Best Canadian Mining Stocks: Gold, Copper and Uranium Picks

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Last updated: September 7, 2026. Market data reflects the close on Thursday, September 4, 2026, the most recent session before the Labour Day long weekend. Company financials are from each company’s own Q2 2026 filings and are reported in US dollars; share prices, market caps and yields on this page are in Canadian dollars.

The best Canadian mining stocks are not a single trade. The Toronto Stock Exchange carries gold majors printing record cash flow, copper producers feeding electrification, a uranium producer of global scale, the world’s largest potash producer, and the royalty and streaming companies that finance all of them. This page ranks ten of them, and it ranks them on evidence we can show you: the numbers each company published in its own second-quarter 2026 filing, the price data our nightly updater pulls from the market, and the full historical record of what has happened after the moving-average setups these stocks are in today. Mining is one sleeve of a portfolio, not the whole thing, so it is worth reading this alongside our full list of the best Canadian stocks.

Two things about this update are worth stating before you read a word of the analysis. First, five of these ten companies published a primary quarterly filing we have on disk, and five did not, so five sections carry hard financial figures and five carry none. We do not fill that gap with aggregator numbers. Second, the ranking changed. Nothing was dropped, but four names moved, and every move is explained in the pick that moved.

Canadian Mining Stocks at a Glance: Our Top Ten

1. Agnico Eagle Mines (AEM.TO): best overall, on the strength of a Q2 2026 filing that showed revenue up 35.0% and record quarterly free cash flow.
2. Teck Resources (TECK-B.TO): the copper and zinc flagship, and the strongest technical regime on this page. Up from third.
3. Barrick Mining (ABX.TO): the cheapest trailing multiple of any major here, in the middle of a Nevada consolidation and a planned IPO. Down from second.
4. Wheaton Precious Metals (WPM.TO): streaming economics at their widest, with revenue up 84.7% year over year. Up from sixth.
5. Cameco (CCO.TO): the uranium name for the nuclear build, with the best long-horizon precedent record on this page and the weakest current chart. Down from fourth.
6. Nutrien (NTR.TO): potash scale and the highest dividend yield on the list. Down from fifth, for a reason we state plainly in its section.
7. Franco-Nevada (FNV.TO): debt-free royalty compounder with $4.3 billion of available capital and a raised dividend.
8. Kinross Gold (K.TO): value-priced gold producer returning capital aggressively, with the sector’s cost inflation showing in its numbers.
9. Lundin Mining (LUN.TO): Americas copper growth, up 156% since its 2025 golden cross, with the easy part of that move behind it.
10. Ivanhoe Mines (IVN.TO): the high-risk expansion story, and the only name here trading below the price where its current regime began.

How to Buy Canadian Mining Stocks

Every stock on this list trades on the Toronto Stock Exchange, which means any Canadian brokerage account can hold all ten. The mechanics take about fifteen minutes once you have decided what you want to own.

1. Open a brokerage account. You will need identification, a Social Insurance Number and banking details to link for funding. Our walkthrough on how to open a brokerage account in Canada covers the paperwork step by step.
2. Choose the account type before you fund it. A TFSA shelters gains entirely, an RRSP defers tax on contributions and growth, an FHSA is aimed at a first home purchase, and a non-registered account has no contribution limit but no shelter either. This choice matters more with miners than with most sectors, because the outcomes are wide in both directions.
3. Fund the account. An electronic transfer from a Canadian bank account usually settles in a few business days. Transfers from another broker take longer.
4. Search the ticker. TSX symbols on this page carry the .TO suffix on most platforms: AEM.TO, TECK-B.TO, ABX.TO. Note that Teck’s B shares carry a hyphen, which trips up first-time buyers.
5. Size the position before you place the order. Decide what percentage of the portfolio this name gets, and what you will do if it halves, before you buy. If you have never placed a trade, our guide to buying your first stock walks through order types and what happens after you hit buy.

What it costs. Commission schedules differ by broker and change without much notice, so check the current schedule on the broker’s own page rather than trusting a number in an article. The costs that matter to a mining position are the trading commission, any account or inactivity fee, and the currency conversion spread if you ever buy the US-listed line of one of these companies instead of the TSX line.

The broker step. We hold TSX-listed positions at Questrade, which is why it is the default recommendation on this site, and you can open a Questrade® account here. Our full Questrade review covers the platform in detail. If this is a first account and a simpler interface matters more than the feature set, you can open a Wealthsimple account instead, and our Wealthsimple review sets out what you get and what you give up. To weigh the whole field rather than two names, our comparison of Canadian investing apps is the place to start.

How We Ranked These Ten

The order on this page comes from four inputs, weighted in this sequence.

• Primary filings first. Where a company published its Q2 2026 results and we hold the document, every financial figure on this page comes from that document, with a page citation. No aggregator supplies a company financial here. Where we do not hold the filing, the section says so and carries no financial figures at all.
• Current market data second. Prices, market caps, trailing multiples and yields come from the data blocks our nightly updater maintains, as of the September 4, 2026 close.
• Technical stance third. Where each stock sits against its own 50-day and 200-day moving averages, and how long the current regime has run.
• Precedent last, and lightly. What has actually happened after the same setup in each stock’s own history. As the next section shows, that record is weaker than the internet believes, and we publish the whole distribution rather than the flattering half of it.

No name was removed from the list this pass. Four moved: Teck up to second, Wheaton up to fourth, Barrick down to third, Cameco down to fifth and Nutrien down to sixth. Each of those sections carries a “why it moved” note.

Why Canadian Mining Stocks Are in Focus in 2026

The single most useful number for a gold investor this year is not a futures quote. It is what the producers actually banked. Agnico Eagle’s own Q2 2026 release reports an average realized gold price of $4,483 USD per ounce for the three months ended June 30, 2026 (release p.5, p.53), and Kinross reports the same $4,483 USD per ounce realized price in its release (p.3). That is the price at which ounces were sold, net of the timing and mix effects that make spot quotes a poor proxy for a miner’s revenue line. Against all-in sustaining costs that ran between $1,459 and $1,866 per ounce at the three producers on this page that report them, the arithmetic of a gold producer’s margin in mid-2026 is not subtle.

The market has not given that back since. Gold futures closed at $4,476 USD on September 4, 2026, the last session before the Labour Day weekend, with the S&P/TSX Composite at 36,514 and the Canadian dollar around $0.723 USD. Those levels sit essentially on top of the average price the miners realized in the second quarter, which is the more interesting observation: the quarter that produced record cash flow was not priced at a spike that has since deflated.

The domestic rate backdrop is settled for now. The Bank of Canada held its policy rate at 2.25% on September 2, which we covered in our piece on the Bank of Canada hold and shifting Fed hike bets. That matters to this sector in two directions at once, since mining is capital-intensive on the cost side and gold competes with yield on the demand side, so a hold removes a variable rather than resolving one.

Gold dominates the headline numbers, but it is one piece of what the TSX offers here. Copper runs through Teck, Lundin, Ivanhoe and Barrick’s second metal; uranium runs through Cameco; potash runs through Nutrien. If you want the precious metals side on its own, without the base metals and fertilizer names diluting it, we rank the Canadian gold stocks separately. This page is deliberately the whole complex.

What the Crossover Record Actually Says

Before the individual picks, one finding deserves its own section, because it cuts against how the 50-day and 200-day moving-average cross is usually written about.

Four of the five gold names on this list printed a death cross this summer and then rose between 19% and 38%. Agnico Eagle’s 50-day crossed below its 200-day on June 22, 2026, and the shares are 20.1% above the cross price. Kinross crossed on June 26 and is up 24.3%. Franco-Nevada crossed on July 2 and is up 19.3%. Wheaton crossed on July 10, is up 37.8%, and printed a new high inside that regime. Barrick, which straddles gold and copper, crossed on June 30 and is up 19.2%. Five names, five bearish signals, five advances.

Our reading is that in this cycle the 50/200 cross has been a lagging artifact of the spring drawdown rather than a sell signal. A death cross is arithmetic: it happens some weeks after prices have already fallen, which in a sector that then recovers means the signal fires at or near the bottom. That is precisely what the regime data shows here.

