Canadian Gold Stocks – Top TSX Gold Stocks for February 2025

Key takeaways

Canada remains a gold mining powerhouse – With some of the world’s largest and most efficient gold producers, Canada continues to be a key player in the global gold market, offering investors diverse opportunities ranging from senior producers to royalty companies.

Gold prices drive profitability, but company strategy matters – While gold price fluctuations impact all miners, companies with low production costs, strong balance sheets, and smart acquisitions (like Agnico Eagle and Barrick) are better positioned to thrive in any market environment.

Diversification within the gold sector offers different risk-reward profiles – Whether you want the stability of a royalty company like Franco-Nevada, the growth potential of mid-tier miners like B2Gold, or the high-grade focus of Wesdome, investors can build a balanced gold portfolio to match their risk tolerance.

3 stocks I like better than the ones on this list.

Investing in precious metal mining stocks is an extremely popular endeavor. And while some industries are more volatile than others, like lithium miners, gold investors finally have something to cheer about.

Why have physical gold and Canadian gold stocks made a comeback?

Market volatility and the shaky outlooks of future government policy, primarily.

We watched Canadian tech stocks soar during lockdowns and ultra-low interest rate environments while even though it was the perfect environment for gold to soar, it didn’t. This left many investors frustrated. During periods of high inflation and high government spending, gold should rise, shouldn’t it?

However, fast forward to 2024/2025 and many investors are finally starting to realize the benefits of their purchase, as gold is soaring to new highs on a monthly basis. Uncertainty when it comes to government spending and the state of the economy is causing investors to flood to gold.

More uncertainty = higher gold prices

If you’re new to buying stocks, you may not know that gold bullion has long been considered a haven for investors in times of uncertainty.

In the face of recent volatility and uncertain geo-political environment, investors have begun to once again warm to the precious metal. This bodes well for the top gold stocks and the price of gold overall.

There is also another catalyst that can support gold’s price. Industry experts believe we reached peak gold in 2017, which means that moving forward, world gold extraction will decline. There has been a significant decrease in exploration, and the lack of reserve replacements has experts leaning bullish.

After years of underperformance, gold has finally broken out to the upside and is regaining its swagger as a stable metal. The S&P/TSX Global Gold Index has outperformed the TSX Index over the last few years.

Considering gold makes up a ton of Canadian stocks on the TSX, it’s essential for the Index that they succeed.

Lets go over what I believe are some of the best gold stocks in the country today.

One of Canada’s largest gold producers

Agnico Eagle Mines (TSE:AEM)

Agnico Eagle is a leading gold miner with operations across Canada, Finland, Australia, and Mexico. The company has built a reputation for consistent production growth, a strong balance sheet, and a shareholder-friendly dividend policy. With its recent merger with Kirkland Lake Gold, Agnico has strengthened its position as one of the biggest and most efficient gold miners in Canada.

P/E: 49.6

5 Yr Revenue Growth: 25.8%

5 Yr Earnings Growth: -%

5 Yr Dividend Growth: 30.5%

Yield: 1.6%

  • One of the lowest-cost producers in the industry, ensuring stable margins.
  • Recent merger with Kirkland Lake Gold increases production and synergies.
  • Strong presence in politically stable jurisdictions, reducing geopolitical risk.
  • Long mine life across key assets, ensuring sustained production for years.
  • Robust dividend history, appealing to income-focused investors.
  • Consistently growing reserves through exploration and acquisitions.
  • Gold Prices: Like all miners, Agnico’s profitability is heavily linked to gold prices.
  • Operational Synergies: Investors should watch how well the Kirkland Lake merger delivers efficiencies.
  • New Mine Development: Future production depends on new discoveries and mine expansions.
  • Dividend Growth: AEM has a strong track record of dividend payments, but will it continue?
  • Cost Inflation: Rising fuel, labor, and material costs could squeeze margins.
  • Regulatory Changes: Mining regulations could impact operations, especially in Canada.
  • Exploration Uncertainty: New discoveries are never guaranteed.
  • Currency Fluctuations: The company’s global operations expose it to exchange rate risks.

A global gold mining powerhouse

Barrick Gold Corp (TSE:ABX)

Barrick Gold is one of the world’s largest gold mining companies, with operations spanning North and South America, Africa, and the Middle East. The company is known for its large-scale mines, strong cash flow generation, and a history of strategic partnerships to maximize value. Barrick’s commitment to reducing debt and increasing shareholder returns makes it an attractive play in the gold sector.

P/E: 18.8

5 Yr Revenue Growth: 10.4%

5 Yr Earnings Growth: -%

5 Yr Dividend Growth: 28.3%

Yield: 2.3%

  • A globally diversified miner with major projects on multiple continents.
  • Significant exposure to copper, adding revenue diversification.
  • Focus on cost discipline and operational efficiency.
  • Strong balance sheet with a commitment to reducing debt.
  • Regular dividend payouts tied to gold price performance.
  • Expanding reserves through exploration and acquisitions.
  • Copper Prices: Barrick is increasingly exposed to copper, an industrial metal with its own market dynamics.
  • Mergers & Acquisitions: Barrick has a history of strategic deals—more could be on the horizon.
  • Gold Production Costs: Maintaining low all-in sustaining costs (AISC) is key to profitability.
  • Geopolitical Risks: Operating in Africa and the Middle East comes with some risks.
  • Gold Price Volatility: As a pure-play gold miner, Barrick is highly sensitive to price swings.
  • Jurisdictional Risk: Mines in high-risk regions could face political instability.
  • Environmental & Social Regulations: Stricter policies could impact future operations.
  • Operational Disruptions: Labor strikes or equipment failures could hurt production.

