Report

Mining Monthly: December Edition

What you need to know:
• 2025 marked a decisive breakout for metals, with silver and gold delivering roughly 9x and 4x the YTD return compared to the S&P 500, capped by December highs that saw gold hit a new all-time high.
• Mining equities extended their strength in December, with the GDX (+3.1%), GDXJ (+4.1%), SILJ (+7.5%), and COPX (+11.5%) outperforming broader indices (S&P 500 -0.1%, TSX +1.1%).
• The macro backdrop remains supportive, with markets pricing in aggressive U.S. rate cuts, a ~9% weaker USD YTD, and cooling U.S. and Canadian inflation boosting real asset demand.

The mining sector wrapped up 2025 with a strong December finish, capping a banner year amid escalating geopolitical tensions, shifting monetary policy expectations, and a global pivot toward real asset protection. Precious metals clearly led the trade, with silver and gold delivering roughly 9x and 4x the YTD return of the S&P 500, respectively, and the combined market capitalization of gold and silver expanded by ~$16T. Gold closed the year at $4,324/oz (vs. $2,633/oz at the start of the year), silver at $70/oz (vs. $29/oz), and copper at $5.70/lb (vs. $3.99/lb), highlighting just how dominant real assets were in 2025.

December’s rally was particularly dramatic, amplified by thin year-end liquidity that turned incremental flows into outsized price moves. Silver peaked at $82/oz, extending an eight-month winning streak not seen since 1980, while gold followed closely, reaching $4,580/oz in late December for a fresh all-time high. Platinum also broke out to $2,056/oz, up 128% on the year, amid tightening supply dynamics. These moves reflected more than a typical metals rally, signalling a broad market vote in favour of precious metals as core portfolio hedges in an environment defined by uncertainty and easing financial conditions.

The macro backdrop continues to reinforce this trend. Markets are increasingly pricing in aggressive U.S. rate cuts in 2026, pushing investors toward non-yielding assets, while the U.S. dollar weakened ~9% YTD, its worst performance since 2017. With supply constraints, geopolitical risk, and policy tailwinds firmly in place, the setup for metals heading into 2026 remains highly constructive, reinforcing our view that this cycle has further room to run.
Underlyings
ALLEGIANT GOLD

Amerigo Resources Ltd.

Amerigo Resources is engaged in the production of copper and molybdenum concentrates with operations in Chile. Through its subsidiary, Minera Valle Central S.A., Co. has a contract with Chile's state-owned copper producer National Copper Corporation to process the tailings from El Teniente underground copper mine.

ANDEAN PRECIOUS METALS CORP

CAPITAN SILVER CORP

Copper Fox Metals Inc.

Copper Fox Metals is engaged in the exploration for and development of mining properties in Western Canada.

DYNACOR GROUP INC.

Endurance Gold

Endurance Gold is engaged in the exploration and development of mineral properties in North America and has not yet determined whether its properties contain ore reserves that are economically recoverable. The recoverability of the amounts expended on mineral interests by Co. is dependent upon the existence of economically recoverable reserves, the ability of Co. to obtain necessary financing to complete exploration and development of its mineral properties and upon future profitable production or proceeds from disposition of its mineral interests.

Exploits Discovery Corp.

Forge Resources Corp.

Giga Metals

GIGA Metals is an exploration stage mineral resources company engaged in the acquisition and exploration of mineral properties, primarily in northern British Columbia. Co. has not yet identified any mineral resource on any of its properties that is of a commercially exploitable quantity.

Lion One Metals Ltd.

Lion One Metals is in the business of mineral exploration and development and is focused on the acquisition, exploration and development of mineral resources in Fiji, Australia and Argentina. Co. is in the process of exploring and evaluating its resource properties and has not yet determined whether the properties contain mineral reserves that are economically recoverable. The recoverability of the amounts shown for exploration and evaluation assets are dependent upon the existence of economically recoverable reserves, the ability of Co. to obtain necessary financing to complete the development of those reserves and upon future profitable production.

MAGNA TERRA MINERALS INC

Mineros

Mineros is primarily engaged in the mining of gold, as well as in related activities pertaining to the mining industry in general, including the mining of precious metals, metallic or non-metallic mineral substances or hydrocarbons.

MOON RIVER MOLY LTD

NAMIB MINERALS

Nevada King Gold Corp.

OMAI GOLD MINES CORP

REGULUS RESOURCE

Regulus Resources is an exploration company engaged in the acquisition, exploration and development of mineral resources.

RIO2 LIMITED

Rio2 is in the process of exploring its interests in resource properties and has not yet determined whether these properties contain reserves that are economically recoverable. The recoverability of amounts shown for resource properties and related deferred costs is dependent upon the existence of economically recoverable reserves, confirmation of Co.'s interest in the underlying claims, the ability of Co. to obtain necessary financing to complete the development, and upon future profitable production or proceeds from the disposition thereof.

Sailfish Royalty Corp.

Santacruz Silver Mining

Santacruz Silver Mining is engaged in the operation, acquisition, exploration and development of mineral properties in Mexico, with a primary focus on silver, but also including gold, zinc and lead. Co. is focused on meeting and maintaining its primary production objective of producing approximately 1.5 million silver equivalent ounces on a yearly basis at its producing property, the Rosario Mine. In addition, Co. is exploring three other mineral properties, being the San Felipe Project (an advanced stage project), the Gavilanes Project (an exploration project), and the El Gachi Property (an early stage exploration project).

Spanish Mountain Gold Ltd

Spanish Mountain Gold is an exploration stage company engaged in the acquisition, exploration and development of mineral properties.

Wabi Exploration Inc

Wabi Exploration is engaged in the exploration of minerals.

Provider
Atrium Research Corporation
Atrium Research Corporation

Atrium Research provides institutional quality issuer paid research on North American public equities using deep fundamental analysis. Our research reports are disseminated through Bloomberg, FactSet, Capital IQ, Reuters and many more, as well as through our social media and email distribution lists. 

Analysts
Ben Pirie

Other Reports on these Companies
Other Reports from Atrium Research Corporation

ResearchPool Subscriptions

Get the most out of your insights

Get in touch