Precious metal stocks reign supreme on the TSX30 list
More than half of the companies listed are involved in the mining industry
Rowan Dunne
Gold and silver producing companies have been the top performers on the Toronto Stock Exchange. Their rally has been driven by high precious metal prices linked to economic uncertainty and the popularity of safe haven assets.
Out of everyone with their name on the latest TSX30 list, more than half are involved in the mining industry and 15 are focused on gold specifically. This inclusion marks a huge increase from the six mining industry players on last year’s catalogue.
Released on Sept. 9, the list ranks the exchange’s top performers based on their dividend-adjusted share price growth over the past three years.
Lundin Gold TSELUG OTCMKTSLUGDF FRAF1YN was the number one mining sector operator listed. The Canadian gold miner recorded 775 per cent share appreciation during the period. Lundin’s Fruta del Norte operation in Ecuador is one of the highest grade gold production assets in the world.
Meanwhile, Avino Silver & Gold Mines Ltd TSEASM NYSEAMERICANASM FRAGV6 observed 610 per cent growth, New Gold Inc TSENGD NYSEAMERICANNGD FRA32N and Kinross Gold Corp TSEK NYSEKGC ETRKIN2 ascended by 394 per cent, and Iamgold Corp TSEIMG NYSEIAG FRAIAL rallied by 385 per cent.
In an interview with the Head of Global Mining at the TMX Group Ltd TSEX OTCMKTSTMXXF FRA9TX on Tuesday, he predicted that the bull run for gold and silver would continue. Silver in particular is becoming increasingly necessary for environmentally friendly technologies. Solar cells, electric vehicles and “green” energy storage systems require a significant quantity.
“I think precious metals will continue growing,” Dean McPherson told Mugglehead. “Silver has a huge part to play in clean tech. When you talk about the demand for silver you must also consider its [increasingly demanded] industrial applications.”
His enthusiasm about precious metals was echoed by other officials from the Toronto Stock Exchange.
“As investors seek stability during this time of trade wars and such, gold has been a popular solution,” said TSX Chief Commercial Officer, Rob Peterman, in an interview with BNN Bloomberg last week.
Read more: GoldMining chooses to retain its NevGold shares for next 18 months
McPherson has positive outlook for juniors & antimony
The TMX Group’s global mining and business development expert thinks juniors are in a better spot than previous years due to the current working environment and commodity pricing.
“I’ve seen an increase in companies being able to raise capital,” McPherson highlighted. “It’s very optimistic, particularly when considering factors regarding the energy transition, demand for base metals, etc.”
He also explained that his sentiment about companies in the antimony space is highly positive. Perpetua Resources Corp TSEPPTA NASDAQPPTA is a key player on the TSX30 list that is currently developing the top antimony resource in the United States.
Perpetua has received over US$80 million in government backing to help secure a reliable source of American antimony and curb national security fears. Meanwhile, junior miners like NevGold Corp CVENAU OTCMKTSNAUFF FRA5E50 are progressing toward producing mineral resource estimates at other promising properties with proven antimony mineralization.
NevGold had significant success raising capital to propel its Limo Butte gold-antimony operation recently, pulling together US$6 million.
“I think the excitement in the mining sector and the optimism extends beyond the precious metals space,” McPherson said.
“There’s a supply and demand problem with antimony in particular,” he added, explaining that his outlook for the metalloid commodity was very positive. “People are now realizing how critical it is.”
The full 2025 TSX30 list and the remainder of mining companies on it can be viewed here. They saw average stock appreciation of 431 per cent and added US$358 billion in market value during the three year duration.
Read more: Antimony recovery results from NevGold’s Limo Butte project exceed expectations
Uranium and AI were other industries of interest
Artificial intelligence was another key theme on the 2025 list. Particularly “the interest in nuclear to propel the AI revolution,” as described by TSX CCO Peterman.
McPherson explained that the energy requirements associated with AI should propel demand for uranium mining substantially going forward.
“We will have to evolve and expand uranium mining and uranium processing in order to meet the energy demand that AI is presenting to us over the next 10 years,” the TMX representative stated.
Atkinsrealis Group Inc TSEATRL OTCMKTSSNCAF FRALAV0 and Cameco Corp TSECCO NYSECCJ FRACJ6 were the key nuclear and uranium stocks that made the TSX30 rankings last week.
The number one performer of all was Celestica Inc TSECLS NYSECLS FRACTW0: an electronic manufacturing services company. It specializes in products that power AI data centres. Celestica observed 1,599 per cent share growth during the 3-year timeframe.
Read more: NevGold Corp’s limousine Butte drill program targets first Gold-Antimony resource estimate
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