QX Resources

QXR Quarterly Activities Report for Period Ended 30 September 2024

QX Resources Limited (ASX: QXR, ‘QXR’) is pleased to report its activities during the September quarter 2024.

HIGHLIGHTS

Lithium Brine Projects, USA

  • QXR and IG Lithium have agreed to restructure the Option Agreement in respect of the Liberty Lithium Brine Project to reduce option payments and also to include an option over two additional prospective lithium brine projects in the USA.
  • QXR now has the option to acquire a 25% interest in IGL, the holder of the Liberty Lithium Brine Project, which reduces QXR’s cash option payments from US$1.7 million to US$500,000.
  • QXR has also entered into an option agreement with IGX Minerals LLC (a related company of IGL), granting QXR an option to acquire a 15% stake in IGX and which holds two prospective lithium brine projects in Nevada and Utah, USA.
  • IGX and IGL continue discussions with US based producers of battery-grade lithium products in relation to the future supply of lithium brine products.

Gold Projects – Central Queensland

  • High grade gold trenching programme planned at Big Red in central Queensland. Previous trenching returned high grade gold results including 9m @ 5.9g/t Au. Gold mineralisation remains open along strike under cover.
  • Reassessment of two shuttered gold mines within QXRs ground has commenced as these mines were last operated when the gold price was less than A$500/oz.
  • Gold projects are in the Drummond Basin in Queensland – a region with a long history of ongoing gold mining region with an endowment of over 8.5 million ounces.

Pilbara Iron Ore Project

  • Discussions are underway after planning a detailed rockchip sampling programme over Iron Ore Samples with up to 58.5% Fe in rockchip samples over 4km of enriched iron ore over a Banded Iron Formation (BIF) at Western Shaw in the Pilbara.

Corporate

  • Post quarter-end, the Company announced that it had received firm commitments for a placement to raise $1 million (before costs), through the issue of 200 million shares at $0.005 each. The Placement includes $150,000 participation by directors, subject to Shareholder approval

OPERATIONS

Lithium Brine Projects, USA

During the September quarter, the Company announced that it had renegotiated the option agreement over the Liberty Lithium Brine Project in California, USA, to reduce option payments and also to include an option to acquire an interest in two additional prospective lithium brine projects in the USA.

QXR had previously entered into an option agreement with IG Lithium LLC (IGL) to acquire up to a 75% interest in IGL, the owner of the Liberty Lithium Brine Project, as announced 5 October 2023 (Option Agreement). The parties have negotiated a variation to the Option Agreement, whereby QXR now has an option to acquire a 25% interest in IGL on or before 30 June 2025 (Variation Agreement). The restructuring reduces QXR’s cash option payments from US$1.7 million to US$500,000.

QXR has entered into a further option agreement with IGX Minerals LLC (IGX) (an unlisted Delaware company established in 2022, and a related company of IGL) granting QXR an option to acquire a 15% interest in IGX on or before 30 June 2025 for US$500,000 (IGX Option). IGX has identified and secured two (2) prospective lithium brine projects in Utah and Nevada, USA, covering 10,660 hectares (26,300 acres). IGX and IGL continue discussions with US based developers and producers of battery-grade lithium products to potentially supply future lithium brine feedstock.

IGL and IGX have an excellent local US exploration team and contractors to ensure advancement of the projects. Next steps include permitting for new drill sites at the Liberty Lithium Brine Project, targeting areas that are interpreted to be prospective to intersect deep lithium brines in the centre of the basin, further west of drilling previously undertaken by QXR (ASX announcement 19 June 2024). QXR is continuing its review of work conducted to date by IGX on their two projects, which indicate encouraging results in a favourable geological setting.

The Liberty Lithium Brine Project, located in SaltFire Flat, California, covers a large area of 102km2 (25,300 acres), being one of the largest single lithium brine projects in the USA and one of the first identified near surface brine basins outside of the producing Clayton Valley in Nevada (Figure 1). Geophysical analysis shows a large basin over 1,000 metres deep. Drilling has shown numerous brine horizons. The Project’s geological setting mirrors Albemarle’s nearby producing Silver Peak lithium brine deposit in Clayton Valley USA 1.


