Why CFOs need a capital allocation framework
Determining how to allocate capital is arguably one of the most complex responsibilities facing CFOs today. The process of generating and deploying capital is core to the CFO role and key to producing outsized return on capital — but also one that is quite difficult to perform well.
Internal agendas, volatile market conditions, and human biases all cloud the decision-making process. With boards and institutional investors increasingly expecting management to provide clarity on how capital will be deployed to achieve strategic goals, having a robust capital allocation strategy that guides and explains investment decisions is vital.
However, according to a global Deloitte survey of business leaders, only 22 per cent claim to be very confident in the ability of their capital allocation approach to execute the organisation's overall strategy and optimise return on capital.
This disconnect between expectations and reality has consequences. The absence of well-structured capital allocation framework can lead to suffocation of value creation, suboptimal returns on shareholder capital, and, at the extreme, companies can expose themselves to activist investor pressure or opportunistic takeovers.
I recall the case of an SaaS company whose management team could not decide whether the business should allocate additional capital to sales and marketing to chase growth, or double down on product development to improve long-term retention and pricing power.
Without a framework to guide them, progress stalled, and ultimately, private equity (who are typically very skilled at capital allocation) acquired the business. The lesson is clear: failing to actively manage capital allocation doesn't mean the decision goes away. It might just be made by someone else.
As keepers of the corporate purse, CFOs are the linchpin of any good capital allocation strategy and will ultimately have the most influence over its design. But how do they help ensure the development of a strategy that's fit-for-purpose?
It all starts with asking the right questions, clearly and consistently, like: what is our strategy and where is capital needed to execute strategy? What is our strategic asset allocation across the business? For a diversified real estate group, this might mean sector exposure or geographic mix. For a miner, it might relate to commodity exposures. Visibility over where your capital is deployed and the alignment to strategy is a perquisite for intelligent decision-making.
Next you could ask what your mandatory capital investments, across both operating and capital expenditure, are. Things like safety upgrades, regulatory compliance or maintenance capex are all essential spends that must be prioritised before discretionary investment. Doing this helps see how much capital there is to work with.
Grouping capital needs into categories like maintenance, optimisation, transformation, and growth can also help teams evaluate options more clearly.
Aleks Lupul is Lead Partner for Deloitte Capital Allocation, Modelling & Insights
CFOs must also define what level of gearing is acceptable and understand how it impacts the cost of capital and appetite for risk. Determining the right level of gearing can be difficult, but scenario analysis is essential, particularly in times of uncertainty. You need to understand the potential impact of volatile trading environments on your business and ability to meet debt covenants, as well as implications on refinancing risk.
Equally important are the company's commitments to shareholders and having a clear understanding of what shareholders expect from the business. Dividend policies, reinvestment promises, understanding shareholders' support and appetite to fund growth and share buyback schemes are all part of the capital equation. Sometimes the best use of capital may be to return it to those who have placed their trust in the business.
Portfolio performance should also be reviewed regularly, and not just when considering new investments. It is important to remember that capital allocation is not just about the deployment of capital — staying invested in existing assets or businesses is a capital allocation decision too. CFOs should ask whether where their capital is invested continues to be consistent with strategy, maximises shareholder value and whether they are the best owner of the asset or business.
By adopting a portfolio approach, companies can spread risk intelligently. For instance, when most of the portfolio is weighted toward stable, low-risk investments, a company can afford to place selective, higher-risk bets on innovation or market expansion.
Alternatively, when volatility is high, organisations can dial back risk exposure without halting growth altogether. This type of strategic flexibility is only possible when capital is actively managed.
These questions and considerations are not exhaustive but are central to developing a strong capital allocation framework and all the benefits that come with it. But in my view, the best capital allocators also embed a return on capital mindset into their organisations' culture, which guides daily decision-making at all levels of the organisation.
The top-performing CFOs foster an organisational mindset where capital is treated as precious, where each dollar invested must be producing returns for the business aligned with long-term goals.
This more mature approach also allows for a more integrated view of financial and non-financial objectives — like environmental, social and governance (ESG) concerns. For example, there is often tension between investing in sustainability and delivering immediate shareholder returns (although I would argue that delivering shareholder returns in the long-term cannot be done without ESG in mind).
Good capital allocation frameworks don't solve that trade-off, but it does make it more visible. It allows for a conversation about how ESG forms part of capital allocation decisions and how capital allocation can promote ESG agendas which form part of an organisation's strategy.
In many ways, company management has never been more scrutinised than it is today. CFOs who fail to take a rigorous approach to capital allocation risk falling short of market and governance expectations. Those who embrace it as a core leadership discipline can unlock tremendous value for the organisation and its shareholders.
A well-structured capital allocation framework doesn't just help organisations decide where to invest. It helps companies align human capital with strategy to deploy scarce capital in the areas that achieve greatest return for shareholders and other stakeholders. In an era of constrained resources and heightened scrutiny, that kind of clarity is essential.
Aleks Lupul is Lead Partner for Deloitte Capital Allocation, Modelling & Insights.
-
Disclaimer
This publication contains general information only and Deloitte is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified professional adviser.
Deloitte shall not be responsible for any loss sustained by any person who relies on this publication.
About Deloitte
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ('DTTL'), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. Please see www.deloitte.com/au to learn more.
Copyright © 2025 Deloitte Development LLC. All rights reserved.
