Agnico Eagle hits record earnings

Agnico Eagle Mines (TSX:AEM,NYSE:AEM) delivered the strongest quarter in its history, reporting record adjusted net income of US$1.09 billion, or US$2.16 per share, on revenue of US$3.06 billion—beating analyst expectations of US$2.95 billion.

Production was led by the Meadowbank and LaRonde complexes, and by the end of September the company had already achieved 77 percent of its full-year output target. Agnico sold its gold at an average realized price of US$3,476 per ounce, far above its US$2,500 planning assumption.

“We’re reporting record financial results, driven by, of course, record gold prices, but coupled with strong and consistent operational performance,” Chief Executive Ammar Al-Joundi said during the earnings call.

Agnico said its balance sheet is now the strongest in company history, with US$2.2 billion in net cash following US$400 million in debt repayment and US$350 million returned to shareholders.

The miner also reaffirmed its 2025 production guidance of 3.3 to 3.5 million ounces, citing stable operations and ongoing investments in five key pipeline projects and what Al-Joundi called an “exceptional exploration program.”

Newmont generates record-free cash flow, starts up Ahafo North

Denver-based Newmont (NYSE:NEM,ASX:NEM) also reported a standout quarter, generating a record US$1.6 billion in free cash flow that marked its fourth consecutive quarter exceeding the US$1 billion mark.

The world’s largest gold miner produced approximately 1.4 million attributable ounces of gold and 35,000 tonnes of copper, achieving adjusted earnings of US$1.71 per share.

The quarter also saw the formal start of commercial production at Newmont’s Ahafo North project in Ghana’s Afrisipakrom region, roughly 50 kilometers from the company’s existing Ahafo South operation.

Ahafo North poured first gold in September and is expected to produce about 50,000 ounces by year-end before ramping up to between 275,000 and 325,000 ounces annually over a 13-year mine life. Combined with Ahafo South, the complex is projected to yield roughly 750,000 ounces of gold per year once fully integrated.

Newmont said it remains on track to meet its 2025 production and cost targets, aided by US$640 million in asset and equity sale proceeds during the quarter.

Newmont’s Chief Executive Tom Palmer, who will retire at year-end, also expressed confidence that his successor, Natascha Viljoen, will sustain the company’s operational and financial discipline going into 2026.

Franco-Nevada logs record revenue as portfolio expansion pays off

Royalty and streaming giant Franco-Nevada (TSX:FNV,NYSE:FNV) reported record revenue of US$487.7 million for the third quarter, up 77 percent from a year earlier, as higher gold prices and recent acquisitions boosted returns.

The company sold 138,772 gold-equivalent ounces (GEOs), including 11,208 GEOs related to stockpiled copper concentrate from the suspended Cobre Panama mine. Franco-Nevada said it remains debt-free after repaying borrowings used for the Arthur Gold royalty acquisition in July.

“Our deep portfolio of producing, development and exploration stage royalties on primary gold assets is well positioned to grow organically in this strong gold price environment,” Chief Executive Paul Brink said.

While Cobre Panama remains in a preservation phase following its closure last year, the site’s power plant is expected to restart in the fourth quarter after a government-approved maintenance and audit process.

Franco-Nevada noted that it expects about 1,000 additional GEOs from the project in late 2025 or early 2026 as operations gradually resume.

Freeport-McMoRan faces setback after Grasberg fatalities

Freeport-McMoRan (NYSE:FCX) posted third-quarter net income of US$674 million, or US$0.46 per share, with adjusted earnings of US$0.50, supported by solid copper prices and cost discipline.

However, the company’s otherwise strong results were overshadowed by a deadly mud rush at its Grasberg mine in Indonesia in September that killed seven workers and halted production.

“Our strong third-quarter 2025 results were overshadowed by the tragic incident at our Grasberg operation in September,” President and CEO Kathleen Quirk said in the company’s quarterly report. “The entire FCX organization is grieving for our coworkers lost in this accident and we remain steadfast in our commitment to prioritize the safety of our workforce above all else.”

The incident forced a temporary suspension of mining and smelting activities at the site, cutting production by 4 percent relative to prior guidance. Freeport’s consolidated production totaled 912 million pounds of copper and 287,000 ounces of gold for the quarter.

The company now expects minimal Indonesian output for the remainder of the year as cleanup and damage assessments continue.

Freeport said it expects to complete mud removal by year-end and is evaluating a phased restart of unaffected underground mines in late 2025, with a broader ramp-up through 2026.

Zijin rides gold rally to record profit

China’s Zijin Mining Group (OTC Pink:ZIJMF) capped the strong quarter for global producers with a sharp 55 percent year-on-year surge in net profit attributable to shareholders, reaching approximately US$5.22 billion for the first nine months of 2025.

Revenue rose 10 percent driven by gold production of 65 tonnes, up 20 percent from last year, and copper output of 830,000 metric tons.

The company’s market capitalization has climbed to roughly US$110.1 billion, ranking it among the world’s three largest mining firms.

