Weekly Canadian Mining Stock Leaders: Top 5 Gainers Fuel Market Momentum

Canadian mining stocks delivered standout performances this week, with the sector’s leading companies posting remarkable gains as macroeconomic uncertainty and commodity price swings reshaped market dynamics across the TSX, TSXV and CSE exchanges.

Market Drivers: Policy Uncertainty Shapes Trading Week

The week began with mixed economic signals from North America. Statistics Canada reported that the economy held flat against November, following October’s 0.3 percent decline. While goods-producing industries contracted 0.3 percent—dragged down by manufacturing’s 1.3 percent drop and wholesale trade’s 2.1 percent slide amid US-Canada trade frictions—retail trade rebounded with 1.3 percent growth and transportation gained 0.9 percent. December’s preliminary data suggested real GDP expanded 0.1 percent, pointing to a fourth-quarter contraction of 0.1 percent but a 1.3 percent annual advance for 2025.

The Bank of Canada and US Federal Reserve both held rates steady, with the BoC maintaining its benchmark at 2.25 percent and the Fed keeping its Federal Fund Rate between 3.25 and 3.75 percent. Both institutions signaled sustained uncertainty amid evolving trade policies and geopolitical risks—a backdrop that sent precious metal markets into volatile territory.

Precious Metals and Index Turbulence

Gold experienced dramatic swings this week, collapsing from above $5,500 to the $5,100 mark in early US trading Thursday before rebounding slightly, then plummeting further to trade below $4,800 by Friday morning, ultimately closing at $4,840.76 per ounce. Silver proved even more volatile, dropping from the $120 mark to $108 mid-week, then crashing 28.17 percent Friday to close at $83.43—a weekly decline of 13.62 percent overall.

The broader Canadian equity landscape deteriorated significantly. The S&P/TSX Composite Index fell 3.4 percent to 31,923.52, while the S&P/TSX Venture Composite Index suffered a steeper 8.15 percent drop to 1,051.08. The CSE Composite Index declined 9.54 percent to 169.92. In base metals, copper shed 1.32 percent to $5.98, though the S&P Goldman Sachs Commodities Index recovered to gain 4.24 percent, closing at 598.20.

Top 5 Canadian Mining Stocks This Week

Despite broader market headwinds, select mining equities demonstrated impressive momentum. Here are the week’s top five performers among companies trading on the TSX, TSXV and CSE with market capitalizations exceeding C$10 million.

1. Vanguard Mining Leads Gainers with 141% Rally

Weekly gain: 141.18 percent | Market cap: C$29.82 million | Share price: C$0.41

Vanguard Mining commands top position this week, exploring uranium, copper and nickel assets across Canada and Paraguay. The company’s flagship is the Yuty Prometeo uranium project in Paraguay, though near-term attention centers on the Redonda copper-molybdenum property near Campbell River, British Columbia—a 2,746-hectare, nine-claim site hosting porphyry-style mineralization.

On Tuesday (January 27), Vanguard revealed its phase 2 drill program strategy: up to 7 holes totaling 2,800 meters focused on the southeast section between historic drill holes. The company will simultaneously conduct detailed mapping and prospecting in northern and western zones to identify additional priority targets. This accelerated approach builds on phase 1 drilling that “confirmed a significantly expanded copper-molybdenum mineralized system at Redonda,” according to the company’s statement.

2. San Lorenzo Gold Surges 85.6%, Confirms Porphyry Potential

Weekly gain: 85.6 percent | Market cap: C$185.63 million | Share price: C$2.32

San Lorenzo Gold progresses its Salvadora project in Chile’s Chañaral province, an 8,796-hectare site spanning 25 exploration and nine exploitation concessions. The property hosts a large copper-gold porphyry system with multiple significant targets, its geology paralleling the nearby Codelco-operated Salvador copper mine, which has operated continuously since the early 1950s and is slated to run through the mid-2060s following an expansion program.

On January 26, San Lorenzo released assay results from its first drill hole at the Cerro Blanco target. The hole reached 472 meters depth, intercepting 222.4 meters of mineralization across five sections. The widest interval graded 1.09 grams per metric ton gold over 132.2 meters beginning at 201.5 meters depth. Management interpreted this mineralization as the upper tier of a porphyry system, consistent with 2025 drilling results at the site.

3. Ameriwest Critical Metals Climbs 75.76%, Expands Asset Portfolio

Weekly gain: 75.76 percent | Market cap: C$14.69 million | Share price: C$0.58

Ameriwest Critical Metals operates a diversified exploration portfolio spanning British Columbia and the US states of Nevada, Oregon and Arizona. Following an August name change from Ameriwest Lithium to reflect expanded copper and rare earth mineral focus, the company has aggressively expanded holdings.

