It's quarterly reporting season for the ASX mining sector, which gives analysts a great opportunity to run the ruler over the results and update their outlook for companies.
I've had a look at the reports coming out of Macquarie and singled out two which identify gold companies with serious upside.
Let's have a look.
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Westgold Resources Ltd (ASX: WGX)
Westgold shares have come under pressure since reporting quarterly results this week. However, if you think Macquarie's analysis is on the money, that's just more reason to seriously consider the opportunity.
Westgold reported quarterly production of 93,145 ounces of gold this week, down sharply from the 111,418 ounces produced in the previous quarter.
But the company said this was in line with expectations.
As they said:
Production from Westgold's assets was in line with expectations in Q3 FY26. With no immediate impediments to the ramp up in mining rates at Bluebird and Beta Hunt, ventilation upgrades at Big Bell completed, and no major plant shutdowns scheduled for Q4, the Company is in a strong position to achieve its production targets for the year. Westgold maintains its production guidance for FY26 of 345,000 – 385,000oz, having produced 288,500oz for the financial year to the end of Q3 FY26.
The company finished the quarter with cash, bullion, and liquid investments worth $856 million, up $202 million over the period.
Macquarie said in its research report that production was 4% higher than they expected, and assigned a price target of $9 on the shares.
This would be a new 12-month high if achieved, and is well above the $5.50 the shares were changing hands late last week.
Ramelius Resources Ltd (ASX: RMS)
Ramelius had what Macquarie termed a "challenging" quarter. However, on the upside, the broker said the Western Australia-focussed miner maintained its production guidance at 185-205,000 ounces of gold for the full year.
Production across the company's assets fell during the quarter to 38,093 ounces, mainly due to a planned six-day mill shutdown and haul road closures caused by Cyclone Narelle, the company said.
Ramelius also said diesel prices would be heading up, with FY26 cost guidance for diesel initially siting at 95 cents per litre. The company now expects that figure to increase to $2 per litre for the rest of the financial year.
Macquarie said the company also revised its all-in sustaining cost figure 10% higher, which was a negative.
Despite the difficulties and cost increases faced by the company, Macquarie has a price target of $4.70 on Ramelius shares, compared with $3.40 currently.
