Argonaut Securities believes the strong performance by the Aussie mid-tier miners could be as the result of increased North American investment.
"US names have returned roughly -3% value in FY18 whereas the average return for ASX names has been +5%," it said on Friday.
"In particular, the core group of ASX mid-tier producers has returned between 30-80% FY18 year-to-date."
Sprott's Steve Todoruk also noted this trend last month, attributing the interest in Australian producers to a drop in the local currency.
"With this windfall, many of the Australian companies elected to pay down debt and accumulated strong cash reserves - both of which were cheered by investors."
Todoruk also noted a possible Kirkland Lake effect, with the Canadian miner beco...