Click here for the full ASX Release

This article includes content from QX Resource, 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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Quarterly Activities/Appendix 5B Cash Flow Report

Quarterly Activities/Appendix 5B Cash Flow Report

QX Resources (QXR:AU) has announced Quarterly Activities/Appendix 5B Cash Flow Report

Download the PDF here.

QX Resources Ltd  Board and Management Changes

QX Resources Ltd Board and Management Changes

Perth, Australia (ABN Newswire) - QX Resources Limited (ASX:QXR) announces changes to its Board and Management, reflecting current market conditions for junior exploration companies.

Effective today, Steve Promnitz has transitioned from Managing Director to strategic advisor and consultant . In his new role, Steve will continue to help oversee and advise the Company on its US lithium projects and exploration activities across the Company's gold, lithium and iron ore projects.

"Now that QXR is in a solid position with the agreement renegotiated and expanded on its investment in US lithium brine projects, it is the appropriate time to change the board and management" stated Steve Promnitz.



About QX Resources Ltd:  

QX Resources Limited (ASX:QXR) is focused on exploration and development of battery minerals, with hard rock lithium assets in a prime location of Western Australia (WA), and gold assets in Queensland. The aim is to connect end users (battery, cathode and car makers) with QXR, an experienced explorer/developer of battery minerals, with an expanding mineral exploration project portfolio and solid financial support.

Lithium hard rock portfolio: QXR's lithium strategy is centred around WA's prolific Pilbara province, where it has four projects in strategic proximity to some of Australia's largest lithium deposits and mines. Across the Pilbara, QXR's regional lithium tenement package (both granted or under application) spans more than 350 km2.

Lithium brine: QXR drilling and geophysics indicate the existence of a large brine basin at the Liberty Lithium Brine Project USA and geological similarities confirmed with the nearby Silver Peak lithium brine producer Albemarle, in Clayton Valley Nevada. QXR holds an Option to Purchase Agreement to earn-in to 75%.

Gold portfolio: QXR is developing Central Queensland gold projects through a 70% agreement with Zamia Resources Pty Ltd and also on a 100% basis. The gold and copper-gold-moly projects are strategically located within the Drummond Basin, a region that has a >8.5moz gold endowment.

Nickel sulphides: QXR has a significant 39% shareholding in unlisted public Australian company Bayrock Resources Limited, which has a portfolio of highly prospective battery minerals assets in Sweden, primarily in nickel, cobalt and copper. QXR is assisting Bayrock with project development and financing initiatives.

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QX Resources Ltd  Secures Option to Additional US Lithium Brine Projects

QX Resources Ltd Secures Option to Additional US Lithium Brine Projects

Perth, Australia (ABN Newswire) - QX Resources Limited (ASX:QXR) is pleased to announce that QXR has renegotiated the option agreement over the Liberty Lithium Brine Project in California, USA, to reduce option payments and also to include an option to acquire an interest in two additional prospective lithium brine projects in the USA.

- QXR and IG Lithium have agreed to restructure the Option Agreement in respect of the Liberty Lithium Brine Project to reduce option payments and also to include an option over two additional prospective lithium brine projects in the USA.

- QXR now has the option to acquire a 25% interest in IGL, the holder of the Liberty Lithium Brine Project, which reduces QXR's cash option payments from US$1.7 million to US$500,000.

- QXR has also entered into an option agreement with IGX Minerals LLC (a related company of IGL), granting QXR an option to acquire a 15% stake in IGX and which holds two prospective lithium brine projects in Nevada and Utah, USA.

- IGX and IGL continue discussions with US based producers of battery-grade lithium products in relation to the future supply of lithium brine products.

- QXR will update the market soon regarding planned activities over the gold projects in Queensland.

QXR had previously entered into an option agreement with IG Lithium LLC (IGL) to acquire up to a 75% interestin IGL, the owner of the Liberty Lithium Brine Project, as announced 5 October 2023 (Option Agreement). The parties have negotiated a variation to the Option Agreement, whereby QXR now has an option to acquire a 25% interest in IGL on or before 30 June 2025 (Variation Agreement). The restructuring reduces QXR's cash option payments from US$1.7 million to US$500,000.

