In this article, we will discuss the 9 Best Canadian Gold Stocks to Buy Right Now.
Earlier on March 24, Jeffrey Gundlach, DoubleLine Capital Founder & CEO, joined ‘Closing Bell’ on CNBC to discuss his broad view on equity markets. He noted that the decline in risk assets over the then-last few weeks had been characterized by a lack of extreme fear in equity markets, specifically pointing out that the VIX index strangely never rose above 30. In terms of market stability, Gundlach identified asset-backed securities and commercial mortgage-backed securities as the primary safety plays, noting they have remained among the most stable asset classes despite being overshadowed by war headlines and issues in private credit. He characterized the market as being in a revaluation phase, where making money became increasingly difficult this year.
He reflected on how gains were initially found in foreign markets and commodities, and while commodities and gold remain up, their recent momentum has slowed. Gundlach admitted that his own enthusiasm for gold was actually exceeded by the market’s performance last year; while he had predicted gold would surpass 4,000, it climbed higher to nearly 5,500. Looking forward, Gundlach maintains a long-term preference for commodities and gold, viewing the current price levels as a very good opportunity to add to these positions. He expressed a lack of enthusiasm for credit or stocks at their current valuations, arguing that they are not cheap enough to be considered compelling buys. He concluded that he would prefer to see the VIX go higher to signal a definitive washout in the stock market before becoming more optimistic about equities.
Our Methodology
We used stock screeners to identify Canadian Gold stocks, and limited our final selection to companies that have recently reported noteworthy developments likely to impact investor sentiment. These stocks are also popular among analysts and are ranked in ascending order of the number of hedge funds that have stakes in them, as of Q4 2025.
Note: All data was sourced on May 11.
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 498.7% since May 2014, beating its benchmark by 303 percentage points (see more details here).
9 Best Canadian Gold Stocks to Buy Right Now
9. New Found Gold Corp. (NYSEAMERICAN:NFGC)
Number of Hedge Fund Holders: 13
New Found Gold Corp. (NYSEAMERICAN:NFGC) is one of the best Canadian gold stocks to buy right now. On May 4, New Found Gold announced final 2025 infill drilling results for its 100%-owned Queensway Gold Project in Newfoundland and Labrador. The findings confirm the continuity of gold mineralization within the AFZ Core, specifically across the Keats West, Iceberg, and Keats zones. Notable intercepts included 9.51 g/t Au over 19.85 m at Keats West and 36.1 g/t Au over 2.00 m at Keats, supporting the company’s objective to upgrade inferred mineral resources to the indicated category for its Phase 1 open pit mine plan.
Beyond infill success, step-out drilling beneath the planned Phase 2 pits identified high-grade mineralization at depth, such as 9.15 g/t Au over 7.15 m below Keats. The company also completed over 13,000 meters of pre-development drilling, covering condemnation, geotechnical, and hydrogeological studies. This data confirmed the absence of mineralization at the proposed infrastructure sites while providing feasibility-level details necessary to finalize pit designs.
Looking ahead to the remainder of 2026, New Found Gold Corp. (NYSEAMERICAN:NFGC) four active rigs focused on resource conversion for the Phase 2 open pits and Phase 3 underground targets. The upcoming program will also prioritize grade-control drilling at the Iceberg and Lotto excavations and exploration at the Bullseye and Dropkick zones. An updated Technical Report and mineral resource estimate are expected to be filed in H2 2026 as the project transitions toward advanced engineering and site development.
New Found Gold Corp. (NYSEAMERICAN:NFGC), a Canadian gold producer, owns assets in Newfoundland and Labrador and holds interests in the following projects: Queensway Gold, Hammerdown Gold, Pine Cove Mill, and Nugget Pond.
8. Osisko Development Corp. (NYSE:ODV)
Number of Hedge Fund Holders: 19
Osisko Development Corp. (NYSE:ODV) is one of the best Canadian gold stocks to buy right now. On May 4, Osisko Development appointed Sarah MacDonald as Vice President, Construction Contracting and Commercial, effective immediately. This addition is intended to strengthen the company’s execution capabilities as it continues to advance its flagship Cariboo Gold Project in British Columbia. Chairman and CEO Sean Roosen noted that MacDonald’s extensive background will be instrumental in the project’s upcoming development phases.
