Year-over-year gain: 147.27 percent
Market cap: C$34.08 million
Share price: C$0.68

NurExone Biologic is the biopharmaceutical company behind ExoTherapy, a drug delivery platform that uses exosomes, which are nano-sized extracellular vesicles, to create treatments for central nervous system disorders, spinal cord injuries and traumatic brain injuries. It is a less invasive alternative to cell transplantation, which requires surgery and carries the risk of rejection.

NurExone’s first nano-drug, ExoPTEN, uses a proprietary sIRNA sequence delivered with the ExoTherapy platform to treat spinal cord injuries. ExoPTEN received orphan drug designation from the US Food and Drug Administration (FDA) in October 2023, meaning it has been recognized as a potential treatment for rare medical conditions. The designation makes it eligible for incentives such as market exclusivity and regulatory assistance aimed at accelerating its development and approval.

In December 2024, the company released preclinical results from animal testing evaluating the efficacy of its nano-drug ExoPTEN in restoring lost vision. The lead investigator at the Goldschleger Eye Institute, which collaborated on the study, said the results were ‘extremely encouraging,’ and ‘suggest that ExoPTEN could fundamentally change how we approach conditions like glaucoma and optic nerve trauma.’

Year-over-year gain: 140.88 percent
Market cap: C$377.18 million
Share price: C$14.26

Cipher Pharmaceuticals is a specialty pharma company with a diverse portfolio of treatments, including a range of dermatology and acute hospital care products. The company has out-licensed some of its offerings as well. Cipher began trading on the OTCQX Best Market under the symbol CPHRF in early 2024.

In addition to its current portfolio, Cipher has acquired Canadian rights to CF-101, a dermatology treatment for moderate to severe plaque psoriasis is currently expected to undergo Phase III clinical trials. The company is also conducting proof-of-concept studies on DTR-001, a topical treatment for removing tattoos.

On July 29, Cipher announced it had signed a definitive asset purchase agreement with ParaPRO for its US-based Natroba operations and global product rights, and the news caused Cipher’s share price to spike significantly. The company’s Q3 2024 results showed a product gross margin from the acquired Natroba products of 85 percent.

Year-on-year gain: 88.89 percent
Market cap: C$95.99 million
Share price: C$0.85

Satellos Bioscience is a Canadian pharmaceutical company expanding treatment options for muscle disorders. The company has focused specifically on Duchenne muscular dystrophy, developing therapies to regenerate and repair muscle tissue by targeting the specific biological pathways involved. Its lead candidate SAT-3247 targets a protein called AAK1, which regulates the activity of stem cells that activate and differentiate new muscle fibers.

An acceptance to commence Phase 1 clinical trials of the drug was announced on August 19 and the first patient was dosed on September 18. Analysis of tests conducted on canines, shared on October 1, showed improved muscle morphology and increased muscle regeneration with no adverse side effects.

An update was provided in November, revealing it had begun enrolment for a multiple-ascending-dose arm of the Phase 1 study after no drug-related adverse events were reported in the single-ascending-dose group.

Year-over-year gain:81.4 percent
Market cap: C$20.39 million
Share price: C$0.39

Telescope Innovations is a chemical technology company that develops scalable manufacturing processes and tools that combine robotic automation, online analysis and machine learning for the pharmaceutical and chemical industries.

The company has commercialized its Direct Inject-LC system. Short for Direct Inject Liquid Chromatography, the system combines hardware and software to analyze chemical reactions and can potentially reduce the time and cost of new drug development.

On July 31, Telescope Innovations entered into a collaborative research agreement with pharma giant Pfizer (NYSE:PFE) to accelerate pharmaceutical research and development using automation, robotics and artificial intelligence.

According to a press release, some efforts will focus on deploying Self-Driving Laboratories, a concept pioneered by Telescope Innovations in which robotic systems carry out experiments while AI algorithms analyze the data in real time to inform researchers about what the next steps should be.

Year-over-year gain: 46.47 percent
Market cap: C$100.34 million
Share price: C$3.94

Medexus Pharmaceuticals specializes in bringing drugs to treat rare diseases to North America. The company manages the entire process through its fully integrated operations, from acquiring and developing drugs to marketing and selling them. Some of its key products include treatments for hemophilia B and rheumatoid arthritis, as well as a line of drugs for autoimmune diseases like lupus and allergy treatments.

