Kinetiko Energy (KKO:AU) has announced Kinetiko Commences Trading on North American OTC Market
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Nickel prices were stagnant in 2025, trading around US$15,000 per metric ton (MT) for much of the year.
The metal’s primary price motivation stemmed from persistent oversupply from Indonesian operations.
Overall, sentiment remained weak amid soft demand growth from the construction and manufacturing sectors, and declining interest in nickel as electric vehicle (EV) battery makers began to eye cheaper chemistries.
Nickel supply in 2026
The big question going into the new year is if nickel supply and demand will come into balance.
The most significant contributing factor over the last several years has been an abundance of supply from Indonesia, which has become the world’s top nickel producer.
The US Geological Survey estimates that full-year 2024 nickel production came in at 2.2 million MT, a staggering increase over the 800,000 MT it believes the nation produced in 2019.
In February 2025, the Indonesian government changed its quota system, effectively increasing nickel ore output to 298.5 million wet metric tons (WMT) from 271 million WMT in 2024. At the time, it said the increased production capacity was being limited to major production areas and was designed to reduce supply pressures.
The increase helped drive the amount of nickel sitting in exchange warehouses. Stockpiles at the London Metal Exchange (LME) had risen to 254,364 MT by the end of November, up from 164,028 MT at the start of 2025.
Meanwhile, the nickel price sank to US$14,295, toward the lower end of profitability for low-cost Indonesian miners.
The profitability question has raised the possibility of cuts — according to Shanghai Metal Market, the Indonesian government is proposing to cut nickel ore output to around 250 million MT in 2026. If the reduction comes to pass, it would mark a significant decline from the 379 million WMT laid out by Indonesia in 2025. Discussions on the final amount are ongoing, and the outlet states that it will be some time before the target is finalized.
“The global market is still forecast to remain in surplus — around 261,000 MT in 2026 — so further cuts would need to be significant to alter fundamentals,” she explained.
Additionally, there could be a wait-and-see approach as other new policies adopted by the Indonesian government in 2025 begin to take hold. The first, introduced in April, saw a shift from a flat 10 percent royalty to a more dynamic rate of 14 to 18 percent, depending on nickel prices. The second came in October, when the government cut the validity period of mining licenses from three years to one, providing the government greater oversight of production levels.
These prices, however, aren’t supportive of western producers, which began curtailing operations in 2024 when the LME average price was US$16,812 and reached US$21,000 in May of that year.
For her part, Manthy suggested that to get back to that range, there needs to be a more coordinated approach to constraining supply, and it may not make an immediate difference.
“To push prices to that range, cuts would need to be deep enough to erase most of the projected surplus. Given the scale — hundreds of thousands of MT — this seems unlikely without coordinated action. Even then, investor sentiment would probably require sustained prices above US$20,000 to materially improve producer attractiveness,” she said.
Nickel demand in 2026
The challenges faced by nickel go beyond oversupply; demand growth for the base metal is also soft.
Nickel’s primary use case is in the production of stainless steel, much of it destined for the Chinese housing market, which has yet to recover from its collapse in 2020.
While the Chinese government tried to stabilize the market in 2024 and earlier in 2025, it has done little to reverse the downward trend. According to a CNBC report on December 2, November sales were down 36 percent from the same period in 2024, and declined 19 percent through the first 11 months of the year.
“China’s property sector weakness has weighed on stainless steel demand, which accounts for over 60 percent of global nickel consumption. Even with broader economic growth, this stagnation has kept nickel prices subdued. A property turnaround would help, but given the surplus outlook, price upside would likely be limited,” Manthey said.
Adding to nickel’s woes is soft growth from the EV market.
Much of the increase in nickel production over the last five years was to fuel the need for EV batteries, but more recently producers like Contemporary Amperex Technology (SZSE:300750,HKEX:3750), one of the world’s largest battery makers, have shifted chemistry to lithium-iron-phosphate (LFP).
Nickel-manganese-cobalt batteries had been seen as superior due to their higher energy density and longer range. But recent advances in LFP technology have erased that gap, with vehicles using the chemistry achieving ranges of over 750 kilometers. Additionally, LFP batteries are cheaper to produce and less volatile, making them safer.
