Analysts at investment firm Macquarie Group Ltd (ASX: MQG) have been crunching the numbers following the end of the FY25 reporting season.
Amongst others, their review includes a close look at all the movers and shakers in the ASX gold sector.
And the timing could not be better with the gold price hitting all-time highs at the start of September.
The precious metal has now skyrocketed by around 40% over the past twelve months to surpass US$3,470 per ounce.
Macquarie already singled out Northern Star Resources Ltd (ASX: NST) as its top ASX 200 gold stock.
But the broker did not stop there.
Its research also brought to light opportunities amongst smaller ASX gold stocks.
The below list features five gold companies that Macquarie believes could deliver meaningful share price gains, measured from the close of business on Tuesday.
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Bellevue Gold Ltd (ASX: BGL)
Bellevue is a mining company producing gold from its namesake mine in Western Australia.
Macquarie has set a price target of $1.20 per share for this ASX gold stock after it reported better than expected operating earnings (EBITDA) in FY25.
This implies 35% upside potential for investors.
Greatland Resources Ltd (ASX: GGP)
Greatland only listed on the ASX in June this year.
The company operates the Telfer gold and copper mine in Western Australia.
It also owns the nearby Havieron gold and copper project which it plans to bring to production in the future.
Macquarie believes this ASX gold stock could see its share price rise by 18% to $7.10 per share.
Genesis Minerals Ltd (ASX: GMD)
Genesis is another ASX gold stock with mining operations in Western Australia. It runs multiple mines in the prolific Leonora region of the state.
Macquarie has set a target price of $5.50 per share for this miner, which equates to about 8% potential upside.
Vault Minerals Ltd (ASX: VAU)
Vault is yet another West Australian focused gold producer with three mines across the state.
It also plans to bring to production its undeveloped Sugar Zone project in Canada.
Shares in this ASX gold stock could rise by 15% and reach $0.65 per share, according to Macquarie.
Turaco Gold Ltd (ASX: TCG)
Turaco differs from the above ASX gold stocks as it is not yet in production.
The company is still an exploration business advancing two gold projects in Cote d'Ivoire.
As such, its operations are more speculative compared to the miners.
That said, Macquarie believes shares in this ASX gold stock have potential to rocket by 60% and reach $0.80 per share.
