In this article, we will take a look at the 11 Best Gold Mining Companies to Invest in Right Now.
According to the World Gold Council’s annual report, robust central bank purchases and rising investor interest drove global gold consumption to a new high in 2024. The Council described central banks’ appetite for gold as “insatiable,” a significant turning point as purchases exceeded 1,000 tons for the third consecutive year. Gold investment grew by 25%, mostly due to gold exchange-traded funds, reaching a four-year high of 1,180 tons. Meanwhile, rising purchasing activity in China and India contributed to the continued strong demand for gold bars and coins.
Physical demand for gold is still low in key consumer markets, despite its impressive performance. China and India have seen a decline in purchasing demand due to record-high prices. Gold sales for January hit a 10-month low, according to the Perth Mint, while silver sales fell 61% from the previous month. This implies that although there is a high demand for investments, the retail and jewelry industries are under pressure from high prices. In light of the aforementioned factors, Citi kept its 6–12 month projection at $3,000, unchanged from the prior forecast, but updated its short-term (0–3 months) price target for gold to $3,000 per ounce from $2,800. Additionally, the bank raised its average price forecast for 2025 from $2,800 to $2,900 per ounce. The bank noted:
“We expect gold to continue to rise as a hedge against growth and other risks, including actual and perceived rising growth risks, including trade wars, still-high interest rates weighing on growth, continued deterioration in the U.S. labor market, ex-U.S. currency devaluation risks, and potential U.S. equity drawdown risks.”
Earlier in the first week of February, US President Donald Trump sparked a trade war by following through on his promise to put tariffs on China. Meanwhile, the President gave Mexico and Canada each a one-month respite. In that regard, the new government seems determined to follow through on its promises of imposing tariffs, casting a pall over global economic growth expectations. According to Ricardo Evangelista, senior analyst at ActivTrades, such an act increases the attraction of safe-haven gold. Speaking on this issue, in combination with January’s job market report, he added:
“I anticipate the data will confirm a slowdown in the U.S. labor market… this scenario would reinforce dovish expectations for the Fed and provide support for gold prices.”
Our Methodology
To come up with our list of the 11 Best Gold Mining Companies to Invest in, we scoured the VanEck Gold Miners ETF holdings, a fund that invests a significant percentage of its total assets in common stocks and depositary receipts of companies in the gold mining industry. From that list, we narrowed down stocks based on the hedge fund sentiments surrounding them. These stocks are ranked in ascending order based on the number of hedge funds that hold their shares.
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 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).
11. Gold Fields Limited (NYSE:GFI)
Number of Hedge Fund Holders: 22
Gold Fields Limited (NYSE:GFI) is a prominent global gold mining company with a diverse portfolio of assets located in South Africa, South America, Ghana, Australia, and Canada. It also explores copper and silver deposits, providing diversified exposure to precious metals.
On December 2, Torq Resources Inc. and Gold Fields Limited (NYSE:GFI) announced that they had entered into a final Implementation Agreement for the Santa Cecilia Project. As per the agreement, GFI will invest $48 million to acquire up to 75% of the project’s indirect stake.
For the fiscal year 2024, analysts predict that GFI’s sales and EPS will increase 9.7% and 27.6%, respectively, to $4.94 billion and $1.20 billion. The company’s revenue is further anticipated to rise 26.4% year-over-year to $6.24 billion in fiscal year 2025, while its earnings per share is expected to settle at around $2.01, representing a 67.5% growth over the previous year.
10. Wheaton Precious Metals Corp. (NYSE:WPM)
Number of Hedge Fund Holders: 23
Wheaton Precious Metals Corp. (NYSE:WPM) is a Canadian multinational corporation whose primary business is precious metal streaming. The company is well-positioned in the production and marketing of precious metals, namely silver. Typically, these metals are mined as byproducts of other mining companies’ primary operations.
