If 2025 had a theme, it was precious metals having their moment. Gold and silver both rocketed to significant new all-time highs, and the companies mining them followed suit. But it wasn't just the shiny stuff that delivered – lithium and steel stocks also crushed their benchmarks. Looking back at a commodity-focused watchlist from early 2025, the overall portfolio returned 281%. Not bad for a year most people started with economic uncertainty.
Here's what happened with four stocks that rode the commodity wave, from direct lithium extraction in West Texas to gold discoveries in Quebec.
LibertyStream Infrastructure Partners: Lithium Extraction Gets Real
LibertyStream Infrastructure Partners (VLTLF) – which started the year as Volt Lithium before rebranding to appeal to the administration's commodity independence agenda – had a transformative 2025. The company ramped up its direct lithium extraction testing in a big way, processing over 350,000 barrels of brine and running more than 2,500 tests.
The payoff came in December when the company achieved its first lithium carbonate output from a Texas Permian refining unit. The facility is sized at around 10 tons per annum of battery-grade product – modest for now, but a proof of concept for the technology.
What really caught attention was CEO Alex Wylie's approach to overseeing operations: he spent months living in a camper in the Permian Basin. The boots-on-the-ground leadership style made industry news and underscored the project's hands-on management.
The company is still pre-revenue, but as one of the leaders in DLE technology, it's positioned for a production ramp-up and pivot to commercial sales in 2026. LibertyStream stock climbed 295% year-to-date.
Northern Superior Resources: Ounces in the Ground, Then a Corporate Exit
Northern Superior Resources (NSUPF) spent 2025 proving out its gold deposits at the Chibougamau camp. Early in the year, exploration delivered intercepts as high as 12 grams per ton of gold. By June, outstanding results continued rolling in, demonstrating that mineralization extended well beyond the existing pit shell. The growth potential was becoming undeniable.
That work paid off in October when IAMGOLD Corp (IAG) agreed to acquire the company. The deal structure included 0.0991 IAMGOLD shares plus 0.19 Canadian dollars in cash per share, along with a spin-out of ONGold at 0.1957 shares per Northern Superior share. The transaction closed on December 19.
For shareholders, the 2025 return was 493.75%. Not a bad outcome for a junior gold explorer that successfully proved up its asset and found a buyer willing to pay for it.
Sierra Madre Gold and Silver: Production Restart and Expansion Plans
Sierra Madre Gold and Silver (SMDRF) transitioned into production mode in 2025. The company's La Guitarra mine restarted commercial production in January, producing approximately 165,000 silver-equivalent ounces. Earnings climbed from $4.8 million to $5.5 million over three quarters, helped along by higher precious metals prices.
But the real story is about what's coming next. The company plans a plant expansion that will boost capacity from 500 tons per day to 750-800 tons per day by mid-2026, and then to 1,200-1,500 tons per day by 2027.
On top of that, Sierra Madre agreed to acquire the Del Toro Silver Mine from First Majestic Silver Corp (AG). The deal includes three fully permitted underground sites and a 3,000 tons per day processing circuit – a substantial expansion of the company's production footprint.
The stock gained 300% year-to-date as investors priced in both current production and future growth.
Friedman Industries: Steel Gets a Tariff Boost
Friedman Industries (FRD) had a slower start to 2025. First-quarter earnings, which reflected the company's fiscal third quarter, showed a net loss due to pricing pressures and weak order activity. Political uncertainty had many businesses in wait-and-see mode, which dampened demand.
That changed in the second quarter. Sales volumes surged to 166,500 tons and steel prices rose amid tariff pressures, bringing earnings back into positive territory.
The defining moment for Friedman came in September with the acquisition of Century Metals & Supplies. The deal brought new product lines, advanced processing capabilities, and access to new markets – particularly in Florida. It was a strategic move that diversified the company's geographic footprint and customer base.
Friedman Industries stock gained 35.19% year-to-date. While that's the smallest return of the four stocks on this list, it's still a solid performance for a steel processor navigating a volatile pricing environment.
Looking across these four companies, the common thread is operational progress. Whether it's proving up reserves, restarting production, achieving technical milestones, or making strategic acquisitions, each company moved the ball forward in tangible ways. And in 2025's commodity-friendly environment, the market rewarded execution.
