With gold trading near record highs (above A$3,200/oz), investor interest in the precious metal is heating up again. While major ASX gold stocks like Northern Star or Newmont may already be fully priced, there are still mid-cap miners offering real value with significant upside.

In this post, we highlight two standout ASX-listed gold mining stocks—Gold Road Resources (ASX: GOR) and Genesis Minerals (ASX: GMD)—that continue to trade at attractive levels despite their impressive production, growth pipelines, and improving financials.

If you’re looking for gold exposure without overpaying, these two names deserve a closer look.

1. Gold Road Resources (ASX: GOR)

A Mid-Tier Gold Producer with Exploration Upside

Gold Road owns a 50% interest in the world-class Gruyere Gold Mine in Western Australia, developed in partnership with Gold Fields. It’s a high-quality, long-life asset producing more than 330,000 ounces of gold annually, with plenty of upside.

FY24 Financial Highlights:

Revenue: $528 million (↑ 12% YoY)

Net Profit After Tax (NPAT): $142.7 million (↑ 23.3% YoY)

Operating Cash Flow: $250.6 million (↑ 7.3% YoY)

P/E Ratio: 24.39x

TTM Dividend Yield: 0.62%

These numbers reflect solid operational performance, a strong balance sheet, and the ability to self-fund both dividends and growth projects.

Key Growth Drivers:

1. Gruyere Mine Optimization
   Ongoing upgrades—including the addition of a third pebble crusher—are lifting plant throughput, targeting ~9.5Mt for FY25. With mine life stretching beyond 10 years, Gruyere remains a cornerstone asset.
2. Aggressive Exploration at Yamarna
   Gold Road holds a vast land package across the underexplored Yamarna Belt. Early-stage discoveries like Gilmour hint at the potential for future resource upgrades.
3. Gold Price Leverage
   As an unhedged producer, Gold Road benefits directly from rising spot prices. With low-cost production and no debt, the company is well positioned to maximize margins during this gold bull cycle.

Final Take: Gold Road

This is a low-risk, cash-rich gold stock with clear growth levers and exploration upside. While the dividend yield is modest, the strong operational cash flow and disciplined management make GOR a standout value buy in a high-priced sector.

2. Genesis Minerals (ASX: GMD)

A Fast-Scaling Gold Producer with High Growth Ambitions

Genesis Minerals has transitioned from a small explorer to one of the most dynamic emerging producers in WA’s prolific Leonora-Laverton gold corridor. It’s backed by strategic assets, an aggressive production ramp-up strategy, and growing institutional interest.

H1 FY25 Financial Highlights:

Revenue: $338.7 million (↑ 57% YoY)

NPAT: $59.8 million (↑ 149% YoY)

Operating Cash Flow: $140.9 million (↑ 86% YoY)

EBITDA Margin: 45%

P/E Ratio: 37.68x

Yes, the stock trades at a premium. But that’s backed by real growth, cost discipline, and a clear path to scale.

Key Growth Catalysts:

1. ASPIRE Strategy & Production Ramp-Up
   Genesis plans to grow annual production to 300,000 ounces by FY27, up from ~150,000–180,000 oz today. The restart of the Laverton mill and high-grade ore from Ulysses are helping accelerate this timeline.
2. Consolidated Operations = Cost Savings
   The company is cutting costs by centralizing operations and reusing infrastructure from the Dacian Gold acquisition.
3. Pipeline of New Mines
   Brownfield sites like Admiral and Puzzle are being rapidly developed. By spreading production across multiple assets, Genesis is building a resilient, scalable business model.

FY25 Outlook:

Guidance: 190,000–210,000 ounces

AISC: $2,200–2,400/oz

Capital Expenditure: Fully funded through internal cash

The story here is simple: Genesis is executing well, and its rapid production growth could lead to strong re-rating potential if gold prices remain elevated.

Final Take: Genesis Minerals

Genesis is a high-momentum, growth-first gold stock. While not “cheap” on valuation metrics, its future cash flows and asset expansion make it a top-tier pick for growth-oriented gold investors. If execution continues to match guidance, this could be a breakout name over the next 12–18 months.

Which One Should You Buy?

For Stability + Cash Flow → Go with Gold Road (GOR)
A steady performer with reliable production, strong balance sheet, and attractive risk-reward profile.

For Growth + Upside Potential → Choose Genesis Minerals (GMD)
Ideal for investors comfortable with higher valuation but seeking exposure to rapid production scale-up.

Both companies are well positioned to ride the next gold cycle, and both offer entry points that still look cheap relative to their long-term prospects.

Conclusion: A Golden Opportunity

Gold prices remain strong, inflation concerns persist, and geopolitical uncertainty lingers. In this environment, gold miners with low costs, strong growth plans, and solid balance sheets stand out.

Gold Road and Genesis are two such names on the ASX that offer real value, not hype. Whether you’re focused on income and capital preservation, or want to ride the next wave of gold sector growth, these stocks should be on your watchlist—or in your portfolio.

Disclaimer:

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