Investors flock to precious metals when markets become unstable. Gold’s price hit an all-time high of US$3,600.24 this month, driven by increased demand caused by trade tensions. TSX’s basic materials sector, which includes metals and mining stocks, turned red hot this year. As of this writing, the sector is up 56.9%-plus year-to-date.
You can say that 2025 is a miners’ moment, evidenced by the market-beating, outsized gains of Barrick Mining (TSX:ABX), K92 Mining (TSX:KNT), and DPM Metals (TSX:DPM) thus far this year. Will these gold stocks hold their glow into year-end?
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Most compelling investment case
Barrick Mining’s reported adjusted earnings per share (EPS) of $0.47 in Q2 2025 were the highest since 2013. Its CEO, Mark Bristow, said, “Barrick remains one of the most compelling investment cases in the gold and copper space today.” At $39.37 per share, current investors enjoy a +78.6%-plus year-to-date gain on top of the 2.1% dividend.
In the three months ending June 30, 2025, total revenue increased 16.4% to $3.7 billion versus Q2 2024 as a result of higher gold and copper production. Net earnings climbed 119.2% year-over-year to $811 million, while free cash flow (FCF) rose 16.2% to $395 million from a year ago.
Bristow highlighted that the $67.2 billion mining company continues to perform well in a global environment that remains uncertain. With positive momentum and solid growth projects, he is confident the second half of 2025 will see even stronger results.
Solid earnings
K92 owns the Kainantu Gold Mine, a high-grade gold mine in Papua New Guinea. The $3.9 billion rapidly expanding gold producer acquired the Tier 1 gold asset from Barrick in 2014. At $16.21 per share, KNT is up 86.8%-plus year-to-date. This premier gold and copper miner ranked 11th in the 2022 TSX30 List, the flagship program recognizing the TSX 30’s top-performing growth stocks.
In the first half of 2025, revenue increased 123.9% year-over-year to US$240.9 million. Net earnings ballooned 1,089.1% to US$109.4 compared to the same period in 2024. According to management, K92 self-funds its gold exploration and copper exploration activities.
Besides being in a natural resource-friendly jurisdiction, the Kainantu Mine, with its large and high-grade resource, offers significant growth potential. K92 is systematically executing the expansion plan (Stages 3 and 4) for its new Process Plant. The primary goal is to become a Tier 1 mid-tier producer.
Superior value
DPM Metals is shining bright, with its 112.8%-plus year-to-date gain ($27.60 per share). Had you invested $7,000 in DPM at year-end 2024, your money would be worth $14,895.91 today. Prospective investors can also partake in the modest 0.80% dividend yield.
This $6.1 billion Canadian gold mining company has operations and projects in Bulgaria (two producing mines), Ecuador (at the exploration stage), and Serbia (at the development stage). The Chelopech underground copper-gold mine in Bulgaria is the cornerstone of the assets. Besides copper and gold, the mine produces pyrite-gold concentrates.
In the first half of 2025, net earnings and free cash flow (FCF) increased 5% and 22% year-over-year to $115.9 million and $173.7 million, respectively. The attractive growth option in the portfolio should enable DPM to sustain cash flow growth in the coming years.
Shining through
I don’t see Barrick Mining, K92 Mining, or DPM Metals losing their lustre anytime soon. These gold stocks are safe-haven assets and likely to sustain their momentum through the remainder of 2025.
