5 Best-performing Gold Stocks on the TSX in 2026

1. Roxmore Resources (TSX:RM)

Year-to-date gain: 171.18 percent
Market cap: C$500.18 million
Share price: C$6.92

Roxmore Resources is an exploration company focused on advancing its flagship Converse gold project in the Battle Mountain trend of Nevada, US.

While the company didn’t release news through much of the climb, its high came amidst a series of positive news flow for the company. Firstly, on April 13, Roxmore kicked off a significant Phase 1 program at Converse comprising 15,000 meters of infill and extension drilling as the company prepares for a preliminary feasibility study (PFS).

On the day of the high came an update from Roxmore that, through private land acquisitions and staking, the company had expanded its land position at Converse by 70 percent to 13,257 acres over the past six months. According to the company, this will allow for the mining infrastructure to be laid out more efficiently and provide more room for resource expansion.

On April 20, Roxmore released its preliminary economic assessment (PEA) for the Converse project, evaluating a large-scale, open-pit heap leach operation. The PEA forecasts that, over an initial 14-year mine life, the project is expected to produce an average of 246,000 ounces of gold per year at an all-in sustaining cost of US$1,769 per ounce.

Using a base case gold price of US$3,600 per ounce, it estimates a post-tax net present value of US$2.7 billion, an internal rate of return of 43 percent and a payback period of 2.2 years.

The PEA includes an updated mineral resource estimate for Converse that shows an indicated resource of 2.16 million ounces of contained gold from 103 million metric tons of ore grading 0.65 g/t gold, and an inferred resource of 3.04 million ounces of gold from 218 million metric tons grading 0.43 g/t.

In May, Roxmore reported broad mineralized intervals from its Phase 1 drilling, including 138.1 meters grading 0.65 g/t gold from a depth of 57 meters.

The company shared an update on its progress on September 9, noting it aims to complete its PFS in Q4 2027.

The most recent news came on October 13, when Roxmore agreed to be acquired by SSR Mining (TSX:SSRM,NASDAQ:SSRM), which owns the Marigold Complex just 6 kilometers from Converse, in a deal valued at about C$712 million.

Roxmore plans to create a spinout company led by its CEO John Dorward that will hold its remaining exploration assets, including the Rattlesnake Hills gold project in Wyoming and the Newton gold project in British Columbia, Canada, along with US$10 million in cash.

Roxmore shareholders will receive C$6.75 in cash plus 0.33 of a share in the new spinout company for each Roxmore share they hold, while SSR will take a minority stake of 15.99 percent in that firm.

Shares in Roxmore reached a year-to-date high of C$6.98 on October 13, the day of the acquisition news.

2. Belo Sun Mining (TSX:BSX)

Year-to-date gain: 112.96 percent
Market cap: C$644.81 million
Share price: C$1.15

Belo Sun Mining is a gold development company advancing its Volta Grande gold project in Pará state, Brazil.

The project is located in the Três Palmeiras greenstone belt in Pará State and has faced significant legal and permitting challenges. In 2017, a Brazilian court suspended its installation license, which would have allowed construction to begin. A 2015 feasibility study outlined an open-pit mine for the project, but the company is working on an update.

Belo Sun’s share price surged in February after a federal appeals court reinstated its installation license on February 13, ruling that the company had complied with requirements on its Indigenous component study and consultations with local Indigenous communities. The decision authorized the company to resume construction and installation activities at Volta Grande.

Belo Sun has since turned to updating its technical work. On May 12, the company engaged G Mining Services to complete a technical gap analysis of its 2015 studies, which was expected in the third quarter and to also set the scope for an updated definitive feasibility study, targeted for early 2027. The company said construction will start as soon as possible after that. As of October 19, there has been no update for the technical gap analysis.

The legal process has continued alongside the technical work. In its June 30 update, Belo Sun said it had agreed to a 60 day conciliation process with Brazil’s Indigenous affairs agency, FUNAI, during which it would not undertake construction. On July 27, the company announced that a long-running civil action challenging the project’s Indigenous component study ended with no decision on the merits, and no appeals were filed before the statutory deadline, making the decision final and binding.

Shares in Belo Sun climbed following the news and continued upwards through August to reach a year-to-date high of C$1.64 on August 25, just before the end of the 60 day conciliation process.

In a further update on September 14, Belo Sun reported that Brazil’s Federal Public Prosecutor’s Office asked the country’s Supreme Court to suspend the February ruling, and Belo Sun and the State of Pará filed responses asking the court to deny the request. However, on October 21, it shared that the ruling was temporarily suspended, pending Federal Regional Court approval of the agreement Belo Sun reached with FUNAI.

3. Liberty Gold (TSX:LGD)

Year-to-date gain: 103.96 percent
Market cap: C$1.02 billion
Share price: C$1.88

Liberty Gold is a development-stage company advancing a pipeline of gold assets in the Great Basin of Southern Idaho. Its flagship asset is its wholly owned Black Pine oxide gold project. The large-scale, past-producing project is in the feasibility and permitting stage with a goal of launching an open-pit mining operation.

The Black Pine project reached an important milestone when it was accepted into the FAST-41 permitting process as a covered project in late January, with the dashboard reporting a planned permitting end date of March 15, 2028.

On April 3, the company announced a key permitting milestone when the United States Forest Service published a notice of intent to prepare an environmental impact statement. According to the FAST-41dashboard, the EIS is scheduled for completion by January 5, 2028.

