TSX Venture 50 Highlights Changing Sentiment Toward Mining Sector

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This year's TSX Venture 50 list highlights a significant shift in sentiment towards the mining sector, reported Melissa Pistilli for Investing News Network on February 20.

The TSX Venture 50 ranks the top companies of the more 1,6000 listed on the TSX Venture Exchange based on their annual performance, using three criteria: one-year share price appreciation, market cap growth, and Canadian consolidated trading value. This year, the list includes 51 companies due to a tie in the ranking system.

Collectively, these companies achieved an average share price appreciation of 431% percent, compared to just 207% percent by last year's group, Pistilli reported. They successfully raised CA$1.5 billion in new capital, and market value growth reached an impressive 775%, resulting in CA$17.9 billion in market cap creation. This growth not only more than doubles the 333% average from 2025 but also marks the largest annual gain since the TSX Venture 50 list was established in 2006.

The exceptional performance of the TSX Venture 50 companies, even amid global economic uncertainty, clearly indicates that investor confidence in Canadian capital markets remains strong, Pistilli noted.

"The Venture 50 list this year really does reflect the global interest in mining and this entrance into a commodity super cycle," said Robert Peterman, chief commercial officer at TSX & Global Capital Formation.

Compared to last year's list, which featured only 10 mining companies, this year's list includes 48, with the majority being gold and silver juniors.

Leading the TSX Venture 50 rankings this year is Santacruz Silver Mining Ltd., followed by Ucore Rare Metals Inc., Millennial Potash Corp., 1911 Gold Corp., and TDG Gold Corp.

However, unlike market caps, which can rise simply by issuing more shares (diluting the stock), share appreciation is a great way to rank the growth of a company's perceived value.

By that metric, the top of the list is Prospector Metals Corp., which saw its shares rise 1,130% year-over-year.

Meanwhile, Santacruz Silver Mining Ltd., the top company by rankings, came in second with an impressive 1,103% growth.

Here are the top 17 companies in the top 50 ranked by their share appreciation growth, and some information on what they are up to.

Prospector Metals Corp. — 1,130% Share Price Increase

Prospector Metals Corp. (PPP:TSX-V; OTCQB:PMCOF; FSE:1ET0) has seen a remarkable 1,130% increase in share price and a 3,122% growth in market capitalization, according to the rankings.

The company is concentrating its efforts on the ML Project located in the Tier-1 mining jurisdiction of Yukon, Canada. In 2026, Prospector plans to advance its exploration of the high-grade gold, copper, and silver TESS discovery at the ML Project. It is preparing for a fully funded 25,000-meter drilling program at the TESS Discovery and other promising targets similar to TESS.

Prospector is supported by B2Gold, which holds a 19.9% stake, and is led by a team of experienced geologists and executives with strong track records.

On February 24, the company announced that two boxes of drill core from hole ML25-031 in the new TESS zone discovery at the ML Project will be displayed at the Core Shack at the Prospectors and Developers Association of Canada (PDAC) Conference, March 1-4, in Toronto.

ML25-031 was the first hole drilled into the TESS target and intercepted a previously unknown high-grade gold and copper zone from 62 to 106 meters downhole, yielding 44 meters of 13.79 grams per tonne gold (g/t Au), 1.89% copper (Cu), and 38.08 g/t silver (Ag).

A piece by TipRanks posted on The Globe and Mail posted February 21 noted that the recognition strengthens Prospector Metals' visibility in the junior mining and exploration sector at a time when it is well-funded and actively pursuing district-scale opportunities in Yukon and Ontario.

"Management framed the accolade as validation of both its technical capabilities and corporate strategy, potentially enhancing the company's appeal to investors and partners looking for exposure to high-potential gold and base metal exploration plays in established Canadian mining jurisdictions," TipRanks said.

According to an AI analyst of the stock's technical movements by StockInvest.us Prospector's stock experienced a slight increase of 0.794% on February 23, moving from CA$1.26 to CA$1.27. Throughout the day, the stock fluctuated by 2.78%, reaching a low of CA$1.26 and a high of CA$1.30. Over the past two weeks, the stock has seen a 3.25% gain, despite some ups and downs during this period.

"The stock lies in the middle of a very wide and strong rising trend in the short term, and a further rise within the trend is signaled," the website noted. "Given the current short-term trend, the stock is expected to rise 14.05% during the next three months and, with a 90% probability, hold a price between CA$1.34 and CA$1.72 at the end of this three-month period."

See the company's investor presentation for more information on Prospector Metals.

Santacruz Silver Mining Ltd. — 1,103% Share Price Increase

Santacruz Silver Mining Ltd.'s (SCZ:TSX.V; SCZMF:OTC; 1SZ:FSE) No. 1 ranking and status as second on the list in share appreciation came due to a 1,103% increase in share price and a 1,137% growth in market cap.

Santacruz Silver is involved in operating, acquiring, exploring, and developing mineral properties throughout Latin America. In Bolivia, the company manages the Bolivar, Porco, and Caballo Blanco mining complexes, with Caballo Blanco including the Tres Amigos and Colquechaquita mines. The Reserva mine, which supplies production to the San Lucas ore sourcing and trading business, is also situated in Bolivia. Furthermore, the company oversees the Soracaya exploration project. In Mexico, Santacruz operates the Zimapan mine.

"To be named the #1 ranked company on the 2026 TSX Venture 50 (by market cap) is an extraordinary honor and marks a transformative year for Santacruz," Executive Chairman and Chief Executive Officer Arturo Prestamo said. "This distinction recognizes the strength of our operations, the quality of our asset portfolio, and the dedication of our hardworking team. It also reflects the continued trust and support of our shareholders. We see this distinction as validation of our strategic direction and as momentum as we continue building a solid, growth-oriented mining company in Bolivia and Mexico."

In an updated research note on January 26, Atrium Research Analyst Ben Pirie said that following a strong quarter that showcased significant operational improvements, his firm revised its valuation for SCZ.

