Regulatory fatigue reshapes supply chains, critical minerals take center stage

Trade tensions, protectionist policies and political fatigue around sustainability regulation are pushing climate and human rights risks in supply chains out of the spotlight.

S&P Global notes that as regulatory momentum slows in some jurisdictions, companies may increasingly need to treat climate exposure as a core risk management issue rather than a compliance exercise.

The EU remains a key exception, though its policy direction is evolving. While the bloc has introduced far-reaching disclosure and due diligence rules, it is also simplifying parts of its regulatory framework.

Meanwhile, the EU’s carbon border adjustment mechanism, which took full effect on January 1, is expected to add at least US$15 billion in costs to imports from carbon-intensive producers, potentially reshaping global trade flows.

Furthermore, the firm said critical minerals will sit at the center of these dynamics in 2026.

Materials such as copper, lithium and rare earths underpin electrification, clean energy deployment and AI infrastructure, making access to them a central feature of trade diplomacy and investment.

China is expected to retain its lead in cleantech manufacturing, reinforcing its role as both a key supplier and a strategic risk for countries pursuing energy transitions.

Energy policy diverges as fossil fuels rebound, renewables expand

Another aspect of fragmentation is most visible in energy policy, where global fossil fuel demand rebounded faster than many policymakers expected after the pandemic and is projected to continue growing modestly.

In contrast, renewable energy remains the fastest-growing segment, though from a smaller base. S&P Global Energy estimates that fossil fuel demand will rise by less than 1 percent in 2026 compared with 2025, while solar and wind generation are expected to grow by more than 17 percent.

Similarly, the divergence between the world’s two largest economies is particularly stark.

The US has prioritized expanding fossil fuel exports, while China continues to invest heavily across clean energy supply chains such as solar manufacturing and electric vehicles.

The report said that this same divergence leaves many countries navigating trade offs between supply security and dependence. China continues to maintain a dominant position in clean energy technologies and has demonstrated its willingness to use export controls on strategic materials such as rare earths.

Despite continued growth in renewables, S&P Global expects 2026 to mark the first year-on-year decline in global solar capacity additions, driven largely by a slowdown in China.

While overall renewable capacity will still expand, analysts said the period of uninterrupted growth is ending.

At the same time, increasing renewable penetration is pushing wholesale power prices lower in some markets while accelerating demand for battery storage and more flexible power purchase agreements.

AI adds new strain to power systems

Artificial intelligence (AI) is adding further strain to energy systems.

The rapid expansion of AI-driven data centers is driving electricity demand sharply higher, complicating sustainability targets for both governments and corporations.

S&P Global estimates that data center power consumption could exceed 2,200 terawatt-hours by 2030, roughly equivalent to India’s current electricity use. Grid constraints, rising power prices in some regions and growing water stress are emerging as political and social flashpoints, particularly in parts of the US.

While major technology companies have made high-profile net-zero commitments, the report’s data shows that sustainability ambition across the data center sector remains uneven.

According to the firm’s 2024 Corporate Sustainability Assessment, 38 percent of assessed companies with data center operations do not have a net-zero target.

Analysts warned that rising AI-related energy demand may lead to increased fossil fuel use in the near term, with some regions delaying planned coal and gas plant retirements to maintain grid reliability.

Climate adaptation gains priority

The implications of rapid energy shifts also mean that climate adaptation and resilience are gaining prominence.

S&P Global said governments and investors increasingly recognize that the world is likely to overshoot the Paris Agreement’s 1.5 degree Celsius warming goal, making adaptation unavoidable.

Global economic losses from natural disasters reached US$320 billion in 2024, according to Munich Re, while UN data suggests the number of natural disasters could rise by 40 percent by 2030 without stronger mitigation.

Therefore, investment in adaptation is emerging as a major opportunity as well as a necessity. Singapore sovereign wealth fund GIC, for instance, estimates that adaptation and resilience investments could total US$9 trillion by 2050.

That theme featured prominently at Climate Week NYC in 2025 and at COP30, where governments agreed to triple public adaptation finance by 2035 from 2025 levels.

Taken altogether, S&P Global’s outlook points to a sustainability landscape that is less coordinated but no less consequential. While global consensus is weakening, pressures from various sectors are forcing governments and companies to make increasingly difficult trade offs as they chart their paths through 2026.

Investment Insight

Harvest Gold offers investors a compelling opportunity to participate in early-stage exploration within Quebec’s prolific Abitibi Greenstone Belt – home to some of Canada’s richest gold deposits – through three strategically located and 100 percent owned properties, with a flagship asset positioned for significant discovery upside.

