The Mining Cycle

Where to Focus

Gold miners are leading the market once again.

Since January 2025, their performance has far outpaced every other sector.

This could mark one of the most important comebacks in mining history.

So where are we in the bull cycle?

I would argue we are still in the awareness phase.

Investors are looking to gain exposure in their portfolios. Institutions are attending mining conferences. Generalists are beginning to ask questions about these businesses.

Notice, however:

This phase still has little to no media attention and no signs of a frothy M&A cycle.

That comes later.

Here are my thoughts on positioning in mining companies and where to focus.