Avalanche Treasury Co. (AVAT) represents a milestone in the maturation of blockchain-based digital assets as it transitions from speculative retail tools to mainstream institutional investment vehicles.

This newly launched investment vehicle, specifically designed to buy and hold Avalanche (AVAX) tokens, gives institutional investors a compliant way to gain exposure to Avalanche’s ecosystem growth. Its creation is emblematic of the broader financial ecosystem’s ongoing convergence with decentralized finance and blockchain innovation.

“This is a public company launching as an active, strategic partner within the Avalanche network, offering a level of integration and alignment that investors have been demanding,” he said.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

Mali’s military-led government has revoked more than 90 mining exploration permits due to alleged non-compliance with the country’s new legal requirements.

An official decree signed by Mines Minister Amadou Keita on October 13 announced the revocation of permits issued between 2015 and 2022 for gold, iron ore, bauxite, uranium, rare earths, and other minerals, according to a Reuters report.

Companies impacted include local subsidiaries of Harmony Gold Mining (NYSE:HMY,JSE:HAR), IAMGOLD (TSX:IMG,NYSE:IAG,OTCQX:IAFNF), Cora Gold (LSE:CORA) and Resolute Mining (ASX:RSG,LSE:RSG).

As of writing, representatives of Harmony Gold, IAMGOLD and Resolute did not immediately respond to requests for comment nor have publicly released statements on the matter.

The decree did not specify the total area affected or the potential value of the exploration activities involved but declared that all rights conferred by the permits were “released” and that the corresponding areas were now open for reallocation.

“Permit holders were asked to submit required documents under new mining rules, but after verification, authorities found widespread non-compliance,” the Ministry of Mines said in a statement. “As a result, the government has canceled the permits in line with mining legislation.”

Cora Gold told Reuters that the cancellation would have no impact on its operations. The company said it had already relinquished the affected permits over two years ago and had not received formal notice from authorities.

In recent months, governments across West Africa have started to tighten oversight of the mining industry and ensure greater compliance from international operators. Guinea, for instance, has similarly annulled dormant or non-compliant licenses as part of efforts to maximize state revenues and assert greater control over strategic mineral assets.

Mali, one of Africa’s leading gold producers, relies heavily on mining for export earnings and public revenue. However, the sector has faced mounting pressure from political instability and regulatory uncertainty.

The country’s industrial gold output is expected to fall short of its 2025 target due to operational disruptions, including at Barrick Loulo-Gounkoto mine, which currently serves as Mali’s largest gold asset.

The government has sought to offset these challenges by deepening partnerships with non-Western allies, particularly Russia. In recent months, Mali has entered into a series of energy and mining agreements with Moscow, including a deal for the supply of 160,000 to 200,000 metric tons of petroleum and agricultural products.

Russian-backed ventures have also expanded in Mali’s mining landscape through joint projects in gold, uranium, and lithium, as well as the construction of a state-controlled gold refinery in Bamako.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

European Green Transition (AIM: EGT), a company seeking to acquire and transform revenue stage businesses supporting the green energy transition in Europe, announces that it has entered into an exclusive option agreement (the ‘Option’) with Recovery Metals Cyprus Limited (‘RMC’) to sell its Pajala Copper Project in Sweden.

Highlights

• EGT has entered into an exclusive six-month option agreement with RMC for the potential sale of the Liviövaara nr 101 and Lehtosölkä nr 101 exploration licences (together, the ‘Pajala Copper Project’) in northern Sweden.
• The Pajala Copper Project represents a potential Iron Oxide Copper Gold (IOCG) target, with historical drilling confirming copper mineralisation across multiple intersections.
• Anglo American, a previous operator, completed a nine-hole diamond drilling programme at the project, identifying broad intervals of copper mineralisation indicative of an IOCG system with the potential to host a significant copper deposit.
• RMC, a privately held company incorporated in Cyprus, is focused on developing a pan-European portfolio of high-potential copper and gold projects. Its current portfolio comprises three fully licensed copper projects located in Cyprus with immediate development potential.
• Under the terms of the option agreement, RMC will fund all due diligence activities during the six-month option period.
• Should RMC choose to exercise the option, the acquisition of the Pajala Copper Project would be subject to the successful negotiation and execution of definitive transaction documents. There can be no certainty that the option will be exercised or any transaction concluded.
• The Company will provide further updates to the market as appropriate.

