Brightstar Resources (BTR:AU) has announced BTR commences Fish Mine on schedule and under budget
Download the PDF here.
Brightstar Resources (BTR:AU) has announced BTR commences Fish Mine on schedule and under budget
Download the PDF here.
Today’s pharmaceutical stocks are facing the challenges of government-imposed drug price caps, waning demand for COVID-19 vaccines and global stock market upheaval.
However, the industry’s major underlying drivers — higher rates of cancer and chronic disease — are still at play and not expected to dissipate.
The US reigns supreme in the pharma market, both in terms of drug demand and development. In 2024, 50 novel medicines were approved by the US Food and Drug Administration (FDA), compared to 55 such approvals in 2023. Last year’s FDA approvals include Eli Lilly and Company’s (NYSE:LLY) Alzheimer’s disease treatment Kisunla.
Big pharma largely steals the show, but some small- and mid-cap NASDAQ pharma stocks have also made gains.
Read on to learn more about their activities this year.
Year-to-date gain: 126.14 percent
Market cap: US$141.58 million
Share price: US$7.44
Headquartered in France, DBV Technologies is a clinical-stage biopharma developing treatment for immunologic conditions, such as food allergies, with unmet medical need. Its North American operations are based in New Jersey. Using its proprietary epicutaneous immunotherapy technology platform, Viaskin, the company is developing non-invasive transdermal treatments for food allergies with reactions of mild to life-threatening anaphylaxis.
DBV currently has a number of key food allergy programs in its clinical trial pipeline, including its Viaskin peanut patch, which is being tested in three Phase 3 clinical trials for different age groups: children ages one to three, children ages four to seven and children ages seven to 11. The company is also in Phase 2 testing for its Viaskin milk patch in children ages two to 17.
DBV’s stock experienced its first boost in early January after the company shared positive three year results from its open-label extension Phase 3 trial of the Viaskin peanut patch in toddlers on January 8. The results demonstrated further improvements in efficacy after 36 months of treatment. Shares in DBV jumped nearly 56 percent to US$5.41 on January 10.
The next big boost for DBV shares came in late March with two important developments. First, on March 24, the company announced that it had secured an agreement with the FDA on the safety exposure data required for the biologics license application for its Viaskin peanut patch for four to seven year-olds. This will accelerate the timeline for a BLA filing submission, which DBV now expects in H1 2026.
Next, on March 27, DBV launched a financing of up to US$306.9 million to advance its Viaskin peanut patch product for four to seven year-olds through the BLA submission and the potential commercialization of the product in the United States.
DBV Technologies’ share price hit a year-to-date high of US$7.86 on April 3.
Year-to-date gain: 75.76 percent
Market cap: US$160.81 million
Share price: US$6.96
Journey Medical is a commercial-stage pharma company with a growing portfolio of FDA-approved prescription pharmaceutical products for the treatment of dermatological conditions. The company’s growth model focuses on acquisitions, out-licensing and in-licensing opportunities. Its portfoluo currently has eight products targeting skin conditions, including Accutane for acne, Zilxi for rosacea and Qbrexza for hyperhidrosis.
In the first quarter of 2025, Journey Medical completed the commercial launch of the FDA-approved Emrosi, a prescription drug for the treatment of rosacea in adults. Emrosi has shown head-to-head superiority in efficacy over Oracea, the current market leader. Journey Medical expects Emrosi to be a significant driver of revenue growth and earnings for the company going forward.
Journey Medical’s stock saw its first big gains in early February in anticipation of the commercial launch of Emrosi, with its share price rising 45 percent to US$5.35. The product officially hit the US market on March 24, and shares in Journey Medical reached a year-to-date high of US$7.19 on April 4.
Year-to-date gain: 68.44 percent
Market cap: US$57.41 million
Share price: US$4.11
Cumberland Pharmaceuticals is a Tennessee-based biopharma which develops, acquires and commercializes products for hospital acute care, gastroenterology and oncology markets. The company currently has a portfolio of six FDA-approved brands, including Sancuso for the prevention of nausea and vomiting in chemotherapy patients and Vibativ for the treatment of serious hospital-acquired bacterial infections and ventilator-associated bacterial pneumonia.
Cumberland’s clinical pipeline includes Dyscorban, an oral capsule in Phase 2 trials for the treatment of the cardiomyopathy associated with Duchenne muscular dystrophy (DMD). The FDA has granted the drug candidate both orphan drug designation and rare pediatric disease designation for this indication.
Shares in Cumberland soared by 150 percent to US$5.34 on February 6, following the company’s February 4 release of positive top-line results from its Phase 2 FIGHT DMD trial.
‘These results represent a significant milestone in DMD cardiomyopathy,’ the trial’s principal investigator Dr. Larry W. Markham said. ‘We are seeing evidence that there is an opportunity to potentially alter the course of heart disease in DMD patients.”
The next jolt to Cumberland’s stock came on February 19, pushing the value to US$6.19 per share following the announcement that Vibativ had garnered approval from China’s pharmaceutical regulatory authority.
Cumberland Pharmaceuticals’ share price hit a year-to-date high of US$6.77 on March 5, after the company posted net revenues of US$10.4 million during the fourth quarter of 2024. That figure represents an 11.6 percent increase in net revenues over the prior year period.
Year-to-date gain: 51.19 percent
Market cap: US$192.75 million
Share price: US$8.24
Nuvectis Pharma is developing precision medicines targeting unmet needs in oncology. The company has two clinical-stage drug candidates in its pipeline: NXP800 and NXP900.
