5 Top-Performing Gold Stocks on Canada's TSX in 2024

The precious metals market delivered exceptional returns for Canadian gold stocks in 2024, driven by a perfect storm of supportive factors. Gold prices surged from around US$2,040 per ounce at the start of the year to a record US$2,787.04 by late October, creating a compelling backdrop for investors seeking exposure to Canada’s robust mining sector. Central banks worldwide, particularly China, India, and Middle Eastern nations, maintained steady buying pressure. The US Federal Reserve’s aggressive rate cuts—50 basis points in September and 25 basis points following November’s election—further supported precious metals demand. Beyond monetary policy, geopolitical uncertainties surrounding the Israel-Hamas and Russia-Ukraine conflicts drove investors toward gold as a defensive asset.

Against this backdrop of rising gold prices and mining activity, several TSX-listed gold stocks emerged as standout performers, delivering triple-digit returns to shareholders. Here’s a closer look at the five best-performing gold stocks on Canada’s major exchange.

1. Perpetua Resources: Building the Next Major North American Gold Deposit

Year-to-date gain: 211.08%
Market cap: C$918.64 million
Share price: C$13.19

Perpetua Resources is advancing the Stibnite gold-antimony project in Central Idaho, attracting significant US government backing for what could become a flagship North American deposit. The company is progressing toward a crucial construction decision anticipated in 2025, marking a critical milestone for the project’s transition to production.

The Stibnite property sits within a historic mining district that dates back to the early 1900s. Perpetua’s development plan involves revitalizing the former Yellow Pine and Hangar Flat open pits while reprocessing historic tailings and restoring critical environmental features including streams and fish habitat.

According to its November 2020 feasibility study, the project boasts an after-tax net present value of US$1.9 billion (assuming US$1,850 per ounce gold prices), with an internal rate of return of 27.7% and a payback period of just 2.5 years. The mine is projected to recover 4.28 million ounces of gold over a 15-year lifespan, averaging 301,000 ounces annually. The site also contains substantial antimony reserves—205.89 million pounds of measured and indicated resources—positioning it as a potential critical mineral supplier under US strategic mineral initiatives.

The US Department of Defense has provided substantial funding support, with the most recent award of US$34.6 million granted in February 2024. Throughout 2024, the company navigated a major permitting milestone when the US Forest Service issued a draft record of decision in early September, effectively authorizing the mining plan and completing the final environmental impact assessment. The final authorization is expected by year-end.

In late November, Perpetua announced pricing for its US public offering at US$10.17 per share, raising US$35 million before expenses. The capital will support detailed engineering work and acquisition of long lead-time equipment for Stibnite. Shares in Perpetua peaked at C$14.97 on November 15, reflecting strong investor conviction in the project’s prospects.

2. G2 Goldfields: Emerging Powerhouse in Guyana’s Gold Belt

Year-to-date gain: 165.33%
Market cap: C$483.26 million
Share price: C$1.99

G2 Goldfields represents a new generation of gold explorers and developers operating in South America’s most prolific mining jurisdiction. The company’s management team brings decades of experience, having previously orchestrated the discovery and development of the Aurora gold mine—Guyana’s largest operation. G2 transitioned to the TSX from the TSX Venture Exchange in April 2024, signaling growing investor confidence in its Oko-Aremu project.

Located in Guyana’s Cuyuni mining district, the Oko-Aremu project has demonstrated exceptional resource growth. The company’s April resource estimate revealed a staggering 320% increase in indicated resources to 922,000 ounces and a 69% surge in total contained gold to 2 million ounces, highlighting the project’s expanding scale.

Recognizing significant upside potential, G2 secured additional exploration rights to a 30,000-acre parcel within the Oko-Aremu district in September, expanding total land holdings to 58,000 acres. These new properties host multiple historic gold occurrences but have never undergone systematic modern exploration. The company is mobilizing six diamond drills to accelerate testing across multiple targets, having already identified multiple new zones along strike from the original resource boundary.

Recent drilling results underscore the project’s quality. A November update reported a high-grade intercept grading 2.9 grams per metric ton gold over 114 meters, including a 5.3 g/t gold interval spanning 51.4 meters. Management intends to issue an updated resource estimate in Q1 2025. G2 shares reached C$2.30 on October 21, reflecting the market’s optimism about this emerging gold stocks opportunity in Canada’s TSX.

3. IAMGOLD: Diversified Producer with Multi-Continent Exposure

Year-to-date gain: 128.48%
Market cap: C$4.27 billion
Share price: C$7.54

IAMGOLD stands out among Canadian gold stocks as a mid-tier producer with a geographically diversified asset base spanning West Africa, Quebec, and Ontario. This portfolio approach reduces single-region risk while maintaining exposure to high-quality deposits.

The company’s flagship asset, the Essakane gold mine in Northeast Burkina Faso, commenced commercial production in July 2010 and underwent expansion in 2013. IAMGOLD holds a 90% stake with the Burkina Faso government retaining 10%. A December 2023 technical report projected production of 2.4 million ounces through 2028, drawing from four remaining pit phases at the Main Zone and satellite operations.