-
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News.com.au
2 days ago
- News.com.au
Gold Digger: Central banks want EVEN MORE GOLD as boom goes on
Gold prices are sitting near record highs Central bank demand has been a big reason, topping 1000t in each of the past three years And a survey of the world's central banks shows they see that trend continuing Gold prices have absolutely sky-rocketed in the past two years, soaring from under US$2000/oz in late 2023 to more than US$3350/oz today and, at one point in April, as much as US$3500/oz. That's great news for gold equities and their investors. A sizeable portion of that price move could be flimsy, locked into safe haven demand based off temporary responses to signs of global economic and geopolitical instability – Trump's tariffs, the TACO trade (Trump Always Chickens Out – a gag from Wall Street that the Prez HATES), war in the Middle East and Ukraine. But a large driver, underwriting the gold price according to many analysts, has been demand from central banks. Sovereign buyers of bullion have hoovered up, on a net basis, around 1000t of gold in each of the past three years, well above historic levels. The eighth annual central bank reserves survey from the World Gold Council, released this week, suggests central banks are even more bullish about the commodity now than they have been at any point since it launched. Around 95% of central banks buyers expect central banks to increase their gold reserves this year, up from 81% last year, with 76% thinking gold will be a larger proportion of global reserve assets in five years compared to today, up from 62% last year. 43% of respondents have concrete plans to increase their gold reserves in the next 12 months, up from just 29% last year. That comes despite the extraordinarily high cost currently of buying gold, WGC global head of central banks and head of Asia-Pacific (ex-China) Shaokai Fan said. 'After eight years of conducting this survey, we have reached an important milestone: nearly half of the central bank respondents intend to increase their own gold holdings in the coming year. This is remarkable, especially considering how many record-high prices we've hit so far in 2025," he said. "Notably, this reflects the current global financial and geopolitical environments. Gold remains a strategic asset as the world faces uncertainty and tumult. Central banks are concerned about interest rates, inflation, and instability – all reasons to turn to gold to mitigate risk.' Drivers The desire to acquire more gold is even higher in emerging markets, with 48% of the 58 surveyed saying the plan to increase their gold reserves over the next 12 months, compared to just 21% of advanced economy respondents. 84% of EMDE (emerging markets and developing economies) who responded said inflation was behind their rationale for holding gold, with 81% pointing to the geopolitical situation. Across advanced economies, those were key factors for 67% and 60% of respondents, respectively. Those geopolitical fears are reflected also in where gold is being stored, with domestic storage of bullion up from 41% to 59% as a prepper mentality sets in. Around 73% of respondents also see moderately or significantly lower US dollar holdings in global reserves over the next five years. That could happen in lockstep with higher Euro and Renminbi holdings, as economic turmoil, US debt levels and trade unpredictability from the new US Administration prompt foreign central bankers to diversify from the universal store of value. Notably, no central bankers think their gold holdings will decrease this year, with 3% of respondents having indicated plans to sell gold in 2024 and 2023. "Taken together, these findings clearly highlight that gold sentiment within the central banking community remains positive," the report authors said. "Expectations point to continued gold buying over the next 12 months, reflecting sustained confidence in gold's strategic role amid evolving geopolitical and macroeconomic dynamics." 