Investor Insight

Transition Metals offers investors exposure to discovery-driven upside across critical and precious metals through a proven project generator model, a diversified Canadian asset portfolio, and a capital-efficient strategy designed to minimize dilution while retaining meaningful discovery and monetization leverage.

Overview

Transition Metals (TSXV:XTM) is a Canada-based, multi-commodity exploration company focused on the discovery of critical and precious metals exclusively within Canada’s most prospective and stable mining jurisdictions. The company has assembled a diversified portfolio of exploration projects spanning platinum group metals, nickel, copper, gold, silver and uranium, providing broad exposure to commodities central to electrification, decarbonization and long-term resource security.

Operating under a disciplined project generator model, Transition advances early-stage assets through geoscience-driven exploration before strategically bringing in partners to participate in funding drilling and development. This approach allows the company to preserve capital, limit shareholder dilution and retain upside through royalties, milestone payments and equity interests, while maintaining operatorship and technical control during key exploration phases.

Transition’s portfolio includes flagship assets such as the Saturday Night/Sunday Lake PGM projects near Thunder Bay, the Gowganda Gold project in Ontario and the Pike Warden polymetallic system in Yukon, alongside a pipeline of additional opportunities across Ontario, British Columbia, Saskatchewan and the Northwest Territories. Led by an award-winning technical team with a proven discovery record, the company is positioned to create shareholder value through discovery, disciplined capital management and strategic asset monetization within a secure, Canada-focused footprint.

Company Highlights

• Multi-commodity exploration company with a portfolio of projects and royalties, covering gold, nickel, copper, platinum group metals (PGM), cobalt, tungsten and more located in mining-friendly jurisdictions across Canada
• Flagship PGM exposure at the Saturday Night/Sunday Lake projects in the Thunder Bay region
• Discovery-focused project generator model designed to minimize shareholder dilution while maximizing exploration leverage
• Strong treasury position complemented by marketable securities, milestone payments and royalty interests
• Proven management team with multiple industry discovery awards and a long track record of value creation
• Exposure to critical metals themes supported by government funding, flow-through incentives and secure jurisdictions

Key Projects

Saturday Night / Sunday Lake (Ontario)

The Saturday Night and adjacent Sunday Lake projects form one of the most compelling emerging PGM exploration stories in the Thunder Bay region. The properties are associated with early-stage Midcontinent Rift-related mafic-ultramafic intrusions, analogous in age and style to major North American PGM-Ni-Cu deposits such as Eagle (Michigan), Tamarack (Minnesota) and Thunder Bay North (Ontario). Sunday Lake hosts thick, laterally extensive zones of PGM mineralization, while drilling at Saturday Night has confirmed a large rift-related intrusion with basal PGM-Ni-Cu mineralization. Ongoing and planned drilling is focused on expanding the mineralized footprint and testing the basal contact geometry, positioning the project as a potential district-scale PGM system.

Gowganda (Ontario)

Gowganda is a 100-percent-owned, 87 sq km gold project in the historic Gowganda silver-cobalt camp, where Transition reports it made a gold discovery in 2010 less than 1 km from a paved highway. The company describes a widespread gold mineralized system over ~1.25 km of strike, with “visible gold at surface” and highlights including 97 grams per ton (g/t) gold over 40 cm (channel sample) and drill highlights including 2.4 g/t gold over 7.1 m and 82.5 g/t gold over 0.4 m (within 35 m of surface).

Dessert Lake (Northwest Territories)

Dessert Lake is a strategic uranium exploration opportunity in a large, underexplored basin that shares geological similarities with the Athabasca Basin, which hosts a significant portion of the world’s high-grade uranium deposits. Transition holds the exclusive right to stake claims and is seeking a partner to advance the district-scale opportunity, noting prospective settings along the Wopmay fault and along the basal unconformity/crustal fault intersections.

Pike Warden (Yukon)

Pike Warden is a large polymetallic project situated on the northern margin of the Bennett Lake Caldera, one of the largest collapsed caldera complexes in Canada. Pike Warden is an emerging epithermal gold-silver/porphyry copper system near the Yukon–BC border, ~70 km southwest of Whitehorse, where Transition retains the option to earn 100% of the 41 sq km property. Transition reports 25+ zones of gold-silver-copper-molybdenum-lead mineralization identified to date and sampling highlights up to 48.1 g/t gold, 11,270 g/t silver, 7.49 percent copper, 2.37 percent molybdenum and 59.6 percent lead, with recent work and targeting supported by geophysics and systematic sampling.

Jolly (Ontario)

Jolly Gold is a large, 100-percent-owned and optioned land package covering the western extension of the Beardmore–Geraldton greenstone belt, with multiple undrilled occurrences of high-grade gold mineralization. The company highlights major and splay structures intersecting favourable stratigraphy, describing the target as a camp-scale exploration opportunity.

