Gold (GCG26) posted a 74% rally in 2025, setting multiple all-time highs and adding about $1,700 over the course of the year. The metal climbed from below $2,700 at the start of 2025 to above $4,580 per ounce by year's end. As the new year begins, gold is trading above $4,450 per ounce in early January 2026 — and the uptrend still looks intact.

Central banks are still buying and building reserves even at record prices, while falling U.S. interest rates, a weaker dollar, and elevated geopolitical uncertainty continue to support demand. For investors looking to tap into this gold bull market, mining stocks can offer more upside than owning the precious metal itself. In particular, three names stand out with especially strong Wall Street support: Caledonia Mining (CMCL), Alamos Gold (AGI), and Gold Royalty (GROY).

With many analysts who initially missed the 2025 rally now projecting that prices could reach $5,000 in 2026, which of these three gold stocks deserves a spot in your portfolio for 2026? Let’s take a closer look.

Gold Stock #1: Caledonia Mining (CMCL)

Caledonia Mining (CMCL) is a Zimbabwe-focused gold producer that generates cash from underground mining at its flagship Blanket Mine. The company is also developing open-pit and exploration projects at Bilboes and Motapa to grow output and extend mine life into the next decade. 

Over the past 52 weeks, CMCL stock is up roughly 226%, with year-to-date (YTD) gains near 13%. That makes it one of the stronger performers in the gold space and reflects rising investor confidence in the company's plans. 

Even after that run, CMCL stock trades at a price-to-earnings multiple of about 9.7 times, which points to a cheaper valuation versus the broader materials sector despite solid growth expectations and the added Zimbabwe risk. CMCL also supports shareholder returns, with a forward payout ratio under 20% and a dividend yield of 1.95%, leaving room for both reinvestment and steady income in a gold-focused 2026 portfolio.

Caledonia Mning's third-quarter 2025 results help explain the market’s shift in sentiment. Revenue rose 52% year-over-year (YOY) to about $71.4 million as Blanket produced more than 19,000 ounces and Bilboes added its first ounces. That lifted gross profit to $36.9 million, EBITDA by 162% to $33.5 million, and profit after tax by 467% to $18.7 million. Free cash flow improved to $5.9 million as well, while liquidity reached $44.3 million, which the company is using to fund a $41 million 2025 capital expenditure plan split between sustaining and growth spending at Blanket and continuing work at Bilboes and Motapa. 

The strategy is clear — keep Blanket producing strongly, firm up Bilboes through a definitive feasibility study and drilling, and push Motapa toward a maiden resource in 2026. That should give CMCL both near-term cash flow and longer-term growth potential.

Reflecting that setup, the only analyst currently covering Caledonia Mining rates the stock as a “Strong Buy” with a $45 price target. That implies about 55% potential upside from here.

Gold Stock #2: Alamos Gold (AGI)

Alamos Gold (AGI) is a North America-focused gold miner that generates cash flow from its producing mines, then puts that money back to work in multi-year expansion projects aimed at growing production and improving margins over time, instead of only relying on higher gold prices. 

That strategy has paid off so far. AGI stock is up 119% over the past 52 weeks and 10% YTD, yet the stock still trades at a forward P/E of about 18, roughly in line with the broader materials sector. That suggests that the market is recognizing the growth story but the valuation is not stretched compared to the sector. 

Alamos' dividend is kept small on purpose at a 0.24% yield, and the forward payout ratio is near 9%, which supports a 2026 setup focused more on reinvestment and production growth than income.

The results are also lining up with AGI stock’s movement. In Q3 2025, Alamos produced 141,700 ounces and sold 136,473 ounces at an average realized price of $3,359 per ounce. That helped drive record revenue of $462.3 million and record free cash flow of $130.3 million. 

Operating cash flow reached $265.3 million, while all-in sustaining costs (AISC) fell to $1,375 per ounce. Management expects Q4 production to step up to 157,000 to 177,000 ounces, with a clearer growth inflection starting in 2026 as volumes rise and costs come down. 

The key catalyst is the Island Gold District integration announced in June 2025. This integration combines Island Gold and Magino into one operating plan targeting average production of 411,000 ounces per year starting in 2026 for the first 12 years, alongside mine-site AISC of $915 per ounce. The Lynn Lake project adds another longer-dated growth leg, with project completion “expected in the first half of 2029” and expected annual output of 176,000 ounces.

Analysts remain positive on AGI stock with a consensus “Strong Buy" rating. The $47.22 average price target implies about 12% potential upside from the current price.

Gold Stock #3: Gold Royalty (GROY)

Gold Royalty (GROY) is a precious-metals royalty company. Instead of running mines, it funds miners and earns an agreed share of future production or revenue, which gives investors exposure to gold prices with less direct mine operating risk. 

The market has clearly liked the setup. GROY stock is up 257% over the past 52 weeks and up nearly 10% YTD. 

At the same time, the valuation shows investors are already expecting more growth, with a forward P/E around 74 times, well above the broader materials sector. That is a big premium tied to scaling cash flow as the royalty portfolio grows.

In Q3 2025, Gold Royalty reported revenue of $4.1 million, or $4.6 million including land agreement proceeds and interest, on 1,323 gold-equivalent ounces. It also posted adjusted EBITDA of $2.5 million and positive operating cash flow of $2.4 million. Gold Royalty used that cash to pay down its revolving credit facility, part of a debt reduction plan that management expects to keep running through 2026. 

The biggest near-term shift came from the Pedra Branca deal completed in December 2025, where the company paid $70 million in cash for a royalty on BHP’s (BHP) producing Pedra Branca copper-gold mine in Brazil. The royalty includes a 25% net smelter return (NSR) on gold and a 2% NSR on copper and other products, which expands cash-flow exposure to both metals and adds producing-asset weight to the portfolio.

Analysts stay positive on GROY stock with a consensus “Strong Buy” rating. The $5.11 average price target implies about 14% potential upside from current levels.

The Bottom Line

At this stage of the cycle, CMCL, AGI, and GROY look like three very different but complementary ways to stay long in a gold bull market that still has plenty of macro fuel behind it. With gold holding near record highs and central banks still buying, the path of least resistance for these names over 2026 is probably sideways to higher, punctuated by the kind of sharp pullbacks that have historically rewarded patient dip-buyers. If the price of gold pushes toward the $5,000 zone, the operational leverage at CMCL and AGI, paired with GROY’s growing royalty cash flows, leaves the odds skewed in favor of further share price gains rather than a sustained reversal.