Rapid Critical Metals (RLL:AU) has announced IR1:IR1 Completes Acquisition to Consolidate Black Hills, US
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Questcorp Mining Inc. (CSE: QQQ,OTC:QQCMF) (OTCQB: QQCMF) (FSE: D910) (the ‘Company’ or ‘Questcorp’) is pleased to provide an update on the Phase I drilling program at its La Union Gold and Silver project in northwest Sonora, Mexico. Drill holes have now been completed at two of the 4 target areas:
- The initial hole was completed beneath the historic Union Mine itself, intersecting the favourable carbonaceous Clemente and Caborca formations, including the microconglomeratic carbonate unit which hosted mineralization at the bottom of the past producing Union Mine.
- Drilling then shifted focus to the El Cobre Mine area and the Union Norte Mine area, testing vertical feeder zones above the Clemente formation dolomites and carbonaceous sandstones. Hole two intersected more quartzites than interpreted from the geophysics, with the quartzites carrying more extensive hematitic oxides, possibly indicative of oxide gold mineralization potentially related to sulfides which have been oxidized through supergene weathering.
Saf Dhillon, President and Chief Executive Officer, states: ‘The drilling is indicating oxidation is consistent with past mining and targets are coming along with a positive exploration drilling so far. The drilling is intersecting more quartzite than expected which is favorable for fracture-controlled mineralization. The Riverside operations team is progressing the current exploration program working with the surface rancher and the drilling company to efficiently progress a high-quality exploration program.’
Drilling has now moved to the Famosa Target to progress exploration program. The Mexico Mining Ministry has approved many permits and are actively supporting the environmentally, socially conscious mineral exploration practices as a key aspect for the new Mexican government initiatives.
The technical content of this news release has been reviewed and approved by R. Tim Henneberry’, P.Geo (BC) a Director of the Company and a Qualified Person under National Instrument 43-101.
About Questcorp Mining Inc.
Questcorp Mining is engaged in the business of the acquisition and exploration of mineral properties in North America, with the objective of locating and developing economic precious and base metals properties of merit. The company holds an option to acquire an undivided 100-per-cent interest in and to mineral claims totalling 1,168.09 hectares comprising the North Island copper property, on Vancouver Island, B.C., subject to a royalty obligation. The company also holds an option to acquire an undivided 100-per-cent interest in and to mineral claims totalling 2,520.2 hectares comprising the La Union project located in Sonora, Mexico, subject to a royalty obligation.
ON BEHALF OF THE BOARD OF DIRECTORS,
Saf Dhillon
President & CEO
Questcorp Mining Inc.
saf@questcorpmining.ca
Tel. (604-484-3031)
Suite 550, 800 West Pender Street
Vancouver, British Columbia
V6C 2V6.
Certain statements in this news release are forward-looking statements, which reflect the expectations of management regarding completion of survey work at the North Island Copper project. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Except as required by the securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/265741
News Provided by Newsfile via QuoteMedia
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In the high-stakes world of resource extraction, a nation’s mineral wealth is a powerful magnet for investment, fueling economic growth and national prosperity. But not all countries are created equal.
For investors in the mining sector it’s key to understand that jurisdictional risk can be profoundly impacted by political changes, as new administrations can swiftly alter the regulatory landscape. These policy shifts can present both opportunities and setbacks, introducing a complex layer of uncertainty to even the most promising ventures.
At the same time, regions traditionally seen as stable and secure for resource development can face their own challenges, including rigorous permitting regimes that can slow mine development activity.
Read on for three case studies on jurisdictional risk and how to navigate this type of complexity.
Case study: First Quantum’s Cobre Panama mine
Perhaps the most notable example in recent years of how politics can affect operations is the closure of First Quantum Minerals’ (TSX:FM,OTC Pink:FQVLF) Cobre Panama mine in Panama.
As with many mining operations, Cobre Panama took decades to bring into production. First Quantum received approval to begin work at the site in February 1997; however, it would take 22 years and US$10 billion to build the mine and the required infrastructure before production commenced in September 2019.
When it was placed on care and maintenance in November 2023, the mine was one of the largest in the world, accounting for approximately 1 percent of total copper supply.
