5 Best-performing Gold Stocks on the TSX in 2025
The gold price rose to repeated record highs in 2025, gaining more than 57 percent in value from the start of the year.
The increase was fueled by several factors, including safe-haven demand led by economic uncertainty as US tariffs, interest rate cuts from the US Federal Reserve as well as the longest government shutdown in United States history.
The gold bull market has been a boon for gold producers following several years of increasing costs and smaller margins, and has also lifted gold exploration and development companies.
Below, the Investing News Network profiles the five TSX gold companies that are the best performers of 2025 by year-to-date share price gains. Data for this article was retrieved on November 26, 2025, using TradingView’s stock screener, and only companies with market capitalizations greater than C$50 million are included.
Year-to-date gain: 795.65 percent
Market cap: C$247.29 million
Share price: C$2.06
Orvana Minerals is a gold producer with multiple mines, including the Orovalle operation in Northern Spain, which hosts the El Valle Boinás and Carlés mines, as well as the Don Mario operation in Bolivia. Don Mario is on care and maintenance, but Orvana is advancing a plant expansion to process oxide stockpiles at the site. It is also working the Taguas property in Argentina.
After starting the year at C$0.24, Orvana’s stock value had more than doubled by April 11 to C$0.51. In February, the company released its fiscal Q1 financials, including updates for its properties. Highlights included the start of construction on its Don Mario plant expansion, which it expected to complete by the end of 2025, and work on updating the geological model for the Taguas property.
After trading in a narrow range for much of the next two quarters, shares of Orvana climbed more than 200 percent in Q4, reaching a year-to-date high of C$2.06 on November 26.
This followed a series of positive news flow beginning with the company’s October 16 release of its fiscal year Q4 2025 report, which sent its stock price up to C$1.42 per share.
The report included gold production of 35,705 gold equivalent ounces and exploration results from the brownfield program at its Orovalle operation’s El Valle Boinás mine. The company also ramped up production at the operation’s Carlés mine during the quarter.
Orvana’s November 6 news concerned a US$25 million secured prepayment facility and a copper offtake agreement with Trafigura for production from Don Mario. Shares shot to US$1.80 by November 12.
Orvana’s year-to-date high came after its news release on November 26 announcing that it expects to start field work at Taguas in January 2026 and the phased restart at Don Mario will reach full commercial production by April 2026, with its gold-silver circuit commencing in mid-December 2025.