Canadian Mining Shares Rally: Nickel Sector Leads With 135% Surge This Week

The mining sector on Canadian exchanges experienced a robust rally this week, with explorers and producers across precious metals, base metals and specialty minerals posting significant gains. Here’s what moved the market.

Market Backdrop Fuels Mining Momentum

Several catalysts pushed Canadian mining shares higher. Domestically, Ontario’s announcement accelerating permitting for Canada Nickel Company’s Crawford project under its “One Project, One Process” framework reignited investor interest in the nickel space. The designation promises to unlock C$5 billion in development funding and will generate 1,300 direct jobs once operational.

On the commodity front, precious metals rallied hard. Gold climbed 2.32 percent over the week to close at US$4,582.81 per ounce, benefiting from Middle East tensions. Silver surged even more dramatically—up 16.08 percent to US$89.36 per ounce—marking a new high above US$93 mid-week. Base metals were mixed, with copper retreating 2 percent to US$5.88, while the S&P Goldman Sachs Commodities Index rose 1.45 percent.

Broader equity markets supported the upside. The S&P/TSX Composite Index gained 1.8 percent to 33,040.55, the S&P/TSX Venture Composite Index surged 4.28 percent to 1,091.13, and the CSE Composite Index climbed 2.61 percent to 188.29.

The Five Hottest Mining Shares This Week

1. Homeland Nickel (TSXV:SHL) – Up 135.71%

Market cap: C$65.57 million | Share price: C$0.33

Homeland Nickel operates a portfolio of nickel exploration properties in Oregon, including Red Flat, Cleopatra, Eight Dollar Mountain and Shamrock. The company also holds strategic investments in peer explorers, most notably Canada Nickel Company, where it owns 742,095 shares valued at C$1.08 million.

Shares skyrocketed this week following Ontario’s accelerated permitting announcement for Canada Nickel’s Crawford project. As a top shareholder, Homeland benefited directly from the policy signal. Additionally, spot nickel prices supported the move—the metal climbed from US$14,255 per metric ton in mid-December to US$18,785 mid-week, reflecting tightening supply concerns and EV demand expectations.

2. Eskay Mining (TSXV:ESK) – Up 89.66%

Market cap: C$108.21 million | Share price: C$0.55

Eskay Mining is advancing exploration at its namesake property in British Columbia’s Golden Triangle, where 130,000 acres host gold, silver, and base metal targets. The company released final assay results from its 2025 sampling program in November, documenting 121 rock chip and channel samples. Results highlighted 11 samples grading above 20 g/t gold and 31 exceeding 1 g/t, with mineralization patterns echoing deposits at nearby Goliath Resources’ Surebet and Juggernaut Exploration’s Big One projects.

This week, Eskay appointed Clinton Smyth as chief geologist for its 2026 exploration program. Smyth brings 25 years of industry experience from roles at major operators. The hire signals readiness for a maiden drill program in 2026, fueling investor enthusiasm.

3. Batero Gold (TSXV:BAT) – Up 86.36%

Market cap: C$23.61 million | Share price: C$0.205

Batero Gold focuses on its Quinchia project in Colombia’s Risaralda Department, where it controls 1,407 hectares with additional concessions pending. A September 2022 resource estimate documented 2.2 million ounces of gold and 6.43 million ounces of silver across the La Cumbre deposit—from 51.73 million metric tons grading 0.5 g/t gold and 1.47 g/t silver.

While the company issued no new announcements this week, Batero’s shares climbed alongside the precious metals rally. The sustained strength in gold and silver pricing since early 2026 has lifted sentiment across the junior gold explorer space.

4. Auric Minerals (CSE:AUMC) – Up 82.14%

Market cap: C$11.22 million | Share price: C$0.51

Auric Minerals explores uranium in Newfoundland and Labrador, holding the Route 500 and Bub properties in the Central Mineral Belt. Route 500 spans 11,025 hectares with 441 claims and hosts high-grade uranium surface showings. Bub encompasses 7,949 hectares across 318 claims with strong radiometric anomalies covering significant ground.

Late last year, Auric expanded its portfolio by acquiring 100 percent of the English Lake, Otter Lake and Kan projects for 22 million shares at C$0.315 per share, 8 million warrants, C$32,000 cash and a 2.5 percent net smelter return. The company also simplified its option agreements by waiving future obligations in exchange for 1.5 million additional shares. On January 8, all three properties officially transferred to Auric’s portfolio.

5. Patagonia Gold (TSXV:PGDC) – Up 80.22%

Market cap: C$432.5 million | Share price: C$0.82

Patagonia Gold develops precious metals assets in Argentina. Its Cap-Oeste project in Santa Cruz province hosted open-pit operations through 2018 and is transitioning to underground mining. A 2018 resource estimate indicated 704,300 ounces of gold and 21.43 million ounces of silver from 10.56 million metric tons of ore grading 2.07 g/t gold and 63.2 g/t silver.

The Calcatreu project in Rio Negro province is under active construction with a measured and indicated resource of 669,000 ounces of gold and 6.28 million ounces of silver from 9.84 million metric tons of ore at 2.11 g/t gold and 19.8 g/t silver. This week, Patagonia announced progress on Calcatreu construction, reporting 40,000 metric tons of mineralized material extracted and stockpiled from the Veta 49 pit. Of this, 5,200 metric tons will be stacked on the leach pad following leak detection tests scheduled for January, with carbon-in-column circuit construction also on track for completion in January. An updated technical report is expected during Q2.

Understanding Canadian Mining Exchange Listings

TSX vs. TSXV: The Toronto Stock Exchange (TSX) hosts senior companies with larger market capitalizations, while the TSX Venture Exchange (TSXV) serves smaller-cap explorers and developers. Successful TSXV companies can graduate to the senior exchange.

Scale of Canadian Mining: As of May 2025, the TSXV listed 1,565 companies, with 910 focused on mining. The TSX listed 1,899 companies, including 181 miners. Together, these exchanges represent approximately 40 percent of the world’s public mining companies.

Listing Costs on TSXV: Initial listing fees typically range from C$10,000 to C$70,000, with accounting and audit costs between C$25,000 and C$100,000, legal fees exceeding C$75,000, and underwriter commissions up to 12 percent. Ongoing sustaining fees and regulatory filing costs apply post-listing.

Trading Access: Investors access TSXV-listed mining shares through traditional stock brokers or self-directed investment accounts during standard exchange hours.