In 2025, the rampaging gold price has dominated the headlines in the resources sector.
Just this week the price of the metal reached new all-time highs after breaking through the US$4,000 per ounce barrier for the very first time.
Overall, the gold price has now risen by about 55% since early January.
Hence, it comes as little surprise that the three biggest gold miners on the ASX have been riding this wave.
Since the start of the year, shares in Newmont Corporation CDI (ASX: NEM) have more than doubled to $133.73 apiece at Wednesday's close.
Evolution Mining Ltd (ASX: EVN) shares have surged by 133% during the same period, and Northern Star Resources Ltd (ASX: NST) has delivered a 60% return.
However, leading ASX 200 lithium stocks have also been generating strong returns but without the fanfare.
Let's take a closer look at how three renowned lithium miners have stacked up against these three gold mining titans over the past six months.
Somewhat surprisingly, it's the lithium stocks that take the cake.
Lithium stocks share price performance over the past six months
Shares in lithium powerhouse Pilbara Minerals Ltd (ASX: PLS) have rocketed by 96% to $2.70 per share.
Fellow Western Australian lithium miner Liontown Resources Ltd (ASX: LTR) has fared even better with its shares ballooning by 119% to $1.03 apiece.
And leading the pack of lithium producers in the past six months is Mineral Resources Ltd (ASX: MIN).
Shares in the company have stormed 166% higher to $43.63 per share at yesterday's close.
Curiously, each of these ASX 200 lithium miners has surpassed the performance of the three pre-mentioned gold mining giants.
Here, Newmont generated a 77% return over the past six months with Evolution notching up a 67% gain. And shares in Norther Star increased by 27%.
So what?
In the past couple of years, macroeconomic headwinds, geopolitical uncertainty, and softening demand all contributed to sour sentiment in the lithium sector.
In turn, the price of the metal tumbled as did the share prices of lithium miners.
However, lithium is still largely considered as one of the most critical metals of the modern era.
Its primary use lies in lithium-ion batteries which power everyday consumer devices and electric vehicles (EVs).
And the metal's strategic importance could be coming into focus once again.
For instance, the US government recently took a 5% position in Canadian outfit Lithium Americas Corp (NYSE: LAC) and its Thacker Pass project in Nevada.
Thacker Pass represents one of the largest lithium resources in the world, according to the company.
The move is widely seen as means for the US to help secure domestic supply of lithium carbonate for the North American battery market.
Elsewhere, a report by Market Research Future Analysis concluded that the value of the global lithium mining market is projected to rise from US$4.19 billion in 2025 to US$17.54 billion by 2035.
The research firm cited the growing global demand for EVs as a key catalyst for this projected surge.
