The S&P/ASX 300 index (ASX: XKO) tracks the largest 300 companies here in Australia by market capitalisation.
Year to date, the ASX 300 index has slightly outperformed the ASX 200 index, which is the benchmark index here in Australia.
So what does this tell us?
Broadly speaking, there were companies that sat outside the largest blue-chip stocks that had strong returns this year.
Last week I covered two ASX 200 stocks that doubled in 2025.
This proves that there is still plenty of upside even amongst large companies.
Here are two ASX 300 shares that outperformed these and tripled in value in 2025.
Image source: Getty Images
Kingsgate Consolidated Ltd (ASX: KCN)
One of the hottest covered topics this year has been the success of gold shares.
Global gold prices have climbed to all-time highs (above US $4,400/oz) in late 2025, driven by safe-haven demand, expectations of U.S. interest rate cuts, and geopolitical tensions.
One of the winners in this bull run has been Kingsgate Consolidated.
It is a gold and silver miner, explorer, and mine developer operating in the Pacific Rim. The company's main project is the Chatree Gold Mine in central Thailand.
Kingsgate also operates the 100%-owned Nueva Esperanza Gold/Silver Project in Chile.
At the start of 2025, these ASX 300 shares were trading for approximately $1.29 each.
Yesterday, shares closed at $5.52.
That's a 327.9% rise in less than 12 months.
DroneShield Ltd (ASX: DRO)
Another emerging theme in 2025 has been the investor push towards defence stocks.
Global and Australian spending in defence is increasing at a rapid rate due to global conflict.
One of the key benefactors in 2025 has been DroneShield, one of the most hotly covered ASX 300 stocks this year.
It has secured several milestone contracts this year.
The company develops and sells artificial-intelligence-powered hardware and software to detect drones used by the likes of terrorists and criminals. The company's solutions protect people, organisations, and critical infrastructure from the intrusion of drones.
It rose almost 8% yesterday alone, taking its yearly growth to 300%.
It's worth noting this hasn't come without volatility.
From January to October it rose more than 700%, before losing ground in the last couple of months.
Do these ASX 300 shares have further upside?
For investors who were not fortunate enough to reap the benefits of these massive gains in 2025, there could be further upside.
A recent report from Bell Potter included a $4.40 price target for DroneShield shares.
This indicates a further 46% upside for the ASX 300 stock.
For Kingsgate shares, TradingView has a one year price target of $6.83, which indicates a further 23% upside from yesterday's closing price of $5.52.