MacDonald joins the team with over 18 years of experience in legal, contract, and corporate affairs within the mining sector. She previously served as General Counsel for Dumas Contracting Ltd., where she managed legal matters for underground operations across North America and led initiatives in risk management and sustainability. Her career also includes over a decade in corporate law and experience supporting partnerships with major industry players like Pan American Silver and Torex Gold.
Osisko Development Corp. (NYSE:ODV) remains focused on its objective of becoming an intermediate gold producer by revitalizing past-producing mining camps. In addition to the fully permitted Cariboo Gold Project, the company is progressing the Tintic Project in Utah, a brownfield site with significant exploration potential. The company continues to prioritize long-life assets in mining-friendly jurisdictions while maintaining a disciplined approach to capital allocation and risk management.
Osisko Development Corp. (NYSE:ODV) acquires, explores, and develops precious metals properties across North America. Its portfolio provides exposure to gold and other key metals, positioning the company to benefit from a supportive commodity price environment as it advances toward production.
7. Eldorado Gold Corp. (NYSE:EGO)
Number of Hedge Fund Holders: 22
Eldorado Gold Corp. (NYSE:EGO) is one of the best Canadian gold stocks to buy right now. On April 30, Eldorado Gold reported gold production of 100,358 ounces for Q1 2026, generating $532.4 million in revenue at an average realized gold price of $4,891 per ounce. The company maintained its annual production guidance of 490,000 to 590,000 ounces, with output expected to be weighted toward H2 of the year. Financial results were highlighted by adjusted net earnings of $188.2 million, or $0.95 per share, though free cash flow was a negative $129.1 million due to capital investment in growth projects.
CapEx for the quarter totaled $318 million, with $135.6 million specifically allocated to the Skouries project as it advances toward first concentrate production. Despite these heavy investments, Eldorado maintains a strong liquidity position with $629.7 million in cash and cash equivalents. The company also initiated its dividend program during the quarter, declaring a Q2 dividend of $0.075 per common share payable in June.
Significant leadership changes are also underway, as CEO George Burns announced his retirement for Q3 2026, timed with the ramp-up at Skouries. Christian Milau, the current President, is set to succeed him as CEO. Additional corporate appointments include Simon Hille as EVP and Chief Operating Officer and Gordana Vicentijevic as SVP of Projects. These transitions, alongside the steady progress at Skouries and the initiation of shareholder returns, underscore Eldorado Gold Corp.’s (NYSE:EGO) focus on its next phase of growth and operational delivery.
Eldorado Gold Corp. (NYSE:EGO) is involved in mining, researching, developing, and selling various mineral products. Its portfolio is concentrated on gold along with silver, lead, and zinc. The company owns all the mines it operates across its key regions, which include Turkey, Greece, and Canada.
6. Aris Mining Corporation (NYSE:ARIS)
Number of Hedge Fund Holders: 28
Aris Mining Corporation (NYSE:ARIS) is one of the best Canadian gold stocks to buy right now. On May 6, Aris Mining reported record financial results for Q1 2026, highlighted by $364 million in gold revenue and adjusted net earnings of $124 million ($0.60 per share). Gold production rose to 74.3 thousand ounces, a 6% increase from the previous quarter, driven by the Segovia Operations and the Marmato Mine. The company strengthened its balance sheet significantly, ending the quarter with $472 million in cash and reducing its net debt to near zero.
Operations at Segovia saw a 5% production increase to 66.6 thousand ounces, benefiting from higher mill feed grades and owner-operated mining costs of $1,492 per ounce, which outperformed annual guidance. At Marmato, production rose 16%, and construction of the new 5,000 tonnes per day CIP plant remains on schedule for first gold in Q4 2026. A major milestone was achieved in April with the underground decline breakthrough, providing direct access to the new plant infrastructure.
Aris Mining Corporation (NYSE:ARIS) is also advancing its growth pipeline toward a long-term goal of 1 million annual ounces of gold production. The Toroparu Project in Guyana is undergoing a prefeasibility study targeted for completion in H2 2026, with a construction decision expected in early 2027. Meanwhile, at the Soto Norte Project in Colombia, the company is finalizing studies for an environmental license application to be submitted in Q2 2026, using a collaborative approach with local regulators and community miners.