Its Hong Kong–listed subsidiary, Zijin International Gold, which focuses on overseas gold operations, has seen its stock price double since debuting on September 30 in what became the largest IPO ever for a gold miner, raising US$3.68 billion

Zijin also completed several major acquisitions this year, including the Akyem gold mine in Ghana and the Raygorodok gold mine in Kazakhstan, while continuing construction on the Julong copper mine’s second phase, expected to start production by the end of 2025.

Investor Insight

NorthStar Gaming offers a differentiated, premium iGaming and sportsbook experience that sits at the intersection of media and betting technology. The company continues to demonstrate scalable growth with double-digit revenue increases, record gross margins and expanding market access across Canada’s estimated C$9.5 billion total addressable market.

Overview

NorthStar Gaming (TSXV:BET,OTCQB:NSBBF) owns and operates a casino and sportsbook gaming platform in Canada under the name NorthStar Bets. Since its listing on the TSXV in March 2023, the company has seen significant success with its uniquely differentiated offering that combines high-quality sports journalism with betting/casino games. Specifically, NorthStar utilizes targeted content to engage, attract and retain sports bettors, which leads to higher retention rates and higher player values.

NorthStar’s competitors may provide insights, but they are hosted within a different platform causing inconvenience to the end-users who must swap between apps. NorthStar’s proprietary Sports Insights editorial features, offered seamlessly to customers within the NorthStar Bets website and app, continue to be a strong differentiator and driver of value.

Sports Insights (with its latest iteration Sports Insight 2.0 supports the company’s position as a premium brand and industry leader at the intersection of betting and sports media. The content includes analysis of upcoming events, betting strategies and helpful tips. Since Sports Insights is integrated directly within NorthStar’s sportsbook, users can wager directly from the content without leaving the betting environment.

Sports Insights users demonstrate enhanced performance metrics, including 13 percent higher VIP penetration, 58 percent higher average total deposits, 50 percent higher average casino turnover, and 138 percent higher average sports turnover.

Technology and Market Expansion

The company’s industry-leading technology stack is powered by long-term partnerships with Playtech and Kambi, two of the most established global providers in online gaming and sports betting. Playtech, the world’s largest online gaming software supplier, serves both as NorthStar’s technology partner and its largest shareholder, having invested more than C$22 million since launch, including a C$10 million infusion in October 2023. In 2025, Playtech deepened its support by backstopping NorthStar’s C$43.4 million credit facility with Beach Point Capital Management, further validating the company’s strong potential in Canada’s rapidly expanding iGaming sector.

NorthStar, which initially launched exclusively in Ontario through NorthStarBets.ca, expanded its national reach in 2023 through the acquisition of Slapshot Media, the managed services provider to NorthStarBets.com. This site is owned and operated by the Abenaki Council of Wolinak under a license from the Kahnawake Gaming Commission, enabling NorthStar to generate revenue outside Ontario. With Ontario representing approximately 39 percent of Canada’s population, NorthStarBets.com unlocks access to the remaining 61 percent of the national market, a major catalyst for future growth.

Financial Performance

NorthStar continues to deliver consistent, scalable growth. In Q2 2025, revenue rose 15 percent year-over-year to $8.5 million, with gross margin up 25 percent to $3.5 million (a record 40.8 percent of revenue). Profit before marketing and other expenses increased 87 percent to $0.7 million, demonstrating expanding operating leverage.

For the first half of 2025, revenue reached $16.4 million (up 23 percent year-over-year), and gross margin rose 39 percent to $6.5 million, driven by a doubling of managed services revenue and lower marketing costs. Marketing expenses decreased 16 percent year-over-year, highlighting improved acquisition efficiency and financial discipline.

Supported by its C$43.4 million long-term financing from Beach Point Capital Management, NorthStar is fully funded to profitability and well-positioned to scale across Canada’s projected C$9.5 billion iGaming and sports betting market.

Company Highlights

• Proven Growth: NorthStar achieved 15 percent year-over-year revenue growth in Q2 2025, reaching $8.5 million, with gross margin rising 25 percent to $3.5 million, representing a record 40.8 percent of revenue.
• Market Expansion: Through the 2023 acquisition of Slapshot Media, NorthStar derives managed services revenue from Canadian operations outside Ontario. Managed services revenue more than doubled year-over-year in Q2 2025.
• Strategic Partnerships: Playtech remains NorthStar’s largest shareholder (over C$22 million invested) and continues to provide technology support. In 2025, Playtech further extended its strategic partnership by backstopping NorthStar’s C$43.4 million credit facility with Beach Point Capital Management, ensuring long-term growth funding.
• Brand Strength: NorthStar continues to capitalize on its “Canadian” branding through national campaigns such as “Summer of Spoils,” which reinforced local brand loyalty and customer engagement.
• Product Innovation: The company is completing a comprehensive casino UI/UX upgrade and added 27 percent more casino games, bringing the total to over 2,000 titles on its platform.

Key Brands

NorthStarBets.ca

Only available to players in Ontario, the main game offerings on Northstarbets.ca include a sportsbook with pre-live and live markets with monthly sports betting markets, and slot/live and jackpot casino games. Northstarbets.ca offers more than 2,000 casino titles, live dealer games, slots, roulette, blackjack and jackpot options.

