John Feneck, portfolio manager and consultant at Feneck Consulting, shares his thoughts on silver’s price breakout, as well as potential triggers for gold’s next move up.
He also discusses stocks he’s watching in sectors like gold, silver and ‘special situations.’
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Denison Mines (TSX:DML,NYSEAMERICAN:DNN) has closed a previously announced deal with Skyharbour Resources (TSXV:SYH,OTCQX:SYHBF) that repurposes a large block of uranium exploration ground surrounding Denison’s flagship Wheeler River project in Northern Saskatchewan.
The recent transaction formalizes the division of Skyharbour’s former Russell Lake uranium project into four separate joint ventures positioned directly adjacent to, or proximal to, Wheeler River.
The structure is intended to promote closer technical collaboration between the two companies while advancing exploration across claims that sit along the same geological corridors as Denison’s advanced-stage development assets.
Under the new arrangements, Denison will operate the Wheeler North and Wheeler River Inliers joint ventures, holding ownership interests of 49 percent and 70 percent, respectively.
Skyharbour will operate the Russell Lake and Getty East joint ventures, in which Denison holds respective minority interests of 20 percent and 30 percent. In addition, Denison has secured earn-in option agreements that allow it to increase its ownership in both Wheeler North and Getty East to as much as 70 percent, subject to future conditions.
The claims involved were previously consolidated under Skyharbour’s Russell Lake project, which borders Denison’s Wheeler River property. The deal strengthens Denison’s already-dominant position around Wheeler River, which is the largest undeveloped uranium project in the infrastructure-rich Eastern Athabasca Basin.
Denison holds an effective 95 percent interest in Wheeler River, which hosts the Phoenix and Gryphon deposits.
A feasibility study completed in 2023 outlines Phoenix as an in-situ recovery operation, while an updated study for Gryphon evaluates conventional underground mining.
Both deposits are expected to rank among the lowest-cost uranium operations globally, based on those studies.
Regulatory momentum continues to move forward at Wheeler River.
The project’s environmental assessment received provincial approval from Saskatchewan in July 2025, and federal review has advanced with the conclusion of the Canadian Nuclear Safety Commission’s public hearing in December.
Beyond Wheeler River, Denison maintains a broad portfolio across the Athabasca Basin, including interests in the McClean Lake joint venture, as well as stakes in the Midwest, Tthe Heldeth Túé and Huskie deposits.
For Skyharbour, the transaction allows it to remain an active operator on key exploration assets near Wheeler River while continuing to advance its broader Athabasca Basin portfolio.
Skyharbour holds interests in 37 uranium projects covering more than 616,000 hectares, including the Moore uranium project, located east of Wheeler River, and the remaining Russell Lake ground now organized under joint venture structures.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
The platinum price surged more than 90 percent from Q2 on in 2025, passing US$1,900 per ounce in December.
After silver, platinum was easily the second best-performing metal in terms of price for the year.
Some of its gains were due to strong industrial demand from the automotive sector and emerging clean energy technologies. And as a precious metal, interest rate cuts by the US Federal Reserve have boosted investment demand.
However, the biggest factor moving platinum’s price is the projected supply shortfall of more than 692,000 ounces for the year. Will these trends carry on in to 2026? Read on to learn more about what analysts believe is in the cards.
The automotive industry is easily the largest demand sector for platinum.
Both platinum and palladium can be used in catalytic converters, which help eliminate toxic emissions from vehicle tailpipe gases. As their prices fluctuate, platinum and palladium tend to be swapped.
Even so, in its latest platinum quarterly, released on November 19 and prepared by Metals Focus, the World Platinum Investment Council (WPIC) is reporting that demand for platinum from the auto sector will drop 3 percent in 2025 to 3.02 million ounces, followed by another 3 percent decline to 2.915 million ounces of the metal in 2026.
This is due in large part to the transition from internal combustion engines to electric vehicles (EVs).
That said, the clean energy transition is happening so slowly that its impact on the platinum market is fairly subdued.
Platinum is also a necessary material in the production of hydrogen electrolysis and fuel-cell technologies.
“Hybrid vehicles and hydrogen-powered vehicles still require platinum for exhaust treatment systems or fuel cells. WPIC forecasts that by 2029, fuel-cell EVs will account for only about 3 percent of automotive platinum demand; however, this is still considered a positive contribution,” Tran explained via email.
Platinum is a primary catalyst used in proton exchange membrane (PEM) fuel cells and PEM electrolyzers. Both are electrochemical devices that are used for clean energy conversion, but fuel cells use hydrogen to generate electricity, while electrolyzers use electricity to produce hydrogen.
Both PEM fuel cells and electrolyzers “are key technologies in the clean-energy strategies of the United States, Europe, and China. According to estimates from WPIC and the (International Energy Agency), if hydrogen projects progress on schedule, global electrolyser capacity could expand significantly in the second half of this decade, driving platinum demand related to hydrogen higher than current levels,” wrote Tran.
Even as total demand for platinum is projected to fall by 5 percent to 7.82 million ounces in 2025, according to the WPIC, investment demand for platinum is expected to be up by 6 percent to 742,000 ounces.
Platinum is benefiting from the general trend toward safe-haven investment in precious metals as the Fed reverses its course monetary policy and moves toward lower interest rates.
With the gold price at record highs, investors are seeking out cheaper alternatives translating into rising inflows into platinum exchange-traded funds, and increased purchasing of physical bars and coins.