The two long golden regimes on this page have delivered. Teck crossed above on October 23, 2025, at $59.08 and is 61.8% higher after 218 trading sessions, having printed a new high. Lundin crossed on June 25, 2025, at $13.85 and is 156.2% higher after 300 sessions. Those two are the exception that keeps the indicator interesting, not the rule that justifies trading on it.

Here is the full picture for all ten, with the samples attached so you can see how thin they are.

Stock	50-day vs 200-day	Current regime	Move since the cross	Golden cross, 90-day median	Positive at 90 days	Sample (n)
Agnico Eagle (AEM.TO)	Below	Death, June 22, 2026	+20.1%	+8.6%	57%	7
Teck Resources (TECK-B.TO)	Above	Golden, October 23, 2025	+61.8%	+19.9%	83%	6
Barrick Mining (ABX.TO)	Below	Death, June 30, 2026	+19.2%	+2.8%	50%	6
Wheaton Precious Metals (WPM.TO)	Below	Death, July 10, 2026	+37.8%	+2.7%	57%	7
Cameco (CCO.TO)	Below	Death, July 21, 2026	+11.5%	+2.2%	56%	9
Nutrien (NTR.TO)	Above	Golden, January 27, 2025	+53.9%	-2.8%	43%	7
Franco-Nevada (FNV.TO)	Below	Death, July 2, 2026	+19.3%	+0.2%	50%	6
Kinross Gold (K.TO)	Below	Death, June 26, 2026	+24.3%	+2.3%	50%	4
Lundin Mining (LUN.TO)	Above	Golden, June 25, 2025	+156.2%	-1.4%	50%	10
Ivanhoe Mines (IVN.TO)	Below	Death, April 16, 2026	-5.6%	+5.1%	67%	9

Method: a golden cross is the 50-day moving average crossing above the 200-day; a death cross is the reverse. Forward returns are measured from each cross date over the following 30, 60, 90 and 180 trading sessions across each ticker’s available daily price history. Regime data and prices as of the September 4, 2026 close.

Read the last three columns together. The median 90-day return after a golden cross is negative for two of the ten and below 3% for five more. Only Teck’s record (+19.9% median, positive in 83% of cases) would tempt anyone to trade on it, and that is six observations. Every sample on this page is between four and ten events, which makes all of it directional rather than predictive. A distribution built on six data points tells you what has tended to happen; it does not tell you what will.

The honest conclusion is that the crossover adds context and nothing more. What has actually driven these shares is the commodity price landing on a cost base, which is why the filings section below carries more weight on this page than the chart section does. If you want the version of that argument with the price action attached, our analysis of why Canadian gold stocks have been beating gold itself works through the leverage that produces.

Q2 2026 Scorecard: What the Miners’ Own Filings Show

Five of the ten companies on this page published second-quarter results we hold as primary documents: Agnico Eagle, Barrick, Wheaton, Franco-Nevada and Kinross. Every figure in this section comes from those documents with a page reference, and all five report in US dollars, so nothing in this table is comparable to the Canadian-dollar prices in the data blocks further down.

Company	Revenue (USD)	Year over year	Adjusted EPS (USD)	Operating cash flow (USD)	Production / GEOs	Dividend declared (USD)
Agnico Eagle (AEM.TO)	$3,802.8M	+35.0%	$3.05 (adjusted, diluted)	$2,144M	855,816 oz payable gold	$0.45
Barrick Mining (ABX.TO)	$5,292M	+44%	$0.82 (adjusted, basic)	$1,704M	796,000 oz gold, 56,000 t copper (attributable)	$0.175
Wheaton Precious Metals (WPM.TO)	$929.2M	+84.7%	$1.195 (adjusted, basic)	$649.5M	209,115 GEOs sold	$0.195
Kinross Gold (K.TO)	$2,238.1M	+29.5%	$0.71 (adjusted)	$1,145.9M	492,326 Au eq. oz. (attributable)	$0.04
Franco-Nevada (FNV.TO)	$580.9M	+57%	$1.81 (adjusted net income per share)	$482.5M	132,405 GEOs sold	$0.44

Every figure is company-reported for Q2 2026, the three months ended June 30, 2026. Agnico Eagle: release p.57 (revenue, adjusted diluted EPS), p.1 and p.5 (operating cash flow), p.4 and p.54 (production), p.11 (dividend). Barrick: release p.6 (revenue, adjusted basic EPS, operating cash flow), p.7 (production), p.3 (dividend). Wheaton: release p.2 and p.22 (revenue, adjusted basic EPS, GEOs sold), p.1 and p.13 (operating cash flow), p.1 (dividend). Kinross: release p.3 (metal sales, adjusted EPS, operating cash flow, production, AISC), p.1 (dividend). Franco-Nevada: report to shareholders p.3 and p.17 (revenue, adjusted net income per share, operating cash flow, GEOs sold), p.12 (dividend). Adjusted EPS bases differ by company and are labelled accordingly: Barrick, Wheaton and Kinross do not publish a separate diluted adjusted figure in these documents, and Franco-Nevada reports adjusted net income per share rather than an adjusted EPS. Wheaton’s adjusted diluted equivalent is $1.192 (release p.22). Kinross does not state a revenue percentage change; +29.5% is our calculation from its own comparatives of $2,238.1M against $1,728.5M (release p.3). Source documents are linked below.

The Revenue Step-Up, Year Over Year

Chart data: Agnico Eagle $3,802.8M vs $2,816.1M (release p.57). Barrick $5,292M vs $3,681M (release p.3, p.6). Wheaton $929.2M vs $503.2M (release p.2; supplementary p.2). Franco-Nevada $580.9M vs $369.4M (report to shareholders p.3, p.17, p.51). All amounts in US dollars.

Where the Margin Is Actually Coming From

The four year-over-year revenue increases in that chart run from 35.0% to 84.7%, and the two largest belong to companies that do not operate a single mine. That is the story of the quarter in this sector.

Wheaton’s cost of a gold equivalent ounce was $568 USD in Q2 2026, against a cash operating margin of $3,875 USD per ounce sold, which the company reports as a 65% increase from Q2 2025 (release p.3). Franco-Nevada’s cash costs were $347 USD per GEO sold (report to shareholders p.17). Compare that with what it costs to actually dig the metal out: Agnico Eagle’s all-in sustaining cost was $1,459 USD per ounce on a by-product basis (release p.1, p.4), Kinross came in at $1,821 USD per attributable ounce sold (release p.1, p.3), and Barrick at $1,866 USD per ounce (release p.1, p.2, p.7, p.9).

Chart data: Agnico Eagle AISC $1,459 by-product basis and realized gold price $4,483 (release p.1, p.4, p.5, p.53). Kinross attributable AISC $1,821 per Au eq. oz. sold and average realized gold price $4,483 (release p.1, p.3). Barrick gold AISC $1,866 and realized gold price $4,417 (release p.1, p.2, p.7, p.9, p.13). All figures in US dollars.

Two things follow from those numbers. The first is that producer costs are inflating, and the filings do not hide it. Kinross’ AISC rose from $1,493 to $1,821, a 22.0% increase by our calculation from its own comparatives (release p.3). Barrick states its gold AISC was up 11% year over year (release p.2). Agnico Eagle’s rose from a restated $1,281 to $1,459, and the restatement matters: the company revised its cost-measure composition effective for periods on or after January 1, 2026, and under the prior composition the Q2 2025 figure was $1,289 (release p.4). Comparing this year’s number to a headline you remember from last year will mislead you.

The second is that the streamers’ cost inflation is real too, just from a much lower base. Wheaton’s cash cost per GEO went from $406 to $568, which is a 39.9% increase on our arithmetic from the company’s own comparatives (release p.3), a faster percentage rise than any producer here. It simply does not matter much when the margin above it is $3,875 an ounce.

Volume tells the third part of the story. Agnico Eagle produced 855,816 payable ounces against 866,029 a year earlier (release p.4, p.54), so revenue grew 35.0% on 1.2% fewer ounces. Kinross produced 492,326 attributable Au eq. ounces against 512,574 (release p.3). Barrick produced 796,000 attributable gold ounces against 797,000 (release p.7). The producers grew on price, not output. The two streamers grew on both: Wheaton sold 209,115 GEOs, up 14.4%, and Franco-Nevada sold 132,405 GEOs, up 18% (Wheaton release p.2; Franco-Nevada report to shareholders p.3, p.4). That is the cleanest argument on this page for why the royalty and streaming model sits where it does in the ranking.