The closure came after Panama’s government faced intense public backlash for granting First Quantum a 20 year mining contract; it was quickly declared unconstitutional by the Supreme Court.
The Panamanian government also introduced an indefinite moratorium on all mining concessions. The move put the country’s mining sector in a state of limbo and led other companies to cease activities in Panama. For example, Orla Mining (TSX:OLA,NYSEAMERICAN:ORLA) decided to halt funding of its Cerro Quema project until it had “greater certainty with respect to the mining concessions, as well as fiscal and legal stability in Panama.”
Cobre Panama’s closure and the subsequent moratorium led Fitch to downgrade its investment outlook for Panama in March 2024, from BBB- to BB+. The credit agency cited fiscal governance challenges that arose following the mine’s closure, noting that Cobre Panama accounted for 5 percent of the nation’s GDP.
Although the International Monetary Fund expects Panama’s GDP to rebound to 4.5 percent in 2025 as non-mining sectors of the nation’s economy grow, the changes have already had a significant impact on the national economy, with GDP growth slowing to 2.9 percent in 2024, from 7.4 percent in 2023.
Case study: Barrick Mining’s Loulo-Gounkoto complex
Another recent example is the impact of unrest on Barrick Mining’s (TSX:ABX,NYSE:B) operations in Mali.
The African nation has experienced a prolonged period of instability, with the government being overthrown in three coup d’états within a 10 year span, in 2012, 2020 and 2021.
The most recent two came following months of turmoil after election irregularities and accusations of corruption in 2020, then calls for a more legitimate government to be installed in 2021.
Ultimately, the government was replaced by a military junta, and in 2022, it was announced that elections would be held in 2024. However, these were delayed until early 2025, at which time they were again postponed.
This past July, Malian military authorities granted current leadership a five year mandate, renewable as many times as necessary without requiring an election, which guarantees control of the government until 2030.
The impact on the mining sector has been notable. In 2022, the new government ordered an audit of the mining sector, which led to Mali adopting a new mining code in 2023 after limited industry consultation.
The code aims to generate more revenue for the government from mining operations by increasing government ownership to 35 percent from 20 percent and removing tax-exempt status for some operations.
Existing mining contracts were also reviewed, which limited the ability to renegotiate, leading to a protracted negotiation process between the Malian government and Barrick over its Loulo-Gounkoto complex.
While Barrick has said its commitment to Mali remains firm, going so far as to make a good-faith payment of US$83 million, the two parties were unable to reach an agreement. The stalled negotiations led the government to arrest or issue arrest warrants for key personnel over unpaid taxes and contract disputes, including Barrick CEO Mark Bristow.
With no resolution, Barrick was ultimately forced to shut down the mine in January of this year. Although arbitration proceedings continue, the operation was placed under provisional administration on June 16, and government helicopters were seen onsite removing more than 1 metric ton of gold on July 10.
According to the Extractive Industry Transparency Initiative, the mining sector makes a significant contribution to the nation’s economy, representing 79 percent of exports and 9.2 percent of GDP. Although other companies haven’t ceased operations in the country, the government’s action has created tensions for investors, with CEOs suggesting that the new rules make it economically unfeasible for new mines or takeovers in the country.
The Fraser Institute gave Mali a policy perception score of 14.94 in its 2024 Annual Survey of Mining Companies, a significant decrease from 2023, when it achieved 33.34, and a precipitous decline from 2020’s score of 78.18. In the overall ranking, Mali fell to 74 out of 82 countries included in the survey, down from 37 out of 77 in 2020.
The institute notes that companies say policy accounts for about 40 percent of their decision when choosing where to establish operations. The other 60 percent is based on the mineral potential. In this regard, Mali improved to 55.26 from 41.18 in 2023; however, it remains in the bottom half of all jurisdictions, ranking 40 out of 58.
The institute uses these scores to determine the overall investment attractiveness of jurisdictions. In 2024, Mali scored 39.13 and ranked 72 out of 82. Respondents to the survey suggested that the rejection of gold mining permits and the lack of transparency created uncertainty and deterred investment.
