Markets and commodities react

Canadian equity markets were mixed this week.

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

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

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

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

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

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

Top Canadian mining stocks this week

How did mining stocks perform against this backdrop?

Take a look at this week’s five best-performing Canadian mining stocks below.

Stocks data for this article was retrieved at 4:00 p.m. EST on Friday using TradingView’s stock screener. Only companies trading on the TSX, TSXV and CSE with market caps greater than C$10 million are included. Mineral companies within the non-energy minerals, energy minerals, process industry and producer manufacturing sectors were considered.

1. Pacific Empire Minerals (TSXV:PEMC)

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

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

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

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

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

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

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

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

2. US Copper (TSXV:USCU)

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

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

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

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

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

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

3. Euromax Resources (TSXV:EOX)

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

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

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

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

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

4. Lode Gold Resources (TSXV:LOD)

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

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

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

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

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

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

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

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

5. Canadian Chrome (CSE:CACR)

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

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

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

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

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

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

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

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

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

FAQs for Canadian mining stocks

How much does it cost to list on the TSXV?

There are a variety of different fees that companies must pay to list on the TSXV, and according to the exchange, they can vary based on the transaction’s nature and complexity. The listing fee alone will most likely cost between C$10,000 to C$70,000. Accounting and auditing fees could rack up between C$25,000 and C$100,000, while legal fees are expected to be over C$75,000 and an underwriters’ commission may hit up to 12 percent.

The exchange lists a handful of other fees and expenses companies can expect, including but not limited to security commission and transfer agency fees, investor relations costs and director and officer liability insurance.

These are all just for the initial listing, of course. There are ongoing expenses once companies are trading, such as sustaining fees and additional listing fees, plus the costs associated with filing regular reports.

How do you trade on the TSXV?

Investors can trade on the TSXV the way they would trade stocks on any exchange. This means they can use a stock broker or an individual investment account to buy and sell shares of TSXV-listed companies during the exchange’s trading hours.

Bitcoin and Ether price update

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

Bitcoin price performance, December 19, 2025.

Chart via TradingView

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

Altcoin price update

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

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

Today’s crypto news to know

MetaPlanet’s US expansion and OTC trading debut

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

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

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

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

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

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

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

US Senate confirms Mike Selig as CFTC Chair

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

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

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

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

CLARITY Act heads for Senate markup in January

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

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

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

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

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

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

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

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

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

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

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

Platinum demand depends on auto sector

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

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

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

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

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

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

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

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

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

Palladium supply facing challenges

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

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

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

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

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

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

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

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

Palladium price forecast for 2026

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

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

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

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

Automotive sector still leads for platinum demand

The automotive industry is easily the largest demand sector for platinum.

Both platinum and palladium can be used in catalytic converters, which help eliminate toxic emissions from vehicle tailpipe gases. As their prices fluctuate, platinum and palladium tend to be swapped.

Even so, in its latest platinum quarterly, released on November 19 and prepared by Metals Focus, the World Platinum Investment Council (WPIC) is reporting that demand for platinum from the auto sector will drop 3 percent in 2025 to 3.02 million ounces, followed by another 3 percent decline to 2.915 million ounces of the metal in 2026.

This is due in large part to the transition from internal combustion engines to electric vehicles (EVs).

That said, the clean energy transition is happening so slowly that its impact on the platinum market is fairly subdued.

Hydrogen tech a long-term demand growth driver

Platinum is also a necessary material in the production of hydrogen electrolysis and fuel-cell technologies.

“Hybrid vehicles and hydrogen-powered vehicles still require platinum for exhaust treatment systems or fuel cells. WPIC forecasts that by 2029, fuel-cell EVs will account for only about 3 percent of automotive platinum demand; however, this is still considered a positive contribution,” Tran explained via email.

Platinum is a primary catalyst used in proton exchange membrane (PEM) fuel cells and PEM electrolyzers. Both are electrochemical devices that are used for clean energy conversion, but fuel cells use hydrogen to generate electricity, while electrolyzers use electricity to produce hydrogen.

Both PEM fuel cells and electrolyzers “are key technologies in the clean-energy strategies of the United States, Europe, and China. According to estimates from WPIC and the (International Energy Agency), if hydrogen projects progress on schedule, global electrolyser capacity could expand significantly in the second half of this decade, driving platinum demand related to hydrogen higher than current levels,” wrote Tran.

Platinum shines like gold for investors

Even as total demand for platinum is projected to fall by 5 percent to 7.82 million ounces in 2025, according to the WPIC, investment demand for platinum is expected to be up by 6 percent to 742,000 ounces.

Platinum is benefiting from the general trend toward safe-haven investment in precious metals as the Fed reverses its course monetary policy and moves toward lower interest rates.

With the gold price at record highs, investors are seeking out cheaper alternatives translating into rising inflows into platinum exchange-traded funds, and increased purchasing of physical bars and coins.