QXR has entered into a further option agreement with IGX Minerals LLC (IGX) (an unlisted Delaware company established in 2022, and a related company of IGL) granting QXR an option to acquire a 15% interest in IGX on or before 30 June 2025 for US$500,000 (IGX Option). IGX has identified and secured two (2) prospective lithium brine projects in Utah and Nevada, USA, covering 10,660 hectares (26,300 acres). IGX and IGL continue discussions with US based developers and producers of battery-grade lithium products to potentially supply future lithium brine feedstock.

IGL and IGX have an excellent local US exploration team and contractors to ensure advancement of the projects.

Next steps include permitting for new drill sites at the Liberty Lithium Brine Project, targeting areas that are interpreted to be prospective to intersect deep lithium brines in the centre of the basin, further west of drilling previously undertaken by QXR (ASX announcement 19 June 2024). QXR is continuing its review of work conducted to date by IGX on their two projects, which indicate encouraging results in a favourable geological setting.

QXR Managing Director, Steve Promnitz, said: "QXR, through the new agreements, now has exposure to three large, prospective lithium brine projects, with reduced cash commitments, diversifying the portfolio. The lithium brine projects are located in the US market where demand continues for critical minerals and where downstream processors are still seeking supply options."

IG Lithium and IGX Minerals Member, Stephanie Ashton, said: "We recognize the valuable work that we have done together with QXR and are pleased to continue to consolidate and expand our joint efforts to find new critical supplies of upstream lithium brines for the rapidly expanding US battery industry.

To view the Key Commercial Terms, please visit:
https://abnnewswire.net/lnk/41U1J7MO



About QX Resources Ltd:  

QX Resources Limited (ASX:QXR) is focused on exploration and development of battery minerals, with hard rock lithium assets in a prime location of Western Australia (WA), and gold assets in Queensland. The aim is to connect end users (battery, cathode and car makers) with QXR, an experienced explorer/developer of battery minerals, with an expanding mineral exploration project portfolio and solid financial support.

Lithium hard rock portfolio: QXR's lithium strategy is centred around WA's prolific Pilbara province, where it has four projects in strategic proximity to some of Australia's largest lithium deposits and mines. Across the Pilbara, QXR's regional lithium tenement package (both granted or under application) spans more than 350 km2.

Lithium brine: QXR drilling and geophysics indicate the existence of a large brine basin at the Liberty Lithium Brine Project USA and geological similarities confirmed with the nearby Silver Peak lithium brine producer Albemarle, in Clayton Valley Nevada. QXR holds an Option to Purchase Agreement to earn-in to 75%.

Gold portfolio: QXR is developing Central Queensland gold projects through a 70% agreement with Zamia Resources Pty Ltd and also on a 100% basis. The gold and copper-gold-moly projects are strategically located within the Drummond Basin, a region that has a >8.5moz gold endowment.

Nickel sulphides: QXR has a significant 39% shareholding in unlisted public Australian company Bayrock Resources Limited, which has a portfolio of highly prospective battery minerals assets in Sweden, primarily in nickel, cobalt and copper. QXR is assisting Bayrock with project development and financing initiatives.

News Provided by ABN Newswire via QuoteMedia

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QX Resources Ltd  Quarterly Activities Report

QX Resources Ltd Quarterly Activities Report

Perth, Australia (ABN Newswire) - QX Resources Ltd (ASX:QXR) provide the Quarterly Activities Report for Period Ended 30 June 2024 with the following highlights in operations.

Liberty Lithium Brine Project, USA

Drilling and geophysics confirmed a large brine basin with multiple brine horizon targets intersected over 400 m vertically at the Liberty Lithium Brine Project USA.

Geological similarities confirmed with the nearby Silver Peak lithium brine producer Albemarle, in Clayton Valley Nevada, with encouraging initial lithium assay results, aquifers and salinity.

Lithium brine specialists have proposed additional drilling to intersect deep lithium brines in the centre of the basin, in a more favourable setting, further west of recent drilling.

Discussions continue with USA based battery supply participants, including with Stardust Power Inc, a development stage American manufacturer of battery-grade lithium products, who commenced trading on NASDAQ in early July valued c.US$400m.

Gold Projects - Central Queensland

High grade gold trenching programme planned at Big Red in central Queensland. Previous trenching returned high grade gold results including 9m @ 5.9g/t Au. Gold mineralisation remains open along strike under cover.

