Gold stocks on the Toronto Stock Exchange (TSX) do not all work the same way. Four companies in this ranking operate mines, while #1, Wheaton Precious Metals, uses a streaming model that finances other miners in exchange for metal purchase agreements. Comparing them requires more than a share price or dividend yield.
This September 2026 review compares operating model, scale, key projects, jurisdictions and execution risk using company disclosures. Production and cost guidance use different definitions across issuers, so figures below are context rather than a like-for-like valuation ranking.
Compare the five Canadian gold stocks
| Rank and company | Model and scale | Main jurisdictions | 2026 catalyst | Principal risk |
|---|---|---|---|---|
| #5 B2Gold (BTO) | Gold producer; 820,000–920,000 oz consolidated guidance | Mali, Philippines, Namibia, Canada | Goose mine ramp-up | Goose execution and Mali permits |
| #4 Kinross (K) | Gold producer; revised 1.84–1.86 million gold-equivalent oz attributable outlook | Brazil, Mauritania, U.S., Chile | Paracatu/Tasiast performance; project pipeline | La Coipa and Round Mountain shortfalls |
| #3 Agnico Eagle (AEM) | Gold producer; 3.3–3.5 million oz guidance, near lower end | Canada, Australia, Finland, Mexico | Detour Lake and Odyssey development | Barnat pit disruption and cost inflation |
| #2 Barrick Mining (ABX) | Gold and copper producer; 2.90–3.25 million oz gold guidance | Americas and Africa | Nevada and Pueblo Viejo operations | Project, political and cost execution |
| #1 Wheaton Precious Metals (WPM) | Gold/silver streamer; 860,000–940,000 gold-equivalent oz attributable outlook | Partner mines globally | Deliveries from new and ramping streams | Partner mine performance and metal prices |
Guidance shown is the latest identified company outlook through September 23, 2026. “Gold-equivalent” ounces include conversion of other metals using company assumptions; Wheaton’s attributable stream deliveries are not mined ounces. Avoid comparing those totals as though they measure identical production.
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5. B2Gold Corp. (TSX: BTO)
Why it is on the list
Goose in Nunavut reached commercial production in October 2025, so it is no longer a project merely approaching first output. The mine adds Canadian production to B2Gold’s established operations.
Business and operating position
B2Gold operates Fekola in Mali, Masbate in the Philippines, Otjikoto in Namibia and Goose in Canada. The company narrowed its 2026 consolidated production outlook to 820,000–920,000 gold ounces in its second-quarter release.
2026 snapshot
Its Q2 2026 release reported 12,890 ounces from Goose during the quarter and 2026 Goose guidance of 170,000–200,000 ounces. A crushing-circuit fire affected Q2 output, and repair was targeted for Q3. Consolidated AISC guidance was $2,370–$2,550 per ounce sold, under the company’s stated price and royalty assumptions.
Principal risk
The Goose ramp-up and crushing repair must execute, while Fekola depends on operating and permitting conditions in Mali. Higher royalty assumptions at elevated gold prices also matter to costs.
Source: B2Gold Q2 2026 results. Figures and outlook are company-reported as of the cited release; guidance is not a guarantee.
4. Kinross Gold (TSX: K)
Why it is on the list
Kinross offers a large operating base with Paracatu in Brazil and Tasiast in Mauritania as its two biggest, lowest-cost operations. It also has development opportunities such as Great Bear in Canada.
Business and operating position
Kinross operates in the United States, Brazil, Mauritania and Chile. Paracatu and Tasiast were expected to produce a combined 1.1 million ounces in 2026.
2026 snapshot
On September 23, Kinross lowered its 2026 and 2027 attributable outlook to about 1.84–1.86 million gold-equivalent ounces per year, 2%–3% below the former guidance floor. It forecast 2026 attributable AISC of about US$1,850–$1,900 per gold-equivalent ounce sold.
Principal risk
Extreme winter weather and recoveries at La Coipa, plus mining rates and grades at Round Mountain, reduced the outlook. The company’s scale does not eliminate site-specific execution or cost risk.
