What implications does this hold for ASX-listed gold stocks? Read on to discover which companies have seen the biggest gains in 2025.
Stocks data for this article was retrieved on March 24, 2025, using TradingView's stock screener, and only companies with market capitalizations greater than AU$10 million at that time were considered.
1. Kalgoorlie Gold Mining (ASX:KAL)
Year-to-date gain: 300 percent
Market cap: AU$23.31 million
Share price: AU$0.072
Kalgoorlie Gold Mining is a gold exploration company focused on advancing a portfolio of projects in the Goldfields-Esperance region of Western Australia.
According to the company’s website, Kalgoorlie Gold Mining has a combined resource of 214,300 ounces of gold across its properties. The largest is hosted at the Bulong Taurus target within its flagship La Mascotte gold project.
The flagship property, located east of Kalgoorlie-Boulder, consists of 39 granted tenements covering an area of 81 square kilometres. Most of the work at the site has concentrated on the Bulong Taurus target, which hosts an inferred resource of 3.61 million tonnes of ore with a grade of 1.19 grams per tonne (g/t) gold for 138,000 ounces of contained gold based on a March 2023 mineral resource estimate (MRE).
Kalgoorlie Gold’s other focus has been its Pinjin project, situated northeast of La Mascotte. This property encompasses a total tenement package of 48.9 square kilometres and features two key target areas: Kirgella Gift and Providence. A July 2024 MRE revealed an inferred resource of 76,400 ounces of gold from 2.34 million tonnes of ore with an average grade of 1 g/t gold.
Shares in Kalgoorlie surged after a February 6 announcement in which the company reported encountering significant mineralization at the newly discovered Lighthorse target at Pinjin. One notable intercept in the release graded 4.81 g/t gold over 17 metres, including 9.2 g/t over 8 metres, starting at 48 metres.
The company announced on March 4 that it had commenced reverse circulation drilling at the Lighthouse target, and just days later on March 9, the company announced air-core drilling would begin in late April to assess potential strike extensions at Lighthouse.
Shares in Kalgoorlie reached a year-to-date high of AU$0.84 on February 10.
2. Caprice Resources (ASX:CRS)
Year-to-date gain: 200 percent
Market cap: AU$34.9 million
Share price: AU$0.069
Caprice Resources is a mineral exploration company focused on advancing its Island Gold project in Western Australia’s Murchison Goldfields.
The project consists of two granted mining leases and one exploration license covering 21 square kilometres of tenure. The site contains several mineralized zones, with the strongest concentration located at the Golconda-Vadrian Hill trend. It is also home to several historic gold mining sites.
Caprice initiated a 10 hole drilling program in December 2024, targeting surface-level quartz reefs over a 5 kilometre strike length, which it followed with a 31 hole program in February 2025. Caprice plans to begin a 5,000 metre Phase 3 drill program in April.
Caprice reported Phase 1 results on February 11, stating it had encountered multiple zones of thick, shallow, high-grade gold mineralization. One significant sample demonstrated a grade of 6.4 g/t gold over 28 metres, which included an intersection of 16.4 g/t over 4 metres.
Shares in Caprice reached a year-to-date high of AU$0.69 on March 21.
3. North Stawell Minerals (ASX:NSM)
Year-to-date gain: 193.75 percent
Market cap: AU$13.09 million
Share price: AU$0.047
North Stawell Minerals is a gold exploration company advancing a portfolio of prospects in Victoria, Australia.
So far in 2025, the company’s primary focus has been exploration activities at its Wildwood and Darlington prospects. North Stawell announced that it began drilling at these sites on January 16 and is fully funded following an AU$1.3 million financing round in 2024.
The drilling program is planned for up to 1,500 metres of diamond drilling. The targets at Wildwood include expanding down-plunge of a historic hole as well as infill drilling at Wildwood’s Maslin target. On March 4, announcing it had commenced work at a second target at Darlington, centred on the down-plunge continuation of historic mining operations at the site.
This was followed by an initial report on March 19 in which North Stawell Minerals indicated it encountered visible gold in the 120 metre step-out hole at Darlington. The company said it was highly encouraged by the results. Results from North Stawell’s drilling operations will be reported once the data is returned and interpreted.
Shares in North Stawell reached a year-to-date high of AU$0.048 on March 21.
4. Koonenberry Gold (ASX:KNB)
Year-to-date gain: 164.29 percent
Market cap: AU$33.87 million
Share price: AU$0.037
Koonenberry Gold is a gold exploration company with a substantial portfolio of projects in Australia.
Since the start of the year, Koonenberry shares have seen significant gains alongside a rising gold price and positive exploration updates.
On January 16, the company announced the commencement of drilling at the Junee copper-gold project in New South Wales. The property is a 20/80 joint venture between Koonenberry and Newmont (ASX:NEM,NYSE:NEM). The drill program aims to cover 144 holes up to 11,000 metres, targeting alkalic porphyry systems similar to those at Newmont’s Cadia and Ridgeway mines.
