Should This Gold Mining Stock Be on Your TFSA Buy List?

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.

Is this gold mining stock a good buy right now?

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.

OR has reviewed over 300 investment opportunities in the past 24 months, but has completed just 5% of them. Most of these deals failed to meet return thresholds or structural requirements around security and operator quality.

Is the TSX stock still undervalued?

Analysts tracking OR Royalties stock forecast revenue to increase from US$191 million in 2024 to US$442 million in 2028. Comparatively, adjusted earnings are forecast to expand from US$0.52 per share to US$1.48 per share in this period.

If the TSX stock is priced at 30 times forward earnings, which is lower than its three-year average of 34.8 times, it should trade around $44.40 in late 2027, indicating an upside potential of almost 30% from current levels. Given consensus price targets, the gold miner trades at a 28% discount in December 2025.

The post Should This Gold Mining Stock Be on Your TFSA Buy List? appeared first on The Motley Fool Canada.

Should you invest $1,000 in Osisko Gold Royalties right now?

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• The 1 Canadian Dividend Stock I’d Buy in Any Market 

Fool contributor Aditya Raghunath has no position in any of the stocks mentioned. The Motley Fool recommends Or Royalties. The Motley Fool has a disclosure policy.