Executive summary. Junior miners ended the week with considerable internal weakness. Only 24.37% of securities with valid data remain above their 200-day moving average, while 71.43% have declined more than 30% from their 52-week highs.
The directional volume balance continues to deteriorate. These indicators describe a broad and deep correction, but they do not establish that the market has already reached a definitive bottom.
1. Weekly performance: declines clearly predominate
The median weekly return was −5.15%. A total of 80.50% of securities declined, while only 10.79% ended the week with gains.
Only 26.76% outperformed the benchmark.
Even so, there were notable exceptions: Roxmore Resources gained 29.89%, Aurania Resources 27.03%, Silver Elephant Mining 26.92%, and Radius Gold 18.60%.
These moves show that pockets of relative strength still exist, but they do not change the overall picture of weakness.
2. Breadth: fewer than one-quarter remain above MA200
The share of securities trading above their 200-day moving average stands at 24.37%.
Over the past four weeks, breadth has fallen by 20.81 percentage points on the comparable sample. In addition, the median distance from MA200 has reached −16.54%.
This is not a superficial correction. Most companies are trading substantially below their long-term trend reference.
3. Drawdowns: the most concerning feature of the correction
A total of 340 securities have declined more than 30% from their highs, compared with 66.74% of the valid sample in that position the previous week.
Companies with losses exceeding 50% from their highs now number 184, or 38.66% of the sample, versus 34.32% previously.
The median drawdown deepened from −40.74% to −43.89% in just one week.
These figures are particularly significant: deep losses affect a very large majority of the junior universe, not merely a handful of speculative companies.
4. Volume: selling pressure continues to predominate
Median relative volume edged up from 0.79× to 0.82×, but remains below its reference level.
Among securities with valid data, 67 recorded relative volume of at least 1.5×. Of those, 43 declined and 19 advanced over the five-session window.
The median 20-session directional volume balance worsened from −13.67% to −17.21%.
The share of companies with a positive balance fell from 34.72% to 28.42%.
The market continues to show a predominance of volume associated with declining sessions. However, these figures do not, by themselves, demonstrate capitulation or identify who is selling.
5. Relative strength: a highly uneven picture
Only 26.76% of the universe outperformed the benchmark over the past week.
Over a three-month horizon, that share rises to 48.85%, reflecting a less negative, though still highly heterogeneous, picture.
Among the standout companies is Roxmore Resources, with a three-month return of 153.11% and a year-to-date gain of 221.40%. Radius Gold is up nearly 60% over four weeks, while Zodiac Gold advanced 6.25% this week.
These are examples of selective resilience within a market whose median performance remains clearly negative.
6. Interpretation and scenarios
Quantitative observations. The weekly median is negative, fewer than one in four securities remain above MA200, more than seven in ten have drawdowns exceeding 30%, and the directional volume balance continues to weaken.
Interpretation. The junior universe is undergoing a broad and deep correction. Some companies retain relative strength, but there is still no broad-based recovery in the market's internal indicators.
Scenarios. To speak of stabilization, we would need to see a sustained recovery in breadth, a halt in the deterioration of drawdowns, and an improvement in the volume balance.
If these indicators continue to worsen, the correction could extend further.
The main conclusion is that the scale of internal deterioration contrasts with the resilience still displayed by certain companies. That divergence warrants monitoring, but it is not, by itself, a trend-reversal signal.
7. Methodology and limitations
The study covers 482 securities in the JUNIOR universe, with data through October 16.
Breadth and drawdown indicators use the available valid observations. The 52-week drawdown analysis includes 476 valid securities.
Relative volume compares the latest five sessions with the preceding 60, while directional volume balance uses a 20-session window.
The universe analyzed does not represent a capitalization-weighted index. The quantitative rankings likewise do not constitute personalized investment recommendations. See also the public methodology.
8. Complete JUNIOR company ranking — 482 securities
Weekly rank, global rank, last close and returns over one week, four weeks, three months and year to date. Search by ticker or company and sort on either device.
Read our public methodology and limitations. Data through 16 October 2026. Independent research for information only.