The assessment is now based on Atrium's 2026E Operating Cash Flow (OCF) forecast of CA$213 million, up from our previous 2025 estimate of CA$100 million. This increase is primarily driven by rising silver prices and ongoing enhancements at Bolivar.

"We are encouraged by the 34% improvement at Bolivar and will be watching as further improvement is realized through 2026, following the flood earlier this year," wrote Pirie. "We see SCZ well positioned to take advantage of the surging silver price environment and expect this will begin to show up in Q4 financials, where we are forecasting quarterly operating cashflow of ~$40M. This should be further amplified in 2026 with QoQ improvement at Bolivar and significantly higher realized prices YoY."

Santacruz is a Buy, and Atrium raised its target price to CA$34.20, a 45% return at the time of writing, Pirie said.

More about the company's projects and ownership can be found in its investor presentation.

Millennial Potash Corp. — 950% Share Price Increase

Millennial Potash Corp. (MLP:TSXV; MLPNF:OTCQB) has seen a 950% increase in share price and a 1,405% growth in market capitalization, according to the TSX list.

The company is focused on developing the Banio Potash Project in Gabon, which is strategically positioned on the Atlantic coast, providing direct access to fertilizer markets in Brazil, the United States, and Africa. The project is centered around low-cost solution mining, backed by a favorable Preliminary Economic Assessment (PEA) and a rapidly growing mineral resource base, with significant potential from the limited drilling conducted so far.

On February 24, the company announced that it had received the Haute Banio exploration permit, which is adjacent to its primary Mayumba exploration permit in southern Gabon. The Haute Banio permit spans 261.39 km², connecting the Mayumba permit to the ocean in the north and the Republic of Congo border in the south. Part of this permit includes marine coastline areas.

Anticipated drilling in H2 2026 is planned to test the westward extension of the thick potash mineralization identified to date at Banio. The new Haute Banio exploration permit gives the company complete access to the ocean for any development needs that may arise from its ongoing Definitive Feasibility Study, and to an old access road that runs from the project area to the local airport and the town of Mayumba.

The permit is valid for three years and can be renewed for two additional three-year periods. The company said it has committed to a comprehensive exploration program, including geological and geophysical studies, re-interpretation of seismic data, drilling, a resource estimate, and an Environmental and Social Management Plan.

The Banio project is considered a Tier One potash project globally, excelling in metrics such as low capital expenditure intensity, low operating costs, long mine life, and strong economic potential, noted Cantor Fitzgerald Analyst Mike Kozak in an updated research note on December 16, 2025. The company is seen as a likely takeover candidate. MLP plans to export its future potash production to Brazil, the largest global importer of this nutrient essential for enhancing agricultural productivity.

With a long-term muriate of potash (MOP) price forecast of US$450/t KCl granular CFR Brazil, the Banio project has an after-tax NPV10% of US$1.5 billion. At the current production rate of 0.8 million metric tons per year, based on current Measured and Indicated resources, the company is expected to generate approximately US$0.3 billion per year in average EBITDA over a mine life exceeding 100 years. On these metrics, MLP currently trades at 0.3x NAVPS and 1.8x EV/EBITDA, compared to more advanced peers at 1.7x NAVPS and 5.7x EV/EBITDA.

At the MOP price deck of US$450/t KCl granular CFR Brazil, the Banio project offers an after-tax IRR of 36% and a payback period of less than two years, with a mine life exceeding 100 years. Based on existing resources, the production rate could potentially be doubled to 1.6 million metric tons per year, increasing the after-tax NPV10% from US$1.5 billion to US$2.2 billion.

"Based on a target multiple of 0.5x NAVPS10%, we are initiating coverage on MLP with a Buy rating and a 12-month price target of CA$6.00/share," Kozak wrote.

Fundamental Research Corp. Analyst Sid Rajeev said in an updated research note on November 21, 2025, that at that time, MLP was "up 972% YoY, making it one of the best-performing junior resource stocks globally."

An updated resource assessment for MLP's Banio potash project in Gabon showed a significant increase, with Measured and Indicated (M&I) resources up by 275% and inferred resources rising by 210%, Rajeev noted. Measured resources now account for 11% of the total resources, up from none previously.

"We are reiterating our BUY rating, and adjusting our fair value estimate from CA$2.61 to CA$4.80/share," Rajeev wrote. "We believe the exceptional 972% YoY stock gain and materially upgraded Banio resource have drawn significant attention to MLP. The project is well-positioned to benefit from U.S. government support and strategic markets like Brazil, while being fully funded to advance through a feasibility study. With management's proven M&A track record and key upcoming catalysts, we remain positive on the company's outlook."

Read more about the company in its presentation.

Goldgroup Mining Inc. — 875% Share Price Increase

Goldgroup Mining Inc. (GGA:TSX) ranked 10th overall, achieving an 875% increase in share price and a 2,711% growth in market capitalization.

Goldgroup is a Canadian mining company with two high-growth gold assets in Mexico: the previously operational San Francisco open-pit gold mine and the currently producing Cerro Prieto heap-leach gold mine, both situated in the State of Sonora. The acquisition of the San Francisco gold mine is pending final approval from the TSXV.

Goldgroup is led by a team of highly successful and experienced professionals with extensive expertise in mine development, corporate finance, and exploration in Mexico, TSX noted.

"Goldgroup Mining management is honored to be included in the 2026 TSX Venture 50 list of top 50 performing issuers," CEO Ralph Shearing said in a release. "Goldgroup has delivered to its shareholders a 2,711% increase in market cap and an 875% increase in share price over the course of 2025, and I expect management to add to that upward trend throughout 2026 and beyond, as we investigate new potential M&A opportunities and complete our merger with NYSE American-listed Gold Resource Corp. We appreciate the recognition by TSXV of our efforts at building shareholder value."

