Welcome to the Investing News Network’s weekly look at the best-performing Canadian mining stocks on the TSX, TSXV and CSE, starting with a round-up of Canadian and US news impacting the resource sector.
Statistics Canada released July’s monthly mineral production survey on Friday (September 19).
The data shows that gold production increased month-over-month, while copper and silver output declined; shipments, however, saw broad declines from June for all three metals. Gold production increased significantly, rising to 18,855 kilograms compared to 16,935 kilograms in June. Meanwhile, copper production fell to 37.99 million kilograms from 39.17 million kilograms in June, and silver production slipped to 25,345 kilograms from 28,390 kilograms.
Gold shipments slid to 16,748 kilograms from 18,554, copper shipments fell to 39.28 million kilograms from 45.96 million and silver shipments decreased to 26,397 kilograms from 31,181.
This week also brought the release of August consumer price index data from Statistics Canada. It came out on Tuesday (September 16), the day before the Bank of Canada’s interest rate decision.
All-items inflation rose 1.9 percent on a yearly basis, up from the 1.7 percent recorded in July. The agency attributes the faster growth in headline inflation in part to a slower year-on-year decline in gasoline prices, which fell 12.7 percent in August versus 16.1 percent in July, resulting in a less moderating effect on inflation than during the previous month.
Statistics Canada notes that without volatile gasoline prices included, the consumer price index rose 2.4 percent year-on-year in August after registering a 2.5 percent increase in the three previous months.
The Bank of Canada reduced its benchmark lending rate by 25 basis points to 2.5 percent on Wednesday (September 17), noting “a weaker economy and less upside risk to inflation.” It marks the first cut since March.
South of the border, the US Federal Reserve held its September meeting on Tuesday and Wednesday. The central bank also chose to cut 25 basis points from the federal funds rate, bringing it to the 4 to 4.25 percent range.
It is the first change to the interest rate since the last 25 basis point cut in December 2024.
For more on what’s moving markets this week, check out our top market news round-up.
Markets and commodities react
Canadian equity markets were in positive territory this week.
The S&P/TSX Composite Index (INDEXTSI:OSPTX) set another new record high this week, ending the week up 1.29 percent to 29,768.36. The S&P/TSX Venture Composite Index (INDEXTSI:JX) performed even better, climbing 2.65 percent to finish Friday at 904.80, its first close above 900 since January 2022. for its part, the CSE Composite Index (CSE:CSECOMP) also jumped, gaining 4.98 percent to end the week at 162.04.
The gold price was in focus again this week as it climbed to another new record, reaching an intraday high of US$3,707.34 per ounce on Wednesday just after the Fed meeting. While the price retreated slightly to US$3,642 on Thursday (September 18), it ended the week up 1.15 percent overall at US$3,685.26.
The silver price rose to US$42.83 per ounce early in the week before dipping below US$42 in mid-week trading. It bounced back to end the week on 14 year highs, gaining 2.11 percent to close Friday at US$43.08.
Copper saw its mid-week gains erased by the end of the week, closing Friday largely flat at US$4.63 per pound. The S&P Goldman Sachs Commodities Index (INDEXSP:SPGSCI) echoed those movements with a 0.06 percent gain to end the week at 545.95.
Top Canadian mining stocks this week
How did mining stocks perform against this backdrop?
Take a look at this week’s five best-performing Canadian mining stocks below.
Stocks data for this article was retrieved at 4:00 p.m. EDT on Friday using TradingView’s stock screener. Only companies trading on the TSX, TSXV and CSE with market caps greater than C$10 million are included. Mineral companies within the non-energy minerals, energy minerals, process industry and producer manufacturing sectors were considered.
Weekly gain: 119.05 percent
Market cap: C$50.3 million
Share price: C$0.23
Japan Gold is an exploration company focused on a portfolio of Japan-based gold assets.
Its most advanced property is the Mizobe gold project located in Southern Kyushu. The site hosts several exploration targets covering an area of 2 kilometers by 2.5 kilometers and has produced river float samples up to 18.9 g/t of gold.
The company is also working on a trio of projects with Barrick Mining (TSX:ABX,NYSE:B), the most advanced of which is the Hakuryu project located in Northern Hokkaido. The company has identified several targets, including the Hakuryu No. 3 vein, which hosts a 360 meter main zone with a thickness of 20 meters.
Shares of Japan Gold gained significantly at the end of the week; however, the company has not released news since September 9, when it reported it had mobilized for a four hole, 1,600 meter drill program at Mizobe.
