
June 24, 2024
Metals Australia Ltd (“Metals Australia”, or “the Company”) continues to advance its flagship high- grade flake-graphite development project in the Tier 1 mining district of Quebec, Canada.
- Project Name change to Lac Carheil Graphite project: Metals Australia is changing the name of its graphite project to Lac Carheil Graphite Project to better align the projects proximity with its closest and most significant geographical feature (Figure 1). The existing project Mineral Resource1 is located on the Carheil Trend, east of Hydro Quebec’s high voltage powerline corridor (315 kV) which bisects the claims owned by the Company. The current resource is a considerable distance from Lac Rainy and much closer to Lac Carheil. The primary objective of the name change is to avoid confusion among all stakeholders (see Figure 2).
- Metals Australia has submitted a new Impact Exploration Assessment (IEA) to the Quebec Ministry of Natural Resources and Forestry (MRNF), following consultation with all stakeholders. The application recognises changes that came into effect from May 6th this year. An application must satisfy the conditions set out in the new regulations and contain questions, requests and comments from local authorities and indigenous communities concerned as well as exploration attributes and delineation of the areas proposed. Metals Australia believes that all Impact concerns raised for a short duration drilling program have been addressed.
- Further contract awards signed. Metals Australia has signed a contract with Lonestar Technical Minerals (LSTM) for the completion of its marketing and pricing strategy as part the overall pre-feasibility (PFS) assessment. This study will investigate the optimum flake-graphite product mix and market opportunities, based on its unique chemical characteristics and flake-size distribution. Graphite is designated as a Critical Mineral in countries such as the USA, Canada, and Australia – given its wide- ranging applications, including as the key anode material in battery energy storage.
- Advancing further detailed proposal reviews for key elements of the project. Significant additional work program scopes are under evaluation, with detailed proposals received and more anticipated. These include Mineral Resource Estimation and Mining Design scopes, which will follow the resource expansion and definition drilling program. Environmental and Social Impact Assessment (ESIA) studies will also be carried out – including baseline environmental studies and ongoing monitoring of the project area. Professional service agreements to support strategic advisory and community engagement programs will also be implemented.
- Progressing previously announced study contracts – Laboratory test work with SGS laboratories is underway, investigating key elements of the design for the Flake Graphite Concentrate Plant, including planned design elements focused on lowering environmental risks associated with long term deposition of tailings. PFS design work with Lycopodium Minerals, Canada is also advancing. Commitments with ANZAPLAN in Germany for downstream design work and location studies are scheduled and will commence when the required sample material has been generated by the SGS test program.
Figure 1: Lac Carheil Graphite Project location, Lac Carheil, Mining Communities, Mining operations, Position of Hydro Quebec 315 KV powerline and proposed new route of main highway (389) to Fermont.
Project Name change to Lac Carheil Graphite project.
Metals Australia has changed the name of the Graphite project to Lac Carheil Graphite Project, as the project’s existing Mineral Resource (13.3 Mt @ 11.5% Graphitic Carbon (Cg) including Indicated of 9.6Mt @ 13.1% Cg & Inferred 3.7Mt @ 7.3% Cg)1 is relatively close to Lac Carheil and a considerable distance from Lac Rainy. Communications have frequently referenced the Carheil trend as the graphite trend on which the current resource exists. The use of Lac Rainy as a project reference has created confusion with stakeholders, given its position to temporarily suspended exploration areas (Figure 2). Figure 2 shows the position of the project resource and lake locations. Also shown are exclusion areas that form part of an Aquatic reserve associated with the Moisie River and its key tributaries, which is approximately 35km south of our current resource. Areas shown in orange have been designated as mining incompatible, while purple areas are under temporary suspension.
Click here for the full ASX Release
This article includes content from Metals Australia Ltd, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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The Conversation (0)
02 July
Metals Australia
Investor Insight
Metals Australia offers investors exposure to a rapidly advancing, high-grade graphite development project in Quebec with near-term growth catalysts, backed by strong government support, battery-grade test results, and a diversified portfolio of critical, precious and base minerals assets in tier-1 jurisdictions.
Overview
Metals Australia (ASX:MLS) is a mineral exploration company with a high-quality portfolio of advanced battery minerals and metals projects in tier-1 mining jurisdictions of Western Australia and Canada. The portfolio comprises two critical minerals projects in Quebec, Canada – the Lac Carheil flake graphite project and the Corvette River gold, silver and base metals project. The Australian portfolio comprises two projects: Warrego East (copper-gold) in Tennant Creek, Northern Territory, and Manindi (vanadium-titanium, zinc) in Western Australia.
The push for net zero targets and the call from policymakers to transition to cleaner energy has intensified the focus on electric vehicles (EVs) and battery storage. EV automakers and battery manufacturers rely on essential materials such as graphite and metals, including lithium, nickel, copper and cobalt, to manufacture the batteries that are used in these vehicles and storage batteries generally. This has driven carmakers and battery manufacturers to partner with battery material suppliers under direct off-take agreements. Further, some automakers/battery manufacturers are buying equity stakes in miners, involving them directly in financing decisions for the development of mining projects. This is encouraging for companies such as Metals Australia as it actively advances its projects towards development.
Graphite is a critical mineral required for the mass electrification of auto transportation.
Metals Australia is focused on progressing its flagship Lac Carheil flake graphite project in Quebec, Canada. The project is well-positioned to supply high quality graphite products, including battery-grade graphite, to the North American market – including for lithium-ion and EV battery production in the future. The company has completed a major winter drill program and is targeting a mineral resource upgrade in Q3 2025, with the updated resource to feed into the ongoing PFS and downstream studies.
Metallurgical work has demonstrated battery-grade spherical graphite (99.96 percent graphitic carbon) with high conversion efficiency and tap density. Downstream battery-grade purification and shaping test work is underway in Germany with ANZAPLAN.
Metals Australia is also advancing its gold silver and base metals exploration project at Corvette River, which is adjacent to Patriot Battery Metals’ world-class lithium project. Work to date has included mapping, trenching and sampling, with further drilling programs planned for 2025.
The company continues its exploration programs at its other Australian projects: Manindi (vanadium-titanium-magnetite) and Warrego East (copper-gold).
Company Highlights
- Metals Australia is rapidly advancing its flagship Lac Carheil graphite project in Quebec, Canada.
- The company holds a high-quality suite of exploration projects, including:
- gold, silver and base metals in Quebec
- vanadium, titanium and magnetite (VTM) in Western Australia (WA) – beside an already declared zinc-copper and silver mineral resource and copper-gold in the Northern Territory (NT)
- All projects are located in tier-1 mining jurisdictions (Canada and Australia) with world-class prospectivity and stable geopolitics.
- The company’s four key projects include: Lac Carheil (graphite); Corvette River (gold, silver and base metals); Manindi (vanadium-titanium-iron + zinc-copper-silver) in WA; Warrego East in the NT (copper-gold)
- A 9,482 meters winter drilling program was completed at Lac Carheil in early 2025, increasing total drilling to ~11,800 meters.
