Let’s take a closer look at the top three and consider whether there’s still time to join the party.

Hot!

Polar Capital Technology Trust seeks to “cut through the hype” often associated with the tech sector. To do this, it invests in businesses “playing on structural, secular trends”. Unsurprisingly, it only takes positions in companies that are fully embracing AI.

Around 30% of its £7.3bn portfolio is accounted for by the ‘Magnificent 7’, which goes a long way to explaining how its net asset value (NAV) per share increased by 102% during the year ended 30 April, compared to a 55% increase in the trust’s chosen benchmark, the Dow Jones Global Technology Index.

I think the trust’s an excellent way to get a foothold in the tech sector without having to decide who the long-term winners are going to be. Through one shareholding, risk is spread across 101 different companies. And it trades at a 7.5% discount to its NAV.

Despite its stellar run, I think there could be more to come. That’s why I believe it’s a stock that’s still worth considering.

Hotter!!

Antofagasta’s a copper miner based in Chile. And with the metal now an essential part of the manufacturing process for, among other things, electric vehicles and renewable energy infrastructure, the group’s benefitted from a 32% rise in the price of copper over the past year.

However, the price of copper is closely related to the health of the global economy. Any slowdown and earnings in the sector could be badly hit. Adverse exchange rate movements and political instability could also affect the group.

But for now, market fundamentals suggest copper prices are likely to remain at their historically elevated level. Set alongside its huge reserves, high margin, and strong balance sheet, Antofagasta could be one to consider for those prepared to add something at the riskier end of the scale to their portfolios.

Hottest!!!

Fresnillo, the Mexican gold and silver miner, has been the FTSE 100’s best performer over the past year, largely due to the price of these precious metals soaring 34% and 116% respectively.

But investing in the sector is risky. Volatile prices, production interruptions, and geopolitical instability are persistent threats.

However, I believe the long-term outlook for gold and silver is positive with both expected to be in supply imbalance. Central banks are the biggest buyers of the former as they seek to reduce their exposure to the dollar and hedge against expected higher inflation. Data centres and renewable energy are just two of the sectors helping to boost the demand for silver.

Personally, I think the recent pullback in the price of these two precious metals – both are over a third lower than their 52-week highs — makes Fresnillo a stock to consider. However, with erratic commodity prices fundamental to the group’s earnings, investors should be prepared for a bumpy ride.

Should you invest £5,000 in Polar Capital Technology Trust Plc right now?

When investing expert Mark Rogers and his team have a stock tip, it can pay to listen. After all, the flagship Twelfth Magpie Share Advisor newsletter he has run for nearly a decade has provided thousands of paying members with top stock recommendations from the UK and US markets.

And right now, Mark thinks there are 6 standout stocks that investors should consider buying. Want to see if Polar Capital Technology Trust Plc made the list?

James Beard does not hold any positions in the companies mentioned.

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Antofagasta (LSE:ANTO) is a compelling example of a market-beating stock. Since May 2016, the Chilean copper mining giant has delivered an average compounded total return of 29.2% a year.

That means a £1,000 investment made a decade ago is now worth an extraordinary £12,960, all without adding a single penny more. And at the current share price of 3,995p, that same £1,000 today buys 25 shares.

So is it still worth doing?

What’s driven a decade of exceptional returns?

Antofagasta operates four of the world’s largest open-pit copper mines in Chile, producing over 660,000 tonnes annually alongside meaningful volumes of gold and molybdenum as byproducts.

The secret behind those extraordinary returns lies in what copper’s become. Once considered a simple industrial metal, it’s now the backbone of the global energy transition. And it’s essential for electric vehicles (EVs), renewable energy infrastructure, power grids, and data centres.

However, over the past decade, demand has surged while new supply has remained stubbornly constrained.

