The gold price soared during the third quarter of 2025, and in October reached new all-time highs above AU$6,000 per ounce.
The gold bull market has been fueled by a number of factors. Among them is economic uncertainty brought on by a chaotic US trade and tariff policy, which has prompted investors to seek the stability of precious metals in their portfolios.
These high gold prices have increased margins for gold producers, and investment into the sector has increased during the year, pushing up share prices and interest in gold equities.
How has this bull market affected ASX-listed gold stocks? Many of the exchange’s top gold companies are focused on projects within Australia.
Read on to discover which companies have seen the biggest gains in 2025. Data for this article was retrieved on October 7, 2025, using TradingView’s stock screener, and only companies with market capitalizations greater than AU$10 million at that time were considered.
1. Forrestania Resources (ASX:FRS)
Year-to-date gain: 2,092.31 percent
Market cap: AU$118.68 million
Share price: AU$0.285
Forrestania Resources is a gold, copper and lithium exploration company with projects in Western Australia. Since the start of the year, the company has focused on gold exploration at its Forrestania and Bonnie Vale projects, and acquisitions in the Southern Cross Greenstone Belt.
Forrestania’s primary focus is its flagship Forrestania gold-lithium project in the Southern Cross Greenstone Belt. The company has been exploring the project’s Lady Lila gold prospect.
On September 11, the company released an updated mineral resource estimate for Lady Lila, reporting an inferred resource of 40,513 ounces of gold from 1.2 million tonnes of ore with an average grade of 1.03 g/t gold.
The release also featured an exploration update with assays from Phase 2 drilling; one hole intersected a highlighted assay of 1.3 g/t gold over 15 metres, which included an interval of 5.5 g/t over 1 metre. According to Forrestania, gold mineralisation is open in all directions.
The Bonnie Vale gold project covers an area of 75 square kilometres within the Eastern Goldfields. It hosts multiple zones of mineralization, including the Ada Ann prospect. Shares started to gain on February 13 after the company began Phase 2 follow-up drilling at Ada Ann, building on its maiden program at the site.
The most recent update from the property came on August 17, when Forrestania released a maiden mineral resource estimate for the Ada Ann deposit, revealing an inferred resource of 12,419 ounces of gold from 231,600 tonnes of ore with an average grade of 1.67 grams per tonne (g/t).
Additionally, over the past few months, Forrestania announced several acquisitions supporting its strategy of consolidating gold projects in the Southern Cross Greenstone Belt.
On August 14, Forrestania agreed to acquire the North Ironcap gold project, an advanced open-pit project, on an approved mining lease. Located south of Lady Lila, North Ironcap hosts an inferred resource of 105,953 ounces of gold from 2.41 million tonnes of ore with an average grade of 1.37 g/t.
On September 11, the company entered an agreement to acquire the Burracoppin gold project and several exploration tenements, located west of the Edna May gold mine, from Askari Metals (ASX:AS2). Burracoppin hosts an mineral resource estimate of 82,700 ounces of gold from 2.14 million tonnes grading 1.2 g/t gold.
One week later, Forrestania completed its acquisition of the British Hill gold project, located north of Lady Lila, and announced a contract for mine development at the site.
Most recently, on September 23, the company announced an agreement to acquire the Westonia gold project from Kula Gold. The property is located adjacent to the Edna May gold mine.
After climbing significantly throughout the year, shares in Forrestania spiked in mid-September and reached a year-to-date high of AU$0.305 on September 24.
Year-to-date gain: 1,044.12 percent
Market cap: AU$527.27 million
Share price: AU$1.945
Focus Minerals is a gold development and mining company advancing its Coolgardie mining operations in Western Australia.
The operations comprise three primary open pits — Greenfields, Dreadnought and Alicia — as well as the Bonnie Vale underground mine, which is currently under development.
Focus also operates the Three Mile Hill processing plant, which was commissioned in 2009 and refurbished in 2023. It has a nameplate capacity of 1.2 million tonnes per year, and processes ore from Focus’s mines and toll treatment agreements.
