We have expanded our ASX gold coverage to 30 stocks, adding EVN and PNR. The sector had a buoyant 2024, with 26 of the 30 stocks in our coverage universe outperforming the ASX 200. Gold prices have continued to climb with the A$ price closing in on A$4,300/oz. The continued rise in A$ gold prices has enhanced the value opportunity within the ASX gold sector. We remain positive on all stocks in the sector, with our key preferences unchanged. NST is preferred over EVN while GMD, WGX and CMM are our preferred picks within the mid-cap Australian producers. RRL and VAU offer the best value on cash multiples. Of the smaller producers and developers, we highlight CYL, DEG, MAU and BTR as preferred. Among the explorers we see scope for significant resource growth for WIA, TCG, SPR and MAU.
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