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.

Chinese tech firms turn to local alternatives

At the same time, NVIDIA is facing a longer-term challenge: leading Chinese firms are beginning to lean more heavily on their own silicon. Alibaba and Baidu (NASDAQ:BIDU) have started using internally designed chips to train AI models, according to the Information, marking a shift away from exclusive reliance on NVIDIA hardware.

Alibaba has deployed its chips for smaller AI models since early this year, while Baidu is experimenting with training new versions of its Ernie AI model using its Kunlun P800 processor.

According to the report, three employees who have worked with Alibaba’s chip said that its performance is now competitive with NVIDIA’s H20, a sign of the rapid improvement in China’s homegrown designs.

Neither Alibaba nor Baidu responded to requests for comment from Reuters.

In response to the report, NVIDIA said: “The competition has undeniably arrived … We’ll continue to work to earn the trust and support of mainstream developers everywhere.”

Although most companies still rely on NVIDIA chips for their most advanced systems, Beijing has made clear that it wants its local firms to reduce dependence on foreign suppliers by adopting domestic alternatives where feasible.

Regulatory pressure from Beijing

Compounding NVIDIA’s difficulties, China’s market regulator has accused the US chipmaker of violating anti-monopoly laws. The watchdog did not specify what conduct was under investigation, but said it will continue its probe.

NVIDIA refuted the allegations, stating that it has complied with Chinese law “in all respects” and pledging to cooperate with “all relevant government agencies.”

The company has been under scrutiny in China since December, when regulators launched an initial inquiry seen as a countermeasure in the wider semiconductor standoff with Washington.

NVIDIA CEO Jensen Huang said late last month that discussions with the White House over licensing a less advanced version of its next-generation chip for China “will take time.”

Separately, the company has reportedly struck a deal with US President Donald Trump to exchange 15 percent of its China sales revenue from H20 chips in return for export approvals.

Investor Insight

Green Technology Metals aims to build Ontario’s first integrated lithium business, developing two mining hubs and a downstream conversion facility to supply North America’s fast-growing EV and battery industry. The company’s approach is straightforward: bring Seymour into production, secure the downstream footprint at Thunder Bay with EcoPro, and then layer in Root as a long-life second feed. The plan is underpinned by offtake agreements, government funding and a management team with direct experience building lithium mines.

Overview

Green Technology Metals (ASX:GT1) is building Ontario, Canada’s first integrated lithium business, anchored by three upstream assets and a planned downstream conversion facility. The portfolio consists of the flagship Seymour project, the large-scale Root lithium project, and the Junior exploration project, which together provide a clear pipeline of feed into a proposed lithium hydroxide facility in Thunder Bay, Ontario.

The company is actively leveraging Canadian policy support for critical minerals development and supporting a growing number of EV and battery manufacturers in Ontario. The province’s Building More Mines Act, alongside several federal programs, is creating a supportive funding environment for new projects. GT1 has already received conditional approval for C$5.5 million from the Critical Minerals Innovation Fund (CMIF) to support road and infrastructure upgrades at Seymour. In addition, the company has received a letter of intent for a C$100-million project financing support from Export Development Canada, and has pending applications with SIF/NRCan and CMIF Round 2, including a C$5-million submission tied to the Root project. These mechanisms substantially de-risk the financing path and provide tangible momentum toward development.

The strategy is being executed in three phases. First, Seymour will be brought into production with a concentrator based on a dense media separation flowsheet, taking advantage of coarse spodumene mineralogy and proven metallurgical performance. Second, GT1 will construct the Thunder Bay lithium conversion facility in partnership with EcoPro Innovation, replicating proven hydrometallurgical technology to produce battery-grade lithium hydroxide. Finally, Root will be developed as the company’s second, larger mining hub, designed to provide long-life scale and additional feed into the Thunder Bay facility.

Pilot processing of 600 kg of Seymour concentrate produced exceptional overall recoveries averaging >94 percent.

Strategic partnerships reinforce this integrated model. LG Energy Solution has secured a binding offtake for a portion of Seymour’s concentrate production and has invested directly into GT1, providing early validation of the project’s place in the EV supply chain. EcoPro Innovation, as the company’s technical partner on the Thunder Bay facility, has already piloted Seymour concentrate into high-purity lithium hydroxide.

