Corp.	N/A	–
–	WEXWestern Exploration Inc.	Western Exploration Inc.	N/A	–
–	WGLIFWestward Gold Inc.	Westward Gold Inc.	N/A	–
–	WLFWolfden Resources Corporation	Wolfden Resources Corporation	N/A	–
–	WMWallbridge Mining Company Limited	Wallbridge Mining Company Limited	N/A	–
–	WPGWest Point Gold Corp.	West Point Gold Corp.	N/A	–
–	WRRWalker River Resources Corp.	Walker River Resources Corp.	N/A	–
–	WSRWestern Star Resources Inc.	Western Star Resources Inc.	N/A	–
–	WTHVFWesthaven Gold Corp.	Westhaven Gold Corp.	N/A	–
–	WWRWestwater Resources, Inc.	Westwater Resources, Inc.	N/A	–
–	XTMTransition Metals Corp.	Transition Metals Corp.	N/A	–
–	XTRRFComet Lithium Corporation	Comet Lithium Corporation	N/A	–
–	YARRFPirate Gold Corp.	Pirate Gold Corp.	N/A	–
–	YGTGold Terra Resource Corp.	Gold Terra Resource Corp.	N/A	–
–	YMCYukon Metals Corp.	Yukon Metals Corp.	N/A	–
–	YRBYorbeau Resources Inc.	Yorbeau Resources Inc.	N/A	–
–	ZACZacatecas Silver Corp.	Zacatecas Silver Corp.	N/A	–
–	ZAUIFZodiac Gold Inc.	Zodiac Gold Inc.	N/A	–
–	ZHAOFZhaojin Mining Industry Company Limited	Zhaojin Mining Industry Company Limited	N/A	–
–	ZJNGFZijin Gold International Company Limited	Zijin Gold International Company Limited	N/A	–
–	ZNXZincX Resources Corp.	ZincX Resources Corp.	N/A	–

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What is gold beta?

Gold beta is a single number that describes how tightly a stock rides the price of gold, and how hard.

A beta of 1.0 means the stock has historically moved roughly in step with gold: gold up 1 percent, stock up about 1 percent. A beta of 2.0 means the stock moved about twice as much in the same direction, up and down. A beta below 1 means the stock moved less than gold. A negative beta means it tended to move the opposite way.

The important word is amplification. High beta is not “better.” It is torque. It rewards you harder when gold rallies and punishes you harder when gold falls. Beta describes the size of the swing, not its direction and not the quality of the company.

        Cov(r_stock, r_gold)
beta =  --------------------
           Var(r_gold)

r_stock, the stock's daily return
r_gold, gold's daily return (measured via GLD)
Cov / Var, how the two move together, scaled by how much gold itself moves

The interpretation scale

Illustrative example

β < 0
Moves opposite
Rose when gold fell and vice versa. Rare for miners.
0 to 1
Moves less than gold
Dampened exposure. Often royalty or diversified names.
≈ 1
Moves with gold
Roughly one-for-one with the metal.
1 to 2
Moves more than gold
Typical producer torque.
2+
Moves far more
Big swings both ways. Thin margins or high leverage.

Beta is magnitude: a higher number means bigger swings in both directions.

Why miners amplify gold: operating leverage

A miner's costs are largely fixed in the short run. It costs about the same to pull an ounce out of the ground whether gold sells for $4,000 or $4,400. So when the gold price moves, almost the entire move lands on the profit margin. The margin swings by a larger percentage than the metal. That amplification is called operating leverage.

Base gold price: $4,000/ozAISC (fixed): $1,700/ozAnnual production: 500,000 ozChange scenarios: -10% / Base / +10%

How profits amplify

Change in gold price vs. change in profit

GOLD -10%

$3,600 /oz

Profit / oz: $1,900
Change in profit: -17.4%
Annual profit: $950M

BASE CASE

$4,000 /oz

Profit / oz: $2,300
Change in profit: -
Annual profit: $1,150M

GOLD +10%

$4,400 /oz

Profit / oz: $2,700
Change in profit: +17.4%
Annual profit: $1,350M

Profit per ounce vs. gold price

Profit per ozAISC (fixed cost)

Every $1,000/oz move in gold changes profit by $1,000/oz.

17.4% change in profit for ~10% change in gold.

Note: Illustrative only. Assumes AISC remains constant and production is 500,000 oz annually.

Scenario summary

Scenario	Gold price ($/oz)	AISC (fixed) ($/oz)	Profit per oz ($/oz)	Change in profit	Annual profit (500k oz)
Gold -10%	$3,600	$1,700	$1,900	-17.4%	$950M
Base case	$4,000	$1,700	$2,300	-	$1,150M
Gold +10%	$4,400	$1,700	$2,700	+17.4%	$1,350M

How GoldSignal calculates it

Data
Split- and dividend-adjusted daily closes over the trailing 252 trading sessions, about one year of market days.
Benchmark
GLD for gold-focused names, SLV for the names whose primary revenue is silver. Benchmark assignment is an explicit, human-maintained list, not a keyword guess, and it is stored on the ticker rather than re-inferred on every page load.
Model
An ordinary least squares (OLS) regression of the stock's daily returns on the benchmark's daily returns. The slope of the best-fit line is the beta. The intercept is not used for this signal.
Cleaning
Stock and benchmark returns are inner-joined on trading date; a date missing from either side is dropped, never zero-filled. Days with zero or missing stock volume, or a 0.0 stock return while the benchmark moved (a stale price), are dropped. Single-day moves beyond 400 percent are treated as unadjusted-split or bad-tick data and dropped; smaller large moves are kept.
Reliability
R-squared measures how much of the stock's daily movement the benchmark actually explains, on a 0 to 1 scale. Below 0.10, or with too little clean history or too many dropped days, the beta is not published at all: it shows as insufficient signal with a reason rather than a misleading number. Between 0.10 and 0.20 it publishes but is flagged low confidence.

Illustrative example

High R-squared: gold explains most of the movement.

Low R-squared: company-specific factors dominate.

Same slope (same beta) can come with very different reliability. R-squared is how much you should trust the line.

Typical profiles by company type

Producers
Highest torque. Margins are directly levered to gold, so beta commonly sits above 1. Higher-cost producers carry thinner margins and even more torque.
Royalty and streaming
Lower beta. They own contractual rights to production or revenue across many mines, so cash flow is diversified and less exposed to any single operation's costs.
Developers and explorers
Often low R-squared. The share price is driven by drill results, permits, resource estimates, and financing, so gold explains little of the day-to-day move even when beta looks large or jumpy.

What beta does not tell you

Historical, not predictive
It measures the past year. The future can differ.
Single factor
It sees only gold. It ignores currency, jurisdiction risk, management, and the balance sheet.
It drifts
Beta changes as mines get built, costs move, and hedges roll on and off.
Noise in thin names
Low-liquidity stocks produce jumpy, less reliable estimates.
Hedging hides torque
Producers that hedge gold forward will show suppressed beta by design.

FAQ

No. Beta is amplification, not quality. A high beta means bigger moves in both directions. It rewards you more when gold rises and hurts you more when gold falls. It says nothing about whether a company is well run.

Glossary

Gold beta is a historical, descriptive statistic computed from public daily price data over 252 sessions vs GLD. Methodology.

	Last	Chg	%
Gold	4,162.30	-40.01	-0.95%
Silver	60.41	-0.76	-1.24%
GDX	87.78	+1.04	+1.20%
GDXJ	113.65	+1.19	+1.06%
USD Index	101.92	-0.01	-0.01%
10Y Yield	5.28	+0.04	+0.76%