In this article, we will discuss the 10 Best Canadian Gold Stocks to Buy Now.

Gold remains a trusted store of value during economic uncertainty. Due to global inflation, geopolitical tensions, and central bank demand, the appeal of gold is surging to new highs. According to Fortune Business Insights, the global gold market, worth $291.68 billion in 2024, is projected to reach $457.91 billion by 2032, growing at a CAGR of 5.8%. Reuters reported that this price surge has attracted investors, with spot gold hitting a record $2,936.38 per ounce and U.S. futures reaching $2,956.10.

Investor interest remains high as gold-backed ETFs saw a 26% jump in 2024, their best performance since 2010. Additionally, central bank demand is expected to exceed the 500-ton long-term average in 2025, further supporting prices, though any purchasing slowdown could pose risks.

Macroeconomic factors also affect gold’s future as the U.S. recently imposed a 25% tariff on Mexican and Canadian imports, along with additional duties on Chinese goods, sparking inflation worries. While automakers received temporary exemptions, market uncertainty persists. According to a Reuters survey, investors are watching the upcoming U.S. non-farm payrolls report, which could affect Federal Reserve policy and gold prices.

On the supply side, global gold production held steady at about 3,300 metric tons in 2024, with China, Russia, Australia, and Canada as the top producers. Meanwhile, the recycled gold supply rose 11% to 1,370 tons, reflecting increased market liquidity. With China and India accounting for over 60% of annual gold consumption, the countries remain crucial market influencers in 2025.

However, global gold trade patterns are shifting from their traditional eastward flow to meet China’s and India’s demands. Gold shipments are now being redirected to the U.S. as Asian retail demand weakens. Reuters reported that bullion banks are capitalizing on Comex futures rather than premium spot prices by redirecting gold supplies to the U.S. Furthermore, U.S. gold inventories have jumped nearly 80% since late 2024, with increased imports from London, Switzerland, and Asian markets, cementing America’s key role in the global market.

Additionally, technological innovation is reshaping the gold industry. Advances in bio-leaching, cyanide-free processing, and nanotechnology are boosting extraction efficiency and sustainability, promising lower environmental impact and positioning the sector for long-term growth.

Entering 2025, the U.S. gold market continues to be shaped by inflation, geopolitical uncertainties, changing trade policies, and technological advances. Amid these shifting market dynamics, gold remains a vital asset for those seeking security and growth potential.

With this backdrop, we delve into the 10 Best Canadian Gold Stocks to Buy Now.

Methodology

To compile our list of the 10 Best Canadian Gold Stocks according to hedge funds, we used the Finviz stock screener to find the 30 largest Canadian companies that are involved in the production, extraction, processing, or sale of gold. We then used Insider Monkey’s Hedge Fund database to rank those stocks according to the number of hedge fund holders as of Q4 2024. Finally, we picked ten stocks with the highest number of hedge fund holders. The list is sorted in ascending order of hedge fund sentiment.

Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).

10. IAMGOLD Corporation (NYSE:IAG)

Number of Hedge Fund Holders: 19

IAMGOLD (NYSE:IAG) is a leading gold producer with assets across Canada and West Africa. The company fully owns the Westwood project in Quebec, holds a 60% stake in the Côté Gold project in Ontario, and controls 90% of Essakane in Burkina Faso. With its focus on high-quality gold assets, IAMGOLD is setting itself up for increased production and profits, making it one of the best Canadian stocks.

IAMGOLD Corporation (NYSE:IAG) reported strong financials for the year ended December 31, 2024. The company posted record revenue of $1.63 billion from selling 699,000 ounces of gold at an average price of $2,330 per ounce. This strong performance came from favorable gold prices and better-than-expected results from Côté Gold. Despite higher costs due to Côté Gold’s ramp-up, IAMGOLD ended the year with $1.2 billion in cash, creating a solid base for future growth.

The growth outlook for IAMGOLD Corporation (NYSE:IAG) remains positive. The Côté Gold ramp-up is progressing smoothly, with production beating expectations and approaching full capacity. Essakane has been a standout performer, exceeding production targets. Adding to the good news, the company reversed a previous impairment charge at Westwood, resulting in a $455.5 million gain that boosted overall profits.

