Markets and commodities react

In Canada, markets were mixed but more positive than those in the US. The S&P/TSX Venture Composite Index (INDEXTSI:JX) gained 1.56 percent during the week to close at 621.08 on Friday (March 14), the S&P/TSX Composite Index (INDEXTSI:OSPTX) lost 0.16 percent to 24,556.38 and the CSE Composite Index (CSE:CSECOMP) dropped 1.55 percent to 123.76.

US equity markets were broadly down again this week. The S&P 500 (INDEXSP:INX) lost 1.16 percent to close the week at 5,638.93 and the Nasdaq 100 (INDEXNASDAQ:NDX) fell 0.59 percent to 19,715.71. The Dow Jones Industrial Average (INDEXDJX:.DJI) fell the most, slipping another 2.4 percent to 41,488.18.

Gold broke the US$3,000 mark for the first time in early morning trading Friday, briefly going to US$3,004 before pulling back. Silver also moved above the US$34 mark early Friday for the first time since October 2024. Overall, the gold price gained 2.48 percent over the week to US$2,983.09 per ounce at 4:00 p.m. EST Friday. The silver price rose even more, adding 3.52 percent during the period to US$33.66.

In base metals, the copper price was up 3.61 percent on the week, closing out Friday at US$4.88 per pound on the COMEX. Meanwhile, the S&P GSCI (INDEXSP:SPGSCI) was flat, gaining just 0.06 percent to close at 551.68.

Top Canadian mining stocks this week

So how did mining stocks perform against this backdrop?

We break down this week’s five best-performing Canadian mining stocks below.

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 capitalizations greater than C$10 million are included. Companies within the non-energy minerals and energy minerals sectors were considered.

2. Homeland Nickel (TSXV:SHL)

Weekly gain: 100 percent
Market cap: C$11.15 million
Share price: C$0.05

Homeland Nickel is an exploration company working to advance projects in the US and Canada.

The company owns four nickel projects in Oregon: Cleopatra, Red Flat, Eight Dollar Mountain and Shamrock. The projects are in the early exploration stage, with the company being guided by historic work at each property.

Homeland is also working on the Spruce Ridge project in Newfoundland and Labrador, a 30/70 joint venture with Benton Resources (TSXV:BEX,OTC Pink:BNTRF), which earned its stake in the property through an earn-in agreement with Homeland in July 2024.

While the company did not release any news, its shares gained this week following Noble Mineral Exploration and Canada Nickel’s announcement on Thursday of positive assay results from their joint venture Mann nickel project in Ontario. Homeland owns 2.95 million shares in Canada Nickel and 9.96 million shares of Noble.

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.

The data fragmentation challenge

One of the issues Evo seeks to address is data fragmentation.

While today’s geologists and miners are privy to more data than ever, much of this data is distributed across different systems and locations, preventing companies from achieving full visibility and control.

To streamline the process for mining sector workers, Evo centralizes geoscience data from various sources, improving accessibility, collaboration and analysis. By integrating data that is spread across platforms, Evo helps users work with up-to-date information and draw insights from past projects.

Its geospatial search incorporates Cesium technology, and Seequent has introduced two related applications, Driver and BlockSync, to enhance functionality. Graham explained that to achieve this, Evo was designed to be open instead of siloing data and forcing mining companies to also be technology companies.

‘It’s enabling things to move quickly and easily across whatever the device,” he continued. “We saw this problem years ago, but we knew it would take cloud and cloud architecture to break this paradigm, and so what Evo is doing is it’s breaking that paradigm, and it’s approaching the world from the perspective of being open.”

The open platform design enables seamless connectivity and automation, even with competing software, according to Graham. This approach is key as even though mining companies are not tech firms, they often employ skilled professionals who can leverage automation and coding tools.

Additionally, the system allows users to develop custom solutions without relying solely on third-party vendors, marking a significant shift in how technology can be used in the industry.

Critical minerals discovery and jurisdictional risk

With the search for critical minerals deposits intensifying on a global scale, Graham said that technologies like Evo can can be leveraged to analyze data and better pinpoint deposits.

“We know the discovery process and the development process now is just a whole lot more complex,’ he said during the interview. ‘(Deposits are) harder to find, they’re deeper, the grades are lower, the easy stuff is gone. So the way to deal with that is to use the best science you can find.

The Seequent CEO also acknowledged the geopolitical challenges facing mining executives.

“Being a mining CEO and a mining executive right now has got to be one of the most complex tasks in the world,” said Graham, pointing to trade restrictions, tariffs, inflation, permitting challenges, community expectations and unpredictable geopolitical shifts as some of the reasons why the job is difficult.

