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.

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.

The post Why Gold, Silver, and Copper Miners Keep Sliding, and What It Means for TSX Mining Stocks appeared first on The Motley Fool Canada.

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Fool contributor Jitendra Parashar has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

The Canada-U.S. trade uncertainty returned earlier this week, when U.S. President Donald Trump announced 50% tariffs on a range of Canadian goods. The new duties are expected to take effect in 30 days and, more importantly, many products covered by the Canada-United States-Mexico Agreement will not be protected this time.

Canada has already spent much of the last two years responding to changing tariffs on steel, aluminum, automobiles, lumber, and other goods. That’s why investors may want to focus on fundamentally solid businesses that do not depend heavily on selling one product into one market.

For example, Franco-Nevada (TSX: FNV) offers diversification through a broad portfolio of royalties and streams. In this article, let me explain why I’d bet on this Canadian stock as Canada-U.S. trade relations become increasingly unpredictable.

Franco-Nevada stock

In short, Franco-Nevada is a Toronto-based royalty and streaming firm focused mainly on gold. Instead of operating most mines itself, it owns interests that provide revenue linked to production from assets run by other companies.

FNV stock has climbed 37% over the last year alone to currently trade at $292.74 per share. This rally gives it a market cap of about $57 billion. At this market price, it also offers an annualized dividend yield of 0.9%.

Strong commodity prices and record financial results appear to have supported that longer-term performance. Still, its shares were down about 14% over three months, creating a potentially more attractive entry point for patient Foolish investors.

Continues to post record growth

In the first quarter of 2026, Franco-Nevada’s revenue surged 77% year-over-year (YoY) to a record US$651 million. The increase reflected record gold and silver prices, strong production from assets including Antamina and South Arturo, and added contributions from recently acquired or newly producing assets such as Côté Gold, Porcupine, and Valentine.

Its gold equivalent ounces sold rose 8% YoY to 136,353. Similarly, operating cash flow jumped 80% from a year ago to US$520 million, although that figure included a US$49.5 million tax refund from the Canada Revenue Agency.

More importantly, its adjusted quarterly EBITDA (earnings before interest, taxes, depreciation, and amortization) reached a record US$592 million, up 84%. As a result, Franco-Nevada’s adjusted net profit more than doubled to US$458.3 million.

Growth beyond tariff worries

Beyond its strong financial growth trends, Franco-Nevada is continuing to expand its portfolio, which should help it keep growing even if trade tensions remain elevated.

During and shortly after the quarter, the company added royalties and streams tied to Casa Berardi, i-80 Gold assets, Bullabulling, and properties previously held by Victoria Gold. It also had US$3.4 billion in available capital at the end of March, giving it good flexibility to pursue additional opportunities.

Moreover, the company remains on track for 2026 sales of 510,000 to 570,000 gold equivalent ounces, excluding potential Cobre Panamá contributions. Processing approved stockpiled ore could eventually generate about 23,100 gold ounces and 265,000 silver ounces for Franco-Nevada, although most deliveries are expected in 2027.

Although Franco-Nevada’s recent decision to challenge a Burkina Faso court decision involving its Karma Mine stream highlights short-term risk, the company’s diversified portfolio, strong balance sheet, and limited exposure to mine operating cost inflation make FNV an attractive Canadian stock to buy as trade tensions rise.

The post 1 Canadian Stock I’d Buy as Trade Tensions Heat Up Again appeared first on The Motley Fool Canada.

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Fool contributor Jitendra Parashar has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Since the start of 2024, gold prices have risen from US$2,040 to US$3,375 today. Historically, the precious metal has been viewed as a store of value and a hedge against inflation. Moreover, gold has an inverse relationship with bonds and stocks, which further diversifies your portfolio.

Several factors have driven gold prices higher over the past 15 months, including central bank buying from China and India, multiple interest rate cuts from central banks, the ongoing tariff war, and geopolitical tensions.

In addition to buying physical gold or related exchange-traded funds, Canadian investors should consider holding quality gold stocks in their portfolio amid economic uncertainty. Here are two gold stocks you should add to your watchlist in April 2025.

