A look at some small-cap stocks making news - or about to.
Canada’s S&P/TSX Small Cap Index (TXTW-I) is up by about 45 per cent over the past 52 weeks. It hit a record 1,496.55 on June 2. The Russell 2000 in the U.S. is up about 30 per cent over the past 52 weeks. It hit a record of 3,046.59 on July 1.
Small-cap summary:
Allied Gold Corp. (AAUC-T) shares plummeted on Wednesday after the Africa-focused miner said its planned $5.5-billion sale to China’s Zijin Gold (ZIJMF) had been terminated after the companies concluded they were unlikely to satisfy closing conditions by the agreed deadline. Instead, Zijin agreed to invest about US$295-million for a 9.2-per-cent stake.
The companies said they mutually agreed not to extend the July 29 outside date because there was “no reasonable likelihood” the remaining conditions would be met within a reasonable period. The companies announced the deal in January, when Zijin agreed to acquire Toronto-based Allied for $44 per share, valuing the Canadian gold producer at about $5.5-billion.
Related: Zijin’s $5.5-billion acquisition of Allied Gold in jeopardy as China drags its feet on deal approval
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Centerra Gold Inc. (CG-T) shares were higher in Wednesday trading after the company reported sales and profit growth in its second quarter driven by higher production and increased commodity prices.
After markets closed on Tuesday, the gold and copper producer reported revenue of US$442.7-million up from US$288.3-million a year earlier. The result was ahead of expectations of US$394.3-million, according to S&P Capital IQ estimates.
Net earnings of US$72.1-million or 37 cents US per share compared to US$68.6-million or 33 cents US last year. Adjusted earnings came in at US$79.3-million or 40 cents US per share versus US$52.7-million or 26 cents US last year. The expectation was for adjusted EPS of 39 cents, according to S&P Capital IQ.
“We delivered another quarter of strong operational execution across our portfolio. Mount Milligan continued to perform in line with plan, and Öksüt delivered a strong first half of 2026, resulting in a 9% increase to its gold production guidance for the year,” CEO Paul Tomory stated.
The company also increased its 2026 consolidated gold production guidance to 260,000 to 290,000 ounces, up from the previous range of 250,000 to 280,000 ounces. The company also said it remains on track to achieve its 2026 copper production guidance of 50 to 60 million pounds.
National Bank analyst Don DeMarco described the quarter as “constructive,” while noting a production guidance increase, increased share buybacks and projects moving forward on time and on budget.
Canaccord analyst Jeremy Hoy described the results as positive, with beats on various metrics, including gold production and all-in sustaining costs.
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Precision Drilling Corp. (PD-T) shares fell on Wednesday even after the company reported second-quarter results that beat expectations. The company also announced that it received a notice of reassessment from the Canada Revenue Agency in late July for its 2018 tax year, denying the deduction of intercompany dividends.
After markets closed on Tuesday, the Calgary-based drilling company reported revenue of $453-million, up from $407-million in the second quarter of 2025. The result was ahead of expectations of $441.3-million, according to S&P Capital IQ.
The company said the increase was driven by stronger activity in Canada and the U.S., offset by lower international results and reduced Canadian upfront capital payments.
Adjusted EBITDA was $97-million, down 10 per cent from $108 million in 2025 but ahead of expectations of $96.9-million. The company said the year-over-year drop was primarily due to higher U.S. rig reactivation costs and lower international margins “related to geopolitical tensions and a change in rig mix.”
Its net loss attributable to shareholders in the second quarter was $1.2-million or 52 cents per share compared with net earnings of $16.3-million or $1.07 for the same period last year.
“Our net loss in 2026 was primarily due to increased depreciation expense of $11-million from a previously communicated change in useful life estimates,” the company stated.
In its outlook, the company said it continues to see sustained demand for high-performance drilling rigs and well service equipment.
“Assuming commodity prices remain supportive and market conditions do not materially change, we expect North American drilling and completion activity to improve modestly through the remainder of the year,” it stated.
TD analyst Aaron MacNeil said the results were “directionally consistent” with his expectations, “with an improving U.S. and activity and margin outlook coming through in the guidance disclosures, although Q3/26 U.S. margins will continue to reflect drag related to reactivation costs,” he wrote in a note.
