Ramelius Resources shares closed trading yesterday for $3.71. In late morning trade on Tuesday, shares are changing hands for $3.74 apiece, up 0.7%.

For some context, the ASX 200 is up 0.1% at this same time.

Today's outperformance is par for the course for Ramelius shareholders, with the ASX 200 gold stock now up 76.8% year to date, racing ahead of the 5.4% returns delivered by the benchmark index.

Atop those capital gains, Ramelius Resources shares also trade on a fully franked 2.1% trailing dividend yield.

The good news is that, according to the team at Macquarie Group Ltd (ASX: MQG), it's not too late to buy this surging ASX share.

We'll look at the broker's bullish assessment below.

But first…

Why are Ramelius Resources shares outperforming today?

Ramelius Resources shares look to be getting a boost from this morning's announcement that the company has entered into a Tenement Sale and Purchase Agreement with Bulletin Resources (ASX: BNR).

The agreement will see Ramelius acquire three of Bulletin's Lake Rebecca Gold Project tenements, located in Western Australia, for $500,000 in cash.

The ASX 200 gold stock also enjoyed a big boost last week after announcing it intends to buy back up to $250 million in shares over the next 18 months. The board also revealed an increase in the minimum Ramelius dividend to 2.0 cents per share each year.

Commenting on the buyback program on the day, Ramelius Resources managing director Mark Zeptner said:

At the time of the release of our 5-Year Growth Pathway to 500koz, the Ramelius Board gave clear direction to management that we need to "maintain and grow" shareholder returns. We are demonstrating this today in the form of a A$250 million share buyback program and an increase in the minimum dividend payable.

Which brings us to…

Why Macquarie is tipping the ASX 200 gold stock for more outperformance

In a research report published on Friday, Macquarie sounded a bullish note on the gold miner's share buyback plans. Macquarie said:

Following the announcement of a A$250m share buyback (commences 24-Dec-25) we incorporate it into our forecasts which drives a 3% EPS increase in FY28/29/30E due to the lower share count.

Macquarie is also optimistic about the ASX 200 gold stock's recent exploratory drilling successes.

According to the broker:

Due to the encouraging exploration results from Penny we extend our LOM [life of mine] forecasts from 1QFY27 to 3QFY27 (+6mth increase) which drives a 4% uplift in our FY27E ore milled grades from 3.55g/t to 3.70g/t, with gold production increasing from 206koz to 214koz which is 2% above the mid-point of production for the 5-yr outlook in FY27.

Summarising its outperform rating on Ramelius Resources shares, Macquarie said, "RMS remains one of our mid-cap preferences due to its strong organic growth outlook, effective capital management framework, and asset divestment potential."

The broker increased its target price for the ASX 200 gold stock by 2% to $4.60 a share.

That represents a potential upside of 23% from current levels.

And it doesn't include those upcoming dividends.

The post This ASX 200 gold stock has surged 77% in 2025. Here's why Macquarie expects it to leap another 23% appeared first on The Motley Fool Australia.

Money talks — which is why it can be seen as a vote of confidence when company insiders buy shares in the companies they're involved in. These are the people who are most familiar with the inner workings of the business.

Importantly, they still don't know the company's future. However, people on the board or leadership team make the decisions that shape the future of a business. If they're buying shares, you'd think they are pretty happy with the path they are paving.

Which ASX mining shares are insiders buying?

Several small-cap mining companies have released change of director's interest notices over the past two weeks.

Not only are these useful signs of belief in the companies, but it's also positive to see greater 'skin in the game' among directors. The more shares a director holds, the more intrinsic motivation to create more wealth for shareholders.

All four ASX mining shares have a market capitalisation of less than $200 million.

Encounter Resources Ltd (ASX: ENR): On 10 April, independent director Philip Crutchfield scooped up 1.8 million shares in the Australian copper and critical minerals explorer. At 22 cents apiece, the off-market trade was worth $396,000. The purchase takes Crutchfield's holdings in this ASX mining share to $2.8 million.

DevEx Resources Ltd (ASX: DEV): Between 10 and 15 April, DevEx Resources chair Tim Goyder acquired 2 million shares through his TRB Goyder Super Fund. Based on the $614,698.68 paid, Goyder purchased the shares at an average of 30.7 cents.

April has been a busy month for Goyder. Additional purchases were made on 9 April and 2 April, totalling another 2 million shares. Goyder's ownership of DevEx is now 17.1% of the company or $21.9 million worth.

Bulletin Resources Ltd (ASX: BNR): Another ASX mining share with insider buying is this lithium and gold explorer. Over 9, 10, and 11 April, director Robert Martin purchased 1.1 million ordinary shares in Bulletin Resources. In addition, 22,858 listed options were added to his name, expiring 30 September 2024.

Martin's purchases were worth $53,220.90, taking his total holding to $3.7 million.

Prospect Resources Ltd (ASX: PSC): The last company with recent insider investments is ASX mining share exploring for copper, lithium, and rare earth elements in Africa. CEO Sam Hosack followed up the acquisition of a Zambian copper project by buying 3.48 million shares between 10 and 15 April.

The shares were purchased at an average price of 14.5 cents per share, amounting to a $503,498.56 investment. After adding to his holdings, Hosack's stake now comes to $2.3 million.

The post 4 ASX small-cap mining insiders buying up big chunks of company shares appeared first on The Motley Fool Australia.