The company announced the merger in a January 26 release. Under the agreement, Goldgroup will acquire all of the issued and outstanding shares of GRC's common stock in the US$372 million deal. The proposed transaction will be executed through a reverse triangular merger, where GRC will merge with a wholly owned subsidiary of Goldgroup under Colorado law and a plan of arrangement under the Business Corporations Act, with GRC continuing as a wholly owned subsidiary of Goldgroup. Upon completion, GRC stockholders are expected to own about 40% of the combined company on a fully-diluted in-the-money basis, while Goldgroup's current shareholders will hold the remaining 60% interest.

Chen Lin of What Is Chen Buying? What Is Chen Selling? listed the stock as one of his picks on the TSX Venture list in a February 9 update.

"I am pleased to see many of my favorites are on the list. In particular, 5 juniors on my scorecard are on the list. They are: APGO.v, GSVR.v, GQC.v, WPG.v and GGA.v/GORO," he said.

"The combined company's assets would include Gold Resource's producing Don David gold mine and the PEA-stage Back Forty project, and Goldgroup's producing Cerro Prieto mine and recently acquired San Francisco mine," wrote Carl Surran for TipRanks on January 26.

Read more about the company in its investor presentation.

Golconda Gold Ltd. — 700% Share Price Increase

While Golconda Gold Ltd. (GG:TSX.V) ranked 26th overall, it ranked fifth for share appreciation, growing 700% over the course of the year. Its market cap grew 695%.

Golconda Gold is an unhedged gold producer and developer with mining operations and exploration tenements in both South Africa and the United States.

Golconda Gold Ltd. has reported a significant increase in gold production at its Galaxy Gold Mine for the fourth quarter and full year of 2025, according to a January 15 release. The company produced 3,455 ounces of gold in Q4 2025 and 13,020 ounces for the entire year, marking a 69% increase compared to 2024. This growth is attributed to several operational improvements and strategic investments.

In 2025, Golconda Gold mined 135,428 tonnes of ore from the Galaxy and Princeton ore bodies, with an average grade of 3.46 g/t, compared to 87,695 tonnes at 3.18 g/t in 2024. This represents a 54% increase in ore mined year over year, with a 9% higher grade. The company also initiated stoping at a new mining area, Princeton Top, and completed the refurbishment of the sub-vertical shaft on Galaxy 26 and 27 levels. Additionally, Golconda expanded its mining fleet with new equipment and ended the year with a stockpile of 6,410 tonnes of ore.

In terms of processing, the company produced 11,289 tonnes of concentrate containing 13,020 ounces of gold in 2025, compared to 6,661 tonnes containing 7,712 ounces in 2024. This resulted in a 69% increase in gold production. Provisional gold sales reached 10,143 ounces at an average realized price of $3,458 per ounce, compared to 6,049 ounces at $2,394 per ounce in 2024, reflecting a 68% increase in gold sold and a 44% higher realized price.

"2025 was a transformational year for Galaxy and Golconda Gold," CEO Ravi Sood said. "In line with the company's development plan, two historic mining areas were re-established during the year, Princeton Top and Galaxy 26/27 levels, which, along with significant investment in mining equipment from both a capital and preventative maintenance perspective, enabled gold production to increase 69% compared to 2024. This significant increase in production, combined with the material increase in realized gold price during 2025, has enabled the company to invest further in the Galaxy development plan and sustainable future production growth while also significantly improving the company's balance sheet and working capital position. We are confident that our investments will continue to result in increasing production at Galaxy."

According to an AI technical analysis by the site StockInvest.us, the stock "holds several positive signals and is within a strong rising trend."

Golconda Gold Ltd. stock is showing buy signals from both short and long-term Moving Averages, suggesting a positive outlook for the stock. Additionally, there is an overall buy signal due to the short-term average being above the long-term average. If the stock experiences a correction, support is expected at CA$3.30 and CA$3.14. A drop below these levels would trigger sell signals, the site said.

The technical review continues, "As the old saying says, 'Let the trend be your friend.' We therefore consider it to be a good choice at these current levels, and we are expecting further gains during the next three months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate."

Download Golconda's investor presentation for more information.

Fuerte Metals Corp. — 646% Share Price Increase

Fuerte Metals Corp. (FMT:TSX.V) has achieved significant growth, ranking 18th overall. It saw an increase of 646% in share price and a 1,481% rise in market capitalization.

The company is dedicated to advancing promising base and precious metals projects throughout the Americas, with its flagship Coffee Gold Project located in the Yukon, Canada.

By concentrating on strategic locations and valuable resources, Fuerte Metals said it aims to capitalize on opportunities within the mining industry. The Coffee Gold Project, in particular, plays a central role in the company's growth strategy, highlighting its commitment to developing key assets in resource-rich regions.

On February 22, Fuerte announced the results of its PEA for the Coffee Gold Project in Yukon, Canada. The assessment reveals strong economic potential, with an after-tax NPV (5%) of US$2.3 billion and an IRR of 47.8%, achieving payback in 1.7 years at analyst consensus gold prices. At spot gold prices, the after-tax NPV (5%) rises to US$4 billion, with an IRR of 69.7% and payback in 1.2 years.

The Coffee Gold Project is designed as a high-quality open-pit heap-leach mine, expected to produce an average of 249,000 ounces of gold annually during the first five years and 217,000 ounces over its 13-year lifespan. The project boasts an attractive cost profile, with cash operating costs of US$1,136 per ounce and All-In Sustaining Costs (AISC) of US$1,274 per ounce, placing it in the second quartile of global producers.

Located in a stable and supportive jurisdiction, the project benefits from strong backing by the Yukon Government and agreements with key First Nations. The PEA serves as a catalyst for significant early works in 2026, with mine permits expected by the end of the year and a construction decision anticipated in early 2027, the company said.

"The positive results of the PEA strongly validate our decision to acquire the Coffee project in 2025," CEO Tim Warman said. "We will be moving ahead with an aggressive timeline and early works program in 2026, including construction of the remaining portions of the access road from Dawson to the Coffee Project, which we anticipate beginning on receipt of road-related permits later this spring. We expect to obtain the key remaining mine licenses by year-end, which would pave the way for a construction decision for the project in early 2027."