A mid-tier gold producer with global exposure

B2Gold (TSE:BTO)

B2Gold is a rapidly growing gold producer with mines in Africa, the Philippines, and Central America. The company has built a strong track record of ramping up production while maintaining relatively low costs. With a debt-free balance sheet and growing free cash flow, B2Gold has positioned itself as one of the more attractive mid-cap gold plays.

P/E:

5 Yr Revenue Growth: 13.9%

5 Yr Earnings Growth: -12.2%

5 Yr Dividend Growth: -%

Yield: 6.3%

  • Strong production growth, particularly from African assets.
  • One of the lowest-cost producers among mid-tier miners.
  • Debt-free balance sheet allows for more financial flexibility.
  • Strategic exploration efforts to extend mine life.
  • Shareholder-friendly dividend despite being a mid-cap company.
  • Potential for further acquisitions to expand production base.
  • Mine Expansion: B2Gold is actively expanding its key mines, which could drive future growth.
  • Dividend Sustainability: The company pays a dividend, but will it maintain this policy?
  • Exploration Success: Discovering new gold reserves is crucial for long-term growth.
  • Geopolitical Risks: Operating in Africa brings both opportunities and challenges.
  • Political Instability: Mines in Mali and other emerging markets carry added risk.
  • Gold Price Dependence: As a pure-play gold miner, revenues fluctuate with gold prices.
  • Project Delays: Expanding existing mines comes with execution risks.
  • Currency Risk: Operating in multiple countries exposes B2Gold to foreign exchange volatility.

A high-grade gold producer in Canada

Wesdome Gold Mines (TSE:WDO)

Wesdome Gold Mines is a smaller, high-grade gold producer focused on Canadian assets, including the Eagle River and Kiena mines. The company has built a strong reputation for producing high-grade gold with a focus on operational efficiency. Investors looking for exposure to a smaller, pure-play Canadian gold stock may find Wesdome an attractive pick.

P/E: 26.6

5 Yr Revenue Growth: 23.5%

5 Yr Earnings Growth: -%

5 Yr Dividend Growth: -%

Yield: -%

  • Pure-play Canadian miner, reducing geopolitical risk.
  • High-grade gold deposits result in strong margins.
  • Ongoing expansion at Kiena mine could significantly boost production.
  • Low-cost operations make it resilient in lower gold price environments.
  • No exposure to copper or other metals—100% focused on gold.
  • Potential for acquisition by a larger miner given its quality assets.
  • Kiena Mine Ramp-Up: The success of Kiena’s expansion will dictate future growth.
  • M&A Potential: Given its high-grade assets, Wesdome could be a takeover target.
  • Exploration Results: More high-grade discoveries could increase long-term value.
  • Gold Market Sentiment: As a pure-play gold stock, it moves closely with gold prices.
  • Single-Region Exposure: With all assets in Canada, local regulatory changes could impact operations.
  • Production Execution: Any issues at Eagle River or Kiena could hit revenues.
  • Smaller Scale: As a smaller miner, it has less financial flexibility than larger peers.
  • Exploration Uncertainty: Future growth depends on successful drilling.

The leading gold royalty and streaming company

Franco-Nevada Corporation (TSE:FNV)

Franco-Nevada isn’t a miner but a gold royalty and streaming company, meaning it provides upfront capital to miners in exchange for a percentage of future production. This model allows Franco-Nevada to benefit from rising gold prices without the risks of mine operations. With a diversified portfolio spanning multiple commodities and jurisdictions, it’s a low-risk way to gain gold exposure.

P/E:

5 Yr Revenue Growth: 13.3%

5 Yr Earnings Growth: -%

5 Yr Dividend Growth: 7.4%

Yield: 1.1%

  • A royalty model means no direct mining risk.
  • Diversified exposure across gold, silver, and other metals.
  • Consistent dividend growth and a strong balance sheet.
  • Lower volatility than traditional gold miners.
  • Expanding portfolio through new royalty acquisitions.
  • High-margin business with little capital expenditure required.
  • New Royalty Deals: Expanding its portfolio means more future cash flow.
  • Commodity Prices: While focused on gold, Franco-Nevada also benefits from other metals.
  • Dividend Growth: Investors should watch for continued dividend increases.
  • Geopolitical Exposure: The company relies on miners in various jurisdictions.
  • Commodity Price Fluctuations: Revenue depends on gold and metal prices.
  • Deal Flow Uncertainty: Future royalty deals must be well-executed.
  • Miner Default Risk: If partner miners struggle, royalty streams could suffer.
  • Interest Rate Sensitivity: Higher rates could impact investor appetite for gold-related assets.