Reassessment of two shuttered gold mines within QXRs ground has commenced as these mines were last operated when the gold price was less than A$500/oz.

Gold projects are in the Drummond Basin in Queensland - a region with a long history of ongoing gold mining region with an endowment of over 8.5 million ounces.

Pilbara Iron Ore Project

Discussions are underway after planning a detailed rockchip sampling programme over Iron Ore Samples with up to 58.5% Fe in rockchip samples over 4km of enriched iron ore over a Banded Iron Formation (BIF) at Western Shaw in the Pilbara.

*To view the full quarterly report, please visit:
https://abnnewswire.net/lnk/J3K839AN



About QX Resources Ltd:  

QX Resources Limited (ASX:QXR) is focused on exploration and development of battery minerals, with hard rock lithium assets in a prime location of Western Australia (WA), and gold assets in Queensland. The aim is to connect end users (battery, cathode and car makers) with QXR, an experienced explorer/developer of battery minerals, with an expanding mineral exploration project portfolio and solid financial support.

Lithium hard rock portfolio: QXR's lithium strategy is centred around WA's prolific Pilbara province, where it has four projects in strategic proximity to some of Australia's largest lithium deposits and mines. Across the Pilbara, QXR's regional lithium tenement package (both granted or under application) spans more than 350 km2.

Lithium brine: QXR drilling and geophysics indicate the existence of a large brine basin at the Liberty Lithium Brine Project USA and geological similarities confirmed with the nearby Silver Peak lithium brine producer Albemarle, in Clayton Valley Nevada. QXR holds an Option to Purchase Agreement to earn-in to 75%.

Gold portfolio: QXR is developing Central Queensland gold projects through a 70% agreement with Zamia Resources Pty Ltd and also on a 100% basis. The gold and copper-gold-moly projects are strategically located within the Drummond Basin, a region that has a >8.5moz gold endowment.

Nickel sulphides: QXR has a significant 39% shareholding in unlisted public Australian company Bayrock Resources Limited, which has a portfolio of highly prospective battery minerals assets in Sweden, primarily in nickel, cobalt and copper. QXR is assisting Bayrock with project development and financing initiatives.

News Provided by ABN Newswire via QuoteMedia

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QX Resources Ltd  High Grade Gold Trenching Program and Reassessment in QLD

QX Resources Ltd High Grade Gold Trenching Program and Reassessment in QLD

Perth, Australia (ABN Newswire) - QX Resources Ltd (ASX:QXR) announces a new program of trenching to extend known high grade gold mineralisation at Big Red Project, where prior trenching including mineralised widths of 9m @ 5.9g/t Au.

- A follow-up trenching program has been planned at the Big Red Gold Project, Queensland.

- Previous trenching at Big Red returned high grade gold results including 9m @ 5.9g/t Au, with gold mineralisation remaining open along strike.

- Interpreted strike length over Big Red currently exceeds 450m with probable further concealed extensions beneath sandy loam surficial cover.

- The Company's Gold projects are located in the Drummond Basin in central Queensland - an underdeveloped region with a long history of ongoing gold mining region with an endowment of over 8.5 million ounces.

- A reassessment of two shuttered open pit gold mines within QXRs ground has commenced as these mines were last operated when the gold price was less than A$500/oz.

- QXR has numerous gold and copper-gold targets which will be developed towards further drilling leading to potential production scenarios with updated permitting guidelines.

The trenching is an initial phase, prior to drilling, as part of a plan of reassessment around potentially reopening closed open pit gold mines and further drill targets with the aim of future gold production scenarios.

High Grade Gold in Trenches at Big Red Project

Gold trenching is planned to extend current high grade gold results in trenches at the Disney-Big Red Project (ASX announcement 1 Nov 2021). Two elongate gold anomalous zones were defined over 650m and may extend up to 1200m long. Best historic trench results from hard rock at the base of trenches at Big Red were:

- Trench 1 - 9m @ 5.9 g/t Au within a mineralised zone 35m wide. Large zone 80m @1.2 g/t Au

- Trench 2- 3m @ 2.2 g/t Au within a mineralised zone 13m wide. Large zone 28m @ 1.8 g/t Au

- Trench 4 - 2m @ 23 g/t Au with a mineralised zone 7m wide. Large zone 32m @ 1.7 g/t Au

