Canadian stocks preferred by insiders have had a strong first half of 2026, with the INK Canadian Insider Index returning more than 20 per cent before dividends for the year-to-date period ending June 30. The index tracks the 50 TSX-listed stocks that rank highest based on our quantitative INK Edge factor categories: valuations, insider activity and holdings, and price momentum. It easily beat the 9.9-per-cent return for the S&P/TSX Composite Index.
Today, I will look at two top gainers and the biggest laggard and see where they sit in the INK Edge rankings as we enter the second half of the year.
The big winner was Neo Performance Materials Inc. NEO-T, which advanced 139 per cent in the first half of the year. Neo operates globally through three business segments: Magnequench (magnets), Chemicals & Oxides (C&O), and Rare Metals. In Q1, consolidated revenue was US$155-million, up 27.5 per cent versus Q1 2025. Net loss was US$1.6-million versus a loss of US$1.4-million a year earlier.
Neo generated a record US$36.2-million in adjusted EBITDA in the quarter, representing a 111.7-per-cent increase year-over-year. Growth was led by a 176.1-per-cent jump in Rare Metals adjusted EBITDA to US$23.9-million as global supply chains sought diversification through new sources. Neo also raised its 2026 adjusted EBITDA outlook to a range of US$100-million to US$110-million (up from a range of US$75-million to US$80-million).
On May 28, Neo chief executive officer Rahim Suleman acquired 6,000 shares at $28.75 in a bought deal that raised $115-million. He now holds 479,197 shares, according to INK data. There has been no senior officer or director selling over the past 90 days, which helps keep the stock in the “mostly sunny” category, meaning it falls within the top 30 per cent of all stocks ranked.
When we rebalance the INK CIN Index four times each year, constituent stocks in the sunny or mostly sunny INK Edge outlook categories remain in the index and are reset to equal weight. Stocks with mixed, cloudy or rainy outlooks are dropped. Assuming Neo can hold its ranking until the end of July, it would qualify to stay in the index when it rebalances next on Aug. 21.
Almonty Industries Inc. AII-T is a tungsten concentrate producer with projects in Portugal, South Korea, Spain and the United States. Its 94.4-per-cent return in the first half of the year was the second highest in the index. Tungsten is a critical mineral used in armour, munitions and electronics manufacturing. As geopolitical tensions have grown, the prices of tungsten and related products have been climbing strongly this year. Almonty’s top and bottom lines have benefited.
In the first quarter of 2026, revenue surged 221.5 per cent to $25.4-million owing to strong production from its Panasqueira Mine in Portugal and stronger tungsten prices. The company also swung to positive operating cash flow of $9.7-million from negative $4.4-million in Q1 2025. Adjusted EBITDA also turned positive, coming in at $6.1-million. Management is focused on ramping up its flagship Sangdong Mine in South Korea, which it formally commissioned in March, for full commercial throughput.
While we have seen some insider profit-taking this year, much of it relates to options and other compensation derivative-related acquisitions. Moreover, over the past 90 days, senior officers and directors have been net acquirers of about 3.4-million shares when options and rights exercises are included along with public market activity, according to INK data. The increase in insider holdings is also helping to keep the stock in the mostly sunny category as we start the second half of the year.
Collective Mining Ltd. CNL-T was the biggest index loser in the first half of the year, falling 12.8 per cent. Collective Mining was founded by the team that previously developed and sold Continental Gold Inc. to Zijin Mining Group Co., Ltd. ZIJMF in 2020 for approximately $2-billion. The team included Collective’s executive chairman of the board, Ari Sussman. Its flagship gold-silver-copper-tungsten Guayabales project in Colombia is located next to Aris Mining Corp.’s ARIS-T Marmato mine.
Collective is undertaking an extensive drilling program of up to 100,000 metres this year to explore three target areas in the vicinity of the Apollo system, which was discovered in 2022 and anchors the project. Despite the ambitious program, Collective’s share price has been struggling over the past three months along with the entire gold mining group. The stock enjoys strong insider commitment in terms of holdings, as Mr. Sussman holds a little more than 11 million shares, but there has not been any recent public market insider buying. That is weighing on the stock a bit in our rankings, leaving it with a mixed INK Edge outlook.
It remains to be seen if Collective can climb back into the mostly sunny category by the end of July, which will be the valuation date for the index’s summer rebalancing. Some public market insider buying might help.
Ted Dixon is CEO of INK Research, which provides insider news and knowledge to investors.