ASX gold shares had a phenomenal year in FY25, with the S&P/ASX All Ords Gold Index (ASX: XGD) soaring 57%.
That compares to a 9.47% lift for the S&P/ASX All Ordinaries Index (ASX: XAO).
The gold price has soared over the past 18 months due to its safe-haven appeal amid geopolitical tensions and global trade uncertainties.
The gold price hit a record US$3,500.05 per ounce on 22 April.
On Friday, the gold price is $US3,329 per ounce, down 0.12% today and down 0.15% over the past week.
After such strong gains for 4 ASX gold shares, you may be thinking there's little room for growth left.
Think again.
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4 ASX gold shares with major upside ahead: experts
Vault Minerals Ltd (ASX: VAU)
The Vault Minerals share price is 39 cents on Friday, down 1.27%.
Macquarie has an outperform rating on this ASX gold share with a 12-month price target of 63 cents.
That suggests a potential upside of 61.5% in FY26.
Macquarie noted that Vault Minerals' fourth-quarter sales were weaker than it had expected.
Macquarie lowered its full-year FY25 revenue forecast by 2% and its estimated FY25 earnings per share (EPS) by 10%.
Looking ahead, the broker said:
Timely delivery of the expansions at KOTH as well as increasing mining volumes remain important longer-term.
Potential M&A, noting recent reports of VAU in data rooms, could also be a catalyst.
Northern Star Resources Ltd (ASX: NST)
The Northern Star Resources share price is $16.37, down 1.59%.
In a new note, Morgans reduced its 12-month price target on Northern Resources shares from $25.32 per share to $21.78 per share.
However, this still suggests a potential 33% upside for investors in FY26.
Morgans reduced its price target on this ASX gold share after the miner released an operational update on Monday.
The broker commented:
Overall, the update disappointed and reflected in the share price action (–8.6%).
FY26 adjustments were poorly flagged, with the new AISC midpoint +12% above consensus along with additional growth CAPEX items.
We adjust our forecasts in line with updated guidance …
Looking ahead, operational execution and disciplined capital cost control will be key to unlocking further value.
Macmahon Holdings Ltd (ASX: MAH)
Macmahon is a contract mining and civil infrastructure company at gold, copper, and coal mines in Australia and Southeast Asia.
Its mining activities involve the contractual operation of underground and surface mines in Australia (92% of revenue) and Southeast Asia (8% of revenue). Macmahon's major exposure is gold (54% of revenue).
Bell Potter only recently commenced coverage of this ASX gold share.
It comments that Macmahon's main contract mining businesses have relatively long-term projects with EBITDA margins of about 17% (or about 7-8% after depreciation).
The civil infrastructure business has grown significantly, with a range of short and medium-term projects. The EBITDA margins are lower at about 7%.
The civil infrastructure business requires less capital than the mining division, but potentially has more competitors.
The broker said:
The company has a long-term aim of rebalancing the business to 1/3rd 1/3rd 1/3rd underground, surface and civil, with a stated aim to grow underground by 50% over the next 2 years.
Bell Potter has a buy rating and a 12-month price target of 40 cents on this ASX gold share.
The Macmahon share price is 30 cents, up 0.68%, on Friday. This implies a 33% potential upside over FY26.
The broker said Macmahon has limited US tariff risk and high cash generation.
Bell Potter added:
The low rating of the shares relative to other mining contractors suggests that investor expectations are low, giving scope for upside surprise.
Ramelius Resources Ltd (ASX: RMS)
Ramelius Resources shares are $2.38 on Friday, down 1.04%.
Macquarie has an outperform rating on this ASX gold mining share with a 12-month price target of $3.10.
Hence, the target price implies a potential upside of 30%.
Ramelius revealed strong preliminary full-year FY25 results this week.
Full-year gold production was 301,664 ounces, ahead of its guidance range of 290,000 ounces to 300,000 ounces.
Ramelius also expects its all-in sustaining costs (AISC) to be at the lower end of its guidance range of $1,550 to $1,650 per ounce.
Macquarie commented:
The 4QFY25 production result beat RMS' own expectations (which we were anchored to) and continued to demonstrate strong cash generation.
In the near term our valuation relies on completion of the [Spartan Resources Ltd (ASX: SPR)] deal and key study results.