87% of EMDEs and 77% of advanced economy central banks pointed to gold's performance during a time of crisis as a key reason for holding gold, while 92% of advanced economy central banks say it's because of their historical position. Winners and losers Here's how ASX-listed precious metals stocks are performing: CODE COMPANY PRICE WEEK % MONTH % 6 MONTH % YEAR % YTD % MARKET CAP MRR Minrex Resources Ltd 0.009 -14% 0% 29% 0% 29% $ 10,848,675.03 NPM Newpeak Metals 0.02 82% 54% 54% 0% 82% $ 5,797,291.16 ASO Aston Minerals Ltd 0.022 0% 29% 144% 69% 144% $ 28,491,413.92 MTC Metalstech Ltd 0.13 -7% -4% -4% -45% -7% $ 27,133,811.38 GED Golden Deeps 0.021 -9% 17% -13% -48% -16% $ 3,896,765.42 G88 Golden Mile Res Ltd 0.012 0% -8% 50% 9% 33% $ 6,530,974.26 LAT Latitude 66 Limited 0.028 -24% -32% -47% 1300% -26% $ 4,015,219.74 NMR Native Mineral Res 0.2 0% 18% 441% 567% 413% $ 188,259,603.45 AQX Alice Queen Ltd 0.003 0% -40% -57% -57% -63% $ 3,748,920.20 SLZ Sultan Resources Ltd 0.005 0% -29% -17% -50% -17% $ 1,157,349.55 KSN Kingston Resources 0.13 0% 40% 76% 67% 83% $ 107,056,852.63 AMI Aurelia Metals Ltd 0.2075 -33% -30% 26% 22% 22% $ 363,903,117.60 GIB Gibb River Diamonds 0.035 9% 9% -13% -24% -13% $ 7,507,830.58 KCN Kingsgate Consolid. 2.32 4% 24% 74% 37% 81% $ 592,828,891.60 TMX Terrain Minerals 0.002 0% -20% -33% -33% -33% $ 4,497,113.20 BNR Bulletin Res Ltd 0.057 -7% -23% 46% 39% 46% $ 18,204,026.03 NXM Nexus Minerals Ltd 0.079 -5% 13% 61% 108% 76% $ 46,489,490.20 SKY SKY Metals Ltd 0.049 11% 9% -6% 53% -9% $ 32,692,345.64 LM8 Lunnonmetalslimited 0.23 10% 2% 10% 21% -8% $ 50,744,480.02 CST Castile Resources 0.062 5% -9% -17% -21% -23% $ 16,816,171.90 YRL Yandal Resources 0.1075 -10% -37% -45% -2% -39% $ 34,015,848.02 FAU First Au Ltd 0.004 14% 60% 100% 60% 100% $ 8,287,973.11 ARL Ardea Resources Ltd 0.385 -4% -8% 20% -25% 17% $ 82,061,036.85 GWR GWR Group Ltd 0.091 0% -13% 12% 5% 14% $ 29,448,205.61 IVR Investigator Res Ltd 0.032 -6% 60% 68% -36% 60% $ 49,270,766.79 GTR Gti Energy Ltd 0.004 0% 0% 0% -20% 14% $ 11,995,798.65 IPT Impact Minerals 0.0065 30% 8% -31% -57% -31% $ 25,709,644.80 BNZ Benzmining 0.44 -3% 29% 33% 226% 28% $ 70,376,347.75 MOH Moho Resources 0.004 0% -33% 0% 14% -20% $ 2,236,242.08 BCM Brazilian Critical 0.011 22% 10% 22% -35% 22% $ 14,415,865.59 PUA Peak Minerals Ltd 0.0245 17% 53% 181% 916% 216% $ 61,761,068.38 MRZ Mont Royal Resources 0.041 0% 0% -5% -33% -5% $ 3,486,221.51 SMS Starmineralslimited 0.019 -14% -27% -53% -27% -47% $ 3,530,326.41 MVL Marvel Gold Limited 0.014 -7% 0% 56% 75% 56% $ 19,504,319.84 PRX Prodigy Gold NL 0.002 0% 0% 0% -10% 0% $ 6,350,111.10 AAU Antilles Gold Ltd 0.004 0% 0% 33% 0% 33% $ 9,325,472.06 CWX Carawine Resources 0.094 0% -6% -5% -6% -6% $ 22,431,917.66 RND Rand Mining Ltd 2.12 7% 12% 36% 49% 40% $ 120,008,277.71 CAZ Cazaly Resources 0.023 21% 44% 53% 15% 64% $ 9,226,059.82 BMR Ballymore Resources 0.17 -8% 10% 31% 3% 42% $ 31,811,505.30 DRE Dreadnought Resources Ltd 0.01 -23% -23% -9% -63% -17% $ 60,954,000.00 ZNC Zenith Minerals Ltd 0.036 -8% -12% -10% -48% -10% $ 14,824,753.92 REZ Resourc & En Grp Ltd 0.019 12% 19% 6% 58% -17% $ 13,432,782.44 LEX Lefroy Exploration 0.1 -5% 28% 47% 10% 43% $ 24,842,013.80 ERM Emmerson Resources 0.13 0% 0% 76% 141% 69% $ 82,630,454.27 AM7 Arcadia Minerals 0.016 -11% -20% -16% -70% -16% $ 1,760,751.50 ADT Adriatic Metals 5.525 11% 52% 38% 39% 42% $ 1,650,437,362.24 AS1 Asara Resources Ltd 0.05 -11% 22% 127% 355% 163% $ 58,362,425.94 CYL Catalyst Metals 5.725 -15% -18% 119% 484% 122% $ 1,447,751,324.25 CHN Chalice Mining Ltd 1.5575 6% 44% 44% 17% 41% $ 632,168,530.50 KAL Kalgoorliegoldmining 0.04 -13% -5% 122% 25% 122% $ 15,258,487.08 MLS Metals Australia 0.017 -6% -6% -19% -19% -26% $ 12,388,231.91 ADN Andromeda Metals Ltd 0.012 -8% 9% 71% -29% 71% $ 45,760,116.89 MEI Meteoric Resources 0.115 -15% 10% 42% -32% 35% $ 280,423,533.84 SRN Surefire Rescs NL 0.002 100% -20% -40% -70% -32% $ 4,972,890.78 WA8 Warriedarresourltd 0.13 8% 8% 210% 160% 195% $ 135,918,297.48 HMX Hammer Metals Ltd 0.031 -3% -3% 0% -6% -6% $ 28,408,278.40 WCN White Cliff Min Ltd 0.02 -9% -31% 18% 29% 25% $ 48,267,722.92 AVM Advance Metals Ltd 