Nickel prices have experienced volatility in the past few years due to supply and demand uncertainty.
While demand has been consistent, prices have been mainly influenced by structural oversupply stemming from high output from Indonesia, which rapidly increased output in recent years to become the world’s top nickel producer.
Low prices led several companies to curtail production in 2024 and 2025, and ultimately prompted Indonesia to lower its mining quota in February. While prices haven’t recovered, they stabilized above US$15,000 per metric ton in H2.
Demand from the electric vehicle industry is one reason nickel’s outlook looks bright further into the future. Battery nickel demand is poised to triple by 2030, according to Benchmark Mineral Intelligence.
In Canada, nickel is listed as a top priority in the government’s Critical Minerals Strategy. The country is the world’s fourth largest producer of nickel, with much of its production coming from mines in Ontario’s Sudbury Basin.
Against that backdrop, how did Canadian nickel stocks perform in 2025? Below are the top nickel stocks in Canada on the TSX, TSXV and CSE by share price performance so far this year.
All year-to-date and share price data was obtained on December 22, 2025, using TradingView’s stock screener. Canadian nickel stocks with market caps above C$10 million at that time were considered.
1. Talon Metals (TSX:TLO)
Year-to-date gain: 617.65 percent
Market cap: C$654.99 million
Share price: C$0.61
Talon Metals is a nickel exploration and development company working to advance its Tamarack nickel-copper-cobalt project in Minnesota, US, toward production.
The project is a joint venture with Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO). Talon currently holds a 51 percent interest in the property, but under the terms of the deal, it has the option to increase its stake to up to 60 percent.
In November 2022, Talon released a resource estimate, reporting an indicated resource of 8.56 million metric tons with an average grade of 1.73 percent nickel, and an inferred resource of 8.46 million metric tons grading 0.83 percent.
The company is currently working to produce a preliminary economic assessment (PEA), and noted on October 20 that it had received a 12 month extension from Rio Tinto to complete the PEA as part of the earn-in agreement. Talon said the extended deadline will allow it to better time the release with an environmental assessment.
Talon’s share price has increased significantly on a series of massive sulfide discoveries at Tamarack throughout the year at what it has named the Vault Zone. Most recently, on December 11 Talon released results from step-out drilling at the Vault Zone at Tamarack, reporting that two of the three holes intersected the same massive sulfide, extending the zone.
The third demonstrated the zone’s copper enrichment, with highlights from the hole showing grades of 2.38 percent nickel and 4.72 percent over 19.11 meters, including 3.22 meters grading 2.77 percent nickel and 11.69 percent copper.
Additionally, Talon announced on May 28, that it secured a site from Westmoreland Mining that it will use to develop its Beulah Minerals Processing Facility. The facility has been separated from Tamarack to streamline the environmental review for the mine. Construction on the facility is slated to begin in 2027.
The company is also the operator of the Boulderdash nickel-copper discovery and numerous high-grade nickel-copper prospects in Michigan, US, for which Talon entered option agreements for Lundin Mining (TSX:LUN,OTC Pink:LUNMF) to acquire a 70 percent interest in the group of projects in early March.
2. Nickel Creek Platinum (TSXV:NCP)
Year-to-date gain: 400 percent
Market cap: C$16.19 million
Share price: C$2.55
Nickel Creek Platinum is advancing its flagship Nickel Shäw project toward production. Located in Yukon, Canada, it consists of 711 mineral claims and 91 quartz mining leases covering 14,650 hectares. Mineralization at the property was first discovered in 1952, with historic mining operations being carried out between 1972 and 1973.
A resource estimate included in a 2023 prefeasibility study demonstrates a measured and indicated nickel resource of 2.47 billion pounds from 436.7 million metric tons of ore with an average grade of 0.26 percent nickel. It also holds an inferred resource of 668 million pounds of nickel from 114.02 million metric tons grading 0.27 percent.
Nickel Creek is planning for a 2026 drill program at Nickel Shäw, and stated the next step is a feasibility study.
On November 19, the company announced the closing of the first tranche of a private placement for proceeds of C$1.5 million. The company’s largest shareholder, Electrum Strategic Opportunities Fund, joined in the placement for up to C$800,000. As of May, Electrum held a 49.85 percent stake in Nickel Creek.
