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.
The Authorities of Ontario began taking purposes for useful resource growth tasks underneath its “One Undertaking, One Course of” framework on Friday (October 17).
The brand new course of, which Ontario lawmakers launched within the spring, guarantees to streamline and cut back the allowing time for chosen tasks by no less than half, introducing a devoted workplace to consolidate purposes. Beneath the present system, the allowing course of can add as much as 15 years to a undertaking’s growth cycle, the federal government acknowledged.
Along with supporting Ontario’s mining business, the brand new framework can also be a response to coverage shifts in the US underneath the Trump administration, as his tariff coverage impacts the Ontario and Canadian economies.
“With President Trump taking direct purpose at our financial system, it has by no means been extra vital to guard Ontario jobs and construct the mines that may energy our future,” mentioned Stephen Lecce, Minister of Power and Mines.
The brand new coverage is just like the nationwide one launched by Prime Minister Mark Carney in September. That program, which created the Main Tasks Workplace, is geared to help funding and allowing for tasks deemed to be within the nationwide curiosity. The initiative was a part of his election platform earlier within the yr in response to Trump’s tariffs on imports of Canadian items.
In a speech to the Peterson Institute of Worldwide Economics on Thursday (October 16), Financial institution of Canada Governor Tiff Macklem acknowledged that Canada’s development outlook stays “tender.”
He recognized a number of tendencies which might be affecting Canadian and world economies. The primary is a slowing of world commerce that started in 2010, which then accelerated as Trump elevated tariff charges to the very best ranges for the reason that Nineteen Thirties.
The second is a shift away from the US because the world’s largest buying and selling hub, as provide chains strengthen in China and Europe, creating new hubs there. Macklem additionally famous that, whereas the US stays dominant in world finance, buyers have expressed uncertainty as a result of its declining commerce place and rising debt load.
For Canada, Macklem mentioned the tariffs have affected cross-border commerce and stymied funding into Canadian industries, weakening gross home product development.
Though it is unsure if the Financial institution of Canada will reduce its fee when it makes its subsequent coverage resolution on October 29, Macklem mentioned, “Financial coverage can’t undo the injury of tariffs.” As an alternative, he instructed that Canada must decrease boundaries to interprovincial commerce and deal with tasks that improve the export of Canadian items abroad.
South of the border, Federal Reserve Chairman Jerome Powell gave a speech on Tuesday (October 14) to the Nationwide Affiliation of Enterprise Economics in Philadelphia. In his remarks, he mentioned the outlook for the roles market and inflation has not modified since September, and signaled the chance of one other fee reduce when the Federal Open Market Committee meets on October 28 and 29.
Within the days following Powell’s remarks, the worth of gold surged to a brand new document excessive of US$4,379.13 on Thursday, and silver rose to a brand new document of US$54.40 per ounce. Each have since retreated, however stay elevated.
For extra on what’s shifting markets this week, try our high market information round-up.
Markets and commodities react
Canadian fairness markets had been down this week.
The S&P/TSX Composite Index (INDEXTSI:OSPTX) misplaced 0.71 p.c over the week to shut Friday at 30,108.48.
The S&P/TSX Enterprise Composite Index (INDEXTSI:JX) fared worse, ending the week down 3.85 p.c at 965.58. The CSE Composite Index (CSE:CSECOMP) additionally fell this week, shedding 5.33 p.c to shut out the week at 179.76.
The gold worth set one other new document, reaching an intraday excessive of US$4,379.13 per ounce in early morning buying and selling Friday EST earlier than retreating to US$4,252.69 by Friday’s shut. In the end, gold was up 5.82 p.c over the week.
The silver worth additionally gained considerably this week, once more breaking its personal all-time excessive in early buying and selling Friday when it reached US$54.47 per ounce. Nevertheless, it had pulled again US$51.76 by 4:00 p.m. EDT Friday, posting a weekly achieve of three.46 p.c.
The copper worth was flat on the week, down simply 0.2 p.c to US$5.03 per pound.
The S&P Goldman Sachs Commodities Index (INDEXSP:SPGSCI) fell 2.23 p.c to finish Friday at 539.84.
Prime Canadian mining shares this week
How did mining shares carry out in opposition to this backdrop?
Check out this week’s 5 best-performing Canadian mining shares beneath.
Shares knowledge for this text was retrieved at 4:00 p.m. EDT on Friday utilizing TradingView’s inventory screener. Solely firms buying and selling on the TSX, TSXV and CSE with market caps higher than C$10 million are included. Mineral firms throughout the non-energy minerals, vitality minerals, course of business and producer manufacturing sectors had been thought of.
1. JZR Gold (TSXV:JZR)
Weekly achieve: 112.77 percentMarket cap: C$28.95 millionShare worth: C$0.50
JZR Gold is a gold firm with publicity to the Vila Nova gold undertaking, situated in Amapá, Brazil, via a three way partnership royalty settlement with the undertaking’s operator, ECO Mining Oil & Gaz Drilling and Exploration.
JZR obtained a 50 p.c web revenue curiosity within the Vila Nova undertaking following the completion of funds totaling US$6 million to ECO in January 2023. The funds had been used to advance the undertaking and assemble an 800 metric ton per day bulk sampling gravimetric mill on the web site.
In accordance with JZR, the funding is taken into account a mortgage and shall be “repaid to the Firm from the proceeds of the sale of any merchandise, previous to the distribution of any earnings.”
The undertaking holds roughly 9 million metric tons of gold tailings grading a mean of two.47 grams per metric ton (g/t) gold from historic operations. The businesses plan to reprocess the tailings to generate near-term money circulation that may fund additional exploration on the web site, anticipating manufacturing of two kilograms of gold per day.
