Canadian Mining Stocks Rally Hard This Week: Sirios Resources Surges 120% on Gold Discovery Province Quotes

This week’s Canadian resource market witnessed explosive performance across multiple provinces, with top mining equities posting triple-digit rallies. The strength came as central banks signaled divergent policy paths heading into year-end. The Bank of Canada held its final rate-setting session of 2025 on December 10, maintaining its benchmark rate at 2.25 percent. Market participants had widely anticipated this decision, with expectations that the rate would remain steady through Q1 2026. This followed Statistics Canada’s December 5 labor report, which revealed Canada’s employment market retained its momentum through November, adding 54,000 positions while the unemployment rate fell 0.4 percentage points to 6.5 percent.

The BoC also highlighted that Canada’s gross domestic product expanded 2.6 percent in the third quarter despite subdued domestic spending. Looking forward, the central bank expects weak fourth-quarter performance as export activity slows, though growth should reaccelerate in 2026. Officials viewed the current 2.25 percent rate as appropriately calibrated to anchor inflation near its 2 percent target while offering meaningful support amid uncertain trade conditions from the south.

Meanwhile, the US Federal Reserve charted a different course during its December 9-10 sessions, cutting its benchmark rate by 25 basis points to the 3.5-3.75 percent range. However, Fed Chairman Jerome Powell suggested future rate adjustments may pause as policymakers evaluate the economic impacts of recent moves. Powell also noted concerns that the Bureau of Labor Statistics may be overstating US job creation by approximately 60,000 monthly, implying potential average monthly losses of 20,000 positions. Employment data releases faced delays due to government operations; the BLS didn’t publish September’s report until November 20, showing 119,000 net additions. The agency withheld October’s numbers pending integration into a delayed November report due December 16. Private employment contracted by 32,000 positions in November per ADP data, suggesting employers have adopted cautious stances amid economic uncertainty.

Market Action and Commodity Moves

Canadian equity benchmarks displayed mixed movement this week. The S&P/TSX Composite Index rose modestly by 0.1 percent, closing Friday at 31,527.39, while the S&P/TSX Venture Composite Index advanced 0.17 percent to 954.61. The CSE Composite Index outperformed sharply, surging 15.63 percent to 180.36 on Friday following news the White House intended to reschedule cannabis on December 15.

Precious metals responded positively to the Fed’s accommodative stance. Gold appreciated 2.44 percent through the week, reaching US$4,299.86 per ounce Friday at 4 p.m. EST, with most gains concentrated at week’s end. Silver demonstrated stronger momentum, climbing 6.12 percent and setting a fresh all-time high of US$64.65 per ounce during Friday morning trading before settling at US$61.95 by close. Copper traded lower, declining 1.46 percent to end at US$5.37 per pound on COMEX. The S&P Goldman Sachs Commodities Index retreated 2.63 percent, finishing Friday at 545.47.

Top Five Performing Mining Stocks: Exceptional Weeks Across Provinces

How did mining equities perform amid this backdrop? Below are the week’s five strongest performers across Canada’s provinces. Stock information was captured at 4:00 p.m. EST Friday using TradingView’s screening platform. Only TSX, TSXV and CSE-listed companies with market capitalizations exceeding C$10 million were evaluated. Mineral-focused firms in non-energy minerals, energy minerals, process industry and producer manufacturing sectors qualified.

1. Sirios Resources (TSXV:SOI) — 120 Percent Weekly Advance

Market capitalization: C$48.26 million | Trading price: C$0.165

Sirios Resources operates as a gold exploration entity developing a strategic project portfolio across the Eeyou Istchee James Bay region of Québec province. The Aquilon property spans 7,100 hectares and contains more than 30 gold showings under an earn-in structure with Sumitomo Metal and Mining dating to December 2022, allowing Sumitomo to secure up to 80 percent interest through exploration investments and payments totaling C$14.8 million.

The share appreciation catalyzed from December 4 drill results across 13 holes totaling 5,420 meters at Aquilon, targeting underexplored western zones away from historical occurrences. The program highlighted one intersection reading 2.55 g/t gold over 4.8 meters, containing an interval of 10.3 g/t across 1 meter. Sumitomo funded these activities, exceeding the C$4.8 million commitment necessary to establish a 51 percent position.

Sirios separately controls the 15,700 hectare Cheechoo project featuring the namesake deposit. An August 2025 technical resource estimate disclosed indicated resources totaling 1.26 million gold ounces grading 1.12 g/t from 34.99 million metric tons, plus inferred resources of 1.67 million ounces grading 1.23 g/t from 42.72 million metric tons.

Most significantly, Sirios announced Thursday it would acquire private entity OVI Mining, recently separated from Electric Elements Mining (a Osisko Development subsidiary) and O3 Mining. This combination establishes a Québec-centered gold company featuring a district-scale property portfolio anchored by Cheechoo and complemented by OVI’s Corvet Est and PLEX projects. Jean-Felix Lepage, former O3 Mining VP of Project Development, assumes CEO responsibilities in the merged entity. Osisko backs the transaction, with CEO Sean Roosen and VP Strategic Development Laurence Farmer joining the board upon closure.