Cryderman (Ontario)

Cryderman is a gold project in the Shining Tree West camp located along the Ridout Deformation Zone and sits 55 km east of IAMGOLS’s Côté gold project and 16 km west of Aris Gold’s Juby gold project. It is a gold-mineralized system over ~500 m of strike hosted in N–S trending, multi-phase quartz-carbonate veins. The company reports channel sample highlights including 9.15 g/t gold over 1.07 m (with additional high-grade sub-intervals).

Maude Lake (Ontario)

The Maud Lake project is a high-tenor nickel-copper-cobalt-PGM magmatic sulphide system located ~10 km north of Schreiber, Ontario. Transition reports surface sampling up to 6.23 percent nickel, 0.719 percent copper, 0.085 percent cobalt, and 1.042 g/t PGM (platinum+palladium+gold), and notes drilling that intersected a semi-continuous zone of magmatic sulphides near the base of a gabbroic intrusion including 20.01 m averaging 0.33 percent nickel and 0.28 percent copper (including 4 m averaging 0.61 percent nickel and 0.52 percent copper).

Homathko (British Columbia)

Homathko is a high-grade, drill-ready gold prospect exposed by receding glaciers in British Columbia, with an interpreted lode gold system traced along ~1.5 km of strike and grab sample highlights up to 87 g/t gold.

Island Copper (Ontario)

Island Copper is an IOCG (iron oxide copper-gold) opportunity north of Sault Ste. Marie, Ontario, with Transition reporting two separate mineralized showings along Highway 556. Recent samples and historical drill holes returned values up to 9 percent copper.

Wollaston (Saskatchewan)

Wollaston Copper is a >30 sq km property in north-central Saskatchewan south of the Athabasca Basin, where Transition describes two sediment-hosted base metal target opportunities. The company cites historic drilling by Noranda (1990) including 10.82 m grading 0.25 percent copper and 7.4 m grading 0.49 percent copper (both within 40 m of surface), and a separate zinc showing with 17.0 m grading 2.52 percent zinc and 4.0 m grading 7.18 percent zinc, within the Wollaston Supergroup.

Pipestone (Ontario)

Pipestone is a 33 sq km gold project in the Porcupine camp ~25 km north of Timmins, covering ~13 km of interpreted strike extension of the Pipestone structure (one of two main structural breaks recognized in the Timmins camp). The property is subject to a participating joint venture with Gowest Gold, with provisions for dilution to a 2 percent NSR (with a 1 percent buyback for $1 million).

Bancroft (Ontario)

Bancroft is a southern Ontario nickel-coper-cobalt-PGM greenfield land package that has benefited from ~$5 million in exploration expenditures and includes drilling intersections of 5.05 m averaging 1.98 g/t PGM and 60 m of 1.34 g/t PGM. It comprises 2,789 hectares of mining claims and is located less than a 2-hour drive from Toronto.

Management Team

Scott McLean – President, CEO and Co-founder

Scott McLean has over 30 years of experience in mineral exploration and corporate leadership. He spent 23 years with Falconbridge Limited where he was involved in the discovery of the Nickel Rim South deposit in Sudbury, Ontario. For this work, he was named Prospector of the Year (2004) by the Prospectors & Developers Association of Canada. McLean is responsible for corporate vision, capital structure, governance and investor relations, and also serves as an executive director of SPC Nickel Corp.

Greg Collins – Chief Operating Officer and Co-founder

Greg Collins is a professional geologist with more than 25 years of experience across gold and base metals exploration, resource estimation, mine planning, operations and management. His career spans Canada and international jurisdictions. Collins is a founding partner and COO of Transition Metals and is also CEO of Canadian Gold Miner.

Carmelo Marrelli – Chief Financial Officer

Carmelo Marrelli is a chartered professional accountant and principal of The Marrelli Group of Companies. He acts as CFO for a number of public issuers on the TSX, TSX Venture Exchange and CSE, bringing financial, governance and regulatory expertise. Marrelli holds a Bachelor of Commerce degree from the University of Toronto and is a member of the Institute of Chartered Secretaries and Administrators.

Bill Stormont – Business Development

Bill Stormont is a capital markets executive with experience in institutional equity (buy-side, sell-side and fund management), investor relations and stakeholder engagement. He has served in equity analyst and institutional sales roles, worked as a European equity fund manager, and supports business development, partnerships and strategic communications for Transition Metals. Stormont holds an MBA from the University of British Columbia.

Tom Hart – Chief Geologist

Tom Hart is an award-winning geologist with over 40 years of exploration experience across government and industry, including Inco and the Ontario Geological Survey. He specializes in lode gold and base metal systems and has expertise in soil, till and rock analytical methods. Hart was co-recipient of the Northwestern Ontario Prospectors Association’s Discovery of the Year Award (2004).