0.048 0% 14% 41% 100% 41% $ 12,191,602.36 ASR Asra Minerals Ltd 0.0015 -25% -40% -50% -63% -50% $ 7,983,396.02 ARI Arika Resources 0.035 -15% 17% 35% 75% 30% $ 27,400,202.83 CTO Citigold Corp Ltd 0.003 -14% 0% -25% -25% -25% $ 9,000,000.00 SMI Santana Minerals Ltd 0.565 -7% 5% 24% 54% 16% $ 401,108,864.63 M2R Miramar 0.0035 0% 17% -13% -63% 17% $ 3,488,881.50 MHC Manhattan Corp Ltd 0.019 -14% -17% -14% -43% 0% $ 4,697,977.96 GRL Godolphin Resources 0.009 -10% 0% -33% -53% -38% $ 4,039,859.81 SVG Savannah Goldfields 0.018 -5% -22% -2% 3% -2% $ 20,548,386.70 EMC Everest Metals Corp 0.14 -7% 0% 4% 17% 4% $ 33,619,688.25 GUL Gullewa Limited 0.068 -8% -3% 21% -4% 21% $ 17,877,818.10 CY5 Cygnus Metals Ltd 0.089 -11% 25% -19% 71% -11% $ 80,006,377.07 G50 G50Corp Ltd 0.12 -14% 14% -20% -23% -23% $ 19,271,719.08 ADV Ardiden Ltd 0.15 3% 3% 15% 15% 11% $ 9,065,038.37 AAR Astral Resources NL 0.175 -3% 13% 21% 119% 30% $ 262,333,187.37 VMC Venus Metals Cor Ltd 0.115 -4% 15% 77% 51% 72% $ 21,574,155.13 NAE New Age Exploration 0.0035 -13% -13% -13% -13% 0% $ 8,117,734.22 VKA Viking Mines Ltd 0.0065 0% -7% -13% -19% -19% $ 8,735,666.87 LCL LCL Resources Ltd 0.007 0% 0% -22% -13% -30% $ 8,363,688.95 MTH Mithril Silver Gold 0.485 -8% 43% 33% 194% 21% $ 68,553,270.34 ADG Adelong Gold Limited 0.005 -17% -38% 25% -29% 11% $ 9,309,045.03 RMX Red Mount Min Ltd 0.008 -11% 0% -11% -20% -11% $ 3,719,662.37 PRS Prospech Limited 0.02 -5% -17% -33% -43% -31% $ 6,818,865.97 TTM Titan Minerals 0.35 -7% -5% 4% 0% -8% $ 96,461,111.22 AKA Aureka Limited 0.12 -4% -4% -8% -99% -11% $ 16,386,536.53 AAM Aumegametals 0.031 -9% -11% -24% -42% -26% $ 18,727,504.30 KZR Kalamazoo Resources 0.088 4% -1% 10% 4% 19% $ 19,087,235.98 BCN Beacon Minerals 0.03 7% 11% 36% 20% 36% $ 126,791,863.77 MAU Magnetic Resources 1.565 -5% -2% 39% 52% 42% $ 429,347,646.40 BC8 Black Cat Syndicate 0.85 1% 3% 49% 209% 50% $ 601,377,106.30 EM2 Eagle Mountain 0.006 20% 20% -27% -86% -33% $ 6,810,223.73 EMR Emerald Res NL 4.665 5% 10% 34% 33% 44% $ 3,024,120,122.80 BYH Bryah Resources Ltd 0.0135 -4% 238% 350% 93% 350% $ 11,309,395.79 HCH Hot Chili Ltd 0.55 -2% 15% -20% -41% -21% $ 81,861,920.46 WAF West African Res Ltd 2.175 -6% -5% 46% 51% 52% $ 2,496,359,535.81 MEU Marmota Limited 0.039 -5% -11% 5% -17% 0% $ 45,953,925.81 NVA Nova Minerals Ltd 0.35 4% 9% 25% 75% -5% $ 111,434,108.87 SVL Silver Mines Limited 0.115 -15% 29% 42% -30% 47% $ 213,573,047.04 PGD Peregrine Gold 0.16 -24% 14% 33% -27% 14% $ 13,999,877.27 ICL Iceni Gold 0.059 -31% 3% -11% -13% -17% $ 20,598,083.22 FG1 Flynngold 0.034 0% 36% 26% 26% 36% $ 12,913,443.51 WWI West Wits Mining Ltd 0.02 -26% -17% 43% 54% 43% $ 52,566,531.06 RML Resolution Minerals 0.04 18% 233% 208% 100% 233% $ 24,222,908.48 AAJ Aruma Resources Ltd 0.01 0% 0% -9% -33% -17% $ 2,775,727.14 HWK Hawk Resources. 0.015 -6% -17% -25% -58% -32% $ 4,063,941.74 GMN Gold Mountain Ltd 0.001 -50% -50% -67% -67% -67% $ 5,619,759.25 MEG Megado Minerals Ltd 0.012 0% -8% -25% 40% -29% $ 7,280,199.14 HMG Hamelingoldlimited 0.069 -17% -23% 10% -13% 8% $ 16,340,625.00 BM8 Battery Age Minerals 0.055 2% 4% -45% -61% -48% $ 6,704,050.27 TBR Tribune Res Ltd 5 2% 4% 17% 42% 17% $ 262,340,385.00 FML Focus Minerals Ltd 0.37 -6% 61% 106% 147% 118% $ 104,593,905.43 VRC Volt Resources Ltd 0.004 -11% -20% 33% -33% 33% $ 23,423,889.92 ARV Artemis Resources 0.0055 -8% -21% -39% -54% -31% $ 15,214,032.99 HRN Horizon Gold Ltd 0.57 -2% 9% 43% 104% 19% $ 79,661,957.65 CLA Celsius Resource Ltd 0.0065 -7% -7% -35% -41% -41% $ 21,948,419.16 QML Qmines Limited 0.042 5% 17% -21% -30% -22% $ 18,134,750.00 RDN Raiden Resources Ltd 0.005 -17% -29% -55% -83% -55% $ 17,254,457.21 TCG Turaco Gold Limited 0.47 -2% 21% 77% 147% 84% $ 433,911,101.28 KCC Kincora Copper 0.039 8% 22% 50% -35% 44% $ 9,419,163.52 GBZ GBM Rsources Ltd 0.006 0% -33% -14% -40% -25% $ 7,026,419.87 DTM Dart Mining NL 0.003 -14% -25% -70% -84% -67% $ 3,594,166.73 MKR Manuka Resources. 