Building a large copper mine takes 15-20 years from discovery to production, meaning the structural supply deficit’s unlikely to ease anytime soon. In fact, it’s expected to get a lot worse, putting Antofagasta, with its world-class low-cost mines, in a near-perfect position to thrive.

Is the opportunity still intact?

With AI data centres now emerging as a major new source of copper demand on top of EV and grid investment, the structural tailwinds are arguably stronger today than at any point in the last decade.

As such, copper prices are set to climb due to this powerful combination of restricted supply and surging demand. And subsequently, analysts have recently begun raising their earnings and share price expectations.

Just last month, the team of experts at Citi reiterated its Buy recommendation with a share price target of 4,300p, suggesting there could still be more room for growth.

Having said that, it’s important to recognise the risks. Antofagasta’s assets are concentrated entirely in Chile, a country that has been gradually increasing royalties and taxes on its mining sector. Any further regulatory tightening could apply unwanted pressure to the group’s current and future profitability.

Copper prices are also inherently cyclical. A global economic slowdown or a sharper-than-expected deceleration in Chinese industrial activity could weigh heavily on the group’s revenues.

So are these risks worth taking?

The bottom line

Few FTSE 100 stocks have compounded wealth as beautifully as Antofagasta over the last decade. And with the structural case for copper looking more promising than ever, I think the growth story’s far from over.

However, it’s also important to highlight that this growth opportunity hasn’t gone unnoticed. While the analysts at Citi believe more capital gains are on the horizon, other analysts are less bullish, with the average consensus sitting closer to 3,400p.

In other words, a large chunk of future growth’s already baked into the share price, opening the door to volatility if Antofagasta starts to fall short of expectations. With that in mind, this isn’t a FTSE 100 stock I’m rushing to buy today. But it’s definitely a business I’m keeping a close eye on.

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When this kind of combined pressure builds, it often sends share prices tumbling. Scary stuff — but only for those who aren’t prepared.

With a bit of cash set aside, I’ve got my eye on two shares I’ve wanted to buy for some time: Antofagasta (LSE: ANTO) and Games Workshop (LSE: GAW).

Both trade on sky-high multiples — Antofagasta at 37.6 times earnings and Games Workshop at 27.6. That means they’re priced like growth stars, leaving little room for more gains unless everything goes perfectly. That’s a risk I don’t want to take, unless the prices dip a bit.

Here’s why I’m bullish on these two Footsie superstars.

Antofagasta

This Chilean copper miner extracts the precious red metal needed for everything from EVs to power grids. In its latest full-year results for 2025, earnings jumped 55.4% year-on-year and revenue rose 26.3% to $8.6bn. This was thanks to higher copper prices and strong by-product sales like gold and molybdenum.

EBITDA hit a record $5.2bn, up 52%, showing solid cost control even as capex peaked at $3.7bn for growth projects.

Debt-to-equity sits at a manageable 0.74, and a P/E growth (PEG) ratio of 0.69 suggests the high earnings multiple might be justified by expected growth.

However, rising energy costs from oil spikes could squeeze margins. Other risks include copper price drops if a crash hits commodities hard, or delays in big projects like the recent Centinela expansion.

Still, with copper demand set to boom with renewable electricfication trends, I expect big things from Antofagasta.

Games Workshop

Games Workshop designs and sells Warhammer miniatures, books and games — think hobbyists building armies of tiny fantasy warriors. Sounds niche, but it’s wildely popular.

Its half-year results to November 2025 showed core revenue up 17% to £316m, with operating profit rising to £126m on a stellar 69% gross margin. Return on equity (ROE) is an impressive 67.9%, net margin 31.7%, and debt is tiny at just £49m, giving it a solid balance sheet.

Still, the threat of tariffs and supply chain issues could hit costs. The main risk is slowing hobby sales if consumers cut fun spending in a downturn, or flops in new releases like the recent Space Marine games.

Fortunately, the 3.24% dividend yield adds some income on top of growth, and licensing deals like video games promise extra revenue.

