Up and to the Right: Why Canadian Miners Are Listing on U.S. Exchanges Again

Keir

Welcome back to Zero to Tenbagger—I’m your host, Keir Reynolds. On this show, we look for truth, trends, and tenbaggers in the Canadian microcap space. And today, we’re talking about a subtle—but powerful—shift that might just be one of the clearest signs the mining bull market has legs. We’re seeing a few Canadian resource companies up-listing to senior U.S. exchanges like the NYSE American, Nasdaq, and even the NYSE proper. And I don’t think that’s random. I think it’s a signal. A signal that management teams are preparing for the return of global interest in commodities. Let’s unpack what’s happening.

Keir

Over the last 12 months, several Canadian-listed miners have made or announced plans to make the jump: Dolly Varden Silver—now trading on the NYSE American. IsoEnergy—also NYSE American. Anfield Energy—uplisting plans announced to the Nasdaq. Collective Mining—listed on the NYSE American. Allied Gold Corp.—straight to the NYSE. And most recently, a Giustra-backed company, Streamex, completed a reverse merger with a Nasdaq tech issuer, now trading under the ticker BSGM and just yesterday announced a $1.1 billion financing package. This process of uplisting isn’t something we saw much of during the bear market in mining stocks between 2013 and 2023. During that period, most Canadian juniors stayed right where they were—on the TSX-V or CSE. Why? Because there was no incentive. No liquidity. No capital. No audience. No interest. So when you start to see this trend, it's a signal that I don't think should be ignored.

Keir

Why are they Uplisting? And, Why Now? There are a few reasons: 1. Access to U.S. Capital: The big money—especially generalist and institutional capital—is mostly in the U.S. They don't buy TSXV or CSE stocks. They buy Nasdaq and NYSE tickers. 2. Liquidity and Valuation Premiums: U.S. markets often offer better liquidity and higher multiples, especially if the story resonates. For some of these companies, the valuation gap alone can justify the move. 3. Retail Access: Most U.S. retail investors can’t easily buy junior Canadian stocks—due to broker restrictions or lack of access. But they can trade a Nasdaq or NYSE ticker from their iPhone in seconds. 4. ETF and Index Inclusion: Uplisting can make a company eligible for ETFs like GDXJ, URA, SILJ, and others. That means passive capital starts flowing in automatically. 5. M&A Optionality: Whether you're looking to acquire or be acquired, trading on a U.S. exchange makes the process cleaner and often more attractive.

Keir

Here’s the big takeaway: companies don’t uplist unless there is demand.These listings are an expensive, compliance-heavy process. You don’t do it on a whim. So if this many Canadian miners are making the jump, it suggests they’re seeing: A commodity cycle with legs. A return of interest in real assets. And a belief that U.S. capital will soon come hunting for stories like theirs. This is especially important because U.S. investors have largely ignored mining for over a decade. ESG mandates, low inflation, and tech dominance pushed them out of the commodity space. But that's changing—and these uplistings are front-running that shift.

Keir

Now, just because a company uplists doesn’t mean it’s a winner. Some of them will fade into obscurity. The U.S. markets are more ruthless than the Canadian ones when there's no execution. In fact, some management teams will treat uplistings like a PR event—trying to get a short-term pop in the stock price, only so they can raise additional capital from a new audience of investors. So don’t treat uplisting as a guarantee of success. Treat it as a signal of intent. It means the company wants to play in a bigger arena. But that still means they need to earn the attention.

Keir

If you’re a microcap investor, here’s how to interpret this trend: Watch for uplistings as early signals. They usually come before big news, not after. Dig into the filings. What’s the company really trying to do? Raise U.S. money? Merge with a U.S. asset? Look at the board and IR moves. Are they hiring U.S.-based advisors? Building visibility? That’s bullish. And most importantly—combine it with execution. If a company is advancing projects and uplisting and improving liquidity—you may be looking at a breakout story.

Keir

Take Dolly Varden Silver, for example. Their NYSE American listing is less than six months old, and it’s already trading more daily volume than their long-standing TSX Venture listing. That’s a big deal. The U.S. market is waking up to silver—and Dolly now has the vehicle to capture that flow. It gives them added leverage and liquidity as silver prices rise, which could significantly improve their ability to raise capital or attract M&A interest. We think this could be the first of many. In fact, we’re watching the Fiore/Giustra-affiliated group of companies closely. We wouldn’t be surprised to see more uplistings in the pipeline, especially from companies like NexMetals Mining Corp, which recently did a rollback—a classic telltale move when a company is preparing to meet the price and share structure thresholds required for a U.S. listing. West Red Lake Gold Mines could also be a candidate. They've gotten their first mine into test production and recently announced a new PEA for a 2nd gold mine and could be setting up for broader visibility and a new pool of investors to raise additional mine development capital from. Watch for this trend of up-listings to continue. It could become a core part of the serious mining co, playbook.

Keir

So, is the market heating up for hard assets? Yes, it has been since 2023. But this new US big board uplisting process is a signal that it has more legs. Uplisting won’t tell you everything—but it’s one of those quiet, structural changes that serious investors pay attention to and one I wanted to make sure you didn't miss. Thanks for tuning in to Zero to Tenbagger. If you found this useful, give it a rating, a review, and share it. Until next time—stay sharp, stay skeptical, and stay in the game.