This was followed by news on January 20 that Koonenberry had identified two gold trends, one of which was 4 kilometres in length, at its Prince of Wales project in New South Wales. The discoveries took place during initial field activities at the site, which returned grab samples of up to 5.26 g/t gold, building on historical data.
Koonenberry has also been actively exploring its Enmore gold project in New South Wales, and on February 25 expanded its holdings at the site to 302 square kilometres. The following day, 26, the company released initial results from Enmore, stating that it had encountered visible gold from the second drill hole at depths ranging from 287.2 to 299.1 metres.
The most recent news from the project emerged on March 17, when Koonenberry announced it identified further visible gold from the third and fourth drill holes at similar depths to the second hole. The company indicated that geological observations reveal a prospective corridor measuring 125 metres by 550 metres that remains open. Initial drill results from the program are expected in early April.
Shares in Koonenberry Gold reached a year-to-date high of AU$0.037 on March 24.
5. Cavalier Resources (ASX:CVR)
Year-to-date gain: 133.33 percent
Market cap: AU$11.57 million
Share price: AU$0.21
Cavalier Resources is a gold exploration and development company that has dedicated much of the past year to advancing its Crawford Gold project in Western Australia.
The project is part of a trio of initiatives near the township of Leonora and is being developed as the initial phase of a broader regional strategy.
In March 2024, the company released a pre-feasibility study that revealed a pre-tax net present value of AU$15.7 million, with an internal rate of return of 149 percent and a payback period of 12.2 months based on a gold price of AU$2,900 per ounce.
The reported ore reserve estimate indicated a probable reserve of 29,300 ounces of gold from 1 million tonnes of ore with an average grade of 0.91 g/t gold, in addition to an indicated and inferred resource 117,800 ounces from 3.75 million tonnes of ore at an average grade of 1 g/t.
In a February 12 update, the company announced that it had submitted the required reports, approvals and applications to initiate Stage 1 mining at Crawford. It noted that the project management had already received approval and that it was awaiting the final stages for the native vegetation clearing permit and water application.
Cavalier followed up with news on February 20 that it had signed an US$11 million non-binding stream financing term sheet with Raptor Capital International. In exchange for the funding, Raptor will receive up to 11,000 ounces of gold from Crawford. The announcement stated that both companies would have 60 days for due diligence to convert the term sheet into a binding agreement.
Cavalier indicated that it would utilize the funding to enhance the development strategy for the Stage 1 oxide pit at Crawford and that it would minimize the need for shareholder dilution through equity capital raisings.
Shares in Cavalier reached a year-to-date high of AU$0.21 on March 18.
FAQs for ASX gold stocks
How to invest in gold on the ASX?
As Australia is a top gold-mining jurisdiction and the country's government is supportive of mining, there are plenty of options for investing in gold on the ASX. Between gold miners operating major projects and gold explorers hunting for the next significant gold discovery, investors can choose what kind of company matches their risk appetite and portfolio.
When looking for a gold company to invest in, be sure to do your due diligence and learn about the company's key characteristics, including its leadership team, its finances and the geology of its projects.
How to buy gold stocks on the ASX?
Once you’ve selected a company or multiple companies to invest in, you can buy gold stocks using trading apps with access to ASX stocks, or you can get the help of a stock broker.
How to buy gold ETFs on the ASX?
For investors who prefer broader exposure to a sector, exchange-traded funds (ETFs) are a good option, and the ASX is home to multiple gold-focused ETFs. Because they are traded on exchanges like stocks, you can buy ETFs using the same methods described above. ASX-listed gold ETFs to consider include:
- ETFS Physical Gold (ASX:GOLD), which promises "low-cost access to physical gold via the stock exchange" and can be redeemed for physical gold.
- Perth Mint Gold (ASX:PMGOLD), which tracks the international price of physical gold.
- BetaShares Gold Bullion (ASX:QAU), which also tracks the physical bullion price.
- The Van Eck Gold Miners ETF (ASX:GDX), which tracks the NYSE Arca Gold Miners Index (INDEXNYSEGIS:GDMNTR).
Don’t forget to follow us @INN_Australia for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Figure 1: United Victory Reef float sample that assayed 205g/t Au
Figure 2: Reefton and Lyell Tenement Map 
Figure 1: The NAE Lammerlaw permit occurs in the southern limb of a regional fold feature characterised by a change in metamorphic grade from upper greenschist (purple) to lower greenschist (green). At Macraes, mineralisation occurs inshear zone features truncated by structures controlling the change in metamorphic grade.
Figure 2: Conceptual targets for Lammerlaw drilling (not to scale). Red dotted lines indicate mineralisation parallel to foliation in schist. Red solid lines indicate vertical or high-angle vein mineralisation. Both could produce a similar buriedsoil anomaly (orange layer).