Aris Mining Corporation (NYSE:ARIS) operates, develops, and explores gold, silver, and copper projects across Canada, Colombia, and Guyana.
5. Fortuna Mining Corp. (NYSE:FSM)
Number of Hedge Fund Holders: 32
Fortuna Mining Corp. (NYSE:FSM) is one of the best Canadian gold stocks to buy right now. On May 6, Fortuna Mining achieved record financial results for Q1 2026, driven by soaring gold prices and strong operational performance. The company generated a record $174.0 million in free cash flow and reported adjusted attributable net income of $111.0 million ($0.36 per share). This marks an increase from the previous quarter, attributed to the realized gold price climbing to $4,884 per ounce.
Production for the quarter totaled 72,872 gold equivalent ounces/GEO, keeping the company on track to meet its 2026 annual guidance. The Séguéla Mine in Côte d’Ivoire was a standout performer, producing 42,016 ounces of gold with a 16% increase in head grade compared to the prior year. While consolidated AISC per GEO rose slightly to $2,107 due to higher metal price-linked royalties and increased capital expenditures, the cash cost per GEO remained disciplined at $951. At the Lindero Mine in Argentina, production rose to 21,545 ounces, and the company completed a critical 30-day primary crusher foundation replacement project on schedule in early May.
Looking ahead, Fortuna Mining Corp. (NYSE:FSM) is shifting into a growth phase supported by a 15% year-over-year increase in mineral reserves, particularly at the Sunbird deposit. The company is preparing for mid-year final investment decisions regarding a plant expansion at Séguéla and the development of the Diamba Sud project in Senegal. Additionally, Fortuna has expanded its exploration footprint into the Guyana Shield through an earn-in agreement for the Quartzstone gold project, signaling a continued focus on high-prospectivity districts to secure long-term production.
Fortuna Mining Corp. (NYSE:FSM) engages in the exploration, extraction, and processing of precious and base metals in Latin America.
4. Equinox Gold Corp. (NYSEAMERICAN:EQX)
Number of Hedge Fund Holders: 37
Equinox Gold Corp. (NYSEAMERICAN:EQX) is one of the best Canadian gold stocks to buy right now. On May 6, Equinox Gold reported a strong start to 2026, producing 197,628 ounces of gold and remaining on track to meet its annual guidance of 700,000 to 800,000 ounces. Financial performance was supported by an average realized gold price of $4,604 per ounce, resulting in $861.6 million in revenue from continuing operations and adjusted net income of $234.0 million. The company strengthened its balance sheet by completing the sale of its Brazil assets for ~$1 billion, allowing for the repayment of $988.6 million in debt and the initiation of a quarterly dividend program.
The company’s two primary Canadian assets, Greenstone and Valentine, successfully navigated severe winter conditions to contribute 87,402 ounces of production. At Greenstone, mill throughput frequently exceeded nameplate capacity, averaging 24,544 tonnes per day, while Valentine’s process plant operated at 90% capacity. These assets form the foundation of a long-life platform, with combined Canadian production estimated to average over 500,000 ounces annually through 2036.
Equinox Gold Corp. (NYSEAMERICAN:EQX) is advancing a robust organic growth pipeline that could add up to 500,000 ounces of additional annual production. Key initiatives include the Phase 2 expansion at Valentine to double mill throughput, ongoing environmental studies for Castle Mountain, and evaluation of expansion opportunities at Los Filos.
Equinox Gold Corp. (NYSEAMERICAN:EQX) is involved in the exploration, operation, acquisition, and development of mineral properties in the Americas. It mainly explores silver and gold deposits.
3. Pan American Silver Corp. (NYSE:PAAS)
Number of Hedge Fund Holders: 38
Pan American Silver Corp. (NYSE:PAAS) is one of the best Canadian gold stocks to buy right now. On May 6, Pan American Silver introduced an enhanced shareholder return framework targeting the distribution of 35% to 40% of its annual attributable free cash flow. Supported by record liquidity of $1.6 billion and strong operational performance, the company anticipates returning up to $1 billion to shareholders in 2026. This strategy combines a base annualized dividend of ~$305 million with opportunistic share repurchases under its normal course issuer bid, which began in March.
