Energy producers declare force majeure

Some of the first force majeure declarations have emerged from the energy sector.

QatarEnergy declared force majeure on liquefied natural gas (LNG) deliveries this week after attacks forced the state-owned company to halt production at key facilities. The decision followed strikes on two LNG installations and continuing security threats in the region.

In Israel, Chevron (NYSE:CVX) also declared force majeure at the Leviathan offshore gas field after authorities ordered a shutdown following US–Israeli strikes on Iran and subsequent retaliation across the region.

Leviathan is Israel’s largest gas field and supplies natural gas to Israel, Egypt and Jordan. The suspension marks the second time in less than a year that regional hostilities have interrupted operations at the site.

Meanwhile, oil producers in the Gulf have begun cutting output as tankers struggle to move through Hormuz. The United Arab Emirates (UAE) and Kuwait have both started reducing production after storage facilities began filling up when exports could not leave the region.

Aluminum, precious metals markets feel the shock

Aluminium Bahrain BSC has invoked force majeure on some shipments after maritime traffic through Hormuz effectively stalled. The company said the measure was tied to transit disruptions rather than damage to its smelter operations.

The announcement sent aluminum prices sharply higher. Futures in London surged to their highest level since 2022, rising as much as 5.1 percent during trading before settling higher on the day.

The aluminum market is particularly sensitive to supply disruptions because the metal is used across a wide range of industries, including automotive manufacturing, construction, appliances and packaging. Even short interruptions can create shortages for manufacturers that rely on tightly timed deliveries of specialized metal products.

Mining financier Robert Friedland, founder of Ivanhoe Mines (TSX:IVN,OTCQX:IVPAF), warned that the broader consequences of a prolonged closure of the Strait of Hormuz could extend far beyond the Gulf region.

“Further to what we said about the impact that the closing of the Strait of Hormuz has on the sulphur market… and therefore African copper production… Craig Tindale maps out that this is only one small piece of a giant and critically important 3D jigsaw,” Friedland wrote on X.

“Everything affects everything, everywhere, all of the time.”

Meanwhile, precious metals markets are also feeling the effects of the conflict. Air traffic across much of the Gulf region has been curtailed since US and Israeli strikes on Iran began earlier this week, halting most flights in and out of Dubai.

Dubai, one of the world’s most important hubs for bullion logistics, handled roughly 20 percent of global gold shipments last year, serving as a key transit point for metal moving from Africa and Europe to Asian markets.

With flights grounded, traders say shipments of gold and silver have stalled across several trading centers.

“Gold availability has become a concern following the suspension of flights from the Middle East,” said John Reade, senior market strategist at the World Gold Council (WGC).

Some traders say prolonged disruptions could increase volatility in precious metals markets that have already seen sharp price swings this year. Gold recently surged to record levels above US$5,400 per ounce amid geopolitical tensions before easing slightly this week.

Even after the pullback, prices remain nearly 20 percent higher since the start of the year.

Geopolitical turmoil drive metals market swings

Jeffrey Christian, managing partner at CPM Group, said geopolitical instability has been a major driver of investor demand for gold and silver.

“That has caused investors to buy more gold and silver than ever before.”

Christian added that high prices and volatility can also create bottlenecks in the physical metals market.

“You have to understand that with the high prices and the high volatility, that really puts a constraint… on the flow of physical metal through the market,” he said.

For now, the biggest question facing commodity markets is how long disruptions in the Persian Gulf will last.

The Strait of Hormuz remains effectively closed to most commercial shipping, leaving hundreds of oil and gas tankers anchored outside the passage while governments consider military escorts to reopen the route.

From surplus to deficit

“The global oil market has been in significant surplus since the start of 2025. Ahead of the military actions that began on 28 February, global oil supply was also expected to far exceed demand in 2026,” an International Energy Agency report notes.

“However, prolonged supply disruptions could flip the market into a deficit. The disruption to oil flows through the Strait has forced some operators to start shutting in production. The region’s output of refined products has also been impacted.”

Meanwhile, some governments are weighing the release of strategic petroleum reserves in an attempt to dampen the rally. Several Group of Seven countries have signaled they could coordinate emergency stockpile releases if supply disruptions worsen.

Despite these potential interventions, market analysts warn that geopolitical shocks tend to produce sharp and prolonged price swings. If the current conflict expands or energy infrastructure remains under threat, crude prices could climb even higher, with some forecasts suggesting oil could test US$120 to US$150 per barrel under severe supply constraints.

For the Independent Commodity Intelligence Services (ICIS) the duration of any disruption is the most critical factor in determining the scale of price impacts.

