Platinum demand depends on auto sector

As for China, data from the China Passenger Car Association shows retail auto sales fell by 8.1 percent in November and dropped by 1.1 percent month over month; however, exports rose 52 percent to a record high of 601,000 units.

“New-energy vehicle sales grew only 4.2 percent year over year, undershooting expectations and reinforcing the theme that the domestic EV momentum is cooling faster than previously assumed,” said Hasan.’The export boom, however, keeps Chinese production elevated and sustains global palladium demand through foreign-market supply chains.”

The global slowdown in EV sales is also beneficial to palladium’s demand prospects. Reuters reported that global EV sales rose by just 6 percent in November on flat sales out of China and a 42 percent drop in North America after the Trump Administration ended the EV tax credit scheme. That’s the slowest growth rate since February of 2024.

“Slower electrification limits the speed of substitution away from palladium-heavy combustionengines, extending the life cycle of auto catalyst demand at a time when supply growth remainsan open question,” Hasn stated.

Looking into 2026, S&P Global sees the outlook for light-vehicle production being dependent on changing US trade policies and emissions standards. Consumer demand could be weighed down by the extra costs brought about by tariffs.

“The broader pattern suggests flattish global production trends for 2026, a scenario that keeps palladium demand growth steady but not spectacular,” Hasn explained.

Another factor that may impact palladium demand in the coming year is the premium reversal and the potential for auto makers to swap platinum for palladium in autocatalysts. Historically, for the most part palladium has traded at a premium to platinum; however, this trend reversed in late 2025 as the platinum market is facing a large supply deficit for the year.

In its September 2025 market update, the World Platinum Investment Council (WPIC) reported at that time that platinum prices over the preceding twelve months were trading at an average premium of US$59 per ounce to palladium prices. The WPIC said it “expects reverse substitution (i.e. palladium for platinum) to reach 250 koz by 2029f. With palladium now benefitting from reverse substitution, palladium will also relatively benefit (versus platinum) from China 7 emission legislation which we have added into our forecasts from 2028f.”

As of December 17, platinum is trading at a premium of more than US$250 compared to palladium.

Palladium supply facing challenges

Palladium’s price peaks in 2025 are not all related to demand. Production and logistics challenges are also driving prices for the metal. The two geographic regions to watch for supply side trends are Russia and South Africa, by far the two biggest palladium producing countries. Together, they account for more than three-quarters of global palladium production. In Russia, palladium is mainly a by-product of nickel and copper mining, whereas in South Africa the metal is mined as a by-product or co-product of platinum.

In South Africa, platinum and palladium mining operations have been plagued by heavy rain and flooding in 2025. The nation’s mining industry has already been suffering under an energy crisis marked by frequent power outages. To further compound the supply problem, maturing deposits are becoming more expensive to mine and a lack of significant capital investment has led to a dearth of new projects.

In Russia, palladium output is traditionally dependent upon the economic and operational viability of its nickel mines. Since the country’s invasion of Ukraine, logistical challenges have erupted all along the palladium supply chain from mining to export as sanctions and trade restrictions have tightened. This includes the removal of Russian refiners from the London Platinum and Palladium Market ‘Good Delivery Lists’.

Another supply side challenge came in mid-2025 when American palladium producer Sibanye-Stillwater (NYSE:SBSW) headed up a petition requesting that the US International Trade Commission (ITC) investigate anti-dumping and countervailing duties on Russian unwrought palladium. Russian palladium represents about 40 percent of US imports of the metal.

The ITC found that dumped and subsidized Russian palladium imports do pose a threat to the US palladium industry. The Department of Commerce is now conducting a full investigation into the dumping margins and subsidies of Russian unwrought palladium. A determination is expected in January 2026, followed by the final phase of the ITC investigation to be completed in May 2026.

Sterck said the outcome could have an impact on the substitution of platinum for palladium in catalytic converters. “I think going into next year, we should get greater clarity on these investigations, and it’s certainly something that we’ll be watching in terms of trying to inform our estimates for 2026 as a whole,” he added.

In its September 20205 market update, the WPIC projected that the palladium market will likely post supply deficits for 2025 and 2026 before moving into a surplus. That’s with palladium mine supply forecast to decline by 1.1 percent CAGR between 2024 and 2029.