NXP800 is an oral small molecule GCN2 kinase activator currently in a Phase 1b clinical trial for ovarian cancer and in an Investigator-sponsored clinical trial for the treatment of bile duct cancer. NXP800 has an orphan drug designation from the FDA. Updated Phase 1b results are anticipated for release in Q2 2025.
NXP900 is an oral small molecule inhibitor of the Src family of kinases, which play a crucial role in cancer development and progression. The drug candidate is undergoing a Phase 1a dose escalation study, with a Phase 1b program expected to begin in mid-2025.
Nuvectis closed on a public offering of US$15.5 million on February 7, allowing it to fund the advancement of its development programs through 2027.
Shares in Nuvectis Pharma reached a year-to-date high of US$10.46 on March 28.
Year-to-date gain: 33.63 percent
Market cap: US$92.16 million
Share price: US$9.10
Optinose specializes in the field of ear, nose, and throat (ENT) medicine targeting therapeutic areas such as allergies, chronic rhinosinusitis, nasal polyps, and chronic sinusitis. Its products include the FDA-approved Xhance (fluticasone propionate) and Onzetra Xsail (sumatriptan nasal powder), the latter of which is licensed to private company Currax Pharmaceuticals.
After starting out the year at US$6.70 per share, Optinose stock shot up to its year-to-date high of US$9.15 per share on March 20.
This followed news on March 19 that Massachusetts-based private firm Paratek Pharmaceuticals had inked a potential US$330 million definitive merger agreement to acquire Optinose, “with consideration payable to shareholders of up to US$14 per share, including the payment of contingent value rights (CVRs) tied to future commercial milestones.”
The following week, Optinose released its fourth quarter and full-year 2024 financials, highlighting Xhance net revenue of US$22.4 million for the quarter and US$78.2 million for the year, up 13 percent and 10 percent, respectively, compared to prior year periods. The company also reported 23 percent growth in prescriptions from the third quarter 2024 to fourth quarter 2024.
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Strong demand in the face of looming supply shortages has pushed copper to new heights in recent years.
With a wide range of applications in nearly every sector, copper is by far the most industrious of the base metals. In fact, for decades, the copper price has been a key indicator of global economic health, earning the red metal the moniker “Dr. Copper.” Rising prices tend to signal a strong global economy, while a significant longer-term drop in the price of copper is often a symptom of economic instability.
After bottoming out at US$2.17 per pound, or US$5,203.58 per metric ton, in mid-March 2020, copper has largely been on an upward trajectory.
Why is copper so expensive in 2025? Higher copper prices over the past few years have largely been attributed to a widening supply/demand gap. The already tenuous copper supply picture was made worse by COVID-19 lockdowns, and as the world’s largest economies seemingly began to emerge from the pandemic, demand for the metal picked up once again. Copper mining and refining activities simply haven’t kept up with the rebound in economic activity.
Robust demand has long been one of the strongest factors driving copper prices. The ever-growing number of copper uses in everyday life — from building construction and electrical grids to electronic products and home appliances — make it the world’s third most-consumed metal.
Copper’s anti-corrosive and highly conductive properties are why it’s the go-to metal for the construction industry, and it’s used in products such as copper pipes and copper wiring. In fact, construction is responsible for nearly half of global copper consumption. Rising demand for new homes and home renovations in both Asian and Western economies is expected to support copper prices in the long term.
In recent decades, copper price spikes have been strongly tied to rising demand from China as the economic powerhouse injects government-backed funding into new housing and infrastructure. Industrial production and construction activity in the Asian nation have been like rocket fuel for copper prices.
Additionally, copper’s conductive properties are increasingly being sought after for use in renewable energy applications, including thermal, hydro, wind and solar energy.
However, the biggest driver of copper consumption in the renewable energy sector is rising global demand for electric vehicles (EVs), EV charging infrastructure and energy storage applications. As governments push forward with transportation network electrification and energy storage initiatives as a means to combat climate change, copper demand from this segment is expected to surge.
In 2024, EV sales worldwide increased by 25 percent over 2023 to come in at about 17.1 million units, and analysts at Rho Motion expect that trend to continue in the coming years despite some headwinds in the near-term. Already in the first two months of 2025, EV sales were up 30 percent over the same period in the previous year. New energy vehicles use significantly more copper than internal combustion engine vehicles, which only contain about 22 kilograms of copper. In comparison, hybrid EVs use an average of 40 kilograms, plug-in hybrid EVs use 55 kilograms, battery EVs use 80 kilograms and battery electric buses use 253 kilograms.
On the supply side of the copper market, the world’s largest copper mines are facing depleting high-grade copper resources, while over the last decade or more new copper discoveries have become few and far between.
The pandemic made the situation worse as mining activities in several top copper-producing countries faced work stoppages and copper companies delayed investments in further exploration and development — a challenging problem considering it can take as many as 10 to 20 years to move a project from discovery to production. In addition, delayed investments amid the pandemic will also have long-term repercussions for copper supply.
There have also been ongoing production issues at major copper mines, most notably the shutdown in late 2023 of First Quantum Minerals’ (TSX:FM,OTC Pink:FQVLF) Cobre Panama mine, which accounted for about 350,000 MT of the world’s annual copper production.
Citi analyst Max Layton projected in April 2024 that copper demand will outstrip supply by 1 million MT over the next three years, leading to a bull market for the red metal. ‘Explosive price upside is possible over the next two to three years,’ he noted.
