Stockhead Investor: ASX Gold Quarterly Wrap: These goldies know how to add value

Gold remains the go-to commodity in turbulent times – and an attractive target for bargain hunters.

Prices may be off the record highs beyond US$5500/oz in January, and share prices are off their peaks, but gold is still at historically high levels.

Consolidating in a US$4000/oz-US$4500/oz range is more than enough to keep exploration and potential project economics on the right side of the ledger.

Gold also ranks among the top performers over the past year, after streaking ahead of other assets. The first half of 2026 showed gold remains sensitive to geopolitical and abrupt shifts in investor sentiment, according to the World Gold Council.

The precious metal also showcased the growing relevance of Asian markets in gold price discovery, the council’s experts say.

Central bank buying of gold – rather than US-dollar denominated assets – and policy shifts in key markets like gold-loving India, which has raised gold import duties to safeguard foreign currency reserves, are expected to shape gold’s trajectory for the rest of 2026.

Australia’s major banks and official forecasters project continued strength for gold.

Goldies are keeping the faith too, buoyed by M&A in their top-notch neighbourhoods.

With all that in mind, we’ve run the ruler over the quarterly reports of some of the gold juniors looking to turn investor enthusiasm into new discoveries.

Astral Resources (ASX:AAR)

Theia remains the cornerstone of Astral Resources’ Mandilla gold project in the northern Widgiemooltha greenstone belt, just 70km south of Kalgoorlie, Western Australia.

Astral says there’s been steady progress with technical work streams as well as permitting and approval pathways.

The Mandilla DFS is currently targeted for completion during the first quarter of 2027, with a final investment decision (FID) expected to swiftly follow.

Preparation of the independent technical expert report is underway, and capital and operating costs have been received and are under internal review.

An updated JORC 2012 MRE of 53.5Mt at 1.0g/t Au for 1.74Moz of contained gold was declared in April, encompassing Theia and the Iris, Eos and Hestia deposits.

The completion of a 99-hole (11,121m) RC drill program, with drill spacing reduced to a 12.5m x 12.5m grid, also allowed the company to declare a maiden MRE at Theia of 1.3Mt at 1.3g/t for 57,000oz of contained gold.

Eos was estimated at 3.7Mt at 1.0g/t Au for 118,000oz of contained gold – up 147% in volume and up 64% in contained gold as compared to the previous MRE (April 2025).

Iris now stands at 6.5Mt at 0.8g/t for 159,000oz – an increase of 47% – and the Indicated resource increased from 63% to 74%.

Hestia has 2.4Mt at 1.0g/t Au for 73,000oz of contained gold.

Meanwhile early mining at the Think Big deposit at Feysville could produce cash flow during the June Quarter 2027, according to AAR.

Feysville hosts an MRE of 5Mt at 1.2g/t Au for 196,000oz of contained gold at the Kamperman, Think Big and Rogan Josh deposits.

The thinking is that the Feysville could be a valuable source of satellite ore feed for a future operation based at Mandilla, as suggested in the recent PFS.

Full article: https://stockhead.com.au/resources/gold-quarterly-wrap-these-goldies-know-how-to-add-value/