Gold Pulls Back Near 2026 Lows While Canadian Copper, Zinc & Tungsten Developers Surge on the TSXV - Northisle, Fireweed & Blue Moon Lead Strong Gains

Despite gold's near-term weakness, select Canadian base metals developers are outperforming on robust commodity prices and advancing projects, highlighting resilience and opportunity across the TSXV mining sector.

Disclaimer

This article is for informational and educational purposes only and does not constitute investment advice, financial advice, or a solicitation to buy or sell securities. All statements regarding future expectations, commodity prices, company performance, analyst targets, or investment strategies are forward-looking and involve significant risks and uncertainties. Investors should conduct their own thorough due diligence and consult qualified professionals before making any investment decisions. Past performance is not indicative of future results. CanadianMiningReport.com and its affiliates are not registered investment advisors.

Gold Back Near Lows for the Year as Canadian Copper, Zinc and Tungsten Developers Shine on the TSXV

Gold prices eased -0.8% this week to US$4,521/oz, retreating toward the 2026 low of US$4,492/oz as broader markets showed signs of fatigue after an extended risk-on rally. While the large-cap S&P 500 advanced 0.8%, the Nasdaq was nearly flat at +0.2%, and small-caps in the Russell 2000 jumped 2.4%. Economic news was calmer than the prior week’s inflation shock, with some de-escalation signals in the US-Iran situation helping moderate oil prices. The new Fed Chair Kevin Warsh’s appointment was already well-priced in and had limited immediate market impact.In this environment, the TSXV Mining Top 20 (excluding royalty companies) remains dominated by gold names, with 13 of the 20 constituents being gold-focused. However, three standout base metals developers — Northisle Copper and Gold, Fireweed Metals, and Blue Moon Mining — have delivered exceptional performance over the past year, underscoring the strength in copper, zinc, and especially tungsten amid shifting global supply dynamics.

Strong Performers on the TSXV: Copper, Zinc and Tungsten Lead Gains

Northisle Copper and Gold posted the strongest gain among the group, up 268% over 12 months. Fireweed Metals rose 101%, and Blue Moon advanced 217%. These moves significantly outperformed the TSXV Mining Index’s 89% gain, highlighting how select base metals stories are capturing investor attention even as gold consolidates. The performance aligns with broader commodity trends. Copper and zinc prices have been solid, roughly tracking gold’s trajectory over the past year (copper slightly below, zinc slightly above). Tungsten, however, has been the standout, surging more than fourfold since December 2025, driven primarily by Chinese export controls. China accounted for 78.8% of global tungsten supply in 2025, and restrictions tied to critical minerals policy and military applications have tightened availability. Demand from defense and tech sectors has further supported prices.

Project Snapshots: Advanced Assets with Near-Term Catalysts

Fireweed Metals (TSXV: FWZ)

Fireweed holds two flagship projects in Yukon. At MacTung, the 2023 Resource Estimate outlined 30.2 million Indicated and 7.2 million Inferred Metric Ton Units of tungsten. A Feasibility Study is underway, with drilling ongoing. The MacPass project boasts a substantial zinc resource — 6.784 billion pounds Indicated and 5.500 billion pounds Inferred — plus meaningful lead and silver credits. Continued drilling and metallurgical work position Fireweed for resource growth and potential development milestones in 2026-2027.

Blue Moon Mining

Blue Moon’s portfolio includes four advanced assets. The Nussir copper project in Norway is furthest along, with a completed Feasibility Study, construction start announced in April 2026, and first production targeted for Q3 2027. The resource stands at 25.0 million tonnes Proven & Probable at 0.99% CuEq, with additional Measured & Indicated and Inferred tonnes at higher grades. Springer tungsten is slated for production in late 2027, Blue Moon zinc by 2029, and Apex (germanium/gallium) remains in metallurgical development. The company’s diversified critical minerals exposure benefits from strong tungsten and copper tailwinds.

Northisle Copper and Gold (TSXV: NC)

Northisle is advancing the North Island copper-gold project in British Columbia. The PEA envisions 157 million pounds annual CuEq production over 29 years, with initial capex of $1.837 billion and sustaining capex of $1.278 billion. Recent drilling results (March 2026) continue to expand mineralization. Key upcoming catalysts include a PFS metallurgical program and resource update in Q2 2026, with full PFS completion targeted for Q4 2026. The project’s scale and location in a stable jurisdiction make it a standout in the Canadian copper space.

Analyst Targets Signal Further Upside

Despite strong share price gains, consensus analyst targets have risen even faster, leaving meaningful upside. Northisle shows 81.1% potential to target, Fireweed 48.9%, and Blue Moon 41.1%. This suggests the market continues to price in development success and improving commodity fundamentals.

Broader Context: Copper, Zinc and Tungsten Fundamentals

Copper inventories have rebounded from 2025 lows, and tariff-related distortions in the U.S. are unwinding. While a modest deficit is forecast for 2026 (exacerbated by lower output from Indonesia’s Grasberg and potential Peruvian supply issues), a surplus could emerge in 2027. Zinc inventories remain below 2024 peaks but a surplus is also expected. Tungsten’s surge, however, appears more structural due to Chinese policy and dual-use demand.These dynamics underscore why Canadian developers with exposure to these metals are outperforming. For investors tracking TSXV mining stocks, the combination of advancing projects, supportive commodity prices, and analyst optimism creates a compelling environment — even as gold consolidates near yearly lows.

What This Means for Canadian Mining Investors

The divergence between gold’s near-term weakness and base metals strength on the TSXV highlights the importance of portfolio diversification. While gold remains a core holding for many, copper, zinc, and tungsten stories are delivering outsized returns on project advancement and supply constraints. Companies like Northisle, Fireweed, and Blue Moon exemplify the potential for Canadian juniors to capture value in the critical minerals space amid global energy transition and geopolitical tensions. As always, investors should monitor upcoming catalysts — drill results, resource updates, feasibility studies, and permitting progress — while remaining mindful of execution risks, financing needs, and broader market volatility.

Sources:

• Canadian Mining Report weekly round-up (May 2026)

• Company press releases and technical reports for Northisle, Fireweed, and Blue Moon

• Commodity price data and forecasts from external market sources

• Analyst consensus targets as referenced

 This article reflects information publicly available as of late May 2026. Commodity prices, project timelines, and analyst targets are subject to change — always verify the latest disclosures directly from companies and conduct independent research.