According to a report by Resource World on February 24, "Coffee is one of the largest and highest-grade heap leach projects in the world."

"In addition to Coffee, Fuerte holds a portfolio of copper and gold assets, including the Placeton-Caballo Muerto project in Chile and the Cristina and Yecora projects in Mexico, offering additional growth and exploration upside," the report said.

The company's investor presentation offers more information.

TDG Gold Corp. — 641% Share Price Increase

TDG Gold Corp. (TDG:TSX.V) has secured a prominent position overall, ranking 5th due to a substantial 641% increase in share price and a 1,470% rise in market capitalization. The company holds a significant presence in the Toodoggone District of north-central British Columbia, Canada, where it owns 100% of approximately 50,000 hectares of exploration territory, encompassing both brownfield and greenfield sites.

This extensive ownership highlights TDG Gold's strategic foothold in a resource-rich area, offering considerable potential for exploration and development.

In a February 23 release, the TDG announced the discovery of a new lens of volcanogenic massive sulphide (VMS) mineralization, named the 4300 Zone, at its Anyox Project in British Columbia's Golden Horseshoe. This new zone is located below the historic Hidden Creek Mine, which was operational from 1914 to 1935 and produced 22 million tons of copper ore before closing due to low metal prices during the Great Depression. Despite various studies from the 1950s to the 1990s, mining did not resume, and modern exploration only began with a shallow drilling program by Anyox Copper Limited in 2024. TDG's recent deeper drilling efforts have outlined this new mineralization.

The 4300 Zone, discovered through drill hole ANY-25-002, revealed a broad interval of massive sulfides with significant copper, zinc, gold, silver, and cobalt content, the release said. This discovery was made at a vertical depth of 900 meters, significantly deeper than previous mining activities. The zone remains open for expansion in all directions, and a third drill hole, ANY-25-003, has been completed with results pending.

"The discovery of the 4300 Zone confirms the broader potential of the Anyox District beyond the historic Hidden Creek Mine," CEO Fletcher Morgan said. "Our disciplined, methodological, capital-efficient exploration strategy has allowed us to rapidly advance this target while maintaining a strong treasury. With the zone open in all directions and multiple additional geophysical targets identified, we are well positioned to continue systematic expansion drilling in 2026."

The Anyox Project benefits from year-round exploration capabilities due to its tidewater access, and the discovery represents a significant district-scale opportunity for TDG, the company said.

Over the past two weeks, the stock has experienced a 6.76% increase. On the last trading day, both the volume and price rose, which is seen as a positive technical indicator. A total of 612 thousand shares were traded, amounting to approximately $483.32 thousand, with 448 thousand more shares exchanged than the previous day. Despite this, the stock remains in the middle of a broad and declining trend in the short term, suggesting a potential further decrease. The current trend indicates a possible 16.83% decline over the next three months, with a 90% probability of the price ranging between $0.547 and $0.785 by the end of this period. However, if the stock price maintains its current level or rises, the forecast may shift positively.

According to an update on the company on December 16, 2025, by Caesars Report, the company has completed 12,000 meters of drilling and plans to reach 15,000 meters by year-end. Highlights from the results include signdificant gold and copper findings, such as 82.3 meters with 1.26 g/t gold, 0.29% copper, and 2.6 g/t silver in hole 9, and 142 meters with 0.94 g/t gold and 0.24% copper in hole 10. The results from hole nine are particularly noteworthy as they extend the Aurora West Zone by approximately 50 meters to the west, totaling 150 meters west of the property boundary and 50 meters down dip from previous drill results.

The company has now outlined a mineralized area measuring 150 meters by 600 meters, which remains open in all directions, the site said.

A buy signal was generated from a pivot bottom on Tuesday, February 17, 2026, leading to a 17.91% increase so far, according to an AI stock analysis by StockInvest.us. Further gains are anticipated until a new top pivot is identified. Additionally, there is a buy signal from the three-month Moving Average Convergence Divergence (MACD). The increase in volume accompanying the recent price rise is considered a positive technical sign, as volume should align with price movements, reducing overall risk. However, some negative signals have also been issued, which could impact short-term developments.

"The TDG Gold Corp. stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal," the analysis said.

The company's investor presentation offers more information.

Onyx Gold Corp. — 641% Share Price Increase

Onyx Gold Corp. (ONYX:TSX.V) ranked 20th overall due to a remarkable 641% increase in share price and a 1,202% growth in market capitalization.

The company is focused on advancing large-scale gold exploration opportunities in two key regions: the Timmins Gold Camp in Ontario and the Selwyn Basin in Yukon.

In Timmins, Onyx's portfolio is highlighted by the Munro-Croesus Property, which includes the historic high-grade Croesus Mine and the recent Argus North discovery, considered one of the most promising new gold zones in the area. In Yukon, Onyx holds four properties in the Selwyn Basin, notably the King Tut Property, located near Snowline Gold's Valley discovery. These strategic locations underscore Onyx Gold's commitment to developing significant gold resources in Canada.

This recognition comes after a pivotal year for the company, fueled by the high-grade Argus North discovery at the Munro-Croesus Project in the Timmins Gold Camp, ongoing drilling success along the broader Argus trend, and robust backing from both retail and institutional investors, the company said in a release after the TSX Venture 50 list was released.

"Being named to the TSX Venture 50 is an incredible honor and an important milestone for Onyx," said President and CEO Brock Colterjohn. "This recognition reflects the strength of our technical team, the support of our shareholders, and the transformational impact of the Argus North discovery in the Timmins Camp. In 2025, we tested a bold geological thesis and delivered results that drove meaningful share price and market capitalization growth. With a strong balance sheet, expanding drill programs in Timmins and across our Yukon projects and multiple high-priority targets, we believe 2026 will be another defining year for Onyx."