For 2025, IAMGOLD Corporation (NYSE:IAG) targets gold production between 735,000 and 820,000 ounces, focusing on maximizing Côté Gold’s potential. The company aims to maintain cost controls, projecting cash costs of $1,200 to $1,350 per ounce. With strong financial reserves and a clear growth path, IAMGOLD is well-positioned to sustain momentum and make strategic investments to enhance its portfolio.

9. New Gold Inc. (NYSE:NGD)

Number of Hedge Fund Holders: 21

New Gold Inc. (NYSE:NGD) is a mid-tier Canadian gold mining company with a focus on the development and operation of mineral properties. It owns two key properties including Rainy River in Ontario and New Afton in British Columbia which yield gold, silver, and copper.

For New Gold Inc. (NYSE:NGD), revenue reached $924.5 million in the year ended December 31, 2024, up 17.55% from 2023. This growth stemmed from higher gold and copper prices along with improved operational efficiency. However, the adjusted net income for 2024 was $207 million ($0.16 per share), down from $347 million ($0.28 per share) in 2023.

Despite this, New Gold Inc. (NYSE:NGD) maintained financial strength, ending the year with $105 million in cash after repaying its $100 million credit facility and total liquidity of $482 million. This boosted the company’s position to proceed with its major projects.

Moving ahead, New Gold Inc. (NYSE:NGD) expects significant growth, projecting gold production to rise from 300,000 ounces in 2024 to 410,000 ounces by 2027. Production may dip in early 2025 due to mine sequencing, with improvement expected later as the C-Zone ramps up. Meanwhile, exploration at Rainy River could extend the mine’s life, depending on metal prices and tailings capacity. With its operational improvements and strategic initiatives, New Gold is well-positioned as one of the best Canadian stocks.

8. B2Gold Corp. (NYSEAMERICAN:BTG)

Number of Hedge Fund Holders: 22

B2Gold Corp. (NYSEAMERICAN:BTG) is a gold producer based in Vancouver with operations across Mali, Namibia, and the Philippines. The company is proceeding with its Goose Project in northern Canada while exploring growth opportunities in Mali, Colombia, and Finland.

B2Gold Corp. (NYSEAMERICAN:BTG) produced 804,778 gold ounces for the year ended December 31, 2024, hitting the lower end of its guidance due to delays in accessing high-grade ore at the Fekola mine. Meanwhile, Q4 production reached 186,001 ounces, with increased production from the Masbate and Otjikoto mines.

Despite these bright spots, Fekola’s lower ore grades and processing issues affected the company’s earnings. Adjusted net income for shareholders dropped to $207 million ($0.16 per share) from $347 million ($0.28 per share) in 2023. On the upside, operating cash flow hit $878 million due to higher gold prices, while cash reserves stood at $337 million after paying off a $400 million credit facility.

Nevertheless, the outlook for B2Gold Corp. (NYSEAMERICAN:BTG) remains positive in 2025. Production growth is expected in 2025, with the Goose Project launching in Q2, targeting over 300,000 ounces annually. Additionally, exploration at Otjikoto’s Antelope deposit added 327,000 ounces to reserves, strengthening future production. The company is also progressing with Colombia’s Gramalote Project with a feasibility study due by mid-2025. This project should yield 234,000 ounces annually, boosting long-term growth.

As Goose ramps up and Fekola expands, B2Gold Corp. (NYSEAMERICAN:BTG) anticipates a strong 2025 rebound. Showing faith in its financial health, B2Gold declared a Q1 2025 dividend of $0.02 per share. As projects advance, the company is well-positioned for continued success, reinforcing its position as one of the best Canadian stocks.

7. Osisko Gold Royalties Ltd (NYSE:OR)

Number of Hedge Fund Holders: 24

Osisko Gold Royalties Ltd (NYSE:OR) is a top player in the precious metals industry, acquiring and managing royalties, streams, and stakes across Canada and beyond. Its crown jewel is a 3%–5% net smelter return royalty on Agnico Eagle’s Canadian Malartic complex. Beyond this, Osisko has interests in numerous mining ventures, mostly focused on gold, silver, and copper.

