The 2026 TSX30 list shows that investors are piling into gold stocks. 15 stocks in the 2025 list and 14 stocks in the 2026 list were gold mining stocks. In both years, only six gold mining stocks were repeated outperformers, hinting that they retained their share price rally.
| 2025 TSX30 Ranking | Gold Stocks | 3-Year Return June 30, 2025 | 2026 TSX30 Ranking | 3-Year Return June 30, 2026 | |
| 2 | Lundin Gold | 775% | 2 | Montage Gold Corp. | 2502% |
| 5 | Avino Silver & Gold Mines | 610% | 5 | Avino Silver & Gold Mines Ltd. | 958% |
| 11 | New Gold | 394% | 6 | Discovery Mining Ltd. | 934% |
| 12 | Kinross Gold Corporation | 394% | 7 | AbraSilver Resource Corp. | 904% |
| 13 | IAMGOLD Corporation | 385% | 8 | G Mining Ventures Corp. | 853% |
| 14 | Torex Gold Resource | 347% | 11 | Andean Precious Metals Corp. | 666% |
| 19 | Alamos Gold | 310% | 19 | Aris Mining Corporation | 563% |
| 21 | Perpetua Resources | 290% | 20 | IAMGold Corporation | 541% |
| 22 | Orla Mining | 289% | 21 | Perpetua Resources Corp. | 507% |
| 25 | China Gold International Resources Corp | 274% | 22 | Skeena Resources Limited | 492% |
| 26 | Dundee Precious Metals | 264% | 23 | Lundin Gold Inc. | 484% |
| 27 | Eldorado Gold Corporation | 238% | 24 | Americas Gold and Silver Corporation | 477% |
| 28 | Mineros | 231% | 28 | Kinross Gold Corporation | 452% |
| 28 | Galiano Gold | 226% | 29 | DPM Metals Inc. | 449% |
| 29 | Skeena Resources | 219% |
Behind this varying performance of different gold mining stocks are operational risks, balance sheet debt, capital investment, and gold mining output.
Source: Getty Images
Two gold stocks to watch
Two stocks caught my attention. Avino Silver & Gold Mines (TSX: ASM) retained the fifth rank in both the 2025 and 2026 lists. IAMGold (TSX: IMG) stock price rally accelerated in 2026, while that of other gold stocks slowed.
| Market Cap ($ Billion) | Gold Stock | 3-Year Return June 30, 2025 | 3-Year Return June 30, 2026 | June 30, 2024 – 2025 | June 30, 2025-2026 |
| $1.42 | Avino Silver & Gold Mines | 610% | 958% | 289% | 96% |
| $15.70 | IAMGOLD Corporation | 385% | 541% | 89% | 140% |
Avino Silver & Gold Mines
Avino Silver & Gold Mines is a penny stock that rose to a $1.42 billion market cap after the last three-year rally. Until 2024, the stock traded below $1.0. Its core metal is silver, representing 58% of production, followed by gold at 24% in 2026 production output. Hence, it comes as no surprise that it underperformed pure-play gold miner Lundin Gold despite being a small-cap stock.
I would not suggest investing in small-cap silver and gold mining stocks, as precious metal stocks are dependent on metal prices. The small-cap stock has already surged significantly. Although it has no debt and sufficient cash reserves to meet its working capital needs, the small size of the operations makes the stock risky. If silver prices fall drastically, its share price could significantly underperform the market. The lower trading volumes of small caps make them momentum trades rather than fundamental picks.
Avino’s beta of three shows high stock price volatility. Beta is a measure of stock volatility compared to the market, with market beta at one. Only invest the money you are willing to lose in Avino.
IAMGold stock
IAMGOLD stock performed better in the June 30, 2025, to June 30, 2026, period as it increased production at its Côté Gold mine, which began commercial production in August 2024. This mine accounted for 36% of its gold output in the second quarter of 2026. During this period, IAMGOLD de-leveraged its balance sheet by reducing its long-term debt to $450 million from $1.1 billion as of June 30, 2025. It increased its cash reserve to $502 million, creating a net cash position of $52.2 million as of June 30, 2026.
IAMGOLD also completed the agreement to deliver 150,000 ounces of gold at pre-set prices in June 2025. Mining companies enter such agreements to raise capital for mining. With the agreement complete, IAMGOLD is free to sell its production at market price, which has been soaring.
Can the stock continue the rally? It can. However, it is running out of catalysts to accelerate its stock price rally, except for repaying the $450 million debt. The stock price rally could slow in the 12 months ended June 30, 2027. However, it can still outperform the market, making it a buy at the dip.