Benjamin Williams – Exploration Manager Geologist

Benjamin Williams has more than 10 years of geological experience and has been with Transition Metals since 2018. He obtained a BSc with Honours in Geology from Saint Mary;s University, Halifax, followed by Graduate work at Carleton University in Ottawa, where his work focused on igneous petrology and isotope geochemistry. Prior to joining Transition Metals, Mr. Williams worked in collaboration with the Northwest Territories Geological Survey, as a Senior Mapping and Research Assistant, where he conducted various value-added mapping and isotopic research programs on Neoarchean volcanic belts within the Slave Craton, with a focus on VMS-style mineralization.

Sarah Reese – Project Geologist

Sarah Reese is a geological engineer with a Bachelor of Applied Science in Geological Engineering from Queen’s University. She contributes to field programs and geological interpretation, while developing her professional expertise through ongoing education and field experience.

Investor Insight

Sun Summit Minerals is targeting the delineation of a multi-million-ounce gold-silver resource at its flagship JD project. With strategic positioning in an emerging consolidation hotspot, compelling valuation metrics, and a track record of discovery, Sun Summit is primed to deliver substantial value creation in the coming quarters.

Overview

Sun Summit Minerals (TSXV:SMN,OTCQB:SMREF) is a Canadian mineral exploration company focused on developing its district-scale gold and copper projects in British Columbia.

The company has completed its 2025 exploration programs at the flagship JD Project and its inaugural exploration program at the Theory Project, located in the Toodoggone District.

Complementing JD and Theory is the company’s Buck project, a large, bulk-tonnage gold-silver system near Houston, BC, with an initial NI 43-101 resource estimate and significant exploration upside.

With capital in hand, a five-year exploration permit secured, and a camp established at JD, Sun Summit is executing a focused strategy to build scale, unlock resource potential and drive shareholder value. Under the leadership of its new CEO, the company has re-focused its strategy with a sharpened vision, a strengthened technical and leadership team, and a portfolio of high-quality, strategically located assets positioned to drive long-term shareholder value.

Company Highlights

• Tiered Exploration Strategy: Sun Summit Minerals is advancing a focused portfolio in British Columbia with its flagship JD Project in the Toodoggone District as the primary discovery driver, supported by early-stage exploration at the nearby Theory Project, and complemented by the Buck Project in central BC, a strategic asset with a published mineral resource estimate.
• Strategic Location: Sun Summit’s assets are located in well-established and mining-friendly regions of British Columbia. The flagship JD project and early-stage Theory Project are situated in the prolific Toodoggone district—home to Thesis Gold and Centerra’s Kemess Mine, while Buck lies in Central BC near the Blackwater, Huckleberry, and Equity Silver mines.
• Potential for Multiple Expansion: Trading at approximately US$38/oz gold equivalent (EV/oz) based on Buck alone, with no value currently ascribed to the JD Project, the company represents a deep value opportunity compared to its next-door neighbour, Thesis Gold, which trades at approximately US$136/oz. Success at the drill bit from ongoing exploration at JD could support a higher valuation over time.
• Experienced, Capital Markets-Savvy Leadership: CEO Niel Marotta brings 30 years of capital markets acumen, including experience from Fidelity and Orezone. The broader team includes senior geologists and advisors with decades of success in gold discoveries and mine development in BC.
• Positioned for Consolidation: With majors like Freeport, Centerra, and Skeena investing heavily in adjacent properties, Sun Summit’s flagship JD Project is strategically located and advancing at the right time in the Lassonde Curve to benefit from industry-wide M&A and consolidation trends.

Key Projects

JD & Theory Projects

The JD & Theory projects span more than 25,000 hectares in the heart of the Toodoggone mining district in north-central BC, one of Canada’s most prospective belts for epithermal gold-silver and porphyry copper-gold systems. The district is home to Thesis Gold’s Ranch and Lawyers deposits (4.6 Moz gold equivalent, C$700 million market cap), Centerra’s Kemess underground development, and TDG Gold’s Shasta-Baker project. Infrastructure around the project includes hydroelectric grid access, the nearby Sturdee airstrip and all-season roads.

Results from the 2025 drill campaign at Creek Zone

The JD project hosts a 4.5 km mineralized corridor, known as Creek-Finn, with multiple underexplored targets showing evidence of both high-grade veins and broad disseminated gold systems. Historic and recent drill highlights include:

• 2.1 grams per ton (g/t) gold over 122.5 m including 121 g/t gold over 1.5 m (CZ-24-004)
• 11.7 g/t gold over 22 m including 61.2 g/t gold over 4 m (CZ97-008)
• 7.3 g/t gold over 35.7 m including 215.4 g/t gold over 1 m (JD95-0472)

The Creek Zone features high-grade epithermal veins within broader disseminated zones, supported by strong IP anomalies and gold-in-soil results up to 12.2 g/t gold. The Finn Zone hosts near-surface mineralization with extensive historical drilling (~270 holes) and is open in all directions. Other targets include McClair (porphyry copper), East McClair (copper-gold skarn) and Moosehorn.

