Markets and commodities react

Canadian equity markets surged this week.

The S&P/TSX Composite Index (INDEXTSI:OSPTX) gained 4.84 percent over the week to close Friday (November 21) at 31,382.78.

Meanwhile, the S&P/TSX Venture Composite Index (INDEXTSI:JX) soared 10.57 percent to 937.34. The CSE Composite Index (CSE:CSECOMP) also improved this week, rising 2.22 percent to close at 149.37.

The gold price rose 3.5 percent to US$4,218.77 by 4:00 p.m. EST Friday. The silver price fared even better, surging 11.39 percent to a new record high of US$56.37.

Meanwhile, in base metals, the COMEX copper price ended the week up 3.74 percent at US$5.27 per pound.

The S&P Goldman Sachs Commodities Index (INDEXSP:SPGSCI) gained 0.71 percent to end Friday at 555.16.

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. Mountain Province Diamonds (TSX:MPVD)

Weekly gain: 114.29 percent
Market cap: C$19.11 million
Share price: C$0.075

Mountain Province Diamonds is a mining company with a 49 percent ownership stake in the Gahcho Kué diamond mine in the Northwest Territories, Canada.

The mine, a joint venture with Anglo American (LSE:AAL,OTC Pink:NGLOY) subsidiary De Beers, which owns the other 51 percent, consists of five mining leases covering a total area of 5,216 hectares.

According to a September 2024 technical report, the mine hosts a total indicated resource of 36.4 million carats with an average grade of 1.7 carats per metric ton (c/t) from 21.4 million metric tons of ore, with an additional inferred resource of 23.7 million carats with a grade of 1.79 c/t from 13.3 million metric ton.

In the company’s Q3 report released on November 11, Mountain Province stated that it sold 409,081 carats and raised total proceeds of C$29.2 million at an average price of C$71 per carat.

The company noted that production at the mine was 12 percent lower than the same period last year due to lower than expected stockpile grades; however, grades are expected to improve in Q4 as mining operations began in the higher-grade 5034-NEX orebody.

The most recent news from the company came on November 18, when it amended the terms of its working capital facility with Dunebridge Worldwide. Under the new terms, the company will be able to access additional funds, and it extends the period it can make advances to March 31, 2026.

2. SPC Nickel (TSXV:SPC)

Weekly gain: 100 percent
Market cap: C$23.92 million
Share price: C$0.07

SPC Nickel is an exploration company advancing a pair of projects in Nunavut and Ontario, Canada.

Its Muskox property is a copper, nickel and platinum group metals (PGM) exploration project in Nunavut, consisting of 26 mining claims and two prospector permits covering a total land area of 49,600 hectares. Mineralization at the site was first identified in the 1950s.

The company is also working on its advanced-stage Lockerby East project near Sudbury, Ontario.

A March 2024 resource estimate demonstrates an indicated in-pit resource of 179.1 million pounds of nickel from 19.23 million metric tons with an average grade of 0.42 percent nickel and an out-of-pit resource of 45.7 million pounds of nickel from 3.24 million metric tons grading 0.64 percent from the West Graham target. At the LKE deposit, the estimate shows an additional 17.2 million pounds of nickel from 665,000 metric tons grading 1.17 percent at the LKE deposit.

On Monday (November 24), SPC released assay results from its 2025 exploration program at Muskox. The company stated that the site demonstrated high-grade copper, nickel and PGM mineralization across multiple targets at the 125 kilometer Muskox intrusion.

The company collected 77 grab samples, with 39 returning grades greater than 2 percent nickel and copper, including 19 with grades greater than 5 percent nickel and copper. Additionally, 21 returned PGM grades higher than 5 grams per metric ton.

3. AJN Resources (CSE:AJN)

Weekly gain: 80.95 percent
Market cap: C$12 million
Share price: C$0.19

AJN Resources is an exploration company advancing work at the Otoke gold project in Southern Ethiopia. It also holds option agreements for several lithium projects in the Democratic Republic of Congo and Nevada, US.

