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.
The effects of US tariff threats on the US and Canadian economies were reflected in economic data this week.
On Monday (March 3), the Atlanta Fed updated its GDPNow model, forecasting a 2.8 percent decline in Q1 GDP. While the number has since been revised to a drop of 2.4 percent, it still represents a near 5 percent decrease from Q4 2024, when the US economy grew by 2.3 percent. If the numbers hold it would mark the largest drop in GDP since the pandemic.
While this is only a forecast based on available data, it could signal the potential for a recession in the US starting in the first half of 2025. The overall state of the US economy may come into better focus when the US Bureau of Labor Statistics releases its February consumer price index data on Wednesday (March 12) and the Federal Reserve hosts its Federal Open Markets Committee meeting the following week on March 18 and 19.
In Canada, Statistics Canada reported on Thursday (March 6) that the trade surplus with the US had reached a record C$14.4 billion in January, up 6.3 percent from the C$12.3 billion recorded in December. The agency said the rise coincided with the increasing tariff threat from the US as more manufacturers south of the border began to stockpile Canadian imports.
StatsCan also released its February labor force survey on Friday (March 7). The data showed that job growth had stalled during the month, with the national labor force adding a net total of 1,100 new positions.
The figures were well below estimates, as economists had expected 15,000 new jobs to be added to the Canadian economy. The country added 76,000 jobs the prior month.
The biggest gains in February came from wholesale and retail trade, which added 51,000 new workers, while the biggest contraction came from 33,000 fewer jobs in professional, scientific and technical services.
Markets and commodities react
US equity markets were broadly down again this week.
The S&P 500 (INDEXSP:INX) lost 3.32 percent to close the week at 5,770.16, and the Nasdaq-100 (INDEXNASDAQ:NDX) fell 4.09 percent to 20,158.31. The Dow Jones Industrial Average (INDEXDJX:.DJI) lost 2.5 percent to 42,801.73.
In Canada, markets were also in decline. The S&P/TSX Venture Composite Index (INDEXTSI:JX) fell 0.63 percent to close at 614.30 on Friday, the S&P/TSX Composite Index (INDEXTSI:OSPTX) posted a 2.57 percent loss to 24,758.76 and the CSE Composite Index (CSE:CSECOMP) dropped 2.77 percent to 126.72.
Gold continued to trade in all-time high territory this week, gaining 1.8 percent over the week to US$2,908.07 per ounce at 4:00 p.m. EST Friday. The silver price saw a more significant rise, adding 4.32 percent during the period to US$32.48.
In base metals, the copper price was up 2.61 percent on the week, closing out Friday at US$4.72 per pound on the COMEX. Meanwhile, the S&P GSCI (INDEXSP:SPGSCI) shed 0.44 percent to close at 551.16.
Top Canadian mining stocks this week
So how did mining stocks perform against this backdrop?
We break down this week’s five best-performing Canadian mining stocks below.
Data for this article was retrieved at 4:00 p.m. EST on Friday using TradingView's stock screener. Only companies trading on the TSX, TSXV and CSE with market capitalizations greater than C$10 million are included. Companies within the non-energy minerals and energy minerals sectors were considered.
1. San Lorenzo Gold (TSXV:SLG)
Weekly gain: 328.57 percent
Market cap: C$19.44 million
Share price: C$0.30
San Lorenzo Gold is an exploration company working to advance its Salvadora project in the Chañaral province of Chile.
The property consists of 25 exploration and nine exploitation concessions covering an area of 8,796 hectares. It hosts a large copper and gold porphyry system with several significant targets. According to the project page, the site geology resembles that of the nearby Codelco-owned Salvador copper mine, which has operated since the early 1950s and is expected to continue until the mid-2060s following an expansion.
Shares in San Lorenzo saw significant gains this week after it announced a significant discovery hole on Monday, the first of three holes drilled at Salvadora’s Cerro Blanco gold-copper target, as well as partial results from the three holes drilled at its Arco de Oro gold target.
The discovery hole at Cerro Blanco demonstrated grades of 1.04 grams per metric ton (g/t) gold, 1.0 g/t silver and 0.05 percent copper over 153 meters, including an intersection with 12.78 g/t gold, 6.5 g/t silver and 0.51 percent copper over 3.8 meters.
The partial results from Arco de Oro returned a highlighted result of 5.61 g/t gold over 6.6 meters, which included an intersection of 11.14 g/t gold over 2.3 meters. Copper results from Arco de Oro are still pending.
The company said it is gratified to announce a discovery hole from the first drill test at Cerro Blanco, as well as results from Arco de Oro that confirm the robustness of the gold system there.
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2. Tidewater Renewables (TSX:LCFS)
Weekly gain: 74.23 percent
Market cap: C$84.06 million
Share price: C$2.84
Tidewater Resources is focused on the production of low-carbon fuels from facilities in BC, Canada.
Its sole operation is a renewable diesel and hydrogen complex located near Prince George. The project has a nameplate capacity of 3,000 barrels per day of renewable diesel and 23.7 metric tons per day of hydrogen. The plant began production during Q4 2023 using feedstock that included soybean and canola oil.