The Source Documents

Every financial figure above and in the pick sections below traces to one of these five filings. They are worth opening if you own or are considering any of these names.

• Agnico Eagle Q2 2026 news release (PDF)
• Barrick Mining Q2 2026 results release (PDF)
• Wheaton Precious Metals Q2 2026 results release (PDF)
• Franco-Nevada second quarter 2026 report (PDF)
• Kinross Gold Q2 2026 results release (PDF)

The Ten Best Canadian Mining Stocks for 2026

Each pick below carries the same structure: the current data block, why it sits where it sits, what its own filing shows if we hold one, where it stands technically, what has happened after the same setup before, and the risks. Prices, market caps, multiples and yields are in Canadian dollars as of the September 4, 2026 close. Company financials are in US dollars, as noted at each first use.

1. Agnico Eagle Mines (AEM.TO): Best Overall Canadian Mining Stock

• Rating: ⭐⭐⭐⭐⭐
• Price: $278.09
• 52 Week Range: 188.48 – 348.94
• Market Cap: C$140.8B
• PE Ratio (TTM): 17.29
• EPS (TTM): 16.08
• Earnings Date: N/A
• Forward Dividend & Yield: $2.44 (0.88%)
• Ex-Dividend Date: November 30, 2026
• Data as of 2026-09-11.

Agnico Eagle is the largest company on this list by market capitalization and the one with the cleanest quarter behind it. The Toronto-based gold major runs mines across Canada, Australia, Finland and Mexico, with the bulk of production coming from Canadian operations: LaRonde, Canadian Malartic, Goldex, Detour Lake, Macassa, Meliadine and Meadowbank all appear individually in its production disclosure.

What the filing shows. All Agnico Eagle figures here are in US dollars. Q2 2026 revenue was $3,802.8 million, a 35.0% increase over the $2,816.1 million reported a year earlier (release p.57). Adjusted diluted earnings per share were $3.05 against $1.94 (release p.57). Operating cash flow was $2,144 million and free cash flow $1,335 million, which the company describes as a record quarterly figure (release p.1, p.5). All-in sustaining cost was $1,459 per ounce on a by-product basis (release p.1, p.4), against an average realized gold price of $4,483 per ounce (release p.5, p.53). The balance sheet ended the quarter with $3,267 million in net cash against $197 million of total debt outstanding (release p.2, p.7, p.53).

The detail that makes this quarter interesting: payable gold production was 855,816 ounces against 866,029 a year earlier (release p.4, p.54). Output fell slightly and revenue still rose more than a third. Detour Lake carried the load at 207,279 ounces against 168,272, while Canadian Malartic fell to 135,243 ounces from 172,531 (release p.54).

Capital came back to shareholders at a record rate: $625 million in the quarter through dividends and buybacks, including 2,235,947 shares repurchased at an average of $178.86 for $400 million, plus a declared quarterly dividend of $0.45 per share payable September 15 to holders of record September 1 (release p.1, p.10, p.11). Chief executive Ammar Al-Joundi framed the quarter this way in the release: “Our high-quality portfolio delivered another strong quarter, with better-than-planned production and disciplined cost control driving strong margins and record quarterly free cash flow” (release p.1).

Where it stands technically. Agnico Eagle’s 50-day moving average ($237.38) sits below its 200-day ($257.13), a death cross dated June 22, 2026, though the share price at $283.22 is above both. The stock is 20.1% above the price at which that cross printed, having reached as much as 31.2% above it, and it took an 18.9% drawdown inside the same regime. This is not a smooth chart.

What has happened before. After prior death crosses, Agnico Eagle’s median 90-day return was +5.4% with 67% of cases positive, and the median 180-day return was +17.0%, again 67% positive, across six observations. After golden crosses, the median 30-day return was -6.4% with only 29% positive across seven observations. Both samples are far too small to trade on, and they point the opposite way to how the signals are usually read.

Bull case. The lowest cost base of the three gold producers on this page that report AISC, a jurisdiction mix weighted to Canada, record free cash flow, a net cash balance sheet and a buyback running alongside the dividend.

Risks, and one specific one. On July 2, 2026, Agnico Eagle reported a rock mass movement in the Barnat open pit at Canadian Malartic. The company states the event “is expected to reduce gold production at Canadian Malartic by 60,000 to 80,000 ounces in the second half of 2026, and by up to 150,000 ounces in each of 2027 and 2028” (release p.20). Mine-level total cash costs at Canadian Malartic are now guided to approximately $1,260 per ounce against prior guidance of $1,187 (release p.20). Full-year production guidance of 3.3 to 3.5 million ounces was left unchanged, but the company now expects to land near the lower end of it (release p.2, p.8). Separately, 2026 capital expenditure guidance excluding capitalized exploration was raised to $2.6 billion to $2.8 billion from $2.2 billion to $2.4 billion, reflecting the approval of construction at Hope Bay announced May 19, 2026 (release p.2, p.8). Add the usual: this is a premium multiple on peak-cycle gold earnings, and it compresses fast if the metal does.

2. Teck Resources (TECK-B.TO): Canada’s Copper and Zinc Flagship

• Rating: ⭐⭐⭐⭐⭐
• Price: $95.59
• 52 Week Range: 45.91 – 99.81
• Market Cap: C$46.9B
• PE Ratio (TTM): 18.78
• EPS (TTM): 5.09
• Earnings Date: N/A
• Forward Dividend & Yield: $0.50 (0.52%)
• Ex-Dividend Date: September 14, 2026
• Data as of 2026-09-04.

Why it moved up. Teck rises from third to second on the strength of its regime rather than a fresh set of numbers. It is the only name on this page combining a long-running golden cross, a new high and a copper-weighted asset base, and it displaces Barrick, whose value case is intact but whose chart is not.

Teck completed its transformation into a focused copper and zinc producer when it sold its steelmaking coal business to Glencore in 2024. What remains is the commodity mix that electrification and data-centre buildout reward, and the company reported a copper-driven earnings surge in the second quarter of 2026. We hold no primary Teck filing for this quarter, so this section carries no financial figures: everything numeric below is market data or our own crossover calculation.

Where it stands technically. This is the strongest configuration on the page. The 50-day moving average ($87.88) sits well above the 200-day ($78.38), and the price at $95.59 is above both. The golden cross dates to October 23, 2025, at $59.08, making this a 218-session regime that has delivered 61.8%, peaked at 67.5% and printed a new high, with a maximum drawdown inside the regime of 9.3%.

What has happened before. Teck also holds the best post-golden-cross record here: a median 90-day return of +19.9% with 83% of cases positive, and a median 180-day return of +27.9%, also 83% positive. That is across six observations. It is the only distribution on this page that looks like an edge, and six events is not enough to call it one.

Bull case. A Canadian-headquartered major offering direct copper and zinc exposure, in the strongest trend on this list, with a coal disposal that reshaped both the asset base and the balance sheet.

Risks. The price at $95.59 sits within a few dollars of its 52-week high of $99.81, which is the definition of buying strength rather than value. Earnings move with copper and zinc prices, which no company controls. And the honest caveat specific to this page: without a primary filing in hand this quarter, our conviction here rests on market data and qualitative framing rather than on numbers we have verified line by line.

3. Barrick Mining (ABX.TO): The Cheapest Major on the List

• Rating: ⭐⭐⭐⭐⭐
• Price: $61.92
• 52 Week Range: 37.89 – 74.0
• Market Cap: C$101.9B
• PE Ratio (TTM): 11.51
• EPS (TTM): 5.38
• Earnings Date: N/A
• Forward Dividend & Yield: $0.97 (1.57%)
• Ex-Dividend Date: August 30, 2026
• Data as of 2026-09-04.

Why it moved down. Barrick slips from second to third, and we want to be plain about why, because the value case did not weaken. At a trailing multiple of 11.51 it is the cheapest name on this page other than Kinross, and its quarter was strong. What changed is the chart: Barrick has been in a death-cross regime since June 30, 2026, while Teck has been compounding inside a golden regime for 218 sessions. The value case stays; the momentum case moved to Teck.