NorthStarBets.com

Available to players outside Ontario, NorthStarBets.com is a rebrand of Spreads.ca, an iGaming site owned and operated by the Abenaki Council of Wolinak, and is offered through NorthStar Gaming’s wholly owned subsidiary, Slapshot Media, a Canadian iGaming marketing and managed services provider.

Management Team

Michael Moskowitz – CEO and Chairman

Michael Moskowitz is a veteran technology executive and transformative leader who has more than 25 years of leadership experience in the consumer, communications, gaming and technology industries. Moskowitz was the previous CEO and chairman at Panasonic North America, where he led the company’s successful business and growth strategy in delivering integrated technology solutions for businesses, government agencies and consumers across North America. He also served as president and CEO of XM Canada and president of Palm in the Americas International. He sits on the executive board of the Consumer Technology Association, representing the largest and most innovative technology companies in North America.

Corey Goodman – Chief Development Officer, Counsel and Corporate Secretary

Corey Goodman has held a variety of senior executive roles in both legal and business development capacities for nearly 20 years, and most recently served as chief corporate development officer to Torstar Corporation. His focus is on mergers and acquisitions and partnerships in media, energy and regulated industries. He was also general counsel to three public issuers.

Chin Dhushenthen – Chief Financial Officer

Chin Dhushenthen has held numerous executive positions across a wide variety of functions including finance, compliance, risk management and technology. His prior experience includes The Hunter Group, Azerty United Canada, Hydrogenics, and most recently at CAPREIT. Dhushenthen is a chartered professional accountant, with more than 25 years of proven experience impacting business growth and maximizing profits through contributions in financial management and productivity improvements.

Barry Shafran – Lead Director

Barry Shafran has extensive public and private company leadership and board experience in multiple industries, including financial services, online gaming and the service industry. He was the founder and CEO of Chesswood Group, a financial services business, and he helped it scale from $10 million to $1 billion in revenues. Prior to Chesswood, he founded cars4U.com which was Canada’s first online auto retailer. On the iGaming front, he has worked with Cryptologic, an online gaming software provider. He was involved in the sale of Don Best (Las Vegas), a well-known odds-maker.

Vic Bertrand – Director

Vic Bertrand has more than 35 years of global business experience. From 1986 to 2014, he co-led MEGA Brands, transforming his family’s small local business into a vertically integrated, global toy leader with sales in over 100 countries. Bertrand is currently president of Stratinn, a real estate and investment firm. From 2019, he was CEO of ToysRUs CDA, where he restored profitability leading to an exit in 2021. In addition, he is an active advisor and director currently serving on the boards of CardioMech (Norway), Soundbite (Canada), and Spinal Stabilization Technologies (USA/Ireland).

Brian Cooper – Director

Brian Cooper has more than 30 years of experience in athlete representation, activation management, broadcast programming, executive-level property leadership, and sports marketing. He has been recognized for his imprint on the Canadian sports and entertainment landscape and was twice named one of the Globe and Mail’s Top 25 Power Players in Canadian Sports, Yahoo’s Top 25 most influential people in Canadian Sport, and was the first inductee to the Sponsorship Marketing Council of Canada’s Hall of Fame.

Sylvia Prentice – Director

Sylvia Prentice is the president and owner of Mackinnon Calderwood Advertising. a full-service Canadian agency providing media and creative services and promotional support across a number of industries. She and her team have been involved in a number of early iGaming businesses, including Playground Poker Club, CanPlay and Party Poker.net.

Dean MacDonald – Director

Dean MacDonald has had a long and successful career in executive roles at many companies. Previously, he served as executive chairman and president and chief executive officer of ClearStream Energy and its predecessor Tuckamore Capital, as president and managing partner of Cable Atlantic, chief operating officer of Rogers Cable, and as the chief executive officer of Persona, a TSX-listed cable and internet services company. He has management and investment experience in several industries, including energy, commercial real estate, marketing and communications. He has served on numerous public and private boards over the past three decades.

Chris McGinnis – Director

Chris McGinnis has over 20 years of experience in finance, accounting, investor relations, corporate strategy, M&A, and equity research. He is currently chief financial officer at Playtech, the leading online gambling technology company. Prior to joining Playtech, McGinnis was head of corporate strategy at software company Temenos. He started his career at Deloitte in Canada where he qualified as a chartered professional accountant. He has also worked in Equity Research for UBS in Canada and Bank of America Merrill Lynch in the UK. He is also a chartered financial analyst.

Alex Latner – Director, General Counsel, Playtech

Alex Latner joined Playtech as general counsel in January 2017. Prior to that, Latner spent his entire career in the London office of international law firm Berwin Leighton Paisner LLP, now Bryan Cave Leighton Paisner LLP, where he was a partner in the corporate finance team from 2008 until he left the firm in 2017. Latner has extensive experience in the UK public markets, and acted for a number of listed UK and international companies and various investment banks and other corporate finance intermediaries across a broad range of industries, such as technology (including betting and gaming), real estate and the wider built environment.