Even when investment is in the national interest, underlying issues can be hard to overcome.
Case study: The DRC
The Democratic Republic of the Congo (DRC) is endowed with a vast wealth of minerals, ranging from copper to cobalt and diamonds, but a lack of infrastructure and geopolitical instability have hindered investment.
However, the mining sector has seen steady growth in recent years as the government looks to attract investment. One project is the construction of the Lobito Corridor, Africa’s first open-access transcontinental rail link. It connects Zambia and the DRC with the port of Lobito in Angola, providing improved shipping opportunities for producers.
Among the operations that have signed on to use the rail link is Ivanhoe Mines’ (TSX:IVN,OTCQX:IVPAF) Kamoa-Kakula mine. The asset is one of the world’s largest copper mines, producing 964 million pounds in 2024.
In February 2024, the company signed a term sheet to access the corridor, allowing it to transport between 120,000 and 240,000 metric tons of copper concentrates per year for a five year term, commencing in 2025.
In a press release, Robert Friedland, Ivanhoe’s founder and executive co-chair, said the corridor is “fast becoming one of the most important trade routes for vital copper metal in the world.”
He added that the rail link will unlock projects due to the lower logistical costs.
While development in the DRC is moving in the right direction, it’s not without its problems. Tensions remain with neighboring Rwanda, as Rwanda has backed anti-government M23 rebels. The groups have been warring since 2022, with much of the violence occurring in the Eastern DRC, a mineral-rich area of the country.
In April 2024, M23 seized the town of Rubaya, the center of coltan production in the DRC; coltan is a critical mineral for the tech sector. While Ivanhoe’s mine has avoided the violent uprisings elsewhere in the country, it still highlights key security challenges for operations in the country and underscores the fragility of stability.
Like Mali, the DRC declined in the Fraser Institute’s survey last year.
It dropped to 12.97 on policy, down from 24.93 in 2023, ranking 77 out of 82. However, its mineral potential ranked much higher, scoring 73.53 — that’s up from 55 in 2023 and a rank of 14 out of 58.
On overall investment attractiveness, the DRC was middling, scoring 49.31 and ranking 58 out of 82. The report points to issues such as disputes over land tenure ownership, which have led to uncertainty and deterred investment.
Is there any truly safe mining jurisdiction?
The mining community has looked mainly to North America, Europe and Australia to minimize jurisdictional risk.
Canada, the US and Australia are widely considered safe places to invest in due to the stability of their governments and the absence of cross-border conflicts. Despite changes in government, political parties in these nations tend to support extractive industries through tax credits and investment programs.
As a whole, challenges in these jurisdictions tend to be more regulatory than geopolitical in nature, with strict environmental and social regulations adding years to development timelines.
Recently, however, there have been some moves to break down these barries.
The US and Canada have both made promises to streamline the permitting process to decrease timelines for critical minerals. Additionally, under the Biden administration, the US Department of Defense, increased funding for projects deemed critical to national interests, including those involving Canadian companies Fortune Minerals (TSX:FT,OTCQB:FTMDF) and Lomiko Metals (TSXV:LMR,OTC Pink:LMRMF).
The program has continued under US President Donald Trump, with the most recent award being announced on July 22, for US$6.2 million in funding for Guardian Metal Resources (LSE:GMET,OTCQX:GMTLF).
Although challenges in these regions still exist, in general they remain stable. For investors, it can help to de-risk portfolios and avoid the geopolitical tensions and uncertainty that arise elsewhere.
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
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Jindalee Lithium (JLL:AU) has announced JLL Signs Non-Binding LOI to List McDermitt on a US Exchange
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Tackling soaring inflation in the US is the job of the country’s central bank, known as the US Federal Reserve, or the Fed.
The US Fed has consistently made headlines in recent years due to its role in managing inflation through the use of interest rate changes.
Between mid-2021 and 2023, the US economy experienced high inflation, peaking at 8.5 percent in July 2022. The Fed has helped bring it largely under control through careful interest rate increases during that time period.
According to US Labor Department data, the inflation rate in July 2025 was 2.7 percent. As this is still above the Fed’s target of 2 percent, the bank has been slow to lower interest rates so far.
