Markets and commodities react

Canadian equity markets were positive this week.

The S&P/TSX Composite Index (INDEXTSI:OSPTX) gained 2.56 percent over the week to close Friday at 36,381.23, while the S&P/TSX Venture Composite Index (INDEXTSI:JX) rose 8.78 percent to 954.90.

The CSE Composite Index (CSE:CSECOMP) gained 8.32 percent to 161.84.

The gold price gained 5.85 percent to close at US$4,343.33 per ounce on Friday at 3:00 p.m. EDT. The silver price fared better, closing the week up 7.65 percent at US$63.53 on Friday.

In base metals, the Comex copper price recorded a 1.42 percent increase this week to US$6.59.

The S&P Goldman Sachs Commodities Index (INDEXSP:SPGSCI) was down 2.22 percent to end Friday at 668.58.

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. BCM Resources (TSXV:B)

Weekly gain: 229.17 percent
Market cap: C$76.1 million
Share price: C$0.395

BCM Resources is an exploration company working to advance its flagship Thompson Knolls project in Utah, United States.

The greenfield copper, molybdenum, gold and silver project in Utah's Great Basin consists of 225 federal unpatented lode mining claims and two state section leases covering an area of 2,242 hectares. Exploration of the project area began in the 1970s, when a US Geological Survey aerial survey identified a prominent magnetic anomaly.

BCM is currently performing diamond drilling at the site, and on August 6 announced it had encountered over 550 meters of mineralization in one drill hole with a highlighted 155.4 meter interval grading an average of 0.66 percent copper, 0.12 grams per metric ton (g/t) and 7.4 g/t silver, starting at a depth of 588 meters.

The company noted that the hole was the most strongly mineralized to date, and the system remained open at the current depth of 1,238.4 meters. It is continuing to extend the hole even deeper, and plans to drill its next hole further to the west where it believes mineralization extends.

2. Westward Gold (CSE:WG)

Weekly gain: 48.15 percent
Market cap: C$43.51 million
Share price: C$0.20

Westward Gold is an exploration company working to advance its Toiyabe Hills project in Nevada, US.

The project sits on a total land package of 6,073 hectares and is located southwest of Elko, and east of Barrick's (TSX:ABX,NYSE:B) past producing Toiyabe-Saddle mine. Westward acquired the property, which has been explored off-and-on since the 1960s, through an option agreement with Starcore International Mines (TSX:SAM,OTCPL:SHVLF) in April 2021.

The company has completed three trenches over a combined 468 meters at Toiyabe Hills' SSD target as it prepares for drill testing.

On Tuesday (August 4), Westward shared the results from the first trench, which encountered five gold zones. The company highlighted an interval 34.8 meters grading an average of 2.84 g/t gold, including 13.4 meters grading 6.55 g/t.

“It’s hard to come by a more compelling set of targets in Carlin-type exploration and we’re very excited to get holes down imminently,” said Lead Technical Advisor Steve Koehler. The first reverse-circulation drill rig would arrive at the site "in the coming days," the release noted.

3. Sherritt International (TSX:S)

Weekly gain: 46.43 percent
Market cap: C$102.08 million
Share price: C$0.205

Sherritt International is a vertically integrated producer of nickel, cobalt and ammonium sulfate fertilizer, with operations in Cuba, and Alberta, Canada. The company has a 50/50 joint venture with the Cuban state-run General Nickel Company. Together, they run the Moa lateritic mine and processing facility in Cuba.

Output from the operation is refined at a processing plant in Fort Saskatchewan. In its 2025 fiscal year report, Sherritt reported attributable annual production of 12,620 metric tons of nickel and 1,364 metric tons of cobalt.

Sherritt uses the remaining mixture to create ammonium sulfate fertilizer as part of its wholly owned fertilizer business, producing 227,766 metric tons of fertilizer during the year.