Sun Summit Minerals has completed its 2025 21-hole, 6,864 -meter drill program, successfully intersecting gold mineralization in all holes. The results have defined a northwest-trending, structurally controlled zone measuring approximately 750 meters by 300 meters and extending to a vertical depth of around 150 meters. The zone remains open both along strike and at depth, highlighting significant potential for further expansion. A five-year permit secured in April 2025 provides exploration continuity through 2030.

Sun Summit can earn 100 percent of the JD project by making staged cash/share payments and completing work commitments through 2029. Following the completion of its 2025 exploration program, the company closed an $11.5 million financing on December 23, 2025, fully funding the 2026 exploration program and strengthening its ability to advance the earn-in without near-term dilution.

Buck Project

The 100 percent owned Buck project spans 52,000 hectares and is located near key deposits, including Artemis Gold’s Blackwater (8 Moz gold), Imperial’s Huckleberry copper mine, and Newmont’s historic Equity Silver mine. Buck features near-surface bulk-tonnage gold-silver mineralization with porphyry copper-molybdenum potential at depth.

In February 2025, Sun Summit published its inaugural NI 43-101 mineral resource:

• Indicated: 1.15 Mt @ 0.519 g/t gold equivalent (19,100 oz)
• Inferred: 52.2 Mt @ 0.489 g/t gold equivalent (820,400 oz)

Mineralization remains open in all directions.

Buck is considered a strategic asset providing leverage to rising gold prices and future transaction potential, but currently receives minimal capital allocation as JD is prioritized.

Sun Summit can earn 100 percent of the JD project by making staged cash/share payments and completing work commitments through 2029. With ~C$6 million earmarked for the project this year alone, Sun Summit is expected to fulfill its 2025 and 2026 earn-in obligations without additional equity raises.

Management Team

Niel Marotta – Chief Executive Officer and Director

Niel Marotta has three decades of capital markets experience, including a successful tenure at Fidelity (FMRCo.), where he managed the top-performing Select Gold Fund and oversaw >$1 billion in AUM. He was previously VP at Orezone Resources, where he helped lead its C$350 million acquisition by IAMGOLD. Marotta has raised over $1 billion in financing and is driving Sun Summit’s transition from a legacy explorer to a discovery-focused value generator.

Brian Lock – Executive Chairman

A veteran of the mining industry with 40+ years of executive experience, Brian Lock has led multiple public companies, including Castle Peak Mining and Scorpio Gold. His expertise spans project development, M&A and corporate governance.

Waseem Javed – Chief Financial Officer

A seasoned mining CFO, Waseem Javed ensures disciplined capital deployment and financial controls. His experience spans junior explorers and mid-tier producers across Canada and the US.

Ken MacDonald – VP Exploration

Ken MacDonald is a registered professional geologist with over 30 years in mineral exploration and permitting in BC. Formerly with the BC Mines Branch and multiple juniors, he leads Sun Summit’s technical programs and NI 43-101 compliance.

Christopher Leslie – Technical Advisor

An expert in porphyry and epithermal systems, Christopher Leslie led the discovery of the 8 Moz Blackwater deposit while at Richfield Ventures, and later served as VP exploration for Tower Resources. He was instrumental in advancing the JD-Theory project during its prior ownership.

Robert D. Willis – Senior Advisor

Founder of several successful exploration companies, including Pioneer Metals and Manhattan Minerals, Robert Willis has 35+ years of technical and executive experience across North and South America.

Terry Salman – Strategic Advisor

Founder of Salman Partners and one of Canada’s most influential mining financiers, Terry Salman has backed dozens of successful juniors over a 40-year career in mining investment banking.

This week’s tech sector performance

Tech stocks experienced sharp swings this week, starting on relatively firm footing before a broad selloff midway through the period gave way to a late rebound in semiconductor companies.

A Sunday (January 11) statement from US Federal Reserve Chair Jerome Powell put pressure on US stocks ahead of Monday’s (January 12) open, with ‘sell America’ sentiment prevalent among investors. Powell’s comments centered on a Department of Justice criminal probe into his testimony about Fed building renovations.

Financial and payment companies, including major credit card issuers, also sold off at that time following political pressure for a cap on credit card interest rates. However, the overall reaction was muted during Monday’s trading session, with some early dips recovering fully, and indexes closing at record highs.