The supply shortage has increased the need for end users to turn to the copper scrap market to make up for the supply shortage. Sometimes referred to as “the world’s largest copper mine,” recycled copper scrap contributes significantly to supplying and balancing the copper market.
“We are seeing signs this could change. Much of the growth over the last five years has come from brownfield expansions rather than greenfield/new discoveries,’ she said. ‘Technology will likely help increase the chance of discovery, and broadly I would say that policymakers are now more supportive of mineral exploration as the push to secure critical raw materials supply has moved up the agenda.’
Joannides offered some examples of greenfield projects in the pipeline: Capstone Copper’s (TSX:CS,OTC Pink:CSCCF) Santo Domingo in Chile, Southern Copper’s (NYSE:SCCO) Tia Maria in Peru and Teck Resources’ (TSX:TECK.A,TECK.B,NYSE:TECK) Zafranal in Peru.
Taking a look back at historical price action, the copper price has had a wild ride for more than two decades.
Sitting at US$1.38 per pound in late January 2005, the copper price followed global economic growth up to a high of US$3.91 in April 2008. Of course, the global economic crisis of 2008 soon led to a copper crash that left the metal at only US$1.29 by the end of year.
Once the global economy began to recover in 2011, copper prices posted a new record high of US$4.58 per pound at the start of the year. However, this high was short-lived as the copper price began a five year downward trend, bottoming out at around US$1.95 in early 2016.
Copper prices stayed fairly flat over the next four years, moving in a range of US$2.50 to US$3 per pound.
20 year copper price performance.
Chart via Macrotrends.
The pandemic’s impact on mine supply and refined copper in 2020 pushed prices higher despite the economic slowdown. The copper price climbed from a low of US$2.17 in March to close out the year at US$3.52.
In 2021, signs of economic recovery and supercharged interest in EVs and renewable energy pushed the price of copper to rally higher and higher. Copper topped US$4.90 per pound for the first time ever on May 10, 2021, before falling back to close at US$4.76.
Also affecting the copper price at that time was expectations for higher copper demand amid supply concerns out of two of the world’s major copper producers: Chile and Peru. In late April 2021, port workers in Chile called for a strike, while in Peru presidential candidate Pedro Castillo proposed nationalizing mining and redrafting the country’s constitution.
In early May 2021, news broke that copper inventories were at their lowest point in 15 years. Expert market watchers such as Bank of America commodity strategist Michael Widmer warned that further inventory declines into 2022 could lead to a copper market deficit.
After climbing to start 2022 at US$4.52, the copper price continued to spike on economic recovery expectations and supply shortages to reach US$5.02 per pound on March 6. Throughout the first quarter, fears of supply chain disruptions and historically low stockpiles amid rising copper demand drove prices higher.
However, copper prices pulled back in mid-2022 on worries that further COVID-19 lockdowns in China, as well as a growing mortgage crisis, would slow down construction and infrastructure activity in the Asian nation. Rising inflation and interest hikes by the Fed also placed downward pressure on a wide basket of commodities, including copper. By late July 2022, copper prices were trading down at nearly a two year low of around US$3.30.
In the early months of 2023 the copper price was trading over the US$4 per pound level after receiving a helpful boost from continuing concerns about low copper inventories, signs of rebounding demand from China, and news about the closure of Peru’s Las Bambas mine, which accounts for 2 percent of global copper production.
However, that boost turned to a bust in the second half of 2023 as China continued to experience real estate sector issues, alongside the economic woes of the rest of the world. The price of copper dropped to a low for the year of US$3.56 per pound in mid October.
Elevated supply levels kept copper trading in the US$3.50 to US$3.80 range for much of Q1 2024 before experiencing strong gains that pushed the price of the red metal to US$4.12 on March 18.
Those gains were attributed to in part to tighter copper concentrate supply following the closure of First Quantum Minerals’ Cobre Panama mine, guidance cuts from Anglo American (LSE:AAL,OTCQX:AAUKF) and declining production at Chile’s Chuquicamata mine. In addition, China’s top copper smelters announced production cuts after limited supply led to lower profits from treatment and refining charges.
BHP’s (ASX:BHP,NYSE:BHP,LSE:BHP) attempted takeover of Anglo American also stoked fears of even tighter global copper mine supply. These supply-side challenges continued to juice copper prices in Q2 2024, causing a jump of nearly 29 percent from US$4.04 per pound on April 1 to a then all-time high of US$5.20 by May 20, 2024.
The price of copper reached its highest recorded price of US$5.24 per pound, or US$11,552 per metric ton, on March 26, 2025. Earlier in the session, the red metal’s price had surged as high as US$5.37 before settling to its new all time high closing price. Read on to found out how the copper price reached those heights.
Copper started 2025 at US$3.99. Throughout the first quarter of 2025, copper prices were lifted by increasing demand from China’s economic stimulus measures, renewable energy and artificial intelligence (AI) technologies and stockpiling brought on by fear of US President Trump’s tariff threats.
Trump has said the US is considering placing tariffs of up to 25 percent on all copper imports in a bid to spark increased domestic production of the base metal.
In late February, he signed an executive order instructing the US Commerce Department to investigate whether imported copper poses a national security risk under Section 232 of the Trade Expansion Act of 1962.
Looking at the bigger picture, copper’s rally in recent years has encouraged bullish sentiment on prices looking ahead. In the longer term, the fundamentals for copper are expected to get tighter as demand increases from sectors such as EVs and energy storage. A new report from the International Energy Forum (IEF) projects that as many as 194 new copper mines may need to come online by 2050 to support massive demand from the global energy transition.