- The program added more than 4,000 m of graphitic carbon drill intercepts to the 840 m used to define the initial mineral resource.
- Graphite mineralisation has now been confirmed to be over 2.3 km of strike length, up from 1 km, on just one of 10 mapped trends.
- A mineral resource estimate (MRE) update is expected in Q3 2025 to expand the existing JORC 2012 mineral resource of 13.3 Mt @ 11.5 percent Cg, and to support an expanded mine plan.
- Only 6 percent of 36 km mapped graphite trends have been drilled to date.
- Battery-grade graphite testing confirmed:
- 99.96 percent Cg purity
- 65.3 percent battery anode conversion efficiency
- 0.97 kg/L tap density
- A pre-feasibility study (PFS) is progressing with Lycopodium, and ANZAPLAN is advancing downstream test work for a battery anode material (BAM) facility.
- A C$600,000 grant awarded to Lac Carheil from the Quebec government to support pilot metallurgy and downstream studies.
- Exploration also continues across the Corvette River, Manindi, Warrego East Projects.
- Metals Australia is led by a seasoned board and management team with extensive mining experience and a strong track record of project development.
Key Projects
Canada
Lac Carheil Flake Graphite Project (MLS 100 percent)
The 100 percent owned Lac Carheil graphite project is located in eastern Quebec, a tier-1 mining jurisdiction with strong infrastructure and government support. The project lies near the town of Fermont and has excellent access to power and logistics, including proximity to the upgraded Highway 389, nearby hydropower infrastructure, and an expanding provincial road network.
Project location, claims boundaries, graphite resource & trends, regional magnetics & sample results
The current JORC 2012 mineral resource is 13.3 Mt 11.5 percent total graphitic carbon (Cg) for 1.53 Mt of contained graphite, based on limited drilling along just 1 km of a much larger 36 km mapped trend. The resource includes an indicated resource of 9.6 Mt @ 13.1 percent Cg, and inferred resource: 3.7 Mt @ 7.3 percent Cg.
A major 9,482-meter winter diamond drilling program was completed in early 2025, increasing total project drilling to ~11,800 meters. The program defined a new southeast extension zone with multiple intersections >15 percent Cg and demonstrated graphite continuity over 2.3 km of strike length, more than double the previous extent.
The results from this drilling campaign are being incorporated into an updated mineral resource estimate, expected in Q3 2025, which will underpin the next stage of project development.
Metallurgical and battery test work has confirmed Lac Carheil’s graphite is suitable for battery-grade applications, with:
- Flotation concentrate purity of 97 percent Cg
- Spherical graphite purity of 99.96 percent Cg
- Tap density of 0.97 kg/L
- Anode conversion efficiency of 65.3 percent, exceeding global industry averages
A PFS is being led by Lycopodium Minerals Canada and is progressing in parallel with downstream battery anode (BAM) test work led by ANZAPLAN in Germany, a location study for a BAM facility, likely in Canada, and marketing and pricing assessments in collaboration with Lone Star Technical Minerals.
The project is uniquely positioned to meet North America’s surging demand for secure, domestic graphite supply, especially for EV and energy storage battery markets. It represents a strategic, high-grade, long-life source of critical material, with potential for vertical integration from mine to battery anode material.
Corvette River Gold, Silver and Base Metals Project (MLS 100 percent)
MLS’s Corvette River Project Area’s – Felicie in the northeast, West and East Eade prospects to the south of the Corvette River, 2024 & prior sample result highlights, regional geology - including greenstone belts
The Corvette River gold, silver and base metals project is located in Quebec’s James Bay region. Corvette River comprises multiple prospects including East Eade, West Eade and Felicie. The 2024 program confirmed high-grade gold and base metal zones, with trench samples of up to 29.7 g/t gold. Field programs are ongoing, with follow-up work planned in 2025.
Australian Projects
Manindi Project (MLS 80 percent)
Located in the Murchison District of Western Australia, the Manindi project includes a JORC-compliant zinc-copper-silver resource of 1.08 Mt at 6.52 percent zinc, 0.26 percent copper and 3.19 g/t silver. The project also hosts a high-grade vanadium-titanium-iron (Ti-V-Fe) discovery zone situated adjacent to the base metals resource.
Recent metallurgical test work from the Ti-V-Fe zone has produced two commercially attractive concentrates: a high-grade iron-vanadium product grading 66 percent Fe and 1.19 percent V₂O₅, and a titanium-iron product grading 43.8 percent TiO₂ and 32.0 percent Fe. The combined mass recovery from the two products exceeded 65 percent of the sample, and both products displayed low impurity levels and strong commercial potential. Further processing optimization is underway to enhance the TiO₂ grade.
The mineralised Ti-V-Fe zone remains open at depth and along strike and is hosted within a 2 km-long magnetic gabbro trend. A program of work is being finalised to support drilling to define a mineral resource within the original discovery and to test four newly identified nearby targets. These complements renewed interest in the zinc-copper-silver resource due to stronger base metal prices.
Warrego East Project (MLS 80 percent)
The Warrego East copper-gold project is located in the Tennant Creek region of the Northern Territory, near the historically significant Warrego Mine. The exploration license (E32725) is fully granted, and the mining management plan has been approved. Land access agreements have also been finalised.
Geophysical surveys have defined 11 compelling magnetic and gravity targets along a known mineralised corridor. These targets lie within a prospective structural setting that hosts several high-grade historical deposits. A field program is being prepared for execution following the wet season, alongside three additional tenement applications that aim to expand the project footprint.
Management Team
Paul Ferguson – Chief Executive Officer
A mining engineer, Paul Ferguson has over three decades of experience in the resources and energy sectors across North America, Asia and Australia. He has extensive project development and operational experience working in Canada. He has worked in oil & gas major ExxonMobil across project stages, including feasibility, design, construction, and operation. He has worked in executive level roles within Australia, including at GMA Garnet and held increasingly more senior roles with BHP (Iron Ore & Coking Coal) and then with Exxon Coal Minerals and Mobil Oil Australia during the early stages of his career.
Tanya Newby – CFO and Joint Company Secretary
Tanya Newby is a finance and governance professional with over 20 years’ experience in various corporate and commercial roles. She has a strong background in the resources sector and has provided financial advice and assistance to several publicly listed entities through exploration, project development through to the production stage. She is a member of the Institute of Chartered Accountants, member of the Governance Institute of Australia and a graduate member of the Institute of Company Directors.
Michael Muhling – Joint Company Secretary
Michael Muhling has over two decades of experience in resources, including 15 years in senior roles with ASX-listed companies. He is a fellow of CPA Australia, The Chartered Governance Institute, and the Governance Institute of Australia.