Source: Kinross September 23 operational update. Figures and outlook are company-reported as of the cited release; guidance is not a guarantee.
3. Agnico Eagle Mines (TSX: AEM)
Why it is on the list
Agnico is a large operating miner with a strong Canadian asset base and mines in Australia, Finland and Mexico. Detour Lake and the Odyssey project at Canadian Malartic remain central to its growth plans.
Business and operating position
Its second-quarter 2026 payable gold production was 855,816 ounces. The company reported Q2 AISC of US$1,459 per ounce, a non-IFRS measure.
2026 snapshot
Agnico expected full-year 2026 production near the lower end of its 3.3–3.5 million ounce guidance. It reiterated 2026 AISC guidance of US$1,400–$1,550 per ounce and reported net cash at June 30.
Principal risk
The Barnat open-pit rock movement at Canadian Malartic reduced expected output; labour, energy and royalty costs also increased. Even a portfolio in relatively stable jurisdictions has operating risks.
Source: Agnico Eagle Q2 2026 results. Figures and outlook are company-reported as of the cited release; guidance is not a guarantee.
2. Barrick Mining Corporation (TSX: ABX)
Why it is on the list
Barrick is a global gold and copper miner with major exposure to Nevada Gold Mines, Pueblo Viejo and other large operations. Its scale offers multiple sources of production, while making project and jurisdiction oversight important.
Business and operating position
In Q2 2026 Barrick produced 796,000 gold ounces and 56,000 tonnes of copper. Its gold output exceeded the quarter’s guided range, helped by Loulo-Gounkoto’s restart, Pueblo Viejo recovery and Cortez performance.
2026 snapshot
Barrick maintained 2026 gold production guidance of 2.90–3.25 million ounces and gold AISC guidance of US$1,760–$1,950 per ounce, based on company commodity-price and oil assumptions.
Principal risk
The portfolio spans multiple regulatory and political environments. Large projects, safety, mine sequencing, energy costs and copper exposure can all affect results.
Source: Barrick Q2 2026 results. Figures and outlook are company-reported as of the cited release; guidance is not a guarantee.
1. Wheaton Precious Metals (TSX: WPM)
Why it is on the list
Wheaton is a precious-metals streamer, not a mine operator. It pays upfront for rights to purchase metal from partner mines. That model provides a different way to gain gold and silver exposure, but its ounces and costs are not directly comparable with miners.
Business and operating position
Wheaton’s agreements span operating, construction and ramp-up assets. Mine operators control day-to-day production; Wheaton depends on their delivery while avoiding direct mine operating costs.
2026 snapshot
Its Q2 2026 attributable production was 202,200 gold-equivalent ounces. Wheaton reiterated a 2026 outlook of approximately 860,000–940,000 gold-equivalent ounces, including gold, silver and other metals under company conversion assumptions.
Principal risk
Partner delays, permitting, mine interruptions and metal-price moves can reduce deliveries or the value of the streams. Streaming shifts operational exposure; it does not remove it.
Source: Wheaton Q2 2026 results. Figures and outlook are company-reported as of the cited release; guidance is not a guarantee.
How to compare them
Start with the business model: B2Gold, Kinross, Agnico and Barrick mine metal and face direct operating and sustaining-capital costs; Wheaton receives contracted metal from partners. Then examine the quality and location of assets, the status of growth projects, costs under each company’s own definitions, company scale, balance-sheet flexibility and what could interrupt production. AISC is a non-IFRS measure and may not be comparable across companies. A higher gold price can lift revenue while also raising royalties and taxes.
Final thoughts
The five choices span four miners and one streamer. B2Gold has a Canadian mine ramp-up, Kinross has revised near-term guidance, Agnico has Barnat-related disruption alongside large Canadian operations, Barrick has gold and copper execution across several regions, and Wheaton depends on partner mines. None is a guaranteed winner. Recheck company releases and valuation before making an investment decision.
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