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Best 3 ASX Gold Stocks (Updated May 2022)
May. 17, 2022 01:55PM PST
The gold price is trading lower than some market watchers would prefer, but the top-performing ASX gold stocks so far this year are making leaps.
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Click here to read the latest best ASX gold stocks article.
While 2021 was a disappointing year for gold, analysts are optimistic about the outlook for 2022.
The yellow metal passed the US$2,000 per ounce mark as tensions between Russia and Ukraine heated up, but has since pulled back to trade closer to US$1,800. However, diverse factors could combine to push it higher.
Demand for gold jewellery, gold bars and coins, and the metal’s use in the technology sector are still going strong, and supply is also a growing concern due to decreased gold exploration efforts in recent years.
Against this backdrop, many Australian gold stocks are doing well. And with the precious metal generally considered a safe investment, it's worth being aware of the county's top-performing companies.
Here the Investing News Network looks at the best ASX gold stocks of the year so far by year-to-date gains. The list of stocks below was generated on April 29, 2022, using TradingView’s stock screener, and all companies included had market caps over AU$30 million at that time.
1. Xantippe Resources
Year-to-date gain: 180 percent; market cap: AU$107.3 million; current share price: AU$0.01
Xantippe Resources (ASX:XTC) is focused on Western Australia's Southern Cross region, which is widely known for its past gold production. The precious metals explorer's Southern Cross project is made up of 20 prospecting licences and six exploration licences, and holds a number of key priority targets.
In late April, Xantippe confirmed the acquisition of lithium tenements in Argentina with the hope of commencing exploration activities in the third quarter.
2. Minrex Resources
Year-to-date gain: 55.81 percent; market cap: AU$63.05 million; current share price: AU$0.07
Minrex Resources’ (ASX:MRR) assets include five gold and base metals projects in Western Australia, four of which are in the mineral-rich East Pilbara region.
The company started off the year with high-grade gold drill results from its work at the Queenslander gold prospect within its Sofala project. The prospect is centred around the past-producing Queenslander mine.
3. Aston Minerals
Year-to-date gain: 38.1 percent; market cap: AU$164.19 million; current share price: AU$0.15
Gold and nickel-cobalt explorer Aston Minerals (ASX:ASO) is moving forward at its Edleston gold project, located in the Cadillac-Larder Lake fault zone of Canada's Abitibi greenstone belt. Edleston is its flagship asset, and according to the company, it is the first in over a decade to drill in this area.
Aston continues to focus on gold at Edleston, but its Boomerang nickel-cobalt target has come to the forefront in recent months, with the company announcing the results of its maiden hole there in early December.
Don’t forget to follow us @INN_Australia for real-time updates!
Securities Disclosure: I, Marlee John, currently hold no direct investment interest in any company mentioned in this article.
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