Gold mining stocks trade on the TSX and offer exposure to gold prices without holding physical bullion. This page compares the large producers, royalty and streaming companies, mid-tier producers and newer producers, and how gold stocks behave compared with gold itself. Market values and yields change daily: the figures below are a snapshot from TSX market data (TMX Money) on September 25, 2026. Production and costs change with every quarterly report, so check each company’s latest guidance. Every other guide in this section is listed in the Canadian stocks hub.
Top Canadian Gold Mining Stocks
Large Producers
| Company | Ticker | Market Cap | Dividend Yield |
|---|---|---|---|
| Agnico Eagle Mines | AEM | $139 billion | 0.9% |
| Barrick Mining (formerly Barrick Gold) | ABX | $100 billion | 1.6% |
| Kinross Gold | K | $42 billion | 0.7% |
| Eldorado Gold | ELD | $16 billion | 0.7% |
| B2Gold | BTO | $10 billion | 1.5% |
Newmont, the US gold miner, is no longer listed in Canada: its voluntary delisting from the TSX was expected to take effect at the close of trading on September 24, 2025, and its primary listing is on the New York Stock Exchange (NEM).
Costs across the industry have risen with labour, fuel and materials prices. Each miner publishes its all-in sustaining cost (AISC) guidance, the fullest measure of what it costs to produce an ounce; compare it with the gold price to judge its margin.
Royalty & Streaming Companies
| Company | Ticker | Market Cap | Dividend Yield | Model |
|---|---|---|---|---|
| Franco-Nevada | FNV | $70 billion | 0.7% | Royalties and streams |
| Wheaton Precious Metals | WPM | $92 billion | 0.5% | Precious metals streams |
| OR Royalties (formerly Osisko Gold Royalties) | OR | $9 billion | 0.7% | Royalties and streams |
| Royal Gold | RGLD (Nasdaq) | US-listed | Check the company’s site | Royalties and streams; acquired Sandstorm Gold on October 20, 2025 |
Sandstorm Gold is no longer an independently traded stock: Royal Gold closed its acquisition of Sandstorm on October 20, 2025, and Sandstorm’s shares were delisted.
Mid-Tier Producers
| Company | Ticker | Market Cap |
|---|---|---|
| Lundin Gold | LUG | $22 billion |
| Alamos Gold | AGI | $20 billion |
| IAMGOLD | IMG | $16 billion |
| Torex Gold | TXG | $6.6 billion |
| Wesdome Gold Mines | WDO | $5.4 billion |
Newer Producers (Higher Risk)
| Company | Ticker | Exchange | Market Cap |
|---|---|---|---|
| G Mining Ventures | GMIN | TSX | $15 billion |
| Artemis Gold | ARTG | TSX Venture | $9.4 billion |
Smaller and single-mine companies carry more risk: one mine’s problems can hit the whole company. Check each company’s latest reports before investing.
Large Producers vs Juniors vs Royalty/Streaming
| Factor | Large Producers | Junior Miners and Explorers | Royalty/Streaming |
|---|---|---|---|
| Production | Several mines | One mine or none yet | No mines of their own |
| Revenue stability | Higher | Low or none | Higher |
| Sensitivity to the gold price | High | Highest | Lower |
| Operational risk | Moderate | Very high | Low |
| Dividend | Most pay a small one (see tables) | Usually none | Most pay a small one |
| Downside risk | Moderate | Extreme (many go to zero) | Lower |
Gold Stocks vs Gold Bullion ETFs
| Factor | Gold Mining Stocks/ETFs | Gold Bullion ETFs (CGL, PHYS) |
|---|---|---|
| Returns vs gold price | Usually larger swings than gold, in both directions | Track the gold price |
| Dividends | Small dividends from many miners | None |
| Operational risk | Yes (mine problems, cost overruns) | None: the fund holds gold |
| Management risk | Yes | Minimal |
| Cost | XGD MER 0.61%; no fee on individual stocks | MER: CGL 0.56%, PHYS 0.39% |
| Complexity | Higher: must evaluate mine economics | Simple: tracks the gold price |
Gold ETFs are compared in more detail in our guide to gold ETFs.
Gold Stock Valuation Metrics
| Metric | What It Tells You | Rule of thumb |
|---|---|---|
| Price/NAV | Stock price vs the value of the company’s mines | Below 1.0x is often called cheap, well above 1.0x expensive |
| All-In Sustaining Cost (AISC) | Cost to produce one ounce | Lower is better; compare with peers and with the gold price |
| Free cash flow yield | Cash generated vs market cap | Higher is better |
| Reserve life | Years of reserves remaining | Longer is better |
| Debt/EBITDA | Financial leverage | Lower is more conservative |
| Production growth | Year-over-year production trajectory | Growing is better |
| Jurisdiction risk | Where mines are located | Stable, mining-friendly jurisdictions are lower risk |
How the Gold Price Drives Mining Stocks
A miner’s profit per ounce is roughly the gold price minus its all-in sustaining cost. Because costs are fairly fixed in the short run, a change in the gold price produces a larger percentage change in profit, which is why mining stocks usually swing more than gold. That works in both directions. In the LBMA-based annual gold price series compiled by NYU’s Aswath Damodaran, gold was 66% higher in 2025 than in 2024 (US$4,340 an ounce vs US$2,611). When higher prices last, miners tend to raise dividends and buybacks; when prices fall, high-cost producers are hit first.
Ways to Invest in Gold, by Risk
| Option | Risk Level |
|---|---|
| Gold bullion ETF (CGL, PHYS) | Lower: tracks gold only |
| Royalty/streaming (FNV, WPM) | Low to moderate |
| Gold mining ETF (XGD, ZGD) | Moderate: many miners |
| Large producers (AEM, ABX) | Moderate to high |
| Mid-tier producers (AGI, LUG) | High |
| Newer producers and explorers | Very high |
Physical gold and the other ways to buy it are covered in how to invest in gold in Canada.
Risks of Gold Stock Investing
| Risk | Detail |
|---|---|
| Gold price decline | Mining stocks amplify gold price movements, so sharp falls hurt |
| Operational risk | Mine floods, equipment failures, labour strikes |
| Geopolitical risk | Many mines are in politically unstable regions |
| Cost inflation | Fuel, labour and materials costs can squeeze margins |
| Permitting delays | New mines face years of regulatory hurdles |
| Environmental liability | Tailings dam failures, remediation costs |
| Dilution | Miners frequently issue shares for capital raises |
| Junior miner failure | Many exploration-stage companies never reach production |
Related Resources
Sources
The figures and rules on this page come from these sources, last checked against them between September 26, 2026 and October 13, 2026. How we check facts.
- BlackRock iShares: iShares S&P/TSX Global Gold Index ETF | XGD
- BlackRock iShares: iShares Gold Bullion ETF | CGL | COMMON HEDGE
- Sprott: Sprott Physical Gold Trust As of June 30, 2026
- TMX Money: TMX Money | TSX Today | Canadian Stock Market