Preparation is key

If markets crash, having cash set aside can provide a rare chance to grab these top FTSE 100 names at a bargain. Antofagasta for its high-demand copper growth potential and Games Workshop for its loyal, income-driving consumer base. 

They’re not cheap right now, but a 20%-30% drop would make those valuations far more palatable. That would provide a decent entry point to stock up on two proven earners with promising futures. 

For UK investors, a moderate price dip would make them well worth considering for a long-term growth-focused portfolio.

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The last time I wrote about international engineering group IMI (LSE:IMI) was back in October 2020, when it was still in the FTSE 250. The shares were rebounding from the pandemic and I said they had bags of recovery potential. I was right.

The share price has soared

The IMI share price is up 115% over the last five years and has surged 50% in the last 12 months alone. Dividends are on top.

IMI designs, builds and services specialist fluid and motion control products. As an industrial business, it’s sensitive to economic cycles, but lately that’s been in its favour. IMI is now on track for a fourth consecutive year of mid-single-digit organic revenue growth. Strong cash generation gives it, in CEO Roy Twite’s words, “the flexibility to invest in organic growth, pursue bolt-on acquisitions, and return capital to shareholders”.

The trailing yield is a modest 1.1%. However, the board as an impressive track record of increasing dividends every year since 2004, with the exception of pandemic-stricken 2020, when shareholder payouts were slashed 45%. Sneakily, they were rebased from there, but have climbed steadily since.

The valuation isn’t cheap, with a P/E of 23.5, but it’s not outrageous either. My hesitation is more about timing. If the global economy stumbles, industrials could wobble. Also, broker forecasts put the one-year consensus target at 2,876p, that’s fractionally below today’s price. Targets are only estimates, but they reinforce my suspicion that I may have missed my moment here. Blind spots can be costly. I’ll pay more attention next time.

Antofagasta is back on my radar

It’s also been far too long since I covered Chilean copper miner Antofagasta (LSE: ANTO). Thankfully, others haven’t ignored it. On 8 February, my colleague Zaven Boyrazian said it “is seemingly perfectly positioned to capitalise on the global structural supply deficit for copper”.

Investors clearly agree. The shares are up 110% over the last year, making it the fifth-best performer on the entire FTSE 100.

That said, there have been recent broker downgrades. Morgan Stanley warned about record valuations. Canaccord Genuity suggested investors may find better value in smaller-cap copper names. With the P/E above 40, that’s hardly surprising. Especially in a cyclical sector like mining.

Yet the momentum continues. The Antofagasta share price climbed past 4,000p after last Tuesday’s full-year results (17 February) showed revenue up 30% to $8.6bn and pre-tax profit jumping 53% to $3.16bn, driven by stronger copper and gold prices.

Again, I worry I’m arriving late. Copper demand looks structural, particularly with artificial data centres now peppering the planet. But if AI proves overhyped, or the global economy slows, copper prices could quickly cool. Consensus forecasts produce a one year target of 3,510p. Which is actually 12% below’s today’s figure.

I prefer to buy stocks before they fly, not chase them afterwards. This requires vigilance though, and a willingness to look beyond the same familiar names. There are some great value FTSE 100 stocks to buy today. Time to take the blinkers off.

The post Have I just missed 2 of the best stocks to buy on the entire FTSE 100? appeared first on The Twelfth Magpie.

And given enough time, a portfolio can eventually reach impressive levels that generate equally impressive passive income.

So how large does a Stocks and Shares ISA need to be to generate an extra £750 each month passively? And how long will it take to reach this threshold?

Please note that tax treatment depends on the individual circumstances of each client and may be subject to change in future. The content in this article is provided for information purposes only. It is not intended to be, neither does it constitute, any form of tax advice. Readers are responsible for carrying out their own due diligence and for obtaining professional advice before making any investment decisions.