Rotation continued to be a major theme this week, with money moving out of some mega-cap tech names and into chip stocks, small-cap companies and resource plays. Intel (NASDAQ:INTC) and Advanced Micro Devices (AMD) (NASDAQ:AMD) rallied early on after being upgraded to “overweight” by KeyBanc Capital Markets on Tuesday (January 13). Citigroup (NYSE:C) also lifted its Intel rating to “neutral” from “sell.”

Wednesday (January 14) brought heavy selling in tech stocks, with high-flying growth names seeing losses; however, Google’s (NASDAQ:GOOGL) and Apple’s (NASDAQ:AAPL) losses were comparatively mild.

Chipmakers were the bright spot, with the real catalyst coming on Thursday (January 15) after Taiwan Semiconductor Manufacturing Company’s (NYSE:TSM) blowout quarterly results triggered a rally across chipmakers and chip equipment stocks, including Micron Technology (NASDAQ:MU), Broadcom (NASDAQ:AVGO), Qualcomm (NASDAQ:QCOM), AMD and ASML Holding (NASDAQ:ASML), which hit a US$500 billion market cap on Thursday.

This performance helped stabilize the broader tech space, although caution lingered.

3 tech stocks moving markets this week

1. Taiwan Semiconductor Manufacturing Company (NYSE:TSM)

As mentioned, Taiwan Semiconductor reported blowout Q4 results and upbeat guidance on Thursday, fueled by relentless artificial intelligence (AI) demand. Revenue jumped 36 percent year-on-year, with management projecting 20 to 25 percent growth in 2026. Shares climbed 5.8 percent on the week.

2. Applied Materials (NASDAQ:AMAT)

Applied Materials gained 8.56 percent amid the broader semiconductor equipment surge.

The company’s high-bandwidth memory revenues hit US$1.5 billion in its 2025 fiscal year. This new growth engine is tied directly to NVIDIA’s (NASDAQ:NVDA) GPU roadmap.

3. KLA (NASDAQ:KLAC)

KLA, a key supplier of process control equipment to chip fabricators, rode the Taiwan Semiconductor tailwind, rising 11.99 percent for the week as investors bet on sustained CAPEX from foundries.

Taiwan Semiconductor, Applied Materials and KLA performance, January 12 to 16, 2025.

Chart via Google Finance.

Top tech news of the week

Tech ETF performance

Tech exchange-traded funds (ETFs) track baskets of major tech stocks, meaning their performance helps investors gauge the overall performance of the niches they cover.

This week, the iShares Semiconductor ETF (NASDAQ:SOXX) advanced by 5.04 percent, while the Invesco PHLX Semiconductor ETF (NASDAQ:SOXQ) saw a gain of 4.89 percent.

The VanEck Semiconductor ETF (NASDAQ:SMH) also increased by 3.76 percent.

Tech news to watch next week

Next week brings a packed slate of catalysts that could shape tech sentiment.

Intel is set to report its Q4 earnings on January 22. Recent upgrades have the stock at 52 week highs, but investors will probe foundry progress and AI revenue traction for proof of a sustained turnaround.

Davos starts on January 19, with AI and energy infrastructure front and center. Global leaders and tech executives will tackle data center power crunches and supply chain frictions, with potential hints on tariff policies.

The US Supreme Court is due to deliver rulings on the morning of January 21, including challenges to Trump’s global tariffs, while the House Financial Services Committee will hold a markup on the Financial Innovation and Technology for the 21st Century Act (FIT21), with a floor vote possible soon.

Key economic releases include retail sales on January 20, flash purchasing managers’ indexes and jobless claims on January 22 and existing home sales on January 23. These will test the soft landing narrative.

Markets and commodities react

Canadian equity markets were on the rise this week.

The S&P/TSX Composite Index (INDEXTSI:OSPTX) gained 1.8 percent over the week to close Friday at 33,040.55, while the S&P/TSX Venture Composite Index (INDEXTSI:JX) fared even better, rising 4.28 percent to 1,091.13. The CSE Composite Index (CSE:CSECOMP) also gained ground, rising 2.61 percent to close at 188.29.

The gold price continued to trade at all-time highs this week, reaching US$4,639 per ounce amid heightened tensions in the Middle East over protests in Iran and as the US contemplated military involvement. Overall, it gained 2.32 percent during the week, closing the week at US$4,582.81 per ounce on Friday at 4:00 p.m. EST.

The silver price performed even stronger, trading above US$93 per ounce on Wednesday at new highs. Although the price pulled back slightly by the end of the week, it still posted a weekly gain of 16.08 percent, closing Friday at US$89.36.

In base metals, the Comex copper price recorded a 2 percent drop this week to US$5.88.

The S&P Goldman Sachs Commodities Index (INDEXSP:SPGSCI) rose 1.45 percent to end Friday at 562.91.

