Please confirm your editon.
Want to change your edition?Go to your My INN page.
ASX Gold Stocks: 5 Biggest Companies in 2023
There are many large Australian gold stocks, but these are the five top companies in the sector by market cap.
Australia is the second largest gold producer worldwide, and it's home to some of the largest gold-mining companies.
The war in Ukraine caused the gold price to rise to a record high in 2022 — above US$2,000 per ounce — before pulling back to the US$1,700s by the end of the year. Although it didn't quite break any new records, the yellow metal has spent time above US$2,000 again in 2023 on the back of continued instability, from the banking crisis to inflation concerns.
Gold is often a suggested safe investment for any portfolio, and there are a number of ways to invest in this precious metal, including exchange-traded funds and individual stocks. When it comes to companies, it's often a good idea to start with the biggest players in the sector — these established entities have track records of success and tend to be less volatile.
Read on for the top ASX gold stocks by market cap. Data was gathered on May 25, 2023, using Trading View’s stock screener.
1. Newcrest Mining
Market cap: AU$23.71 billion; current share price: AU$26.08
Melbourne-based Newcrest Mining (ASX:NCM) is one of the largest gold mining, development and exploration companies in the world. Newcrest operates a portfolio of mines spanning Australia, Papa New Guinea and Canada, including the Telfer and Havieron projects in Western Australia, and the Cadia project in New South Wales.
The company's 2022 annual report highlights a production total of 1.9 million ounces of gold and 121,000 tonnes of copper. The year also marked Newcrest's official acquisition of the Brucejack mine in BC, Canada. In May 2023, mining giant Newmont (TSX:NGT,NYSE:NEM) announced a AU$28.8 billion acquisition of Newcrest.
2. Northern Star Resources
Market cap: AU$15.04 billion; current share price: AU$12.61
Northern Star Resources (ASX:NST) is an Australian gold company with both open-pit and underground projects in Western Australia and North America; its assets are located at its Kalgoorlie, Yandal and Pogo gold production centres.
Northern Star's latest annual report shows that it recovered 1.55 million ounces of gold during its 2022 fiscal year. According to the company, it has a focus on providing and maintaining high shareholder returns. During the period, dividends were approved at 11.5 cents per share, with the full-year payout being 21.5 cents per share.
This past May, Northern Star announced an increase to its overall mineral resource. It now sits at 57.4 million ounces, with ore reserves at 20.2 million ounces, as the company continues to offset mine depletion and experience exploration success.
3. Evolution Mining
Market cap: AU$6.74 billion; current share price: AU$3.49
Evolution Mining (ASX:EVN), based in New South Wales, is a leading Australian gold-mining company with five fully owned operational mines in Australia and Canada. Evolution is confident that its plan of creating a high-quality portfolio of low-cost mines will allow it to grow the business for its shareholders.
In its 2022 annual report, Evolution reported total production of 640,275 ounces of gold at the cost of AU$1,240 per ounce. Evolution plans to ramp up production to 800,000 ounces at the same cost by 2024. In the first quarter of 2023, the company's gold production totalled 163,910 ounces at a cost of AU$1,291 per ounce. The company's guidance for the 2023 fiscal year is approximately 660,000 ounces at a cost of about AU$1,390 per ounce.
4. SSR Mining
Market cap: AU$4.8 billion; current share price: AU$23.07
Formerly known as Silver Standard Resources, SSR Mining (ASX:SSR) is a precious and base metals miner based in Colorado, US. SSR Mining has exploration, development and production operations across Asia and the Americas.
The company reported Q1 production of 146,894 gold equivalent ounces at an all-in sustaining cost of AU$1,693 per gold equivalent ounce. SSR Mining had expected the first quarter to bring its lowest output for the year, and the company says it remains on track to meet its guidance of 700,000 to 780,000 ounces for 2023. The high cost per ounce for Q1 was expected given the capital spend associated with the Seabee winter road, as well as haul truck purchases at Marigold.
5. Perseus Mining
Market cap: AU$2.56 billion; current share price: AU$1.85
Perseus Mining operates three gold mines: Edikan in Ghana, and Sissingué and Yaouré in Côte d'Ivoire. Its portfolio also includes a 70 percent interest in the Meyas Sand gold project in Sudan, and a 31.4 percent stake in the Koné gold project in Cote d’Ivoire.
In the March quarter, Perseus’ three operating gold mines achieved combined production of 130,275 ounces of gold at a weighted average all-in sustaining cost of US$971 per ounce.
Don’t forget to follow us @INN_Australia for real-time updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.