Barrick Gold became Barrick Mining Corporation in 2025, a name change that tracked the growing copper business. It still trades as ABX on the TSX and as B on the NYSE, and it mines gold and copper across four continents.

What the filing shows. All Barrick figures here are in US dollars. Q2 2026 revenue was $5,292 million, a 44% increase (release p.3, p.6). Adjusted net earnings were $1,363 million, or $0.82 per share on a basic method, against $0.47 a year earlier, a 74% increase (release p.1, p.6). Reported earnings per share, basic and diluted, were $0.73. Operating cash flow rose 28% to $1,704 million (release p.1, p.6, p.10). Attributable adjusted EBITDA was $2,545 million, which the company describes as up 51% year over year at a 60% margin (release p.3, p.6).

Operationally, attributable gold production of 796,000 ounces beat the quarter’s guidance range of 730,000 to 770,000 ounces and was 11% above Q1 2026 (release p.1, p.2, p.7). Copper production was 56,000 tonnes, which the company states decreased 5% year on year and in line with plan (release p.1, p.2, p.7). Gold AISC was $1,866 per ounce, up 11% (release p.2, p.7, p.9), against a realized gold price of $4,417 per ounce, and realized copper of $6.15 per pound against $4.36 a year earlier (release p.13).

One number deserves attention because it is easy to miss. Attributable free cash flow was $141 million against attributable operating cash flow of $1,119 million (release p.2, p.6, p.10). The gap is capital spending, which is the arithmetic of a heavy build year: 2026 attributable capital expenditure is guided at $3.8 billion to $4.2 billion, itself reduced from $4.0 billion to $4.45 billion previously, primarily reflecting decreased spending at Reko Diq (release p.1, p.4).

Capital returns went the other way. Barrick declared a $0.175 quarterly dividend and repurchased $1.209 billion of shares in the quarter under a $3.0 billion program, which the release describes as increasing shareholder returns 242% year on year to $1.50 billion (release p.1, p.3, p.4). The dividend policy targets a total payout of 50% of attributable free cash flow annually, comprising the fixed base quarterly dividend plus a year-end performance top-up (release p.4).

The corporate catalyst. Barrick reached an agreement with Newmont to expand the Nevada Gold Mines joint venture, with both partners vending in excluded properties early (Fourmile from Barrick; Mike and Fiberline from Newmont), creating what the release calls “a nearly 100-million-ounce gold complex in Nevada.” Newmont will pay Barrick a top-up payment of $1.95 billion in cash within thirty days, the agreement resolves all outstanding NGM disputes, and Newmont has consented to Barrick’s planned IPO of its North American gold assets (release p.1). The company continues to expect to complete that IPO by the end of 2026, subject to market conditions and approvals, with Mark Hill to lead the new company upon separation (release p.1, p.4).

Where it stands technically. The 50-day ($56.01) is below the 200-day ($58.41), with the cross dated June 30, 2026, at $51.95. The price at $61.92 is 19.2% above that cross price and above both averages, with a maximum drawdown of only 6.2% inside the regime.

What has happened before. After prior death crosses, Barrick’s median 180-day return was +17.3% with 80% of cases positive, though the median 90-day return was -3.3% with 40% positive. Five observations. After golden crosses, the median 60-day return was +4.4% with 83% positive across six observations. Small samples pointing in contradictory directions, which is exactly what a weak indicator looks like.

Bull case. The cheapest trailing multiple among the majors here, a quarter that beat the company’s own production guidance, an enormous buyback, growing copper exposure, and a Nevada consolidation plus a potential IPO that could surface value independently of the gold price.

Risks. The asset base spans higher-risk jurisdictions than Agnico Eagle’s. Attributable free cash flow is thin while capital spending runs at guidance levels. The IPO remains subject to market conditions and approvals, and corporate separations add execution risk on top of mining risk. And the technical stance is the weaker one of the two names it sits between.

4. Wheaton Precious Metals (WPM.TO): Record Streaming Economics

• Rating: ⭐⭐⭐⭐
• Price: $214.42
• 52 Week Range: 129.69 – 226.68
• Market Cap: C$97.4B
• PE Ratio (TTM): 34.20
• EPS (TTM): 6.27
• Earnings Date: N/A
• Forward Dividend & Yield: $1.08 (0.50%)
• Ex-Dividend Date: August 19, 2026
• Data as of 2026-09-04.

Why it moved up. Wheaton climbs from sixth to fourth on the quarter it just filed. Revenue up 84.7% is the largest increase of the five filings we hold, and the unit economics behind it are the widest on this page.

Wheaton does not operate mines. It pays partners upfront for the right to buy a share of future production at fixed low prices, which turns a rising metal price almost directly into margin without cost inflation, labour disputes or mine-build overruns landing on the income statement.

What the filing shows. All Wheaton figures here are in US dollars. Q2 2026 revenue was $929.2 million against $503.2 million, an 84.7% increase (release p.2; supplementary p.2). Net earnings were $543.2 million, up 85.9% (release p.1, p.2). Adjusted earnings per share were $1.195 on a basic basis, the figure the company prints in its own Operational Overview table, with the adjusted diluted equivalent at $1.192 (release p.2, p.22). Operating cash flow was $649.5 million, up 56.5% (release p.1, p.2, p.13).

The margin figures are the point. Average cash cost was $568 per gold equivalent ounce, against a cash operating margin of $3,875 per GEO sold, which the company reports as a 65% increase from Q2 2025 (release p.3). Volumes rose alongside price: 202,229 attributable GEOs produced, up 6.3%, and 209,115 GEOs sold, up 14.4% (release p.1, p.2). The company attributes the production increase primarily to the BHP Antamina precious metals purchase agreement plus production from Hemlo, Fenix, Platreef and Goose (release p.1, p.2).

Full-year 2026 guidance of approximately 860,000 to 940,000 GEOs was reaffirmed unchanged, and the long-term outlook of roughly 1,200,000 GEOs by 2030 was also left unchanged (release p.9). The quarterly dividend was $0.195, up 18.2% from $0.165 a year earlier and fixed at that rate for 2026 under the company’s dividend policy (supplementary p.19, p.39). Net debt stood at $1.9 billion with $2.6 billion of available liquidity after the revolving credit facility was upsized by $500 million to $2.5 billion (release p.1).

Where it stands technically. Wheaton is the clearest illustration of this page’s crossover finding. Its 50-day ($176.48) crossed below its 200-day ($178.64) on July 10, 2026, at a price of $155.62. The stock is 37.8% above that level, printed a new high inside the regime, and gave back very little along the way, with a 6.6% maximum drawdown. At $214.42 it sits above both moving averages.

What has happened before. After prior death crosses, Wheaton’s median 90-day return was +10.1% with 83% of cases positive, and its median 180-day return was +16.8% with 67% positive, across six observations. After golden crosses, the 90-day median was +2.7% with 57% positive across seven. Directional at best.

Bull case. The highest-margin business model in the sector, growing volumes as well as price, guidance reaffirmed, a rising dividend, and a growth profile the company states will lift annual production by roughly 50% by 2030.

Risks. A trailing multiple above 34 prices in a great deal already. Streams depend entirely on partners’ mines delivering, and Wheaton has no operational control when they do not. The cost line, while tiny in absolute terms, rose almost 40% year over year on our calculation from the company’s own comparatives, so the streaming model is not immune to input inflation.

5. Cameco (CCO.TO): Uranium Leader for the Nuclear Restart

• Rating: ⭐⭐⭐⭐
• Price: $139.44
• 52 Week Range: 103.08 – 182.72
• Market Cap: C$60.7B
• PE Ratio (TTM): 174.30
• EPS (TTM): 0.80
• Earnings Date: N/A
• Forward Dividend & Yield: $0.24 (0.17%)
• Ex-Dividend Date: November 30, 2025
• Data as of 2026-09-04.

Why it moved down. Cameco slips from fourth to fifth on price behaviour, not on thesis. It is the only name in the top five trading below its own 200-day moving average, and the restart story it depends on plays out over years rather than quarters. The long-cycle argument is intact; the entry timing argument is not.

Cameco, based in Saskatoon, is anchored by tier-one assets in Saskatchewan’s Athabasca Basin, which hosts some of the highest-grade uranium deposits on earth. Utilities contract uranium years ahead of delivery, which makes this a slower-moving business than a gold miner and a different kind of exposure inside a mining sleeve. We hold no primary Cameco filing for this quarter, so this section carries no financial figures beyond the market data in the block above.

