19 Nov 2024 by Megan Stals

12 ASX gold stocks to watch [November 2024]

Gold stocks have rallied on the record breaking run in the precious metal's price. Gold hit a record high of US$2,790 an ounce in October. The gold price has been supported by investors seeking a store of value amid elevated inflation. Central banks have also been buying. Let’s explore some of the biggest gold mining companies in Australia.

Explore some of the top Australian gold mining companies

Company Name	Ticker	Stock Price	Year to Date	Market Capitalisation
Northern Star Resources Ltd	NST	$15.85	+16.12%	$18.22b
Evolution Mining	EVN	$4.62	+16.67%	$9.19b
Newmont Mining (CDI)	NEM	$63.13	+3.93%	$7.78b
Perseus Mining Limited	PRU	$2.53	+36.76%	$3.48b
De Grey Mining Limited	DEG	$1.40	+12.50%	$3.34b
Capricorn Metals	CMM	$6.25	+32.70%	$2.57b
Genesis Minerals	GMD	$2.27	+26.82%	$2.56b
Westgold Resources	WGX	$2.71	+24.31%	$2.56b
Ramelius Resources	RMS	$1.98	-17.16%	$2.29b
Emerald Resources	EMR	$3.46	+14.95%	$2.27b
Vault Minerals	VAU	$0.33	+6.45%	$2.21b
Regis Resources	RRL	$2.49	+14.22%	$1.88b

Data as of 15 November 2024. Source: Stake, ASX.

*The list of gold shares mentioned is ranked by market capitalisation. When deciding what assets to feature, we analyse the financials, recent news and announcements, the state of the industry and the company's projects, and whether or not they are actively traded on Stake.

Discover our list of the top 12 ASX-listed gold stocks to watch

1. Northern Star Resources Ltd ($NST)

Market Capitalisation: $18.22b
Stock price (as of 15/11/2024): $15.85
Stake investors watching $NST: 2,144

Northern Star Resources has gold mines in Western Australia – including Kalgoorlie’s Super Pit – and Alaska. It is doubling the size of its Kalgoorlie processing plant to 27m tonnes. Northern Star is targeting FY25 gold sales of between 1.65m and 1.80m ounces at an all-in sustaining cost of $1,850-$2,100 an ounce. At the end of September, the company had total hedging commitments of 1.82m ounces at an average price of $3,208 an ounce. Northern Star had $998m of cash and bullion on 30 September.

🆚 Compare NST vs NEM→

2. Evolution Mining Limited ($EVN)

Market Capitalisation: $9.19b
Stock price (as of 15/11/2024): $4.62
Stake investors watching $EVN: 1,476

Evolution Mining is a leading Australian gold producer with gold mines in Queensland, New South Wales, Western Australia and Canada. Evolution also produces copper from its Ernest Henry and Northparkes mines. Evolution is targeting FY25 gold production of between 710,00 ounces and 780,000 ounces, and between 70,000 tonnes and 80,000 tonnes of copper, at an all-in sustaining cost of between $1,475 an ounce and $1,575 an ounce.

Check out our list of copper mining stocks on the ASX if you're interested in exploring other metals.

3. Newmont Corporation ($NEM)

Market Capitalisation: $7.8b
Stock price (as of 15/11/2024): $63.13
Stake investors watching $NEM: 716

U.S.-based Newmont is the world's largest gold miner, with operations spanning multiple continents. After significant acquisitions in recent years, including a $26b merger with Australia’s Newcrest, Newmont is streamlining its mining operations and reducing debt. The company’s portfolio includes over half of the world’s tier one mines. Newmont is targeting Q4 attributable production of 1.8m ounces at an all-in sustaining cost of US$1,475 an ounce. Newmont trades as a Chess Depositary Interest (CDI) on the ASX. The market cap of its issued CDIs is $7.78b.