Chris Ramsay – General Manager Geology
Chris Ramsay is a geologist and project manager with over 25 years of experience in the global mining industry. He has been involved in exploration, mine development and operations for mining projects in Australasia, Southeast Asia, and parts of Africa and North America.
Board
Michael Scivolo – Non-executive Chairman
Michael Scivolo has extensive accounting and taxation experience for corporate and non-corporate entities. He was a partner/director at a CPA firm until 2011 and has since been consulting in accounting and taxation. Scivolo is on the boards of several ASX-listed mining companies, including Sabre Resources, Golden Deeps and Tennant Minerals Ltd.
Alexander Biggs – Non-executive Director
Alexander Biggs has over 20 years of experience in the mining and engineering sectors. During his career, he has been involved in various activities, including operations, consulting, finance and capital raising. He is currently the managing director of Lightning Minerals (ASX) and was previously the managing director of Critical Resources (ASX: CRR). Biggs is a member of the Australian Institute of Mining and Metallurgy and a graduate of the Western Australian School of Mines.
Rachelle Domansky – Non-executive Director
Rachelle Domansky is an ESG specialist and a consulting psychologist for businesses, governments and educational institutions in the Asia-Pacific region. In addition to Metals Australia, Domansky holds non-executive board positions at Larvotto Resources Ltd and Quebec Lithium.
Basil Conti – Non-executive Director
Basil Conti has been associated with the mining industry for over 25 years. He is a fellow of the Institute of Chartered Accountants Australia & NZ and was a partner/director of a chartered accounting firm in West Perth until 2015.
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High-quality graphite project with accelerated development pathway and outstanding portfolio of exploration properties, highly prospective for gold and copper in the Northern Territory, vanadium, titanium, iron, zinc, copper and silver in WA – and gold, silver and base metals in addition to graphite in Quebec, Canada.
10 September
Battery Anode Material Refinery - Design & Location Update
18 August
Graphite Resource Expansion Sets Project up a s World-Class
29 July
Quarterly Activities/Appendix 5B Cash Flow Report
17 July
Lac Carheil MRE to Benefit from Exceptional Assay Results
25 June
Drilling of N.T. Copper-Gold Targets Set to Begin
10 September
Corporate Presentation
Blencowe Resources Plc (LSE: BRES), advancing the large-scale, high-quality Orom-Cross graphite project in Uganda, is pleased to release its latest corporate presentation, offering a detailed update on the Project's development and upcoming milestones.
Presentation Highlights:
· Definitive Feasibility Study (DFS) near completion, targeted for Q4 2025
· PFS delivered post-tax NPV8 of US$482M and 49% IRR8 with economics expected to be materially upgraded in the upcoming DFS
· Strategic partnership with the US Development Finance Corporation (DFC), which has provided US$5M non-dilutive grant funding for the DFS
· Offtake agreements signed that cover the full Phase One production.
· Downstream value-add strategy to purify graphite to battery grade within Uganda underway
· Targeting first production by end-2026, with plans to scale up from 10,000 tonnes to 175,000 tonnes production of concentrate
· Strong ESG credentials, including 100% hydropower, net-zero mine strategy, and EU-linked offtake via Project SAFELOOP
The full presentation is available on the Company's website:
https://blencoweresourcesplc.com/wp-content/uploads/2025/09/Blencowe-Presentation-Sept-2025.pdf
Blencowe's CEO Mike Ralston commented:
"Orom-Cross is building strong momentum as we approach DFS completion. Ahead of the study's conclusion, we expect the first in a series of assay results from our recent successful infill drilling campaign, which will underpin a material resource upgrade and considerably enhance project economics."
"Together with our strategic partnerships, our established infrastructure at site and our strong ESG credentials, we are positioning Orom-Cross to enter the financing phase as a significantly de-risked and globally competitive graphite project."
For further information please contact:
Blencowe Resources Plc Sam Quinn (London Director) | info@blencoweresourcesplc.com +44 (0)1624 681 250 |
Investor Enquiries Sasha Sethi | Tel: +44 (0) 7891 677 441 sasha@flowcomms.com |
Tavira Securities Jonathan Evans | Tel: +44 (0)20 3192 1733 jonathan.evans@tavirasecurities.com |
Twitter https://twitter.com/BlencoweRes
LinkedIn https://www.linkedin.com/company/72382491/admin/
Background
Orom-Cross Graphite Project
Orom-Cross is a potential world class graphite project both by size and end-product quality, with a high component of more valuable larger coarse flakes within the deposit.
A 21-year Mining Licence for the project was issued by the Ugandan Government in 2019 following extensive historical work on the deposit. Blencowe has already completed a successful Pre-Feasibility Study on the Project and is now within the final stage of the Definitive Feasibility Study phase as it drives towards first production.
Orom-Cross presents as a large, shallow open-pitable deposit, with an initial JORC Indicated & Inferred Mineral Resource of 24.5Mt @ 6.0% TGC (Total Graphite Content). This Resource has been defined from only ~2% of the total tenement area which presents considerable upside potential ahead.
Development of the resource is expected to benefit from a low strip ratio and free dig operations together with abundant inexpensive hydro-electric power off the national grid, thereby ensuring low operating costs. With all major infrastructure available at or near to site the capital costs will also be relatively low in comparison to most graphite peers.
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05 September
Québec Communities Vote "No" to La Loutre Graphite Mine
Residents in five Western Québec municipalities of have overwhelmingly rejected a proposed open-pit graphite mine, with 95 percent voting against the La Loutre project in a referendum.
Nearly 3,000 ballots were cast on Sunday (August 31) across Duhamel, Lac-des-Plages, Lac-Simon, Chénéville and Saint-Émile-de-Suffolk. Of those, 2,754 citizens voted against the asset, while only 115 were in favor.
The organizers say the result leaves no room for ambiguity about local opposition.
Located near Lac Bélanger, roughly 80 kilometers northeast of Gatineau, La Loutre is owned by Lomiko Metals (TSXV:LMR,OTCQB:LMRMF), which says it is a potential source of graphite for electric vehicle batteries.
China is the world's largest producer of graphite by far, and countries around the world are looking to lock down supply of the material. In 2024, Lomiko received a US$8.35 million grant from the US Department of Defense, as well as C$4.9 million from Natural Resources Canada, as the countries looked to strengthen North America's supply chain.
But for many locals, the referendum on La Loutre was not about global supply chains, but about protecting the lakes, forests and tourism-driven economy that sustain the Petite-Nation region.
Duhamel Mayor David Pharand, long opposed to the mine, said the scale of the rejection will shape what comes next.
“I can assure the population that the percentage of the results of this referendum will have a major impact on the decision of the government and the action that will be taken,” Pharand told CBC. “We will work based on those numbers with our political, federal, and provincial members of parliament to see that this project is not funded.”