Looking over to renewable energy, according to the Copper Development Association, solar installations require about 5.5 MT of copper for every megawatt, while onshore wind turbines require 3.52 MT of copper and offshore wind turbines require 9.56 MT of copper.
The rise of AI technology is also bolstering the demand outlook for copper. Commodities trader Trafigura has said AI-driven data centers could add one million MT to copper demand by 2030, reports Reuters.
Copper market fundamentals suggest a return to a bull market cycle for the red metal in the medium-term. The copper supply/demand imbalance also presents an investment opportunity for those interested in copper-mining stocks.
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Major offtake and funding deal to advance development and exploration activities
American West Metals Limited (American West or the Company) ( ASX: AW1) is pleased to announce that the Company has entered into a binding agreement with global metal trading and advisory group Ocean Partners Holding Ltd (OP or Ocean Partners) which will comprise an equity investment in American West as well as project development funding and copper-silver offtake to OP for the Storm Copper Project.
Dave O’Neill, American West’s Managing Director, said:
“We are very pleased to announce a strategic partnership and funding package for the Storm Copper Project which secures the long-term future of the Project. This is another significant milestone for Storm and continues to position Storm as the next potential copper mine in Canada, joining other very successful base metal mines in the region such as Polaris (22Mt @ 14.1% Zn, 4% Pb) and Nanisivik (18Mt @ 9% Zn, 0.7% Pb)
“American West’s ability to attract and partner with global companies like Ocean Partners speaks volumes to the high-quality of the Project and the management team, and emphasises the low-risk pathway to potential development.
“Ocean Partners’ existing partnerships and experience with ore-sorting and direct shipping ore (DSO) copper products are a natural fit with Storm and will help strengthen and streamline the technical aspects of the processing work flow for the PFS and beyond.
“On the back of the recently released Storm PEA, Taurus has agreed to advance the second tranche of the royalty payment. This tranche of funding will now be available immediately and demonstrates Taurus’ strong belief in the development and growth potential of Storm.
“The funding package and strategic partnership will allow American West to execute the dual strategy of aggressive exploration and streamlined development during 2025. We look forward to updating investors as the work programs are finalised and get underway.”
Brent Omland, Ocean Partners CEO, also commented:
“We are delighted to be partnering with American West on the Storm Copper Project which is rapidly emerging as a long-life, district-scale copper opportunity. Our shared goal is the timely success of the Project and we look forward to working closely with the American West team as they continue to make significant advances through process innovation and resource growth. Ocean Partners has extensive experience in marketing and trading DSO into global markets and are confident in the marketability and attractiveness of the Storm copper-silver product.”
Highlights
Value Realisation Strategy for Ecuador
Challenger Gold Limited plans to unlock the value of its Ecuador assets through several strategic options:
Focus on the Hualilan Gold project The upgraded MRE concludes Challenger Gold Limited’s exploration program in Ecuador, enabling the Company to focus entirely on advancing its flagship Hualilan Gold Project in Argentina, which features:
Monetisation of the Ecuador assets will ensure shareholders benefit directly from both value realisation in Ecuador and production growth at Hualilan.
Commenting on the resource, CEL Managing Director, Mr Kris Knauer, said
“I would like to congratulate our exploration team in Ecuador for their outstanding work in doubling project resources from 4.5Moz to 9.1Moz AuEq, including a high-grade core of 2.1Moz at 1.0g/t AuEq.
This resource update represents a transformational milestone for Challenger Gold shareholders, enabling us to move forward with unlocking significant value from our Ecuador assets while focusing entirely on bringing our flagship Hualilan project into production.
This is only the beginning for the asset – the current resource is based on drilling just five of fifteen major anomalies identified across our Ecuador projects, with all thirteen anomalies drilled so far returning significant mineralisation.’
Click here for the full ASX Release
Private specialty chemicals company Maverick Metals has raised US$19 million in a seed funding round led by Olive Tree Capital to accelerate the commercialization of its flagship lixiviant technology, LithX.
Unlike traditional acid-based processes, LithX enables cost-effective, ambient temperature leaching of refractory ores like chalcopyrite, unlocking metals previously considered uneconomical or too environmentally burdensome to process.
“As the US accelerates its push for domestic critical metals production, LithX provides a scalable, commercially viable path to securing essential materials,” said Eric Herrera, co-founder and CEO of Maverick.
The US$19 million funding round includes participation from high-profile investors such as Y Combinator, Hanwha Group, Liquid 2 Ventures, Nomadic Venture Partners, Soma Capital and TechNexus Venture Collaborative.
The capital will enable the company to expand pilot deployments in collaboration with major mining companies and scale its commercialization efforts.
Global copper demand is expected to double by 2035, reaching approximately 50 million metric tons annually, driven largely by energy transition technologies, electric vehicles and infrastructure development.
But even as mining companies race to keep pace, challenges like declining ore grades, environmental restrictions and rising costs continue to limit production.
Maverick states that its proprietary lixiviant works at ambient temperatures and neutral pH levels, offering a safer, cheaper and more sustainable alternative to traditional acid leaching.
The technology enables the recovery not only of copper, but also valuable by-products such as molybdenum, gold, silver and even rare earths from a variety of unconventional sources — including tailings, smelter slag and coal fly ash.
According to Maverick, its LithX technology has demonstrated a range of benefits that could reshape the economics and the overall environmental footprint for metals processing.
