10 Best Canadian Gold Stocks to Buy Now

2. Barrick Gold Corporation (NYSE:GOLD)

Number of Hedge Fund Holders: 43

Barrick Gold Corporation (NYSE:GOLD) ranks among the top gold and copper producers worldwide, with mining sites spread across five continents. The company maintains a diverse portfolio, including significant gold operations in Argentina, Canada, the U.S., and Africa, plus copper projects in Chile, Zambia, and Saudi Arabia.

Regardless of regional difficulties, Barrick Gold Corporation (NYSE:GOLD) posted impressive results during Q4, which ended December 31, 2024. Gold production increased 15% while copper output surged 33% compared to Q3. Net earnings shot up by 69% to $2.14 billion, and adjusted net earnings rose 51% to $2.21 billion. Moreover, EBITDA increased 30% to $5.19 billion, its highest in over ten years. Improved earnings boosted operating cash flow by 20% to $4.49 billion, with free cash flow more than doubling to $1.32 billion

Barrick Gold Corporation (NYSE:GOLD) focused on rewarding shareholders by keeping its quarterly dividend at $0.10 per share and returning $1.2 billion to shareholders in 2024. This included $498 million in stock buybacks as the company capitalized on its undervalued stock.

Although production results varied by region, Veladero reached its best output in five years. Yet the slower ramp-up at Pueblo Viejo caused Latin American and Asia Pacific operations to miss targets slightly. However, Nevada Gold Mines performed well, reinforcing Barrick’s North American holdings.

For 2025, Barrick Gold Corporation (NYSE:GOLD) predicts gold production of 3.15–3.5 million ounces and copper output of 200,000–230,000 tons. The company has also moved the Fourmile project to pre-feasibility, strengthening its future growth pipeline.

With these solid financials, premier assets, and a history of delivering returns, Barrick Gold Corporation (NYSE:GOLD) remains one of the best Canadian stocks for those seeking gold and copper exposure.