Top 5 ASX Gold Stocks of 2025

1. Forrestania Resources (ASX:FRS)

Year-to-date gain: 1,938.46 percent
Market cap: AU$166.36 million
Share price: AU$0.265

Forrestania Resources is a gold, copper and lithium exploration company with projects in Western Australia.

Since the start of the year, the company has focused on gold exploration at its Forrestania and Bonnie Vale projects, and acquisitions in the Southern Cross greenstone belt. Its primary focus is its flagship Forrestania gold-lithium project in the Southern Cross greenstone belt. The firm has been exploring the project's Lady Lila gold prospect.

On September 11, the company released an updated mineral resource estimate for Lady Lila, reporting an inferred resource of 40,513 ounces of gold from 1.2 million tonnes of ore with an average grade of 1.03 g/t gold.

The release also featured an exploration update with assays from Phase 2 drilling; one hole intersected a highlighted assay of 1.3 g/t gold over 15 metres, which included an interval of 5.5 g/t over 1 metre.

According to Forrestania, gold mineralisation is open in all directions.

The Bonnie Vale gold project covers an area of 75 square kilometres within the Eastern Goldfields. It hosts multiple zones of mineralisation, including the Ada Ann prospect. Shares started to gain on February 13 after the company began Phase 2 follow-up drilling at Ada Ann, building on its maiden program at the site.

The most recent update from the property came on August 17, when Forrestania released a maiden mineral resource estimate for the Ada Ann deposit, revealing an inferred resource of 12,419 ounces of gold from 231,600 tonnes of ore with an average grade of 1.67 grams per tonne (g/t).

Additionally, over the past few months, Forrestania announced several acquisitions supporting its strategy of consolidating gold projects in the Southern Cross greenstone belt.

On August 14, Forrestania agreed to acquire the North Ironcap gold project, an advanced open-pit project, on an approved mining lease. Located south of Lady Lila, North Ironcap hosts an inferred resource of 105,953 ounces of gold from 2.41 million tonnes of ore with an average grade of 1.37 g/t.

On September 11, the company entered an agreement to acquire the Burracoppin gold project and several exploration tenements, located west of the Edna May gold mine, from Askari Metals (ASX:AS2). Burracoppin hosts an mineral resource estimate of 82,700 ounces of gold from 2.14 million tonnes grading 1.2 g/t gold.

One week later, Forrestania completed its acquisition of the British Hill gold project, located north of Lady Lila, and announced a contract for mine development at the site.

On September 23, the company announced an agreement to acquire the Westonia gold project from Kula Gold, which it completed on October 9. The property is adjacent to the Edna May gold mine. The following week, Forrestania made a move to take over Kula Gold itself in an off-market offer. In an update released on November 20, the company shared a timeline for the takeover, with the offer period for Kula shareholders closing on January 8, 2026.

Also in November, Forrestania shared the signing of a binding agreement to acquire the Lake Johnston project from Poseidon Nickel, a wholly owned subsidiary of Horizon Minerals (ASX:HRZ).

The deal includes the processing plant and other infrastructure, which Forrestania said gives it "a clear pathway to assess potential future production from its existing JORC Resources."

After climbing significantly throughout the year, shares of Forrestania spiked in mid-September and reached a year-to-date high of AU$0.31 on September 24.

2. Focus Minerals (ASX:FML)

Year-to-date gain: 1,658.82 percent
Market cap: AU$894.06 million
Share price: AU$2.99

Focus Minerals is a gold development and mining company advancing its Coolgardie mining operations in Western Australia. The operations comprise three primary open pits — Greenfields, Dreadnought and Alicia — as well as the Bonnie Vale underground mine, which is currently under development.

Focus also runs the Three Mile Hill processing plant, which was commissioned in 2009 and refurbished in 2023. It has a nameplate capacity of 1.2 million tonnes per year, and processes ore from Focus' mines and toll treatment deals.

According to a quarterly activities report released on July 29, the mill processed 361,158 tonnes of ore, including 257,980 tonnes from the company's own operations. The plant achieved a record in June, delivering 3,874 ounces of Focus gold.

During the June quarter, the company's open-pit operations produced 4,533 ounces of gold, while its Bonnie Vale underground mine produced 3,022 ounces from development ore.

