Top 5 ASX Gold Stocks (Updated May 2023)

1. Wildcat Resources

Year-to-date gain: 358.33 percent; market cap: AU$56.93 million; current share price: AU$0.11

Wildcat Resources (ASX:WC8) is an explorer with an eye on Australia’s top mining provinces. The company has three main projects: the Mount Adrah gold project in New South Wales, along with the Bolt Cutter gold-lithium and Tabba Tabba lithium-tantalum projects, both of which are in Western Australia's Pilbara region.

In April, Wildcat finished a drilling program at Mount Adrah, saying that it encompassed 16 holes over two phases. The company also completed a 30 square kilometre drone aeromagnetic survey on the project.

In mid-May, Wildcat's share price rose when it acquired the aforementioned Tabba Tabba project; it recently commenced field work at the site. The company is still awaiting results from its work at Mount Adrah.

2. Besra Gold

Year-to-date gain: 303.51 percent; market cap: AU$95.64 million; current share price: AU$0.23

Besra Gold (ASX:BEZ) is exploring and developing its flagship Bau gold project in East Malaysia. Its landholdings encompass nearly all of the Bau goldfield, which has a gold-mining history that dates back to the 1800s.

Besra is currently working on two deposits within Bau: Bekajang and Jugan. In March, the company published drill results from a 2022 program at Bekajang, saying that they confirm "consistent, extensive gold mineralisation." Besra will be following these results up with further drilling this year.

With regards to Jugan, the company is planning to construct a pilot plant processing facility and mine pit at the site, and recently received approval for an environmental impact assessment. Besra plans to fund this through a US$300 million gold purchase agreement signed in May with shareholder Quantum Metal Recovery; it will be paid over 30 months.

3. Resolute Mining

Year-to-date gain: 130 percent; market cap: AU$968.68 million; current share price: AU$0.46

Resolute Mining (ASX:RSG) is a gold mining, development and exploration company. Over the years, Resolute Mining has operated over 10 gold mines and has produced more than 9 million ounces of gold.

Presently, the company fully owns and runs two gold operations: Syama and Mako. The Syama operation is made up of the Syama underground mine, the Tabakoroni open-pit operation, several satellite open pits and an oxide processing plant. The Mako mine in Senegal was acquired in 2019, and is an open-pit mine with a carbon-in-leach processing plant. Focused on mining projects in Africa, the company also runs exploration and drilling programs in Guinea, Mali and Senegal.

In its latest annual report, Resolute Mining reported total gold production of 353,069 ounces, with 357,447 ounces sold at an average price of US$1,819 per ounce.

4. Rox Resources

Year-to-date gain: 105.56 percent; market cap: AU$85.25 million; current share price: AU$0.38

Western Australia-focused gold exploration and development company Rox Resources (ASX:RXL) owns a 70 percent interest in and operates the historic Youanmi gold project. The asset has a total resource of 3.2 million ounces of contained gold, with potential for further expansion. Rox is also working on the Mount Fisher-Mount Eureka gold project.

In mid-May, the company published drill results confirming a new discovery at Youanmi called Paddy’s Lode.

5. Westgold Resources

Year-to-date gain: 72.32 percent; market cap: AU$710.43 million; current share price: AU$1.53

Westgold Resources (ASX:WGX) is a gold miner and explorer with projects in Western Australia. Its main assets are the Cue and Meekatharra gold operations in the Murchison region, and the Fortnum gold operation in the Bryah Basin. Between these projects, the company operates four mines and three processing plans

In March, the company released an update on a drilling program. The work is intended to support a prefeasibility study that will assess expansion plans for Westgold's Big Bell mine at Cue.

In early June, Westgold made an unsolicited takeover offer for Musgrave Minerals (ASX:MGV). Musgrave's flagship project is Cue, which is located near Westgold's Cue property. At this time, Musgrave has not made a recommendation as to the offer.