“Notably, the forecast of palladium going into surplus is entirely contingent on recycling supply growth. If this does not materialise then palladium could remain in a deficit for the foreseeable future, which could materially alter palladium value expectations,” stated the report.

Palladium price forecast for 2026

The palladium market is notoriously volatile and highly sensitive to economic swings and supply disruptions. All of this makes forecasting palladium prices challenging.

Precious metals industry service provider Heraeus Precious Metals’ 2026 palladium price forecast is representative of the uncertainty prevalent in this segment of the market. The firm is projecting that prices for the metal will trade in a range of US$950 to US$1,500 next year.

Palladium may face a widening surplus as battery electric vehicles gain market share,” said Henrik Marx, Head of Trading at Heraeus Precious Metals. This would likely place downward pressure on palladium price. However, the firm’s report points out that the metal’s price may receive a boost from a rally in platinum prices.

New York-based precious metals dealer Bullion Exchanges has a base case of US$1,300 to US$1,600 per ounce for palladium in 2026. If EV adoption grows faster than expected, its bearish case for the metal comes in at US$1,100 per ounce. If the supply deficit deepens and Russian palladium faces further sanctions, the firm sees a more bullish case for palladium to soar above US$1,800 per ounce.

Bitcoin and Ether price update

Bitcoin (BTC) was priced at US$88,004.97, up by 3.6 percent over 24 hours.

Bitcoin price performance, December 19, 2025.

Chart via TradingView

Ether (ETH) was priced at US$2,991.30, up by 7.2 percent over the last 24 hours.

Altcoin price update

• XRP (XRP) was priced at US$1.91, up by 5.7 percent over 24 hours.

• Solana (SOL) was trading at US$126.85, up by 7.6 percent over 24 hours.

Today’s crypto news to know

MetaPlanet’s US expansion and OTC trading debut

American Depositary Receipts (ADRs) of BTC treasury company Metaplanet (TSE:3350,OTCQX:MPJPY) began trading today on the US OTC market under the ticker symbol MPJPY, replacing the previously unsponsored MTPLF ticker, according to an announcement from the company.

This step builds on earlier US expansions. The company, which is based in Tokyo, established a wholly-owned subsidiary called Metaplanet Treasury in Miami, Florida, in May 2025 to handle BTC accumulation and treasury operations with up to US$250 million in capital.

The launch is intended to enhance US investor participation in MetaPlanet’s BTC strategy.

Poland’s parliament approves MiCO-aligned crypto bill over veto

Poland’s lower house of parliament, called the Sejm, approved a crypto-asset market bill today, overriding President Karol Nawrocki’s prior veto. It now heads to the Senate for review, where it potentially faces another veto.

President Nawrocki vetoed the bill earlier in December, citing threats to civil liberties like easy website blocks. Prime Minister Donald Tusk’s government resubmitted the bill, unchanged. It passed with 241 votes.

The bill aligns Poland with the EU’s MiCA regulation by designating the Financial Supervision Authority (KNF) to oversee crypto exchanges, impose sanctions, and introduce criminal liability for offenses.

US Senate confirms Mike Selig as CFTC Chair

The US Senate has confirmed Mike Selig as the next chair of the Commodity Futures Trading Commission (CFTC), bringing permanent leadership back to an agency that has operated for months in near-limbo.

Selig’s confirmation passed 53–43 as part of a broader package of federal appointments. The CFTC had been functioning with a single commissioner, Acting Chair Caroline Pham, after multiple resignations hollowed out the five-member panel.

While Pham kept the agency operational, the lack of a Senate-confirmed chair constrained long-term planning, staffing, and coordination with other regulators.

That gap was especially acute as lawmakers debated expanding the CFTC’s role in overseeing spot crypto markets.

CLARITY Act heads for Senate markup in January

The Digital Asset Market Clarity Act is set to enter Senate markup in January, according to White House crypto and AI adviser David Sacks, putting the bill on a formal path toward passage.

‘We had a great call today with Chairmen @SenatorTimScott and @JohnBoozman who confirmed that a markup for Clarity is coming in January. Thanks to their leadership, as well as @RepFrenchHill and @CongressmanGT in the House, we are closer than ever to passing the landmark crypto market structure legislation that President Trump has called for,’ Sacks posted on X. ‘We look forward to finishing the job in January!’