Provincial officials struck a similar tone. Papineau MRC prefect Paul-André David said in a statement that the results reflect widespread environmental concerns and will guide the region’s stance in discussions with Québec City:
“The MRC will have to take the necessary measures to protect the interests of the community, by demanding that governments ensure that the sustainable management of water, air and landscapes is at the heart of discussions."
Mathieu Lacombe, the Coalition Avenir Québec member of Québec’s National Assembly for Papineau, called the outcome “unequivocal” and pledged in a Facebook post to “ensure that the will of citizens is respected.”
Premier François Legault has repeatedly said in recent years that “if there is no social acceptability, there will be no mining activity,” a promise the Coalition du NON is now urging him to uphold.
Coalition presses for government action
The referendum was organized with support from the Alliance des municipalités Petite-Nation Nord and spearheaded by local business and land-use groups under the banner of the Coalition du NON.
The coalition is demanding that both provincial and federal governments move quickly to halt the project and declare the territory incompatible with mining activity. Louis St-Hilaire, president of the Petite-Nation Lake Protection Group and co-spokesperson for the coalition, said the result represents a clear directive.
“Through this referendum, citizens have shown that mining is clearly not what they want for their region and that they will continue to oppose it. Mr. Legault, the public is now asking you, in the public interest, to revoke Lomiko Metals’ mining rights in this area,” St-Hilaire said.
Lomiko acknowledges challenge of social license
Lomiko received permits from the Québec government to begin a 250 metric ton bulk sample at La Loutre on July 1, also saying in the update that it was in a permitting phase to start geotechnical site investigations.
In a statement to CBC on Tuesday (September 2), the company acknowledged the referendum outcome, while stressing that “the many outstanding questions will become clearer as it carries out additional studies.”
Last year, Lomiko expressed disappointment after Québec’s government declined to fund the project, saying the province appeared to be drawing “pre-emptive conclusions” before technical assessments were completed.
Local leaders say the onus is now squarely on provincial and federal authorities to respect the verdict.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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22 August
Top 5 Canadian Mining Stocks This Week: StrategX Jumps 64 Percent on Fundraising
Welcome to the Investing News Network's weekly look at the best-performing Canadian mining stocks on the TSX, TSXV and CSE, starting with a round-up of Canadian and US news impacting the resource sector.
Statistics Canada released July’s consumer price index (CPI) data on Tuesday (August 19). The figures show that inflation decelerated that month, posting a 1.7 percent year-on-year gain, down from the 1.9 percent recorded in June.
The most significant contributor to the fall was a 16.1 percent decline in gasoline prices from the same period last year.
Excluding the lower costs at the pumps, CPI remained steady at 2.5 percent, the same increase as May and June.
The national reporting agency released June’s mineral production survey on Wednesday (August 20).
The data indicates that production and shipments increased across the board, with copper production rising to 39.17 million kilograms, gold rising to 16,935 kilograms and silver increasing to 29,081 kilograms.
For shipments, copper increased to 45.96 million kilograms from 34.38 million kilograms, gold shipments rose to 18,554 kilograms from 16,725 kilograms, and silver jumped to 31,391 kilograms from 27,614 kilograms.
On Thursday (August 21), Canadian Prime Minister Mark Carney had a phone call with US President Donald Trump. Although the prime minister's office has provided few details, the two leaders reportedly had a “productive and wide-ranging conversation” about the current trade dispute, as well as economic and security relations.
Carney and Trump are expected to speak again soon.
South of the border, US Federal Reserve Chair Jerome Powell gave his speech at the Jackson Hole Economic Policy Symposium on Friday (August 22). In his remarks, he said that the Fed's dual mandate goal is in balance, with the labor market remaining near maximum employment, while inflation has eased from post-pandemic highs.
However, he also said that “a shifting balance of risks may warrant adjusting our policy stance,” hinting at a near-term cut to the Fed’s benchmark interest rate. Expectations are high for a 25 basis point cut in September.
Markets and commodities react
Canadian equity markets were positive this week. The S&P/TSX Composite Index (INDEXTSI:OSPTX) was in record territory, closing the week up 1.44 percent to set at another all-time high of 28,333.13. The S&P/TSX Venture Composite Index (INDEXTSI:JX) did even better, climbing 2.45 percent to finish Friday at 803.61. The CSE Composite Index (CSE:CSECOMP) slumped mid-week, but recovered on Friday to post a slight gain of 0.48 percent to 158.82.
US equity markets were mixed this week, but strong gains on Friday following Powell’s comments kept them in record-high territory. The S&P 500 (INDEXSP:INX) was up 1.52 percent on Friday, but down by 0.16 percent over the past five days to 6,466.92, while the Nasdaq 100 (INDEXNASDAQ:NDX) rose 1.51 percent on Friday, but sank 1.33 percent on the week to 23,497.83 on Wednesday. Meanwhile, the Dow Jones Industrial Average (INDEXDJX:.DJI) was the sole weekly gainer, rising 1.89 percent on Friday and 1.04 percent on the week to post a new record high of 45,631.73.
The gold price was largely flat this week, but also surged on Friday after Powell hinted at a near-term rate cut, rising 1.11 percent on the week to hit US$3,373.21 per ounce by 4:00 p.m. EDT on Friday.
Silver saw similar movements, but ended the week with a larger gain of 2.62 percent to US$38.90 per ounce.
Copper saw little change again this week, posting a 0.22 percent decrease to US$4.52 per pound. The S&P GSCI (INDEXSP:SPGSCI) commodities index posted an increase of 1.92 percent by close on Friday, finishing at 545.11.
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. StrategX Elements (CSE:STGX)
Weekly gain: 63.64 percent
Market cap: C$11.57 million
Share price: C$0.18
StrategX Elements is advancing a portfolio of projects in the Northwest Territories and Nunavut, Canada.
Its most recent focus has been its Nagvaak project in Nunavut, which hosts a 6 kilometer mineralized zone with deposits of nickel, vanadium, cobalt, copper, silver and platinum-group metals.
On March 3, the company discovered a wide zone of high-grade graphite mineralization at Nagvaak, with one assay returning an average of 15 percent graphitic carbon over 32 meters, including an intersection of 22 percent graphitic carbon over 17 meters. StrategX said the hole also returned encouraging concentrations of other minerals, including nickel, copper and silver, supporting potential for a multi-mineral system.
The most recent news from the project came on July 30, when the company announced it was in the process of mobilizing for a 2025 drill program intended to delineate and validate the discoveries.
On Tuesday, the company completed a non-brokered private placement for 3.71 million shares, raising gross proceeds of C$296,960. It announced the placement on August 7 and said the funds would be used for general working capital.
2. Max Resource (TSXV:MAX)
Weekly gain: 62.5 percent
Market cap: C$12.59 million
Share price: C$0.065
Max Resource is an explorer working to advance a portfolio of projects in Colombia.
The company's Sierra Azul property is a district-scale copper and silver project consisting of 20 mining concessions covering an area of 188 square kilometers in Northeastern Colombia.
