Gold Investing
5 Best-performing Gold Stocks on the TSX in 2025
Mar. 25, 2025 01:45PM PST
Looking for the best Canadian gold stocks? These TSX-listed gold companies have performed the best in 2025.
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The gold price soared to record new highs during the first quarter of 2025, the most recent when it climbed to C$4,365.70, or US$3,050.09, on March 19.
Several factors have contributed to these gains in gold markets, most notably increasing trade tensions between the US and its key trading partners, Canada, Mexico and China. The Trump administration's proposed sweeping 25 percent tariffs have caused chaos in US and global markets.
Additional momentum for gold comes from escalating tensions in the Middle East, marked by the end of the cease-fire in the conflict between Israel and Palestine, along with increased military posturing in the region from the US, Iran and Houthis in Yemen.
Amidst all this global uncertainty, more investors have sought the safety of precious metals, including gold, which has driven its remarkable rise.
Against that backdrop, which TSX-listed gold stocks have performed the best? The companies listed below have been the top performers so far this year. Data was retrieved on March 24, 2025, using TradingView's stock screener. Only companies with market capitalizations greater than C$50 million are included.
1. Talisker Resources (TSX:TSK)
Year-to-date gain: 112.5 percent
Market cap: C$53.13 million
Share price: C$0.68
Talisker Resources is a gold exploration and development company focused on advancing its flagship Bralorne gold project in British Columbia, Canada, towards production from the Mustang underground mine.
The brownfield project consists of the historic Bralorne Mine Complex, which hosts three past-producing mines: Bralorne, Pioneer and King. Throughout their lifetimes, these mines produced 4.2 million ounces of gold, but operations were halted in 1971 due to low gold prices.
A January 2023 mineral resource estimate revealed an indicated resource of 33,000 ounces of gold from 117,000 metric tons of ore with an average grade of 8.9 grams per metric ton (g/t) gold, along with an inferred resource of 1.63 million ounces from 8 million metric tons of ore at 6.3 g/t.
On January 8, Talisker announced that its 2025 Mustang Mine plan had been reviewed by inspectors from the British Columbia Ministry of Mines and Critical Minerals and pre-construction activities would commence in February.
In an update on February 11, the company indicated that work at the site was progressing on schedule with enhancements being made to the workshop and storage units, as well as key compressed air, water and power services being reconnected. The company anticipates mine development to begin in March at a pace of 6 meters per day.
The most recent update came on February 26 when the company announced positive results from the testing of ore sorting technologies. The new laser sorter increased the average feed grade from 14.4 g/t to 27.8 g/t, achieving gold recoveries between 95 and 99 percent.
Shares in Talisker reached a year-to-date high of C$0.68 on March 24.
2. Belo Sun Mining (TSX:BSX)
Year-to-date gain: 111.76 percent
Market cap: C$84.01 million
Share price: C$0.18
Belo Sun Mining is an exploration and development company focused on advancing its Volta Grande gold project in Brazil.
The property covers approximately 2,400 hectares within the Tres Palmeiras greenstone belt in Para State, Brazil. The company has been working on the project since 2003, and acquired necessary development permits in 2014 and 2017.
A 2015 mineral reserve estimate demonstrated proven and probable resource of 3.79 million ounces of gold from 116 million metric tons of ore with an average grade of 1.02 grams per metric ton (g/t).
Development at the site stalled in 2018 after a federal judge ruled that the Federal Brazilian Institute of the Environment (IBMA) would be the competent authority for issuing environmental permits. The decision was overturned in 2019 with the Secretariat of Environment and Sustainability of the State of Para (SEMAS) reassuming its permitting authority. The decision was once again reversed in September 2023, returning authority to IBMA.
The most recent news came on January 23, when Belo Sun announced that the Federal Court of Appeals had reassigned SEMAS as the permitting authority for the Volta Grande project. The company said it was pleased with the decision, as the agency is familiar with the project and the company enjoys a constructive and transparent relationship with the agency.
Shares in Belo Sun reached a year-to-date high of C$0.26 on January 31.
3. G2 Goldfields (TSX:GTWO)
Year-to-date gain: 71.01 percent
Market cap: C$853.73 million
Share price: C$3.37
G2 Goldfields is a gold explorer and developer working to advance projects in South America. Company founders were previously involved in the discovery, financing and development of the Aurora gold mine, Guyana's largest gold mine. Zijin Mining (OTC Pink:ZIJMF,SHA:601899) acquired Guyana Goldfields, the owner of Aurora, in 2020.
G2’s flagship Oko-Aremu gold project is located in Guyana’s Cuyuni mining district.