The report also indicated that mine development at Bonnie Vale was progressing ahead of schedule, with key infrastructure installed, including a permanent power and pump station. Due to this, Focus bumped up the timeline for commencement of stoping activities to early in the December quarter.

In addition to its mining operations, on June 4, Focus completed the sale of its Laverton gold project to Genesis Minerals (ASX:GMD) for cash consideration of AU$250 million.

In its half-year report, Focus said it has used proceeds from the sale to repay majority shareholder Shandong Gold for all outstanding loans and interest, totalling approximately AU$174.8 million.

It also reported that it had increased net assets to AU$317.02 million from AU$95.63 million during the December quarter and increased its cash balance to AU$74.18 million from AU$16.5 million.

Although Focus had not released news since the quarterly report, its share price surged in mid-September. In response to an ASX price query on September 19, the company stated that it had remained compliant with ASX rules and was not aware of any information that could explain the recent trading.

Shares of Focus reached a year-to-date high of AU$3.32 on November 28 as gold prices soar.

3. African Gold (ASX:A1G)

Year-to-date gain: 821.05 percent
Market cap: AU$167.97 million
Share price: AU$0.53

African Gold is advancing the district-scale, high-grade Didievi gold project in Côte d'Ivoire. The company has identified gold intersections amenable to open-pit mining at the project, including 65 metres at 5.6 g/t gold.

In June, African Gold published an updated inferred resource for the main Blaffo Guetto trend, reporting 12.4 million tonnes at an average grade of 2.5 g/t gold for 989,000 ounces of contained gold, using a cut-off grade of 0.8 g/t, for a 119 percent increase in gold ounces over the maiden resource estimate.

Most of this year's work has focused on Blaffo Gueto in an effort to produce the updated inferred mineral resource estimate. Data gathered from a 10,000 metre drill program completed in January compelled African Gold to launch a second drill rig in February to test new targets identified at Didievi.

In March, African Gold formed a strategic partnership with Montage Gold (TSX:MAU,OTCQX:MAUTF) in order to fast-track exploration at Didievi and its other Côte d'Ivoire properties.

Later in the month, African Gold released another set of high-grade drill results from the project, including 11 metres at 4.3 g/t gold from 97 metres within a broader interval of 31 metres at 2 g/t gold.

The ongoing drilling at Didievi resulted in the discovery of a significant gold system on the Poku Trend in April. "The Poku Trend, situated just 3km from the Blaffo Guetto deposit, has delivered increasingly impressive results from the first phase of drilling, strongly suggesting the presence of a vast, high-potential gold system," a press release states.

In May, African Gold made another gold discovery, the Pranoi prospect, which hosts continuous mineralisation along a strike of at least 600 metres. with highlights including 25 metres at 1.6 g/t gold from 83 metres including 10 metres at 2.4 g/t gold and 10 metres at 1.0 g/t gold from 145 metres. Based on its efforts, in June, the company published the aforementioned updated inferred resource, noting that the near-surface gold system had been tested to depths of approximately 300 metres, and mineralisation was open in all directions.

By July 14, shares of African Gold had soared by over 300 percent.

The success spurred African Gold into launching the largest drill campaign in the company's history. Initiated at the end of July, it consists of 40,000 metres of drilling to be conducted in 2025 and into 2026. The first standout results were released in October, including 16 metres at 13.2 g/t gold from 197 metres.

On December 1, the company's partner, Montage Gold, announced it was making a play for African Gold, saying that the two parties had entered into a scheme implementation deed. Under the agreement, Montage will acquire 100 percent of the shares of African Gold that it does not already hold. African Gold shareholders will receive 0.0628 new Montage shares for every 1 African Gold share they held on the record date.

Shares of African Gold reached a year-to-date high of AU$0.53 on December 2, the day after the release.

4. Kula Gold (ASX:KGD)

Year-to-date gain: 722.05 percent
Market cap: AU$50.67 million
Share price: AU$0.044

Kula Gold is an exploration company advancing its Mount Palmer gold project in the Southern Cross greenstone belt of Western Australia and its Wozi niobium project in Malawi.

Kula Gold's portfolio of projects in the Southern Cross region also includes the Marvel Loch project, located to the east of the Marvel Loch mine and gold plant and adjacent to Mount Palmer.