“Macro volatility remains high and will likely dictate near-term share price outcomes in our view,” he added.
He also noted that Precision estimates maximum exposure of $155-million plus interest related to the CRA reassessment of intercompany preferred share dividends.
“While management intends to dispute the claim, the company would be required to remit 50% of assessed taxes and interest during the appeal process,” he added in a note. “Management also references tax pools which may mitigate the impact.”
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Pulse Seismic Inc. (PSD-T) reported lower revenue and profit for its second quarter.
After markets closed on Tuesday, the energy sector seismic data company reported revenue of $3.6-million, down from $18.3-million for the same period in 2025.
Net earnings of $1.6-million or 3 cents per share compared to $9.6-million or 19 cents last year.
“The moderate pace of data licensing in early 2026 follows a year of significant data deployment and reflects the natural variability in our market,” stated CEO Neal Coleman.
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Canfor Corp. (CFP-T) announced the permanent closure of its Fox Creek sawmill in Alberta by late summer.
“The decision reflects the ongoing challenges facing the operation including prolonged weak market conditions, persistent high U.S. softwood lumber duties and tariffs, and fibre supply impacts due to recent wildfires and the conclusion of the mountain pine beetle management strategy,” the company stated in a release after markets closed on Tuesday.
The Fox Creek sawmill was rebuilt in 2011 after being destroyed by a fire in 2008. It was a single-shift operation to process the uplift in available timber as part of the province of Alberta’s preventive strategy to reduce the extent of pine beetle-susceptible forests, the company noted.
“With support from Alberta’s Ministry of Forestry and Parks, the Fox Creek sawmill accessed additional sources of fibre to help sustain the operation and support local economic activity. However, with the end of the pine beetle strategy and with wildfire-damaged timber now largely exhausted, there is insufficient fibre in the region to sustain the operation over the long term. Coupled with prolonged weak markets and punishing duties and tariffs, this facility is no longer viable,” it added.
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Methanex Corp. (MX-T) reported higher revenue and profit for its second quarter.
After markets closed on Tuesday, the Vancouver-based methanol and ammonia producer reported revenue of US$1.4-billion for the quarter ended June 30, which was roughly in line with expectations and up from US$797-million a year earlier.
Adjusted EBITDA of $577-million was up from $183-million a year ago. The expectation was for $582.6-million, according to S&P Capital IQ estimates.
Adjusted net income of $300-million or $2.45 per share compared to $66-million or 93 cents a year earlier.
“The continuing Middle East conflict has resulted in an unprecedented impact on many industries, including methanol. During the second quarter of 2026, we delivered record adjusted EBITDA largely due to higher pricing as a result of the significant loss of industry supply combined with continued strong production from our enhanced asset base, particularly in North America,” stated Methanex CEO Rich Sumner. “Through this highly volatile and uncertain period, we remain focused on operating our assets and supply chain safely and reliably, completing the OCI acquisition integration activities, and delivering operating and financial results to drive a stronger and more resilient company.”
The company bought OCI Global’s international methanol business last year.
National Bank Financial analyst Ahmed Abdullah said in a note that the company’s supply remains “constructive” longer term, “with limited new capacity expected over the next several years.”
He added: “Iranian production and project development remain constrained by infrastructure uncertainty, sanctions and declining gas availability, while Chinese additions are largely integrated, partly offset by closures and expected to be absorbed domestically as China requires methanol imports to meet growing demand.”
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Allied Properties REIT (AP-UN-T) shares were down on Wednesday after the REIT reported mixed second-quarter results.
After markets closed on Tuesday, the workspace REIT reported rental revenue of $140.5-million for its second quarter ended June 30, down 3 per cent from $145-million a year earlier. The result was above expectations of $132.4-million, according to S&P Capital IQ estimates.
Adjusted EBITDA of $83.1-million fell from $94.3-million a year ago and was ahead of expectations of $75.4-million. Its net loss of $744.7-million was greater than its loss of $94.7-million a year ago. The company took impairment charges of about $759-million on investment properties and investment properties held for sale.
