Top 5 Canadian Mining Stocks This Week: Grid Metals Rises 56 Percent

Markets and commodities react

Canadian equity markets were mixed this week.

The S&P/TSX Composite Index (INDEXTSI:OSPTX) gained 0.32 percent over the week to close Friday (July 24) at 35,369.10, while the S&P/TSX Venture Composite Index (INDEXTSI:JX) rose 2.64 percent to 868.62.

The CSE Composite Index (CSE:CSECOMP) fell 0.47 percent to 153.27.

In precious metals, the gold price gained 1.92 percent to close at US$4,053.89 per ounce on Friday at 4:00 p.m. EDT. The silver price saw a larger increase, closing the week up 4.59 percent at US$58.19 on Friday.

In base metals, the Comex copper price recorded a 0.72 percent increase this week to US$6.34.

The S&P Goldman Sachs Commodities Index (INDEXSP:SPGSCI) was up 5.93 percent to end Friday at 700.88.

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. Grid Metals (TSXV:GRDM)

Weekly gain: 55.56 percent
Market cap: C$29.13 million
Share price: C$0.14

Grid Metals is an exploration and development company focused on its portfolio of critical metals assets in Manitoba, Canada, namely the Falcon West cesium-lithium project, Makwa nickel project, Mayville copper project and Donner lithium project. Each of the projects is located east of Winnipeg along the border with Ontario.

On Monday, Grid entered into a definitive joint venture agreement with Avenir Minerals, a subsidiary of Agnico Eagle, for the Falcon West project. According to Grid’s project page, Falcon West hosts high-grade cesium mineralization at the Lucy pegmatite, which is at least 1 kilometer long by 200 meters wide.

Under the terms of the agreement, Avenir will earn a 15 percent stake in the project in exchange for C$3.75 million in cash, and will fund its share of costs in activities at the property.

After a mineral resource estimate is published, Avenir will also have the option to purchase up to 19.99 percent of Grid’s outstanding shares, including the 9.99 percent it already owns.

Additionally, Avenir will have the option to acquire a further 15 percent interest in the property once a preliminary economic assessment is completed or a mine plan is adopted.

2. Lion Rock Resources (TSXV:ROAR)

Weekly gain: 37.5 percent
Market cap: C$22.01 million
Share price: C$0.22

Lion Rock Resources is a gold and critical mineral exploration company focused on advancing its Volney project in South Dakota, US. 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.

Exploration has revealed two mineral systems on the property, with recently discovered gold mineralization occurring next to deposits hosting lithium, tantalum and tin.

The last exploration update for the project came on May 5, when it reported the results from the final six holes of a 15 hole Phase 1 drill program. Highlighted intercepts from separate holes included 5.7 meters grading 2.3 percent lithium oxide; 5.89 meters grading 788 parts per million tantalum oxide; and 3 meters grading 0.3 percent tin.

On June 17, Lion Rock announced that it received approval for a conditional use permit from Lawrence County for pegmatite mining and bulk sampling operations. The company said that it will now focus on applying for a state mining license, which is required to begin mining and selling pegmatite material from the site.

"As a past-producing property on private land with on-site power, an all-season road, and rail access within one hour, Volney has the potential to advance from permitting to production on an expedited timeline," the release states.

3. Benz Mining (TSXV:BZ)

Weekly gain: 36.89 percent
Market cap: C$1 billion
Share price: C$3.34

Benz Mining is a gold exploration company focused on advancing projects in Western Australia.

In 2025, Benz acquired the Glenburgh and Mount Egerton gold projects in Western Australia from Spartan Resources (ASX:SPR). Since then it has largely focused on exploring Glenburgh. The site hosts six priority extension targets and 5 kilometers of exploration trend with over 100 parts per billion gold.

While Benz has not yet released an updated mineral resource estimate, Spartan’s November 2024 resource estimate for the property showed an indicated and inferred resource of 510,000 ounces of gold from 16.3 million metric tons of ore with an average grade of 1 gram per metric ton (g/t) gold. The property is also prospective for tungsten, with the company reporting on May 19 that it had encountered widespread mineralization across the property. Re-analysis of previous drill holes returned grades up to 0.24 percent tungsten oxide over 26 meters.

Shares of Benz gained this week, but the company has not released project related news since June 29. That day, it reported results from drilling at the Hurricane camp at Glenburgh, with one highlighted assay from a newly discovered northeast plunge corridor returning a grade of 8.9 grams per metric ton over 14 meters from a depth of 383 meters.

4. Riverside Resources (TSXV:RRI)

Weekly gain: 36.51 percent
Market cap: C$35.98 million
Share price: C$0.43

Riverside Resources is an exploration company operating through a project generator model. It is advancing a trio of projects in BC, Canada, as well as projects in Sonora, Mexico. The assets consists of the Revel and Taft rare earth element projects near Revelstoke and the Deer gold-copper project near Rossland.

Riverside is planning to spin out a portion of its Mexican portfolio into a new public company named Ravena Resources, previously a subsidiary named RRI Holdings. Ravena's flagship project will be the Los Cuarentas gold-silver project, and it will also own the Cecilia gold-silver project and the Ariel, El Valle and Suaqui Grande gold-copper projects.

Riverside will retain its La Union precious and base metals project and its La Silla gold-silver project. The company and its partner Questcorp Mining (CSE:QQQ,OTCQB:QQCMF) are currently performing Phase 2 exploration at La Union.

On July 13, Riverside completed an internal reorganization of its Ravena Resources subsidiary, along with an initial founders’ financing round in anticipation of the spinout.

“The creation of Ravena follows the same disciplined spin-out model that Riverside has used to launch quality companies such as Capitan Silver (TSXV:CAPT,OTCQB:CAPTF) and Blue Jay Gold (TSXV:JAY,OTCPL:JAYGF) and allows our Mexican exploration portfolio to be advanced by a dedicated team,” Riverside President and CEO John-Mark Staude said.

5. Grizzly Discoveries (TSXV:GZD)

Weekly gain: 36.36 percent
Market cap: C$10.48 million
Share price: C$0.075

Grizzly Discoveries is an exploration company advancing its large Greenwood project in South-Central BC.

The company has been acquiring land claims since 2008 to amass a property covering approximately 72,200 hectares in the Republic-Greenwood gold district, just north of the Canada-US border. The Greenwood project area hosts five primary targets — Midway, Imperial, Sappho, Motherlode and Ket 28 — with a variety of precious and critical minerals.

Grizzly gained this week, but has not shared project-related news since July 6, when it identified a sulfide-bearing, intrusion-related porphyry at the Sappho target during its Phase 2 induced polarization survey of the property.

The result extends Sappho's chargeability anomaly footprint by 600 meters to the south and 800 meters to the east, remaining open both to the south and east. The company is refining drill targets informed by the IP survey data, with plans to begin drilling in the coming months.