Mike Cormack – Head of Content & Integrations

Mike Cormack has two decades of experience in Canadian sports media, and has held a variety of editorial leadership roles. His strengths are developing and leading successful multiplatform content teams and strategies. Previously, he was managing editor of The Athletic, Toronto and managing editor of sportsnet.ca

Investor Insight

As FPX Nickel strengthens its position in the critical minerals space, it offers investors a compelling opportunity in the low-carbon energy transition, with the potential to be a low-cost, environmentally responsible nickel producer in a stable jurisdiction.

Overview

FPX Nickel (TSXV:FPX,OTCQB:FPOCF) is a Canadian developer of large-scale, low-carbon nickel projects designed to anchor a North American, fully integrated supply chain for stainless steel and electric vehicle batteries.

The company’s core asset, the Baptiste nickel project in British Columbia’s Decar Nickel District, is one of the largest undeveloped nickel resources in the world and features a unique form of naturally occurring awaruite (Ni₃Fe) mineralization. This sulphur-free, magnetic nickel-iron alloy enables a simple, low-cost and low-emission flowsheet that produces approximately 60 percent nickel concentrate capable of bypassing smelters and feeding directly into downstream markets.

FPX’s 2023 preliminary feasibility study confirms Baptiste’s Tier-1 scale and robust economics, positioning it among the most competitive greenfield nickel developments globally. With its lowest-decile carbon intensity and access to clean BC hydro power, Baptiste offers the dual appeal of strong financial returns and ESG leadership in the nickel sector.

The company is also advancing a growing Canadian exploration pipeline through its strategic alliance with the Japan Organization for Metals and Energy Security (JOGMEC). In 2025, FPX and JOGMEC selected the Advocate nickel property in Newfoundland, as the first “designated project” under their Generative Alliance, and expanded the partnership at the Klow property in British Columbia, where FPX has signed an exploration agreement with the Takla Nation. These initiatives demonstrate FPX’s leadership in building a multi-jurisdictional, low-carbon nickel platform within stable, Tier-1 mining regions.

Backed by global strategic investors Sumitomo Metal Mining and Outokumpu, and supported by funding from Natural Resources Canada, FPX Nickel provides investors with exposure to a rare combination of scale, sustainability, and strategic relevance in the global shift toward cleaner industrial metals.

Company Highlights

• Strong Strategic Support: Outokumpu, Sumitomo Metal Mining and an undisclosed Canadian mining company each own 9.9 percent; management and insiders 18 percent.
• Partnerships and ESG: Exploration Agreement with Takla Nation for Klow Property; strong Indigenous engagement framework.
• Government Support: Funding from Natural Resources Canada to advance Baptiste.

Key Project

Decar Nickel District

FPX Nickel’s 100 percent-owned Decar Nickel District is located 90 km northwest of Fort St. James in central British Columbia. It is FPX Nickel’s flagship asset and home to the Baptiste nickel project – one of the largest undeveloped nickel deposits in the world. The district also includes the nearby Van target, providing long-term growth potential within the same 100-percent-owned property.

Baptiste Nickel Project

Baptiste is the cornerstone of FPX Nickel’s strategy to produce large volumes of clean, low-carbon nickel in Canada. The deposit contains a naturally occurring nickel-iron mineral called awaruite (Ni₃Fe), which allows for a simple, energy-efficient processing that eliminates the need for traditional smelting. The result is a high-grade nickel product with one of the lowest carbon footprints in the global industry.

A 2023 preliminary feasibility study (PFS) confirmed Baptiste as a Tier-1 development opportunity with robust economics and long-life production:

• After-tax NPV (8 percent) of US $2 billion
• After-tax IRR of 18.6 percent
• Mine life 29 years
• Average annual production of 59,000 tonnes nickel
• Cash cost (C1) of approximately US$3.70 per lb nickel

The PFS outlines a conventional open-pit mine and processing facility powered by British Columbia’s clean hydroelectric grid. Using magnetic separation and flotation, the operation would produce a ~60 percent nickel concentrate that can be sold directly to stainless-steel producers or refined into battery-grade nickel sulphate for the electric-vehicle market.

Van Target

Situated six kilometres north of Baptiste, the Van target hosts the same style of awaruite mineralization near surface and offers similar potential scale. Early drilling has intersected broad zones of nickel mineralization, reinforcing the district’s capacity to support multiple large deposits over time.

Downstream Integration and Refinery Study

In March 2025, FPX Nickel published the results of its Awaruite Refinery Scoping Study, outlining plans for North America’s largest nickel sulphate refinery. The proposed facility aims to produce 32,000 tonnes per year of battery-grade nickel sulphate, along with by-products including cobalt carbonate, copper cement, and ammonium sulphate.

Highlights of the study:

• Economics: After-tax NPV (8 percent) ~US$445 million; IRR ~20 percent; operating cost US$1,598/t Ni (US$0.06/lb on a by-product basis).
• Carbon Profile: 0.2 t CO₂/t Ni refined; cradle-to-gate 1.4 t CO₂/t Ni.
• Status: Standalone scoping study, not included in the 2023 PFS base case.
• Strategic Context: FPX also signed an MOU with JOGMEC and Prime Planet Energy & Solutions (Toyota–Panasonic JV) to evaluate integration of Baptiste feed into EV battery materials supply chains.

