Markets and commodities react

Canadian equity markets were mixed this week.

The S&P/TSX Composite Index (INDEXTSI:OSPTX) rose 1.89 percent over the week to close Friday (November 14) at 30,326.46.

Meanwhile, the S&P/TSX Venture Composite Index (INDEXTSI:JX) rebounded to gain 1.33 percent to 879.88. The CSE Composite Index (CSE:CSECOMP) had another bad week, plunging 9.01 percent to close at 150.19.

The gold price rose significantly this week, climbing from its open of US$4,000 to US$4,243 by Thursday morning. However, it pulled back to end the week up 2.01 percent at US$4,080.64 per ounce by 4:00 p.m. EST Friday.

The silver price performed even better. After opening at US$48.35, it tested all-time highs at US$54.31 Thursday before ultimately ending the week up 4.57 at US$50.56.

Meanwhile, in base metals, the copper price gained 1.79 percent to US$5.11 per pound.

The S&P Goldman Sachs Commodities Index (INDEXSP:SPGSCI) rose 1.28 percent to end Friday at 559.27.

Top Canadian mining stocks this week

How did mining stocks perform against this backdrop?

Take a look at this week’s five best-performing Canadian mining stocks below.

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

1. Adex Mining (TSXV:ADE)

Weekly gain: 157.14 percent
Market cap: C$40.63 million
Share price: C$0.09

Adex Mining is an exploration company that holds a 100 percent stake in the Mount Pleasant project in Southwest New Brunswick, Canada.

The property contains two main deposits: the Fire Tower zone, which hosts tungsten and molybdenum mineralization, and the North zone, which hosts tin, zinc and indium.

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

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

Additionally, the company engaged Moneta Securities in June to oversee selling the mine following a strategic review.

Adex has not released news in the past week. However, its Fire Tower zone bears similarities to Northcliff’s Sisson tungsten-molybdenum project in New Brunswick, which the Canadian government referred to the Major Projects Office on Thursday.

2. Trident Resources (TSXV:ROCK)

Weekly gain: 118.82 percent
Market cap: C$42.58 million
Share price: C$1.86

Trident Resources, formerly Eros Resources, is a gold and copper exploration company focused on projects in Saskatchewan, Canada.

A three-way merger in early 2025 between Eros Resources, MAS Gold and Rockridge Resources allowed the companies to consolidate a portfolio of assets in Saskatchewan, including the Contact Lake and Greywacke gold projects in the La Ronge gold belt as well as the Knife Lake copper project.

Its primary focus has been on its flagship Contact Lake gold project, a 21,440 hectare property located near La Ronge, Saskatchewan. The project hosts four primary deposits: Contact Lake, Preview SW, Preview North and North Lake.

On Wednesday (November 12), the company released assay results from diamond drilling at Contact Lake, the first exploration conducted on the property in nearly 30 years. Highlights from the initial three holes included one hole with 7.03 grams per metric ton (g/t) gold over 43.25 meters, including an intersection of 30.06 g/t gold over 9.25 meters.

The company noted that, while it was still in the early stages of exploration at the property, it was encouraged by results that bore similarities to early results of other significant high-grade discoveries in the region.

3. Northcliff Resources (TSX:NCF)

Weekly gain: 116.22 percent
Market cap: C$279.18 million
Share price: C$0.4

Northcliff Resources is a development and exploration company advancing its Sisson tungsten-molybdenum project in New Brunswick, Canada.

The 14,140 hectare property has seen extensive exploration dating back to the early 1980s.

A 2013 mineral reserve estimate demonstrated total proven and probable quantities of 22.2 million metric tons of tungsten oxide and 154.8 million pounds of molybdenum from 334.36 million metric tons of ore with average grades of 0.07 percent tungsten oxide and 0.02 percent molybdenum.

The project is currently in the development stage, and on Friday, it announced it was granted a five-year extension to the construction commencement timeline by New Brunswick’s Department of Environment and Climate Change. Construction is now anticipated to begin in December 2025.

The project was also one of six that were included in the second-tranche of Canadian nation-building projects referred to the Major Projects Office on Thursday. The inclusion on the list will give Northcliff access to a streamlined regulatory process and open funding assistance to facilitate the development of Sisson.

