Statistics Canada released November’s gross domestic product (GDP) data on Friday (January 30). The numbers show that the economy remained flat overall with the prior month, following a 0.3 percent decline in October.
The goods-producing industries fell by 0.3 percent in November, weighed down by a 1.3 percent contraction in manufacturing and a 2.1 percent decline in wholesale trade amid ongoing trade tensions between Canada and the United States.
Declines were offset by increases to the retail trade sector, which grew 1.3 percent alongside a 0.9 percent increase to the transportation and warehousing sector.
The release also included advanced data for December that shows real GDP increased by 0.1 percent. Although the data for the month are preliminary, they point to a 0.1 percent contraction in the fourth quarter and a 1.3 percent annual gain in 2025.
This week also marked the first rate-setting meetings of 2026 by the Bank of Canada and the US Federal Reserve.
Both central banks decided to keep their rates unchanged. On Wednesday (January 28), the BoC reported it would maintain its benchmark rate at 2.25 percent. In its announcement, the bank said the outlook remains little changed from its October projection but noted it is vulnerable to evolving US trade policy and geopolitical risks.
South of the border, the Fed held its Federal Fund Rate at 3.25 percent to 3.75 percent. In its announcement, the Fed shared similar sentiments, suggesting that uncertainty remained elevated.
Against that backdrop, gold and silver experienced significant volatility this week, with prices for both metals dropping on Thursday (January 29). Gold fell from above US$5,500 toward the US$5,100 mark during the first hour of trading on US markets, while silver fell from the US$120 mark to around US$108.
Both metals rebounded on the day, posting slight losses from their opening levels, but on Friday prices collapsed further, with gold trading below US$4,800 and silver approaching US$80 in morning trading.
For more on what’s moving markets this week, check out our top market news round-up.
Markets and commodities react
Canadian equity markets were in retreat to end the week.
The S&P/TSX Composite Index (INDEXTSI:OSPTX) lost 3.4 percent over the week to close Friday at 31,923.52, while the S&P/TSX Venture Composite Index (INDEXTSI:JX) fared worse, shedding 8.15 percent to 1,051.08. The CSE Composite Index (CSE:CSECOMP) dropped 9.54 percent to 169.92.
The gold price saw significant declines from mid-week highs, losing 9.76 percent during Friday’s trading day. However, it fell just 1.76 percent from the week’s start to close at US$4,840.76 per ounce on Friday at 4:00 p.m. EST.
The silver price fared even worse, plummeting 28.17 percent on Friday, and closing the week 13.62 percent lower overall at US$83.43 on Friday.
In base metals, the Comex copper price recorded a 1.32 percent drop this week to US$5.98.
On the other hand, the S&P Goldman Sachs Commodities Index (INDEXSP:SPGSCI) was up 4.24 percent to end Friday at 598.20.
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 2:00 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. Vanguard Mining (CSE:UUU)
Weekly gain: 141.18 percent
Market cap: C$29.82 million
Share price: C$0.41
Vanguard Mining is an exploration company working to advance a portfolio of uranium, copper and nickel assets in Canada and Paraguay. Its flagship project is the Yuty Prometeo uranium project in Paraguay.
Among its properties is the Redonda copper and molybdenum project near Campbell River, British Columbia. The site consists of nine mineral claims covering 2,746 hectares and hosts porphyry-style mineralization.
On Tuesday (January 27), Vanguard announced plans for its phase 2 drill program at Redonda, comprising up to 7 holes totaling 2,800 meters, targeting areas in the southeast portion of the property between historic drill holes.
The company also said it would conduct detailed mapping and prospecting in the northern and western portions of Redonda to identify additional priority drill targets and would use phase 1 results to refine targeting.
The program is being advanced quickly to build on drilling results that “confirmed a significantly expanded copper-molybdenum mineralized system at Redonda,” the company said.
2. San Lorenzo Gold (TSXV:SLG)
Weekly gain: 85.6 percent
Market cap: C$185.63 million
Share price: C$2.32
San Lorenzo Gold is an exploration company working to advance its Salvadora project in the Chañaral province of Chile.
The property consists of 25 exploration and nine exploitation concessions covering an area of 8,796 hectares. It hosts a large copper and gold porphyry system with several significant targets. According to the project page, the site geology resembles that of the nearby Codelco-owned Salvador copper mine, which has operated since the early 1950s and is expected to continue until the mid-2060s following an expansion.
On January 26, San Lorenzo provided assay results from the first hole of a drilling program at the Cerro Blanco target at Salvadora. The hole was drilled to a depth of 472 meters, of which it encountered 222.4 meters of mineralization across five sections. The widest interval graded 1.09 grams per metric ton (g/t) gold over 132.2 meters from a depth of 201.5 meters.