This was followed by an announcement on December 10 that it closed the second and final tranche of the placement for an additional C$276,000. The company said it intends to use the funds raised for a 2026 exploration drill program and permitting activities at Nickel Shäw.
Shares of Nickel Creek Platinum reached a year-to-date high of C$3.86 on October 13.
3. Grid Metals (TSXV:GRDM)
Year-to-date gain: 314.29 percent
Market cap: C$33.79 million
Share price: C$0.145
Grid Metals is an exploration company focused on a portfolio of projects in Manitoba, Canada.
Among its properties is the Makwa project located within the Bird River greenstone belt of Southeastern Manitoba. The project hosts nickel, copper and platinum group metals (PGMs) mineralization.
A June 2024 mineral resource estimate (MRE) for the Makwa deposit demonstrated an indicated open pit resource of 68,243 metric tons of nickel with an average grade of 0.48 percent from 14.21 million metric tons of ore, as well as 317 million pounds of copper and 452,000 ounces of combined PGMs and gold.
In December 2024, Grid signed a definitive option and joint venture agreement with Teck Resources (TSX:TECK.A,TECK.B,NYSE:TECK) to explore and develop the project. Under the terms of the agreement, Teck can earn up to a 70 percent interest in Makwa through cumulative expenditures of C$15.7 million and cash payments of C$1.6 million.
The company also owns the nearby Mayville nickel-copper-PGM project. In the 2024 MRE, the company reported an open-pit indicated resource of 51,230 metric tons of nickel, averaging 0.16 percent, from 32.02 million metric tons of ore.
On April 3, the company announced Teck was advancing towards a Phase One drill program at Makwa that would include 2,500 meters within an initial target area identified through an aerial geophysical survey.
Then on August 11, Grid reported that initial exploration at Makwa led to the discovery of surface-level semi-massive nickel mineralization, with grab samples returning grades of up to 1.1 percent, at the new Pavo anomaly. The company said the anomaly, which was identified through the aerial survey, would become the priority target for the drill program.
In a follow-up on November 11, the company announced that it received the necessary drilling permits for Makwa and that the drill rigs had been mobilized to the site.
In addition to its nickel properties, Grid Metals owns the Falcon West cesium and Donner lithium-cesium projects, also located in Southeastern Manitoba. Its cesium projects were another significant area of focus for Grid in 2025.
Shares in Grid Metals reached a year-to-date high of C$0.175 on November 20
4. SPC Nickel (TSXV:SPC)
Year-to-date gain: 300 percent
Market cap: C$25.76 million
Share price: C$0.08
SPC Nickel is an exploration company working to advance a pair of projects in Nunavut and Ontario, Canada.
Its Muskox property is a copper, nickel and platinum group metals exploration project in Nunavut, consisting of 26 mining claims and two prospector permits covering a total land area of 49,600 hectares. Mineralization at the site was first identified in the 1950s.
On July 21, SPC announced it would be carrying out a property-wide 1,000 line kilometer magneto-telluric (MobileMT) electromagnetic geophysical survey at Muskox that will be used to develop a 3D model.
In an exploration update released on September 17, the company said its summer exploration program had advanced the geologic understanding of the mineralization system present on the property, and that the MobileMT survey was the most thorough and modern survey ever flown at the site.
On November 24, the company released results from its exploration program, which included 77 grab samples across four primary and several additional target areas along the 125 kilometer long Muskox Intrusion.
In the report, SPC said results confirmed widespread high-grade mineralization of copper, nickel and platinum-group metals. The highest-grade nickel highlight was from the Speers Lake target, where one grab sample returned 6.24 percent nickel, while one sample from the Equinox target graded 70.62 percent copper equivalent.
Then, on December 8, SPC announced that the MobileMT survey outlined “numerous strong conductors … along the margins of the Muskox Intrusion and within the Feeder Dyke.” It noted that some of the conductors coincide with known mineralized zones, and some define new exploration targets.
The company is also working on its advanced-stage Lockerby East project near Sudbury, Ontario.