According to a quarterly activities report released on July 29, the mill processed 361,158 tonnes of ore, including 257,980 tonnes from the company’s own operations. The plant achieved a record in June, delivering 3,874 ounces of Focus gold.
During the June quarter, the company’s open-pit operations produced 4,533 ounces of gold, while its Bonnie Vale underground mine produced 3,022 ounces from development ore.
The report also indicated that mine development at Bonnie Vale was progressing ahead of schedule, with key infrastructure installed, including a permanent power and pump station. Due to this, Focus bumped up the timeline for commencement of stoping activities to early in the December quarter.
In addition to its mining operations, on June 4, Focus completed the sale of its Laverton gold project to Genesis Minerals (ASX:GMD) for cash considerations of AU$250 million. In the company’s half-year report, Focus said that it has used proceeds from the sale to repay majority shareholder Shandong Gold for all outstanding loans and interest, totalling approximately AU$174.8 million.
It also reported that it had increased net assets to AU$317.02 million from AU$95.63 million during the December quarter and increased its cash balance to AU$74.18 million from AU$16.5 million.
Although Focus had not released news since the quarterly report, its share price surged in mid-September. In response to an ASX price query on September 19, the company stated that it had remained compliant with ASX rules and was not aware of any information that could explain the recent trading.
Shares in Focus reached a year-to-date high of AU$1.95 on October 7.
3. Kula Gold (ASX:KGD)
Year-to-date gain: 703.37 percent
Market cap: AU$35.7 million
Share price: AU$0.043
Kula Gold is an exploration company advancing its Mount Palmer gold project in the Southern Cross Greenstone Belt of Western Australia and its Wozi niobium project in Malawi.
Kula Gold’s portfolio of projects in the Southern Cross region also includes the Marvel Loch project, located to the east of the Marvel Loch mine and gold plant and adjacent to Mount Palmer.
Kula acquired a 51 percent interest in the Mount Palmer project in May 2024 and has since grown its stake to 80 percent. Aurumin (ASX:AUN) owned the remaining 20 percent share in the project, but Kula announced on September 23 that it had been purchased by Newcam Minerals.
The site hosts the historic Mount Palmer gold mine, which ended commercial production in 1944. Kula released a maiden inferred resource for mine tailings at the site on September 9, reporting 1,996 ounces of gold from 98,534 tonnes of ore grading 0.63 g/t gold.
Shares in Kula surged in mid-September, coinciding with news on September 19 that the company intersected native visible gold in the first diamond drill hole of its current exploration program at Mount Palmer.
According to the company, the hole, which tested to a depth of 54 metres, intersected five “strong showings of native visible gold” in quartz veins between 31.4 metres and 36.45 metres downhole. Samples will be sent for testing after Kula completes diamond drilling.
Kula agreed to sell its Westonia gold project in the Southern Cross region to Forrestania Resources on September 23 to support its focus on Mount Palmer.
Shares in Kula reached a year-to-date high of AU$0.043 on October 7.
4. Tambourah Metals (ASX:TMB)
Year-to-date gain: 627.27 percent
Market cap: AU$21.71 million
Share price: AU$0.16
Tambourah Metals is an exploration company with a portfolio of gold and critical minerals projects in Western Australia. The company’s primary focus is its Tambourah, Bryah and Cheela gold projects, and it is also exploring its Speewah North antimony project.
Its flagship Tambourah gold project, located in the Pilbara region, hosts a series of quartz lodes with a strike length of over 3 kilometres. Historic shallow workings at the site produced 148 kilograms of gold with an average head grade of 27.35 g/t.
On September 11, Tambourah released results from its 18 hole drill program, primarily focused on the Tambourah King zone, which hosts high-grade gold mineralisation. One highlighted interval assayed 49.7 g/t over 2 metres, including a 1 metre interval of 97.6 g/t, from 51 metres of depth. The company also tested step-out targets to the south.
The company is also exploring the Beatty Park South prospect at its Bryah gold-copper project in the Bryah Basin.
