Markets and commodities react

In Canada, major indexes were mixed at the end of the week.

The S&P/TSX Composite Index (INDEXTSI:OSPTX) gained 2.07 percent during the week to close at 25,971.93 on Friday, the S&P/TSX Venture Composite Index (INDEXTSI:JX) fell 1.93 percent to 672.84 and the CSE Composite Index (CSE:CSECOMP) shed 0.5 percent to 119.01.

US equities were in positive territory this week, with the S&P 500 (INDEXSP:INX) gaining 2.6 percent to close at 5,958.37, the Nasdaq-100 (INDEXNASDAQ:NDX) rising 2.88 percent to 21,412.91 and the Dow Jones Industrial Average (INDEXDJX:.DJI) adding 1.8 percent to 42,654.75.

The gold price was in decline this week, posting a loss of 3.75 percent, to close Friday at US$3,199.69. The silver price was also down, shedding 1.37 percent during the period to US$32.28.

In base metals, the COMEX copper price fell 2.34 percent over the week to US$4.60 per pound. Meanwhile, the S&P GSCI (INDEXSP:SPGSCI) posted a small gain of 0.31 percent to close at 533.11.

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.

Stock data for this article was retrieved at 3 p.m. EDT on Friday using TradingView’s stock screener. Only companies trading on the TSX, TSXV and CSE with market capitalizations greater than C$10 million are included. Companies within the non-energy minerals and energy minerals sectors were considered.

1. Foremost Clean Energy (CSE:FAT)

Weekly gain: 133.11 percent
Market cap: C$29.88 million
Share price: C$3.45

Foremost Clean Energy is a uranium explorer advancing projects in Saskatchewan’s Athabasca Basin. In 2025, its primary focus has been its Hatchet Lake property, part of its Eastern Athabasca projects. The site consists of nine mineral claims within two blocks covering an area of 10,2012 hectares and has seen exploration dating back to the 1960s.

Foremost announced in October 2024 that it had completed the first phase of an option agreement with Denison Mines (TSX:DML,NYSEAMERICAN:DNN) to acquire a 20 percent stake in 10 uranium properties, including Hatchet Lake, in exchange for 1.37 million common shares. Under the terms of the agreement, Foremost can earn up to a 70 percent stake in the properties in exchange for meeting certain milestones within 36 months.

Shares in Foremost have gained after making several positive exploration announcements over the past few weeks.

On May 1, Foremost announced a new uranium discovery at Hatchet Lake based on initial results from an ongoing inaugural drill program. The company said the discovery includes multiple intervals of mineralization, highlighting one grading 0.22 percent equivalent U3O8 over 0.9 meters, including two intersections of 0.1 meters grading 0.58 percent and 0.5 percent.

Follow up information from the program was released on Thursday (May 15) when Foremost reported anomalous radioactivity was detected in 6 out of 10 completed drill holes. After receiving the preliminary results, the company expanded its program from the original eight hole, 2,000 meter program to a 10 hole, 2,400 meter program. Assay results remain pending.

2. Anfield Energy (TSXV:AEC)

Weekly gain: 50 percent
Market cap: C$10.27 million
Share price: C$0.09

Anfield Energy is a uranium and vanadium development company working to advance several projects in the United States.

Among them is its Velvet-Wood project located in Lisbon Valley, Utah, a region with historic uranium exploration and production. The site itself hosts underground infrastructure that was used to recover approximately 4 million pounds of uranium oxide between 1979 and 1984.

According to a January 2023 preliminary economic assessment, the site hosts a measured and indicated resource of 4.64 million pounds of uranium oxide equivalent from 811,000 metric tons of ore at an average grade of 0.29 percent, as well as an inferred resource of 8.41 million pounds of uranium oxide equivalent from 1.84 million metric tons at 0.24 percent.

The report also showed an inferred vanadium oxide resource of 54.4 million pounds from 2.65 million metric tons of ore at an average grade of 1.03 percent.

