Canadian Mining Stocks Rally This Week: Which 5 Caught Investors' Eyes?

TSX, TSXV, and CSE exchanges saw a mixed but intriguing performance this week, with some mining stocks delivering triple-digit returns while broader indices remained largely flat. Here’s what moved the market and which companies capitalized on the momentum.

Central Banks Set Divergent Paths

The Bank of Canada held rates steady at 2.25 percent on December 10, while south of the border, the US Federal Reserve cut by 25 basis points to the 3.5-3.75 percent range. This policy divergence had ripple effects: precious metals surged, with gold climbing 2.44 percent to US$4,299.86 per ounce and silver posting a stunning 6.12 percent gain to touch an all-time high of US$64.65 per ounce (before settling at US$61.95). Base metals like copper took a step back, declining 1.46 percent to US$5.37 per pound.

The yield backdrop proved favorable for gold and silver explorers, though rate uncertainty kept base metal traders cautious.

Index Snapshot: Where’s the Action?

The S&P/TSX Composite barely budged (up 0.1%), and the Venture Composite similarly held steady (up 0.17%). But the real fireworks came from the CSE, which spiked 15.63 percent following buzz around cannabis rescheduling. This volatility underscores how niche sectors—and mining is one of them—can decouple from broader market trends on event-driven catalysts.

Five Mining Stocks That Delivered This Week

1. Sirios Resources (TSXV:SOI) – Up 120%

Gold explorer Sirios Resources catapulted 120 percent, vaulting to a C$48.26 million valuation. The catalyst? A transformative acquisition announced December 11: merging with private company OVI Mining to create a Quebec-focused gold powerhouse centered on the flagship Cheechoo deposit.

Cheechoo’s December 2024 resource estimate (from an August 2025 technical report) showed impressive scale: 1.26 million ounces of indicated gold at 1.12 g/t, plus 1.67 million ounces of inferred gold at 1.23 g/t. Meanwhile, Sirios’ Aquilon property—backed by a strategic earn-in agreement with Sumitomo Metal Mining—just posted drill results including 10.3 g/t gold over 1 meter, signaling exploration upside.

The combined entity now boasts board involvement from Osisko Development and O3 Mining leadership, bringing mine development credibility alongside grassroots exploration pedigree.

2. PJX Resources (TSXV:PJX) – Up 82.35%

This British Columbia explorer soared on Thursday’s discovery announcement. PJX revealed a large sedimentary-exhalative mineralized system at its Dewdney Trail property, with drilling intersecting 63 meters of multi-metal anomalism (zinc, lead, silver, and other critical minerals). Even more compelling: surface samples 800 meters away assayed 546 g/t silver, 32.3 percent lead, and 4.89 percent zinc—rare grades for early-stage properties.

The Sullivan mine, once the region’s giant, produced over 285 million ounces of silver and 8.5 million metric tons of lead. PJX’s 50,000+ hectare land package positions it as a legitimate district-scale explorer in this proven metallurgical district.

3. Eco Atlantic Oil & Gas (TSXV:EOG) – Up 78.38%

Though primarily an oil and gas outfit, Eco Atlantic jumped on a significant farm-in deal announced December 4. Navitas Petroleum will pay US$2 million upfront to earn an 80 percent stake in Eco’s Orinduik block off Guyana (plus additional cash payments), and take 47.5 percent of Block 1 in South Africa. Navitas also becomes operator, reducing execution risk for Eco shareholders.

Guyana oil assets—particularly alongside ExxonMobil’s prolific operations—carry strategic value in current energy markets.

4. Karnalyte Resources (TSX:KRN) – Up 65.63%

The potash specialist’s C$265 million project gained momentum following an updated feasibility study released November 26. The Wynyard potash project in Saskatchewan now pencils out with an after-tax NPV of C$2.04 billion, 12.5 percent IRR, and an astounding 70-year mine life.

Critically, Karnalyte secured an offtake agreement with India’s GFSC (350,000 metric tons annually in Phase 1), de-risking market assumptions. As agricultural commodity prices stabilize and fertilizer demand holds firm in emerging markets, potash projects like this deserve closer attention—especially in jurisdictions with lower geopolitical risk than competitors.

5. Triumph Gold (TSXV:TIG) – Up 64.56%

This Yukon and Utah explorer closed a C$1.94 million private placement on November 27, signaling management conviction. Triumph’s Freegold Mountain flagship hosts gold, silver, copper, molybdenum, lead, and zinc deposits—a polymetallic profile that hedges commodity concentration risk.

Recent work has refined exploration focus via geochemical surveys and geological mapping, pinpointing new targets that could unlock value within the existing land package.

The Broader Context

What ties these winners together? Discovery catalysts, strategic partnerships, and macro tailwinds. The Fed’s rate cut softened the US dollar, boosting precious metal valuations globally—a classic setup for gold and silver explorers. Meanwhile, industrial metals and specialty commodities (potash, lithium spodumene concentrate price benchmarks) reflect supply constraints and emerging market demand growth.

Canadian mining equities remain highly leveraged to macro sentiment, but disciplined operators with real assets—not just speculation—continue to attract capital when sentiment turns positive.

The week underscores a timeless truth: in mining, timing meets geology. These five captured both.