1. Executive summary

The weekly median return improved to −1.17% from −5.50% a week earlier. Losses are moderating, but declining stocks still outnumber advancing stocks: 53.6% fell versus 32.9% that rose. Only 30.3% trade above their 200-day moving average, while 66.9% are more than 30% below their 52-week highs. The most encouraging development is a modest shift in elevated-volume participation from decliners toward advancers.

2. Breadth: seven weeks of deterioration

At the end of August, nearly half of junior miners traded above their 200-day average. By October 9, that share had fallen to just three in ten. On a matched four-week sample, breadth declined 13.92 percentage points. The steepest weekly deterioration came between September 25 and October 2, when breadth dropped from 42.4% to 32.6%. The latest decline is smaller, but it has not stopped. Stabilizing weekly returns have not yet translated into improving long-term trend participation.

3. Drawdowns: deep damage persists

More than two-thirds of the universe remains over 30% below 52-week highs; 51.7% are down more than 40%, and 34.9% are down more than 50%. The median 52-week drawdown is −40.9%, compared with −40.7% a week earlier. The share down over 30% is broadly stable, but the share down over 50% increased from 32.8% to 34.9%. Some of the damage is becoming concentrated among already deeply impaired securities.

The longer historical perspective

The median drawdown from each security's highest close in its available history is −86.2%; 74.9% trade more than 50% below that reference. Available trading histories differ, and long-run comparisons can be affected by corporate actions, including splits and consolidations.

4. Volume: the first tentative improvement

The share of securities rising over five sessions on relative volume of at least 1.5× increased from 2.7% to 5.0%. Meanwhile, the share declining with that volume fell from 9.0% to 6.8%. This is the most interesting short-term change: high-volume participation is shifting modestly toward advancers. Yet high-volume decliners still outnumber high-volume advancers. Median relative volume slipped from 0.81× to 0.79×; median signed 20-session volume balance barely improved from −14.0% to −13.7%, and only 34.6% show a positive balance. These figures are consistent with easing selling pressure, not yet broad accumulation.

5. Are the hardest-hit juniors responding?

Among 320 valid observations for securities more than 30% below their 52-week highs, just 12 combined a positive five-session return with relative volume of at least 1.5×—3.75%, up from 1.88% a week earlier. The corresponding share of high-volume decliners fell from 10.66% to 8.13%. Selective rebounds are emerging among battered securities, but participation is still far too narrow to confirm a broad-based recovery.

6. Weekly winners are not necessarily structural leaders

The median weekly gain of the 25 strongest performers reached +14.29%, while the 25 weakest posted a median −16.00%. Radius Gold rose 38.71%, Nova Pacific Metals 33.33%, Grit Metals 33.33%, Aldebaran Resources 30.61%, Silver North Resources 22.50%, and Altamira Gold 22.45%. Nova Pacific Metals and Grit Metals remain below their MA200 despite their sharp rebounds. By contrast, Radius Gold combined a 38.7% gain with an above-MA200 position and 8.8× relative volume; Aldebaran Resources gained 30.6%, stood above MA200 and recorded 2.59× relative volume. Weekly performance alone does not establish structural leadership.

7. Relative strength: still losing ground

The scanner's reference benchmark is the S&P 500. Median weekly relative performance is −2.32%; the four-week median is −10.87%, and the three-month median is −1.52%. The sector has lost ground not only in absolute terms but also relative to the broad market. A more convincing reversal would combine recovering breadth, stronger volume participation and improving relative strength.

8. Conclusion: stabilization, not confirmation

Junior miners are showing the first signs of moderating selling pressure. Weekly losses have narrowed, fewer securities are declining on elevated volume, and some of the most heavily corrected names are beginning to rebound. But MA200 breadth is still falling, extreme drawdowns are becoming more common and median volume remains subdued. Compared with GDX–GDXJ, juniors retain deeper structural damage and a negative median weekly return. The evidence supports an early stabilization hypothesis, not a confirmed end to the correction. The next signals to monitor are stabilizing MA200 breadth, fewer extreme drawdowns and sustained growth in high-volume advances.

Complete Ranking — 483 Securities

All securities in the weekly scanner, including weekly rank, global rank, ticker, company name, last close, and one-week, four-week, three-month and year-to-date returns. Click a column heading to sort.

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The universe contains securities/listings, not necessarily 483 distinct legal companies. The original workbook includes additional analysis sheets and excluded records.