These results produced a drill ready target, but that drill program was delayed twice due to weather and soft ground (ASX announcement 13 July 2021, 31 April 2022). Further trenching is planned to extend the current zone of high-grade gold mineralisation prior to a drilling program over a number of shallow targets. The Company believes the potential of Big Red may be similar to nearby Twin Hills deposit with 1.0Moz (23.1Mt@1.5g/t Au) incl 49m @5.2g/tAu and Lone Sister 0.48Moz (12.5Mt@1.2g/t Au) incl. 28m @45.2g/t Au (c.f. ASX GBZ announcement 5 Dec 2022, 28 Apr 2023, 9 Jun 2023) Reassessment of Open Pit Gold Mines A reassessment of the potential of past open pit gold mines is underway. The two open cut mines, Belyando and Lucky Break, were closed when gold was less than A$500/oz. Drilling data by QXR and previous explorers shows potential exists for down dip extensions to known gold mineralised zones and parallel features, as well as extensions along strike.

QXR Managing Director, Stephen Promnitz, said: "QXR has excellent potential for a gold discovery at Big Red in Queensland, which will be followed-up in the planned trenching program and followed later by a drill program, previously delayed due to inclement weather. Nearby closed open pit gold mines were operating at much lower gold prices and show potential for future production as part of a reassessment of their potential."

Next Steps

Trenching

A new program of trenching at Big Red Project (Disney) is an initial phase to extend two north-east trending elongate zones previously encountered in QXR trenches with high grade gold results occurring over a strike length of 650 metres. The zones may potentially be up to 1200m long based on past soil sampling and geophysics (magnetic low zones within magnetic highs). Mineralised widths included 9m @ 5.9 g/t Au in trenches (ASX announcement 1 Nov 2021, 16 Feb 2022). Quartz breccias show textures similar to gold producing zones elsewhere in the region.

Drill targets

Revised drill targets will be generated from the trenching results, merged with geophysical data. These results produced a drill ready target, but that drill program was delayed twice due to weather and soft ground (ASX announcement 13 July 2021, 31 April 2022).

Resource models

Updated resource modelling for Belyando and Lucky Break have been commissioned. Both mines show potential exists for down dip extensions to known gold mineralised zones and parallel features, as well as extensions along strike.

Background

QXR holds nearly 100,000 hectares of leases in the Drummond Basin of central Queensland - an underdeveloped region with a long history of ongoing gold mining region with an endowment of over 8.5 million ounces. Gold mineralisation is largely related to intrusives into the region with the largest producer - Pajingo (ex-Newmont) having produced 3.4 Moz since 1986 and was instrumental in the creation of gold miner Evolution when they purchased the mine from Newmont (Newcrest).

The QXR leases show potential for epithermal gold and porphyry related copper gold deposits and include two historical open pit gold mines, Belyando and Lucky Break, that were last producing when the gold price was under A$500/oz. QXR holds 85,800 Ha of exploration leases on a 100% basis and 11,500 Ha (70%QXR) in a JV with private company, Zamia Resources.

QXR has previously defined a potential new discovery at the Disney-Big Red project with trenching returning high grade gold intercepts and a drill ready target with considerable extension potential (ASX announcement 1 Nov 2021). Multiple unexplored targets exist with epithermal gold and porphyry related Copper-Gold targets. QXR also holds the Anthony molybdenum deposit with potential copper and gold extensions nearby, related to c.450 million year old Devonian-Carboniferous intrusives and volcanics (490-400 Ma).

Shuttered Gold Mines

Belyando is adjacent to the highway, 70km northwest of Clermont in QLD's Central Goldfield. The pit was mined from 1989 to 1993 within oxide and transition ore to approx. 60m depth yielding 85,850 oz Au, initially from CIP processing with recoveries c.72% and later from heap leaching. Gold was sold forward in 1989 at A$470/oz Four parallel ore shoots >1.8g/t Au within a lower grade halo above 0.5 g/t Au. Drilled to 150m and open at depth down plunge and laterally. Extensions to the north west confirmed by industry experts from prior drilling, lying within a radiometric anomaly. Parallel mineralised features may exist as well.