According to a December 1 Reuters article, nickel battery demand rose 1 percent year-on-year in September, while LFP battery demand increased 7 percent. However, the news outlet notes that most of the nickel demand was likely driven more by a rapidly growing EV market than by the benefits of its chemistry.
Although Reuters also notes that nickel chemistry remains the dominant battery technology in western EV markets, that too comes with a caveat, especially in the US, where the elimination of the EV tax credit in September has cratered EV demand. While US EV sales reached a record 1.2 million through the first nine months of 2025, much of that was driven by consumers seeking to take advantage of the US$7,500 credit before it expired.
Early data from Cox Automotive analysis indicates that American EV sales are down 46 percent in Q4 from the third quarter, and 37 percent from the same period last year.
Against that backdrop, Ford Motor (NASDAQ:F) has scaled back its EV plans, taking a US$19.5 billion writedown, and will pivot to extended-range EVs — which use gas-powered engines to augment range — and hybrid cars. Similarly, in mid-December, the EU dropped its plans to ban the sale of all internal combustion engine light vehicles by 2035.
These policy changes likely aren’t good news for nickel watchers.
“Any slowdown in energy transition policies adds to bearish sentiment for battery metals, including nickel,” Manthey said.
Nickel price forecast for 2026
Manthey suggested that nickel prices will remain under pressure throughout 2026.
“We expect prices to struggle to hold above US$16,000 given the surplus. Upside risks hinge on unexpected supply disruptions or stronger-than-forecast stainless and battery demand, but sustained levels above US$19,000 look unlikely under current fundamentals. We see prices averaging US$15,250 in 2026,” she said.
That’s in line with the World Bank’s 2026 nickel price outlook of US$15,500, rising to US$16,000 in 2027.
The primary reason for these projections is the ongoing nickel market surplus.
While it didn’t make a price prediction, Russia’s Nornickel, one of the world’s largest nickel producers, suggests that the market will see a surplus of 275,000 MT of refined nickel in 2026.
Low prices will be a challenge for nickel producers and investors alike. Until there is a shift in market fundamentals, a rebound for nickel doesn’t appear to be in the cards in the short or even medium term.
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
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The global lithium market endured a bruising 2025, with persistent oversupply and softer-than-expected electric vehicle (EV) demand driving prices for the battery metal to multi-year lows.
Lithium carbonate prices in North Asia slipped below US$9,550 per metric ton in February — their weakest level since 2021 — triggering production cuts and project delays, particularly in Australia and China. Despite brief rallies later in the year, prices remained under pressure, reflecting a market struggling to absorb rapid supply growth.
That imbalance has been years in the making. Global lithium carbonate output surged 192 percent between 2020 and 2024 while demand lagged, leaving the market with a large surplus.
Analysts estimate that supply exceeded demand by more than 150,000 metric tons in both 2023 and 2024, with inventories continuing to cap price recovery in 2025. Although the surplus is shrinking, high stockpiles have kept prices rangebound, with lithium carbonate largely hovering near US$10,000 for much of the year.
Volatility punctuated the lithium industry in the second half of 2025.
Prices rebounded sharply in July on supply cut speculation, briefly pushing lithium carbonate to an 11 month high above US$12,000 before retreating as producers denied meaningful reductions and inventories remained ample.
Policy uncertainty in the US, including threats to EV incentives, and regulatory signals from China further weighed on sentiment, underscoring the market’s sensitivity to both geopolitics and headlines.
Despite the prolonged downturn, analysts increasingly view 2025 as a potential inflection point. With roughly a third of global production estimated to be unprofitable at current prices, further supply rationalization appears likely.
Forecasts point to a sharply narrower surplus in 2025 and a possible deficit emerging in 2026, suggesting that while lithium’s near-term outlook remains constrained, the sector’s long-term fundamentals — driven by electrification, the energy transition and data-intensive technologies — remain intact.