4. Perseus Mining Limited ($PRU)

Market Capitalisation: $3.48b
Stock price (as of 15/11/2024): $2.53
Stake investors watching $PRU: 679

Perseus owns three gold mines in Africa: one in Ghana and two in Côte d’Ivoire. The company is working towards a final investment decision on an underground project at its Yaoure asset and recently acquired Nyanzaga gold project in Tanzania. The company is targeting calendar 2024 production of between 468,000 ounces and 508,400 ounces at a cost of between US$1,182 an ounce and US$1,223 an ounce. It has a 19.9% stake in ASX-listed Predictive discovery.

5. De Grey Mining Limited ($DEG)

Market Capitalisation: $3.34b
Stock price (as of 15/11/2024): $1.40
Stake investors watching $DEG: 938

De Grey Mining is developing the Hemi gold deposit in Western Australia. Hemi will be one of Australia's top five gold mines based on production when developed. The definitive feasibility study showed annual production of 530,000 an ounces a year over the first 10 years at a cost of $1,295 an ounce. The mineral resource estimate for Hemi and surrounding areas was increased from 12.7m ounces to 13.6m ounces in November 2024.

6. Capricorn Metals Ltd ($CMM)

Market Capitalisation: $2.57b
Stock price (as of 15/11/2024): $6.25
Stake investors watching $CMM: 379

Capricorn Metals operates the Karlawinda Gold Project in Western Australia. The mine is expected to produce between 110,000 ounces and 120,000 ounces at an all-in sustaining cost of between $1,370 an ounce and $1,470 an ounce in FY25. The company raised $200m at $6 a share in early November to fund the Karlawinda expansion project and plant design at the Mount Gibson gold project. Drilling at its Mount Gibson gold project led to a 41% increase in its ore reserve estimate. This lifted the company’s total gold reserves to over 4m ounces.

7. Genesis Minerals Limited ($GMD)

Market Capitalisation: $2.56b
Stock price (as of 15/11/2024): $2.27
Stake investors watching $GMD: 482

Genesis Minerals assets are in the Leonora region of Western Australia. Key producing assets include Gwalia, Admiral and Ulysses. Genesis said the restart of its Laverton mill should allow it to meet its FY25 production guidance of between 190,000 ounces and 210,000 ounces at an all-in sustaining cost of between $2,200 an ounce and $2,400 an ounce. It has no bank debt and hedging of 36,000 ounces (or 1% of its reserves). Genesis is targeting production of 325,000 ounces in FY29.

8. Westgold Resources ($WGX)

Market Capitalisation: $2.56b
Stock price (as of 15/11/2024): $2.71
Stake investors watching $WGX: 523

Westgold Resources’ $1.4b merger with Kaoroa Resources transformed it into a producer of more than 400,000 ounces a year. Its Southern Goldfields and Murchison assets are in Western Australia. It has five mills with processing capacity of around 7m tonnes a year. The company’s FY25 guidance is for production of between 400,00 ounces and 420,000 ounces at an all-in sustaining cost of between $2,000 an ounce and $2,300 an ounce. Westgold is one of Australia’s largest fully unhedged gold producers.

9. Ramelius Resources Limited ($RMS)

Market Capitalisation: $2.29b
Stock price (as of 15/11/2024): $1.98
Stake investors watching $RMS: 539

Ramelius Resources operates several gold mines in Western Australia. The company's operations include processing hubs in Mt Magnet and Edna May. There are plans to expand its Mount Magnet mill. Ramelius took over several companies in 2023, including Breaker Resources and Musgrave Minerals. Full year production guidance is for between 270,000 ounces and 300,000 ounces at an all-in sustaining cost of between $1,500 an ounce and $1,700 an ounce.

10. Emerald Resources NL ($EMR)

Market Capitalisation: $2.27b

Stock price (as of 15/11/2024): $3.46

Stake investors watching $EMR: 384

Emerald Resources produces gold from its 100% owned Okvau mine in Cambodia. It is drilling at its Memot project in Cambodia and is progressing a definitive feasibility study at its Dingo Range project in Western Australia. Emerald’s guidance for the December quarter is for production of between 25,000 ounces and 30,000 ounces with an all-in sustaining cost of US$810 an ounce and US$880 an ounce. It had cash and bullion worth $180m on 30 September.

