Author: Emma OBrien

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.

While risks remain, the macro backdrop of rising government debt and accommodative monetary policy suggests further upside potential. We now see a potential pathway for gold to challenge US$5,000 per ounce in 2026, with a possible peak near US$5,200 per ounce in 2027 before consolidating.

Our forecasts have been materially upgraded, reflecting current momentum and structural factors that could support elevated pricing for longer than previously anticipated. The implications for the sector are significant, with earnings and valuation metrics moving higher across the board.

For a detailed view of our revised forecasts, the drivers behind this upgrade, and what it could mean for the wider gold sector, access the full report via the Argonaut Research Portal, 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.

The luncheon is always a key date on WA’s mining calendar and an excellent opportunity to connect with our clients and partners across the sector, and to recognise the people who keep the resources industry moving.

A highlight was hearing from our charity partner Miners’​ Promise, with Debbie Morrow (GAICD) sharing the meaningful work being done to support families in mining communities across Australia. It was also great to see CoRE Learning Foundation represented and hear about their recent initiatives aimed at inspiring the next generation of STEM and resources leaders.

Insights from keynote speaker Dale Elphinstone, Executive Chairman and Founder of Elphinstone Pty Ltd, were a valuable reminder of the innovation driving the future of Australia’s mining industry.

Thank you to the WA Mining Club for having us again this year!

Spot prices have climbed more than 40% since mid-October, now trading above US$1,150 per tonne, driven by accelerating demand for Battery Energy Storage Systems, which is growing at a rate of 65% year-on-year and is expected to represent around 20% of global lithium demand in 2025.

This rapid recovery has prompted upgrades to our near-term price forecasts and earnings outlook for key ASX-listed producers and developers, resulting in significant increases to price targets. The report also examines the evolving dynamics of lithium demand, the impact of shorter and more volatile price cycles, and which companies are best positioned to benefit from these trends.

Access the full sector report now via the Argonaut Research Portal 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.

The ramp up is progressing well with mining transitioning from the lower grade G Lens to the higher-grade Kate Lens. Six production levels at Kate Lens are already open with two more expected in the coming months. This stope production is set to deliver significantly higher grades with copper and zinc up 15% and 23% respectively compared to reserve grades, along with notable increases in gold and silver, as well as higher concentrate production due to the increased tonnage produced from the mine.

Thank you to the Develop Global team for hosting us on site and providing valuable insights into the progress at Woodlawn.

Read the full note from Head of Research, Hayden Bairstow, on the Argonaut Research Portal here.

Argonaut recently welcomed clients, partners, and service providers to our annual Thank You Luncheon at Fraser’s State Reception Centre. This event has become a valued tradition, providing the perfect opportunity to pause and celebrate the achievements across our business that have contributed to a milestone year, for Argonaut.

We are immensely grateful to our clients, partners, and service providers for the trust and support they have placed in us throughout the year. We look forward to continuing to build on our shared success together in the year ahead.

We are delighted to welcome Sarah Kerr to Argonaut’s Research team, bringing valuable expertise to our coverage of Australia’s energy sector.

Sarah brings a strong combination of technical expertise and financial markets experience. After completing her Honours in geochemistry and Master’s in structural geology at the University of Western Australia, she began her career at Woodside Energy, working across exploration projects in West Africa, Myanmar, and Australia.

She went on to deepen her energy market expertise as an analyst at AustralianSuper, focusing on global energy markets and investment strategies, before spending the past three years in Sydney at Morgan Stanley providing equity research coverage across energy, infrastructure, utilities, and sustainability.

On her move to Argonaut, Sarah saw a natural alignment with our research philosophy:

“What excites me is the opportunity to pair technical analysis with actionable research. It supports high-conviction investment ideas and meaningful engagement with companies and investors. I’m looking forward to producing research that goes beyond interpreting trends to providing insights that help inform client discussions and decision-making.”

We look forward to the impact Sarah will make as part of our growing Research team.

Argonaut recently hosted the latest instalment of our Chairs Lunch Series, where we bring together Chairs and senior leaders to share perspectives and explore the opportunities and challenges shaping the resources sector.

This session featured a conversation between our Deputy Chairman Liam Twigger and Peter Coleman, former CEO and Managing Director of Woodside Energy Limited and Independent Director of NYSE listed SLB Limited. Drawing on more than four decades leading global resource companies, Peter spoke about the realities of leadership at scale and the strategic decisions required as Australia navigates its energy transition. His insights provided a thought-provoking view of where the sector is heading and the role that decisive leadership plays in shaping that future.

This event was hosted in partnership with Miners’ Promise, with Executive Director Debbie Morrow sharing the vital work the organisation does to support mining families and communities during times of crisis and bereavement. It was a powerful reminder of the responsibility our industry carries beyond commercial outcomes.

Thank you to Peter, Deb, and the Chairs who joined us. We look forward to continuing these conversations and providing a platform where leaders can connect.

A group of Argonauts recently travelled to Kalgoorlie for a two-day field trip to deepen their understanding of the resources sector we’re so closely connected to. The visit offered the team a valuable opportunity to see the scale and complexity of various mining operations up close.

On day one, we visited the Joe Lord Core Library, toured Topdrill’s headquarters with Managing Director Tim Topham, and stopped by Northern Star’s iconic Super Pit to gain an even greater appreciation of the processes and people driving WA’s gold industry.

On day two, we headed underground at Westgold’s Beta Hunt mine where the team received a front row seat to how stopes are formed, jumbo development, raise bore drilling and the latest infrastructure upgrades.

Following the underground tour, the team visited the Higginsville processing plant and gained firsthand insight into the benefits of blending ore types, the different stages of processing and factors affecting overall gold recoveries.

Argonaut would like to thank Topdrill and Westgold for their generosity and hospitality, along with the Argonaut team for their enthusiasm throughout the trip. Experiences like this help our newest team members connect with the business and strengthen Argonaut’s close relationship with the resource projects driving the Australian economy.

Six weeks in, we are well settled into the new Argonaut headquarters at Level 16, 9 The Esplanade, and it has been a pleasure to begin working from a fresh space that reflects the future of our business.

This project reflects our continued investment in our people, our clients, and the future of Argonaut. Our objective was to create a workspace that supports collaboration, represents our brand, and gives our growing team the environment they need to do their best work. We are incredibly proud of our new home and deeply appreciative of everyone who helped make it happen.

Our sincere thanks go to the following project partners who brought our new office to life:

PropertySolve – Transaction Management and Project Management

Dawn Projects – Head Contractor

Woods Bagot – Interior Design

LCI Consultants – Building Services

Arup – Acoustics, ESD and Structure

Raven Consultants – AV Design

RBB Ralph Beattie Bosworth – Quantity Surveying

CODE Group – Building Surveyor Certification

iQuest – IT Coordination & Support

We would also like to extend our appreciation to our clients and partners who have already visited. It has been a delight to welcome you and share this milestone with those who have contributed to Argonaut’s journey.

For those who haven’t had the chance to visit us yet, check out the video tour here.