Lithium in 2025: A tale of two markets
In contrast, the second half of 2025 saw a boost in prices across the lithium space as market fundamentals improved due to Contemporary Amperex Technology (SZSE:300750,HKEX:3750) curtailing operations at the Jianxiawo lepidolite mine in early August. Despite reports that Jianxiawo would restart operations in December, it is unclear if the mine, which is one of the world’s largest, is back in operation.
Concern over the removed supply pushed carbonate prices higher from mid-October through the end of the year, when they rose from US$10,417.37 to US$14,131.44, a 34 percent increase.
Battery energy storage demand key to lithium growth
Another trend Klein pointed to was the rapid growth in the battery energy storage system (BESS) market, which is expected to grow by 44 percent in 2025, representing a quarter of all battery demand.
“We’ve been talking about BESS being a very fast, growing and big part of the market, but it’s now become the consensus opinion that it’s very strong not only in China, but elsewhere,” said Klein.
Although BESS is one of the fastest-growing segments of the battery market, Klein believes its growth potential is not fully understood. “The market’s probably still underestimating that narrative about battery energy storage,” he said, adding that it is only now starting to be understood by people who are in the industry.
“But for the broader, generalist investor who still equates lithium with EVs, they don’t fully understand the battery energy storage angle, so I think they’re still underestimating that,” said Klein. The market is projected to balloon from US$13.7 billion in 2024 to US$43.4 billion by 2030, growing at a compound annual growth rate of 21.3 percent.
Industry analysts expect BESS installations could expand from roughly 205 gigawatt-hours in 2024 to between 520 and 700 gigawatt-hours by 2030, driven by renewable integration, grid stability needs and declining costs.
While EVs have dominated the lithium narrative, Del Real said the real opportunity was “never just a play on EVs or hybrids — it was a play on grid storage, energy storage,” with cheaper battery cells unlocking faster adoption.
That mispricing has created a contrarian opportunity, he added, noting that lithium’s neglect over the past six months has rewarded patient investors. “It’s lonely in the forest sometimes,” Del Real said. But when sentiment turns, “the re-rating can be spectacularly profitable if you know how to play it.”
Lithium exploration budgets evaporate
Lithium exploration budgets were sharply reduced in 2025 as miners retrenched amid prolonged price weakness.
S&P Global’s 2025 corporate exploration strategies study shows that spending on lithium and other critical minerals exploration fell significantly, even as overall non-ferrous exploration dipped only slightly.
Lithium, which had previously broken the US$1 billion mark for exploration spending, saw its allocation cut as junior companies tightened their belts and delayed programs. Cuts were most pronounced in traditional exploration hubs such as Canada, Australia and the US, where weakened junior sectors hit budgets hardest; meanwhile, regions like Chile, Peru and Saudi Arabia recorded relative gains in broader exploration funding.
Lithium remains a structurally important exploration commodity despite a sharp pullback in spending, Kevin Murphy, director of metals and mining research at S&P Global, said during a December webinar.
Murphy described the metal’s rise over the past decade as a “lithium renaissance.”
Once “completely inconsequential for exploration,” lithium has become the third most explored commodity globally over the past five years, underscoring how central it has become to future-facing supply chains.
However, that momentum stalled in 2025 as ongoing price weakness forced a reset. Murphy said lithium exploration budgets were “absolutely gutted,” falling to roughly half of 2024 levels, a decline he described as expected given depressed prices and the completion of several late-stage programs that wrapped up in late 2024 and early 2025.
“The lithium price has been depressed for too long for the budgets to be resilient,” he said, framing the downturn as cyclical rather than structural.
Lithium stocks stage H2 rally
Speaking at this year’s Benchmark Week event in November, Sean Gilmartin, senior equity analyst at Bloomberg, explained that lithium equities staged a sharp rebound in H2 after years of underperformance.
After lagging broader materials and chemical indexes for much of the first half of the year, lithium stocks surged in the second half of the year, closely tracking rising spot prices.
“Over a three year window, lithium names were still very much lagging,” Gilmartin said, “but we’ve flipped the script in a few months. Year-to-date, we’re seeing on average 47 percent gains, closely aligned with spot markets.”
