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NorthStar Gaming Provides Update on Strategic Priorities for 2026

NorthStar Gaming Holdings Inc. (TSXV: BET,OTC:NSBBF) (OTCQB: NSBBF) (‘NorthStar’ or the ‘Company’) today provided an update on its strategic priorities for 2026, focused on disciplined execution, effective capital allocation, and improving the Company’s profitability profile. All dollar figures are quoted in Canadian dollars.

The Company’s core strategy remains focused on growing and enhancing the NorthStar Bets online betting platform, which is known for its user-friendly interface, strong customer service, ongoing product innovation, and Canadian roots. Further enhancements to the core player experience and product functionality to drive retention and engagement will support the Company’s approach going forward.

In 2026, the Company is executing a disciplined operating plan to progress towards profitability through advertising efficiency, operating leverage, and cost management. These initiatives are intended to preserve cash resources, improve near-term returns on invested capital, and continue to enhance the quality and functionality of the Company’s product offerings.

As part of this plan, the Company has taken targeted actions to streamline general and administrative expenses. These actions are expected to result in approximately $3 million in annualized G&A cost savings, with the full financial impact expected to phase in over the course of 2026. In parallel, management continues to evaluate and implement additional operating and marketing efficiencies through oversight of discretionary advertising spend decisions and ongoing optimization of vendor and services contracts.

‘We are focused on taking deliberate, measured steps to position the Company for profitability,’ said Corey Goodman, Interim Chief Executive Officer of NorthStar. ‘The expected annualized G&A savings reflect measures that have largely been implemented. Building on these reductions, management is actively deploying additional efficiency and operating leverage initiatives across services, marketing spend, and cost of goods sold that are expected to materially enhance the Company’s EBITDA profile. In parallel, targeted investments in the product experience are being made to improve retention and increase the stability and predictability of revenue over time.’

Key initiatives supporting these objectives include:

  • improving advertising productivity through more targeted and return-driven media deployment;
  • reducing reliance on external advertising agencies, further rationalizing agency fees, and renegotiating key vendor and services contracts as advertising spend levels are recalibrated;
  • continuing to prioritize customer retention through enhancements to the player experience, customer outreach, and internal processes;
  • selectively reducing salaried personnel and contracted services where efficiencies can be achieved and service levels can be maintained; and
  • refocusing the Company’s content strategy by reducing costs associated with the production of Sports Insights content and The Boost.

Taken together, these initiatives are expected to have a meaningful impact on the Company’s EBITDA profile as cost efficiencies and operating leverage are realized over the course of 2026.

The Company expects to continue to incur a declining portion of cash expenditures associated with resources being phased out of the business during a transition period through 2026, with the revised expense run rate expected to be fully reflected beginning in 2027. The Company expects to record certain restructuring-related costs in connection with these initiatives, which would be recognized in accordance with applicable international financial reporting standards. Management continues to actively monitor liquidity and capital requirements as these initiatives are implemented. The Company’s capital structure and lender relationships remain an important part of its broader operating and capital planning process. The cost reduction initiatives are expected to strengthen the Company’s covenant position in 2026, and constructive discussions with its senior lender are ongoing.

Additional details regarding the Company’s financial outlook, liquidity and associated risks were described in its management’s discussion & analysis dated November 26, 2025, available on SEDAR+ at www.sedarplus.ca and on the Company’s website at www.northstargaming.ca.

About NorthStar

NorthStar proudly owns and operates NorthStar Bets, a Canadian-born casino and sportsbook platform that delivers a premium, distinctly local gaming experience. Designed with high-stakes players in mind, NorthStar Bets Casino offers a curated selection of the most popular games, ensuring an elevated user experience. Our sportsbook stands out with its exclusive Sports Insights feature, seamlessly integrating betting guidance, stats, and scores, all tailored to meet the expectations of a premium audience.

As a Canadian company, NorthStar is uniquely positioned to cater to customers who seek a high-quality product and an exceptional level of personalized service, setting a new standard in the industry. NorthStar is committed to operating at the highest level of responsible gaming standards.

NorthStar is listed in Canada on the TSX Venture Exchange (‘TSXV’) under the symbol ‘BET’ and in the United States on the OTCQB under the symbol ‘NSBBF’. For more information on the Company, please visit: www.northstargaming.ca.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.

