All CME Group markets are open and trading.

— CME Group (@CMEGroup) November 28, 2025

According to Reuters, the outage is one of the longest in years for CME Group.

Some traders are taking the disruption as a reminder of the market’s strong reliance on systems that don’t always run perfectly. However, others have pointed out that thinner activity in the US due to Thursday’s (November 27) Thanksgiving holiday likely helped minimize the impact of the stoppage.

‘If there was to be a glitch day, today’s probably a good day to have it,’ Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey, told the news outlet.

Silver price chart, November 27 to 28, 2025.

While silver is known for lagging behind gold before outperforming, it’s now ahead of its sister metal in terms of percentage gains — silver is up about 84 percent year-to-date, while gold has risen around 58 percent.

Gold was also on the move on Friday, breaking back above US$4,200 per ounce for the first time since mid-November, but it remains below its all-time high of nearly US$4,400, set in October.

Silver’s breakout this year has been driven by various factors.

As a precious metal, it’s influenced by many of the same factors as gold, but its October price jump, which took it past the US$50 level, was also driven by a lack of liquidity in the London market.

While that issue appears to have resolved, a new situation has recently emerged — Bloomberg reported on Tuesday (November 25) that Chinese silver stockpiles are now at their lowest level in a decade after huge shipments to London.

Tariff concerns and silver’s new status as a critical mineral in the US have also provided support in 2025.

The white metal’s industrial side also shouldn’t be forgotten — according to the Silver Institute, industrial demand for silver reached a record 680.5 million ounces in 2024, driven by usage in grid infrastructure, vehicle electrification and photovoltaics. Total silver demand was down 3 percent year-on-year in 2024, but still exceeded supply for the fourth year in a row, resulting in a deficit of 148.9 million ounces for the year.

Watch five experts share their thoughts on the outlook for silver.

Time will tell what’s next for silver, but some experts see it continuing to outperform gold in 2026.

‘The sure money is made in the gold sector, but the big money is made in the silver sector — that’s proven true over the last couple of precious metals cycles. I believe it will be true in this one as well,’ said Jay Martin of VRIC Media.

Global battery energy storage system deployment, 2022 to 2025.

Photo via Georgia Williams.

In the US, the trend is even more pronounced.

“We’re expecting energy storage to account for 35 to 40 percent of battery demand in the US in the next few years,” Hughes told the audience at the California-based conference. That shift is reshaping the supply chain, chemistry choices and the strategic priorities of both policymakers and manufacturers.

LFP chemistry takes center stage

The rise of utility-scale storage has in many respects become the story for lithium iron phosphate (LFP) chemistry.

LFP’s lower cost, strong performance profile and “dominance … on behalf of the innovation we’ve seen in LFP cells over the last few years” make it the chemistry of choice, Hughes said.

The cost advantage of LFP batteries is especially significant at a moment when policymakers are tightening sourcing standards and examining supply chains for vulnerabilities. Add to that the supply chain complexities associated with nickel, cobalt and manganese (NCM) chemistries and the LFP segment again stands out.

Despite rapid deployment, grid storage remains highly concentrated, with China and the US together representing 87 percent of all global installations to date. But that dominance may be tested sooner than expected.

Hughes pointed to Saudi Arabia, which “a year ago wasn’t even on this chart,” yet deployed 11 gigawatt hours of storage in just the first three months of this year. “It really goes to show just how early this market is,” she said.

New regions can move from nonexistent to major players “in a matter of months.”

That acceleration is directly linked to plunging costs.

Fully integrated storage systems in China are now sold below US$100 per kilowatt-hour, a milestone that dramatically strengthens project economics, even in environments where subsidies or tax supports have been reduced.

US energy storage market booming

Storage deployment in the US continues to surge, led by California, Texas, Arizona, Nevada and New Mexico.

New Mexico’s rise is particularly telling, according to Hughes.

“New Mexico being the fifth largest state … is just two or three projects,” she noted. That underscores just how early the US storage market still is, and how quickly major projects can reshape state-level capacity.

Hughes also said very large installations are becoming increasingly central. Benchmark defines “giga-scale” projects as those exceeding 1 gigawatt hour, once an industry novelty. Now they are transforming demand patterns.