The next week, Liberty reported final assay results for the remaining 56 holes of its 200 hole 2025 infill and step-out drill program. Highlights from the Rangefront zone included 19.8 meters at an average grade of 1.04 g/t gold, including 5.28 g/t gold over 3 meters. At the Discovery zone, the company encountered 32 meters grading 1.05 g/t gold, including 2.06 g/t gold over 12.2 meters.

Liberty Gold’s 2026 drill program was announced in mid-May, and was approved for 40,000 meters of reverse circulation (RC) drilling across the project, with a further 10,000 meters based on results.

The company’s biggest milestone of the year came on September 8, when it released a feasibility study for Black Pine, less than two years after its prefeasibility study. The study detailed a 16 year mine life with average annual gold production of 202,000 ounces in the first five years.

Using a base case gold price of US$3,250 per ounce, the study outlines a post-tax net present value of US$2.4 billion, an internal rate of return of 60.5 percent and a payback period of two years, all after tax.

“The NPV-to-initial-capital ratio of approximately 9 times and a payback of just over one year at current gold pricing of over $4,000/oz, are competitive metrics in the gold development space today,” President and CEO Jon Gilligan said.

The study also established the project’s probable ore reserve of 4.04 million ounces of gold from 433.3 million metric tons grading 0.29 g/t gold. With the study complete, Liberty has begun detailed engineering as it works toward a potential construction decision while permitting continues.

On October 22, Liberty Gold shared the first results from its 2026 drill campaign, encompassing data from the first two phases of the program.

Shares in Liberty reached a year-to-date high of C$2.30 on September 22.

4. Orezone Gold (TSX:ORE)

Year-to-date gain: 66.11 percent
Market cap: C$1.98 billion
Share price: C$2.99

Orezone Gold is a producer operating the Bomboré gold mine in Burkina Faso and the Casa Berardi gold mine in Québec, Canada. Orezone holds an 85 percent interest in Bomboré, with the remainder held by the Burkinabé government.

The company closed its acquisition of Casa Berardi from Hecla Quebec, a subsidiary of Hecla Mining Company (NYSE:HL), on March 25 of this year. Casa Berardi is a cash-flow generating mine that has produced over 3.2 million ounces of gold.

Orezone’s full 2025 year operational and financial results reported that on a 100 percent basis, gold production from Bomboré totaled 110,014 ounces at an all-in sustaining cost of US$1,776 per ounce sold. Thanks to a hard-rock expansion at Bomboré that reached commercial production in mid-January, the company set the mine’s 2026 production guidance at 160,000 to 180,000 ounces of gold.

In mid-May, the company announced the first set of drill results from its exploration at the Casa Berardi gold mine, highlighting intervals of 21.5 meters grading 6.47 g/t gold, 6.7 meters grading 16.1 g/t and 3.5 meters grading 11.97 g/t. By the end of the year, Orezone is planning to complete 40,000 to 60,000 meters of drilling at the mine.

On July 7, the company shared its 2026 production guidance for Casa Berardi, with a range of 62,000 to 67,000 ounces of gold anticipated between the acquisition and the year's end.

On September 15, Orezone also released a life-of-mine study for Casa Berardi outlining a 14 year mine life with average annual production of 116,000 ounces of gold at an all-in sustaining cost of US$1,877 per ounce. In the release, President and CEO Patrick Downey noted that upcoming catalysts include exploration results from both mines and a preliminary economic assessment for its Heva-Hosco development project in Québec.

In its Q3 production results, released on October 14, Orezone reported record consolidated production of 59,674 ounces of gold, bringing its total for the first nine months of the year to 157,029 ounces. Bomboré produced 40,562 ounces, while Casa Berardi contributed 19,112 ounces despite a seven day suspension of operations attributed to nearby wildfires. The company reiterated its full-year production guidance and said it expects a further record in the fourth quarter as both mines gain access to higher-grade ore.

Shares in Orezone reached a year-to-date high of C$3.37 on September 22.

5. Mineros (TSX:MSA)

Year-to-date gain: 64.21 percent
Market cap: C$2.84 billion
Share price: C$9.36

Mineros is a Latin American gold producer headquartered in Medellín, Colombia, with operations in Colombia and Nicaragua.

Its two producing assets are the Hemco property in Nicaragua and the Nechí alluvial property in Colombia. The company also has a pipeline of development and exploration projects, including the Porvenir project in Nicaragua and the La Pepa project in Chile.

On February 18, the company reported its 2025 results, with gold production of 221,608 ounces for the year. Supported by higher gold prices, Mineros posted record revenue of US$799.67 million and net profit of US$144.98 million.

Then, on March 31, Mineros released an updated prefeasibility study for its Porvenir polymetallic project, located within the Hemco property. The study outlines a post-tax net present value of US$460 million and an internal rate of return of 37.9 percent.

The company has since moved Porvenir closer to development. On August 18, Mineros said it had entered detailed engineering after an independent engineering review confirmed the project's readiness. It expects to receive its remaining environmental and water-use permits before the end of 2026, and it expects to make a construction decision in early 2027.

Mineros’ operations have continued to perform strongly in 2026. In its Q3 production results, released on October 13, the company reported it produced 62,565 ounces of gold, up 14 percent year-over-year, driven by higher-grade ore, plant optimization at Hemco and improved recovery at Nechí. On that strength, Mineros raised its full-year guidance to 235,000 to 245,000 ounces of gold.

Shares of Mineros reached a year-to-date high of C$10.43 on October 13.