Cautionary Note Regarding Forward-Looking Information and Statements

This press release contains ‘forward-looking information’ within the meaning of applicable securities laws in Canada (‘forward-looking statements’), including without limitation, statements with respect to the following: expected performance of the Company’s business, including, but not limited to, anticipated expense run rates, cash-expenditures and restructuring-related costs, and the amount, nature timing of cost savings, return on investment and other benefits resulting from cost reduction and operating initiatives, expansion into new markets and future growth opportunities, and expected benefits of transactions. The foregoing are provided for the purpose of presenting information about management’s current expectations and plans relating to the future and allowing investors and others to get a better understanding of the Company’s anticipated financial position, results of operations, and operating environment. Often, but not always, forward- looking statements can be identified by the use of words such as ‘plans’, ‘expects’, ‘is expected’, ‘budget’, ‘scheduled’, ‘estimates’, ‘continues’, ‘forecasts’, ‘projects’, ‘predicts’, ‘intends’, ‘anticipates’ or ‘believes’, or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results ‘may’, ‘could’, ‘would’, ‘should’, ‘might’ or ‘will’ be taken, occur or be achieved. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. This forward-looking information is based on management’s opinions, estimates and assumptions, including, but not limited to, operating assumptions with respect to the timing of and benefits resulting from cost reduction and operating initiatives, that, while considered by NorthStar to be appropriate and reasonable as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by such forward- looking information. Such factors include, among others, the following: the Company’s ability to operate as a going concern, risks related to the Company’s business and financial position, including, but not limited to, compliance with debt-related covenants; risks associated with general economic conditions; the effect of capital market conditions and other factors on capital availability, adverse industry risks; future legislative and regulatory developments; the ability of the Company to implement its business strategies, including, but not limited to, its cost reduction and operating initiatives; and those factors discussed in greater detail under the ‘Risk Factors’ section of the Company’s most recent annual information form, which is available under NorthStar’s profile on SEDAR+ at www.sedarplus.ca. Many of these risks are beyond the Company’s control.

If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking statements. Although the Company has attempted to identify important risk factors that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other risk factors not presently known to the Company or that the Company presently believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking statements. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this press release represents NorthStar’s expectations as of the date specified herein, and are subject to change after such date. However, the Company disclaims any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.

All of the forward-looking information contained in this press release is expressly qualified by the foregoing cautionary statements.

For further information: Company Contact:

Corey Goodman
Interim Chief Executive Officer 647-530-2387
investorrelations@northstargaming.ca

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/284980

News Provided by TMX Newsfile via QuoteMedia

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Ni-Co Energy Inc. Files Preliminary Prospectus for Proposed Initial Public Offering

Ni-Co Energy Inc. (“Ni-Co Energy” or the “Company”) is pleased to announce that it has filed a preliminary prospectus (the “Preliminary Prospectus”) with the securities regulatory authorities in the provinces of Québec, Ontario, Alberta, and British Columbia in connection with its proposed initial public offering (the “Offering”) of common shares of the Company (each a “Share”). The Offering is structured as a minimum offering of $1,500,000 (6,000,000 Shares) and a maximum offering of $3,000,000 (12,000,000 Shares), at a price of $0.25 per Share. The Company and the Agent (as defined herein) may jointly elect, at any time up to 48 hours prior to closing, to have up to 1,333,333 Shares issued as “flow-through” shares (each an “FT Share”) within the meaning of the Income Tax Act (Canada) at a price of $0.60 per FT Share.

The Offering will be conducted on a best-efforts basis by Research Capital Corporation (the “Agent”). The Company has granted the Agent an over-allotment option, exercisable in the Agent’s sole discretion, in whole or in part, at any time until and including 30 days following the closing of the Offering, to purchase up to 1,800,000 additional Shares (representing 15% of the Shares sold under the Offering) at the applicable offering price. Pursuant to an agency agreement, the Agent will receive: (i) a cash agency fee equal to 10% of gross proceeds (or 4% in respect of sales to President’s List purchasers, being purchasers identified by the Company, representing up to $1,500,000 in subscriptions); (ii) a corporate finance advisory fee of $50,000; and (iii) agent’s compensation warrants entitling the Agent to purchase up to 1,200,000 Shares at $0.25 per share for a period of 24 months from the closing date of the Offering.

The Preliminary Prospectus contains important information relating to the Company, its business, and the Offering, and remains subject to completion or amendment. Copies are available under Ni-Co Energy’s profile on SEDAR+ (www.sedarplus.ca). Completion of the Offering is subject to, among other things, the receipt of customary approvals, including regulatory approvals. There will not be any sale or any acceptance of an offer to buy the Shares until a receipt for the final prospectus has been issued by the relevant securities regulatory authorities in Canada.

The Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws. Accordingly, the Shares may not be offered or sold within the United States or to U.S. persons (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or pursuant to exemptions from the registration requirements thereof. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities of Ni-Co Energy in any jurisdiction in which such offer, solicitation, or sale would be unlawful.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For Further Information, Please Contact

Alain Tremblay
President & Chief Executive Officer
info@nicoenergy.ca
819-485-1602

Forward-Looking Information

This news release may contain forward-looking information within the meaning of applicable securities laws, which reflects the Company’s current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company’s control. Such risks and uncertainties include, but are not limited to, failure to complete the Offering and the factors discussed under “Risk Factors” in the Preliminary Prospectus. Actual results could differ materially from those projected herein. The Company does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required under applicable securities laws.