The company is currently carrying out due diligence work at the 42.8 square kilometer Otoke gold property as part of a May 2025 conditional heads of agreement that could see AJN earn a 70 percent interest from Godu General Trading.

AJN has 90 days from the start of the due diligence period to drill 1,500 meters. After completing its due diligence, AJN is required to commit to several terms, including an initial US$2 million exploration program and the delivery of a mineral reserve estimate to earn the first 60 percent.

AJN can then acquire an additional 10 percent by meeting certain conditions including payments totalling US$10 million and the completion of a definitive feasibility study.

The most recent update from fieldwork at Otoke came on October 14, when AJN announced that mapping and sampling identified several mineralized zones. Additionally, artisanal workings within the project area have bolstered confidence in the property’s shallow, high-grade potential.

The company said that it collected more than 600 samples, which it submitted to a lab in Ireland, and that it was preparing to mobilize a drill rig within the next two to three weeks.

On November 19, the company announced that it had closed a non-brokered private placement for C$3 million, which will be used for due diligence activities.

4. Bear Creek Mining (TSXV:BCM)

Weekly gain: 65.38 percent
Market cap: C$93.5 million
Share price: C$0.43

Bear Creek Mining is a production company that operates the Mercedes gold and silver mine in Sonora, Mexico.

The mine sites comprise 43 mineral concessions covering 69,284 hectares in a region along the US–Mexico border.

The property hosts potential for both brownfield and greenfield exploration, and according to a September 2024 technical report, it hosts proven and probable reserves of 428,000 metric tons of ore containing 54,000 ounces of gold and 312,000 ounces of silver with grades of 3.95 g/t gold and 22.71 g/t silver.

On November 11, Bear Creek released its Q3 financial and operational results, which highlighted production of 6,219 ounces of gold and 18,866 ounces of silver during the quarter.

The company’s share price gains come alongside large increases in gold and silver prices during the week.

5. Karnalyte Resources (TSX:KRN)

Weekly gain: 65.38 percent
Market cap: C$93.5 million
Share price: C$0.43

Karnalyte Resources is an exploration and development company advancing its Wynyard potash project in Central Saskatchewan, Canada.

The property consists of three primary mineral leases covering 367 square kilometers east of Saskatoon.

Shares in Karnalyte climbed this week after the company released an updated feasibility study for the project on Wednesday (November 26). The study demonstrated economic viability, according to Karnalyte, with an after-tax net present value of C$2.04 billion, an internal rate of return of 12.5 percent, a payback period of 8.8 years, and a mine life of 70 years.

The company also stated that development would benefit from a secured offtake agreement under which India-based GFSC would purchase 350,000 metric tons per year during Phase 1, with additional commitments for 250,000 metric tons per year after Phase 2 is complete.

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.

All CME Group markets are open and trading.

— CME Group (@CMEGroup) November 28, 2025

According to Reuters, the outage is one of the longest in years for CME Group.

Some traders are taking the disruption as a reminder of the market’s strong reliance on systems that don’t always run perfectly. However, others have pointed out that thinner activity in the US due to Thursday’s (November 27) Thanksgiving holiday likely helped minimize the impact of the stoppage.

‘If there was to be a glitch day, today’s probably a good day to have it,’ Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey, told the news outlet.

Silver price chart, November 27 to 28, 2025.

While silver is known for lagging behind gold before outperforming, it’s now ahead of its sister metal in terms of percentage gains — silver is up about 84 percent year-to-date, while gold has risen around 58 percent.

Gold was also on the move on Friday, breaking back above US$4,200 per ounce for the first time since mid-November, but it remains below its all-time high of nearly US$4,400, set in October.

Silver’s breakout this year has been driven by various factors.

As a precious metal, it’s influenced by many of the same factors as gold, but its October price jump, which took it past the US$50 level, was also driven by a lack of liquidity in the London market.

