The mining sector has been solidly bullish so far this year and investors are scrambling to capitalize. The new tech-driven industrial revolution is requiring all sorts of metals and materials, and even gold has been surging due to it being a safe haven asset for those who aren’t so bullish about the broader market rally.
Plus, mining companies are integrating AI and automation to modernize operations. This could unlock $1.5 trillion in energy transition mineral revenue by 2024.
The stars seem to be aligning for gold producers, lithium explorers, copper miners, and many other companies linked with mining. It is worth looking deeper into these stocks, as some have solid upside potential as they expand operations.
Aerial shot of a mining facility, revealing the vastness of the companies resources.
Methodology
For this article, I screened the top-performing mining stocks year-to-date. Stocks that I have covered recently will be excluded from this list.
I will also mention the number of hedge fund investors in these stocks. Why are we interested in the stocks that hedge funds invest in? 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).
15. Gold Royalty Corp (NYSEAMERICAN:GROY)
Number of Hedge Fund Holders In Q3 2024: 12
Gold Royalty Corp (NYSEAMERICAN:GROY) is a precious metals royalty and streaming company.
The stock is up sharply year-to-date as it reported a 231% year-over-year sales increase in 2024. Revenue came in at $12.8 million and drove cash flow from royalties.
The company acquired Vares Copper Stream in 2024 and the Côté Gold Royalty entered production in 2024. The latter is expected to reach full capacity this year, with the Borborema Mine slated to begin production this quarter.
Aggregating all this should lead to more cash flow this year. Analysts expect $11 million in 2025 OCF.
The consensus price target of $3.67 implies 175.69% upside.
GROY stock is up 9.92% year-to-date.
14. Solitario Resources Corp (NYSEAMERICAN:XPL)
Number of Hedge Fund Holders In Q3 2024: 2
Solitario Resources Corp (NYSEAMERICAN:XPL) is a mineral exploration company that focuses on high-grade gold and zinc.
The stock has delivered solid gains so far in 2025 due to breakthrough drilling results at its Golden Crest gold project.
It reported high-grade gold intercepts at the aforementioned project. The discovery means there’s potential for large-scale high-grade deposits similar to the historic Homestake mine. And earlier last year, surface sampling identified three new zones with high-grade gold.
As such, there is a lot of optimism about where this stock could go in the coming years.
The consensus price target of $1.6 implies 143.98% upside.
XPL stock is up 10.31% year-to-date.
13. Steel Dynamics Inc (NASDAQ:STLD)
Number of Hedge Fund Holders In Q3 2024: 38
Steel Dynamics Inc (NASDAQ:STLD) is a steel producer and metal recycler.
The stock is up significantly so far in 2025 as Steel Dynamics posted solid 2024 results. Sales came in at $17.5 billion and net income reached $1.5 billion, with $1.8 billion in OCF.
It also repurchased $1.2 billion of shares (about 6% of outstanding stock) and still has $2.2 billion in liquidity.
Steel Dynamics plans a $2.7 billion aluminum flat-rolled facility in Columbus, Mississippi, which is planned to start in mid-2025. The project is targeting $650 million to $700 million of EBITDA at full capacity.
The Sinton facility is expected to reach 75% utilization in 2025 and contribute to another $1.4 billion in annual EBITDA.
The consensus price target of $145.13 implies 13.45% upside.
STLD stock is up 12.14% year-to-date.
12. Vista Gold Corp (NYSEAMERICAN:VGZ)
Number of Hedge Fund Holders In Q3 2024: 3
Vista Gold Corp (NYSEAMERICAN:VGZ) is a gold exploration company.
It has risen quite a lot so far in 2024 after high-grade intercepts at Mt Todd’s Batman deposit and South Cross Lode (SXL) confirmed mineral extensions, with results like 1.17 g Au/t over 58 meters.
Phase 2 drilling revealed wider and higher-grade veins in the zone, and an updated mineral resource estimate and feasibility study are expected in the middle of this year.
The company also launched a new feasibility study in December 2024.
On top of that, royalty reforms have reduced Mt Todd’s future payments by half.
The consensus price target of $2.75 implies 334.65% upside.
VGZ stock is up 13.39% year-to-date.
11. Critical Metals Corp (NASDAQ:CRML)
Number of Hedge Fund Holders In Q3 2024: 7
Critical Metals Corp (NASDAQ:CRML) is a mining exploration and development company. It focuses on lithium and rare earth materials.
The stock has been rising soundly so far in 2025 as Critical Metals Corp announced a plan to adopt Bitcoin (BTC-USD) as a primary treasury reserve asset. It is the first Nasdaq-listed minerals company to do so.
