On the whole, 2025 has been a good year ASX All Ords Gold Stocks, but some are performing better than others and some are not even ‘performing’ at all.
The gold price is on the cusp of surpassing US$4,000/oz or A$6,000/oz in a bull rally showing no signs of slowing down. Consider the fact that the gold price was A$4,200/oz at the start of 2025 and A$1,600/oz in August 2019. Following a pandemic rally to over A$2,700/oz, prices retreated to A$2,200/oz in mid-2021 before commencing the current bull run – but things only heated up in the last 12 months.
Obviously this makes gold stocks (from major gold miners like Northern Star to penny stock explorers) more attractive because their projects are more attractive because of theoretical higher prices. It has also helped that just about all other commodities (at least the metals) have under performed and so a lot more money has gone into gold than would otherwise be the case. But as we noted above, some gold stocks are leading their peers and others are trailing. So let’s take a look at the extreme ends of the spectrum.
Note: We are restricting our scope to All Ords gold stocks, because otherwise the list would be dominated by gold explorers with either good or bad drilling results but even with good results, being years away from a project. But we are not necessarily restricting ourselves to gold companies with producing projects even though they dominate the list by virtue of being in the All Ords Index.
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5 ASX All Ords Gold Stocks Outperforming Their Peers!
Medallion (ASX:MM8)
Medallion has grown from 6c to 54c in just 12 months, netting an 800% return. Take a bow. Medallion has the Ravensthope Gold Project in WA which isn’t in full production yet but has a JORC Resource of over 1Moz gold. Medallion has exposure to other projects too including a minority stake in NickelSearch (ASX:NIS) and it recently (i.e. early August 2025) agreed to buy assets from IGO’s Forrestania gold/nickel operation which has initial production inventory of 342koz gold and at a price of A$4,000/oz has an IRR of 169% and a 9 month payback period.
Dateline (ASX:DTR)
Dateline has gone from a penny stock to a $1.5bn gold company in 12 months. It owns the 100% Colosseum Gold-REE (Rare Earth Elements) Project in California and the Gold Links project in Colorado. The rising gold price gave a significant boost to the company’s scoping study (at least the revenue and NPV projections). Its exposure to rare earths has also given investors a further reason to be interested in the company.
Barton (ASX:BGD)
Up 392% in 12 months, Barton is a South Australian focused gold developer. It owns a base of 1.7Moz gold and aspires to become a 150,000/oz producer. As if this was not good enough is that it has a regional gold mill in the Gawler Craton. This reduces some infrastructure risk and processing cost risk with the ability to control processing. Being a new entrant to the All Ords helps too.
New Murchison Gold (ASX:NMG)
Formerly Ora Gold, NMG (which has more than tripled in the last year and is capped at over $300m) holds a large package in the Murchison goldfield near Meekatharra, WA. Its flagship deposit is Crown Prince within the Garden Gully project.
NMG has a binding ore purchase/processing agreement with Big Bell Gold Operations (a Westgold subsidiary) — meaning the company doesn’t need to build a mill from scratch; it can truck ore to a nearby mill. That lowers capital cost and time to production risk. It raised A$16.5m to push towards production and this, along with good grades from exploration has given hope production will start soon.
Pantoro (ASX:PNR)
Capped at over $2bn and up 200% in 12 months, Pantoro operates in WA as both an explorer and producer. It has been good news all around, Pantoro is drilling aggressively (~250,000m for FY26) to find new resources and expand existing ones. From a mining perspective, it has been delivering too, mining 25,417/oz in the most recent quarter (the June 2025 quarter).
5 Underperforming ASX All Ords Gold Stocks Despite the Surging Gold Price
Greatland Resources (ASX:GGP)
This recently dual listed gold company has been flatlining since its listing on the ASX and AIM in July. It listed with the backing of Andrew Forrest (via his private company Wyloo) and guided to 340,000/oz annual production. But within a month of listing, this was cut to 260,000/oz and the company’s capex estimate for the Telfer gold and copper mine was increased from $80m to…$260m. The company copped a ‘please explain’ from the ASX wondering why this was not disclosed earlier but defended itself on the basis it told investors it would update its cost and guidance later.
Bellevue Gold (ASX:BGL)
Although this gold miner has bottomed out, it remains 40% off its all time high achieved in mid-2024. BGL’s namesake project has Total Mineral Resources of 11Mt at 9 g/t for 3.2Moz of gold. It entered production in late 2023 and early months went well, but a series of production downgrades and cost upgrades in the 2nd half of 2024 eroded investor confidence. Things have improved somewhat in recent months due to takeover speculation and an improvement in the production situation.
West Africa Resources (ASX:WAF)
This gold miner is focused on the West African nation of Burkina Faso. Its Sanbrado mine is a >200koz producer and it was hoping to bring its Kaika project into production and that it could be a 200koz+ mine too. The trouble is the government of Burkina Faso. It already had a 10% stake in the project but wants an extra 35%, taking it to 50% as it seeks more control over the nation’s gold resources. Shares have been suspended for the last month while the government and the company are at loggerheads.
Brightstar (ASX:BTR)
Brightstar is up this year, but only by 3%. It is a gold developer with a 1.45Moz resource and has two operating mines (with a third in CY26). Shares had a torrid time between May and August and it is difficult to pinpoint a specific catalyst that is outright negative. Perhaps if we’re being picky (and seemingly investors are), its the fact that the company is not yet profitable. In FY25, it made $33.5m revenue, but had -$34.1m in operating cost of sales and an operating loss of $40.2m. It has $11.7m in cash and a debt facility with $14.2m drawn down.
Gold Road (ASX:GOR)
We’re really scraping the bottom of the barrel here to put a gold stock up 68% this year as an ‘under performer’. But it rose because of a takeover offer and has stagnated since June as completion of the offer looms. Moreover, its full year production for its Gruyere project is now expected to be at the lower end of guidance of 325-355koz while its AISC will be towards the top end of A$2,400-2,600/oz.
But it is a sign of how well the gold sector is performing if we can label this company an under performer.
