TORONTO — Technology and mining companies topped this year's TSX Venture 50 list amid the ongoing push for a piece of the energy transition, the latest edition of the ranking shows.
"The broader diversity of the venture market continues," said Tim Babcock, president of the TSX Venture Exchange, in an interview.
"There are times where we are seeing innovation sectors be hotter in the market, be more interesting for investors," he said. "Then, at times, mining is more interesting."
The TSX Venture 50 list, released on Wednesday, showcases small-cap issuers across energy, mining, clean technology and life sciences, diversified industries, and technology.
The companies are ranked by their 2024 performance in three areas: market capitalization growth, share price appreciation and Canadian consolidated trading value.
Collectively, the TSX Venture 50 companies had a combined market capitalization of $21.7 billion as of the end of last year, up 289 per cent year-over-year.
The companies also delivered an average share price appreciation of 207 per cent, far outpacing growth seen in 2023 and 2022.
The company that took the overall top spot was Newfoundland-based marine tech firm Kraken Robotics Inc. Its market cap soared 437 per cent in 2024, adding more than $587 million. The company made its fourth appearance on the TSX Venture 50 list since its debut on the Venture Exchange in 2015, with an initial valuation of $10.6 million.
Thirty-one of the top 50 spots on the list were dominated by mining companies, with many of them focused on critical minerals — nickel, copper and uranium — as well as precious metals.
"The mining sector generally plays a big part in the Canadian market and that is certainly the case for the venture exchange and has been for many, many years," said Babcock.
He added that the push toward the green energy transition has benefited mining companies in particular as the race for critical minerals captures investor interest.
Artemis Gold Inc. emerged with the highest consolidated value traded of any TSX Venture 50 issuers last year, with $1.3 billion worth of shares traded, the report showed.
SPARQ Systems Inc., a Kingston, Ont.-based renewable energy company, was among the standouts on the list, Babcock said. The company posted the highest increase in its share price — a 944 per cent surge as well as market capitalization growth higher than any company on the list.
A range of innovation companies in clean tech, renewable energy and life science found spots on the Venture 50 list.
"When we think about what they have in common, I would say, that ingenuity, that entrepreneurship, ability to use the capital markets to raise capital and grow their businesses," Babcock said.
However, Babcock said geopolitical and economic uncertainties have tempered the spirits among some Canadian ventures.
"We're optimistic but definitely wary of the uncertainty whether it be in the geopolitical environment or in the broader macroeconomic environment around the globe," he said.
Despite fears, Babcock said many Canadian companies are positioned for growth.
"When you look at the growth and success of these companies over the course of last year, there's no question that Canada still has a lot to offer and that the venture market still has a lot of opportunities to offer to investors in this country," he said.
Roughly half of the 50 companies on the Venture list are headquartered in B.C., the report said.
"It's not a surprise that we have close to half of the companies on the TSX Venture 50 being domiciled in B.C.," Babcock said. "That ties directly to the high number of mining companies on the list."
At least 40 of those companies on the list also have a global footprint including in Europe, South America and Africa, the report said.
This report by The Canadian Press was first published Feb. 19, 2025.
Ritika Dubey, The Canadian Press
