Join our daily newsletter At The Bell to receive exclusive market insights
Gleaming gold prices across the globe have helped several ASX-listed gold miners sparkle especially bright as they capitalise on record highs.
Bullion climbed to above $US2,700 ounce last week – and has then maintained those lofty heights through Week 43 on the ASX – to extend its yearly gains by more than 30%. The modern-day gold rush can only be described as “all a bit nuts,” which is why market analysts have been proclaiming exactly that.
Even a slight dip today (less than a full percent) did little to dampen spirits.
But some have been bigger winners than others Down Under, with several gold miners on the ASX enjoying the major price rises these last few shining months.
Standout ASX-listed gold miners
1. Bellevue Gold
Bellevue Gold Ltd (ASX:BGL) may have taken a hit price-wise after a $150 million capital raising in July, but the well-placed Yilgarn Craton miner has still climbed nearly 10% through the last year; a 35.54% this past month really helped. Last at $1.64/share.
2. Capricorn Metals
Capricorn Metals Ltd (ASX:CMM) has jumped 37.31% YTD, including a 28.73% hike in the last six months. Should its plans to three-fold its production in as many years bear fruit, things could end up looking even better too.
3. Northern Star
More than 390,000 ounces of gold sold in the last three months to the end of September made Northern Star Resources Limited (ASX:NST) one of the biggest winners of the precious metal gains. The gold producer, which operates in the Yandal and Kalgoorlie in Western Australia as well as Pogo in Alaska, gained 43.08% this year.
Managing director Stuart Tonkin today said he’s “confident” Northern Star will achieve its full-year production and cost guidance at 1,650-1,800 koz gold to boot.
4. Newmont
Newmont Corporation (ASX:NEM) has been among the top companies cashing in on bumper profits for bullion miners, with a 36.99% improvement YTD.
The super-sized Colorado-based gold mining company, which is also listed on New York Stock Exchange, is amidst a share repurchase program. The program will see it rebuy up to $2 billion of its common shares over the next 24 months.
5. Perseus Mining
Perseus Mining Ltd (ASX:PRU) ($2.93 today) leveraged lofty gold prices alongside its strong cash generation to start FY25 and has lifted 66.19% over the past 12 months.
6. West African Resources
Last but definitely not least, West African Resources Ltd (ASX:WAF) actually had the biggest gains through these half-dozen highlights: The emerging mid-tier gold producer closed today at $1.76 a share off the back of a quarterly-driven 4.01% rise.
That marks a sizeable 82.65% jump in price YTD – even after President of West African nation Burkina Faso (where West African Resources has its biggest project) considered removing mining permits from foreign companies.
Whether these gold prices hold remains to be seen, though the hype on bullion seems set to stay strong at least until the U.S. election early next month.
Conversely, deputy governor of the Reserve Bank, Andrew Hauser, did admit at a Commonwealth Bank investor briefing last Monday he thinks it’s all been “spectacularly optimistic” – prices didn’t move much then though.
Whatever happens, for the time being ASX gold miners are enjoying the sheen.
Join the discussion: See what’s trending right now on Australia’s largest stock forum and be part of the conversations that move the markets.
The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.
