Metals equities continue to hold most of their gains heading into the 2025 fourth quarter.
Many have added 30% and more to their market caps from September and August lows. Some far more.
The broad GDXJ Van Eck Junior Gold Miners ETF, as a gauge of the overall rally, is up approximately 40% from its August lows.
Its large miner cousin ETF, the GDX, is also in that 40%-plus gain cousin since its August lows.
Gold is at the $3,900 an ounce level.
Of the ones I track and own, outpacers into the final 2025 quarter include Banyan Gold BYN; EMX Royalty; Elemental Altus Royalty ELE; Alamos Gold AGI; Avino Silver & Gold ASM; C3 Metals CCCM. (I own each of those and most of the ones tagged below.)
Some of these I have owned for multiple years. It is good to see that all are in the plus column. Some on a percentage basis, such as Mexico producer Avino Silver & Gold, are up about 50% since August 2025 lows.
Avino has been mining or in operations in Mexico for 57 years. The company is transitioning into a producer at three locations from one at present.
Mining ETFs, including the GDXJ, recently have added ASM shares (traded on the NYSE American) to their indexes.
Avino’s CEO, David Wolfin, tells me, “Avino is executing on expansion plans, a strong balance sheet, growing margins and is debt free. Avino is un-hedged, enjoying the benefits of higher metal price evidenced with growing margins and free cash flow.”
David credits “strong exploration results, strong cash flow and overall profitability.” Lower mining costs and of course, silver and gold price gains, also are drivers. The silver price is nearing $50 an ounce in futures contracts for the first time ever. Current silver price.
Avino’s boilerplate from its most recently reported (Q2) quarter:
- Revenue: $21.8 million, a 47% increase from Q2 2024; the second-highest quarterly revenue in company history.
- Net income: $2.9 million, or $0.02 per share, up from $1.2 million, or $0.01 per share, in the same period a year ago.
- Costs: Cash cost per silver equivalent ounce was $15.11, down 7% from Q2 2024; all-in sustaining cash cost was under $21 per silver equivalent ounce, an 8% reduction.
There are others in this broad summer-autumn rally for mining stocks that deserve mentions for their rebounding shares. Some of those: CanAlaska Uranium CVV; Xtra-Gold Resources XTG; Aberdeen Platinum Trust PPLT; Sprott Physical Gold & Silver Trust CEF; Newcore Gold NCAU; Vista Gold VGZ; Seabridge Gold SA.
It’s a long list. As that HODL GOLD adage goes, Hold(ing) On For Dear Life will be the challenge for investors with profitable shares.
At some point, mining investors, myself included, must consider taking profits amidst this broad, historically rare rally.
— Thom Calandra
Thom Calandra is a writer and an investor. Research and material are meant as editorial opinion. He is not a professional investment adviser. Please do not consider his reporting as a recommendation to buy or sell securities.