ASX stocks at 52 Week high betraying no exhaustion signs

These ASX stocks are trading near their 52-week highs for all the right reasons, driven by breakout results, project progress and rising investor confidence.

Best ASX stocks at 52 Week high

Etherstack Plc (ASX: ESK) 

Golden Horse Minerals Limited (ASX: GHM) 

Challenger Gold Limited (ASX: CEL) 

Emerald Resources NL (ASX: EMR) 

Etherstack Plc (ASX: ESK) 

is keeping up its strong run in mission-critical communication space as the company is expanding its presence across globe and keeps getting big international contracts. 
For the first half of 2025, it posted revenue of around US$6.1 million which is 87% higher than last year. Its EBITDA jumped massive 1,537% to US$2.54 million thanks to solid project deliveries and recurring income. Net profit after tax came at US$1.29 million, turning around from a loss of US$1.49 million last period. The EBITDA margin stood at 42% showing strong cost control.
In October 2025, its UK division signed a £14.2 million 5-year deal with the UK Home Office to provide mission-critical software for Emergency Services Network (ESN). With good cash inflow, new defence and satellite projects, Etherstack looks like a rising tech player in secure and wireless communications space.

Golden Horse Minerals Limited (ASX: GHM) 

is becoming one of the most active new gold explorers in Western Australia’s Southern Cross Greenstone Belt where over 12 million ounces of gold has already been produced in the past. The company got listed in late 2024 and since then has done around 23,900m of drilling through 112 holes at its main Hopes Hill Project.
A Downhole Electromagnetic (DHEM) survey also found a few new strong conductors and because of that, the company plans to run four drilling rigs for better resource definition. Metallurgical tests showed a really high 96.7% average gold recovery which means the ore is well suited for nearby mills. 
Golden Horse still has a solid balance sheet with about A$15 million in cash, with a 20% cornerstone investment from Emerald Resources, the company is looking to declare its first resource and move towards development in around 18 months.

Challenger Gold Limited (ASX: CEL) 

hit a big milestone in september 2025 after getting the final environmental approval for its Hualilan Gold Project in Argentina and this approval basically allows the company to start its toll milling operations.
The Toll Milling Pre Feasibility Study (PFS) showed good numbers with expected EBITDA of around US$142.8 million and post tax cash flow of US$91.8 million at gold price of about US$3,300/oz and silver at US$33/oz.
Even if gold prices fall to US$2,500/oz the project can still generate EBITDA of about US$88 million. The AISC (All in sustaining cost) is about US$1,454/oz which makes Hualilan one of the lowest cost projects in that region.
The company also raised A$37.5 million through equity placement in mid 2025 which will support the project till first cashflow. An updated Life of Mine PFS is also in progress and expected to release by early 2026.With all major approvals done and good margins ahead, Challenger Gold is very close to moving from developer stage to becoming a cash making gold producer.

Emerald Resources NL (ASX: EMR) 

keeps getting stronger with its projects in Cambodia and Australia. The September 2025 quarter had gold production of around 22,000oz from the Okvau Gold Mine which was a bit lower than expected because of heavy rains.
For FY25, Emerald made a record after-tax profit of A$87.6 million on revenue of A$437.8 million helped by strong gold prices averaging US$2,770/oz and good performance at Okvau which produced 98,110oz at AISC of US$1,075/oz.
The company now has no debt, no hedging and is fully funded to hit its goal of producing more than 300Koz a year by 2026. Future growth is expected from the Okvau underground expansion, the Memot Project in Cambodia and the Dingo Range Project in Western Australia showing that Emerald is growing into a low-cost, multi-mine producer with solid margins and strong control on operations.

(Source: Company Reports)