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. Homeland Nickel (TSXV:SHL)

Weekly gain: 135.71 percent
Market cap: C$65.57 million
Share price: C$0.33

Homeland Nickel has a portfolio of nickel projects in Oregon, US: Red Flat, Cleopatra, Eight Dollar Mountain and Shamrock.

In addition, the company holds investments in mining companies with nickel projects, including Benton Resources (TSXV:BEX,OTCPL:BNTRF), Canada Nickel Company and Noble Mineral Exploration (TSXV:NOB,OTCQB:NLPXF).

Shares in Homeland surged this week following news on Tuesday that Canada Nickel’s Crawford project in Ontario was selected for the province’s “One Project, One Process” review framework, which will allow for an accelerated timetable for permitting and development of the asset.

Canada Nickel is Homeland’s top investment, holding 742,095 shares valued at C$1.08 million.

Homeland did not release news of its own this week, but its share price has also been supported by rising nickel prices, which climbed from a low of US$14,255 per metric ton in the middle of December to as high as US$18,785 on Wednesday.

2. Eskay Mining (TSXV:ESK)

Weekly gain: 89.66 percent
Market cap: C$108.21 million
Share price: C$0.55

Eskay Mining is an exploration company advancing its namesake project in the Golden Triangle region of British Columbia, Canada.

The property located in the province’s northwest sits on a land package of 130,000 acres, and hosts several gold and silver volcanogenic massive sulfide and magmatic nickel, copper and platinum group metals targets.

Final assay results from its summer 2025 sampling program at the site were released on November 7. The company said the batch consisted of 121 rock chip and channel samples, with 11 returning grades over 20 g/t gold and 31 with grades over 1 g/t.

At the time, the company said mineralization bears similarities to discoveries at Goliath Resources’ (TSXV:GOT,OTCQB:GOTRF) Surebet and Juggernaut Exploration’s (TSXV:JUGR,OTCPL:JUGRF) Big One projects. Eskay added that it can see a path to a maiden drill program in 2026.

The most recent news from Eskay came on Monday when it announced that Clinton Smyth had been hired as the company’s chief geologist for its 2026 exploration program. Smyth has spent 25 years in the industry working for Anglo American (LSE:AAL,OTCQX:NGLOY) and Minorco.

3. Batero Gold (TSXV:BAT)

Weekly gain: 86.36 percent
Market cap: C$23.61 million
Share price: C$0.205

Batero Gold is an exploration company focused on advancing its Quinchia project in the Department of Risaralda, Colombia.

The property is composed of one tenement covering 1,407 hectares, with an additional 155 hectare concession under application. A September 2022 mineral resource estimate was included in its management discussion and analysis for the year ending August 2025.

Across three zones, the project’s La Cumbre deposit hosts a contained measured and indicated resource of 2.2 million ounces of gold and 6.43 million ounces of silver from 51.73 million metric tons of ore with average grades of 0.5 g/t gold and 1.47 g/t silver.

The company has not released news in the past week, but its share price has surged amid significant gains in precious metals prices since the start of 2026.

4. Auric Minerals (CSE:AUMC)

Weekly gain: 82.14 percent
Market cap: C$11.22 million
Share price: C$0.51

Auric Minerals is a uranium exploration company focused on its Route 500 and Bub properties in Newfoundland and Labrador, Canada.

The projects are both located in Labrador’s Central Mineral Belt, with Route 500 consisting of 441 mineral claims across 11,025 hectares and Bub consisting of 318 claims across 7,949 hectares.

The more advanced Route 500 project hosts surface showings with high-grade uranium mineralization, while Bub includes strong radiometric anomalies covering 30 square kilometers and 20 square kilometers.

Auric announced on December 31 that it had acquired a 100 percent interest in the English Lake, Otter Lake and Kan projects, all located in Labrador, in exchange for 22 million common shares at C$0.315 per share, 8 million warrants, cash payments of C$32,000 and a 2.5 percent net smelter return.

According to the same release, the company also amended its option agreements for the Route 500, Bub and Portage properties deal to waive its additional obligations, including future cash payments, share issuances, and exploration expenditures, in exchange for 500,000 shares to each of the optioners for a total of 1.5 million shares.

On January 8, Auric officially acquired 100 percent of the three properties after issuing the shares.

5. Patagonia Gold (TSXV:PGDC)

Weekly gain: 80.22 percent
Market cap: C$432.5 million
Share price: C$0.82

Patagonia Gold is a precious metals production and development company primarily focused on advancing its Cap-Oeste and Calcatreu underground projects in Argentina.

Located in Santa Cruz province, Cap-Oeste hosted open-pit mining operations until 2018. While Patagonia is working on the exploration and development of the underground resource at the site, it has been able to recover gold and silver from residual leaching on site.

