Drilling is underway at BHP’s Olympic Dam project in South Australia.
Gold stock prices are expected to climb significantly in 2025. With central banks and retail investors driving up demand, gold has surged over 50%, standing out as a top-performing asset this year.
Last month, gold hit an all-time high of nearly $4,400 an ounce, only to drop due to profit-taking. After dipping below the $4,000 mark, anticipated US interest rate cuts and ongoing inflation fears have propelled gold prices upward again this month.
As expenses for new mines keep escalating and lead times stretch, questions arise about whether gold companies can effectively meet rising demand. There is a genuine concern about whether production can keep pace.
Many of the top 20 gold properties as ranked by Gold Resource Measurement and Indication face significant challenges before entering production, and several greenfield projects have remained stagnant for years. Yet, the potential project pipeline continues to grow as gold prices soar.
1. Pebbles
Stage: Feasibility/Scoping
Northern Dynasty Minerals’ Pebble project leads with 69.84 million ounces (moz) of metal. However, it has faced more than a decade of delays due to its location near Alaska’s Bristol Bay watershed and is currently caught in a legal dispute over the EPA’s veto.
2. Olympic Dam
Stage: Expansion
In the second spot, Olympic Dam boasts 65.6 moz of gold. BHP’s complex in South Australia is set for major expansions in the coming years, with an A$840 million investment planned for growth projects to exploit other mineral deposits. It also houses one of the largest copper mines globally.
3. Grasberg
Stage: Operating
The Grasberg mine, operated by Freeport-McMoRan, occupies third place with 54 moz of gold. This year, it made headlines following a significant fatal incident in its underground operations, which sent shockwaves through the copper market. Parts of Grasberg are still under long-term development.
4. KSM
Stage: Feasibility/Scoping
Ranking fourth is Seabridge Gold’s Kerr Sulferets Mitchell (KSM) with 41.40 moz of metal. Although the federal government approved it years ago, delays have stemmed from ESG concerns and a legal dispute between Seabridge and Tudor Gold.
5. Donlin
Stage: Construction/Planning
Donlin, another Alaskan project, sits at No. 5 with 40 moz of metal. Barrick previously held a 50% stake but sold it earlier this year to Novagold and hedge fund manager John Paulson. The new owners may consider a new feasibility study in 2027.
6. Siembra Minera
Stage: Feasibility/Scoping
With 26.82 moz of gold, Venezuela’s Siembra Minera ranks sixth. This project is a joint venture between Gold Reserve and the Venezuelan government, which successfully raised $36 million last year to promote mining projects in Bolívar state.
7. La Colosa
Stage: Feasibility/Scoping
AngloGold Ashanti’s La Colosa project in Colombia claims the seventh spot with 23.35 moz. It has faced significant local opposition after a court upheld a referendums banning mining in Cajamarca.
8. Filo del Sol
Stage: Feasibility/Scoping
The Filo del Sol project, located across the Chile-Argentina border, houses 22.3 moz of metal. BHP and Lundin Mining acquired it this year, previously developed by Canada’s Filo Corporation to the pre-feasibility stage.
9. Pascua Lama
Stage: Advanced Exploration
Barrick’s troubled Pascua Lama project in Chile has 21.87 moz of gold. A Chilean court’s recent ruling has mandated Barrick to spend $136 million to finalize the project’s closure due to persistent environmental issues.
10. Cascabel
Stage: Feasibility Started
SolGold’s Cascabel in Ecuador rounds out the top ten with 21.80 moz of metal. Earlier this year, the company shifted its tax domicile to Switzerland as it advances development, with support from industry giants like BHP and Newmont.
11. Treaty Creek
Stage: Reserve Development
Tudor Gold’s Treaty Creek project in British Columbia ranks 11th, holding 21.66 moz of gold. The company recently applied for a permit for underground exploration.
12. South Deep
Stage: Operating
Gold Field’s South Deep ranks 12th with 21.1 moz. This South African mine has been operational since the 1970s, and its estimated lifespan stretches beyond 2100, potentially making it the last significant gold mine in the region.
13. Nevada Gold Mine
Stage: Expansion
Nevada Gold Mines, a collaboration between Barrick and Newmont, ranks 13th with 20.16 moz of metal. This partnership began in 2019 after Barrick’s hostile takeover of Newmont, which was then smaller and may now aim to use Barrick’s Nevada interests.
14. On To
Stage: Feasibility/Scoping
The Onto copper-gold deposit in Vale, Indonesia holds 20 moz of gold, comparable to Norte Abierto but with slightly higher measured resources. Explored since 2020, the joint venture includes Vale subsidiary Eastern Star and ANTAM.
15. Norte Abierto
Stage: Feasibility/Scoping
Norte Abierto, a 50/50 partnership between Barrick and Newmont, also contains 20 moz of gold. Formed in 2017, this mining complex was created by merging two previously independent mines in northern Atacama.
16. Golden Summit
Stage: Feasibility/Scoping
Freegold Ventures’ Golden Summit in Alaska ranks 16th with 18.24 moz of metal. A resource update in July sent the company’s stock price soaring to a five-year peak.
17. Elan Dodo
Stage: Reserve Development
Elan Dodo, located on Sumbawa Island in Indonesia, boasts 16.78 moz of gold. It’s operated by PT Amman Minerals, which also runs the nearby Batu Hijau mine.
Stage: Feasibility/Scoping
Chesapeake Gold’s Metates project in Mexico’s Durango state contains 16.77 moz of gold. The company believes it has solved key development challenges that could enhance the economic viability of sulfide orebody projects globally.
19. Panguna
Stage: Feasibility/Scoping
The Panguna mine in Papua New Guinea has 16.1 moz of gold. Once controlled by Rio Tinto, current operator Bougainville Copper inherited this project after it closed in 1989 due to a civil unrest that lasted for about a decade. Following Rio Tinto’s departure, a recent court ruled against a massive class action lawsuit involving them.
20. Detour Lake
Stage: Operating
Finally, the Detour Lake project in Ontario, operated by Agnico Eagle Mines, holds 15.79 moz of gold. The company made updates last year regarding its underground development plans.