Pilot-Scale Success and Government Support

In early 2024, FPX completed pilot-scale hydrometallurgical testing, producing battery-grade nickel sulphate. The program, partially funded by Natural Resources Canada’s Critical Minerals R&D program, marked a key milestone in demonstrating the project’s readiness for commercialization and alignment with Canada’s strategic critical minerals priorities.

Exploration and Pipeline

Advocate Nickel Property (Newfoundland)

• Selected in Sept 2025 as the first “designated project” under the FPX–JOGMEC Generative Alliance.
• 86.25 sq km holding, 45 km of serpentinized ultramafic strike on the Baie Verte Peninsula.
• Three awaruite zones (Wolverine Pond, Birchy Lake, Birchy Lake North) with surface samples up to 0.14 percent DTR Ni.
• 2025 budget: C$450,000 to define drill targets. Joint venture interest ratio JOGMEC 60 percent / FPX 40 percent.

Klow Property (British Columbia)

• Exploration agreement with Takla Nation signed Oct 2025, establishing collaboration protocols for future exploration and development.
• JOGMEC earn-in amended to March 31 2027 (Option to 60 percent with C$1 million expenditure).
• 2025 surface program funded 100 percent by JOGMEC.
• Historic drilling (316 m @ 0.10 percent nickel-in-alloy) and 2024 DTR re-analysis confirm strong awaruite potential.

Management Team

Martin Turenne – President, CEO and Director

Martin Turenne is a seasoned executive with over 15 years in the commodities sector, including significant leadership experience in mining. His expertise spans strategic management, capital markets, financial reporting, and regulatory compliance. He previously served as CFO of First Point Minerals and held roles at KPMG LLP and Methanex Corporation. Turenne is a Chartered Professional Accountant (CPA) and a member of the Canadian Institute of Chartered Accountants.

Dan Apai – Vice President, Projects

Dan Apai has over 20 years of mining industry experience in civil engineering and engineering management over a diverse range of projects. As principal civil engineer for Fluor Canada, he led studies and detailed engineering works for numerous large-scale mining projects for clients including Teck, Newmont, BHP, First Quantum, Glencore, Josemaria Resources, and Newcrest. Apai’s technical expertise includes site layout, earthworks, water management, linear facilities, and water supply systems – all elements that strongly influence the capital intensity, permitability, and operability of mining projects. Apai is a member of the Association of Professional Engineers of British Columbia and holds a Bachelor of Engineering from the University of Western Australia.

Tim Bekhuys – SVP, Sustainability and External Relations

Tim Bekhuys is a mining sustainability expert with 40+ years of experience in environmental permitting, community engagement, and ESG leadership. He was VP of sustainability at SSR Mining and held senior roles at New Gold, successfully advancing projects like the Blackwater gold project. He has served on the boards of AME BC, the Mining Association of BC, and the Mining Association of Canada.

Felicia de la Paz – CFO and Corporate Secretary

Felicia de la Paz is a CPA with deep expertise in corporate finance and systems implementation. She started her career at KPMG, rising to senior manager, before joining Equinox Gold as corporate controller, where she led post-acquisition financial integration. She later served as VP of finance at Vida Carbon and now advises public mining companies on financial and operational systems. She holds a Bachelor of Commerce (Honours) from UBC.

Dr. Peter M.D. Bradshaw – Chairman

Dr. Peter Bradshaw is a renowned geologist with over 45 years of global mineral exploration experience and a member of the Canadian Mining Hall of Fame. He has played key roles in several major discoveries, including the Porgera, Kidston, and Misima gold mines, and co-founded the UBC Mineral Deposit Research Unit. Bradshaw’s past roles include senior positions at Barringer Research, Placer Dome, and Orvana Minerals.

Peter Marshall – Director

Peter Marshall is a mining engineer with 30 years of experience in mine development. Formerly VP of project development at New Gold and SVP at Terrane Metals, he played key roles in major BC projects including the feasibility and early construction of the Mt. Milligan copper-gold mine and the Blackwater gold project.

Anne Currie – Director

Anne Currie is a leading expert in mining permitting and regulatory processes in Canada, with more than 30 years of private and public sector experience. She was BC’s chief gold commissioner and a senior partner at Environmental Resources Management. Currie has guided permitting for major projects including KSM, Brucejack, Kemess Underground, and Blackwater.

James S. Gilbert – Director

James Gilbert has over 30 years of experience in investment banking and corporate strategy, with two decades focused on mining and metals. He has held senior roles at Rothschild, Gerald Metals, and Minera S.A., and has deep expertise in M&A, project finance, off-take agreements, and strategic marketing. He was a director of AQM Copper, acquired by Teck in 2016.

Kim Baird – Director

Kim Baird is a strategic advisor with deep experience in Indigenous relations, governance, and treaty implementation. As former elected Chief of the Tsawwassen First Nation, she negotiated and implemented BC’s first urban treaty, securing land and resource governance for her community. She now advises governments, businesses, and Indigenous groups across Canada.