‘In terms of physical bar and coin demand, this year has been very much characterized by significant strength and demand out of China. So the Chinese market has just been growing basically from more or less zero back in 2019 to becoming the biggest market in the world for platinum investments products,’ said Sterck. ‘I think that momentum is likely to continue, but maybe not at quite the same sort of pace going into 2026.’
However, for 2026, the WPIC sees investment demand falling by 52 percent to 358,000 ounces, dampened by potential profit taking on the part of platinum exchange-traded fund (ETF) holders. Meanwhile, platinum bar and coin demand is expected to remain elevated, posting gains of 37 percent to 462,000 ounces.
Overall, the WPIC is forecasting total platinum demand to drop another 6 percent to 7.385 million ounces in 2026. This is still just slightly below the ten-year average, demonstrating the robust nature of demand for the metal.
More than 70 percent of the world’s total platinum mine supply comes from South Africa. The top platinum-mining countries are Zimbabwe (11 percent) and Russia (10 percent). Canada and the US round out the top five, but even together these two North American countries represent a mere 4 percent of global platinum production.
“This concentration makes the platinum market more vulnerable to mining disruptions or geopolitical risks in these countries,” stated Tran. “Throughout most of 2025, the supply and demand landscape for platinum has shifted significantly. Years of low prices placed considerable pressure on the mining sector, forcing companies to cut output, delay investments, or shut down operations with low profit margins. This led to a tightening of supply just as inventories declined after nearly three consecutive years of being drawn down by automakers to cover shortages.”
Refined production is expected to contract by 5 percent this year, at 5.51 million ounces compared to 5.77 million ounces in 2024. Platinum recycling will result in 1.619 million ounces of new supply in 2025, up 7 percent.
As such, platinum supply is forecast to decrease by 2 percent in 2025. According to the WPIC, it will come in at 7.404 million ounces. The organization notes that the resulting demand/supply imbalance is predicted to reach 692,000 ounces in 2025, representing a supply deficit for the third straight year.
“Demand for the metals constantly surpasses the supply. The situation becomes worse due to the tariffs, sanctions and supply disruptions,” said Murillo. While US President Donald Trump’s tariffs present a new wild card for many commodities markets, platinum included, South Africa’s power outages, heavy rain, increased mining costs and declining platinum grades also dragged down production of the metal in 2025.
For 2026, total platinum supply is set to reverse course and grow by 4 percent to 7.4 million ounces.
Although the WPIC has predicted a surplus of 20,000 ounces in 2026, that’s still way below the 1,083 surplus set in 2022 during COVID. Calling the surplus “tiny”, Sterck emphasized that this forecast is highly predicated on a number of factors, namely assumed profit-taking in ETFs, CME inventories and entrenched structural supply challenges.
“If you look at our numbers, we’re expecting 170,000 ounces of profit taking from ETFs in 2026, which is obviously going to be contingent in itself on a high platinum price. I would say that there is probably a bit of a risk associated with that outlook,” he said. “The second area where the surplus of 20,000 ounces is contingent on is on 150,000 ounces flowing out of CME exchange stock inventories and being made available to the market.”
Sterck explained that if these two assumed events do not materialize in 2026, then the platinum market will remain in “a quite substantial deficit of approaching 400,000 ounces.’
He also pointed out that higher platinum prices will not necessarily solve the issues that led to a shortage of above ground platinum stocks and a deep deficit for the past three years.
“The main thing we’re dealing with here is that these are deep level, underground mines for the most part, and they’re not mines that you can flex output from rapidly,” said Sterck.
“Realistically, mine supply is likely to be at or around current levels for the foreseeable future.”
Moving into 2026, some of the most consequential trends that could shape platinum prices include a shifting landscape for investment demand, continued mine supply constraints, and an economic slowdown.
“Altogether, high demand and supply deficit with international logistics problems make these metal prices go up. Both platinum and palladium were peaking throughout this year, reaching around US$1,700 per ounce. It’s important to understand that the supply deficit problem will not be solved overnight,” said B2Broker’s Murillo.
“So in 2026, the same situation might persist, and the prices will remain elevated at US$1,550 to US$1,670. If more supply shocks happen, they could even move up to US$2,340, but less likely.’
If safe-haven investment demand for alternatives to gold continues alongside persistent supply challenges in platinum, XS.com’s Tran sees platinum maintaining the US$1,800 per ounce range for 2026 with room to grow.
“In the medium term, the scenario of extending the rally toward around US$2,000 per ounce remains feasible, especially if the Fed maintains a dovish trajectory, capital flows continue rotating into metals beyond gold, and supply from South Africa does not recover more strongly than expected,” said Tran.
The expert cautioned that with platinum trading at multi-year highs and the market’s vulnerability to global economic fluctuations there is just as much potential for technical pullbacks.
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
(TheNewswire)
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES
Vancouver, B.C. December 19, 2025 TheNewswire – Armory Mining Corp. (CSE: ARMY) (OTC: RMRYF) (FRA: 2JS) (the ‘Company’ or ‘Armory’) a resource exploration company focused on the discovery and development of minerals critical to the energy, security and defense sectors, is pleased to announce that it has closed its previously announced non-brokered private placement offering by issuing 9,523,643 flow-through units (the ‘FT Units’) at a price of $0.07 per FT Unit for gross proceeds of $666,655.01 (the ‘Offering’).
Each FT Unit consists of one common share of the Company to be issued as a ‘flow-through share’ as defined in subsection 66(15) of the Income Tax Act (Canada) (the ‘Tax Act‘) and one-half of one transferable common share purchase warrant (each whole warrant, a ‘Warrant‘). Each Warrant entitles the holder to purchase one additional non-flow-through common share of the Company at a price of $0.09 per common share until December 19, 2028.
