Mining Mania Returns: Who’s Winning Big on the TSX

Big miners are turning soaring commodity prices into cash, buybacks, and pipeline growth – and one speculative copper junior is riding the wave.

Amy Legate-Wolfe

Amy became interested in investing in 2018 after having her first daughter. After receiving a masters degree in journalism from Western University, she became frustrated that the finance industry remained a confusing place for Canadians like her: new parents, millennials, and other young people who needed to understand their finances. Now, Amy focuses on tech companies and renewable energy for growth opportunities, coupling that with long-term investing strategies and equities. She also provides investors with a daily newsletter, Canada Stock Digest, for daily market updates. Before joining Motley Fool Canada, she wrote for major news organizations including HuffPost, CTVNews.ca, and CBC. When she’s not researching investing strategies, Amy’s time is pretty much monopolized by her two wild daughters, but in what little spare time she has she loves to do yoga, go on walks with her dog, and travel with her husband. Follow Amy on LinkedIn and Canada Stock Digest. Favorite Investment Quote: “October: This is one of the particularly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August and February.” – Mark Twain

Published October 3, 2025 9:30 pm EDT

| More on: ABXAEMNDM

Key Points

Barrick converted higher gold prices into huge cash flow, returned capital via buybacks, and is streamlining its portfolio for growth.
Agnico Eagle delivered record free cash flow, strong production, debt paydown, and $300M returned, with multiple high‑quality projects in its pipeline.
Northern Dynasty is a speculative copper junior with big upside from permitting and partnerships, but limited cash and no current revenue.

It happens every few years. Mining stocks surge, especially gold stocks, as Canadians around the world look to hide out from market volatility. Yet, there are a few mining investments that provide even more opportunity, some that have been using their cash cows wisely. So today, let’s look at three that might be strong buys not only while the price of gold is surging, but for decades of cash flow.

Safety helmets and gloves hang from a rack on a mining site. — Source: Getty Images

ABX

Barrick Gold (TSX:ABX) is one of the best performers among gold and mineral stocks out there. The company recently saw the price of gold jump, which immediately affected its cash flow. The second quarter saw the gold stock sell at a realized price of about US$3,295 per ounce! This materially boosted earnings and margins.

The gold producer also reported cash flow hit $2.5 billion in the first half of 2025, with free cash flow at $770 million in the first half, a 107% increase year over year! Production improved in the second quarter as well, with Nevada Gold mines in particular seeing an 11% increase quarter over quarter. And it wasn’t just gold, copper production rose 34% between quarters as well.

Notably, the gold stock is using this time to clean out its portfolio, selling non-core assets, including the Hemlo sale, which should deliver $1.1 billion. All while providing investors with $268 million in buybacks during the second quarter. All said and done, it’s a top gold stock that’s still sparkling.

AEM

Another gold stock seeing some love is Agnico Eagle Mines (TSX:AEM). The company is coming off record free cash flow, with record quarterly adjusted net income. This drove a stronger balance sheet and enabled capital returns. And, of course, the high price of gold didn’t hurt either.

Production also surged, all while maintaining discipline surrounding cost. The second quarter saw payable production of about 866,000 ounces, with the gold stock maintaining full-year guidance. AEM used the cash to repay debt and return $300 million in buybacks and dividends to shareholders during the quarter, renewing the buyback up to $1 billion!

And there’s more to come, with AEM having multiple high-quality projects in the pipeline, including Odyssey, Canadian Malartic Developments, Detour Lake, Upper Beaver, and Hope Bay. All said and done, there are quite a few reasons to remain confident in this gold stock.

NDM

Finally, we have a lesser-known name in Northern Dynasty Minerals (TSX:NDM). The copper stock is nonetheless just as exciting, with the junior developer seeing strong results. However, this miner is a speculative play as it is in fact a speculator. Thus, it is not yet producing, with limited cash on hand at $25 million and no revenue.

However, investors might be chasing the stock thanks to permit progress and partnerships. Juniors offer big potential for growth, especially when investing in an essential item such as copper. This commodity is used for electrification, electric vehicles, grids, and renewable energy. Thus, if the price of gold and copper continue to rise, so too should the value.

For now, it offers a market cap of about $950 million, but no revenue. However, shares are up a whopping 282% in the last year. Therefore, this could certainly be one gold stock to keep a small stake in and hope for even more growth in the future.

Bottom line

These three miners are some of the biggest mining plays out there. Whether you want to go big with Barrick, growth with AEM, or a speculative play with NDM, each offers a massive opportunity. The key? Whether the price of gold and copper remains high. Yet if it does, these are smart plays any investor should add to their watchlist.