Gold Mining Rally in 2026: Why NEM, GFI, KGC Are Worth Your Attention

The Setup: Gold Prices Holding Near All-Time Highs

Gold miners just posted record Q3 earnings, and with bullion still trading at peak levels, the sector isn’t done running. But which stocks deserve your portfolio slot?

Instead of chasing every junior miner, focus on companies with rising earnings estimates + attractive valuations. Using growth-value screening (PEG ratio <1.0), here’s what separates the wheat from the chaff.

1. Newmont (NEM): The Safe Play

World’s largest gold miner—sometimes boring is beautiful.

• Earnings growth: +71.3% in 2025, +22% in 2026
• Q3 free cash flow: Record $1.6B
• Debt reduction: Paid down $2B in one quarter
• Valuation: Forward P/E of 14, PEG 0.5
• Rating: Zacks Rank #2 (Buy)

This isn’t about discovering hidden gems. Newmont’s balance sheet is fortress-like, and the cash generation is undeniable. If you want stability with upside, this checks the boxes.

2. Gold Fields (GFI): The High-Growth Gem

South Africa-based miner, but the numbers speak globally.

• Earnings growth: +136.4% in 2025, +48.1% in 2026
• Net debt: Down $696M to $791M (end of Sep 2025)
• Valuation: PEG ratio just 0.26 (screaming undervalued)
• Dividend yield: 1.7%
• Rating: Zacks Rank #1 (Strong Buy)

The PEG ratio here is the real story—sub-0.3 means you’re getting explosive earnings growth at a bargain-basement price. Plus, it’s throwing cash back to shareholders.

3. Kinross Gold (KGC): The Shareholder-Friendly Play

Canadian miner showing off fortress cash generation.

• Earnings growth: +139.7% in 2025, +23.9% in 2026
• Q3 free cash flow: Record $700M
• Net cash position: $485M (rare for miners)
• Shareholder returns: Just raised dividend 17%, upped buyback to $600M
• Valuation: PEG ratio 0.43
• Rating: Zacks Rank #1 (Strong Buy)

Kinross is doing something miners rarely do well—generating real cash and actually returning it. The recent dividend hike + $600M buyback signal management confidence.

The Pattern: All Three Tick the Box

Earnings exploding, valuations compressed, balance sheets improving. This doesn’t happen every cycle. Gold at multi-year highs is fueling the tailwind, but execution is carrying the torch.

Bottom line: If gold’s here to stay, these aren’t speculative plays—they’re cash machines trading at 2024 prices.