But which ones could best buys for 2026? Let's take a look at three that Bell Potter is tipping as buys for next year:

Evolution Mining Ltd (ASX: EVN)

The first ASX gold stock that Bell Potter is bullish on is Evolution Mining. It highlights the miner's strong management team and track record of delivery as reasons to be positive. The broker said:

We continue to prefer Evolution Mining as our first pick gold producer on the basis of its unhedged exposure to the gold price, strengthening balance sheet, increasing free cash flows (has passed its CAPEX peak) and, in our view, is an unlikely potential acquiror.

We expect the market to pay more attention to its 80ktpa copper production exposure in a tightening copper market, as well as it supporting an increasing dividend stream. A strong management team and track record of delivery to guidance make EVN one of the go-to gold exposures on the ASX – a position we believe is justified.

Bell Potter has a buy rating and $12.35 price target on Evolution Mining's shares. This is now below its current share price, so investors may want to wait for a better entry point.

Minerals 260 Ltd (ASX: MI6)

Another ASX gold stock that has been given the thumbs up by Bell Potter is Minerals 260.

The broker sees a lot of positives in the gold developer's Bullabulling Gold Project (BGP) in Western Australia. Especially given its experienced leadership team and significant resource.

Minerals 260 is a Perth-based exploration and development company which is advancing its 100%-owned Bullabulling Gold Project (BGP), 65km from Kalgoorlie in WA. With a Resource of 4.5Moz at 1.0g/t Au it is one of the largest undeveloped gold deposits in Australia, sits on granted Mining Leases and is positioned at the heart of Australia's gold mining industry.

The company is led by a proven team of project developers and operators. The 4.5Moz Resource reinforces the potential for a low cost, open-pit gold mining operation, producing ~200kozpa over a +10-year mine life. There is M&A appeal in a market characterised by well valued gold producers with strong balance sheets and appetites for growth.

Bell Potter has a speculative buy rating and 75 cents price target on its shares.

Ballard Mining Ltd (ASX: BM1)

Finally, Ballard Mining is a third ASX gold stock that Bell Potter is tipping as a best buy.

It likes the company due to its Baldock project, which it believes has significant potential and could make it a takeover target. It said:

We summarise Ballard Mining's strategy for driving value as one focused on developing the current Baldock project (930koz at 4.1g/t Au) into a standalone operation, whilst simultaneously growing the Resource and Reserve base via targeted exploration. Baldock is covered by a granted mining lease, allowing for expedited development in a rising gold market.

Near-term catalysts include infill drilling and a maiden Ore Reserve estimate to support the first 5-6 years of operations, and a feasibility study (BPe Mid CY26). We believe over time this will lead to a re-rate in value and/ or make BM1 an attractive corporate target.

Bell Potter has a speculative buy rating and $1.05 price target on its shares.

The post Bell Potter names the best ASX gold stocks to buy in 2026 appeared first on The Motley Fool Australia.

While that may sound ominous, it's usually good news for shareholders.

If you've ever owned a stock that was subject to a takeover bid, you'll know that the offer tends to be above the current share price. And that following negotiations, a potentially even sweeter offer may land on the table.

It doesn't always work out that way. And deals aren't always reached. Like the XRG consortium's recent last-minute withdrawal of its US$30 billion bid for Santos Ltd (ASX: STO) shares, for example.

But when acquisitions do go through, it tends to favour existing shareholders.

Which brings us to two ASX gold shares recently highlighted as prime takeover targets by Argonaut's executive chairman and co-founder, Eddie Rigg.

ASX gold shares primed for acquisition

Rigg bases his expectations for more mergers and acquisitions for the developing ASX gold shares on the surging gold price.

Gold is currently trading for US$3,856.79 per ounce, according to data from Bloomberg. That's less than US$10 per ounce below Wednesday's new all-time high gold price. And it sees the yellow metal up a blistering 45.1% since this time last year.

And Argonaut believes the gold bull run has a long way to run yet.

Earlier this week, Argonaut lifted its gold price forecast to US$4,500 per ounce. That's almost 17% above the current gold price.

And with the big ASX gold miners booking record profits and flush with cash, Rigg believes they'll be on the hunt for new assets.

"Not many of the developers will get to develop their assets because the gold mining companies have so much free cash that they will go and buy these developers in a heartbeat," he said.

And he named two ASX gold shares that he thinks are "absolute targets".

"Companies like Minerals 260 Ltd (ASX: MI6) and Ballard Mining Ltd (ASX: BM1). They are absolute targets," he said.

How have these gold miners been performing?

Both Minerals 260 and Ballard Mining have handsomely rewarded shareholders already in 2025.

How handsomely?

Well, the Ballard Mining share price is up 85% year to date, and the Mineral 260 share price has rocketed 100%, smashing the 10% returns delivered by the All Ordinaries Index (ASX: XAO) over this same period.

And if they find themselves the subject of takeover negotiations, as Rigg expects, these ASX gold shares could keep charging higher.

The post 2 ASX gold shares tipped as prime takeover targets appeared first on The Motley Fool Australia.

In fact, the ASX gold stock in this article could be dirt cheap according to analysts at Bell Potter.

Which ASX gold stock?

The stock that Bell Potter thinks investors should be looking at is Ballard Mining Ltd (ASX: BM1).

It is a gold exploration and development company focused on advancing its Mt Ida asset towards production.

At the last count, it boasted JORC compliant resources of 10.3Mt @ 3.3 g/t Au. This is backed by a strong balance sheet and an experienced team driving the project development.

Bell Potter remains very positive on the small cap ASX gold stock following a visit to the company's tenements. It also highlights that drilling results are expected to flow in the coming months and could support upgrades to its ore reserve estimates. It said:

Catalysts. Drilling results will continue to flow over the coming months at Baldock & Neptune/ Pulsar, alongside target identification on the rest of the Ballard Fault. We anticipate Resource conversion towards the end of 3QFY26/ early 4QFY26 which will seek to upgrade the Indicated portion of Baldock, preceding a Maiden Ore Reserve Estimate in 4QFY26. Permitting for the 1.5Mtpa tailings facility should be imminent.

Big return potential

According to the note, the broker has retained its speculative buy rating and 80 cents price target on the ASX gold stock.

Based on its current share price of 60.5 cents, this implies potential upside of 32% for investors with a high tolerance for risk over the next 12 months.

To put that into context, a $2,500 investment would turn into $3,300 by this time next year if Bell Potter is on the money with its recommendation.

Commenting on its recommendation, the broker said:

We maintain a speculative Buy Recommendation and a $0.80/sh valuation for BM1. Our valuation is supported by a discounted cash flow analysis on a NDS for the Mt Ida Gold project. We have included a nominal value for exploration potential, and a present value for corporate overheads. We assume a capital raise of A$158m at $1.00/sh (in-line with our estimated de-risked valuation at time of FID). We assume the balance of project development requirements are met by debt funding.

The post Why this ASX gold stock could be dirt cheap appeared first on The Motley Fool Australia.