A Weekly Recap of All Things Resources to Friday, May 2nd, 2025
As the curtain closed on another volatile week in the financial markets, investors in the junior resource sector found more reasons to smile than their counterparts on Wall Street. The TSX Venture Exchange once again outperformed the major North American indices, building on its bullish momentum with increased volume and renewed attention toward precious and critical minerals.
To put things in perspective, the TSXV is now up by 9.42% year to date, while the major indices continue to struggle. Year-to-date performance stands at: TSX -0.43%, Dow Jones Industrial Average -5.74%, S&P 500 -7.09%, and the NASDAQ -12.33%. This divergence underscores how renewed interest in junior gold explorers and critical minerals has helped fuel a rally on Canada’s junior board.
These rare moments when the juniors outshine the majors are worth noting. Often, it’s the result of an exciting new discovery, a strategic acquisition, or a commodity price spike. This time, gold’s breakout above US$3,400 appears to be the spark. Add to that rising volume, sector-specific M&A activity, and retail capital returning to the TSXV, and we have the makings of a real rally.
Gold bullion set a new all-time closing high early in the week at US$3,423 a troy ounce before pulling back to finish at US$3,308. Still, the precious metal remains historically elevated, and my inflation-adjusted calculations (assisted by AI tools like Gemini) confirm that we’re in record territory, surpassing the 1980 high of US$850, which would equate to a range of US$3,420–US$3,800 today.
The rally helped propel Franco-Nevada Corp. ‘FNV-T & N’ to a new all-time high of $239.73 and lifted Imperial Metals Corp. ‘III-T’ to a 3-year high of $3.50.
Notable moves included:
- Lumina Gold Corp. (LUM-V) soared 28.89% to $1.16 following a $581-million all-cash takeover bid by Singapore’s CMOC Group.
- NOVAGOLD Resources Inc. (NG-T & N.A) jumped 39.21% to $6.00 after agreeing to acquire Barrick Gold’s 50% interest in the Donlin Gold Project, increasing its stake to 60%.
- Sitka Gold Corp. (SIG-V) reported a significant intercept of 352.8 metres of 1.55 g/t Au at its RC Gold Project in the Yukon.
In critical minerals, Hecla Mining Co. (HL-N) and Standard Lithium Ltd. (SLI-V & N.A) received recognition under the U.S. Immediate Measures to Increase American Mineral Production Act, providing renewed investor confidence in North American supply chains.
The Baker Hughes Rig Count showed modest movement:
- U.S. rigs: up 2 to 587 (down 26 YoY)
- Canadian rigs: down 6 to 128 (up 10 YoY)
Commodity Performance (Weekly)
| Commodity | Price (May 2) | Weekly Change |
|---|---|---|
| Gold | US$3,308 | -0.48% |
| Silver | US$33.06 | +1.66% |
| Copper | US$4.84 | +2.98% |
| Lithium | US$9,577/t | -2.27% |
| Crude Oil | US$63.19 | -1.71% |
| Natural Gas | US$2.96 | -8.92% |
| Uranium | US$66.15 | +1.69% |
| Lumber | US$572 | 0.00% |
| CRB Index | 363 | +1.97% |
Index Performance (Weekly)
| Index | Close (May 2) | Weekly Change |
| TSX Composite | 24,711 | +2.14% |
| TSX Venture | 654 | +3.15% |
| Dow Jones | 40,114 | +2.48% |
| S&P 500 | 5,525 | +4.58% |
| NASDAQ | 17,383 | +6.74% |
| VIX | 24.84 | -16.22% |
Currency & FX
| Currency | Value | Weekly Change |
| USD/CAD | US$0.7215 | -0.14% |
| DXY Index | 99.61 | +0.21% |
We may be witnessing the early stages of a significant shift in capital flows. While the majors continue to grind through macro pressures and rate volatility, junior investors are gravitating toward gold and critical mineral stories. This environment – rising commodity prices, renewed exploration activity, and government incentives – could be a turning point for the TSXV.
Caution is warranted, as always. The gold market remains sensitive to rate expectations and inflation surprises. But for now, the dance continues.