Take a look at these 5 cheap ASX gold miners: They’re all less than 10x P/E even with gold over US$3,000!

Gold may be over US$3,000, but that doesn’t mean you cannot find cheap ASX gold miners. Although commodity prices are a major influence on the share prices of mining companies in all sectors, that doesn’t mean some companies won’t trade at cheap prices for a variety of reasons. Conversely, low commodity prices don’t mean all mining stocks exposed to that commodity will all be cheap. But with gold perceived as a safe haven right now, let’s run the ruler over 5 ASX gold mining stocks still trading at cheap prices (less than 10x P/E for FY26) and why they’re cheap.

Here are 5 cheap ASX gold miners!

Perseus (ASX:PRU) – 9.3x

We just wrote about this company earlier this week. Despite tripling in 5 years and being the 5th largest pure-play ASX gold stock, it trades at less than 10x P/E, probably because its projects are in Africa. Probably another reason is because two of its mines may only have a few years left in them. Perseus’ future is in the Nyanzaga project in Tanzania, at least in theory. It is hoping to enter production in early 2027, but has not made an FID yet because it is in negotiations with the Tanzanian government as to the taxes and royalties applicable on the project

Regis (ASX:RRL) – 9.5x

Regis Resources is a gold miner focused on Australia with the Duketon and Tropicana gold mines in Western Australia, owning the former outright and 30% of the latter – a stake owned by IGO before it cashed out in 2021 as IGO pivoted to lithium at a time it was booming. Regis also has the McPhillamy’s gold project in the central west of NSW. The company has seen costs increase, but is benefiting from record high gold prices, selling at US$2,900/oz or A$3,932 in 1H25 before hedging, which derived an underlying net profit of $126m, up 157%. It has guided to 350-380,000/oz production for FY25.

Resolute (ASX:RSG) – 4.5x

OK, here’s a company that has a company-specific reason for being among the list of cheap ASX gold miners. Resolute has projects in Mali and Senegal, with its Syma Gold mine in the former being more important. Resolute also has exploration assets in Guinea, Cote dÍvoire and it has a 20% stake in Toronto-listed Loncor Gold which has assets in DR Congo.

The company’s share price took a hit last November when two employees got detained by the Mali government. The company is cash-rich and profitable, but faces investor concern over sovereign risk.

West African Resources (ASX:WAF) – 3.9x

A classic rags to riches story here. West African Resources (ASX:WAF) first listed, it is a 200koz gold miner from one project in Burkina Faso, the Sanbrado gold mine. In 2024, the company produced 206,622oz and sold 199,550oz at an average price of US$2,391/oz. It is anticipated to have a 15-year mine life and has Resources of 82Mt @ 1.83g/t for 4.9Moz gold. Reserves and Inventory equate to another 27.3Mt @ 3.1g/t for 2.7Moz. The project is 10% owned by the government but WAF owns the rest.

But wait! There’s more! West African Resources is hoping to bring its Kaika project, also in Burkina Faso, into production. It hopes that this mine can be a 200koz+ mine too. It may not quite get there in 2025, but plans to in 2026. For 8 years thereafter, the company aspires to produce over 480koz from the two mines, both from existing resources and through new deposits discovered.

WestGold (ASX:WGX) – 7x

Last year, this company merged with Karora Resources. Westgold was exclusively WA focused with four projects, possessing 2.0Moz Ore Reserves and 8.3Moz of Mineral Resources between them. In merging with Karora, it was set to become a 400koz producer.

However, the company is far from the most profitable gold stocks and has suffered from operational issues, in part due to heavy rainfall last year. This is why it is on the list of cheap ASX gold miners. In 1H25, Westgold’s revenues rose 72% to $624m, but it was still in negative territory on the bottom line, making a $27.6m loss compared to a $44m loss in 1H24.

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