2 ASX Gold Stocks That Could Be the Next Big Winners

Gold remains one of the most resilient asset classes in times of economic uncertainty. As inflation pressures persist and global markets fluctuate, investors are once again turning toward gold for safety — and the companies mining it for opportunity.

In Australia, the ASX gold sector continues to shine, with several emerging miners achieving strong exploration results and production growth. Among them, Genesis Minerals Ltd (ASX: GMD) and Caprice Resources Ltd (ASX: CRS) are two standout players that have positioned themselves for major gains in 2025.

Both companies are showing strong momentum — Genesis through operational excellence and expansion, and Caprice through high-grade discoveries and aggressive exploration. Here’s why these two ASX-listed gold explorers could be the next big winners.

Genesis Minerals (ASX: GMD): Record Production Sets the Stage for Growth

Genesis Minerals has quickly evolved into one of the leading mid-tier gold producers in Australia. With a combination of record production, expanding reserves, and a clearly defined growth plan, the company is well on track to become a major player in the gold industry.

Record-Setting Quarter and Strong FY25 Performance

Genesis recently reported a record September quarter gold production of 72,878 ounces, surpassing company guidance and showcasing operational strength. For FY25, total revenue surged to $920.14 million, marking a 110% year-over-year increase — a reflection of both higher output and a strong gold price environment.

This performance cements Genesis as one of the fastest-growing producers in the ASX gold universe, supported by efficient operations and improving cost structures.

Expanding Resource and Reserve Base

Genesis currently holds combined ore reserves of 3.7 million ounces and total resources of approximately 14.7 million ounces. These figures, based on a gold price assumption of A$2,800 per ounce, provide a solid foundation for long-term production growth.

The company’s Laverton and Leonora assets remain the backbone of its operations, both hosting significant untapped mineralization potential that continues to deliver promising drilling results.

Strategic Growth Plan: “ASPIRE 400”

Under its ambitious “ASPIRE 400” plan, Genesis aims to ramp up annual gold production to around 255,000 ounces by FY26. The program includes:

1. Plant upgrades to boost processing capacity.
2. Increased exploration spending to extend known ore bodies.
3. Cost optimization initiatives targeting an AISC (All-In Sustaining Cost) of about $2,333 per ounce.

This growth roadmap positions Genesis to not only expand output but also strengthen profitability as it scales.

Analyst Outlook: Continued Momentum Ahead

Analysts are optimistic, projecting up to 40% earnings per share (EPS) growth in FY25. Strong free cash flows are enabling Genesis to fund its own expansion — a key differentiator in an industry where many peers rely heavily on equity raises.

With a solid balance sheet, robust project pipeline, and increasing production efficiency, Genesis Minerals appears well placed for continued upside in 2025 and beyond.

Caprice Resources (ASX: CRS): High-Grade Discoveries Fuel Exploration Upside

While Genesis impresses with scale and execution, Caprice Resources captures investor excitement through discovery and growth potential. The company’s Island Gold Project, located in Western Australia’s prolific Murchison district, has delivered a string of high-grade results that are turning heads across the ASX.

Outstanding Exploration Results

Caprice’s latest drilling campaign at the Island Gold Project returned exceptional intercepts, including:

1. 10m @ 10.9 g/t Au, and
2. 1m @ 63.9 g/t Au at the Vadrian’s lode.

These results extend mineralization over a 350-metre strike length, suggesting the potential for a multi-lode gold system. The company has also identified multiple shallow, high-grade zones along a 5 km corridor, most of which remain open at depth and along strike — meaning more upside could be uncovered with ongoing exploration.

Well-Funded Growth Path

Caprice recently completed a capital raising to fund a 20,000-metre Phase 4 drilling program, commencing in September 2025. The fully funded program aims to expand the company’s resource base rapidly and define new high-grade zones that could support a maiden mineral resource estimate in 2026.

With sufficient cash on hand, Caprice can aggressively pursue exploration without diluting shareholders further — a significant advantage for a junior miner.

Diversified Project Portfolio

In addition to gold, Caprice has early-stage lithium, nickel, and PGE (platinum group elements) targets under exploration across Western Australia. This diversified exposure offers multiple pathways to value creation, ensuring the company isn’t solely dependent on one commodity.

Investor Appeal: Small Cap, Big Potential

Caprice’s combination of high-grade exploration success, geological potential, and funding stability has positioned it as a speculative favorite among ASX small-cap investors. As drilling continues and assays are released through late 2025 and early 2026, momentum could accelerate significantly.