He attributed the turnaround to stronger-than-expected lithium demand, particularly from BESS, as well as supply curtailments in China, which have tightened the market.
Despite the rebound, he cautioned that volatility remains a defining feature of the lithium equities space.
“You need to have a long-term view, and you have to be very adherent to your thesis,” Gilmartin said, noting that the demand story remains intact and that fundamentals continue to support growth through 2026 and beyond.
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
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PHOENIX, Ariz. – While it is true that Erika Kirk is head of one of the nation’s leading conservative groups, at one point this weekend at Turning Point USA’s AmericaFest, she made it clear that she holds an even more important title: mother.
After two days of infighting at the conference between some of its top stars, Kirk smiled on stage Friday night and said, ‘Well, say what you want about AmFest, but it’s definitely not boring. Feels like a Thanksgiving dinner where your family’s hashing out the family business.’
This is the best and most positive way to look at the squabbling in Phoenix between Ben Shapiro, Tucker Carlson, Megyn Kelly and other right-wing celebrities. It has been mostly over Israel, and it was a sideshow few attendees expected or particularly wanted.
Brent, in his 50s and from Oklahoma City, came to AmFest with his two sons.
‘I was in there the night Ben and Tucker went at each other, at one point, I told my wife, I’m going out for some air, I just felt like I needed to escape to the real world, you know?’ he told me over a smoke.
I did know.
Along with sniping over Israel and antisemitism, the question of what a ‘heritage American’ is, or if it is a thing at all, also spurred division. Ohio gubernatorial candidate Vivek Ramaswamy told the crowd, ‘I think the idea of a heritage American is about as loony as anything the woke left has actually put up,’ adding ‘There is no American who is more American than somebody else.… It is binary. Either you’re an American or you’re not.’
This would have been Civics 101, even for conservatives, not long ago, but Ramaswamy is right to mention wokeness, because proponents of the concept that a genealogy that leads back to nation’s founding is something special is mainly driven by such people being told for decades now that it is actually the only lineage that is not special, or something to be proud of.
I asked Dennis, who is the fourth-generation owner of a farm in South Dakota, which sounds pretty heritage-y to me, what he made of it all.
‘I don’t think much about that,’ he said. ‘If you love the country and follow the laws, you can be an American.’
Dennis was much more interested in, and comfortable talking about soybeans and sugar beets. I asked how the tariffs were affecting him, and he told me, ‘It’s hurt, but I look at the big picture and I think it will be good in the long run.’
It was tempting after speaking, not just with Dennis, but with many attendees, old and young, who are most focused on prices, to think, ‘It’s the economy, stupid, knock it off with the identity politics stuff.’ But Erika Kirk made a good point: These might be fights the right needs to have before settling into next year’s midterm elections.
TPUSA spokesman Andrew Kolvet posted on X with this very message.
‘If we force conformity without uncomfortable debates, there can be no winning consensus,’ he wrote. ‘There’s no civil war. This is the necessary work of a conservative coalition defining its dominant center ahead of the coming battles. We’re not hive-minded commies. Let it play out.’
It should also be noted how much better hashing all of this out at an actual live event is than endless sniping on social media where nobody is ever really forced to contend with ideas they oppose. The mere act of shaking hands with someone you disagree with can be a powerful calming influence.
On Sunday, the big finale of AmFest will be Vice President JD Vance’s speech to the assembled. As of 4 a.m., there was already a line for it.
Sarah, a college freshman told me, ‘I wasn’t old enough to vote for Trump, but I will get to vote for Vance, and I’m excited about that.’ This is good news for Vance, but it’s also a lot of pressure. Can he be the force that mends the wounds opening this weekend at AmFest?
Erika Kirk is right, families sometimes fight. In fact, sometimes they have to. But the question is always what happens after the blowup, after the tears and recriminations?
Rep. Anna Paulina Luna, R-Fla., told the crowd this weekend, ‘You may not like Tucker Carlson, Ben Shapiro, Steve Bannon or me. Guess what: If the radical left wins, we all hang together.’