Adjusted funds from operations of $33.7-million or 17 cents per share fell from $63.4-million or 45 cents a year earlier. The expectation was for adjusted AFFO to come in at 20 cents, according to S&P Capital IQ.
“Our second quarter results reflect steady execution and tangible progress against our three-year outlook,” said Allied CEO Cecilia Williams. “We remain focused on executing our leasing strategy, progressing our disposition program and strengthening the balance sheet.”
The company also lowered its same-property net operating income (SPNOI) guidance to negative 8 to 9 per cent from negative 5.5 per cent to 6.5 per cent previously, due largely to lower capitalized costs on near-term leasing, while reiterating its other 2026 targets in areas such as occupancy, net operating income and funds from operations, noted TD analyst Jonathan Kelcher.
The analyst said in a note that he expects a “modest” investor reaction to the results, which he said were slightly ahead of his estimates and in line with consensus.
“Occupancy beat management’s initial forecast, AP remains on track for its $500mm disposition target, and while SPNOI guidance was lowered, it implies a stronger H2 [second half]. We expect the market to look through the $759mm asset value write-down given consensus NAV [net asset value] is well below IFRS,” he wrote.
The REIT said its occupied and leased area of 84.4 per cent and 86.7 per cent, respectively, were higher than expected.
Related: Allied Properties raises $560-million in share sale to pay down debt
Allied Properties units tumble after REIT launches surprise share sale to address debt woes
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Boardwalk REIT (BEI-UN-T) shares were higher on Wednesday after the REIT reported a co-ownership agreement to expand its Western Canadian multifamily portfolio alongside its latest financial results.
After markets closed on Tuesday, the residential REIT reported rental revenue of $160.9-million up 2.3 per cent from $157.3-million a year earlier. The result was slightly below expectations of $161.3-million, according to S&P Capital IQ estimates.
Adjusted funds from operations of $52.5-million or $1.02 per unit were down slightly from $53.3-million or $1 per unit last year. The expectation was for $1.01 per unit in the most recent quarter.
Also on Tuesday, the REIT announced a co-ownership agreement with DGAM Canadian Private Real Estate Fund, L.P., managed by Desjardins Global Asset Management, focused on acquiring and owning high-quality multifamily communities across Western Canada.
The co-ownership launches with an initial portfolio value of approximately $292-million ($173-million net of existing mortgages), the REIT stated.
“The transaction represents a significant milestone in Boardwalk’s capital allocation strategy, providing access to long-term institutional investment capital while preserving operational control, generating recurring management income, and creating a scalable platform for future growth opportunities,” it stated.
“The intent of both parties is to build a long-term partnership that is expected to grow through future core plus acquisitions similar to the communities acquired in the initial transaction. It is understood by both parties that future transactions will be dependent on market conditions.”
TD analyst Jonathan Kelcher said in a note that he expects a positive reaction to the REIT’s co-ownership structure with DGAM.
“The agreement (at IFRS value) both frees up capital near term and allows BEI to be more active on acquisitions, with the management agreement adding 25bps to BEI’s yield,” he said, adding that second-quarter results were largely in line and there was no change to guidance.
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Transat A.T. Inc. (TRZ-T) announced it has secured up to $150-million in federal aid to help offset soaring jet fuel prices caused by the war in the Middle East.
During market hours on Tuesday, the Montreal-based travel company, which runs Air Transat, said the size of the loan will be based on the difference in fuel costs between the next few months and the same period last year, ending on Oct. 31.
The financial relief comes seven weeks after Ottawa announced a loan lifeline available to airlines struggling to cope with sky-high oil prices and the slashed flight schedules and lower profit forecasts that followed.
Air Canada suggested earlier in the summer it would not need to draw on the aid, while WestJet said it “strongly opposes” the move because of its market-distorting effects.
Transat says the loan will be drawn in monthly tranches, with an initial $125-million disbursed from Ottawa on Tuesday.
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Tilray Brands Inc. (TLRY-T) shares dropped on Wednesday after it reported mixed fourth-quarter results.