Weekly gain: 110 percent
Market cap: C$21.06 million
Share price: C$0.21
Minnova is an exploration and development company advancing its brownfield PL gold mine in Manitoba, Canada.
The property consists of 28 mining claims and covers an area of 5,114 hectares. An April 2018 feasibility study for the project indicated project economics with an after-tax net present value of C$36.7 million, an internal rate of return of 53 percent and a payback period of 1.2 years, calculated at a gold price of US$1,250 per ounce.
The company has been working to restart the mine over the past few years, but faced funding shortfalls. Trading for Minnova was halted on August 6 as it worked to resolve financial issues to maintain its listing on the TSXV.
On September 11, the company said trading would resume, also giving a corporate update. It disclosed a working capital deficiency of C$544,611 and said it was planning a private placement to address the shortfall. Funds will also go toward ongoing activities at PL, including drilling, test work and updated NI 43-101 techno-economic studies.
Minnova also announced that it is advancing plans for preliminary open-pit and underground mine design and layout, and that work on a new mine development plan that takes into account higher gold prices is underway.
Shares of Minnova have surged since trading resumed earlier this week from their price of under C$0.10 before the halt.
3. Stamper Oil and Gas (TSXV:STMP)
Weekly gain: 98.26 percent
Market cap: C$16.02 million
Share price: C$0.018
Stamper Oil and Gas is an explorer and developer working to advance offshore projects in Namibia.
The company holds an interest in five exploration blocks in Namibia; its most significant holding is a 32.9 percent stake in PEL 107 located in the Orange Basin. PEL 107 covers an area of 5,484 square kilometers and is located 210 kilometers from shore in an area that hosts three multi-billion-barrel discoveries since 2022. It has been conducting seismic work ahead of the planned drilling of an exploration well set to commence in 2027.
Stamper completed the acquisition of its holdings in the Namibian blocks on September 10, when it reported it had closed its purchase of BISP Exploration, originally announced on May 12.
4. New Break Resources (CSE:NBRK)
Weekly gain: 93.33 percent
Market cap: C$17.03 million
Share price: C$0.29
New Break Resources is working to advance its Moray gold project in Northeastern Ontario, Canada. The property is located near Timmins, within the Abitibi greenstone belt, and spans an area of 10,326 hectares.
Additionally, the project is situated 32 kilometres northwest of Alamos Gold’s (TSX:AGI,NYSE:AGI) Young-Davidson gold mine, which produced 174,000 ounces of gold in 2024.
On Wednesday, New Break announced results from its six hole, 1,502 meter maiden diamond drill program at the site. The company highlighted one assay with an average grade of 4.11 grams per metric ton (g/t) gold over 31.3 meters, including an interval of 6.75 g/t over 7.1 meters. The prior week, the company closed the final tranche of an oversubscribed private placement. In total, New Break raised proceeds of C$1 million over three tranches, which will be used for ongoing exploration at Moray and for general working capital purposes.
5. CleanTech Vanadium Mining (TSXV:CTV)
Weekly gain: 91.67 percent
Market cap: C$15.77 million
Share price: C$0.115
CleanTech Vanadium Mining is an exploration company advancing several critical mineral projects in the US.
Its most recent focus has been on its Kentucky-Illinois fluorspar projects, which consist of over a dozen deposits covering over 8,150 acres along the border of Kentucky and Illinois. Mining in the region dates back to the late 1800s and has produced 12.5 million metric tons of fluorspar, according to the company.
CleanTech also owns the Gibellini vanadium project in Nevada, US. The project has been approved for multiple state permits and received a positive environmental impact statement from the Bureau of Land Management. The site covers 21 kilometers and hosts a measured and indicated vanadium oxide resource of 127 million pounds.
Additionally, the company announced on August 6 that it had acquired the El Triunfo gold-antimony project near La Paz, Bolivia, from Silver Elephant for cash considerations of C$155,000.
The latest news from CleanTech came on Tuesday, when it welcomed the news that the US Department of Energy plans to allocate nearly US$1 billion to strengthening critical minerals supply chains. It also highlighted the continued inclusion of fluorspar, germanium, gallium, indium and vanadium on the US Geological Survey’s critical minerals list.
CleanTech stated that it intends to explore funding options with the Department of Energy, with a focus on advancing its Illinois-Kentucky fluorspar district. The company noted that the US Department of Defense is funding research at the nearby Hicks Dome rare earth and fluorspar project in Illinois.
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Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
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