Source

Click here to connect with Ni-Co Energy Inc. to receive an Investor Presentation

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PDAC 2026: Here’s What You Need to Know

The annual Prospectors & Developers Association of Canada (PDAC) convention is returning this year from March 1 to 4, and it comes at a significant time for the global resource sector.

Precious metals prices are at historic highs, and countries around the world are increasingly recognizing the importance of the mining industry, especially when it comes to building out supply chains for critical minerals.

This year’s convention, which will bring together more than 27,000 attendees from over 125 countries, promises to touch on these key topics and more as diverse thought leaders take the stage.

Read on for her perspective on the industry and her tips and tricks for making the most of PDAC.

INN: What is your sense of current resource sector sentiment heading into PDAC?

KR: Heading into PDAC, there is a positive outlook across the resource sector. Demand for minerals remains strong, and higher commodity prices supported investment through much of 2025. That momentum is showing up across the industry, with companies advancing work and actively assessing new opportunities.

At the same time, the global environment is becoming more competitive as countries work to secure the minerals needed to support their economies. That makes this an important time for the industry. The upcoming PDAC Convention provides the opportunity for leaders to step back from day-to-day tasks, assess where things are heading and have the kinds of conversations that help shape investment decisions.

INN: Overall, what trends are standing out to you in the mining space right now?

KR: One of the clearest trends is the growing recognition of how essential minerals are to modern life, from infrastructure and manufacturing to emerging technologies.

That awareness continues to support interest in exploration and in building strong channels for future supply. Technology is also playing a larger role in how companies evaluate opportunities and make decisions, whether through robust geological data or improved digital tools that support exploration.

At the same time, responsible development remains front of mind. Companies understand that environmental performance and strong relationships with communities are fundamental to long-term success. Taken together, these trends point to an industry that is adapting and positioning itself for what comes next.

INN: Can you talk about the themes we’ll see at PDAC this year?

KR: PDAC 2026 will focus on what is needed to drive new investment and responsible mineral development. Capital markets, supply chains, technological innovation and the broader policy environment will all feature prominently because these aspects directly influence how work advances across the sector.

What makes the convention distinctive is the breadth of experience brought together across the event. Participants hear from industry leaders, technical experts and policymakers, but just as importantly, they have the opportunity to exchange perspectives with peers from around the world.

INN: Are there any “can’t miss” presentations or events at PDAC you would highlight?

KR: PDAC 2026 will host more than 1,300 exhibitors, representing the largest trade show footprint in the convention’s history. That level of participation underscores the convention’s role as a global meeting place for the mineral industry, bringing together companies, governments and service providers to showcase expertise, connect with decision-makers and build relationships that support investment and growth.

The Keynote Program is a major draw, convening influential voices from across the global mining industry to discuss commodity outlooks, leadership, innovation and major discoveries.

We will hear from Gustavo Pimenta, CEO of Vale (NYSE:VALE), on accelerating the future of mining, and from Don Lindsay, director at BHP (ASX:BHP,NYSE:BHP,LSE:BHP) and retired CEO of Teck Resources (TSX:TECK.A,TECK.B,NYSE:TECK), on mining finance and leadership. Mikko Tepponen, digital officer at BHP, will explore how data and artificial intelligence are influencing decision-making, while Paul Bartos, former principal greenfields geologist at AngloGold Ashanti (NYSE:AU,JSE:ANG), will deliver the Discovery of the Year keynote.

Beyond the formal program, some of the most valuable moments happen in conversations throughout the convention, where introductions are made, partnerships take shape and new opportunities emerge.

INN: Final thoughts on PDAC and/or the resource space?

KR: The pace of change across the resource sector is accelerating, and the decisions being made today will help shape supply for decades to come.

In that environment, opportunities to come together in person matter. PDAC creates space for thoughtful dialogue, informed debate and practical collaboration, the kinds of interactions that help turn ideas into action.

As global demand for minerals continues to grow, the importance of aligning investment, innovation and responsible development has never been clearer. PDAC remains focused on supporting those conversations and helping to position the industry for long-term success.

Register for PDAC now

PDAC is widely regarded as a can’t-miss event for investors, executives and companies in the resource sector, and with over 1,300 exhibitors, this year’s convention is sure to be a dynamic experience.

If you’d like to attend PDAC, click here for detailed information on how to register.

You can also click here to sign up to receive the latest news and announcements from PDAC, or follow PDAC on X, LinkedIn, YouTube, Facebook and Instagram. We look forward to seeing you there!

