Pinnacle Silver & Gold Corp (TSXV: PINN)
Building a New Americas-Focused Silver and Gold Company
If you are paying attention to the TSX market’s tilt toward the resources sector, the following three mining companies offer distinct paths to participate in this macro trend. When volatility arises in the technology or financial sectors, commodities can still provide effective portfolio diversification.
Ivanhoe Mines (TSX: IVN) stands out as a typical beneficiary of commodity market trends on the TSX, with its core business centered on copper—a metal whose price often rises amid market discussions on electrification, grid construction, and infrastructure development. The company holds interests in the Kamoa-Kakula copper mining complex located in the Democratic Republic of the Congo, along with other base metal assets.
However, in May 2025, seismic activity occurred at the Kakula underground mine, leading to operational suspension and water ingress into the mine shaft. Consequently, the company significantly lowered its 2025 production guidance, and its stock price experienced a substantial decline. At the end of 2025, the company issued its 2026 copper production guidance, projecting 380,000 to 420,000 tons—far below the original target set for the complex before the incident. Therefore, investing in Ivanhoe Mines at present is more about betting on its production restart prospects rather than merely on copper price trends.
Ivanhoe Mines currently has a market capitalization of approximately $15.5 billion, with a trailing price-to-earnings ratio of about 42.8 times. Its stock price is currently around $11, down more than 45% from its 52-week high.
Over the past few months, Eldorado (TSX: ELD) has been one of the more dynamic companies in the Canadian gold sector. Its gold mines are located in Turkey, Canada, and Greece, and it holds a major development project in Greece called Skouries, which has garnered significant attention.
In February, Eldorado announced its plan to acquire Foran Mining for $3.8 billion, aiming to create a gold-copper combined entity. The related shareholder vote is scheduled for April 7. Investing in Eldorado at this stage means investing in a company in the midst of a transformation, one that is no longer a pure gold producer. This adds complexity to its business, but it also offers potential upside if copper and gold prices remain strong and the combined company achieves its growth targets.
In 2025, benefiting from higher realized gold prices, Eldorado reported revenue of approximately $1.82 billion and adjusted EBITDA of $836.2 million. Following a stock price pullback in early 2026, the company’s market capitalization now stands at about $8.9 billion, with its stock price near $45 and a trailing price-to-earnings ratio of approximately 3 times.
Pan American Silver (TSX: PAAS) offers another unique driver, as silver possesses the dual attributes of both a precious metal and an industrial metal. For the full year 2025, Pan American Silver reported record revenue of $3.6 billion and record net earnings of $980 million (or $2.56 per share). Its cash generation capability also improved significantly, with operating cash flow reaching $554 million in the fourth quarter of 2025, providing flexibility for debt management, reinvestment, and dividend payouts. The company currently has a market capitalization of approximately $29 billion, with a trailing price-to-earnings ratio of about 19.5 times. Its stock price is currently near $70, making it cheaper compared to its February peak. The company also pays a quarterly dividend, with a current dividend yield of 1.1%.