0.041 3% 21% 58% 5% 46% $ 30,842,003.75 AUC Ausgold Limited 0.725 -4% 21% 77% 96% 73% $ 253,788,176.56 ANX Anax Metals Ltd 0.007 -13% -13% -48% -77% -42% $ 6,179,652.97 EMU EMU NL 0.02 18% 0% -23% -23% -26% $ 4,224,969.36 SFM Santa Fe Minerals 0.035 -8% -5% 21% -13% 13% $ 2,912,751.56 PNR Pantoro Gold Limited 3.19 -13% -2% 111% 111% 108% $ 1,237,360,738.95 CMM Capricorn Metals 10.49 10% 20% 58% 118% 67% $ 4,431,507,241.88 VRL Verity Resources 0.021 -19% -22% -2% -57% 8% $ 6,985,586.70 HAW Hawthorn Resources 0.068 39% 24% 66% 6% 66% $ 17,755,827.49 BGD Bartongoldholdings 0.905 6% 29% 269% 223% 269% $ 200,889,359.10 SVY Stavely Minerals Ltd 0.011 -8% -8% -35% -68% -35% $ 6,528,505.12 AGC AGC Ltd 0.155 -9% 3% -3% -47% 0% $ 41,055,555.52 RGL Riversgold 0.004 -11% 0% 33% -33% 0% $ 6,734,850.37 TSO Tesoro Gold Ltd 0.025 0% -7% 19% -22% 25% $ 44,660,653.42 GUE Global Uranium 0.065 0% 8% 27% -27% 8% $ 30,013,808.42 CPM Coopermetalslimited 0.036 0% 0% -5% -49% -22% $ 2,820,803.40 MM8 Medallion Metals. 0.25 -12% -4% 158% 363% 108% $ 124,618,194.05 FFM Firefly Metals Ltd 1.075 2% 17% 18% 36% 16% $ 637,522,208.46 CBY Canterbury Resources 0.031 7% 63% 24% -33% 41% $ 6,015,785.98 SLA Solara Minerals 0.175 3% 46% 116% -30% 94% $ 10,147,344.03 SFR Sandfire Resources 11.385 0% 8% 23% 32% 23% $ 5,233,419,204.00 TAM Tanami Gold NL 0.05 9% 32% 67% 61% 67% $ 57,579,755.25 NWM Norwest Minerals 0.012 -11% 20% -30% -48% 0% $ 11,620,302.74 ALK Alkane Resources Ltd 0.72 -3% 1% 43% 38% 41% $ 439,017,871.70 BMO Bastion Minerals 0.002 27% -15% -36% -58% -36% $ 1,419,960.35 IDA Indiana Resources 0.078 3% -1% 28% 83% 28% $ 49,490,399.27 GSM Golden State Mining 0.0075 7% -17% -6% -17% -6% $ 1,955,594.41 NSM Northstaw 0.032 -5% -8% 102% 148% 102% $ 8,757,648.00 GSN Great Southern 0.024 4% 9% 71% 60% 60% $ 23,923,302.96 VAU Vault Minerals Ltd 0.4125 -4% -4% 27% -7% 25% $ 2,789,014,086.62 DEG De Grey Mining 0 -100% -100% -100% -100% -100% $ 5,915,063,112.00 THR Thor Energy PLC 0.01 -9% -9% -23% -38% -23% $ 7,107,898.35 CDR Codrus Minerals Ltd 0.037 0% -3% 95% -23% 118% $ 8,062,640.78 MDI Middle Island Res 0.021 -16% 17% 50% 62% 75% $ 6,157,913.39 WTM Waratah Minerals Ltd 0.265 -23% -13% 71% 141% 71% $ 60,713,189.16 POL Polymetals Resources 0.815 -4% 1% 1% 220% 3% $ 204,232,215.14 RDS Redstone Resources 0.0035 17% -42% 40% -30% 40% $ 3,619,935.74 NAG Nagambie Resources 0.017 -6% -6% 6% 55% -6% $ 13,656,139.85 BGL Bellevue Gold Ltd 0.935 1% 6% -20% -49% -17% $ 1,395,128,171.12 GBR Greatbould Resources 0.073 3% 20% 70% 18% 70% $ 55,536,411.26 KAI Kairos Minerals Ltd 0.0305 13% 17% 135% 190% 154% $ 76,296,453.48 KAU Kaiser Reef 0.18 0% 9% 9% 24% 13% $ 100,902,845.50 HRZ Horizon 0.049 -11% 0% 26% 36% 23% $ 123,302,133.50 CDT Castle Minerals 0.076 -14% -19% 27% -49% 27% $ 9,628,794.31 RSG Resolute Mining 0.6 5% 3% 48% 20% 52% $ 1,298,720,507.93 EVN Evolution Mining Ltd 7.855 -10% -3% 63% 116% 63% $ 15,578,504,854.48 CXU Cauldron Energy Ltd 0.01 43% 14% -7% -61% -14% $ 14,664,046.09 DLI Delta Lithium 0.175 3% -13% 6% -22% 3% $ 125,394,813.60 ALY Alchemy Resource Ltd 0.005 0% -9% -29% -38% -29% $ 5,890,381.28 NH3 Nh3Cleanenergyltd 0.03 -9% 20% 58% 173% 67% $ 16,938,143.55 OBM Ora Banda Mining Ltd 0.915 -10% -9% 42% 158% 41% $ 1,751,893,791.45 AVW Avira Resources Ltd 0.007 0% 0% -65% -65% -65% $ 1,610,000.00 LCY Legacy Iron Ore 0.009 0% 0% 0% -33% -10% $ 87,858,383.26 PDI Predictive Disc Ltd 0.3875 -7% 2% 68% 104% 68% $ 1,035,072,490.97 MAT Matsa Resources 0.061 -13% -13% 74% 110% 74% $ 44,000,871.78 ZAG Zuleika Gold Ltd 0.018 50% 50% 38% -5% 38% $ 13,353,838.69 GML Gateway Mining 0.028 -10% 0% 22% 8% 33% $ 11,855,788.56 SBM St Barbara Limited 0.325 -12% 7% 10% 51% 44% $ 341,096,597.42 SBR Sabre Resources 0.009 0% 13% -10% -47% -10% $ 3,550,157.40 STK Strickland Metals 0.14 0% 27% 63% 27% 65% $ 305,418,572.60 CEL Challenger Gold Ltd 0.086 -1% 12% 126% 51% 83% $ 177,633,790.25 GG8 Gorilla Gold Mines 0.435 -11% -17% 67% 1446% 67% $ 279,429,093.42 NST Northern Star 20.34 -5% 8% 33% 52% 32% $ 29,113,820,447.62 OZM Ozaurum Resources 0.066 -8% -14% 154% 14% 120% $ 15,120,723.62 TG1 Techgen Metals Ltd 0.024 -4% -4% -29% -14% -31% $ 3,807,977.04 XAM Xanadu Mines Ltd 0.079 1% 0% 58% 32% 61% $ 178,714,472.74 AQI Alicanto Min Ltd 0.028 -13% 0% -24% 70% -24% $ 23,748,003.33 KTA Krakatoa Resources 0.012 0% 20% 33% 9% 26% $ 6,821,474.28 ARN Aldoro Resources 0.33 10% 3% 6% 400% -13% $ 57,296,432.03 WGX Westgold Resources. 