In the investing world, aggression and passivity often coexist. Many investors frequently trade in and out chasing short-term fluctuations, ultimately missing out on true compound growth. Taking a ten-year view and positioning around macro trends that are not going away is a more sustainable strategy. Currently, three resource stocks on the Toronto Stock Exchange – Cameco, First Quantum Minerals, and Agnico Eagle Mines – each offer unique long-term value in the nuclear, copper, and precious metals sectors.
Cameco (TSX:CCO) is a global uranium giant, with businesses spanning uranium mining, fuel services, and a major stake in Westinghouse, covering the entire nuclear fuel chain. As countries seek stable, low-carbon baseload power, nuclear energy has returned to the spotlight, further boosted by demand from data centres and industrial electricity consumption.
In the first quarter of 2026, Cameco delivered solid results: net earnings of $131 million, adjusted net earnings of $203 million, and adjusted EBITDA of $509 million,of which uranium adjusted EBITDA jumped to $423 million from C$286 million a year earlier. The company expects attributable uranium production in 2026 of 19.5 million to 21.5 million pounds.
However, Cameco currently trades at a trailing P/E above 100, with a dividend yield of only about 0.15%, meaning investors are paying almost a pure growth premium. In the short term, valuations are not cheap. But looking ahead to the next decade, with global nuclear power capacity growing and a persistent uranium supply gap, Cameco – as the largest uranium supplier in the Western world – has irreplaceable strategic value. For investors willing to forgo near-term dividends in exchange for long-term growth opportunities, the current pullback may offer a window for staggered accumulation.
First Quantum Minerals (TSX:FM) is a major copper producer with operations across Zambia, Panama, and other regions. Copper demand is directly tied to electrification, grid upgrades, renewable energy, data centres, and industrial growth – trends with extremely high certainty.
But first-quarter 2026 results showed the company remains under pressure: gross profit of $278 million, EBITDA of $326 million, and a net loss of $196 million. The loss was attributed to lower sales volumes, a stronger Zambian kwacha, and $144 million in realized losses under its sales hedge program. Nevertheless, First Quantum’s stock has surged 78% over the past year alone, with a market capitalization of approximately C$29 billion. The market is clearly pricing in expectations of higher copper prices and balance sheet repair.
First Quantum currently pays no dividend and carries high operational risk. But its sensitivity to copper prices is extremely high: if copper prices remain strong and the company improves its debt situation and turns cash flow positive, it is likely to resume paying dividends. For long-term investors who can tolerate significant volatility, First Quantum is one of the best leverage tools to capture the next copper cycle. The current timing represents a left-side entry – requiring gradual accumulation and the psychological readiness to hold for several years.
Agnico Eagle Mines (TSX:AEM) is a top-tier Canadian gold producer with mines across Canada, Australia, Finland, and Mexico, focused on low-risk assets. Gold has become increasingly attractive amid inflation, tariffs, geopolitical risks, and currency concerns. Even more rare is Agnico’s track record: it has paid a cash dividend every year since 1983, without interruption.
In the first quarter of 2026, benefiting from a realized gold price of $4,861 per ounce, Agnico posted net income of $1.695 billion (US3.39 per share), while adjusted net income reached a record $1.7 billion ($3.41 per share). Free cash flow was $732 million, and the company returned $375 million to shareholders through quarterly dividends ($0.45 per share) and buybacks. The current dividend yield is 0.91%, with a P/E of approximately 18.5 times, and the company holds a net cash position.
For conservative long-term investors, Agnico is a rare asset that can be relied upon whether gold prices rise or fall. While gold prices are currently at historical highs, Agnico’s cash flow and balance sheet are strong enough to sustain ongoing dividends and buybacks. As a ballast for a ten-year portfolio, the timing for Agnico remains appropriate – no need to time the market, just accumulate in batches.
Summary
Ten years may seem long, but for a lifetime of savings, it is just a critical stretch. Cameco bets on the irreversible long-term demand for nuclear power, First Quantum gambles on the massive elasticity of the copper cycle, and Agnico Eagle offers the dual safety net of gold and dividends. The three stocks have distinct risk-return profiles, and a portfolio combining them can balance growth and stability.