The proceeds raised from the Offering will be used to incur ‘Canadian exploration expenses’ as defined in subsection 66.1(6) of the Tax Act at the Ammo project located in Nova Scotia.
In connection with the Offering, the Company paid aggregate finder’s fees of $53,122.40 and issued an aggregate of 758,891 finder’s warrants to eligible finders. Each finder’s warrant entitles the holder to purchase one additional non-flow-through common share of the Company at exercise prices of $0.07 and $0.09 per common share until December 19, 2028. The Company also paid a corporate finance fee of $2,500 plus tax.
All securities issued under the Offering are subject to a four month hold period expiring April 20, 2026, in accordance with applicable Canadian securities laws.
About Armory Mining Corp
Armory Mining Corp. is a Canadian exploration company focused on minerals critical to the energy, security and defense sectors. The Company controls a 100% interest in the Ammo antimony-gold project located in Nova Scotia; an 80% interest in the Candela II lithium brine project located in the Incahuasi Salar, Salta Province, Argentina; and an option to acquire a 100% interest in the Riley Creek antimony-gold project located in Haida Gwaii, British Columbia.
Contact Information
Alex Klenman – CEO
alex@armorymining.com
Neither the Canadian Securities Exchange nor its Market Regulator (as the term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy of accuracy of this news release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the Company’s securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The Company’s securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the ‘1933 Act‘) or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.
Forward Looking Statements
This press release contains certain forward-looking statements, including statements regarding the intended use of funds. The words ‘expects,’ ‘anticipates,’ ‘believes,’ ‘intends,’ ‘plans,’ ‘will,’ ‘may,’ and similar expressions are intended to identify forward-looking statements. Although the Company believes that its expectations as reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties. Actual results may differ materially from those expressed or implied in these statements due to various factors, including, but not limited to, political and regulatory risks in Canada, operational and exploration risks, market conditions, and the availability of financing. Readers are cautioned not to place undue reliance on forward-looking statements, which are made as of the date of this release. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable securities laws.
Copyright (c) 2025 TheNewswire – All rights reserved.
News Provided by TheNewsWire via QuoteMedia
Here’s a quick recap of the crypto landscape for Friday (December 19) as of 9:00 pm 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$88,004.97, up by 3.6 percent over 24 hours.
Bitcoin price performance, December 19, 2025.
Chart via TradingView
Ether (ETH) was priced at US$2,991.30, up by 7.2 percent over the last 24 hours.
American Depositary Receipts (ADRs) of BTC treasury company Metaplanet (TSE:3350,OTCQX:MPJPY) began trading today on the US OTC market under the ticker symbol MPJPY, replacing the previously unsponsored MTPLF ticker, according to an announcement from the company.
This step builds on earlier US expansions. The company, which is based in Tokyo, established a wholly-owned subsidiary called Metaplanet Treasury in Miami, Florida, in May 2025 to handle BTC accumulation and treasury operations with up to US$250 million in capital.
The launch is intended to enhance US investor participation in MetaPlanet’s BTC strategy.
Poland’s lower house of parliament, called the Sejm, approved a crypto-asset market bill today, overriding President Karol Nawrocki’s prior veto. It now heads to the Senate for review, where it potentially faces another veto.
President Nawrocki vetoed the bill earlier in December, citing threats to civil liberties like easy website blocks. Prime Minister Donald Tusk’s government resubmitted the bill, unchanged. It passed with 241 votes.
The bill aligns Poland with the EU’s MiCA regulation by designating the Financial Supervision Authority (KNF) to oversee crypto exchanges, impose sanctions, and introduce criminal liability for offenses.
The US Senate has confirmed Mike Selig as the next chair of the Commodity Futures Trading Commission (CFTC), bringing permanent leadership back to an agency that has operated for months in near-limbo.
Selig’s confirmation passed 53–43 as part of a broader package of federal appointments. The CFTC had been functioning with a single commissioner, Acting Chair Caroline Pham, after multiple resignations hollowed out the five-member panel.
While Pham kept the agency operational, the lack of a Senate-confirmed chair constrained long-term planning, staffing, and coordination with other regulators.
That gap was especially acute as lawmakers debated expanding the CFTC’s role in overseeing spot crypto markets.
The Digital Asset Market Clarity Act is set to enter Senate markup in January, according to White House crypto and AI adviser David Sacks, putting the bill on a formal path toward passage.
‘We had a great call today with Chairmen @SenatorTimScott and @JohnBoozman who confirmed that a markup for Clarity is coming in January. Thanks to their leadership, as well as @RepFrenchHill and @CongressmanGT in the House, we are closer than ever to passing the landmark crypto market structure legislation that President Trump has called for,’ Sacks posted on X. ‘We look forward to finishing the job in January!’
Senate Banking Chair Tim Scott and Agriculture Chair John Boozman have agreed on the timeline. The bill, which cleared the House earlier this year, aims to settle long-running jurisdiction disputes by spelling out when a token is a security versus a commodity.
Lawmakers are expected to focus amendments on asset classification tests, investor protection standards, and how quickly platforms must register under the new regime.
Another key issue will be how the SEC and CFTC coordinate oversight during the transition period.
If the schedule holds, Congress could finalize a reconciled version later during the year.
Crypto exchange Bybit has resumed operations in the UK after a two-year absence triggered by tighter rules on crypto marketing and promotions.