Rob Pease – Director

Rob Pease is a geologist with more than 30 years in exploration, mine development, and corporate leadership. He was CEO of Terrane Metals and a director of Richfield Ventures—both acquired for over C$500 million. He currently serves on the boards of Pure Gold Mining and Liberty Gold.

Andrew Osterloh – Director

Andrew Osterloh is a professional engineer with 25+ years in process engineering, plant metallurgy and project development. He is currently VP project engineering & construction at Skeena Gold & Silver.

Markets and commodities react

Canadian equity markets were mixed this week.

The S&P/TSX Composite Index (INDEXTSI:OSPTX) gained 0.04 percent over the week to close Friday at 30,260.74.

On the other hand, the S&P/TSX Venture Composite Index (INDEXTSI:JX) ended the week down 0.49 percent at 957.88. The CSE Composite Index (CSE:CSECOMP) also fell this week, shedding 1.21 percent to close out the week at 175.27.

The gold price was down 3.08 percent this week, closing at US$4,001.76 per ounce. The silver price also fell but fared better, dropping just 0.52 percent to US$48.57 by 4:00 p.m. EDT Friday.

Meanwhile, in base metals, the copper price shed 1.5 percent to US$5.16 per pound.

The S&P Goldman Sachs Commodities Index (INDEXSP:SPGSCI) fell 0.79 percent to end Friday at 557.01.

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. EDT 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. MAX Power Mining (CSE:MAXX)

Weekly gain: 82.5 percent
Market cap: C$56.01 million
Share price: C$0.73

MAX Power is a hydrogen exploration and development company advancing its natural hydrogen properties in Saskatchewan, Canada.

In total, the company holds permits for 1.3 million acres of land across the province, with an additional 5.7 million under application. Its primary site is focused on the Genesis Trend, a 200 kilometer by 75 kilometer area near the Regina-Moose Jaw Industrial Corridor, a proposed hydrogen hub.

On October 24, the company announced it received a drilling license for its first hydrogen well within the Genesis Trend, which will also be Canada’s first deep well dedicated to natural hydrogen.

The company said operations at its Lawson well will commence on or about November 7. The program will include the use of gas chromatographs to sample for helium, nitrogen and methane and another mass spectrometer specifically to detect hydrogen.

Then, on Monday (October 27), MAX Power reported that it had identified the Bracken target in Southwest Saskatchewan along the border with Montana. It marks the company’s first high-priority target outside of the Genesis Trend, lying within the 120,000 acre Grasslands project. The next step will be to acquire proprietary 2D seismic data, which it anticipates will be completed in Q4 of 2025.

On Tuesday (October 28), MAX announced the development of the MAX Power Large Earth Model Integration, which combines datasets from government and commercial sources to create maps that enable the evaluation of hydrogen prospectivity and more.

The company said that in version 2 of the technology, it will integrate machine learning into the process to better understand the data at a granular level and will eventually be able to apply it to any jurisdiction in the world.

The most recent news came on Thursday (October 30), when MAX appointed Ranjith Narayanasamy, who is President and CEO of the Petroleum Technology Research Centre, as its new CEO effective December 8. Current CEO Mansoor Jan will be transitioning to the CEO of the company’s US critical minerals subsidiary, which it is eyeing for a potential spin-out.

2. Manganese X Energy (TSXV:MN)

Weekly gain: 57.89 percent
Market cap: C$25.75 million
Share price: C$0.15

Manganese X Energy is an exploration and development company focused on its flagship Battery Hill project in New Brunswick, Canada, from which it plans to produce high-purity battery grade manganese for lithium-ion batteries.

The property consists of 55 claims covering an area of 1,228 hectares in Carlton County, and hosts five primary manganese-iron zones: Iron Ore Hill, Moody Hill, Sharpe Farm, Maple Hill and Wakefield.

A June 2021 technical report demonstrated a measured and indicated resource of 34.86 million metric tons of ore grading 6.42 percent manganese and 10.67 percent iron, and an inferred resource of 25.9 million metric tons grading 6.66 percent manganese and 10.92 percent iron.

On September 9, Manganese X announced it was advancing to the third and final phase of battery testing with US battery company Charge CCCV. Phase 2 testing results showed 70 percent capacity retention after 4,600 cycles, which the company said is more than double the cycle life of conventional nickel-manganese-cobalt batteries.

As for this week, on Thursday the company announced the appointment of Desmond Tranquilla to its board of directors. Tranquilla has more than 32 years of experience in the mining industry and is currently vice president of projects with Canada Nickel Company (TSXV:CNC).

3. Copper Quest Exploration (CSE:CQX)

Weekly gain: 48.15 percent
Market cap: C$10.23 million
Share price: C$0.2

Copper Quest Exploration is an exploration company building a portfolio of prospective copper properties in North America, including the Stars and Stellar copper projects in British Columbia, Canada.

