Best ASX Gold Stocks to Buy in 2024: 5 Australian Gold Miners Worth Picking

Written By Mike Munno

Posted January 3, 2024

As gold prices flirt with all-time highs, investors are turning their heads. Most notably, certain ASX gold stocks are getting more attention than others. And for good reason. Not all ASX stocks are created equal. Today, we’re going to look at some of the top ASX gold stocks available.

The Australian Securities Exchange (ASX) is a treasure trove for gold investors, brimming with companies digging for the glittering prize. Some even say the ASX is a gold mine itself. But with so many options, picking the right nuggets can be daunting. 

Don’t be intimidated, though. Today we’re going to cover some of the top ASX gold stocks on the market. 

ASX Gold Stocks - Best Gold Stocks ASX

By the end of this article, you should feel confident about which direction to go. Let’s delve into five ASX gold stock champions, each with their own unique story to tell:

Top ASX Gold Stocks by Market Cap 

  • Northern Star Resources Limited (ASX: NST)
  • Newmont Corporation (ASX: NEM)
  • Evolution Mining Limited (ASX:EVN)
  • Perseus Mining Limited (ASX:PRU)
  • De Grey Mining Limited (ASX:DEG)

ASX Gold Stock #1: Northern Star Resources (NST)

Imagine a kingdom fueled by gold, not oil. That’s the reality Northern Star has crafted. This Aussie powerhouse controls three crown jewels – the Kalgoorlie, Yandal, and Pogo mines. Combined, these mines churn out a staggering 2 million ounces of gold annually. 

It’s like a well-oiled Swiss watch, delivering consistent production and dividends that make shareholders smile wider than a prospector with a panning pan full of nuggets. Their secret sauce? Operational excellence honed to a razor’s edge, and an insatiable hunger for new veins of gold through relentless exploration. Think of them as a geological bloodhound, sniffing out opportunities before anyone else.

Right now NST has a market cap of just over $15 billion with shares trading at $13.17 (at the time of writing). If you’re considering buying shares of an ASX gold stock, NST is worth a look. 

NST Chart - Best Gold Stock ASX

ASX Gold Stock #2: Newmont Corporation (NEM)

If Northern Star is a regional king, Newmont is the global emperor. This mining behemoth has tentacles wrapped around gold mines across the globe. From the deserts of Nevada to the lush jungles of Peru, they have projects all over. 

Their financial war chest is Scrooge McDuck-worthy, allowing them to gobble up promising mines and expand their empire. They’re also big on sustainability, ensuring their golden touch doesn’t leave a tarnished footprint.

Right now, Newmont’s market cap hovers between $11 and $12 billion, boasting a share price of $60.17. While NEM is an incredible gold stock to own, it might not have the biggest growth potential. That being said, you also won’t have to worry about losing your shirt. 

NEM Chart - Best Gold Stocks ASX

ASX Gold Stock #3: Evolution Mining Limited (EVN)

Forget sluggish donkeys, Evolution Mining is the Usain Bolt of the ASX gold pack. This fast-rising star has sprinted up the ranks thanks to their Usain-esque combination of speed and smarts. They’re like a lean, mean, gold-producing machine. 

EVN is capable of squeezing every ounce of potential out of its mines and delivering consistent growth that makes investors salivate. But they’re not resting on their laurels – their exploration team is constantly on the hunt for the next Olympic-sized gold discovery. 

This gold company currently has mining projects across Australia and Ontario, Canada. Right now, their market cap rests just under $8 billion. You can pick up shares of EVN for $3.88. 

EVN Chart - Best Gold Stocks ASX

ASX Gold Stock #4: Perseus Mining Limited (PRU)

Forget California beaches, Perseus is all about the golden sands of West Africa. This specialist has carved a niche in Ghana and Côte d’Ivoire, where their high-margin mines churn out the yellow stuff like clockwork. 

They’ve got a proven track record of success, steadily increasing production and keeping their operations humming. Think of them as the seasoned safari guide, leading you to the richest gold reserves in the West. That’s not all they specialize in, though. 

Over the last few months, Perseus has been steadily increasing ownership of OreCorp (ASX: ORR). OreCorp is another ASX gold stock with promise. By gaining control of OreCorp’s operations, Perseus further secures its dominance in the ASX gold market. 

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PRU Chart - Best Gold Stocks ASX

ASX Gold Stock #5 De Grey Mining Limited (DEG)

De Grey is the wildcard of the bunch, an early-stage explorer with the potential to strike gold (literally!). They’ve made some exciting high-grade discoveries in Western Australia, sending rumors flying about a potential game-changer. 

But remember, exploration is a risky game – think of it like panning for gold in a raging river. The rewards could be immense, but there’s also a chance you come up empty-handed. DEG is for the adventurous investor who doesn’t mind a bit of thrill in their gold hunt. 

DEG’s main focus is the Hemi gold project in Western Australia – more specifically the Pilbara Craton. The operation is 100% owned by De Grey. Right now, De Grey’s market cap is just over $2 billion with shares trading at $1.19. 

If the Hemi project experiences a massive discovery, shares of DEG could skyrocket. 

DEG Chart - Best Gold Stocks ASX

Top ASX Gold Stocks Under $2

  • Perseus Mining Limited
  • De Grey Mining Limited
  • Gold Road Resources (ASX: GOR)
  • Ramelius Resources Limited (ASX: RMS) 
  • Genesis Minerals Limited (ASX: GMD)

We’ve already covered Perseus and De Grey, and why they’re both decent ASX gold stock picks. But let’s get into some of the other ASX gold stocks that currently trade for less than $2.

Gold Road Resources, Ramelius Resources Limited, and Genesis Mineral Limited are all ASX stocks currently trading under $2. And they could be worth of look…

GOR isn’t just any gold miner; they’re the owner of half the world-class Gruyere gold mine, a joint venture with Gold Fields Ltd. This single open-pit beast churns out over 400,000 ounces of gold annually, making GOR a mid-tier powerhouse with an eye on the big leagues. If you’re looking for a potential high-flyer, this could be it. 

RMS might not be a household name yet, but it’s quickly rising from the shadows. This Western Australian explorer-turned-producer recently brought the Mt Magnet gold mine back to life, and it’s already spitting out gold like a well-oiled machine. This is one ASX gold stock to keep an eye on. 

Finally, we have Genesis Mineral Limited (GMD). GMD is an early-stage explorer with whispers of a potential gold bonanza. Think of them as the Indiana Jones of the gold world, armed with a pickaxe and a map leading to a mythical golden city. Their tenements in Western Australia and Queensland hold intriguing high-grade intercepts. 

ASX Gold Stocks Under $2

Final Thoughts on Top ASX Gold Stocks

So, which ASX gold champion is right for you? It all depends on your risk appetite and investment goals. If you feel the need, dig a little deeper into these ASX gold stocks. Weigh the pros and cons, and remember, even the best gold stocks can be volatile. But with a little digging and the right information, you might just unearth your own golden treasure trove on the ASX.

As gold prices teeter on all-time highs, it’s never been a more interesting time to be a gold investor. Hopefully, these ASX gold stocks can help you take advantage. The shimmering allure of gold on the ASX is undeniable. From established giants like NST and NEM to hungry challengers like GOR and RMS, each company offers a unique narrative and a chance to participate in this dynamic industry. 

But remember, every glittering nugget requires careful investigation. Do your research, assess your risk tolerance, and dive into the stories behind the symbols. The ASX gold landscape is waiting to be explored – will you be the prospector who unearths your own golden treasure?

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