Welcome to the Investing Information Community’s weekly have a look at the best-performing Canadian mining shares on the TSX, TSXV and CSE, beginning with a round-up of Canadian and US information impacting the useful resource sector.
Statistics Canada launched its June Labour Drive Survey on Friday (July 11). The info indicated that 83,000 new jobs have been added to the workforce, led by 34,000 new workers within the wholesale and retail commerce class and a 17,000 employee rise within the healthcare and social help class.
In different constructive information for the Canadian job market, the general employment charge rose by 0.1 p.c to 60.9 p.c, whereas the unemployment charge declined by 0.1 p.c to six.9 p.c.
The sturdy labour report got here as a shock to analysts who had been anticipating employment charges to be flat month-over-month and the unemployment charge to extend to 7.1 p.c. The June information signifies the primary notable enchancment within the job market since January and breaks a three-month rising development within the unemployment charge.
Late on Thursday (June 10), US President Donald Trump threatened Canada with a 35 p.c tariff on all exports beginning on August 1. In his letter to Prime Minister Mark Carney, Trump mentioned that Canada had imposed unfair commerce practices, citing a 400 p.c tariff on dairy merchandise.
Nevertheless, Canada has a commerce deficit with the US in terms of dairy. Imports in 2024 reached a file C$877 million, whereas exports of Canadian dairy totaled simply C$358 million. Canada imposes a tariff charge quota, which limits the quantity of duty-free dairy merchandise that may enter Canada. Tariffs are solely utilized as soon as the quota is exceeded.
Trump additionally pointed to continued flows of fentanyl into the US, saying, “If Canada works with me to cease the circulation of fentanyl, we’ll, maybe, contemplate an adjustment to this letter.”
The president has used fentanyl as a cause for imposing tariffs towards Canada because the begin of his time period, though the Canadian authorities is already taking motion to safe the border additional and the circulation of the drug by way of the northern border stays a fraction of what it’s on the southern border.
Up to now within the 2025 fiscal yr, which began in October 2024, there have been 58 kilos of fentanyl seized on the Canada-US border. Whereas the amount of medicine seized coming from Canada has elevated from 43 kilos the prior yr, the variety of occasions recorded has fallen to 38 from 67 in fiscal yr 2024.
In December 2024, Canada introduced C$1.3 billion in extra funding for elevated safety on the border, which included new and expanded detection capability for unlawful medicine. Between February and March, the Canada Border Companies Company performed a one month drug-seizure operation targeted on air, land and sea shipments named Operation Blizzard.
In Could, the company reported it seized 1.73 kilograms of fentanyl through the operation, 1.44 kilograms of which have been en path to america. Moreover, 67.5 p.c of the two,600 seizures associated to any drug “have been of unlawful narcotics coming to Canada from america,” with solely 17.5 p.c going within the different route.
Trump additionally introduced on Tuesday (July 8) a 50 p.c tariff on copper imports into america. The levies have been imposed beneath part 232 of the Commerce Enlargement Act, which is designed to provide the president the facility to levy tariffs on imports deemed to be crucial to nationwide safety.
In accordance with america Geological Survey, Canada is the second largest exporter of refined copper to america behind Chile and high exporter of copper ore to the nation.
The consequences of the tariffs could take a while to work into the market. Nonetheless, British Columbia and Ontario will really feel the impression as the 2 largest copper-producing provinces.
The copper worth skyrocketed on the information to a contemporary all-time excessive of US$5.72 per pound on the COMEX.
Markets and commodities react
In Canada, fairness markets have been blended this week. Whereas the S&P/TSX Composite Index (INDEXTSI:OSPTX) fell 0.04 p.c to shut at 27,023.25 on Friday (July 11), the S&P/TSX Enterprise Composite Index (INDEXTSI:JX) fared higher, gaining 4.01 p.c to 784.42, and the CSE Composite Index (CSE:CSECOMP) climbed 6.53 p.c to 129.79.
US fairness markets ended the week largely flat general, with the S&P 500 (INDEXSP:INX) gaining simply 0.21 p.c to shut Thursday at 6,259.74, the Nasdaq 100 (INDEXNASDAQ:NDX) climbing 0.13 p.c to 22,780.60 and the Dow Jones Industrial Common (INDEXDJX:.DJI) falling 0.44 p.c to 44,371.52.
In valuable metals, the gold worth rose 0.56 p.c over the week to US$3,356.14 by Friday at 4 p.m. EDT. The silver worth reached US$38.53, its highest worth since 2011, close to the top of buying and selling Friday, earlier than pulling again barely to finish the week up 3.38 p.c at US$38.41.
In base metals, copper pulled again barely from its contemporary all-time excessive talked about above, however nonetheless ended the week with a ten.24 p.c acquire to US$5.58. The S&P GSCI (INDEXSP:SPGSCI) misplaced 0.98 p.c to shut at 551.38.