‘In terms of physical bar and coin demand, this year has been very much characterized by significant strength and demand out of China. So the Chinese market has just been growing basically from more or less zero back in 2019 to becoming the biggest market in the world for platinum investments products,’ said Sterck. ‘I think that momentum is likely to continue, but maybe not at quite the same sort of pace going into 2026.’

However, for 2026, the WPIC sees investment demand falling by 52 percent to 358,000 ounces, dampened by potential profit taking on the part of platinum exchange-traded fund (ETF) holders. Meanwhile, platinum bar and coin demand is expected to remain elevated, posting gains of 37 percent to 462,000 ounces.

Overall, the WPIC is forecasting total platinum demand to drop another 6 percent to 7.385 million ounces in 2026. This is still just slightly below the ten-year average, demonstrating the robust nature of demand for the metal.

Platinum miners still facing obstacles

More than 70 percent of the world’s total platinum mine supply comes from South Africa. The top platinum-mining countries are Zimbabwe (11 percent) and Russia (10 percent). Canada and the US round out the top five, but even together these two North American countries represent a mere 4 percent of global platinum production.

“This concentration makes the platinum market more vulnerable to mining disruptions or geopolitical risks in these countries,” stated Tran. “Throughout most of 2025, the supply and demand landscape for platinum has shifted significantly. Years of low prices placed considerable pressure on the mining sector, forcing companies to cut output, delay investments, or shut down operations with low profit margins. This led to a tightening of supply just as inventories declined after nearly three consecutive years of being drawn down by automakers to cover shortages.”

Refined production is expected to contract by 5 percent this year, at 5.51 million ounces compared to 5.77 million ounces in 2024. Platinum recycling will result in 1.619 million ounces of new supply in 2025, up 7 percent.

As such, platinum supply is forecast to decrease by 2 percent in 2025. According to the WPIC, it will come in at 7.404 million ounces. The organization notes that the resulting demand/supply imbalance is predicted to reach 692,000 ounces in 2025, representing a supply deficit for the third straight year.

“Demand for the metals constantly surpasses the supply. The situation becomes worse due to the tariffs, sanctions and supply disruptions,” said Murillo. While US President Donald Trump’s tariffs present a new wild card for many commodities markets, platinum included, South Africa’s power outages, heavy rain, increased mining costs and declining platinum grades also dragged down production of the metal in 2025.

Platinum market surplus expected in 2026

For 2026, total platinum supply is set to reverse course and grow by 4 percent to 7.4 million ounces.

Although the WPIC has predicted a surplus of 20,000 ounces in 2026, that’s still way below the 1,083 surplus set in 2022 during COVID. Calling the surplus “tiny”, Sterck emphasized that this forecast is highly predicated on a number of factors, namely assumed profit-taking in ETFs, CME inventories and entrenched structural supply challenges.

“If you look at our numbers, we’re expecting 170,000 ounces of profit taking from ETFs in 2026, which is obviously going to be contingent in itself on a high platinum price. I would say that there is probably a bit of a risk associated with that outlook,” he said. “The second area where the surplus of 20,000 ounces is contingent on is on 150,000 ounces flowing out of CME exchange stock inventories and being made available to the market.”

Sterck explained that if these two assumed events do not materialize in 2026, then the platinum market will remain in “a quite substantial deficit of approaching 400,000 ounces.’

He also pointed out that higher platinum prices will not necessarily solve the issues that led to a shortage of above ground platinum stocks and a deep deficit for the past three years.

“The main thing we’re dealing with here is that these are deep level, underground mines for the most part, and they’re not mines that you can flex output from rapidly,” said Sterck.

“Realistically, mine supply is likely to be at or around current levels for the foreseeable future.”

Platinum price forecast for 2026

Moving into 2026, some of the most consequential trends that could shape platinum prices include a shifting landscape for investment demand, continued mine supply constraints, and an economic slowdown.

“Altogether, high demand and supply deficit with international logistics problems make these metal prices go up. Both platinum and palladium were peaking throughout this year, reaching around US$1,700 per ounce. It’s important to understand that the supply deficit problem will not be solved overnight,” said B2Broker’s Murillo.

“So in 2026, the same situation might persist, and the prices will remain elevated at US$1,550 to US$1,670. If more supply shocks happen, they could even move up to US$2,340, but less likely.’

If safe-haven investment demand for alternatives to gold continues alongside persistent supply challenges in platinum, XS.com’s Tran sees platinum maintaining the US$1,800 per ounce range for 2026 with room to grow.

“In the medium term, the scenario of extending the rally toward around US$2,000 per ounce remains feasible, especially if the Fed maintains a dovish trajectory, capital flows continue rotating into metals beyond gold, and supply from South Africa does not recover more strongly than expected,” said Tran.

The expert cautioned that with platinum trading at multi-year highs and the market’s vulnerability to global economic fluctuations there is just as much potential for technical pullbacks.