Safe-Haven Demand Drives Gold to Record High, Mining Stocks Usher in a Golden Era

避险需求推升金价创纪录,矿业股迎来黄金时代
Published on: Sep 10, 2025
Author: Amy Liu

Amid global market uncertainties, investors often turn to precious metals as a safe haven. Driven by safe-haven demand fueled by trade tensions, the price of gold hit a record high of $3,600.24 per ounce this month. Metals and mining stocks on the Toronto Stock Exchange (TSX) have performed particularly strongly this year, with a cumulative increase of over 56.9% as of the time of writing. It can be said that 2025 has become a “golden age” for mining stocks, as evidenced by the significant year-to-date gains of companies such as Barrick Mining (TSX:ABX), K92 Mining (TSX:KNT), and DPM Metals (TSX:DPM). The question is, can these gold stocks maintain their strong momentum through the end of the year?

Barrick Mining reported adjusted earnings per share of $0.47 for the second fiscal quarter of 2025, the highest since 2013. The company’s CEO, Mark Bristow, stated, “Barrick remains one of the most attractive investment opportunities in the gold and copper sectors.” Its current share price is $39.37 per share, with a year-to-date increase of over 78.6%, complemented by a 2.1% dividend yield. Due to increased gold and copper production, the company’s total revenue for the quarter rose 16.4% year-over-year to $3.7 billion, while net profit surged 119.2% to $811 million. Free cash flow also increased by 16.2% year-over-year to $395 million. In an still uncertain global environment, this $67.2 billion mining giant has demonstrated robust performance and is poised to achieve even stronger results in the second half of the year, leveraging its current momentum and growth projects.

K92 Mining is rapidly expanding thanks to its high-grade gold mine in Papua New Guinea. The company, with a market capitalization of $3.9 billion, acquired this tier-one asset from Barrick in 2014, and its share price has since risen by 86.8% to $16.21 per share. In the first half of 2025, the company’s revenue surged 123.9% year-over-year to $240.9 million, while net profit skyrocketed by 1,089.1% to $109.4 million. Its exploration activities are fully self-funded, demonstrating strong operational capabilities.

DPM Metals has also delivered impressive performance, with its share price rising over 112.8% year-to-date to $27.60 per share. Investors also benefit from a 0.8% dividend yield. This $6.1 billion mining company has operations in Bulgaria, Ecuador, and Serbia, producing pyrite gold concentrate in addition to gold and copper. In the first half of 2025, the company’s net profit and free cash flow increased by 5% and 22% year-over-year, reaching $115.9 million and $173.7 million, respectively. Diverse and attractive growth options are expected to support continued expansion of future cash flows.

Overall, Barrick Mining, K92 Mining, and DPM Metals all demonstrate sustained growth potential. As safe-haven assets in the current market, these gold stocks are expected to maintain their strong performance through the remainder of 2025.

Gold Mining Precious Metals Silver