It’s been a tumultuous yet rewarding year for investors in mining stocks, as gold-mining equities and Canadian resource explorers have captured the spotlight with stunning gains and shifting fortunes. As of mid-August 2025, gold-mining stocks have dramatically outpaced the price of gold itself, while Canadian mining stocks—especially those focused on critical minerals—have seen some names rocket more than 90% in a single week. What’s driving this surge, and what does it mean for investors and the broader economy?
According to 24/7 Wall St., the VanEck Gold Miners ETF (NYSE: GDX)—a bellwether for gold-mining stocks—has surged 52.7% year to date through July 2025. In contrast, the price of gold, though impressive, has risen 25.35% over the same period. Wall Street estimates are now predicting gold could climb as high as $4,000 per ounce by the end of the year, fueled by persistent central bank buying and intensifying geopolitical pressures from conflicts in the Middle East and Ukraine.
“Central bank buying of gold has continued to be a driving force in the spot price,” 24/7 Wall St. reports, adding that the current geopolitical landscape is increasing safe-haven demand for gold. The case for gold—and by extension, gold miners—is compelling, not only as a hedge against inflation but also as a defensive play amid market uncertainty. The technical outlook is bullish, with spot gold recently hitting all-time highs above even the peaks seen in 2020.
UBS analysts point to several gold-mining companies as particularly attractive investment picks in this environment. Among their top recommendations are AngloGold Ashanti, Barrick Mining, Endeavour Silver, Franco-Nevada, and Kinross Gold. Each company brings a unique global footprint and operational strategy to the table.
AngloGold Ashanti PLC (NYSE: AU) operates approximately 11 mines across four continents, with a presence in countries ranging from Argentina and Brazil to Egypt and Tanzania. Its diverse portfolio is seen as a key advantage in managing geopolitical and operational risks. Barrick Mining Corp. (NYSE: B), meanwhile, boasts 16 operating sites in 13 countries and, following its merger with Randgold Resources in 2019, stands as the world’s largest gold company by production, reserves, and market capitalization. Barrick’s strategic cooperation with Shandong Gold Group and its mix of gold and copper assets further enhance its appeal.
Endeavour Silver Corp. (NYSE: EXK) is a mid-tier player focused on silver-gold mines in Mexico and Peru. Its Guanacevi and Bolanitos mines in Mexico, alongside ongoing development at the Terronera project, position Endeavour for potential outsized growth if metals prices remain strong. Franco-Nevada Corp. (NYSE: FNV), based in Toronto, operates a royalty and streaming model—meaning it profits from other miners’ production, limiting its exposure to rising costs and providing investors with both gold price and exploration optionality. Kinross Gold Corp. (NYSE: KGC) rounds out the group with operations in the United States, Brazil, Mauritania, Chile, and Canada, including flagship projects like Fort Knox in Alaska and Paracatu in Brazil.
But the mining sector’s momentum isn’t confined to gold. Over in Canada, the Investing News Network’s weekly roundup reveals that resource stocks on the TSX, TSXV, and CSE have been riding a wave of optimism—despite some headwinds from trade tensions and commodity price swings. On August 15, 2025, Statistics Canada reported wholesale trade data for June, showing sales up 0.7% to C$84.7 billion. Notably, the mineral, ore, and precious metals subsector saw sales rise from C$750.84 million in May to C$1.02 billion in June, highlighting the sector’s growing economic footprint.
Yet, it hasn’t all been smooth sailing. More than a third of Canadian businesses surveyed by Statistics Canada said that Canada-US trade tensions had negatively impacted them, with all seven major wholesale subsectors reporting some drag on sales. Meanwhile, US consumer price index (CPI) data for July 2025, released by the Bureau of Labor Statistics, showed a 0.2% month-on-month increase and an annualized all-items CPI rise of 2.7%. These figures suggest inflation is still a factor, but perhaps less threatening than in previous years.
On the geopolitical front, a major development occurred as US President Donald Trump was scheduled to meet Russian President Vladimir Putin in Alaska on August 15 for talks aimed at de-escalating the war between Russia and Ukraine. Ukrainian President Volodymyr Zelenskyy was notably excluded from the summit, a move that drew sharp reactions from international observers. The war, which began with Russia’s invasion in February 2022, continues to roil commodity markets and global diplomacy. As Investing News Network notes, “Russia is seeking to retain the territory it has held since near the beginning of the war, while Ukraine says the original borders should be maintained.”
Stock markets have reflected both the optimism and uncertainty of the current moment. The S&P/TSX Composite Index hit an all-time high of 27,993.43 on August 13 before closing the week slightly lower at 27,905.49. The S&P/TSX Venture Composite Index and CSE Composite Index also posted mixed but generally positive results. South of the border, US equity markets hovered near record highs, with the S&P 500 and Nasdaq 100 both reaching new peaks before pulling back slightly by week’s end. The Dow Jones Industrial Average remained above 45,000 points for the first time since December 2024.
Commodities, however, saw a brief pullback. Gold prices fell 1.81% to US$3,338.36 per ounce by 4:00 p.m. EDT on August 15, following a White House clarification that imports of Swiss gold bars would not face tariffs. Silver slipped 0.7% to US$37.97 per ounce, while copper was nearly flat. The S&P GSCI commodities index posted a modest 0.8% decline.
Against this backdrop, several Canadian mining stocks have delivered eye-popping returns. Focus Graphite, for example, soared over 90% this week as it advanced its Lac Knife and Lac Tétépisca projects in Québec. The Lac Knife project alone covers 3,248 hectares, with a 2023 feasibility study pegging its after-tax net present value at C$284.8 million and an internal rate of return of 22.57%. The mine is expected to produce 50,000 metric tons of graphite concentrate annually over a 27-year life. On August 13, Focus resumed work on the environmental and social impact assessment for Lac Knife, aiming to complete 16 technical reports by early 2026. The company is also analyzing over 1,000 samples from 2022 drilling at Lac Tétépisca, with a new resource estimate due this fall. Earlier in August, Focus raised C$891,000 through a private placement to support ongoing operations.
Other Canadian standouts include Libra Energy Materials, which gained 56.67% on lithium exploration success in Ontario; Q-Gold Resources, up 50% as it moves forward with the Quartz Mountain gold project in Oregon; Glenstar Minerals, which jumped 49.12% on news of a new polymetallic zone discovery in Nevada; and Sterling Metals, which rose 47.69% as it ramped up drilling at its Soo copper project in Ontario.
For investors, the lesson is clear: while gold and precious metals remain stalwart hedges in uncertain times, there’s plenty of excitement—and risk—elsewhere in the mining sector. As the world grapples with inflation, geopolitical upheaval, and the green energy transition, resource stocks look set to remain at the center of the action.
