Targeting gold companies at the exploration or development phase can be a good way to earn outsized returns. However, with so many companies on the ASX to choose from, it can pay to get expert help.
I've selected two research reports from different brokers that focus on companies they think will do well.
Let's see who they like.
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Aurum Resources Ltd (ASX: AUE)
Shares in this gold developer are down about 20% over the past year, but the team at Canaccord Genuity thinks that they are ripe for a turnaround.
Aurum is proving up the Boundiali Gold Project in Côte d'Ivoire where it currently has a mineral resource of 3.22 million ounces of gold.
The company recently received assays from 25 drill holes which it conducted as part of an ongoing 150,000m program.
Aurum said the drilling, "confirms the gold mineralisation system at Boundiali remains open along strike and at depth''.
The company is aiming to update its mineral resource at the end of this month, with a definitive feasibility study scheduled for late 2026.
Aurum Managing Director Dr Caigen Wang said the company had more than $95 million in cash and 16 company-owned drilling rigs.
He added:
Environmental approval was granted in May 2026, and we delivered the Pre Feasibility Study and Maiden Ore Reserve in June 2026. Our focus now is securing grant of the Mining Licences and completion of the definitive feasibility study, ahead of a final investment decision and the start of construction, targeting first gold in H1 CY2028.
CG said the drilling results, "continue to demonstrate the potential for currently unclassified mineralisation to contribute to future resource growth at Boundiali''.
CG retained their price target at $1.50, compared to the current share price of 45.5 cents.
Waratah Minerals Ltd (ASX: WTM)
Waratah is at an earlier stage than Aurum and is targeting its first mineral resource for the first half of CY27.
The company recently reported partial assay results from its first drill hole at the Goldenclad prospect, about 1km away from its current focus at the Consols zone.
The new drill hole hit 83m of gold mineralisation from just 6m below the surface.
The company said:
Goldenclad adds a fourth mineralised position along the 6km corridor from Spur, Consols and Ironclad, supporting the thesis of a broader linked system of mineralised positions.
Broker Shaw & Partners said the shallow gold at Goldenclad had the potential to offer the company another open pit mining option.
They added:
WTM plans to release a maiden Resource in 1H CY27, which we estimate at about 3 million ounces. We expect this will only include the Spur and Consols Zones. Goldenclad and other regions could be upside potential beyond this.
Shaw & Partners has a price target of $1.55 on Waratah shares compared with 72 cents currently.
