Markets and commodities react

Canadian equity markets were largely down this week.

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

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

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

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

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

Top Canadian mining stocks this week

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

Stocks data for this article was retrieved at 4:00 p.m. EST on Friday using TradingView’s stock screener. Only companies trading on the TSX, TSXV and CSE with market caps greater than C$10 million are included. Mineral companies within the non-energy minerals, energy minerals, process industry and producer manufacturing sectors were considered.

1. Adex Mining (TSXV:ADE)

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

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

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

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

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

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

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

2. Southern Energy (TSXV:SOU)

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

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

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

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

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

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

3. Africa Energy (TSXV:AFE)

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

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

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

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

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

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

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

4. Gabriel Resources (TSXV:GBU)

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

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

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

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

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

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

The company did not release news in the past week.

5. Rio Silver (TSXV:RYO)

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

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

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

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

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

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

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

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

FAQs for Canadian mining stocks

How much does it cost to list on the TSXV?

There are a variety of different fees that companies must pay to list on the TSXV, and according to the exchange, they can vary based on the transaction’s nature and complexity. The listing fee alone will most likely cost between C$10,000 to C$70,000. Accounting and auditing fees could rack up between C$25,000 and C$100,000, while legal fees are expected to be over C$75,000 and an underwriters’ commission may hit up to 12 percent.

The exchange lists a handful of other fees and expenses companies can expect, including but not limited to security commission and transfer agency fees, investor relations costs and director and officer liability insurance.

These are all just for the initial listing, of course. There are ongoing expenses once companies are trading, such as sustaining fees and additional listing fees, plus the costs associated with filing regular reports.

How do you trade on the TSXV?

Investors can trade on the TSXV the way they would trade stocks on any exchange. This means they can use a stock broker or an individual investment account to buy and sell shares of TSXV-listed companies during the exchange’s trading hours.

Continued attacks halt gulf trade

Meanwhile, supply disruptions are intensifying across the Middle East. Shipping data shows tanker traffic through the Strait of Hormuz has dropped dramatically, falling from about 40 vessels per day earlier this year to virtually none in recent days.

Hundreds of oil and gas carriers are now anchored outside the waterway waiting for the security situation to stabilize.

Attacks on commercial shipping have added to the uncertainty. A tanker anchored near Kuwait reported a large explosion on its port side earlier this week. The vessel reportedly suffered a cargo tank leak, although the crew was unharmed.

Other incidents have also been reported. At least nine vessels have come under attack since the conflict began, including tankers targeted by drones and explosive boats in Gulf waters.

Onshore energy infrastructure has also been affected. Several refineries in the region have cut operations or temporarily halted production, while Iraq reportedly reduced oil output by nearly 1.5 million barrels per day after storage capacity filled up when tankers were unable to load cargo.

Liquefied natural gas markets are also facing additional pressure after QatarEnergy halted production earlier this week and declared force majeure on exports. The state-owned firm is one of the world’s largest LNG suppliers, responsible for roughly 20 percent of global shipments.

European natural gas prices have surged in response, rising roughly 50 percent this week amid concerns that supply disruptions could tighten global markets heading into next winter’s storage season.

Despite the escalating crisis, global equity markets have shown signs of stabilizing. Asian stock markets rebounded Thursday after heavy losses earlier in the week, with South Korea’s KOSPI jumping nearly 10 percent and Japan’s Nikkei 225 (INDEXNIKKEI:NI225) gaining about 1.9 percent.

Governments are also scrambling to stabilize shipping lanes. US President Donald Trump said Washington would offer political risk insurance for tankers attempting to pass through the Strait of Hormuz and indicated that U.S. naval forces could escort commercial vessels if necessary.

Insurance markets are also evaluating potential coverage frameworks for ships willing to transit the area, according to Lloyd’s of London.

“The implications for the global economy will depend largely on the duration and severity of the crisis. The real GDP of major advanced and emerging economies is far less dependent on oil than during past crises,’ Marc-Antoine Dumont, Senior Economist at Desjardins, and Randall Bartlett, Deputy Chief Economist, commented.

‘That said, Asia and China remain more exposed to the consequences of a prolonged disruption in Middle Eastern oil supply. On one hand, the US is now a net exporter of petroleum products, and a sustained increase in prices could even have positive spillovers for investment in the resource sector, which has struggled in recent years.”

