The All Ordinaries Index (ASX: XAO) closed down 0.5% on Thursday, but that didn't stop this ASX All Ords gold stock from posting another day of strong gains.
The outperforming stock in question is Gorilla Gold Mines Ltd (ASX: GG8).
Gorilla Gold shares closed up 4.0% yesterday to end the day trading for 39.5 cents apiece. That came despite another modest retrace in the gold price to US$3,929 per ounce. This sees the gold price down almost 10% from its 21 October record highs.
Still, the gold price remains up almost 50% in 2025, helping Gorilla Gold shares surge 58% year to date. And alongside that increased share price and market cap, the miner officially became an ASX All Ords gold stock on 22 September when it joined the index.
That followed on the S&P Dow Jones Indices September quarterly rebalance. And it should offer support for the Gorilla Gold share price, with more fund managers now able to buy shares and All Ords index tracking funds now required to hold it.
But that's not one of the three reasons that MPC Markets' Jonathan Tacadena is bullish on the miner.
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ASX All Ords gold stock on the growth path
"The company's share price has performed strongly between early February and October 23, 2025," Tacadena said (courtesy of The Bull).
Citing the first reason to buy the ASX All Ords gold stock, he said, "We believe it still offers appealing upside."
Tacadena pointed to Gorilla Gold's recently rejuvenated balance sheet as a second reason for optimism. He said:
The company recently received firm commitments to raise about $31.7 million through a placement to institutional and sophisticated investors. The funds will be used to accelerate resource growth programs across its high-grade Comet Vale, Mulwarrie and Vivien gold projects.
And it's this growth potential that's the third reason Tacadena has a buy recommendation on the Aussie gold miner.
He said:
A 4-rig drilling campaign continues at Comet Vale, while a drilling program at Mulwarrie, aimed at doubling the resource base, is planned to start in November. Recent results have been most encouraging.
Tacadena concluded, "The company's active exploration program provides an opportunity for more discoveries and presents an encouraging outlook."
A word from Gorilla Gold's CEO
The ASX All Ords gold stock announced its $31.7 million capital raising commitments on 22 October.
"We are very pleased with the level of support for the raising which was led by leading offshore institutional funds," Gorilla's CEO Charles Hughes said on the day.
Hughes added:
The demand received from these institutions, together with support from our existing shareholders, is seen as a strong endorsement of our strategy to discover and grow high-grade gold projects in the heart of Western Australia's premier gold mining districts.
Following completion of the Placement, the company is expected to hold approximately $42 million in cash, putting us in an excellent position to ensure that we can maintain our ongoing drilling momentum at Comet Vale, Mulwarrie and Vivien.
