3 Gold Mining Stocks Set to Pull Off a Beat This Earnings Season

The Zacks Mining – Gold industry is housed within the broader Zacks Basic Materials sector.  Basic Materials is among the Zacks sectors that are expected to see a decline in earnings for the second quarter. Overall earnings for the space are projected to fall 7.5% despite 2.8% higher revenues, per the latest Earnings Outlook. 

Gold mining companies’ second-quarter results are expected to reflect the benefits of higher gold prices and efforts to boost operating efficiency and reduce costs. We have handpicked a few gold miners, Barrick Mining Corporation B, Franco-Nevada Corporation FNV and Integra Resources Corp. ITRG, which are set to beat earnings estimates this time.

How Have Things Shaped Up for These Companies?

Gold prices have racked up strong gains this year as worries over the global trade war have boosted safe-haven demand.  Prices of the yellow metal have zoomed roughly 29% year to date, largely attributable to aggressive trade policies, including sweeping new import tariffs announced by President Donald Trump, which have intensified global trade tensions and heightened investor anxiety. Also, central banks worldwide have been accumulating gold reserves, led by risks arising from Trump’s policies.
 
Gold prices catapulted to a record high of $3,500 per ounce on April 22. While prices retreated from their April 2025 highs, they closed the second quarter above the $3,300 per ounce level. Gold prices rose nearly 6% in the quarter. 

Higher prices are expected to have supported the performance of gold miners in the second quarter. On the flip side, higher mining costs, triggered by inflationary pressure on all aspects of input costs, particularly labor, fuel and electricity, are likely to have been a drag. 

Nevertheless, miners remain committed to whittling down operational costs and capital spending, improving operating efficiency within existing mines, paying down debt, eliminating non-core assets and concentrating on their highest ore-grade assets. Some of these companies have also taken steps to bring down their all-in sustaining costs — the most important cost metric of miners. These actions are expected to have supported their margins in the second quarter.

How to Pick Winners?

Given the large number of players operating in the gold mining space, picking the right stocks is apparently not an easy task. But our proprietary methodology makes it simple. One can trim the list with the combination of a favorable Zacks Rank — Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) — and a positive Zacks Earnings ESP. You can uncover the best stocks to buy or sell before they report with our Earnings ESP Filter.

Earnings ESP — the percentage difference between the Most Accurate Estimate and the Zacks Consensus Estimate — is our proprietary methodology for determining stocks that have high chances of delivering earnings surprises in their next announcements. Our research shows that for stocks with this combination, the chance of a positive earnings surprise is as much as 70%.

Our Choices

Below, we list three gold mining stocks that have the right combination of elements to pull off a positive surprise this earnings season:

Barrick Mining has an Earnings ESP of +1.14% and a Zacks Rank #1. It is slated to report on Aug. 11. 

Barrick beat the Zacks Consensus Estimate for earnings in three of the last four quarters and missed once. In this timeframe, it delivered an earnings surprise of roughly 12.5%, on average. It pulled off an earnings surprise of 20.7% in the last reported quarter. The Zacks Consensus Estimate for second-quarter earnings stands at 47 cents. Barrick is expected to have gained from higher average realized gold prices. Higher prices are likely to have offset headwinds from weaker expected production and increased production costs, supporting the company’s top line and margins in the second quarter.  

Barrick Mining Corporation Price and EPS Surprise

Barrick Mining Corporation price-eps-surprise | Barrick Mining Corporation Quote

Franco-Nevada has an Earnings ESP of +0.91% and carries a Zacks Rank #3. The company is scheduled to report on Aug. 11. You can see the complete list of today’s Zacks #1 Rank stocks here.

Franco-Nevada beat the Zacks Consensus Estimate in two of the trailing four quarters while missing twice. It delivered a trailing four-quarter earnings surprise of around 1.6%, on average. The Zacks Consensus Estimate for FNV’s second-quarter earnings is pegged at $1.10. FNV is expected to have benefited from increased contributions from its streaming agreements. Contribution from buyouts and a healthy portfolio of royalty and streaming agreements are expected to have aided its performance. Franco-Nevada’s continued focus on cost management and higher gold prices are also likely to have supported its margins.

Franco-Nevada Corporation Price and EPS Surprise

Franco-Nevada Corporation price-eps-surprise | Franco-Nevada Corporation Quote

Integra Resources has an Earnings ESP of +4.76% and a Zacks Rank #3. It is slated to report on Aug. 13. 

Integra Resources missed the Zacks Consensus Estimate for earnings in each of the trailing four quarters. In this timeframe, it delivered a negative earnings surprise of 124.4%, on average. It posted a negative earnings surprise of 57.1% in the last reported quarter.  The Zacks Consensus Estimate for second-quarter earnings stands at 7 cents. First-quarter 2025 marked the first full quarter for ITRG as a gold-producing company. The company is expected to have benefited from continued strong production from the Florida Canyon mine. ITRG recently reported gold production of 18,086 ounces from Florida Canyon for the second quarter, meeting its expectations. The mine is expected to have contributed to strong cash flow generation in the second quarter. 

Integra Resources Corp. Price and EPS Surprise

Integra Resources Corp. price-eps-surprise | Integra Resources Corp. Quote

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