The platform has restarted spot trading with 100 pairs, using a compliance structure designed to meet the Financial Conduct Authority’s (FCA) financial promotion standards.
Rather than holding its own UK authorization, Bybit is operating under an arrangement with London-based exchange Archax, which is licensed to approve crypto promotions for unauthorised firms.
This route has previously been used by other major exchanges seeking access to British users.
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.
The palladium price surged upward in 2025 after three years of trending down and sideways.
More than 80 percent of palladium demand comes from the auto sector, where it is used in the production of catalytic converters. Platinum and palladium are mostly interchangeable for this end use, and typically swapped for each other as their prices fluctuate.
Strong growth in demand for electric and hybrid vehicles in recent years has placed downward pressure on palladium prices. On the supply side, Russia is one of the world’s top suppliers of palladium and other platinum-group metals.
In 2025, palladium prices soared by more than 83 percent as of mid-December on supportive demand signals from slowing electric vehicle (EV) adoption trends and concerns about Russian supply reliability.
The price of the metal reached a year-to-date high of US$1,675.50 per ounce on December 17.
What’s the outlook for palladium in 2026? Let’s see what the experts have to say.
As for China, data from the China Passenger Car Association shows retail auto sales fell by 8.1 percent in November and dropped by 1.1 percent month over month; however, exports rose 52 percent to a record high of 601,000 units.
“New-energy vehicle sales grew only 4.2 percent year over year, undershooting expectations and reinforcing the theme that the domestic EV momentum is cooling faster than previously assumed,” said Hasan.’The export boom, however, keeps Chinese production elevated and sustains global palladium demand through foreign-market supply chains.”
The global slowdown in EV sales is also beneficial to palladium’s demand prospects. Reuters reported that global EV sales rose by just 6 percent in November on flat sales out of China and a 42 percent drop in North America after the Trump Administration ended the EV tax credit scheme. That’s the slowest growth rate since February of 2024.
“Slower electrification limits the speed of substitution away from palladium-heavy combustionengines, extending the life cycle of auto catalyst demand at a time when supply growth remainsan open question,” Hasn stated.
Looking into 2026, S&P Global sees the outlook for light-vehicle production being dependent on changing US trade policies and emissions standards. Consumer demand could be weighed down by the extra costs brought about by tariffs.
“The broader pattern suggests flattish global production trends for 2026, a scenario that keeps palladium demand growth steady but not spectacular,” Hasn explained.
Another factor that may impact palladium demand in the coming year is the premium reversal and the potential for auto makers to swap platinum for palladium in autocatalysts. Historically, for the most part palladium has traded at a premium to platinum; however, this trend reversed in late 2025 as the platinum market is facing a large supply deficit for the year.
In its September 2025 market update, the World Platinum Investment Council (WPIC) reported at that time that platinum prices over the preceding twelve months were trading at an average premium of US$59 per ounce to palladium prices. The WPIC said it “expects reverse substitution (i.e. palladium for platinum) to reach 250 koz by 2029f. With palladium now benefitting from reverse substitution, palladium will also relatively benefit (versus platinum) from China 7 emission legislation which we have added into our forecasts from 2028f.”
As of December 17, platinum is trading at a premium of more than US$250 compared to palladium.
Palladium’s price peaks in 2025 are not all related to demand. Production and logistics challenges are also driving prices for the metal. The two geographic regions to watch for supply side trends are Russia and South Africa, by far the two biggest palladium producing countries. Together, they account for more than three-quarters of global palladium production. In Russia, palladium is mainly a by-product of nickel and copper mining, whereas in South Africa the metal is mined as a by-product or co-product of platinum.
In South Africa, platinum and palladium mining operations have been plagued by heavy rain and flooding in 2025. The nation’s mining industry has already been suffering under an energy crisis marked by frequent power outages. To further compound the supply problem, maturing deposits are becoming more expensive to mine and a lack of significant capital investment has led to a dearth of new projects.
In Russia, palladium output is traditionally dependent upon the economic and operational viability of its nickel mines. Since the country’s invasion of Ukraine, logistical challenges have erupted all along the palladium supply chain from mining to export as sanctions and trade restrictions have tightened. This includes the removal of Russian refiners from the London Platinum and Palladium Market ‘Good Delivery Lists’.
Another supply side challenge came in mid-2025 when American palladium producer Sibanye-Stillwater (NYSE:SBSW) headed up a petition requesting that the US International Trade Commission (ITC) investigate anti-dumping and countervailing duties on Russian unwrought palladium. Russian palladium represents about 40 percent of US imports of the metal.
The ITC found that dumped and subsidized Russian palladium imports do pose a threat to the US palladium industry. The Department of Commerce is now conducting a full investigation into the dumping margins and subsidies of Russian unwrought palladium. A determination is expected in January 2026, followed by the final phase of the ITC investigation to be completed in May 2026.
Sterck said the outcome could have an impact on the substitution of platinum for palladium in catalytic converters. “I think going into next year, we should get greater clarity on these investigations, and it’s certainly something that we’ll be watching in terms of trying to inform our estimates for 2026 as a whole,” he added.
In its September 20205 market update, the WPIC projected that the palladium market will likely post supply deficits for 2025 and 2026 before moving into a surplus. That’s with palladium mine supply forecast to decline by 1.1 percent CAGR between 2024 and 2029.
“Notably, the forecast of palladium going into surplus is entirely contingent on recycling supply growth. If this does not materialise then palladium could remain in a deficit for the foreseeable future, which could materially alter palladium value expectations,” stated the report.