For instance, the technology increases recovery rates at ambient temperatures, significantly reducing energy costs. It also eliminates the need for acid addition, offering a safer and more sustainable alternative to traditional methods.
In addition, Maverick notes that the process mitigates the risk of acid contamination and hazardous reagent exposure, enhancing worker safety — a key concern in traditional mining operations.
“We are pleased to announce our investment in and support of Maverick Metals,” said Nichola Eliovits, managing partner at Olive Tree Capital, in the company’s release. “We believe LithX has the potential to significantly increase the range of viable resources available to help alleviate global supply constraints.”
While copper remains a primary focus, LithX has shown versatility for a range of critical metals, such as high lithium extraction from spodumene and enhanced rare earths and gallium recovery from minerals like allanite and monazite.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
The global oil market is facing a sharp downturn as a wave of recession fears, aggressive trade policies and a surprise supply boost from OPEC+ collide to send prices tumbling to multi-year lows.
Although crude prices staged a modest recovery on Tuesday (April 8), the broader market trajectory remains grim, with Brent and West Texas Intermediate (WTI) crude now trading well below levels needed for profitable production in the US.
Oil prices have dropped precipitously since early April, reaching levels not seen since 2021 on April 4 soon after US President Donald Trump’s announcement of sweeping new tariffs on dozens of countries.
Brent and WTI remain depressed despite small upticks on Tuesday, with Brent rising 1.03 percent to reach US$64.87 per barrel, and WTI gaining 1.24 percent to hit US$61.45 per barrel.
The catalysts for the broad decline are a one-two punch of a deepening trade conflict between the US and China, and a surprise production surge from OPEC+ nations.
Trump’s tariff announcement — described by JPMorgan (NYSE:JPM) as the ‘largest tax hike on Americans since 1968’ — has rattled global markets and sent oil traders into a panic over demand destruction.
Beijing has responded with defiance, promising to fight to the end and calling Washington’s demands “blackmail.’
At the same time, OPEC+ — the alliance of major oil producers led by Saudi Arabia and Russia — announced an unexpected increase of 411,000 barrels per day in May output, compressing three months of planned supply expansion into a single move. The boost comes after months of US pressure to increase supply and push down energy prices.
But the timing could not have been worse for American producers. Analysts say the combined impact of slowing global trade and higher supply of the energy fuel has left the American oil industry vulnerable. Prices have dropped below the US$65 threshold needed to sustain profitable drilling activity across much of the US.
According to the latest Dallas Federal Reserve energy survey, even operations in the Permian Basin — the lowest-cost production zone in the country — require crude to trade above US$61 to remain economically viable.
“You’re probably seeing more pauses of initial investment intention than the initial Covid shock. It’s really bamboozling,” Rory Johnston, a veteran oil analyst and publisher of the Commodity Context newsletter, told Heatmap.
“Everything else is really, really starting to grind to a halt, and you’re not seeing anyone jumping over themselves to ‘drill, baby, drill,’ despite the White House’s claims,” Johnston added.
Equity markets have punished energy companies accordingly. Oilfield services giant Halliburton (NYSE:HAL) shed 20 percent in a single week, while Nabors Industries (NYSE:NBR) lost 30 percent in just five days.
The oil majors fared slightly better, but still saw significant losses, with ExxonMobil (NYSE:XOM) down 10 percent, Occidental Petroleum (NYSE:OXY) down 15 percent and Chevron (NYSE:CVX) falling 13 percent.
There is growing concern among market watchers that if economic activity continues to weaken under the weight of tariffs, further declines in both oil and gas demand are likely.
Crucially, many of the countries most affected by Trump’s tariffs — particularly in Southeast Asia — were previously projected to drive the bulk of oil and energy demand growth over the next decade.
Vietnam, Cambodia and four other Southeast Asian nations were hit with tariffs exceeding 45 percent, prompting concerns that their economies could stall or contract.
“The macro concern is that if these tariffs stay where they are, this is in a global recession, if not a depression-making place,” Johnston elaborated in his conversation with Heatmap. “And given that the highest tariff rates are on Asia in particular, and that’s where all growing oil demand is, it’s not good for oil.”
Meanwhile, US producers are grappling with higher costs for drilling inputs due to tariffs on steel, aluminum and other industrial goods. Johnston explained in a Bluesky post that drillers have reported a 30 percent spike in the cost of tubular steel pipe, a critical material for oil and gas wells, since Trump implemented a 25 percent steel tariff in February.
So far, OPEC+ officials have not signaled any plans to curb output again.
For now, the market remains volatile, and producers are in a state of limbo. Despite early promises of energy dominance and renewed drilling, Trump’s policy choices have left the sector reeling.
“The administration’s chaos is a disaster for the commodity markets. ‘Drill, baby, drill’ is nothing short of a myth and populist rallying cry. Tariff policy is impossible for us to predict and doesn’t have a clear goal,” one executive told the Dallas Fed last month.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
(TheNewswire)
Silver Crown Royalties Inc. ( Cboe: SCRI, OTCQX: SLCRF, BF: QS0 ) ( ‘Silver Crown’ ‘SCRi’ the ‘Corporation’ or the ‘Company’ ) is pleased to announce the purchase of 1,000 ounces of physical silver in the spot market as part of its silver exposure strategy
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The purchase was completed at an average price of $30.65 per ounce and reflects an 8% discount to 20-day VWAP and an 11% discount to recent highs. The average price was based on spot price of US$30.15 per ounce plus a premium of US$0.50 per ounce, for a total investment of US$30,650. The physical silver will be stored with Money Metals Depository LLC, with the exact location to be confirmed, potentially at a designated sub-custodian facility managed by the depository.
