Riding the Wave: 4 Non-Ferrous Mining Powerhouses Worth Your Attention

The non-ferrous metal mining sector is firing on all cylinders right now. If you’ve been watching copper, silver, and uranium prices, you know the trend is undeniable. These materials just landed on the U.S. Geological Survey’s critical minerals list, signaling serious long-term demand from both green energy initiatives and traditional industries. The question isn’t whether the sector will grow—it’s which companies will lead the charge.

Why This Moment Matters for Mining Stocks

Metal Prices on an Upswing

Copper futures recently hit a four-week peak of $5.1 per pound, up 25% annually. Silver has been even more impressive, surging 84% year-to-date to $53 per ounce, hovering near all-time highs. Gold has climbed 58.8% year-to-date, now trading around $4,150 per ounce. Uranium has pulled back to $77 per pound after touching $84 last month, but supply constraints remain a structural tailwind.

The Fed’s expected rate cuts are adding fuel to the fire, making these metals attractive hedges against currency weakness and inflation concerns.

Supply Constraints Create Long-Term Tailwinds

Here’s the reality: old mines are depleting faster than new ones are coming online. New mining projects are capital-intensive, risky, and take years to develop. This supply deficit will eventually push prices higher. For mining operators that can control costs and ramp production, the window of opportunity is now.

Industry Players Tightening Operations

Mining companies are under pressure to manage escalating costs—labor shortages have pushed wages up, and electricity, materials, and freight expenses keep climbing. The winners? Those investing in digital innovation, alternative energy sources, and operational efficiency. This is separating the leaders from the laggards.

Four Stocks Positioned to Capitalize

Southern Copper (SCCO): The Copper Heavyweight

Southern Copper commands the industry’s largest copper reserve base and operates premium assets across Mexico and Peru. The company is deploying over $15 billion in capital this decade, with $10.3 billion earmarked for Peru—the world’s second-largest copper producer.

Key projects on the horizon include Tía María in Arequipa (120,000 tons of annual copper cathode output), Los Chancas in Apurimac (130,000 tons copper + 7,500 tons molybdenum, production starting 2030-2031), and Michiquillay in Cajamarca (eventually producing 225,000 tons annually for 25+ years).

SCCO shares have rallied 46% this year. Consensus estimates point to 19.9% earnings growth for fiscal 2025, with the estimate climbing 10% over the past two months. The company boasts a long-term growth rate of 20.6% and carries a Zacks Rank #1 (Strong Buy).

Lundin Mining (LUNMF): Execution Machine in Motion

Lundin Mining’s third-quarter results tell the story: copper production, revenue, EBITDA, and earnings all climbed sequentially. The company generated over $1 billion in quarterly revenue with $383 million in adjusted operating cash flow. Most importantly, consolidated copper cash costs hit $1.61 per pound—the lowest quarterly figure this year.

Management has raised full-year copper production guidance to a midpoint of 328,000 tons (up 11,500 tons) and tightened cash cost guidance to $1.85-$2.00 per pound. The company is chasing an ambitious vision: becoming a top-ten global copper producer with annual output exceeding 500,000 tons and gold production surpassing 550,000 ounces.

LUNMF stock is up 111.7% year-to-date. Fiscal 2025 earnings are projected to jump 68.4%, with estimates climbing 25.5% in the past 60 days. Long-term growth potential sits at 43.9%. The stock carries a Zacks Rank #2 (Buy).

Centrus Energy (LEU): Unlocking the Uranium Story

Centrus Energy sits on a $3.9 billion revenue backlog featuring long-term utility contracts extending through 2040. The real excitement lies in its pioneering work on High-Assay, Low-Enriched Uranium (HALEU)—an advanced fuel component critical for powering next-generation reactors as global demand for carbon-free electricity explodes.

The company recently announced plans to massively expand its Piketon, Ohio enrichment plant, adding thousands of centrifuges to scale uranium enrichment production. This multi-billion-dollar initiative represents America’s push to restore domestic uranium enrichment capability.

LEU shares have gained 281.6% year-to-date. Fiscal 2025 earnings are forecast to grow 2.5%, with estimates up 6% over two months. The company has delivered an eye-popping 327.7% average earnings surprise over the trailing four quarters. It currently holds a Zacks Rank #3 (Hold).

Coeur Mining (CDE): Consolidation Play Creating a Giant

Coeur Mining agreed to acquire New Gold, creating a 100% North American precious metals powerhouse ranked among the global top 10. The combined entity will operate seven high-quality mines producing approximately 1.25 million gold equivalent ounces in 2026 (20 million ounces of silver and 900,000 ounces of gold).

Over 80% of combined revenues will stream from the U.S. and Canada. Projected 2026 EBITDA reaches approximately $3 billion with roughly $2 billion in free cash flow—all generated at significantly lower costs and wider margins. This financial firepower will fund organic growth initiatives across New Afton’s K-Zone, Rainy River brownfield exploration, and the companies’ North American portfolio.

Silver will represent 30% of total metal reserves in the combined company, providing meaningful precious metals diversification.

CDE shares have surged 183.1% this year. Consensus estimates project fiscal 2025 earnings to soar 406%, with estimates up 9.3% over the past 60 days. The stock carries a Zacks Rank #3.

Valuation Snapshot

The non-ferrous mining industry trades at a 10.59X trailing twelve-month EV/EBITDA multiple—well below the S&P 500’s 18.43X and the Basic Materials sector’s 13.90X. Over the past three years, the group has ranged from 6.86X to 15.14X with a median of 9.75X, suggesting today’s valuations remain reasonable for a sector positioned to benefit from multiyear metal demand tailwinds.

The industry has outperformed its broader sector over the past year (up 10.1% vs. Basic Materials down 3.6%), though it trails the S&P 500’s 15.8% gain. For investors seeking exposure to the non-ferrous metals boom, these four companies represent a balanced mix of pure-play leverage, operational excellence, and strategic positioning.