The palladium market is notoriously volatile and highly sensitive to economic swings and supply disruptions. All of this makes forecasting palladium prices challenging.
Precious metals industry service provider Heraeus Precious Metals’ 2026 palladium price forecast is representative of the uncertainty prevalent in this segment of the market. The firm is projecting that prices for the metal will trade in a range of US$950 to US$1,500 next year.
Palladium may face a widening surplus as battery electric vehicles gain market share,” said Henrik Marx, Head of Trading at Heraeus Precious Metals. This would likely place downward pressure on palladium price. However, the firm’s report points out that the metal’s price may receive a boost from a rally in platinum prices.
New York-based precious metals dealer Bullion Exchanges has a base case of US$1,300 to US$1,600 per ounce for palladium in 2026. If EV adoption grows faster than expected, its bearish case for the metal comes in at US$1,100 per ounce. If the supply deficit deepens and Russian palladium faces further sanctions, the firm sees a more bullish case for palladium to soar above US$1,800 per ounce.
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Statistics Canada released November’s consumer price index (CPI) data on Monday (December 15). The data showed all-items inflation rose 2.2 percent compared to November 2024 and 0.1 percent on a monthly basis compared to October.
One contributor to the rise was a 4.7 percent year-over-year increase in grocery prices, higher than the 3.4 percent annual increase in October and the biggest since the 4.7 percent increase in December 2023.
On the other hand, gasoline prices decreased 7.8 percent year-over-year and natural gas decreased by 16.5 percent, although both drops were slightly lower than their respective 9.4 percent and 17 percent declines recorded in October.
StatsCan also released October’s monthly mineral production survey on Friday (December 19). The data reported that mineral production increased across a wide range of metals month-on-month, with iron concentrate the only one seeing a slight decline.
Gold production increased to 18,470 kilograms compared to 16,978 kilograms in September. Meanwhile, copper production rose to 41.34 million kilograms from 36.23 million kilograms, and silver production jumped to 31,522 kilograms from 28,384 kilograms.
Shipments, however, decreased broadly in October. Gold shipments fell to 15,563 kilograms from 19,025 kilograms, and silver shipments sank to 31,502 kilograms from 33,296. Copper shipments fell more considerably to 36.22 million kilograms from 44.04 million kilograms.
Also this week, the Canadian Government approved the merger between mining giants Teck Resources (TSX:TECK.A,TECK.B,NYSE:TECK) and Anglo American (LSE:AAL,OTCQX:NGLOY) on Monday.
The move clears a major regulatory hurdle for the C$70 billion deal. Federal Industry Minister Mélanie Joly said that as part of the approval process, the companies agreed to spend C$4.5 billion in Canada over five years and employ 4,000 Canadian workers.
Once the deal is finalized, the combined company will be called Anglo-Teck and will be headquartered in Vancouver, making it the largest company in British Columbia’s history.
For more on what’s moving markets this week, check out our top market news round-up.
Canadian equity markets were mixed this week.
The S&P/TSX Composite Index (INDEXTSI:OSPTX) was little changed, gaining just 0.14 percent over the week to close Friday at 31,755.77, while the S&P/TSX Venture Composite Index (INDEXTSI:JX) fared a little better, rising 1.04 percent to 977.98.
On the other hand, the CSE Composite Index (CSE:CSECOMP) fell 8.37 percent to close at 168.68 after rising significantly last week.
The gold price continued an upward trend following last week’s rate cut from the US Federal Reserve. It gained 1.36 percent on the week to reach US$4,338.24 per ounce on Friday at 4 p.m. EST.
Meanwhile, the silver price continued to set new records with another substantial weekly gain of 5.75 percent, reaching a new high of US$67.45 per ounce in morning trading on Friday before slipping to end the day at US$67.18.
In base metals, the COMEX copper price ended the week up 0.73 percent at US$5.50 per pound.
The S&P Goldman Sachs Commodities Index (INDEXSP:SPGSCI) fell 1.47 percent to end Friday at 542.19.
How did mining stocks perform against this backdrop?
Take a look at this week’s five best-performing Canadian mining stocks below.
Stocks data for this article was retrieved at 4:00 p.m. EST on Friday using TradingView’s stock screener. Only companies trading on the TSX, TSXV and CSE with market caps greater than C$10 million are included. Mineral companies within the non-energy minerals, energy minerals, process industry and producer manufacturing sectors were considered.
Weekly gain: 200 percent
Market cap: C$30.36 million
Share price: C$0.15
Pacific Empire is a gold and copper exploration company focused on its flagship Trident property in central British Columbia, Canada.
Trident consists of a land package covering 6,618 hectares within the Quesnel Terrane and has a history of exploration dating back to its discovery in 1969. The property hosts porphyry mineralization of copper, gold, and silver, with historic drill results at the site including one 102 meter interval grading 0.59 percent copper and 0.24 grams per metric ton (g/t) gold.
Shares in the company gained significantly this week after it released assay results from the upper portion of the first hole of its 2025 winter diamond drill program.
Results from the hole started at a depth of 9 meters and hosted continuous copper-gold mineralization to a depth of 192 meters.
The broad 183 meter interval returned average grades of 0.77 percent copper, 0.51 g/t gold and 3.4 g/t silver over 183 meters. Within that were intervals of 71 meters grading 1.06 percent copper, 0.83 g/t gold and 4.6 g/t silver, and 14.8 meters grading 1.23 percent copper, 0.75 g/t gold and 5.5 g/t silver.