The classification question comes up constantly with this name, and it is worth answering here: Cameco mines uranium, so it belongs in a mining allocation, but the demand driver is electricity generation, which is why the stock tends to trade on power-sector news. If that is the exposure you are actually after, our ranking of the best Canadian energy stocks covers the generation and pipeline side of the same electricity story.

Where it stands technically. The weakest configuration in the top half of this list. The 50-day ($134.02) is below the 200-day ($146.08), and at $139.44 the price is below the 200-day as well. The death cross dates to July 21, 2026, at $125.09, so the stock is 11.5% above the cross price after 32 sessions.

What has happened before, and this is the interesting part. Cameco has the best long-horizon record on this page. After golden crosses, the median 180-day return was +34.4% with 89% of cases positive across nine observations, the largest positive share of any distribution here. But the short-horizon medians after the same signal are modest: +4.5% at 30 days, +3.6% at 60 days, +2.2% at 90 days. That pattern says the payoff has come from holding the cycle, not from catching the cross.

Its death-cross record is stranger still. Across nine observations, the median 30-day return after a death cross was +7.4%, and every single one of the nine was positive. At 60 days the median was +30.0% with 88% positive across eight. We are publishing that because it is what the data says, not because nine events prove anything. Treat it as one more reason not to read the July cross as a sell trigger.

Bull case. Scarce large-cap uranium exposure with long-term contracted sales, tied to electricity demand growth and to government commitments to nuclear power that operate on decade-long horizons.

Risks. A trailing multiple above 174 against trailing earnings per share of $0.80 leaves no room for disappointment, and it tells you how lumpy the earnings have been. The dividend is negligible. The price sits well below its 52-week high of $182.72, and uranium sentiment can reverse faster than the contracting cycle it is supposed to reflect.

6. Nutrien (NTR.TO): The World’s Largest Potash Producer

• Rating: ⭐⭐⭐⭐
• Price: $109.99
• 52 Week Range: 74.77 – 116.95
• Market Cap: C$52.5B
• PE Ratio (TTM): 16.03
• EPS (TTM): 6.86
• Earnings Date: N/A
• Forward Dividend & Yield: $3.09 (2.81%)
• Ex-Dividend Date: September 28, 2026
• Data as of 2026-09-04.

Why it moved down. Nutrien falls from fifth to sixth for a reason that is entirely about this page’s method. Its post-golden-cross record is the weakest of the ten, and we rank partly on precedent, so it moves. Nothing about the potash franchise changed.

Saskatoon-based Nutrien is the world’s largest potash producer and the centrepiece of Canada’s position in the crop nutrients market, with nitrogen and phosphate production alongside and a large agricultural retail network that smooths some of the commodity cyclicality. It reported record potash sales volumes and raised full-year guidance in the second quarter, which we covered in detail in our analysis of Nutrien’s Q2 2026 results; we hold no primary Nutrien filing on disk for this page, so that post rather than this section is where the company’s numbers live.

What this section can tell you from market data: at 2.81%, Nutrien pays the highest dividend yield on this page by a wide margin, and it is the only name here that a Canadian income investor would look at twice.

Where it stands technically. One of only three names above its 200-day. The 50-day ($96.46) sits above the 200-day ($94.11) and the price at $109.99 is above both. The golden cross dates all the way back to January 27, 2025, at $71.49, making this a 404-session regime that has delivered 53.9%, having peaked 57.5% above the cross price. It has not made a new high, with the 52-week top at $116.95.

What has happened before, stated plainly. This is the worst post-golden-cross record on the page. Across seven prior golden crosses, Nutrien’s median 30-day return was -5.3% with 29% positive, the median 60-day return was -8.2% with only 14% positive, and the median 180-day return was -4.6% with 29% positive. In other words, the current 404-session regime has been an outlier against the stock’s own history, not a confirmation of it. The case for owning Nutrien is potash fundamentals and the dividend. It is not the chart, and anyone telling you the golden cross is the reason is not looking at the distribution.

Bull case. Global food demand puts a floor under fertilizer volumes, the retail network dampens the cycle, and the yield makes this the one genuine income name in the mining complex on this list.

Risks. Fertilizer prices are cyclical and sensitive to crop economics and to new supply coming online. Earnings can fall hard in a down cycle, and the price sits near the top of its 52-week range.

7. Franco-Nevada (FNV.TO): Debt-Free Royalty Compounder

• Rating: ⭐⭐⭐⭐
• Price: $369.01
• 52 Week Range: 254.13 – 388.22
• Market Cap: C$71.2B
• PE Ratio (TTM): 35.04
• EPS (TTM): 10.53
• Earnings Date: N/A
• Forward Dividend & Yield: $2.45 (0.66%)
• Ex-Dividend Date: September 09, 2026
• Data as of 2026-09-11.

Franco-Nevada pioneered the precious metals royalty model. It owns royalties and streams across a large portfolio of assets, collects revenue off the top, and carries no debt at all, which its own report states directly (report to shareholders p.13).

What the filing shows. All Franco-Nevada figures here are in US dollars. Q2 2026 revenue was $580.9 million against $369.4 million, a 57% increase (report to shareholders p.3, p.17, p.51). Net income was $354.0 million, or $1.83 per diluted share, and adjusted net income was $349.2 million, or $1.81 per share (p.3, p.17, p.18). Adjusted EBITDA was $529.7 million, up 45% (p.3, p.17). GEOs sold totalled 132,405, up 18%, of which 114,111 were precious metals (p.3, p.4). Cash costs were $347 per GEO sold (p.17). Precious metals accounted for 86% of quarterly revenue and the Americas for 88% of it (p.4).

Two things in this filing deserve more attention than the headline. First, operating cash flow rose 12% to $482.5 million while revenue rose 57% (p.3, p.17, p.52). Cash conversion lagged the revenue line this quarter, and a reader should notice that gap rather than assume the two move together. Second, on the company’s own quarterly table, Q2 revenue of $580.9 million came in below Q1 2026’s $650.7 million, and diluted EPS of $1.83 below Q1’s $2.43 (p.36). This was a strong year-over-year quarter and a softer sequential one.

The balance sheet is the calling card: $4,305.4 million of available capital as of June 30, 2026, comprising $1,014.2 million of cash, $1,041.2 million of equity investments excluding LIORC, $1.5 billion available under two unsecured revolving credit facilities and $750.0 million of accordion features (p.3, p.17). The quarterly dividend was raised to $0.44 per share from $0.38 a year earlier, payable September 24 to holders of record September 10 (p.12, p.17, p.21). Full-year guidance of 510,000 to 570,000 total GEOs is unchanged, with the company stating it is “tracking towards the upper half” of that range, helped by expected Cobre Panama deliveries commencing in Q3 2026 (p.3, p.6, p.7).

Note what Franco-Nevada does not report: there is no all-in sustaining cost here, because a royalty company does not sustain a mine. Anyone quoting an AISC for Franco-Nevada is quoting something the company never published.

Where it stands technically. The 50-day ($320.69) sits just below the 200-day ($321.73), a cross dated July 2, 2026, at $308.54. The two averages are within a dollar of each other, which is another way of saying this signal is noise at the moment. The price at $367.97 is 19.3% above the cross price and above both averages.

What has happened before. Franco-Nevada’s distributions are the flattest on the page. After golden crosses, the median return was -1.1% at 30 days, -0.2% at 60 days, +0.2% at 90 days and 0.0% at 180 days across six observations. After death crosses, the medians were mildly positive: +1.5% at 30 days, +4.8% at 90 days with 80% positive across five. For this stock the crossover record has told you nothing at all, which is a useful thing to know before you act on one.

Bull case. A debt-free balance sheet with $4.3 billion of capital to deploy into a deal pipeline, broad diversification across commodities and operators, a raised dividend, and a model where a higher metal price drops through to earnings with no cost offset.

Risks. A trailing multiple near 34.6 leaves little margin for error. Franco-Nevada controls none of the mines underlying its royalties, so a disruption at a large contributor lands on results with no operational lever to pull. The sequential revenue decline and the gap between revenue and cash flow growth this quarter are both worth watching in the next filing.