Shares in Anfield gained this week after it announced on Tuesday that the US Department of the Interior selected Velvet-Wood for expedited environmental permitting as part of the government’s FAST-41 initiative to bolster domestic mineral production. Under the expedited process, the Bureau of Land Management has been directed to complete its review of the project within 14 days.

3. Roscan Gold (TSXV:ROS)

Weekly gain: 44.44 percent
Market cap: C$30 million
Share price: C$0.065

Roscan Gold is an exploration and development company working to advance its Kandiole gold project in the Republic of Mali. The company’s permits cover an area of 288.8 square kilometers and host several mineralized targets.

Kandiole hosts an indicated mineral resource of 1.02 million ounces of gold from 27.4 million metric tons at an average grade of 1.2 grams per metric ton (g/t) gold, and an inferred resource of 200,000 ounces from 5.2 million metric tons at 1.2 g/t.

Roscan has focused on de-risking its project as it moves towards obtaining a mining permit, and spent much of 2024 raising funds. The latest funding announcement came in October 2024 when Roscan closed a non-brokered private placement for gross proceeds of C$2 million. At the time, the company said it would use the funds for general working capital and exploration and development at the Kandiole project.

The most recent news release from Roscan came on March 10 when it welcomed an announcement by the Government of Mali that lifts the partial suspension of the processing of mining license applications. The company said the decision marks a milestone for de-risking the Kandiole gold project.

License applications in Mali had been suspended since 2022. At the time, the military government, which took power in 2021, said the action was to improve the issuance process and better serve the industry.

4. Baru Gold (TSXV:BARU)

Weekly gain: 44.44 percent
Market cap: C$19.55 million
Share price: C$0.065

Developer Baru Gold is advancing its Sangihe gold project in Indonesia. The company holds a 70 percent stake in the 42,000 hectare project, with the remaining 30 percent interest held by three Indonesia-based companies.

Baru Gold is progressing toward approval of its production operations plan, which was redesigned due to the significant macroeconomic shift and increase in the gold price since its last resource estimate in May 2017.

On February 14, the company published a technical report with an updated resource estimate. The resource estimate demonstrates an indicated resource of 114,000 ounces of gold and 1.93 million ounces of silver from 3.15 million metric tons of ore with grades of 1.12 g/t gold and 19.4 g/t silver. The project also hosts an inferred resource of 91,000 ounces of gold and 1.08 million ounces of silver from 2.3 million metric tons of ore with grades of 1.22 g/t gold and 14.5 g/t silver.

The update marks a significant step toward government approval for production operations status, with the only remaining requirement being the payment of taxes.

On Thursday, Baru announced it entered into an arm’s length binding preliminary collaboration agreement with Quantum Metal Thailand, a gold ecommerce platform, which would invest up to US$100 million in Baru as part of an offtake and funding collaboration. Baru said the funding would be used to enhance its gold production and refining capacity to a purity rate of 99.99 percent.

Under the terms of the potential deal, funding would be broken down into an initial investment worth up to US$30 million, and subsequent tranches worth US$10 million. Baru will repay the amount with refined gold based on the London Bullion Market Association gold price, with the first tranche discounted at 30 percent and remaining tranches discounted at 20 percent.

Once production commences, Quantum will also receive 20 percent of the company’s monthly refined gold production until the investment is fully repaid.

5. Talon Metals (TSX:TLO)

Weekly gain: 42.86 percent

Market cap: C$140.21 million
Share price: C$0.15

Talon Metals is an exploration and development company working to advance its Tamarack North polymetallic project in Minnesota, US. Talon owns a 51 percent stake in the 31,000 acre project, with Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) owning the remaining 49 percent.

A technical report released in November 2022 reported a total indicated resource of 8.56 million metric tons of ore at an average grade of 1.73 percent nickel and 0.92 percent copper, 0.05 percent cobalt, 0.34 g/t platinum, 0.21 g/t palladium and 0.15 g/t gold.

