2 Mining Stocks to Buy in March

Mining stocks in general have been on the decline since just after the U.S. and Israel attacked Iran on Feb. 28. Normally, gold and other precious metals are seen as safe-haven assets in times of uncertainty, and initially, mining stocks surged in the wake of the attack.

However, when it became clear that the ongoing hostilities would result in oil supply disruptions that would push Brent crude to more than $100 a barrel, mining stocks slumped. That's because rising costs for energy mean higher inflation, and possibly even interest rate increases, and precious metals tend to underperform during periods of high or rising interest rates.

Not all mining stocks have been taking a header, though. Canadian players Agnico Eagle Mines (NYSE: AEM) and Wheaton Precious Metals (NYSE: WPM) are up more than 19% and 22%, respectively, so far this year, even as the S&P 500 is down more than 3%.

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Agnico Eagle Mines provides stability and growth

Agnico Eagle is Canada's largest mining company and the second-largest gold producer in the world behind Newmont. One of the most compelling reasons to favor it is its low-risk jurisdictional profile, as the company operates primarily in stable countries such as Canada, Australia, and Finland, which provides it with a significant safety premium during times of intense geopolitical conflict in the Middle East.

In 2025, Agnico reported earnings per share (EPS) of $8.89, up 135%, and earnings before interest, taxes, depreciation, and amortization (EBITDA) of $8.8 billion, up 89%. The company demonstrated strong operational efficiency by keeping its all-in sustaining costs for gold at $1,339 per ounce, well below many peers. That's allowing it to capture even higher margins as gold prices have surged past $5,000 per ounce.

The company also boosted its 2026 quarterly dividend by 12.5% after returning a company record $1.4 billion to investors in 2025 through dividends and share buybacks. Even with that payout increase, however, its yield is only 0.8%, and its payout ratio is only 18%, so more hikes could be in the future.

Agnico is actively buying up other mining companies, including O3 Mining, which it acquired a year ago. It has also recently taken equity stakes in Perpetua Resources and other Canadian junior mining companies.

Over the next three years, Agnico is predicting stable annual gold production of 3.3 million ounces to 3.5 million ounces.

Wheaton Precious Metals has momentum

Wheaton doesn't do the actual mining. As a metals streaming and royalty company, it provides upfront capital to mining companies that allows them to fund the buildout of a mine's operations. In return, the streamer gets the rights to buy a percentage of that mine's future production at a fixed, low cost. Wheaton holds active streaming agreements on 23 operating mines.

The company just increased its quarterly dividend by 18% to $0.195 per share. Its yield, like Agnico's, is low -- just 0.5% -- and its payout ratio is less than 21%, leaving room for further dividend hikes.

In 2025, Wheaton's revenue rose 80% to a record $2.3 billion. Its net earnings increased by 178% to $1.5 billion, adjusted net earnings rose 114.5% to $1.4 billion, and operating cash flow was up 85.4% to $1.9 billion -- all record results. EPS was $3.24, up 178% over 2024.

The company produced 690,000 gold-equivalent ounces in 2025, the company said on its fourth-quarter earnings call. The company's diversified streaming assets include the Salobo mine in Brazil, operated by Vale, Antamina in Peru, operated by BHP Group and Glencore, and the Peñasquito mine in Mexico, operated by Newmont. It is also seeing rising production from its Blackwater and Goose mine interests in Canada.

The combination of higher margins and greater operational efficiency pushed the company's gross margin up by 108% to $1.7 billion. Nearly all of its revenue was from gold (62%) and silver (36%).

Look past the recent gold slide to see opportunity

The long-term prospects of both Agnico Eagle and Wheaton Precious Metals are being bolstered by a significant structural bull market in gold, which saw prices exceed $5,000 per ounce in early 2026. Analysts from Goldman Sachs and Bank of America recently issued price targets for gold as high as $6,000 per ounce for late 2026, pointing to a favorable backdrop for both companies.

Agnico Eagle has transitioned from a mid-tier miner to a "senior" producer with a uniquely low-risk jurisdictional profile (primarily Canada, Australia, and Finland).

Because its purchase costs are fixed (and average near $400 per ounce for gold), Wheaton is capturing almost 90% of the recent gold price surge as pure profit.

James Halley has positions in Newmont. The Motley Fool recommends BHP Group. The Motley Fool has a disclosure policy.