Company Highlights

• Integrated strategy in Ontario: The Seymour and Root projects form the foundation for a vertically integrated lithium business, supported by a proposed lithium hydroxide plant in Thunder Bay, Ontario, with rail, port, power, gas and water access.
• Marketing and offtake secured: LG Energy Solution has a binding offtake for 25 percent of Seymour concentrate and has invested directly into the company, demonstrating strong downstream demand.
• Strategic process partner: EcoPro Innovation is co-developing the conversion facility. Pilot work has already produced battery-grade lithium hydroxide with high recoveries.
• Government backing: GT1 has secured conditional approval for significant funding programs, including C$5.5 million for road upgrades, a C$100 million project financing support LOI from EDC, and additional CMIF and SIF applications.
• Resource base: A combined inventory of over 30 Mt @ ~1.2 percent lithium oxide across Seymour and Root, providing both near-term production and long-life scale.
• By-product upside: Seymour hosts a significant rubidium resource in mica streams that could be recovered alongside lithium, creating an additional revenue line.

Key Projects

Seymour Lithium Project

The Seymour lithium project, near Armstrong, Ontario, contains a total resource of 10.3 million tonnes (Mt) @ 1.03 percent lithium oxide, including 6.1 Mt indicated @ 1.25 percent lithium oxide. Mineralization is hosted in the North and South Aubry pegmatites, which remain open along strike and at depth. An optimized preliminary economic assessment (PEA) demonstrated strong project economics based on a DMS-only concentrator producing 130 ktpa. Key numbers include a C1 cash cost of US$680/t, an after-tax NPV of US$251 million, an IRR of 33 percent, and a three-and-a-half-year payback.

The project benefits from existing road and rail access, low strip ratios, and simple metallurgy with coarse spodumene that responds well to dense medium separation (DMS). Mining leases were granted in August 2025, the environmental assessment submission has been lodged, and the closure plan is nearing completion.

An offtake agreement with LG Energy Solution secures sales for 25 percent of initial concentrate production. Seymour also includes a maiden rubidium resource (8.3 Mt @ 0.27 percent rubidium oxide, with a 3.4 Mt high-grade core at 0.40 percent), which can be recovered from mica streams already separated in the flow sheet, creating potential for a by-product circuit.

Thunder Bay Lithium Conversion Facility

GT1 and EcoPro Innovation are developing a lithium hydroxide monohydrate facility in Thunder Bay. The selected site is fully serviced with rail access, 44 kV power, municipal water and gas, and port facilities. The plant will replicate EcoPro’s operating hydromet trains, with two parallel ~13 ktpa back-end lines designed to scale with Seymour and Root concentrate supply.

Pilot-scale processing of 600 kg of Seymour concentrate at EcoPro’s Pohang facility achieved battery-grade lithium hydroxide, meeting downstream specifications with >94 percent overall recovery. This demonstration significantly de-risks the conversion step and supports ongoing financing discussions with Invest Ontario, SIF and EDC. The project is being advanced through PFS-level engineering, with permitting and JV structuring underway.

Root Lithium Project

Located in Northwestern Ontario, Root is GT1’s scale project, hosting 14.6 Mt @ 1.21 percent lithium oxide (10.0 Mt Indicated @ 1.32 percent). The April 2025 optimized PEA outlined a combined open-pit and underground mining scenario producing ~213 ktpa. The project carries a C1 cost of ~US$677/t, an after-tax NPV of US$668 million, an IRR of 53.5 percent, and a three-year payback.

Root enjoys outstanding infrastructure advantages: road and rail access, proximity to port, and most critically, grid hydro power delivered by the Watay transmission line, reducing both operating costs and upfront capex for power infrastructure. Drilling has confirmed stacked pegmatite bodies that remain open along strike and down dip, leaving scope for significant resource expansion. A bulk sample has been completed, with further testwork and pilot runs at EcoPro planned. Permitting is in its early stages, with a PFS targeted for 2026 and potential construction by late 2027.