This seems correct, and even after AmFest’s nasty internecine fighting, it is still a goal well within reach of TPUSA and the conservative movement. It is also almost certainly what Charlie Kirk would have wanted.
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Erika Kirk welcomed rapper Nicki Minaj as the surprise guest for a Q&A at Turning Point USA’s AmericaFest on Sunday.
The ‘Beez in the Trap’ singer previously teamed up with the Trump White House, speaking at the United Nations in November to raise awareness about persecution against Christians in Nigeria. Rumors had grown that Minaj would make an appearance at AmericaFest, but it was not confirmed until she went on stage Sunday.
‘I’m honored to be here. I’m honored to be here,’ Minaj said after Kirk welcomed her to the stage.
She went on to praise both President Donald Trump and Vice President JD Vance, saying they are politicians who have an ‘uncanny’ ability to relate to the American people.
‘I love both of them,’ she said of the two leaders.
Despite previously supporting Democrats like Barack Obama and Hillary Clinton, Minaj has increasingly shown support for Trump lately.
On Nov. 1, Minaj posted a screenshot of a Trump Truth Social post where he said, ‘Christianity is facing an existential threat in Nigeria.’
She wrote, ‘Reading this made me feel a deep sense of gratitude. We live in a country where we can freely worship God. No group should ever be persecuted for practicing their religion.’
Minaj continued, ‘We don’t have to share the same beliefs in order for us to respect each other. Numerous countries all around the world are being affected by this horror & it’s dangerous to pretend we don’t notice.’
She thanked the ‘President & his team for taking this seriously. God bless every persecuted Christian. Let’s remember to lift them up in prayer.’
She has also repeatedly attacked California Gov. Gavin Newsom over his stance on transgender children.
Kirk has stepped in as the chairwoman and CEO of Turning Point USA since the murder of her husband, late Turning Point USA CEO Charlie Kirk, in September.
Kirk spoke at the conservative AmFest on Thursday, telling the crowd, ‘Here’s what I’ve learned the most in these last three months is that my husband, he deeply mattered on a multitude of levels, so much so that it proved even more once he was assassinated, how much of a peacemaker he was and how much of a coalition builder he was.’
She added that both her husband and she would choose fight mode over flight in any situation.
‘You don’t retreat,’ she said. ‘Charlie would go wherever he needed to go, and I’m the same exact way … And you’ll learn that about me the more you get to know me. I know I’m new here, I’m new here, but you’ll learn.’
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The Department of Homeland Security (DHS) is disputing reports that acting Cybersecurity and Infrastructure Security Agency (CISA) Director Madhu Gottumukkala failed a polygraph after seeking access to highly sensitive intelligence, as an internal investigation and the suspension of multiple career cybersecurity officials deepen turmoil inside the agency, according to a report.
Politico reported that Gottumukkala pushed for access to a tightly restricted intelligence program that required a counter-intelligence polygraph and that at least six career staffers were later placed on paid administrative leave for allegedly misleading leadership about the requirement, an assertion DHS strongly denies.
The outlet said its reporting was based on interviews with four former and eight current cybersecurity officials, including multiple Trump administration appointees who worked with Gottumukkala or had knowledge of the polygraph examination and the events that followed. All 12 were granted anonymity over concerns about retaliation, according to Politico.
DHS pushed back on the reporting, saying the polygraph at issue was not authorized and that disciplinary action against career staff complied with department policy.
‘Acting Director Madhu Gottumukkala did not fail a sanctioned polygraph test. An unsanctioned polygraph test was coordinated by staff, misleading incoming CISA leadership,’ DHS Assistant Secretary Tricia McLaughlin said in a statement provided to Fox News Digital. ‘The employees in question were placed on administrative leave, pending conclusion of an investigation.’
‘We expect and require the highest standards of performance from our employees and hold them directly accountable to uphold all policies and procedures,’ she continued. ‘Acting Director Gottumukkala has the complete and full support of the Secretary and is laser focused on returning the agency to its statutory mission.’
Politico also reported that Gottumukkala failed a polygraph during the final week of July, citing five current officials and one former official.
The test was administered to determine whether he would be eligible to review one of the most sensitive intelligence programs shared with CISA by another U.S. spy agency, according to the outlet.
