3 Mining Companies to Fill Stockings With More Than Just Coal

As 2025 comes to a close, the precious metals surge appears poised to continue well into the new year, despite some bumps in the fall. Gold and silver hit fresh all-time highs again in December after having already done so many times previously in recent months. A perfect storm of geopolitical uncertainty, falling interest rates and bond market volatility, and investor reticence about the equities space has driven precious metals ever higher.

Besides the precious metals landscape, base metals like copper are also surging in price amid a widening gap between demand and supply, while critical minerals like lithium and cobalt are increasingly required for popular applications like electric vehicles and clean energy. Together, these factors make mining companies as a group a desirable and potentially growth-oriented corner of the market. Add to that the appeal of miners as a possible hedge against inflation, and it's easy to see why they could be a top choice among investors in the new year. The three stocks below may be a good place to start.

Agnico Reaches Record Results, Fueling Additional Exploration and Efficiency Efforts

The largest Canadian mining company in the world by market capitalization, Agnico Eagle Mines Ltd. (NYSE: AEM) is primarily focused on gold production, with some additional metals included as byproducts. Like many other mining firms, Agnico's stock price is often closely linked to the price of its target metal—unsurprisingly, then, shares of AEM staged a massive rally in 2025, rising by 121% year-to-date (YTD).

Agnico's scale and the stellar performance of gold helped it to soar to record results in the latest quarter, including a whopping 867,000 ounces produced and $3.1 billion in revenue, topping analyst predictions. Earnings per share (EPS) of $2.16 came close to doubling year-over-year (YOY) and beat estimates by 40 cents. While the higher cost of gold does mean increased royalty expenses, Agnico's efforts to boost productivity have been fruitful, with lower unit costs thanks to unattended drilling and improved fleet management.

Agnico's size also allows it to pump money back into exploration, with 120 drill rigs launched in the first three quarters of 2025, unlocking up to 1.5 million ounces of additional potential production. The company's margins remain strong, it has healthy free cash flow, and it is rewarding shareholders (returning some $350 million in the last quarter alone). All of these factors make AEM a solid Buy among most analysts, despite its already-impressive rally.

Barrick's Divestment, IPO Potential, and Dispute Resolution Could Drive Additional Gains

Barrick Gold Corp. (NYSE: B) is right behind Agnico in the list of the largest Canadian mining firms, and the gold and copper producer has had an even stronger performance recently, rising by about 187% this year alone. In addition to growing cash flow and margins, the company is engaging in strategic repositioning that will allow it to improve efficiencies into the new year, supporting a strongly bullish appraisal by analysts even in spite of its major rally in 2025.

Two additional catalysts make Barrick an attractive choice at the start of the year. First, the company announced in early December 2025 that it is exploring a potential IPO of its North American gold assets.

On top of a recent $305-million sale of its Côte d’lvoire assets, this development would continue to facilitate a streamlining of Barrick's assets and production while boosting its cash on hand. Second, Barrick recently reached a resolution with the government of Mali surrounding its Loulo and Gounkoto mines, restoring a major asset and removing a good deal of uncertainty for the company.

Newmont Is Another Gold Miner With Major Returns and Compelling Fundamentals

A top-six publicly traded miner globally by market value, Newmont Corp. (NYSE: NEM) is also primarily focused on gold.

With gains of 174% this year, Newmont has a compelling combination of top-of-the-line mining assets, supercharged cash flow of $4.5 billion in the first three quarters of 2025, an improving balance sheet, and production ramp-ups in its operations in Ghana.

While the company's third-quarter earnings were strong and analysts continue to call NEM shares a Buy, Newmont has modest downside potential based on price estimates and after its recent rally.

Given that, investors may be further enticed by Newmont's dividend and healthy, sustainable payout ratio.

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The article "3 Mining Companies to Fill Stockings With More Than Just Coal" first appeared on MarketBeat.