Canada's Mining Stocks Surge This Week: Sirios Resources Leads With 120% Rally Amid Central Bank Shifts

Market Overview: What Drove Canadian Mining Higher

Canadian mining equities experienced a mixed but ultimately positive week, propelled by shifting interest rate dynamics in North America. The Bank of Canada held its benchmark rate steady at 2.25 percent during its final decision-making session of 2025 on December 10, maintaining a cautious stance as the labor market showed resilience. Statistics Canada’s December 5 jobs report revealed 54,000 new positions added in November, with unemployment declining to 6.5 percent from 6.9 percent in October. Despite flat domestic demand, the BoC noted that third-quarter GDP expanded 2.6 percent, though fourth-quarter growth is expected to soften as exports decline.

South of the border, the US Federal Reserve took a more dovish approach, cutting its benchmark rate by 25 basis points to the 3.5-3.75 percent range during its final meeting of the year. Fed Chairman Jerome Powell signaled potential pauses in future cuts, citing the need to assess economic data and the impacts of prior reductions. The rate differential between Canadian and US policy created favorable conditions for commodity-linked equities.

Commodity Reaction: Precious Metals Surge, Base Metals Soften

The Federal Reserve’s rate reduction triggered a bullish response in precious metals markets. Gold prices climbed 2.44 percent on the week to reach US$4,299.86 per ounce by Friday’s close. Silver demonstrated even stronger momentum, surging 6.12 percent to establish a new all-time high of US$64.65 per ounce during Friday morning trading, though it settled lower at US$61.95 by day’s end. Base metals showed more muted performance; the price of copper per pound canada and broader North American copper futures declined 1.46 percent to close at US$5.37 per pound, reflecting broader concerns about economic slowdown and manufacturing demand.

The S&P/TSX Composite Index (INDEXTSI:OSPTX) gained just 0.1 percent to 31,527.39, while the S&P/TSX Venture Composite Index (INDEXTSI:JX) edged up 0.17 percent to 954.61. The CSE Composite Index (CSE:CSECOMP) experienced exceptional volatility, spiking 15.63 percent to 180.36 following White House reports about cannabis rescheduling anticipated for December 15. The S&P Goldman Sachs Commodities Index (INDEXSP:SPGSCI) retreated 2.63 percent to 545.47.

Top Five Performing Canadian Mining Stocks This Week

The following analysis covers Canadian mining equities with market capitalizations exceeding C$10 million, trading on the TSX, TSXV, or CSE. Data was compiled at 4:00 p.m. EST on Friday using professional screening tools.

1. Sirios Resources (TSXV:SOI) – 120% Weekly Advance

Market Cap: C$48.26 million | Share Price: C$0.165

Sirios Resources, a gold exploration specialist operating in Quebec’s Eeyou Istchee James Bay territory, delivered the week’s most spectacular performance. The company is advancing the Aquilon property, comprising 7,100 hectares with over 30 documented gold showings. An earn-in arrangement with Sumitomo Metal and Mining, established in December 2022, permits the Japanese firm to acquire up to 80 percent interest through C$14.8 million in exploration commitments and cash contributions.

On December 4, Sirios announced assay outcomes from a 13-hole, 5,420-meter drilling campaign executed during summer months at Aquilon’s underexplored western zone. Best results included one borehole returning 2.55 g/t gold over 4.8 meters, incorporating a narrow interval of 10.3 g/t across 1 meter. Sumitomo’s funding of this program exceeded the C$4.8 million commitment required to achieve 51 percent participation.

The company simultaneously operates the 15,700-hectare Cheechoo project. An August 2025 technical assessment detailed an indicated mineral resource of 1.26 million gold ounces averaging 1.12 g/t across 34.99 million metric tons, plus inferred resources of 1.67 million ounces at 1.23 g/t across 42.72 million metric tons.

Most significantly, Sirios announced on December 11 an arrangement to acquire OVI Mining, a private entity recently separated from Electric Elements Mining (subsidiary of Osisko Development and O3 Mining). The merger creates a Quebec-focused gold development platform anchored on Cheechoo, supplemented by OVI’s Corvet Est and PLEX assets. Jean-Felix Lepage, formerly Vice President of Project Development at O3 Mining, assumes the CEO position. Osisko’s CEO Sean Roosen and VP of Strategic Development Laurence Farmer will join the combined company’s board upon deal closure.

2. PJX Resources (TSXV:PJX) – 82.35% Weekly Surge

Market Cap: C$26.17 million | Share Price: C$0.155

PJX Resources operates as a multi-commodity explorer concentrating on British Columbia properties, particularly the Cranbrook district in the province’s southeastern region. The company has accumulated over 50,000 hectares of claims in this historically productive zone, centered on legacy exploration sites.

