3 High-Momentum Gold Stocks Surging on the Metals Rally

April 30, 2025 at 09:30 AM EDT

Key precious metals have been on an incredible run in recent months, fueled by investor uncertainty amid a shifting tariff landscape, trade tensions between the United States and China, and other ongoing geopolitical volatility. Gold has led the way, surging by more than 41% in the year leading to late April 2025, although silver and platinum have also solidly outperformed the broader market during the same time period.

Investors may be able to capitalize on precious metals' continued success through targeted investments in mining companies. There are many mining firms worldwide, but those focused on gold production may have some of the strongest momentum based on gold's history of outpacing the growth of other metals in recent months.

Investors should also note these companies' geographic focuses, as some may be more exposed to tariffs, uncertain regulatory environments, and other sources of turbulence than others.

Three gold mining stocks with robust momentum that may not have yet found a peak include Harmony Gold Mining Co. Ltd. (NYSE: HMY), Perpetua Resources Corp. (NASDAQ: PPTA), and Eldorado Gold Corp. (NYSE: EGO).

Harmony Gold Mining: 81% YTD Growth as Gold Prices Surge and New Copper Project Looms

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Harmony Gold Mining is a South African company with operations throughout the country and the Pacific Rim. With about 81% year-to-date (YTD) returns, Harmony is among the top-performing gold mining firms in recent months. Investors may wonder what has set this firm apart and whether this trend can continue.

Harmony's gold operations are strong; in the first half of its fiscal 2025 (ended in December 2024), the company noted a 19% YoY improvement in group gold revenues to nearly $2 billion. Higher gold prices have significantly benefited the firm's free cash flow. In the first half of the fiscal year, it generated close to $600 million in operating free cash flow, an improvement of 46% over the prior-year period.

The cash flow influx is key as Harmony works to diversify its operations. The company's new copper operations in Queensland, Australia will begin in the coming years. This will substantially de-risk its production profile. In the meantime, while gold prices are skyrocketing, Harmony is positioned to continue to capitalize.

Perpetua Resources: Stibnite Mine Earns White House Backing and U.S. Antimony Supply Leadership

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Perpetua Resources, based in Idaho, benefits from operating at a domestic site, potentially reducing exposure to tariffs compared to mining firms with international operations. Its main project, the Stibnite open-pit gold mine, was designated a transparency project by the White House in April. While the designation aims to streamline regulatory review, it also signals that Stibnite is a key focus among domestic mineral initiatives.

Though the company’s gold operations have helped drive growth—shares are up about 27% year-to-date—its antimony operation may be even more important. Antimony is used in military electronics, batteries, and ammunition. With China restricting exports of critical minerals, Stibnite—potentially the only U.S. source—could supply over a third of the nation’s demand over the next six years.

Eldorado Gold Forecasts 33% Production Surge by 2027, Driven by Skouries Project and Strong Cash Flow

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With active mining operations in Turkey, Canada, Greece, and Romania, Eldorado Gold has built a geographically diversified and strategically positioned portfolio of mineral assets. This diversification not only spreads geopolitical and operational risk but also enables the company to tap into varying regulatory and cost environments to optimize production and profitability. Its mines produce a mix of precious and base metals—including gold, silver, lead, and zinc—enhancing revenue streams and market flexibility.

Despite the upfront capital expenditures and ongoing development costs associated with Skouries, Eldorado demonstrated strong financial discipline. The company generated positive free cash flow in both the final quarter and the full fiscal year of 2024, a testament to effective cost management and robust operational performance at its existing mines. This financial strength was further supported by a 42% year-over-year revenue increase in the latest quarter, driven by higher production volumes, favorable commodity prices, and improved operational efficiencies.

Given these strong fundamentals and growth prospects, it's no surprise that Eldorado Gold’s stock has climbed approximately 19% year-to-date (YTD)

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3 High-Momentum Gold Stocks Surging on the Metals Rally

Harmony Gold Mining: 81% YTD Growth as Gold Prices Surge and New Copper Project Looms

Perpetua Resources: Stibnite Mine Earns White House Backing and U.S. Antimony Supply Leadership

Eldorado Gold Forecasts 33% Production Surge by 2027, Driven by Skouries Project and Strong Cash Flow

Where Should You Invest $1,000 Right Now?

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