Overview

Harvest Gold (TSXV:HVG)is a Canadian junior exploration company advancing a portfolio of three 100 percent owned gold projects – Mosseau, Urban Barry and LaBelle – located within Quebec’s world-renowned Abitibi Greenstone Belt. With more than 200 million ounces of historical gold production, the Abitibi is one of the most productive gold regions globally. Harvest Gold’s properties are strategically positioned within and adjacent to the Urban Barry Greenstone Belt, an emerging gold camp that has attracted sustained interest from major mining companies.

The Urban Barry Belt hosts several high-grade, multi-million-ounce deposits, including the Windfall deposit, developed by Osisko Mining and now owned by Gold Fields, as well as Bonterra’s Gladiator and Barry deposits. As consolidation by major producers continues across the belt, Harvest Gold controls three of the few remaining independent, district-scale land packages. With excellent road access, nearby infrastructure and newly exposed bedrock from recent forest fires, the company’s properties offer exceptional discovery potential.

Harvest Gold’s strategy is underpinned by a highly experienced management and technical team. CEO Rick Mark brings over 30 years of leadership in public resource companies, having guided his 2000’s group of four companies to peak valuations of approximately C$200 million. The technical team includes Louis Martin, a two-time AEMQ “Discovery of the Year” award winner, and Warren Bates, former VP exploration at Pelangio Exploration and part of the Blackwater discovery team. Together, the team brings deep expertise in structural geology, Abitibi-focused exploration, and discovery-driven value creation.

The company is supported by Crescat Capital, a respected institutional investor with a strong record of backing early-stage discoveries. Crescat’s involvement reflects the endorsement of its strategic advisor, Dr. Quinton Hennigh, who has highlighted the district-scale opportunity created by Harvest Gold’s land position along the Wilson Pluton–volcanic contact.

Company Highlights

• Flagship Mousseau Project: Large-scale, advanced-stage exploration property with multiple confirmed gold-bearing shear zones.
• Tier-one address: All projects located in Quebec’s Urban Barry Greenstone Belt where Gold Fields recently acquired Osisko Mining’s world-class Windfall deposit and much of the rest of the Urban Barry belt.
• Institutional Backing: Crescat Capital, with renowned exploration geologist Dr. Quinton Hennigh, owns 19+ percent of Harvest Gold.
• Skilled Technical Team: Leadership includes seasoned geologists and executives with proven discovery and development track records.
• Favourable Jurisdiction: Operates in Quebec, a politically stable, mining-friendly province with excellent infrastructure and low exploration costs.
• Strategic Timing: Harvest Gold has commenced its maiden drill program at Mosseau during a period of historically strong gold prices.

Key Projects

Mousseau Gold Project

The Mosseau Gold Project is Harvest Gold’s flagship asset, comprising approximately 195 claims covering about 9,740 hectares in the northern Abitibi Greenstone Belt of Quebec. Located roughly 15 kilometres east of Lebel-sur-Quévillon, the project benefits from year-round road access and established regional infrastructure. The property is bordered to the north by Gold Fields and Cartier Resources and lies near a large claim block staked by noted prospector Shawn Ryan, placing Mosseau within an active and highly prospective exploration corridor.

Geologically, Mosseau straddles two major structural corridors: the Morono Shear Zone and the Kiask River Fault Zone. These structures host classic shear-related gold mineralization, characterized by multiple stacked quartz–sericite shear zones ranging from less than one metre to more than 30 metres in width, with demonstrated continuity along strike and at depth. To date, 49 significant surface gold showings have been identified, along with a historical, non–NI 43-101 compliant gold resource at the Morono Zone.

In 2024, Harvest Gold completed a high-resolution airborne magnetic survey over the entire Mosseau property. This modern dataset identified previously unrecognized structures and magnetic domains, significantly refining drill targeting. Follow-up mapping, prospecting, and soil geochemistry—greatly enhanced by new bedrock exposure from the 2023 forest fires—outlined multiple high-priority targets along both the Morono and Kiask River structural corridors.

In 2025, Harvest Gold commenced its maiden diamond drill program at Mosseau, targeting priority zones in the Northern and Central areas of the property. Results from the first six drill holes confirmed the discovery of a new, previously untested mineralized horizon approximately 100 metres east of the Trench 1B showing. This newly identified horizon is associated with a moderate induced polarization anomaly that can be traced for approximately 600 metres along strike and remains open.

Recent drilling highlights include:

• 1.90 g/t gold over 5.4 metres, including 8.67 g/t gold over 0.6 metres
• 1.10 g/t gold over 6.0 metres, including 2.02 g/t gold over 1.5 metres
• Higher-grade gold associated with semi-massive sulphides containing elevated silver and base metals (copper, zinc, lead)

Fourteen drill holes totaling 3,030 metres have now been completed, representing approximately 60 percent of the planned 5,000-metre program. Drilling is ongoing, with results continuing to demonstrate the scale, continuity, and polymetallic character of the Mosseau system.