In October 2025, Ameriwest secured a definitive agreement for the option and purchase right to Xeno RAR rare earth mineral claims in British Columbia, committing to C$55,000 cash, C$125,000 in exploration expenses over 18 months, a 2 percent net smelter return royalty and 2 million shares. November brought completion of the Bornite copper project acquisition—34 unpatented Oregon claims exchanged for US$100,000 and a 2 percent net smelter return royalty. The Bornite property, previously explored by Plexus during the 1990s, carries a historic resource estimate of 138.5 million pounds copper, 54,000 ounces gold and 1.7 million ounces silver from 3.2 million metric tons ore. Ameriwest’s current CEO was part of the original Plexus exploration team.

The company also holds Thompson Valley lithium claims in Arizona and Railroad Valley lithium claims in Nevada. Most recently, on January 20, Ameriwest upsized a non-brokered private placement from C$2 million to C$3 million, with proceeds funding accelerated Bornite exploration and an envisioned long-term goal of developing “an approximately 1,000-tonne-per-day underground copper mining operation” if results, financing and permitting align favorably.

4. Tectonic Metals Advances 61.78%, Discovers New Gold Zone

Weekly gain: 61.78 percent | Market cap: C$217.87 million | Share price: C$2.54

Tectonic Metals pushes forward on the Flat gold project in Western Alaska, covering 98,840 acres and hosting a reduced intrusion-related gold system with six district-scale targets. Mineralization mirrors analogous systems at Kinross Gold’s Fort Knox mine in Eastern Alaska.

Among primary targets, Chicken Mountain intrusion showcases 3 kilometers of mineral strike open in all directions, with every single one of 87 drill holes intercepting gold. On Thursday, Tectonic announced results spanning 20 drill holes across four target areas. Most notably, its inaugural drilling at the Black Creek intrusion—positioned 6 kilometers north of Chicken Mountain—intersected a previously undiscovered gold zone. The discovery hole, initiated from surface, returned 4.5 grams per metric ton gold over 48.77 meters, including a core interval of 7.79 g/t over 24.38 meters with a tighter 6.1 meter band grading 15.19 g/t. Tectonic now confirms gold mineralization spanning five intrusion targets: Chicken Mountain, Alpha Bowl, Golden Apex, Black Creek and Jam, with 14 additional hole results pending.

5. Golden Lake Exploration Gains 60%, Agrees to McEwen Takeover

Weekly gain: 60 percent | Market cap: C$12.48 million | Share price: C$0.12

Golden Lake Exploration owns the Jewel Ridge gold project sited on Nevada’s prolific Battle Mountain–Eureka Gold trend, which has delivered over 40 million ounces historically and hosts current operations from McEwen Mining and North Peak Resources. The property has outlined over 700 meters of strike across three primary targets: Eureka Tunnel, Jewel Ridge and Hamburg.

On Wednesday, Golden Lake disclosed entry into a definitive agreement for complete acquisition by McEwen Mining, transitioning to a wholly owned subsidiary. The arrangement enables Jewel Ridge integration into McEwen’s neighboring Gold Bar mine complex, providing immediate access to existing infrastructure and capital resources for development acceleration.

Understanding Canadian Mining Stock Exchanges

What distinguishes the TSX from the TSXV?

The TSX operates as home to senior companies commanding larger market capitalizations, while the TSXV accommodates smaller-capitalization enterprises. Successful TSXV-listed companies can graduate to the senior exchange as they mature and grow.

How many mining-focused companies trade on these exchanges?

As of December 2025, the TSXV lists 898 mining companies and 71 oil and gas enterprises—combining for over 60 percent of 1,531 total exchange listings. The TSX hosts 175 mining companies alongside 51 oil and gas firms among 2,089 total companies. Together, these exchanges represent approximately 40 percent of the world’s publicly traded mining companies.

What listing costs should mining companies anticipate on the TSXV?

TSXV listing expenses vary based on transaction nature and complexity. Initial listing fees typically range from C$10,000 to C$70,000, with accounting and auditing fees between C$25,000 and C$100,000. Legal fees exceed C$75,000, and underwriter commissions may reach 12 percent. Additional expenses include security commission fees, transfer agency costs, investor relations spending, and director and officer liability insurance. Once trading commences, sustaining fees, ongoing listing charges and regular reporting costs accumulate.

How do investors execute TSXV trades?

Investors trade TSXV-listed companies identically to standard stock exchange procedures: through brokers or individual investment accounts, buying and selling shares during regular exchange trading hours.