Pacific Empire said the result was the most substantial copper-gold mineralization recorded at Trident to date and that it advances the geological understanding and exploration model for what could be significant porphyry system.
Assays for the lower portion of the first hole and the remaining five holes drilled as part of the campaign are pending.
Weekly gain: 72.22 percent
Market cap: C$17.75 million
Share price: C$0.155
US Copper is an exploration company working to advance its Moonlight-Superior project in Northeast California, United States.
The project covers approximately 13 square miles of patented and unpatented federal mining claims in the Lights Creek Copper District, near the Nevada border.
A preliminary economic assessment released on January 6 demonstrated a post-tax net present value of US$1.08 billion with an internal rate of return of 23 percent and a payback period of 5.3 years, assuming a copper price of US$4.15 per pound.
The included mineral resource estimate shows a total indicated resource of 2.5 billion pounds of copper, 21.7 million ounces of silver and 140,042 ounces of gold from 402.83 million metric tons of ore with a grade of 0.31 percent copper, 1.85 parts per million (ppm) silver and 0.012 ppm gold. The majority is hosted at its Moonlight and Superior deposits.
US Copper has not released news since October 14 when it announced the closing of a non-brokered private placement for gross proceeds of C$750,000.
Weekly gain: 66.67 percent
Market cap: C$18.87 million
Share price: C$0.025
Euromax Resources is a development and exploration company working to advance its Ilovica-Shtuka copper project in the southeast of North Macedonia, Europe.
The advanced stage project is composed of two concession agreements that cover 17.1 square kilometers and hosts mineralized deposits of copper and gold.
The most recent feasibility study for the Ilovica-Shtuka project, released in 2016, demonstrated a sulphide mineral resource with measured and indicated quantities of 2.6 million ounces of gold and 1.2 billion pounds of copper, with additional oxide quantities of 280,000 ounces of gold.
Shares in Euromax gained this week after it announced on Monday its intention to issue 122.1 million common shares through a non-brokered private placement, generating proceeds of C$3.97 million.
Weekly gain: 54.67 percent
Market cap: C$10.61 million
Share price: C$0.325
Lode Gold Resources is an exploration company with projects located in Canada and the United States, including its Fremont gold project in California, US, which hosts a past-producing high-grade gold mine.
The mine sits on 3,351 acres in Mariposa County, which has been mined since the start of the California gold rush in the 1840s.
On March 5, Lode Gold released a technical report for the property, which included an updated mineral resource estimate demonstrating an indicated resource of 120,000 ounces with an average grade of 4.13 g/t gold from 910,000 metric tons of ore, with an additional inferred resource of 1.9 million ounces with a grade of 3.96 g/t from 8.53 million metric tons of ore.
The most recent news from the project came on December 9, when Lode announced that it had entered into a letter of intent with an unnamed mining company to begin work advancing the Freemont project toward production.
As part of the deal, the parties agreed to a 45 day standstill period during which Lode will work to raise capital and repay outstanding debts.
Additionally, Lode announced on December 12 that it was appointing David Swetlow as Lode’s new CFO. He has previously worked as CFO for Lode’s subsidiary, Gold Orogen, which was created to spin off its Yukon and New Brunswick properties.
The spin-off was announced in July 2024 as part of Lode’s restructuring bid and would include its Golden Culvert, Win, and McIntyre Brook properties.
Weekly gain: 50 percent
Market cap: C$24.71 million
Share price: C$0.015
Formerly KWG Resources, Canadian Chrome is a chromite and base metals exploration company focused on moving forward at its Ring of Fire assets in Northern Ontario, Canada. It does business as the Canadian Chrome Company.
The firm’s properties consist of the Fancamp and Big Daddy claims, along with the Mcfaulds Lake, Koper Lake and Fishtrap Lake projects. All are located within a 40 kilometer radius, and according to the company are home to feeder magma chambers containing chromite, nickel and copper deposits.
Canadian Chrome is currently working with local First Nations to improve transportation to the region by developing road and rail links. The company announced on November 7 that it had signed a memorandum of agreement with AtkinsRéalis Canada in its capacity as a contractor representing the Marten Falls and Webequie First Nations.
The agreement will allow AtkinsRéalis temporary access rights over some mineral exploration claims in support of work permits for an environmental assessment for the design, construction and operation of a multi-use, all-season road between the proposed Marten Falls community access road and the proposed Webequie supply road.
Once completed, the link will provide improved access to communities and mining companies in the region.
On September 11, Canadian Chrome signed an additional agreement with AtkinsRéalis that will provide the firm access rights to parts of the claims for 13 borehole locations for geotechnical investigations and aggregate source testing.
The most recent news from the company came on December 11, when it set the terms of a C$25 million non-brokered private placement originally proposed on August 26. Changes to the original terms were made following the inclusion of chromium as a critical mineral in the Canadian federal budget announced on November 4, which allows investments in chromium projects to qualify for additional tax credits.
The new terms state that, with every 10 flow-through shares subscribed, five flow-through share purchase warrants will be issued, each entitling the holder to purchase one additional flow-through share for C$2.50 at any time within one year.
The TSX, or Toronto Stock Exchange, is used by senior companies with larger market caps, and the TSXV, or TSX Venture Exchange, is used by smaller-cap companies. Companies listed on the TSXV can graduate to the senior exchange.
As of May 2025, there were 1,565 companies listed on the TSXV, 910 of which were mining companies. Comparatively, the TSX was home to 1,899 companies, with 181 of those being mining companies.