Ottawa’s vision shapes Canadian mining strategy

Hodgson’s federal investment remarks followed an address delivered on Sunday (March 1) by Claude Guay, parliamentary secretary to the minister, during PDAC’s opening ceremonies.

He underscored that Ottawa sees critical minerals as much more than commodities.

“Critical minerals are not just important, they’re foundational. They are the backbone of the clean energy transition and increasingly essential to our national security,’ Guay told the audience.

“In a time of geopolitical tension, accelerating climate ambition and growing competition for strategic resources, Canada is acting decisively,” he continued. “Not only in what we extract, but in how we build, process, refine, recycle and deliver value across the entire supply chain.”

Guay framed the current moment as a structural shift: “Canada and the world are entering a new era. An era where critical minerals have become a strategic asset — where energy security, economic competitiveness and industrial sovereignty are inseparable from how we develop and manage our natural resources.”

Canada, he argued, is uniquely positioned. It hosts roughly 170 advanced-stage mineral projects, more than half of which are expected to come online in the coming years, spanning rare earths, lithium, copper and graphite.

Combined with a stable governance framework and environmental standards, that resource base gives Canada a “privileged position at home and abroad.”

“Canada is not just rich in resources,” Guay said. “Canada is rich in trust and reliability.”

But Ottawa’s strategy goes beyond extraction. The federal government is pushing to build end-to-end value chains, turning raw materials into processed inputs and advanced products within Canada.

“Our approach is not simply about digging minerals out of the ground,” he said. “It’s about creating good jobs, strengthening rural and northern communities and supporting our industrial and national security needs.”

Critical minerals are now explicitly tied to defense, artificial intelligence and advanced manufacturing, he added. “Their availability is a matter of sovereignty as much as prosperity.”

A key pillar of that strategy is Canada’s Major Projects Office (MPO), established to streamline approvals and coordinate federal decision making on large-scale developments.

Since its creation, Guay said, more than C$116 billion worth of nation-building projects have been referred to the office, including several aimed at advancing critical minerals supply chains.

“These projects will accelerate and anchor Canada’s copper, nickel and tungsten supply chains — minerals fundamental not only to clean technology, but also to defense systems, aerospace and telecommunications,” he said.

Guay stressed that while the MPO aims to provide greater certainty for investors, it will do so while upholding Indigenous rights and strong environmental standards.

The federal government’s 2026 budget further reinforces that direction. Guay noted that the spending plan, recently approved in parliament, introduced a new Critical Minerals Sovereign Fund, which is designed to mobilize private capital and provide anchor investments for strategic projects.

“The goal is simple,” he said. “Provide the certainty needed to get projects over the line.”

As mentioned, the First and Last Mile Fund is also now in action with the aim of closing infrastructure gaps that often stall mining developments, ensuring minerals can reach processors, manufacturers and export markets.

In addition, the government has expanded eligibility for the Critical Mineral Exploration Tax Credit to include 12 further minerals deemed essential for defense, semiconductor and energy technologies.

“Together, these measures serve one clear objective: building more at home than anyone, anywhere else,” Guay said.

Aside from that, he emphasized the importance of alliances.

Canada is working with partners under initiatives such as the Critical Minerals Production Alliance and within the G7 framework to strengthen supply chains and reduce overreliance on dominant producers.

“We are in a context where materials are too often controlled by a few actors, some better than others,” Guay said. “Canada stands ready to be a reliable partner.”

Domestic collaboration

At the center of the federal vision, he said, is reconciliation with Indigenous peoples.

More than 500 Indigenous mining agreements are currently active across the country, formalizing long-term community benefits and social license arrangements.

Indigenous groups are increasingly participating as equity partners and co-managers in resource and infrastructure projects, supported by federal programs, including C$80 million through the Indigenous Natural Resources Partnerships Program, C$13.5 million under a critical minerals infrastructure grants stream and up to C$10 billion in loan guarantees through the Indigenous Loan Guarantee Program.

“This is economic partnership and reconciliation in action,” Guay said.

Guay underscored the global implications of the conversations and deals that happen at PDAC.

“What happens in these rooms does not stay in these rooms,” he said. “These conversations will shape supply chains, energy systems and economic resilience on every continent.”

For Canada, the objective is clear.

“As a strong sovereign country that has chosen to transform its mineral wealth into a strategic national asset, Canada has what the world wants,” Guay said. “We stand ready to lead, ready to partner and ready for business.”

“We are not only preparing for this new global era,” he added. “We are shaping it.”