2.945 -5% 13% -1% 25% 4% $ 2,801,035,779.30 MBK Metal Bank Ltd 0.011 -15% 10% -21% -52% -27% $ 5,472,048.98 A8G Australasian Metals 0.067 -3% -3% -13% -14% -15% $ 3,878,611.58 TAR Taruga Minerals 0.008 0% -11% -20% 14% -20% $ 6,423,786.52 DTR Dateline Resources 0.079 -21% 114% 2533% 778% 2157% $ 236,251,292.67 GOR Gold Road Res Ltd 3.36 -1% 2% 64% 107% 64% $ 3,650,300,841.60 S2R S2 Resources 0.064 -14% -28% -6% -35% -4% $ 33,523,787.98 NES Nelson Resources. 0.003 0% 0% 0% 0% 0% $ 6,515,782.98 TLM Talisman Mining 0.135 -4% -10% -36% -48% -34% $ 24,481,645.37 BEZ Besragoldinc 0.056 30% 37% -16% -43% -38% $ 22,436,836.11 PRU Perseus Mining Ltd 3.555 -5% 5% 34% 51% 38% $ 4,849,508,582.72 SPQ Superior Resources 0.0035 -13% -13% -42% -50% -42% $ 9,483,930.90 PUR Pursuit Minerals 0.037 -10% -10% -66% -75% -61% $ 3,690,156.63 RMS Ramelius Resources 2.655 -6% 4% 23% 42% 28% $ 3,013,260,660.80 PKO Peako Limited 0.002 0% -20% -33% -35% -33% $ 4,463,225.88 ICG Inca Minerals Ltd 0.009 80% 80% 50% 29% 80% $ 14,187,510.56 A1G African Gold Ltd. 0.16 -3% 42% 220% 567% 191% $ 84,220,475.52 NMG New Murchison Gold 0.018 6% 20% 80% 300% 100% $ 177,315,301.93 GNM Great Northern 0.013 0% -24% -7% 8% -7% $ 2,164,807.08 KRM Kingsrose Mining Ltd 0.031 3% 0% -14% -23% -11% $ 24,112,848.61 BTR Brightstar Resources 0.5 -11% -29% 0% 33% 0% $ 241,014,510.72 RRL Regis Resources 4.705 -4% 2% 78% 170% 85% $ 3,490,307,131.08 M24 Mamba Exploration 0.012 0% -14% 0% -33% 0% $ 4,132,318.54 TRM Truscott Mining Corp 0.052 -5% -20% -33% -15% -33% $ 9,955,325.12 TNC True North Copper 0.355 13% 65% -88% -93% -88% $ 44,583,975.80 MOM Moab Minerals Ltd 0.001 0% 0% -50% -80% -50% $ 1,733,666.03 KNB Koonenberrygold 0.035 -20% -48% 192% 106% 192% $ 37,913,621.72 AWJ Auric Mining 0.175 3% -9% -51% 0% -49% $ 32,546,692.85 ENR Encounter Resources 0.26 13% 13% -13% -28% -20% $ 119,710,156.56 SNG Siren Gold 0.0505 -5% 3% -20% -42% -22% $ 10,948,530.45 STN Saturn Metals 0.385 4% 43% 97% 97% 88% $ 156,284,475.48 USL Unico Silver Limited 0.28 2% 27% 56% 93% 44% $ 122,624,251.40 PNM Pacific Nickel Mines 0.024 0% 0% 0% -17% 0% $ 10,103,834.52 AYM Australia United Min 0.003 50% 0% -25% 50% -25% $ 5,527,732.46 HAV Havilah Resources 0.18 -3% 6% -14% 0% -20% $ 62,762,414.76 SPR Spartan Resources 2.08 -6% 4% 59% 154% 48% $ 2,588,762,477.66 PNT Panthermetalsltd 0.014 0% 8% 40% -31% 27% $ 4,212,663.67 MEK Meeka Metals Limited 0.155 -11% 24% 104% 400% 101% $ 377,355,775.50 GMD Genesis Minerals 4.61 -3% 17% 81% 155% 87% $ 5,097,869,029.00 PGO Pacgold 0.067 -1% -6% -9% -36% -11% $ 9,940,386.82 FEG Far East Gold 0.16 7% 10% -11% 52% -11% $ 56,889,255.22 MI6 Minerals260Limited 0.125 -7% -14% -4% 0% -4% $ 248,079,999.96 IGO IGO Limited 3.885 -8% -6% -21% -35% -19% $ 3,066,934,642.65 GAL Galileo Mining Ltd 0.105 -19% -9% -13% -49% -16% $ 20,750,617.34 RXL Rox Resources 0.295 2% 5% 64% 111% 48% $ 216,100,888.87 PTN Patronus Resources 0.07 6% 21% 43% 25% 43% $ 114,617,846.28 CLZ Classic Min Ltd 0.001 0% 0% 0% -50% 0% $ 2,790,941.81 TGM Theta Gold Mines Ltd 0.135 -4% 13% -27% -4% -25% $ 118,722,864.51 FAL Falconmetalsltd 0.13 -7% 0% 0% -48% 13% $ 26,550,000.00 SPD Southernpalladium 0.6 0% 208% 0% 43% 0% $ 66,843,750.00 ORN Orion Minerals Ltd 0.011 0% -8% -27% -27% -27% $ 75,354,926.00 TMB Tambourahmetals 0.022 -12% -12% -4% -67% 5% $ 3,235,981.01 TMS Tennant Minerals Ltd 0.006 0% -14% -33% -70% -33% $ 6,395,342.49 AZY Antipa Minerals Ltd 0.74 -4% 35% 196% 517% 185% $ 434,657,168.25 PXX Polarx Limited 0.0075 -6% -6% 7% -32% 15% $ 17,816,257.34 TRE Toubani Res Ltd 0.29 -5% 7% 115% 57% 71% $ 74,618,436.37 AUN Aurumin 0.097 8% 45% 67% 162% 47% $ 47,448,973.82 GPR Geopacific Resources 0.0225 -6% 18% 16% 10% 13% $ 73,196,702.50 FXG Felix Gold Limited 0.145 -3% -3% 67% 174% 73% $ 59,630,786.15 ILT Iltani Resources Lim 0.225 2% -6% 25% -32% 10% $ 12,922,541.66 BRX Belararoxlimited 0.06 0% -48% -67% -69% -66% $ 9,308,947.43 TM1 Terra Metals Limited 0.048 