If you’re hunting for Canadian growth stocks with serious upside in 2026, two names stand out right now: Trilogy Metals (NYSEMKT:TMQ) and ZenaTech (NASDAQ:ZENA).
One is sitting on a world-class copper deposit in Alaska at precisely the right moment in history. The other is rapidly building a national drone services network while the U.S. government bans Chinese drones and ramps up domestic demand.
The timing for both couldn’t be better.
Source: Getty Images
Is this Canadian mining stock a good buy
Here’s the short version: the U.S. government is actively trying to reduce its dependence on Chinese critical minerals. And Trilogy Metals has a copper deposit in Alaska that ranks among the highest-grade in the world.
The Arctic Project, part of the Ambler Mining District in Alaska, holds probable mineral reserves of 46.7 million tons at an average copper-equivalent grade of about 3.7%. That grade is exceptional. Most copper mines in production today run at grades well below 2%.
The feasibility study puts the pre-tax net present value (NPV) of the Arctic Project at $1.5 billion at a base case copper price of $3.65 per pound. If we run the numbers at today’s spot price of around $5.50 per pound, and that pre-tax NPV jumps to over $5 billion. The after-tax internal rate of return (IRR) at spot prices is 48.8%, with a payback period of just 1.3 years.
And then there’s the Bornite Project next door. It hosts an inferred copper resource of 6.5 billion pounds. Combined, these two deposits have the potential to support over 30 years of mine life.
The real game-changer came in October 2025. President Trump signed a decision granting federal right-of-way permits for the Ambler Access Road, overturning the Biden administration’s 2024 rejection.
That road is the key piece of infrastructure needed to develop the district. Shortly after, the U.S. government announced a binding letter of intent to invest $35.6 million for roughly a 10% interest in Trilogy.
The company holds about $51.6 million in cash with no debt. It’s in a 50/50 joint venture with South32 Limited, a major global mining company that contributed US$145 million for its stake.
The shareholder base is over 59% held by major institutional and insider investors, including Electrum Group, South32, and CEO Tony Giardini.
A high-growth Canadian tech stock
ZenaTech isn’t a household name yet. But the numbers are hard to ignore.
Revenue grew 1,225% year over year in Q3, reaching $4.35 million for the quarter. Through the first three quarters of 2025, total revenue was nearly $8 million, up from just $2 million for all of 2024.
The Canadian tech stock has three business lines: AI drone hardware, a Drone-as-a-Service (DaaS) operation, and enterprise software-as-a-service (SaaS).
The DaaS segment is the growth engine. ZenaTech has been acquiring small, low-tech land survey companies across the U.S., Canada, and the U.K., then introducing drone technology to slash costs and improve margins.
The company now has 23 DaaS locations, up from essentially zero a year ago.
The FAA banned Chinese drones in December, creating a significant opening for NDAA-compliant, American-made alternatives, which is exactly what ZenaTech builds.
The company manufactures in Dubai and Taiwan and is actively developing a production facility in Mesa, Arizona, specifically for U.S. Defence customers.
Management has already run paid trials with the U.S. Navy and Air Force.
The Foolish takeaway
Trilogy Metals gives investors direct exposure to one of the most strategically important critical minerals stories in North America. ZenaTech offers a high-risk, high-reward bet on the drone services industry at an early and pivotal moment.
Neither is for the faint of heart. But for growth-oriented investors willing to look beyond the TSX’s usual suspects, both names deserve a close look in 2026.