High Canadian mining shares this week
How did mining shares carry out towards this backdrop?
Check out this week’s 5 best-performing Canadian mining shares beneath.
Inventory information for this text was retrieved at 4 p.m. EDT on Friday utilizing TradingView’s inventory screener. Solely firms buying and selling on the TSX, TSXV and CSE with market capitalizations higher than C$10 million are included. Mineral firms inside the non-energy minerals, vitality minerals, course of trade and producer manufacturing sectors have been thought of.
1. Avanti Gold (CSE:AGC)
Weekly acquire: 158.33 percentMarket cap: C$10.92 millionShare worth: C$0.155
Avanti Gold is an exploration and improvement firm working to advance its flagship Misisi gold challenge within the Democratic Republic of the Congo (DRC).
The challenge consists of three mining licenses masking an space of 133 sq. kilometres within the Kibara gold belt and is a 73.5/21.5 three way partnership between Avanti and Chinese language mining firm MMG (HKEX:1208), with the DRC authorities retaining a 5 p.c curiosity.
An August 2023 technical report demonstrated an inferred mineral useful resource estimate of three.11 million ounces of contained gold from 40.8 million metric tons of ore with a median grade of two.37 g/t.
Shares in Avanti rose this week after the corporate introduced on Thursday that it settled the cost dispute between itself, Arc Minerals (LSE:ARCM) and Regency Mining, which Avanti acquired in December 2022.
Previous to its acquisition by Avanti, in April 2022 then-private firm Regency agreed to buy Arc subsidiary Casa Mining, proprietor of the 73.5 p.c curiosity within the Misisi challenge. Below the phrases of the unique deal, Regency agreed to pay Arc partly with US$1.25 million in shares of a public firm, which was by no means fulfilled.
The brand new settlement settlement will allow Avanti to cut back the quantity it owes if it pays inside sure timeframes: US$562,500 if it pays Arc by August 31, or US$625,000 by October 31 or US$750,000 by December 31. If the cost will not be accomplished this yr, the quantity owed will revert to the unique US$1.25 million and be due on January 1, 2026.
2. Silver Mountain Sources (TSXV:AGMR)
Weekly acquire: 139.68 percentMarket cap: C$27.87 millionShare worth: C$1.51
Silver Mountain Sources is an exploration and improvement firm working to restart manufacturing on the Reliquias underground mine in Central Peru.
The mine is a part of the bigger Castrovirreyna challenge, which consists of three blocks of mineral concessions. The primary Reliquias block consists of 245 concessions masking an space of 24,093 hectares. The positioning additionally hosts a 2,000 metric ton per day processing plant, with an working tailings dam.
A Could 2024 preliminary financial evaluation demonstrated challenge viability with an after-tax internet current worth of C$85 million, an inside charge of return of 51 p.c and a payback interval of 1.8 years.
The included mineral useful resource estimate confirmed measured and indicated grades of 4.25 ounces per metric ton silver, 0.41 grams per metric ton (g/t) gold, 2.02 p.c lead, 3.09 p.c zinc and 0.32 p.c copper from 1.31 million metric tons of ore.
Shares in Silver Mountain gained considerably this week after it introduced on Tuesday (July 8) that it was finalizing an settlement with international commodities provider Trafigura for a US$10 million prepayment facility to advance work at Reliquias.
The corporate mentioned it will present additional particulars as soon as definitive documentation is accomplished.
3. Altima Power (TSXV:ARH)
Weekly acquire: 100 percentMarket cap: C$23.99 millionShare worth: C$0.49
Altima Power is a light-weight oil and pure fuel exploration and improvement firm with operations in Alberta, Canada.
Its major asset is the Richdale property in Central Alberta. The property consists of 5 producing gentle oil wells and sits on 5,920 acres of long-term reserves. The property hosts mixed proved and possible reserves of just below 2 billion barrels of oil equal, with a pre-tax internet current worth of C$25.8 million.
The corporate additionally owns two wells at its Twinning gentle oil web site close to Nisku, seven producing wells at its Pink Earth property in Northern Alberta and two multi-zone wells at its Chambers Ferrier liquid fuel manufacturing property.
Shares in Altima gained this week after it launched information on Tuesday that it had accomplished a personal placement for proceeds of as much as C$5.5 million. Below the phrases of the deal, the corporate will subject 20 million items at C$0.275 per unit, which every embody one frequent share and one warrant permitting the holder to buy a standard share for C$0.40.
The corporate mentioned that a part of the proceeds can be used to finish area upgrades at its Pink Earth and Richdale properties.
