In this article, we explore the 11 Best Canadian Gold Stocks to Buy According to Hedge Funds.
In February this year, a Goldman Sachs analyst posed an interesting question on ‘The Markets’ podcast: “Gold is making fresh, all-time highs. Are more gains ahead?” At the time, gold prices had grown by 10% since the beginning of the year. The analysts forecasted that, at the very least, an ounce of gold would fetch $3,500 by the end of the year.
We are now in August, and although the $3,500 target base rate hasn’t been surpassed yet, it’s getting close. As of August 6, the yellow metal was trading at $3,368.19 per ounce, according to Trading Economics. However, the bullish tailwinds that Goldman Sachs highlighted earlier are still in play, one of them being central bank accumulation. According to a Reuters analysis, central bank gold demand has increased sharply over the past three years, even as prices reached a record $3,500.05 an ounce in April—a 95% rise since Russia invaded Ukraine in February 2022.
And one country, Canada, is reaping the dividends of ascendant gold prices. The country ranks fourth among gold-producing countries, and it accounts for 6.7% of global mine production. Canada is also home to some of the world’s largest gold mining firms.
BMO Private Wealth analysts Richard Belley and Russ Visch, in their Investment Strategy insights from July 9, 2025, flagged increased conviction in gold and natural gas equities in Canada, noting these were high-quality areas holding firm despite broader uncertainty. Separately, broader market analysis confirms that gold mining equities are trading at deep discounts relative to their fundamentals.
Hedge funds have caught this signal. In the Q1 2025 13F filings, several top funds increased their stakes in Canadian gold miners. These hedge funds are betting on continued strength in gold prices and improved operational performance. As such, the following analysis identifies hedge fund-favored Canadian gold stocks that stand to benefit from the ongoing rally.
Our Methodology
To identify the 11 Best Canadian Gold Stocks to Buy According to Hedge Funds, we began by screening for the largest publicly traded Canadian companies engaged in the production, extraction, processing, or sale of gold. For this, we used the Finviz stock screener and filtered for firms with positive year-to-date (YTD) returns as of August 6, 2025. Next, we assessed hedge fund interest in these companies by consulting Insider Monkey’s hedge fund holdings database. We ranked the stocks based on the number of hedge funds that reported a position in each stock in their Q1 2025 13F filings. From this ranked list, we selected the 11 stocks with the highest hedge fund ownership. The final list is presented in ascending order based on the number of hedge funds holding each stock.
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).
Best Canadian Gold Stocks to Buy According to Hedge Funds
11. Collective Mining Ltd. (NYSE:CNL)
Number of Hedge Fund Holders: 5
Year-To-Date Returns: 126.44%
Collective Mining Ltd. (NYSE:CNL) is one of the best Canadian gold stocks to buy according to hedge funds. On July 21, the company announced results from its drilling program at the Apollo system within the Guayabales Project, located in Caldas, Colombia. The highlight is a drill intercept of 442.35 meters at 2.16 grams per ton (g/t) gold equivalent starting from surface, including 68.05 meters at 4.55 g/t gold equivalent. The hole (APC-125) bottomed while still in strong mineralization.
According to the company, gold-equivalent grades are composed of a combination of gold, silver, copper, and tungsten. For the 442.35 meters, the breakdown is 1.18 g/t gold, 43 g/t silver, 0.21% copper, and 0.05% WO₃. Another hole (APC-126) recorded 325.10 meters at 2.03 g/t gold equivalent (0.98 g/t gold, 27 g/t silver, 0.47% copper, and 0.03% WO₃), starting 8 meters below the surface.
Apollo is the most advanced discovery within the Collective Mining’s multi-target Guayabales Project. The company said it is conducting a fully funded 70,000-metre drill program for 2025, operating ten drill rigs: eight at Guayabales, two at San Antonio.