Moreover, a $500 million convertible note financing led by JBA Asset Management includes $100 million in initial funding (with 100% warrant coverage) and up to $400 million in subsequent tranches.
Critical Metals Corp also confirmed high-grade rare earth elements at its Tanbreez Project. This includes gallium, which is key for semiconductors. Plus, The Wolfsberg Project was exempted from a full Environmental Impact Assessment.
CRML stock is up 13.99% year-to-date.
10. Newmont Corp (NYSE:NEM)
Number of Hedge Fund Holders In Q3 2024: 63
Newmont Corp (NYSE:NEM) is the world’s largest producer of gold. Gold prices are up significantly year-to-date, so that has been a natural tailwind.
Newmont produced 2.1 million gold equivalent ounces and reported $760 million in Q3 2024 FCF. The stock is up sharply so far this year as it has been selling some higher-cost, non-core assets and shifting its focus to Tier 1 operations.
It sold Porcupine at $425 million, Musselwhite at $850 million, and Éléonore at $795 million. In addition, it redeemed $927.8 million in 5.3% notes due 2026 early. This is part of a $1.4 billion debt reduction effort.
The consensus price target of $53.44 implies 23.98% upside.
NEM stock is up 15.85% year-to-date.
9. Hecla Mining Co (NYSE:HL)
Number of Hedge Fund Holders In Q3 2024: 26
Hecla Mining Co (NYSE:HL) is the largest primary silver producer in the U.S. It is the oldest NYSE-listed precious mining company.
The stock is up significantly so far in 2025 after operations resumed in its Lucky Friday mine in January after a 2023 fire. This is expected to contribute considerably this year and stabilize output.
Moreover, Q3 2024 silver output rose 3% year-over-year to 3.6 million oz, with full-year 2024 guidance at over 15 million oz. Keno Hill grew its throughput by 29% in Q3 2024.
Hecla now aims for 20 million oz/year of silver production by 2026, along with $25 million in annual exploration investments.
The consensus price target of $7.94 implies 37.92% upside.
HL stock is up 17.31% year-to-date.
8. Coeur Mining Inc (NYSE:CDE)
Number of Hedge Fund Holders In Q3 2024: 28
Coeur Mining Inc (NYSE:CDE) is a precious metals producer that focuses on gold and silver mining.
The stock has been surging so far in 2025 as it announced a $1.7 billion all-in stock acquisition of SilverCrest metals in late 2024. This deal is expected to close this month.
This will add the high-grade Las Chipas mine in Mexico. It is projected to produce 21 million oz of silver and 432,000 oz of gold per year.
The acquisition will also boost EBITDA estimates to $700 million and free cash flow to $350 million in 2025, along with reducing Coeur’s leverage ratio by 40%.
On top of all this, Coeur reported a 39% increase in placement rates at its Nevada mine in late 2024, with 2024 production guidance maintained at 4.8 million to 6.6 million oz of silver and 37,000 to 50,000 oz of gold.
The consensus price target of $7.81 implies 15.31% upside.
CDE stock is up 18.53% year-to-date.
7. Idaho Strategic Resources Inc (NYSEAMERICAN:IDR)
Number of Hedge Fund Holders In Q3 2024: 7
Idaho Strategic Resources Inc (NYSEAMERICAN:IDR) is a vertically integrated gold producer.
The stock has risen significantly so far in 2025 as it has posted record financials and mining momentum.
Revenue grew 84% to $21.96 million TTM and net income grew 744% to $6.68 million TTM through Q3 2024. Cash per share surged 372%.
It also discovered Red Star Vein with high-grade gold intercepts and constructed a paste backfill plant to reduce costs by $500,000 to $800,000 a year. Samples show >70% magnet REEs (critical for EVs/renewables) at the Lemhi Pass Project and it is recognized by USGS/DOE as the largest U.S. thorium resource. This makes it a solid play for nuclear reactor partnerships.
IDR stock is up 25.22% year-to-date.
6. US Goldmining Inc (NASDAQ:USGO)
Number of Hedge Fund Holders In Q3 2024: N/A
US Goldmining Inc (NASDAQ:USGO) is an exploration and development company that focuses on advancing its 100%-owned Whistler Gold-Copper Project in Alaska.
The stock is up sharply so far in 2025 after stellar 2024 drill results at Whistler. The company intersected 458 meters at 0.75 g/t AuEq, including higher-grade zones of 48 meters at 1.23 g/t AuEq and 116 meters at 1.00 g/t AuEq at WH24-04. It also reported 120 meters at 1.00 g/t AuEq within a broader 274-meter mineralized envelope.
