1. Total Metals Corp (TSXV:TT, FSE: O4N)
Total Metals Corp. is focused on advancing high-grade gold projects to production.
Although gold prices have recently retreated, they remain significantly higher than the same period last year. For investors looking to increase their exposure to gold within their portfolios while wary of buying at peak levels, the current moment may present a more attractive entry point than two months ago.
As of March 26, the price of gold stood at approximately $4,479 per ounce. While this marks a pullback from the historic high of $5,594.92 reached in January, gold prices have more than doubled from around $2,600 since the beginning of 2025. Industry insiders point out that the structural factors supporting gold prices have not disappeared.
The rise in gold prices not only boosts market sentiment but also directly improves the profit margins of gold mining companies. When gold price increases outpace production costs, the profitability per ounce of gold is significantly enhanced. For investors, the key lies in selecting companies with stable production output, consistently improving execution, and balance sheets strong enough to support their own growth.
Against this backdrop, two Canadian gold stocks listed on the Toronto Stock Exchange warrant attention.
Allied Gold is a relatively new name to many Canadian investors. This gold mining company, which owns operating mines and has growth plans, is still being priced in by the market. Over the past year, the company has focused on substantive progress in areas such as balance sheet management, project financing, and operational updates, striving to distinguish itself from numerous producers and establish a significant position in a high-gold-price environment.
In the third quarter of 2025, Allied Gold generated approximately $107 million in revenue and around $50 million in adjusted EBITDA, but concurrently recorded a net loss of approximately $22 million. This divergence in profitability metrics is typical for mining companies in the construction and optimization phase: profitability at the cash flow level is acceptable, while accounting profits are impacted by depreciation, financing costs, and project-related expenses.
The investment thesis here is that the market will gradually come to view the company as a producer with sustainable operations. If this expectation materializes, the operating leverage could be quite significant at current gold price levels. The primary risks include project delivery, jurisdictional risks, cost escalations, and potential shortfalls in production or guidance.
In contrast, Dundee Precious Metals is a company known for its stability. Its operational style emphasizes fundamentals: securing production, controlling costs, generating free cash flow, and returning value to shareholders without relying on market hype. Over the past year, the company has focused on operational delivery and next-phase growth, with the market paying close attention to its ability to advance expansion plans while maintaining financial discipline.
Valuation is a key component of this company’s appeal. As a high-margin operator, DPM’s valuation has often been below market expectations. Currently, the company has a market capitalization of approximately C$9.9 billion and a trailing P/E ratio of around 16x. The outlook depends on its ability to sustain stable production, protect margins, and advance growth projects on time and on budget. The main risks center on operational fluctuations, rising costs, and potential sharp corrections in gold prices.
In summary, although gold prices have retreated from their January highs, the current level of approximately $4,479 per ounce remains historically elevated. For investors seeking to add gold exposure to their portfolios, Allied Gold and Dundee Precious Metals offer two distinct approaches with differing characteristics.