The framework is designed to drive long-term per-share value by cancelling repurchased shares, which naturally increases the dividend amount per remaining common share over time. In Q1 alone, the company generated $488 million in attributable free cash flow, including its 44% interest in the Juanicipio mine. CEO Michael Steinmann emphasized that this disciplined approach allows the company to reward investors while maintaining the financial strength necessary to navigate market cycles.
In addition to shareholder returns, Pan American remains focused on high-return organic growth and operational excellence. Capital allocation priorities include advancing the La Colorada Skarn project, optimizing the Jacobina mine, and expanding production at Timmins through the Bell Creek shaft extension. By using the largest silver reserves among primary producers, the company aims to provide direct exposure to silver prices while sustaining a high-quality portfolio across the Americas.
Pan American Silver Corp. (NYSE:PAAS) is a Canadian-based mining company that explores, extracts, and produces silver and gold, along with base metals like zinc, lead, and copper, primarily in the Americas.
2. Wheaton Precious Metals Corp. (NYSE:WPM)
Number of Hedge Fund Holders: 39
Wheaton Precious Metals Corp. (NYSE:WPM) is one of the best Canadian gold stocks to buy right now. On May 7, Wheaton Precious Metals achieved record-breaking financial results in Q1 2026, reporting $901 million in revenue and $582 million in net earnings. This was driven by a 98% increase in average realized gold equivalent prices and outperformance at the Salobo and Peñasquito mines. Operating cash flow reached a record $766 million, a 112% increase year-over-year, allowing the company to declare a quarterly dividend of $0.195 per common share, an 18% rise compared to Q1 2025.
Operationally, the company delivered 212,000 gold equivalent ounces/GEOs, marking a 22% increase in production over the prior year. This was fueled by strong output from Peñasquito, Antamina, and Blackwater, alongside the restart of production at Aljustrel. Wheaton’s business model continued to show high leverage, with a cash operating margin of $4,279 per GEO. The company maintains a balance sheet with a $2.2 billion cash balance, 80% of its production coming from assets in the lowest half of the global cost curve.
The quarter was also defined by significant strategic expansion, highlighted by Wheaton Precious Metals Corp.’s (NYSE:WPM) largest-ever streaming transaction with BHP for silver production at the Antamina mine. The company also entered the Australian market through a new agreement with KGL Resources and secured a royalty agreement with Spanish Mountain Gold.
Wheaton Precious Metals Corp. (NYSE:WPM) operates as a seller of precious metals across Europe, South America, North America, and Africa. It mainly produces and sells silver, gold, Platinum, palladium, and cobalt deposits.
1. Barrick Mining Corporation (NYSE:B)
Number of Hedge Fund Holders: 75
Barrick Mining Corporation (NYSE:B) is one of the best Canadian gold stocks to buy right now. On May 11, Barrick Mining outperformed its Q1 guidance, producing 719,000 ounces of gold and 49,000 tonnes of copper. This strong operational execution, combined with high realized gold prices, fueled a 111% year-on-year increase in operating cash flow to $2.55 billion and a 195% surge in attributable free cash flow to $1.21 billion. Net EPS rose to $0.96, a 256% increase from the prior-year period, driven by standout performances at Nevada Gold Mines/NGM, Veladero, and Loulo-Gounkoto.
The company’s financial strength prompted the declaration of a $0.175 per share quarterly dividend and the announcement of a new $3.0 billion share buyback program. Barrick also confirmed that the planned IPO for its North American gold assets is on track for completion by the end of 2026. Major growth projects reached key milestones during the quarter, including construction progress at the Lumwana Super Pit expansion and accelerated resource definition drilling at the Fourmile project in Nevada.
Barrick Mining Corporation (NYSE:B) now remains on track to meet its full-year 2026 production guidance of 2.90–3.25 million ounces of gold and 190,000–220,000 tonnes of copper. Gold production is expected to increase sequentially throughout the year, with Q2 output projected between 730,000 and 770,000 ounces. While royalties and inflationary pressures impacted year-on-year costs, the company reported that gold costs per ounce for the quarter remained better than its internal plan due to mining and processing efficiencies.
Barrick Mining Corporation (NYSE:B) is a Canadian mineral properties company that explores for gold, copper, silver, and energy materials. The company was founded in 1983.
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