In this article, we will look at the 10 Best Small-Cap Gold Mining Stocks to Buy Now.

Gold has endured the test of time as a dependable store of value, and it continues as a hedge against economic uncertainty even in 2025. The appeal of gold as a safe asset keeps growing with ongoing inflation, global conflicts, and financial instability. Fortune Business Insights reports that the global gold market will likely grow from $291.68 billion in 2024 to $457.91 billion by 2032, demonstrating a 5.8% CAGR. These numbers show gold’s rising importance as both a financial hedge and an investment.

Economic uncertainty and inflation have mainly driven gold’s value surge. There is persistent inflation in the U.S., with the PCE Price Index climbing 0.3% in December 2024, keeping core inflation at 2.8%. Due to this, it is expected that the Federal Reserve might push back rate cuts, which facilitates gold’s upward momentum as investors hunt for stability during rough economic patches. As of 3 March, 2025, gold futures showed an impressive 38.43% one-year return, beating the broader market’s 13.87% gain by far. Gold has hit record highs amid strong safe-haven demand and ongoing economic challenges, with spot prices jumping to $2,936.38 per ounce and U.S. gold futures hitting $2,956.10.

However, a report by EY noted a 7% drop in global gold exploration budgets to $5.6 billion in 2024. While gold projects still got the biggest share of total exploration budget (44%), funding challenges hurt the sector, especially junior gold miners. Accordingly, these smaller companies saw their budget share dropping 13%. Meanwhile, major gold producers increased their budgets by 14%, proving they can better handle financial storms. Despite these hurdles, the gold sector remains on the upward trajectory, with investments in advanced mining technology and responsible sourcing offering a promising future.

Global gold trade patterns have shifted notably. Gold usually flows east to markets like China and India. But lately, gold supplies have diverted from Asian hubs like Dubai and Hong Kong to the US. This change comes from a big premium on Comex futures over spot prices. Thus, the U.S. market has become a key destination for gold shipments, with bullion banks taking advantage of good pricing trends. As reported by Reuters, this created a unique profit opportunity, leading to nearly 80% growth in Comex gold inventories over the three months following November, 2024. Imports from London, Switzerland, and Asian markets majorly contributed to this influx.

As trade and exploration evolve, the gold industry is seeing major advances in extraction methods. New eco-friendly techniques like bio-leaching and cyanide-free processing are emerging as viable alternatives to old mining methods. These innovations cut environmental impact while boosting efficiency and safety. Moreover, nanotechnology is also transforming gold recovery by using tiny particles to isolate gold, improving operations while cutting toxic waste. These cutting-edge technologies indicate a more sustainable future for gold mining, attracting environmentally conscious investors.

Accordingly, investor desire for gold remains strong, shown by gold-backed ETFs surging 26% in 2024—their best performance since 2010. The broader market’s Gold ETF trades above its 50-day moving average, demonstrating continued interest in gold as an inflation hedge. Furthermore, central banks have been building gold reserves at record speed, further showing gold’s lasting role in financial security. With persistent economic uncertainty, gold remains crucial for diverse portfolios, driving interest in both gold itself and smaller gold mining stocks.

With these factors in mind, let’s look at the 10 Best Small-Cap Gold Mining Stocks to Buy Now.

Our Methodology

To curate our list of the 10 Best Small-cap Gold Mining Stocks to Buy Now, we used Finviz stock screener to identify companies in the gold mining sector with a market cap of between $300 million and $2 billion, as of the time of writing this article. Then we picked the top 10 stocks that had the highest number of hedge funds having stakes in the respective stocks as of Q4 2024. We ranked them in ascending order of the number of hedge fund holders. Data on hedge funds was sourced from Insider Monkey’s database, which tracks over 1,000 hedge funds.

Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).

10. Sibanye Stillwater Limited (NYSE:SBSW)

Number of Hedge Fund Holders: 18

Sibanye Stillwater Limited (NYSE:SBSW) operates as a global precious metals mining company with sites across South Africa, the U.S., Europe, and Australia. The company produces gold, platinum group metals (PGMs) like palladium, platinum, and rhodium, plus other vital metals, including chrome, nickel, silver, cobalt, and copper. It is one of the best gold stocks to buy.

