Kirkland Lake Discoveries Corp (TSXV:KLDC, OTC:KLKLF)
District-Scale Exploration in World-Famous Gold Camp
Artificial intelligence is undoubtedly the hottest theme in capital markets in 2026. However, while the vast majority of investors have their eyes locked on chips, servers, and software applications, the demand for real assets driven by large-scale AI infrastructure construction is quietly giving rise to another group of winners – not tech stocks, but mining companies and real estate trusts.
The Canadian government has committed $2 billion to its Sovereign AI Compute Strategy, including $700 million specifically earmarked to attract private-sector investment in new or expanded data centres. At the same time, Canada has unveiled a plan to double electricity grid capacity by 2050. Against this backdrop, three Canadian stocks are leveraging their unique underlying assets to share in the dividends of AI spending.
Pan American Silver: Precious metals “double insurance” in the electrification wave
Pan American Silver (TSX:PAAS) is one of the world’s largest silver producers, with additional exposure to gold. Silver is indispensable in electronic components, power systems, and advanced industrial manufacturing. The power infrastructure and grid upgrades required for AI data centres will directly drive industrial demand for silver.
In the first quarter of 2026, the company delivered an impressive performance: revenue jumped to $1.2 billion from $773 million a year earlier, an increase of nearly 49%; net income soared to $457 million from $169 million, nearly tripling; earnings per share from continuing operations rose to $1.08 from $0.47. The company also announced a 2026 shareholder return framework targeting up to US$1 billion.
Currently, Pan American Silver trades at a price-to-earnings ratio of just 18x and offers a 1% dividend yield. Under the dual logic of AI-driven electrification demand growth and geopolitical uncertainty supporting precious metal prices, this stock – blending industrial and safe-haven attributes – deserves attention.
Granite REIT: The “landlord” of AI infrastructure
If chips are the brain of AI, then factories and warehouses are its skeleton. Granite REIT (TSX:GRT.UN) is a real estate investment trust focused on industrial and logistics properties, holding a large portfolio of warehouses, logistics buildings, and industrial facilities across North America and Europe. AI investment drives not only computing power but also real-economy space demand – supply chain expansion, equipment storage, power facility support – which is precisely where Granite comes in.
In the first quarter of 2026, Granite reported funds from operations (FFO) per unit of C$1.57, up 7.5% year-over-year; same-property net operating income rose 8.3%; the adjusted FFO payout ratio was 63%, slightly higher than 60% a year earlier, indicating solid financial health. The occupancy rate stood at 97.5%, reflecting strong demand for its properties.
The trust currently trades at just 14x earnings with a dividend yield of 3.8%. Even after a 35% share price increase over the past year, valuations remain reasonable. For investors seeking a more stable way to participate in AI-related real asset construction, Granite offers a dual path of “rental income plus appreciation.”
Lundin Mining: Copper – the “new oil” of the AI era
Lundin Mining (TSX:LUN) is a copper-focused diversified mining company that also produces gold, nickel, and zinc. Copper is the base metal for power transmission – every data centre, every charging station, and every grid upgrade requires copper. AI computing power consumes exponentially more electricity, and every kilometre of wire from power generation to the data centre needs copper. Thus, Lundin Mining is the most direct upstream play in the AI electrification chain.
In the first quarter of 2026, the company reported revenue of approximately $1.2 billion, adjusted EBITDA of approximately $627 million, and free cash flow from continuing operations of approximately US$380 million. Copper production from continuing operations reached 30,808 tonnes. After a massive 209% surge in its share price, Lundin Mining trades at a P/E of about 20.5x and a price-to-book ratio of 3.4x – not obviously cheap, but given copper’s strategic position in the AI and energy transition story, scarcity premiums tend to keep valuations resilient.
Conclusion
The AI story is far from over, but the leading players are expanding from chip design alone to the real physical world that supports its operation. Pan American Silver, Granite REIT, and Lundin Mining represent three key areas: silver, industrial real estate, and copper. They don’t produce code, but they provide the indispensable material foundation for AI. With the Canadian government’s policy push behind data centre and grid buildouts, these three real-asset stocks have the potential to carve out their own independent trends, distinct from tech stocks. For investors who think counter-cyclically, now may be the time to get ahead of these “hidden champions behind AI infrastructure.”
