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.
A closeup view of a large gold mine, illustrating the company’s gold properties.
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.
8. Endeavour Silver Corp. (NYSE:EXK)
Number of Hedge Fund Holders: 19
Endeavour Silver Corp. (NYSE:EXK) operates as a mid-tier precious metals producer, focusing heavily on silver and gold mining in Mexico. The company runs two major sites – the Guanaceví and Bolañitos mines. It is also expanding with its flagship Terronera project in Jalisco.
For Q3 ended September 30, 2024, Endeavour Silver Corp. (NYSE:EXK) reported strong growth with $53 million in revenue, up 8% from the previous year. This increase in revenue came out as a result of higher metal prices. Yet the company hit some operational bumps, resulting in a $17 million net loss for the period. However, the adjusted income stood at $1.6 million – an improvement from the $8.3 million adjusted loss in Q3 2023.
In terms of production, the company produced 1.6 million silver equivalent ounces and maintained good financial health with $55 million in cash and $29 million in working capital. These positive factors, with ongoing expansions, helped push the company’s stock up by 108.38% over the past year as of the time of writing this article. Seeing a similar trajectory in the coming time, analysts remain upbeat with an average price target of $6.75, suggesting a 79.28% upside from current levels.
Endeavour Silver Corp. (NYSE:EXK) looks to strengthen its balance sheet by completing a $72.8 million bought deal in November 2024, which will fund its Pitarrilla project in Durango and support regular operations. Additionally, exploration at Bolañitos has shown promising results, confirming high-grade silver-gold deposits at the La Luz vein, which extends the mine’s life, simultaneously backing the company’s market position.
Furthermore, Endeavour Silver Corp. (NYSE:EXK) is determined to launch its flagship Terronera project. As of December 31, 2024, the project was 89.4% completed, with surface construction nearly finished. Full operations are expected to begin in early Q2 2025, after having experienced delays in structural steel delivery. Meanwhile, Guanaceví operations should return to full capacity soon, though after a ball mill failure temporarily reduced Q4 output.
Looking ahead, the company’s commitment to advancing projects and bolstering its balance sheet continues to build investor confidence. As such, Endeavour Silver remains among the best gold stocks for investors.
7. Seabridge Gold Inc. (NYSE:SA)
Number of Hedge Fund Holders: 20
Seabridge Gold Inc. (NYSE:SA) focuses on buying and developing promising gold properties throughout North America. The company’s portfolio includes gold, copper, silver, and molybdenum assets, with the KSM project being one of the world’s biggest undeveloped gold-copper deposits. The company’s growth prospects are bolstered by its other valuable projects, such as Iskut, 3 Aces, and Courageous Lake, each showing strong potential.
During Q3 ended September 30, 2024, Seabridge hit a key regulatory target when British Columbia declared the KSM project as “Substantially Started.” This status means KSM’s Environmental Assessment Certificate stays valid indefinitely, creating a stable foundation for development. The company also got its Mitchell Treaty Tunnels License of Occupation extended by 20 years, securing its long-term development rights.
Furthermore, KSM’s early-stage construction is advancing steadily on schedule during the quarter. The company has about $150 million in cash, putting it in a good position to push its main projects forward. Seabridge Gold Inc. (NYSE:SA) recently updated the resources at KSM’s Iron Cap and Kerr deposits, showing 5.9 million more ounces of gold, 3.3 billion more pounds of copper, and 55.4 million more ounces of silver. These updates boost KSM’s long-term outlook and Seabridge’s prospects.
To strengthen its financial position, Seabridge Gold Inc. (NYSE:SA) raised $80 million through a bought deal offering and $20 million through a strategic investor. This money will fund KSM’s crucial development, which includes finishing the BC Hydro switching station and gathering final field data for a feasibility study. It also set up a new at-the-market (ATM) offering agreement, worth up to $100 million, giving Seabridge a financial flexibility to explore and advance the project.
Looking ahead, Seabridge Gold Inc. (NYSE:SA) is focused on securing a joint venture partner for the KSM project while continuing to advance its early-stage development. With gold prices reaching new highs and growing institutional interest, Seabridge is exploring more financing options, such as possible royalty sales, to support growth and maximize asset value.
Thus, Seabridge Gold’s strategic progress, financial backing, and project developments set it up as one of the best gold stocks to buy.
6. Equinox Gold Corp. (NYSE:EQX)
Number of Hedge Fund Holders: 20
Equinox Gold Corp. (NYSE:EQX) is a leading gold mining company that operates in the U.S. Its key assets include Greenstone, Mesquite, Los Filos, and Aurizona.