Lucky Break is adjacent to the highway, 85km northwest of Clermont in QLD's Central Goldfield. The shear hosted lode gold style mineralisation was mined in the pit from 1987 to 1988 within oxide only to approx. 15m depth yielding 90 Kt of ore at a diluted head grade of 2.4 g/t Au for approx. 6,900 oz Au. Extensions identified down dip and to the south and north in drilling together with a parallel mineralised feature to the east (sparsely drilled), lying within a radiometric anomaly (ASX announcement 13 July 2021). Results included 2m @ 8.98 g/t Au, from 4m down hole in LB220 including 1m @ 11.55 g/t Au.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/0P98BLSG



About QX Resources Ltd:  

QX Resources Limited (ASX:QXR) is focused on exploration and development of battery minerals, with hard rock lithium assets in a prime location of Western Australia (WA), and gold assets in Queensland. The aim is to connect end users (battery, cathode and car makers) with QXR, an experienced explorer/developer of battery minerals, with an expanding mineral exploration project portfolio and solid financial support.

Lithium hard rock portfolio: QXR's lithium strategy is centred around WA's prolific Pilbara province, where it has four projects in strategic proximity to some of Australia's largest lithium deposits and mines. Across the Pilbara, QXR's regional lithium tenement package (both granted or under application) spans more than 350 km2.

Lithium brine: QXR drilling and geophysics indicate the existence of a large brine basin at the Liberty Lithium Brine Project USA and geological similarities confirmed with the nearby Silver Peak lithium brine producer Albemarle, in Clayton Valley Nevada. QXR holds an Option to Purchase Agreement to earn-in to 75%.

Gold portfolio: QXR is developing Central Queensland gold projects through a 70% agreement with Zamia Resources Pty Ltd and also on a 100% basis. The gold and copper-gold-moly projects are strategically located within the Drummond Basin, a region that has a >8.5moz gold endowment.

Nickel sulphides: QXR has a significant 39% shareholding in unlisted public Australian company Bayrock Resources Limited, which has a portfolio of highly prospective battery minerals assets in Sweden, primarily in nickel, cobalt and copper. QXR is assisting Bayrock with project development and financing initiatives.

News Provided by ABN Newswire via QuoteMedia

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John Rubino, gold and silver bars.

John Rubino: Gold on "Epic Run" as Chaos Unfolds, What About Silver?

John Rubino, who writes a newsletter on Substack, explains the factors behind gold's "epic run," pointing to underlying elements like Basel III and BRICS demand, as well as current events.

He believes gold has the wind at its back, although silver might be the better buy right now.

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Gold bar and nuggets with text reading "5 Top Canadian Mining Stocks This Week."

Top 5 Canadian Mining Stocks This Week: Lion Rock Jumps 60 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.

The Liberal Party of Canada and Prime Minister Mark Carney will form a minority government following their victory in Canada’s national election on Monday (April 28). The Liberals won 168 seats, just shy of the 172 required to form a majority, meaning the Liberal government will have to work with the Bloc Québécois or the NDP, which won 23 and 7 seats, respectively.

The Conservative Party of Canada, led by Pierre Poilievre, won 144 seats. While the CPC was originally expected to win the election, the trade war and sovereignty threats from new US President Donald Trump turned the tide in favor of Carney, who took a firmer stance against Trump. Other election issues included the high cost of living, housing, immigration and crime.

Both parties came into the election with visions for Canada’s economy, which included energy and infrastructure corridors, a commitment to energy production and a focus on resource nationalism.

Statistics Canada released February’s gross domestic product by industry figures on Wednesday (April 30). According to the data, the resource sector’s January gains were largely erased by contractions in February. Oil and gas extraction slipped by 2.8 percent, while mining and quarrying contracted by 2.6 percent during the month. Metal ore mining posted its second month of declines, falling 2.5 percent. On the other hand, non-metallic mineral mining climbed by 2.7 percent, including a 3.5 percent rise in potash mining.

South of the Border, The United States Bureau of Labor Statistics released its April employment situation summary on Friday (May 2). In the report, the agency said that 177,000 new nonfarm jobs were added to the economy in April, which exceeded analysts’ expectations of 133,000 jobs.

The biggest gains came in the healthcare sector, which added 51,000 workers, followed by transportation and warehousing, where 29,000 people found new employment.