“As an executive, the one thing you have to do is build a resilient and adaptable organization that can see its way through these kinds of changes,” he said. “Adaptability is the key, and this is what we can bring to a mining company — a flexible, adaptable technology framework that enables you to flex your organization fast, revisit scenarios and recalculate.”

Nuclear energy’s key role in electricity supply

As demand for electricity skyrockets, nuclear power is positioned as a crucial solution due to its reliability and ability to provide continuous, carbon-free energy. Industry leaders stress that without significant investment in nuclear infrastructure and uranium supply chains, the US could struggle to sustainably meet its energy needs.

John Kotek, senior vice president of policy and public affairs at the Nuclear Energy Institute, one of the groups that commissioned the S&P study, emphasized nuclear energy’s potential, stating, “The S&P Demand Growth Report highlights the tremendous growth in electricity demand and the critical gaps that must be filled to meet future needs.’

He added that nuclear power is well positioned to serve power needs from the manufacturing sector, as well as AI and data center demand. Kotek also pointed to growing partnerships between nuclear energy producers and major tech firms like Amazon (NASDAQ:AMZN), Microsoft (NASDAQ:MSFT), Meta Platforms (NASDAQ:META) and Google (NASDAQ:GOOGL), which require reliable around-the-clock power for their AI data centers.

However, uranium supply constraints could present long-term challenges. The nuclear fuel cycle depends heavily on uranium market stability, and geopolitical factors could further complicate sourcing. According to the World Nuclear Association, global uranium production has struggled to keep pace with growing demand.

In 2022, uranium mines supplied only 74 percent of power utilities’ annual needs, with the remainder coming from secondary sources such as stockpiled reserves and recycled materials. The depletion of these reserves over time, combined with increasing nuclear energy adoption worldwide, could stress uranium supply chains.

At the end of 2022, uranium stockpiles stood at approximately:

• 36,000 metric tons in Europe
• 40,000 metric tons in the US
• 132,000 metric tons in China
• 49,000 metric tons in the rest of Asia

China and Russia have taken steps to secure long-term uranium supply, with China investing in mines across Niger, Namibia, Kazakhstan, Uzbekistan and Canada. Russia’s ARMZ Uranium Holding acquired Uranium One in 2013, ensuring a steady uranium flow for its domestic reactors. The US and Europe, by contrast, rely more heavily on market-driven supply chains, making them more vulnerable to price fluctuations and geopolitical instability.

“Facing an unprecedented increase in electricity demand, America is provided with a golden opportunity to modernize our power sector while securing domestic leadership in cutting-edge future technologies,” said Marty Durbin, president of the US Chamber of Commerce’s Global Energy Institute.

“To meet this challenge, we need policies that support both existing nuclear reactors and the development of next-generation nuclear technology,” he further emphasized.

US needs all types of energy to meet electricity demand

Against that backdrop, many policymakers and industry leaders argue that nuclear energy must be prioritized in future energy planning. The S&P report suggests that an additional 10 to 25 gigawatts of nuclear and geothermal capacity will be needed by 2040 to maintain grid reliability, along with increases in natural gas and renewable capacity.

‘We must bring equal urgency to accelerate the development and deployment of new nuclear generation capacity and fossil generation with carbon capture,” said Jason Grumet, CEO of the American Clean Power Association.

This push aligns with policy efforts to streamline nuclear development.

Recent US government initiatives aim to fast track small modular reactor deployment, expand domestic uranium enrichment capabilities and reduce reliance on foreign uranium supplies. However, bringing new nuclear plants online can take a decade or longer, highlighting the need for quick action to ensure supply chain stability.

S&P notes that the US already has the technology to bridge the gap between electricity supply and demand — it sees a need for government, industry and consumers to work together on solutions.

‘It is time to join together behind a true all-of-the-above energy strategy that lowers prices, creates jobs, and supports our national security,’ Grumet concluded.

Gold price chart, March 7 to March 14, 2025

The threats come during a week of flared tempers, which saw Ontario Premier Doug Ford impose a 25 percent surcharge on electricity exports to the US on Tuesday (March 11). Although the charges were withdrawn after the two sides agreed to meet in Washington on Thursday, there is still much uncertainty about Canada-US relations, as well as US relations globally.

Broad 25 percent tariffs on all steel and aluminum imports to the US went into effect on Wednesday. Canada quickly applied retaliatory tariffs on US$20 billion worth of goods, while the EU responded with tariffs on US$28 billion worth of goods. Trump had threatened to boost the tariffs on Canadian steel and aluminum to 50 percent, but backed down for now after Ford withdrew the 25 percent electricity surcharge.

Trump has also said he will impose further tariffs on auto imports by April 2, creating significant uncertainty for manufacturers and businesses that rely on cross-border trade.