Kula acquired a 51 percent interest in the Mount Palmer project in May 2024, and has since grown its stake in the asset to 80 percent. Aurumin (ASX:AUN) owned the remaining 20 percent share in the project, but Kula announced on September 23 that it had been purchased by Newcam Minerals. The site hosts the historic Mount Palmer gold mine, which ended commercial production in 1944. Kula released a maiden inferred resource for mine tailings at the site on September 9, reporting 1,996 ounces of gold from 98,534 tonnes of ore grading 0.63 g/t gold.

Shares of Kula surged in mid-September, coinciding with news on September 19 that the company intersected native visible gold in the first diamond drill hole of its current exploration program at Mount Palmer.

According to the company, the hole, which it tested to a depth of 54 metres, intersected five "strong showings of native visible gold" in quartz veins between 31.4 metres and 36.45 metres downhole.

Samples will be sent for testing after it completes diamond drilling.

Kula agreed to sell its Westonia gold project in the Southern Cross region to Forrestania Resources on September 23 to support its focus on Mount Palmer. Later, on October 14, Kula shared that Forrestania had made an all-share conditional script takeover bid for the company at a ratio of 1 Forrestania share for 5.6 Kula shares. Kula's board of directors recommended its shareholders accept the bid, which it reiterated on December 4.

Throughout November, Kula published positive results from drilling at Mount Palmer. The latest, released on November 13, feature an interval of 15 metres at 9.4 g/t gold from 87 metres, including 6 metres at 20.3 g/t gold from 90 metres.

Shares of Kula closed at a year-to-date high of AU$0.044 on December 2.

5. Torque Metals (ASX:TOR)

Year-to-date gain: 492.16 percent
Market cap: AU$159.65 million
Share price: AU$0.30

Torque Metals holds a substantial land package covering 1,200 square kilometres in Western Australia's Goldfields, about 90 kilometres southeast of Kalgoorlie. This includes its flagship Paris gold project, which hosts three identified deposits. Extensive exploration and more than 25,000 metres of drilling on the property since its acquisition in 2021 led to the delineation of a maiden mineral resource estimate that outlines 250,000 ounces of shallow gold at 3.1 g/t.

Torque kicked off the year with news of a merger with Aston Minerals, which it completed in June.

The combined business controls 1.75 million ounces of gold resources between Torque’s Paris project and Aston’s Edleston gold project in Ontario, Canada.

In March, Torque shared that its exploration activities had identified two new parallel gold trends at Paris, one located 80 metres southeast and the other 100 metres northwest of the Paris deposit.

This was followed the next month by downhole electromagnetic (DHEM) surveys to identify further targets for drilling. Results show multiple conductors, including one with a 200 metre strike length that is interpreted as a down-dip extension of known high-grade zones included in the current mineral resource estimate.

In May, the Australian government awarded Torque AU$144,500 for diamond drilling at the project.

The company's share price increased significantly in July and August on a series of positive news releases.

Torque launched a 6,500 metre reverse circulation drill campaign at Paris in early July to test high-priority DHEM conductors identified in the April survey. One highlight drill hole from this campaign contained a broad interval of 44 metres at 3.75 g/t gold from 464 metres of depth ending in mineralisation grading 23.5 g/t gold.

In late July, Torque followed up with diamond drilling to extend the mineralisation in the hole. Results released on August 4 upgraded the intersection, now extending 54.2 metres at a grade of 3.7 g/t gold from 463 metres, including 8.5 metres at 20.8 g/t gold from 502 metres. The following day, the company announced that 15 DHEM conductor plates were modelled at the project. Mid-month, Torque shared the identification of a high-grade intercept in the second parallel lode at Paris, reporting 15 metres at 5 g/t gold from 253 metres, including 6 metres at 11.7 g/t gold.

Torque continued to post excellent results in the following months. On September 8, it highlighted that broad step-out drilling south of the Paris deposit and outside of identified DHEM conductors delivered an unexpected high-grade intersection of 10 metres at 5.2 g/t gold from 370 metres. Later in the month, drilling southwest of the Paris deposit returned 6 metres at 7.1 g/t gold from 265 metres.

In late October, the company reported that the results of drilling and DHEM surveys suggested three continuous mineralised lodes, Paris West/Main, Paris Southwest and Paris South, all of which are open and are not part of the current mineral resource estimate. DHEM surveying at the project's HHH deposit also revealed two new gold zones, and the company plans to target the new discoveries.

Shares of Torque reached a year-to-date high of AU$0.35 on September 29.

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