Cathal Friel, Co-founder and Non-Executive Chairman, commented: ‘We are pleased to have signed an exclusive option agreement with RMC for the proposed sale of our Pajala Copper Project in Sweden, marking a significant step in the execution of our strategy to generate value from our mining portfolio. The agreement provides RMC with sufficient time to complete its due diligence on the project, supported by their team who have prior operational experience in the region.

‘Copper prices are approaching record highs, underpinned by limited supply and strong market fundamentals. Growing investment in electrification and clean energy technologies together with policy measures such as the EU Critical Raw Materials Act which seeks to ensure a stable supply of critical minerals to the European market, is driving sustained demand for both copper and rare earth elements (REEs), reinforcing the potential strategic importance of EGT’s mining assets within the European supply chain. This potential transaction reinforces our approach to capital allocation as we continue to focus our resources on monetising our existing mining projects and acquiring and developing distressed, revenue-generating businesses across a diverse range of sectors.’

About the Pajala Copper Project

The Pajala Copper Project comprises three contiguous exploration permits covering an area of approximately 51.17 km². These permits are held 100% by Rockfleet Minerals Limited, a wholly owned subsidiary of EGT, and are unencumbered by royalties. The project lies 21 kilometres from the Kaunisavaara iron ore mine in the Pajala district of Norrbotten County, benefiting from well-developed local infrastructure and access to abundant renewable energy sources. Historical exploration by Anglo American between 2000 and 2001 included nine diamond drill holes totalling 1,768.9 metres, with several intercepts indicating copper and gold mineralisation. Notable results include 5.45 metres at 1.23% Cu and 1.13 g/t Au (hole 00LIV001), 10.5 metres at 0.28% Cu (hole 00LIV004), and 10.75 metres at 0.5% Cu (hole 01LIV009). These findings suggest the presence of a potentially significant IOCG-style system, underscoring the project’s strong copper potential.

Enquiries

Notes to Editors

European Green Transition plc (quoted on the AIM market of the London Stock Exchange under the ticker ‘EGT’) is a company which aims to capitalise on the opportunities created by the green energy transition in Europe. EGT is seeking to monetise its existing portfolio of mining projects through sale or partnership as it looks to allocate its resources away from natural resources and mining to focus on acquiring and transforming distressed, revenue generating businesses through M&A.

For more information, please go to www.europeangreentransition.com or follow us on X (formerly Twitter ) and LinkedIn.

Source

Tertiary Minerals plc (AIM: TYM) is pleased to announce that KoBold Metals Company (‘KoBold’) has successfully completed its Stage 1 Earn-In requirements on the Konkola West Copper Project (‘Project’) and has confirmed it will proceed to Stage 2 under the Earn-In Agreement (‘Agreement’) with cumulative exploration expenditure of up to US$6 million.

Highlights

• Completion of Stage 1 Earn-In requirements with 2 drill holes for an accumulative 4,153m of drilling, significantly surpassing the minimum drilling requirement of 2,000m.
• New Joint venture company to be incorporated.
• KoBold confirms its intention to proceed to Stage 2, which includes cumulative exploration expenditure of up to US$6 million.
• KoBold is currently undertaking extensive analysis of the two holes completed to date. This work includes full geochemical analysis, downhole geophysics, and stratigraphic interpretation, all of which will improve the targeting for the next phase of exploration.
• Location and depth of the next drill hole to be confirmed once all the data from previous drilling is reviewed and incorporated into the updated exploration model.