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

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Stefan Gleason: Silver Wakeup in the West — What’s Happening, What’s Next

Stefan Gleason, CEO of Money Metals, breaks down recent silver and gold dynamics, discussing trends in the US retail market, as well as backups at refineries.

While the situation has begun to normalize, he sees potential for further disruptions in the future.

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

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Red Mountain Mining Continues to Advance the United States Critical Minerals Portfolio

Red Mountain Mining Limited (ASX: RMX, US CODE: RMXFF, or “Company”), a Critical Minerals exploration and development company with an established portfolio in Tier-1 Mining Districts in the United States and Australia, is pleased to announce an update on the Company’s portfolio of high-quality Antimony projects in the United States.

Over the past six months, Red Mountain has moved decisively to acquire assets in Tier-1 regions in highly prospective antimony mineral districts in Montana, Utah and Idaho, USA, placing the Company in a strong strategic position as the US Government moves aggressively to secure domestic supply of Antimony which is classified as a Critical Metal by the United States and Australian Governments.

HIGHLIGHTS:

  • Red Mountain continues to deliver repeated successful project and development programs across its high-quality Critical Minerals portfolio, systematically advancing its United States and Australian projects toward development and directly supporting the US Government’s drive to secure domestic supply of critical metals

Thompson Falls Antimony Project, High-grade Antimony next to UAMY Antimony Smelter

  • Thompson Falls Antimony Project is 4.2km from the operations of United States Antimony Corporation (NYSE: UAMY; Market Cap $A1.5 billion), with the country’s only operating Antimony smelter
    • Initial sampling from Red Mountain’s Thompson Falls Project returned high-grade values of up 36.5% Sb and 0.65g/t Au
    • Additional assay results are now expected to be received by the end of February
  • Comprehensive surface mapping and sampling program to fast-track the definition of the Thompsons Falls Antimony Project resource potential, planned to launch next month
  • Red Mountain has recently strengthened its US technical team with dedicated drill-permitting expertise, driving the permitting process forward across all of the Company’s US Projects

Utah Antimony Project, Antimony Mining District

  • Utah Antimony Project adjoins American Tungsten and Antimony Ltd’s (ASX: AT4; Market cap A$200 million) Antimony Canyon Project (ACP), one of the largest and highest-grade Antimony projects in the USA, which has reported assays of up to 33% Sb and has a defined conceptual Exploration Target of 12.8 to 15.6 Mt @ 0.75% to 1.5% Sb, containing between 96,000 to 234,000 tons of Antimony metal
    • Recent visible stibnite mineralisation observed between AT4’s claims and RMX’s project provides evidence the ACP system may extend into the Utah Antimony Project*
    • Mapping analysis previously undertaken by RMX suggests that both the same type of host rocks and extensions of the large epithermal Antimony mineralising system targeted by AT4 at Antimony Canyon are present within the Utah Antimony Project**

Exceptionally Strong Antimony results from Thompson Falls and further assays pending

Red Mountain acquired the Thompson Falls Antimony Project on 5 February1, next to the only operating antimony smelter in the USA, US Antimony Corporation’s (NYSE: UAMY; Market Cap ~AU$1.5 billion) Thompson Falls Smelter and UAMY’s Stibnite Hill Mine in Montana (Figure 1).

First-pass exploration of Red Mountain’s Thompson Falls Antimony Project, by the Company’s US field team, successfully located three historical underground mines and pit within the project area. Initial sampling of material from Eastern Star returned multiple samples with high antimony and gold results, with peak results of 36.5% Sb and 0.65g/t Au1 (Figure 1; Figure 2).

Samples collected from Eastern Star closely resemble the quartz-stibnite veins mined at UAMY’s Stibnite Hill deposit, ~7km east of Red Mountain’s Thompson Falls Project area, although these veins are not recorded as producing gold. Red Mountain’s field team also collected additional rock samples from the project area, with assay results expected this month.

Click here for the full ASX Release

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Crypto Market Update: Trump’s Tariff Reset Jolts Bitcoin Below US$65,000

Here’s a quick recap of the crypto landscape for Monday (February 23) as of 9:00 p.m. UTC.

Get the latest insights on Bitcoin, Ether and altcoins, along with a round-up of key cryptocurrency market news.

Bitcoin (BTC) was priced at US$64,409.84, down by 4.4 percent over the last 24 hours.

Bitcoin price performance, February 23, 2026.

Chart via TradingView.

XS.com senior market analyst Linh Tran suggested that the medium-term uptrend is limited without major catalysts. She predicts that Bitcoin will fluctuate between US$65,000 support and US$70,000 resistance; however, if current pressures persist, there is a risk of Bitcoin retesting the US$60,000 low, which could trigger a deeper decline.

