Gold continued to carry out effectively by way of the second quarter of 2025, reaching a brand new all-time excessive of AU$5,425 per ounce on April 22.
The value surge has occurred amid unstable fairness and monetary markets because the begin of the yr, pushed by issues over a world commerce conflict and escalating geopolitical tensions within the Center East.
The rising gold value has additionally been supported by uncertainty over a looming debt disaster in the US. Some buyers have turned away from dollar-denominated haven belongings, akin to US Treasuries, in favour of valuable metals like gold.
What implications do these circumstances maintain for ASX-listed gold shares? Learn on to find which firms have seen the most important positive aspects in 2025. Information for this text was retrieved on June 25, 2025, utilizing TradingView’s inventory screener, and solely firms with market capitalizations larger than AU$10 million at the moment have been thought-about.
1. Forrestania Assets (ASX:FRS)
Yr-to-date achieve: 469.23 percentMarket cap: AU$23.91 millionShare value: AU$0.074
Forrestania Assets is a gold, copper and lithium exploration firm with initiatives in Western Australia. Because the begin of the yr, the corporate has been targeted on gold exploration at its Bonnie Vale and Forrestania initiatives.
Bonnie Vale lies throughout the Japanese Goldfields. The property covers an space of 75 sq. kilometres and hosts a number of zones of mineralization, together with the Ada Ann prospect. Historic drilling on the web site has seen assays returned as much as 12.8 grams per tonne (g/t) gold over 4 metres.
Shares began to realize after the corporate introduced on February 13 that it had begun follow-up drilling on the prospect and would construct on its maiden program on the web site. The newest outcomes from this system have been launched on Could 9, with the corporate reporting a highlighted assay of 4.3 g/t gold over 7 metres, together with 25.6 g/t over 1 metre.
The corporate mentioned the outcomes confirmed some thickening of the mineralized zones at depth, including that the identified mineralization had been prolonged to the north and south, with the prospect open in all instructions.
The corporate has additionally been engaged on its Girl Lila gold prospect at its Forrestania gold-lithium undertaking. The prospect, positioned within the Southern Cross Greenstone Belt, has a strike size of two kilometres and a width of 700 metres. In line with the corporate web site, the deposit has an inferred useful resource of 24,000 ounces of gold from 514,000 tonnes of ore with a mean grade of 1.4 g/t gold.
On Could 12, Forrestania introduced each an upcoming drill program on the Girl Lila prospect and the corporate’s acquisition of a tenement instantly adjoining to it.
Moreover, Forrestania reported on Could 16 that metallurgical engineer David Geraghty joined the corporate board as a non-executive director. The corporate famous that he’s a extremely skilled mining government and brings a background in undertaking improvement and operational experience.
The corporate’s share value climbed within the following weeks to reached a year-to-date excessive of AU$0.085 on Could 28.
2. Native Mineral Assets (ASX:NMR)
Yr-to-date achieve: 361.54 percentMarket cap: AU$169.89 millionShare value: AU$0.18
Native Mineral Assets is a gold exploration and improvement firm advancing its Charters Tower gold undertaking in Northeast Queensland, Australia, to manufacturing in Q3 of this yr. It additionally owns the Palmerville gold-copper undertaking in the identical state.
Native acquired Charters Tower in November 2024 for AU$18.9 million and a 2 % royalty on gold manufacturing .
The undertaking consists of 17 granted mining leases, one mineral improvement licence, six exploration permits and one exploration allow utility. The location hosts the Far Fanning and Blackjack deposits, each of which have a historic exploration background. Moreover, Blackjack is residence to a 340,000 tonne each year gold processing plant.
The corporate introduced on June 17 that it was on schedule for first gold pour at Blackjack by the top of July. At the moment, the open pit was established, dry commissioning of the plant was underway and water and air providers installations have been nearing completion. Infrastructure and floor preparation can also be on monitor to help the graduation of mining in Q3 2025.
As for Palmerville, Native Mineral Assets introduced June 16 that it was granted a brand new exploration allow that expanded the undertaking. The corporate is planning fieldwork on the undertaking later this yr.
Shares in Native Mineral Useful resource reached a year-to-date excessive of AU$0.22 on June 17.
3. Trek Metals (ASX:TKM)
Yr-to-date achieve: 290.91 percentMarket cap: AU$42.78 millionShare value: AU$0.086
Trek Metals is an exploration firm with a number of belongings all through Australia, together with the extremely potential Christmas Creek undertaking. The property covers an space of 1,183 sq. kilometres within the Kimberley Area of Western Australia, and, in line with Trek, has vital district-scale potential for gold and uncommon earth components.
The corporate wholly acquired Christmas Creek as a part of its acquisition of ArcherX in October 2023. Newmont (TSX:NGT,NYSE:NEM) had beforehand earned a 75 % curiosity within the undertaking from ArcherX, however returned it as a part of a portfolio rebalancing.
Shares in Trek gained considerably beginning on March 17 after the corporate reported seen gold in drill chips from its 2024 exploration marketing campaign on the Martin goal. The chips got here from two beforehand reported high-grade intervals, certainly one of which graded a mean of 12.66 g/t gold over 10 metres.
Trek mentioned it determined to fast-track drilling based mostly on this discovery, together with down-hole televiewer information that confirmed a collection of stacked veins.
Following surveying and earthworks in preparation of the subsequent part, Trek commenced a significant drill on the web site on June 4, focusing on extensions of the Martin goal whereas additionally specializing in mineralization from different targets.
The corporate adopted up with an announcement on June 25 that it had secured an extra rig to enlarge the drill program for deeper exploration and to acquire extra detailed structural info.