ICIS model-based analysis suggests that even a relatively short interruption to shipping through the Strait could push European gas prices sharply higher. Under a scenario in which the waterway is closed for four weeks, benchmark prices at the Title Transfer Facility (TTF) could rise to approximately 60 euros per megawatt-hour in March, with summer prices remaining about 20 percent above pre-crisis forward levels.

A more prolonged disruption would amplify the impact considerably. In a scenario where the Strait remains closed for three months, TTF prices could climb to roughly 85 euros per megawatt-hour, reflecting heightened competition for global liquefied natural gas (LNG) cargoes and growing concerns over European supply security.

The analysis underscores the extent to which Europe’s gas market remains exposed to global LNG dynamics, even after several years of efforts to diversify supply following the Russian invasion of Ukraine. The continent now relies heavily on LNG imports to balance demand, meaning that any disruption affecting shipments from the Middle East, one of the world’s largest LNG-exporting regions, would quickly ripple through European pricing.

Higher LNG prices would also have important implications for gas storage levels across the EU. As imported cargoes become more expensive, utilities may draw more heavily on existing inventories to meet near-term demand. This dynamic would likely lead to faster depletion of stored gas during the spring and early summer, leaving less cushion ahead of the winter heating season.

At the same time, elevated prices would increase the urgency of replenishing storage facilities during the summer injection period. Market participants would need to secure additional LNG cargoes to rebuild inventories, further intensifying competition for global supply and sustaining upward pressure on prices.

Recent adjustments to EU storage policy could somewhat soften the immediate price shock, but analysts say the broader supply-risk profile would remain largely unchanged. In particular, the European Union’s decision to relax storage-filling requirements may reduce short-term demand for gas injections, thereby moderating the initial spike in spot prices.

However, the policy shift does little to alter the underlying supply constraints that could emerge later in the year.

This week’s tech sector performance

The tech-heavy Nasdaq Composite (INDEXNASDAQ:.IXIC) navigated a volatile week.

Early week caution gave way to a rebound by Monday’s close (March 2), with the Nasdaq eking out a small gain led by defense and tech stocks. On Tuesday (March 3), the Trump administration’s plans to secure the Strait of Hormuz shipping lanes helped pare losses, with major indexes closing down but less severely.

US services PMI on Wednesday (March 4) showed the fastest expansion since mid-2022, supporting gains; however, the Nasdaq rose only slightly, with gains capped by lingering oil price worries.

Markets plunged on Thursday (March 5) after an Iranian missile strike on an oil tanker in the Persian Gulf intensified concerns of conflict longevity and supply constraints. The price of oil surged to its biggest weekly gain since 2022, with analysts forecasting further increases if the Strait of Hormuz stays disrupted beyond 3 – 4 weeks.

Also on Thursday, reports surfaced that the administration was considering new rules requiring US approval for AI chips shipped abroad, which hit Nasdaq heavyweights NVIDIA (NASDAQ:NVDA) and Advanced Micro Devices (NASDAQ:AMD). This revelation followed earlier reports that officials were considering limiting purchases of Nvidia’s H200 chips and AMD’s MI325 chips, which have similar capabilities, to Chinese companies, capping them at 75,000 chips per firm.

Friday’s (March 6) jobs report for February boosted rate-cut odds but fueled recession fears. The report showed nonfarm payrolls dropped by 92,000, a stark contrast to the forecasted 50,000 to 60,000 added jobs. Additionally, unemployment increased to 4.4 percent, signaling that the labor market is cooling faster than expected.

These macroeconomic pressures and geopolitical uncertainty exerted a palpable weight on financial markets, heavily impacting volatility-sensitive tech stocks.

3 tech stocks moving markets this week

1. Intuit (NASDAQ:INTU)

Intuit had a strong week, finishing up 25.08 percent as investors rotated into defensive fintech and software amid weakness in the capital-intensive and cyclical semiconductor sector.

Zacks Investment Research explained Intuit’s stock rise as a gain driven by analyst upgrades and price target hikes. Piper Sandler raised its price target on Intuit to US$780 and maintained an Overweight rating. Susquehanna also raised its target to US$850 and kept a Positive rating. Meanwhile, TD Cowen cut its target to US$633 but reiterated Buy.

Analysts cited Intuit’s strong AI-driven results from last week’s Q2 earnings and highlighted growth in the company’s GBS Online Ecosystem, Desktop Ecosystem and Credit Karma.

2. Palantir Technologies (NASDAQ:PLTR)

Palantir gained alongside other defense stocks as Mideast tensions boosted demand for defense AI. Shares rose more than five percent on Monday, while analysts at Wedbush named it a top pick on Thursday with a US$75 price target. Palantir gained 17.22 percent for the week.