Senate Banking Chair Tim Scott and Agriculture Chair John Boozman have agreed on the timeline. The bill, which cleared the House earlier this year, aims to settle long-running jurisdiction disputes by spelling out when a token is a security versus a commodity.

Lawmakers are expected to focus amendments on asset classification tests, investor protection standards, and how quickly platforms must register under the new regime.

Another key issue will be how the SEC and CFTC coordinate oversight during the transition period.

If the schedule holds, Congress could finalize a reconciled version later during the year.

Bybit re-enters UK Market via FCA-approved promotion route

Crypto exchange Bybit has resumed operations in the UK after a two-year absence triggered by tighter rules on crypto marketing and promotions.

The platform has restarted spot trading with 100 pairs, using a compliance structure designed to meet the Financial Conduct Authority’s (FCA) financial promotion standards.

Rather than holding its own UK authorization, Bybit is operating under an arrangement with London-based exchange Archax, which is licensed to approve crypto promotions for unauthorised firms.

This route has previously been used by other major exchanges seeking access to British users.

Markets and commodities react

Canadian equity markets were mixed this week.

The S&P/TSX Composite Index (INDEXTSI:OSPTX) was little changed, gaining just 0.14 percent over the week to close Friday at 31,755.77, while the S&P/TSX Venture Composite Index (INDEXTSI:JX) fared a little better, rising 1.04 percent to 977.98.

On the other hand, the CSE Composite Index (CSE:CSECOMP) fell 8.37 percent to close at 168.68 after rising significantly last week.

The gold price continued an upward trend following last week’s rate cut from the US Federal Reserve. It gained 1.36 percent on the week to reach US$4,338.24 per ounce on Friday at 4 p.m. EST.

Meanwhile, the silver price continued to set new records with another substantial weekly gain of 5.75 percent, reaching a new high of US$67.45 per ounce in morning trading on Friday before slipping to end the day at US$67.18.

In base metals, the COMEX copper price ended the week up 0.73 percent at US$5.50 per pound.

The S&P Goldman Sachs Commodities Index (INDEXSP:SPGSCI) fell 1.47 percent to end Friday at 542.19.

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. Pacific Empire Minerals (TSXV:PEMC)

Weekly gain: 200 percent
Market cap: C$30.36 million
Share price: C$0.15

Pacific Empire is a gold and copper exploration company focused on its flagship Trident property in central British Columbia, Canada.

Trident consists of a land package covering 6,618 hectares within the Quesnel Terrane and has a history of exploration dating back to its discovery in 1969. The property hosts porphyry mineralization of copper, gold, and silver, with historic drill results at the site including one 102 meter interval grading 0.59 percent copper and 0.24 grams per metric ton (g/t) gold.

Shares in the company gained significantly this week after it released assay results from the upper portion of the first hole of its 2025 winter diamond drill program.

Results from the hole started at a depth of 9 meters and hosted continuous copper-gold mineralization to a depth of 192 meters.

The broad 183 meter interval returned average grades of 0.77 percent copper, 0.51 g/t gold and 3.4 g/t silver over 183 meters. Within that were intervals of 71 meters grading 1.06 percent copper, 0.83 g/t gold and 4.6 g/t silver, and 14.8 meters grading 1.23 percent copper, 0.75 g/t gold and 5.5 g/t silver.

Pacific Empire said the result was the most substantial copper-gold mineralization recorded at Trident to date and that it advances the geological understanding and exploration model for what could be significant porphyry system.

Assays for the lower portion of the first hole and the remaining five holes drilled as part of the campaign are pending.

2. US Copper (TSXV:USCU)

Weekly gain: 72.22 percent
Market cap: C$17.75 million
Share price: C$0.155

US Copper is an exploration company working to advance its Moonlight-Superior project in Northeast California, United States.

The project covers approximately 13 square miles of patented and unpatented federal mining claims in the Lights Creek Copper District, near the Nevada border.

A preliminary economic assessment released on January 6 demonstrated a post-tax net present value of US$1.08 billion with an internal rate of return of 23 percent and a payback period of 5.3 years, assuming a copper price of US$4.15 per pound.

The included mineral resource estimate shows a total indicated resource of 2.5 billion pounds of copper, 21.7 million ounces of silver and 140,042 ounces of gold from 402.83 million metric tons of ore with a grade of 0.31 percent copper, 1.85 parts per million (ppm) silver and 0.012 ppm gold. The majority is hosted at its Moonlight and Superior deposits.