Photo Credit: MoneyMetals.com
Peter Bures, Silver Crown’s Chief Executive Officer, commented, ‘We strive to maintain an adequate working capital position of at least six months. We feel it is only prudent as a silver only royalty company to convert a portion of that cash to physical silver. SCRi’s ultimate vision is to provide a vehicle that serves as a hedge against currency devaluation, and we therefore feel it would be hypocritical to have exposure to 100% fiat money. We appreciate our investors want exposure to silver, not fiat, which they can achieve easily without our assistance. The purchase was made with a cash payment received from PPX effectively converting a cash payment to physical silver bullion delivery.’
ABOUT Silver Crown Royalties INC.
Founded by industry veterans, Silver Crown Royalties ( Cboe: SCRI | OTCQX: SLCRF | BF: QS0 ) is a publicly traded, silver royalty company. Silver Crown (SCRi) currently has four silver royalties of which three are revenue-generating. Its business model presents investors with precious metals exposure that allows for a natural hedge against currency devaluation while minimizing the negative impact of cost inflation associated with production. SCRi endeavors to minimize the economic impact on mining projects while maximizing returns for shareholders. For further information, please contact:
Silver Crown Royalties Inc.
Peter Bures, Chairman and CEO
Telephone: (416) 481-1744
Email: pbures@silvercrownroyalties.com
FORWARD-LOOKING STATEMENTS
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Israel’s military has transformed every bit of Gazan territory within about half a mile of the Israeli border into a wasteland.
Armored bulldozers have systematically leveled one home after another. Combat engineers have laid explosives and triggered controlled demolitions inside once-bustling factories. Troops have torn up and denied Palestinians any access to the fertile farmland that once sustained lives and livelihoods.
In its place, the Israeli military has established a roughly 1-kilometer-wide buffer zone (about 0.6 miles) from which it has banished Palestinians and killed or fired at those who do set foot within its unmarked perimeter – all of which it has never officially acknowledged.
These testimonies reveal Israeli military practices that arguably violate international humanitarian law and, in some cases are war crimes, according to international law experts.
When Sergeant 1st Class “A” arrived in the industrial zone of Gaza City’s Shujaiya neighborhood in December 2023, many of the warehouses and factories had already been destroyed. But others were still standing.
After initially deploying to Israeli communities along the Gaza border to shore up their defenses following Hamas’s October 7 attack, Sgt. “A” was sent to Shujaiya and tasked with protecting combat engineers as they bulldozed buildings and rigged others to explode.
The purpose of the destruction was quickly made clear to him and his fellow soldiers: Israel was enlarging the buffer zone separating Palestinians from Israeli communities along the Gaza border.
Before October 7, Israel restricted Palestinians from coming within 300 meters (around 980 feet) of the border fence. But after Hamas’s attack, Israel’s military brass soon put into motion a plan to expand that area to approximately 1 kilometer, establishing a clear line of sight through the expanded buffer zone by leveling territory ranging from 800m to 1.5 km from the border.
In testimony provided to Breaking the Silence, an Israeli watchdog group which vets and publishes military testimonials, multiple soldiers said they were told the mission was to dramatically expand the buffer zone, in order to prevent another border attack.
But international law experts say that justification likely fails to meet the bar of “military necessity” that must be met to justify the destruction of civilian property, likely putting Israel’s actions in violation of international humanitarian law.
“There needs to be a legitimate military objective and operational objective – and the only way to achieve it would be to destroy the civilian property. And so, at that scale, that’s simply not quite plausible,” said Janina Dill, co-director at Oxford University’s Institute for Ethics, Law and Armed Conflict.
Beyond potential violations of humanitarian law, the deliberate, widespread destruction of civilian property without a clear military necessity is a war crime, Dill said.
Lawrence Hill-Cawthorne, a professor of public international law at the University of Bristol, agreed there is a strong case that Israel’s widespread destruction of property is a war crime of wanton destruction, an accusation also leveled by Amnesty International and other human rights groups.
“(From) what I’ve seen so far – there’s no clear evidence of a military necessity, at least for the level of destruction that’s been caused by Israel,” Hill-Cawthorne said.
While the Israeli military has acknowledged destroying “terrorist infrastructure” in Gaza in order to improve security conditions for Israeli communities near the border, it has never publicly acknowledged a full-throated plan to destroy thousands of buildings to create a kilometer-wide buffer area inside the territory.
A Sergeant Major who was deployed to Khuza’a in southern Gaza, who also spoke to Breaking the Silence on condition of anonymity, said his brigade got its orders “from the division’s operations branch. It wasn’t some local intervention.” He and others also described the distribution of color-coded maps, marking varying levels of destruction so far achieved in the buffer zone.
The destruction in Khuza’a, which lies to the east of Khan Younis, is unmistakable in satellite imagery, with the destruction of hundreds of buildings cleaving a line marking the zone’s perimeter.
“Residential buildings, greenhouses, sheds, factories; you name it – it needs to be flat. That’s the order,” said the Sgt. Maj. in the 5th infantry brigade who deployed to Khuza’a. “Except for that UNRWA school and that small water facility – for everything else, the directive was ‘nothing left.’”
The Israeli military has since destroyed more than 6,200 buildings in Gaza within 1 kilometer of the border, according to satellite analysis conducted by Corey Scher and Jamon Van Den Hoek, researchers at the City University of New York and Oregon State University.