2. PJX Resources (TSXV:PJX) — 82.35 Percent Weekly Rally

Market capitalization: C$26.17 million | Share price: C$0.155

PJX Resources explores gold, silver and base metal prospects within British Columbia province. Operations center on claims surrounding Cranbrook in the province’s southeastern territory, where significant base metals coincide with unexplored gold potential. The Cranbrook region hosted the historic Sullivan mine, which supplied the majority of the area’s over 285 million ounce silver production, 8.5 million metric tons of lead extraction and 8 million metric tons of zinc recovery. The company notes regional placer gold output exceeded 1.5 million ounces historically, though substantial hard rock deposits remain undiscovered.

PJX has accumulated over 50,000 hectares of claims focused on these historical sites. Thursday brought disclosure of a significant sedimentary exhalative mineralized system discovery at its Dewdney Trail property. Recent drilling intersected 63 meters of anomalous mineralization within the Quake zone containing zinc, lead, silver and other critical elements, displaying characteristics paralleling Sullivan mine mineralization bands. Separately, exploration teams identified boulders 800 meters south along strike showing 546 g/t silver, 32.3 percent lead and 4.89 percent zinc assays.

3. Eco (Atlantic) Oil & Gas (TSXV:EOG, OTC Pink:ECAOF) — 78.38 Percent Weekly Advance

Market capitalization: C$99.3 million | Trading price: C$0.33

Eco Atlantic pursues offshore oil and gas opportunities across Atlantic Ocean basins. Its portfolio encompasses 100 percent ownership of the Orinduik block and 1.3 percent interest in ExxonMobil’s Canje Block offshore Guyana; 85 percent working interests across PEL 97, 99 and 100 within the Namibian Wavis basin; plus South African positions including 75 percent in Block 1 and 5.25 percent in Block 3B/4B.

Recent activity involved a December 4 farm-in arrangement with Navitas Petroleum. Under this structure, Navitas advances US$2 million upfront while securing exclusive options to earn 80 percent in Orinduik for an additional US$2.5 million payment, and 47.5 percent in South African Block 1 for a further US$4 million commitment. Navitas assumes operational control upon exercising these agreements.

4. Karnalyte Resources (TSX:KRN) — 65.63 Percent Weekly Climb

Market capitalization: C$11.72 million | Trading price: C$0.265

Karnalyte Resources develops the Wynyard potash project in Central Saskatchewan province. The property contains three primary mineral leases covering 367 square kilometers positioned east of Saskatoon. Equity appreciation accelerated following November 26 release of an updated feasibility study demonstrating economic viability, featuring an after-tax net present value of C$2.04 billion, an internal rate of return of 12.5 percent, an 8.8-year payback period and a 70-year mine life.

The company secured an offtake agreement under which GFSC, an India-based buyer, commits to purchasing 350,000 metric tons annually during Phase 1, with 250,000 metric ton annual commitments following Phase 2 completion.

5. Triumph Gold (TSXV:TIG) — 64.56 Percent Weekly Advance

Market capitalization: C$30.63 million | Trading price: C$0.65

Triumph Gold explores and develops properties across Yukon and BC provinces plus Utah in the United States. Three Yukon properties situated within the Dawson Range include its flagship Freegold Mountain project hosting 20 identified mineral resources containing gold, silver, copper, molybdenum, lead and zinc; the Tad/Toro copper, gold and molybdenum project; and the Big Creek copper-gold property. Northern British Columbia hosts the Andalusite Peak property, and June 4 marked acquisition announcement of the Coyote Knoll silver-gold property in Utah.

May 9 disclosed refined exploration focus employing geochemical surveys and geological mapping at Andalusite Peak while establishing fresh targets at Freegold Mountain. Most recent updates came November 27 when the company closed a non-brokered private placement raising C$1.94 million.

Essential Context on Canadian Mining Exchanges

What separates the TSX from the TSXV?

The Toronto Stock Exchange (TSX) accommodates senior companies possessing larger market capitalizations, while the TSX Venture Exchange (TSXV) serves smaller-cap enterprises. TSXV-listed companies frequently advance to the senior exchange upon meeting requirements.

Mining company representation on these exchanges?

As of May 2025, the TSXV hosted 1,565 total listings with 910 representing mining concerns. The TSX contained 1,899 companies including 181 mining entities. Combined, these exchanges represent approximately 40 percent of the world’s publicly-traded mining companies.

Entry cost considerations for TSXV listing?

Multiple fee categories apply to TSXV listing, varying by transaction nature and complexity per exchange guidelines. Base listing fees typically range from C$10,000 to C$70,000. Accounting and audit services cost between C$25,000 and C$100,000, legal fees exceed C$75,000, and underwriter commissions may reach 12 percent. Additional expenses include securities commissions, transfer agency charges, investor relations costs and director/officer liability insurance. Beyond initial listing, ongoing sustaining fees, additional listing charges and regular reporting compliance costs apply.

How do investors access TSXV trading?

Participation occurs through standard equity market mechanisms utilizing stock brokers or individual investment accounts for buying and selling TSXV-listed shares during exchange trading hours.

Author: Dean Belder; Supporting Research: Lauren Kelly | Follow for updates: @INN_Resource

Disclosures: Dean Belder and Lauren Kelly maintain no direct investment interests in companies referenced herein.

Editorial Note: JZR Gold is a client of the Investing News Network and this represents non-paid coverage. Expressed viewpoints are those of the author and do not necessarily reflect the positions of Nasdaq, Inc.