Talon has been working through 2024 and 2025 to expand the resource at the project. On May 1 the company announced the highest grade intercept encountered at Tamarack: 8.25 meters at 12.62 percent nickel, 13.88 percent copper, 0.12 percent cobalt, 4.7 g/t palladium, 7.08 g/t platinum, 6.17 g/t gold and 44.31 g/t silver.

The company followed up with further significant news on Monday (May 12), announcing a drill hole encountered 34.9 meters of cumulative massive nickel mineralization over a total length of 47.33 meters.

Brian Goldner, Talon’s chief exploration and operations officer, commented, “In my 19 years working on the Tamarack Project, I’ve never seen anything like this. This 34.9 meter intercept of high-grade massive sulphide isn’t just the longest ever recorded at Tamarack, it’s a defining moment.”

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.

Copper supply disrupted, green demand bolstered

As mentioned, copper prices are expected to dip slightly to US$9,317 by year end.

While positive drivers like a weaker US dollar and resilient Chinese demand are offering some support, refined production cuts, bad weather in Chile and smelter challenges have added pressure to the global supply chain.

Notably, production disruptions in Chile — including a national blackout and Glencore’s (LSE:GLEN,OTC Pink:GLCNF) partial suspension at Altonorte — along with declining US consumer confidence, have led S&P to revise its US refined copper demand growth forecast down to just 1.5 percent for the year. Meanwhile, tightness in the concentrate market has sent spot treatment charges to record lows, amplifying strain on smelter margins.

“(A) developing demand driver for copper is the increasing demand from the green energy transition,’ said Naditha Manubag, associate research analyst, metals and mining research, at S&P Global Commodity Insights.

‘Despite the intensifying US-China trade disputes, copper demand in China has shown resilience, with copper concentrate imports growing by 10 percent in Q1 and cathode imports increasing month-over-month.’

Lithium, cobalt and graphite markets under pressure

In contrast, the battery metals space continues to reel from oversupply and weak pricing. Lithium carbonate CIF Asia dropped to just US$9,000, the lowest level seen since 2021.

“Overcapacity will continue to limit lithium prices until the next decade,” said Manubag. “With this, we have lowered the lithium carbonate CIF Asia price in 2025 to US$9,031. And using this price assumption, 27 percent of lithium operations will be loss-making on a total cash operating margin basis.”

Prices are expected to dip further to US$8,600 in Q3 before a modest recovery in 2027.

The cobalt market, while supported by the Democratic Republic of Congo’s export ban, is forecast to remain in surplus through 2025, though prices are likely to hold above US$14.

“The Democratic Republic of Congo accounts for over 70 percent of global cobalt mine output, yet its ongoing export ban is unlikely to trigger significant production cuts,” the analyst said, adding that the stockpiled supply is expected to re-enter the market once the ban lifts — supporting a sustained price recovery.

Cobalt hydroxide prices have surged the most since the ban began due to tightening supply, and cobalt prices are expected to remain above US$14 through 2025. However, elevated prices may accelerate the trend toward substituting cobalt in battery chemistries as the lithium market braces for further cuts.

Meanwhile, graphite prices are under pressure despite tightening Chinese export controls.

China’s December export ban on key critical minerals, including gallium and germanium, has prompted tighter scrutiny on graphite exports to the US. With China supplying roughly half of America’s antimony and natural graphite imports, pressure on prices has mounted as Tanzanian supply grows, but export options narrow.

Despite current oversupply, a structural deficit is forecast in the medium to long term.

“Spot prices for natural graphite have come under further pressure,” Manubag said. “(US President Donald) Trump’s Section 232 probes import dependence on processed graphite, supporting US anode projects.”

As such, S&P sees US capacity growing to 236,000 metric tons in 2028.

“We maintain our view that continued high feedstock cost on the synthetic anode supply chain could support fine flake and spherical graphite prices,’ the expert added.