US Copper has not released news since October 14 when it announced the closing of a non-brokered private placement for gross proceeds of C$750,000.

3. Euromax Resources (TSXV:EOX)

Weekly gain: 66.67 percent
Market cap: C$18.87 million
Share price: C$0.025

Euromax Resources is a development and exploration company working to advance its Ilovica-Shtuka copper project in the southeast of North Macedonia, Europe.

The advanced stage project is composed of two concession agreements that cover 17.1 square kilometers and hosts mineralized deposits of copper and gold.

The most recent feasibility study for the Ilovica-Shtuka project, released in 2016, demonstrated a sulphide mineral resource with measured and indicated quantities of 2.6 million ounces of gold and 1.2 billion pounds of copper, with additional oxide quantities of 280,000 ounces of gold.

Shares in Euromax gained this week after it announced on Monday its intention to issue 122.1 million common shares through a non-brokered private placement, generating proceeds of C$3.97 million.

4. Lode Gold Resources (TSXV:LOD)

Weekly gain: 54.67 percent
Market cap: C$10.61 million
Share price: C$0.325

Lode Gold Resources is an exploration company with projects located in Canada and the United States, including its Fremont gold project in California, US, which hosts a past-producing high-grade gold mine.

The mine sits on 3,351 acres in Mariposa County, which has been mined since the start of the California gold rush in the 1840s.

On March 5, Lode Gold released a technical report for the property, which included an updated mineral resource estimate demonstrating an indicated resource of 120,000 ounces with an average grade of 4.13 g/t gold from 910,000 metric tons of ore, with an additional inferred resource of 1.9 million ounces with a grade of 3.96 g/t from 8.53 million metric tons of ore.

The most recent news from the project came on December 9, when Lode announced that it had entered into a letter of intent with an unnamed mining company to begin work advancing the Freemont project toward production.

As part of the deal, the parties agreed to a 45 day standstill period during which Lode will work to raise capital and repay outstanding debts.

Additionally, Lode announced on December 12 that it was appointing David Swetlow as Lode’s new CFO. He has previously worked as CFO for Lode’s subsidiary, Gold Orogen, which was created to spin off its Yukon and New Brunswick properties.

The spin-off was announced in July 2024 as part of Lode’s restructuring bid and would include its Golden Culvert, Win, and McIntyre Brook properties.

5. Canadian Chrome (CSE:CACR)

Weekly gain: 50 percent
Market cap: C$24.71 million
Share price: C$0.015

Formerly KWG Resources, Canadian Chrome is a chromite and base metals exploration company focused on moving forward at its Ring of Fire assets in Northern Ontario, Canada. It does business as the Canadian Chrome Company.

The firm’s properties consist of the Fancamp and Big Daddy claims, along with the Mcfaulds Lake, Koper Lake and Fishtrap Lake projects. All are located within a 40 kilometer radius, and according to the company are home to feeder magma chambers containing chromite, nickel and copper deposits.

Canadian Chrome is currently working with local First Nations to improve transportation to the region by developing road and rail links. The company announced on November 7 that it had signed a memorandum of agreement with AtkinsRéalis Canada in its capacity as a contractor representing the Marten Falls and Webequie First Nations.

The agreement will allow AtkinsRéalis temporary access rights over some mineral exploration claims in support of work permits for an environmental assessment for the design, construction and operation of a multi-use, all-season road between the proposed Marten Falls community access road and the proposed Webequie supply road.

Once completed, the link will provide improved access to communities and mining companies in the region.

On September 11, Canadian Chrome signed an additional agreement with AtkinsRéalis that will provide the firm access rights to parts of the claims for 13 borehole locations for geotechnical investigations and aggregate source testing.

The most recent news from the company came on December 11, when it set the terms of a C$25 million non-brokered private placement originally proposed on August 26. Changes to the original terms were made following the inclusion of chromium as a critical mineral in the Canadian federal budget announced on November 4, which allows investments in chromium projects to qualify for additional tax credits.

The new terms state that, with every 10 flow-through shares subscribed, five flow-through share purchase warrants will be issued, each entitling the holder to purchase one additional flow-through share for C$2.50 at any time within one year.

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.