Crunching the numbers

Earning £750 a month is the equivalent of £9,000 a year. And following the 4% withdrawal rule requires an ISA portfolio to be worth around £225,000.

Needless to say, that’s not exactly pocket change for most people. But the good news is, by drip feeding a small amount of capital each month into an ISA and growing it in line with the stock market’s long-term average, investors can build to this target over time.

When starting from scratch, investing £500 a month at an 8% annualised rate will grow an ISA to £225k in around 17 years.

Let’s speed things up

Waiting around for 17 years is obviously less than ideal. But there are some clever strategies that investors can use to drastically shorten the timeline. And one of the most popular is stock picking. This approach comes with more risk and requires a lot more discipline, diligence and research. But it also opens the door to market-beating returns.

Looking at UK shares over the last 10 years, anyone who spotted the growth potential of Antofagasta (LSE:ANTO) has discovered this firsthand. Including dividends, the mining giant has delivered a staggering 971% total return since February 2016. That’s the equivalent of a 26.8% annualised return – enough to transform £500 a month into just shy of £300,000!

Still worth considering?

As one of the largest copper producers worldwide, Antofagasta is seemingly perfectly positioned to capitalise on the global structural supply deficit for the red metal.

With modern technologies like cars, energy infrastructure, and data centres driving up demand for copper, production’s struggling to keep up. Even with numerous new discoveries, ore grades are proving lower than those of existing mining sites. And with older projects reaching the end of their life, copper prices are steadily rising creating a powerful secular tailwind for this business.

The company is seeking to capitalise on this commodity price momentum by increasing its own production volumes. And providing that the metal price remains strong, that could present a significant boost to both revenue and earnings, paving the way for more market-beating returns.

However, this is far from guaranteed. Even with the global supply constrained, demand may still falter if AI-related spending slows or economic recessions begin to emerge in major copper-consuming markets like China, North America, and Europe. And with Antofagasta shares already carrying a premium valuation in anticipation of incoming growth, such disappointments could spark some significant share price volatility.

Nevertheless, this mining enterprise still holds some exciting growth potential, in my mind. So for investors seeking to build a portfolio to generate a long-term second income, Antofagasta might be worth a closer look.

The post How much do I need in an ISA to earn a £750 monthly second income? appeared first on The Twelfth Magpie.

With all of these catalysts still in play, 2026 could be another year of titanic share price gains. Naturally some blue-chip stocks are likely to perform much better than others.

Barratt Redrow (LSE:BTRW) and Antofagasta (LSE:ANTO) are two FTSE shares I think could take off next year. Wanna know why?

Home run?

Investors still doubt the housing market’s underlying strength, but I think they’ll come around. And when they do, I think housebuilder shares could detonate.

Barratt Redrow is one I think could rebound owing to its rock-bottom valuation. The UK’s largest housebuilder has tumbled 15% in value since 1 January, leaving it trading on a price-to-book (P/B) ratio of 0.7. Any reading below one shows a stock trading below the value of its assets.

Housebuilders are among the most economically sensitive shares out there. So on one hand, it’s understandable that Barratt’s dropped sharply since mid-summer — economic forecasts for the UK haven’t exactly been brimming with confidence.

Yet Barratt’s valuation still looks far too low to me. And as I said at the top, the homes market remains pretty sturdy despite weak economic conditions.

Can the market keep up the momentum though? I think it can, as lending conditions steadily improve. Average rates on two- and five-year mortgages are now at their lowest rate since Liz Truss’ disastrous mini-Budget in 2022, according to Moneyfacts.

This reflects an increasingly bloody rate war among Britain’s lenders. With the Bank of England tipped to keep lowering rates next year, too, I think things will keep getting better for homebuyers.

Barratt’s rock-bottom valuation could attract serious dip-buying interest in this scenario, driving its share price higher.

Getting started?

Antofagasta’s share price has headed in a very different direction in 2025. It’s up a mammoth 84% since 1 January. I think it could just be getting started.