On January 28, Onyx shared results from its 2025 summer field program at the King Tut property in eastern Yukon, according to a report by A.J. Roan for North of 60 Mining News on January 29. Systematic surface exploration at the Ra intrusion has confirmed extensive gold-bearing sheeted vein systems and identified a high-priority zone ready for potential initial drilling later this year.

Situated about 50 kilometers southeast of Mayo, King Tut spans 21,000 hectares within the promising Tombstone Gold Belt. Acquired in 2023 through the spinout of HighGold Mining's Yukon and Ontario assets, the property has progressed from initial reconnaissance sampling to structured target definition, showing steady advancement through successive field seasons. Following the 2024 program that expanded a known gold-in-soil anomaly and yielded surface values up to 25.1 grams per metric ton gold, Onyx focused its 2025 campaign on evaluating the Ra intrusion. This involved detailed mapping, extensive rock and channel sampling, and drone-based structural imaging. Conducted over 20 days, the operation covered a 1,000-by-1,700-meter area, collecting 562 rock samples, including nearly 500 channel samples, to refine geological and geochemical controls, the article said.

The results revealed a dense network of gold-bearing quartz veins within the intrusion and adjacent altered sediments, with vein density increasing toward the western margin. Gold grades improved where veining was more concentrated and where elevated bismuth was present, helping define higher-priority zones, Roan wrote.

While much of 2025 was dedicated to advancing Onyx's Ontario portfolio, the completion of this systematic field program has enhanced the understanding of King Tut, the report noted. With permits in place for up to 5,000 meters of diamond drilling across 10 sites, the company is refining drill targets at Ra alongside renewed efforts at Golden Mask, another intrusion-targeted zone on the property's western extent, last drilled in 2024. "With Snowline's Valley deposit only 50 kilometers away, and strong investor appetite for new Yukon gold discoveries, King Tut is exceptionally well-positioned," said Colterjohn. "Our focus now is to refine and prioritize drill targets as we advance toward a potential first drill campaign at the Ra intrusion."

For more information on the company, download its investor presentation.

Ucore Rare Metals Inc. — 627% Share Price Increase

Ucore Rare Metals Inc. (UCU:TSX.V; UURAF:OTCQX) holds the second position overall, with a remarkable 627% increase in share price and a 1,109% growth in market capitalization.

Ucore is a North American company focused on critical minerals, particularly in advancing secure rare earth refining. Utilizing its proprietary RapidSX™ separation technology, Ucore aims to address the midstream bottleneck currently dominated by China.

The company said it supplies high-value light and heavy rare earth elements for electric vehicles, defense, renewable energy, advanced electronics, and allied industrial supply chains worldwide.

On February 17, Ucore announced the completion of final reporting for Phase 1 of its Other Transaction Agreement with the US Department of War. This report, submitted to the US Army Contracting Command-Orlando, includes a Final Demonstration Report and a Final Techno-Economic Analysis detailing work conducted at Ucore's RapidSX™ Commercialization and Demonstration Facility.

Phase 2 of the Agreement, initiated in May 2025, is currently in progress, with five of 20 milestones completed. This phase will lead to the construction and demonstration of a commercial-scale RapidSX™ machine at Ucore's facility in Alexandria, Louisiana, forming the first stage of a 2,500 tonnes per annum rare earth oxide processing operation.

Pat Ryan, Chairman and CEO of Ucore, emphasized the importance of breaking China's processing advantages through innovative approaches and capital deployment, noting that processing independence is a national security priority for the U.S.

Ucore is strategically positioned to address the most significant gap in the North American rare earth supply chain, according to a research report by Analyst Alex Fuhrman for Lucid Capital Markets on January 27.

The firm initiated coverage with a Buy rating and a US$12 price target. While many investors are aware that China controls about 70% of global rare earth element (REE) mine production, fewer realize that China's dominance is even greater in the refining and separation stages, controlling 85–90% of global processing capacity and nearly all heavy rare earth separation. This makes refining and separation capacity the primary bottleneck in establishing an independent North American rare earth supply chain. Ucore's patent-pending RapidSX technology is well-suited to tackle this issue, having demonstrated its ability to separate both light and heavy rare earths at its pilot facility, Fuhrman wrote.

Heavy rare earth separation remains the weakest link in the North American rare earth supply chain. Heavy REEs are crucial for numerous emerging technologies, but individual elements like terbium and dysprosium are so chemically similar that they are extremely challenging to separate. Nearly all heavy REE separation occurs in China, granting it near-total control over the global supply of permanent magnets, which are essential components in next-generation technologies such as electric vehicles, advanced materials, space systems, quantum computing, and nuclear reactors.

"We expect Ucore to separate to heavy REEs themselves and license its technology to refine other critical metals," the analyst wrote. "RapidSX is based on the same core principles as solvent extraction and is therefore able to achieve all the same separations, but with greater speed and efficiency, given the continuous flow nature of the system. As Alexandria scales up, we expect Ucore to focus primarily on separating rare earth elements, and heavy REEs in particular, given that this is the biggest choke point in the North American supply chain. Outside of REEs, we see significant potential for Ucore to generate high-margin revenue streams by licensing RapidSX for use in separating other critical metals besides rare earths."

Read the company's investor presentation for more.

Capitan Silver Corp. — 598% Share Price Increase

Capitan Silver Corp. (CAPT:TSX.V; CAPTF:OTCMKTS) had a remarkable 598% increase in share price and a 931% growth in market capitalization in 2025. It ranked 28th overall, but 10th for share price appreciation.

The company is focused on defining a new high-grade silver system at its Cruz de Plata project, situated in the heart of Mexico's main silver belt. Capitan Silver is led by an experienced management team that has successfully advanced three projects into production, meeting both timelines and budgets.

The company maintains a disciplined approach to its share structure, boasting one of the tightest among its peers, with the top three shareholders owning about 37% of the company's share capital, according to TSX. Capitan Silver is fully funded and actively conducting drilling operations at its Cruz de Plata silver project.