That intelligence was part of a controlled access program with strict distribution limits, and the originating agency required any CISA personnel granted need-to-know access to first pass a counter-intelligence polygraph, according to four current officials and one former official cited by Politico.
As a civilian agency, most CISA employees do not require access to such highly classified material or a polygraph to be hired, though polygraphs are commonly used across the Pentagon and U.S. intelligence community to protect the government’s most sensitive information.
Politico reported that senior staff raised questions on at least two occasions about whether Gottumukkala needed access to the intelligence, but said he continued pressing for it even if it meant taking a polygraph, citing four current officials.
The outlet also reported that an initial access request in early June, signed by mid-level CISA staff, was denied by a senior agency official who determined there was no urgent need-to-know and noted that the agency’s previous deputy director had not viewed the program.
That senior official was later placed on administrative leave for unrelated reasons in late June, and a second access request signed by Gottumukkala was approved in early July after the official was no longer in the role, according to current officials cited by Politico.
Despite being advised that access to the most sensitive material was not essential to his job and that lower-classification alternatives were available, Gottumukkala continued to pursue access, officials told the outlet.
Officials interviewed by Politico said they could not definitively explain why Gottumukkala did not pass the July polygraph and cautioned that failures can occur for innocuous reasons such as anxiety or technical errors, noting that polygraph results are generally not admissible in U.S. courts.
On Aug. 1, shortly after the polygraph, at least six career staff involved in scheduling and approving the test were notified in letters from then–acting DHS Chief Security Officer Michael Boyajian that their access to classified national security information was being temporarily suspended for potentially misleading Gottumukkala, according to officials and a letter reviewed by Politico.
‘This action is being taken due to information received by this office that you may have participated in providing false information to the acting head of the Cybersecurity and Infrastructure Security Agency (CISA) regarding the existence of a requirement for a polygraph examination prior to accessing certain programs,’ the letter said. ‘The above allegation shows deliberate or negligent failure to follow policies that protect government information, which raises concerns regarding an individual’s trustworthiness, judgment, reliability or willingness and ability to safeguard classified information.’
In a separate letter dated Aug. 4, the suspended employees were informed by Acting CISA Chief Human Capital Officer Kevin Diana that they had been placed on paid administrative leave pending an investigation, according to current and former officials and a copy reviewed by Politico.
Gottumukkala was appointed CISA deputy director in May and previously served as commissioner and chief information officer for South Dakota’s Bureau of Information and Technology, which oversees statewide technology and cybersecurity initiatives.
CISA said in a May press release that Gottumukkala has more than two decades of experience in information technology and cybersecurity across the public and private sectors.
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The U.S. Department of Justice (DOJ) said Sunday it restored a photo featuring President Donald Trump to its latest release of Jeffrey Epstein–related documents after a review determined the image did not depict any Epstein victims.
In a post on X, the DOJ said the photo was initially taken down ‘out of an abundance of caution’ after the Southern District of New York flagged it for additional review to protect potential victims.
Following a review, officials concluded no Epstein victims were shown in the photograph, and it was reposted without ‘alteration or redaction,’ according to the DOJ.
‘The Southern District of New York flagged an image of President Trump for potential further action to protect victims,’ the DOJ wrote. ‘Out of an abundance of caution, the Department of Justice temporarily removed the image for further review. After the review, it was determined there is no evidence that any Epstein victims are depicted in the photograph, and it has been reposted without any alteration or redaction.’
Earlier Sunday, Deputy Attorney General Todd Blanche said the removal of the photo had ‘nothing to do with President Trump’ and was instead driven by concerns for the women depicted, he said during an appearance on NBC’s ‘Meet the Press.’
The explanation came after reports that at least 16 files had disappeared from the DOJ’s Epstein-related public webpage less than a day after they were posted on Friday, without public notice or an initial explanation, The Associated Press reported.
The missing files included one that showed a series of photos displayed on a cabinet and inside a drawer. In the drawer, there was a photo of Donald Trump pictured alongside Melania Trump, Epstein and Ghislaine Maxwell, AP reported.
