Canadian mining stocks delivered robust performance this week, with explorer Tincorp Metals (TSXV:TIN) leading the charge by surging an impressive 128 percent. The significant gains across the sector were supported by positive market sentiment, record exploration spending in British Columbia, and rising commodity prices for gold, silver, and copper.
Canadian Resource Sector Sees Record Exploration Spending
A report released by professional services firm EY on Monday, April 13, highlighted a new record in British Columbia’s mineral exploration sector. Spending in 2025 reached C$751 million, marking a 36 percent increase from 2024 and surpassing the previous record of C$740 million set in 2022. Copper projects were the primary driver, accounting for over 50 percent of total spending at C$385 million. For the first time, capital inflows for copper projects exceeded funding for gold projects, which totaled C$227 million last year.
Overall, funding for copper and critical minerals exploration nearly doubled, showing a 93 percent increase over 2024. Companies in the junior sector were particularly active, boosting spending by 47 percent year-on-year, with a notable focus on grassroots copper projects and new ventures in Northwest BC. EY’s report, which analyzed data from 187 companies responsible for 301 projects, suggests that BC is well-positioned to lead critical minerals development, provided there is continued collaboration among government, industry, and Indigenous stakeholders.
Geopolitical Shifts Impact Oil, Boost Metals
In geopolitical news, the Strait of Hormuz was announced fully open to traffic on Friday, April 17, following a 10-day ceasefire agreement between Israel and Hezbollah in Lebanon. This development led to a sharp decline in oil prices, with both Brent and West Texas Intermediate falling more than 10 percent during morning trading on Friday, closing at US$88.97 and US$83.24 per barrel, respectively.
Equity Markets and Commodities React Positively
Canadian equity markets experienced a positive week. The S&P/TSX Composite Index (INDEXTSI:OSPTX) advanced 2.43 percent, closing Friday at 34,346.29. The S&P/TSX Venture Composite Index (INDEXTSI:JX) saw an even stronger rise of 4.94 percent, reaching 1,054.91, while the CSE Composite Index (CSE:CSECOMP) gained 4.39 percent to close at 176.05.
Commodity markets also reflected this positive trend for precious and base metals. The gold price increased by 1.8 percent, ending the week at US$4,847.86 per ounce. Silver outperformed, climbing 7.22 percent to US$81.16. Comex copper prices recorded a 5.75 percent increase, reaching US$6.09. In contrast, the S&P Goldman Sachs Commodities Index (INDEXSP:SPGSCI) was down 4.26 percent, closing Friday at 679.11.
Top Performing Canadian Mining Stocks This Week
Here are the five best-performing Canadian mining stocks for the week, based on data retrieved at 4:00 p.m. EDT on Friday from TradingView’s stock screener, including companies on the TSX, TSXV, and CSE with market caps greater than C$10 million:
1. Tincorp Metals (TSXV:TIN)
- Weekly gain: 128 percent
- Market cap: C$85.38 million
- Share price: C$1.14
Tincorp Metals, an explorer focused on its newly acquired gold-copper project in Ecuador, saw its shares more than double. The company entered a definitive agreement on February 25 with its largest shareholder, Silvercorp Metals (TSX:SVM, NYSEAMERICAN:SVM), to acquire the Santa Barbara gold-copper project in Southeast Ecuador. On April 9, Tincorp filed a technical report detailing an updated resource estimate for the project, which includes an indicated resource of 697,000 ounces of gold and 68.2 million pounds of copper, and an inferred resource of 3.42 million ounces of gold and 425.87 million pounds of copper. Tincorp plans a 10,000-meter drill program at Santa Barbara to confirm results and upgrade the resource estimate. The company also holds two tin projects in Bolivia.
2. Kirkland Lake Discoveries (TSXV:KLDC)
- Weekly gain: 114.71 percent
- Market cap: C$45.14 million
- Share price: C$0.365
Kirkland Lake Discoveries, a gold and copper exploration company with projects in the Kirkland Lake area of Ontario, Canada, experienced a significant rise. The company’s holdings span approximately 40,000 hectares in the Abitibi greenstone belt. Its recent acquisition, the Mirado property, which hosts a historic resource of 442,000 ounces of gold, closed on March 3. On Thursday, April 16, Kirkland released assay results from the first hole of its 2026 drill program at Mirado, reporting 103 meters of continuous mineralization, including an intersection of 5.66 g/t gold over 18.2 meters, with an interval of 23.03 g/t over 4.3 meters. CEO Stefan Sklepowicz stated that these results were an “exceptional start to the program at Mirado,” confirming a “robust system with potential for both bulk-tonnage scale and high-grade zones.”
3. Carlin Gold (TSXV:CGD)
- Weekly gain: 93.55 percent
- Market cap: C$11.61 million
- Share price: C$0.60
Carlin Gold, an exploration company with gold and copper-gold projects in Nevada, US, saw its shares nearly double. The company’s recent activity has focused on its Ivy copper-gold skarn project. Last November, Carlin reported a survey detecting a 1,500-meter by 200-meter anomaly at Ivy. On Tuesday, April 14, Carlin completed a non-brokered private placement, raising C$2.16 million, which it intends to use for exploration and maintenance of its projects, as well as for general working capital.
4. North American Niobium and Critical Minerals (TSXV:NIOB)
- Weekly gain: 68.18 percent
- Market cap: C$12.23 million
- Share price: C$0.74
North American Niobium and Critical Minerals, an exploration company advancing niobium and rare earths assets in Québec, Canada, also performed strongly. The company is focused on contributing to a domestic critical mineral supply chain. On April 2, it launched its maiden drill program at its Seigneurie project. By April 9, it had also received diamond drill permits for its Bardy and Blanchette properties. Most recently, on Thursday, the company hired an advisory firm to enhance its engagement with local Indigenous stakeholders. CEO Murray Nye emphasized the company’s commitment to respecting territory and maintaining dialogue.
5. Pacific Booker Minerals (TSXV:BKM)
- Weekly gain: 66.67 percent
- Market cap: C$36.32 million
- Share price: C$2.25
Pacific Booker Minerals, an explorer and developer focused on its Morrison property in Central BC, Canada, rounded out the top five. The Morrison site, which hosts copper, gold, and molybdenum mineralization, is in advanced stages of development, with a feasibility study completed in 2009. The company continues to work towards necessary approvals for its development plans.
The week’s performance underscores a dynamic period for Canadian mining, driven by specific project advancements, strategic acquisitions, and a broader market appetite for key commodities like copper, gold, and critical minerals. The continued focus on exploration and development, particularly in regions like British Columbia, suggests ongoing potential for growth within the sector.
