Investors who missed the rally in precious metal stocks this year are wondering which Canadian gold mining companies might be good to buy for a self-directed Tax-Free Savings Account or Registered Retirement Savings Plan (RRSP) portfolio.
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Barrick Mining
Barrick Mining (TSX: ABX) is up 80% in 2025. The stock trades near $40 at the time of writing, compared to $29 at the end of July and $23 at the start of the year.
The big surge in recent weeks occurred as investors started feeling better about the company’s outlook amid a host of operational and political challenges at some of the assets located in difficult regions.
Barrick operates gold and copper mines around the globe. Ten of the mines are focused on gold, while three operating locations are primarily copper deposits. Barrick , however, just announced a deal to sell its sole Canadian mine, Hemlo, for up to US$1.09 billion.
In Africa, Barrick faces challenges at its Loulo-Gounkoto mine in Mali. The company booked a US$1.04 billion writedown on the asset in the second quarter (Q2) of 2025 due to the seizure of both the mine and significant quantities of gold by the government. Barrick is trying to negotiate an agreement. The latest twist is news that a Barrick executive in Africa is now working as an adviser for the Malian government on the issue. Investors should look beyond these challenges, as they will likely get sorted out.
Barrick Mining operates six of the planet’s top gold mines and has good gold and copper prospects under development. The Reko Diq copper and gold mine being built in Pakistan, for example, is considered one of the largest undeveloped copper-gold sites on the planet. Barrick’s copper operations give investors decent metals diversification.
Despite the issues at the Mali site, Barrick still generated 15% revenue growth in the first half of 2025 compared to last year. Adjusted net earnings rose 58% to US$1.4 billion. All-in sustaining costs (AISCs) on the gold assets came in at US$1,684 per ounce in Q2, compared to US$1,498 in Q2 2024.
Barrick is returning cash to shareholders through dividends and share buybacks.
Kinross Gold
Kinross Gold (TSX: K) is up $139% in 2025. The stock currently trades near $32 per share compared to less than $5 three years ago.
Long-term followers of Kinross have watched the company go through some tough times. An expensive acquisition near the peak of the previous gold rally saddled Kinross with heavy debt. Kinross purchased Red Back Mining for more than US$7 billion in 2010. The Tasiast mine in Mauritania was supposed to be the crown jewel of the deal, but the asset didn’t live up to its potential in the following years, and Kinross had to book major writedowns.
Kinross is now in much better shape. The balance sheet is fixed, and the company has added significant production growth through acquisitions and expansions at existing assets, including Tasiast.
Kinross generated adjusted net earnings of US$905 million in the first half of 2025 compared to US$300 million in the same period last year. Kinross saw its all-in sustaining costs rise to US$1,493 per ounce in Q2 2025 from US$1,357 last year, but it is still a low-cost producer compared to some of its peers.
The bottom line
Barrick Mining and Kinross Gold are benefiting from the rally in the price of gold. Commodity prices can be volatile, so investors need to be comfortable with some turbulence, but these stocks deserve to be on your radar if you are of the opinion that precious metals are headed higher.
