ASX Gold Stocks: 5 Biggest Companies in 2024

Australia is the second largest gold producer worldwide, and it's home to some of the largest gold miners.

Gold is often a suggested safe investment for any portfolio, and there are a number of ways to invest. The most straightforward route is to buy physical metal, but exchange-traded funds and individual stocks are also an option.

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 and tend to be less volatile. With that in mind, the Investing News Network has listed the top ASX gold stocks by market cap. Data was gathered on February 20, 2024, using Trading View’s stock screener.

1. Northern Star Resources (ASX:NST)

Company Profile

Market cap: AU$15.08 billion; current share price: AU$13.17

Northern Star Resources 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 1.56 million ounces of gold during its 2023 fiscal year. According to the company, it has a focus on providing and maintaining high shareholder returns. During the period, dividends were approved at 15.5 cents per share, with the full-year payout being 26.5 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 offsets mine depletion and experiences exploration success.

The company's production guidance for its 2024 fiscal year is set at 1.6 million to 1.75 million ounces.

Buy now ,

2. Evolution Mining (ASX:EVN)

Company Profile

Market cap: AU$6.02 billion; current share price: AU$3.03

Evolution Mining, 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 2023 annual report, Evolution reported total production of 651,155 ounces of gold at the cost of AU$1,450 per ounce. The company's guidance for its 2024 fiscal year is approximately 789,000 ounces at a cost of about AU$1,3

Buy now ,

3. Perseus Mining (ASX:PRU)

Company Profile

Market cap: AU$2.32 billion; current share price: AU$1.69

Perseus Mining operates three gold mines: Edikan in Ghana, and Sissingué and Yaouré in Côte d'Ivoire. In the company's 2023 fiscal year, the mines' combined production was 535,281 ounces of gold at a weighted average all-in sustaining cost of US$959 per ounce. Perseus also recently extended Yaouré's mine life by more than 12 years.

Aside from its three mines, Perseus' portfolio 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 Côte d’Ivoire.

Buy now ,

4. De Grey Mining (ASX:DEG)

Company Profile

Market cap: AU$2.28 billion; current share price: AU$1.22

Western Australian gold explorer De Grey Mining is well established in the prolific Pilbara region, where its focus is the wholly owned Hemi gold project. In late 2019, the company made a large-scale, near-surface gold discovery at Hemi.

In November 2023, De Grey upgraded the mineral resource estimate at Hemi to 12.7 million ounces. The project’s ore reserve stands at 121 million tonnes at 1.5 grams per tonne gold for 6 million ounces A definitive feasibility study was completed in September 2023, and the company is targeting first gold production in the second half of 2026.

Buy now ,

5. Emerald Resources (ASX:EMR)

Company Profile

Market cap: AU$1.85 billion; current share price: AU$2.95

Mid-tier gold exploration and development company Emerald Resources’ main asset is the Okvau gold mine in Cambodia, which hosts total measured, indicated and inferred resources of 990,000 ounces. The company currently has a 76.5 percent stake in Bullseye Mining and has extended the date for a complete takeover to March 15. Its interest in Bullseye Mining gives it access to an additional three mining projects in Western Australia.

In its December 2023 quarterly report, Emerald said it produced 29,200 ounces of gold at Okvau for the quarter, in line with the upper end of its guidance. The company is maintaining its full-year gold production guidance of 25,000 to 30,000 ounces per quarter at an all-in sustaining cost of US$780 to US$850 per ounce.

Buy now ,

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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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