The asset is covered by a May 2024 earn-in agreement with Freeport-McMoRan (NYSE:FCX), in which Freeport can receive up to an 80 percent stake by funding of C$50 million over 10 years. The site hosts multiple target areas with high-grade copper and silver mineralization, including a 20 kilometer red-bed-style copper system at the AM district.
Max also owns the Florália hematite direct-shipping ore iron project, located in the Minas Gerais region. The company completed the acquisition of the property in October 2024 from Jaguar Mining (TSX:JAG,OTCQX:JAGGF) for total cash consideration of US$1 million and 4 million performance share units, contingent upon reaching certain milestones. The site hosts hematite deposits with grades of over 60 percent iron. Max intends to use a direct-shipping ore process to mine, crush and screen the ore before exporting the material directly to steel mills.
The company’s most recent announcement came this past Tuesday, when it secured the right to acquire the Mora title, which lies adjacent to Aris Mining's (TSX:ARIS,NYSEAMERICAN:ARMN) Marmato mine. The property hosts 40 historic workings with five active mines, with reserves with grades of 3.2 grams per metric ton (g/t) gold from 31.3 million metric tons and a resource of 9 million ounces of gold grading 3 g/t from 61.5 million metric tons.
3. Maple Gold Mines (TSXV:MGM)
Weekly gain: 50 percent
Market cap: C$45.6 million
Share price: C$0.105
Maple Gold Mines is a gold exploration company focused on the advancement of its Douay and Joutel projects, located in the Abitibi greenstone belt in Québec, Canada.
The Douay project covers an area of 357 square kilometers. In a 2022 technical report, the company said the site hosts an indicated resource of 511,000 ounces of gold from 10 million metric tons with an average grade of 1.59 g/t gold; it has an additional inferred resource of 2.53 million ounces from 76.7 million metric tons at 1.02 g/t.
Joutel is located directly south of Douay. The company announced on May 5 that it had staked an additional 128 mining claims, bringing the total land area at the property to 111 square kilometers from the original 39. The site hosts Agnico Eagle Mines' (TSX:AEM,NYSE:AEM) past-producing Eagle-Telbel gold mine, which operated from 1974 to 1993. To date, the company has used 250,000 meters of historic drill results to create 3D models to aid in current exploration efforts.
The most recent news from Maple came on Wednesday, when it announced a C$5 million non-brokered private placement led by strategic investor Michael Gentile. Additionally, the company reported that Agnico Eagle has indicated it intends to participate in the offering to maintain its pro rata ownership interest in Maple Gold.
The release also states that Marc Legault and Chris Adams have been appointed to the board of directors.
4. Capitan Silver (TSXV:CAPT)
Weekly gain: 40.45 percent
Market cap: C$113.2 million
Share price: C$1.25
Capitan Silver is an explorer focused on advancing silver and gold projects in Durango, Mexico.
The company’s flagship asset is the 100 percent owned Cruz de Plata project in the heart of Mexico’s historic Penoles Mining District. The region is known for hosting significant silver mineralization and historic mining.
The Cruz de Plata project encompasses two historic silver mines — Jesus Maria and San Rafael — and the El Capitan oxide gold prospect, all within a 22.9 square kilometer land package.
To date, the company has completed 86 diamond drill holes totaling over 11,550 meters.
A 2020 technical report demonstrates an inferred resource of 16.99 million ounces of contained silver and 331,000 ounces of contained gold from 28.3 million metric tons of ore with grades of 18.7 g/t silver and 0.36 g/t gold.
The most recent news from Capitan came on Friday, when it announced it has executed a definitive agreement to acquire a strategic land package at its Cruz de Plata property from Fresnillo (LSE:FRES,OTC Pink:FNLPF) for total cash consideration of US$4 million. The transaction was initially announced in June.
The new parcel consists of seven mineral concessions covering 2,171.4 hectares. It increases Capitan's total holdings in the area by 85 percent and the surface expression of the silver and gold trend by 1.2 kilometers to the east.
5. District Metals (TSXV:DMX)
Weekly gain: 36.9 percent
Market cap: C$163.98 million
Share price: C$1.15
District Metals is a uranium exploration company focused on advancing a portfolio of assets in Sweden.
Its flagship Viken property covers an area of 38,657 hectares in Jämtland County, and in addition to uranium hosts mineral deposits of vanadium, molybdenum, nickel, copper and zinc.
On June 13, District filed a technical report for the project’s updated resource estimate. It shows an indicated resource of 176 million pounds of U3O8 from 456 million metric tons of ore with a grade of 175 parts per million (ppm) U3O8 and an inferred resource of 1.54 billion pounds of U3O8 from 4.3 billion metric tons with a grade of 161 ppm.
The company has also been advancing its Tomtebo-Stollberg zinc project in South-Central Sweden. The project is part of an October 2023 definitive agreement in which Boliden (STO:BOL) can earn an 85 percent interest in the property by spending C$10 million over four years and District can earn a 15 percent stake in Boliden’s Stollberg property.
Tomtebo covers an area of 5,144 hectares and hosts the historic Tomtebo and Lovas mines, while Stollberg covers an area of 5,180 hectares and is located near Boliden’s Garpengerg mine.
The most recent update from Tomtebo came on July 29, when District released assays from a five hole, 2,485 meter drill program conducted between February and April. One highlighted drill hole recorded multiple zones of silver and base metals mineralization, including 88 g/t silver, 3 percent zinc and 1.9 percent lead over 7.85 meters.
The company has not released any news since.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
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18 August
Graphite Market Update: H1 2025 in Review
Oversupply and trade concerns were the most impactful factors in the graphite market in H1.
Prices for graphite fell by 10 to 20 percent in 2024, as noted in an International Energy Agency report, and heading into 2025 the sector was expected to see continued divergence between China and ex-China regions.
Analysts anticipated that domestic Chinese prices would remain low, while US and European benchmarks were expected to climb as supply shifted away from China and created tighter markets.
As the year began, China’s market dominance came into focus as the US launched an investigation into the security of numerous supply chains, including anodes, which are a key end use for graphite.
While those and other factors pressured graphite prices in the first half of the year, analysts aren't ruling out a moderate recovery in H2 as inventories normalize, though competition from synthetic graphite could limit gains.
Graphite prices hit multi-year lows
Caught in the crosshairs of tariff troubles between US and China, Fastmarkets reported in May that Chinese natural graphite flake prices were at their lowest level since it started reporting on that product in 2018.
In January, the US Department of Commerce officially launched anti-dumping and countervailing duty investigations into imports of active anode material from China. The probes were designed to address concerns that Chinese producers were unfairly undercutting domestic manufacturers through subsidized or dumped pricing.
The move came after petitions filed by the American Active Anode Material Producers in December 2024.
“The new antidumping and countervailing duty investigation on active anode imports from China demonstrates that the anode production is the most challenging part of the battery supply chain for the US to compete with China,” wrote Fastmarkets research analyst Georgi Georgiev in a February report.