It’s important for any investor to understand the ins and outs of the Fed’s role in US monetary policy and interest rates, as its decisions have a strong impact on US and global markets as well as precious metals prices.
In this article
What is the US Federal Reserve?
The Federal Reserve, often referred to as the Fed, is the US central bank and monetary authority. It was established by the Federal Reserve Act in 1913, which gave the Fed responsibility for setting monetary policy in response to the 1907 Banker’s Panic.
“The Panic was caused by a build-up of excessive speculative investment driven by loose monetary policy,” explains Investopedia. “Without a government central bank to fall back on, U.S. financial markets were bailed out from the crisis by personal funds, guarantees, and top financiers and investors, including J.P. Morgan and John D. Rockefeller.”
Although it is an independent government agency, the Fed is accountable to the public and US Congress. The current Fed Chair is Jerome Powell, an investment banker who served as assistant secretary and undersecretary of the Department of the Treasury under former President George H.W. Bush. Powell took the helm at the Fed in 2018.
The Fed has a dual mandate: to achieve stable prices and stable employment. The government agency also provides banking services and is the main regulator of the nation’s banks. In times of economic turmoil, the Fed also acts as a lender of last resort.
It’s important to note that while the Fed manages the national monetary policy and regulates the financial system in the US, its actions also have a powerful influence on the global economy.
What is the FOMC?
The Federal Open Market Committee (FOMC) is the Fed’s monetary policy-making body. The 12 members of the FOMC are the seven members of the board of governors of the Federal Reserve System, the president of the Federal Reserve Bank of New York and four of the 11 reserve bank presidents who rotate through the positions for one year terms.
Why does the US Federal Reserve hike or cut interest rates?
For more than a century, the Fed has been tasked with keeping a watchful eye on any structural risk to monetary stability in the US financial system, and rising inflation and high unemployment are two of the biggest threats to monetary stability.
In the face of rising inflation, the Fed raises interest rates in the hopes of reigning in rapidly rising prices by curbing demand. When interest rates are higher, borrowing money becomes more expensive, which ultimately slows consumer spending and curtails corporate growth.
During times of slow economic growth, the Fed lowers interest rates in order to stimulate the economy. Lower interest rates in effect lower the cost of borrowing and investing for both businesses and individuals.
The Fed’s goal is to keep inflation around its target rate of 2 percent, and unemployment around 4 to 4.5 percent.
“The principle of inflation targeting is based on the belief that long-term economic growth is best achieved by maintaining price stability, and price stability is achieved by controlling inflation,” according to Investopedia.
What are the biggest contributors to US inflation?
Inflation is calculated through factoring in price changes of a weighted basket of goods and services, as well as housing.
For example, the COVID-19 pandemic that began in 2020 caused a surge of inflation in the US and globally.
Prices of goods were driven higher by a mix of factors, including significant supply chain disruptions hurting product availability, and economic stimulus packages increasing spending power and demand.
Additionally, the lasting switch to work-from-home for many led to increased demand for homes with space for offices, driving up housing prices. As housing is the highest weighted factor when calculating US inflation, this was one of the biggest drivers of inflation in the 2020s.
Global supply chains have since been hampered by factors like Russia’s ongoing war in Ukraine and growing conflict in the Middle East. There is also the uncertainty generated from the global wave of tariffs sparked by US President Donald Trump’s trade policies, which will raise the cost of goods purchased by American consumers.
This global supply and demand imbalance has led to rising prices for a wide range of consumer products, from gas to groceries. The result has been a loss in purchasing power for US consumers as their dollar needs to stretch further.
How much has the US Federal Reserve hiked rates since 2022?
In an effort to fight inflation, the American central bank consistently increasing rates from its March 2022 meeting with an initial boost of 25 basis points. Its hike of 75 basis points in June 2022 was at the time its largest since 1994, and it was followed by another three hikes of this magnitude in 2022.