Shares gained this week alongside the October 14 information that ECO produced the primary gold focus from the Vila Nova gold undertaking’s mill. JZR mentioned that ECO has begun to stockpile materials on the mill web site because it continues testing and optimization, with the aim of bettering effectivity and rising throughput.
2. Austral Gold (TSXV:AGLD)
Weekly achieve: 90 percentMarket cap: C$75.37 millionShare worth: C$0.095
Austral Gold is a gold manufacturing firm working two mines in Latin America.
Its Guanaco – Amancaya mine complicated in Chile is its major operation, internet hosting a 1,500 metric ton per day milling circuit, a 3,000 metric ton per day crushing circuit and a heap leaching processing plant. In 2024, the complicated produced 15,138 ounces of gold and 37,154 ounces of silver.
Austral’s different operation is the Casposo – Manantiales complicated in Argentina, which hosts a 1,100 metric ton per day mill and a dry-stack tailings facility. The mine had been on care and upkeep since 2019, throughout which period Austral labored on exploration on the web site, together with its refurbishment plan to restart operations.
Shares in Austral rose this week following a pair of bulletins on Tuesday.
The primary was a report that Austral has resumed manufacturing at Casposo, at present sourcing materials from the prevailing stockpiles. The corporate mentioned it plans to transition to open-pit mining and is in negotiations with a contractor to finalize an settlement.
The corporate produced 230 gold equal ounces of doré through the commissioning section, which started in December 2024, in accordance with the discharge. It expects Casposo to provide 4,000 to six,000 gold equal ounces throughout This fall.
Within the different launch, Austral offered an up to date mineral reserve estimate for Casposo reporting confirmed and possible gold contained to be 80,000 ounces of gold and three.28 million ounces of silver with common grades of 1.31 g/t gold and 58.52 g/t silver from 2.15 million metric tons of ore.
3. Resouro Strategic Metals (TSXV:RSM)
Weekly achieve: 88.64 percentMarket cap: C$29.14 millionShare worth: C$0.415
Resouro Strategic Metals is a polymetallic exploration and growth firm working to advance its mineral properties in Brazil.
Its Tiros uncommon earth metals and titanium undertaking is situated in Minas Gerais, Brazil, and includes 28 mineral rights masking an space of 497 sq. kilometers.
In accordance with a Could 2025 technical report, the location hosts a measured and indicated useful resource of 1.4 billion metric tons of ore grading 12 p.c titanium dioxide and 4,000 elements per million of whole uncommon earth content material.
The corporate additionally owns the Novo Mundo gold undertaking situated within the Alta Floresta gold province in Central Brazil. It consists of three licenses totaling 167 sq. kilometers.
On Tuesday, Resouro offered an replace to its ongoing non-public placement, noting that it had obtained subscription agreements and expects to shut within the subsequent week.
4. Nio Strategic Metals (TSXV:NIO)
Weekly achieve: 75 percentMarket cap: C$16.24 millionShare worth: C$0.175
Nio Strategic Metals is an exploration firm working to advance its property in Québec, Canada.
Its major focus has been on its Oka uncommon earth and important minerals undertaking. The property hosts a past-producing niobium mine and several other close by mineralized zones.
In accordance with the undertaking web page, Oka’s whole measured and indicated useful resource is 10.63 million metric tons of ore at a mean grade of 0.65 p.c niobium oxide.
Whereas the corporate didn’t launch any information this week, shares in Nio Strategic Metals rose considerably.
5. Boron One (TSXV:BONE)
Weekly achieve: 71 percentMarket cap: C$14.92 millionShare worth: C$0.06
Boron One is an exploration firm centered on advancing its Piskanja undertaking situated close to Belgrade, Serbia.
The asset hosts two major densely mineralized zones with gently undulating borate beds. The corporate was initially granted its exploration license in 2010, with the unique proper to use for a mining license.
In a preliminary financial evaluation for the undertaking launched in June 2022, Boron One, then named Erin Ventures, reported an financial case with an after-tax, web current worth of US$524.9 million with an inside fee of return of 78.7 p.c and a payback interval of 12 months.
It additionally offered a mineral useful resource assertion that demonstrated a measured and indicated useful resource of two.36 million metric tons of boric oxide from 6.87 million metric tons of ore with a mean grade of 34.36 p.c boric oxide.
The newest information from the undertaking got here on September 26 when the corporate offered an replace on its utility for a mining license, noting the Ministry of Mining has requested amendments to the corporate’s utility earlier than it may be accepted.
Boron One mentioned it’s getting ready the revised model “as shortly as doable.”
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 alternate.
What number of mining firms are listed on the TSX and TSXV?
As of Could 2025, there have been 1,565 firms listed on the TSXV, 910 of which had been mining firms. Comparatively, the TSX was house to 1,899 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 record on the TSXV?
There are a number of various charges that firms should pay to record on the TSXV, and in accordance with the alternate, they’ll differ based mostly on the transaction’s nature and complexity. The itemizing payment alone will most definitely 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 alternate lists a handful of different charges and bills firms can anticipate, 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, after all. There are ongoing bills as soon as firms are buying and selling, similar to sustaining charges and extra itemizing charges, plus the prices related to submitting common reviews.
How do you commerce on the TSXV?
Buyers can commerce on the TSXV the best way they’d commerce shares on any alternate. This implies they’ll use a inventory dealer or a person funding account to purchase and promote shares of TSXV-listed firms through the alternate’s buying and selling hours.
Article by Dean Belder; FAQs by Lauren Kelly.
Do not forget to observe us @INN_Resource for real-time updates!
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.
Editorial Disclosure: JZR Gold is a shopper of the Investing Information Community. This text isn’t paid-for content material.
The views and opinions expressed herein are the views and opinions of the writer and don’t essentially replicate these of Nasdaq, Inc.