On February 26, the company released assay results from its 2025 reverse circulation drill program at the Cruz de Plata silver-gold project in Durango, Mexico, reporting results from nine drill holes and highlighting significant findings that include the development of a new high-grade zone along the Jesus Maria Silver Trend near the Penoles Fault.

The results indicate that silver mineralization extends along the eastern end of the Jesus Maria Silver Trend both at depth and along strike. The company is ramping up its diamond drilling efforts, with the first rig on site focusing on extending the new high-grade silver zone. Two additional diamond drill rigs are expected to arrive soon to target several priority areas and test deeper mineralization.

"The drill results from Cruz de Plata continue to impress me," CEO Alberto Orozco said. "With a modest amount of drilling from the 2025 program, we have identified two additional high-grade silver zones that are developing along the Jesus Maria Silver Trend proximal to the Penoles Fault (on either side of the Fault), which continue to highlight the richness of the robust silver system at Cruz de Plata. Today's announcement not only delivered one of the highest-grade drill results on the property, but it also highlights the continuity of these new high-grade zones, particularly the one that is developing on the western side of the Penoles Fault. We have commenced our diamond drill program, with the first holes targeting this new high-grade zone. I'm excited to see core from this target and the results as we start to test at depth."

Drill Hole 25-ERRC-38 was the standout in the announcement, intersecting four distinct high-grade structures with notable grades over broader widths, according to Atrium Research Analyst Ben Pirie in a February 26 research note.

This hole extended mineralization down-dip by approximately 35-80 meters from a previous intercept of 1,130 g/t AgEq (silver equivalent) over 1.5 meters in Hole 25-ERRC-34. Additionally, Drill Hole 25-ERRC-42 expanded the new high-grade zone by about 10-20 meters to the east of the previously reported Hole 25-ERRC-26, with multiple intervals exceeding 200 g/t. Furthermore, Hole 25-ERRC-43, located 50 meters southeast of prior drilling, demonstrated further extensions at depth and along strike over broad intervals.

"In our view, demonstrating that standout grades (such as Hole 25-ERRC-38 reported this morning) continue throughout the system to support a high-grade, sizable MRE is key in driving a substantial re-rating for CAPT," Pirie noted. "We recently highlighted the significant opportunity in doing so in our silver thematic, which discussed CAPT in detail. RC drilling from 2025 continues to demonstrate continuity of mineralization, and we are looking forward to seeing the results from diamond drilling as CAPT begins to test the system at depth."

Pirie rated the stock a Buy with a CA$3.50 per share target price. Read its investor presentation for more information on the company.

Amarc Resources Ltd. — 592% Share Price Increase

Amarc Resources Ltd. (AHR:TSX.V; AXREF.OB:OTCBB) is No. 21 overall on the list with a notable 592% increase in share price and a 607% growth in market capitalization.

The company is focused on exploration and development within British Columbia, advancing several district-scale copper-gold projects, including JOY, DUKE, and IKE. The flagship AuRORA copper-gold-silver discovery at the JOY District, developed in collaboration with Freeport-McMoRan Inc., is emerging as one of the province's most significant recent porphyry discoveries, with Tier One potential.

On February 19, Amarc announced assay results from the TWINS Discovery, located about 17 kilometers southeast of the AuRORA Deposit. TWINS marks the third discovery of a new copper-gold porphyry system within the JOY District. Alongside the advancement of the AuRORA Cu-Au-Ag Deposit and the TWINS and CANYON Discoveries, as well as the historical PINE and Brenda Deposits, a new exploration strategy for porphyry copper-gold is emerging in the Toodoggone region.

"The extensive TWINS sulphide system forms the largest porphyry lithocap in the JOY District — larger than that hosting the AuRORA Deposit," President and CEO Dr. Diane Nicolson said.

Anchored by the expanding AuRORA Deposit, which the Amarc team views as a Tier One asset in development, there is significant potential for the JOY District to evolve into a world-class region akin to the Golden Triangle, the company said. Planning for the 2026 season is underway to further unlock the district's potential.

According to the AI analysis of the stock on StockInvest.us, Amarc Resources was on an upward trend for five consecutive days. During the trading day Wednesday, the stock fluctuated by 5.43%, with a low of $1.29 and a high of $1.36. Over the past 10 days, the price has risen in six of them.

"A buy signal was issued from a pivot bottom point on Friday, February 06, 2026, and so far it has risen 16.38%," the website said. "Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the MACD."

Breaking through the long-term average would trigger another buy signal, while falling below the short-term average would add a sell signal and strengthen the general signal, StockInvest.us noted.

Check out the company's investor presentation to learn more.

Galleon Gold Corp. — 542% Share Price Increase

Galleon Gold Corp. (GGO:TSX.V) boasted a 542% increase in share price and a 1,139% growth in market capitalization in 2025.

According to the TSX description, the company is dedicated to advanced exploration and development, with a primary focus on the West Cache Gold Project in Timmins, Ontario. This project is strategically situated 7 kilometers northeast of Pan American Silver's Timmins West Mine and 14 kilometers southwest of Discovery Silver's Hollinger Mine. Galleon Gold is progressing the project with a careful, risk-reducing approach, emphasizing resource expansion and preparing for an upcoming 86,500-tonne bulk sample program.

Galleon announced the commencement of phase one of its 2026 exploration diamond drill program at the West Cache Gold Project in Timmins, Ontario, on February 18. It was set to begin on February 23.

"This drill program represents an important step in our disciplined approach to unlocking additional value at West Cache," stated CEO David Russell. "With strong geological continuity demonstrated to date and multiple high-priority targets remaining untested, we believe this drill program has the potential to meaningfully enhance the scale and quality of the project."

The drill program is designed to deepen the company's understanding of the geological and structural controls of the West Cache deposit by targeting extensions of known high-grade zones both within and adjacent to the current resource envelope. The aim is to expand and/or upgrade existing Mineral Resources and test high-confidence exploration targets identified through previous drilling, geological and structural modelling, and geochemical and geophysical interpretation.