Wheaton Precious Metals Corp. (NYSE:WPM) produced 4,554 ounces of silver and 144,164 ounces of gold equivalent ounces (GEO) in the third quarter of 2024, a 34.1% increase over the same period the previous year. Additionally, the company sold 3,875 ounces of silver during the quarter, representing a strong increase of 30.7% over the previous year, and 75,694 ounces of gold, up 1.7% year over year.
Wheaton Precious Metals Corp. (NYSE:WPM) further expanded its portfolio recently by completing a $175 million streaming agreement with Allied Gold for the Kurmuk project in Ethiopia and a $625 million gold stream on Montage’s Kona project in Côte d’Ivoire. It’s expected that these projects, which have substantial exploration potential, would significantly boost growth in their respective regions.
9. Coeur Mining, Inc. (NYSE:CDE)
Number of Hedge Fund Holders: 28
Coeur Mining, Inc. (NYSE:CDE) is a diversified precious metals company specializing in the extraction and production of silver and gold. The corporation operates mines in Palmarejo, Rochester, Wharf, and Kensington, as well as projects throughout North America.
Coeur Mining, Inc. (NYSE:CDE) announced in October 2024 that it would purchase SilverCrest metals for $1.7 billion in equity. This deal, expected to be finalized in February of this year, would add the high-grade Las Chipas mine in Mexico to Coeur’s portfolio. The merged company is estimated to generate 21 million ounces of silver and 432,000 ounces of gold annually. Furthermore, projections indicate that the acquisition will improve Coeur’s free cash flow immediately and reduce its debt ratio by 40%.
Gold output at Coeur’s Rochester mine grew by almost 20% in the third quarter of 2024 compared to the previous quarter, owing to improved operational metrics and optimization initiatives. Furthermore, the company earned $69 million in free cash flow in the quarter, which was mostly utilized to repay its revolving credit facility.
8. Pan American Silver Corp. (NYSE:PAAS)
Number of Hedge Fund Holders: 29
Pan American Silver Corp. (NYSE:PAAS), a leading precious metals mining company specializing in the production of gold and silver, oversees a wide portfolio of premier mining and exploration projects in North, Central, and South America. The company’s record cash balance of $887.3 million at the beginning of 2025, which was boosted by profits from the sale of the La Arena mine, has positioned it well not only for growth, but for future strategic projects as well.
While Pan American’s Jacobina mine produced 197,000 ounces of gold in 2024, the highest production output in the mine’s history, the company’s La Colorada mine produced 1.6 million ounces of silver in the fourth quarter. Pan American Silver Corp. (NYSE:PAAS) also reached its full-year production target for 2024, producing 21.1 million ounces of silver and 892,000 ounces of gold. Further, the company managed to meet its annual production targets for zinc, lead, and copper.
7. Royal Gold, Inc. (NASDAQ:RGLD)
Number of Hedge Fund Holders: 30
Royal Gold, Inc. (NASDAQ:RGLD) is a global leader in the precious metals streaming and royalty market. The firm owns a wide portfolio of high-quality properties throughout North America, South America, and other significant mining regions.
On January 14, Royal Gold, Inc. (NASDAQ:RGLD) announced its fourth-quarter sales numbers, which totaled about 46,900 gold equivalent ounces sold. These sales included around 36,600 ounces of gold, 478,900 ounces of silver, and 1,300 tonnes of copper, all resulting from the company’s streaming arrangements. Moreover, the company reported holding stocks of roughly 15,500 ounces of gold and 338,400 ounces of silver during the quarter.
In addition, Royal Gold, Inc. (NASDAQ:RGLD) announced record figures for the third quarter of 2024, with revenues standing at $194 million, a 40% increase over the same period the previous year. This financial position was further bolstered by nearly $1.1 billion in cash and the removal of all of the company’s outstanding debt.
