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Rising gold prices in 2025 drove strong performance across major TSX-listed gold companies.
Agnico Eagle and Wheaton Precious Metals recorded standout cash flow and stability.
Mid-tier producers like Alamos and Equinox gained momentum through higher production.
Gold and other precious metals saw strong movement this year. Prices mounted sharply as global investors of the metal increased their purchases and central banks continued to top up their reserves.
The rise in gold prices lifted Canadian-listed companies that were able to increase their production, lower costs, or benefit from royalty income. Several major miners, mid-tier producers, and exploration firms became standout performers as their stronger margins and record cash flows reshaped their financial positions.
Let's look at the best-performing TSX gold stocks that are gaining attention in 2025.
Agnico Eagle is one of the best TSX gold stocks to buy in 2025. Record free cash flow was supported by high production levels and higher gold prices. In addition, the firm continued to pay off debt and repurchase shares, thus enhancing its financial position. Steady operations, particularly at core Canadian mines, kept confidence strong throughout the year.
Barrick posted robust earnings and adjusted net inflows in 2025. Production levels remained solid across major assets, allowing Barrick to benefit directly from the higher gold price environment. The company placed an enhanced focus on operational discipline and cash generation to support dividends. Through its third-quarter results, Barrick continued to represent one of the most stable and reliable producers on the Toronto Stock Exchange.
Franco-Nevada kept being one of the leading royalty and streaming businesses, having a business model that benefits from increases in the gold price without taking risks related to operating the mines. Its diversified portfolio of royalties brought solid revenue and high cash flow throughout 2025.
Franco-Nevada held its leading position among the most defensive and highest-quality gold names on the TSX. The company is often considered a preferred choice for investors who want exposure to gold with reduced operational risk.
Kinross had a really strong result in 2025, underlined by improved production and increasing cash flow. The company took advantage of the stronger financial performance to pay down debt and reduce overall leverage. Production guidance for the year remained on track, with rising gold prices helping to widen margins further. A focus on cost control and efficient operations helped Kinross to stay one of the more notable mid-tier performers during the year.
Wheaton Precious Metals posted record revenue and cash flow for the first nine months of 2025. As a streamer, Wheaton benefits directly from rising prices of metals, since it pays predetermined prices for the gold and silver it receives from its partner mines.
Its solid balance sheet has made the company boast one of the most solid financial profiles in the sector. Wheaton also kept up its regular dividend payments, which made it attractive for gold investors seeking current income.
Osisko had higher cash flow and stronger royalty earnings in 2025, as higher gold prices lifted the value of its portfolio. It continued to grow its exposure to future development projects and assisted in firming up long-term prospects. Dividends and quarterly results showed continued improvement throughout the year and placed Osisko as one of the strongest royalty names on the TSX.
Equinox Gold posted one of the best performances, reporting record quarterly production and growing revenue on the back of successful integrations of recent acquisitions and the advancement of several expansion projects.
Higher production, allied with strong gold prices, boosted margins. Although costs remain an important focus for the company, its progress on operations made Equinox one of the most outstanding mid-tier gold companies in 2025.
Alamos delivered record free cash flow in the third quarter of 2025. Production rose at several key assets, enabling the company to take full advantage of higher gold prices. Improved operations saw margins expand. On the back of consistent performance and solid financial results, Alamos maintained its position as a reliable mid-tier gold producer and one of the important TSX performers in the sector.
Skeena Resources is one of the best gold stocks in 2025 through its Eskay Creek project. The investors' growing interest in high-grade development projects helped Skeena reach visible year-to-date share gains. Financing activity and project progress throughout the year supported market confidence. Skeena was distinguished among one of the best-performing smaller companies, driven by strong exploration results and development momentum.
Omai Gold Mines became one of the strongest small-cap gold performers of 2025, on the back of new exploration results and a reinvigorated optimism for early production potential at either of its projects. The swift re-rating of the stock underlined how powerful exploration discoveries can be in a strong gold market.
Also Read: Top Gold Stocks to Hedge Against Market Volatility in 2025
The performance of these gold stocks reflected various important themes likely to remain intact into 2026. Royalty and streaming companies remained strong because they benefit from higher gold prices without operating cost pressures. Large producers provided stability and high cash flow, enabling them to strengthen their balance sheets and grow dividends. Small exploration and development companies were going to provide the greatest potential for gains on news of strong drill results or project upgrades.
Macro trends such as global uncertainty, central-bank gold buying, and continued investment demand are expected to influence the gold market heading into 2026. Producers and royalty companies could see another strong year if gold prices stay high, while explorers could remain highly sensitive to market sentiment and drill results.
1. What made gold stocks on the Toronto Stock Exchange perform strongly in 2025?
A major rise in gold prices, strong production results, and improved cash flow supported higher stock performance across the sector.
2. Why were Agnico Eagle and Wheaton Precious Metals standout companies?
Agnico Eagle delivered record free cash flow, while Wheaton Precious Metals benefited from strong royalty and streaming income with low operating risk.
3. Are royalty companies safer than traditional gold miners?
Royalty companies often carry lower operational risk as they receive gold-linked payments without running mines directly.
4. Did mid-tier producers also benefit from rising gold prices?
Yes, companies like Equinox Gold and Alamos Gold saw stronger margins and higher revenue as production increased.
5. Which types of gold companies saw the largest stock gains in 2025?
Smaller exploration and development companies, such as Skeena Resources and Omai Gold Mines, gained the most due to positive drill results and project progress.
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