As market uncertainties continue to thrive, gold continues to be viewed as a secure investment option. Thus, investors could scoop up shares of fundamentally stable gold miners stocks, Barrick Gold Corporation (GOLD), Alamos Gold Inc. (AGI), and Kinross Gold Corporation (KGC), which are showing significant upside potential.
Gold glitters brightest in turbulent times, offering a steadfast refuge amid economic storms. Its appeal goes beyond ornamentation, thriving in industries like electronics and healthcare. This versatility, combined with its enduring allure, has fueled a consistent climb in value, marking it as a prized asset across centuries.
In 2024, gold is shining like never before, reaching 40 record-breaking highs. Global sales have surged 28% year-to-date, delivering the metal’s strongest annual performance in over a decade. The World Gold Council forecasts continued growth in 2025, albeit at a steadier pace, solidifying gold's status as a reliable asset.
The numbers are as dazzling as the metal itself. It has outpaced major asset classes this year, driven by investment demand through over-the-counter trades, amplified by geopolitical uncertainty and volatile financial markets.
Central banks have played their part, ramping up gold reserves with renewed vigor since October. This trend mirrored the actions of investors in the third quarter, who turned back to gold as central banks began slashing interest rates, underscoring its role as a safe and strategic investment.
So, let us dive deep into the fundamentals of three Miners - Gold, starting with #3.
Stock #3: Barrick Gold Corporation (GOLD)
Headquartered in Toronto, Canada, GOLD explores, develops, produces, and sells gold and copper properties. The company also engages in exploring and selling silver and energy materials.
On November 22, GOLD announced a substantial increase in its mineral resource estimate for the Fourmile project in Nevada. Indicated resources surged by 192%, inferred resources grew by 137%, and the 2023 year-end estimate rose by 35%, boosting GOLD’s growth potential through enhanced resource availability.
On October 2, GOLD announced the launch of the Super Pit development at Barrick’s Lumwana copper mine by Zambian President Hakainde Hichilema and his cabinet. The milestone reinforces GOLD’s commitment to expanding its copper operations, driving growth, and strengthening its position in the global copper market.
For the fiscal 2024 third quarter that ended September 30, GOLD’s revenues increased 17.7% year-over-year to $3.37 billion. Its attributable EBITDA grew 20.6% from the year-ago value to $1.29 billion. Additionally, the company’s adjusted net earnings and adjusted net earnings per share rose 26.6% and 25% from the prior year’s quarter to $529 million and $0.28, respectively.
Analysts expect GOLD’s revenue and EPS for the fiscal fourth ending December 2024 to increase 36.7% and 68.9% year-over-year to $4.18 billion and $0.46, respectively. In addition, the company surpassed the consensus revenue and EPS estimates in three of four trailing quarters.
Shares of GOLD have surged 4.7% over the past six months and 9.8% over the past nine months, closing the last trading session at $17.17. Its 12-month price target of $23.75 reflects a 38.3% potential upside.
GOLD’s POWR Ratings mirror its sound fundamentals. The stock has an overall rating of B, translating to a Buy in our proprietary rating system. The POWR Ratings are calculated by taking into account 118 different factors, with each factor weighted to an optimal degree.
GOLD has a B grade for Growth and Quality. Within the Miners - Gold industry, GOLD is ranked #14 out of 42 stocks.
In addition to the POWR Ratings highlighted above, you can check GOLD’s ratings for Momentum, Value, Sentiment, and Stability here.
Stock #2: Alamos Gold Inc. (AGI)
AGI, based in Toronto, Canada, acquires, explores, develops, and extracts precious metals, focusing mainly on gold. It operates the Young-Davidson and Island Gold mines in Ontario, the Mulatos mine in Sonora, Mexico, and the Lynn Lake project in Manitoba, creating a strong, diversified portfolio.
On September 12, AGI released its updated three-year production and operating guidance, reflecting the successful integration of the Magino mine. The acquisition boosted 2024 consolidated production guidance by 13%, with over 20% increases forecasted for 2025 and 2026, solidifying AGI’s robust growth trajectory and expanding its operational footprint.