Osisko Gold Royalties Ltd (NYSE:OR) posted a record annual revenue of $191.2 million in 2024, boosted by high metal prices and steady royalty flows. Osisko earned 20,005 gold equivalent ounces (GEOs) in Q4, helping it reach an annual total of 80,740 GEOs, beating its midpoint target.

In addition to strong operational performance, Osisko Gold Royalties Ltd (NYSE:OR) closed almost $300 million in deals throughout 2024. Key advancements included acquiring the Dalgaranga Royalty and restructuring the Gibraltar Silver Stream, boosting its portfolio value. The company’s portfolio now holds 21 producing assets, with the recent addition of Ghana’s Namdini mine, which began gold production in November 2024.

A central part of Osisko’s approach is its focus on Tier-1 mining regions, with about 78% of the company’s GEOs coming from Canada, the U.S., and Australia, ensuring reliable income. While Canadian Malartic remains its biggest revenue source, new revenue streams from Alamos Gold’s Island Gold District and the CSA copper stream will likely play major roles in driving growth.

For 2025, Osisko Gold Royalties Ltd (NYSE:OR) projects a 45:55 output split between the first and second halves. Q1 is expected to be the slowest, mainly due to reduced output from Canadian Malartic. However, the company sees production picking up in Q2, followed by stronger growth later in the year, fueled by increased yields from the Namdini royalty.

With a clear growth plan and strong output outlook, Osisko Gold Royalties Ltd (NYSE:OR) is set for steady expansion as one of the best Canadian stocks.

6. Wheaton Precious Metals Corp. (NYSE:WPM)

Number of Hedge Fund Holders: 25

Wheaton Precious Metals Corp. (NYSE:WPM) is a key player in precious metals streaming, providing miners with upfront capital to secure discounted purchase rights for gold, silver, and other metals. The company has established itself in the streaming sector with a portfolio spanning the Americas and Europe.

Wheaton Precious Metals Corp. (NYSE:WPM) reported remarkable growth for the third quarter ended September 30, 2024, with revenue jumping 38% year-over-year to $308 million. Net earnings rose by $38 million, reaching $155 million, largely due to higher gold and silver prices. The company also posted a record $254 million in operating cash flow, demonstrating strong profitability.

Furthermore, despite lower output from Salobo and Constancia, Wheaton Precious Metals Corp. (NYSE:WPM) maintained a strong balance sheet with $694 million in cash and a $2 billion undrawn credit facility. This financial flexibility reinforced its standing as one of the best Canadian stocks.

In addition, Wheaton Precious Metals Corp. (NYSE:WPM) invested $100 million in expanding streaming rights on Rio2’s Phoenix project. It finalized a $175 million agreement for Allied Gold’s Kurmuk project in Ethiopia, securing 6.7% of gold production until 220,000 ounces have been delivered and 4.8% for the mine’s remaining lifespan.

In the future, Wheaton Precious Metals Corp. (NYSE:WPM) aims to increase annual production by 40%, targeting over 800,000 gold equivalent ounces by 2028. Several key projects, including Blackwater, Goose, Platreef, and Mineral Park, will begin production in 2025, with Blackwater alone expected to yield 500,000 GEOs annually at full capacity.

5. Alamos Gold Inc. (NYSE:AGI)

Number of Hedge Fund Holders: 31

Alamos Gold Inc. (NYSE:AGI) is a major gold producer that operates across Canada, Mexico, and the U.S. The company has earned its reputation through gold deposit exploration and development, with key assets in Island Gold, Young-Davidson, Mulatos District, and Magino.

Alamos Gold Inc. (NYSE:AGI) hit a milestone in 2024 with record gold production of 567,000 ounces, which was a 7% increase over the prior year. This growth came largely from the integration of the newly acquired Magino mine (purchased from Argonaut Gold) and strong output from the Mulatos District and Island Gold. The company’s Q4 production in 2024 reached 140,200 ounces, meeting quarterly targets.