During the second half of 2024, the company saw a solid 11.45% year-over-year revenue jump, hitting about $3.17 billion. This increase came mainly from higher rand gold prices and positive input from the newly bought Reldan operations. Yet full-year revenue dropped by 1%, reaching $6.12 billion. Adjusted EBITDA reached $715 million, but the company suffered a net loss of $311 million for the year. However, if impairment was to be excluded, Sibanye Stillwater Limited (NYSE:SBSW) would have made a profit of $191 million.

Production-wise, Sibanye Stillwater Limited (NYSE:SBSW) mostly hit its 2024 targets, though some areas fell short. South African PGM output grew by 4%, reaching 1.83 million 4E ounces, helped by extra volumes from the Kroondal acquisition. This was a big step, especially alongside strong performance in South African gold, where adjusted EBITDA jumped 216% in the second half of the year. On the other hand, U.S. PGM production held steady at 426,000 2E ounces despite ongoing restructuring that cut total costs by 27%.

However, the company struggled in other areas. Gold production fell 16% to 704,583 ounces, mainly due to mine closures and seismic activity. Furthermore, the Century zinc operations’ setbacks impacted the company’s bottom line. Despite these challenges, Sibanye Stillwater found success with its new Reldan recycling operation, which handled over 20 million pounds of mixed metal scrap and boosted overall performance.

Looking ahead, Sibanye Stillwater Limited (NYSE:SBSW) aims to optimize costs, targeting lower total costs at $1,000 per ounce within three years. Thus, the company is positioning itself strategically to tackle obstacles and boost efficiency in the future, making it to our list of the best gold stocks to buy now.

9. Eldorado Gold Corporation (NYSE:EGO)

Number of Hedge Fund Holders: 19

Eldorado Gold Corporation (NYSE:EGO) is a well-established gold and base metals producer with a diversified portfolio dealing. It operates in Turkey, Canada, and Greece through key sites, such as the Kisladag and Efemcukuru mines in Turkey, the Lamaque Complex in Quebec, and the Olympias mine in Greece. Eldorado Gold is primarily focused on gold production, while it also extracts silver, lead, and zinc.

For the year ending December 31, 2024, Eldorado Gold Corporation (NYSE:EGO) delivered solid results, with gold production climbing 7% year-over-year to 520,293 ounces. The Q4 was particularly impressive, with output hitting the year’s peak at 155,668 ounces. This production boost was backed by higher average gold prices and increased gold sales volumes. The company’s quarterly revenue hit $435.7 million, jumping 42% from $306.9 million in Q4 2023. Despite facing higher production costs and royalty expenses, Eldorado earned $301 million in net earnings from continuing operations, or $1.48 per share, showing healthy profits.

Beyond financial performance, Eldorado Gold Corporation (NYSE:EGO) made major strides on several important projects. At the Lamaque Complex, they achieved a record production of 196,538 ounces, while at the same time, announced their first mineral reserve at Ormaque, strengthening their Quebec position. At Efemcukuru in Turkey, they secured a two-year mine life extension, supported by a 23% reserve increase. In Greece, the Skouries project stayed on schedule for 2025 production, while Olympias completed labor negotiations, backing the expansion to 650,000 tons yearly.

Looking forward, Eldorado Gold Corporation (NYSE:EGO) remains upbeat about its future. The company expects steady gold production in 2025 and focuses on pushing the Skouries project toward first production, which should drive long-term growth. The company’s strategy centers on cost control, operational efficiency, and managing royalty impacts. Its disciplined capital approach, with ongoing investments in high-return assets like Lamaque, positions it well for what’s ahead.

Overall, with a sharp focus on boosting efficiency, advancing key projects, and maintaining financial discipline, the company stands steady for success in the coming years. Though facing challenges like labor cost pressures and inflation, Eldorado’s strong operational base and strategic position make it one of the best gold stocks to buy now.