The Fed raised interest rates by 5.25 percentage points between March 2022 and July 2023 before holding at 5.50 percentage points for more than a year. The Fed’s current rate cutting cycle began with a .50 drop in September 2024.
|
_FOMC meeting date___ |
Rate hike in basis points_ |
Target federal funds rate_ |
|
January 25 to 26, 2022 |
N/A |
0 to 0.25 percent |
|
March 15 to 16, 2022 |
+25 |
0.25 to 0.5 percent |
|
May 3 to 4, 2022 |
+50 |
0.75 to 1 percent |
|
June 14 to 15, 2022 |
+75 |
1.5 to 1.75 percent |
|
July 26 to 27, 2022 |
+75 |
2.25 to 2.5 percent |
|
September 20 to 21, 2022 |
+75 |
3.0 to 3.25 percent |
|
November 1 to 2, 2022 |
+75 |
3.75 to 4.0 percent |
|
December 13 to 14, 2022 |
+50 |
4.25 to 4.5 percent |
|
January 31 to February 1, 2023 |
+25 |
4.5 to 4.75 percent |
|
March 21 to 22, 2023 |
+25 |
4.75 to 5.0 percent |
|
May 2 to 3, 2023 |
+25 |
5.0 to 5.25 percent |
|
July 25 to 26, 2023 |
+25 |
5.25 to 5.5 percent |
How many times does the Fed meet each year?
The FOMC holds eight meetings per year, typically scheduled every seven weeks. According to the Fed’s website, during these meetings the FOMC “reviews economic and financial conditions, determines the appropriate stance of monetary policy, and assesses the risks to its long-run goals of price stability and sustainable economic growth.”
How many more US Federal Reserve meetings this year?
As of August 21, three more Fed meetings are scheduled for 2025, and market participants will be closely watching these events.
It’s too soon to know what exactly the Fed will do at these remaining meetings, but its July statement gives some clues — in it, the central bank said that it ‘seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. Uncertainty about the economic outlook remains elevated. The Committee is attentive to the risks to both sides of its dual mandate.’
At the time, the Federal Reserve decided to hold rates steady at 4.25 to 4.5 percent for the fifth straight meeting as inflation remained elevated and job numbers appeared strong. The decision placed downward pressure on the gold price as a better economic outlook dimmed demand for the safe-haven asset.
While the current tariff war between the US and many of its major trading partners has some calling for a return to higher inflation, weak unemployment figures and other economic data published since the last meeting has caused others to consider the potential for a recession before the end of the year.
‘At present, the latest economic data have been sufficiently mixed as to support either policy alternative,’ according to analysts writing for the Peterson Institute for International Economics. ‘The case for a rate cut is driven by the pronounced slowing in job creation, the failure of inflation to respond much to the initial tariff increases, and the fact that most FOMC participants view the current stance of policy as slightly tighter than neutral.’
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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Brightstar Resources (BTR:AU) has announced North American Mining Conferences Presentation
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Jindalee Lithium (JLL:AU) has announced Reinstatement to Official Quotation
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American Uranium (AMU:AU) has announced Snow Lake Completes AMU Investment
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Residents in five Western Québec municipalities of have overwhelmingly rejected a proposed open-pit graphite mine, with 95 percent voting against the La Loutre project in a referendum.
Nearly 3,000 ballots were cast on Sunday (August 31) across Duhamel, Lac-des-Plages, Lac-Simon, Chénéville and Saint-Émile-de-Suffolk. Of those, 2,754 citizens voted against the asset, while only 115 were in favor.
The organizers say the result leaves no room for ambiguity about local opposition.
Located near Lac Bélanger, roughly 80 kilometers northeast of Gatineau, La Loutre is owned by Lomiko Metals (TSXV:LMR,OTCQB:LMRMF), which says it is a potential source of graphite for electric vehicle batteries.
China is the world’s largest producer of graphite by far, and countries around the world are looking to lock down supply of the material. In 2024, Lomiko received a US$8.35 million grant from the US Department of Defense, as well as C$4.9 million from Natural Resources Canada, as the countries looked to strengthen North America’s supply chain.
But for many locals, the referendum on La Loutre was not about global supply chains, but about protecting the lakes, forests and tourism-driven economy that sustain the Petite-Nation region.
Duhamel Mayor David Pharand, long opposed to the mine, said the scale of the rejection will shape what comes next.
