For the last few months, Canada has been busy making a bold pitch to the world’s biggest investors, even as its trade tensions with the United States show little sign of easing.
In September, Prime Minister Mark Carney welcomed more than 100 global investors overseeing over $100 trillion in assets to Toronto, hoping to attract long-term capital into Canadian industries, including resources. The government aims to generate $1 trillion in investment over five years. Yet on October 28, Carney said Canada still wasn’t ready to agree to a U.S. trade deal. That uncertainty makes me more selective, not less interested.
Instead of relying on promises of fresh investment, I’d focus on established mining businesses with strong financials and growth opportunities. Here are two Canadian mining stocks I’d buy as Carney courts global investors.
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Agnico Eagle Mines stock
Agnico Eagle Mines (TSX: AEM) would be my first pick as Canada seeks to attract more global investment into its resource sector, especially because of its strong cash generation and expanding operations.
This Toronto-based gold producer operates mines in Canada, Australia, Finland, and Mexico. AEM stock has climbed 17% over the last year to $256.08 per share, giving it a market cap of $129.3 billion. It also offers a 1% annualized dividend yield.
Higher gold prices have been a major factor backing Agnico Eagle’s recent earnings growth. In the third quarter, its net profit jumped 28% year-over-year (YoY), even though gold production fell 6% to 814,012 ounces. The company’s average realized gold price climbed nearly 23% YoY to US$4,264 per ounce, helping offset higher labour, diesel, and royalty expenses.
Despite temporary cash flow pressures, the company ended the September quarter with US$3.4 billion in net cash and returned US$478 million to shareholders through dividends and share buybacks.
Another reason I like Agnico Eagle is its growing project pipeline, with work advancing at Hope Bay, Odyssey, Upper Beaver, and Detour Lake. These projects could help the company expand gold production in the long run.
Although Agnico Eagle expects its 2026 production near the lower end of its guidance range of 3.3 million to 3.5 million ounces, its strong financial position and growth opportunities make it an attractive Canadian mining stock to buy as Carney courts global investors.
Franco-Nevada stock
Another Canadian mining stock I’d consider amid Carney’s push to attract global capital is Franco-Nevada (TSX: FNV), which offers investors an interesting way to benefit from the gold industry.
Instead of operating mines directly, this Toronto-based firm earns revenue through royalty and streaming agreements tied to mining production. This business model helps limit its direct exposure to rising mining operating costs.
FNV stock has gained 28% over the last year to trade at $334.13 per share, giving it a market cap of $64.2 billion. It also offers a small but reliable 0.7% dividend yield.
In the second quarter, revenue surged 57% YoY to US$580.9 million, driven by an 18% increase in gold-equivalent ounces sold and stronger precious metal and oil prices. More importantly, the company’s quarterly net profit jumped 43% YoY, while operating cash flow increased 12%.
Beyond these strong results, Franco-Nevada continues to expand its portfolio through new royalty acquisitions in Canada and Australia. Its existing interests in projects like Côté Gold, Candelaria, and Tocantinzinho also offer opportunities for future growth.
Given its diversified portfolio, strong financial growth, and lower direct exposure to mining costs, I consider FNV another attractive long-term investment as Canada works to strengthen its position among global investors.