On Saturday, Democrats on the House Oversight Committee criticized the removal of the photo, writing, ‘We need transparency for the American public.’
‘This photo, file 468, from the Epstein files that includes Donald Trump has apparently now been removed from the DOJ release,’ Democrats on the House Oversight Committee posted on X. ‘[Attorney General Pam Bondi] is this true? What else is being covered up? We need transparency for the American public.’
The DOJ released the trove of files after The Epstein Files Transparency Act, signed by President Trump on Nov. 19, 2025, required AG Pam Bondi to release all unclassified records, communications and investigative materials related to Epstein within 30 days.
The agency posted thousands of pages on a government website Friday related to Epstein’s and Maxwell’s sex-trafficking cases. The files were released as the result of a deadline imposed by the Epstein Files Transparency Act.
Fox News Digital’s Lori Bashian contributed to this report.
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RemSense Technologies (REM:AU) has announced Expanded ExxonMobil Award Validates RemSense Strategy
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Silver Dollar Resources (CSE:SLV,OTCQX:SLVDF,FSE:4YW) (CSE:SLV,OTCQX:SLVDF,FSE:4YW) is a precious metals exploration company targeting high-grade silver and gold opportunities in Mexico. Its cornerstone asset is the La Joya silver–gold–copper project, situated in the southern Durango–Zacatecas silver belt, one of the most productive silver districts globally.
La Joya has seen substantial historical exploration, with more than 51,600 metres drilled in 182 holes defining several mineralized zones, including the Main Mineralized Trend, Santo Niño, and Coloradito. The company is now revisiting the project with an underground-oriented exploration approach, combining structural interpretation, underground sampling, and a detailed review of historic drill core to pinpoint higher-grade mineralization at depth.
Beyond La Joya, Silver Dollar owns the Nora silver–gold project in Durango, home to the historic Candy mine and an epithermal vein system that has delivered high-grade surface sampling results. The company also holds an equity stake in Bunker Hill Mining following the divestment of the Ranger-Page project, offering leveraged exposure to the anticipated production restart in Idaho’s Silver Valley in early 2026.
Company Highlights
- 100 percent owned La Joya project, an advanced-stage silver-gold-copper system in Mexico’s Durango-Zacatecas silver belt
- La Joya was originally proposed as an open pit in 2013 based on US$24 silver, US$1,200 gold and US$3 copper
- Strategic shift toward evaluating La Joya’s high-grade underground potential supported by new 3D geological modeling, underground sampling, and drill target development
- Completed sale of the Ranger-Page project to Bunker Hill Mining, providing equity exposure to a near-term US silver producer
- Fully funded to carry out planned exploration programs through 2026
- Largest shareholder is mining investor Eric Sprott, with approximately 17.5 percent ownership
- Multiple exploration catalysts planned, including drilling at La Joya in early 2026
This Silver Dollar Resources profile is part of a paid investor education campaign.*
Click here to connect with Silver Dollar Resources (CSE:SLV,OTCQX:SLVDF,FSE:4YW) to receive an Investor Presentation
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After peaking above US$20,000 per metric ton (MT) in May 2024, nickel prices have trended steadily downward.
Behind the numbers is a persistent oversupply driven by Indonesia’s high output, the world’s largest nickel producer.
At the same time, demand from China’s manufacturing and construction sectors, a traditional driver of stainless steel, has been weak as the country’s beleaguered real estate sector continues to find its footing.
Read on to learn what other key factors moved the nickel sector in 2025.
Nickel price in Q4
There wasn’t much change at the start of the quarter; the price was essentially trading in the US$15,000 to US$15,500 range, the same as it had since recovering from the post-liberation day tariff announcement rout in the base metals market in April that sent the price spiraling to a year-to-date low of US$14,150.
Nickel price, December 19, 2024, to December 18, 2025.
Chart via TradingEconomics.
However, cracks began to form at the end of October as it became clearer that the oversupply situation was likely to persist, pushing prices back below the US$15,000 mark by mid-November.