Collective Mining Ltd. (NYSE:CNL) is a Canadian mineral exploration company focused on developing high-grade gold deposits in Colombia. Its flagship asset is the Guayabales Project, where the company has reported multiple high-grade drill results, including intercepts exceeding 9 g/t gold equivalent.
10. Osisko Development Corp. (NYSE:ODV)
Number of Hedge Fund Holders: 10
Year-To-Date Returns: 42.94%
Osisko Development Corp. (NYSE:ODV) is one of the best Canadian gold stocks to buy according to hedge funds. On July 21, the company announced that it had secured a $450 million project loan facility from Appian Capital Advisory. The funds will be used to facilitate the development and construction of the Cariboo Gold Project in central British Columbia, Canada.
The financing facility is structured in two parts. $100 million was drawn on the day of the announcement, and subsequent draws will be done in four tranches, totaling $350 million. The initial sum will be used for a 13,000-meter infill drilling campaign to improve mine planning, pre-construction and construction activities for Cariboo, repayment of an existing $25 million term loan with National Bank of Canada (maturing in October 2025), and as general working capital for the project. The subsequent draws will be available over the next 36 months, contingent on the achievement of project milestones and meeting customary conditions.
Cariboo Gold is a permitted project, with required environmental and mining permits in place as of late 2024. Osisko owns 100% rights to the project.
Osisko Development Corp. (NYSE:ODV) is a Canadian gold development company. It explores, develops, and operates high-grade gold projects, with its flagship Cariboo Gold Project located in British Columbia. The Cariboo site spans a historic district and is designed for underground mining and ore sorting, targeting sustainable and scalable production. Osisko’s main product is gold bullion, derived from ongoing drilling and feasibility-stage development activities.
9. Gold Royalty Corp. (NYSE:GROY)
Number of Hedge Fund Holders: 12
Year-To-Date Returns: 137.19%
Gold Royalty Corp. (NYSE:GROY) is one of the best Canadian gold stocks to buy according to hedge funds. On July 24, the company announced Q2 2025 earnings, in which it reported record revenue. The total revenue, land agreement proceeds and interest in the quarter increased by approximately 100% year-over-year, reaching $4.4 million. Direct revenues from royalties totaled $3.8 million.
Also during the quarter, the gold equivalent ounces (GEOs) totaled 1,346 GEOs. For the first six months of 2025, total revenue climbed 25% year-over-year to a record $8.0 million (revenue of $6.9 million), corresponding to 2,595 GEOs.
The company credits the increase in revenue to continued strong commodity prices and production growth from its key royalty interests at several operations, including Canadian Malartic, Borborema, and Borden (Porcupine).
Gold Royalty reaffirmed its full-year 2025 production forecast of 5,700 to 7,000 GEOs. The company noted that production is expected to be concentrated more heavily in the second half of the year as newly started mining operations, including Côté, Vareš, and Borborema, ramp up toward full-scale production.
Gold Royalty Corp. (NYSE:GROY) is a Vancouver-based precious metals-focused royalty company. It provides financing to gold mining firms by acquiring royalties, streams, and similar interests across various stages of mine development. The company’s operations are sustained by gold-linked royalty income, generated from agreements with active and near-production mines throughout North America.
8. Eldorado Gold Corporation (NYSE:EGO)
Number of Hedge Fund Holders: 16
Year-To-Date Returns: 54.74%
Eldorado Gold Corporation (NYSE:EGO) is one of the best Canadian gold stocks to buy according to hedge funds. On July 31, the company announced Q2 2025 financial and operational results. The results were robust, highlighted by a significant revenue increase and progress at its flagship Skouries project in Greece.
During the quarter, total revenue reached $451.7 million, a 52% year-over-year increase. The company stated the growth came on the back of higher gold prices and production. Net earnings from continuing operations were $139 million ($0.68 per share), up from $56.4 million ($0.28 per share) in Q2 2024, and adjusted net earnings came in at $90.1 million ($0.44 per share).
