Top 5 ASX growth shares to watch in December 2025

What are ASX growth shares?

ASX growth shares are companies that reinvest profits to fuel rapid expansion rather than pay dividends (most of the time). The five stocks in this article prove the point – they've delivered returns of up to 71.21% in just three months, and while three shares on our list pay dividends, these are small enough that the companies can reinvest the majority of their profits to drive growth.

These companies typically trade at high price-to-earnings (P/E) ratios because investors pay a premium for future growth. For example, Resolute Mining currently trades at a P/E of 132.94, while NRW Holdings sits at 92.61 – both reflecting expectations of continued expansion.

The trade-off, though, is that growth shares can fall as fast as they rise. Miss quarterly expectations by even a small margin, and share prices can tumble rapidly.

What are the advantages and disadvantages?

The stocks featured in this article exemplify the volatility inherent in growth shares. Take Resolute Mining, for instance, which experienced a solid 71.21% surge in just three months. In contrast, other companies have seen substantial volatility in the last quarter, highlighting the diverse range of outcomes within this category.

Growth shares occupy a middle ground between high-risk penny stocks and the more stable blue-chip dividend stocks. They offer the potential for substantial gains without the extreme volatility of speculative plays.

However, the risk lies in how these companies typically reinvest profits rather than distribute dividends, meaning investors rely mostly on share price appreciation. Failure to meet growth targets can result in share prices falling as dramatically as they rise.

What makes ASX growth shares special right now?

Several powerful catalysts are driving solid ASX growth share performance in 2025, with our featured stocks gaining up to 71.21% in just three months.

• Non-energy minerals stability: Both Resolute Mining and Regis Resources specialise in gold mining, a strong growth driver in the Australian economy
• Innovation: Companies like Austal rely on R&D and innovation to maintain their lead in their industries
• Economic backbone: Most of these companies operate in industries that bolster the Australian economy, such as mining, construction and finance

Australia's stable regulatory environment, and strong tech and mining sectors provide a perfect launchpad for these growth stories to unfold.

Top 5 ASX growth shares to watch in December 2025

These five stocks delivered solid returns between September and November 2025. Here's what each company offers and why traders are paying attention.

Our selection criteria

• Performance: Up to 71.21% gains in three months
• Volatility: For CFD traders, volatility presents opportunities to take a position
• Growth focus: Profits reinvested in R&D and expansion
• Sector diversity: Construction, finance, mining and shipbuilding

Past performance doesn't guarantee future returns – all investments and trades carry risk.

All figures are accurate as of 1 December 2025.

Overview of the ASX growth shares in this article

You can trade all the shares listed in this article via CFDs through our platform, and buy and sell all of them via our share trading platform.

1. Resolute Mining Limited (ASX: RSG)

Industry: Non-energy minerals

Market cap: A$2.41 billion¹

P/E ratio: 132.94²

Resolute Mining is a gold producer with a focus on operational efficiency and disciplined growth. Its portfolio includes several gold mines in Australia and Africa, giving it diversified exposure across key gold-producing regions.

For share traders, Resolute offers a classic example of a mid-tier mining company that balances growth potential with risk management.

The company is known for a strong focus on optimising production and controlling costs. Resolute actively invests in mine life extensions and new exploration opportunities, seeking to sustain its output over the long term. This strategy helps mitigate the inherent volatility of the gold sector, where price swings can significantly influence earnings.

Share traders often view Resolute as a growth-oriented play because the company reinvests in expanding or optimising its mines while maintaining a disciplined approach to capital allocation. This balance can make it appealing to those looking for exposure to gold with the potential for operational improvement and shareholder returns.

Highlights:

• Operating in multiple jurisdictions exposes Resolute to regulatory and political risks, as well as operational challenges
• Gold prices fluctuate based on global economic conditions, inflation expectations and investor sentiment, making the market a potentially good play for CFD traders
• The share price has climbed by 71.21% over the past three months

2. Generation Development Group Limited (ASX: GDG)

Industry: Finance

Market cap: A$2.64 billion³

P/E ratio: 40.72⁴

Generation Development is a financial services and investment company that operates across a range of asset management, advisory and alternative investment sectors. Unlike traditional banks or wealth managers, GDG often targets niche opportunities where it can offer specialist expertise or innovative financial solutions.

For share traders, the appeal of GDG lies in its potential for growth through diversified revenue streams. By combining advisory, fund management and specialised investment services, the company can adapt to changing market conditions while pursuing new opportunities in sectors that may be under-served.

The firm has a focus on expanding its footprint and scaling its offerings. This includes targeting high-net-worth or institutional clients with tailored solutions, which can generate long-term recurring revenue.