After markets closed on Tuesday, the cannabis company reported revenue increased to US$281.7-million in the fourth quarter ended May 31 versus US$224.5 million for the same quarter last year. The result was above expectations of US$246.3-million, according to S&P Capital IQ estimates.
Adjusted EBITDA was US$31.9-million compared to US$27.6-million. Eliminating the impact of approximately US$2.3-million of fuel surcharges in the fourth quarter, adjusted EBITDA would have been US$34.2-million, the company stated. The expectation was for US$32.3-million.
Its net loss of US$37-million or 43 cents US per share compared to a loss of $1.3-billion or US$13.01 a year ago.
The company said it expects adjusted EBITDA of US$68-million to US$75-million for its fiscal year ending May 31, 2027, which it said represents double-digit growth over fiscal year 2026.
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EcoSynthetix Inc. (ECO-T) shares fell on Wednesday after it reported lower sales and profit for its second quarter ended June 30.
After markets closed on Tuesday, the Burlington, Ont.-based renewable chemicals company reported sales of $4.5-million in the second quarter, compared to $5-million a year ago. It said the drop was due to lower sales volumes as a result of “challenging macroeconomic conditions in end markets” that “reflect temporary market conditions.”
Added CEO Jeff MacDonald: “Macroeconomic conditions across our end markets continue to weigh on the pace at which our customers adopt our innovative biopolymers. While this has impacted our topline growth, we continue to manage the business in a disciplined manner at a near breakeven level.
Adjusted EBITDA was negative $154,500 compared to positive $238,200 a year ago.
Its net loss was $430,370 or a cent per share compared to net income of $111,000 or a cent a year ago.
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StorageVault Canada Inc. (SVI-T) shares rose on Tuesday after the company announced the acquisition of $81.6-million in storage assets.
Before markets opened on Tuesday, the Toronto-based storage company said it acquired three self-storage properties located in the Greater Toronto Area and one in southwestern Ontario.
Three of the properties, representing about $71-million of the deals, will be bought through a newly formed joint venture with Woodbourne. StorageVault will hold a 25-per-cent interest and Woodbourne will hold the rest. StorageVault currently manages these three properties and will continue to manage them on behalf of the joint venture.
It said the fourth property will be acquired and wholly owned by StorageVault.
“We view the transactions positively, highlighting SVI’s ability to source growth opportunities while preserving balance sheet flexibility and continued management fee income,” TD analyst Jonathan Kelcher said in a note.
He said the joint-venture structure also allows the company to participate in acquiring slightly higher-valued (lower cap rate) assets, with the management fee income allowing it to still meet its investment hurdles.
“We expect that this is only the first transaction with Woodbourne. SVI’s total commitment will be $28.1mm (including its 25% JV interest) with closing expected in Q3/26,” he wrote. “YTD acquisitions meet management’s $100mm target. SVI has now announced/closed $153mm in acquisitions in 2026 ($100mm at SVI’s interest). Management noted a continued active pipeline, and we expect further 2026 acquisitions (our model has $125mm in 2026 acquisitions at SVI’s interest).”
He has a “buy” and $6 target on the stock.
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Alithya Group Inc. (ALYA-T) shares rose this week after the Montreal-based IT company announced it had started a strategic review process and hired both financial and legal advisors to help.
“As part of its ongoing assessment of the company’s strategic direction, the board has concluded that the current public market valuation may not fully reflect the intrinsic value of the Company nor adequately support its next phase of growth,” the company stated in a release before markets opened on Monday.
It said the review may include a merger, sale, recapitalization, strategic investments or partnerships. It said the review could result in the company going private or remaining public.
“Alithya has built a strong platform, a talented team, trusted client relationships and meaningful long-term growth opportunities. While we remain confident in the trajectory of the business, the Board believes it is prudent to explore all options to maximize value for all shareholders while ensuring Alithya is positioned for its next phase of growth,” stated CEO Paul Raymond.
