As of this writing, the Canadian benchmark index is up by around 27% from its 52-week low. If you look at the performance of the S&P/TSX Composite Index in recent weeks, you might not be able to say that the stock market is in a volatile position.
Ongoing geopolitical issues, trade tensions, tariff uncertainties, and more continue to plague the market with uncertainty. When people become unsure about keeping their money in the stock market, the typical approach is to take money out and buy safe-haven assets like gold. Savvy investors who want to remain in the market focus on buying gold stocks instead.
However, other metals offer plenty of value. Silver has been rising, and so has the price of copper and its demand. Today, I will discuss two mining stocks you might want to consider that aren’t principally focused on gold.
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Hudbay Minerals
Hudbay Minerals (TSX:HBM) is a mining company headquartered in Toronto, boasting a $5.02 billion market capitalization. Its operations, property developments, and exploration activities are across the U.S., and its major mines are located in Canada and the United States. It also has mining operations in Peru. The company produces copper concentrate, which includes gold, silver, and zinc in addition to copper.
The copper-focused mining company’s first-quarter results saw it report a record adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of US$287.2 million. Its revenue in the quarter came in at US$594.9 million. The company’s steady copper output and gold production that exceeded expectations can be considered the main contributors to the excellent performance.
As of this writing, it trades for $12.70 per share, and there might be plenty of upside in the coming years as demand for its produce increases.
First Majestic Silver
First Majestic Silver (TSX:AG), as the name suggests, is primarily a silver mining stock. The $5.58 billion market-cap company headquartered in Vancouver engages in the production, development, exploration, and acquisition of mineral properties. The company owns and operates several mines across the U.S. and Mexico, focusing on silver and gold.
The company’s first quarter for fiscal 2025 saw it report a record US$243.9 million in revenue, with its silver output up by 88% year over year. In January 2025, the company acquired the Cerro Los Gatos mine, which contributed to around a third of its silver equivalent ounces sold. The company’s mines in Santa Elena and San Dimas also posted strong results, painting what seems to be a good picture for the quarters to come.
As of this writing, AG stock trades for $11.52 per share. Down significantly from its five-year highs, it might be a good time to invest in its shares right now.
Foolish takeaway
Considering the situation with both mining stocks, I can say that the two might fare very well for stock market investors with a long-term strategy. Granted, gold prices rise during volatile market conditions, delivering significant returns and offering a good hedge against downturns.
However, metals like copper and silver will become increasingly important and more expensive over time. Investing in HBM stock and AG stock can offer you exposure to both metals.