“This year, we’re expecting nine of these to come online, accounting for 20 percent of battery demand,” Hughes said. By next year, 21 more are in the pipeline, accounting for nearly 40 percent of expected demand.

However, the US policy landscape is shifting. The Inflation Reduction Act’s investment tax credit remains intact for storage, but now comes with stricter sourcing rules for both cells and systems.

That has triggered a rush to secure US-eligible supply, particularly for LFP. The number of announced LFP gigafactories jumped 61 percent between January and November of this year.

Much of that new capacity is being driven by Korean manufacturers such as LG Electronics (KRX:066570), SK Innovation (KRX:096770) and Samsung Electronics (KRX:005930,OTC Pink:SSNLF).

Even so, manufacturers still face a major challenge in qualifying for the Section 45X production tax credit as cathode and precursor supply remains heavily dependent on China.

“That is definitely the biggest pinch point right now for the energy storage sector,” Hughes said.

Electricity demand set to surge in the US

The storage boom is tied to a deeper structural shift: electricity demand is rising after 15 years of stagnation.

Since the 2008 financial crisis, US electricity demand has been “basically flat,” Hughes said, as a result of offshored manufacturing and limited grid investment. But that stagnation is ending as artificial intelligence (AI) data centers, electrified heating, electric vehicle adoption and reshored industrial capacity drive consumption sharply higher.

Benchmark now expects 20 to 30 percent growth in US electricity demand by 2030. That surge “has very strong implications for the grid, for energy security,” Hughes noted, and puts storage “at the center of that conversation.”

Large language models and AI hyperscalers are quickly becoming a dominant force. While data centers have existed for decades, the new generation requires far greater power — and, increasingly, on-site battery storage.

“These large projects are the ones that are going to be having high requirements for batteries” in the coming years, Hughes said, with the US positioned as the global epicenter of AI-driven load growth.

Beyond LFP: The next storage frontier

Looking ahead, chemistry innovation will shape how storage supports the grid at different durations.

LFP is expected to remain the clear winner in four hour applications, while sodium-ion compositions could emerge as a disruptor in the same range. Between four and 10 hours, LFP is increasingly pushing out technologies like flow batteries and sodium-sulfur batteries due to cost advantages. Beyond 10 hours, a new suite of technologies is still in development, with US companies particularly active in that long-duration space.

As Hughes concluded, the role of storage is only growing.

With electricity demand accelerating and policy tightening, battery systems have moved from a peripheral technology to a strategic necessity, and the global energy transition is quickly reshaping around them.

Investor Insight

Nevada Sunrise Metals offers investors exposure to gold exploration and critical metals in one of Nevada’s most active and highly prospective gold belts, supported by advanced AI-driven target generation and a proven technical team guiding multiple discovery-stage projects.

Overview

Nevada Sunrise Metals (TSXV:NEV,OTCP:NVSGF) is a Nevada-focused mineral exploration company with a portfolio of gold, copper and lithium projects. Nevada was ranked the second most attractive exploration district in the world in 2024, providing a strong foundation for the Company’s growth strategy.

At the center of its portfolio is the Griffon Gold Mine project, a past-producing gold asset located within the prolific Battle Mountain–Eureka Trend. Griffon hosts Carlin-type mineralization, produced 62,661 ounces of oxide gold from 1998 to 1999, and benefits from extensive historical drilling, favorable host stratigraphy and new target zones identified by VRIFY’s DORA A.I. predictive modeling. Ongoing geophysics and geochemical programs in 2025 will refine drill targets ahead of a drilling program planned for 2026.

Nevada Sunrise is also advancing the Coronado Copper Project, where it holds the right to earn a 100 percent interest. Coronado is positioned for a planned geophysical program supported by good access and favorable terrain. In addition, the Company owns three lithium exploration projects – Gemini West, Jackson Wash and Badlands – all located in the Lida Valley in Esmeralda County.

To drive discovery across this portfolio, Nevada Sunrise integrates historical data with advanced geophysics, modern geochemical methods, and AI-driven exploration tools. This technology-enhanced approach, combined with experienced leadership and a strong technical team, is central to the Company’s strategy for building shareholder value.