Commenting on the news, Northcliff Chairman, President and CEO Andrew Ing indicated the company is excited with its inclusion and that its goal is to contribute to building a resilient critical mineral supply chain.

The release also outlined significant financial funding received since the start of the year, including US$15 million from the US Department of Defense and C$8.21 million from Natural Resources Canada.

4. Canada Nickel (TSXV:CNC)

Weekly gain: 61.54 percent
Market cap: C$334.66 million
Share price: C$1.68

Canada Nickel is an exploration and development company advancing its flagship Crawford nickel sulphide project in Ontario, Canada.

The property consists of 116 crown patents and 150 single- and multi-cell mining claims covering an area of approximately 9,600 hectares near Timmins and has seen exploration dating back to the 1960s.

A feasibility study released in October 2023 demonstrated the project’s economics, with a post-tax net present value of US$2.48 billion and an internal rate of return of 17.1 percent.

The included ore reserve estimate reported proven and probable reserves of contained metal values of 3.7 million metric tons of nickel, 9.7 million metric tons of chromium, 215,000 metric tons of copper, 777,000 ounces of palladium, and 519,000 ounces of platinum.

The metal is contained in 1.72 billion metric tons of ore with average grades of 0.22 percent nickel, 0.57 percent chromium, 0.013 percent copper, 0.014 g/t palladium and 0.01 g/t platinum.

Shares in Canada Nickel rose sharply this week after Crawford was included in the second round of projects referred to the Canadian government’s Major Project Office.

In its release following the announcement, Canada Nickel’s CEO said that the company looks forward to working with the government and the MPO to secure financing and permits to begin construction at Crawford by the end of 2026.

He also stated that the project represents a secure, domestic supply of critical minerals, including nickel and North America’s only source of chromium.

5. Gold Terra Resources (TSXV:YGT)

Weekly gain: 57.89 percent
Market cap: C$51.71 million
Share price: C$0.15

Gold Terra is an exploration company advancing the Con Mine gold property in the Northwest Territories, Canada.

The project was initially acquired as part of a 2021 agreement with Newmont that gave Gold Terra the option to earn a 100 percent interest in the asset for meeting certain exploration milestones and regulatory approvals, along with a C$8 million cash payment to Newmont.

The agreement was then amended in September 2024, extending the timeline by 2 years to November 21, 2027.

The property consists of 138 mining leases and 165 claims covering a total area of 79,046 hectares and hosts the historic Con Mine, which produced more than 6.1 million ounces of gold.

A mineral resource estimate included in an October 2022 technical report demonstrated a total inferred resource of 1.21 million ounces of gold from 24.3 million metric tons with an average grade of 1.54 g/t gold.

Shares in Gold Terra gained this week after the company announced a C$6.3 million non-brokered private placement that included a new strategic investment from Franco-Nevada (TSX:FNV,NYSE:FNV) Co-Founder David Harquail and existing shareholder Eric Sprott.

The company said it will use proceeds for general corporate purposes and to fund a drilling program scheduled for January 2026 at the southern end of the Campbell Shear target at the Con Mine property. The program aims to expand the property’s indicated and inferred resources.

FAQs for Canadian mining stocks

How much does it cost to list on the TSXV?

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

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

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

How do you trade on the TSXV?

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

Bullet briefing — New Orleans takeaways

For our bullet briefing this week, I want to share a few highlights from the New Orleans Investment Conference, which our team attended from November 2 to 5.

At the time, the gold price was around US$4,000 and the silver price was in the US$48 dollar range, and my main takeaway from the experts I heard from was that the pullback would be temporary.

Given this week’s price activity, it looks like that idea is already being proven right. That said, it’s worth noting that most of the people I heard from weren’t expecting such a quick turnaround — in general, the consensus was that prices could remain at lower levels for weeks or months, with some saying gold could fall as low as US$3,600.

Does that mean a deeper correction is coming? Time will tell…

On that note, another topic that came up at the event frequently was taking profits. Quite a few people discussed how they did some trimming in October, when gold and silver prices were really running, and then put the money to work in other parts of the market.

