The All Ordinaries Index (ASX: XAO) has gained 5.2% in 2025, with one ASX All Ords gold stock doing plenty of the heavy lifting.
The brightly shining company in question is New Murchison Gold Ltd (ASX: NMG).
New Murchison Gold shares are slipping today, down 2.4% to trade for 4.0 cents apiece.
Still, that sees shares in the ASX All Ords gold stock up a very impressive 300% in 2025. Or enough to turn a $10,000 investment into $40,000.
And the analysts at Taylor Collison believe it's not yet overpriced, issuing a speculative buy rating on New Murchison Gold shares towards the end of November.
"We see NMG as an emerging gold producer in Western Australia, underpinned by its initial production from the high-grade Crown Prince open pit in the Murchison region," the analyst noted.
Here's why they like this junior Aussie gold miner.
Should you buy the ASX All Ords gold stock today?
The first reason you may want to buy this ASX All Ords gold share today is the strong potential and strong start at Crown Prince.
"We see Crown Prince's high-grade feed as the centre of the story. It delivers strong margins, supporting early cash generation," Taylor Collison noted.
Noting the miner's "impressive first quarter performance", the broker said:
Crown Prince's first quarter delivered 3.2koz of gold sales and showed the operation can generate high margins from the outset. Open-pit mining produced 9.9koz at 1.92g/t, including a 7.6koz parcel grading 3.8g/t sold to Westgold Resources Ltd (ASX: WGX) under the OPA…
In our view, this recent performance firmly supports the grade profile and consistency of Crown Prince, giving us confidence in the team and the ore body going forward.
The second reason this ASX miner could continue to amply reward shareholders is its planned underground gold mine at Crown Prince.
"We see the underground Scoping Study for Crown Prince, due late 2QFY26, as the most important technical milestone ahead," Taylor Collison noted.
The broker added:
We expect it to test gold continuity below the current pit shell and define the framework for a realistic underground operation. Our view is that NMG would only commit if resources exceed ~300koz, which we believe will be achieved and therefore, have used in our EV/oz-based valuation.
Which brings us to the third reason you might want to buy this surging ASX All Ords gold stock today. Namely the miner's strong cash flow and growth potential.
According to Taylor Collison:
The combination of a successful start to mining and a heightened gold price has left NMG in an impressive financial position. We forecast NMG to have >$100m (TCe) in cash by end of FY26, providing it with capacity to fund any development workstreams for either the UG or satellite OP deposits.
This adds to the investment thesis as it reduces funding risk for any future growth initiatives.
Clear upside to New Murchison Gold share price target
Taylor Collison has a price target of 4.1 cents on the ASX All Ords gold stock. Now, that's only 2.5% above current levels.
But the broker noted that there's a "clear upside to our valuation".
Taylor Collison concluded:
Our valuation only incorporates the Crown Prince OP production scenario and does not take into account the potential upside from the development of other open pits or the underground prospect below the current OP.
We view these as the biggest catalysts to the valuation in the future and expect them to have a positive impact on the share price.
