The All Ordinaries Index (ASX: XAO) is 6.08% higher for the 2025 calendar year so far, and I have my eye on two ASX stocks that could drive index gains even higher.
Vault Minerals Ltd (ASX: VAU) and Amplitude Energy Ltd (ASX: AEL) are attracting attention from brokers too, with some expecting upsides of as much as 67%.
Here's what they have to say.
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Vault Minerals
The Vault Minerals share price closed at 40.5 cents a piece on Thursday. Over the year, the gold miner's share price has fallen 2.41%.
By comparison, the S&P/ASX All Ordinaries Gold Index (ASX: XGD) – which also contains smaller miners outside of ASX 200 gold stocks – has gained 37.4% over 12 months. The All Ords Gold Index is up 32.98% for the year to date.
According to TradingView data, all 10 analysts hold a buy or strong buy rating on Vault Minerals shares. The average 12-month target price is 63 cents, and the maximum is 75.5 cents. This represents a potential 40% to 67% upside from the time of writing.
Broker Macquarie has an outperform rating on this ASX gold share with a 12-month price target of 63 cents. It noted that Vault Minerals' fourth-quarter results were softer than it had expected. As a result, the broker lowered its full-year FY25 revenue forecast by 2% and its estimated FY25 earnings per share (EPS) by 10%.
But looking ahead, the broker said that the timely delivery of the expansions at KOTH and increasing mining volumes remain important longer term. Macquarie also commented that potential M&A could be a catalyst for share price growth.
Phillip Li, co-portfolio manager of SG Hiscock's Australian Small Companies Fund, also thinks the stock is underpriced at the moment, according to The Australian.
He said that the Vault Minerals share price performance has been held back by its hedging positions, but that those hedging headwinds are about to change.
The gold price is currently trading 40% higher than in July last year, at US$3,384 per ounce.
"As the hedge unwinds, the company will regain full exposure to the spot gold price at a time when the commodity remains well-supported," he said.
Amplitude Energy
The Amplitude Energy share price reached 24.5 cents at the close of the ASX on Thursday, up 11.36% over the year.
According to TradingView data, all 8 out of 10 analysts hold a strong buy rating on Amplitude Energy shares. The average 12-month target price is 29.5 cents, and the maximum is 38 cents. This represents a potential 20% to 55% upside from the time of writing.
In a note to investors last week, Macquarie said it had a 12-month target price of $0.38 on the stock. The broker's higher valuation is mostly due to the potential Petroleum Resource Rent Tax (PRRT) benefit from its proposed upgrade to its produced offshore gas field, Patricia Baleen.
Macquarie also noted that the company achieved a record Q4 result of $70.7 million, up 12% from Q3 FY25. It also revealed FY 2025 revenue of $267.7 million, which is 22% higher year-on-year.
And there's more. The energy company is also undergoing a board renewal process. It has appointed Ian Davies as Chair, which Macquarie views positively, noting that the company has an "exciting future ahead".