Due to this strong performance, annual revenue jumped 32% to $1.3 billion, with gold sales of 560,234 ounces at an average price of $2,379 per ounce. Q4 2024 revenue rose 48% year-over-year to $375.8 million, aided by higher gold prices, which averaged $2,632 per ounce.

Furthermore, Alamos Gold Inc. (NYSE:AGI) commenced construction of the Lynn Lake project in early 2025, with initial production expected in 2028. Once operational, the project is expected to increase annual output to 900,000 ounces, further improving cost efficiency.

In 2025, production is expected to be between 580,000 and 630,000 ounces. The Phase 3+ Expansion at Island Gold is set to be completed by mid-2026 and should boost production by 24% by 2027 while cutting costs. Alamos Gold Inc. (NYSE:AGI) remains one of the best Canadian stocks, with strategic growth plans and solid financial results.

4. Pan American Silver Corp. (NYSE:PAAS)

Number of Hedge Fund Holders: 34

Pan American Silver Corp. (NYSE:PAAS) is a major Canadian mining company focused on silver and gold extraction across several countries, including Canada, Mexico, Peru, Bolivia, Argentina, Chile, and Brazil. The company also explores base metals, cementing its position among the best Canadian stocks.

Q4 2024 brought significant financial gains for Pan American Silver Corp. (NYSE:PAAS), fueled by higher metal prices and increased output. The quarterly revenue reached $815.1 million, making the yearly total $2.8 billion. Silver production totaled 21.1 million ounces, and gold hit a record 892,000 ounces, boosted by the integration of Yamana mines. These results generated an annual operating cash flow of $724.1 million and a free cash flow of $445.1 million, strengthening the company’s financial position.

Moreover, Pan American Silver Corp. (NYSE:PAAS) is exploring synergies with Discovery Silver and assessing satellite deposits like Whitney and Gold River for development. El Peñón mine maintains steady production with an improved cost midpoint of $12.35 per ounce. At La Colorada, ventilation upgrades have boosted daily throughput to 2,000 tons, lowering operational costs.

For 2025, Pan American Silver Corp. (NYSE:PAAS) predicts silver production between 20 million and 21 million ounces and gold output between 735,000 and 800,000 ounces. Production will likely be concentrated in the second half of the year, reducing per-unit costs as efficiency improves. Despite regulatory hurdles at the Escobal project, discussions continue with Guatemala’s government. With robust cash flow, operational improvements, and strategic assets, Pan American Silver remains well-positioned to benefit from rising metal prices and sustained long-term growth.

3. Kinross Gold Corporation (NYSE:KGC)

Number of Hedge Fund Holders: 37

Kinross Gold Corporation (NYSE:KGC) is a Canadian mining company with a focus on gold acquisition, exploration, and development, as well as producing silver and managing mine reclamation. Its operations span sites such as Brazil’s Paracatu and Alaska’s Fort Knox, with new ventures including Alaska’s Manh Choh project.

Despite facing rising costs, Kinross Gold Corporation (NYSE:KGC) delivered impressive results in Q4 ended December 31, 2024. The company produced 501,209 ounces of gold, reaching a yearly total of 2.13 million ounces. This success stemmed from better mill output and higher grades at the Tasiast and Paracatu mines, which helped counter inflationary pressures.

Kinross Gold Corporation (NYSE:KGC) saw improved financial performance due to robust production with higher gold prices. This boosted Q4 operating cash flow to $734.5 million, with annual figures reaching $2.44 billion. The company achieved a record free cash flow of $1.34 billion, more than double the prior year. This allowed the company to cut net debt by roughly $1.4 billion over two years, strengthening its finances despite challenges.

Kinross Gold Corporation (NYSE:KGC) also enhanced its portfolio with the Great Bear project, reaching a key milestone through its Preliminary Economic Assessment. This study projected an annual production of 500,000 ounces at a total cost of $800 per ounce, confirming its Tier One potential. Moreover, the company completed over 15 energy efficiency projects and earned a Sustainability Award from the Canadian Council for the Americas.

For 2025, Kinross Gold Corporation (NYSE:KGC) projects 2 million ounces of production with the cost of sales guidance at $1,120 per ounce. The company’s stock surged 103.10% over one year, far outpacing the industry’s 46.85% average, thanks to strong free cash flow and significant debt reduction.