I’m not expecting it to attract attention from bargain hunters like Barratt’s shares. It trades on an high price-to-earnings (P/E) ratio of 31.5 times. But the copper miner could still stride higher as prices of the industrial metal balloon.

Copper is up 32% in the year to date as shrinking supplies have sparked panic buying. With the US stockpiling metal, mine disruptions ongoing, and demand from data centres and the renewable energy sectors booming, 2026 could be another strong year for the red metal.

Citi analysts think prices could hit $14,000 a tonne next year. They were last around $11,600.

I like the idea of buying copper stocks to capitalise on this opportunity. As Antofagasta’s share price action shows, they can rise more sharply in value during bull markets than the metal itself. This reflects the ‘leverage’ effect, where revenues balloon while costs remain unchanged. It’s a blend that can supercharge profits.

There are risks though. Fresh trade tensions and other economic shocks could damage copper demand and therefore prices. Antofagasta is also at risk of profits-sapping production stops, a constant risk for mining companies.

Yet on balance, I think it’s a top FTSE 100 stock — like Barratt — to target large returns next year.

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Yet, despite its strong showing, the bank’s gains look modest beside those of some other UK blue-chip shares. Here are two that I think could continue to outperform Lloyds’ share price and that warrant serious consideration.

The copper stock

Runaway copper prices have driven mining stocks sharply higher this year. Antofagasta (LSE:ANTO), for instance, has leapt 72% in value, driven by the red metal’s ascent to 16-month peaks.

There are risks to the current copper price rally, and by extension to producers of the bellwether commodity. It’s notably cyclical, and is therefore vulnerable to threats like trade tariffs and higher interest rates.

But rising supply problems suggest copper values can continue climbing. Legendary metals trader Kenny Ives thinks they could reach $12,000 per tonne by the end of 2025. They were recently around the $10,600 mark.

Looking further ahead, copper faces growing shortages that could supercharge prices. Wood Mackenzie analysts believe the green energy transition and AI boom will drive copper demand 24% higher between now and 2035.

As a major producer with deep pockets for expansion, Antofagasta is well placed to capitalise on such an environment. It has four working mines in Chile and around half a dozen exploration projects.

City analysts expect the FTSE 100 miner to deliver strong and sustained earnings growth over the next few years at least. They predict it will follow growth of 64% in 2025 with rises of 11% next year and 21% in 2027.

The defence stock

Resurgent defence spending since 2022 has lifted weapons stocks sharply higher as well. Babcock International (LSE:BAB) was initially overlooked by investors, but it’s outperformed the UK stock market’s bigger beasts in 2025 due to its excellent value.

At £11.92 per share, the FTSE 250 company’s up 137% since 1 January. Yet, it still looks cheap in my view, which could open the door for further gains. Its price-to-earnings (P/E) ratio is 22.1 times.

That’s far below the 38.8 times that the broader European defence sector presently commands.

Defence shares are entering a new era of growth as NATO members and partner members rapidly rearm after decades of underinvestment. For Babcock, City analysts are tipping an 8% rise in annual earnings this financial year (to March 2026).

Further healthy increases of 12% and 11% are forecast for fiscal 2027 and 2028 respectively.

I’m not surprised by the City’s bullish estimates. Babcock’s effectively leveraging its expertise across multiple product segments and strong government relationships to seize this opportunity and grow revenues.

The FTSE firm’s order book rose to a robust £10.4bn as of March. It’s targeting mid-single-digit organic sales growth over the medium term and an underlying operating margin of “at least” 9%.

Babcock sources almost 70% of revenues from Britain. This leaves it vulnerable to potential government spending cuts as the UK struggles to balance the books.

But in the current macroeconomic climate, I’m confident demand for its services will continue to surge at home and abroad.

