INTERVIEW TRANSCRIPT BELOW
The Canadian Securities Exchange presents your go-to source for trends in junior and small cap markets. Each month, join host Anna Serin and financial expert Bruce Campbell, in a partnership with Stockhouse.
ANNA: Hi, my name’s Anna Serin. I’m Director of Listings Development with the Canadian Securities Exchange. You’re joining us for another episode of The Market this Month, this October, 2025.
Today, we’re diving into a market that’s showing remarkable signs of vitality. September figures reveal a notable uptick in trading volume across key exchanges in Canada. The CSE experienced a 74 per cent jump since September of 2024, while we also saw a 9.8 per cent increase on the TSX and 190 per cent increase on the TSX Venture.
These numbers suggest a real resurgence of activity and investor interest in the resource, tech, and broader equities. What’s driving this movement? Initially, much of the activity was fueled by gold, but now we’re seeing a broader recovery across other critical segments of the commodities sector.
Base metals, such as copper, zinc, nickel, and aluminum are gaining momentum, driven by increased demand for infrastructure, electric vehicles, and renewable energy projects. These metals are fundamental building blocks for the Earth’s infrastructure and manufacturing industries.
Simultaneously, rare earth elements are becoming more prominent. These are essential for producing high-strength magnets used in wind turbines, electric vehicle motors, and advanced electronics. The renewed interest in clean energy technologies has heightened demand for these materials, which often face supply chain bottlenecks and geopolitical constraints.
In addition, battery metals primarily lithium, cobalt, and graphite, are experiencing a surge. These are the core ingredients for battery production, vital for electric vehicles and energy storage solutions.
As governments and automakers push forward with EV adoption and green energy goals, the demand for these metals is expected to continue to rise, impacting mining investment and exploration activity globally.
Commodity prices are climbing in tandem with stock volumes, and investors are starting to recognize the long-term potential embedded in these supply chains, an importance that’s reflected in financing activities across the sector.
While large-cap technology continues to lead, there’s a broader trend of diversification. Commodities, smaller tech firms, and selective financials are all gaining momentum. This is truly full risk-on environment.
Even meme stocks are making waves. Interestingly, utility stocks are holding steady, partially driven by the rising need for AI power and data centers.
Cryptocurrency is also playing a part, with Bitcoin accelerating after a lull, which in turn is energizing Bitcoin-sensitive stocks. Looking ahead, earnings will be in focus. Investors want to see how tariffs and rate cuts are impacting business fundamentals.
So far, the macroeconomic signals look strong, and the market is pricing in the potential rate cut by the Federal Reserve at the end of the month.
And I’m joined by my wonderful co-host, Bruce Campbell, with Stone Castle Investment Management. Thank you for joining me, Bruce.
BRUCE: Yeah. It’s so great to be in the same room, Anna.
ANNA: You are joining me from Vancouver joining me for this October episode. It is so great to see you. We had a long summer apart having to do this virtually.
BRUCE: That’s right, yeah. Now things are heating up, and it’s the fall.
ANNA: On that note, let’s talk about volume. There’s some really exciting movement happening across all Canadian markets, right?
BRUCE: Exactly. If you look North America–wide, volume on the larger exchanges has been fairly steady. But on the smaller exchanges — the TSX Venture and the CSE — it’s been dormant for the past few years. This September, we saw huge increases, both in the value and the volume of shares traded. Investors are starting to embrace those markets again and look for opportunities.
ANNA: We’ve had an incredible year for gold prices. When we see all-time highs like this, do we usually see it spill over into the junior markets and exploration companies?
BRUCE: That’s exactly what happens. It starts with the large producers and works its way down. As investors take profits from the majors, they look for what hasn’t moved yet — and that’s when the exploration space heats up.
ANNA: Right, and that’s where the real opportunity lies — in finding the next discovery.
BRUCE: Exactly. The big producers already have built-in fundamentals. But when prices rise, it’s the smaller producers and explorers — those close to break-even — that can see exponential gains once commodity prices move higher. Right now, we’re seeing that across gold, silver, platinum, palladium — all the precious metals are really starting to move.
ANNA: Does that typically lead into other commodities as well?
BRUCE: Historically, yes. Commodities tend to move in rotation. Gold often leads, then base and battery metals follow. We’re seeing uranium picking up too with rising global energy demand. Oil hasn’t moved much yet, but oil stocks have thanks to efficient management. If copper’s rise is forecasting economic growth, we could soon see oil join the broader rally.
ANNA: OPEC recently increased production — what’s the reasoning there?
