CALGARY — Canadian-based mining companies that are betting on the global energy transition saw a surge of investor interest in 2023, according to the latest edition of the TSX Venture 50 list.
The gains came as investors flocked to small-cap and venture companies exploring opportunities in precious metals, critical minerals and the energy transition, said Loui Anastasopoulos, CEO of the Toronto Stock Exchange, in an interview. The TSX Venture 50 list showcases small-cap issuers across five sectors — energy, mining, clean technology and life sciences, diversified industries, and technology.
One of this year's top performers, Vancouver-based Surge Battery Metals, is looking to develop a lithium deposit in northern Nevada. Lithium is a key component in electric vehicle batteries. Other companies with strong performance on this year's list include those involved in clean technology, such as the manufacturing of electric cargo vans or the transformation of organic waste into renewable energy.
U.S. activist investor Elliott Investment Management is setting up a company to hunt for mining assets worth more than $1 billion, according to sources familiar with the matter. Elliott's new venture, called Hyperion, would have a mandate to buy across all assets, including base and precious metals and commodities used in electric vehicles, the sources said on condition of anonymity. The new venture will be led by former Newcrest Mining CEO Sandeep Biswas, they added.