The mining space has had a banner year in 2025, courtesy of a dramatic rally in commodities. Gold staged a record-setting upswing as investors flocked to traditional havens amid economic, geopolitical and tariff-related uncertainties. Copper and silver prices have also hit record levels amid rising demand and a supply crisis. 

Surging commodities prices improved miners’ cash flow and created optionality for investment in project acceleration and enhanced shareholder returns. We have handpicked three mining stocks, Newmont Corporation (NEM Quick QuoteNEM - Free Report) , Agnico Eagle Mines Limited (AEM Quick QuoteAEM - Free Report) and Hecla Mining Company (HL Quick QuoteHL - Free Report) , which are set to gain from the commodity price rally in 2026.

A Banner Year for Commodities

Gold prices have seen an unprecedented rally this year, mainly attributable to aggressive trade policies, including sweeping new import tariffs announced by President Donald Trump that 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. 

The Federal Reserve’s interest rate reduction, hopes of more rate cuts amid concerns over the labor market and an economic slowdown, along with concerns over a protracted U.S. government shutdown, have contributed to the record-setting rally, driving bullion prices north of $4,000 per ton for the first time. Increased purchases by central banks and geopolitical and trade tensions are the other factors expected to help the yellow metal sustain the upswing in gold prices. Prices of the yellow metal have rocketed roughly 60% so far this year, and are currently hovering above $4,200 per ton. 

Prices of copper, the backbone of electrification, have been volatile yet mostly favorable this year due to global economic and trade uncertainties. After racking up solid gains in late March, copper prices slipped to around $4.1 per pound in early April amid demand worries due to tariffs, which threatened to cause a broader slowdown globally. However, prices of the red metal moved up in late April to roughly $4.9 per pound on a weakening U.S. dollar resulting from heightened concerns about the prospect of a downturn in the U.S. economy. 

Following a brief retreat in May, prices recovered to close the second quarter above the $5 per pound level. Volatility continued in the third quarter, with prices hitting an all-time high of around $5.96 per pound in July before slipping again to close the month at around $4.4 per pound. Copper prices mostly hovered around $4.5 per pound in August, while climbing around the end of September to close the third quarter near $5 per pound on supply worries. Prices, for the most part, have remained above $5 per pound in the fourth quarter. 

Electric vehicles (EVs), renewable buildouts, data-center expansion and grid upgrades are structural demand drivers for copper and, to a lesser extent, silver. Concerns over a tighter supply amid rising EV and infrastructure-related demand are driving the red metal of late, with prices surging to the highest level in more than four months recently. Supply shortage is partly stemming from reduced output from the top producer, Chile, output cuts at China smelters and minimal production from Freeport-McMoRan Inc.’s (FCX Quick QuoteFCX - Free Report) Indonesian operations due to the Grasberg mine mud rush incident.

Silver prices have surged more than 100% this year, supported by strong investor demand, geopolitical tensions and trade conflicts. Silver has benefited from resilient industrial demand and mounting supply deficits. Demand for solar energy, electronics and electrification now accounts for more than half of global silver demand. With supply expected to be lower, the silver market is likely headed for a fifth consecutive year of deficit, which will further bolster prices. Silver hit fresh record highs at above $61 an ounce yesterday, driven by expectations of a rate cut amid signs of U.S. economic weakness, which bodes well for prices.  

3 Stocks Set to Gain From Commodity Rally

The persistent gap between rising demand and tighter supply is expected to keep commodity prices at elevated levels heading into the new year. Strong price dynamics have reshaped miners’ cash flow prospects and made companies with strong balance sheets prime candidates to benefit into 2026. We highlight three mining companies that are poised to continue gaining from the commodity rally through next year. These companies, backed by positive estimate revisions and strong earnings growth prospects, are well-positioned to sustain their upward trajectories and enhance returns in 2026. These stocks currently carry a Zacks Rank #1 (Strong Buy) or 2 (Buy). 

You can see the complete list of today’s Zacks #1 Rank stocks here.

YTD Stock Price Performance of NEM, AEM & HL

Image Source: Zacks Investment Research

Newmont: Based in Colorado, Newmont has a strong liquidity position and generates substantial cash flows, which allow it to fund its growth projects, meet short-term debt obligations and drive shareholder value. Newmont continues to invest in growth projects in a calculated manner. The company is pursuing several projects, including the Ahafo North expansion in Ghana and the Cadia Panel Caves and Tanami Expansion 2 in Australia. These projects should expand production capacity and extend mine life, driving revenues and profits. Newmont has also divested non-core businesses as it shifts its strategic focus to Tier 1 assets. Proceeds from these actions will support Newmont’s capital allocation strategy.

NEM, sporting a Zacks Rank #1, has expected earnings growth of 74.1% for 2025. The Zacks Consensus Estimate for NEM’s 2025 earnings has been revised upward by 10.2% over the last 60 days. Shares of NEM have shot up 152.8% so far this year.

Agnico Eagle Mines: Toronto-based Agnico Eagle is focused on executing projects that are expected to provide additional growth in production and cash flows. It is advancing its key value drivers and pipeline projects, including the Odyssey project in the Canadian Malartic Complex, Detour Lake, Hope Bay, Upper Beaver and San Nicolas. The merger with Kirkland Lake Gold established Agnico Eagle as the industry's highest-quality senior gold producer. The integrated entity now has an extensive pipeline of development and exploration projects to drive sustainable growth. AEM also has a robust liquidity position and generates substantial cash flows, which enable it to maintain a strong exploration budget, finance a strong pipeline of growth projects, pay down debt and drive shareholder value. 

Agnico Eagle, carrying a Zacks Rank #1, has expected earnings growth of 83.9% for 2025. The Zacks Consensus Estimate for AEM’s 2025 earnings has been revised upward by 9.7% over the last 60 days. AEM’s shares have also rallied 112.6% year to date.

Hecla Mining: Coeur d'Alene, ID-based Hecla is benefiting from upbeat performances at its mines, which are driving its silver and gold production. HL continues to lower debt levels and strengthen the balance sheet with a focus on the highest risk-adjusted return projects and free cash flow generation. The company is striving to drive operational excellence through automation and advanced analytics, and advancing Keno Hill's permitting and infrastructure to achieve sustained profitability.  

Hecla, a Zack Rank #2 stock, has an expected earnings growth rate of 245.5% for 2025. It has a trailing four-quarter earnings surprise of roughly 25.6%, on average. Shares of HL have surged 246.3% so far this year.