It's no surprise that ASX gold stocks were among the top performers in 2025. Evolution Mining Ltd (ASX: EVN) and Regis Resources Ltd (ASX: RRL) were two of the excelling ASX 200 shares, significantly driven by soaring gold prices.
The share price of Evolution Mining rocketed by 163% to $12.68 at the time of writing, while Regis Resources almost tripled in value to $5.7 billion.
Now the big question is: can the ASX gold stocks keep the rally going in the new year. Let's have a closer look at the two belles of the 2025 ASX gold ball.
Evolution Mining Ltd (ASX: EVN)
The outlook for further aggressive share price gains for ASX gold stocks will depend largely on how gold moves in the new year.
Evolution Mining boasts solid fundamentals: record gold output, strong cash flow and low operating costs that give it an edge when bullion is on a tear.
After a blistering run, several brokers have turned cautious on Evolution's valuation. UBS dropped its view toward a sell at one point, trimming price targets amid weaker earnings forecasts, and flagged flat production of the gold miner ahead.
Analysts see a wide range of fair value forecasts, hinting the ASX gold stock may be pricing in more growth than justified. And with gold itself subject to dollar swings and macro flows, there's a real risk this rocket needs to cool before blasting higher again.
Data at TradingView show that most market watchers are cautious on the $25 billion gold miner with a hold recommendation. The maximum 12-month price target is set at $14.45, a potential gain of 14%. The average price target is a lot lower at $11.20, which suggests a loss of 11%.
Regis Resources Ltd (ASX: RRL)
Regis has also been on a tear, rebounding from losses to post a hefty profit as gold prices climbed. Broker sentiment is mixed but generally a bit more upbeat than Evolution Mining's.
Some analysts see solid production, beating targets and have nudged price targets higher, with healthy dividend yields rounding out the appeal.
Yet Regis Resources has its own hangups: guidance for FY26 suggests production flat or slightly softer and rising costs, hinting that the easy gains are behind it. And while demand for ASX gold stocks persists, the growth runway for Regis Resources looks less explosive than during last year's run-up.
The most optimistic analyst sees a 27% upside for 2026 with a maximum price target of $9.60. However, the average price target is $6.95, 8% lower than the current share price of $7.55.
The two ASX gold stocks might still be a play if you're in for the long haul, but don't expect another runaway rally without bumps.