Is this TSX gold stock a buy right now?

Valued at a market cap of $61.6 billion, Newmont (TSX: NGT) is a gold mining giant. The TSX mining stock delivered record free cash flow of US$1.6 billion in the fourth quarter (Q4) of 2024, capping a transformational year that saw the gold giant integrate new assets while divesting non-core operations.

The world’s largest gold producer reported full-year 2024 production of 6.8 million ounces of gold and over 150,000 tonnes of copper, exceeding its production guidance. Moreover, it generated US$2.9 billion in free cash flow for the year.

“2024 was a transformational year for Newmont,” said Tom Palmer, president and chief executive officer. “We took important steps to unlock the value of everything we have done so far on our journey to build a world-class company with an outstanding portfolio of assets.”

Newmont has successfully sold or reached definitive agreements for all six of its non-core operations announced in February last year. It expects to receive about US$2.5 billion in cash proceeds in the first half of 2025 after taxes and closing costs.

Looking ahead, Newmont projects 2025 gold production from its core portfolio to be approximately 5.6 million ounces at an all-in sustaining cost of US$1,620 per ounce. The company raised its gold reserve price assumption to US$1,700 per ounce from US$1,400 previously.

Palmer emphasized that Newmont’s focus is now shifting to improving costs and productivity across its streamlined portfolio. Newmont maintained its US$1 per share annual dividend commitment and has US$1.8 billion remaining in its current share repurchase authorization, having already executed US$1.2 billion in buybacks.

Priced at 14 times forward earnings, the TSX gold stock trades at an 11.6% discount to consensus price targets in April 2025.

Is the TSX stock undervalued?

Valued at $6.2 billion by market cap, IAMGOLD (TSX: IMG) is a gold producer and developer. In Q4, IAMGOLD highlighted production growth and improved financial position, positioning it as a rising mid-tier gold producer with strong Canadian assets.

It produced 667,000 attributable gold ounces in 2024, a 43% increase from the prior year, driven by the successful start-up of its Côté Gold mine in Canada, along with strong performance from its Essakane and Westwood operations.

Its financial results reflected the production gains, with adjusted EBITDA (earnings before interest, tax, depreciation, and amortization) doubling to US$780.6 million in 2024, while net earnings reached $819.6 million, boosted by a reversal of prior impairment on Westwood of $455.5 million.

Looking ahead, IAMGOLD expects Côté Gold to nearly double its output in 2025, forecasting production of 360,000 to 400,000 ounces on a 100% basis. The mine is targeting a throughput capacity of 36,000 tonnes per day by the end of Q4 despite some equipment challenges in early 2025.

The gold miner announced an increase in mineral resources at its Nelligan project in Quebec, now positioning it among Canada’s largest gold deposits, with 3.1 million indicated ounces of gold and 5.2 million inferred ounces.

With approximately 80% of measured and indicated resources now located in Canada, IAMGOLD is positioning itself as a predominantly Canadian producer with the potential for significant free cash flow growth and balance sheet improvement in 2025, particularly if current gold prices persist.

Bay Street expects the company’s adjusted earnings to grow from US$0.55 per share in 2024 to US$0.87 per share in 2026. So, priced at 11.3 times forward earnings, the gold stock is priced at a 14% discount to consensus price targets.

The post 2 Gold Stocks I’d Consider for a $10,000 Investment Amid Economic Uncertainty appeared first on The Motley Fool Canada.

More reading

• Suncor Reports Tuesday: What Canadian Energy Investors Should Watch as Oil Hits a 1-Month High
• Why Gold, Silver, and Copper Miners Keep Sliding, and What It Means for TSX Mining Stocks
• Tax-Loss Selling Season Has Begun: 3 Rules Every Canadian Investor Should Know
• Canada and Europe Are Connecting Their Space Systems: MDA Stock Could Be the Long-Term Winner
• Canada Is Joining Europe’s Supercomputing Network: Is Celestica Stock the Best Way to Invest?

Fool contributor Aditya Raghunath has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.