According to the company’s website, a 2018 mineral resource estimate for Cap-Oeste reported measured and indicated values of 704,300 ounces of gold and 21.43 million ounces of silver from 10.56 million metric tons of ore with average grades of 2.07 grams per metric ton (g/t) gold and 63.2 g/t silver.

Its Calcatreu project, located in the Rio Negro province, is currently under construction. Calcatreu hosts a measured and indicated resource of 669,000 ounces of gold and 6.28 million ounces of silver from 9.84 million metric tons of ore, with average grades of 2.11 g/t gold and 19.8 g/t silver.

The most recent news from the company came on Thursday when it provided an update on construction activities at Calcatreu, which it has resumed following a holiday break.

In the announcement, Patagonia said it has extracted and stockpiled 40,000 metric tons of mineralized material from the Veta 49 pit. Of the material, the company said that 5,200 metric tons are expected to be stacked on the leach pad following electric leak detection tests later in January.

Additionally, Patagonia expects the carbon-in-column circuit construction will also be completed in January. After stockpiled material begins being leached and processed, the metal doré product will be sent to Canada to be refined in Ontario.

Patagonia expects to release an updated technical report for the project during the second quarter of the 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.

Investment Insight

Harvest Gold offers investors a compelling opportunity to participate in early-stage exploration within Quebec’s prolific Abitibi Greenstone Belt – home to some of Canada’s richest gold deposits – through three strategically located and 100 percent owned properties, with a flagship asset positioned for significant discovery upside.

Overview

Harvest Gold (TSXV:HVG)is a Canadian junior exploration company advancing a portfolio of three 100 percent owned gold projects – Mosseau, Urban Barry and LaBelle – located within Quebec’s world-renowned Abitibi Greenstone Belt. With more than 200 million ounces of historical gold production, the Abitibi is one of the most productive gold regions globally. Harvest Gold’s properties are strategically positioned within and adjacent to the Urban Barry Greenstone Belt, an emerging gold camp that has attracted sustained interest from major mining companies.

The Urban Barry Belt hosts several high-grade, multi-million-ounce deposits, including the Windfall deposit, developed by Osisko Mining and now owned by Gold Fields, as well as Bonterra’s Gladiator and Barry deposits. As consolidation by major producers continues across the belt, Harvest Gold controls three of the few remaining independent, district-scale land packages. With excellent road access, nearby infrastructure and newly exposed bedrock from recent forest fires, the company’s properties offer exceptional discovery potential.

Harvest Gold’s strategy is underpinned by a highly experienced management and technical team. CEO Rick Mark brings over 30 years of leadership in public resource companies, having guided his 2000’s group of four companies to peak valuations of approximately C$200 million. The technical team includes Louis Martin, a two-time AEMQ “Discovery of the Year” award winner, and Warren Bates, former VP exploration at Pelangio Exploration and part of the Blackwater discovery team. Together, the team brings deep expertise in structural geology, Abitibi-focused exploration, and discovery-driven value creation.

The company is supported by Crescat Capital, a respected institutional investor with a strong record of backing early-stage discoveries. Crescat’s involvement reflects the endorsement of its strategic advisor, Dr. Quinton Hennigh, who has highlighted the district-scale opportunity created by Harvest Gold’s land position along the Wilson Pluton–volcanic contact.

Company Highlights

• Flagship Mousseau Project: Large-scale, advanced-stage exploration property with multiple confirmed gold-bearing shear zones.
• Tier-one address: All projects located in Quebec’s Urban Barry Greenstone Belt where Gold Fields recently acquired Osisko Mining’s world-class Windfall deposit and much of the rest of the Urban Barry belt.
• Institutional Backing: Crescat Capital, with renowned exploration geologist Dr. Quinton Hennigh, owns 19+ percent of Harvest Gold.
• Skilled Technical Team: Leadership includes seasoned geologists and executives with proven discovery and development track records.
• Favourable Jurisdiction: Operates in Quebec, a politically stable, mining-friendly province with excellent infrastructure and low exploration costs.
• Strategic Timing: Harvest Gold has commenced its maiden drill program at Mosseau during a period of historically strong gold prices.

Key Projects

Mousseau Gold Project

The Mosseau Gold Project is Harvest Gold’s flagship asset, comprising approximately 195 claims covering about 9,740 hectares in the northern Abitibi Greenstone Belt of Quebec. Located roughly 15 kilometres east of Lebel-sur-Quévillon, the project benefits from year-round road access and established regional infrastructure. The property is bordered to the north by Gold Fields and Cartier Resources and lies near a large claim block staked by noted prospector Shawn Ryan, placing Mosseau within an active and highly prospective exploration corridor.