IAMGOLD’s Canadian operations center on the Westwood mine in Southwest Quebec, which began commercial production in July 2014. The mine comprises 120 titles and associated leases covering 1,925 hectares, contributing steady ounces to the company’s production profile.

A significant 2024 development was the commencement of commercial production at the Côté Gold mine in Ontario. After acquiring a 9.7% additional interest from Sumitomo Metal Mining in December 2023 to increase its stake to 70%, IAMGOLD began operations in early 2024. By August, the company declared Côté had reached commercial production (60% capacity). Third-quarter results showed 68,000 ounces produced on a 100% basis, with 103,000 total ounces from the start of the year. Management expects to reach 90% throughput (36,000 metric tons daily) by year-end and full nameplate capacity through 2025.

By November 7’s Q3 update, Essakane and Westwood combined for 329,000 and 99,000 ounces respectively through the first nine months, both showing strong year-over-year growth. This diversified Canadian gold stocks play offers multiple production streams and geographic balance.

4. Mineros: Latin American Gold Producer with Strategic Partnerships

Year-to-date gain: 118.46%
Market cap: C$385.23 million
Share price: C$1.42

Mineros operates as a mid-tier gold producer focused on Latin American assets, offering Canadian and international investors exposure to high-potential mining jurisdictions. The company’s primary operations span the Nechi alluvial mine in Colombia and the Hemco property in Nicaragua.

The Nechi operation uniquely employs a cyanide- and mercury-free extraction process, recovering gold from hosted sands sourced from closed ponds. This environmentally conscious approach appeals to ESG-conscious investors evaluating gold stocks in Canada and globally. Hemco’s operations encompass the Panama and Pioneer mines, with an additional arrangement to process ore from third-party artisanal miners, diversifying revenue streams.

Looking forward, Mineros plans to initiate production from the Porvenir satellite deposit at Hemco in 2027, projected to contribute 44,700 ounces of annual gold output. However, 2024 results reflected transitional challenges. Third-quarter operating results released September 30 showed 159,056 ounces produced through nine months—a 16% decline versus 188,730 ounces in the comparable 2023 period—primarily due to discontinued operations at the Gualcamayo property in Argentina. Importantly, operating assets recorded a 1% production increase to 157,669 ounces, suggesting underlying operational improvement.

November brought strategic developments when the Colombian Superintendent of Finance approved a public tender from Sun Valley Investments to acquire 8.5-10.63% of Mineros’ issued shares through Colombia’s stock exchange. Sun Valley already maintains a 24.9% stake. Mineros has until December 3 to accept the offer (potentially extendable to December 23), adding an element of corporate activity to this gold stocks profile.

5. Jaguar Mining: Brazilian-Focused Developer with Accelerating Production

Year-to-date gain: 104.97%
Market cap: C$293.44 million
Share price: C$3.71

Jaguar Mining provides Canadian investors with concentrated exposure to Brazilian gold assets through multiple mining complexes located near Belo Horizonte in Minas Gerais. The company operates the MTL complex, which hosts the Turmalina mine alongside processing infrastructure, and the geographically proximate Caete complex featuring the Pilar mine.

The MTL complex also harbors the advanced-stage Faina development project. A December 2023 resource estimate defined measured and indicated resources at 1.43 million metric tons grading 5.08 g/t gold, containing 233,000 ounces. An additional 232,000 ounces of inferred gold awaits delineation. Management has prioritized accelerating Faina’s development to define ore structures, with ore extracted during H1 2024 processed through the Turmalina facility yielding gold recovery that exceeded projections at 414 ounces.

Production guidance indicates stoping ore will gradually ramp to 15,000 metric tons monthly through early 2025, before achieving 25,000 metric tons (nameplate capacity) in 2026. This trajectory demonstrates Jaguar’s commitment to unlocking the deposit’s full potential and contributing additional ounces to the company’s overall output.

The Caete complex’s Pilar mine delivered 10,433 ounces in Q3 2024, up from 8,787 ounces in Q3 2023. Development progress at the Pilar BA zone included 374 completed meters across five sub-levels in the first half of 2024. Ore feed from these workings totaled 30,547 metric tons, processing to 4,032 ounces at an average grade of 4.64 g/t.

Jaguar’s November 8 Q3 financial results disclosed production of 49,918 ounces through the first nine months of 2024, compared to 52,222 ounces in the year-ago period. Though this represented a year-over-year decline, the company attributed the reduction to 16% lower processed ore—an effect substantially offset by 24% higher ore grades. Development activity expanded to 4,622 meters from 3,837 meters previously, positioning the company for future production gains. Shares peaked at C$5.69 on September 23 amid broader gold market strength.

The Outlook for Canadian Gold Stocks

The 2024 performance of these five TSX-listed gold stocks demonstrates the compelling opportunity within Canada’s mining sector when macroeconomic tailwinds align. Central bank demand, monetary accommodation, and geopolitical risk appetite all converged to drive both gold prices and mining equities substantially higher. Each company profiled above offers a distinct investment thesis—whether growth optionality (Perpetua, G2), cash generation (IAMGOLD, Mineros), or development acceleration (Jaguar)—providing Canadian and global investors multiple entry points within the gold stocks universe.