In November 2024, Medexus Pharmaceuticals announced it had successfully negotiated with the pan-Canadian Pharmaceutical Alliance to make treosulfan, which Medexus commercialized in Canada under the name Trecondyv, available to publicly funded drug programs and patients. Trecondyv is indicated as part of conditioning treatment prior to bone marrow transplants in patients with certain types of blood cancers.

In addition to Canada, Medexus has the exclusive commercialization rights to treosulfan in the US, where it currently being reviewed by the FDA for approval. The FDA extended the review period for the new drug application for treosulfan in September and set a new prescription drug user fee act target action date of January 30, 2025.

Market cap: US$3.16 trillion
Share price: US$424.56

The largest cybersecurity company by market cap is Microsoft. The tech giant is a major player in the cloud security market, which includes cloud native application protection platform (CNAPP) products and services. In fact, Microsoft is the largest CNAPP solution provider, according to KeyBanc Capital.

Prominent cybersecurity firm Security Risk Advisors recently became a member of the Microsoft Intelligent Security Association.

Market cap: US$3.16 trillion
Share price: US$424.56

Global technology firm Broadcom has built a large portfolio of embedded and mainframe security solutions, as well as payment authentication software.

The company broadened its offerings with the Symantec Enterprise Cloud in November 2019 with the acquisition of the enterprise software division of Symantec, which has since changed its name to Gen Digital (NASDAQ:GEN). Broadcom’s Symantec offerings include secure access service edge technologies and zero-trust security.

Market cap: US$235.78 billion
Share price: US$59.20

For a number of years now, Cisco Systems has increasingly invested in boosting its cybersecurity services. Today, the company offers an array of products for cloud security, endpoint security and security analytics. To address the cybersecurity skills shortage, Cisco offers certification programs for IT professionals.

In response to rising security risks in AI-powered applications, Cisco acquired Robust Intelligence, a company specializing in protecting AI systems from vulnerabilities and attacks, in September 2024.

Market cap: US$206.36 billion
Share price: US$223.18

IBM’s security division offers customers an advanced and integrated portfolio of enterprise security products and services. IBM X-Force helps businesses and organizations integrate security solutions into their everyday functions and provides help with risk assessment, incident detection and threat response. The company is harnessing the power of AI to combat cybersecurity threats.

In May 2024, IBM announced new X-Force Red testing services that focus on identifying and mitigating vulnerabilities in generative AI applications and models. Like Cisco, IBM also offers cybersecurity certification programs.

Market cap: US$113.41 billion
Share price: US$172.83

Palo Alto Networks bills itself as “the global cybersecurity leader.” The company’s security portfolio includes advanced firewalls and cloud-based offerings that protect more than 80,000 organizations across their clouds, networks and mobile devices.

An example of its more recently launched offerings include Prisma Cloud, which integrates AI across various security domains, including network security, cloud security and security operations. In October 2024, Palo Alto expanded its offerings to the industrial sector.

Market cap: US$88.36 billion
Share price: US$358.72

CrowdStrike Holdings is a software-as-a-service solutions provider. This team of cybersecurity professionals uses advanced endpoint detection and response applications and techniques in its machine-learning-powered antivirus protection offerings to ensure breaches are stopped before they occur.

This is another major cybersecurity company that is incorporating AI, adding it to its security information and event management (SIEM) offerings.

Its new AI-powered functions for its Falcon Next-Gen SIEM platform were first released in May 2024, including the integration of its Charlotte AI. Then, in July, CrowdStrike announced its Falcon Complete Next-Gen MDR service, which incorporates data from its SIEM platform and AI capabilities.

Market cap: US$73.61 billion
Share price: US$96.04

Fortinet provides end-to-end cybersecurity infrastructure products and services, such as firewalls, antivirus tools, intrusion prevention and endpoint security. The company’s cybersecurity platform can address critical security challenges and can protect data across digital infrastructure systems, whether in networked, application, multi-cloud or edge environments. Fortinet’s client base includes major sports teams, including the Vancouver Canucks NHL hockey team and the Pittsburgh Steelers NFL football team.