BRUCE: Mainly to keep prices in check. There’s a lot of political pressure to prevent inflation from resurging. Since oil affects nearly everything, OPEC uses production adjustments to stabilize prices.
ANNA: I’ve noticed some renewed activity in oil exploration on the venture markets too. It’ll be interesting to see if that continues. Okay, let’s talk about large-cap tech — what’s happening there?
BRUCE: Large-cap tech continues to do well, especially in the U.S. We’re seeing companies like NVIDIA valued around four and a half trillion dollars — massive compared to Canada’s biggest names like Royal Bank. Earnings are strong, but valuations are stretched, and investors are starting to look for opportunities in smaller and mid-cap tech. With interest rates trending lower, that backdrop benefits the smaller players too.
ANNA: And AI continues to be a huge driver?
BRUCE: Absolutely. AI spending remains intense. But we’re also seeing some concerning patterns — chipmakers funding their own customers to buy more chips. It’s reminiscent of what happened in the late ’90s tech bubble, where overextension led to a major correction. Hopefully, there’s more discipline this time.
ANNA: So, when that bubble burst back then, capital flowed into commodities — could we see a similar rotation again?
BRUCE: It’s possible. The last tech unwind sparked nearly a decade-long commodity boom.
ANNA: Speaking of investor behaviour, you mentioned meme stocks are making a comeback. What are you seeing there?
BRUCE: Whenever we enter a full risk-on environment — rates down, earnings improving — investors get confident again and start stretching for returns. We’re seeing multiple stocks jump hundreds of per cent in a day on big volume. It’s that same social media-driven excitement we saw in 2021.
ANNA: Right — the online hype cycle. But these investors often aren’t looking at fundamentals, which can make things volatile.
BRUCE: Exactly. Many just know the ticker or who’s promoting it online, not what the company actually does. That creates sharp swings, both up and down.
ANNA: Let’s touch on crypto — Bitcoin’s hit another all-time high. How’s that affecting related stocks?
BRUCE: We’ve seen two trends. Earlier, companies were buying crypto for their balance sheets and getting short-term boosts, but that’s fading. Now, attention is shifting to legitimate crypto businesses — ETFs, miners, and asset managers — that have real exposure to digital assets.
ANNA: That makes sense. The balance sheet play was never sustainable. Now, let’s talk about earnings — we’re entering Q3 results season. What are you watching?
BRUCE: Earnings are always critical. Over the next few weeks, we’ll see reports roll in across Canada and the U.S. We’re tracking both quarter-over-quarter and year-over-year growth, plus company guidance. With so much uncertainty around tariffs and rate cuts, earnings calls give valuable insight into whether businesses are still accelerating.
ANNA: As a fund manager, this must be like your playoff season.
BRUCE: [Laughs] It depends on your style. Long-term investors watch trends, but if you’re focused on earnings acceleration, this is when you spot key inflection points. CEOs use these calls to manage expectations both ways — up or down — to stabilize stock prices.
ANNA: Great insights. Let’s talk about financing — we’ve seen some impressive LIFE offerings lately.
BRUCE: Absolutely. The market was nearly dead for financings not long ago, but the Listed Issuer Financing Exemption really revitalized things. We’re now seeing larger, upsized offerings — Allied Critical Metals, Voyager Minerals, Evolved Strategic Element Royalties, SOL Strategies, and Avanti Gold all closed significant financings recently.
ANNA: For anyone unfamiliar, LIFE allows public companies listed for at least 12 months to raise capital and issue freely trading shares — without the four-month hold of traditional placements. It’s proving to be a game changer.
BRUCE: Definitely. It’s increased liquidity and reduced volatility that used to occur when those hold periods expired. It’s great for both issuers and investors.
ANNA: And the best part is that this capital is flowing into exploration — not just production. That’s fantastic to see.
BRUCE: Exactly. It’s fuelling growth right where it’s needed most.
ANNA: Before we wrap up, what are you watching heading into the rest of October and December?
BRUCE: The key things will be earnings results and the next Federal Reserve rate decision later this month. Markets are pricing in about an 85 to 95 per cent chance of another rate cut, which could further boost confidence.
ANNA: Always interesting to watch what happens south of the border. Well, Bruce, next time we chat, I’ll have just returned from my annual trip to Australia for the IMARC Conference — and we’ll be finalizing the CSE’s acquisition of the National Stock Exchange of Australia. Lots to discuss next month!
BRUCE: Sounds great. Have a wonderful trip, Anna.
ANNA: Thanks, Bruce — and thanks to everyone for watching.
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