The All Ordinaries Index (ASX: XAO) has gained 2.3% over the last year, with this ASX All Ords gold stock leaving those gains wanting.
The high-flying miner in question is New Murchison Gold Ltd (ASX: NMG).
New Murchison shares closed yesterday trading 4.4 cents. In early morning trade on Thursday, shares are changing hands for 43.5 cents apiece, down 1.1%.
Despite today's dip, that sees the New Murchison Gold share price up an impressive 129% over the past 12 months.
Here's what's happening today with the ASX All Ords gold stock.
Image source: Getty Images
ASX All Ords gold stock expanding its WA footprint
New Murchison shares look to be under pressure today amid broader weakness in the gold sector.
Overnight, the gold price dipped below US$4,000 per ounce for the first time in 2026. The yellow metal has been in a downtrend over the past month amid rising inflation in Australia, the United States, and most nations.
That's led to increased expectations of central bank interest rate hikes, particularly the highly influential US Federal Reserve. And gold, which pays no yield itself, tends to perform better in low or declining interest rate environments.
Over the past few hours, the gold price has recovered to US$4,011 per ounce (according to data from Bloomberg). But that hasn't kept the S&P/ASX All Ordinaries Gold Index (ASX: XGD) from tumbling 3.9% today.
As for New Murchison Gold, in an announcement this morning that should offer longer-term support for the gold miner's shares, the miner reported on a material Mineral Resource Estimate (MRE) upgrade at its flagship Garden Gully Gold Project, located in Western Australia.
The ASX All Ords gold stock said the new estimates were compiled by independent consultancies, incorporating New Murchison's updated structural interpretations and latest drilling data at the project.
Management noted, "This global update significantly expands NMG's production pipeline and underscores the scaling potential of the Garden Gully goldfield."
Indeed, the project's MRE reportedly increased by 47%. This expands the total remaining resource to 4.42 million tonnes at 2.5 grams of gold per tonne for 359,000 ounces of contained gold.
The miner highlighted that this represents a 29% increase over the November 2024 MRE estimate. When including full, reconciled production mining up to April 1, 2026, it's an even more impressive 47% total increase.
"The combined Measured and Indicated categories account for 71% of the global project ounces, ensuring excellent local grade predictability for near-term mine planning," management said.
Since the 2024 Crown Prince MRE, the ASX All Ords gold stock has followed up on infill and extensional targets and carried out tighter spaced grade control campaigns to increase resource confidence.
The miner noted that the Measured Resource component of 39,000 ounces at 3.83 grams of gold per tonne at the Crown Prince Open Pit deposit, situated within Garden Gully, provides immediate, low-risk mill feed.