Drilling Summary

Hole KWDD001

Hole KWDD001 was collared in the northeast of the licence area and targeted down-dip extensions of mineralisation to the southwest of Mingomba and Konkola Deeps (Figure 1). The drillhole was drilled to a depth of 2,711m but was terminated due to technical difficulties before reaching the targeted horizon (Ore Shale, Copperbelt Orebody Member). KWDD001 is believed to be the deepest mineral exploration drill hole to have ever been drilled in the Zambian Copperbelt and marks a significant milestone within the industry.

Hole KWDD002

Hole KWDD002 is collared on the eastern side of the licence area and is targeting down-dip extensions of known mineralisation southeast of the Konkola Mine (Figure 1). The drillhole was drilled to a depth of 1,802m but was recently terminated due to technical difficulties.

Notwithstanding the drilling difficulties, both drillholes have yielded invaluable geological information which is now being incorporated into KoBold’s geological model for the Konkola region and will be used as part of the planning process for the Stage 2 drilling.

Earn-In Agreement

The Earn-In Agreement is between Tertiary Minerals (Zambia) Limited, its local partner, Mwashia Resources Limited, and Mwinilunga Exploration Limited, a subsidiary of KoBold.

Under the amended Earn-in Agreement, KoBold was required to drill two holes and carry out a minimum of 2,000m of drilling within 24 months of signing the Earn-in Agreement (prior to 19 December 2025) to achieve the Stage 1 Earn-In.

Following the completion of Stage 1 and KoBold having elected to proceed to Stage 2, a joint venture company between Tertiary Minerals Zambia, Mwashia Resources Limited and Mwinilunga Exploration Limited will be formed, where the participating interests in the joint venture company will be: 39%, 51%, and 10%, respectively.

In order to complete the requirements of Stage 2, KoBold is required to spend a cumulative amount of up to US$6 million on exploration expenditure within a further 24-month period. If these requirements are achieved, then KoBold will increase its participating interest, and the shareholdings in the joint venture company will then be: 20% Tertiary Minerals (Zambia) Ltd, 70% Mwinilunga Exploration Limited, and 10% Mwashia Resources Limited.

In addition, a provision of the Earn-In Agreement has been made to ensure that KoBold’s newly granted adjacent Large Exploration Licence, 38615-HQ-LEL, will also be held under the terms of the Earn-in Agreement for the benefit of all the parties.

Richard Belcher, Managing Director of Tertiary Minerals plc, commented:

‘We are delighted that KoBold has completed Stage 1 of the Earn-In Agreement requirements and has opted to proceed to Stage 2, despite the technical drilling challenges in this groundbreaking exploration programme. This marks a major milestone not only for the Project but the collaboration between our respective companies with the formation of a new joint venture company. Such a move underlines the continuing commitment and strategic importance of this Project within the world- renowned Central African Copperbelt.

‘The continuation of exploration under the Earn-In Agreement provides significant upside for Tertiary to any future Project advancement while limiting downside in terms of risk and capital expenditure. The Company looks forward to continuing this relationship and I look forward to providing further updates in due course.’

Mfikeyi Makayi, Chief Executive Officer, KoBold Metals Africa, commented:

‘We have learned a lot from the first two holes drilled at the Konkola West property that will go into planning future work on the licence area. We are pleased to have fulfilled Stage 1 of our Earn-In Agreement and look forward to continuing to work with Tertiary and Mwashia in Stage 2 of our Earn-In Agreement.’

Figure 1. Location map of the Konkola West Copper Project and collar position of the two drill holes.

Project Summary

Konkola West (Licences 27067-HQ-LEL and 38615-HQ-LEL) is located approximately 5km to the southwest of KoBold’s Mingomba deposit and 3km southwest of Konkola Deep Mine, which forms part of the Lubambe-Mingomba-Konkola group of copper deposits of the Zambian Copperbelt. The aim of the drill programme is to test the potential continuations of mineralisation being mined at the World-Class Musoshi, Lubambe and Konkola Mines (combined pre-mining endowment of over 775Mt grading 2-3% copper). KoBold’s Mingomba project, is reported by KoBold to be one of the largest undeveloped copper deposits in the world. KoBold is using its propriety AI-driven models of the regional geology to support its mineral exploration targeting.