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Upcoming small-cap earnings:
July 29: Secure Waste Infrastructure Corp. (SES-T), Primaris REIT (PMN-UN-T). Timbercreek Financial Corp. (TF-T), Exco Technologies Limited (XTC-T), Ag Growth International Inc. (AFN-T), Aris Mining Corp. (ARIS-T), Algoma Steel Group Inc. (ASTL-T), DIRTT Environmental Solutions Ltd. (DRT-T)
July 30: Canfor Corp. (CFP-T), Real Matters Inc. (REAL-T), Champion Iron Ltd. (CIA-T), Lightspeed Commerce Inc. (LSPD-T), Coveo Solutions Inc. (CVO-T), Canada Goose Holdings Inc. (GOOS-T), Hammond Power Solutions Inc. (HPS-A-T), Richards Group Inc. (RIC-T)
Aug. 3: 5N Plus Inc.(VNP-T)
Aug. 4: Green Thumb Industries Inc. (GTII-CN), Dream Industrial REIT (DIR-UN-T), K-Bro Linen Inc. (KBL-T), Grown Rogue International Inc. (GRIN-CN), Gran Tierra Energy Inc. (GTE-T), Martinrea International Inc. (MRE-T)
Aug. 5: Chorus Aviation Inc. (CHR-T), Flagship Communities REIT (MHC-UN-T), Kinaxis Inc. (KXS-T), Doman Building Materials Group Ltd. (DBM-T), Propel Holdings Inc. (PRL-T), Xanadu Quantum Technologies Ltd. (XNDU-T), Thinkific Labs Inc. (THNC-T), AirBoss of America Corp. (BOS-T), Kits Eyecare Ltd. (KITS-T), Galaxy Digital Holdings Ltd. (GLXY-T), Pizza Pizza Royalty Corp. (PZA-T), Aurora Cannabis Inc. (ACB-T), Savaria Corp. (SIS-T), Dorel Industries Inc. (DII-B-T)
Aug. 6: NFI Group Inc. (NFI-T), Enerflex Ltd. (EFX-T), Interfor Corp. (IFP-T), Cascades Inc. (CAS-T), Plaza Retail REIT (PLZ-UN-T), Rogers Sugar Inc. (RSI-T), Cronos Group Inc. (CRON-T), Profound Medical Corp. (PRN-T), TerrAscend Corp. (TSND-T), Premium Brands Holdings Corp. (PBH-T), Altus Group Ltd. (AIF-T), Goeasy Ltd. (GSY-T), Alaris Equity Partners Income Trust (AD-UN-T), Medical Facilities Corp. (DR-T)
Aug. 7: Superior Plus Corp. (SPB-T), Docebo Inc. (DCBO-T), Trulieve Cannabis Corp. (TRUL-CN), Slate Grocery REIT (SGR-UN-T), DRI Healthcare Trust (DHT-UN-T), Fiera Capital Corp. (FSZ-T)
Aug. 10: Cargojet Inc. (CJT-T), Silvercorp Inc. (SVM-T), Altius Minerals Corp. (ALS-T)
Aug. 11: Neo Performance Materials Inc. (NEO-T), Pason Systems Inc. (PSI-T), Minto Apartment REIT (MI-UN-T), BTB REIT (BTB-UN-T), Cineplex Inc. (CGX-T), Pet Valu Holdings Ltd. (PET-T), Hemlo Mining Corp. (HMMC-T), Westport Fuel Systems Inc. (WPRT-T)
Aug. 12: Maple Leaf Foods Inc. (MFI-T), Western Forest Products Inc. (WEF-T), BSR REIT (HOM-U-T), AutoCanada Inc. (ACQ-T), North American Construction Group Ltd. (NOA-T), Ascend Wellness Holdings, Inc. (AAWH-U-CN), Sagicor Financial Company Ltd. (SFC-T), HLS Therapeutics Inc. (HLS-T)
Aug. 13: Total Energy Services Inc. (TOT-T), Pollard Banknote Ltd. (PBL-T), Bird Construction Inc. (BDT-T), Automotive Properties REIT (APR-UN-T), True North Commercial REIT (TNT-UN-T), RFA Financial Inc. (RFA-T), Pro REIT (PRV-UN-T), Calian Group Ltd. (CGY-T),
Aug. 26: Corby Spirit and Wine Ltd. (CSW-A-T)
- with files from The Canadian Press and Reuters