When an ASX broker predicts that an ASX All Ords stock has a potential upside of 30%, that's normally enough to make most investors sit up and pay attention.
ASX All Ords gold mining stock Vault Minerals Ltd (ASX: VAU) has already had a spectacular year. Vault shares started 2025 at 33 cents apiece. Today, they are currently going for 44 cents each, up 31.8% for the year to date. Shareholders can probably thank the galloping price of gold for that. The precious metal has spent 2025 eclipsing its previous all-time highs, most recently topping out at US$3,500 an ounce last month.
Zooming out a little, the picture isn't quite as rosy. Vault remains down by 1.8% over the past 12 months, although investors have still enjoyed a 66% appreciation over the last five years.
As we touched on earlier, one ASX broker thinks there's plenty more fuel in the tank.
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ASX broker gives All Ords mining stock a 30% upside
Brokers at Macquarie have recently taken a look at Vault Minerals and liked what they saw.
In a broker note, Macquarie pointed out Vault's recent update as a reason to be bullish on the company. On 28 May, Vault released an update regarding its 'King of the Hills' open pit mine in Lenora, WA.
This informed investors that Vault now estimates the mine has higher reserves and a longer operational life. It is now estimated that the mine contains 2.2 million ounces of gold, enough to sustain production for 18 years. Over the next five years, the company estimates it will be able to produce an average of 215,000 ounces per annum.
It's these increases that have excited analysts at Macquarie. As a result, the broker has given the ASX All Ords mining share a 12-month share price target of 57 cents per share. If realised, that would see investors enjoy a potential upside of 29.5% from the current Vault share price.
Macquarie is assuming that Vault will be able to secure an average gold price of $3,750 per ounce, while Vault is now working on an assumed average price of $4,500. Both prices are well below what gold is currently asking – approximately $5,100 (US$3,275) an ounce at the time of writing.
Let's see if Macquarie's brokers are on the money with this ASX All Ords mining stock. Gold prices over the rest of the year and beyond will almost certainly be the deciding factor. Only time will tell, but there's little doubt that Vault Minerals shareholders will be delighted with the broker's assessment today.