Further Information:

Market Abuse Regulation

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (‘MAR’). Upon the publication of this announcement via Regulatory Information Service (‘RIS’), this inside information is now considered to be in the public domain.

Cautionary Note Regarding Forward-Looking Statements

The news release may contain certain statements and expressions of belief, expectation or opinion which are forward looking statements, and which relate, inter alia, to the Company’s proposed strategy, plans and objectives or to the expectations or intentions of the Company’s directors. Such forward-looking statements involve known and unknown risks, uncertainties, and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such forward-looking statements. Accordingly, you should not rely on any forward-looking statements and, save as required by the AIM Rules for Companies or by law, the Company does not accept any obligation to disseminate any updates or revisions to such forward-looking statements.

Competent Persons Statement

The technical information in this release has been compiled and reviewed by Dr. Richard Belcher (CGeol, EurGeol) who is a qualified person for the purposes of the AIM Note for Mining and Oil & Gas Companies. Dr. Belcher is a chartered fellow of the Geological Society of London and holds the European Geologist title with the European Federation of Geologists.

About Tertiary Minerals plc

Tertiary Minerals plc (AIM: TYM) is an AIM-traded mineral exploration and development company whose strategic focus is on energy transition metals. The Company’s projects are all located in stable and democratic, geologically prospective, mining-friendly jurisdictions. Tertiary’s current principal activities are the discovery and development of copper and precious metal mineral resources in Nevada and in Zambia.

Source

The US Senate voted Wednesday (October 29) to terminate the national emergency President Donald Trump invoked to impose steep tariffs on Canadian imports, marking the chamber’s second bipartisan rebuke of Trump’s trade policies in as many days.

The resolution passed 50–46, with four Republicans—Mitch McConnell and Rand Paul of Kentucky, Susan Collins of Maine, and Lisa Murkowski of Alaska—joining Democrats in support.

The Senate’s move follows a similar vote on Tuesday (October 28) to block tariffs on Brazilian goods.

‘President Trump has stretched this notion of emergency far beyond the language of the statute,” Sen. Tim Kaine of Virginia said in a floor speech ahead of the vote. “If President Trump can name anything as an emergency, so can any president henceforth.”

Kaine’s resolution targets the 25 percent tariffs Trump first imposed on Canadian goods in February under the International Emergency Economic Powers Act. Trump justified the move by claiming Canada was failing to stop the flow of fentanyl across the northern border, a rationale that Kaine and others called “absurd.”

“It is ridiculous to say that fentanyl is an emergency with respect to Canada,” Kaine said. “It’s a pretext that’s just being used to pour more and more tariffs onto Canada.”

According to US Customs and Border Protection, less than one percent of fentanyl seizures this year occurred along the northern border, amounting to only 66 pounds in total.

Trump later escalated the tariffs to 35 percent in August and threatened to raise them another 10 percent last week, following a spat over a televised advertisement by Ontario’s provincial government.

The ad featured a 1987 clip of former President Ronald Reagan warning that tariffs “lead to retaliation and shrinking markets”—a message Trump dismissed as “fake.”

The president abruptly canceled trade negotiations with Canadian officials over the ad, prompting sharp criticism from lawmakers in both parties.

“The economic harms of trade wars are not the exception to history, but the rule,” McConnell said in a statement explaining his vote. “Tariffs make both building and buying in America more expensive. And no cross-eyed reading of Reagan will reveal otherwise.”

Collins, whose home state borders Canada, said her vote reflected both economic and practical concerns.

“I’ve seen firsthand the damage that the Canadian tariffs have caused,” she said Tuesday. “The Canadians have worked very hard to try to stem the flow of drugs into this country, and the vast majority of drugs arrive from the southern border, not the northern border. So I don’t think the basis for imposing tariffs on Canada is a valid one.”

The trade rift has also spilled into the private sector, where Canadian exporters are scrambling to manage rising costs and tighter margins.

