The tricky thing about growth stocks is that by the time everyone’s talking about them, a lot of the upside is already gone. That’s why it can pay to look a little earlier – when companies are starting to build momentum but haven’t fully captured the market’s attention yet. Right now, there are some TSX stocks doing exactly that. Even amid market volatility in the background, driven in part by swings in oil prices, some growth-oriented stocks are delivering strong results and setting themselves up for more growth ahead. That’s usually a sign there’s more to the story.
In this article, I’ll highlight two such Canadian growth stocks that could be positioned for a strong run in 2026 and beyond.
Source: Getty Images
Almonty Industries stock: Riding a rare metals boom
Almonty Industries (TSX:AII) has quickly emerged as one of the most talked-about names in the specialty metals industry. The company focuses on tungsten, a critical material used in industrial and defence applications. AII stock currently trades at $29.94 per share, giving it a market cap of $8.5 billion. Over the last 12 months, it has surged an eye-catching 714%, reflecting strong momentum.
A major turning point for the company has been the progress at its Sangdong Mine in South Korea. The recent delivery of the first ore to the run-of-mine pad marked a key transition from development to production. This was a major development because Sangdong is considered one of the largest and highest-grade tungsten deposits globally.
On the financial trends side, the company is seeing strong top-line growth. In the fourth quarter of 2025, Almonty’s revenue rose 39% year-over-year (YoY), supported by a sharp increase in tungsten prices. The average ammonium paratungstate (APT) price jumped 534% YoY to US$2,250 per metric ton unit.
While Almonty reported a net loss of $102.3 million for the quarter, this was largely due to non-cash revaluation losses tied to embedded derivatives. On the brighter side, this did not impact its core operations or liquidity.
With $268.4 million in cash at the end of 2025 and fresh capital raised through a public offering, the company is well-funded to scale production. As global supply constraints persist and demand from Western markets grows, Almonty could play a key role in the tungsten supply chain, which could help its share price continue soaring.
Saturn Oil & Gas stock: Strong execution driving growth
Saturn Oil & Gas (TSX:SOIL) could be another TSX growth story worth considering right now, one that is mainly built on operational efficiency and disciplined execution in the energy sector. Following an impressive run of 287% in the last year, SOIL stock now trades at $6.16 per share with a market cap of $1.1 billion.
In 2025, the company exceeded production guidance and generated record free cash flow of $223 million. This was mainly supported by its strong well performance and continued cost optimization. Similarly, its adjusted funds flow rose 22% YoY to $464 million, even though realized oil prices were 13% lower than the previous year. This shows the company’s ability to grow even in less favourable pricing environments.
Saturn also made meaningful progress on its balance sheet lately, repaying $110 million in debt and ending 2025 with net debt of $761.5 million.
Moreover, the company has identified more than 380 drilling locations, with an estimated net present value of around $450 million. This gives it a clear path for future production growth and value creation.
With a focus on low-decline, light oil assets and disciplined capital management, Saturn appears well-positioned to continue building on its recent momentum.