“I can assure the population that the percentage of the results of this referendum will have a major impact on the decision of the government and the action that will be taken,” Pharand told CBC. “We will work based on those numbers with our political, federal, and provincial members of parliament to see that this project is not funded.”
Provincial officials struck a similar tone. Papineau MRC prefect Paul-André David said in a statement that the results reflect widespread environmental concerns and will guide the region’s stance in discussions with Québec City:
“The MRC will have to take the necessary measures to protect the interests of the community, by demanding that governments ensure that the sustainable management of water, air and landscapes is at the heart of discussions.’
Mathieu Lacombe, the Coalition Avenir Québec member of Québec’s National Assembly for Papineau, called the outcome “unequivocal” and pledged in a Facebook post to “ensure that the will of citizens is respected.”
Premier François Legault has repeatedly said in recent years that “if there is no social acceptability, there will be no mining activity,” a promise the Coalition du NON is now urging him to uphold.
Coalition presses for government action
The referendum was organized with support from the Alliance des municipalités Petite-Nation Nord and spearheaded by local business and land-use groups under the banner of the Coalition du NON.
The coalition is demanding that both provincial and federal governments move quickly to halt the project and declare the territory incompatible with mining activity. Louis St-Hilaire, president of the Petite-Nation Lake Protection Group and co-spokesperson for the coalition, said the result represents a clear directive.
“Through this referendum, citizens have shown that mining is clearly not what they want for their region and that they will continue to oppose it. Mr. Legault, the public is now asking you, in the public interest, to revoke Lomiko Metals’ mining rights in this area,” St-Hilaire said.
Lomiko acknowledges challenge of social license
Lomiko received permits from the Québec government to begin a 250 metric ton bulk sample at La Loutre on July 1, also saying in the update that it was in a permitting phase to start geotechnical site investigations.
In a statement to CBC on Tuesday (September 2), the company acknowledged the referendum outcome, while stressing that “the many outstanding questions will become clearer as it carries out additional studies.”
Last year, Lomiko expressed disappointment after Québec’s government declined to fund the project, saying the province appeared to be drawing “pre-emptive conclusions” before technical assessments were completed.
Local leaders say the onus is now squarely on provincial and federal authorities to respect the verdict.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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Statistics Canada released its August job numbers on Friday (September 5). The report indicated a loss of 66,000 jobs in the Canadian economy and an increase in the unemployment rate to 7.1 percent from the 6.9 percent recorded in July.
The losses were primarily felt in the professional, scientific and technical services sector with a decrease of 26,000 jobs, followed by losses of 23,000 jobs in the transportation and warehousing sector and 19,000 jobs in manufacturing.
One small caveat: of the 66,000 jobs lost, 60,000 were part-time workers, while full-time employment saw little change after shedding 51,000 positions the previous month.
South of the border, the US Bureau of Labor Statistics (BLS) also released its August jobs report on Friday. The report is the first jobs report since Donald Trump fired the head of the BLS after the release of July’s labor report showed weakness trickling into the economy.
The economy added an estimated 22,000 jobs during August, well below analysts’ expectations of 75,000 new jobs. The unemployment rate also ticked up to 4.3 percent from 4.2 percent in July.
The federal workforce saw the largest job decline, losing 15,000 jobs. The mining, quarrying and oil and gas extraction sector also saw its most significant change over the last 12 months, shedding 6,000 workers.
Additionally, the BLS revised June and July’s figures. While July’s numbers rose to 79,000 added jobs from the 73,000 first reported, the agency made a significant downward revision to June’s numbers, indicating the economy lost 13,000 jobs for the month instead of gaining 14,000.
Jobs data from the last few months will play an important role when the Federal Reserve next meets on September 16 and 17 to discuss changes to the Federal Funds Rate, which is currently set in the 4.25 to 4.5 percent range. Most analysts are predicting the Fed to make a 25 point cut to the benchmark rate, with some now eyeing a larger 50 point cut.
