Up 125% and at record high, can this ASX gold stock keep soaring?

This ASX gold stock is on fire.

Greatland Resources Ltd (ASX: GGP) shares finished 13% higher to $15.23 on Wednesday afternoon, after earlier hitting a fresh all-time high of $15.32 before some profit-taking kicked in.

Even with that pullback, the numbers are eye-catching. The ASX gold stock is up roughly 45% in 2026 and more than 125% since it was listed on the ASX in June last year.

So, what’s driving the latest surge and is there more to come?

Strong gold production and cash boost

Let’s start with production. In its March quarter update, Greatland delivered 82,723 ounces of gold and 4,128 tonnes of copper from Telfer. But sales were even stronger, hitting 97,800 ounces of gold and 4,620 tonnes of copper.

That translated into serious cash generation.

The company’s cash balance jumped to $1.208 billion at 31 March, up from $948 million just three months earlier. That’s a $260 million boost, even after capital spending and a $73 million tax bill tied to the Telfer acquisition.

And here’s the kicker: no debt. That leaves the ASX gold stock in a powerful position to fund growth across the Paterson region without financial strain.

No fuel disruptions

Another factor that’s boosting sentiment around the ASX gold stock? Operational stability.

Management highlighted that Telfer is largely insulated from Middle East fuel disruptions. Diesel is secured under long-term contracts via Port Hedland, while power comes from Pilbara gas infrastructure.

In a volatile global environment, that kind of reliability matters.

Then there’s the gold price. With gold trading near record levels, miners like Greatland are benefiting from strong margins and clear earnings visibility. That’s helping drive investor confidence.

What next for the ASX gold stock?

Looking ahead, the outlook remains strong.

Production is tracking slightly above the upper end of FY26 guidance, which sits between 260,000 and 310,000 ounces of gold. That suggests a strong finish to the year and helps explain why buyers are piling in for the ASX gold stock.

This follows a solid first-half result, where Greatland posted $977.3 million in revenue and $342.9 million in net profit.

But it’s not all smooth sailing. Gold miners are still exposed to commodity price swings. If gold prices pull back, earnings could come under pressure. There are also the usual risks around operations, costs, and project execution.

Still, analysts are turning more bullish.

Citi recently upgraded Greatland to a buy rating, lifting its price target to $16.00 following strong drilling results at Telfer.

And the bulls see even more upside. The most optimistic forecasts sit around $19.00, implying potential gains of roughly 25% from current levels.

Foolish Takeaway

The $9 billion ASX gold stock has momentum and the numbers to back it up.

With strong production, surging cash flow, and record gold prices, this ASX miner is firing on all cylinders.

The big question now: how much higher can it go?

The post Up 125% and at record high, can this ASX gold stock keep soaring? appeared first on The Motley Fool Australia.

More reading

• Why Greatland shares just hit a record high after a $260 million cash jump
• Greatland Resources posts March quarter update
• Brokers name 3 ASX shares to buy right now
• Why Greatland Resources, Newmont, Northern Star, and Qantas shares are rising today
• Here are the top 10 ASX 200 shares today

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.