Overall, the unemployment rate remained steady at 4.2 percent, and the participation rate was unchanged at 62.6 percent.

However, there were some caveats, most notably, downward revisions of 15,000 fewer jobs in February and 43,000 jobs in March than initially reported.. Long-term unemployment also ticked up by 179,000 to 1.67 million in April, the highest since March 2022.

While the number showed strength in the job market, many analysts expect these gains to be temporary, as the effects of US tariffs have yet to be felt in the economy.

The US government also announced on Wednesday that it signed a critical minerals deal with Ukraine. Under the terms of the agreement, the US will provide funding for Ukraine’s reconstruction in exchange for preferential access to the country’s natural resources, including rare earth minerals, which are critical to tech and military development and supply chains.

Additionally, the Trump administration announced it added 10 new projects to be fast-tracked to its federal permitting dashboard on Friday. The projects include the NorthMet copper and nickel project in Minnesota, which is a 50/50 joint venture between Teck (TSX:TECK.A,TECK.B,NYSE:TECK) and Glencore (LSE:GLEN,OTC Pink:GLCNF), as well as Sibanye Stillwater’s (NYSE:SBSW) Stillwater platinum and palladium project in Montana.

Markets and commodities react

In Canada, major indexes posted gains by the week's close. The S&P/TSX Composite Index (INDEXTSI:OSPTX) gained 1.32 percent during the week to close at 25,031.51 on Friday, the S&P/TSX Venture Composite Index (INDEXTSI:JX) moved up 0.01 percent to 656.40 and the CSE Composite Index (CSE:CSECOMP) climbed 2.52 percent to 122.75.

US equity markets also posted gains by close on Friday, with the S&P 500 (INDEXSP:INX) increasing 2.85 percent to close at 5,686.66, the Nasdaq-100 (INDEXNASDAQ:NDX) gaining 3.45 percent to 20,102.61 and the Dow Jones Industrial Average (INDEXDJX:.DJI) rising 2.8 percent to 41,317.44.

The gold price fell from recent highs, closing out Friday at US$3,233.98, down 2.56 percent over the week. The silver price was also down, shedding 3.21 percent during the period to US$32.03.

In base metals, the COMEX copper price fell 4.29 percent over the week to US$4.69 per pound. Meanwhile, the S&P GSCI (INDEXSP:SPGSCI) was down 3.17 percent to close at 520.19.

Top Canadian mining stocks this week

So 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 3:30 p.m. EDT on Friday using TradingView's stock screener. Only companies trading on the TSX, TSXV and CSE with market capitalizations greater than C$10 million are included. Companies within the non-energy minerals and energy minerals sectors were considered.

1. Lion Rock Resources (TSXV:ROAR)

Weekly gain: 60 percent
Market cap: C$20.51 million
Share price: C$0.32

Lion Rock Resources is a gold and critical mineral exploration company focused on advancing its Volney gold-lithium-tin project in South Dakota, United States.

The property is situated on 142 hectares of private land with surface and mineral rights in place. The site hosts historic gold and tin mining operations dating back to the 1920s. Additionally, the site contains the Giant Volney pegmatite body, from which 15 grab samples graded an average of 4.4 percent lithium oxide, with the highest grading 5.4 percent.

The most recent news from the project came on Thursday (May 1) when Lion Rock announced that it had started its 2025 exploration program, including a high-resolution magnetic survey, mapping and sampling. The company said that the program will target high-grade lithium, gold and tin, and results will be used to refine drill targets and expand known mineralized zones.

The company also released its year-end 2024 financial report on Tuesday (April 29).

2. Foremost Clean Energy (CSE:FAT)

Weekly gain: 42.86 percent
Market cap: C$14.27 million
Share price: C$1.30

Foremost Clean Energy is a uranium exploration company working to advance projects in the Athabasca Basin in Northern Saskatchewan, Canada.

In 2025, its primary focus has been its Hatchet Lake property, part of its Eastern Athabasca projects. The site consists of nine mineral claims within two blocks covering an area of 10,2012 hectares and has seen exploration dating back to the 1960s.

Foremost announced in October 2024 that it had completed the first phase of an option agreement with Denison Mines (TSX:DML,NYSEAMERICAN:DNN) to acquire a 20 percent stake in 10 uranium properties, including Hatchet Lake, in exchange for 1.37 million common shares.

