Dennis da Silva’s Picks to Ride the Commodity Supercycle
From oil stability to Yukon gold exploration, Dennis da Silva highlights resource stocks with resilience and explosive upside potential.
The resource sector in 2025 is in the middle of a remarkable transformation. Gold has more than doubled in just three years, propelled by mounting geopolitical risks, economic uncertainty, and central banks’ insatiable demand for safe haven assets. For years, equities lagged behind the bullion rally, but that lag is no more. The S&P/TSX Gold Index has soared 120 percent year-to-date, its best showing since 1993. Investors who once dismissed miners are now flooding into the space, eager to capture leverage to bullion’s bull market.
At the same time, global supply chains for critical resources are facing massive disruptions. The tragic mudslide at Freeport-McMoRan’s Grasberg mine in Indonesia has effectively shut in four percent of the world’s copper production, and analysts do not expect full output until at least 2027. Add to that the leadership changes at Barrick Gold (TSX: ABX) (NYSE: GOLD) and Newmont (TSX: NGT) (NYSE: NEM), plus the proposed Anglo American–Teck Resources (TSX: TECK.B) merger, and it is clear the sector is entering a new era where corporate strategy is as much a driver as commodity prices.
Against this backdrop, Dennis da Silva, senior portfolio manager at Middlefield Limited, believes resource stocks are primed to deliver. His latest top picks focus on companies with strong fundamentals, leverage to global trends, and the potential to reward investors as the cycle continues.
Tamarack Valley Energy (TSX: TVE)
Tamarack Valley has quietly become a formidable player in Canada’s energy patch, thanks largely to its dominance in the Clearwater heavy oil play. Clearwater now accounts for more than half of Tamarack’s production, making it the hottest ticket in Canadian oil. The company has spent the last two years consolidating its position, cutting debt, and reducing its share count, while still growing output by nearly ten percent year-over-year.
Its secret weapon is efficiency. Tamarack’s breakeven, even after dividends, sits near US$42 per barrel—an enviable cushion in a volatile oil market. With capital efficiency gains, improved netbacks, and a successful heavy oil waterflood program, the company is positioned to deliver steady growth of three to five percent annually over the next five years, even in a flat oil price environment. Investors are rewarding stability and cash flow generation, and Tamarack has both in spades.
Sitka Gold (TSXV: SIG)
While oil is a steady engine, gold explorers in the Yukon remain a high-risk, high-reward play—and Sitka Gold is one of the most closely watched names in the field. The company already boasts an initial 2.8 million ounce resource, but the story is just beginning. A massive drilling program in 2025 aims to expand that resource to more than five million ounces, transforming Sitka into a district-scale project that could rival Snowline Gold (TSXV: SGD) and its nine-million-ounce Valley deposit.
The market is paying attention. Valuations suggest investors expect Sitka to deliver not just growth, but higher grades and new discoveries. The company is well financed, with more than $15 million in its treasury, and its multi-deposit land package offers flexibility and scale. After the collapse of Victoria Gold (TSX: VGCX) in 2024 due to the Eagle Mine heap leach failure, the Yukon has been in need of a comeback story. Sitka Gold might just be it.
White Gold (TSXV: WGO)
White Gold Corp. is another Yukon explorer with ambitions as big as its name. Its three million ounce resource places it firmly on the map, but what sets it apart are its backers and neighbors. A recent IPO, Fuerte Gold, bought a comparable deposit from Newmont and now trades at triple White Gold’s valuation. That discrepancy has not gone unnoticed by investors, particularly with heavyweight shareholders like Newmont (NYSE: NEM) (TSX: NGT), Agnico Eagle (TSX: AEM) (NYSE: AEM), and legendary mining financier Pierre Lassonde already on board.
Agnico’s nearly 20 percent stake in White Gold underscores confidence in the project, while insiders themselves own over 15 percent of the stock. Well financed with more than $20 million in cash, the company is now poised for its largest-ever drill program under the guidance of a new VP of Exploration. His résumé includes being part of the discovery team for Great Bear Resources, the billion-dollar Ontario gold project Kinross (TSX: K) (NYSE: KGC) scooped up in 2022. The timing could not be better: investor appetite for Yukon gold plays is back, and White Gold is primed to seize the moment.
Conclusion
Resource stocks have always been cyclical, but this time the cycle has a different feel. With Gold Prices smashing records, copper supply tightening, and corporate shakeups redefining industry leadership, the winners will be those companies that combine scale, efficiency, and strong financial backers. Dennis da Silva’s picks—Tamarack Valley Energy (TSX: TVE), Sitka Gold (TSXV: SIG), and White Gold (TSXV: WGO)—offer exposure to exactly those qualities. Whether it’s steady oil cash flow or high-stakes Yukon exploration, these names are poised to stand out in one of the most exciting commodity markets in decades.