With its district-scale footprint, proven gold endowment, improving geological model, and active drilling success, the Mosseau Project is well positioned to evolve into a significant discovery with strong potential to attract strategic partners or acquirers.

Urban Barry Property

Acquired from EGR Exploration, the Urban Barry property comprises 6,879 hectares located west of the Osisko/Gold Fields Windfall property. The project spans 20 km of favorable strike length and sits along the southern margin of the Urban Barry Greenstone Belt.

Key advantages:

• Analogous geological setting to Windfall and Gladiator
• Road-accessible with mapped deformation zones and quartz-vein hosted gold indicators
• 2024 magnetic surveys and fieldwork completed; drilling strategy is in development

LaBelle Project

Staked in 2024, LaBelle covers 3,394 hectares and represents a 9 km southeast extension of the Kiask River Fault. It mirrors the geological setting of Mousseau, with similar NW-SE oriented shear zones and structural contacts between the Wilson Pluton and volcanic sequences.

Though early-stage, LaBelle offers:

• District-scale exploration potential
• Proximity to Harvest’s other assets for operational synergy
• Favorable structural and lithological environment

Management Team

Rick Mark – President, CEO and Chair

With more than 40 years of leadership in public resource companies, Rick Mark previously helmed VMS Ventures, North American Nickel and Pancontinental Uranium, each achieving peak valuations of C$200 million.

Louis Martin – Senior Technical Advisor, Quebec Exploration

A Quebec-focused geological consultant with more than 40 years of experience, Louis Martin is the former VP of exploration at Clifton Star Mining, where he led the team developing the Duparquet deposit. He is a multiple-time recipient of the AEMQ “Discovery of the Year” award.

Pat Donnelly – Independent Director

Recently VP capital markets at Tutor Gold, Pat Donnelly is a former co-founder and president of First Mining Gold, where he executed eight M&A deals growing the company’s market cap from $30 million to $600 million.

Len Brownlie – Independent Director

Len Brownlie brings more than 30 years of executive leadership in mining exploration. He is the former president of Goldrush Resources and director of First Silver Reserve.

Christopher Cherry – CFO and Director

Christopher Cherry has more than 15 years of experience in corporate accounting and audit for public companies. He oversees Harvest Gold’s financial strategy and compliance.

Ed Zablotny – Independent Director

Ed Zablotny boasts over 35 years in venture capital markets with expertise in trading, credit and regulatory compliance.

Warren Bates – Geological Team

Warren Bates is a veteran geologist with 30+ years in gold and base metals exploration. He is the former VP of exploration at Pelangio Exploration and part of the Blackwater deposit discovery team.

Henry Awmack – Geological Team

Henry Awmack is the co-founder of Equity Exploration Consultants, with over 40 years of exploration experience. He was notably involved in early work on the Cobre Panama copper-gold deposit.

Neil Richardson – Geological Team

Neil Richardson is a geological consultant and the VP Explorations for Hudbay Minerals. He led the team behind the discovery and development of the Reed Mine while at VMS Ventures.

1. Ucore Rare Metals (TSXV:UCU,OTCQX:UURAF)

Ucore Rare Metals claimed the top overall position on this year’s OTCQX Best 50 list.

Ucore is focused on developing downstream rare earths separation and refining infrastructure, with a particular emphasis on heavy rare earths used in permanent magnets for defense, clean energy and advanced manufacturing.

Central to that strategy is the company’s planned Strategic Metals Complex in Louisiana, US, which is being developed with backing from the Department of Defense and the state of Louisiana.

In August, Ucore moved to strengthen its future feedstock supply by signing a non-binding letter of intent with Critical Metals (NASDAQ:CRML) for a proposed 10 year offtake arrangement tied to the Tanbreez rare earths project in Southern Greenland. Deliveries will start in in 2027 or upon commercial production — whichever is later.

The company has also advanced the technical and financial foundations of its US refining plans. In mid-2025, Ucore and representatives of the defense department completed the formal project kickoff for an US$18.4 million Phase 2 award to support construction of the company’s first commercial-scale RapidSX separation system at the Louisiana site.

The Phase 2 funding focuses on demonstrating the effectiveness of Ucore’s proprietary technology in separating key rare earth elements, including dysprosium, a critical input for high-performance permanent magnets.

2. Discovery Silver (TSX:DSV,OTCQX:DSVSF)

Discovery Silver ranked third overall on this year’s OTCQX Best 50 list, capping a year marked by a major acquisition that repositioned the company as a Canada-based gold producer.

In early 2025, Discovery reached an agreement with Newmont (NYSE:NEM,ASX:NEM) to acquire the Porcupine operation in Ontario for total consideration of US$425 million. The deal represented the final phase of Newmont’s divestiture program as it streamlined its portfolio to focus on tier-one assets.

