3 ASX Small Cap Gold Stocks in Focus, While Gold Prices Tumbled

The following ASX small-cap gold stocks surged on Tuesday supported by operational and funding milestones during their 2025 quarter.

African Gold Limited (ASX: A1G)

African Gold Limited (ASX: A1G) surged 8.28% on Tuesday and lifted the company’s market capitalisation to $440.52 million and reported a strong December 2025 quarter marked by progress across both corporate and exploration activities in its Cote d’Ivoire gold portfolio.

A major highlight during the quarter was the agreed Scheme of Arrangement with Montage Gold Corp which will allow African Gold shareholders to gain exposure to a larger and well capitalised West African gold development platform through ownership of Montage shares.

Drilling at the Blaffo Guetto deposit within the Didievi Project returned multiple high-grade gold intercepts outside the current Mineral Resource Estimate which reinforces the scale of the project and its future growth potential.

The company further strengthened its strategic position by exercising its option to increase ownership to 80% in Kouroufaba Gold Limited which consolidates control over a large and highly prospective exploration footprint of 1,428 square kilometres in Cote d’Ivoire.

African Gold also improved its balance sheet during the quarter as it ended December with cash and cash equivalents of $15.45 million.

Yandal Resources Limited (ASX: YRL)

Yandal Resources Limited (ASX: YRL) shares surged 4.44% on Tuesday which lifted the company’s market capitalisation to $89.18 million and the company delivered a strong December 2025 quarter.

The standout result came from the Arrakis gold discovery at the Ironstone Well Barwidgee Project where diamond and RC drilling confirmed a laterally continuous mineralised system.

High-grade intercepts at both Arrakis and the Salusa Prospect within the New England Granite target area reinforced the potential for multiple discoveries across the company’s large and underexplored landholding.

Yandal ended the quarter with a strong cash balance of approximately $17.3 million after a successful $13.5 million placement, option exercises and the sale of the non-core Gordons Gold Project.

The company also holds an existing Mineral Resource of 268,000 ounces at Flushing Meadows which provides a solid foundation while exploration continues to focus on uncovering new high-grade zones.

Golden Horse Minerals Limited (ASX: GHM)

Golden Horse Minerals Limited (ASX: GHM) surged 7.58% on Tuesday which lifted the company’s market capitalisation to $180.22 million and had a strong December 2025 quarter as exploration success continued to build momentum across its flagship Southern Cross Gold Project in Western Australia.

The standout results came from regional drilling at Golden Valley where the maiden drilling program intersected multiple shallow high-grade gold hits including 10 metres at 6.8 grams per tonne from just 5 metres which highlights strong near-surface upside.

At the Hopes Hill deposit, extensive RC and diamond drilling confirmed broad high-grade mineralisation at depth and along strike which reinforces the potential for a large-scale gold system that remains open in all directions.

The company ended the quarter in a very strong position with cash of $43.7 million after a successful $35 million capital raising which provides enough funding for aggressive exploration through 2026.

Golden Horse Minerals also continues to advance its Sorrel Copper Project in the Northern Territory which hosts an existing inferred resource of 8.4 million tonnes at 1.1% copper and adds diversification to the company’s overall asset portfolio.

(Source: Company Reports)