11. Vault Minerals ($VAU)

Market Capitalisation: $2.21b
Stock price (as of 15/11/2024): $0.33
Stake investors watching $VAU: 59

Vault Minerals is a Western Australian miner with a portfolio underpinned by long life assets in the Leonora region, which includes the King of the Hill mine. Mount Monger and Deflector are its other WA assets, while it also has the Sugar Zone project in Canada. Vault was formed by the merger of Red 5 and Silver Lake which completed in mid-2024. It is target FY25 gold sales of between 390,000 ounces and 430,000 ounces at an all-in sustaining cost of between $2,250 an ounce and $2,450 an ounce. It has hedging of 240,519 ounces at $2,821 an ounce.

12. Regis Resources Limited ($RRL)

Market Capitalisation: $1.88b
Stock price (as of 15/11/2024): $2.49
Stake investors watching $RRL: 728

Regis Resources produces gold from its Duketon operations and its Tropicana joint venture. Both assets are in Western Australia. The company has been in the news after the Federal government made an aboriginal heritage decision that blocked the company’s ability to build a tailings dam at its McPhillamys mine. Regis Resources said the decision makes the project unviable. Regis has launched proceedings in the Federal Court seeking a judicial review. The company is targeting FY25 production of between 350,000 ounces and 380,000 ounces at an all-in sustaining cost of between $2,440 an ounce and $2,740 an ounce.

How to invest in gold stocks in Australia?

The main way of investing in gold companies is through gold shares listed on the ASX, using an online investment platform. Follow our step by step guide below:

1. Find a stock investing platform

To buy gold stocks on the Australian Securities Exchange (ASX), you'll need to sign up to an investing platform with access to the Aussie stock market. There are several share investing platforms available, of which Stake is one.

2. Fund your account

Open an account by completing an application with your personal and financial details. Fund your account with a bank transfer, PayTo, debit card or even Apple/Google Pay.

3. Search for the company

Find the company by name or ticker symbol. It is advised to conduct your own research to ensure you are purchasing the right investment product for your individual circumstances.

4. Set a market or limit order and buy the shares

Buy on any trading day using a market order, or a limit order to delay your purchase of the asset until it reaches your desired price. You may wish to look into dollar cost averaging to spread out your risk, which smooths out buying at consistent intervals.

5. Monitor your investment

Once you own the shares, you should monitor their performance. Check your portfolio regularly to ensure your investment is aligning with your financial goals.

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Benefits of investing in gold shares

Here are nine benefits that investing in gold shares can have for investors.

Diversification	Gold shares offer an additional layer of diversification to an investment portfolio. Sometimes they move in the opposite direction of traditional assets like stocks and bonds, providing a potential hedge during economic downturns.
Low volatility	Compared to some other metals, gold shares tend to have lower volatility. This can provide a stabilising effect on a portfolio, reducing the potential risk of significant losses.
Hedge against inflation	Gold has historically been considered a hedge against inflation. As the value of currency decreases due to inflation, the price of gold tends to rise, preserving purchasing power.
Liquidity	Investing in gold shares provides a level of liquidity that physical gold does not. Buying and selling shares in gold mining companies can be done quickly and easily through stock investing platforms like Stake.
Dividends	Some gold mining stocks may offer dividends to their shareholders. This can provide a source of income in addition to potential capital appreciation.
Global economic stability	Gold's value is not tied to any particular country or currency. This makes it a valuable asset during times of geopolitical instability or when there are concerns about the stability of global financial systems.
Store of value	Gold has maintained its value over long periods of time, making it a reliable store of wealth. This is a quality that has been recognised for centuries.
Potential for capital appreciation	If the price of gold rises, the value of gold shares can also increase. This can lead to capital appreciation for investors.
Accessibility	Investing in gold shares is accessible to a wide range of investors. It can be done through investing platforms, making it more convenient than buying physical gold.