Located in Ontario’s Timmins Mining Camp, the Porcupine Complex is one of Canada’s most prolific gold-producing districts, with approximately 70 million ounces of gold produced since 1910.

The assets acquired by Discovery include the Hoyle Pond underground mine, one of North America’s highest-grade gold mines with more than 4 million ounces produced since the late 1980s.

Following completion of the acquisition, Discovery said it intends to continue both production and exploration activities across the Porcupine Complex as part of its broader growth strategy.

3. Andean Precious Metals (TSX:APM,OTCQX:ANPMF)

Andean Precious Metals placed fourth on this year’s list.

In November 2025, Andean secured a new US$40 million revolving credit facility with National Bank of Canada, enhancing its financial flexibility as it advances its strategic and operational priorities. Andean said the facility improves liquidity and provides a more efficient cost of capital compared with its previous arrangements.

Earlier in the year, the company entered into a long-term agreement with Corporación Minera de Bolivia (COMIBOL) to purchase up to 7 million tonnes of oxide ore from mining concessions located within a 250 kilometer radius of Andean’s San Bartolomé processing facility. The 10 year agreement provides Andean with a potential long-term source of feedstock, subject to economic viability under prevailing market conditions.

4. Lundin Mining (TSX:LUN,OTCPL:LUNMF)

In seventh place is Lundin Mining. In late 2025, Lundin agreed to sell its Eagle nickel-copper mine and the associated Humboldt mill in Michigan to Talon Metals (TSX:TLO,OTCID:TLOFF), consolidating its US nickel-copper assets under a single operator, while sharpeing its focus on larger-scale copper operations in Brazil and Chile.

The Eagle mine, which Lundin acquired in 2013, had been a long-running contributor to the company’s base metals portfolio. As of the third quarter of 2025, the operation had produced more than 194,000 metric tons of nickel and 185,000 metric tons of copper, generating over US$3.2 billion in revenue.

Aside from that, Lundin is advancing what it has described as a “generational” discovery at the Filo del Sol deposit in Argentina. Last May, the company released an initial mineral resource estimate for the Filo del Sol sulfide deposit, as well as updated resource estimates for the oxide portion of Filo del Sol and the nearby Josemaria deposit.

Held in a 50/50 joint venture with BHP (ASX:BHP,NYSE:BHP,LSE:BHP), the combined assets — collectively referred to as the Vicuña resource — rank among the world’s largest copper, gold and silver resources and are considered to be within the top 10 copper resources globally by size.

5. Graphite One (TSXV:GPH,OTCQX:GPHOF)

Claiming the eight spot on the OTCQX Best 50 list is Graphite One, which in November of last year confirmed the presence of rare earths at its Graphite Creek deposit, located north of Nome, Alaska. Geochemical analysis of drill core samples identified elevated levels of heavy rare earths, as well as all five principal permanent magnet rare earths.

Graphite One is currently advancing a fully integrated, US-based graphite supply chain, encompassing mining at Graphite Creek, transport through the port of Nome, and downstream processing at a planned advanced graphite and battery materials facility in Warren, Ohio. The Ohio complex is also designed to include a co-located recycling facility intended to reclaim graphite and other battery-related materials. The project has received significant federal backing, including a US$37.5 million Defense Production Act Title III grant.

6. G Mining Ventures (TSX:GMIN,OTCQX:GMINF)

G Mining Ventures placed ninth on this year’s OTCQX Best 50 list.

In 2025, shares of G Mining were added to several major equities indexes, including the NYSE Arca Gold Miners Index (INDEXNYSEGIS:GDM), the MVIS Global Junior Gold Miners Index, the S&P/TSX Composite Index (INDEXTSI:OSPTX) and the iShares MSCI Canada ETF (ARCA:EWC).

The company is anchored by the Tocantinzinho gold mine in Brazil and the Oko West gold project in Guyana. A key development came this past December, when the Guyana Geology and Mines Commission granted G Mining a 20 year mining license for its 100 percent owned Oko West project.

The mining license followed the issuance of a final environmental permit in September and the company’s formal construction decision in October. Early works that began under an interim environmental permit have continued under the final approval, allowing construction activities to progress without interruption.

7. Heliostar Metals (TSXV:HSTR,OTCQX:HSTXF)

Gold producer Heliostar Metals comes in at number 10 on the OTCQX Best 50 list.

Heliostar’s growth strategy is centered on its portfolio of Mexican assets, including two producing mines and four development-stage projects, which have become the foundation of its expansion plan. Ana Paula is its flagship development project, with a feasibility study scheduled for completion in H1 2027.

Alongside Ana Paula, Heliostar is focused on increasing production and extending mine life at its La Colorada and San Agustin operations in Mexico.