ASX Stocks
5 ASX All Ords Gold Stocks Outperforming in 2025 — And 5 Lagging Behind
The year 2025 has proven to be a turning point for gold investors. With prices edging towards an all-time high of US$4,000/oz (A$6,000/oz), ASX gold stocks have been riding the wave of investor enthusiasm. At the beginning of 2025, gold was trading near A$4,200/oz — and when compared to just A$1,600/oz in 2019, the growth has been nothing short of extraordinary.
But while the rising tide has lifted most boats, not all gold stocks are performing equally. Some All Ords-listed miners and developers have surged to record highs, while others have struggled despite the bullish backdrop.
Here’s a breakdown of the 5 top-performing gold stocks on the ASX All Ords this year — and 5 that have failed to keep pace.
5 ASX All Ords Gold Stocks Outperforming Their Peers
Share price growth: +800% in 12 months
Project: Ravensthorpe Gold Project (WA), JORC Resource of over 1Moz gold.
Recent catalyst: Acquisition of Forrestania gold/nickel assets with 342koz production inventory.
Why it’s winning: Strong project pipeline, high-margin potential at current gold prices, and strategic exposure to nickel.
Market cap: Now valued above A$1.5bn.
Projects: Colosseum Gold-REE Project (California) and Gold Links (Colorado).
Key driver: Dual exposure to gold and rare earths, both in high demand.
Why it’s winning: Rare earths upside makes this more than just a gold play.
Share price growth: +392% in 12 months.
Resource base: 1.7Moz gold in South Australia.
Strategic advantage: Operates its own regional gold mill, reducing costs.
Why it’s winning: Infrastructure advantage and strong production growth targets.
New Murchison Gold (ASX: NMG)
Market cap: Over A$300m, share price tripled in 2025.
Project: Garden Gully (Crown Prince deposit), WA.
Key deal: Ore purchase/processing agreement with Westgold subsidiary, reducing capital risk.
Why it’s winning: Fast-track to production and high-grade exploration results.
Pantoro (ASX: PNR)
Market cap: ~A$2bn, shares up 200% in 12 months.
Operations: Mining 25,417oz in June 2025 quarter.
Growth plan: Drilling ~250,000m in FY26 to expand resources.
Why it’s winning: Strong production plus aggressive exploration program.
5 ASX All Ords Gold Stocks Underperforming Despite the Bull Market
Greatland Resources (ASX: GGP)
Issue: Capex blowout at Telfer mine (from $80m to $260m).
Guidance: Annual production cut from 340koz to 260koz.
Why it’s lagging: Weak disclosure, rising costs, and investor concerns.
Bellevue Gold (ASX: BGL)
Down: 40% from 2024 highs.
Resource: 3.2Moz at 9 g/t.
Why it’s lagging: Multiple production downgrades, rising costs, and lost investor confidence — though takeover rumours keep some interest alive.
West African Resources (ASX: WAF)
Flagship: Sanbrado mine in Burkina Faso (>200koz producer).
Issue: Government push to increase stake in Kaika project from 10% to 50%.
Why it’s lagging: Political risk and suspended trading due to government negotiations.
Brightstar Resources (ASX: BTR)
2025 performance: Only up 3% YTD.
Financials: FY25 loss of A$40.2m despite A$33.5m revenue.
Why it’s lagging: Not yet profitable, high costs, limited catalysts.
Gold Road Resources (ASX: GOR)
Up 68% this year — but flat since June.
Issue: Takeover-driven rally has faded; Gruyere mine production guidance cut.
Why it’s lagging: Rising costs (AISC A$2,400–2,600/oz) and slowing momentum.
Investor Takeaway
The gold rally of 2025 has created clear winners and losers in the ASX All Ords. Investors should note that while rising gold prices boost margins across the board, the biggest returns are being delivered by companies that:
- Control their own infrastructure
- Secure low-cost production pathways
- Have exposure to growth markets (like rare earths)
- Avoid cost overruns and political risk
Gold remains a safe-haven asset in 2025, but not all gold stocks are equal. Careful stock selection will be critical for investors hoping to ride this bull market further.
⚠️ Disclaimer
This article is for informational purposes only and does not constitute financial advice. Always conduct your own research or consult with a professional financial advisor before making investment decisions.