Market cap: US$28.74 billion
Share price: US$187.78

Cloud security company Zscaler’s Zero Trust Exchange platform can be used to secure user-to-app, app-to-app and machine-to-machine communications over any network. The company also offers cloud migrating services. Zscaler is known for setting the standard in the field of security service edge, and it claims the Zero Trust Exchange is the world’s most-used security service edge platform.

In December 2024, the company expanded its partnership with IT services and consulting company Cognizant (NASDAQ:CTSH) as the pair work together to help enterprises address cyber threats by providing an advanced, AI-enabled zero trust cloud security platform.

Market cap: US$20.15 billion
Share price: US$183.19

Check Point Software is part of the unified threat management sector, and it offers a wide variety of products to protect users on mobile, networks and the cloud. It also provides users with various security management services to prevent future cyber attacks and data breaches.

Check Point acquired Avanan, a cloud email and collaboration security company, in 2021. At the end of 2024, technological research and consulting firm Gartner recognized Check Point as a leader in the 2024 Gartner Magic Quadrant for Email Security Platforms.

Market cap: US$14.64 billion
Share price: US$85.46

Okta is an identity and access management company that provides cloud software solutions for managing and securing user authentication, as well as building identity controls into applications, website services and devices. The company is investing in AI technologies to monitor customer signals and proactively identify potential risks.

Gartner recognized Okta as a Leader in the 2024 Gartner Magic Quadrant for Access Management for the eighth consecutive year.

Market cap: US$2.9 billion
Share price: US$17.54

MP Materials, the largest producer of rare earths outside China, focuses on high-purity separated neodymium and praseodymium (NdPr) oxide, heavy rare earths concentrate, lanthanum, and cerium oxides and carbonates.

The company went public in mid-2020 after acquiring the Mountain Pass mine in California, the only operational US-based rare earths mine and processing facility. In Q3 2023, MP Materials began producing separated NdPr, marking a significant milestone. The company plans to increase rare earth oxide production by 50 percent within four years.

In April, MP Materials was awarded US$58.5 million to support the construction of the first fully integrated rare earth magnet manufacturing facility in the US. This funding, part of the Section 48C Advanced Energy Project tax credit, was granted by the IRS and Treasury following a selection process that evaluated around 250 projects based on their technical and commercial viability, as well as their environmental and community impact.

Located in Fort Worth, Texas, the facility will produce the NdFeB magnets crucial for EVs, wind turbines and defense systems. The company is targeting commercial production by late 2025. MP Materials will source raw materials from its Mountain Pass mine, creating an end-to-end supply chain with integrated recycling.

During the second quarter of 2024, MP reported that NdPr production more than doubled quarter-over-quarter to 272 metric tons. The company expects that output will increase a further 50 percent in the third quarter.

Market cap: US$914.91 million
Share price: US$5.59

Energy Fuels is a leading US uranium and rare earths company that operates key uranium production centers including the White Mesa mill in Utah and the Nichols Ranch and Alta Mesa projects in Wyoming and Texas.

The company finished the construction of Phase 1 REE separation infrastructure at White Mesa in early 2024, and in June it reported the successful commercial production of separated neodymium-praseodymium that meets the specifications required for REE-based alloy manufacturing.

According to the company, it believes it is the first US company in decades to achieve commercial-scale, on-spec rare earths separation from monazite. The Phase 1 REE separation circuit was completed under budget and is now operating at full capacity. Energy Fuels anticipates commercial production of 850 to 1,000 metric tons of NdPr per year, making it one of the largest outside China.

Additionally, the mill will produce a heavy REE concentrate for pilot-scale tests to potentially develop commercial dysprosium and terbium separation facilities in the future.

Energy Fuels has also made moves to secure sources of monazite sand to process at its White Mesa mill. In 2023, the company acquired the Bahia project in Brazil to potentially supply 3,000 to 10,000 MT of REE-bearing monazite sand annually.

In early June 2024, Energy Fuels executed a joint venture with Astron (ASX:ATR) for Astron’s Donald rare earth and mineral sands project in Victoria, Australia, of which Energy Fuels now has the option to earn 49 percent. After garnering shareholder approval, the joint venture was finalised in late September. Donald is expected to begin production as early as 2026 and supply the White Mesa mill with 7,000 to 8,000 MT of monazite sand in rare earth concentrate annually in Phase 1, with plans to expand output in subsequent phases.