6. Alamos Gold Inc. (NYSE:AGI)
Number of Hedge Fund Holders: 30
Alamos Gold Inc. (NYSE:AGI), headquartered in Canada, is a producer of intermediate gold well-known for its diverse output from three mines in North America, as well as its vast portfolio of growth projects. This category includes the Young-Davidson and Island Gold mines in northern Ontario, Canada, as well as the Mulatos mine in Sonora State, Mexico.
Alamos Gold Inc. (NYSE:AGI) reported on January 14 that its Q4 2024 gold output stood at 140.2 thousand ounces (koz), slightly below the 144.2 koz consensus forecast. Nonetheless, this figure was consistent with the company’s Q4 production forecast. With a production of 38.9 koz, the Alamos’ Mulatos mine continued to surpass expectations. This accomplishment helped to offset the underperformance of the Magino mine, which produced 16.2 koz. Annually, Alamos Gold Inc. (NYSE:AGI) produced 567 koz of gold, just in the middle of the company’s revised projection range of 550-590 koz.
In the third quarter of 2024, Alamos Gold Inc. (NYSE:AGI) achieved sales and production records while financing expansion with strong, sustained free cash flow. Alamos Gold Inc. (NYSE:AGI) sold 145,204 ounces of gold for an average realized price of $2,458, resulting in a record quarterly revenue of $360.9 million.
5. Franco-Nevada Corporation (NYSE:FNV)
Number of Hedge Fund Holders: 32
Franco-Nevada Corporation (NYSE:FNV) is a Canadian mining company that primarily focuses on gold royalties and streaming. The company’s business strategy is based on securing royalties and streams from mining activities, which generate consistent and predictable revenue.
The company’s latest revenue and earnings figures showed a range of results. Franco-Nevada’s sales of gold equivalent ounces decreased despite record gold prices driving up revenues, EBITDA, and profitability. This was mainly on account of the Cobre Panama mine stopping contributions. With a total of 445,000 to 465,000 GEOs expected to be sold, the company’s updated revenue projection for 2024 is now set between $1 billion and $1.1 billion.
Raymond James raised its price target for Franco-Nevada Corporation (NYSE:FNV) to $160 on January 27 from $158, while retaining an Outperform rating on the stock. The revision comes after Franco-Nevada Corporation (NYSE:FNV) signed a $300 million royalty deal to support Discovery Silver’s proposed acquisition of the Porcupine Complex. Raymond James emphasized the advantages of the royalties, which would provide immediate gold cash from the existing Porcupine Complex in Ontario.
4. Kinross Gold Corporation (NYSE:KGC)
Number of Hedge Fund Holders: 41
Kinross Gold Corporation (NYSE:KGC) is one of Canada’s leading gold mining companies. Its operations cover the Americas, West Africa, and Russia, and include gold mining, property exploration, and acquisition, as well as ore extraction and processing.
The third quarter of 2024 proved to be an exceptional one for Kinross Gold Corporation (NYSE:KGC). The company generated a record $415 million in free cash flow, a 20% increase from the previous quarter, and produced 564,000 ounces of gold at a cost of less than $1,000 per ounce. In addition, Kinross Gold Corporation (NYSE:KGC) paid back $650 million of its $1 billion term loan, with more repayments scheduled. With an estimated CapEx of $1.05 billion for 2024, the company expects to produce 2 million ounces in 2025, a slight decrease from 2.1 million ounces the year before.
On January 27, BofA upgraded Kinross Gold Corporation (NYSE:KGC) from Underperform to Buy with a price objective of $12.75, up from $9.25. Lawson Winder, one of the BofA analysts, has dramatically raised his projections for 2026 profits per share and output to 2 million gold equivalent ounces, citing Kinross Gold’s strong position entering Q4 2024 results with possible catalysts in 2025. According to Winder, the company seems to be disciplined on this front, despite market fears that Kinross would participate in a corporate acquisition. He also sees the possibility of the company increasing capital returns in 2025 through a stock repurchase.