Risks of investing in gold stocks

With any financial asset, there are potential benefits and risks. Here are some of those risks to think about if you plan to invest in gold stocks.

Market sentiment: Investor sentiment towards gold can shift quickly, this can impact demand and therefore the price of gold can be affected.
Volatility: Gold prices can be quite volatile, leading to fluctuations in the value of gold stocks.
Exploration and development risks: For gold mining companies that are in the exploration and development phase, there's a risk that their projects may not yield the expected results, impacting their stock price.
Financial risks: Companies with high debt levels may be more vulnerable to fluctuations in gold prices and interest rates.
Operational risks: Mining operations face risks like accidents, labour disputes, and regulatory changes, which can affect production and profitability.

It's crucial to research individual companies thoroughly and consider your own risk tolerance before making any investment decisions.

What gold ETFs can I invest in?

Here is a list of gold ETFs that are available on the Australian Securities Exchange (ASX):

BetaShares Gold Bullion ETF ($QAU)
iShares Gold Trust ETF ($IAU)
VanEck Gold Miners ETF ($GDX)
BetaShares Global Gold Miners ETF ($MNRS)
Global X Physical Gold ($GOLD)
iShares Physical Gold ETF ($GLDN)

Find out which are the best gold ETFs to monitor and add to your watchlist, and compare them against each other like the GOLD vs GDX 1 year price comparison.

More resources:

✅ Looking for Cobalt mining companies in Australia?→

✅ Silver stocks on ASX: Top 5 silver shares to watch→

✅ Are these the best ASX mining stocks to watch?→

Gold stocks FAQs

What is the biggest gold mining company in Australia?

The biggest gold producer in Australia is the mining company Newmont Corporation ($NEM). Other major gold producers in the country include Evolution Mining ($EVN) and Northern Star Resources ($NST).

Is it a good time to invest in gold stocks?

There is no simple answer to this question, as the timing for investing in gold and gold mining companies depends on a variety of factors, including market conditions, investor risk tolerance, and individual investment goals.

Some people believe that gold can be a good investment in times of economic uncertainty, as the metal is considered a safe haven asset that can potentially hold its value during market downturns.

Others invest in gold as a way to diversify their portfolio, as the gold price can often move independently of other asset classes.

Gold shares, on the other hand, can be more volatile than the metal itself, as their performance is influenced by a number of factors, including the price of gold, production costs, and the economic and political conditions in the countries where they operate. As with any investment, it is essential to carefully consider the risks and potential rewards before making a decision.

The information contained above does not constitute financial product advice nor a recommendation to invest in any of the securities listed. Past performance is not a reliable indicator of future performance. When you invest, your capital is at risk. You should consider your own investment objectives, financial situation and particular needs. The value of your investments can go down as well as up and you may receive back less than your original investment. As always, do your own research and consider seeking appropriate financial advice before investing.

Any advice provided by Stake is of general nature only and does not take into account your specific circumstances. Trading and volume data from the Stake investing platform is for reference purposes only, the investment choices of others may not be appropriate for your needs and is not a reliable indicator of performance.

$3 brokerage fee only applies to trades up to $30k in value (USD for Wall St trades and AUD for ASX trades). Please refer to hellostake.com/pricing for other fees that are applicable.

Megan Stals

Market Analyst

Megan is a markets analyst at Stake, with 7 years of experience in the world of investing and a Master’s degree in Business and Economics from The University of Sydney Business School. Megan has extensive knowledge of the UK markets, working as an analyst at ARCH Emerging Markets - a UK investment advisory platform focused on private equity. Previously she also worked as an analyst at Australian robo advisor Stockspot, where she researched ASX listed equities and helped construct the company's portfolios.