In a review of gold stocks last October, Technical Analyst Stewart Thomson noted that the company "has an attractive price of about 70 cents and operates in Ontario and Idaho, two high-quality jurisdictions. Like most CDNX-listed miners right now, the stock has 10-bagger potential."

To help demonstrate the potential, the stock has since shot up and hit CA$1.20 on February 26.

Read Galleon's investor presentation for more.

GoldQuest Mining Corp. — 538% Share Price Increase

GoldQuest Mining Corp. (GQC:TSX.V) holds the 26th position overall and has a remarkable 538% increase in share price and a 669% growth in market capitalization. This Canadian exploration and development company benefits from significant involvement by Dominican investors and is focused on advancing its gold and copper assets in the Dominican Republic. With a board and management team experienced in developing a mine that continues to operate in the country, GoldQuest is committed to progressing its fully-owned Romero Project and further exploring its Tireo Property.

On February 3, the company provided an update on its ongoing 2025-2026 drilling and metallurgical testwork program at Romero, which is in the Dominican Republic.

The company has successfully completed its metallurgical drill program, which includes five drill holes totaling 1,906 meters. Initial results are expected in March 2026 and the final report anticipated by late April or early May 2026.

Since the program's inception in September 2025, the company said it has completed five metallurgical drill holes totaling 1,906 meters and three dedicated geotechnical holes totaling 1,270 meters. This data will aid in the continued development of the underground mining design. Concurrently, three additional drill rigs are engaged in a geotechnical and hydrogeological drilling program at the planned plant, waste dump, tailings facility areas, and critical infrastructure. This campaign has been updated to include eight dedicated geotechnical holes (approximately 2,700 meters in total) and 10 hydrogeological holes (six completed and three ongoing), all on track for completion by the end of February 2026. Data from these holes will support detailed engineering design for the Feasibility Study.

Luis Santana, CEO of GoldQuest Mining Corp., commented: "We are advancing efficiently on all fronts. With metallurgical samples now at the lab and the drill bit turning at Cachimbo, we remain on schedule to deliver our Feasibility Study milestones while simultaneously exploring the district's potential."

Chen Lin of What Is Chen Buying? What Is Chen Selling? listed the stock as one of his picks on the TSX Venture list in a February 9 update.

"I am pleased to see many of my favorites are on the list. In particular, 5 juniors on my scorecard are on the list. They are: APGO.v, GSVR.v, GQC.v, WPG.v and GGA.v/GORO," he said.

An AI technical analysis of the stock on February 26 showed mixed signals, according to StockInvest.us.

A sell signal was generated from a pivot top on Tuesday, February 24, and the stock has since declined by 5.69%. Further decline is expected until a new bottom pivot is identified. Additionally, there is a current sell signal from the MACD. Goldquest Mining Corp. experienced increased volume on the last day, but with falling prices. Technically, this is known as divergence and may serve as an early warning. In some scenarios, rising volume on declining prices can be seen as positive, particularly in typical "sell-offs."

The stock holds buy signals from both short and long-term Moving Averages, suggesting a positive outlook. There is also a general buy signal from the relationship between the two averages, where the short-term average is above the long-term average. On downward corrections, support is expected at CA$2.32 and CA$2.13. A drop below these levels would trigger sell signals.

"Several short-term signals, along with a general good trend, are positive, and we conclude that the current level may hold a buying opportunity as there is a fair chance for Goldquest Mining Corp. stock to perform well in the short-term," the website's analysis said. "Due to some small weaknesses in the technical picture, we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Buy candidate."

More information on the company and its projects is in its investor presentation.

Sterling Metals Corp. — 520% Share Price Increase

Sterling Metals Corp. (SAG:TSX.V) had a notable 520% increase in share price and a 984% growth in market capitalization in 2025. The company is advancing a bornite-rich copper porphyry discovery situated on the edge of the midcontinent rift within a 30-kilometer brownfield copper mineral system. The project enjoys excellent access to road, power, rail, and nearby port infrastructure.

On February 19, Sterling announced the start of its 2026 drilling campaign at the Soo Copper Project, located about an hour north of Sault Ste. Marie, near Batchawana Bay, Ontario. The program is set to cover at least 20,000 meters, with the winter phase focusing on testing larger-scale targets.

Recent drilling has shown a strong correlation between resistivity lows, favorable structural trends, and copper mineralization, which has been confirmed through physical property testing in drill core.

"Across our team, there's a strong sense that last year only revealed the tip of the iceberg," Director and CEO Mathew Wilson said. "The grade, rock type, geophysics, our 30km copper system, and the association with the Midcontinent Rift all speak to the large potential scale we are dealing with. In 2026 our focus will be to determine the extent of this system and doing so as quickly as possible by taking advantage of year-round access and tremendous infrastructure. There has rarely been such an ideal combination of timing and location to pursue what could become a significant copper discovery, and we're excited about what lies ahead."

"A buy signal was issued from a pivot bottom point on Tuesday, February 24, 2026, and so far, it has risen 7.83%," AI analysis site StockInvest.us said of the stock's OTCQB ticker, SAGGF, on February 26. "Further rise is indicated until a new top pivot has been found. Sterling Metals Corp. has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price formation."

The stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the long-term average is above the short-term average, there is a general sell signal in the stock, giving a more negative forecast for the stock, the site said.

Read more about the company in its investor presentation.

K2 Gold Corp. — 515% Share Price Increase

K2 Gold (KTO:TSXV; KTGDF:OTCQB) ranks 45th on the list overall but sits at No. 15 when companies are listed by share price. The company's appreciated by a significant 515% and it saw an 847% growth in market capitalization.

According to the TSX, the company is focused on discovery-driven exploration, advancing high-grade, near-surface gold and precious metal targets in prime mining regions of the southwestern United States and Yukon Territory.

According to a recent release by the company, "K2 is led by a team that has delivered over US$2.6 billion worth of gold transactions, including Great Bear Resources' CA$1.8 billion sale to Kinross and Kaminak Gold's sale to Goldcorp for approximately CA$520 million. In addition, K2 is part of Discovery Group, an alliance of companies individually managed and focused on the advancement of global mineral exploration and mining projects with a proven track record of generating shareholder value, and responsible for the discovery of over 10 million ounces of gold."