The company produced 133,769 ounces of gold in the quarter, with sales of 131,489 ounces at an average realized gold price of $3,270 per ounce. However, production costs ramped up by 27% year-over-year to $162.2 million, and all-in sustaining costs (AISC) reached $1,520 per ounce (up 14%). The company attributed the rising costs to higher royalties (from elevated gold prices), as well as increased labor expenses. The Skouries project remains Eldorado’s most important growth initiative, now 70% complete as of Q2 2025.
Eldorado Gold Corporation (NYSE:EGO) is a Canadian mining company. It acquires, explores, develops, and operates gold and base metal properties, primarily through its Kisladag and Efemçukuru gold mines in Türkiye, the Lamaque gold mine in Quebec, Canada, and the Olympias and Skouries copper-gold projects in Greece. Its main product is gold bullion, extracted from both open-pit and underground mining operations.
7. Fortuna Mining Corp. (NYSE:FSM)
Number of Hedge Fund Holders: 22
Year-To-Date Returns: 61.77%
Fortuna Mining Corp. (NYSE:FSM) is one of the best Canadian gold stocks to buy according to hedge funds. On August 5, the company reported an updated mineral resource estimate for the Diamba Sud Gold Project in Senegal as of July 7, 2025.
In the update, indicated mineral resources were 14.2 million tons grading 1.59 g/t gold, containing 724,000 ounces. This is a 53% increase from the previous resource estimate at the end of 2024. Meanwhile, the inferred mineral resources were 6.2 million tons grading 1.44 g/t gold, containing 285,000 ounces. This reflects a 93% increase in inferred ounces since the last estimate.
The update includes first-time resource estimates for the Southern Arc (194,000 oz Au) and Moungoundi (31,000 oz Au) deposits, totaling 225,000 oz Au across seven deposits. The company stated that the updated figures are based on drilling from July 2024 to July 2025, comprising 243 diamond and reverse circulation drill holes totaling 31,652 meters.
Fortuna Mining stated that it is actively working on a Preliminary Economic Assessment (PEA) for Diamba Sud, with completion targeted for the fourth quarter of 2025. The Diamba Sud property covers about 5,340 hectares within the highly prospective Kenieba-Koudougou Inlier of eastern Senegal, a region that hosts several world-class gold mines.
Fortuna Mining Corp. (NYSE:FSM) is a Canadian mining company. It acquires, develops, and operates gold and silver properties across Latin America and West Africa, primarily through the Lindero gold mine in Argentina, the Séguéla gold mine in Côte d’Ivoire, and the San Jose silver-gold mine in Mexico. Its main products are gold bullion and silver concentrate, extracted from open-pit and underground mining operations.
6. B2Gold Corp. (NYSE:BTG)
Number of Hedge Fund Holders: 23
Year-To-Date Returns: 52.05%
B2Gold Corp. (NYSE:BTG) is one of the best Canadian gold stocks to buy according to hedge funds. On July 30, the company announced that Mali’s government had granted it approval to commence underground mining at the Fekola Mine. The decision followed meetings between B2Gold executives and senior Malian government officials earlier in July, which the company termed “productive”.
B2Gold has already developed more than 9,300 meters of underground workings and installed all necessary mining infrastructure at the site in anticipation of approval. Following the green light, the company has commenced stope ore production, and previously stockpiled underground ore is now being processed through the Fekola mill.
The Fekola Complex comprises the Fekola Mine (Medinandi permit), which includes the Fekola and Cardinal open pits, and the Fekola underground mine. B2Gold owns 80% of the mine, while the State holds the rest. The other element of the Fekola Complex is the Fekola Regional (Anaconda Area/Menankoto permit and Dandoko permit), 65% owned by B2Gold and 35% by the State.
The company expects Fekola underground to contribute up to 35,000 ounces of gold production in 2025, with further ramp-up in 2026 and subsequent years. Additionally, B2Gold reaffirmed its full-year 2025 gold production guidance for the entire Fekola Complex at 515,000–550,000 ounces.
