Investing in blue-chip natural resource stocks should allow Canadians to build long-term wealth and benefit from inflation-beating returns over time. Typically, natural resource companies serve as an effective inflation hedge as commodities like gold and oil increase in value.
Moreover, these stocks may have a low correlation with the traditional equity market, providing diversification during economic downturns. Despite these benefits, investors should consider risks, including commodity price volatility, evolving environmental regulations, and geopolitical challenges in resource-rich regions.
In 2025, several natural resource companies trade at attractive valuations, and some even offer shareholders a tasty dividend yield. In this article, I have identified two Canadian natural resource stocks you can buy now to amass personal wealth in 2025 and beyond.
Is the TSX stock a good buy right now?
Valued at a market cap of $26 billion, Cameco (TSX:CCO) produces and sells uranium. Down 30% from all-time highs, the TSX stock has surged over 400% in the last five years, easily outpacing the broader markets.
Last month, Cameco’s executive vice president and chief financial officer (CFO), Graeme Isaac, outlined the company’s unique position across the nuclear fuel cycle. Isaac highlighted a substantial 2.1 billion pound gap in uncovered uranium requirements through 2040 — a figure he described as conservative since it excludes small modular reactors, advanced nuclear reactors, and potential artificial intelligence/data centre demand. This represents the most extensive uncovered requirements gap the industry has ever faced.
Cameco’s strategy is to secure long-term contracts before ramping up production to ensure stable pricing. It maintains significant production upside, with 30% of its licensed, permitted capacity currently in care and maintenance.
“We’ve never been rewarded for front-running the market,” Isaac noted. “The maximum value we create for our owners is always from being slightly delayed.”
Beyond uranium mining, Cameco’s integration across the fuel cycle includes the largest conversion plant in North America and expanded capabilities through its Westinghouse acquisition.
Isaac addressed potential uranium tariffs and explained that Cameco has structured its newer contracts to make tariffs the buyer’s responsibility. For older contracts, it has prepositioned material to mitigate impacts.
Analysts expect Cameco to grow its earnings from US$0.67 per share in 2024 to US$2.96 per share in 2029. Comparatively, its dividend per share is forecast to grow from US$0.16 to US$2 in this period. Given its growth estimates, the TSX stock offers a forward yield of 4.7% and trades at a reasonable valuation.
Is ENB a good dividend stock to own?
Enbridge (TSX:ENB) is a well-diversified energy infrastructure giant and among the largest companies in Canada. In its recent investor day, Chief Executive Officer Greg Ebel detailed Enbridge’s growth outlook and highlighted more than $50 billion in opportunities.
The Canadian energy infrastructure giant reaffirmed its 5% annual distributable cash flow growth target through 2030, supported by $10 billion in yearly capital deployment. It expects to return more than $40 billion to shareholders over the next five years through its dividend program, continuing its 30-year streak of dividend increases.
Executives emphasized Enbridge’s strategic positioning across four complementary franchises: liquids pipelines, gas transmission, gas distribution, and renewable power. Each segment highlighted growth opportunities, with particular strength in natural gas infrastructure to support rising power demand from data centres, industrial users, and LNG exports.
Enbridge announced $2 billion in mainline investments on the liquids side and outlined plans for Gulf Coast expansions to support growing Permian production and exports.
CFO Pat Murray stressed Enbridge’s disciplined approach to capital allocation, focusing on low-risk, utility-like investments with strong risk-adjusted returns. Murray emphasized Enbridge’s self-funding capability, noting that 75% of the company’s project backlog will be in service by 2027.
Enbridge shares delivered a 43% total shareholder return in 2024 and offer a forward yield of 6.3% right now.