“The existing 25 percent tariff has had limited impact on anode imports from China, demonstrating that currently Chinese anode makers remain the cornerstone of global anode supply chains," he added.
In May, the commerce department issued an affirmative preliminary finding in its countervailing duty probe, identifying subsidy rates as high as 721.03 percent for some producers, while others faced rates of 6.55 percent. A July preliminary determination confirmed dumping, and a provisional 93.5 percent duty was imposed.
If both the commerce department and the US International Trade Commission deliver final affirmative decisions, steep duties could be imposed as soon as this fall and remain in place for at least five years.
Ex-China graphite supply increasingly key
Although graphite mine supply is experiencing growth, rising from 2020’s 966,000 metric tons to 1,600,000 metric tons in 2024, concerns abound about future supply of the key battery metal.
“Rare earth elements appear to be sufficiently supplied in 2035 based on the project pipeline. However, supply concentration for rare earths and graphite remains a key vulnerability,” an International Energy Agency (IEA) report reads. Graphite demand is seen doubling between now and 2040, driven by an uptick in electric vehicle (EV) demand.
To ensure ample supply, the IEA recommends broad growth outside of China up and down the supply chain.
“Diversification is the watchword for energy security, but the critical minerals world has moved in the opposite direction in recent years, particularly in refining and processing. Between 2020 and 2024, growth in refined material production was heavily concentrated among the leading suppliers,” the organization's report explains.
Refining capacity for critical minerals has become increasingly concentrated, with graphite among the most affected. By 2024, the top three refining nations controlled an average of 86 percent of global output for key energy minerals, up from about 82 percent in 2020. In graphite’s case, China dominates the sector, accounting for nearly all recent supply growth, a trend mirrored by Indonesia in nickel and China again in cobalt and rare earths.
Despite China’s stranglehold on the market, the IEA sees that weakening over the next decade.
“There is some diversification emerging in the mining of lithium, graphite and rare earth elements. The share of mined lithium supply from the top three producers is set to fall below 70 percent by 2035, down from over 75 percent in 2024,” the IEA states. “Graphite and rare earth elements also see some improvement as new mining suppliers emerge over the next decade — Madagascar and Mozambique for graphite and Australia for rare earths.”
While mine supply diversification is a positive first step, growth in refinement and processing capacity is unlikely to see the same ex-China growth trends. The IEA expects refining capacity for critical minerals to remain heavily concentrated well into the next decade, with graphite among the most tightly controlled.
Although some diversification is emerging for lithium and select minerals, China’s dominance shows little sign of waning. By 2035, the country is projected to supply roughly 80 percent of the world’s battery-grade graphite, alongside similar market shares in rare earths, and more than 60 percent of refined lithium and cobalt.
Tariff battle shakes anode supply chain
To counter China’s control, the US is moving aggressively to curb reliance on Chinese graphite anodes, which account for more than 95 percent of global anode output. Since June 2024, tariffs on Chinese synthetic graphite anodes have risen from zero to 160 percent — including the existing 25 percent Section 301 tariff and additional levies.
North American producers have petitioned for duties as high as 920 percent.
Chinese producers initially absorbed much of the cost of early tariffs, but analysts expect they will pass more of the recent increases on to buyers. US automakers and battery makers are bracing for higher costs, with trade data showing that all US graphite anode imports for the EV sector came from China in 2024.
China has responded with its own 84 percent import tariff on US petroleum coke and needle coke.
While China has reduced reliance on US supply, it still sources about 30 percent of each from American producers, meaning higher costs for Chinese synthetic graphite and downstream anode products.
“US EV and battery producers have battled in recent years to keep US imports of graphite anodes from China tariff-free, but their efforts have proved futile over the past nine months and the trade status of graphite anodes has shifted dramatically,” Amy Bennett, Fastmarkets' principal consultant of metals and mining, wrote in May.
Graphite supply-side fragility
Global demand for battery-grade graphite is projected to surge by 600 percent over the next decade as the energy transition and EV adoption accelerate. However, at today’s depressed prices, developing new supply outside China remains economically unviable — a challenge that’s fueling a looming supply crunch.
The US, which mines no graphite, was entirely dependent on imports to meet domestic demand in 2024, according to the US Geological Survey, leaving it and other non-China markets in a vulnerable position.
History offers a cautionary precedent: in 2010, rare earths prices spiked tenfold after China restricted exports.
Should a similar disruption hit lithium, nickel or graphite, prices could surge five to 10 times, pushing average global battery pack costs up by 20 to 50 percent, the IEA warns.
Such a jump would erode EV affordability, slow adoption and threaten the pace of the clean energy transition.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
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15 August
Top 5 Canadian Mining Stocks This Week: Focus Graphite Rises Over 90 Percent
Welcome to the Investing News Network's weekly look at the best-performing Canadian mining stocks on the TSX, TSXV and CSE, starting with a round-up of Canadian and US news impacting the resource sector.
On Friday (August 15), Statistics Canada released wholesale trade data for June. The release indicates that sales increased 0.7 percent to C$84.7 billion for the month, with four of seven sectors reporting gains.
The increases were led by the food, beverage and tobacco sector, which increased 1.7 percent to C$15.6 billion, and on a provincial level by Québec, which reported 1.9 percent higher sales at C$15.3 billion. Sales also increased in the mineral, ore and precious metals subsector, rising to C$1.02 billion in June from C$750.84 million recorded in May.
Despite the increases, Statistics Canada notes that more than a third of all businesses questioned said Canada-US trade have tensions affected them, and that sales have been negatively impacted in all seven subsectors.
In the US, the Bureau of Labor Statistics released July consumer price index (CPI) data on Tuesday (August 12). It shows that the all-items index increased 0.2 percent month-on-month, a slight deceleration from the 0.3 percent gain in June.
Core CPI, which excludes the volatile food and energy segments, rose by 0.3 percent in July versus 0.2 percent recorded the previous month. On an annualized basis, the all-items CPI remained steady with an increase of 2.7 percent, but posted a more significant 3.1 percent gain when the food and energy categories were excluded.
On Friday, US President Donald Trump was scheduled to meet with Russian President Vladimir Putin in Alaska, US, for talks to de-escalate the war between Russia and Ukraine. Ukrainian President Volodymyr Zelenskyy was excluded from Friday’s summit, but Trump has said he hopes the meeting will lead to further talks that will include Ukraine.
The two nations have been at war since Russia invaded Ukraine in February 2022. Russia is seeking to retain the territory it has held since near the beginning of the war, while Ukraine says the original borders should be maintained.
Markets and commodities react
In Canada, equity markets were mixed this week.
The S&P/TSX Composite Index (INDEXTSI:OSPTX) was in record territory, closing Wednesday (August 13) at an all-time high of 27,993.43, but it had slipped by Friday to close the week up 0.41 percent at 27,905.49.