Software stocks slipped alongside a further decline in crypto prices after Anthropic said its Claude platform can help ‘break the cost barrier to COBOL modernization,’ a high-level, compiled computer programming language that the firm says ‘runs in production every day, powering critical systems in finance, airlines, and government.’

Ether (ETH) was priced at US$1,860.34, down by 4.1 percent over the last 24 hours.

Altcoin price update

  • XRP (XRP) was priced at US$1.36, down by 2 percent over 24 hours.
  • Solana (SOL) was trading at US$78.37, down by 5.6 percent over 24 hours.

Today’s crypto news to know

Yield Basis thrives on market volatility

Some parts of the DeFi ecosystem have benefited from the chaos of Bitcoin’s sudden price drop in January, which liquidated billions of dollars’ worth of positions. A DeFi project called Yield Basis, which helps people trade Bitcoin and Ether through its liquidity pools, says it’s handled US$769 million in trades since the beginning of 2026, with more than half occurring after January 28, when crypto prices began swinging wildly.

According to a recent report, the protocol has collected US$12.15 million in fees since it launched its v2 pools in November 2025, compared to US$5.31 million worth of tokens it paid out as rewards, leaving about US$6.84 million in net profit for the users providing liquidity and holding the project’s tokens.

Open-source AI project distances itself from crypto

An open-source AI agent framework known as OpenClaw has inadvertently become the center of a crypto controversy. The project, built to power autonomous agents capable of browsing the web and executing complex tasks, was briefly rebranded amid a naming dispute before scammers launched a fake Solana-based token using its former branding.

The token’s market capitalization surged to roughly US$16 million within hours before collapsing more than 90 percent after developer Peter Steinberger disavowed any connection.

Steinberger publicly rejected the speculation, writing on X: “To all crypto folks: please stop pinging me, stop harassing me. I will never do a coin. Any project that lists me as coin owner is a SCAM.”

USDT contraction flashes rare stress signal

Tether’s USDT stablecoin is signaling liquidity strain reminiscent of the market turmoil following the FTX collapse.

According to CryptoQuant, the 60 day change in USDT supply has dropped to negative US$3 billion, which marks only the second time such a contraction has occurred. Bloomberg reported that USDT is on pace for its steepest monthly supply decline since December 2022, already shrinking by roughly US$1.5 billion in February alone.

Large-scale redemptions typically suggest institutions or major holders are pulling capital out of the crypto ecosystem rather than simply rotating between tokens. The last comparable contraction came as Bitcoin fell toward US$16,000 during the FTX crisis before stabilizing and beginning a multi-year recovery.

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

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

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Mining’s New Reality: Strategic Nationalism, Gold Records and a Fractured Cost Curve

The era of “smooth globalization” is over, and mining is entering a more fragmented, politically charged phase defined by strategic nationalism, according to speakers at S&P Global’s latest webinar.

Jason Holden, who opened the “State of the Market: Mining Q4 2025” session with a macro overview, said the industry is operating in a world increasingly shaped by supply chain security and state intervention.

“For decades we operated under a model of frictionless trade,” said Holden, a senior mining analyst at the firm. “That era is over. We’ve entered a world of strategic re-nationalization.”

While the base economic outlook remains resilient, with moderate growth and easing headline inflation, Holden warned that “sticky core inflation remains stubbornly high.”

For mining companies, that has two major implications: higher capital costs and less room for the easy-money valuation surges seen in past cycles. Central banks, led by the US Federal Reserve, are no longer aggressively tightening, but are also not on a clear-cut path to interest rate cuts.

“We’re no longer on a predictable path of easing,” Holden explained to listeners. “The market is now focused on if and when cuts might resume.” At the same time, geopolitical disputes are increasingly spilling into trade policy. The conversation around critical minerals, he noted, has shifted decisively.

“It’s no longer just about economics,’ said Holden. “It’s explicitly framed as national security.”

That shift is driving greater government intervention, subsidies, capital screening and “friend-shoring,” where materials are sourced from politically aligned nations.

Gold’s insurance premium

Nowhere has geopolitical risk been more visible than in gold.

The metal surged to fresh highs in early 2026 after setting 40 new records in 2024 and 53 more in 2025, a pace not seen since 1979. The price briefly pushed beyond US$5,500 per ounce at the start of the year.

“The message from this price action is unmistakable,” Holden said. “In an uncertain world, the market is paying a premium for insurance, and gold is the ultimate safe asset.”

While short-term flashpoints helped fuel the rally, the structural driver has been central bank buying. Since sanctions in 2022 prompted reserve managers to rethink US dollar exposure, official sector purchases have accelerated.

“The sustained buying from central banks is the real engine behind the rally,” Holden said.