2. AppLovin (NASDAQ:APP)

AppLovin ranked third for this week’s gainers, closing 16.29 percent higher on Arete’s upgrade to neutral from sell, with an adjusted price target down to US$340 From US$458. Speculation about AppLovin potentially launching a competing app to rival TikTok may have further contributed to the gains.

Intuit, Palantir Technologies and AppLoving stock performance, March 2 to 6, 2026.

Chart via Google Finance.

Top tech news of the week

• Shares of Lumentum Holdings and Coherent jumped on Monday after NVIDIA said it would invest US$2 billion in each company to accelerate the development of advanced optics and laser technologies for AI data centers.

Tech ETF performance

Tech exchange-traded funds (ETFs) track baskets of major tech stocks, meaning their performance helps investors gauge the overall performance of the niches they cover.

This week, the iShares Semiconductor ETF (NASDAQ:SOXX) declined by 5.91 percent, while the Invesco PHLX Semiconductor ETF (NASDAQ:SOXQ) lost five percent.

The VanEck Semiconductor ETF (NASDAQ:SMH) also decreased by 4.21 percent.

Tech news to watch next week

Investors face a pivotal week ahead, headlined by Monday’s (March 9) release of the NY Fed’s one-year inflation expectations and the highly anticipated February CPI report on Wednesday (March 11), which could provide a key signal for the Fed’s next move.

Later in the week, Thursday’s (March 12) jobless claims will be under the microscope to see if February’s labor trends hold steady. On the corporate side, it’s a big week for software and cloud infrastructure, with Oracle, Hewlett Packard Enterprise, and Constellation Software reporting Monday, followed by Adobe (NASDAQ:ADBE) on Thursday.

Markets and commodities react

Canadian equity markets were largely down this week.

The S&P/TSX Composite Index (INDEXTSI:OSPTX) fell 3.87 percent over the week to close Friday (March 6) at 33,083.72, while the S&P/TSX Venture Composite Index (INDEXTSI:JX) slipped 4.54 percent to 1,057.04.

However, the CSE Composite Index (CSE:CSECOMP) gained 1.27 percent to 178.51.

The gold price fell 3.31 percent to close at US$5,170.63 per ounce on Friday at 4:00 p.m. EST. The silver price fared worse, closing the week down 6.4 percent at US$84.30 on Friday.

In base metals, the Comex copper price recorded a 2.01 percent decrease this week to US$5.85 per pound.

The S&P Goldman Sachs Commodities Index (INDEXSP:SPGSCI) was up 16.14 percent to end Friday at 700.62.

Top Canadian mining stocks this week

How did mining stocks perform against this backdrop? Take a look at this week’s five best-performing Canadian mining stocks below.

Stocks 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 caps greater than C$10 million are included. Mineral companies within the non-energy minerals, energy minerals, process industry and producer manufacturing sectors were considered.

1. Adex Mining (TSXV:ADE)

Weekly gain: 100 percent
Market cap: C$128.67 million
Share price: C$0.19

Adex Mining is an exploration company that holds a 100 percent stake in the Mount Pleasant project in Southwest New Brunswick, Canada. The property contains two main deposits: the Fire Tower zone, which hosts tungsten and molybdenum mineralization, and the North zone, which hosts tin, zinc and indium.

The asset consists of 102 mineral claims covering 1,600 hectares, as well as equipment and facilities from historic mining operations conducted by BHP (ASX:BHP,NYSE:BHP,LSE:BHP) between 1983 and 1985.

According to its most recent investor presentation released on June 11, the property hosts the world’s largest indium reserve and North America’s largest tin deposit. Indicated resources for the North zone demonstrate contained metal values of 47 million kilograms of tin, and 789,000 kilograms of indium from 12.4 million metric tons with average grades of 0.38 percent tin and 64 parts per million indium.

Adex Mining has not released news since it published its interim management discussion and analysis on November 18.

In a mid-February interview, New Brunswick Natural Resources Minister John Herron revealed that a deal “is due imminently with a well-known company in the Canadian mining community” for Adex’s Mount Pleasant project.

While the company did not release news this week, the project may benefit from the freshly announced New Brunswick Comprehensive Mineral Strategy. The report highlights Mount Pleasant’s indium, tin and tungsten mineralization.

2. Southern Energy (TSXV:SOU)

Weekly gain: 91.67 percent
Market cap: C$29.3 million
Share price: C$0.115

Southern Energy is an oil and gas company with assets located in Mississippi, US. The majority of its production is natural gas.