While that issue appears to have resolved, a new situation has recently emerged — Bloomberg reported on Tuesday (November 25) that Chinese silver stockpiles are now at their lowest level in a decade after huge shipments to London.

Tariff concerns and silver’s new status as a critical mineral in the US have also provided support in 2025.

The white metal’s industrial side also shouldn’t be forgotten — according to the Silver Institute, industrial demand for silver reached a record 680.5 million ounces in 2024, driven by usage in grid infrastructure, vehicle electrification and photovoltaics. Total silver demand was down 3 percent year-on-year in 2024, but still exceeded supply for the fourth year in a row, resulting in a deficit of 148.9 million ounces for the year.

Watch five experts share their thoughts on the outlook for silver.

Time will tell what’s next for silver, but some experts see it continuing to outperform gold in 2026.

‘The sure money is made in the gold sector, but the big money is made in the silver sector — that’s proven true over the last couple of precious metals cycles. I believe it will be true in this one as well,’ said Jay Martin of VRIC Media.

Global battery energy storage system deployment, 2022 to 2025.

Photo via Georgia Williams.

In the US, the trend is even more pronounced.

“We’re expecting energy storage to account for 35 to 40 percent of battery demand in the US in the next few years,” Hughes told the audience at the California-based conference. That shift is reshaping the supply chain, chemistry choices and the strategic priorities of both policymakers and manufacturers.

LFP chemistry takes center stage

The rise of utility-scale storage has in many respects become the story for lithium iron phosphate (LFP) chemistry.

LFP’s lower cost, strong performance profile and “dominance … on behalf of the innovation we’ve seen in LFP cells over the last few years” make it the chemistry of choice, Hughes said.

The cost advantage of LFP batteries is especially significant at a moment when policymakers are tightening sourcing standards and examining supply chains for vulnerabilities. Add to that the supply chain complexities associated with nickel, cobalt and manganese (NCM) chemistries and the LFP segment again stands out.

Despite rapid deployment, grid storage remains highly concentrated, with China and the US together representing 87 percent of all global installations to date. But that dominance may be tested sooner than expected.

Hughes pointed to Saudi Arabia, which “a year ago wasn’t even on this chart,” yet deployed 11 gigawatt hours of storage in just the first three months of this year. “It really goes to show just how early this market is,” she said.

New regions can move from nonexistent to major players “in a matter of months.”

That acceleration is directly linked to plunging costs.

Fully integrated storage systems in China are now sold below US$100 per kilowatt-hour, a milestone that dramatically strengthens project economics, even in environments where subsidies or tax supports have been reduced.

US energy storage market booming

Storage deployment in the US continues to surge, led by California, Texas, Arizona, Nevada and New Mexico.

New Mexico’s rise is particularly telling, according to Hughes.

“New Mexico being the fifth largest state … is just two or three projects,” she noted. That underscores just how early the US storage market still is, and how quickly major projects can reshape state-level capacity.

Hughes also said very large installations are becoming increasingly central. Benchmark defines “giga-scale” projects as those exceeding 1 gigawatt hour, once an industry novelty. Now they are transforming demand patterns.

“This year, we’re expecting nine of these to come online, accounting for 20 percent of battery demand,” Hughes said. By next year, 21 more are in the pipeline, accounting for nearly 40 percent of expected demand.

However, the US policy landscape is shifting. The Inflation Reduction Act’s investment tax credit remains intact for storage, but now comes with stricter sourcing rules for both cells and systems.

That has triggered a rush to secure US-eligible supply, particularly for LFP. The number of announced LFP gigafactories jumped 61 percent between January and November of this year.

Much of that new capacity is being driven by Korean manufacturers such as LG Electronics (KRX:066570), SK Innovation (KRX:096770) and Samsung Electronics (KRX:005930,OTC Pink:SSNLF).

Even so, manufacturers still face a major challenge in qualifying for the Section 45X production tax credit as cathode and precursor supply remains heavily dependent on China.