S&P’s base case sees gold averaging US$4,247 per ounce in 2026, with upside potential toward US$6,000 by 2027 in a more bullish scenario.

Copper tightness, nickel politics

Luiz Amaral from S&P’s exploration team said copper ended 2025 on strong footing, with London Metal Exchange (LME) prices reaching US$12,500 per metric ton in December.

Supply-side tightness, a weaker US dollar and copper’s growing role in electrification supported prices. The US decision to formally list copper as a critical mineral reinforced its strategic importance.

S&P has lifted its 2026 copper price forecast to US$11,400 per metric ton, projecting a 543,000 metric ton concentrate deficit next year. However, the refined market is expected to move into surplus later in the decade as new smelter capacity ramps up. Longer term, the concentrate picture darkens again.

“Our base case shows a 3 million metric ton shortfall by 2036,” Amaral said.

Nickel’s recent rally, by contrast, has been driven more by policy than fundamentals. The price broke above US$18,000 per metric ton in January after Indonesia reduced its 2026 production quota.

“The market is responding emotionally to policy updates,” Amaral said, noting that despite the rally, the broader market remains in surplus and LME inventories are building.

Lithium rebounds amid persistent surplus

Lithium prices have also staged a sharp rebound, rising 57 percent in China between mid-December and mid-January on renewed demand optimism and supply concerns. Yet S&P expects the market to remain oversupplied for most of the decade, with deficits not emerging until the early 2030s.

New supply from Australia, Latin America and China continues to outpace demand growth, even as electric vehicles account for roughly 75 percent of lithium consumption through 2035.

Diverging margins

At the mine level, gold producers are enjoying some of the strongest margins in years, with prices rising faster than all-in sustaining costs. Silver has outperformed even more dramatically, climbing 154 percent in 2025 versus gold’s 71 percent gain, compressing the gold-silver ratio to below 70.

Battery metals face a tougher backdrop.

“Lithium and nickel continue to face margin pressure as prices lag elevated costs amid oversupply,” said Monica Ramirez from S&P’s mine economics and emissions team.

Across 12 metals analyzed, S&P sees a structurally higher cost environment emerging due to inflation, energy expenses and maturing ore bodies. Precious metals retain the strongest buffers, while copper remains positive but increasingly sensitive at the upper end of the cost curve.

Exploration at a crossroads

Despite record prices in some commodities, exploration spending tells a more cautious story.

Global exploration budgets totaled US$12.4 billion in 2025, down 1 percent year-on-year. Adjusted for inflation, spending has slipped back to levels last seen nearly two decades ago.

“Gold continues to dominate,” Amaral said, accounting for roughly half of global exploration budgets. Lithium, once a standout, saw budgets fall nearly 50 percent amid weaker prices.

More concerning is the structural shift away from grassroots exploration.

In the mid-1990s, two-thirds of spending targeted generative programs. Today, that share has fallen to a record low as companies prioritize near-mine and late-stage work.

“We are underinvesting at the very front end of the supply chain,” Amaral warned. Without renewed grassroots spending, the long-term discovery pipeline could suffer.

M&A: Quality over quantity

Mining M&A remained active into late 2025, though deal value normalized after earlier mega-mergers. Transaction value fell 45 percent quarter-on-quarter to US$16.1 billion, but deal count rose to its highest level in more than five years.

Gold led activity, with buyers focusing on large-scale, long-life assets in low-risk jurisdictions.

“Gold M&A today is no longer about simple volume growth,” Ramirez emphasized to viewers. “It’s about asset quality, jurisdictional safety and durable cashflow.”

As the webinar made clear, mining is navigating a landscape defined by geopolitical risk, tighter capital and structural cost pressures. For companies able to secure high-quality assets and control costs, opportunities remain, but the margin for error is narrowing.

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

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Turkey’s growing reach in Africa seen complicating US strategy, analysts warn

Turkey’s massive military, trade, Islamic diplomacy and education expansion into Africa is, some analysts say, undermining U.S. goals, as Ankara capitalizes on wars and conflicts on the continent.

Experts claim Turkey’s military sales appear to be based on maximizing profit, without worrying about what the arms sold do to the balance of power, particularly in Jihadist areas such as the Sahel.

Recently, multiple reports claimed Turkish companies have sold military drones to both sides in the 3-year-long conflict in Sudan.

‘Turkey is really capitalizing on all these conflicts in Sudan, in Ethiopia, in Somalia, to strengthen its military presence, its diplomatic and economic engagements,’ Turkey analyst Gönül Tol, told an American Enterprise Institute seminar in Washington last week. Tol, founding director of the Middle East Institute’s Turkey program, added that the country is ‘one of the top, top weapons providers to Africa. So if there is more chaos, that will only help Erdogan strengthen his hands.’