Markets and commodities react
Canadian equity markets were mostly positive during the shortened trading week. The S&P/TSX Composite Index (INDEXTSI:OSPTX) set another new record high on Friday, closing the week up 1.7 percent to 29,050.63. The S&P/TSX Venture Composite Index (INDEXTSI:JX) did even better, climbing 3.34 percent to finish Friday at 857.25. However, the CSE Composite Index (CSE:CSECOMP) went the opposite direction, falling 5.16 percent to end the week at 158.32.
US equity markets were volatile this week, falling sharply at the open of the trading week Tuesday (September 2) before moving back into positive territory. Although the S&P 500 (INDEXSP:INX) pulled back slightly on Friday’s weak jobs data, it ultimately ended the week up 0.33 percent at 6,481.51. The Dow Jones Industrial Average (INDEXDJX:.DJI) took a larger hit Friday, and closed down 0.32 percent on the week at 45,400.87. Of the three, the Nasdaq 100 (INDEXNASDAQ:NDX) was the week’s biggest winner, rising 1.01 percent to 23,652.44.
The gold price was in focus this week as it climbed to a new record high Wednesday (September 3) on expectations of a September rate cut by the Federal Reserve and news on August 29 that a Federal Appellate court had struck down the majority of Donald Trump’s reciprocal tariffs. Gold ended the week up 4.03 percent at US$3,586.27 per ounce after the lackluster jobs report pushed gold above Wednesday’s highs.
Silver had a similarly explosive week, climbing past US$40 for the first time since 2011 and moving as high as US$41.38 on Wednesday. The precious metal finished Friday with a 3.32 percent weekly gain at US$41.07 per ounce.
On the other hand, copper was off this week, shedding 0.87 percent to US$4.54 per pound. The S&P Goldman Sachs Commodities Index (INDEXSP:SPGSCI) posted a decrease of 1.17 percent by close on Friday, finishing at 543.28.
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. Carlton Precious (TSXV:CPI)
Weekly gain: 77.78 percent
Market cap: C$17.74 million
Share price: C$0.24
Carlton Precious is a mineral exploration company focused on a portfolio of precious metals projects in the Americas and Australia.
Its flagship Esquilache silver project, located in Peru, consists of two mining concessions covering an area of 1,600 hectares. Unsubstantiated records from the property indicate historic mining produced 10 million ounces of silver between 1950 and 1962. Exposed structures on the property show mineralization of silver, lead, zinc, copper and gold.
On March 19, Carlton reported assay results from a 2024 surface channel sampling program, with grades peaking at 13.45 grams per metric ton (g/t) gold and 1,018 g/t silver.
The company’s most recent announcement came on July 14, when Carlton signed an agreement with the community of San Antonio de Esquilache for the project allowing for further exploration at the property. Carlton added that its staff has designed a program of up to 40 drill holes that it expects to commence in fall 2025.
In its September 2025 investor presentation, the company stated it is submitting its drill permit applications.
2. Quantum Critical Metals (TSXV:LEAP)
Weekly gain: 73.68 percent
Market cap: C$17.31 million
Share price: C$0.165
Formerly Durango Resources, Quantum Critical Metals is a polymetallic exploration company developing a portfolio of projects in Québec and British Columbia, Canada.
Its flagship NMX East critical metals project is in the Eeyou Istchee James Bay region of Québec and lies adjacent to Nemaska Lithium’s Whabouchi mine. According to the project page, the company has drilled four holes at the property, producing a highlighted assay of 107.68 meters from surface containing average grades of 38.85 g/t gallium, 701.03 g/t rubidium, 24.98 g/t cesium and 3.61 g/t thallium.
Quantum Critical Metals has also been working to advance its Victory antimony project in Haida Gwaii, British Columbia. The site was initially discovered in the 1980s and hosts mineralization of arsenic, antimony and mercury. On August 25, the company announced it submitted an application to expand the property to 1,444 hectares.
The company’s most recent news came on Thursday (September 4), when it identified mica as a key carrier of critical minerals at its NMX project. Quantum selected samples from the 107 meter interval mentioned above, and the samples with the highest mica content returning significantly higher grades of critical metals, including gallium, rubidium, lithium and niobium.
Quantum has now sent the samples for further testing. If the testing confirms the results, stated the discovery will allow for easier removal of these elements from the rock, as the company can first isolate the mica.