For growth-focused share traders, GDG’s ability to innovate and capture new market segments is often seen as a key strength.

Highlights:

• Financial service companies need to navigate regulatory requirements, which can influence profitability and strategy
• GDG’s diversified business model and growth-oriented strategy make it an interesting candidate for those looking beyond traditional banking and financial services. This includes both CFD and share traders
• Its share price has had a very moderate 0.16% growth over the past three months, but looking further back tells a different story, with a six-month growth of 7.63% and a year to date (YTD) growth of 76.30%⁵

3. Austal Limited (ASX: ASB)

Industry: Producer manufacturing

Market cap: A$2.76 billion⁶

P/E ratio: 28.09⁷

Austal is an Australian shipbuilding and defence contractor, specialising in naval and commercial vessels. The company operates internationally, providing high-quality, custom-built ships to clients in defence, commercial shipping, and offshore industries. Austal has established a reputation for technical innovation and operational reliability, making it a key player in niche maritime sectors.

Share traders may see Austal as a growth company due to its exposure to global defence contracts and commercial shipping projects. Long-term contracts provide a level of revenue visibility, while the company’s technological expertise positions it to win future work.

Additionally, Austal’s focus on efficiency and innovation helps it stay competitive in a capital-intensive industry.

Shipbuilding is inherently project-intensive, with long lead times and big upfront costs. Austal’s new US business, while promising, carries risks: some contracts have had cost and design challenges – a possible reason for the recently volatile share price.

Highlights:

• Risks include exposure to defence budget cycles, international trade regulations and project delivery challenges
• The share price has seen its fair share of volatility over the past three months and has fallen by 14.95%. But its YTD share price has soared by 110%, indicating it could be a good option for CFD traders and pro-risk share traders⁸

4. Regis Resources Limited (ASX: RRL)

Industry: Non-energy minerals

Market cap: A$5.59 billion⁹

P/E ratio: 22.08¹⁰

Regis Resources is another Australian-focused gold producer on our list – with a strong emphasis on operational efficiency and project growth. Its mines are concentrated in Western Australia, providing geographic focus while allowing it to leverage local mining expertise.

Its core operations are in the Eastern Goldfields region, primarily via the Duketon Gold Project. It also holds a stake in the Tropicana Gold Project and owns the McPhillamys Gold Project in New South Wales.

The company has a track record of expanding mine life and exploring new projects, which can provide share traders with growth potential beyond current operations. For growth-oriented investors, Regis combines the stability of established production with the upside of exploration and operational expansion.

Risks include gold price volatility, operational costs and the cyclical nature of mining. However, the company’s disciplined approach to production, reinvestment and strategic exploration has historically helped smooth the impact of these factors, making it appealing to share traders seeking exposure to growth in the resources sector.

Highlights:

• Regis produces unhedged gold – meaning when gold prices climb, the company directly benefits (as overheads and operating costs are mostly fixed or stable). This gives upside when the gold market is strong
• The share price has increased by 52.31% over the past three months

5. NRW Holdings Limited (ASX: NWH)

Industry: Industrial services

Market cap: A$2.53 billion¹¹

P/E ratio: 92.61¹²

NRW is a diversified engineering and construction company, primarily serving the resources and infrastructure sectors. Its services range from civil construction to mining infrastructure and plant operations.

The company operates across Australia and internationally, providing exposure to multiple markets and project types.

For share traders, NRW presents growth potential through its diverse project portfolio and the ability to capture work in multiple industries. The company’s expertise in complex engineering projects helps differentiate it from competitors and supports long-term contract opportunities.

Risks include project execution challenges, commodity demand cycles and broader economic conditions that affect construction activity. Nonetheless, NRW’s diversified operations, technical capabilities and established reputation make it an attractive pick for share traders looking for exposure to industrial growth outside of the usual mining-production play.

Highlights:

• The company has reported a strong order book and pipeline in 2025, making way for future earnings
• Unlike most growth shares, NRW has a solid track record of paying dividends
• Its share price has grown by 44.18% over the past three months

How to trade ASX growth shares with IG Australia

CFDs

1. Open a CFD trading account with IG AU
2. Search for ASX growth shares on the IG platform
3. Decide whether to go long (buy) or short (sell)
4. Choose your position size
5. Set stop-loss and limit orders
6. Place your trade and monitor it

Share trading

1. Open a share trading account with IG AU
2. Search for ASX growth shares
3. Choose the stock you want to buy
4. Determine how many shares you want to purchase
5. Place your order
6. Monitor your investment 

FAQs about growth shares 

Footnotes

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