ASX All Ords gold share Aurum Resources Ltd (ASX: AUE) raced ahead of the All Ordinaries Index (ASX: XAO) in 2025. Indeed, the gold stock has already more than doubled investors' money over the past 12 months.
And, according to the analysts at Canaccord Genuity, the gold miner is well-positioned to do so again in 2026.
One year ago, you could have picked up Aurum Resources shares for 34 cents apiece. On Monday, the ASX All Ords gold share closed the day trading for 70 cents.
That sees Aurum shares up 106% over 12 months, smashing the 7.84% returns delivered by the All Ords over this same period.
Part of that meteoric rise has been driven by the surging gold price. Gold was trading near record highs on Monday, at US$4,579 per ounce. That puts the yellow metal up more than 68% in a year.
Investors have also taken note of the string of regulatory and exploratory successes Aurum has achieved at its flagship Boundiali Gold Project, located in Côte d'Ivoire (formerly Ivory Coast).
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What's the latest from the Boundiali Gold Project?
Last week, Aurum Resources reported on "a significant regulatory milestone" at Boundiali.
The ASX All Ords gold share said that, following its recent lodgement of two applications in December, it now has three mining exploitation licence applications on foot with the Côte d'Ivoire Ministry of Mines, Petroleum and Energy.
With 10 drill rigs currently active at Boundiali, the miner is planning 100,000 metres of diamond drilling in 2026. And with an unaudited cash balance of $40 million as at 31 December, the company looks well-funded for its development and exploration plans.
Commenting on the company's latest mining application last week, Aurum Resources managing director Caigen Wang said, "The rapid transition from exploration to mining licence applications across our entire Boundiali footprint is a testament to the quality of our assets and the efficiency of our team."
Wang added:
In 2025, we grew our resource from 1.59Moz to 2.41Moz and completed over 108,000m of drilling at Boundiali. With $40M in the bank and a clear pathway to a Definitive Feasibility Study (DFS) in late 2026, we are perfectly positioned to deliver significant value this year.
And Canaccord Genuity appear to agree with Wang's bullish assessment.
ASX All Ords gold share tipped to more than double again
Aurum Resources caught the attention of Canaccord Genuity in December, with the broker initiating coverage on the ASX All Ords gold share with a speculative buy rating.
In a new report, following last week's third mining exploitation licence application at Boundiali, Canaccord noted, "This expanded licensing footprint highlights AUE's confidence in Boundiali's potential to become a large-scale, modern open-pit gold operation."
According to the broker:
The regulatory progress aligns with a strong near-term catalyst pipeline, including updated resources for Boundiali (currently 2.41Moz) and Napié (currently 0.87Moz), alongside delivery of the Boundiali PFS; all targeted for the current MarQ'26.
For the PFS, we envisage a 5-6Mtpa open-pit operation that could produce up to 180kozpa. If strip ratios average ~5:1 and processing costs are ~US$20/t, we believe AISC could be in the region of US$1,450/oz.
Canaccord added, "We see potential for the broader Boundiali Gold Project to host ~3.1Moz over time, inclusive of the 2.4Moz defined to date."
Connecting the dots, the broker maintained its speculative buy rating and price target of $1.50 for the ASX All Ords gold share.
That represents a potential upside of 114.3% from Monday's closing price.