B2Gold Corp. (NYSE:BTG) is a Canadian gold mining company. It acquires, develops, and operates gold properties, primarily through the Fekola mine in Mali, the Masbate mine in the Philippines, and the Otjikoto mine in Namibia. Its main product is gold bullion, produced from open-pit mining operations across its global portfolio.
5. Sandstorm Gold Ltd. (NYSE:SAND)
Number of Hedge Fund Holders: 27
Year-To-Date Returns: 76.88%
Sandstorm Gold Ltd. (NYSE:SAND) is one of the best Canadian gold stocks to buy according to hedge funds. On August 5, the company said it supports Royal Gold Inc.’s (NASDAQ:RGLD) acquisition of a gold stream on the Kansanshi copper-gold mine in Zambia for $1 billion. The company stated that it had specifically contemplated such a large acquisition in its prior agreement with Royal Gold.
Royal Gold will fund the acquisition using existing cash reserves and its revolving credit facility, without issuing new shares. The gold stream is structured to deliver 75 ounces per million pounds of recovered copper produced by Kansanshi until Royal Gold has received 425,000 ounces. This delivery rate will drop to 55 ounces and then 45 ounces per million pounds for subsequent production milestones. The stream is expected to provide immediate cash flow, with an initial delivery of approximately 12,500 ounces of gold in 2025, and an average of 35,000–40,000 ounces per year anticipated over the next decade.
Why does this deal warrant Sandstorm’s attention? Sandstorm and Royal Gold entered into a definitive arrangement on July 6, 2025, for the latter to acquire all outstanding shares of Sandstorm in an all-share transaction. As such, Sandstorm’s support for this acquisition reflects the strategic benefit for its shareholders.
Sandstorm Gold Ltd. (NYSE:SAND) is a Canadian royalty and streaming company. It acquires gold and other precious metal royalties from mining operators, primarily through agreements that provide a percentage of production from active and development-stage mines. Its portfolio includes over 230 royalties, with 40 currently producing.
4. Pan American Silver Corp. (NYSE:PAAS)
Number of Hedge Fund Holders: 32
Year-To-Date Returns: 37.34%
Pan American Silver Corp. (NYSE:PAAS) is one of the best Canadian gold stocks to buy according to hedge funds. On August 6, Pan American Silver Corp. reported strong unaudited Q2 2025 results, beating analyst expectations with adjusted EPS of $0.43 and revenue of $811.9 million.
The company posted record free cash flow of $233 million and ended the quarter with a cash balance of $1.1 billion. Pan American Silver Corp plans to invest $ 500 million of its free cash flow in the acquisition of MAG Silver Corp to gain access to the high-margin Juanicipio mine in Mexico. The mine is expected to contribute to free cash flow upon the transaction closing.
Silver and gold production reached 5.1 million and 178.7 thousand ounces, respectively, with net earnings of $189.6 million. Pan American also raised its quarterly dividend by 20% to $0.12 per share and returned $103.5 million to shareholders through dividends and buybacks in H1 2025.
The company repurchased 459,058 shares for $11.1 million and paid $36.2 million in Q2 dividends. With total liquidity of $1.86 billion and debt of $820.7 million, Pan American remains on track to meet its 2025 production and cost guidance, reinforcing its position as a leading silver investment.
Pan American Silver Corp. (NYSE:PAAS) is a prominent mining company with operations spanning Canada, Mexico, Peru, Bolivia, Argentina, Chile, and Brazil. The company actively explores and produces silver, gold, zinc, lead, and copper across these regions.
3. Equinox Gold Corp. (NYSE:EQX)
Number of Hedge Fund Holders: 33
Year-To-Date Returns: 27.49%
Equinox Gold Corp. (NYSE:EQX) is one of the best Canadian gold stocks to buy according to hedge funds. On July 16, TD Securities upgraded Equinox Gold from Hold to Buy and raised its price target to C$12.00 from C$11.00, citing an attractive risk/reward profile following the company’s underperformance since the CXB deal in February. The firm views the recent guidance reset as a “risk-clearing event” that could shift investor focus toward operational execution.