However, on February 17, the company announced it planned to temporarily halt mining and processing operations in Cuba due to fuel supply constraints in the country, and was uncertain when operations would resume. The company said it will carry out planned maintenance during that time. Oil supplies reaching Cuba were impacted following the capture of Venezuelan President Nicolas Maduro by US forces on January 3. The US began a subsequent blockade on oil exports to Cuba in February, most of which comes from Venezuela and Mexico.

While the company was able to maintain its refinery operations in Fort Saskatchewan, Alberta, with stockpiled material, it announced on June 22 that it would be transitioning to a shutdown state. It stated that the operations would be halted until activities resume in Cuba.

As of mid-July, Sherritt is in the midst of financial uncertainty, due in part to the high capital requirements for potentially restarting operations. The company is in exclusive talks with Gillon Capital regarding a private placement for warrants priced at a discount that would, if exercised, result in Gillon owning 55 percent of Sherritt’s issued and outstanding shares.

The move has drawn significant pushback from 15 percent shareholder Kyma Capital, which has called for a reconstitution of Sherritt's board, as well as from an ad hoc group of shareholders.

On August 7, the ad hoc group released "key terms of a recapitalisation transaction submitted to Sherritt ... on 26 June 2026 by a consortium of strategic and financial investors and called on the Board to engage immediately with all credible alternatives."

4. Trailbreaker Resources (TSXV:TBK)

Weekly gain: 45.83 percent
Market cap: C$18.95 million
Share price: C$0.35

Trailbreaker Resources is an exploration company advancing a trio of projects in British Columbia, Canada.

Its primary focus has been at its flagship Atsutla gold project in Northern BC. The property consists of 39 mineral tenures covering a land package of 40,000 hectares, much of it underexplored, and hosts five gold zones: Highlands, Christmas Creek, Snook, Willie Jack and Swan.

Its two other projects, both located in Central BC, are Coho, an 8,000 hectare, early-stage copper and gold project; and the 9,453 hectare Liberty copper project.

Trailbreaker's most recent news came on July 27, when it announced it completed its maiden drill campaign at the Highlands zone targeting vein-hosted gold, silver and copper.

Trailbreaker also commenced drilling at Swan, where it is targeting a copper, gold and silver porphyry target. The company noted that while drilling has been carried out in the valley adjacent to Swan, the Swan zone itself has never been drilled. The program will test a strike length of 1,000 meters to depths of more than 400 meters.

5. Pantera Silver (TSXV:PNTR)

Weekly gain: 45.45 percent
Market cap: C$32.77 million
Share price: C$0.48

Pantera Silver is an exploration company focused on its Rakanco silver project in Bolivia.

The property, which was acquired through an option agreement in December 2024, is located in the Oruro Department of Southwest Bolivia and consists of three mineral claims spanning 17,975 hectares.

The most recent exploration update came on April 15, when the company announced it had completed a high-resolution magnetic survey and a satellite-based topographic survey across the project. The magnetic survey was designed to target priority areas and map subsurface structures that may contain silver mineralization, while the satellite survey was carried out in aid of exploration planning.

More recently, Pantera announced on July 21 that warrant holders exercised 11.3 million share purchase warrants at C$0.20 per share, generating C$2.26 million in gross proceeds. The proceeds will be used for exploration activities at Rakanco as well as to pursue the acquisition of potential mineral concessions.

"With our satellite spectral and magnetic survey complete and the IP geophysical program underway, we are systematically advancing the Rakanco Silver Project toward its inaugural drill program," President and CEO Jay Roberge said in the release.

On Thursday, the company announced that shareholders approved all resolutions at its annual general meeting.

FAQs for Canadian mining stocks

How much does it cost to list on the TSXV?

There are a variety of different fees that companies must pay to list on the TSXV, and according to the exchange, they can vary based on the transaction’s nature and complexity.

As of April 2026, the listing fee alone will most likely cost between C$10,000 to C$70,000, and accounting and auditing fees could rack up between C$25,000 and C$100,000. 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.