14% 60% 118% 55% 71% $ 23,894,848.30 TOR Torque Met 0.125 -4% 26% 145% -14% 136% $ 64,854,955.88 ARD Argent Minerals 0.022 -15% 22% 29% 47% 29% $ 31,815,090.56 LM1 Leeuwin Metals Ltd 0.1325 -5% 2% 121% 128% -5% $ 12,600,798.00 SX2 Southgold Consol 7.935 5% 37% 0% 0% 0% $ 1,114,325,536.00 UVA Uvrelimited 0.09 0% -10% 6% -18% 1% $ 5,418,000.09 VTX Vertexmin 0.26 -13% 11% 41% 206% 25% $ 56,478,241.96 Zuleika Gold (ASX:ZAG) Mark Creasy backed Zuleika Gold has a bone to pick with $1.5 billion ASX gold miner Catalyst Metals (ASX:CYL) through no smaller a forum than the WA Supreme Court ... actually it's a bone that's already been picked with Vango Mining, which Catalyst acquired a couple years back. It's going to head there in October this year to find out the quantum of damages payable by Catalyst after the Supreme Court found in March 2022 that entities now owned by Catalyst had wrongfully repudiated a JV agreement which "prevented Zuleika from earning up to 50% of the beneficial interest" in the tenement hosting the K2, K1 and PHB-1 prospects and the K2 Area at its project in the Plutonic gold district. 'It has taken five long years to get to this stage but, on behalf of and for all Zuleika Shareholders, I am pleased we can finally present to the Supreme Court the significant opportunity lost to us when the Catalyst Entities breached Zuleika's rights under the BTS Agreement," Zuleika exec chair Annie Guo said. 'This includes denying Zuleika's immediate beneficial interest in 4.1% of the Tenement and K2 Area, and therefore 4.1% of the underlying gold resource, and denying Zuleika the opportunity to earn in up to a 50% interest in the Tenement and K2 Area in alignment with the terms of the BTS Agreement. 'We long ago identified the potential and prospectivity of the Tenement and K2 Area and are not surprised that – today – they are earmarked to underpin the future of the Plutonic Gold Project. 'The Court has already confirmed that Zuleika was denied its rights under the BTS Agreement – and dismissed the Catalyst Entities' appeal – so Zuleika's focus now is to ensure we receive fair value for what is owed to us. 'Zuleika will provide further updates as this long-running litigation finally reaches its conclusion.' The 81,000oz K2 underground is now a planned satellite for Catalyst's Plutonic gold mine, with Zuleika claiming for losing the right to 50% of the K2 project, and unpaid entitlements under the sale agreement and royalty deed listed at $6m, legal costs and the transfer of a 4.1% beneficial interest in the tenement and K2 Area. Catalyst meanwhile has tried to distance itself from the situation, saying the Zuleika announcement, which references incidents that happened long before it acquired Vango Mining in 2023, is just the statement of trial dates and "conveys no new or material information". It says the dates have been known to Zuleika and Catalyst since they were set on April 11. "As to why these dates have only become material to Zuleika now is not known to Catalyst," the company said. "The Board of Catalyst considers this to be nothing more than an attempt to generate publicity and exert leverage against the defendants in the context of the forthcoming Supreme Court hearing," CYL told the ASX. Cazaly was up there in the past week after starting RC drilling at the Duke of York gold prospect. The 2000m drill program will test beneath historical gold workings at the target, part of its Goongarrie gold project to the north of Kalgoorlie. Historical drill intercepts at Duke of York included strikes of 13m at 3.5g/t and 8m at 10.7g/t on the margin of mafic and sedimentary rock under the old Duke of York workings. 'I am extremely pleased to announce that drilling has commenced at Duke of York, the first of many gold targets to be tested in this highly prospective district," MD Tara French said. "Our team has worked extremely hard to obtain approvals which places us on the ground less than 3 months after exercising the option to earn up to 80% of the Goongarrie Gold project with Brightstar Resources (ASX:BTR). "It's a very exciting time to be drilling beneath historical gold workings in the eastern goldfields, and we can't wait to see the results of this first drilling campaign.'
