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Seabridge Gold with regulators on the Mitchell Deposit at the KSM Project in northwestern British Columbia. (CNW Group/Seabridge Gold Inc.)
Gold bugs have been riding a scorching rally in 2025. With a gain of over 50%, gold is one of the best-performing assets year to date, buoyed by strong buying pressure from central banks and retail investors.
Gold shot up to a record high close to $4,400 an ounce last month before succumbing to profit taking. After spending time below the $4,000 level, expected US interest rate cuts and persistent fears about inflation saw bullion climb again this month.
While some of the 20 largest properties ranked by measured and indicated gold resources including reserves face an uphill battle to go into production and many greenfield properties have been stalled for years, the pipeline of potential projects continues to swell as gold prices stay on the boil.
The combined ounces in the ground for the top 20 projects is north of 900 million and at today’s prices worth a mouth-watering $3.7 trillion.
Click here for a ranking of top gold projects exclusive of reserves.
1. KSM
Stage: Prefeasibility/Early Construction
Seabridge Gold’s Kerr-Sulphurets-Mitchell (KSM) is in first place with 88.7 million oz. of contained metal. The project in British Columbia has been federally approved for a decade, and KSM has been advancing early-stage construction activities since 2022, and has spent in excess of C$550 million on construction. KSM is also involved in a legal dispute between its operator Seabridge and a neighbouring explorer, Tudor Gold.
2. Grasberg
Stage: Operating
In second place is the Grasberg mine complex situated in the Sudirman Mountain Range, at 87.7 million oz. Operated by Freeport McMoRan, the mine grabbed headlines this year for a deadly accident at its largest underground deposit that sent the copper industry into a supply panic. Part of Grasberg remains under long-term development, such as the Kucing Liar orebody, and the earlier-stage Dom deposit.
3. Olympic Dam
Stage: Expansion
Olympic Dam is number three, with 78.9 million oz. of gold. BHP’s copper, gold and uranium complex in South Australia is set for a significant expansion in the coming years. BHP plans to invest A$840 million on a series of growth projects to tap into other deposit areas. It is also one of the top copper-producing mines in the world.
4. Pebble
Stage: Prefeasibility/Scoping
In fourth place is Northern Dynasty Minerals’ Pebble project with 68.8 million oz. The project has been stalled for over a decade due to its location near the Bristol Bay watershed in Alaska. Its fate remains up in the air amid a legal battle over the US Environmental Protection Agency’s ability to veto the project.
5. Nevada Gold Mines
Stage: Expansion
Nevada Gold Mines, a joint venture between Barrick and Newmont, and operated by Barrick, ranks fifth with 66.7 million oz. The partnership between the companies dates back to 2019, after Barrick made a hostile takeover bid for Newmont, which at the time was the smaller of the two. Now, Newmont could potentially make a play for Barrick’s interest in the Nevada assets.
6. South Deep
Stage: Operating
Gold Field’s South Deep is in sixth place with 52.1 million oz. The South African mine has been in development and operation since the 1970s and has an estimated mine life that runs past 2100, which would make it potentially the last major gold mine in the country.
7. Muruntau
Stage: Operating
Muruntau, operated by Uzbekistan’s Navoi Mining and Metallurgical Company, is in seventh place at 48.2 million oz. The operation Kyzylkum Desert, is currently undergoing an expansion which would see the pit being extended further. In October, Navoi said it plans to boost its overall output by 30% over the next five years.
8. Sukhoi Log
Stage: Construction Started
Next up is Polyus’ flagship project located in the Irkutsk region of east Siberia, with 48 million contained oz. The proposed mine, now with an estimated cost of $6 billion due to Western sanctions, is currently in construction phase and is planned to go into full operation in 2029.
9. Norte Abierto
Stage: Prefeasibility/Scoping
Norte Abierto, a 50/50 joint venture between Barrick and Newmont in Chile has 44 million oz. of contained gold. The mining complex, situated in the northern Atacama region, was created in 2017 following the merging of the separate Cerro Casale mine owned by Barrick and the Caspiche mine owned by Newmont Goldcorp.
10. Olimpiada
Stage: Expansion
Polyus’ largest operating asset, the Olimpiada mine in Krasnoyarsk, comes in at tenth place with 43.9 million oz. The mine has been producing gold since 1996, and an expansion is underway to extend the open-pit mine life beyond the mid 2030s.
11. Donlin
Stage: Construction/Planning
Donlin, the second Alaska project to make the list, has 40 million oz. of contained gold. Mining giant Barrick (TSX: ABX; NYSE: B) previously held a 50% interest in the project, but sold its stake to partner Novagold Resources (TSX: NG) and US hedge fund billionaire John Paulson earlier this year. The new owner is eyeing a new feasibility study in 2027.
12. Detour Lake
Stage: Operating
Agnico Eagle Mines’ Detour Lake project in Ontario, Canada has 34.8 million oz. of gold. Last year, Agnico Eagle updated its plans for the Detour Lake mine, including the preliminary economic assessment for underground development.
13. Cascabel
Stage: Feasibility Started
SolGold’s Cascabel project in Ecuador has 31.2 million oz. of contained metal. The company this year moved its tax domicile to Switzerland as it pushes the project into development. Cascabel is backed by some of the biggest names in the industry, including BHP and Newmont.
14. Reko Diq
Stage: Construction Started
Barrick Mining added 13 million oz. of gold to its probable reserves on an attributable basis following the completion of its feasibility study at its Reko Diq project in Pakistan, bringing the total to 29 million oz. Barrick owns a 50% stake in the mine and the governments of Pakistan and the province of Balochistan own the rest. Reko Diq is expected to start production by the end of 2028.
15. Cadia East
Stage: Operating
Newmont’s Cadia East mine in New South Wales, Australia ranks 15th with 28.6 million oz. of gold. The company is currently advancing underground development for Panel Cave 1-2 at the operation. Last year, Cadia achieved The Copper Mark and The Molybdenum Mark following an independent assessment. It was Newmont’s first site to receive the award.
16. Pueblo Viejo
Stage: Expansion
The Pueblo Viejo project in the Dominican Republic, a joint venture between Barrick and Newmont, ranks 16th with 25 million oz. of contained metal. Barrick began a $1.4 billion expansion in 2022 that will extend production at the asset beyond 2040.
17. Natalka
Stage: Expansion
Polyus’ Natalka project in the Magadan Region of Russia has 23.4 million oz. of gold. The project has one of the largest processing plants in Russia, and Polyus is progressing further expansion of the Natalka mill.
18. KCGM
Stage: Expansion
Kalgoorlie Consolidated Gold Mines (KCGM) in Australia has 22.8 million oz. of gold. Originally a 50/50 joint venture between Newmont and Barrick, the transfer of the asset into Australian hands paved the way for a merger between Northern Star and Saracen in 2020, with KCGM as the centrepiece of the deal. The project is now considered Northern Star’s crown jewel.
19. Filo del Sol
Stage: Prefeasibility/Scoping
The Filo del Sol project, straddling the international border between Chile and Argentina has 22.3 million oz. of contained metal. It was acquired this year by BHP and Lundin Mining. Filo del Sol was previously held by Canada’s Filo Corp., which had advanced the project to a pre-feasibility stage based only on the oxide resources at surface.
20. Pascua-Lama
Stage: Advanced Exploration
Barrick’s beleaguered Pascua Lama project in Chile rounds out our ranking with 21.9 million oz. of contained gold. Environmental issues plagued the project, and Barrick has to spend $136 million shutting down Pascua-Lama after a Chilean court ordered its “total and definitive” closure.