Its operations are centered around the state’s Interior Salt Basin, in the northeastern Gulf Coast Region. Southern has an interest in producing wells spread across several assets, including Gwinville, Mechanicsburg and Mount Olive East.

According to a February 2026 corporate presentation, current production from the company’s wells is about 11 million cubic feet of natural gas equivalent per day, with 27.9 million barrels of oil equivalent in reserves.

The company’s most recent news came on February 12, when Southern closed a non-brokered private placement that generated proceeds of US$23.5 million. The company said the funds will be used to repay the balance of a US$12.9 million senior credit facility, with the rest being directed to development capital, including the completion of two wells in Gwinville.

The share price gains also come amid volatility in the energy market.

3. Africa Energy (TSXV:AFE)

Weekly gain: 86.67 percent
Market cap: C$165.31 million
Share price: C$0.42

Africa Energy is a South Africa focused oil and gas exploration and development company.

Its flagship asset is Block 11B/12B located approximately 175 kilometers off the south coast of South Africa. The block covers an area of 18,734 square kilometers and depths between 200 meters and 1,800 meters.

It holds a 4.9 percent interest in the asset through its investment in Main Street 1549, a 49/51 joint venture with Arostyle Investments. The three other partners in the asset announced plans to withdraw from the Block 11B/12B joint venture in July 2024, and announced a definitive agreement for the new ownership structure of the Block 11B/12B asset in May 2025.

The restructuring would result in Africa Energy owning a direct 75 percent stake in the block, with Arostyle holding the remainder. This is contingent on the asset being granted the production rights, which itself requires approval of its environmental and social impact assessment. The report must be submitted by May 2026.

Shares of Africa Energy posted gains this week amid energy market volatility.

The company has not released any news since January 26, when it announced the resignation of Dr. Phindile Masangane as Director and Head of Strategy and Business Development. She will still assist Africa Energy as a consultant.

4. Gabriel Resources (TSXV:GBU)

Weekly gain: 60 percent
Market cap: C$41.58 million
Share price: C$0.16

Gabriel Resources is a precious metals explorer and developer focused on advancing its Rosia Montana gold project. Based in Transylvania, Romania, Rosia Montana is in a region that has seen significant historic mining. Covering 2,388 hectares, the site is host to a mid-to-shallow epithermal system containing deposits of gold and silver.

The most recent resource estimate from a 2012 technical report shows proven and probable quantities of 10.1 million ounces of gold and 47.6 million ounces of silver. Gabriel has invested more than US$760 million into Rosia Montana, but has undertaken little development at the site since the early 2010s, as Romania blocked further development.

In 2015, the company entered into arbitration through the World Bank’s International Center for Settlement of Investment Disputes (ICSID) over permitting at the site and suggested that Romania was in violation of bilateral investment treaties. In March 2024, Gabriel issued a press release with an update saying that its case against Romania had been dismissed by the ICSID, which also awarded Romania US$10 million in legal fees and expenses. Gabriel said it would review the decision with its legal team and evaluate its options.

In March 2025, Gabriel announced that the committee had ruled that a stay of enforcement of the Award would continue if Gabriel guaranteed the proven solvency of the US$10 million.

The committee was scheduled to hold hearings on January 22 and 23 of this year, but on January 19, Gabriel reported that the hearings would be postponed to a later date. A new date for the hearing has not been announced.

The company did not release news in the past week.

5. Rio Silver (TSXV:RYO)

Weekly gain: 48.05 percent
Market cap: C$41.58 million
Share price: C$1.14

Rio Silver is an exploration company advancing its Maria Norte project in Peru. The property changed hands several times in the 18 years prior to Rio Silver’s acquisition in March 2025, but saw little exploration during that time.

However, in a February 5 release, the company noted that historic mining occurred as the site hosts a reclaimed waste dump. In that announcement, the firm said it plans to advance surface mapping and sampling in the third quarter of 2026.

Throughout January, Rio Silver made several announcements regarding its exploration and development timeline. On January 6, the company reported results from technical work at the site, confirming the presence of silver mineralization with grades up to 991 g/t in a 0.7 meter channel sample.

To end the month, the company said it was launching a metallurgical program at the site to assist in determining the project’s potential value.

The most recent news came last week in a pair of releases.

The first on February 25, the company announced a new private placement to raise proceeds of up to C$3 million. Funds will be used to advance work at the Maria Norte project. The placement is being led by Sprott (TSX:SII,NYSE:SII) Founder Eric Sprott.

The second release came on February 26 when Rio reported it secured permission from the local community to begin site activities at Maria Norte. The company said it will continue working with the community to develop a formal definitive agreement for long-term exploration and mining activities.

FAQs for Canadian mining stocks

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.