Revenge of the junior miners: TSX Venture hot list reveals major rebound

A pedestrian walks past the Toronto Stock Exchange in Toronto’s Financial District. Photo by Peter J. Thompson/National Post files

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Canadian junior mining companies are reaping the benefits of surging commodity prices and demand for critical minerals as investors pour money into the resource sector.

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Miners make up 48 of the 51 companies on the 2026 TSX Venture 50 list, which ranks the top-performing companies on the Venture Exchange (TSX-V). Most are gold, silver and precious metals miners, while others focus on critical minerals.

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The companies in this year’s ranking saw their combined market capitalization grow by $17.9 billion in 2025, the largest increase in the list’s 20-year history. Market cap for the mining cohort alone grew by $16.7 billion.

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The unprecedented surge reflects the “structural scarcity” of certain metals and critical minerals as demand outpaces supply, said Robert Peterman, chief commercial officer at TSX & Global Capital Formation.

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Over the last year, geopolitical tensions and China’s dominance in the global market have pushed countries to diversify their supply chains to ensure they can source the critical minerals needed for advanced technologies such as aerospace and defence, clean energy, electric vehicles and AI data centres.

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As businesses and governments around the world try to fill that gap, Peterman said junior mining companies will play an important role in exploration and development.

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“If you think about the mines that have been brought online over the last 50 years, there are different data sets out there, but around 70 per cent of those mines are discoveries from junior companies,” he said. “We think junior companies will continue to play an outsized role in finding the next mines that will be developed.”

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Last year, the combined market capitalization of the 51 TSX Venture–listed companies was $21.5 billion, $19.9 billion of which came from mining companies.

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“It was the summer where we really saw the liquidity picking up around the companies on the Venture Exchange, particularly around the mining sector,” said Peterman. “We saw increased liquidity, and then what followed was the capital raising.”

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Forty mining companies on the list raised more than $1.4 billion in 2025, according to a press release.

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The TSX Venture 50 ranks companies based on three equally weighted indicators: market capitalization growth, share price appreciation and Canadian consolidated trading value. Because of a tie for 50th place, this year’s list includes 51 companies.

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Santacruz Silver Mining Ltd. nabbed the top spot on the list. The firm’s market cap grew 1,137 per cent in 2025, while its share price increased 1,103 per cent. The British Columbia–based exploration and development company operates mines in Bolivia and Mexico that produce silver, zinc, lead and copper.

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The only three non-mining companies on the list are all in the technology sector. Ontario-based aerospace and defence platform Volatus Aerospace Inc. placed 16th on the list. Its market capitalization rose 441 per cent last year as demand grew for its dual-use commercial and defence systems.