Junior Lithium Project

The Junior project is located near Seymour and contains three drill-ready targets. Its proximity to the planned Seymour concentrator makes it a strategic satellite project, with the potential to extend Seymour’s mine life and provide incremental feed. Drilling is expected to test these targets in upcoming campaigns, potentially increasing the overall feed available for the Seymour hub.

Management Team

John Young – Non-executive Chairman

John Young co-founded Pilbara Minerals and played a key role in transforming it into a multi-billion-dollar lithium producer. His background as a geologist spans more than three decades, with significant contributions across discovery, development and financing of lithium and gold projects. At GT1, Young provides strategic oversight and proven operational expertise to scale a lithium developer into a fully integrated producer.

Cameron Henry – Managing Director

Cameron Henry was appointed managing director in June 2024, stepping up from his earlier role as executive director. A founder and substantial shareholder of GT1, Henry has over 20 years’ experience in minerals processing and project delivery. Prior to GT1, he built Primero Group into a respected global leader in lithium infrastructure EPC, successfully executing major projects in Australia and globally. His role is to drive Seymour into production and to lead the execution of the Thunder Bay downstream strategy.

Patrick Murphy – Non-executive Director

Patrick Murphy brings nearly two decades of experience in resource sector investment and deal-making. He has held senior positions at Macquarie and AMCI Group, with expertise in capital deployment, project financing and strategic partnerships. His presence on GT1’s board ensures strong connectivity to the financial community and a disciplined approach to structuring project funding.

Robin Longley – Non-executive Director

With more than 30 years of experience in exploration and project evaluation, Robin Longley is a seasoned geologist who has led successful exploration and development programs across lithium, gold and other critical minerals in Australia, Canada and Africa. His practical technical knowledge and management experience strengthen GT1’s ability to evaluate and expand its Ontario portfolio.

Han Seung Cho – Non-executive Director

Representing EcoPro Innovation, Han Seung Cho serves as a direct link between GT1 and its strategic partner on the Thunder Bay conversion facility. As general manager of EcoPro’s strategic business team, he brings decades of experience in lithium procurement, downstream offtake structuring, and project development for LHM plants. His position ensures that GT1’s downstream ambitions remain closely aligned with end-user requirements in the battery sector.

Bitcoin and Ethereum price update

Bitcoin (BTC) was priced at US$115,303, a 0.3 percent decrease in 24 hours. Its lowest valuation of the day was US$114,509, and its highest was US$115,549.

Bitcoin price performance, September 15, 2025.

Chart via TradingView.

CrypNuevo projects that Bitcoin may dip to US$112,000 to US$113,000 this week before presenting new swing long opportunities in altcoins like Chainlink and Ripple. Profit taking on Bitcoin longs is planned to start around US$119,200, anticipating market volatility and liquidity shifts around the US Federal Reserve’s meeting.

Ether (ETH) was priced at US$4,494.71, a decrease of 2.6 percent over the past 24 hours. Its lowest valuation on Monday was US$4,476.73, and its highest was US$4,538.16.

Altcoin price update

• Solana (SOL) was priced at US$232.85, a decrease of 4 percent over the last 24 hours. Its lowest valuation on Monday was US$230.63, and its highest level was US$236.56.

• XRP was trading for US$2.99, down by 1.4 percent in the past 24 hours, and at its lowest valuation of the day. Its highest value for Monday was US$3.03.

• SUI (Sui) was valued at US$3.49, down by 5.6 percent in the past 24 hours. Its lowest price point of the day was US$3.47, and its highest price was US$3.53.

• Cardano (ADA) was priced at US$0.8594, down by 3.3 percent over 24 hours. Its lowest valuation on Monday was US$0.8548, and its highest was US$0.8679.

Today’s crypto news to know

Bitcoin ETF inflows fuel bets on Q4 rally

Spot Bitcoin exchange-traded funds (ETFs) in the US have seen a staggering US$2.3 billion in inflows over the past week, a sign that institutional demand is surging just ahead of a critical Fed interest rate decision.

Traders widely expect the central bank to cut rates on Wednesday (September 17), a move that could boost risk assets across the board. Analysts say that Bitcoin, which has slipped nearly 8 percent since peaking at US$124,128 in August, may be poised for another leg higher if liquidity conditions ease.