Why These Two Could Be the Next ASX Gold Winners

Both Genesis Minerals and Caprice Resources share a few key traits that make them compelling in 2025’s gold bull cycle:

1. Strong operational momentum: Genesis’s record-breaking production quarter shows its ability to scale efficiently, while Caprice’s drilling success showcases organic discovery strength.
2. High-quality assets: Genesis owns large, producing mines with growth potential; Caprice holds emerging high-grade deposits with room to expand.
3. Clear growth strategies: Genesis’s ASPIRE 400 plan outlines production scaling, and Caprice’s 20,000m drilling campaign supports near-term resource growth.
4. Attractive valuations: Both companies remain reasonably priced relative to their growth outlooks and resource bases, providing an appealing risk-reward balance.
5. Sector tailwinds: With gold prices holding above A$3,400/oz, margins for efficient producers and explorers are expected to remain strong throughout 2025.

Risks to Watch

Even strong gold stories come with risks. Investors should monitor:

1. Gold price volatility, which can impact profitability and project economics.
2. Execution risks, particularly for exploration-heavy juniors like Caprice.
3. Market liquidity, as smaller-cap stocks can experience higher share price swings.

Understanding these factors is crucial before making any investment decision.

Final Thoughts

The Australian gold sector continues to deliver exciting growth stories, and Genesis Minerals (ASX: GMD) and Caprice Resources (ASX: CRS) are two of the most promising names leading the charge in 2025.

Genesis combines scale, strong cash flow, and a well-defined expansion plan, while Caprice brings exploration excitement and discovery upside. Together, they represent the best of both worlds — one offering stability and production leverage, the other offering discovery-driven potential.

For investors looking to capitalize on Australia’s gold momentum, GMD and CRS are two stocks worth keeping on the radar. If current trends in gold prices and drilling success continue, these companies could very well become the next big winners in the ASX gold space.

Disclaimer:

General Financial Product Advice and Regulatory Framework: Pristine Gaze Pty Ltd (ABN 66 680 815 678, ACN 680 815 678) operates as Corporate Authorised Representative (CAR No. 001312049) of Alpha Securities Pty Ltd (AFSL 330757), which is licensed and regulated by the Australian Securities and Investments Commission under the Corporations Act 2001 (Cth). This report contains general financial product advice only and has been prepared without consideration of your personal objectives, financial situation, specific needs, circumstances, or investment experience. The information is not tailored to individual circumstances and may not be suitable for your particular situation. Before acting on any information contained herein, you should carefully consider its appropriateness having regard to your personal objectives, financial situation, and needs, and consider seeking personal financial advice from a qualified financial adviser who can assess your individual circumstances and provide tailored recommendations.

Investment Risks and Market Warnings: All investments carry significant risk, and different investment strategies may carry varying levels of risk exposure including total loss of invested capital. The value of investments and income derived from them can fluctuate significantly due to market conditions, economic factors, company-specific events, regulatory changes, commodity price volatility, currency fluctuations, interest rate movements, and other factors beyond our control. Securities markets are subject to market risk from general economic conditions and investor sentiment, liquidity risk affecting the ability to buy or sell securities at desired prices, credit risk from issuer default or deterioration, operational risk from inadequate internal processes, sector-specific risks including industry regulatory changes, technology obsolescence, management changes, competitive pressures, supply chain disruptions, and mining-specific risks including resource estimation uncertainty, operational hazards, environmental compliance, permitting delays, commodity price cycles, geopolitical factors affecting mining operations, and exploration risks. Small-cap and speculative mining stocks carry additional risks including limited liquidity, higher volatility, dependence on key personnel, limited operating history, uncertain cash flows, and potential failure to achieve commercial production.

Information Accuracy and Limitations: While we endeavour to ensure information accuracy and reliability, we make no representations or warranties (express or implied) regarding the accuracy, reliability, completeness, timeliness, or suitability of information provided, except where liability cannot be excluded under applicable law. This report may include information from third-party sources including company announcements, regulatory filings, research reports, market data providers, financial news services, and publicly available information, which we do not independently verify and for which we assume no responsibility. Past performance, examples, historical data, or projections are not indicative of future results, and no guarantee of future returns is provided or implied. To the maximum extent permitted by law, Pristine Gaze Pty Ltd and Alpha Securities Pty Ltd, together with their respective directors, officers, employees, representatives, and related entities, exclude all liability for any errors, omissions, inaccuracies, loss or damage (including direct, indirect, consequential, or special damages) arising from reliance on information provided, investment decisions made based on this report, market losses, opportunity costs, and technical issues or system failures.