8. Kinross Gold (K.TO): Value-Priced Gold Producer

• Rating: ⭐⭐⭐⭐
• Price: $40.39
• 52 Week Range: 30.31 – 53.57
• Market Cap: C$47.9B
• PE Ratio (TTM): 11.16
• EPS (TTM): 3.62
• Earnings Date: N/A
• Forward Dividend & Yield: $0.22 (0.54%)
• Ex-Dividend Date: August 19, 2026
• Data as of 2026-09-11.

Toronto-based Kinross runs gold mines across the Americas and West Africa, and it sits on this list as the value producer: a trailing multiple of 11.66, second lowest here, attached to a company generating serious cash.

What the filing shows. All Kinross figures here are in US dollars. Q2 2026 metal sales were $2,238.1 million against $1,728.5 million, a 29.5% increase on our calculation from the company’s own comparatives (release p.3). Net earnings attributable to shareholders were $844.2 million, or $0.71 per share on a basic and diluted basis, and adjusted net earnings were $847.8 million, also $0.71 per share against $0.44 a year earlier (release p.1, p.3). Operating cash flow was $1,145.9 million and attributable free cash flow $726.8 million (release p.1, p.3).

The cost side is where this filing earns its place in the scorecard. Attributable production was 492,326 gold equivalent ounces against 512,574 a year earlier, and attributable all-in sustaining cost rose to $1,821 per ounce sold from $1,493, a 22.0% increase on our arithmetic from the company’s figures (release p.3). Against an average realized gold price of $4,483 per ounce, margins still expanded: the company reports a margin of $3,131 per ounce, up 42% from Q2 2025 (release p.1). Cost inflation and record margins are both true at the same time here, and a page that reports only one of them is selling you something.

Capital returns are aggressive for a company this size. Kinross repurchased $480 million of shares in the first half plus $40 million in July, returning roughly $615 million in total capital year to date as of July 29, 2026, and has repurchased over $1.1 billion since April 2025, about 4% of shares outstanding (release p.1). The quarterly dividend is $0.04 per share. Full-year guidance was reaffirmed: 2.0 million attributable Au eq. ounces, AISC of $1,730 per ounce and capital expenditure of $1,500 million, each with a 5% tolerance, with the company describing itself as on track (release p.1). Its development pipeline was also refreshed: Lobo-Marte is expected to produce an average of roughly 350,000 gold ounces a year at steady state at an AISC of approximately $1,000 per ounce, with a net present value of $4.3 billion at a $4,100 gold price, discounted at 5% with a January 1, 2028 valuation date (release p.2).

Where it stands technically. The 50-day ($36.92) is below the 200-day ($40.72), with the cross dated June 26, 2026, at $34.33. At $42.69 the stock is 24.3% above the cross price and above both moving averages, though still below its 52-week high of $53.57.

What has happened before, including the ugly part. Kinross has the smallest sample on this page and the worst death-cross record on it. Across three prior death crosses, the median 180-day return was -30.1%, with none of the three positive, and the median 60-day return was -9.0%, again with none positive. Three events is close to meaningless statistically, and we are publishing it because leaving it out would be dishonest given the stock is in a death regime right now. Its golden-cross record is a coin flip: medians of -0.9% at 30 days and +3.9% at 180 days, 50% positive at every horizon, across four observations.

Bull case. One of the cheapest large gold producers on the TSX, generating over $725 million of free cash flow in a single quarter, buying back stock at scale, guidance reaffirmed, and a development pipeline whose flagship project is costed well below the company’s current AISC.

Risks. The cost trajectory is the real one: a 22% year-over-year AISC increase is not a rounding error, and it compresses the margin fast if gold retreats. The asset base carries more political and operational risk than a Canada-weighted portfolio. The dividend is a rounding error for income purposes, and the historical record after this exact technical setup is the least encouraging on the page.

9. Lundin Mining (LUN.TO): Americas-Focused Copper Growth

• Rating: ⭐⭐⭐
• Price: $33.45
• 52 Week Range: 16.19 – 45.74
• Market Cap: C$28.5B
• PE Ratio (TTM): 15.49
• EPS (TTM): 2.16
• Earnings Date: N/A
• Forward Dividend & Yield: $0.11 (0.33%)
• Ex-Dividend Date: September 03, 2026
• Data as of 2026-09-11.

Lundin Mining has reshaped itself into a copper-focused base metals producer centred on the Americas, with operations in Chile, Brazil and Argentina and a long-life growth strategy built around the Vicuna District on the Chile-Argentina border. We hold no primary Lundin filing for this quarter, so this section carries no company financials.

Where it stands technically, honestly. Lundin’s golden cross dates to June 25, 2025, at $13.85. Over the 300 sessions since, the stock has gained 156.2%, and at its peak inside the same regime it was 219.9% above the cross price. Read those two numbers together: the position is still well ahead, and a meaningful part of the move has already been given back, with the current price of $35.48 against a 52-week high of $45.74. The 50-day ($35.73) now sits just above the price, with the 200-day at $34.89 just below it. The averages have converged to within about a dollar of each other and of the price. The easy part of that move is behind, and the chart is telling you so.

What has happened before. Lundin carries the only ten-observation sample on this page, which makes it the most substantial distribution here, and it is still not large. After golden crosses, the median 180-day return was +21.1% with 80% of cases positive, and the median 60-day return was +10.6% with 60% positive. But the median 90-day return was -1.4% with 50% positive, and the worst 90-day outcome was -32.6%. This is a high-variance name whose good outcomes are very good and whose bad ones are severe.

Bull case. Direct leverage to copper with a defined multi-decade development pipeline in Vicuna, at a market capitalization small enough that successful project execution genuinely moves the share price.

Risks. Large-scale development in the Andes is capital-intensive and execution-heavy. South American fiscal and permitting regimes add a layer of uncertainty that a Canadian mine does not carry. The dividend at 0.31% is not a reason to own it. And the setup right now, with price sitting between converged moving averages after a 156% run, is the least decisive on the page.

10. Ivanhoe Mines (IVN.TO): High-Risk Copper Expansion

• Rating: ⭐⭐⭐
• Price: $12.80
• 52 Week Range: 9.45 – 20.34
• Market Cap: C$18.3B
• PE Ratio (TTM): 106.67
• EPS (TTM): 0.12
• Earnings Date: N/A
• Forward Dividend & Yield: N/A (N/A)
• Ex-Dividend Date: N/A
• Data as of 2026-09-11.

Ivanhoe is the aggressive growth pick, and it stays last deliberately. The Vancouver-based company holds interests in the Kamoa-Kakula copper complex in the Democratic Republic of the Congo, one of the world’s highest-grade major copper operations, alongside the Kipushi zinc mine and the Platreef platinum group metals and nickel project in South Africa. Platreef is not an abstraction to this page: Wheaton’s own Q2 release names it among the assets contributing to Wheaton’s production increase (release p.1, p.2). We hold no primary Ivanhoe filing for this quarter, so this section carries no company financials.

Where it stands technically, and this is the worst configuration here. Ivanhoe is the only name on this page trading below the price at which its current regime began. The death cross dates to April 16, 2026, at $12.48, and 98 sessions later the stock is 5.6% below that level, at $11.78. The 50-day ($11.11) sits well below the 200-day ($12.98), and the price is below the 200-day as well. Inside this regime the best it managed was 3.3% above the cross price, against a maximum drawdown of 14.8%.

What has happened before, and read this before you size a position. Ivanhoe’s distributions carry the worst tails on the page. After golden crosses, across nine observations, the median 30-day return was -0.1% and the median 60-day return was 0.0%, with 44% positive at both, but the worst 60-day outcome was -45.9% and the worst 180-day outcome was -54.7%. After death crosses, the median 90-day return was -23.6% with only 33% of nine cases positive. The best outcomes are excellent, at +59.4% over 90 days and +93.6% over 180 days after a death cross, and that is exactly the profile that makes this a small position rather than a core one.

Bull case. Exceptional ore grades and expanding production in a metal with a long-term structural demand story, at a market capitalization where success is transformative rather than incremental.