“That is definitely the biggest pinch point right now for the energy storage sector,” Hughes said.

Electricity demand set to surge in the US

The storage boom is tied to a deeper structural shift: electricity demand is rising after 15 years of stagnation.

Since the 2008 financial crisis, US electricity demand has been “basically flat,” Hughes said, as a result of offshored manufacturing and limited grid investment. But that stagnation is ending as artificial intelligence (AI) data centers, electrified heating, electric vehicle adoption and reshored industrial capacity drive consumption sharply higher.

Benchmark now expects 20 to 30 percent growth in US electricity demand by 2030. That surge “has very strong implications for the grid, for energy security,” Hughes noted, and puts storage “at the center of that conversation.”

Large language models and AI hyperscalers are quickly becoming a dominant force. While data centers have existed for decades, the new generation requires far greater power — and, increasingly, on-site battery storage.

“These large projects are the ones that are going to be having high requirements for batteries” in the coming years, Hughes said, with the US positioned as the global epicenter of AI-driven load growth.

Beyond LFP: The next storage frontier

Looking ahead, chemistry innovation will shape how storage supports the grid at different durations.

LFP is expected to remain the clear winner in four hour applications, while sodium-ion compositions could emerge as a disruptor in the same range. Between four and 10 hours, LFP is increasingly pushing out technologies like flow batteries and sodium-sulfur batteries due to cost advantages. Beyond 10 hours, a new suite of technologies is still in development, with US companies particularly active in that long-duration space.

As Hughes concluded, the role of storage is only growing.

With electricity demand accelerating and policy tightening, battery systems have moved from a peripheral technology to a strategic necessity, and the global energy transition is quickly reshaping around them.

Investor Insight

Nevada Sunrise Metals offers investors exposure to gold exploration and critical metals in one of Nevada’s most active and highly prospective gold belts, supported by advanced AI-driven target generation and a proven technical team guiding multiple discovery-stage projects.

Overview

Nevada Sunrise Metals (TSXV:NEV,OTCP:NVSGF) is a Nevada-focused mineral exploration company with a portfolio of gold, copper and lithium projects. Nevada was ranked the second most attractive exploration district in the world in 2024, providing a strong foundation for the Company’s growth strategy.

At the center of its portfolio is the Griffon Gold Mine project, a past-producing gold asset located within the prolific Battle Mountain–Eureka Trend. Griffon hosts Carlin-type mineralization, produced 62,661 ounces of oxide gold from 1998 to 1999, and benefits from extensive historical drilling, favorable host stratigraphy and new target zones identified by VRIFY’s DORA A.I. predictive modeling. Ongoing geophysics and geochemical programs in 2025 will refine drill targets ahead of a drilling program planned for 2026.

Nevada Sunrise is also advancing the Coronado Copper Project, where it holds the right to earn a 100 percent interest. Coronado is positioned for a planned geophysical program supported by good access and favorable terrain. In addition, the Company owns three lithium exploration projects – Gemini West, Jackson Wash and Badlands – all located in the Lida Valley in Esmeralda County.

To drive discovery across this portfolio, Nevada Sunrise integrates historical data with advanced geophysics, modern geochemical methods, and AI-driven exploration tools. This technology-enhanced approach, combined with experienced leadership and a strong technical team, is central to the Company’s strategy for building shareholder value.

