In this article, we will list the 5 Best Canadian Gold Stocks to Buy Right Now. Please visit 9 Best Canadian Gold Stocks to Buy Right Now to see the extended list and the methodology behind it.
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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