For example, Rick Rule of Rule Investment Media talked about how he sold 25 percent of his junior gold stocks at that time. Here’s how he explained his decision:

‘We were in a period five weeks ago where there were no asks, there were all bids. And I’ve learned in the market to do what’s easy. If there’s no bids, be a bid. If there’s no asks, be an ask. And the sector was white hot. There were so many junior financings, and when a company’s financing, they’re telling you that your cash is worth more than their stock. Well, they should know what their stock is worth. Since they were selling, I decided I would sell some too.

‘But what was most important to me was personal. I’ve been a heavy investor in the sector since 2020, and I was at a period of time where I could, by selling a quarter of my position, recoup all of my capital and pay the capital gains tax and have the rest for free. I can be very patient with that remaining 75 percent.’

He redeployed the cash he got from selling gold juniors into physical gold, Agnico Eagle Mines (TSX:AEM,NYSE:AEM), Franco-Nevada (TSX:FNV,NYSE:FNV), Wheaton Precious Metals (TSX:WPM,NYSE:WPM) and oil and gas stocks.

Finally, while I’m always keen to understand what’s happening now, I also wanted to use this conference to start talking about what sectors will do well in 2026.

I asked almost all of my interviewees what they think next year’s top-performing asset will be, and I was surprised to get a fairly wide variety of responses.

Precious metals were definitely mentioned, with multiple people saying that while silver has made impressive moves this year, it hasn’t truly had a chance to shine.

But copper was also brought up numerous times, as was uranium. And I got a couple of outlier responses, including emerging markets, which Peter Schiff of Euro Pacific Asset Management discussed, and oil and gas, which Rule said would be his pick for top-performing asset in terms of risk to reward.

Rule also highlighted small-scale community banks in the US.

You can view the full New Orleans Investment Conference playlist here.

What’s next for the gold price?

From there, panel moderator and well-known investor Rick Rule, proprietor at Rule Investment Media, emphasized that the recent pullback in gold is minor in the context of a much larger, long-running bull market.

Rule agreed with Roy-Byrne’s distinction between cyclical dips and broader secular trends, noting that many investors seem rattled by what is essentially a normal fluctuation.

He pointed out that gold is still up dramatically over the past year, and that past cycles have seen far sharper drops — including a 50 percent decline in 1975 — that ultimately didn’t break the long-term trend.

Noting that precious metals cycles tend to follow a familiar pattern, beginning with strength in gold and moving outward into other segments, Rule asked the panel participants which companies in the gold sector — explorers, developers or potential M&A targets — are now best positioned as the market progresses.

For Hodge, exploration and brownfields development are a strong choice as the precious metals cycle evolves.

He noted that the VanEck Gold Miners ETF (ARCA:GDX) outperformed gold over the summer, prompting some investors to take profits and rotate capital into earlier-stage opportunities — momentum he expects to continue.

Hodge added that market cycles now move faster due to the speed of information, accelerating the shift from producers to companies further down the value chain as miners look to replace reserves.

Additionally, he pointed to a growing influx of risk-tolerant investors who cut their teeth in crypto and are increasingly drawn to gold and mining equities as they learn about fiat currency and counterparty risk. Their appetite for speculation, he said, is likely to push more capital into smaller, higher-risk exploration names over the next year.

Shaigec echoed Hodge’s sentiment.

“I agree there’s a lot of speculative money that has yet to rotate over to precious metals,” she said.

“I’m seeing a lot of oversubscribed private placements. I just think that juniors are still the place to be. There’s some grassroots exploration, which actually hit an all-time low in 2023, and we’ve still had decades of lack of investment in exploration. We have a lot of room yet to run there,’ Shaigec added.

Roy-Byrne advised watching silver, underscoring the value that gold’s sister metal has yet to gain.

“Silver, after this correction, has a chance to make a historic move,” he told the audience. “We’re probably going to see a lot of money jump in next year when that happens.”

Referring to an analogy he once heard, Phillips compared a precious metals bull market to the crack of a whip: producers move first, followed by mid-tier and single-asset developers, with exploration companies snapping into action at the very end. In his view, the market is only just reaching that final stage, and explorers have yet to see real upside.

