10 Best Small-Cap Gold Mining Stocks to Buy Now

1. Hudbay Minerals Inc. (NYSE:HBM)

Number of Hedge Fund Holders: 39

Hudbay Minerals Inc. (NYSE:HBM) operates as a diverse mining company that explores, develops, and runs base and precious metal properties throughout North and South America. It mainly extracts copper, gold, and silver, plus zinc and molybdenum concentrates. The company’s main sites are in Peru, Manitoba, and British Columbia, with Arizona’s Copper World project standing as a vital component for expansion plans.

Hudbay Minerals Inc. (NYSE:HBM) reported strong results for the year ending December 31, 2024, with revenues topping $2 billion, thanks to better metal prices and strong output growth. Its adjusted EBITDA hit $823 million, up 27% from last year. The company showed a sequential increase in Q4’s adjusted earnings per share, which jumped 40% to $0.18. Furthermore, it generated over $350 million in free cash flow, helping cut net debt by more than $500 million. Accordingly, year-end cash reserves stood at $582 million, giving Hudbay plenty of financial room to back future growth.

On the production side, Hudbay Minerals Inc. (NYSE:HBM) reached key targets in 2024. It produced 99,000 tons of copper and 214,000 ounces of gold for the full year, beating projections due to higher grades at Pampacancha and Snow Lake. The Peru division delivered 34,000 tons of copper in Q4, helped by better mill throughput and best-ever recovery rates, proving operational gains. Meanwhile, Manitoba sites achieved record gold output, rising 14% year-over-year, mostly from improved mill performance.

Going forward, Hudbay Minerals Inc. (NYSE:HBM) aims to maintain production growth while cutting costs across all sites. The Copper World project, now with key permits secured, forms a central part of Hudbay’s strategy. The company is moving ahead with feasibility studies and seeking joint venture partners to strengthen its market position. Through careful capital use and strategic alliances, Hudbay plans to extend its growth and cement its place as a top emerging gold producer.

Overall, Hudbay Minerals Inc. (NYSE:HBM) ranks first on our list of the 10 Best Small-Cap Gold Mining Stocks to Buy Now. While we acknowledge the potential of HBM, our conviction lies in the belief that certain AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than HBM but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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