Canadian stock markets slowed somewhat in the final quarter of 2025 but still posted gains to cap the year, driven largely by the surging materials sector. Metals and mining stocks represented nine out of the top 10 performers among mid- and large-capitalization stocks (see table below), the only outlier in the bunch being Montreal-based fashion retailer Groupe Dynamite.
Toronto-based Sigma Lithium Corp., which operates lithium mines in Brazil, led the pack, nearly doubling in value over the three months to December 31, 2025. Its performance testified to strong execution—net revenues rose 69% quarter-over-quarter and 36% year-over-year—but also to resumed investor interest in lithium, a key component in rechargeable batteries essential for the energy transition.
Aris Mining of Vancouver came in a distant second, with a 61.9% return, followed by Toronto-headquartered Discovery Silver Corp., at 58.9%. Aris is a miner of gold in Colombia that counts mining tycoons Frank Giustra, Ian Telfer, and Neil Woodyer among its shareholders; it consolidated its stake in the Soto Norte property during the quarter and was added to the S&P/TSX Composite in September.
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Backed by mining investor Eric Sprott, Discovery Silver acquired the Porcupine Complex near Timmins, Ont., from Newmont Corp., in 2025, adding to a roster of promising assets that includes the Cordero project in Mexico. Discovery and Aris were among seven of the top 10 stocks last quarter tied to precious metals, including six miners and the Sprott Physical Silver Trust, an investment vehicle for investors seeking exposure to silver bullion.
By comparison, the cap-weighted, 218-member S&P/TSX Composite, the standard benchmark of Canadian stocks, rose 5.6% over the period; its total return, including dividends, was 6.25%. Though down from the third quarter, these numbers still bested the S&P 500 in the U.S., which returned 2.35% (2.7% total return) in Q4.
Here are Canada’s top 10 best performing mid- to large-cap momentum stocks for Q4 2025:
| 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 significant overlap between the top performers for the fourth quarter and the 10 best Canadian mid- and large-cap performers (market capitalization of $2 billion or more) for the year. Seven of the top stocks of the past three months turned up in the top 10 for all of 2025. Discovery Silver shot out the lights with a more than 10 times return for the year. The next-best stock to have in your portfolio was tungsten miner Almonty Industries, with an 859% annual return, trailed by Americas Gold and Silver Corp. at 450%. Here again, mining stocks dominated, with the sole exception of Groupe Dynamite.
Here are the top 10 best-performing mid- and large-cap Canadian stocks for 2025:
| Rank | Company name | Ticker | Jan. 2/25 close ($) | 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 |
Though momentum is a demonstrated factor in equities investment, past performance is not an indicator of future returns.
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