Adi Ben-Nun, a researcher at the Hebrew University of Jerusalem, said as of January, “all buildings in the buffer zone were demolished or heavily damaged.”
For Palestinians, setting foot inside the buffer zone can be a death sentence.
Multiple soldiers described rules of engagement that authorized them to fire on Palestinians in the zone, regardless of whether they were armed or identified as combatants.
“The reservists also always raised questions over whether this was communicated to them (the Palestinians): ‘Do they know such a thing exists?’” the Sgt. 1st Class said.
He said commanders never provided a clear answer, but the reality was clear. “It’s not like they were told: The ridge before the border is (the line),” he said.
A Warrant Officer in the Armored Corps described Palestinians being shot for trying to pick khubeiza or mallow, an edible plant.
“People were incriminated for having bags in their hands,” the Warrant Officer told Breaking the Silence. “Guy showed up with a bag? Incriminated, terrorist. I believe they came to pick khubeiza, but (the army says), ‘No, they’re hiding.’ Boom.” He said a tank fired at them from about 800 meters, narrowly missing.
“A kill zone is in essence the announcement of a party to the war that they won’t take feasible precautions, that they won’t verify the status of an individual before attacking them. And that definitely violates international law,” said Dill, of Oxford University.
“Simply being present in a certain part of a combat theater does not amount to active participation in hostilities. And only active participation in hostilities makes a civilian lose their protection under international law.”
Hill-Cawthorne was equally unequivocal.
“A civilian does not lose their protected status, their immunity from attack merely because they enter an area that they’re not allowed or that they’re told not to enter,” Hill-Cawthorne said. “The only way in which people lose that immunity from attack is if they directly participate in hostilities.”
For 40 years, Abdul Aziz al-Nabahin grew olives, oranges and guavas on five acres of land he had inherited from his ancestors on the outskirts of Al-Bureij, in central Gaza – about 600 meters from the Israeli border.
His son Mahmoud recently married and had a 3-year-old daughter.
“It was like paradise,” al-Nabahin said. “We used to say, thank God. We were settled and satisfied.”
After being forced to flee earlier in the war, he returned to his farm during the January ceasefire only to find his home and farmland in ruins.
“We found the house destroyed. The trees were bulldozed,” he said. “We didn’t know where to sit, so we just stayed outside in the open.”
But he has lost so much more.
In late June, al-Nabahin said Mahmoud had gone to collect firewood near their home when he was killed. An Israeli tank shell struck him and his cousin, who was grievously injured but survived.
“The Israelis deliberately targeted them. They knew they were only collecting wood – not resisting or fighting. Just a cart with wood, clearly visible. Still, they were targeted,” al-Nabahin said.
“They kill anyone who goes there.”
When paramedic Hassan Hosni Al-Hila felt too sick to continue his late-night assignment with the Palestine Red Crescent Society on March 23, his son gladly agreed to cover his shift.
That shift would prove to be 21-year-old Mohammad’s last.
Within a few hours, while the young paramedic was dispatched with a convoy of emergency vehicles to find a missing ambulance crew in Rafah, southern Gaza, Mohammad called his father pleading for help amidst intense Israeli military gunfire.
“’Come to me, Dad, help me… we were targeted by the Israelis, and they are now shooting at us directly,” Al-Hila recalled his son telling him over the phone. “The call ended after that.”
His fate would remain unknown for over a week, until rescue teams granted permission by the Israeli military to access the area uncovered a horrific scene: a mass grave containing the bodies of 15 first responders buried along with their crushed emergency vehicles.
A growing trove of evidence detailing the final moments of the first responders has blown apart the Israel Defense Forces’ (IDF) initial narrative of what unfolded that day, in which it claimed without offering evidence that some vehicles were moving suspiciously without headlights or flashing lights toward the Israeli troops and that members of the emergency teams were militants.
“All the claims raised regarding the incident will be examined through the mechanism and presented in a detailed and thorough manner for a decision on how to handle the event,” the IDF said in a statement Monday.
According to an Israeli military official, troops from a brigade that had set up an ambush opened fire on the emergency crews that morning, after intelligence had deemed their movements “suspicious,” and believed they had successfully carried out an attack on Hamas and Palestinian Islamic Jihad militants.
Family members and colleagues of the slain paramedics vehemently deny that any of the workers were militants and are calling for an independent investigation into the killings.
On seeing his son’s body, which Hosni said was riddled with bullet holes, he apologized for not being beside him in his final moments, saying their ambulances would have been dispatched together.
“I told him, ‘I’m sorry I couldn’t join you,’” Hosni recalls. “If I hadn’t returned home, [he] and I would have been together on the same mission.”
The chain of events began in the early hours of Sunday, March 23, following reports of an Israeli strike in Rafah. The Palestine Red Crescent Society (PRCS) dispatched an ambulance with three crew members to respond to the scene.
PRCS said they did not coordinate the dispatch with COGAT, the Israeli military agency overseeing activities in the Palestinian territories, because the area was not designated as a “red zone” where coordination is required. Hours after the attack, the IDF designated the area as a “red zone” as part of its expanded operation in Rafah.
According to PRCS medic Munther Abed – who was sitting in the back of the ambulance en route to the scene – the crew was suddenly targeted with heavy, direct gunfire by Israeli forces. Abed said he survived the attack by throwing himself to the floor of the vehicle for cover, hearing the pained yells of his colleagues in the front, both of whom were killed.