Adding to its rare earth roster, Energy Fuels announced plans to acquire Australian mineral sands company Base Resources (ASX:BSE) in September.

Commenting on the deal and the new assets, Energy Fuels CEO Mark Chalmers highlighted the rare earth portfolio potential. “The Toliara, Bahia and Donald projects are expected to become large-scale, world-class, and low-cost heavy mineral sand projects in the coming years, producing titanium, zirconium and rare earth minerals,” he said.

Market cap: US$77.32 million
Share price: US$2.00

NioCorp Developments is advancing its Elk Creek project in Nebraska, a leading critical minerals venture featuring North America’s highest-grade niobium deposit under development, with significant scandium production capacity. An updated 2022 feasibility study highlighted extended mine life, improved ore grades and enhanced economics for niobium, scandium and titanium.

Recent metallurgical testing has demonstrated the ability to produce high-purity magnetic rare earth oxides at a recovery rate of 92 percent or higher. These results will inform an updated feasibility study, expected in 2024, incorporating rare earth elements into the project’s mineral reserves.

In April, the company delisted from the TSX due to significantly lower trading volumes than its NASDAQ listing.

A day later, NioCorp announced plans to explore the feasibility of integrating the recycling of permanent rare earth magnets into its proposed Elk Creek critical minerals project in Southeast Nebraska. An assessment will be undertaken to better understand the technical and commercial viability of recycling post-consumer neodymium-iron-boron magnets back into separated rare earth oxides, which can then be utilized in the production of new NdFeB magnets.

The initial phase of this investigation will involve bench-scale testing, with potential progression to demonstration-scale testing based on results. Notably, this initiative will be conducted independently of NioCorp’s ongoing efforts to update its Elk Creek project’s feasibility study.

In May, the company shared the results of a scoping study focused on using a Railveyor system to electrify the Elk Creek mine, which the study found could cut costs, shorten the timeline to full commercial production and lower the mine’s carbon footprint. The system would deliver ore to processing facilities using a narrow-gauge light rail system.

In the preliminary fiscal year financial results released on August 26, NioCorp reported a net loss of US$11.395 million, or US$0.30 per share. The results for the period ending June 30, 2024, marked a year-over-year improvement compared to the previous fiscal year’s loss of US$40.08 million, or US$1.34 per share.

Market cap: C$83.2 million
Share price: C$0.49

Aclara Resources is advancing its Penco Module project in Chile, characterized by ionic clays abundant in heavy rare earths. Their objective is to generate rare earths concentrate utilizing an environmentally friendly extraction process. This approach aims to eliminate the need for a tailings facility, minimize water consumption and ensure the absence of radioactivity in the final product.

Additionally, the company discovered its Carina Module project in 2023, and in December disclosed an initial inferred resource for the project, encompassing approximately 168 million MT with a grade of 1,510 parts per million total rare earth oxides and 477 parts per million desorbable rare earth oxides.

Aclara successfully concluded its semi-industrial pilot plant program for the Penco Module in September 2023, yielding 107 kilograms of wet high-purity heavy rare earth concentrate from 120 MT of ionic clays. Full-scale production at the Penco Module is slated to commence in the second quarter of 2027.

On March 1, Aclara received its second patent for an innovative process to extract heavy rare earths from ionic clays in an environmentally friendly manner. The patent, granted in Chile and valid for 20 years, focuses on the circular mineral harvesting process and establishes a fully enclosed flowsheet. The company submitted a new environmental impact assessment for its Penco Module project in June that features an improved design addressing environmental and social concerns.

Aclara and Vacuumschmelze, also known as VAC, penned a memorandum of understanding in early July to jointly pursue a ‘mine-to-magnets’ solution for ESG-compliant permanent magnets. The non-binding agreement aims to meet the rising demand for electric vehicles and clean technologies, addressing the limited and Asia-centric supply of rare earth minerals. The partnership seeks to develop a resilient, ESG-focused supply chain for these critical components.

In an August update, Aclara announced that the Environmental Impact Assessment (EIA) for its Penco Module project was moving to the next approval stage.