The S&P/TSX Venture Composite Index (INDEXTSI:JX) was flat, posting a slight loss of 0.12 percent to 790.77. The CSE Composite Index (CSE:CSECOMP) had another strong week, gaining 3.58 percent to 156.87.
US equity markets rebounded this week and finished near all-time highs.
The S&P 500 (INDEXSP:INX) set a new record on Thursday (August 14), closing at 6,468.53, but slipped to register a 1.49 percent gain on the week to 6,449.79. The Nasdaq 100 (INDEXNASDAQ:NDX) also set a new record of 23,849.04 on Wednesday, but fell in the last two days of trading, recording a weekly gain of 1.08 percent to 23,712.07.
Meanwhile, the Dow Jones Industrial Average (INDEXDJX:.DJI) was above 45,000 points for the first time since December 2024, but failed to achieve a new record. It posted a 2.01 percent gain to finish the week at 44,946.13.
The gold price slumped this week following clarification from the White House that imports of 1 kilogram and 100 ounce gold bars from Switzerland will not face tariffs. Gold had fallen 1.81 percent by 4:00 p.m. EDT on Friday to reach US$3,338.36 per ounce. Silver also retraced this week, losing 0.7 percent to hit US$37.97 per ounce.
Copper saw little change this week, posting a 0.44 percent gain to US$4.54 per pound. The S&P GSCI (INDEXSP:SPGSCI) commodities index posted a slight decline of 0.8 percent by close on Friday, finishing at 545.59.
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.
Stock 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. Focus Graphite (TSXV:FMS)
Weekly gain: 94.44 percent
Market cap: C$25.18 million
Share price: C$0.35
Focus Graphite is working to advance its Lac Knife and Lac Tétépisca projects in Québec, Canada.
Lac Knife covers 3,248 hectares in Eastern Québec. An April 2023 updated feasibility study outlines an after-tax net present value of C$284.8 million with an internal rate of return of 22.57 percent and a payback period of 3.38 years. Lac Knife is expected to produce 50,000 metric tons (MT) of graphite concentrate annually over a mine life of 27 years.
For its part, Lac Tétépisca spans 6,629 hectares in Central Québec. An April 2022 technical report shows an indicated resource of 59.3 million MT grading 10.61 percent graphitic carbon for 6.3 million MT of in-situ natural flake graphite. The inferred category stands at 14.8 million MT grading 11.06 percent graphitic carbon for 1.6 million MT.
On Wednesday (August 13), Focus resumed work on the environmental and social impact assessment for Lac Knife. In total, it has to complete 16 technical reports as required by the province to advance to the construction phase. Focus previously halted work due to funding delays, but now expects the reports to be complete in early 2026.
The firm is also moving forward with geochemical analysis of over 1,000 samples collected from 2022 exploration drilling at Lac Tétépisca. It will use the results to finalize a resource estimate, which it expects to deliver this fall.
This week's news comes after Focus said on August 8 that it had closed a non-brokered private placement for C$891,000. Funds will be used to maintain existing operations and for general capital.
2. Libra Energy Materials (CSE:LIBR)
Weekly gain: 56.67 percent
Market cap: C$13 million
Share price: C$0.235
Libra Energy Materials is a lithium-focused exploration company that is currently working to advance its Flanders North, Flanders South and Soules Bay-Caron (SBC) projects in Ontario, Canada.
The properties are part of a November 2024 earn-in agreement with KoBold Metals. Libra can earn a 75 percent stake by incurring C$33 million in exploration expenditures across the properties over the next six years.
Flanders North and South cover 40,000 hectares, and initial surveys in 2023 revealed hundreds of pegmatites, with surface exposures of up to 200 meters in width and grab samples of up to 2.86 percent lithium oxide.
SBC covers an area of 15,000 hectares and is located near Pickle Lake, Ontario. Exploration work carried out at the property in June 2024 earned the company the Bernie Schnieders Discovery of the Year Award. The discovery included several spodumene-bearing pegmatites with widths of up to 30 meters, and spodumene grades of 15 to 25 percent across SBC. During the program, the company collected 184 grab samples with up to 6.64 percent lithium oxide.
Shares of Libra gained this week, but the company did not release any news.
3. Q-Gold Resources (TSXV:QGR)
Weekly gain: 50 percent
Market cap: C$10.48 million
Share price: C$0.18
Q-Gold Resources is a gold explorer focused on the acquisition of the Quartz Mountain project in Oregon, US. On April 3, it entered into a definitive agreement with Alamos Gold (TSX:AGI,NYSE:AGI) to acquire the property.
The measured and indicated gold resource for Quartz Mountain, which spans 2,000 hectares, comes in at 339,000 ounces at an average grade of 0.87 grams per MT (g/t) from 12.16 million MT of ore; its inferred resource stands at of 1.15 million ounces with an average grade of 0.91 g/t from 39.21 million MT ore.
Q-Gold's latest news came on August 8. It said company representatives intend to visit the project site for the first time. They expect to conduct sampling of select diamond drill cores and verify the current status of all claims at the project.
4. Glenstar Minerals (CSE:GSTR)
Weekly gain: 49.12 percent
Market cap: C$17.58 million
Share price: C$0.85
Glenstar Minerals is an exploration company working to advance projects in Nevada, US.
Its Green Monster property consists of 35 lode claims and covers 700 acres southwest of Las Vegas. The property hosts nickel, copper, cobalt and zinc mineralization, and has mine workings dating back to the late 1800s.
The most recent update from the property came this past Wednesday, when Glenstar announced that it will switch the focus of its Phase 2 drill program to extension drilling following the discovery of a new polymetallic zone. The drilling will be centered on a high-grade zinc occurrence with grades above 30 percent and assay results of up to 177 parts per million (ppm) silver, 523 ppm nickel, 91.9 ppm cobalt and copper of 0.36 percent.
The company also owns the Wildhorse property in Southern Nevada. The early stage project has had limited exploration, but assays from a sampling program were released on July 23. In that announcement, Glenstar said four grab samples from the Coca Cola zone returned copper grades of 1.6 percent, 5.3 percent, 2.3 percent and 5.1 percent, with an average of 21.6 ppm silver, 156 ppm bismuth and 72.5 ppm tungsten.
Four samples were also collected from the Highland zone, which returned average grades of 0.16 percent copper, 1.23 percent zinc, 1.98 percent lead and 43 ppm silver.
5. Sterling Metals (TSXV:SAG)
Weekly gain: 47.69 percent
Market cap: C$13.3 million
Share price: C$0.48
Sterling Metals is an exploration company working to advance a trio of projects in Canada. Over the past year, its primary focus has been on exploration at its brownfield Soo copper project in Ontario. The 25,000 hectare property has hosted two past-producing copper mines and has the potential for larger intrusion-related copper mineralization.