Together, the TSX and TSXV host around 40 percent of the world’s public mining companies.
There are a variety of different fees that companies must pay to list on the TSXV, and according to the exchange, they can vary based on the transaction’s nature and complexity. The listing fee alone will most likely cost between C$10,000 to C$70,000. Accounting and auditing fees could rack up between C$25,000 and C$100,000, while legal fees are expected to be over C$75,000 and an underwriters’ commission may hit up to 12 percent.
The exchange lists a handful of other fees and expenses companies can expect, including but not limited to security commission and transfer agency fees, investor relations costs and director and officer liability insurance.
These are all just for the initial listing, of course. There are ongoing expenses once companies are trading, such as sustaining fees and additional listing fees, plus the costs associated with filing regular reports.
Investors can trade on the TSXV the way they would trade stocks on any exchange. This means they can use a stock broker or an individual investment account to buy and sell shares of TSXV-listed companies during the exchange’s trading hours.
Article by Dean Belder; FAQs by Lauren Kelly.
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.
As the world races to meet rising power demand driven by artificial intelligence and advanced computing, cleantech is stepping into a new era of opportunity.
Developing and scaling innovative energy technologies has never been more accessible or cost-efficient, thanks to breakthroughs in AI-driven design, automation and data analytics that are speeding up everything from materials science to grid optimization.
While US climate finance leadership appears uncertain, Canada is emerging as a strong contender for global influence, backed by supportive policy frameworks, abundant natural resources and a deep bench of innovation-focused companies.
Here’s a look at the best-performing Canadian cleantech stocks on the TSX 2025 by year-to-date gains. CSE-listed companies were considered, but none made the list at this time.
Data for this article was gathered on December 16, 2025, using TradingView’s stock screener. Only companies with market capitalizations greater than C$50 million were considered.
Year-to-date gain: 187.23 percent
Market cap: C$472.75 million
Share price: C$2.70
Anaergia is a global company that specializes in converting waste, including wastewater and agricultural and municipal solid waste, into renewable energy, clean water and organic fertilizer.
The company has operations in 17 countries spanning North America, Africa, Asia and Europe. In 2025, Anaergia has expanded its global reach through partnerships with companies in Italy and Spain, as well as through a partnership agreement to build a biogas facility in South Korea.
In July 2024, Anaergia closed the third tranche of a C$40.8 million investment deal with Marny Investissement that gave Marny a controlling interest of about 60 percent in Anaergia, supporting the company’s pivot to employ a greater focus on technology sales and operations and maintenance contracts.
The company’s September investor presentation highlights its new strategy of streamlined operations, expanding through global partnerships and selective Build-Own-Operate delivery.
In its Q3 2025 results, the company reported strong financials, with revenue increasing 77 percent year-over-year to C$51.4 million, gross margins expanding to 28.8 percent and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of C$2.6 million.
Year-to-date gain: 150.53 percent
Market cap: C$250.03 million
Share price: C$4.76
Tantalus Systems provides technology that gives utilities greater control and insight into their electric grids.
This includes advanced metering infrastructure (AMI), load management systems and grid analytics, all of which contribute to a more efficient and reliable power grid.
One of its key products, TRUConnect AMI, provides real-time data on energy consumption and grid conditions. The TRUFlex Load+DER Management system helps manage energy demand and integrate distributed energy resources like solar power, while TRUGrid Automation optimizes grid operations and improves response to events like power failures.
On July 7, Tantalus announced that it was extending its partnership with EPB in Chattanooga, Tennessee, to deploy 20,000 TRUSense Ethernet Gateways over the next five years, integrating with EPB’s fiber network to enhance grid modernization and operational efficiency.
The company’s annual recurring revenue has grown at an approximate compound annual growth rate of 18 percent since 2016, according to its October presentation.
Its Q3 revenue hit C$14.2 million, up 22.5 percent year-over-year, driven by growth of 30 percent in connected devices and 10 percent in software and services. Its adjusted EBITDA doubled year-over-year to C$1.2 million.
Year-to-date gain: 50.21 percent
Market cap: C$1.09 billion
Share price: C$3.65
Ballard Power Systems is a hydrogen fuel cell technology company that develops, manufactures and sells proton exchange membrane (PEM) fuel cell products that convert hydrogen into clean electricity with zero emissions. The company targets heavy-duty applications like buses, trucks, trains, marine vessels and stationary power.
Recent deals include a December memorandum of understanding with Kolon Industries for fuel cell components and market expansion and a May multi-year agreement for 50 fuel cell engines with Egypt’s MCV to power its intercity buses.
In Q3 2025, Ballard’s revenue surged 120 percent year-over-year to C$32.5 million led by bus and rail deliveries, with gross margins improving to 15 percent and cash reserves at C$525.7 million. The company also cut total operating expenses by 36 percent.
Year-to-date gain: 32.29 percent
Market cap: C$613 billion
Share price: C$8.48
Algonquin Power & Utilities operates regulated electric, water, wastewater and natural gas utilities across the US, Canada, Bermuda and Chile, alongside a retained Hydro Group after divesting its larger renewables business as part of its pure-play regulated utility pivot.
The company completed the sale of its renewable energy assets, excluding hydro, to LS Power in January 2025 for approximately US$2.5 billion. The company declared a Q4 2025 dividend of US$0.065 per common share.
Year-to-date gain: 15.41 percent
Market cap: C$11.41 billion
Share price: C$38.27
Brookfield Renewable Partners owns and operates a global portfolio of hydroelectric, wind, solar and energy storage assets. It also offers sustainable solutions such as nuclear services and carbon capture. The company’s strategy emphasizes long-term power purchase agreements and asset recycling.