Prices for nickel rebounded in late November, but failed to break the US$15,000 again and slid toward a yearly low, reaching US$14,235 on December 15.
Oversupply continues to weigh on nickel
At the end of the year’s third quarter, the expectation was that nickel prices would carry momentum as the monsoon season arrived in the Philippines; however, despite seasonal declines in output, the market ‘s supply glut persisted, and prices continued to trend lower at the end of the period.
As of September 30, London Metal Exchange (LME) warehouses held 231,504 MT of nickel, and by November 28, stockpiles had grown to 254,364 MT, nearly 100,000 MT higher than the start of 2025.
According to a mid-December Shanghai Metals Market article, refined production decreased by 25,800 MT in November. Still, it was outpaced by inventory accumulation, as downstream demand remained soft.
On the demand side, stockpile buildups coincided with the traditional off-season for stainless steel producers, which accounts for 60 percent of total nickel demand, and weak end-use consumption led some producers to initiate output cuts. Additionally, Shanghai Metals Market notes that stainless demand was further impacted by the superior economics of recycled materials. The outlet also states that although production costs in Indonesia are lower than elsewhere, the price of nickel is rapidly approaching producers’ break-even point.
In February, the Indonesian government changed its quota system, increasing nickel ore output to 298.5 million wet metric tons from 271 million wet metric tons in 2024. The move from the top nickel producer was designed to alleviate supply pressures, with increased production limited to major production areas.
This was followed in October by a change to the length of time production quotas were valid, shortening it to one year from three years, and forcing miners to reapply for previously approved quotas for 2026 and 2027.
Changes were made to the application system after companies failed to meet environmental obligations, and companies will now have to submit proof they have the financial means to remediate land after operations are complete.
Adding to the metal’s woes at the end of the year is demand from the electric vehicle (EV) sector slipping as more battery producers pivot away from nickel in their chemistries, as cheaper lithium-iron-phosphate batteries improve efficiency.
For her part, Manthey, explained that everything has aligned for a bear market.
“LME stockpiles are at a four-year high, with Chinese and Indonesian cathode dominating,” she said, adding that growth in battery metals was slower than expected, and that demand for stainless steel was sluggish on the back of global weakness in manufacturing.
How did nickel perform for the rest of the year?
The rest of the year wasn’t much different for nickel.
The oversupply situation carried over from 2024, with Indonesian producers making up roughly 60 percent of the market. Likewise, curtailments continued among western producers as prices were unable to cover costs.
In April, the Indonesian government made a significant change to its royalty rates, hiking them to between 14 and 19 percent, depending on the nickel price. That’s up from the country’s previously imposed 10 percent flat rate, with a 2 percent royalty on nickel mattes destined for battery production.
As the second quarter began, base metal prices sank amid rising expectations of a global recession following US President Donald Trump’s “Liberation Day” tariff announcement on April 2.
Markets rebounded after their initial tariff plans were walked back, following a bond market squeeze that pushed 10 year treasury yields up by more than half a percentage point.
Nickel faced further pressures in July as the One Big Beautiful Bill was signed into law in the US, ending the federal EV tax credit, as well as other tax credits for expanding charging infrastructure. The change came into effect on September 30 and eliminated a US$7,500 rebate on the purchase of new EVs. Before the end of the tax credit, data showed that American EV sales reached a record 1.2 million through the first nine months of 2025, with the share for EVs climbing to 12 percent in Q3 as consumers made purchases ahead of the program’s end.
Q4 data shows EV sales have declined significantly since the tax credit expired, and interest in EVs has fallen by 20 percent. The fall caused Ford Motor (NASDAQ:F) to pull back on its EV plans and take a US$19.5 billion writedown.
Investor takeaway
Nickel prices continued on a downtrend in 2025, and expectations aren’t much different for the year ahead.
Until the metal see ssustained upward momentum, it’s unlikely that curtailed western operations will be restarted.
For experienced investors, this may offer an opportunity to enter a market closer to the bottom than the top. However, until there is a significant correction in supply and demand fundamentals, the nickel market won’t have much of a tailwind, leading to a riskier market, that may have a lengthy period before returns are realized, if at all.
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
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