1. Anaergia (TSX:ANRG)

Year-to-date gain: 187.23 percent
Market cap: C$472.75 million
Share price: C$2.70

Anaergia is a global company that specializes in converting waste, including wastewater and agricultural and municipal solid waste, into renewable energy, clean water and organic fertilizer.

The company has operations in 17 countries spanning North America, Africa, Asia and Europe. In 2025, Anaergia has expanded its global reach through partnerships with companies in Italy and Spain, as well as through a partnership agreement to build a biogas facility in South Korea.

In July 2024, Anaergia closed the third tranche of a C$40.8 million investment deal with Marny Investissement that gave Marny a controlling interest of about 60 percent in Anaergia, supporting the company’s pivot to employ a greater focus on technology sales and operations and maintenance contracts.

The company’s September investor presentation highlights its new strategy of streamlined operations, expanding through global partnerships and selective Build-Own-Operate delivery.

In its Q3 2025 results, the company reported strong financials, with revenue increasing 77 percent year-over-year to C$51.4 million, gross margins expanding to 28.8 percent and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of C$2.6 million.

2. Tantalus Systems (TSX:GRID)

Year-to-date gain: 150.53 percent
Market cap: C$250.03 million
Share price: C$4.76

Tantalus Systems provides technology that gives utilities greater control and insight into their electric grids.

This includes advanced metering infrastructure (AMI), load management systems and grid analytics, all of which contribute to a more efficient and reliable power grid.

One of its key products, TRUConnect AMI, provides real-time data on energy consumption and grid conditions. The TRUFlex Load+DER Management system helps manage energy demand and integrate distributed energy resources like solar power, while TRUGrid Automation optimizes grid operations and improves response to events like power failures.

On July 7, Tantalus announced that it was extending its partnership with EPB in Chattanooga, Tennessee, to deploy 20,000 TRUSense Ethernet Gateways over the next five years, integrating with EPB’s fiber network to enhance grid modernization and operational efficiency.

The company’s annual recurring revenue has grown at an approximate compound annual growth rate of 18 percent since 2016, according to its October presentation.

Its Q3 revenue hit C$14.2 million, up 22.5 percent year-over-year, driven by growth of 30 percent in connected devices and 10 percent in software and services. Its adjusted EBITDA doubled year-over-year to C$1.2 million.

3. Ballard Power Systems (TSX:BLDP)

Year-to-date gain: 50.21 percent
Market cap: C$1.09 billion
Share price: C$3.65

Ballard Power Systems is a hydrogen fuel cell technology company that develops, manufactures and sells proton exchange membrane (PEM) fuel cell products that convert hydrogen into clean electricity with zero emissions. The company targets heavy-duty applications like buses, trucks, trains, marine vessels and stationary power.

Recent deals include a December memorandum of understanding with Kolon Industries for fuel cell components and market expansion and a May multi-year agreement for 50 fuel cell engines with Egypt’s MCV to power its intercity buses.

In Q3 2025, Ballard’s revenue surged 120 percent year-over-year to C$32.5 million led by bus and rail deliveries, with gross margins improving to 15 percent and cash reserves at C$525.7 million. The company also cut total operating expenses by 36 percent.

4. Algonquin Power & Utilities (TSX:AQN)

Year-to-date gain: 32.29 percent
Market cap: C$613 billion
Share price: C$8.48

Algonquin Power & Utilities operates regulated electric, water, wastewater and natural gas utilities across the US, Canada, Bermuda and Chile, alongside a retained Hydro Group after divesting its larger renewables business as part of its pure-play regulated utility pivot.

The company completed the sale of its renewable energy assets, excluding hydro, to LS Power in January 2025 for approximately US$2.5 billion. The company declared a Q4 2025 dividend of US$0.065 per common share.

5. Brookfield Renewable Partners (TSX:BEP.UN)

Year-to-date gain: 15.41 percent
Market cap: C$11.41 billion
Share price: C$38.27

Brookfield Renewable Partners owns and operates a global portfolio of hydroelectric, wind, solar and energy storage assets. It also offers sustainable solutions such as nuclear services and carbon capture. The company’s strategy emphasizes long-term power purchase agreements and asset recycling.

Major 2025 deals include a hydropower framework with Brookfield Asset Management (TSX:BAM,NYSE:BAM) and Alphabet (NASDAQ:GOOGL) for up to 3 gigawatts of hydroelectricity capacity, starting with US$3 billion in contracts for 670 megawatts capacity in Pennsylvania.