Shares in Tambourah gained in early August after the company released high-grade gold results from the initial aircore drilling program conducted at Beatty Park South in June. One highlighted result from the report is 6 metres grading 25.8 g/t, including an interval of 126 g/t over 1 metre, from a depth of 30 metres.
The aircore drilling focused on testing an area in which historic drilling from the 1990s reported high-grade, shallow gold.
The company’s share price spiked, jumping from AU$0.041 on September 30 to AU$0.125 on October 1, after Tambourah released high-grade assays from follow-up drilling targeting extensions along strike and east of the results reported in August.
Among the highlighted results was one sample with a grade of 18.8 g/t gold over 24 metres, which included 29.2 g/t over 4 metres, from a depth of 20 metres. Tambourah said that gold targets at Beatty Park South remain open along strike and depth.
Shares in Tambourah Metals reached a year-to-date high of AU$0.18 on October 2, the day after the release.
5. Falcon Metals (ASX:FAL)
Year-to-date gain: 587.5 percent
Market cap: AU$176.5 million
Share price: AU$0.825
Falcon Metals is a gold exploration company focused on gold projects in the Bendigo Zone of Victoria, Australia.
Falcon’s primary focus in 2025 has been on the Blue Moon project, a 174 square kilometre licence around the historic Bendigo Goldfield and near Agnico Eagle Mines’ (TSX:AEM,NYSE:AEM) Fosterville gold mine. The Bendigo Goldfield was the site of a major gold rush after gold was discovered there in 1851. Falcon applied for the Blue Moon licence when it came out of moratorium in 2021.
Falcon also owns the Pyramid Hill gold project covering an area of more than 7,000 square kilometres to the north of the goldfield, with the majority within the Bendigo Zone.
On June 10, the company mobilized the first drill program at Blue Moon, targeting a northern continuation of the Garden Cully trend that extends from the Bendigo Goldfield, and on July 3 it released partial results from the first hole of the diamond drill program. Falcon said the results and presence of visible gold in the hole confirmed the conceptual target.
Falcon has continued to explore the property since and has released several more exploration updates reporting high-grade assays. On July 11, the company’s share price spiked significantly when it reported that its first wedge hole at Blue Moon intersected 543 g/t gold over 1.2 metres, with visible gold in the core. The discovery came at a depth of 544.2 metres.
The most recent news from the project came on October 7, when the company announced partial results for its sixth wedge hole. The hole intersected 6.5 metres grading 33 g/t gold, including an interval of 325 g/t over 0.4 metres, from a depth of 832 metres.
Falcon noted that assays for the remainder of the hole are pending, and that drilling is ongoing. The company also announced it received approval for an additional seven drill pads covering 2 kilometres of strike and that an additional rig would be sent to the site.
Shares in Falcon reached a year-to-date high of AU$1.16 on September 2.
FAQs for ASX gold stocks
How to invest in gold on the ASX?
As Australia is a top gold-mining jurisdiction and the country’s government is supportive of mining, there are plenty of options for investing in gold on the ASX. Between gold miners operating major projects and gold explorers hunting for the next significant gold discovery, investors can choose what kind of company matches their risk appetite and portfolio.
When looking for a gold company to invest in, be sure to do your due diligence and learn about the company’s key characteristics, including its leadership team, its finances and the geology of its projects.
How to buy gold stocks on the ASX?
Once you’ve selected a company or multiple companies to invest in, you can buy gold stocks using trading apps with access to ASX stocks, or you can get the help of a stock broker.
How to buy gold ETFs on the ASX?
For investors who prefer broader exposure to a sector, exchange-traded funds (ETFs) are a good option, and the ASX is home to multiple gold-focused ETFs. Because they are traded on exchanges like stocks, you can buy ETFs using the same methods described above. ASX-listed gold ETFs to consider include:
- ETFS Physical Gold (ASX:GOLD), which promises “low-cost access to physical gold via the stock exchange” and can be redeemed for physical gold.
- Perth Mint Gold (ASX:PMGOLD), which tracks the international price of physical gold.
- BetaShares Gold Bullion (ASX:QAU), which also tracks the physical bullion price.
Don’t forget to follow us @INN_Australia for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
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