2025 Gold Developers Recap

ASX gold developers saw a strong re-rate in 2025, supported by a 64% year-to-date increase in the gold price and sustained progress across development pipelines. Resource growth, advancement of studies, and heightened M&A activity have reshaped the landscape and positioned developers for the next phase of growth.

With our recently upgraded gold price outlook, the backdrop remains constructive. Advanced, large-scale projects are attracting investor attention, while early-stage exploration stories continue to emerge as compelling opportunities. The report also examines how consolidation trends and capital discipline are influencing valuations and sector positioning heading into 2026.

Access the full report via the Argonaut Research Portal here or contact your Argonaut representative.

Important note: This report may contain general financial product advice, and you should therefore consider the appropriateness of the advice having regard to your situation. We recommend you obtain financial, legal and taxation advice before making any financial investment decision.