Going for gold: ASX goldies on the cusp of production

• Several ASX goldies have started production recently, with ramp-ups now in focus
• Next wave of developers is targeting first gold in 2026 and 2027
• WA leads the pack of upcoming producers with Africa also in the mix

Australia is one of the world’s premier gold mining jurisdictions – a status reflected on the nation’s stock market.

More than 150 gold-focused stocks call the ASX home, ranging from micro-cap explorers searching for the next big find to industry heavyweights like Northern Star Resources (ASX:NST) and Evolution Mining (ASX:EVN).

In between lies a group of developers working to turn their gold deposits into mines.

The scale of these developments varies considerably.

Some companies are targeting large-scale mining from the outset, whilst others opt for smaller initial operations to generate cash flow for further exploration and potential expansion.

But building a new mine generally takes years.

Developers often need to complete economic studies, secure funding and approvals, attain infrastructure and equipment, and ultimately construct and commission their operations.

For those that make it, pouring first gold can open the door to a new pool of investors focused on more advanced projects with potential to generate cash.

Several ASX gold companies fit that bill, with their transition from developer to producer tantalisingly close.

Below, we introduce a group of gold companies that have recently commenced production or are targeting their first gold this year or in 2027.

Ramping up production

We begin with a group of ASX goldies that have just started production and are now targeting expansion.

West Wits Mining (ASX:WWI) recently poured first gold at its Qala Shallows project in South Africa.

Its focus has turned to ramping up underground operations towards steady-state production, targeting 70,000 ounces of gold per annum over 12 years.

A DFS for the project outlined total production of about 944,000oz over a 17-year mine life.

Qala Shallows is part of West Wits’ broader Witwatersrand Basin project in the Central Rand Goldfield.

The wider tenure offers significant potential for expansion, with a combined resource of about 7.24Moz of gold.

Great Divide Mining (ASX:GDM) achieved first cash flow in June from its Adelong project in NSW.

It hosts a 169,700oz resource across the Challenger, Currajong and Donkey Hill deposits.

Initial production is focused on mullock – a low-grade material discarded by the old-timers at Challenger.

Development work for a shallow open pit has also started following receipt of the relevant environmental approvals.

In the longer term, the company plans to reopen underground workings and lift annual production to about 25,000oz.

Vertex Minerals (ASX:VTX) is expanding operations at its Reward gold mine at Hill End in NSW.

This week the company poured its first gold bar on site, marking a key step in its transition towards commercial production.

The Reward gold mine is best-known for its high-grade endowment, with a resource of about 147,000oz of gold at 16.68g/t Au.

Vertex is targeting longer-term output of at least 1000oz per month.

It is also planning a drill blitz at the mine and the Fosters exploration area about 400m south as it looks to add ounces to its resource inventory.

African developers close in on first gold

Theta Gold Mines (ASX:TGM) is another South African-focused developer on a path to production.

Its TGME project covers the Eastern Transvaal Goldfields and includes 43 historical mines across a 620km2 landholding.

The broader tenure holds a resource containing 6.1Moz of gold.

An updated feasibility study released earlier this year outlined a first-stage development based on four historical mines, targeting production of 871,000oz over 13 years.

Construction has started, with first gold targeted for the first quarter of next year.

Toubani Resources (ASX:TRE) has also begun mine construction at its Kobada project in Mali.

Nearly all procurement has been completed, carbon-in-leach tank erection is underway, and long-lead equipment including the ball mill has been shipped to site.

Production remains on track for the third quarter of next year.

Kobada hosts a 2.2Moz resource.

A DFS for the project outlined 162,000oz of annual gold production over a 9.2-year mine life.

Recent drilling outside the MRE has identified further upside, with results including 28m at 8.86g/t Au from 188m and 12m at 12.1g/t from 106m.

A resource update is also expected later this month.

WA developers enter the home stretch

WA leads the pack in terms of gold projects approaching production.

Forrestania Resources (ASX:FRS) is aiming for first gold at its Edna May processing facility by mid-December, after undertaking an accelerated refurbishment program.

The company is also progressing its second processing hub at Lake Johnston, where commissioning and production are targeted for early 2027.

Its Goldfields portfolio is positioned to support a hub-and-spoke development strategy, with multiple deposits and exploration projects within haulage distance of processing facilities.

Brightstar Resources (ASX:BTR) is also building a new 1.5Mtpa processing plant at Laverton, with first gold pencilled in for 2027.

The company plans to source ore from three deposits within its Goldfields project, which hosts a 1.6Moz resource.

The fully funded development is expected to produce around 75,000oz of gold per year over an initial six-year mine life.

Brightstar’s broader resource inventory in WA totals more than 5Moz, following a recent update that lifted its Sandstone MRE to 3.6Moz.

The company ultimately aspires to produce more than 200,000oz annually.

Rox Resources (ASX:RXL) is working towards first gold pour at its Youanmi project near Sandstone.

Historical production at the project delivered 667,000oz of gold between 1987 and 1993.

Construction of a 1Mtpa processing plant is underway, with several long-lead items expected on site in the near term.

Youanmi hosts a resource totalling about 2.2Moz of gold at 5.5g/t Au.

Rox is targeting output of 117,000oz of gold per year over an initial seven-year mine life.

Production is targeted for mid-2027.

WA’s next wave 

Maritana Minerals (ASX:MRT) is targeting first gold from its Black Swan processing hub near Kalgoorlie in the second half of 2027.

The group is converting an existing nickel processing plant into a 2.5Mtpa gold operation, which will treat ore from multiple nearby deposits.

It aims to produce about 100,000oz per annum over five years.

OzAurum Resources (ASX:OZM) is pursuing a low-cost heap-leach development pathway at its Mulgabbie North project, about 130km northeast of Kalgoorlie.

Two production water bores have recently been completed within the project’s mining lease, establishing a localised water supply designed to reduce capital and operating costs.

Several key approvals are also in place, with transport of the heap-leach plant to site an important upcoming step.

Mulgabbie North hosts a resource totalling 260,000oz.

Great Boulder Resources (ASX:GBR) seeks to bring its historical Peak Hill mine in the Murchison region back to life by the end of 2027.

The project holds an MRE totalling 448,000oz and previously produced more than 900,000oz until closure in 1997.

An ore purchase agreement with Western Gold Resources (ASX:WGR) provides access to existing processing infrastructure, potentially reducing the upfront capital needed to restart the mine.

GoldArc Resources (ASX:GA8) is targeting production for its Leonora North project and its Leonora South project in the next few months.

Both developments are partner-funded, with the company’s mining partners covering capital and operating costs in return for a 50% share of net profits.

The two assets have a combined resource of about 200,000oz and GoldArc is also looking to add more ounces to its inventory with the drill bit.

It has identified more than 75km of underexplored prospective strike across its tenure, with a 6600m discovery drill program underway at Leonora North.

At Stockhead, we tell it like it is. While West Wits Mining, Great Divide Mining, Vertex Minerals, Theta Gold Mines, OzAurum Resources and GoldArc Resources are Stockhead advertisers, they did not sponsor this article.

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