Aurum Resources shares closed on Monday trading for 64 cents apiece. That sees shares in the African-focused gold miner up 67% in 12 months, smashing the 14.5% one-year gains delivered by the All Ordinaries Index (ASX: XAO).

Part of those gains have been spurred by the fast-rising gold price. On Monday, gold was fetching US$4,796 per ounce, up 40% since this time last year.

But the ASX All Ords gold stock has hardly been sitting idle over this time.

And following a significant resource upgrade at one of its core gold mines earlier this month, the team at Canaccord Genuity believe Aurum Resources shares are well-placed to deliver more outsized gains.

Here's why.

ASX All Ords gold stock growing its resources

On 10 April, Aurum Resources reported a 34% increase in the mineral resource estimate (MRE) at its Napie Gold Project, located in Cote d'Ivoire.

This brought the ASX All Ords gold stock's total resource base to 4.2 million ounces across its two Cote d'Ivoire gold projects, with 3.03 million ounces at its Boundiali project and 1.16 million ounces at Napie.

Encouragingly, the miner noted that only 13% of the 30-kilometre Napie Shear has been systematically drilled to date. And Aurum is well-funded to continue drilling, with a cash balance of $61 million as at 31 March.

Commenting on the upgraded MRE, Canaccord said:

In our initiation of coverage, our expectation was that AUE could deliver an unrisked addition of 279koz at Napie in the near term. To come within 4% at this juncture is very pleasing and bodes well for further updates

Looking to potential catalysts ahead, Canaccord noted:

Ongoing drilling programs, including 30,000m at Napie and 100,000m at Boundiali, are expected to drive further resource growth, with additional updates planned through 2026. A PFS [pre-feasibility study] for Boundiali is expected later this month.

As for what investors might expect from that PFS, Canaccord said, "We expect the 40.8Mt at 1.0g/t Au for 1.37Moz Indicated resource to underpin 10 years of production at a 6Mtpa run rate. At this scale, Boundiali could sustain 175kozpa."

On the cost front, the broker estimates that Aurum Resources' all-in sustaining cost (AISC) could be around US$1,500 per ounce at the current gold price.

Connecting the dots, Canaccord has a speculative buy rating on the ASX All Ords gold stock with a price target of $1.55 a share.

That's more than 142% above Monday's closing price.

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In early morning trade on Thursday, the Aurum Resources share price is up 3.5%, trading for 74 cents a share.

For some context, the All Ords is up 0.8% at this same time.

Taking a step back, the ASX All Ords gold stock has surged 146.7% over the past 12 months, compared to a 9.8% one-year gain posted by the benchmark index.

The African-focused miner has been benefiting from the surging gold price alongside its own exploration successes.

Here's what's happening today.

ASX All Ords gold stock lifts off on drill results

Investors are bidding up Aurum shares following the release of a promising exploration update.

The ASX All Ords gold stock reported hitting multiple broad, shallow, high-grade gold intercepts. This stems from Aurum's ongoing 30,000 metre diamond drilling program at its Napie Gold Project, located in Cote d'Ivoire.

Management said the latest results, which focus on the Tchaga and Gogbala deposits, provide the final data ahead of the upcoming Napie Mineral Resource Estimate (MRE) update.

Top results from the Gogbala deposit include 19.0 metres at 5.16 grams of gold per tonne from 146.0 metres, including 14.0 metres at 6.76 g/t Au.

Top results from the Tchaga deposit were reported to be 18.9 metres at 2.59 g/t Au from 176.1 metres, including 5.9 metres at 7.33 g/t Au.

Looking ahead, the ASX All Ords gold stock plans 130,000 metres of diamond drilling in calendar year 2026, with 100,000 metres planned at its 3.3-million-ounce Boundiali project and 30,000 metres at the 870,000-ounce Napie project.

As at 31 December, Aurum Resources held $42.2 million in cash.

What did management say?

Commenting on the results helping boost the ASX All Ords gold stock today, Aurum managing director Caigen Wang said: "This latest round of step-back diamond drilling at Napie continues to deliver broad, shallow, open-pitable intercepts, confirming the system's potential for substantial resource growth."

Wang added:

Our objective is to build a substantial multi-asset gold business in Cote d'Ivoire. While our near-term focus is the development of our Boundiali Project, the scale and grade continuity we are seeing at Napie – following our acquisition of Mako – suggests that it too has the potential to grow into a second major production pillar.

Is it too late to buy this soaring ASX All Ords gold stock?

After already rocketing 147% over 12 months, is the ASX All Ords stock still a good buy today?

Very much so, according to the team at Canaccord Genuity.

The broker has a speculative buy rating on Aurum Resources, with a price target of $1.50 per share. That represents a potential upside of more than 102% from current levels.

The post Up 147% in a year, ASX All Ords gold stock jumping again today on new high-grade intercepts appeared first on The Motley Fool Australia.

Aurum shares closed up 2.1% on Wednesday, trading for 74 cents apiece.

That puts the Aurum Resources share price up a jaw dropping 172% since this time last year, racing ahead of the 10% 12-month returns posted by the benchmark index.

As you'd expect, the ASX All Ords gold stock has enjoyed strong tailwinds from the surging gold price. On Wednesday, the yellow metal was trading for US$5,189 per ounce. That sees the gold price up more than 78% in a year.

But Aurum has hardly been sitting idle, achieving a series of regulatory and exploratory successes Aurum at its flagship Boundiali Gold Project, located in Cote d'Ivoire. The project consists of seven neighbouring exploration tenements extending across some 75 kilometres.

Why the ASX All Ords gold stock could keep charging higher

If you think you've missed the boat on this one, the analysts at Canaccord Genuity would disagree, with the broker expecting the Aurum share price could more than double again from current levels.

In a research report released in 16 February, Canaccord advised investors to tune into any upcoming potential news flow from the ASX All Ords gold stock.

Canaccord noted:

With ~$40m cash at 31 December 2025, AUE is fully funded for an aggressive 130,000m drilling program across Boundiali and Napie project in 2026, in our view.

Potential catalysts this quarter include updated resources for both projects and completion of the Boundiali open-pit PFS, positioning the company for a potential DFS transition later in 2026 while continuing regional exploration and discovery drilling.

What's happening with Aurum's Boundiali Gold Project?

Just one week later, on Monday 23 February, the ASX All Ords gold stock reported a 49% increase (more than 450,000 ounces) in Indicated Resources at Boundiali to 1.37 million ounces of gold. This saw the total Boundiali Mineral Resource Estimate (MRE) increase to 3.03 million ounces of gold.

Aurum Resources said the upgrade provides "a robust foundation for Boundiali's upcoming PFS". The gold miner noted that on a consolidated basis, its Group Resource now stands at 3.90 million ounces of gold. That includes the 870,000 ounces from the Napie Gold Project. The MRE update for Napie was said to be on track for delivery this quarter.

"This MRE update represents a significant milestone at our Boundiali Gold Project," Aurum managing director Caigen Wang said.

Wang noted:

This follows an aggressive infill drilling campaign that successfully converted a large portion of our inventory into this higher confidence category, providing the robust foundation required for our upcoming economic studies.

Canaccord has a speculative buy rating on the ASX All Ords gold stock with a price target of $1.50 per share. That's more than 100% above Wednesday's closing price.

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