ABC News
3 days ago
- ABC News
Bosses warn of job losses to AI
The bosses of some of the nation's biggest companies are warning their human workforce will shrink as a result of advances in artificial intelligence.
News.com.au
3 days ago
- News.com.au
Australian EV drivers to get hit with new tax, if goverment gets its way
Treasurer Jim Chalmers has flagged the development of a new road-user charge across Australia for drivers of electric vehicles to ensure EV drivers are contributing a fair share to road upgrades. The Treasurer has made no secret of his support for a shake-up of the current system before the election, raising the idea with business leaders in February. But the debate over road-user charges (RUC) for electric vehicles is now set to be reignited as a result of his speech to the national press club. 'We will also continue to work with states and territories on the future of road-user charging,'' Dr Chalmers said. 'All of this represents a big agenda on the supply side of our economy. None of these reforms are simple.' How does fuel excise work? The current rate of fuel excise is 50.8 cents in excise for every litre of fuel purchased. For a typical household with a car running on petrol, the tax costs more than $1200 a year. But the flat sales tax isn't paid by drivers of pure electric vehicles, who simply need to plug in their cars to recharge. While registration and driver's licence fees go to state and territory governments, fuel excise is collected by the federal government. Australian motorists paid an estimated $15.71 billion in net fuel excise in 2023-24, and are expected to pay $67.6 billion over the four years to 2026-27. However, governments have long-warned that a road-user charge will be required to fill the gap in the budget left by declining revenue from the fuel excise, as the petrol and diesel engines in new cars consume less fuel and Australians adopt hybrid and electric cars. What does the AAA say? The Australian Automobile Association (AAA) is calling for a national approach to road-user charging but wants a guarantee the revenue will be earmarked for road upgrades. The AAA backs a distance-based road-user charging as a fairer and more equitable way to fund land transport infrastructure. The 2024 federal budget forecasted a reduction in fuel excise receipts by $470 million over four years from 2024-25. Roadblocks to reform Currently, New South Wales is the only state with firm plans to introduce a road-user charge from 2027 or when EVs reach 30 per cent of new car sales. Plug-in hybrid EVs will be charged a fixed 80 per cent proportion of the full road-user charge to reflect their vehicle type. Western Australia has also stated an intention to implement a road-user charge. Meanwhile, Victoria's electric vehicle levy had to be scrapped following a ruling from the High Court. Two Victorian electric car owners launched a legal challenge on the basis the tax was not legal as it was an excise that only a federal government could impose. They won with the High Court upholding the legal challenge. There have been several false starts to enshrine a road-user charge including in South Australia, where the former Liberal Government planned to introduce a charge for plug-in electric and other zero emission vehicles, which included a fixed component and a variable charge based on distance travelled. It was later pushed back to 2027 due to a backlash before the legislation was ultimately repealed. 'Gold standard' for reform Some experts argue the gold standard for reform is a variable rate that factors in the vehicle's mass, distance travelled, location, and time of day. But there's a big barrier to the Commonwealth imposing those charges because the Constitution prohibits it from imposing taxes that discriminate between states or parts of states. State governments could impose those levies, but as the experience of the Victorian Government underlines, it is legally complex.