Phillips also echoed other panelists’ comments that younger crypto investors are becoming more aware of inflation, money printing and the value of hard assets.

That shift, he said, is already showing up in unconventional moves, from stablecoin companies buying gold royalties to major tech firms and even governments directing capital into mining-related assets.

All of that suggests the speculative end of the sector is only beginning to come alive, he said.

Expert stock picks — Gold, silver, copper, nickel and uranium

Toward the end of the discussion, Rule asked each panelist to provide stock picks for the attentive audience.

First was Lundin, who praised the list of more than 100 exhibitors at the 51st New Orleans Investment Conference.

He recommended Delta Resources (TSXV:DLTA,OTCQB:DTARF), highlighting its “large, still undefined, gold resource in the Thunder Bay region.” He also likes Getchell Gold (CSE:GTCH,OTCQB:GGLDF), a company focused on gold in Nevada, and Seabridge Gold (TSX:SEA,NYSE:SA), which he dubbed a “permanent optionality play.”

For Phillips, Empress Royalty’s (TSXV:EMPR,OTCQB:EMPYF) management team, cashflow-positive status and focus on gold and silver puts the company at the top of his list.

Almadex Minerals (TSXV:DEX,OTCQX:AAMMF), where management has a history of finding multimillion-ounce deposits, and prospect generator Headwater Gold (CSE:HWG,OTCQB:HWAUF), were also among his stock selections.

Shaigec veered away from precious metals in recommending SPC Nickel (TSXV:SPC,OTCQX:SPCNF), a company with good geology and a management team that owns 36 percent of the firm’s shares.

She also mentioned Pacifica Silver (CSE:PSIL,OTCQB:PAGFF) citing the company’s recent private placement, which included First Majestic Silver (TSX:AG,NYSE:AG). Her last stock pick and “absolute favorite” is Camino Minerals (TSXV:COR,OTCID:CAMZF), a Peru-focused copper company with good management.

Rounding out the list were Hodge’s selections, starting with Northshore Uranium (TSXV:NSU) due to its US deposit. He also chose Kincora Copper (TSXV:KCC,OTCQB:BZDLF), citing its small market cap, strong investor interest and robust portfolio, and Kingsmen Resources (TSXV:KNG,OTCQX:KNGRF), a company that has seen its share price grow from C$0.25 to C$0.75 in the last year.

Bitcoin and Ether price update

Bitcoin (BTC) was priced at US$101,527, a 1.3 percent decrease in 24 hours. Its highest valuation of the day was US$104,748, while its lowest was US$100,992.

Bitcoin price performance, November 12, 2025.

Chart via TradingView.

Stocks performed well, driven by a precious metals rally as the US House of Representatives passed a bill to end the government shutdown. Cryptocurrencies pulled back from early highs as investors rotated out of risk assets.

Bitcoin remains in a bearish phase, with major liquidations hitting longs just below US$105,000. The critical support level to watch is US$100,000, which has held so far, but faces risk if selling intensifies.

Resistance clustered between US$105,000 and US$108,000 has blocked upward moves. However, a recovery in open interest suggests ongoing trading interest despite pressure.

Market analysts remain wary. Morgan Stanley (NYSE:MS) strategists warn that Bitcoin may be entering the “fall season” of its four year cycle, typically a period to harvest gains before a potential downturn.

The bank’s wealth management team has advised investors to take profits while prices are elevated, noting that stalled liquidity inflows and a drop below the 365 day moving average point to weakening momentum.

Ether (ETH) was priced at US$3,411.73, a 0.8 percent decrease in the last 24 hours. Its highest valuation of the day was US$3,567.23, while its lowest was US$3,374.02.

Altcoin price update

• Solana (SOL) was priced at US$153.70, down by 1.8 percent over the last 24 hours. Its highest valuation of the day was US$160.54 as markets opened, while its lowest was US$151.65.

• XRP was trading for US$2.35, down by 2.3 percent over the last 24 hours. It opened at its highest valuation of the day at US$2.44 before dropping to an intraday low of US$2.32.

Crypto derivatives and market indicators

Open interest for both Bitcoin and Ether rose in the final four hours of the trading day, with Bitcoin seeing a 0.85 percent increase to US$66.29 billion, indicating some renewed participation or position building.