Plus, the updated MRE increased indicated resources by 117% to 6.48 million AuEq punches. Only 1% of USGO’s land package has been explored, so there’s still significant upside here.
The consensus price target of $26.5 implies 142.67% upside.
USGO stock is up 26.83% year-to-date.
5. U.S. Gold Corp (NASDAQ:USAU)
Number of Hedge Fund Holders In Q3 2024: 2
U.S. Gold Corp (NASDAQ:USAU) is a gold and copper exploration and development company.
The stock has risen significantly so far in 2025 after it closed a $10.2 million registered direct offering in December 2024. It also maintained a lean share structure and reduced its dilution risk.
The company’s CK Gold Project also secured air quality permit in November 2024. It finalized the Mine Operating Permit.
The consensus price target of $11.5 implies 46.31% upside.
USAU stock is up 28.22% year-to-date.
4. Westwater Resources Inc (NYSEAMERICAN:WWR)
Number of Hedge Fund Holders In Q3 2024: 2
Westwater Resources Inc (NYSEAMERICAN:WWR) is an energy technology company that focuses on developing battery-grade natural graphite materials for advanced batteries.
The stock has surged sharply so far in 2025 after WWR announced in late January that it received final investment committee approval for debt financing to complete the construction of Phase I and fund Phase II of the Kellyton plant. The $453 million Phase II expansion aims to increase production capacity to 50,000 metric tons annually.
It is projected to generate a pre-tax NPV of $1.4 billion and IRR of 31.8%.
Moreover, WWR secured a 34,000-ton graphite supply deal with SK On in 2024. There was another agreement with Hiller Carbon for graphite fines byproducts.
Trump’s executive orders have also helped, as the national energy emergency prioritizes domestic production of minerals like graphite.
WWR stock is up 30.31% year-to-date.
3. Anglogold Ashanti PLC (NYSE:AU)
Number of Hedge Fund Holders In Q3 2024: 21
Anglogold Ashanti PLC (NYSE:AU) is a gold mining company.
It is up solidly so far in 2025 after its $2.5 billion acquisition of Centamin in late 2024. It added the Sukari mine in Egypt and has been boosting financials. Analysts think the deal will boost annual production by half a million ounces.
Of course, gold itself has been up quite a bit so far this year, so combined with the above development, this has translated into solid gains for the stock so far in 2025. In Q3, it reported steady production and cost controls, with a focus on debt reduction (debt-to-equity ratio: 0.46).
The consensus price target of $31.75 implies 1.81% upside.
AU stock is up 35.18% year-to-date.
2. NioCorp Developments Ltd (NASDAQ:NB)
Number of Hedge Fund Holders In Q3 2024: 5
NioCorp Developments Ltd (NASDAQ:NB) is a mineral development company. It is focused on its Elk Creek Critical Minerals Project in southeast Nebraska, which aims to produce niobium, scandium, and titanium. All are designated as “critical minerals” by the U.S. government.
The stock is up markedly so far in 2025 after the U.S. Export-Import Bank (EXIM) advanced NioCorp’s application for up to $800 million in debt financing to an independent technical review (TRC-2 phase).
Moreover, NioCorp closed a $5 million underwritten offering, selling 2.58 million shares with warrants. The company also secured a $3.5 million private placement in November 2024.
Plus, the Elk Creek Project completed a definitive feasibility study showing a projected $2.8 billion net present value and 29.2% pre-tax IRR.
The consensus price target of $3.63 implies 54.91% upside.
NB stock is up 50.97% year-to-date.
1. TMC The Metals Co (NASDAQ:TMC)
Number of Hedge Fund Holders In Q3 2024: 5
TMC The Metals Co (NASDAQ:TMC) is a deep-sea mining company. The company focuses on extracting polymetallic nodules from the Pacific Ocean’s Clarion Clipperton Zone and targets metals for EVs and renewable energy.
The stock is up sharply so far in 2025. This is due to several reasons. TMC’s subsidiary NORI set June 27, 2025, as the submission date for its exploitation application to the International Seabed Authority (ISA).
The ISA is expected to finalize its Mining Code by late 2025 and provide regulatory clarity for deep-sea mining. The U.S. Congress also mandated a Defense Department feasibility study (due 2025) on refining nodule-derived metals.
The consensus price target of $3.88 implies 117.7% upside.
TMC stock is up 58.93% year-to-date.
While we acknowledge the potential of TMC as an investment, our conviction lies in the belief that some 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 TMC but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article was originally published at Insider Monkey.
