Commodity stocks can make investors look smart in a hurry when the TSX turns into a resources party, as these businesses sit right at the source of the revenue stream. When commodity prices rise, cash flow at mining companies can rise faster than people expect, and that can quickly change how the market values a stock.
If you’re watching the TSX lean harder into resources and wondering which stocks are positioned to move, these three miners offer different ways to play the same macro tailwind.
Commodities also add real diversification when tech or financials wobble, and Canada has a deep bench of miners that can ride global demand for copper, gold, and silver. The catch is volatility. These stocks can swing hard, so the best setups usually come from companies that can grow volumes, control costs, and fund projects without constantly diluting shareholders. So, let’s look at a few!
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IVN
Ivanhoe Mines (TSX: IVN) looks like a classic commodity-led TSX winner as it leans into copper, and copper tends to get pulled higher when the market starts talking about electrification, grids, and infrastructure. It holds a stake in the Kamoa-Kakula copper complex in the Democratic Republic of the Congo, and has exposure to other base-metals assets that can broaden the cash-flow base.
That said, seismic activity at the Kakula underground mine in May 2025 forced a temporary suspension of operations and flooding underground, which triggered a significant cut to 2025 production guidance and sent the stock sharply lower. The company has been working through a recovery plan, and as of late 2025 issued 2026 copper production guidance of 380,000 to 420,000 tonnes — well below what the complex was targeting before the incident. Investors buying IVN today are buying a recovery story as much as a copper story, so size your position accordingly.
For 2025, Ivanhoe reported profit of $228 million and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $578 million at the group level, which signals meaningful earnings power even while it continues investing in growth. Kamoa-Kakula helps explain why sentiment can move quickly, with 2025 revenue of about $3.28 billion and EBITDA of roughly $1.45 billion even with disruptions earlier in the year. The trade-off is valuation. Ivanhoe has recently carried a market cap around $15.5 billion and a trailing price-to-earnings (P/E) around 42.8, so it needs execution and a supportive copper tape to justify the premium. Shares are currently trading near $11, more than 45% below their 52-week high, which reflects the lingering uncertainty around Kakula’s recovery timeline.
ELD
Eldorado Gold (TSX: ELD) has been one of the more eventful stories in the Canadian gold space over the past several months. It produces gold across mines in Turkey, Canada, and Greece and has a major development project at Skouries in Greece that investors have been watching closely.
Eldorado announced in February that it plans to acquire Foran Mining in a $3.8 billion deal, creating a combined gold-copper company. Foran’s flagship asset is the McIlvenna Bay copper-zinc project in Saskatchewan, which is on track for commercial production in mid-2026. A shareholder vote is set for April 7.
Investors buying ELD today are buying into a company in transition — not just a pure gold play. That adds complexity, but also potential upside if copper and gold prices stay supported and the combined company delivers on its growth targets. Separately, CEO George Burns announced he will retire in Q3 2026, adding a leadership transition to the near-term picture.
In 2025, Eldorado reported revenue of about $1.82 billion, supported by higher realized gold prices, and it posted adjusted EBITDA of $836.2 million, which speaks to strong cash generation even while it funds growth. Quarterly momentum also looked solid, with Q4 2025 revenue of $577.2 million and adjusted EBITDA of $265.2 million, the kind of numbers that might surprise investors who still think gold miners always live on the edge.
Valuation has shifted materially as the stock has pulled back sharply in early 2026. The market cap now sits around $8.9 billion and shares are trading near $45, with a trailing P/E around 3 — which may actually look more attractive to value investors if the Foran deal closes and integration goes smoothly.
PAAS
Pan American Silver (TSX: PAAS) brings a different kind of torque as silver can behave like both a precious metal and an industrial metal. Pan American also offers scale, and scale matters because big moves in cash flow tend to get noticed sooner when the Canadian stock already runs a large production base. Over the last year, the narrative around Pan American has shifted from “steady operator” to “cash machine,” and that is exactly the kind of perception change that can drive a re-rating in a commodity-led market.
In full-year 2025, Pan American reported record revenue of $3.6 billion and record net earnings of $980 million, or $2.56 per share, which changes the conversation from survival to capital allocation. Cash generation also popped, with Q4 2025 cash flow from operations of $554 million, giving it flexibility for debt management, reinvestment, and dividends, which can help smooth the ride when silver gets choppy. Valuation has come in from earlier highs but still reflects strong earnings power, with a market cap around $29 billion and a trailing P/E around 19.5. At current prices near $70, Pan American is cheaper than it was at its February highs, which could make it a more interesting entry point for investors who believe the silver story has more room to run. It also pays a quarterly dividend currently yielding 1.1%.
Bottom line
The TSX’s tilt toward commodities has created real opportunities in copper, gold, and silver stocks — but the ones featured here also come with more moving parts than usual. Ivanhoe is a recovery play odn one of the world’s best copper assets. Eldorado is transforming into a gold-copper company through its Foran acquisition. Pan American has delivered record results and is riding a silver bull market that few saw coming.
If you’re looking for mining stocks with real earnings power behind them — not just commodity price optionality — these three offer different risk profiles worth understanding before you buy.