The ambulance crashed into a power pole, coming to a stop along with the gunfire, according to Abed. He said Israeli soldiers opened the back doors of the vehicle and detained him outside, stripping him down to his underwear.
An Israeli military official said the troops shot at a vehicle at 4 a.m., killing two individuals and detaining another, all of whom the IDF claimed without providing evidence were Hamas security officials. The official also denied that the vehicle was an ambulance or that the individuals were uniformed paramedics. Abed, who said he was released later that day from Israeli custody after the military checked his records, rejects those claims.
Once communication with Abed’s crew was lost, PRCS dispatched additional ambulances alongside Civil Defense vehicles to check on the missing team.
However, the support crews would meet the same, grim fate. A newly released video discovered on the phone of one of the 15 deceased ambulance and relief team members captured their final moments before being killed by the Israeli military.
The video is filmed from the front of a vehicle and shows a convoy of clearly marked ambulances moving along a road at dawn, with headlights and flashing emergency lights on.
The video shows the convoy stopping when it comes across another vehicle that had seemingly crashed into a power pole on the side of the road. Dr. Younis Al-Khatib, president of the PRCS, confirmed in a press briefing on Monday that the vehicle seen in the footage was one of the agency’s ambulances.
Two of the rescuers seen in the footage getting out of the vehicles are wearing reflective, PRCS emergency responder uniforms. A fire truck and an ambulance at the scene are marked with the PRCS insignia.
Almost immediately there is intense gunfire, which can be heard hitting the convoy. The video ends, but the audio continues for five minutes.
The paramedic filming the incident, identified by the PRCS as Rifaat Radwan, is heard repeatedly saying the “shahada,” which Muslims recite when facing death, and says he knows he is going to die.
At one point he says: “Forgive me mom, this is the path I chose – to help people – I swear I didn’t choose this path but to help people.”
The voices of others in the convoy can also be heard, as well as those of people shouting commands in Hebrew. It’s unclear who they are or what they are saying.
The call casts doubt over the timeline laid out by the Israeli soldiers involved in the attack, who said the rescue convoy arrived two hours after the initial ambulance, at 6 a.m., according to the Israeli military official. The video also shows the convoy arriving in darkness, with the first rays of sunlight visible on the horizon, indicating it was filmed before 6 a.m. – sunrise on March 23 in Gaza was at 5:42 a.m.
An IDF forward-operating base and staging area at an unfinished hospital in Tal al-Sultan, about 1 kilometer from the site of the mass grave, is visible in satellite imagery from Planet Labs. Ball said tracks from heavy vehicles can be seen between the base and grave site, adding that the military would have had a clear line of sight to where the bodies and vehicles were buried.
The IDF claimed on April 1 without offering proof that “following an initial assessment, it was determined that the forces had eliminated a Hamas military operative, Mohammad Amin Ibrahim Shubaki, who took part in the October 7 massacre, along with 8 other terrorists from Hamas and the Islamic Jihad.”
In a statement on Monday, the IDF revised that number, saying six Hamas operatives were identified among the casualties, without providing evidence.
Over the course of the next several days, PRCS and UN personnel negotiated permission from the Israeli military to visit the area on several occasions. It would be a week later that a convoy consisting of PRCS, Civil Defense, and UN OCHA crews unearthed the mass grave.
Some of the PRCS paramedics pictured in photos were buried in their uniforms emblazoned with the group’s emblem and reflective stripes. Others were still wearing their blue latex gloves, indicating that they were on duty and prepared to respond to distress calls. The bodies were mixed with mangled fragments of the crushed emergency vehicles, under mounds of sand, footage shared by UN OCHA of the exhumation shows.
“They were buried in their uniforms with their gloves on, they were ready to save lives, and they ended up in a mass grave,” Jonathan Whittall, the head of UN OCHA in the occupied Palestinian territories, said in a press briefing last week.
The deaths have sparked international condemnation, and the emergence of the footage prompted the IDF to re-investigate the killings.
According to the military official, troops from the Golani infantry brigade had set up an ambush along a road in the early hours of March 23, opening fire in two instances on vehicles arriving in the area.
Soldiers were told by drone operators that the vehicles in the convoy were advancing “in a suspicious manner,” the military official said, adding that soldiers involved in the attack claimed to investigators that they opened fire after being surprised by the convoy stopping on the side of the road and by individuals getting out of their vehicles quickly.
After seeing the bodies of more than a dozen uniformed emergency responders on the ground, the troops said they still believed they had successfully carried out the attack following efforts to verify the identities of some of the deceased, the military official said.
PRCS president Al-Khatib has demanded an independent investigation into the matter.
“We don’t trust any of the army investigations and this is why we were very clear in saying that we need an independent inquiry into this,” Al-Khatib said in a UN press conference.
For Saleh Muammar – one of the PRCS paramedics killed and buried in the mass grave – this was not the first time he had been shot while on duty, according to his wife Hadeel.
“We bade him farewell every time he left, we expected that he would be martyred,” Hadeel said. “I felt that he would leave this world because the nature of his work is full of risks.”
International aid and humanitarian organizations have repeatedly condemned the Israeli military’s attacks on medical facilities and personnel.
More than 400 aid workers have been killed in Israeli attacks in the enclave since October 7, 2023, according to OCHA’s latest update released last week. The PRCS says the number of its staff killed in line of duty by Israeli forces in Gaza since October 2023 has now reached 27.
“The occupation’s targeting of Red Crescent medics … can only be considered a war crime punishable under international humanitarian law, which the occupation continues to violate before the eyes of the entire world,” PCRS said.