A March 2024 resource estimate demonstrates an indicated in-pit resource of 179.1 million pounds of nickel from 19.23 million metric tons with an average grade of 0.42 percent nickel and an out-of-pit resource of 45.7 million pounds of nickel from 3.24 million metric tons grading 0.64 percent from the West Graham target. It also shows an additional 17.2 million pounds of nickel from 665,000 metric tons grading 1.17 percent at the LKE deposit.
The most recent news from the project came on October 23, when the company announced it started a 1,000 meter drill program at the site designed to test anomalies located down-dip from the LKE deposit.
Shares in SPC Nickel reached a year-to-date high of C$0.80 on December 1.
5. Stillwater Critical Minerals (TSXV:PGE)
Year-to-date gain: 208.33 percent
Market cap: C$90.94 million
Share price: C$0.37
Stillwater Critical Minerals is an exploration and development company advancing its flagship Stillwater West nickel project in Montana, US. The property hosts 14 multi-kilometer-scale exploration targets and boasts 32 kilometers of strike length that adjoins the adjacent Sibanye-Stillwater mine property.
A resource estimate released in January 2023, shows an inferred nickel resource of 1.05 billion pounds from 254.8 million metric tons of ore with an average grade of 0.19 percent. The project also holds platinum group elements, copper, cobalt and gold.
In late March, the company reported multiple large-scale magmatic sulfide targets following analysis of a property-wide third-party MobileMT geophysical survey completed in late 2024.
The data from the survey was also used to build a new 3D geological model of the lower Stillwater Igneous Complex that the company used to further prioritize targets at Stillwater West for its 2025 drill campaign.
In June, the company mobilized for a new drill program focused on the advanced project areas, while testing adjacent targets identified using the 3D model.
In an exploration update released on September 15, Stillwater noted that it had completed over 3,100 meters in its 2025 campaign and was working on the fifth and sixth holes. It plans to use results from the program, combined with other drill data, to support an updated resource estimate in the first half of 2026.
On November 6, the company released a corporate update stating that the program’s results were pending and would be released when they became available. Additionally, Stillwater noted that 14 drill holes from the past two drill campaigns would be used to update the project MRE.
The company is anticipating completion of the MRE during the first half of 2026.
Stillwater’s most recent news came on December 15 when it increased the size of a bought deal from C$10 million to C$15 million. Proceeds from the fundraising will be used for exploration of Stillwater West and for general corporate purposes.
Shares of Stillwater Critical Minerals reached a year-to-date high of C$0.57 on October 8.
FAQs for nickel investing
How to invest in nickel?
There are a variety of ways to invest in nickel, but stocks and exchange-traded products are the most common. Nickel-focused companies can be found globally on various exchanges, and through the use of a broker or a service such as an app, investors can purchase companies and products that match their investing outlook.
Before buying a nickel stock, potential investors should take time to research the companies they’re considering; they should also decide how many shares will be purchased, and what price they are willing to pay. With many options on the market, it’s critical to complete due diligence before making any investment decisions.
Nickel stocks like those mentioned above could be a good option for investors interested in the space. Experienced investors can also look at nickel futures.
What is nickel used for?
Nickel has a variety of applications, including stainless steel, coins and lithium-ion batteries. Its main use is an alloy material for products such as stainless steel, and it is also used for plating metals to reduce corrosion. As for coins, its uses include the 5 cent coin, named the nickel, in the US and Canada; the US nickel is made up of 25 percent nickel and 75 percent copper, while Canada’s nickel has nickel plating that makes up 2 percent of its composition.
Nickel is also used in certain lithium-ion battery compositions, bringing demand from sectors like electric vehicles and energy storage systems.
Where is nickel mined?
The world’s top nickel-producing countries are primarily in Asia: Indonesia, the Philippines and Russia make up the top three. Rounding out the top five are Canada and China. Indonesia’s production stands far ahead of the rest of the pack, with 2024 output of 2.2 million metric tons compared to the Philippines’ 330,000 metric tons and Canada’s 190,000 metric tons.
Significant nickel miners include Norilsk Nickel (MCX:GMKN), Nickel Asia, BHP (ASX:BHP,NYSE:BHP,LSE:BHP) and Glencore (LSE:GLEN,OTC Pink:GLCNF).
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
