Missed the Rally? These 2 TSX Stocks Still Look Like Screaming Buys

The S&P/TSX Composite Index has been soaring in 2025, and you might be wondering if it’s too late to jump in. It’s a fair question. With so many stocks up double or triple digits this year, it’s easy to feel like there’s nothing left to buy. But markets are never that simple. Just because the index is flying high doesn’t mean every great stock has already peaked. Some of the best TSX stocks might just be getting warmed up, and you don’t have to unnecessarily overpay to own them today.

Let’s take a look at two TSX stocks that I still find screaming buys, even after they’ve risen sharply lately.

New Gold stock

So, let’s start with New Gold (TSX: NGD), a Toronto-headquartered gold and copper miner that’s been on a solid run lately. The stock has surged more than 140% in the last year and is currently trading at $6.59 per share with a market cap of $5.2 billion.

New Gold primarily operates two mines in Canada — Rainy River in Ontario and New Afton in British Columbia. In the first quarter of 2025, it produced over 52,000 ounces of gold and 13.6 million pounds of copper. These numbers may seem routine at first, but the big picture is far more promising. The company just delivered its fourth straight quarter of positive free cash flow, posting US$25 million in the first quarter despite spending over US$43 million on growth. This cash generation capability makes it even more attractive to long-term investors.

Its New Afton mine is also performing well as it delivered US$52 million in free cash flow in the latest quarter. And with its C-Zone development project progressing well, New Gold’s production is expected to ramp up even more in the second half of the year.

On top of all that, New Gold has recently refinanced its debt at more favourable terms. All these moves give it more flexibility to fund growth without financial stress. For long-term investors looking for improving fundamentals, NGD stock looks like it’s just getting started.

TransAlta stock

Now, let’s move to TransAlta (TSX: TA), a top TSX stock that still looks attractive even after a solid run over the past year. This Calgary-based utility stock has climbed 63% in the last 12 months and is now trading at $15.58 per share with a market cap of $4.6 billion. While it doesn’t offer a huge payout, TA stock still yields a modest annualized dividend of 1.7%.

In the first quarter of 2025, it generated $270 million in adjusted earnings before interest, taxes, depreciation, and amortization and maintained a strong 94.9% operational availability across its fleet. Even with soft power prices in Alberta, its hedging strategy helped it cushion the negative impact. And although its quarterly earnings dipped year over year, the company reaffirmed its full-year guidance.

TransAlta’s recent partnership with Nova Clean Energy gives it access to U.S. renewable projects, while its push into data centres shows it’s thinking long term. Given these solid fundamentals, TransAlta still looks like a solid long-term pick.