Major 2025 deals include a hydropower framework with Brookfield Asset Management (TSX:BAM,NYSE:BAM) and Alphabet (NASDAQ:GOOGL) for up to 3 gigawatts of hydroelectricity capacity, starting with US$3 billion in contracts for 670 megawatts capacity in Pennsylvania.
Securities Disclosure: I, Meagen Seatter, hold direct investment interest in one or more companies mentioned in this article.
Nevada Sunrise Metals Corporation (TSXV: NEV,OTC:NVSGF) (OTC Pink: NVSGF) (‘Nevada Sunrise’ or the ‘Company’) announced today that it has granted a total of 3,250,000 stock options to directors, officers and consultants of the Company, exercisable at a price of $0.05 per share for a period of five years from the date of grant. The stock options have been granted in accordance with the Company’s stock option plan.
About Nevada Sunrise
Nevada Sunrise is a junior mineral exploration company with a strong technical team based in Vancouver, BC, Canada, that holds interests in gold, copper and lithium exploration projects located in the State of Nevada, USA.
Nevada Sunrise holds the right to purchase a 100% interest in the Griffon Gold Mine Project, located approximately 50 kilometers (33 miles) southwest of Ely, NV.
Nevada Sunrise holds the right to earn a 100% interest in the Coronado Copper Project, located approximately 48 kilometers (30 miles) southeast of Winnemucca, NV.
Nevada Sunrise owns 100% interests in the Gemini West, Jackson Wash and Badlands lithium projects, all of which are located in the Lida Valley in Esmeralda County, NV.
As a complement to its exploration projects in Esmeralda County, the Company owns Nevada Water Right Permit 86863, also located in the Lida Valley basin, near Lida, NV.
For Further Information Contact:
Warren Stanyer, President and Chief Executive Officer
email: warrenstanyer@nevadasunrise.ca
Telephone: (604) 428-8028
Website: www.nevadasunrise.ca
FORWARD-LOOKING STATEMENTS
This release may contain forward‐looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words ‘expects’, ‘plans’, ‘anticipates’, ‘believes’, ‘intends’, ‘estimates’, ‘projects’, ‘potential’ and similar expressions, or that events or conditions ‘will’, ‘would’, ‘may’, ‘could’ or ‘should’ occur and include disclosure of anticipated exploration activities. Although the Company believes the expectations expressed in such forward‐looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward‐looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date such statements were made. The Company expressly disclaims any intention or obligation to update or revise any forward‐looking statements whether as a result of new information, future events or otherwise.
Such factors include, among others, risks related to future plans for the Company’s Nevada mineral properties; reliance on technical information provided by third parties on any of our exploration properties; changes in mineral project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or metallurgical recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labor disputes and other risks of the mining industry; delays due to pandemic; delays due to weather; delays in obtaining governmental approvals, financing or in the completion of exploration, as well as those factors discussed in the section entitled ‘Risk Factors’ in the Company’s Management Discussion and Analysis for the Nine Months ending June 30, 2025, which is available under Company’s SEDAR+ profile at www.sedarplus.ca.
Although Nevada Sunrise has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. 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 statements. Nevada Sunrise disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. Accordingly, readers should not place undue reliance on forward-looking information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/278754
News Provided by Newsfile via QuoteMedia
More than 200 House Democrats voted against banning Medicaid dollars from funding transgender treatments for minors.
The Do No Harm in Medicaid Act was introduced by Rep. Dan Crenshaw, R-Texas, and received support from all House Republicans when it was put to a vote Thursday afternoon.
The measure passed 215-201, with all opposition coming from Democrats. All Republicans who voted approved the bill.
Four Democratic representatives voted for the bill — Henry Cuellar, D-Texas; Vicente Gonzalez, D-Texas; Don Davis, D-N.C.; and Marie Gluesenkamp Perez, D-Wash.
Transgender issues, particularly related to minors, have been one of the topics driving a wedge between moderate and progressive Democrats.
The bill would block federal reimbursement for specific gender surgeries performed on minors and treatments such as hormone therapies, according to the legislative text.
The legislation could also block Medicaid funding to states that do allow federal funds to be used for transgender medical treatments for minors.
But the bill provides exceptions for puberty blockers prescribed during precocious puberty and gender-related surgeries performed to fight injury, illness and the potential death of a child, among others.
House Energy & Commerce Committee Chairman Brett Guthrie, R-Ky., said the legislation would save $445 million over a decade for the Medicaid program during debate on the bill Thursday.
Guthrie said it did not prevent children from getting medically necessary treatment, adding it ‘simply prohibits the use of Medicaid funding on specified procedures that are medically unnecessary.’
‘I’m not sure my colleagues even believe what they’re saying,’ Crenshaw said during his turn to speak. ‘Today’s great sin in medicine is perhaps one of the worst that we’ve seen in human history — a sick, twisted ideology parroted by social media, fueling social confusion.’
But Rep. Frank Pallone, D-N.J., called it an ‘extreme attack on medically necessary treatment for children.’
‘This is Congress seeking to ban healthcare for the most vulnerable among us,’ Rep. Mark Takano, D-Calif., said. ‘The healthcare that trans youth receive is a decision that they should be able to make in consultation with their parents, therapists and doctors, not politicians.
‘The hypocrisy of this legislation is staggering,’ he added, arguing the medical procedures it bans ‘allows for the same exact care for non-transgender youth.’