On January 15, Sterling announced results from a 3D induced-polarization and resistivity survey that covered an area of 5 kilometers by 3 kilometers and revealed multiple high-priority drill-ready targets.
The company intends to use the survey results, along with historical exploration, to inform a drill program at the site.
The company’s other two projects are Adeline, a 297 square kilometer district-scale property with sediment-hosted copper and silver mineralization along 44 kilometers of strike, and Sail Pond, a silver, copper, lead and zinc project that hosts a 16 kilometer long linear soil anomaly and has seen 16,000 meters of drilling.
Both properties are located in Newfoundland and Labrador.
The most recent news from the company came on August 7, when Sterling reported that it had commenced Phase 2 drilling at Soo. The 3,000 to 5,000 meter program is designed to test areas defined through the Phase 1 program, as well as historic drill data and geophysical interpretations.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
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13 August
Top 3 Canadian Graphite Stocks of 2025
Graphite prices have experienced volatility recently due to bottlenecks in demand for electric vehicles.
One major factor experts are watching right now is the trade war between China and the US.
China introduced export restrictions on certain graphite products on December 1, 2023, making it a requirement for Chinese exporters to apply for special permits to ship the material to global markets. In July 2024, the Trump administration in the US announced it would raise tariffs on battery-grade graphite imports from China to 93.5 percent.
Another trend shaping the graphite market in 2025 has been increasing substitution of natural graphite with synthetic in battery anode production; this comes in response to Chinese exports restrictions and US tariffs on natural graphite.
This has led to much lower prices for natural graphite, and against that backdrop, many Canadian graphite stocks have trended down. However, several graphite-focused companies have seen strong performances this year.
Below is a look at the year’s best-performing graphite stocks on the TSXV and CSE; TSX companies were considered, but none made the cut this time. Data was obtained on July 29, 2025, using TradingView’s stock screener, and all companies listed had market caps above C$10 million at that time. Read on to learn more about their work this year.
1. HydroGraph Clean Power (CSE:HG)
Year-to-date gain: 384.21 percent
Market cap: C$282.81 million
Share price: C$0.99
HydroGraph Clean Power produces cost-effective, high-purity graphene, hydrogen and other strategic nanomaterials.
Graphene, a pure carbon material extracted from graphite, has myriad potential applications in industries such as transport, solar cells, medicine, electronics, energy, defense and desalination.
HydroGraph has an exclusive license from Kansas State University to produce graphene and hydrogen via the organization's patented detonation process. While lower-purity graphene is typically produced using natural graphite, HydroGraph's patented process produces 99.8 percent pure carbon content graphene using acetylene and oxygen.
Much of HydroGraph's news flow in 2025 has centered on strategic partnerships.
Results from a research study conducted with Arizona State University were released in January, demonstrating that the company’s HydroGraph’s Fractal Graphene is well suited for ultra-high-performance concretes and 3D-printed structures. In February, HydroGraph announced a technical collaboration with an unnamed global leader in synthetic fiber manufacturing to assess the potential of its graphene technology in high-performance fiber applications.
The following month, HydroGraph shared the launch of a line of advanced graphene dispersions developed in collaboration with battery materials and testing services company NEI. The products have the potential to be used to produce high-performance electrodes for use in energy storage solutions.
The company signed a letter of intent in April that could lead to a leading North American industrial gas supplier providing it with access to large volumes of high-purity acetylene. This is an essential material in HydroGraph's patented detonation synthesis process. Acquiring this feedstock will help the firm advance its plans to build a new graphene production facility in Texas with the capacity to produce over 350 metric tons of graphene annually.
HydroGraph launched its Compounding Partner Program in July with the goal of attaining commercial-scale production of its high-performance Fractal Graphene in thermoplastics. According to the company, initial certified partners are testing new formulations in the automotive and packaging sectors.
After trading in a range of C$0.22 to C$0.35 for much of the year, shares of HydroGraph jumped nearly 300 percent in a matter of days to reach a year-to-date high of C$0.99 on July 29.
2. Black Swan Graphene (TSXV:SWAN)
Year-to-date gain: 107.35 percent
Market cap: C$60.02 million
Share price: C$1.41
Black Swan Graphene describes itself as an emerging powerhouse in the bulk graphene business.
The company is a spinout of Mason Resources (TSXV:LLG,OTCQB:MGPHF), which owns the Uatnan graphite project in Québec and holds a 39 percent stake in Black Swan. Graphite from Uatnan is used to supply Black Swan.
UK-based global chemicals manufacturer Thomas Swan & Co. holds a 15 percent interest in Black Swan, and brings a portfolio of patents and intellectual property related to graphene production. Through this partnership, Black Swan is building out a fully integrated supply chain of mine-to-graphene products.
Black Swan's share price traded sideways for much of the year before benefiting greatly from a summer surge. Shares of Black Swan reached their highest year-to-date price of C$1.52 on July 23.
This followed a series of positive news items concerning progress on increasing commercial output. On June 3, Black Swan announced the installation of an additional production unit at its operational facility in the UK. It is working to more than triple its annual production capacity from 40 metric tons of high-quality graphene to 140 metric tons.
Later in the month, the company signed a non-exclusive distribution and sales agreement with Indian specialty materials and polymers supplier METCO Resources. The agreement will allow METCO to “distribute and promote Black Swan’s graphene nanoplatelets and GEM advanced masterbatch products to customers across India’s industrial, packaging, automotive, and construction sectors,” as per a press release.
Black Swan made another key announcement in the following month. On July 9, the market learned the company had secured a US patent for its breakthrough continuous graphene production process.
3. Focus Graphite Advanced Materials (TSXV:FMS)
Year-to-date gain: 100 percent
Market cap: C$12.26 million
Share price: C$0.135
Focus Graphite Advanced Materials is both a graphite miner and a battery technology company. Its wholly owned flagship Lac Knife high-grade crystalline flake graphite project is located in Northeastern Québec.
With a completed feasibility study, Lac Knife is one of North America’s most advanced graphite deposits. The company also holds Lac Tétépisca, the highest-purity graphite project in Québec.
In terms of battery technologies, Focus Graphite has a patent-pending proprietary silicone-enhanced spheroidized graphite technology that is designed to enhance battery performance and efficiency.
In late May, definition drilling at Lac Tétépisca led to an extension of the strike length of the mineralized zone to over 6 kilometers, while preliminary metallurgical testing confirmed the quality of the project’s flake graphite.
In mid-June, the company said thermal purification testing on Lac Knife flake graphite completed by American Energy Technologies Company had resulted in refined concentrate to a purity level of 99.999 percent carbon.
“This milestone underscores Focus Graphite’s potential to supply ultra-high-purity graphite material for nuclear energy applications, a market historically dominated by synthetic graphite and limited to a small cohort of qualifying producers,” states the company's press release.
Shares of Focus Graphite hit their highest year-to-date value of C$0.17 on June 17.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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