Canadian stock markets cooled slightly in the fourth quarter of 2025 but still ended the year with gains, led by a strong rally in the materials sector. Metals and mining names dominated the leaderboard among mid- and large-cap stocks, occupying nine of the top 10 spots, with Montreal-based fashion retailer Groupe Dynamite the lone exception.
Toronto-based Sigma Lithium Corp., which operates lithium assets in Brazil, was the quarter’s standout, nearly doubling in value between Sept. 30 and Dec. 31, 2025. The stock’s surge reflected strong operational results—net revenues rose 69% quarter-over-quarter and 36% year-over-year—and renewed investor interest in lithium, a critical component in rechargeable batteries that support the global energy transition.
Vancouver’s Aris Mining ranked second for the quarter with a 61.9% gain, while Toronto-headquartered Discovery Silver posted a 58.9% increase. Aris, a gold miner active in Colombia with high-profile backers among its shareholders, consolidated its stake in the Soto Norte property during the quarter and was added to the S&P/TSX Composite in September. Discovery Silver’s performance was helped in part by asset additions and investor support; the company acquired the Porcupine Complex near Timmins, Ontario, from Newmont Corp. in 2025 and counts mining investor Eric Sprott among its supporters.
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Precious metals exposure was a common theme among the quarter’s top performers. Discovery Silver and Aris were two of seven top-10 names tied to precious metals, including six miners and the Sprott Physical Silver Trust, an investment vehicle that gives investors direct exposure to silver bullion. That concentration highlights how sector-specific momentum can propel prices when commodity sentiment turns favorable.
By comparison, the cap-weighted 218-member S&P/TSX Composite—Canada’s standard benchmark for equities—rose 5.6% over the quarter, with a total return including dividends of 6.25%. While that was a slower pace than earlier quarters in 2025, it still exceeded the S&P 500’s Q4 return in the U.S., which gained 2.35% (2.7% total return) over the same period.
Below are the top 10 mid- and large-cap momentum stocks in Canada for Q4 2025, ranked by percentage gain for the quarter:
| Rank | Company name | Ticker | Sep. 30 close ($) | Dec. 31 close ($) | % gain |
|---|---|---|---|---|---|
| 1 | Sigma Lithium Corp. | SGML | 8.80 | 18.05 | 98.8 |
| 2 | Aris Mining Corp. | ARIS | 13.64 | 22.26 | 61.9 |
| 3 | Discovery Silver Corp. | DSV | 5.16 | 8.38 | 58.7 |
| 4 | Snowline Gold Corp. | SGD | 11.10 | 17.36 | 56.9 |
| 5 | Sprott Physical Silver Trust | PSLV | 21.84 | 32.51 | 54.3 |
| 6 | Almonty Industries Inc. | AII | 8.40 | 12.07 | 49.1 |
| 7 | Southern Cross Gold Consolidated Ltd. | SXGC | 7.50 | 10.59 | 47.4 |
| 8 | Americas Gold and Silver Corp. | USA | 5.19 | 7.04 | 46.3 |
| 9 | G Mining Ventures Corp. | GMIN | 27.65 | 41.49 | 44.8 |
| 10 | Groupe Dynamite Inc. | GRGD | 59.72 | 82.67 | 44.4 |
There was notable overlap between the quarter’s winners and the top performers for the full year. Seven of the quarter’s top 10 also featured among the best mid- and large-cap stocks for 2025 overall. Discovery Silver was the year’s most impressive gainer—rising more than tenfold—while tungsten miner Almonty Industries delivered an exceptional annual return. Other strong full-year performers included Americas Gold and Silver and several producers and explorers across precious and base metals, underlining how commodity cycles and investor sentiment drove returns through 2025.
Below are the top 10 mid- and large-cap Canadian stocks for the full 2025 calendar year, ranked by percentage gain from the first trading day to Dec. 31, 2025:
| Rank | Company name | Ticker | Jan. 2/25 close ($) | Dec. 31/25 close ($) | % gain |
|---|---|---|---|---|---|
| 1 | Discovery Silver Corp. | DSV | 0.79 | 8.38 | 1100 |
| 2 | Almonty Industries Inc. | AII | 1.52 | 12.07 | 859.1 |
| 3 | Americas Gold and Silver Corp. | USA | 1.40 | 7.04 | 450.4 |
| 4 | Montage Gold Corp. | MAU | 2.20 | 9.88 | 355.2 |
| 5 | Groupe Dynamite Inc. | GRGD | 19.51 | 82.67 | 342.4 |
| 6 | Aris Mining Corp. | ARIS | 5.26 | 22.26 | 333.1 |
| 7 | China Gold International Resources Corp. | CGG | 7.91 | 27.62 | 293.4 |
| 8 | G Mining Ventures Corp. | GMIN | 11.56 | 41.49 | 284.1 |
| 9 | Lundin Gold Inc. | LUG | 31.92 | 114.02 | 272.6 |
| 10 | Southern Cross Gold Consolidated Ltd. | SXGC | 3.23 | 10.59 | 239.3 |
Overall, 2025 demonstrated how sector concentration—particularly in materials and mining—can generate outsized returns when commodity prices and investor sentiment align. Investors should note that momentum can drive rapid gains but also increase volatility and concentration risk. Past performance should not be taken as a guarantee of future results; thorough due diligence and diversification remain important components of a long-term investment approach.