It recently acquired two new projects. The first, announced on September 22, is the Nekash copper-gold porphyry project in Idaho, US. The asset lies in the Idaho-Montana porphyry belt and consists of 70 unpatented lode claims covering 585 hectares.

Historic exploration and recent work has confirmed the presence of copper and gold quartz veins, according to the release, with rock chip samples at porphyry style veins revealing grades up to 6.6 percent copper and 0.6 grams per metric ton (g/t) gold.

The second came this Thursday, when the company acquired the 2,954 hectare Kitimat copper-gold project in the Skeena Mining Division of Northwest British Columbia. Situated in the prolific Stikine Terrane, the project has a history of exploration dating back to the 1960s.

In 2010, diamond drilling across 16 holes returned a highlighted assay of 1.03 g/t gold and 0.54 percent copper over 117.07 meters from surface.

4. Liberty Stream Infrastructure Partners (TSXV:LIB)

Weekly gain: 42.22 percent
Market cap: C$105.49 million
Share price: C$0.64

Liberty Stream is a lithium development company advancing its direct lithium extraction technology in the US.

The company is working on a pair of projects — one in Texas’ Permian Basin and the other in North Dakota’s Bakken Oil Field — aimed at extracting lithium from brines used in oil and gas production.

On October 7, the company entered site preparations for the final installation and commissioning of its bulk lithium refining unit in Texas, which will allow it to convert lithium chloride eluate into commercial-grade lithium carbonate. It expects to begin producing lithium carbonate from the unit in the second half of Q4, and launch full-scale operations in 2026.

The most recent news came on October 23, when it announced that it was awarded a US$500,000 grant from the State of North Dakota for the development of lithium carbonate production to supply a battery cell manufacturing facility in the state.

5. Signature Resources (TSXV:SGU)

Weekly gain: 40 percent
Market cap: C$10.69 million
Share price: C$0.07

Signature Resources is a gold exploration company focused on its Lingman Lake gold project in Ontario, Canada.

The property consists of 1,274 unpatented single-cell mining claims and 13 multi-cell claims covering more than 24,000 hectares in Northwest Ontario. Airborne geophysical surveys completed in 2021 identified 14 high-value targets with the potential for multiple gold occurrences.

On September 25, the company announced plans for a six hole, 3,000 meter diamond drill program, which it expects to complete this fall. Signature used combined data from its 2024 drill campaign, historical workings and the results from a 2021 3D induced polarization survey to refine targets for the diamond drilling.

This Thursday, the company closed an upsized non-brokered private placement and issued 23 million charity flow-through units, 10.46 million flow-through units, and 18.53 million non-flow-through units, generating proceeds of C$3.42 million.

Funds will be used for exploration activities at Lingman Lake, including the diamond drill program, and for general working capital.

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.

1. Talon Metals (TSX:TLO)

Year-to-date gain: 358.82 percent
Market cap: C$440.55 million
Share price: C$0.39

Talon Metals is a base metals company advancing the Tamarack nickel-copper-cobalt project in Central Minnesota, US, through a joint venture with Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO). Talon currently holds a 51 percent stake in the project and can earn up to 60 percent.

In late March, Talon Metals announced a massive sulfide discovery at its Tamarack project, with an intercept measuring 8.25 meters containing 95 percent sulfide content located deeper than the current Tamarack resource.

In May, a further massive sulfide discovery in the same zone, the thickest discovery yet at the site, drove the company’s share price up significantly, and another in early August did the same. In the August announcement, Talon shared that it named the discovery zone the Vault zone.

At the start of Q4, Talon announced an expanded winter drilling and exploration program at the Vault zone.

Shares of Talon rallied to a year-to-date high of C$0.54 on October 14, following the winter drill news and alongside rising cobalt prices.

On October 20, Talon received a 12 month extension from Rio Tinto subsidiary Kennecott Exploration to submit a feasibility study and US$10 million payment required to increase its ownership stake in the Tamarack project to 60 percent.

The extension will allow Talon to align the study’s release with the publication of the project’s scoping environmental assessment worksheet, expected in the first half of 2026, marking its entry into Minnesota’s formal environmental review process.

2. Leading Edge Materials (TSXV:LEM)

Year-to-date gain: 222.22 percent
Market cap: C$72.49 million
Share price: C$0.29

Leading Edge Materials is developing critical materials projects in the EU. The company’s projects include its wholly owned Woxna graphite mine and Norra Kärr heavy rare earth elements project, both in Sweden, as well as its 51 percent owned Bihor Sud nickel-cobalt exploration alliance in Romania.

According to its June 2025 presentation, exploration work planned for 2025 at Bihor Sud’s G2 gallery includes mapping and sampling of cobalt-nickel and zinc-lead-silver mineralized zones detected visually and by hand-held XRF. Drilling targeting polymetallic mineralization at the gallery is underway.

On the financial side, Leading Edge announced a C$400,000 non-brokered private placement in June.

According to a June 22 activities update, Leading Edge’s Romanian subsidiary was granted ownership and operational permits for the Avram Iancu mine at Bihor Sud, and the team had begun preliminary investigations of the site.