In Q4 2024, Equinox Gold Corp. (NYSE:EQX) had a breakthrough with 214,000 ounces of gold production, bringing in $575 million in revenue. The company sold 218,000 ounces at an average price of $2,636 per ounce. Despite facing higher costs of $1,458 per ounce, the company saw its adjusted EBITDA jump to $218 million, thanks to increased output. Similarly, net income reached $28 million, with operating cash flow at $213 million. Accordingly, the company paid off $180 million in debt and finished the year with $239 million in cash on hand.
Looking ahead, Equinox Gold is well set up for growth, following its $5.7 billion merger with Calibre Mining that was announced in February 2025. This deal will create a diverse gold producer focused on the U.S., operating under the name New Equinox Gold. The merger makes it Canada’s second-largest gold producer, with main properties including the Greenstone and Valentine mines. These two mines alone should yield about 590,000 ounces of gold yearly, helping to boost total production. For 2025, output is expected to reach 950,000 ounces, eventually climbing beyond 1.2 million ounces at full capacity.
The merger not only boosts production but also strengthens Equinox Gold Corp.’s (NYSE:EQX) free cash flow, speeding up debt reduction. Moving forward, the company plans to bring Greenstone to full capacity by late 2025 while cutting costs across all operations to increase profits.
With its expanded reach and improved financial flexibility, along with strong gold prices, the company is ready to create lasting value in the gold sector. Equinox Gold Corp. (NYSE:EQX) is strengthening its role as a leading gold producer throughout the U.S., setting itself up as one of the best gold stocks to buy now.
5. SSR Mining Inc. (NASDAQ:SSRM)
Number of Hedge Fund Holders: 21
SSR Mining Inc. (NASDAQ:SSRM) is a global producer of gold and silver with its key sites in the U.S., Canada, Argentina, and Turkey. The assets include Marigold, Seabee, Puna, and the newly bought Cripple Creek & Victor Mine.
The company’s 2024 financial results showed varying trends. Q4 brought in $95 million in operating cash flow and $56 million in free cash flow. Accordingly, SSR Mining Inc. (NASDAQ:SSRM) ended the year with $388 million in cash and $887 million in total liquidity. However, the full year showed a net loss of $261.3 million, mostly due to $272.9 million in reclamation and remediation from the Çopler incident. Thus, the adjusted net income stayed at $57.6 million instead, indicating a decent performance of its key assets.
Production was steady in 2024 despite many technical obstacles. SSR Mining Inc. (NASDAQ:SSRM) produced 399,267 gold equivalent ounces, with Puna hitting a record 10.5 million silver ounces. Marigold met its targets with 168,262 ounces. Seabee beat revised estimates despite a 50-day shutdown from wildfire. The Çopler’s suspension costed $36 million in Q4 maintenance, leaving a negative impact on profits.
Moving forward, SSR Mining Inc. (NASDAQ:SSRM) aims for growth amid these challenges. The CC&V acquisition and the Hod Maden project’s advancement toward the construction phase boost SSR’s gold portfolio. The company is also working toward converting resources at Marigold and Puna to support its long-term growth.
While Çopler’s restart remains unclear as talks continue with Turkish regulators, SSR Mining has strengthened its position with strong financial health and strategic asset advancements. Despite setbacks, the company is set for long-term growth, making it to our list of the best gold stocks to buy.
4. Sandstorm Gold Ltd. (NYSE:SAND)
Number of Hedge Fund Investors: 25
Sandstorm Gold Ltd. (NYSE:SAND) stands out as a leading gold royalty company that buys royalties and metal purchase deals from mines that are either producing or in late development stages. The company offers upfront capital to miners and gets rights to buy a part of future production in return, building a diverse collection of 243 streams and royalties.
For Q4 2024, Sandstorm Gold Ltd. (NYSE:SAND) reported a strong financial performance, with $47 million in revenue and $36 million in operating cash flow. The company sold 17,721 gold equivalent ounces in the quarter, helping push yearly revenue to about $176 million. For the full year, Sandstorm sold 73,000 gold equivalent ounces, with cash costs of $275 per ounce, making operating margins of around $2,100 per ounce.
Still, net income fell to $15.5 million in 2024, down from $42.7 million in 2023. This drop came mainly from valuation adjustments and a one-off payment last year. Nevertheless, Sandstorm Gold Ltd. (NYSE:SAND) kept generating strong cash flow, allowing it to cut debt and stay financially healthy. Accordingly, it achieved reduced debt from $640 million to $340 million in 2024. Looking ahead, the plan is to lower it to under $300 million by mid-2025. During this time, the company also gave back over $28 million to shareholders through dividends and stock buybacks, sustaining its investor-friendly stance.
