Earlier this month, mining stocks accounted for 18 of the 30 top-performing companies on the Toronto Stock Exchange, based on three-year dividend-adjusted share price performance. The strong representation highlights the breadth of Canada’s mining sector and its potential exposure to commodities increasingly important to the global economy.
Silver companies remain prominent amid economic and geopolitical uncertainty. Avino Silver & Gold Mines (TSX: ASM), for example, ranked fifth, delivering a 958% three-year dividend-adjusted share price appreciation. The 2026 mining cohort was also more diversified than in 2025, featuring four silver-focused companies, three copper producers, and one rare-earths company.
Lundin Mining: A copper stock to watch
For copper exposure, investors can keep Lundin Mining (TSX: LUN) on their watchlist. The stock gained about 252% over three years. Lundin Mining primarily produces copper, with major operations including the Candelaria and Caserones mines in Chile and the Chapada mine in Brazil. It also operates the Eagle nickel-copper mine in Michigan.
In the first half of the year (H1), copper production reached 156,811 tonnes, up 3% year over year, while gold production totalled 60,666 ounces. Higher commodity prices helped drive a 32% increase in revenue to US$2.4 billion, while adjusted EBITDA, a cash flow proxy, jumped 69% to US$1.3 billion. Free cash flow also hit nearly US$579 million.
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* Returns as of September 8th, 2026
These results demonstrate why copper producers could remain important as electrification and infrastructure investment support long-term demand.
Avino Silver & Gold Mines offers silver exposure
For silver exposure, Avino Silver & Gold Mines produced 530,632 ounces of silver in H1, down 3% year over year, alongside 4,029 ounces of gold (up 1%) and 2.1 million pounds of copper (down 32%). However, its average realized silver price more than doubled to US$74.62 an ounce from US$33.30.
That pricing strength helped the precious metals miner increase revenue 63% to US$66.2 million, mine operating income 75% to US$36.4 million, and adjusted earnings 91% to US$35.5 million. The figures illustrate how powerful higher commodity prices can be for profitable producers.
Neo offers rare-earth exposure
For rare-earth exposure, Neo Performance Materials (TSX: NEO) is worth watching. Rather than mining raw materials, it focuses on processing, refining, and manufacturing advanced materials used in vehicle electrification, electric vehicles (EVs), consumer electronics, industrial automation, and clean energy.
In H1, Neo Performance Materials generated US$360.7 million in revenue, up 53% year over year. Adjusted EBITDA increased 2.6 times to US$93.3 million, while adjusted earnings per share rose 2.4 times to US$0.85.
Mining stocks can deliver substantial gains when commodity prices and operating results align, but they remain cyclical. Commodity-price volatility, economic conditions, capital requirements, and operational risks can all affect returns. Therefore, investors should view these companies as potential components of a diversified portfolio rather than relying on any single commodity or stock.
The bottom line
Canada’s mining sector continues to offer investors exposure to commodities central to electrification, infrastructure, and strategic supply chains. Among the stocks worth watching are Lundin Mining for copper, Avino Silver & Gold Mines for silver, and Neo Performance Materials for rare earths. Their recent financial and operational results highlight how higher commodity prices can translate into stronger profitability, although investors should remain mindful of the sector’s inherent volatility.