In its recent quarterly report, released September 19, Leading Edge Materials said it is reassessing its prospects after being granted those permits. at its project located within the Bihor Sud exploration area following the acquisition of additional ownership and operating permits.

The Avram Iancu site hosts extensive historic underground workings and data indicating copper-rich massive sulfide zones, the statement noted.

A competent person report is in progress to consolidate past exploration and outline next steps, while the company evaluates financing options to advance development.

Shares of Leading Edge also benefited from the mid-October cobalt price rally, registering a year-to-date high of C$0.44 on October 14.

3. Battery Mineral Resources (TSXV:BMR)

Year-to-date gain: 180 percent
Market cap: C$16.79 million
Share price: C$0.14

Battery Mineral Resources is focused on developing into a mid-tier copper producer and recently restarted mine and mill operations at the Punitaqui Mining Complex in Chile. In Canada, the company holds the largest land position in Ontario’s historic Cobalt district, where it is exploring high-grade primary cobalt deposits at McAra, Gowganda and Elk Lake.

The company’s portfolio also includes energy services and mineral exploration assets in North America, along with graphite projects in South Korea.

In late October, BMR said it was evaluating strategic options for its Gowganda silver tailings project, located northeast of Sudbury, Ontario.

The project lies in one of the country’s most productive past silver-cobalt districts, and the Gowganda mining camp produced 60 million ounces of silver and 1.3 million pounds of cobalt between 1910 and 1969. Gowganda hosts four former mines and associated tailings historically estimated to contain 2.96 million ounces of silver. BMR is assessing how best to advance or monetize the asset to enhance shareholder value.

On October 16, Battery Mineral Resources reported strong operational performance at its Punitaqui copper project in Chile, driven by improved underground production and plant optimization. Since September 1, 2025, underground operations have averaged 1,800 tonnes per day, up 80 percent from the first half of the year, and 2,000 tonnes per day over the recent two weeks period.

BMR is also advancing development of additional underground operations at Cinabrio Norte and Dalmacia to support further growth from Punitaqui.

The news pushed shares of BMR to a year-to-date high of C$0.17 on October 21.

4. FPX Nickel (TSXV:FPX)

Year-to-date gain: 95.74 percent
Market cap: C$144.81 million
Share price: C$0.46

FPX Nickel is currently advancing its Decar nickel district in BC, Canada.

The property comprises four key targets, with the Baptiste deposit being the primary focus, alongside the Van target. The company also has three other nickel projects in BC and one in the Yukon, Canada.

In February, FPX released a scoping study for the development of a refinery that would refine awaruite concentrate from Baptiste into battery-grade nickel sulfate and by-products of cobalt carbonate, copper and ammonium sulfate. Annual output is anticipated at 32,000 metric tons of contained nickel and 570 metric tons of contained cobalt.

The results show that the process would result in operating and all-in production costs near the bottom of nickel sulfate cost curve, in part due to by-product credits. Additionally, the carbon intensity of the awaruite refinery would be significantly lower than that of currently used production methods.

On September 4, FPX completed a large-scale mineral processing pilot campaign for its Baptiste nickel project, following three prior successful campaigns. The latest production run generated bulk samples of awaruite concentrate, which will be provided to prospective partners, including pre-cursor cathode active materials, battery producers and automakers, to assess its suitability as feedstock.

Later in the month, FPX signed an option agreement to acquire up to 100 percent of the Advocate nickel property in Newfoundland, Canada, following its review of over 50 targets. The property has also been accepted by the Japan Organization for Metals and Energy Security (JOGMEC) as the first designated property under the generative alliance between FPX and JOGMEC, with a significant work program planned to build on encouraging surface nickel recoveries.

FPX shares registered a year-to-date high of C$0.55 on October 17.

5. Wheaton Precious Metals (TSX:WPM)

Year-to-date gain: 61.23 percent
Market cap: C$60.38 billion
Share price: C$133.00

Wheaton Precious Metals is one of the largest gold and silver royalty and streaming companies.

It has investments in 18 operating mines and 28 development projects across four continents, including a cobalt streaming agreement for Vale’s (NYSE:VALE) Voisey’s Bay nickel mine in Newfoundland and Labrador, Canada.

According to Wheaton, Voisey’s Bay is currently in a transitional phase, shifting from the depleted Ovoid open pit to full underground production.

The company reported its Q1 financial results on May 8. The report highlighted a record US$470 million in revenue, US$254 million in net earnings and US$361 million in operating cash flow.

The cobalt segment registered year-on-year attributable production gains, rising to 540,000 pounds in the year’s first quarter, compared to 240,000 pounds during Q1 2024. Despite the output increase, sales fell to 265,000 pounds in Q1 versus 309,000 pounds in Q1 2024.

According to Wheaton’s Q2 2025 results, the Voisey’s Bay mine produced 647,000 pounds of attributable cobalt, a roughly 150 percent increase from the same period in 2024. Vale reported that the underground operations are steadily ramping up, with full production expected by the second half of 2026 as the transition from the depleted Ovoid open-pit continues.

Shares of Wheaton rose to a year-to-date high of C$159.41 on October 16 alongside rising prices for gold, silver and cobalt.