Company Highlights

• Flagship past-producing gold project in a Tier-1 jurisdiction: The Griffon Gold Mine project lies within Nevada’s prolific Battle Mountain–Eureka Trend, near producing mines and major gold developers.
• AI-powered exploration strategy: Nevada Sunrise is using VRIFY’s predictive modeling to identify high-priority drill targets, an emerging technology rarely applied in Nevada.
• Clear path to 2026 drilling: Soil, magnetic, IP/resistivity and CSAMT surveys in fall 2025 will feed into an updated AI model, enabling optimized drill targeting planned for 2026.
• Highly experienced management and geological team: Leadership includes executives and advisors with decades of exploration success across Nevada and globally.
• Diversified asset portfolio: Gold, copper and lithium assets create optionality across multiple mineral markets.
• Flagship past-producing gold project in a Tier-1 jurisdiction: The Griffon Gold Mine project lies within Nevada’s prolific Battle Mountain–Eureka Trend, near producing mines and major gold developers.
• AI-powered exploration strategy: Nevada Sunrise is using VRIFY’s predictive modeling to identify high-priority drill targets, an emerging technology rarely applied in Nevada.
• Clear path to 2026 drilling: Soil, magnetic, IP/resistivity and CSAMT surveys in fall 2025 will feed into an updated AI model, enabling optimized drill targeting planned for 2026.
• Highly experienced management and geological team: Leadership includes executives and advisors with decades of exploration success across Nevada and globally.
• Diversified asset portfolio: Gold, copper and lithium assets create optionality across multiple mineral markets.

Key Projects

Griffon Gold Mine Project

Discovery Ridge Pit, Griffon Gold Mine Project, White Pine County, Nevada

Located approximately 50 km southwest of Ely, Nevada, the Griffon Gold Mine project consists of 89 unpatented mineral claims totaling ~1,780 acres. The project is positioned within a 60 km segment of the Battle Mountain–Eureka Gold Belt, one of Nevada’s most productive precious metals trends.

Project Highlights:

• Past Production: Griffon was previously mined by Alta Gold (1998–1999) and produced 62,661 oz of oxide gold via heap leaching before its premature closure impacted by low gold prices (US$278/oz in 1999).
• Geological Setting: Stratigraphy includes Pilot Shale, Chainman Shale and Joana Limestone – formations typical of Carlin-type gold systems in the region. Historical drilling and multi-element geochemical soil sampling show multiple gold-bearing horizons and Carlin-type pathfinder elements (antimony, arsenic, mercury, thallium).
• AI-supported Target Generation: In March 2025, VRIFY was engaged to apply predictive modeling to the project. Results have identified new target zones, including those southwest of Hammer Ridge and the unmined Anvil Zone.
• Path to Drilling: Biological surveys are planned for late winter to spring 2026, after which successful drill permitting is expected. The Company anticipates drilling could commence in late Q2 or early Q3 2026, pending receipt of approvals.

Coronado Copper Project

The Coronado copper project is a VMS-style copper exploration property located in the Tobin–Sonoma Range of Pershing County, Nevada, approximately 48 km southeast of Winnemucca and adjacent to the historic Big Mike open-pit copper mine, which produced high-grade copper in the early 1970s. The project comprises 133 unpatented claims covering about 2,660 acres, and Nevada Sunrise holds the right to earn a 100 percent interest. Exploration to date includes airborne VTEM surveying, ground gravity surveying, soil gas hydrocarbon soil sampling, and historical drilling data, and the Company is now advancing new geophysical modeling to refine drill targets in this underexplored district.

Gemini West Lithium Project

The Gemini West lithium project represents the remaining western portion of Nevada Sunrise’s former Gemini lithium project land package in the Lida Valley, following the September 2025 sale of 223 core Gemini claims to Dome Rock Resources for US$800,000, with Nevada Sunrise retaining a 2.0 percent NSR royalty on future production and 26 unpatented claims immediately to the west of the Gemini lithium deposit. and. Positioned near the historic town of Gold Point in Esmeralda County, Gemini West continues to provide the Company exposure to lithium exploration upside in a highly prospective basin, complementing its fully-owned Jackson Wash and Badlands lithium projects.

Jackson Wash Lithium Project

The Jackson Wash lithium project is one of Nevada Sunrise’s 100-percent-owned lithium assets located in the Lida Valley of Esmeralda County, Nevada. The project, covering approximately 420 acres, has been advanced through earlier technical work, and is positioned within a highly prospective basin that also hosts the Company’s Gemini West and Badlands projects. Jackson Wash forms a core part of Nevada Sunrise’s long-term critical metals strategy.

