Top Performing Large-Cap Mining Stocks In 2025

The bullion has jumped over 64% this year to surge past $4,000 per ounce, and remains on course for the best annual gains since 1979.

• The rally has been driven by growing uncertainties in the global macroeconomic environment, conflicts, and robust central bank buying activity.
• Newmont, the world’s biggest gold miner, has jumped over 167% this year, on course for its best year in at least half a century. 
• However, production issues have also been plaguing some of the miners.

Mining stocks have had a blockbuster year, benefiting from a rally in metal prices driven by geopolitical tensions, supply disruptions, and sustained central bank demand. After years of grappling with high costs and weak margins, the surge in earnings has renewed investor interest in some of the industry’s largest miners, which are not accustomed to such sharp price swings.

Stocktwits examines how the five largest mining companies in the S&P 500 by market capitalization have performed this year, as of Dec. 17.

Gold Miners Shine

One of the biggest beneficiaries of the metal rally has been the gold miners.

The bullion has jumped over 64% this year to surge past $4,000 per ounce, and remains on course for the best annual gains since 1979. The rally has been driven by growing uncertainties in the global macroeconomic environment, conflicts, and robust central bank buying activity. Some analysts expect gold to touch $5,000 per ounce by 2026.

Newmont

Newmont, the world’s largest gold miner, has seen its shares jump over 167% this year, on course for its best year in at least half a century, as per Koyfin data, which dates back to 1970. Its gains are even higher than those of some high-flying tech stocks, such as Palantir.

In the third quarter, Newmont’s average realized gold prices jumped to $3,539 per ounce from $2,518 per ounce a year earlier, aided by the recent rally in bullion prices. However, the firm projected its 2026 production toward the lower end of its 2025 output, due to a lower proportion of gold production expected at its Peñasquito mine and lower leach production from Yanacocha, as mining activities conclude at the Quecher main pit.

Barrick Mining

Its rival Barrick Mining, which dropped the word ‘gold’ from its name this year to reflect the diversification of its operations, has seen its shares soar 182%, on track for the biggest yearly gains since its listing at the New York Stock Exchange in 1987. Barrick has benefited from rising gold and copper prices and improved operational visibility.

In November, the miner resolved a two-year dispute with the government of Mali that had disrupted operations at its Loulo and Gounkoto mines. The conflict began after Mali sought higher royalties, leading to halted production, arrests of company employees, and the seizure of mining assets. BMO Capital Markets analysts reportedly noted that if Barrick could restart production swiftly, the mine’s output could reach 670,000 ounces next year, generating $1.5 billion in operating cash flow.

Agnico Eagle Mines

U.S.-listed shares of another Canadian gold miner, Agnico Eagle Mines, have surged 116% this year, on course for the best year since 1993. However, some Wall Street analysts remain concerned. As per TheFly, RBC Capital Markets analysts wrote that over the medium term, Agnico will need "heavier" investments to achieve its growth targets, which could potentially reduce free cash flow and raise execution risk.

Copper Miners Also In The Green

While not as impressive as gold’s rally, U.S. copper futures have jumped 33% this year to hit a fresh record. Acute supply disruptions have sharply tightened the copper market, driving prices higher.

In September, a fatal mudslide at the world's second-largest copper operation, Indonesia's Grasberg mine, triggered a force majeure. The Grasberg Block Cave, which accounts for about 70% of the mine’s forecasted output, is expected to remain offline until the second quarter of 2026.

Additional supply pressure has emerged in Chile, where production guidance was cut at the Quebrada Blanca mine due to operational challenges. J.P. Morgan Global Research projected a global refined copper deficit of 330,000 metric tonnes in 2026, suggesting continued market tightness.

Freeport-McMoRan

Freeport-McMoRan, the world’s largest dedicated copper producer, has seen its shares gain only 26.8%. The shutdown of the Grasberg complex drove this. Freeport said in October that output from Indonesian operations could potentially be approximately 35% lower than pre-incident estimates in 2026.

Southern Copper

Another red metal miner, Southern Copper, has gained over 64% this year. However, the firm said that, till the third quarter of 2025, its copper production fell 3% to 714,098 tons, mainly due to lower ore grades at its Mexican and Peruvian operations.

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