Gold leads Q1 mining M&A

M&A in the mining sector slowed sharply in Q1, with both the number and value of deals declining.

Although gold transactions accounted for 86 percent of total M&A value, overall gold deal value dropped 62 percent quarter-over-quarter to US$4.02 billion. In the lead for the period was Equinox Gold’s (TSX:EQX,NYSEAMERICAN:EQX) planned US$1.87 billion takeover of Calibre Mining (TSX:CXB,OTCQX:CXBMF).

Nickel followed, with MMG’s (OTC Pink:MMLTF,HKEX:1208) US$500 million acquisition of Anglo American’s (LSE:AAL,OTCQX:AAUKF) nickel business, including producing assets like Barro Alto and Codemin.

In copper, the top transaction was Hudbay Minerals’ (TSX:HBM,NYSE:HBM) purchase of Mitsubishi Materials’ (OTC Pink:MIMTF,TSE:5711) remaining stake in the Copper Mountain mine for US$44.3 million.

“Gold deals are expected to continue leading M&A activity as the metal maintains its safe-haven appeal amid global trade uncertainty,” Gian Seblos, associate research analyst, metals and mining research, at S&P Global Commodity Insights, said during this week’s webinar. He added, “Meanwhile, cash-rich producers may drive consolidation in base metals, either to secure future output or diversify amid shifting trade dynamics.”

Capital raised by mining companies surged to US$11.92 billion — doubling from the previous quarter and marking the second consecutive quarter of growth following the US Federal Reserve’s December rate cut. Debt financing jumped to 65 percent of total capital raised, up from 35 percent previously, fueled by a surge in senior debt offerings.

Major mining companies led the charge, raising US$7.57 billion — nearly six times more than Q4 2024.

Juniors saw a 25 percent increase, raising US$3.48 billion. Gold companies captured half of the funding, followed by those focused on base metals (33 percent) and specialty commodities (17 percent).

Regionally, Asia and the Middle East posted a 331 percent gain to US$1.58 billion, primarily driven by Saudi Arabia’s Ma’aden through two non-convertible bond offerings worth US$1.25 billion.

Africa and Europe also saw strong growth, while Australia, Canada and the US experienced declines.

Bitcoin and Ethereum price update

Bitcoin (BTC) was priced at US$104,223 as markets closed, up 1 percent in 24 hours. The day’s range for the cryptocurrency has seen a low of US$102,935 and a high of US$104,291.

Bitcoin performance, May 16, 2025.

Chart via TradingView.

Ethereum (ETH) finished the trading day at US$2,592.45, a 1.2 percent increase over the past 24 hours. The cryptocurrency reached an intraday low of US$2,527.33 and saw a daily high of US$2,631.38.

Altcoin price update

• Solana (SOL) closed at US$171.79, down 0.3 percent over 24 hours. SOL experienced a low of US$168 and a high of US$173.98.

• XRP is trading at US$2.42, reflecting a slight 1.5 percent decrease over 24 hours. The cryptocurrency reached a daily low of US$2.37 and a high of US$2.50.

• Sui (SUI) is priced at US$3.87, showing an increaseof 2.0 percent over the past 24 hours. It achieved a daily low of US$3.79 and a high of US$3.94.

• Cardano (ADA) is trading at US$0.7788, up 0.9 percent over the past 24 hours. Its lowest price of the day was US$0.755, and it reached a high of US$0.7905.

Today’s crypto news to know

Coinbase faces US$400 million fallout after major cyber attack

Coinbase Global (NASDAQ:COIN) disclosed that a sophisticated cyber attack has compromised a portion of its customer base and could cost the firm up to US$400 million.

Hackers reportedly gained access to internal systems by paying off employees and contractors, allowing them to impersonate Coinbase and scam users out of their crypto.

