In recent years, gold’s popularity has surged again, however, the opportunity that exists in 2026 will not be solely based on the price of the metal itself, but how effectively these gold mining companies turn their higher gold prices into cash flow, discipline and longer term value. Historically, gold mining companies have a history of lagging the price of gold when costs go up or when capital allocation goes awry, which is why selectivity in gold stocks is so much more important than enthusiasm for the metal itself.
The purpose of this article is to identify three gold stocks that I am confident enough in to own today, each of which fills a specific need in a portfolio: a larger capitalized gold company to serve as a stable “anchor” for liquidity and diversification, a best in class gold mining company that has a proven track record of execution and capital discipline and a small, speculative micro-cap gold stock to provide the highest amount of potential for upside torque.
Market Snapshot
While gold mining equities are generally influenced by the gold price, they also reflect other factors that are unique to the industry. These include cost inflation (i.e. diesel, labor, consumables), jurisdictional risk and the capital allocation decisions made by a company’s management team (e.g. buy backs, dividends vs. growth capital expenditures vs. mergers and acquisitions). While a strong gold price environment typically rewards gold mining companies with strong execution and good free cash flow visibility, it punishes those companies with poor cost control and significant dilution.
As such, this article identifies three gold mining companies that fill different needs within a portfolio. The first is a stable and scaled gold stock for the purposes of providing liquidity and diversification. The second is an execution quality gold stock where the market tends to reward companies that consistently deliver results. The third is a high-risk, high-reward micro-cap gold stock designed to provide maximum upside torque in the event that a gold discovery or some other positive development occurs.
The 3 Picks
1) NEWMONT (NYSE:NEM) — CORE SCALE
Role: A stable, scalable gold stock that provides the portfolio owner with exposure to the gold price without dependence upon a single asset.
Why it is here: Newmont is the portfolio “anchor”. Newmont provides gold exposure to the portfolio owner without having them depend upon a single asset.
What I watch: Cost control, operational stability of the overall portfolio and whether or not capital allocation continues to be aligned with the interests of shareholders.
Risk Factors:
- Large-scale operator complexity
- Increased cost inflation
- Risk of downgrading if the company fails to execute its business plan
2) AGNICO EAGLE (NYSE:AEM) — QUALITY EXECUTION
Role: An execution quality gold stock that has traditionally been rewarded by the market for its ability to consistently deliver results.
Why it is here: Agnico Eagle has traditionally attracted the interest of investors that value predictability and the confidence that comes with knowing that the company’s operations and capital allocation are consistent. Consistent delivery of results by the company is likely to result in a premium valuation.
What I watch: Whether or not the company meets expectations, whether or not the company is able to maintain its operating margin and whether or not the company is able to continue returning capital to its shareholders.
Risk Factors:
- Premium valuation is highly sensitive to both positive and negative surprises.
- Any material surprise (either positively or negatively) is likely to quickly compress the company’s premium valuation.
3) GOLDEN RAPTURE MINING (CSE:GLDR) — HIGH-RISK MICRO-CAP TORQUE
Role: A high-risk, high-upside gold micro-cap stock that is designed to generate the largest possible upside if the company discovers gold or experiences some other positive development that creates value for the shareholders.
Why it is here: Golden Raptor is a high-risk gold micro-cap stock whose primary catalyst is the company’s ability to discover gold or experience some other positive development that increases the value of the company’s assets. The upside is extremely high, but so too are the risks of dilution, illiquidity and volatility.
Recent Company-Specific Developments Include:
- Closing of the final tranche of the company’s financing program in late January 2026.
- Disclosure to the exchange regarding the company’s updated share count.
- Continued exploration activities and property positioning in Northwestern Ontario.
What I watch: Financing terms (price + warrants), exploration milestones and whether or not the company is able to maintain a disciplined share structure.
Risk Factors:
- Illiquidity
- Dilution
- High volatility
- Potential that exploration may not lead to economically viable deposits.
Recent News That You Should Know
Golden Rapture Mining (GLDR)
- January 26th, 2026: The company closed the second and final tranche of a financing program that was initially disclosed on December 19, 2025. The financing consisted of 8,495,000 units priced at $0.04 per unit, with attached warrants that could be exercised for a period of 24 months at a price of $0.05 per share. Following the close of the financing, the company stated that it had increased its issued and outstanding common shares to 51,989,390.
