Hot Money Monday: Bell Potter’s mining stock picks for 2025 are worth a look

Gold shines amid central bank buying and rate cuts
Copper holds long-term promise despite short-term bumps
Bell Potter sees these mining stocks as strong 2025 bets

Central banks have been on a gold-buying spree, while interest rate cuts are just beginning.

As a result, gold is having a stellar run and it’s been one of the top-performing commodities of 2024, hitting multiple all-time highs in various currencies.

Throw in geopolitical chaos and the erosion of fiat currencies, and you’ve got a solid setup for gold to keep climbing in the years ahead, said a note out of Bell Potter.

Copper, on the other hand, has had a bit of a bumpy ride lately, due to the back-and-forth over China’s stimulus efforts.

But underneath the noise, the supply-demand fundamentals are still tight, says the brokerage firm.

Copper’s deep involvement in the electrification push has real staying power.

Bell Potter believes that if sentiment dips, that’s your cue to get in because the long-term copper bull is still very much on track.

Against that backdrop, below are the stocks that Bell Potter has flagged as strong opportunities in the base metals and commodities space as we head into 2025:

AIC Mines (ASX:A1M)

AIC Mines is a copper producer with solid growth potential, said Bell Potter.

It’s ramping up its 100%-owned Eloise Copper Project in Queensland.

The mine’s already producing a tidy 12,500tpa of copper and +5000ozpa of gold, and now the plan is to push that up to 20ktpa.

Right now, the stock’s trading at an attractive price, and with a clear growth path ahead, it’s a solid entry point, said the broker.

If you’re looking to add exposure to copper, Bell Potter says A1M’s a no-brainer.

Buy, Price Target $0.60.

Genesis Minerals (ASX:GMD)

Genesis Minerals is a gold producer with serious ambition.

The company’s focused on the Leonora District in Western Australia, where it owns two gold processing plants.

It’s got 15Moz in mineral resources and a clear plan to grow production to 325,000ozpa by FY29, up from 135,000oz in FY24.

With costs on the decline and gold prices supporting the move, Genesis is shaping to have a strong growth platform, said Bell Potter.

The recent restart of its Laverton gold processing plant is a good sign that it’s back on track.

If you’re after growth in gold, GMD’s a solid choice, noted the broker.

Buy, Price Target $2.80.

Gold Road Resources (ASX:GOR)

Gold Road has been through some bumps recently, but it’s now recovering nicely.

The company holds a 50% stake in the tier-1 Gruyere Gold Mine in WA, and after some production hiccups, it’s now looking at a sustainable 175,000ozpa production rate starting in 2025 (on a 50% basis).

GOR’s underperformed some of its peers during the gold price rally, but once production stabilises and it shows that Gruyere’s back on track, the stock could take off, said Bell Potter.

It’s an opportunity to get in before the market fully catches on, Bell Potter said.

Buy, Price Target $2.55.

Santana Minerals (ASX:SMI)

Santana Minerals is flying under the radar at the moment, but this could be one to watch.

The company’s Bendigo-Ophir Gold Project in New Zealand has a high-grade ore reserve of 1.2Moz at 2.4g/t Au.

It’s got low costs, conventional mining methods, and a 10-year mine life.

The project is moving through final studies, and its rapid development could trigger a production re-rating.

SMI’s got a relatively low profile, but with a solid project and rapid path to production, it’s one to keep on your radar, said Bell Potter.

Buy (Speculative), Valuation $1.07.

Nickel Mines (ASX:NIC)

Nickel Mines is no slouch when it comes to nickel production.

With operations in Indonesia, it’s got long-life, low-cost projects, and it’s exposed to the full nickel value chain—both upstream and downstream.

The company’s expanding its production, ramping up from 108,000t in 2023 to 160,000t by 2026, and crucially, it’s doing it in the high-margin HPAL (high-pressure acid leach) space.

NIC’s ability to make money through the entire nickel price cycle is a key factor in its attractiveness.

With rising margins and sustainable dividends on the way, this stock looks set for growth, said Bell Potter.

Buy, Price Target $1.43.

Alpha HPA (ASX:A4N)

Alpha HPA is all about ultra-high-purity aluminium compounds, which have applications in everything from lithium-ion batteries to semiconductors.

The company’s proprietary process is a game-changer, according to Bell Potter, slashing production costs and improving product purity.

Stage 1 of its HPA project is already running in Gladstone, Queensland, and Stage 2 is set to ramp up in 2026, funded with a $400m in debt support and government backing.

The company is playing in high-tech sectors with massive growth potential.

This one’s a speculative buy, but it’s a company with serious upside, said the broker.

Buy (Speculative), Valuation $2.00.

IperionX (ASX:IPX)

IperionX is bringing something fresh to the table with its titanium manufacturing tech, developed at the University of Utah.

This tech could massively disrupt the current titanium supply chain, driving down production costs and reducing waste, said Bell Potter.

The company is starting large-scale production next year in Virginia, and with titanium being crucial to the aerospace and defence sectors, this tech could become very valuable, very quickly.

Right now, the US is heavily reliant on imports for its titanium, and IperionX could be the solution.

It’s a speculative play, but with huge upside potential.

Buy (Speculative), Valuation $5.25.

The views, information, or opinions expressed in this article are solely those of the broker and do not represent the views of Stockhead.

Stockhead does not provide, endorse or otherwise assume responsibility for any financial product advice contained in this article.