Despite these gains, Sandstorm Gold Ltd. (NYSE:SAND) missed its internal production target by 10,700 ounces, mostly due to price shifts and lower copper deliveries from Lundin mining assets. For 2025, it has set a more cautious production goal of 65,000 to 80,000 gold equivalent ounces, factoring in possible operational risks.
With its eyes on long-term growth, Sandstorm remains set on boosting its financial standing. Also, production is expected to top 150,000 gold equivalent ounces by 2030, which will cement Sandstorm’s place in the royalty sector. This makes it a top pick among the best gold stocks to buy.
3. New Gold Inc. (NYSE:NGD)
Number of Hedge Fund Investors: 26
New Gold Inc. (NYSE:NGD) operates as a mid-tier gold mining company with main sites in Canada – the Rainy River gold mine in Ontario and the New Afton copper-gold mine in British Columbia.
For Q4 2024, New Gold Inc. (NYSE:NGD) brought in $262 million in revenue, setting a quarterly record, thanks to higher metal prices and strong copper sales. In full-year 2024, the company extracted just under 300,000 ounces of gold and 54 million pounds of copper. Nevertheless, Q4 net earnings hit $55 million ($0.07 per share), a big jump from the adjusted net loss of $5 million in Q4 2023. Total cash costs averaged $1,239 per ounce for the year, with Q4 costs dropping to $1,018 per ounce, making it the company’s cheapest quarter in 2024.
As a result of cost saving and favorable prices, full-year cash flow from operations reached over $390 million, backing capital spending and debt cuts. Therefore, as the year closed, New Gold Inc. (NYSE:NGD) had $105 million in cash and $482 million in total liquidity, after paying down $100 million in credit facility debt. The two leading assets of the company, Rainy River and New Afton, contributed with $90 million and $24 million in free cash flow, showcasing their strength and efficiency.
Looking ahead, New Gold Inc. (NYSE:NGD) expects output to grow notably in 2025. Gold production is set to rise by 20%, reaching between 325,000 and 355,000 ounces, while copper output is expected to hit 50-60 million pounds. As higher grades and better efficiencies come online, costs should fall sharply. By 2027, the company expects total costs to drop by 64%, setting up New Gold Inc. (NYSE:NGD) for strong free cash flow. With these improvements, management anticipates generating over $1.7 billion in free cash flow through 2027, driven by growing underground operations and reduced capital spending.
New Gold Inc. (NYSE:NGD) stands as one of the best gold stocks to buy, with its strategic investments and operational advances ensuring its position for long-term growth and profits in the gold mining industry.
2. Hecla Mining Company (NYSE:HL)
Number of Hedge Fund Holders: 27
Hecla Mining Company (NYSE:HL) stands as a major precious and base metal producer with sites across the U.S., Canada, and international markets. It produces silver, gold, lead, and zinc, firmly holding the title of North America’s biggest silver producer. Its main assets include Greens Creek and Lucky Friday, which drive strong cash flow, while Keno Hill remains crucial for future expansion.
In 2024, Hecla Mining Company (NYSE:HL) posted stellar financial results, with record yearly revenue of over $900 million for Q4, up 29.1% from the previous year. This jump came from higher metal prices and strong mine output. Free cash flow from Greens Creek and Lucky Friday hit $228 million, reflecting Hecla’s solid financial base and ability to fund growth projects. These results helped strengthen its balance sheet, with the net leverage ratio falling from 2.7x to 1.6x, marking major financial progress. Also, adjusted EBITDA reached new highs, backing ongoing investments in capital spending, which totaled $215 million in mine development and growth projects.
Despite strong financial results, Hecla Mining Company (NYSE:HL) faced hurdles at Keno Hill. A slow ramp-up led to a low production of 2.8 million ounces. Infrastructure limits and permit delays held the site from hitting targets. Meanwhile, silver output at Greens Creek and Lucky Friday met goals, with Greens Creek yielding 8.5 million ounces and Lucky Friday producing 4.9 million ounces. Additionally, Casa Berardi yielded 87,000 ounces of gold, boosting Hecla’s overall strong production. For 2025, the company expects total silver production between 15.5 million and 17 million ounces, further securing its lead in silver mining.
At Keno Hill, Hecla Mining Company (NYSE:HL) is investing heavily in infrastructure to raise throughput to 600 tons daily. This should help tackle high fixed costs and speed up production. Talks with the Yukon government about permits continue, with a clear path toward improved production at Keno Hill soon.
Despite growth prospects, Hecla Mining Company (NYSE:HL) faces challenges from rising labor and power costs at Greens Creek and Lucky Friday. However, with hydropower utility maintenance at Greens Creek set to finish by mid-2025, cost pressure should tone down, further improving the mine’s profits. Thus, Hecla Mining is among the best 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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