The All Ordinaries Index (ASX: XAO) almost certainly won't rocket 233% next year, but this promising ASX All Ords gold stock has been tipped to do just that.
The gold miner in question is Strickland Metals Ltd (ASX: STK), which is focused on its 100%-owned 7.4-million-ounce gold equivalent Rogozna Gold and Base Metals Project, located in Serbia.
In late morning trade on Tuesday, Strickland Metals shares are flat, trading for 18 cents apiece. This sees the share price up 100% in 2025.
And according to the team at Canaccord Genuity, the ASX All Ords gold stock could deliver even juicier returns in the months ahead.
Here's why.
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Should you buy the ASX All Ords gold stock today?
On 1 December, Strickland Metals reported on new exploratory drilling results from its emerging Kotlovi prospect, located within the Rogozna Project.
Canaccord noted that the "strong assay results" further confirm the prospect as a growing high-grade gold discovery.
"All three holes successfully intersected multiple mineralised zones, marking material advances in both grade and geometry," Canaccord said.
The broker noted:
Kotlovi, situated only ~350m west of the 1.28Moz AuEq Medenovac deposit, continues to deliver wide, consistently mineralised intercepts that expand the known footprint and reinforce the broader district scale potential.
Canaccord is optimistic on the geology around the prospect, noting, "The diversity of host rocks and structural settings suggests a robust hydrothermal system with multiple pathways for gold deposition, analogous to the styles seen across the broader Rogozna corridor."
And the ASX All Ords gold stock looks well-funded for ongoing exploratory drilling.
According to Canaccord:
Ongoing drilling activity at Rogozna are funded by A$41.8m in cash and liquids as at 30 September 2025. Seven rigs are currently operating, four targeting the Gradina gap zone and three focused on new discovery drilling, including further work at Kotlovi.
Investors can also look forward to fresh news from the project in the near term, which, depending on the results, could give the Strickland Metals share price a boost.
"Numerous assays remain pending, and additional updates are expected in the coming weeks, including a maiden resource over Gradina," Canaccord said.
High risk for potentially high reward
Connecting the dots, Canaccord has a speculative buy rating on the ASX All Ords gold stock, with a 60-cent price target.
That represents a potential upside of 233.3% from current levels.
Canaccord stressed that this potentially outsized return is not without investment risk.
According to the broker:
Our valuation is risked to 50% given the model is unfunded and Gradina is pre-resource. Our scenario is preliminary in nature and should be viewed as a what-if case, given that no formal mining studies have been published.