Company Highlights

• Flagship past-producing gold project in a Tier-1 jurisdiction: The Griffon Gold Mine project lies within Nevada’s prolific Battle Mountain–Eureka Trend, near producing mines and major gold developers.
• AI-powered exploration strategy: Nevada Sunrise is using VRIFY’s predictive modeling to identify high-priority drill targets, an emerging technology rarely applied in Nevada.
• Clear path to 2026 drilling: Soil, magnetic, IP/resistivity and CSAMT surveys in fall 2025 will feed into an updated AI model, enabling optimized drill targeting planned for 2026.
• Highly experienced management and geological team: Leadership includes executives and advisors with decades of exploration success across Nevada and globally.
• Diversified asset portfolio: Gold, copper and lithium assets create optionality across multiple mineral markets.
• Flagship past-producing gold project in a Tier-1 jurisdiction: The Griffon Gold Mine project lies within Nevada’s prolific Battle Mountain–Eureka Trend, near producing mines and major gold developers.
• AI-powered exploration strategy: Nevada Sunrise is using VRIFY’s predictive modeling to identify high-priority drill targets, an emerging technology rarely applied in Nevada.
• Clear path to 2026 drilling: Soil, magnetic, IP/resistivity and CSAMT surveys in fall 2025 will feed into an updated AI model, enabling optimized drill targeting planned for 2026.
• Highly experienced management and geological team: Leadership includes executives and advisors with decades of exploration success across Nevada and globally.
• Diversified asset portfolio: Gold, copper and lithium assets create optionality across multiple mineral markets.

Key Projects

Griffon Gold Mine Project

Discovery Ridge Pit, Griffon Gold Mine Project, White Pine County, Nevada

Located approximately 50 km southwest of Ely, Nevada, the Griffon Gold Mine project consists of 89 unpatented mineral claims totaling ~1,780 acres. The project is positioned within a 60 km segment of the Battle Mountain–Eureka Gold Belt, one of Nevada’s most productive precious metals trends.

Project Highlights:

• Past Production: Griffon was previously mined by Alta Gold (1998–1999) and produced 62,661 oz of oxide gold via heap leaching before its premature closure impacted by low gold prices (US$278/oz in 1999).
• Geological Setting: Stratigraphy includes Pilot Shale, Chainman Shale and Joana Limestone – formations typical of Carlin-type gold systems in the region. Historical drilling and multi-element geochemical soil sampling show multiple gold-bearing horizons and Carlin-type pathfinder elements (antimony, arsenic, mercury, thallium).
• AI-supported Target Generation: In March 2025, VRIFY was engaged to apply predictive modeling to the project. Results have identified new target zones, including those southwest of Hammer Ridge and the unmined Anvil Zone.
• Path to Drilling: Biological surveys are planned for late winter to spring 2026, after which successful drill permitting is expected. The Company anticipates drilling could commence in late Q2 or early Q3 2026, pending receipt of approvals.

Coronado Copper Project

The Coronado copper project is a VMS-style copper exploration property located in the Tobin–Sonoma Range of Pershing County, Nevada, approximately 48 km southeast of Winnemucca and adjacent to the historic Big Mike open-pit copper mine, which produced high-grade copper in the early 1970s. The project comprises 133 unpatented claims covering about 2,660 acres, and Nevada Sunrise holds the right to earn a 100 percent interest. Exploration to date includes airborne VTEM surveying, ground gravity surveying, soil gas hydrocarbon soil sampling, and historical drilling data, and the Company is now advancing new geophysical modeling to refine drill targets in this underexplored district.

Gemini West Lithium Project

The Gemini West lithium project represents the remaining western portion of Nevada Sunrise’s former Gemini lithium project land package in the Lida Valley, following the September 2025 sale of 223 core Gemini claims to Dome Rock Resources for US$800,000, with Nevada Sunrise retaining a 2.0 percent NSR royalty on future production and 26 unpatented claims immediately to the west of the Gemini lithium deposit. and. Positioned near the historic town of Gold Point in Esmeralda County, Gemini West continues to provide the Company exposure to lithium exploration upside in a highly prospective basin, complementing its fully-owned Jackson Wash and Badlands lithium projects.