Less than 1 percent of customer data was breached, but the attackers demanded a US$20 million ransom—which Coinbase flatly refused to pay. Instead, the company has pledged to fully reimburse affected users and established a US$20 million reward for information leading to the perpetrators’ arrest.

the timing of the attack is significant, coming just days before Coinbase is set to join the S&P 500 (INDEXSP:.INX), a milestone for mainstream crypto acceptance.

Ripple’s US$50 million SEC settlement rejected by federal judge

A US federal judge has rejected a US$50 million settlement deal jointly proposed by Ripple Labs and the US Securities and Exchange Commission (SEC), calling the motion ‘procedurally improper’ and outside her jurisdiction.

The dispute stems from the SEC’s longstanding lawsuit accusing Ripple of conducting unregistered securities sales through XRP, a case now under appeal. Judge Analisa Torres said that because the litigation is at the appellate stage, the district court has no authority to modify the previous judgment.

Ripple’s chief legal officer responded by emphasizing that the ruling doesn’t affect the company’s earlier court wins and that both sides remain aligned on resolving the issue.

Bitget becomes world’s third top crypto exchange by trading volume

Bitget has officially surged into third place among global crypto exchanges, reporting a stunning US$757.6 billion in futures trading volume and US$68.6 billion in spot volume for April 2025.

The Seychelles-based platform has made a name for itself through features like copy trading, which allows users to mimic high-performing traders in real time. Bitget’s April performance stood out despite a broader market correction, expanding its market share to 7.2 percent and pushing its user base above 120 million.

The exchange’s rise signals increasing demand for advanced crypto trading products beyond the traditional buy-and-hold strategy.

Fifth Third Bank eyes expansion into crypto after regulatory green light

After five years of quietly exploring the crypto space, Fifth Third Bank now says it’s ready to expand its offerings amid friendlier US regulations. The Cincinnati-based lender, which holds over US$200 billion in assets, has been working with crypto firms since 2020 but delayed larger moves until clearer guidance from regulators arrived.

According to Chief Strategy Officer Ben Hoffman, the bank is now exploring stablecoin-powered cross-border payments, crypto payroll services and digital asset custody. Recent signals from the Office of the Comptroller of the Currency and the Trump administration’s pro-crypto stance have given institutions more confidence to act.

Fifth Third has formed internal teams across its business lines to integrate blockchain-based financial products responsibly. With mainstream banks finally stepping into crypto with more certainty, a new chapter of institutional adoption appears to be underway.

US lawmakers debate GENIUS Act as stablecoin regulation nears critical juncture

The GENIUS Act, a bipartisan bill aimed at establishing a regulatory framework for US dollar-backed stablecoins, is under intense scrutiny as lawmakers grapple with its potential implications.

While the legislation seeks to provide clarity and oversight in the burgeoning stablecoin market, recent developments have introduced partisan divisions and raised concerns over consumer protections and financial stability.

Initially enjoying bipartisan support, the GENIUS Act has encountered resistance from Senate Democrats following revelations about former President Donald Trump’s involvement in digital asset ventures.

Lawmakers are now advocating for amendments to enhance consumer protections, enforce stricter financial controls and address potential ethical issues, particularly regarding the participation of large tech companies like Meta in the stablecoin space.

Despite these challenges, Republican proponents of the bill are pushing for its approval by Memorial Day (May 26), emphasizing the need for regulatory clarity to foster innovation and maintain the US dollar’s dominance in the digital economy.

Mastercard teams up with MoonPay to enable stablecoin payments worldwide

Mastercard (NYSE:MA) has announced a major new partnership with crypto payment processor MoonPay to bring stablecoin-based payments to more than 150 million global merchants.

The collaboration leverages Iron, a blockchain infrastructure company recently acquired by MoonPay, to enable real-time spending of stablecoins at any location accepting Mastercard.

The partnership is geared toward gig workers, digital creators and international businesses looking to send or receive money in a faster, cheaper and more flexible way. MoonPay says it already works with over 500 crypto platforms and can now expand its reach to over 100 million active users