President Recep Tayyip Erdogan, stated in October that overall trade volume with the African continent has shot up from $5.4 billion in 2003, to $41 billion in 2024. He told a business and economic forum in Istanbul that the state-backed carrier Turkish Airlines is literally leading the way into African countries for Turkish companies, now flying to 64 African destinations.

Erdogan told the forum that over the past two decades, ‘we have advanced our relations hand in hand, shoulder to shoulder, and most importantly, heart-to-heart, to a level that could not even be imagined.’

Drone sales to Sudan’s warring partners would only prolong the war, conduct which is directly against U.S. policy. Just last month, a State Department spokesperson told Fox News Digital that ‘the U.S. is working with allies and others to bring an end to external military support to the parties, which is fueling the violence.’

‘Turkish drones, marketed as cost-effective and politically low-friction alternatives to U.S. or European systems, have proliferated across African conflict zones,’ Mariam Wahba, research analyst at the Foundation for Defense of Democracies, told Fox News Digital.

‘Reporting that Turkish firms supplied drones to both the Sudanese (government) Armed Forces and the Rapid Support Forces (the opposing militia in the conflict) underscores Ankara’s transactional approach: access and influence take precedence over stability, civilian protection or alignment with Western policy objectives,’ she said.

In a 2025 FDD report, Sinan Siddi, senior fellow and director of the organization’s Turkey Program, wrote, ‘The deal between Baykar and SAF is worth $120 million, resulting in the sale of six TB2 drones, three ground control stations, and 600 warheads.’  Siddi claimed the deal took place after the U.S. placed sanctions on such sales.

Although Turkish drones are also claimed to have been sold to Sudan’s RSF militia, the company said to have been involved is reported to have publicly denied making the sale. The company did not respond to Fox News Digital’s request for comment.

A State Department spokesperson, when asked by Fox News Digital about the allegations said, ‘We refer you to the Government of Turkey for comment on reports related to any Turkish firms operating in Sudan.’

Fox News Digital reached out to the Turkish government but received no response.

The TB2 drone reportedly sold to the Sudanese government is made by a company said to be owned by Turkish President Recep Tayyip Erdogan’s son-in-law. Experts say the TB2 is one-sixth the cost of a U.S. Reaper drone. Fox News Digital reached out to the company, but received no response.

The U.S. Africa Command’s Africa Defense Forum recently reported it ‘typically costs between $2 million and $5 million per aircraft, though total system packages — including ground control stations, communication systems, and training — often cost significantly more, sometimes reaching $5–$15 million per system depending on the contract. The TB2 is recognized for its high cost-efficiency, with operational costs estimated at only a few hundred dollars per hour.’

Particularly in Africa’s Sahel region, the FDD’s Wahba claimed Turkey is trying to return to the principles of its Ottoman Empire, which ruled for centuries and promoted the culture of imposing caliphates – areas where Islamic law is strictly enforced.

Wahba said, ‘On the whole, this is a worrying development that risks undermining U.S. interests. In addition to backing Islamist movements such as Hamas and the Muslim Brotherhood, which does not bode well for its ideological orientation, Ankara is pursuing a neo-Ottoman foreign policy that is already taking concrete shape across parts of Africa.’ 

‘Turkey’s arms sales across Africa are best understood’, the FDD’s Siddi told Fox News Digital, ‘not as ad hoc commercial transactions, but as a deliberate strategy to expand Ankara’s political, military and economic footprint on a continent increasingly contested by global and middle powers.’

He said, ‘By exporting drones, small arms and security services to fragile states such as Sudan… the Erdogan government positions Turkey as a low-cost, low-conditionality alternative to Western partners, while simultaneously opening new markets for its rapidly growing defense industry. These weapons transfers are designed to buy diplomatic leverage, secure access to ports, bases and contracts and cultivate client relationships with regimes and militias that can advance Turkey’s regional ambitions.’

The number of embassies Turkey operates in Africa has rocketed from 12 in 2002, to 44 today. Wahba said the 64 African destinations Turkish Airlines flies to is a useful indicator. ‘As a state-backed carrier, its rapid expansion of direct routes into African capitals mirrors Turkey’s diplomatic and security priorities. The airline functions as a soft-power and access enabler for Ankara’s broader agenda.’

Wahba claimed this all should matter for Washington, ‘because Ankara’s model increasingly competes with, and in many cases directly undercuts, U.S. priorities on conflict mitigation and stability.’

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WATCH: Top 5 most memorable moments in American State of the Union history

President Donald Trump will deliver his first official State of the Union address of his second term Tuesday night before a joint session of Congress at the Capitol, as viewers watch for viral moments and headline-grabbing exchanges like those that have defined past speeches.

Here are the top five moments from past State of the Union addresses.