Additional tailwinds to gold’s momentum this week came from the release of US consumer and producer price index data released on Wednesday (March 12) and Thursday, which show that inflation has become stuck. This adds more fuel to recession speculation and buoys gold.

Bitcoin and Ethereum price update

Bitcoin (BTC) is currently trading at US$83,791, reflecting a 2.24 percent increase over the past 24 hours. The day’s trading range has seen a high of US$83,860 and a low of US$79,909.

Bitcoin price performance.

Trading View

Bitcoin’s current price performance has been influenced by macroeconomic factors, regulatory developments, and market sentiment. Additionally, US-China tariffs, Federal Reserve policies, and Trump’s crypto-friendly stance have also been key drivers.

Ethereum (ETH) is priced at US$1,925.41, marking a 2.3 percent increase over the same period. The cryptocurrency reached an intraday high of US$1,925.41 and a low of US$1,825.98.

Altcoin price update

• Solana (SOL) is currently valued at US$131.30, up 4.72 percent over the past 24 hours. SOL experienced a high of US$131.46 and a low of US$121.14 during Friday’s trading session.

• XRP is trading at US$2.34, reflecting a 0.86 percent increase over the past 24 hours. The cryptocurrency recorded an intraday high of US$2.35 and a low of US$2.22.

• Sui (SUI) is priced at US$2.28, showing a 1.79 percent increase over the past 24 hours. It achieved a daily high of US$2.28 and a low of US$2.12.

• Cardano (ADA) is trading at US$0.7336, reflecting a 2.29 percent increase over the past 24 hours. Its highest price on Friday was US$0.7336, with a low of US$0.6922.

Crypto news to know

Russia turns to crypto for oil trade amid sanctions

Russia is increasingly using cryptocurrencies like Bitcoin, Ethereum, and Tether to facilitate oil sales to China and India, as a way to bypass Western sanctions, according to multiple sources familiar with the matter.

While Russia legalized digital currency payments for international trade last year, its role in oil transactions had remained undisclosed until now.

The process involves intermediaries converting payments in yuan and rupees into crypto, which is then transferred to Russian accounts and converted into roubles. This workaround allows Russian companies to receive payments faster and evade restrictions on dollar-based transactions.

While traditional currencies still account for most of Russia’s US$192 billion oil trade, crypto is playing a growing role, particularly in transactions worth tens of millions of dollars monthly.

US authorities have already sanctioned Russian crypto exchange Garantex, which recently suspended services after Tether blocked its wallets. Despite these enforcement actions, analysts believe Russia will continue to expand its use of digital assets in oil trade, especially if Western sanctions remain in place.

Brazil pushes for crypto-based trade among BRICS nations

Brazil, which assumed the rotating presidency of the BRICS economic alliance in January, is prioritizing blockchain-based financial transactions to improve trade efficiency among member nations, local media.

Unlike previous discussions about creating a shared BRICS currency to rival the U.S. dollar, this proposal focuses on using digital assets—especially stablecoins—to streamline cross-border payments.

Stablecoins, which are pegged to traditional currencies, have already gained traction for international transactions, particularly in emerging markets looking to reduce reliance on Western banking systems. By adopting blockchain technology, BRICS nations—Brazil, Russia, India, China, and South Africa—could potentially lower transaction costs and settlement times for imports and exports.

However, this effort faces geopolitical hurdles. U.S. President Donald Trump has warned of imposing a 100% tariff on nations that attempt to undermine the dollar’s role in global trade.

While Brazil’s initiative does not explicitly seek to replace the dollar, its push for blockchain-based financial integration could challenge existing international payment networks in the long run.

Trump’s pro-crypto agenda gains momentum with new legislation

Representative Byron Donalds is introducing legislation to solidify President Donald Trump’s recent executive order, which established a national Bitcoin reserve and a digital asset stockpile within the US Treasury.

A report from Bloomberg notes that the bill aims to prevent future administrations from reversing Trump’s crypto-friendly policies, ensuring the government maintains and potentially expands its digital asset holdings.

Trump’s executive order mandates the Treasury and Commerce Departments to develop cost-neutral strategies for acquiring more Bitcoin, without relying on taxpayer funding.

Currently, the US government holds around 200,000 BTC, which the administration sees as a long-term asset with potential value appreciation. The order also prohibits the sale of Bitcoin from the reserve, signaling a commitment to integrating crypto into national financial strategy.

This push comes amid increasing bipartisan interest in cryptocurrency regulation. Lawmakers are advancing a bill outlining stablecoin issuance requirements, including backing with US currency and government securities.

Trump’s support for digital assets marks a major shift in US financial policy, contrasting with previous administrations that took a more cautious or adversarial stance toward crypto.