A new report says Canada’s junior mining industry is showing signs of a “delicate recovery” after years of struggling following a drop in commodity prices.

Read: Canadian mining companies know how to beat market downturns

The PwC report says the top-100 mining companies on the TSX Venture Exchange raised $2.04 billion in equity in the year ending June 30, up 174% from the $746 million a year earlier.

Money raised through debt rose more modestly, up 20% to $487 million, while five public offerings raised only $40 million but that was up from no IPOs in 2016.

Spending on exploration, development, and mergers and acquisition is also up, with cash outflows coming in at $1.15 billion, up from $268 million a year before.

PwC says the aggregate market cap of the top-100 junior mining companies was up 7% to $12.2 billion — a level not seen since 2010.

Further, valuations in the junior mining sector rose for the second straight year in 2017.

However, the group significantly underperformed the Venture Exchange as a whole.

Despite the underperformance, the consulting firm says the mining sector still accounted for 47% of the Venture Exchange, which hit an all-time high of over 3,300 in 2007 but has been trading largely under 800 this year.

“The recovery cycle will remain choppy,” says the report, and will be driven mostly by commodity prices.

On a positive note, growing demand for electric vehicles, mobile consumer electronics and power storage is creating new markets for old metals and fresh opportunities for junior miners.

Read the full report.

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