1. Reagan surprises the crowd with first-ever acknowledgment of a guest in the audience

It’s become commonplace in recent years for presidents to acknowledge guests in the audience during SotU addresses, but President Ronald Reagan’s 1982 address was the first time the practice was rolled out. 

Reagan’s speech came just weeks after Air Florida Flight 90 crashed into Washington’s 14th Street Bridge over the Potomac River shortly after taking off in an accident that killed 78 people. 

Three people survived the crash thanks to civilians on the ground who rushed to their aid, including Congressional Budget Office assistant Lenny Skutnik, who stripped off his shoes and clothes and dove into the frigid waters.

Reagan honored Skutnik in his speech, which made honoring people in the crowd a common theme in the years to come. 

‘Just two weeks ago, in the midst of a terrible tragedy on the Potomac, we saw again the spirit of American heroism at its finest — the heroism of dedicated rescue workers saving crash victims from icy waters,’ Reagan said. ‘And we saw the heroism of one of our young government employees, Lenny Skutnik, who, when he saw a woman lose her grip on the helicopter line, dived into the water and dragged her to safety.’

2. Speaker Pelosi tears up Trump’s 2020 speech

Democratic House Speaker Nancy Pelosi sparked a social media firestorm and cemented herself in State of the Union infamy in February 2020 when she stood up and tore Trump’s speech into pieces after he had finished.

When Fox News asked Pelosi afterward why she did it, she responded, ‘Because it was the courteous thing to do considering the alternatives.’ She added, ‘I tore it up. I was trying to find one page with truth on it. I couldn’t.’

Pelosi’s outburst came on the heels of Trump’s first impeachment trial, which ended in a Senate acquittal the day after the speech.

‘Speaker Pelosi just ripped up: One of our last surviving Tuskegee Airmen. The survival of a child born at 21 weeks. The mourning families of Rocky Jones and Kayla Mueller. A service member’s reunion with his family. That’s her legacy,’ the White House tweeted after Pelosi tore up the speech, referencing individuals who Trump mentioned during his address.

3. Rep. Joe Wilson ‘You lie!’ outburst at President Obama

One of the most remembered moments from a State of the Union address came in 2009 when South Carolina Republican Rep. Joe Wilson interrupted President Barack Obama’s address, which at the time was far less common than it later became. 

‘There are also those who claim that our reform effort will insure illegal immigrants,’ Obama said, talking about his controversial Obamacare plan. ‘This, too, is false. The reforms I’m proposing would not apply to those who are here illegally.’

‘You lie!’ Wilson shouted from his seat on the Republican side of the chamber, causing widespread yelling from other members in the audience.

Wilson later apologized to Obama’s chief of staff, Rahm Emanuel. 

‘This evening, I let my emotions get the best of me when listening to the president’s remarks regarding the coverage of illegal immigrants in the health care bill,’ Wilson said in a written statement. ‘While I disagree with the president’s statement, my comments were inappropriate and regrettable. I extend sincere apologies to the president for this lack of civility.’

4. Rep. Boebert heckles Biden over Afghanistan withdrawal during 2022 address

‘You put them in, 13 of them,’ GOP Rep. Lauren Boebert shouted at Biden as he talked about Afghanistan veterans who ended up in caskets due to exposure to toxic burn pits. Boebert was referencing the 13 U.S. service members killed during Biden’s chaotic withdrawal from Afghanistan in 2021. 

Boebert was wearing an outfit that said ‘Drill Baby Drill’ in opposition to Biden’s energy policies and her outburst drew some boos from the audience.

At another point, Boebert and Greene started chanting ‘build the wall’ when Biden was talking about immigration. 

5. President Biden blasts GOP lawmakers in 2023 address, prompting jeers from Republicans in the crowd

‘Some of my Republican friends want to take the economy hostage — I get it — unless I agree to their economic plans,’ Biden said to Congress, prompting a shake of the head from then-GOP House Speaker Kevin McCarthy in the background and shouts from the crowd and shots of other Republicans shaking their heads. 

‘Instead of making the wealthy pay their fair share, some Republicans, some Republicans, want Medicare and Social Security to sunset,’ Biden continued, which caused an even more pronounced shake of the head from McCarthy, who mouthed ‘no’ as Republicans continued to jeer. 

‘I’m not saying it’s the majority,’ Biden continued, which resulted in even more boos from the raucous crowd. 

‘Let me give you — anybody who doubts it, contact my office. I’ll give you a copy — I’ll give you a copy of the proposal,’ Biden continued to say over increasingly louder shouting from the crowd. 

‘That means Congress doesn’t vote — I’m glad to see — no, I tell you, I enjoy conversion,’ Biden said, apparently meaning to say ‘conversation.’

Biden’s speech continued to devolve from there as Republican outrage interrupted him on multiple occasions. 

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