Jackson Wash Lithium Project

The Jackson Wash lithium project is one of Nevada Sunrise’s 100-percent-owned lithium assets located in the Lida Valley of Esmeralda County, Nevada. The project, covering approximately 420 acres, has been advanced through earlier technical work, and is positioned within a highly prospective basin that also hosts the Company’s Gemini West and Badlands projects. Jackson Wash forms a core part of Nevada Sunrise’s long-term critical metals strategy.

Badlands Lithium Project

The Badlands lithium project, staked by Nevada Sunrise Metals in 2022, covers approximately 240 acres of unpatented claims in the Lida Valley, Esmeralda County, Nevada, situated about halfway between the company’s Gemini West and Jackson Wash lithium projects. Surface sampling in 2022 returned anomalous lithium values between 70 parts per million (ppm) and 165.8 ppm from outcrop, within flat-lying beds of volcanic ash, silt and gravel resembling playa-style sedimentary lithium systems.

Management Team

Warren W. Stanyer – President, CEO & Director

Warren Stanyer is a mineral exploration industry executive with over 29 years of experience in Canadian public company administration. He previously served as an officer of Pioneer Metals, which was acquired by Barrick Gold in 2006, and as an officer until 2007 of UEX Corporation (TSX:UEX). Stanyer was president, CEO and a director of Northern Continental Resources, when it was acquired by Hathor Exploration in November 2009. In recent years he has been an officer and director of Alpha Minerals, which was acquired by Fission Uranium in 2013, and ALX Resources Corp., which was acquired by Greenridge Exploration Inc. in 2024, where he currently serves as president and director (CSE:GXP).

Jonathan Fung – CFO

Jonathan Fung, CPA, provides accounting, financial reporting and regulatory compliance services to publicly listed and private companies. He obtained his Bachelor of Commerce (with Honours) degree in accounting from the University of British Columbia in 2013. Fung articled at D&H Group LLP Chartered Professional Accountants where he provided accounting, assurance and income taxation services to publicly listed and private companies. After working in assurance services at Ernst & Young LLP, he joined Treewalk Consulting in Vancouver from 2019 until 2024. He is a member of the Chartered Professional Accountants of British Columbia.

Christina Boddy – Corporate Secretary

Christina Boddy is an experienced Corporate Secretary and governance professional and has acted for more than 30 public and private companies over the past 18 years. Currently, Ms. Boddy serves as a consultant through Rhodanthe Corporate Services, a private company based in British Columbia. Her expertise lies in public governance and compliance, consistently ensuring adherence to regulatory frameworks and implementing best practices. Ms. Boddy obtained a Bachelor of Science degree in Biology from the University of Northern British Columbia and has completed the Canadian Securities Course.

Charles E. Roy – Director

Charles Roy earned a B.Sc. in geology from Acadia University, Nova Scotia in 1972. Early in his career, Roy was employed by the mining engineering and geological consulting firm of David S. Robertson and Associates and worked in Canada, the US and in Africa. In 1979, Roy joined a predecessor company of Cameco Corporation (TSX:CCO) as a project geologist, thus beginning a career with Cameco that would span 33 years. In 1988, he transferred to Cameco Gold and managed an exploration office in Reno, Nevada from 1991 to 1994. Roy returned to uranium exploration in 1994 and over the next 18 years managed exploration programs in the Athabasca Basin area of northern Canada. During this period Mr. Roy oversaw exploration teams that discovered and delineated seven significant uranium deposits, including Millennium.

Suraj P. Ahuja – Director

Suraj Ahuja is president and principal geological consultant of SKAN Consulting, based in West Vancouver. Ahuja has over 40 years of mineral exploration and management experience in Canada, the US and South America. Since 2001, he has provided consulting services to several major and junior exploration companies in Canada and overseas, and has designed, developed and managed successful mineral exploration programs from grassroots to detailed property evaluations, including mine geology and feasibility studies. Ahuja currently serves as a director of Atha Energy (TSXV:SASK).

Cory H. Kent – Director

Cory H. Kent has been a lawyer and partner at McMillan LLP since February 2003, practicing in the area of securities and corporate law with a focus on companies in the mineral resources industry. Kent has a LLB from the University of British Columbia and Bachelor of Arts from Carleton University.