The sector gained nearly $80 billion in early 2025, partially recovering from steep losses triggered by trade turmoil following new US tariffs.

Despite the rebound, mining valuations remain about $400 billion below their 2022 peak. The latest snapshot, taken on April 17 to avoid early-quarter volatility, reflects a market lifted largely by precious metals, with gold stocks regaining ground after a sharp sell-off in early April.

Gold’s record-breaking rally — reaching $3,420 an ounce — has reshaped the Top 50 landscape. Six new companies joined the rankings, the highest number of newcomers in a single quarter since MINING.COM began tracking the list. Precious metals now account for a third of the Top 50’s total value, helping Canada overtake Australia in miner valuations for the first time.

Copper producers, however, suffered heavy losses. A sharp fall in copper prices wiped $53 billion off the sector’s value, thinning the ranks of base metal players. Notably, Lundin Mining and Poland’s KGHM fell out of the Top 50, while Lundin Gold entered after doubling its market cap to $10.1 billion.

The rally in gold also pushed up the valuations of South Africa’s Harmony Gold and Goldfields, while Russia’s Polyus and Norilsk Nickel showed resilience despite sanctions and trading restrictions.

In contrast, lithium’s representation collapsed. Once home to six companies, the sector now has just one player in the Top 50 — Chile’s SQM — after sharp price declines erased billions in value. Meanwhile, rare earth companies struggled to make headway, with only China Northern Rare Earth featuring in the rankings.

The shift underlines the growing dominance of gold amid global economic uncertainty, while base metals and battery materials face mounting challenges. More gold miners are expected to enter the Top 50 later this year, especially with Uzbekistan preparing the IPO of Navoi Mining, one of the world’s largest gold producers.