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-mining companies.

With gold trading at record highs above US$2,000 per ounce this year, rising global tensions sparking interest in safe haven assets and central bank buying signalling strong gold demand, everyone is wondering if now is a good time to invest in gold stocks?

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.

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Read on for the top ASX gold stocks by market cap. Data was gathered on February 20, 2023, using Trading View’s stock screener.

1. Northern Star Resources (ASX:NST)

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 1.563 million ounces of gold during its 2023 fiscal year (FY). 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 continues to offset mine depletion and experience exploration success.

The company's production guidance for FY 2024 is 1.6 to 1.750 million ounces.

2. Evolution Mining (ASX:EVN)

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 the 2024 fiscal year is approximately 789,000 ounces at a cost of about AU$1,340 per ounce. In the December 2023, the company's gold production totalled 161,073 ounces at a cost of AU$1,618 per ounce.

3. Perseus Mining (ASX:PRU)

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. 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 its FY 2023, Perseus' three operating gold mines achieved combined production of 535,281 ounces of gold at a weighted average all-in sustaining cost of US$959 per ounce. The company also recently extended mine life at Yaouré by more than 12 years to at least 2035.

4. De Grey Mining (ASX:DEG)

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 primary 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 the Hemi gold project to 12.7 million ounces. The project’s ore reserve stands at 121 million tonnes at 1.5g/t gold for 6.0 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.

5. Emerald Resources (ASX:EMR)

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 stake 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 29.2 thousand ounces of gold at Okvau, and maintained its June 2024 Full Year guidance set at gold production of 25 thousand ounces to 30 thousand ounces per quarter at an AISC of US$780 to US$850 per ounce.

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Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.

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