Mining stocks are back in favour as gold, silver, and copper prices have hit record highs. The metals rally reflects multiple factors, including macroeconomic uncertainty, structural demand, and strong institutional buying.
Precious metals have benefited from heightened demand for safe-haven assets amid tariff-related uncertainty, while central bank purchases have provided additional support for gold. At the same time, copper has emerged as a key beneficiary of long-term industrial trends, including the expansion of electric vehicles (EVs), artificial intelligence (AI) infrastructure, renewable energy projects, and broader electrification.
However, after reaching their respective highs, gold, silver, and copper have since weakened. Higher global bond yields, a stronger U.S. dollar, and shifting expectations around inflation and interest rates have driven the recent weakness.
Despite the decline, underlying fundamentals remain constructive for several mining companies, including Avino Silver & Gold Mines (TSX: ASM) and Discovery Mining (TSX: DSV). Both posted strong gains and earned spots on the 2026 TSX 30 list, which recognizes the exchange’s top 30 performers based on three-year, dividend-adjusted returns.
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Avino Silver & Gold Mines
Avino Silver & Gold Mines is focused on producing and selling silver, gold, and copper. Its stock has gained significantly, rising over 962% in three years. The rally reflects stronger metal prices, operational efficiency, and disciplined capital management.
In the last reported quarter, Avino generated $26.8 million in revenue, a 23% increase from Q2 2025. Mine operating income reached $13.0 million, up 27% year over year. Adjusted earnings rose to $11.1 million, or $0.14 per diluted share, up 26% and 133%, respectively. Higher average realized prices for silver, gold, and copper primarily drove the improved results.
Looking forward, Avino’s long reserve life, emphasis on increasing production, and consistent mill performance provide a solid foundation for future expansion. Additional growth opportunities include developing and ramping up La Preciosa, expanding the Avino processing facility, the Oxide Tailings Project, and further reserve conversion and resource expansion initiatives. Together, these projects and its multi-asset strategy augur well for growth.
Discovery Mining
Discovery Mining has evolved into a gold producer, with its commodity portfolio now extending to copper, zinc, and silver following the acquisition of Kidd Operations. The company is also progressing the Cordero silver project in Mexico, which ranks among the largest undeveloped silver deposits globally.
The company reported more than a twofold increase in revenue in Q2 2026. This growth was supported by higher gold production and a 34% rise in the average realized gold price. The Kidd acquisition also contributed to revenue during the quarter, primarily through sales of copper and zinc concentrates produced at the Kidd Creek Mine.
Looking ahead, Discovery’s growth prospects are supported by planned investments in existing operations, the development of additional production sources, and initiatives to capture cost synergies. Together, these factors could provide further opportunities for production and financial growth.
The bottom line
Overall, the outlook for mining stocks remains supported by strong demand for precious and industrial metals, despite recent volatility in commodity prices. Avino Silver & Gold Mines and Discovery Mining have shown strong operational and financial momentum, and their ongoing growth initiatives could create further opportunities. However, investors should remain mindful of commodity price fluctuations, macroeconomic uncertainty, and the inherent risks associated with mining operations. For investors seeking exposure to the long-term metals cycle, both companies are worth keeping on the radar.
