Successful long-term investing often comes down to finding fundamentally solid companies that are positioned to benefit from major industry trends while continuing to strengthen their operations and financial performance. Foolish investors who can identify those businesses early and stay patient could be rewarded in a big way over time.
Right now, the mining and critical minerals sectors are attracting growing attention as global demand for precious metals, uranium, and rare earth materials continues to surge. As governments and industries continue to invest heavily in energy security, electrification and infrastructure development, long-term opportunities are being created for companies operating in these areas.
In this article, I’ll highlight two top Canadian stocks that could deliver strong returns over the next five years.
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Discovery Silver stock
Discovery Silver (TSX: DSV) has quickly emerged as one of the most interesting growth stories in Canada’s metals and mining sector. The Toronto-based firm is focused on the acquisition, exploration, and development of mineral properties, with major assets that include the Cordero silver project in Mexico and the Porcupine Operations in Timmins, Ontario.
DSV stock currently trades at $8.35 per share, giving it a market cap of roughly $6.8 billion. Over the last year alone, the stock has surged more than 150%, reflecting growing investor confidence around its expansion plans and operational momentum.
In the March 2026 quarter, Discovery Silver generated net earnings of US$81.7 million compared to US$65.3 million in the previous quarter. The company’s quarterly EBITDA (earnings before interest, taxes, depreciation, and amortization) also jumped 41% year over year (YoY) to US$177.9 million.
Beyond its near-term results, Discovery Silver continues investing heavily in its Porcupine assets while advancing its broader growth strategy. Its planned acquisition of Glencore’s Kidd operations could become an important growth driver by expanding processing capacity and creating operational synergies.
The company’s long-term goal is to more than double annual gold production to over 500,000 ounces. With strong liquidity of nearly US$635 million at the end of March, Discovery Silver has the financial strength to continue executing on those ambitions, which could keep its rally going.
Energy Fuels stock
Another Canadian stock that could reward patient investors over the next five years is Energy Fuels (TSX: EFR). The company operates across several critical mineral markets, including uranium, rare earth elements, vanadium, heavy mineral sands, and medical isotopes.
Interestingly, Energy Fuels stock has skyrocketed by nearly 230% over the last year, making it one of the strongest performers in the uranium and critical minerals space. As a result, it now trades at $25.45 per share with a market capitalization of $6.4 billion.
While the company reported a first-quarter net loss of US$10.8 million, that result still marked a major improvement from the US$26.3 million loss reported during the same quarter last year. More importantly, its operational momentum continues improving as Energy Fuels generated US$8.3 million in operating cash flow during the quarter, backed by stronger uranium revenues and lower reclamation-related cash outflows.
The company has also been making meaningful progress across its broader critical minerals business. It recently produced terbium oxide at pilot scale and announced plans to acquire Australian Strategic Materials. In addition, it is expanding its infrastructure at the White Mesa Mill to support future production of heavy rare earth oxides.
As demand for uranium and critical minerals continues to increase globally, Energy Fuels stock could continue to benefit from those trends for years to come.