Following extensive exploration through the end of 2024 and into 2025, the company announced on March 10 that it had significantly expanded the resource estimate for the project, with the indicated gold resource increasing by 60 percent to 1.47 million ounces from 13.44 million metric tons of ore at an average grade of 3.4 g/t gold. It also raised the inferred resource by 49 percent to 1.64 million ounces of gold from 20.51 million metric tons of ore at an average grade of 2.48 g/t.
The company said both the Oko Main Zone and Ghanie deposits remain open vertically, and two diamond drill rigs are actively exploring at depth.
Shares of G2 Goldfields reached a year-to-date high of C$3.55 on March 21.
4. Mineros (TSX:MSA)
Year-to-date gain: 64.24 percent
Market cap: C$508.2 million
Share price: C$2.48
Mineros is a mid-tier gold producer in Latin America. Its primary assets are the Nechi alluvial gold mine in Colombia and the Hemco property in Nicaragua. Nechi features a cyanide- and mercury-free recovery extraction process using gold-hosted sands mined from closed ponds.
The company's Hemco operations consist of the Panama and Pioneer mines, and it also has an arrangement to process ore from third-party artisanal miners. Mineros is expecting to begin production from the Porvenir satellite deposit at Hemco in 2027, which it says will add 44,700 ounces of gold output per year.
On January 22, Mineros announced that it had achieved its 2024 production guidance by delivering 213,245 ounces of gold between its operations. It also revealed its 2025 consolidated production guidance, stating it expects to produce between 201,000 and 223,000 ounces of gold from its operations in Colombia and Nicaragua,.
In a February 28 update from its Nechi property, Mineros released an updated mineral reserve estimate that showed a proven and probable gold reserve of 1.36 million ounces from 524 million cubic meters of ore with an average grade of 81 milligrams gold per cubic meter.
In 2024 and 2025, the firm Sun Valley Investments has persistently pursued increasing its interest in Mineros. At the end of 2024, Mineros announced Sun Valley purchased an additional 5.86 percent of issued and subscribed shares of Mineros on the Colombia stock exchange through a public tender offer, increasing its total stake to 30.85 percent. Sun Valley had initially sought to purchase between 8.5 and 10.63 percent.
The start of 2025 saw additional offers from Sun Valley, the first occurring on January 28, when it proposed to purchase 5 to 9 percent of Mineros shares through a public tender offer at approximately C$1.49 per share. On February 24, the Colombia stock exchange announced an unnamed entity had made a competing public tender offer for up to 9 percent of Mineros at C$1.69 per share. In response, Sun Valley amended its offer on March 4 to a price of about C$1.92 per share and significantly changed the percentage stake it looked to purchase, raising the maximum to 26 percent of Mineros shares.
Mineros provided an update on March 19 following the end of the public tender offer, stating that 26 percent of Mineros shares had been allocated to Sun Valley for purchase. The deal is expected to close on March 25 and raise Sun Valley's stake in Mineros to 56.85 percent.
Mineros' share price reached its year-to-date high of C$2.54 on March 25.
5. Orla Mining (TSX:OLA)
Year-to-date gain: 63.67 percent
Market cap: C$4.1 billion
Share price: C$12.93
Orla Mining is a gold exploration, development, and mining company with a portfolio of assets located across North and South America.
The most recent property acquisition took place on January 21, when shareholders approved the purchase of the Musselwhite mine in Ontario, Canada, from Newmont (TSX:NGT,NYSE:NEM,ASX:NGT). Newmont will receive US$810 million, along with a gold-linked contingent payment of US$40 million.
According to the asset page, the mine is a significant addition to Orla's holdings, having produced 212,000 ounces of gold in 2024. The site hosts 1.5 million ounces of proven and probable gold reserves.
Orla announced on February 25 that it had encountered high-grade gold during exploration at its South Carlin Complex in Nevada, US. One of the notable results was 2.68 g/t gold oxide over 34.7 meters, including an intersection of 5.85 g/t over 13.6 meters, at its Dark Star target.
Additionally, the release indicated that the company was progressing with permitting and had secured water rights at its South Railroad project.
On January 16, the company announced it achieved record annual gold production of 138,478 ounces in 2024. It credited these record levels to higher tonnes stacked than planned, higher grades processed and improved recoveries from finer crusher product sizes.
This was confirmed in its Q4 results released on March 18, which also noted that full-year all-in sustaining costs came in at US$805 per ounce sold, near the low end of the guidance range of US$800 to US$900 per ounce sold.
Orla Mining shares reached a year-to-date high of C$13.32 on March 20.
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Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
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