3. Electric Metals (TSXV:EML)
Weekly gain: 66.67 percent
Market cap: C$79.98 million
Share price: C$0.45
Electric Metals is a mineral development company focused on advancing its flagship North Star manganese project in Minnesota, US. According to the company, the asset is North America’s highest-grade manganese resource. It plans to produce high-purity manganese sulphate monohydrate for lithium-ion batteries.
On August 26, Electric Metals released its preliminary economic assessment (PEA) for North Star. The assessment demonstrated a base-case after-tax net present value of US$1.39 billion, with an internal rate of return of 43.5 percent and a payback period of 23 months.
The report also included an updated mineral resource estimate with an indicated resource of 7.6 million metric tons of ore grading 19.07 percent manganese, 22.33 percent iron and 30.94 percent silicon, and an inferred resource of 3.73 million metric tons of ore grading 17.04 percent manganese, 19.04 percent iron and 30.03 percent silicon.
Momentum from the PEA release landed Electric Metals on this list of top performers last week, and its shares climbed even higher this week after the company announced the results of its annual and special shareholder meeting.
Shareholders approved all resolutions, including two related to Electric Metals’ plan to redomicile its business in Delaware, US. The first is continuance from the Canada Business Corporations Act to the Business Corporations Act of British Columbia. Shareholders also voted to authorize a continuance of the company to the Delaware General Corporation Law, with the condition of a successful corporate move to BC.
Electric Metals CEO Brian Savage said the change is intended to align its corporate home with the company’s mission to build a fully domestic US supply of manganese.
4. Valhalla Metals (TSXV:VMXX)
Weekly gain: 66.67 percent
Market cap: C$11.53 million
Share price: C$0.15
Valhalla Metals is a polymetallic exploration company working to advance a pair of projects in Alaska’s Ambler Mining District. Its Sun project consists of 392 claims that cover an area of 25,382 hectares.
A May 2022 technical report states that the indicated mineral resource for the project is 1.71 million metric tons of ore containing 162.96 million pounds of zinc, 55.85 million pounds of copper, 42.04 million pounds of lead, 3.3 million ounces of silver and 12,000 ounces of gold.
It also reported an inferred resource of 9.02 million metric tons containing 831.33 million pounds of zinc, 239.64 million pounds of copper, 290.26 million pounds of lead, 23.68 million ounces of silver and 73,000 ounces of gold.
The project is largely dependent on the construction of the 211 mile Ambler Access Road, which Donald Trump approved in his first term as president. Joe Biden rescinded the federal permit in 2024 due to environmental concerns.
Shares in Valhalla gained momentum this week after Congress voted 215 to 210 on Wednesday to move ahead with the project. It’s expected that the Senate will follow suit when it votes on the resolution in the next few weeks.
5. Orosur Mining (TSXV:OMI)
Weekly gain: 65.31 percent
Market cap: C$108.97 million
Share price: C$0.405
Orosur Mining is an exploration company focused on the development of early to advanced-stage assets in South America.
Exploration has revealed multiple gold deposits at its flagship Anzá gold project in Colombia, which is located 50 kilometers west of Medellin and sits along Colombia’s primary gold belt.
Orosur acquired the project, previously a 49/51 joint venture between Newmont and Agnico Eagle, in November 2024.
Since that time, the company has been working to explore the property and has made several announcements regarding its exploration efforts. The most recent came on August 26, when it reported highlights from infill drilling being carried out at the property, including one hole with 6.13 g/t gold over 71.85 meters from near surface at the Pepas gold prospect.
Orosur also owns several early-stage projects, the El Pantano gold-silver project in Argentina, the Lithium West project in Nigeria and the Ariquemes project in Brazil, which is prospective for tin, niobium and rare earths.
On Monday (September 1), Orosur reported that in August, it had issued 3.28 million new common shares for a total consideration of US$174,711.67 following its exercise of the same number of warrants. It also stated that 31.51 million warrants remained outstanding.
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 May 2025, there were 1,565 companies listed on the TSXV, 910 of which were mining companies. Comparatively, the TSX was home to 1,899 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.
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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