1. North Shore Uranium (TSXV:NSU)

Year-to-date gain: 637.5 percent
Market cap: C$22.17 million
Share price: C$0.295

North Shore Uranium is an exploration company focused on advancing uranium assets in established North American districts. Its core projects include the Falcon and West Bear properties along the eastern margin of Saskatchewan’s Athabasca Basin in Canada, complemented by a growing presence in the Grants uranium district of New Mexico, US.

The company is also evaluating additional exploration opportunities in the United States and Canada as it builds a diversified uranium project portfolio.

In June, North Shore penned a binding term sheet to acquire an up to 87.5 percent interest in the Rio Puerco uranium project in Northwest New Mexico from Resurrection Mining. The project hosts a historical inferred mineral resource estimate, released in 2009, of approximately 11.4 million pounds of U3O8 from 6 million metric tons of ore grading 0.09 percent U3O8 equivalent.

Subsequently, on August 28, the company officially entered into a definitive option agreement for the acquisition and closed a C$1.4 million private placement. On September 11, the company announced it staked 27 additional mining claims at the Rio Puerco project, bolstering its holdings in the area to 64 adjoining Bureau of Land Management claims.

As for its projects in Canada, in an October press release North Shore announced the completion of a prospecting program at its Falcon property, during which crews evaluated 18 priority targets for surface expression and anomalous radioactivity, collecting samples to support further exploration.

Later in the month, North Shore fulfilled its final earn-in requirement at the West Bear property, issuing C$50,000 shares to Gem Oil to secure the right to acquire a 75 percent interest in the project.

Shares of North Shore Uranium rose to a year-to-date high of C$0.29 on December 15, a few days after the company launched a C$3 million private placement on December 11.

Looking ahead, the company is planning a drill program at the Rio Puerco uranium project during H1 2026.

2. Energy Fuels (TSX:EFR)

Year-to-date gain: 156.12 percent
Market cap: C$4.76 billion
Share price: C$19.26

US-based uranium producer Energy Fuels has a large portfolio of conventional and in-situ recovery (ISR) projects across the Western US, including Pinyon Plain in Arizona, a top national producer.

Additionally, Energy Fuels owns and operates the White Mesa mill, the only fully licensed and operating conventional uranium mill in the US. The company is progressing heavy rare earth oxide processing at the plant as well.

Company shares reached a year-to-date high of C$36.84 on October 14, 11 days after Energy Fuels closed its US$700 million offering of 0.75 percent convertible senior notes due 2031, which was upsized after initial purchasers exercised their option to purchase a further US$100 million in notes.

In a Q3 report released on November 3, the company underscored a rise in uranium sales, as its low-cost US production continued to outperform, putting the miner on track to exceed its 2025 guidance.

The firm also advanced its rare earth ambitions, producing 29 kilograms of dysprosium oxide in pilot runs through September, with terbium oxide next in line.

The October US$700 million convertible note offering strengthened the balance sheet, lifting working capital to nearly US$1 billion and raising the effective conversion price to US$30.70 per share.

3. Stallion Uranium (TSXV:STUD)

Year-to-date gain: 150 percent
Market cap: C$49.57 million
Share price: C$0.375

Uranium junior Stallion Uranium holds a 2,870 square kilometer land package on the western side of the Athabasca Basin, in Saskatchewan, Canada, including a joint venture with Atha Energy (TSXV:SASK,OTCQB:SASKF) for the largest contiguous project in the region. The company’s primary focus is the Coyote target at the Moonlite project.

Stallion’s share price shot upward on July 8 after the company announced a technology data acquisition agreement for Matchstick TI, an intelligent geological target identification platform with 77 percent accuracy. Stallion plans to use the technology to enhance its exploration efforts. It closed the acquisition on November 12.

In early September, Stallion Uranium closed the final tranche of a non-brokered private placement, raising gross proceeds of C$10.49 million. The financing included 22.3 million non-flow-through units and 30.1 million flow-through units, both priced at $0.20 per unit.

Stallion’s shares registered a year-to-date high of C$0.51 on September 16.

According to an October statement, Stallion planned to start a high-resolution ground time domain electromagnetic survey on Coyote on November 1, but it has not yet released a further update on the survey.