Later in the month Aclara signed a memorandum of understanding with the State of Goiás and Nova Roma to expedite the Carina Module project, emphasizing its importance for local development and Brazil’s critical minerals supply. This was followed by the release of an updated preliminary economic assessment for the Carina Module featuring initial capital costs of US$593 million and sustaining capital costs of US$86 million.

Market cap: C$37.11 million
Share price: C$0.60

Ucore Rare Metals is focused on the exploration and separation of rare earth elements in Canada and the US. The company owns the Bokan-Dotson Ridge rare earths project in Alaska and is developing a strategic metals complex for processing heavy and light rare earths in Louisiana. Ucore acquired an 80,800 square foot brownfield facility in Alexandria, Louisiana, for developing its first commercial REE processing facility in January.

In Canada, Ucore’s Ontario-based RapidSX demonstration plant, operated by Kingston Process Metallurgy, was commissioned to evaluate the techno-economic advantages, scalability and commercial viability of the RapidSX technology platform for separating and producing REEs like praseodymium, neodymium, terbium and dysprosium. This initiative was supported by a US$4 million award from the US Department of Defense, granted to Ucore’s subsidiary, Innovation Metals, to demonstrate the capabilities of the plant.

In late April, Ucore reported that it tested a mixed rare earth carbonate from Defense Metals’ Wicheeda project and confirmed it was suitable for commercial-scale processing at Ucore’s planned facilities. According to the release, ‘(Wicheeda) is a source of material that can become a fundamental economic and technical component to Ucore’s plan of developing multiple SMC’s across North America.’

On July 9, Ucore announced the execution of a non-binding memorandum of understanding with Cyclic Materials that aims to to qualify Cyclic’s recycled rare earth oxide product in Ucore’s process. This will start with the use of initial trial quantities of Cyclic’s supply to support Ucore’s rare earth demonstration program at its RapidSX facility. Additionally, the agreement positions Cyclic Materials as a potential long-term source for Ucore’s planned facilities in the US and Canada.

In mid-August Ucore and Meteoric Resources (ASX:MEI) signed a memorandum of understanding for Meteoric to supply 3,000 MT of total rare earth oxides from its Caldeira rare earth ionic clay project in Brazil to Ucore’s Louisiana strategic metals complex.

A similar deal was established with Australia’s ABx Group (ASX:ABX) in early September. The agreement will see ABx supply Ucore with mixed rare earth carbonates from its ionic adsorption clay rare earth resource in Northern Tasmania.

Market cap: C$31.69 million
Share price: C$0.12

Mkango is positioning itself to be a leader in the production of recycled rare earth magnets, alloys and oxides via its 79.4 percent stake in Maginito with partner CoTec Holdings. Mkango also has mineral assets, including the advanced Songwe Hill rare earths project in Malawi.

Mkango’s mineral assets include the previously mentioned advanced Songwe Hill rare earths project in Malawi, which is targeting neodymium, praseodymium, dysprosium and terbium, and its Pulawy rare earths separation project in Poland. It also holds a diverse exploration portfolio in Malawi that host resources such as rare earths, uranium, tantalum and niobium.

At the end of July, Mkango’s wholly owned subsidiaries and the government of Malawi signed a mining development agreement for the Songwe rare earth project confirming the fiscal terms for its development, including a 10 percent interest to Malawi’s government and exemption from custom and excise duties imports and exports.

Maginito owns HyProMag, a firm focusing on rare earth magnet recycling at the Tyseley Energy Park in Birmingham, UK. HyProMag is also the licensee of the Hydrogen Processing of Magnet Scrap (HPMS) process, which demagnetizes and liberates rare earth magnets from scrap.

A pilot plant using a long-loop recycling process underpinned by the HPMS process was just commissioned in July, and commercial operations are anticipated to start in Q1 2025. Additionally, Maginito is expanding HyProMag’s recycling technology to the US through the joint venture HyProMag USA, with a feasibility study underway.

In early June, Mkango announced that HyProMag has entered a non-binding memorandum of understanding with Envipro Holdings, a Japanese recycling and materials trading company, to develop rare earth magnet recycling initiatives in Japan and the UK, including marketing and potentially development of its HyProMag technology in Japan, as well as scrap recycling trials in both countries.