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Among the list of favourites, several FTSE shares are coming up more than once. And that includes:

• Tesco (LSE:TSCO)
• HSBC (LSE:HSBA)
• Antofagasta (LSE:ANTO)

So why are the experts so bullish? And should investors with a spare £3,000 be considering these businesses for their own portfolios?

Opportunities in retail

Let’s start with the UK’s largest supermarket. The analysts at UBS and RBC Capital have recently reiterated their Buy ratings, citing confidence in the group’s operational performance and market share expansion.

Considering Tesco has managed to seemingly fend off the threat of competing discount retailers, it’s easy to see why institutional investors are growing increasingly bullish. Even more so when looking at the group’s latest impressive interim results, which saw profit guidance getting hiked.

Historically, while Tesco hasn’t been 100% immune, the business has usually fared well during economic slowdowns. That’s because, as a staple business, demand for groceries tends to remain strong even in a recession.

So far, Tesco’s Clubcard loyalty scheme has kept value-seeking shoppers flowing through its doors. But in a harsher operating environment, the group may have to ramp up discounting activity to remain competitive with Aldi and Lidl, putting pressure on gross margins.

Mining and banking trends

HSBC and Antofagasta are also coming up on lists from Goldman Sachs, Citigroup, and Berenberg Bank.

Higher interest rates have helped bolster the bank’s profit margins, particularly in Asia, where it predominantly operates. Meanwhile, strong local economic growth has also helped elevate valuations among public and private assets, allowing its large wealth management arm to outperform.

But of course, rising trade tensions between China and the US are creating geopolitical uncertainty. And this is only being compounded by the political issues between Beijing and Hong Kong, where HSBC does a lot of business. If the bank fails to navigate this increasingly complex environment, it could open the door to disruption and volatility.

Another international enterprise grabbing attention is Antofagasta for its copper mining potential. With production volumes being ramped up alongside rising commodity prices, the group’s underlying earnings have skyrocketed in 2025, sending dividends up at the same time.

Given the critical importance of copper in global electrification and data centre infrastructure rollout, institutions are seemingly placing big bets on raw material suppliers of these trends.

But of course, this too has risks. A sudden shift in the supply/demand balance could cause copper prices to reverse, taking Antofagasta’s profits with it. And even if that doesn’t happen, production disruptions at its mines or prospective projects could cause the business to miss targets – a big problem given the lofty price-to-earnings ratio of these shares.

The bottom line

All things considered, there seem to be some promising opportunities here, with Tesco and Antofagasta the most interesting, in my mind. That’s why investors may want to consider taking a closer look at these businesses for their ISAs. But these aren’t the only stocks on my radar today.

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Two outperforming British stocks are Airtel Africa (LSE:AAF) and Antofagasta (LSE:ANTO), delivering total returns of 107% and 73% respectively. So should investors consider adding these businesses to their portfolios? Or is the gold rush over?

Investing in African telecoms

When looking at telecommunication stocks like Vodafone and BT, neither has been a particularly strong long-term performer. But in Africa, where the market’s still largely underdeveloped, companies like Airtel have been making substantial progress.

The company operates a mobile data and payment processing network across 14 African markets, serving 166 million customers. With its fintech arm expanding rapidly and currency exchange rates stabilising, the firm’s revenue and profits have been accelerating, bolstering investor sentiment and enabling its share price to double.

Moving forward, analysts are optimistic this operating momentum will continue, especially now that there’s over $145bn of money moving through its fintech solution. And with management successfully raising profitability, the bull case seems clear.

However, like all investments, there are always risks to consider. And Airtel’s no exception. Favourable currency fluctuations are currently helping the business. However, that could change on a dime.

At the same time, it’s important to recognise that running a mobile data network gobbles up a lot of energy, exposing the group to input inflation risk. And with other rival platforms in the area, including Vodafone, these higher potential costs may not be easily passed along to customers.