With tariffs adding pressure to cross-border transactions, many businesses have turned to their banks for foreign exchange, only to encounter delays and high fees.

“An estimated 85 percent of small and medium-sized businesses in Canada use their bank because of the convenience, and frankly, because they aren’t aware of any other solution,” said Alfred Nader, CEO of fintech firm Mark Lane.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

News Provided by Canada Newswire via QuoteMedia

BPH Energy (BPH:AU) has announced BPH September Quarter Appendix 4C Cashflow

Download the PDF here.

Global commodities prices are on track to fall to their lowest level in six years by 2026, as weaker demand, a widening oil surplus and policy uncertainty continue to weigh on markets, according to the World Bank.

In 2025, the oil glut is projected to expand 65 percent above its last peak in 2020 as electric and hybrid vehicles reduce fuel consumption and oil demand flattens in China, as per the organization’s latest Commodity Markets Outlook.

The World Bank sees global energy prices falling sharply as a result.

Brent crude is forecast to slide from an average of US$68 per barrel in 2025 to US$60 in 2026, marking the lowest level in five years. Overall, energy prices are seen dropping by 12 percent this year and an additional 10 percent next year.

Despite the declines, commodities prices remain elevated compared to pre-pandemic levels. The World Bank estimates 2025 prices will still average 23 percent higher than in 2019, and 2026 levels about 14 percent above pre-COVID benchmarks, reflecting structural shifts such as climate impact, supply chain realignment and new industrial demand.

Food markets are also showing signs of easing. Global food prices are forecast to fall in 2025 and 2026, aided by improved harvests and lower shipping costs. However, fertilizer costs are expected to surge this year before easing in 2026, driven by high input prices and trade restrictions that could strain farm profitability and threaten crop yields.

Precious metals, by contrast, are defying the broader trend.

Gold and silver prices have reached record highs in 2025, primarily buoyed by central bank purchases, investor demand for safe-haven assets and ongoing macroeconomic uncertainty.

The gold price is expected to rise 42 percent this year and another 5 percent in 2026, nearly doubling its 2015 to 2019 average. Meanwhile, silver is projected to increase 34 percent this year and 8 percent next year.

While the downturn in energy prices, as well as lower prices for commodities like wheat and rice, is providing some relief to inflation-hit economies, the World Bank warns the decline may be temporary.

“Commodity markets are helping to stabilize the global economy,” said Indermit Gill, the World Bank Group’s chief economist and senior vice president for development economics, in a Wednesday (October 29) release. “Falling energy prices have contributed to the decline in global consumer-price inflation. But this respite will not last. Governments should use it to get their fiscal house in order, make economies business-ready, and accelerate trade and investment.”

The report also notes that the commodities outlook remains vulnerable to shifting global conditions. Prolonged trade disputes, sluggish economic growth or an unexpected surge in OPEC+ oil supply could drag prices further down. Conversely, heightened geopolitical tensions, new sanctions or severe climate disruptions could drive them back up.

Beyond short-term price dynamics, the report’s ‘special focus’ section for this year examines whether renewed global interest in managing supply and demand through commodities pacts could stabilize markets.

Drawing on a century of experience with international commodities agreements (ICAs), the World Bank found that most efforts like this ultimately failed. In the 20th century, producer and consumer nations attempted to stabilize prices through mechanisms involving inventory controls, trade quotas and price-setting schemes for commodities.

While some early efforts achieved temporary price stability, most collapsed due to weak coordination and changing demand patterns. Even the Organization of the Petroleum Exporting Countries (OPEC) — the longest-lasting such arrangement — has faced increasing challenges from new energy sources and shifting consumer behavior.

“OPEC’s longevity stands out among other ICAs,” the report states, noting that its survival has depended on its ability to adjust production quotas, expand alliances through OPEC+ and engage with consumer nations through dialogue.

Still, the World Bank cautions that OPEC faces growing headwinds from the global transition toward cleaner energy, which could usher in a period of stagnant or declining oil demand.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.