The Cranbrook region historically produced more than 285 million ounces of silver, 8.5 million metric tons of lead, and 8 million metric tons of zinc from the Sullivan mine operation. Beyond this documented production, the area may harbor upwards of 1.5 million ounces from historical placer gold activity, despite the absence of major discovered hard-rock gold deposits.

On December 12, PJX announced discovery of a substantial sedimentary exhalative mineralized system at its Dewdney Trail property. Recent drilling intersected 63 meters of anomalous mineralization within the Quake zone featuring zinc, lead, silver, and critical minerals—characteristics resembling historic Sullivan mineralization bands. Field exploration also identified boulders 800 meters south along-strike carrying exceptional grades of 546 g/t silver, 32.3 percent lead, and 4.89 percent zinc.

3. Eco Atlantic Oil & Gas (TSXV:EOG, OTC Pink:ECAOF) – 78.38% Weekly Appreciation

Market Cap: C$99.3 million | Share Price: C$0.33

Eco Atlantic specializes in offshore hydrocarbon exploration with a diversified portfolio spanning multiple continents. Holdings include 100 percent interest in the Orinduik block and 1.3 percent participation in ExxonMobil’s Canje Block offshore Guyana; 85 percent working interest in blocks PEL 97, 99, and 100 in Namibia’s Wavis basin; plus 75 percent working interest in Block 1 and 5.25 percent participation in Block 3B/4B offshore South Africa.

On December 4, Eco executed a farm-in agreement with Navitas Petroleum. Under this arrangement, Navitas will remit US$2 million upfront and obtain exclusive options to acquire 80 percent interest in Orinduik for an additional US$2.5 million outlay, plus 47.5 percent participation in South African Block 1 for US$4 million. Should Navitas exercise these options, it assumes operational control of these assets.

4. Karnalyte Resources (TSX:KRN) – 65.63% Weekly Gain

Market Cap: C$11.72 million | Share Price: C$0.265

Karnalyte Resources pursues development of the Wynyard potash project in Central Saskatchewan, encompassing three mineral leases totaling 367 square kilometers east of Saskatoon. Share appreciation accelerated following the November 26 release of an updated feasibility study.

The revised assessment demonstrated economic viability with an after-tax net present value of C$2.04 billion, an internal rate of return of 12.5 percent, an 8.8-year payback timeline, and an estimated mine life extending 70 years. Karnalyte has secured an offtake agreement with India-based GFSC committing to purchase 350,000 metric tons annually during Phase 1, with additional commitments of 250,000 metric tons yearly following Phase 2 completion.

5. Triumph Gold (TSXV:TIG) – 64.56% Weekly Performance

Market Cap: C$30.63 million | Share Price: C$0.65

Triumph Gold pursues exploration and development across multiple jurisdictions, with three Yukon properties situated within the Dawson Range—the flagship Freegold Mountain project hosting 20 identified mineral deposits (gold, silver, copper, molybdenum, lead, zinc), the Tad/Toro copper-gold-molybdenum property, and the Big Creek copper-gold project. Additional holdings include the Andalusite Peak property in Northern BC and the Coyote Knoll silver-gold project in Utah, acquired in June.

Recent activity included refined exploration focus announced May 9 on geochemical surveys and geological mapping at Andalusite Peak, with newly defined targets at Freegold Mountain. Most recently, on November 27, Triumph closed a non-brokered private placement raising C$1.94 million in gross proceeds, strengthening the balance sheet for continued development activities.

Canadian Exchange Primer: TSX vs. TSXV

The TSX (Toronto Stock Exchange) accommodates senior companies with substantial market capitalizations, while the TSXV (TSX Venture Exchange) serves smaller-cap enterprises. TSXV-listed companies may graduate to the senior exchange upon meeting criteria. As of May 2025, the TSXV hosted 1,565 companies, including 910 mining firms, while the TSX listed 1,899 companies with 181 mining-focused operators. Together, these exchanges represent approximately 40 percent of the world’s publicly traded mining companies.

Summary

This week’s mining sector performance reflected broader macroeconomic shifts triggered by divergent central bank policies. The Bank of Canada’s maintenance of its 2.25 percent rate, coupled with the Federal Reserve’s 25-basis-point reduction, created favorable conditions for commodity-linked equities despite mixed signals from base metals like copper. Precious metals, particularly silver, established new records, supporting gold and silver-focused explorers. The five stocks highlighted above benefited from positive news flow ranging from exploration successes and strategic acquisitions to improved project economics and financing achievements.