Badlands Lithium Project

The Badlands lithium project, staked by Nevada Sunrise Metals in 2022, covers approximately 240 acres of unpatented claims in the Lida Valley, Esmeralda County, Nevada, situated about halfway between the company’s Gemini West and Jackson Wash lithium projects. Surface sampling in 2022 returned anomalous lithium values between 70 parts per million (ppm) and 165.8 ppm from outcrop, within flat-lying beds of volcanic ash, silt and gravel resembling playa-style sedimentary lithium systems.

Management Team

Warren W. Stanyer – President, CEO & Director

Warren Stanyer is a mineral exploration industry executive with over 29 years of experience in Canadian public company administration. He previously served as an officer of Pioneer Metals, which was acquired by Barrick Gold in 2006, and as an officer until 2007 of UEX Corporation (TSX:UEX). Stanyer was president, CEO and a director of Northern Continental Resources, when it was acquired by Hathor Exploration in November 2009. In recent years he has been an officer and director of Alpha Minerals, which was acquired by Fission Uranium in 2013, and ALX Resources Corp., which was acquired by Greenridge Exploration Inc. in 2024, where he currently serves as president and director (CSE:GXP).

Jonathan Fung – CFO

Jonathan Fung, CPA, provides accounting, financial reporting and regulatory compliance services to publicly listed and private companies. He obtained his Bachelor of Commerce (with Honours) degree in accounting from the University of British Columbia in 2013. Fung articled at D&H Group LLP Chartered Professional Accountants where he provided accounting, assurance and income taxation services to publicly listed and private companies. After working in assurance services at Ernst & Young LLP, he joined Treewalk Consulting in Vancouver from 2019 until 2024. He is a member of the Chartered Professional Accountants of British Columbia.

Christina Boddy – Corporate Secretary

Christina Boddy is an experienced Corporate Secretary and governance professional and has acted for more than 30 public and private companies over the past 18 years. Currently, Ms. Boddy serves as a consultant through Rhodanthe Corporate Services, a private company based in British Columbia. Her expertise lies in public governance and compliance, consistently ensuring adherence to regulatory frameworks and implementing best practices. Ms. Boddy obtained a Bachelor of Science degree in Biology from the University of Northern British Columbia and has completed the Canadian Securities Course.

Charles E. Roy – Director

Charles Roy earned a B.Sc. in geology from Acadia University, Nova Scotia in 1972. Early in his career, Roy was employed by the mining engineering and geological consulting firm of David S. Robertson and Associates and worked in Canada, the US and in Africa. In 1979, Roy joined a predecessor company of Cameco Corporation (TSX:CCO) as a project geologist, thus beginning a career with Cameco that would span 33 years. In 1988, he transferred to Cameco Gold and managed an exploration office in Reno, Nevada from 1991 to 1994. Roy returned to uranium exploration in 1994 and over the next 18 years managed exploration programs in the Athabasca Basin area of northern Canada. During this period Mr. Roy oversaw exploration teams that discovered and delineated seven significant uranium deposits, including Millennium.

Suraj P. Ahuja – Director

Suraj Ahuja is president and principal geological consultant of SKAN Consulting, based in West Vancouver. Ahuja has over 40 years of mineral exploration and management experience in Canada, the US and South America. Since 2001, he has provided consulting services to several major and junior exploration companies in Canada and overseas, and has designed, developed and managed successful mineral exploration programs from grassroots to detailed property evaluations, including mine geology and feasibility studies. Ahuja currently serves as a director of Atha Energy (TSXV:SASK).

Cory H. Kent – Director

Cory H. Kent has been a lawyer and partner at McMillan LLP since February 2003, practicing in the area of securities and corporate law with a focus on companies in the mineral resources industry. Kent has a LLB from the University of British Columbia and Bachelor of Arts from Carleton University.