Positive funding rates for both Ether and Bitcoin (0.005 and 0.004, respectively) suggest some bullish bias that could lead to liquidation risk on longs if prices for the cryptocurrencies weaken.

Bitcoin’s relative strength index near 39 signals current technical weakness and potential for short-term oversold bounce. Bitcoin dominance stands at 59.2 percent, and the Fear and Greed Index reads 26.

Today’s crypto news to know

Coinbase to relocate from Delaware to Texas

Coinbase Global (NASDAQ:COIN) announced it is moving its state of incorporation from Delaware to Texas.

The exchange cited “unpredictable outcomes” in the Delaware Chancery Court as a key reason for the shift, noting ongoing litigation related to its 2021 public listing. Texas law allows corporations to limit shareholder lawsuits against executives, offering greater legal predictability.

‘For decades, Delaware was known for predictable court outcomes, respect for the judgment of corporate boards and speedy resolutions,’ Coinbase Chief Legal Officer Paul Grewal wrote in a Wall Street Journal opinion piece. ‘It’s a shame that it has come to this, but Delaware has left us with little choice.’

The company joins other notable departures from Delaware, including SpaceX, Andreessen Horowitz, Dropbox (NASDAQ:DBX) and TripAdvisor (NASDAQ:TRIP).

Visa launches pilot to pay gig workers in stablecoins

Visa (NYSE:V) has introduced a pilot program enabling marketplaces to pay gig workers, freelancers and creators directly in dollar-backed stablecoins like USDC. The program uses Visa Direct to allow near-instant payouts, typically within 30 minutes, enhancing liquidity and accessibility for workers.

Visa has been expanding its crypto capabilities through partnerships with Bridge, Paxos and PayPal Holdings’ (NASDAQ:PYPL) PYUSD, integrating stablecoins into cards and payment rails.

The company faces competition from Mastercard (NYSE:MA), which is also deploying stablecoin solutions in collaboration with Ripple, Kraken and other partners.

JPMorgan launches dollar deposit token

JPMorgan Chase (NYSE:JPM) has rolled out a dollar-denominated deposit token, JPMD, on Coinbase’s Base Ethereum layer-2 network, enabling instant, 24/7 transactions for institutional clients.

Unlike privately issued stablecoins, JPMD represents actual deposits held within the bank, effectively tokenizing commercial bank money for blockchain use. The launch follows months of trials with Mastercard, Coinbase and liquidity provider B2C2, allowing JPMorgan to test settlement efficiency and interoperability.

The bank plans to expand JPMD to retail clients and introduce a euro version, JPME, as well as integrate additional blockchains pending regulatory approval.

Circle Q3 report highlights growth

Circle Internet Group’s (NYSE:CRCL) earnings report for the third quarter shows strong growth, with total revenue and reserve income hitting US$740 million, up 66 percent annually.

Adjusted EBITDA increased 78 percent over the same time period to US$166 million, while net income from continuing operations surged 202 percent to reach US$214 million. What’s more, USDC stablecoin circulation grew 108 percent US$73.7 billion, generating US$711 million in reserve income. The company also raised its 2025 outlook for other revenues and operating expenses, signaling confidence in sustained growth.

Alongside its performance report, Circle said it is considering a token for its ARC layer-1 blockchain testnet, an Ethereum Virtual Machine network, which “could foster network participation to drive adoption, further align the interests of Arc stakeholders and support the long-term growth and success of the Arc network.”

Canary XRP ETF poised for US trading debut

Canary Funds filed a Form 8-A with the US Securities and Exchange Commission (SEC) on Tuesday (November 11) for its Canary XRP exchange-traded fund (ETF), meaning it will likely become the first pure spot XRP ETF to list in the US.

The company’s SEC filing follows the Depository Trust & Clearing Corporation’s recent update listing several spot XRP ETFs, including the offering from Canary Capital.

Bloomberg ETF analyst Eric Blachunas posted the Nasdaq’s office listing notice for the ETF on X on Wednesday afternoon. It is slated to begin trading on Thursday (November 13) under the ticker symbol XRPC.