Shares in Trek reached a year-to-date excessive of AU$0.092 on June 23.
4. African Gold (ASX:A1G)
Yr-to-date achieve: 224.56 percentMarket cap: AU$86.85 millionShare value: AU$0.185
African Gold is a gold exploration firm with initiatives in Côte d’Ivoire. The corporate’s major focus in 2025 has been on the Blaffo Guetto prospect at its Didievi gold undertaking in Central Côte d’Ivoire.
In the course of the first half of 2025, African Gold carried out a ten,000 metre diamond drill program on the web site, with the intention of upgrading its July 2024 maiden inferred useful resource of 452,000 ounces of gold from 4.93 million tonnes at a mean grade of two.9 g/t gold.
On June 23, the corporate introduced that its efforts had yielded a big increase to its assets, reporting an up to date inferred useful resource of 989,000 ounces from 12.4 million tonnes, with a mean grade of two.5 g/t, utilizing a cut-off grade of 0.8 g/t. The announcement added that the gold system has been primarily examined at near-surface depths of roughly 300 metres and has demonstrated mineralization open in all instructions.
African Gold has additionally been drilling at different targets at Didievi this yr which might be outdoors the useful resource space. The corporate reported the invention of a big gold system on the Poku Pattern in April, and confirmed steady gold mineralisation over 600 metres on the Pranoi prospect in Could.
Along with exploration work, on March 25 African Gold introduced a strategic partnership with Montage Gold (TSX:MAU), a fellow gold firm in Côte d’Ivoire advancing its Koné gold undertaking in direction of manufacturing in 2027, in addition to a non-public placement for as much as AU$1.84 million with separate buyers that was later upsized to AU$2.7 million.
Montage and insiders would purchase a big stake in African Gold by way of a share swap of two.03 million shares of Montage for 92.38 million shares in African Gold, each valued at AU$6.47 million, in addition to by way of a placement of 12.37 million shares to Montage insiders price AU$866,000. Following the completion of the deal on June 13, Montage holds a 17.5 % stake in African Gold.
Shares in African Gold reached a year-to-date excessive of AU$0.195 on June 26.
5. Torque Metals (ASX:TOR)
Yr-to-date achieve: 203.92 percentMarket cap: AU$76.35 millionShare value: AU$0.145
Torque Metals is a gold exploration firm working to advance its flagship Paris gold undertaking in Western Australia. The property covers an space of 700 sq. kilometres close to Kalgoorlie.
In June, Torque accomplished its merger with Aston Minerals that was introduced on January 28. The mixed enterprise controls 1.75 million ounces of gold assets between Torque’s Paris undertaking and Aston’s Edleston gold undertaking in Ontario, Canada.
The corporate has spent the primary half of 2025 targeted on exploration work at its Paris undertaking, saying the invention of parallel lodes on March 6. The tendencies have been recognized by way of shallow drilling, with one positioned 80 metres southeast of the principle Paris deposit and the opposite,= 100 metres northwest.
Preliminary assays from the drilling returned highlighted drill samples from the southeastern lode of 4.04 g/t gold over 4 metres, which included an intersection of seven.39 g/t over 2 metres. In the meantime, the northwestern lode returned a highlighted pattern of 1.02 g/t over 7 metres.
The corporate furthered the exploration work in April by way of the usage of down-hole electromagnetic surveys. It reported on Could 5 that the surveys detected massive off-hole conductors “extending effectively past the present mineral useful resource estimate,” indicating potential for useful resource progress. As a result of success of the surveys so far, Torque mentioned it plans to proceed utilizing the strategy over additional targets at its undertaking.
The newest announcement from the undertaking got here on Could 8, when the corporate reported that it had been awarded a co-funded diamond drilling grant by way of Western Australia’s Exploration Incentive Scheme. The corporate will obtain AU$144,500 towards drilling for gold extensions west of the identified zones.
Shares in Torque reached a year-to-date excessive of AU$0.155 on June 26.
FAQs for ASX gold shares
Methods to spend money on gold on the ASX?
As Australia is a high gold-mining jurisdiction and the nation’s authorities is supportive of mining, there are many choices for investing in gold on the ASX. Between gold miners working main initiatives and gold explorers attempting to find the subsequent vital gold discovery, buyers can select what sort of firm matches their danger urge for food and portfolio.
When on the lookout for a gold firm to spend money on, remember to do your due diligence and study in regards to the firm’s key traits, together with its management group, its funds and the geology of its initiatives.
Methods to purchase gold shares on the ASX?
When you’ve chosen an organization or a number of firms to spend money on, you should purchase gold shares utilizing buying and selling apps with entry to ASX shares, or you will get the assistance of a inventory dealer.
Methods to purchase gold ETFs on the ASX?
For buyers preferring broader publicity to a sector, exchange-traded funds (ETFs) are a very good possibility, and the ASX is residence to a number of gold-focused ETFs. As a result of they’re traded on exchanges like shares, you should purchase ETFs utilizing the identical strategies described above. ASX-listed gold ETFs to think about embrace:
ETFS Bodily Gold (ASX:GOLD), which guarantees “low-cost entry to bodily gold by way of the inventory trade” and might be redeemed for bodily gold.Perth Mint Gold (ASX:PMGOLD), which tracks the worldwide value of bodily gold.BetaShares Gold Bullion (ASX:QAU), which additionally tracks the bodily bullion value.The Van Eck Gold Miners ETF (ASX:GDX), which tracks the NYSE Arca Gold Miners Index (INDEXNYSEGIS:GDMNTR).
Don’t neglect to observe us @INN_Australia for real-time updates!
Securities Disclosure: I, Dean Belder, maintain no direct funding curiosity in any firm talked about on this article.
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