Investing in Latin American copper

On a different continent, Antofagasta’s also been making waves. The copper mining enterprise has been ramping up its production volumes while simultaneously bringing down costs. Combining this with rising copper prices has enabled the group’s underlying earnings to jump by 60% with profit margins climbing from 47.2% to 58.8%.

As a result, dividends were more than doubled, and with the business seemingly firing on all cylinders, it’s not surprising to see the share price surge.

Looking to the future, copper demand appears to be strong. The conductive metal’s a critical component in most modern technologies surrounding artificial intelligence (AI), electrification, and energy grid upgrades. And with plans to expand production volumes even further, the company appears well-positioned to capitalise on long-term secular trends.

However, it’s important to recognise that commodity prices are cyclical. And with substantial fixed costs involved in resource extraction, the group’s recent earnings growth could quickly reverse if supply overtakes demand, taking the share price with it.

The bottom line

Out of these two businesses, Airtel Africa seems to have a more compelling investment case. Antofagasta’s delivered impressive results. But with its valuation seemingly dependent on copper prices remaining elevated and a disruption-free production ramp-up, the risk seems to be higher.

Airtel Africa’s certainly not a guaranteed winner and has its own challenges to overcome. But with its scalable mobile money business opening the door to substantial free cash flow generation, I think the stock’s worth a closer look from investors.

The post Meet the UK shares that are massively outperforming the S&P 500 in 2025! appeared first on The Twelfth Magpie.

Fresnillo

Gold stocks have been attracting serious attention this year as yellow metal prices have soared. Silver shares such as Fresnillo (LSE:FRES) have also proven to be lucrative shares to own amid the rush to safe-haven assets.

The Mexican miner has risen a staggering 269% in value in 2025. It reflects the company’s considerable silver exposure, prices of which are rising more sharply than gold bullion.

Fresnillo’s best known as the world’s largest silver producer, though it also has considerable gold assets. In the first half of 2025, it produced 24.9 million ounces of silver and 313,800 ounces of gold.

It’s therefore been in a prime position to also capture the booming silver price. The metal’s up 75% in the year to date and on Thursday (9 October), it breached $50 per ounce for the first time in 40 years.

These gains outshine the 53% increase gold prices have enjoyed. But history suggests silver’s still underbought compared to its more expensive cousin, leaving the potential for further spectacular gains.

The gold:silver ratio — which measures how much silver is required to purchase one ounce of gold — sits at 80:1. This is still a long way below the long-term average of 60:1.

Silver prices would need to reach $67, up almost $17 from today, to bring it in line with the long-term average relative to the current gold price. Remember though, that both precious metals could fall in value if demand for safe-haven assets weakens.

City analysts expect Fresnillo’s earnings to soar 552% in 2025, and by another 13% next year. I think it’s worth a close look despite the high-risk nature of metals mining.

Antofagasta

It’s not just demand for store-of-value metals that’s heating up either. Supply shortages in the copper market is supercharging prices here, too — the red metal’s touched 16-month highs above $11,000 a tonne in recent hours.

As with gold stocks, this is powering copper producers including Antofagasta (LSE:ANTO) higher. This FTSE 100 miner has risen 71% in value in the year to date.

Significant material shortages are emerging as major mines endure issues including natural disasters, social unrest, mine collapses and disappointing ore grades. Codelco — which is the world’s largest copper miner by output and reserves — produced just 93,400 tonnes in August, the lowest since records began in 2003.

With ongoing interest rate cuts boosting industrial metal demand, speculation of a hefty deficit in copper next year is growing. News of faster-than-expected supply fixes could pull prices lower again, and with it the likes of Antofagasta. But a significant market improvement remains off the table for now.

City analysts expect Antofagasta’s annual earnings to soar 26% in 2025, and to rise another 4% in 2026. The business plans to produce 660,000-770,000 tonnes of copper this year, and is hoping to raise this to 900,000 tonnes in the next few years. This could make it an excellent growth stock to consider holding beyond the immediate future.

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