Summary: The gold price has been nudging higher and companies are upping their exploration spending through capital raisings. A rising tide is lifting all boats, including these four smaller gold miners, which are currently on 'discovery drive'.
Key take-out: Investors might like to “follow the money” when it comes to choosing gold miners. Exploration expenditure, still at a low level, is key to discovery. Most gold miners are profitable at the high gold price we are seeing now.