- December 30, 2025: The company disclosed that it had closed the first tranche of the same financing program.
- November – December 2025: The company continued to disclose updates on property positioning and land-staking for the Northern Queen Mine property.
Newmont (NEM) & Agnico Eagle (AEM)
When evaluating the large-capitalization gold mining companies, the market is primarily interested in the companies’ quarterly earnings, guidance and capital return initiatives (i.e. buybacks, dividends). If you would like to view this article with more numbers-driven references, the next version of this article will include: Latest quarterly EPS, EBITDA, dividend yield and leverage metrics for each of the large-capitalization companies.
How I Would Size It (Practical)
If I were to construct a balanced portfolio of gold stocks using the methodology outlined in this article, I would allocate approximately 40-45% of my gold exposure to Newmont, approximately 40-45% of my gold exposure to Agnico Eagle and approximately 10-15% of my gold exposure to Golden Raptor.
From a risk management perspective, I would limit my exposure to Golden Raptor to no greater than a high-single digit to low-double-digit percentage of my total gold allocation. This is due to the fact that Golden Raptor is a very volatile and illiquid micro-cap stock.
What Would Make Me Add or Trim
I would look to increase my exposure to gold stocks if the price of gold remains constructive and gold mining companies begin to demonstrate that they can convert the price strength into visible free cash flow, if the costs associated with producing gold stabilize and the company is able to maintain its margin and if Golden Raptor is successful in delivering exploration or asset-level milestones that do not adversely affect its share structure.
I would look to reduce my exposure to gold stocks if the costs of production exceed the current gold price, if the company reports any material guidance misses or operational disruptions, or if Golden Raptor repeatedly raises money at weak prices that further deteriorate its share structure.
Technical Levels & Decision Triggers
When evaluating the large-capitalization gold stocks, I consider technical levels to be secondary decision triggers and not primary decision triggers. However, technical levels are the primary decision trigger when evaluating the micro-cap gold stocks.
Newmont (NEM): Since Newmont recently completed a major advance, the next key support zone for the company is the prior consolidation range of approximately $100-$150. If Newmont is able to sustain a price above this support zone, then the trend is likely to remain constructive. Conversely, if Newmont is unable to sustain a price above this support zone, especially on increasing volume, then the trend is likely to be reversed and I would likely reduce my exposure to the stock. If Newmont is able to complete a decisive breakout and hold above recent highs, then it would reinforce the argument to stay fully invested in the stock, rather than selling into strength.
What would cause me to reverse course on NEM: A combination of a technical breakdown below the support zone and company-specific issues such as increased all-in-sustaining costs or a shift away from shareholder returns would negate the fundamental thesis for NEM.
Agnico Eagle (AEM): Agnico Eagle has historically respected the higher-lows during periods of strong gold prices. As long as Agnico Eagle is able to maintain its price above the zone of its 50-day/100-day moving averages, then the intermediate-term trend is intact. If Agnico Eagle is unable to maintain its price above this zone, especially if accompanied by a failed rally attempt, then it would indicate a pause or potentially a correction.
What would cause me to reverse course on AEM: Technical trend break coupled with operational slippage, margin compression, or changes to the company’s guidance would eliminate the rationale for its premium valuation.
Golden Rapture Mining (GLDR): Due to the fact that Golden Rapture is a micro-cap of this size, the most relevant technical reference point is the recent financing price and the subsequent trading range. Price action above the $0.04-$0.05 area suggests that the market is absorbing dilution. Sustained price action below this area would suggest that the market does not believe the company’s story and would increase the downside risk. Momentum would only be considered legitimate if accompanied by increasing volumes.
What would cause me to reverse course on GLDR: Multiple closes below the financing price, thin volume on rallies or additional dilutive financings without clear signs of progress in exploration would significantly erode the risk/reward and justify exiting the position.
Conclusion
If I had to create a basic three-name portfolio of gold stocks today, I would choose to use Newmont as the core gold stock to provide liquidity and diversified gold exposure, Agnico Eagle as the execution-quality gold stock that has demonstrated the ability to consistently deliver results and Golden Raptor as the small, high-risk, high-upside micro-cap gold stock that is intended to provide the largest amount of upside torque in the event that the company makes a gold discovery or experiences some other positive development.
Marc has been involved in the Stock Market Media Industry for the last +5 years. After obtaining a college degree in engineering in France, he moved to Canada, where he created Money,eh?, a personal finance website.
