Ever since the beginning of trade tensions, investors had been looking for safe haven assets which increased interest in gold investing. However, with gold prices retracing from their highs, even best gold mining stocks have corrected to some extent. But taking a long term view the fundamentals remain intact for the commodity. In the current scenario, gold companies to invest in are
Gold Road Resources Ltd (ASX: GOR)
Gold Road Resources Limited (ASX: GOR) achieved gold sales of 34,135 ounces at a record average price of A$4,555 per ounce, during March2025 Quarter. Operating cash flow from its Gruyere stake was A$106.6 million, while free cash flow stood at A$34.1 million. Corporate All-In Cost rose to A$3,058 per ounce. Cash and equivalents grew to A$203.8 million. As of 5 May 2025, GOR holds over 49 million shares in Northern Star following the latter’s acquisition of De Grey Mining.
Gruyere produced 71,226 ounces at an AISC of A$2,658 per attributable ounce. The mine moved 17.2 Mt of material with ore stockpiles rising due to limited plant capacity. Processing was impacted by equipment issues, but repairs are complete. Annual guidance of 325,000–355,000 ounces remain unchanged. Exploration drilling continues and the Gilmour Project PFS projects up to A$569 million pre-tax cash flow at higher gold prices.
GOR has agreed to be acquired by Gold Fields through a scheme of arrangement, under which Gold Road shareholders will receive a fixed cash payment of A$2.52 per share, plus an additional variable component tied to their proportional holding in Northern Star, valued at A$0.88 per share as of 2nd May 2025. This totals A$3.40 per share, representing a 43% premium on the undisturbed price as of 21 March 2025. Gold Road also plans to issue a fully franked special dividend of approximately A$0.353 per share. Gold Fields confirmed this is their best and final offer unless a superior bid emerges. A shareholder vote is expected in September 2025.
Northern Star Resources Ltd (ASX: NST)
Over the 12 months to March 2025, Northern Star Resources Ltd (ASX: NST) significantly expanded its Group Mineral Resources to 70.7 million ounces, an increase of 9.4Moz even after accounting for mining depletion. Group Ore Reserves rose to 22.3Moz, a net gain of 1.4Moz. The most notable uplift was at the KCGM asset in Kalgoorlie, where Mineral Resources rose by 7.2Moz to 38.9Moz, largely from the Fimiston Underground. Ore Reserves at KCGM climbed 1.2Moz to reach 14.4Moz. The newly defined Hercules deposit delivered a maiden Mineral Resource of 0.9Moz and an Ore Reserve of 0.25Moz highlighting early-stage potential near Kalgoorlie.
At Jundee, located in the Yandal region a fresh discovery named Griffin has commenced development. Exploration boosted Mineral Resources by 0.5Moz to 6.4Moz. Infill drilling will address Reserve replacement. At the Thunderbox operation, the Golden Wonder satellite deposit added a 0.5Moz Mineral Resource and 128koz in maiden Reserves. In Alaska, Pogo's Ore Reserves lifted to 2.1Moz, up 0.6Moz, aided by enhanced processing rates, while the Mineral Resource held steady at a high-grade 10g/t. The emerging “Central Link” zone is showing encouraging signs for future resource development.
The recently acquired Hemi Project is excluded from this update, as the transaction finalized post-reporting period. A full evaluation of Hemi’s Resource and Reserve potential will be completed for inclusion in the next annual statement. Across its portfolio, Northern Star’s exploration strategy continues to deliver consistent growth at low discovery costs, reinforcing long-term production potential across tier-1 mining jurisdictions.
(Source: Company Announcements)
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