The company is expanding the site to produce sustainable aviation fuel, which it plans to start producing in 2028.
Tidewater shares gained this week after the company announced on Thursday that it had advised the Canadian Border Services Agency (CBSA) to initiate an anti-subsidy and anti-dumping duty investigation into imports of renewable diesel from the US. The release indicated that the CBSA confirmed that Tidewater had provided sufficient evidence to support the allegations.
Tidewater expects that additional duties of between C$0.50 and C$0.80 will be applied to renewable diesel imports originating from the US, which would provide increased market stability for Tidewater products.
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3. Galantas Gold (TSXV:GAL)
Company ProfileWeekly gain: 54.55 percent
Market cap: C$10.9 million
Share price: C$0.085
Galantas Gold is a gold exploration and development company working to advance its flagship Omagh project, which is located west of Belfast, Northern Ireland.
The project is located within a 189.2 square kilometer license area. The site is currently in the development stage and covers a total area of 220 acres. It hosts an open-pit mine, processing plant, tailings facility and water clarification pond. More than 3 kilometers of underground mining have been completed and 3,175 metric tons have been mined from six test stops.
A June 2023 resource estimate from the site demonstrated a measured resource of 25,287 ounces of contained gold from 119,360 metric tons of ore grading 6.59 g/t gold, with an additional indicated resource of 153,671 ounces of contained gold from 730,702 metric tons of ore at a grade of 6.56 g/t. The inferred resource at Omagh shows 172,873 ounces of gold with grades of 6.24 g/t gold from 859,802 metric tons.
Shares in Galantas Gold saw significant gains this week, but the company has yet to release news in 2025.
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4. Eastern Platinum (TSXV:ELR)
Company ProfileWeekly gain: 42.86 percent
Market cap: C$34.42 million
Share price: C$0.20
Eastern Platinum, also known as Eastplats, is a platinum group metal (PGM) and chrome mining, development and exploration company working to advance assets in South Africa.
Its most advanced asset is the Crocodile River mine, located northwest of Johannesburg. The mine began operating in 1987, but production was suspended in the early 1990s due to falling PGM prices. Since then, the mine saw some limited production in the early 2000s before once again being suspended.
After significant rehabilitation, chrome and PGM production from site tailings was restarted at the site in 2018 and 2020 respectively, and underground operations at the Zandfontein mine restarted in October 2023. In October of last year, Eastplats began commissioning a PGM processing plant that will process ore from Zandfontein.
A technical report from May 2022 demonstrated a proven and probable resource of 1.72 million ounces of platinum, palladium, rhodium and gold, with an average grade of 3.68 g/t from 14.58 million metric tons of ore.
Shares in Eastplats gained this week, although the company has not released news in 2025.
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5. Sage Potash (TSXV:SAGE)
Company ProfileWeekly gain: 34.04 percent
Market cap: C$14.02 million
Share price: C$0.315
Sage Potash is a potash exploration company currently working to advance its portfolio of mineral holdings in Utah’s Paradox Basin in the US.
Historic oil and gas exploration in the basin dating back a century discovered the potential for the potash beds, but they were too deep for mining methods at the time. Sage has since confirmed their presence through its own exploration.
In a revised technical report from February 2023, the company reported an inferred mineral resource estimate of up to 159.3 million metric tons of in-place sylvinite from the upper potash bed and up to 120.2 million metric tons of sylvinite from the lower potash bed.
Sage did not release news this week. However, gains could be tied to tariff threats that would see a 25 percent tariff applied to Canadian imports, including potash. Canada is the largest supplier of potash to the US.
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FAQs for Canadian mining stocks
What is the difference between the TSX and TSXV?
The TSX, or Toronto Stock Exchange, is used by senior companies with larger market caps, and the TSXV, or TSX Venture Exchange, is used by smaller-cap companies. Companies listed on the TSXV can graduate to the senior exchange.
How many companies are listed on the TSXV?
As of June 2024, there were 1,630 companies listed on the TSXV, 925 of which were mining companies. Comparatively, the TSX was home to 1,806 companies, with 188 of those being mining companies.
Together the TSX and TSXV host around 40 percent of the world’s public mining companies.
How much does it cost to list on the TSXV?
There are a variety of different fees that companies must pay to list on the TSXV, and according to the exchange, they can vary based on the transaction’s nature and complexity. The listing fee alone will most likely cost between C$10,000 to C$70,000. Accounting and auditing fees could rack up between C$25,000 and C$100,000, while legal fees are expected to be over C$75,000 and an underwriters’ commission may hit up to 12 percent.
The exchange lists a handful of other fees and expenses companies can expect, including but not limited to security commission and transfer agency fees, investor relations costs and director and officer liability insurance.
These are all just for the initial listing, of course. There are ongoing expenses once companies are trading, such as sustaining fees and additional listing fees, plus the costs associated with filing regular reports.
How do you trade on the TSXV?
Investors can trade on the TSXV the way they would trade stocks on any exchange. This means they can use a stock broker or an individual investment account to buy and sell shares of TSXV-listed companies during the exchange's trading hours.
Article by Dean Belder; FAQs by Lauren Kelly.
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Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
