Since late August, gold spot prices have dived by nearly 16%, while silver has plunged roughly 30%. A technology sector-led selloff has triggered selling across metals of late, while persistent inflation and expectations of prolonged high interest rates added pressure. Copper miners have been dragged lower, too, even as some producers benefit from stronger copper prices. But metal prices aren’t the only force pressuring mining shares.
In this article, I’ll look at what’s dragging down gold, silver, and copper miners and discuss two Canadian mining stocks worth watching.
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Why Canadian mining stocks keep sliding
It’s important to understand that gold’s safe-haven reputation offers little protection when investors sell assets to raise cash. During a market selloff, investors may sell profitable positions to cover losses elsewhere or reduce their overall exposure to risk. This is one of the key reasons why gold stocks can come under pressure even when concerns about the broader economy remain elevated.
In addition, share prices of metals and mining companies reflect not only metal prices but also production costs, operating performance, and expectations for future profits. When gold and silver prices decline, investors may start anticipating weaker margins, even if the companies recently reported strong earnings. This combination of falling commodity prices and cautious market sentiment can put additional pressure on TSX-listed mining stocks.
Silver and copper face additional worries about industrial demand, deepening the pressure on mining shares. But still, recent declines don’t necessarily mean every miner’s business has deteriorated.
Now, let me quickly highlight two top TSX mining stocks that I think are worth keeping on your radar despite the recent weakness in the mining sector.
Pan American Silver stock
Pan American Silver (TSX: PAAS) deserves a closer look amid the selloff. Based in Vancouver, it produces silver and gold across the Americas. Its shares currently trade at $52.99 apiece, with a $22 billion market cap and a 1.9% annualized dividend yield. This mining stock has slipped 26% year to date.
Nevertheless, its financial growth trend remains strong as Pan American’s revenue rose about 38% year-over-year (YoY) in the second quarter, helped by stronger realized metal prices. Silver production rose 27% YoY, backed mainly by La Colorada and Juanicipio. As a result, the mining firm’s adjusted earnings nearly doubled to US$308 million, while attributable free cash flow climbed 47%.
Pan American’s long-term outlook also benefits from its substantial mineral reserves. In September, the company reported 511.1 million ounces of silver and 6.3 million ounces of gold in proven and probable reserves, having replaced more silver reserves than it mined.
With La Colorada Skarn and a US$146 million initial development phase at Timmins moving forward, its cash generation and growth opportunities could make the recent share-price weakness worth a closer look.
Capstone Copper stock
Capstone Copper (TSX: CS) shares have also slid despite strong earnings. Operating in the United States, Mexico and Chile, it ended October 2026 at $11 per share with an $8.4 billion market cap. Notably, its shares have lost 20% so far in 2026.
In the third quarter, the copper producer’s revenue surged 19% YoY as its realized copper price rose to US$6.61 per pound from US$4.49. As a result, Capstone’s adjusted net profit for the quarter almost doubled to US$93.8 million. But its copper production fell 18% YoY to 45,218 tonnes after maintenance disruptions, lower ore grades and weaker cathode output.
On the brighter side, its Mantoverde expansion offers growth potential, targeting about 20,000 tonnes of additional annual copper output as operations ramp up toward sustained higher throughput in early 2027. Also, its planned Cozamin sale could strengthen the balance sheet further.
For investors willing to weather short-term volatility in metals prices, this mining stock’s growth plans offer many reasons to keep watching.