3. Barrick Gold Corporation (NYSE:GOLD)
Number of Hedge Fund Holders: 42
Barrick Gold Corporation (NYSE:GOLD) is a global mining company that is involved in the exploration, development, production, and sale of gold and copper. The company’s operations and initiatives include eighteen nations and four continents.
Citi published an update on Barrick Gold Corporation (NYSE:GOLD) back in December, lowering the price target for the stock to $17 from $23. Citi revised its model to reflect the company’s guidance and changed commodity pricing forecasts. Despite an optimistic forecast for gold, with estimates of prices approaching $3,000 per ounce by the end of 2024, Citi has maintained a Neutral rating on Barrick Gold Corporation (NYSE:GOLD).
On February 6, Barrick Gold Corporation (NYSE:GOLD) announced a massive increase in its copper and gold reserves. With a 23% increase in gold mineral reserves and a 224% increase in copper reserves, the business emphasized the effective conversion of resources into reserves at its Reko Diq and Lumwana projects.
Sound Shore Management stated the following regarding Barrick Gold Corporation (NYSE:GOLD) in its Q3 2024 investor letter:
“For example, global gold and copper miner Barrick Gold Corporation (NYSE:GOLD) rose after posting earnings that topped forecasts driven by improved cost performance as well as higher metals prices. We initiated our investment earlier this year when the stock was trading at below normal price to earnings and price to book valuations. The depressed valuation was largely due to long-term issues driven by poor acquisitions and shorter-term inflationary pressures that had been a drag on profitability. Following Barrick’s 2019 merger with Randgold, the latter’s senior management team took the reins and have since streamlined and optimized the company’s once sprawling asset base. Today, Barrick is set to improve operations and drive organic growth which, along with a better price environment, we believe should improve returns on capital. Bolstered by a nearly debt-free balance sheet and strong free cash flows, the company is well positioned to increase dividends, share buybacks and improve its valuation.”
2. Agnico Eagle Mines Limited (NYSE:AEM)
Number of Hedge Fund Holders: 54
A leading name in the Canadian gold market, Agnico Eagle Mines Limited (NYSE:AEM) runs exploration and development projects in the United States alongside mining operations in Canada, Finland, Australia, and Mexico. The company maintains full exposure to shifting gold prices by avoiding forward gold sales.
During Q3 2024, AEM repaid $375 million in debt, increased cash reserves, and delivered outstanding shareholder returns. Agnico Eagle Mines Limited (NYSE:AEM) also maintained a strong liquidity position, with an operational cash flow of more than $1.08 billion and a free cash flow of $620 million.
In a recent takeover offer, Agnico Eagle Mines Limited (NYSE:AEM) bought 95.6% of O3 Mining’s outstanding shares, intending to fully acquire the company through a merger agreement. Besides giving stakeholders cash in return for their shares, this deal strengthens Agnico Eagle’s position in the mining industry by allowing it to fully integrate O3 Mining’s activities and assets.
1. Newmont Corporation (NYSE:NEM)
Number of Hedge Fund Holders: 63
Newmont Corporation (NYSE:NEM), headquartered in Denver, Colorado, is a key player in gold mining. The company’s broad portfolio comprises world-class gold and copper assets in North and South America, Australia, and Africa.
Newmont Corporation (NYSE:NEM) produced 2.1 million gold equivalent ounces and recorded $760 million in free-cash-flow for Q3 2024. In another vein, after acquiring Newcrest Mining in 2023, the company began a series of strategic divestitures to decrease debt, improve its portfolio, and sell off non-core assets. To that end, the company recently sold its Porcupine Complex for $425 million, Musselwhite for $850 million, and Éléonore for $795 million. In addition, Newmont redeemed $927.8 million in 5.3% notes due in 2026 early, all part of its $1.4 billion debt-reduction plan.
While we acknowledge the potential of NEM, our conviction lies in the belief that certain AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than NEM but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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