On February 10, K2 announced the successful closing of an offering for gross proceeds of CA$25.25 million by selling 36,071,429 common shares at a subscription price of CA$0.70 per share, raising gross proceeds of CA$25,250,000. The company plans to allocate the net proceeds from the offering towards exploration activities at the Mojave and Si2 projects, as well as for general corporate purposes.

According to a February 26 AI technical analysis of the stock by StockInvest.us, K2 currently holds buy signals from both short and long-term Moving Averages, indicating a positive outlook. The alignment of the short-term average above the long-term average further supports a general buy signal. If the stock experiences a downward correction, support is expected at CA$0.776 and CA$0.754, with a breakdown below these levels triggering sell signals. Additionally, the MACD also provides a buy signal. The stock has seen increased volume following a recent price rise, which is considered a positive technical sign, as volume should align with price movements. This higher liquidity helps reduce overall risk.

"Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for K2 Gold Corp. stock to perform well in the short-term," the analysis noted.

Read more in the company's investor presentation.

Northisle Copper and Gold Inc. — 509% Share Price Increase

Northisle Copper and Gold Inc. (NCX:TSX; NTCPF:OTCPK) saw a notable 509% increase in share price and a 645% growth in market capitalization during the year. The company is advancing one of Canada's most promising copper-gold porphyry projects through its wholly owned North Island Project in British Columbia, which spans over 34,000 hectares near the historic Island Copper Mine. Since 2021, NorthIsle has achieved significant discoveries, expanded its resources, and demonstrated strong economic potential, positioning itself as a future leader in sustainable mineral development.

The company announced on February 23 that the Ministry of Mining and Critical Minerals of British Columbia has chosen Northisle to collaborate with the Critical Minerals Office as the company advances the North Island Project towards environmental assessment and future permitting. The Critical Minerals Office assists selected advanced projects by expediting their permitting processes, coordinating First Nations and community engagement, identifying regulatory requirements early, aligning permitting pathways, and supporting readiness for future environmental assessments and regulatory processes.

"We welcome inclusion in the Critical Minerals Office and recognize this as an important catalyst for accelerating our North Island Project," President and CEO Sam Lee said. "Coordination with this office, alongside our ongoing work to build consensus through meaningful First Nations and stakeholder engagement, provides a pathway to efficient and expeditious project development. With continued government support and improved coordination, we can more effectively unlock the potential of our North Island Project to deliver enduring value."

The company has been a "perennial top pick for us in the copper space since we launched coverage in July 2021," wrote Red Cloud Analyst Taylor Combaluzier in a January 20 updated research note. "We update our target price to CA$4.50/share (was CA$2.70/share), which results in a 51% return-to-target and continues to support our BUY rating. We believe the stock is poised for a further re-rating with numerous major catalysts lined up in 2026, namely an update of the integrated MRE (Q2/26) and a maiden PFS (Q4/26) for North Island. We continue to believe that North Island is a highly developable project in a tier-one jurisdiction and offers lots of exploration upside to further enhance project economics. In our view, management has been successfully delivering value for shareholders over the past several years, and we expect that track record to continue in 2026."

Read more about the company in its investor presentation.

OMAI Gold Mines Corp. — 515% Share Price Increase

Omai Gold Mines (OMG:TSXV; OMGGF:OTC) is sixth in the rankings overall, but number 17 with its 483% increase in share price. It grew 648% in market capitalization over the year.

This Canadian gold company is focused on advancing its fully-owned Omai Gold Project in the mining-friendly region of Guyana, South America. The project features two adjacent orogenic gold deposits with an NI43-101 Mineral Resource Estimate of 4.4 million ounces (Inferred) at 1.95 g/t Au (in 69.6Mt) and 2.1 million ounces (Indicated) at 2.07 g/t Au (in 31.9Mt), making it the largest gold project in Guyana. Omai, a former producing mine, was shut down during a period when gold prices were below $400/oz. The project benefits from road access, an airstrip, and other infrastructure that could expedite its development.

On February 25, the company reported assay results from six additional drill holes from its recent drilling program at the fully-owned Omai Gold Project in Guyana. Each of these holes intersected multiple zones of gold mineralization, with central Wenot Hole 25ODD-119W notably intersecting 4.18 g/t Au over 14.6 meters, 2.07 g/t Au over 27.4 meters, and 3.73 g/t Au over 17.3 meters. These results will be incorporated into the upcoming Mineral Resource Estimate (MRE), the company said.

Additionally, Omai said it was excited to announce the commencement of a 50,000-meter diamond drill program. This initiative aims to expand the overall Omai gold resources, explore nearby geophysical anomalies, and continue the priority work of upgrading the substantial Wenot resource, marking an important next step in the project's development.

The upcoming key catalysts for the company include an MRE update in late Q1 and, notably, a Preliminary Economic Assessment (PEA) update in late Q2, according to an updated research note by Paradigm Capital Analyst Don MacLean on February 25.

The PEA update is anticipated to be a significant valuation inflection point, offering visibility to a tier 1 project, as noted in our February 4 research note. Shares have been performing well, rising 9% in the past month (compared to a developer median of -2%) and 59% over the past three months (versus 41%). "OMG continues to be a top pick," the analyst said.

"The company has reported a steady flow of impressive intercepts to start the year, with this morning's release following on highlights including 12.34 g/t over 17.5 meters, and 11.48 g/t over 10.2 meters, in the two prior batches of assays. This sets the stage for the updated MRE that the company plans to release this quarter, with all drilling reported to date expected to be included. In addition, OMG has announced the commencement of a 50,000-meter 2026 program," noted Atrium Analyst Ben Pirie in a February 25 updated research note. "We are maintaining our BUY rating and target price of CA$2.40/share on Omai Gold Mines."

Read more in Omai's investor presentation.