Risks, stated as strongly as we can. This is the highest-risk name on this list by a distance. The exposure is concentrated in the Democratic Republic of the Congo and South Africa. There is no dividend. The trailing multiple near 98 rests on trailing earnings per share of $0.12. The share price has ranged between $9.45 and $20.34 over the past year, and it is currently in the bottom quarter of that range and below the level where its own downtrend regime started. The historical record after this setup includes drawdowns of 45% and 55%. Size the position on the assumption that the bad tail is possible, because in this name’s own history it has been.

Where We Hold These Positions

All ten of these trade on the TSX and can be bought in any Canadian brokerage account, registered or not. For what it is worth: we hold TSX-listed positions at Questrade, and you can open a Questrade® account if you want the same setup. The account type matters more than the broker for a sector this volatile, which is the subject of the accounts section further down.

Comparing the Top Canadian Mining Stocks

Side by side, in Canadian dollars, as of the September 4, 2026 close. These are the same figures that appear in each pick’s data block above.

Stock	Commodity focus	Price	Market cap	PE (TTM)	Forward dividend and yield
Agnico Eagle (AEM.TO)	Gold	$283.22	C$143.4B	17.45	$2.44 (0.86%)
Teck Resources (TECK-B.TO)	Copper, zinc	$95.59	C$46.9B	18.78	$0.50 (0.52%)
Barrick Mining (ABX.TO)	Gold, copper	$61.92	C$101.9B	11.51	$0.97 (1.57%)
Wheaton Precious Metals (WPM.TO)	Gold and silver streaming	$214.42	C$97.4B	34.20	$1.08 (0.50%)
Cameco (CCO.TO)	Uranium	$139.44	C$60.7B	174.30	$0.24 (0.17%)
Nutrien (NTR.TO)	Potash, crop inputs	$109.99	C$52.5B	16.03	$3.09 (2.81%)
Franco-Nevada (FNV.TO)	Royalties and streaming	$367.97	C$71.0B	34.58	$2.45 (0.67%)
Kinross Gold (K.TO)	Gold	$42.69	C$50.6B	11.66	$0.22 (0.52%)
Lundin Mining (LUN.TO)	Copper, base metals	$35.48	C$30.2B	16.28	$0.11 (0.31%)
Ivanhoe Mines (IVN.TO)	Copper, zinc, PGMs	$11.78	C$16.8B	98.17	None

Prices in Canadian dollars, data as of 2026-09-04, from the same nightly data feed as the blocks above. Trailing multiples for Cameco and Ivanhoe reflect trailing earnings per share of $0.80 and $0.12 respectively, which is why they read as outliers.

Which Canadian Mining Stocks Have the Highest Return Potential?

High-return mining stocks come in two very different shapes, and mixing them up is how people get hurt in this sector.

Cash generation you can verify today. Agnico Eagle produced record quarterly free cash flow of $1,335 million and Kinross produced $726.8 million of attributable free cash flow, both in a single quarter, both from their own filings. Barrick returned $1.50 billion to shareholders in the quarter. These are not speculative propositions: the money exists and the documents show it. Their upside depends on the metal price holding and costs behaving.

Torque to what has not happened yet. Ivanhoe and Lundin are levered to copper development that pays off over years, at market capitalizations small enough for success to matter. Their historical distributions show what that looks like in both directions: Lundin has delivered +148.6% at its best over 180 days after a golden cross and -30.4% at its worst; Ivanhoe has delivered +93.6% at its best over 180 days after a death cross and -45.9% at its worst.

Higher potential return means higher potential loss, and that is not a disclaimer sentence, it is the arithmetic of the distributions above. Every pick on this page can lose money. Position sizing matters more in this sector than in almost any other part of a Canadian portfolio, and the practical version of that is pairing one or two high-torque names with larger producers or royalty companies that generate cash regardless.

What Are Canadian Mining Stocks?

Canadian mining stocks are publicly traded companies, listed on the TSX or the TSX Venture Exchange, that explore for, develop and produce minerals and metals. The category spans precious metals, base metals, uranium, potash and battery materials, plus the royalty and streaming companies that finance miners in exchange for a share of their future output.

The reason the category is unusually deep in Canada is structural: the TSX group lists more mining companies than any other exchange group in the world, which means a Canadian investor can build exposure to nearly every commodity without leaving the domestic market or paying currency conversion on a foreign listing. It also means the quality range is enormous, from the multi-billion-dollar producers on this page to shell companies with a claim and a press release.

Types of Canadian Mining Stocks on the TSX

• Gold and silver miners. The largest segment of the Canadian mining market and the one with the most producers of global scale. Five of the ten names on this page have material gold exposure.
• Copper and base metals producers. Teck, Lundin and Ivanhoe anchor the Canadian copper complex, with zinc and nickel producers alongside, and Barrick contributes copper as a second metal.
• Uranium producers. Cameco is the large-cap anchor, with Saskatchewan’s Athabasca Basin as the geological base.
• Potash and fertilizer. Canada leads the world in potash production and Nutrien leads Canada.
• Lithium and battery metals. A smaller and more speculative corner of the exchange, with a very different risk profile from the producers on this page. We cover it separately in our guide to Canadian lithium stocks.
• Royalty and streaming companies. Franco-Nevada and Wheaton offer mining exposure without operating a mine, and this quarter’s filings show exactly what that structural advantage is worth in a rising price environment.
• Juniors and explorers. Early-stage companies that can multiply on a discovery and can also go to zero. Nothing on this page belongs to that category, deliberately.

Two clarifications worth making because they cause constant confusion. Crypto mining companies are a different industry entirely: they run data centres, not mines, and they belong nowhere near a minerals allocation. And Canadian Natural Resources, sometimes lumped in with miners because of the name, is an oil and gas producer.

Canadian Mining ETFs

If picking among ten names is not the exercise you want, the exchange offers baskets instead. Two TSX-listed options come up most often: the iShares S&P/TSX Capped Materials Index ETF (XMA.TO), which tracks the S&P/TSX Capped Materials Index for broad Canadian mining and materials exposure, and the Global X Uranium Index ETF (HURA.TO), which tracks a global uranium pure-play index for focused uranium exposure. Management fees on sector and thematic funds differ substantially and change, so check the current fee on each fund’s own page before buying rather than relying on a number in an article.

The trade-off is straightforward: a fund removes the single-company risk that dominates this sector, and it also removes the company-specific advantages this page has spent several thousand words documenting. We take that question up directly in the FAQ below.

Which Accounts Can Hold Canadian Mining Stocks?

All ten picks are TSX-listed and eligible for every registered account a Canadian resident can open. The choice is worth thinking about, because mining outcomes are wide in both directions and the account wrapper determines who keeps the upside.

• TFSA. Gains compound entirely tax-free and withdrawals are not taxed, which makes it the natural home for the growth-oriented names here. The catch is symmetrical: a loss inside a TFSA is not deductible and the contribution room used is not returned in the year you lose it. Our guide to the TFSA and how it works covers the room and withdrawal rules.
• RRSP. Better suited to the steadier, dividend-paying end of this list for long-term retirement compounding, since the deferral compounds alongside the position. Our RRSP guide sets out contribution room and withdrawal treatment.
• FHSA. First-home savers get both a deduction and tax-free growth, but the time horizon is short by design, which argues for keeping high-volatility miners to a small slice of that account if you hold them there at all.
• Non-registered. No contribution limit and no shelter. Gains are taxable when realized, which changes both the after-tax return and the case for trading around a position.

Why Mining Stocks Belong in a Balanced Portfolio

Diversification that is real rather than nominal. Miners’ earnings track commodity prices rather than the consumer and credit cycles that drive most of the TSX. A mining sleeve behaves differently from a portfolio built on banks, telecoms and utilities, and that difference is the entire point of holding one.

A direct claim on real assets. Owning producers of gold, copper, uranium and potash is exposure to physical output. This quarter shows the leverage clearly: Agnico Eagle’s revenue rose 35.0% on slightly lower production, which is what happens when a fixed cost base meets a higher realized price.

Income, but selectively. Most miners direct cash to reinvestment and buybacks rather than payouts, and this list reflects that. Nutrien’s 2.81% yield is the only one here that a Canadian income investor would build around; Barrick’s 1.57% is the next highest, and the rest are below 1%. If you want to see what a given yield actually pays on a given position size before you buy, our dividend income calculator does the arithmetic.

