The All Ordinaries Index (ASX: XAO) is unlikely to leap 148% over the next 12 months, but a little-known ASX All Ords gold stock has been tipped to do just that.
The gold miner in question is Strickland Metals Ltd (ASX: STK).
Strickland Metals shares are currently trading for 14.5 cents apiece. That sees the Strickland share price up 70.6% since the closing bell on 31 December.
And according to Canaccord Genuity, the ASX All Ords gold stock is primed to keep on outperforming.
Should I buy the ASX All Ords gold stock today?
If you're not familiar with Strickland Metals, the gold explorer and developer is focused on its Rogozna Gold & Base Metals Project, located in Serbia. Strickland acquired the project in April 2024.
And Canaccord notes that the ASX All Ords gold stock is setting out to grow the reported 7.4 million ounces of gold equivalent resource in 2025.
With a bullish view towards that development, Canaccord has a speculative buy rating on the stock with a 36 cent price target. That represents a potential upside of 148.3% from current levels.
Canaccord analyst Paul Howard said that with seven drilling rigs active across the Rogozna Project and an estimated AU$41 million in liquidity, Strickland "is set to advance towards resource updates and mining studies over the next 12 months, in our view".
On 30 June, Strickland reported that it had agreed to sell its Yandal Gold Project, located in Western Australia, to Gateway Mining Ltd (ASX: GML) for $45 million in Gateway equity.
"Our prior EV/Resource valuation for the 400koz Yandal Project was $41 million, validating the deal in our view," Howard said.
He said that following Strickland's divestment of Yandal, the miner is now wholly focused on Rogozna.
Based on Canaccord's in-house modelling, the all-in sustaining cost (AISC) following development at Rogozna could average US$1,325 per ounce over the life of mine (LOM).
With the gold price currently at US$3,340 per ounce, that would represent a heady margin.
What to watch for
As for what could impact the ASX All Ords gold stock in the months ahead, Howard said, "Upcoming news flow from Strickland will be heavily driven by drilling results."
He added:
When last reported, seven diamond drilling rigs were operating across Rogozna; five rigs focused on Gradina, one at Shanac and one following up the late-2024 Kotlovi discovery.
We anticipate the Gradina drilling will underscore a maiden resource late in 2025. Given the ongoing success of drilling, we wouldn't be surprised if this gets pushed into 2026 as Strickland expands the Gradina scope and footprint.