On September 4, AGI unveiled results from a positive internal economic study for its Puerto Del Aire project in Sonora, Mexico’s Mulatos District. The study highlights average annual gold production of 127,000 ounces during the first four years and 104,000 ounces over the mine’s life, based on 2023 reserves.
The strong production outlook reinforces AGI’s growth strategy and financial health. By capitalizing on its robust mineral reserves, AGI is well-positioned to enhance profitability and sustain long-term operational success.
For the fiscal 2024 third quarter that ended September 30, AGI’s operating revenues increased 40.9% year-over-year to $360.90 million. Its earnings from operations rose 121.9% from the year-ago value to $183.30 million. Moreover, the company’s net earnings and EPS grew 114.5% and 100% from the prior year’s quarter to $84.5 million and $0.20, respectively.
For the fiscal fourth quarter ending December 2024, Street expects AGI’s revenue and EPS to increase 53.3% and 119% year-over-year to $390.29 million and $0.26, respectively. Additionally, the company topped the consensus revenue and EPS estimates in three of the four trailing quarters.
AGI’s shares have surged 22.7% over the past six months and 48.8% over the past year to close the last trading session at $19.55. The stock’s 12-month price target of $25.51 reflects a 30.5% potential upside.
AGI’s bright prospects are reflected in its POWR Ratings. The stock has an overall rating of B, which translates to a Buy in our proprietary rating system.
AGI has a B grade for Growth, Sentiment and Quality. Within the Miners - Gold industry, it is ranked #13 out of 42 stocks.
To access AGI’s Momentum, Stability, and Value ratings, click here.
Stock #1: Kinross Gold Corporation (KGC)
Based in Toronto, Canada, KGC acquires, explores, and develops gold properties. The company has several operational mines and projects, including the Fort Knox mine and the Manh Choh project in Alaska, the Round Mountain and the Bald Mountain mines in Nevada, La Coipa, the Lobo-Marte project in Chile, and more.
On September 10, KGC announced the completion of a preliminary economic assessment of its Great Bear project. The project is expected to produce over 500,000 ounces per year during the first 8 years and has an initial planned mine life of approximately 12 years.
This assessment is a testament to KGC's promising growth prospects by expanding its production and strengthening the company’s position in the gold mining industry.
For the fiscal third quarter that ended September 30, 2024, KGC’s metal sales increased 29.9% year-over-year to $1.43 billion. Its operating earnings rose 142.1% from the year-ago value to $547.70 million.
Moreover, adjusted net earnings attributable to common shareholders and adjusted net EPS grew 106.6% and 100% from the prior year’s quarter to $298.70 million and $0.24, respectively.
The consensus revenue and EPS estimates of $1.49 billion and $0.24 for the fiscal fourth quarter ending December 2024 exhibit a year-over-year rise of 33.9% and 119.9%, respectively. Moreover, the company topped the consensus revenue and EPS estimates in all four trailing quarters, which is impressive.
The stock has surged 34.4% over the past six months and 79.1% over the past year to close the last trading session at $10.05. KGC’s 12-month price target of $11.91 reflects an 18.5% potential upside.
KGC’s POWR Ratings reflect its strong prospects. The stock has an overall rating of A, equating to a Strong Buy in our proprietary rating system.
KGC has an A grade for Growth and Quality and a B for Value and Sentiment. Within the Miners - Gold industry, it is ranked #3 out of 42 stocks.
Click here to access KGC’s ratings for Stability and Momentum.
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GOLD shares were trading at $17.06 per share on Friday morning, down $0.11 (-0.64%). Year-to-date, GOLD has declined -2.20%, versus a 28.78% rise in the benchmark S&P 500 index during the same period.
About the Author: Aanchal Sugandh
Aanchal's passion for financial markets drives her work as an investment analyst and journalist. She earned her bachelor's degree in finance and is pursuing the CFA program. She is proficient at assessing the long-term prospects of stocks with her fundamental analysis skills. Her goal is to help investors build portfolios with sustainable returns.
3 Gold Miners Glittering with High Upsides StockNews.com