The Key Risks of Canadian Mining Stocks

Commodity price cyclicality. A miner’s revenue is set by a price it does not control. When metals fall, earnings and share prices fall harder, because the cost base does not fall with them. Every stock on this page trades close to metal price sentiment.

Cost inflation, which is happening right now. This is not theoretical in 2026. Kinross’ all-in sustaining cost rose 22.0% year over year on our calculation from its own comparatives, Barrick’s rose 11% on the company’s own statement, and Agnico Eagle’s rose against a restated prior-year base. Margins expanded anyway because the realized price rose faster. Reverse that relationship and the same leverage works against you.

Jurisdiction and political risk. Assets in West Africa, the Democratic Republic of the Congo, South Africa and the Andes carry permitting, tax and expropriation risks that Canadian and Australian mines do not. That is a large part of why Agnico Eagle trades at a premium multiple and Ivanhoe does not.

Operational and execution risk. Mine builds run over budget, grades disappoint, and geology intervenes. Agnico Eagle’s Barnat pit rock mass movement is the concrete example on this page: a single geotechnical event that the company expects to cost 60,000 to 80,000 ounces in the second half of 2026 and up to 150,000 ounces in each of the two years after. Royalty and streaming companies exist precisely to sidestep this class of risk, and their premium valuations are the price of that.

Valuation risk at cycle peaks. Several names here trade near 52-week highs on peak-cycle earnings. Paying a peak multiple on peak earnings is the classic mining-sector mistake, and it is the one that turns a good company into a bad investment.

The tax dimension, if you hold outside a registered account. Selling a winner in a non-registered account triggers a taxable capital gain, which changes the after-tax result of every trade you make around a position. Before you rebalance a mining sleeve that has run, our capital gains tax calculator for Canada will show you what the sale actually costs.

Position sizing is the practical answer to all six: keep the speculative names small, anchor the sleeve with cash-generating producers or royalty companies, and rebalance when a commodity rally swells the allocation beyond what you intended.

Frequently Asked Questions About Canadian Mining Stocks

What is the best Canadian mining stock to buy in 2026?

Agnico Eagle (AEM.TO) is our top overall pick. Its Q2 2026 filing showed revenue of $3,802.8 million USD, up 35.0% year over year, adjusted diluted earnings per share of $3.05 against $1.94, record quarterly free cash flow of $1,335 million and net cash of $3,267 million, at the lowest all-in sustaining cost of the three gold producers on this page that report one (release p.1, p.4, p.5, p.7, p.57). It is also the most Canada-weighted asset base here. The right pick for you still depends on which commodity you want exposure to and how much volatility you can hold through.

What happened to Barrick Gold?

Barrick Gold changed its name to Barrick Mining Corporation in 2025, reflecting its growing copper business. It trades as ABX on the TSX and as B on the NYSE. In its Q2 2026 release the company announced an agreement with Newmont to expand the Nevada Gold Mines joint venture, including a $1.95 billion cash top-up payment to Barrick, and stated it continues to expect to complete an IPO of its North American gold assets by the end of 2026, subject to market conditions and approvals (release p.1, p.4).

Why did four gold miners print death crosses and then rise?

Agnico Eagle, Kinross, Franco-Nevada and Wheaton all saw their 50-day moving averages cross below their 200-day averages between June 22 and July 10, 2026, and all four are between 19% and 38% above the price where that cross printed. Barrick, which mines both gold and copper, did the same thing on June 30 and is 19.2% higher. A death cross is arithmetic that follows a price decline by several weeks, so in a sector that then recovers, the signal fires near the low. Our reading is that in this cycle the crossover has been a lagging artifact rather than a sell signal.

What is AISC and why does it matter?

All-in sustaining cost is the industry measure of what it costs to produce an ounce and keep the mine running, and it is the number that determines a producer’s margin. In Q2 2026, Agnico Eagle reported $1,459 per ounce on a by-product basis, Kinross $1,821 per attributable ounce sold, and Barrick $1,866 per ounce, each from its own release. Against realized gold prices of $4,483, $4,483 and $4,417 per ounce respectively, that is the margin. Note that royalty and streaming companies do not report AISC at all, because they do not sustain mines: Wheaton reports cash costs of $568 per gold equivalent ounce and Franco-Nevada $347 per GEO sold instead.

Are Canadian mining stocks a good investment right now?

The earnings support is verifiable rather than anecdotal: five of these ten companies published Q2 2026 revenue growth between 29.5% and 84.7% in their own filings, with margins expanding despite genuine cost inflation. The trade-off is that several of these stocks trade near 52-week highs on those peak-cycle earnings, and a commodity price pullback is the central risk to every one of them. Mining works as a portion of a portfolio rather than the whole of one.

Which mining stocks have the highest returns?

Over the regimes measured on this page, Lundin Mining has gained 156.2% since its June 2025 golden cross and Teck Resources 61.8% since October 2025. For forward-looking torque, Ivanhoe and Lundin carry the most leverage to copper development, along with the widest downside: Ivanhoe’s own history includes a 45.9% drawdown over 60 days after a golden cross. Past returns do not predict future results, and small samples predict them even less.

Is Cameco a mining stock or an energy stock?

Both descriptions fit. Cameco mines uranium, which places it in the mining sector, but the demand for that uranium comes from electricity generation, so the stock tends to trade on power-sector news rather than metals news. That is precisely why it adds diversification inside a mining sleeve: its cycle is the nuclear fuel contracting cycle, not the gold or copper cycle.

Do Canadian mining stocks pay dividends?

Most large producers pay something, but yields are modest. On this list Nutrien leads at 2.81% and Barrick follows at 1.57%, with every other name below 1% and Ivanhoe paying nothing at all (data as of September 4, 2026). Miners prioritize reinvestment and buybacks: Barrick repurchased $1.209 billion of shares in Q2 2026 alone, and Kinross has bought back over $1.1 billion since April 2025. If income is the objective rather than commodity exposure, our ranking of the best Canadian dividend stocks is the better starting point.

Are there Canadian rare earth stocks?

There are TSX and TSX Venture listings with rare earth exposure, but the field is small and almost entirely speculative. Canada does not have a producing rare earth mine at commercial scale, so most of what trades on Canadian exchanges is early-stage: exploration companies, development projects and processing proposals rather than operating businesses with revenue. We do not name tickers or publish figures for that group here, because we hold no primary filings for any of them and would not put an unverified number in front of you. If you want mining exposure with financial statements behind it, the diversified majors ranked on this page are the more defensible starting point.

Is a mining ETF safer than a single miner?

A fund removes single-company risk, which is the largest risk in this sector: one geotechnical event, one permitting decision or one failed mine build can permanently impair an individual miner in a way it cannot impair a basket. What a fund does not remove is commodity price risk, which drives most of the volatility here and hits every holding at once. So a sector fund is more diversified, not defensive. If you want the broader landscape of Canadian index and sector funds, our guide to the best Canadian ETFs covers the field.

The Bottom Line

The case for Canadian mining stocks in 2026 rests on numbers the companies published themselves. Realized gold prices near $4,483 USD an ounce against all-in sustaining costs between $1,459 and $1,866 produced record free cash flow at Agnico Eagle, a 44% revenue increase and $1.5 billion of shareholder returns at Barrick, and the widest streaming margins Wheaton has reported. Costs are inflating at the same time, guidance has been trimmed at the mine level in at least one case, and several of these stocks trade near 52-week highs, which is why the risks section on this page is as long as it is.

What we would not do is rank these on a chart pattern. The crossover record here is thin, contradictory and, in the case of five gold names this summer, flatly wrong about direction. Own miners for the cash they generate against the cost of producing metal, size the speculative names small enough that the bad tail does not matter, and revisit the position when the next set of filings lands rather than when a moving average crosses.

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Disclaimer: The content on bestcanadianstocks.ca is for informational and entertainment purposes only and does not constitute financial advice. Past performance is not indicative of future results. Always consult a qualified financial advisor before making investment decisions. Company financials from each company’s own Q2 2026 earnings release or report, cited by document and page. Live price blocks via Yahoo Finance as of the date shown in each block. Moving average and crossover figures computed from daily closing prices through September 4, 2026. Questrade® is a registered trademark and/or service mark of Questrade, Inc. Questrade, Inc. is a member of CIRO and a member of CIPF.