4. McFarlane Lake Mining (CSE:MLM)
Weekly acquire: 83.33 percentMarket cap: C$14.88 millionShare worth: C$0.055
McFarlane Lake Mining is a gold exploration firm working to advance a portfolio of properties in Southern Ontario, Canada, with choices agreements in place to earn one hundred pc pursuits within the tasks.
Its major focus has been on its McMillan property southwest of Sudbury. The positioning consists of 12 mining leases over 268 hectares and hosted historic mining within the Nineteen Thirties.
McFarlane Lake explored the property all through the primary half of 2025. On July 3, the corporate shared assay outcomes from the ultimate drill gap of its drill program on the challenge. The drill gap intersected a broad interval of 1.3 g/t gold over 29.5 meters, which included intersections of 6.6 g/t gold over 4.55 meters and 20.1 g/t over 1.45 meters.
In the identical announcement, the corporate reported {that a} downhole electromagnetic survey of the drill gap positioned an electromagnetic “superconductor” close by.
Shares in McFarlane have been up this week after it was introduced on Monday (July 7) that it will be buying the Juby Gold challenge from Aris Mining (TSX:ARIS) for a complete consideration of US$22 million, together with US$10 million in money.
The transaction contains Aris’ one hundred pc stake in Juby and its 25 p.c stake within the adjoining Knight property, during which Orecap Make investments holds the opposite 75 p.c curiosity.
In a follow-up launch on Tuesday, the corporate mentioned the property is one in all Ontario’s largest undeveloped gold properties and highlighted a historic indicated mineral useful resource of 775,000 ounces of gold from 21.31 million metric tons of ore with a median grade of 1.13 g/t gold, plus an inferred useful resource of 1.49 million ounces of contained gold from ore grading 0.98 g/t.
5. World Copper (TSXV:WCU)
Weekly acquire: 75 percentMarket cap: C$14.63 millionShare worth: C$0.07
World Copper is an exploration and improvement firm targeted on its Zonia copper challenge in Central Arizona, US. It additionally owns the Escalones copper challenge in Chile.
The Zonia property, acquired following a merger with Cardero Sources in January 2022, has seen in depth exploration courting again 100 years and hosted open-pit mining operations till 1975.
In November 2024, the corporate launched an amended useful resource estimate for the challenge, displaying a complete indicated useful resource of 668 million kilos of contained copper from 112.2 million brief tons of ore with a median grade of 0.297 p.c, and an inferred useful resource of 320 million kilos from 62.9 million brief tons of ore with a median grade of 0.255 p.c.
On February 19, World Copper reported it had entered right into a binding settlement to promote Zonia to an arm’s size third social gathering for money issues of C$26 million. Nevertheless, on Could 6, World Copper introduced that it terminated the settlement.
The corporate has not launched information since. Shares gained this week towards a backdrop of US copper tariffs and a surging copper worth.
FAQs for Canadian mining shares
What’s the distinction between the TSX and TSXV?
The TSX, or Toronto Inventory Trade, is utilized by senior firms with bigger market caps, and the TSXV, or TSX Enterprise Trade, is utilized by smaller-cap firms. Corporations listed on the TSXV can graduate to the senior change.
What number of mining firms are listed on the TSX and TSXV?
As of February 2025, there have been 1,572 firms listed on the TSXV, 905 of which have been mining firms. Comparatively, the TSX was house to 1,859 firms, with 181 of these being mining firms.
Collectively the TSX and TSXV host round 40 p.c of the world’s public mining firms.
How a lot does it value to checklist on the TSXV?
There are a selection of various charges that firms should pay to checklist on the TSXV, and in response to the change, they will range primarily based on the transaction’s nature and complexity. The itemizing charge alone will most certainly value between C$10,000 to C$70,000. Accounting and auditing charges might rack up between C$25,000 and C$100,000, whereas authorized charges are anticipated to be over C$75,000 and an underwriters’ fee could hit as much as 12 p.c.
The change lists a handful of different charges and bills firms can count on, together with however not restricted to safety fee and switch company charges, investor relations prices and director and officer legal responsibility insurance coverage.
These are all only for the preliminary itemizing, in fact. There are ongoing bills as soon as firms are buying and selling, akin to sustaining charges and extra itemizing charges, plus the prices related to submitting common experiences.
How do you commerce on the TSXV?
Traders can commerce on the TSXV the way in which they might commerce shares on any change. This implies they will use a inventory dealer or a person funding account to purchase and promote shares of TSXV-listed firms through the change’s buying and selling hours.
Article by Dean Belder; FAQs by Lauren Kelly.
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Securities Disclosure: I, Dean Belder, maintain no direct funding curiosity in any firm talked about on this article.
Securities Disclosure: I, Lauren Kelly, maintain no direct funding curiosity in any firm talked about on this article.
The views and opinions expressed herein are the views and opinions of the creator and don’t essentially replicate these of Nasdaq, Inc.
