Gold prices are hovering near all-time highs in November 2024, making this a great time to consider mining stocks. And if you buy the right stocks at the right time, even a small investment can grow significantly over the long term. Whether it’s gold’s safe-haven appeal in times of uncertainty or the importance of base metals like copper in the renewable energy segment, the mining sector is filled with attractive opportunities to get strong returns in the long run, even with a modest $200 investment.

In this article, I’ll talk about two no-brainer Canadian mining stocks that are worth your attention and show they could help you build wealth for the future.

IAMGOLD stock

When it comes to top gold mining stocks in Canada, IAMGOLD (TSX:IMG) stock deserves a closer look in 2024. This Toronto-based gold producer generates revenue by mining and selling gold from its operations in Canada and West Africa with its key gold mines like the Essakane mine in Burkina Faso and the Côté Gold project in Ontario. After rallying by 138% so far in 2024, IMG stock currently trades at $7.95 per share with a market cap of $4.5 billion.

One of the key factors that make IMG stock so attractive in 2024 is its strong operational and financial performance. In the third quarter, the gold miner reported a solid 95.5% YoY (year-over-year) jump in its total revenue to US$438.9 million due to higher sales volumes and the inclusion of revenue from its new Côté Gold Mine.

In addition, strengthening gold prices helped IAMGOLD post improved profitability with US$0.18 per share in adjusted quarterly earnings, crushing Street analyst expectations of US$0.10 per share. Having produced 490,000 ounces of gold by the end of the third quarter, the company remains on track to meet its annual guidance of 625,000-715,000 ounces.

As IAMGOLD remains focused on its plan for scalability, Gosselin Zone drilling, and repurchasing its stake in the Côté Gold mine, its long-term growth outlook looks strong, which should support a continued rise in its share price.

OceanaGold stock

Up over 75% year to date, OceanaGold (TSX:OGC) could be another top Canadian mining stock you can consider for a $200 investment today. This Vancouver-headquartered gold and copper producer mainly focuses on operating mining activities in the Philippines, New Zealand, and the United States. OGC stock currently trades at $4.45 per share with a market cap of $3.2 billion.

In addition to a rally in metals prices, OceanaGold’s improving financials have also helped its share prices surge so far in 2024. In the quarter ended in September, the company produced 134,900 ounces of gold and 3,400 tonnes of copper, reflecting a 37% sequential increase in its gold output.

Not only did its Haile Gold Mine in South Carolina stand out as a key contributor with record-breaking gold production of 64,900 ounces, but the miner’s all-in-sustaining cost dropped to $1,729 per ounce last quarter. Going forward, OceanaGold expects its fourth quarter to be the strongest quarter of the year, with gold production projected to be between 142,000 and 162,000 ounces.

Besides that, OceanaGold’s continued focus on optimizing costs and advancing key growth projects further strengthens its long-term growth outlook. That’s why I expect its share prices to maintain strong upward momentum in the years to come.