TD also pointed to potential upside from portfolio optimization, suggesting strategic moves could further enhance value. The upgrade reflects growing confidence in Equinox Gold’s ability to deliver stronger performance in the near term.
Equinox Gold Corp. (NYSE:EQX) is a Canadian mining company. It acquires, develops, and operates gold mines throughout the Americas, including assets in the United States, Mexico, Brazil, and Canada. Its key sites include the Greenstone mine in Ontario and the Los Filos mine in Mexico. Equinox Gold’s main product is gold bullion, extracted from open-pit and underground mining operations.
2. Kinross Gold Corporation (NYSE:KGC)
Number of Hedge Fund Holders: 39
Year-To-Date Returns: 95.90%
Kinross Gold Corporation (NYSE:KGC) is one of the best Canadian gold stocks to buy according to hedge funds. On July 30, the company released its Q2 2025 financial and operational results, terming the quarter “strong.”
The company reported record free cash flow of approximately $647 million for the quarter up from $346 million in the prior-year quarter. Revenue grew by 42% year-over-year to $1.73 billion in the quarter and net earnings more than doubled to $530.7 million ($0.43 per share). Adjusted net earnings came in at $541 million ($0.44 per share). Regarding production and operations, Kinross produced 513,000 gold equivalent ounces during the quarter. The average realized gold price was $3,284 per ounce, a 40% increase from Q2 2024. Meanwhile, the production cost of sales was $1,080 per gold equivalent ounce sold, and all-in sustaining cost (AISC) reached $1,493 per ounce.
The company reaffirmed its 2025 guidance: 2 million ounces production, AISC of $1,500/oz, and cost of sales $1,120/oz. Management expects production to remain level through the year, with Q3 and Q4 output forecast at approximately 500,000 ounces each.
Kinross Gold Corporation (NYSE:KGC) is a senior Canadian gold producer with a global footprint. It explores, develops, and operates gold mines across the United States, Brazil, Chile, Mauritania, and Canada. Flagship assets include the Paracatu mine in Brazil and the Tasiast mine in Mauritania, both known for large-scale, low-cost production. Kinross generates its primary revenue from gold bullion, refined from open-pit and heap leach operations supported by advanced processing facilities.
1. Agnico Eagle Mines Limited (NYSE:AEM)
Number of Hedge Fund Holders: 50
Year-To-Date Returns: 72.04%
Agnico Eagle Mines Limited (NYSE:AEM) is one of the best Canadian gold stocks to buy according to hedge funds. On July 30, the company reported record second-quarter 2025 earnings, driven by a high realized gold price of $3,288 per ounce and strong operational execution.
Revenue for the quarter came in at $2.8 billion, beating prior projections and up year-over-year. Net income reached $1,069 million ($2.13 per share), with adjusted net income touching $976 million ($1.94 per share). Free cash flow hit a record $1.3 billion, more than doubling from the prior quarter. The company also stated that it returned approximately $300 million to shareholders in Q2 via $200 million in dividends and $100 million in share buybacks.
During the quarter, the company produced 866,000 ounces of gold and 1.74 million ounces for the first half of 2025, remaining on track with its full-year guidance. As a result, management reaffirmed the full-year 2025 production guidance (3.3–3.5 million ounces of gold). The company expects to end 2025 with $2.2–$2.5 billion in cash and is focused on accelerating high-value project development.
Agnico Eagle Mines Limited (NYSE:AEM) is one of Canada’s largest gold producers. It explores, develops, and operates gold properties across North America and Europe, with major assets including the Detour Lake and Canadian Malartic mines in Ontario and Quebec, the LaRonde Complex in Quebec, and the Meadowbank Complex in Nunavut. The company’s primary output is gold bullion, extracted through a mix of open-pit and underground mining methods.
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