
Gold’s bull run has been explosive. Prices have surged over the past year as investors piled into safe havens, dragging ASX gold shares higher.
But not all gold names are created equal â and none exemplify that better than Ramelius Resources Ltd (ASX: RMS) and Meeka Metals Ltd (ASX: MEK).
Ramelius Resources shares have soared 81% over the past 12 months and Meeka a whopping 119%, while the gold commodity price rose 68%.
Let’s have a look at whether the ASX gold shares could keep the pace going.
Ramelius Resources Ltd (ASX: RMS)
This ASX gold share has been one of the quieter winners of the gold rally, with its share price powering higher over the past year as higher bullion prices collided with improving operational delivery.
As a profitable mid-tier producer with multiple Western Australian assets, Ramelius has benefited from rising margins, strong cash generation, and growing confidence that its production base is sustainable rather than short-lived. Investors have rewarded that stability, pushing the ASX gold stock ahead of many peers still grappling with cost blowouts or development risks.
The big strength for Ramelius is execution. It is already producing, already generating cash, and already reinvesting into exploration and extensions that could support output for years. That lowers risk and gives the company leverage to gold prices without the existential threats facing smaller miners.
The flip side is that expectations are now higher. Costs remain elevated across the sector, and any slip in grades, mine sequencing, or gold prices could quickly cool enthusiasm.
Analysts generally see further upside for the ASX gold share, but most are more measured than the market was six months ago. After the miner revealed its 2Q FY26 results, Morgans maintained its buy rating on the stock and lifted its price target from $4.50 to $5.50.
That points to a 23% upside, compared to the share price of $4.47 at the time of writing.
Meeka Metals Ltd (ASX: MEK)
This smaller ASX gold share has delivered the kind of share price surge that gold investors dream about. As sentiment around the gold sector heated up, Meeka’s transition from explorer to emerging producer lit a fire under the stock, sending it almost 120% higher over the past year.
Unlike Ramelius, Meeka’s gains have been driven less by current cash flow and more by what investors believe the company could become if its Murchison project delivers as planned.
That optionality is Meeka’s greatest strength. A growing resource base, improving project economics, and a clear pathway toward production give the company significant leverage to a strong gold price. If execution goes smoothly, the ASX gold stock could continue to outpace both gold and much of the sector.
But that leverage cuts both ways. The company remains small, capital-hungry, and highly sensitive to delays, cost overruns, or weaker sentiment. Any stumble could hit the share price hard.
Analyst coverage is limited but optimistic, reflecting the upside potential rather than proven delivery. The average 12-month price target is $0.45, representing a potential gain of 97% from the current share price of $0.23.
Foolish Takeaway
Looking ahead, Ramelius offers steadier, production-led gains with lower risk. Meeka has greater upside, but only if it executes cleanly.
Big returns favour Meeka; more reliable exposure to gold favours Ramelius â both with risks as gold optimism runs high.
The post Can these 2 ASX gold shares keep outpacing the gold rally? appeared first on The Motley Fool Australia.
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Motley Fool contributor Marc Van Dinther has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.








