In this article, we will explore the 9 Best Gold Mining Companies to Buy With High Upside Potential.
It’s been a whirlwind for gold and associated stocks characterized by explosive rallies, crashes, and V-shaped bounce-backs. The GDX gold stock ETF rallied to all-time highs in January after a 30% gain, as gold prices rose to a record high of $5,580 an ounce. However, the ETF suffered a 13% sell-off on a single day as gold prices also pulled back from an all-time high amid a broad market selloff.
Gold lost 12% in March as investors pulled a record $12.8 billion from commodities ETFs, triggering the worst month for inflows on record. Gold prices, pulling back from all-time highs, have also come at the back of central banks taking advantage of the high prices to recoup significant returns from investments to bolster foreign reserves.
According to Iain Barnes, Netwealth CIO, heightened gold price volatility is driving its inclusion as a popular financial asset across investment portfolios.
“Financial, rather than fundamental investors are the marginal buyers of gold and we see them reducing risk across the board,” he said in an email. “This is especially true for fast-moving, leveraged funds which are faced with higher borrowing costs.”
Gold and Gold stocks’ underperformance in recent weeks has come amid the US dollar strengthening across the board and rate cut expectations waning. However, with the Middle East conflict showing no signs of resolution, the precious metal outlook remains positive after a period of profit-taking.
While gold stocks have pulled back from all-time highs, seasonal factors suggest a potential bounce back from current levels. From mid-March to early June, gold and gold stocks tend to rally in the spring. Gold averages 3.8% rally during this period, with Gold stocks exhibiting their strongest leverage to the precious metal.
With that in mind, let’s take a look at some of the best gold mining companies to buy with high upside potential.
Our Methodology
To compile our list of the best gold mining companies to buy with high upside potential, we used stock screeners from Finviz and Yahoo Finance to find gold mining companies. We settled on companies engaged in gold exploration and mining activities. We further trimmed the list to stocks with upside potential of more than 20% (as of April 6), and that are popular among elite hedge funds in Q4 2025. Finally, we ranked the stocks in ascending order by upside potential.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research shows we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 498.7% since May 2014, beating its benchmark by 303 percentage points (see more details here).
Best Gold Mining Companies to Buy With High Upside Potential
9. Agnico Eagle Mines Limited (NYSE:AEM)
Stock Upside Potential: 22.60%
Number of Hedge Fund Holders: 56
Agnico Eagle Mines Limited (NYSE:AEM) is one of the best gold mining companies to buy with high upside potential. On March 30, Agnico Eagle Mines Limited (NYSE:AEM) reiterated its commitment to acquiring positions in highly prospective geological properties. The company announced that it is in the process of acquiring C$7.6 million in securities of Cascadia Minerals Ltd.
Under the terms of the agreement, the company is to acquire 19.32 million units at C$0.26 per unit for C$5.02 million and an additional 10 million units for C$2.6 million. Following the acquisition, the company will own 14.21% of Cascadia’s outstanding shares on a non-diluted basis and 19.90% on a partially diluted basis.
In addition, the companies entered into an earn-in agreement for the Catch property in Yukon. Consequently, Agnico Eagle Mines can earn up to an 80% interest in the property, up from an initial 51%. There is also a strategic alliance agreement that establishes a 3-year partnership for exploration work in Yukon’s Stikine Terrane.
Agnico Eagle Mines Limited (NYSE:AEM) is a senior Canadian gold mining company and the world’s second-largest gold producer, focused on exploring, developing, and operating mines. Founded in 1957, it operates high-quality, low-risk assets primarily in Canada, Australia, Finland, and Mexico, with about 85% of its production coming from Canada.
8. Royal Gold, Inc. (NASDAQ:RGLD)
Stock Upside Potential: 24.57%
Number of Hedge Fund Holders: 39
Royal Gold, Inc. (NASDAQ:RGLD) is one of the best gold mining companies to buy with high upside potential. On April 1, Raymond James reiterated an Outperform rating on Royal Gold, Inc. (NASDAQ:RGLD) and raised the price target to $350 from $345.
According to analysts at the research firm, Royal Gold’s robust royalty and streaming business model provides investors with exposure to high-margin metal sales. That’s evidenced by the company’s impressive 87% gross profit margin, which indicates an efficient model. The research firm also touted the company’s high-quality diversified asset base in a lower-risk jurisdiction.
Royal Gold maintains leverage to commodity pricing and exploration optionality through a string of royalty and streaming agreements. In addition, the company can mitigate downside risk given its limited exposure to operating and capital costs. It also boasts a solid, flexible balance sheet capable of supporting future investments and dividend growth.
Royal Gold, Inc. (NASDAQ:RGLD) is a precious metals streaming and royalty company that acquires and manages streams, royalties, and similar production-based interests. Focused on gold, it finances mining projects in exchange for the right to purchase metals (gold, silver, copper, nickel) produced at a set price, without operating the mines.