The company announced a further private placement on December 12, this one consisting of flow-through shares for gross proceeds of C$4.55 million at a price of C$0.45 per share.

4. District Metals (TSXV:DMX)

Year-to-date gains: 139.51 percent
Market cap: C$165.24 million
Share price: C$0.97

District Metals is an energy metals and polymetallic explorer and developer with a portfolio of seven assets in Sweden, including four uranium projects: Viken, Ardnasvarre, Sågtjärn and Nianfors. Currently, District is focused on its Viken uranium-vanadium project, which it says hosts the world’s largest undeveloped uranium deposit.

Shares began trending upwards in mid-May following news of a fully subscribed C$6 million private placement.

District spent 2025 advancing its four uranium projects through a series of targeted surveys. A helicopter-borne mobile magnetotellurics (MobileMT) program wrapped up at the flagship Viken property in June, followed by drone-based radiometric and magnetic surveys at Ardnasvarre, Sågtjärn and Nianfors in July.

Early September results at Sågtjärn and Nianfors were strong enough for the company to seek expanded licenses. Later that month, new MobileMT data from Viken revealed large low-resistivity anomalies both within and beyond the known deposit footprint, pointing to potential for additional uranium deposits.

Shares of District rallied to a year-to-date high of C$1.53 on October 15, the day the company released the results of its radiometric and magnetic survey at the Ardnasvarre property, which identified strong and large anomalies associated with uranium polymetallic occurrences.

District also reported fresh momentum at its alum shale properties after completing airborne MobileMT surveys across the Österkälen, Tåsjö and Malgomaj licenses this summer.

The first batch of results, released in late October, outlined a significant new geophysical anomaly at its wholly owned Österkälen license. District has already applied for an adjacent mineral license to capture the anomaly’s northwestern extension. The Österkälen area lies roughly 100 kilometers northeast of the company’s flagship Viken property.

In subsequent announcements, District reported the discovery of high priority targets at the Tåsjö alum shale property, and of large, robust targets at the Malgomaj alum shale property, both of which led the company to file applications for adjacent mineral licenses.

In early November, District Metals welcomed a landmark decision in Sweden when Parliament voted to repeal the country’s 2018 moratorium on uranium exploration and mining.

The new legislation, set to take effect January 1, 2026, opens the door for renewed development in a nation that holds roughly 27 percent of Europe’s known uranium resources.

5. Purepoint Uranium (TSXV:PTU)

Year-to-date gain: 113.64 percent
Market cap: C$38.01 million
Share price: C$0.47

Exploration company Purepoint Uranium has an extensive uranium portfolio including six joint ventures and five wholly owned projects, all located in Saskatchewan’s Athabasca Basin.

In January, Purepoint strengthened its relationship with IsoEnergy (TSX:ISO,NYSEAMERICAN:ISOU) when the latter exercised its put option under the framework of a previously announced joint-venture agreement, transferring 10 percent of its stake to Purepoint in exchange for 4 million shares. The now 50/50 joint venture will explore 10 uranium projects across 98,000 hectares in the Athabasca Basin, including the Dorado project.

As for Q3, the company closed the final tranche of a C$6 million private placement on September 5.

Later in the month, Purepoint released partial assay results from the Dorado project for one hole from its 11 hole drill program. The drill hole returned the most significant intervals to date, according to the company, with one interval of 2.1 meters grading 1.6 percent U3O8, including 0.4 meters at 8.1 percent, as well as another interval of 4.9 meters at 0.52 percent. The company has since dubbed this the Nova discovery

Purepoint ended September by launching its inaugural drill program at the Tabbernor project, located on the southeastern edge of the basin. The program, which concluded in November, targeted a 60 kilometer long corridor of graphitic conductors with five first-pass diamond drill holes. The Tabbernor findings will be combined with the company’s ongoing regional interpretation work to prioritize next targets.

Shares of Purepoint registered a year-to-date high of C$0.80 on October 14 as uranium prices rose.

In early December, Purepoint and IsoEnergy approved an expanded 2026 exploration program at the Dorado project following the previously released strong drill results, which Purepoint said confirm ‘a steeply dipping, uranium-bearing structure that remains open in all directions.’

The joint venture will prioritize the northeastern extension of the Nova discovery while advancing other high-potential zones across Dorado.

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