“We’re only halfway through what could be a very powerful Q4 rally,” said Sean Dawson, head of research at Derive, who projects Bitcoin could reach US$140,000 by year end. Options data shows heavy positioning at US$140,000 to US$200,000 December calls, with some putting cycle tops as high as US$250,000 if flows persist.

PayPal plans crypto integration

PayPal (NASDAQ:PYPL) has introduced PayPal links, personalized one-time links generated within the PayPal app that can be shared via text, email or chat. According to the company, the move will make it more convenient for users to send digital currencies like Bitcoin, Ether and PYUSD to PayPal and its sister service, Venmo.

PayPal links will initially launch in the US, with plans to expand to the UK, Italy and other markets later this year.

Robinhood to launch venture fund for retail investors

Robinhood Markets (NASDAQ:HOOD) has filed with the US Securities and Exchange Commission to launch a venture fund accessible to retail investors, according to a Monday company announcement. The fund would offer exposure to startup and private company investments, opportunities typically restricted to institutions.

“For decades, wealthy people and institutions have invested in private companies while retail investors have been unfairly locked out. With Robinhood Ventures, everyday people will be able to invest in opportunities once reserved for the elite,” said Robinhood Chairman and CEO Vlad Tenev.

The announcement highlights the disparity in investment opportunities for retail and institutional investors, explaining that the fund, Robinhood Ventures Fund I (RVI), would address this by expanding access to the private market.

This initiative builds on Robinhood’s previous launch of private tokenized stocks in the EU, which allows US retail investors to participate in private markets and gain exposure to companies before they go public. RVI plans to invest long term in a focused portfolio of private companies across various sectors.

Base teases native token launch and Solana bridge

Coinbase Global’s (NASDAQ:COIN) Layer 2 blockchain, Base, teased the potential launch of a native token at its BaseCamp event, a major event for the network. While details have not been confirmed, the news hints at a possible governance or utility token to expand Base’s ecosystem and incentivize user participation.

“As we begin this exploration, we’re sharing this shift in philosophy early as part of our commitment to building in the open, but we have no definitive plans to share at this time,” the company said following the event.

During the announcement, Base also shared that an open-source bridge to connect Base and Solana is in progress; it would enable cross-chain interoperability between the two ecosystems. Base also discussed new tools to support developers and users, including Base Batches 002 to help transform projects from concept to launch, and a Base Build dashboard designed to help builders scale and monetize their work.

France threatens to block EU crypto license “passporting”

France’s financial regulator is raising the stakes in Europe’s battle over crypto oversight, warning it could block firms licensed in other EU countries from operating domestically. According to a Reuters exclusive, the Autorité des Marchés Financiers (AMF) says some companies are “shopping around” for jurisdictions with looser standards under the bloc’s new MiCA framework, then using those approvals to “passport” their services across the EU.

Alongside Italy and Austria, France is pressing for the European Securities and Markets Authority to take charge of supervising major crypto players. AMF Chief Marie-Anne Barbat-Layani described the potential rejection of EU licenses as an “atomic weapon” that Paris could wield if it sees regulatory gaps.

Analysts worry fragmented national approaches could undermine investor protection and financial stability.

Notably, exchanges like Coinbase and Gemini have already secured MiCA licenses in Luxembourg and Malta, raising questions about uneven enforcement across the bloc.

Ethereum Foundation pivots to privacy-first roadmap

The Ethereum Foundation, a non-profit organization that supports Ethereum and related technologies, has unveiled a new initiative to make privacy a default feature across the blockchain’s ecosystem.

Rebranding its Privacy & Scaling Explorations team as the “Privacy Stewards of Ethereum,” the foundation has laid out plans for private transfers, confidential DeFi and protected governance mechanisms within the next six months.

“Our vision is to make privacy on Ethereum the norm rather than the exception,” the group said in a statement, arguing that users and institutions will otherwise drift to centralized alternatives. The roadmap also extends beyond transactions, with proposals to embed privacy in wallets, identity tools, and data portability.

Co-founder Vitalik Buterin has long championed stronger safeguards. His recent comments about risks from artificial intelligence-driven data leakage have reinforced the urgency of integrating privacy at the protocol level.