Under the terms of the agreement, Foremost can earn up to a 70 percent stake in the properties in exchange for meeting certain milestones within 36 months.

This Thursday, Foremost announced a new uranium discovery at Hatchet Lake from initial results of the company’s ongoing inaugural drill program.

In the announcement, the company said the discovery included multiple intervals of mineralization, highlighting one grading 0.22 percent equivalent U3O8 over 0.9 meters, including an intersection of 0.5 percent over 0.1 meters.

3. Baru Gold (TSXV:BARU)

Weekly gain: 42.86 percent
Market cap: C$13.53 million
Share price: C$0.05

Baru Gold is a development company working to advance its Sangihe gold project in Indonesia.

The company holds a 70 percent stake in the 42,000 hectare project, with the remaining 30 percent interest held by three Indonesia-based companies.

Baru Gold is progressing towards approval of its production operations plan, which was redesigned due to the significant macroeconomic shift and increase in the gold price since its last mineral resource estimate in May 2017.

On February 14, the company published a technical report with an updated mineral resource estimate. The mineral resource estimate demonstrated an indicated resource of 114,000 ounces of gold and 1.93 million ounces of silver from 3.15 million metric tons of ore with grades of 1.12 grams per metric ton (g/t) gold and 19.4 g/t silver. The project also hosts an inferred resource of 91,000 ounces of gold and 1.08 million ounces of silver from 2.3 million metric tons of ore with grades of 1.22 g/t gold and 14.5 g/t silver.

The update marks a significant step towards government approval for production operations status, with the only remaining requirement being the payment of taxes.

The most recent news came on April 2 when the company announced the closing of the first tranche of a private placement for C$336,321.88. Funding raised through the placement will be used in part for payment of land use taxes on the Sangihe property.

4. Taranis Resources (TSXV:TRO)

Weekly gain: 42.5 percent
Market cap: C$21.07 million
Share price: C$0.285

Taranis Resources is a copper explorer focused on advancing work at its Thor project in Southeast British Columbia, Canada.

The site has seen previous mining dating back to the early 1900s and hosts at least seven different epithermal zones. In a February mineral resource estimate update, the company reported an indicated resource of 1.14 million metric tons of ore containing 27,400 ounces of gold, 5.58 million ounces of silver, 3.1 million pounds of copper, 47.8 million pounds of lead and 77.9 million pounds of zinc.

The most recent news from the Thor project came on April 9, when Taranis provided an update on its 2024 deep drilling program. The company finalized an alteration study of the drill holes, which encountered anomalous gold, zinc and arsenic, and plans to use the results to improve targeting and lower costs for its 2025 drilling program.

5. Black Iron (TSX:BKI)

Weekly gain: 41.18 percent
Market cap: C$38.02 million
Share price: C$0.12

Black Iron is an exploration and development company working to advance its Shymanivske iron project in Ukraine.

The 300 hectare property is located approximately 330 kilometers south-east of the capital of Kiev and is situated within the well-known iron ore mining district of KrivBass.

According to a March 2020 preliminary economic assessment, project economics demonstrated an after-tax net present value of US$1.44 billion at a discount rate of 10 percent with an internal rate of return of 34.4 percent and a payback period of 3.3 years.

The included mineral resource estimate reported a measured and indicated resource of 645.8 million metric tons of ore with an average grade of 31.6 percent total iron and 18.8 percent magnetic iron.

Although Black Iron did not release any news this week, the company’s share price gained alongside news of the US and Ukraine reaching a critical minerals agreement.

FAQs for Canadian mining stocks

What is the difference between the TSX and TSXV?

The TSX, or Toronto Stock Exchange, is used by senior companies with larger market caps, and the TSXV, or TSX Venture Exchange, is used by smaller-cap companies. Companies listed on the TSXV can graduate to the senior exchange.

How many mining companies are listed on the TSX and TSXV?

As of February 2025, there were 1,572 companies listed on the TSXV, 905 of which were mining companies. Comparatively, the TSX was home to 1,859 companies, with 181 of those being mining companies.

Together the TSX and TSXV host around 40 percent of the world’s public mining companies.

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.

Article by Dean Belder; FAQs by Lauren Kelly.

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.

Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.

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