2. Barrick Gold Corporation (NYSE:GOLD)

Number of Hedge Fund Holders: 43

Barrick Gold Corporation (NYSE:GOLD) ranks among the top gold and copper producers worldwide, with mining sites spread across five continents. The company maintains a diverse portfolio, including significant gold operations in Argentina, Canada, the U.S., and Africa, plus copper projects in Chile, Zambia, and Saudi Arabia.

Regardless of regional difficulties, Barrick Gold Corporation (NYSE:GOLD) posted impressive results during Q4, which ended December 31, 2024. Gold production increased 15% while copper output surged 33% compared to Q3. Net earnings shot up by 69% to $2.14 billion, and adjusted net earnings rose 51% to $2.21 billion. Moreover, EBITDA increased 30% to $5.19 billion, its highest in over ten years. Improved earnings boosted operating cash flow by 20% to $4.49 billion, with free cash flow more than doubling to $1.32 billion

Barrick Gold Corporation (NYSE:GOLD) focused on rewarding shareholders by keeping its quarterly dividend at $0.10 per share and returning $1.2 billion to shareholders in 2024. This included $498 million in stock buybacks as the company capitalized on its undervalued stock.

Although production results varied by region, Veladero reached its best output in five years. Yet the slower ramp-up at Pueblo Viejo caused Latin American and Asia Pacific operations to miss targets slightly. However, Nevada Gold Mines performed well, reinforcing Barrick’s North American holdings.

For 2025, Barrick Gold Corporation (NYSE:GOLD) predicts gold production of 3.15–3.5 million ounces and copper output of 200,000–230,000 tons. The company has also moved the Fourmile project to pre-feasibility, strengthening its future growth pipeline.

With these solid financials, premier assets, and a history of delivering returns, Barrick Gold Corporation (NYSE:GOLD) remains one of the best Canadian stocks for those seeking gold and copper exposure.

1. Agnico Eagle Mines Limited (NYSE:AEM)

Number of Hedge Fund Holders: 50

Agnico Eagle Mines Limited (NYSE:AEM) is a renowned gold producer with operations spanning Canada, Australia, Finland, and Mexico. The company hit record production with solid financial performance in 2024, backed by high gold prices, operational improvements, and careful cost control.

Agnico Eagle Mines Limited (NYSE:AEM) produced 3.49 million ounces of gold in 2024, slightly crossing its midpoint target. For the fourth quarter, output reached 847,401 ounces, with cash costs of $923 per ounce. The company generated $2.14 billion in free cash flow for the year, reducing net debt by $1.29 billion and ending 2024 with just $217 million in net debt. These gains came mainly from record throughput at Detour Lake, steady performance at LaRonde, and cost savings across major sites.

A major highlight for Agnico Eagle Mines Limited (NYSE:AEM) was Detour Lake’s performance, where mill throughput hit a record 77,000 tons daily in Q4. This boost improved efficiency and strengthened the company’s long-term outlook. Meanwhile, the Odyssey Underground project at Canadian Malartic advanced, with shaft depth reaching 1,026 meters by year-end. Ongoing exploration at Odyssey, especially in the East Gouldie zone, should extend the mine’s lifespan and maintain production levels.

Agnico Eagle Mines Limited (NYSE:AEM) also acquired 96.5% of O3 Mining shares, expanding its position around Canadian Malartic. This purchase supports its “fill-the-mill” approach, aimed at maximizing throughput and creating regional efficiencies. The move could boost future production and expand Agnico’s resource base.

For the future, Agnico Eagle Mines Limited (NYSE:AEM) projects annual gold production of 3.3–3.5 million ounces through 2027. Cash costs for 2025 are expected to be between $915 and $965 per ounce, reflecting modest inflation. With ongoing investment in high-grade projects and cost optimization, Agnico is one of the best Canadian stocks on our list.

Overall, Agnico Eagle Mines Limited (NYSE:AEM) ranks first on our list of the Best Canadian Gold Stocks to Buy Now. While we acknowledge the potential of AEM, our conviction lies in the belief that certain AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than AEM but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

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