The company said it believes the mineralization represents the upper level of a porphyry system and that it suggests a continuation of the system encountered during drilling at the site in 2025.
3. Ameriwest Critical Metals (CSE:AWCM)
Weekly gain: 75.76 percent
Market cap: C$14.69 million
Share price: C$0.58
Ameriwest Critical Minerals is an exploration company with a portfolio of assets in British Columbia, Canada, as well as the US states of Nevada, Oregon and Arizona.
The company announced in August that it was changing its name from Ameriwest Lithium to better reflect a portfolio diversifying into copper and rare earth minerals.
In October 2025, Ameriwest entered into a definitive agreement for the option and potential purchase of the Xeno RAR rare earth mineral claims in British Columbia. Under the terms of the deal, Ameriwest will pay C$55,000 in cash considerations, C$125,000 in exploration expenses over 18 months, a 2 percent net smelter return royalty and 2 million shares.
Then, in November, the company completed the acquisition of 34 unpatented mineral claims in Oregon that form the Bornite copper project in exchange for US$100,000 and a 2 percent net smelter return royalty.
Previous exploration of the Bornite property by Plexus in the 1990s identified a historic resource of 138.5 million pounds of copper, 54,000 ounces of gold and 1.7 million ounces of silver from 3.2 million metric tons of ore. Ameriwest’s current CEO was part of the Plexus team who explored Bornite.
In addition to its recently acquired properties, Ameriwest also owns the Thompson Valley lithium project in Arizona and the Railroad Valley lithium project in Nevada.
The most recent news from the company came on January 20, when it upsized a non-brokered private placement from C$2 million to C$3 million. The company said proceeds would be used to accelerate exploration efforts at its Bornite project.
In the release, Ameriwest says its long-term goal at the project, if results, financing and permitting are successful, is “evaluating the development of an approximately 1,000-tonne-per-day underground copper mining operation.”
4. Tectonic Metals (TSXV:TECT)
Weekly gain: 61.78 percent
Market cap: C$217.87 million
Share price: C$2.54
Tectonic Metals is a gold exploration company working to advance the Flat project in Alaska, US.
The project covers 98,840 acres in Western Alaska and hosts a reduced intrusion-related gold system and six district-scale targets. According to Tectonic, the mineralization is analogous to Kinross Gold’s (TSX:K,NYSE:KGC) Fort Knox mine in Eastern Alaska.
Among the targets is the Chicken Mountain intrusion, where exploration has identified 3 kilometers of mineral strike that remains open in all directions. Each of the 87 holes drilled at Chicken Mountain have intercepted gold.
The most recent update from the Flat project came on Thursday, when Tectonic announced results from 20 drill holes across four target areas.
Most significantly, its first drilling at the Black Creek intrusion, located 6 kilometers north of Chicken Mountain, discovered a new gold zone. The discovery hole, which started from surface, returned grades of 4.5 g/t gold over 48.77 meters. This included a core interval of 7.79 g/t over 24.38 meters, inside of which was a 6.1 meter interval grading 15.19 g/t.
The company said drilling has now confirmed gold mineralization across five intrusion targets: Chicken Mountain, Alpha Bowl, Golden Apex, Black Creek and Jam. It also said that results from 14 other holes are still pending.
5. Golden Lake Exploration (CSE:GLM)
Weekly gain: 60 percent
Market cap: C$12.48 million
Share price: C$0.12
Golden Lake Exploration is a gold exploration company that owns the Jewel Ridge gold project in Nevada, United States.
The project sits along the prolific Battle Mountain–Eureka Gold trend, which has produced more than 40 million ounces to date and hosts operations from McEwen Mining (TSX:MUX,NYSE:MUX) and North Peak Resources.
More than 700 meters of strike have been identified on the property across three primary targets: Eureka Tunnel, Jewel Ridge and Hamburg.
On Wednesday, Golden Lake announced that it had entered into a definitive agreement to be wholly acquired by McEwen Mining and become its subsidiary. Among the highlights of the deal is the ability for Jewel Ridge to be integrated into McEwen’s neighboring Gold Bar mine complex, providing access to infrastructure and funding.
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 December 2025, 898 mining companies and 71 oil and gas companies are listed on the TSXV, combining for more than 60 percent of the 1,531 total companies listed on the exchange.
As for the TSX, it is home to 175 mining companies and 51 oil and gas companies. The exchange has 2,089 companies listed on it in total.
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.