Geologically, Mosseau straddles two major structural corridors: the Morono Shear Zone and the Kiask River Fault Zone. These structures host classic shear-related gold mineralization, characterized by multiple stacked quartz–sericite shear zones ranging from less than one metre to more than 30 metres in width, with demonstrated continuity along strike and at depth. To date, 49 significant surface gold showings have been identified, along with a historical, non–NI 43-101 compliant gold resource at the Morono Zone.

In 2024, Harvest Gold completed a high-resolution airborne magnetic survey over the entire Mosseau property. This modern dataset identified previously unrecognized structures and magnetic domains, significantly refining drill targeting. Follow-up mapping, prospecting, and soil geochemistry—greatly enhanced by new bedrock exposure from the 2023 forest fires—outlined multiple high-priority targets along both the Morono and Kiask River structural corridors.

In 2025, Harvest Gold commenced its maiden diamond drill program at Mosseau, targeting priority zones in the Northern and Central areas of the property. Results from the first six drill holes confirmed the discovery of a new, previously untested mineralized horizon approximately 100 metres east of the Trench 1B showing. This newly identified horizon is associated with a moderate induced polarization anomaly that can be traced for approximately 600 metres along strike and remains open.

Recent drilling highlights include:

• 1.90 g/t gold over 5.4 metres, including 8.67 g/t gold over 0.6 metres
• 1.10 g/t gold over 6.0 metres, including 2.02 g/t gold over 1.5 metres
• Higher-grade gold associated with semi-massive sulphides containing elevated silver and base metals (copper, zinc, lead)

Fourteen drill holes totaling 3,030 metres have now been completed, representing approximately 60 percent of the planned 5,000-metre program. Drilling is ongoing, with results continuing to demonstrate the scale, continuity, and polymetallic character of the Mosseau system.

With its district-scale footprint, proven gold endowment, improving geological model, and active drilling success, the Mosseau Project is well positioned to evolve into a significant discovery with strong potential to attract strategic partners or acquirers.

Urban Barry Property

Acquired from EGR Exploration, the Urban Barry property comprises 6,879 hectares located west of the Osisko/Gold Fields Windfall property. The project spans 20 km of favorable strike length and sits along the southern margin of the Urban Barry Greenstone Belt.

Key advantages:

• Analogous geological setting to Windfall and Gladiator
• Road-accessible with mapped deformation zones and quartz-vein hosted gold indicators
• 2024 magnetic surveys and fieldwork completed; drilling strategy is in development

LaBelle Project

Staked in 2024, LaBelle covers 3,394 hectares and represents a 9 km southeast extension of the Kiask River Fault. It mirrors the geological setting of Mousseau, with similar NW-SE oriented shear zones and structural contacts between the Wilson Pluton and volcanic sequences.

Though early-stage, LaBelle offers:

• District-scale exploration potential
• Proximity to Harvest’s other assets for operational synergy
• Favorable structural and lithological environment

Management Team

Rick Mark – President, CEO and Chair

With more than 40 years of leadership in public resource companies, Rick Mark previously helmed VMS Ventures, North American Nickel and Pancontinental Uranium, each achieving peak valuations of C$200 million.

Louis Martin – Senior Technical Advisor, Quebec Exploration

A Quebec-focused geological consultant with more than 40 years of experience, Louis Martin is the former VP of exploration at Clifton Star Mining, where he led the team developing the Duparquet deposit. He is a multiple-time recipient of the AEMQ “Discovery of the Year” award.

Pat Donnelly – Independent Director

Recently VP capital markets at Tutor Gold, Pat Donnelly is a former co-founder and president of First Mining Gold, where he executed eight M&A deals growing the company’s market cap from $30 million to $600 million.

Len Brownlie – Independent Director

Len Brownlie brings more than 30 years of executive leadership in mining exploration. He is the former president of Goldrush Resources and director of First Silver Reserve.

Christopher Cherry – CFO and Director

Christopher Cherry has more than 15 years of experience in corporate accounting and audit for public companies. He oversees Harvest Gold’s financial strategy and compliance.

Ed Zablotny – Independent Director

Ed Zablotny boasts over 35 years in venture capital markets with expertise in trading, credit and regulatory compliance.

Warren Bates – Geological Team

Warren Bates is a veteran geologist with 30+ years in gold and base metals exploration. He is the former VP of exploration at Pelangio Exploration and part of the Blackwater deposit discovery team.

Henry Awmack – Geological Team

Henry Awmack is the co-founder of Equity Exploration Consultants, with over 40 years of exploration experience. He was notably involved in early work on the Cobre Panama copper-gold deposit.

Neil Richardson – Geological Team

Neil Richardson is a geological consultant and the VP Explorations for Hudbay Minerals. He led the team behind the discovery and development of the Reed Mine while at VMS Ventures.