Should This Gold Mining Stock Be on Your TFSA Buy List?
Written by Aditya Raghunath at The Motley Fool Canada
Canadian investors should consider owning fundamentally strong growth stocks in a Tax-Free Savings Account (TFSA) in 2026. Any returns earned in this registered account are exempt from taxes, which means growth stocks can help you generate outsized gains in the TFSA.
Gold mining stocks have had a stellar year in 2025, given rising prices and widening profit margins. Generally, the performance of gold mining companies is tied to the cost of the yellow metal.
The global demand for gold is expected to remain strong in 2026 due to geopolitical tensions, falling interest rates, sustained buying by central banks, and a volatile macro environment. Additionally, the precious metal offers diversification, and this asset class has consistently outpaced inflation for centuries.
In this article, I have identified one Canadian gold stock in OR Royalties (TSX:OR), which is up 73% in the last 12 months and remains a top TFSA buy right now. Valued at a market cap of $9 billion, OR Royalties acquires and manages precious metal royalties, streams, and mining interests globally.
Its primary asset is a 3–5% net smelter return royalty in the Canadian Malartic complex. The company also holds offtake options, exclusive financing rights on future projects; and explores for gold, silver, and diamonds through mining property development.
OR Royalties delivered a compelling forecast at its investor day as CEO Jason Attew outlined why the precious metals royalty company stands at an inflection point.
OR ended the recent quarter with $120 million in cash and no debt. It also has $650 million in undrawn credit facilities, providing it with close to $800 million in total liquidity for acquisitions. OR has focused on strengthening its balance sheet, reducing its total debt by $300 million since 2023.
The royalty giant operates 22 producing assets across its 190 holdings, generating a 97% cash margin in the first nine months of 2025. Management expects that number to climb to 23 producing assets as soon as Ramelius Resources brings the Dalgaranga gold project in Western Australia into production. The high-grade deposit should contribute meaningful cash flow starting in early 2027.
Canadian Malartic remains the flagship asset, widely recognized as the sector’s best gold royalty. Management provided a detailed analysis and suggested that operator Agnico Eagle will likely build a second shaft at the complex, with potential for a third.
The company projects the operation could eventually reach one million ounces of annual gold production, significantly expanding OR’s revenue base.
