Can Westgold Resources rocket like the Evolution Mining share price?

While many sectors have fallen to start the year, ASX gold shares have been soaring. 

ASX gold stocks are shares in companies involved in the mining, production, and refinement of gold.

As the Motley Fool's Bronwyn Allen reported yesterday, the gold price is holding close to record levels due to its safe-haven appeal amid global trade uncertainties and a weaker US dollar.

In this article, we'll discuss two ASX gold shares that have had very different starts to the year and see what brokers think of them.

Evolution Mining Ltd (ASX: EVN) 

Evolution Mining is an Australian gold mining company with projects across Australia and Canada.

It has skyrocketed over the last 12 months, up 103% in that time. 

For context, the S&P/ASX All Ordinaries Gold Index (ASX: XGD) is up 49% over the same period.

To start 2025, Evolution Mining has already risen 33%. 

The Motley Fool's Bernd Struben reported last week that this strong surge for Evolution Mining to start the year is on the back of record-breaking half-year results. 

However, the share price skyrocketing has led to some experts suggesting it could be time to sell. 

Broker Bell Potter seems to agree, with a hold recommendation and a $5.90 price target on Evolution Mining shares. 

At market close on Thursday, the stock finished trading at $6.46 a pop. 

Westgold Resources Ltd (ASX:WGX)

Westgold Resources is a gold producer and explorer based in Perth, Western Australia.

Despite this ASX gold share flying more than 8% higher on Thursday, the share price remains down 9% to start the year. 

This disappointing start to the year can likely be attributed to negative production results released in January.

The company reported its first half-year gold production well below half of the miner's full-year guidance range. 

Despite this rocky start to the year, brokers seem to think there is upside. 

Bell Potter currently has a buy rating on the West Australian gold producer and a price target of $3.40. 

At market close on Thursday, Westgold shares finished trading at $2.64. Bell Potter's price target implies an upside of approximately 29% for this ASX gold share.

Similarly, online brokerage platform SelfWealth has an undervalued rating on the current share price and a forecast of $3.51.

The post Can Westgold Resources rocket like the Evolution Mining share price? appeared first on The Motley Fool Australia.

Motley Fool contributor Aaron Bell 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.

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