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5 of the top ASX gold stocks to watch in Q1 2024

Gold is one of the world's most venerable and popular investment assets. This list of the five top ASX gold stocks to watch gives options to investors for gaining exposure to gold via equities.

Source: Bloomberg

About gold stocks

As one of the world's oldest and most perennial forms of money, gold has been a highly popular means for people to amass and safeguard their wealth for thousands of years.

Unlike other metals, gold does not rust or corrode, making it an ideal substance to serve as a long-term storehouse of wealth. It is also prized for its beauty and malleability, lending itself to the creation of jewellry and ornamental items in many places around the world since antiquity.

In the modern era, gold has also found a range of industrial applications, mainly in the manufacture of electronics. Gold is resistant to corrosion and a highly efficient conductor, making it an excellent substance for the fine wiring in electronic devices that can range from smartphones to desktop computers.

In the realm of finance and money, gold continues to retain a strong appeal in the modern era.

Until the 1970s, it served as the basis for the statutory currencies issued by the world's advanced economies. While many monetary policy experts continue to call for a return to the gold standard in the present day.

Advocates of gold investment favour the precious metal because of its finite supply on the earth. They claim that the scarcity of gold makes it a safe-haven investment during inflationary episodes that can erode the wealth of other types of assets.

Gold is also an appealing asset because of its nature as a tangible substance that people can physically handle and store, providing many investors with a great sense of reassurance. This advantage also creates challenges, however, as ownership of large amounts of gold also requires the use of physical storage locations with strict security measures to prevent theft.

For this reason, equities are an effective means for gold-inclined investors to gain exposure to the precious metal. Instead of buying and holding physical gold themselves, investors can acquire stakes in gold-producing companies to reap the potential benefits of any appreciation in the precious metal's value.

Given the tremendous wealth of its mineral deposits and the scale and sophistication of its mining sector, Australia is host to a variety of listed companies in the gold sector for investors to consider.

The top 5 ASX-listed gold stocks to watch

Here is a list of five of the top ASX-listed gold stocks to watch, for those investors keen on stepping up their exposure to bullion.

1. Theta Gold Mines (ASX: TGM)

2. WildCat Resources (ASX: WC8)

3. Tietto Minerals (ASX: TIE)

4. AngloGold Ashanti (ASX: AGG)

5. Tribune Resources (ASX: TBR)

Theta Gold Mines (ASX: TGM)

TGM-AU's operations are focused on the Eastern Transvaal gold fields situated in South Africa, just to the northeast of Johannesburg. The company has a 74% stake in the Transvaal Gold Mining Estate (TGME), which is South Africa's first mining company.

In 2023, Theta said it expects the TGME site to produce 1.24 million ounces over a period of 12.9 years, with operations scheduled to commence in 2024.

Theta has received strong support from China for development of the mining site. In mid-2023, Theta raised AU$5 million via a private placement with Hong Kong Huihua Investment Management, while on 14 February it announced that it would work with a subsidiary of Power Construction Corporation of China on the construction of mining facilities.

Following completion, the facility is expected to have an approximate 45,000 tonne per month run-of-mine capacity.

WildCat Resources (ASX: WC8)

WC8-AU's gold properties include the Mt Adrah Gold Project in Lachlan Fold Belt, NSW and the Bolt Cutter Gold Project in Western Australia's mineral-rich Pilbara region. In addition to its gold projects, Wildcat also lays claim to lithium deposits at Bolt Cutter and the Tabba Tabba lithium-tantalum project, which is also situated in the Pilbara.

WC8's share price surged in 2023, posting a sizeable rise in mid-May following the acquisition of the Tabba Tabba project. The company's share price has continued to perform well in 2024, rising nearly 14% year-to-date.

Tietto Minerals (ASX: TIE)

Tietto Minerals Limited's sole asset is the Abujar gold mine situated in the western part of Africa's Cote d'Ivoire. The mine commenced gold production in 2023, with the company's latest MRE from April 2023 indicating that it harbours around 3.83 million ounces of gold.

According to Managing Director Dr. Caigen Wang, at the time of the report less than 10% of Abujar's gold system had been explored.

In October 2023 Tietto announced that it expected the mine to have an operating life of nine years with annual production of 170,000 ounces of gold.

Tietto is currently the object of a takeover attempt by Zhaojin Mining Industry via its subsidiary Zhaojin Capital, which holds a 7% stake in the Australian gold miner.

Tietto has called for shareholders to reject Zhaojin's offer for the remaining 93% of equity in the company at a price of AU$0.58 per share, on the grounds that it undervalues the company and fails to reflect the productive potential of the Abujar mine.

AngloGold Ashanti (ASX: AGG)

AngloGold Ashanti Ltd (ASX) is a highly diversified gold, silver and copper miner with projects spread across Australia, Africa and Latin America, in countries including Colombia, Brazil, Argentina, South Africa, Tanzania, Ghana and Guinea.

On 4 November, AngloGold announced the acquisition of the Nevada assets of Coeur Mining for $150 million, as part of plans to create a new centre for gold production with the incorporation of the Beatty district.

Tribune Resources (ASX: TBR)

Gold miner Tribune Resources Limited has operations scattered across a broad geographical remit, with assets in Ghana, the Philippines and Australia.

The company's recent focus has been the East Kundane Joint Venture in the Eastern Goldfields of Western Australia. The site encompasses two underground mines - Raleigh and Rubicon-Hornest-Peagsus. Tribune has a 36.75% stake in East Kundana, with Gilt Edge Mining - a subsidiary of Northern Star Resources Ltd, holding a 51% stake, and RAND Mining Limited the remaining 12.25% stake.

Tribune has two wholly owned exploration projects - the Japa gold project in Ghana's Akropong belt, and the Diwalwal gold project situated120 kilometres to the northeast of Davao City in the Philippines. Japa is host to indicated and inferred gold resources of 1.81 million ounces.

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This information has been prepared by IG, a trading name of IG Australia Pty Ltd. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.

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