Highlights

  • ASX gold miners outperform broader market, leaving ASX 200 gains far behind.
  • Ramelius Resources almost doubled in value in a year, targeting 500,000 ounces of gold output by FY30.
  • Newmont Corporation climbs 153% Y-o-Y as on 16 January 2026, driven by record free cash flow and debt reduction.
  • Genesis Minerals share price soared 155% in a year as on 16 January 2026, with EBITDA up 256% in FY25.

Mining stocks are on investors' radar amid rising commodity prices, drawing keen interest from analysts and traders alike. Macquarie Research has maintained "Outperform" ratings on several ASX-listed gold stocks including Ramelius Resources, Newmont Corporation and Genesis Minerals. Notably, these stocks have almost doubled in value in one year and significantly outperformed the ASX 200 index, which has gained 6.9% in a year.

Ramelius Resources Ltd (ASX:RMS) has surged 95.6% over the past year, bolstered its production outlook. Newmont Corporation (ASX:NEM) delivered even stronger gains of 153.1%, fuelled by favourable operational performance and strategic debt reduction. Genesis Minerals Ltd (ASX:GMD) led the pack with a 155.2% rise, propelled by encouraging financial results and climbing cash flows. These ratings underscore widespread investor optimism for key gold producers on the ASX.

Ramelius Resources Ltd (ASX:RMS)

The rally in RMS shares reflects investor confidence in company’s five-year production outlook, which targets gold output of 500,000 ounces by FY30. Additionally, the year-to-date production has reached 100,623 ounces, which is consistent with FY26 production guidance of 185,000- 205,000 ounces.

Macquarie Research's analyst, Adam Baker maintains a "Outperform” rating on RMS with a price target of AUD 4.60.

The company maintains operational momentum as development at the Dalgaranga mine remains on schedule and within budget, with initial Never Never ore set to reach the Mt Magnet hub in the March 2026 quarter.

Newmont Corporation (ASX:NEM)

Macquarie Research's analyst, Adam Baker maintains a "Outperform” rating on NEM with a price target of AUD 175.

The yearly rise in the share price is likely to be driven by its operational performance and significant debt reduction. The company delivered a favourable third-quarter performance in 2025, producing approximately 1.4 million gold ounces and generating a record free cash flow of USD 1.6 billion, marking the fourth consecutive quarter with over USD 1 billion in free cash flow. The company reported adjusted net income of USD 1.9 billion and adjusted EBITDA of USD 3.3 billion for the quarter. Newmont also reduced its debt by USD 2 billion, ending the quarter with near-zero net debt and total liquidity of USD 9.6 billion.

In October 2025 Newmont also announced commercial production at Ahafo North in Ghana. Ahafo North is projected to produce around 50,000 ounces of gold in 2025, with output increasing throughout 2026 until it reaches full capacity. Over the next five years, the mine is expected to deliver between 275,000 and 325,000 ounces of gold annually, supporting a 13-year mine life and establishing itself as a key asset within Newmont’s global operations.

Genesis Minerals Ltd (ASX:GMD)

The rise in GMD’s share price is likely to be driven by its outperforming financials. The company has shown 114% year-over-year increase in gold sales in FY 2025 and also reported an EBITDA of AUD 454.1 million in FY 2025 from AUD 127.6 million reflecting a 256% increase in EBITDA. Additionally, the company’s operating cash flows also increased from AUD 150.6 million in FY 2024 to AUD 420.7 million in FY 2025 showing an increase of 179%.

Macquarie Research's analyst, Adam Baker maintains a "Outperform” rating on GMD with a price target of AUD 8.40.