In an August update, Mkango reported that HyProMag will receive 350,125 euros to develop its eco-friendly NeoLeach technology, which will further upgrade metals recovered with HPMS. The funding is part of the 8 million euro GREENE project by the European Commission’s Horizon Europe Programme, aiming to improve the resource efficiency and performance of rare earth permanent magnets.

In early October, Mkango and HyProMag secured 218,932 pounds in government grants for recycling strategies under the Innovate UK initiative to advance its recycling routes.

Market cap: AU$7.37 billion
Share price: AU$7.80

Lynas Rare Earths is the leading separated rare earths producer outside of China, with operations in Australia, Malaysia and the US. In Western Australia, Lynas operates the Mount Weld mine and concentrator and is ramping up processing at its Kalgoorlie rare earth processing facility.

In mid-2023, Lynas received AU$20 million from the Australian government’s Modern Manufacturing Initiative. This funding supports the Apatite leach circuit project at Lynas’ Kalgoorlie facility. The company marked a pivotal moment in December when the Kalgoorlie facility achieved its first production milestone, signaling the transition from commissioning to full-scale operation.

Additionally, Lynas is working to establish a light rare earths processing facility and a heavy rare earths separation facility in Texas, US. These initiatives not only bolster Lynas’s position but also strengthen the rare earths industry in both Australia and the US.

The company processes mined material at its separation facility in Malaysia. In the March 2024 quarter, Lynas reported strong production rates, including 1,724 metric tons of NdPr, following successful ramp-up efforts in Malaysia. Despite a challenging market with low NdPr prices averaging US$47 per kilogram, quarterly sales revenue reached AU$101.2 million.

In late June, Lynas announced plans to begin production of separated dysprosium and terbium products at its Malaysian operations in the 2025 calendar year.

In August, Lynas reported a 92 percent increase in mineral resources and a 63 percent rise in ore reserves at its Mount Weld site. Mineral resources have expanded from 55.4 million to 106.6 million MT at 4.12 percent total rare earth oxides, while ore reserves have grown from 19.7 million to 32 million MT at 6.44 percent.

The new estimates include significant increases in contained heavy rare earth elements and support a mine life of over 20 years at expanded production rates. Additionally, stored tailings were added to the ore reserves as the operations have the ability to reprocess them to recover additional rare earth minerals.

In its full year fiscal results 2024, Lynas reported an AU$226 million decline in net profit after tax. Company CEO Amanda Lacaze attributed the decrease to a challenging market, lower production tallies and upgrading downtime.

“Whilst NdPr production decreased by 8 percent, in a year when we undertook a major works program at Lynas Malaysia, total costs reduced by 17 percent in FY24 vs FY23, a reflection of the continued focus on capturing efficiencies across the business,” she wrote.

Market cap: AU$418.93 million
Share price: AU$0.17

Arafura Resources, an Australian rare earths firm, has secured government funding to advance its Nolans rare earths project in the Northern Territory. Arafura is currently working towards a final investment decision for Nolans, which is shovel ready.

Nolans is envisioned as a vertically integrated operation with on-site processing facilities. A 2022 mine report updates Nolans’ expected lifespan to 38 years, targeting an annual production capacity of 4,440 MT of NdPr concentrate. The project’s definitive feasibility study highlights significant concentrations of neodymium and praseodymium, alongside all other rare earths in varying quantities.

Arafura has inked a binding offtake agreements with Hyundai Motors (KRX:005380), Kia (KRX:000270), and Siemens Gamesa Renewable Energy. Additionally, the company has a non-binding memorandum of understanding with General Electric Company’s (NASDAQ:GE) GE Renewable Energy to collaborate on establishing sustainable rare earths supply chains.

In its update for the June quarter, Arafura noted that it had secured conditional approval for over US$1 billion in debt funding for the Nolans project. With safety preparations underway, Arafura is nearing a final investment decision and is set to begin construction once financing is finalized.

In a late August press release, Arafura announced the signing of a memorandum of understanding with Canada’s Saskatchewan Research Council (SRC) to process rare earths from Arafura’s Nolans project into dysprosium and terbium oxides at SRC’s facility in Canada. The collaboration aims to support global supply chain diversification for energy transition technologies.