There’s no shortage of great investments on the market, and that includes some of the best mining stocks to own. Those mining stocks can provide growth, dividends, and even defensive appeal to any well-diversified portfolio.
Here’s a look at some of the absolute best mining stocks to add to your portfolio right now.
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Option 1: Barrick Gold
Barrick Gold (TSX:ABX) is one of the largest miners on the planet. The company boasts a massive portfolio of active and in-development operations, scattered across 18 countries on four continents.
That impressive portfolio includes multiple tier-one assets, which can provide ample precious metals for a decade or more. The impressive production, which hit 3.9 million ounces of gold in 2024, handily makes this one of the best mining stocks to own.
The growing portfolio of mines gives Barrick an element of defensive appeal.
Finally, it’s worth noting that Barrick is on solid financial ground, particularly when compared to some of its peers. The company is not only profitable, but it continues to pay down its debt. In fact, over the trailing five years, Barrick has trimmed its debt by 12%.
At the same time, the company continues to invest in growth and pay out a dividend.
As of the time of writing, Barrick offers a yield of 2.3%. Prospective investors should also note that Barrick’s dividend includes a performance-based aspect added on. In short, when times are good and gold prices are surging, investors can expect a higher payout.
Option 2: Agnico Eagle Mines
Agnico Eagle (TSX:AEM) is yet another one of the best mining stocks on the market. The company boasts a portfolio of low-cost, high-quality operations located across Canada, Australia, Mexico, and Finland.
Like the other companies on this list, Agnico boasts a portfolio of both active and in-development projects. This ensures that operations will continue (and grow).
More specifically, Agnico’s quality assets, located in stable markets, can provide defensive appeal to investors. That appeal has helped Agnico’s stock price surge a whopping 70% year-to-date.
By extension, it also means Agnico has a reliable revenue stream and can offer a stable dividend.
As of the time of writing, Agnico offers investors a 1.2% yield, making it a solid option to consider as part of any well-diversified portfolio.
Option 3: Wheaton Precious Metals
Wheaton Precious Metals (TSX:WPM) is the third of the best mining stocks to buy. Actually, Wheaton isn’t a traditional miner like the others noted above, but rather the company is a precious metals streamer.
Streamers provide upfront capital to traditional miners, who then use those funds to begin operations. Streamers don’t own the mines, nor do they operate them.
In exchange for that initial upfront capital, streamers can purchase some of the metals produced from the mines at a significant discount. The streamer could then choose to sell those metals at the market rate or opt to hold them.
This makes streamers significantly lower risk and, more importantly, allows them to quickly expand around the globe.
By way of example, Wheaton has approximately 20 active streaming agreements. The company also has a number of additional mines in stages of development.
The arms-length nature of the streaming model also allows Wheaton to do business with multiple traditional miners, such as Barrick.
And like the other precious metals stocks on this list, Wheaton offers investors a quarterly dividend. As of the time of writing, the yield is just 0.69%, but investors should note that the dividend is based on the operating cash flow of prior quarters.
Best mining stocks to buy
The market has plenty of great options for investors seeking the best mining stocks to buy. All of the stocks mentioned above can provide growth, defensive appeal and dividends to cater to any portfolio.
In my opinion, a small position in any one of these best mining stocks would be a great addition to any well-diversified portfolio.
