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Independent Survey Confirms Public Support for Falco Horne 5 Project

Falco Resources Ltd. (TSX.V: FPC) (‘ Falco’ or the ‘ Company’ ) is pleased to publish the results of an independent survey of the population of Rouyn-Noranda and Abitibi-Témiscamingue conducted by Léger regarding the understanding and social acceptability of the Falco Horne 5 underground mine project (the ‘ Project’ ).

Three out of four people support the Project

The results show that Falco enjoys strong majority support in Rouyn-Noranda, where 72% of respondents are in favour of the Horne 5 Project, and in Abitibi-Témiscamingue, where support reaches 74%. These results demonstrate the population’s significant support for the Project, particularly given its economic spin-offs and positive impact on employment.

Trust in Falco

Respondents recognize the benefits the Project will bring to the region, emphasizing its key role in local and regional economic growth and job creation. Despite some concerns about environmental impacts, a strong majority of respondents (73%) are confident that Falco will work with civil society actors to ensure responsible implementation of the Project.

A Project for the common good

In addition, a high proportion of respondents (74%) felt that the Project should proceed for the community’s benefit, strengthening the legitimacy and social acceptability of the Falco Horne 5 Project in the region.

Hélène Cartier, Vice-President of Environment, Sustainable Development and Community Relations, stated: ‘As demonstrated by the numerous briefs submitted to BAPE, these results confirm the population’s strong support for our Project and our commitment to act responsibly. We will continue our concerted efforts with all stakeholders to ensure a mutually beneficial development. We believe this strong support justifies our request to the Québec government to deem the project acceptable.’

Luc Lessard, President and CEO, added: ‘These results are a testament to the broad support for the Project among Rouyn-Noranda residents, consistent with what we have been seeing for several years now. Falco has submitted to the authorities at the Québec government a mining development project that will be of great benefit to the city, the Abitibi-Témiscamingue region and all of Québec. It remains surprising, however, that after more than 8 years, the government has yet to recognize the Project’s conformity.’

The Company will continue its discussions with the Ministère de l’Environnement, de la Lutte contre les changements climatiques, de la Faune et des Parcs (the ‘ Ministère ‘) to have the Project’s compliance recognized and complete the environmental analysis.

Highlights
Favourability of the Project

  • 73% of respondents were in favor of the Project (28% very favorable, 46% somewhat favorable)
  • Only 15% are unfavorable (5% very unfavorable, 10% somewhat unfavorable).

Main reasons for being in favor

  • 47% : Job creation
  • 26% : Positive impact on the local economy

Main perceptions

  • 86% believe the Project will have a positive economic impact
  • 80% believe mining projects strengthen regional pride
  • 73% are confident that Falco will make its project acceptable and aligned with applicable societal and environmental expectations
  • 61% believe Falco will take public opinion into account

The survey was conducted from February 27 to March 9, 2025, among 500 Abitibi-Témiscamingue residents aged 18 and over. The presumed margin of error is ±4.38%, 19 times out of 20. The survey can be viewed by clicking on the following link: https://bit.ly/3RfaMlZ

The Falco Horne 5 Project features a state-of-the-art mining operation that maximizes the use and rehabilitation of previously disturbed sites such as Quemont and Norbec. The Project will generate significant economic benefits, contributing approximately $3.8 billion to Québec’s GDP, including $2.2 billion to the regional GDP, notably through the creation of 900 jobs during construction and 500 jobs during operations. By adding value to critical and strategic minerals, it will actively contribute to the energy transition and decarbonization of the economy.

ABOUT FALCO
Falco Resources is one of the largest mineral claim holders in the province of Quebec, with an extensive portfolio of properties in the Abitibi Greenstone Belt. Falco holds rights to approximately 67,000 hectares of land in the Noranda Mining Camp, which represents 67% of the camp and includes 13 former gold and base metal mining sites. Falco’s main asset is the Horne 5 Project located beneath the former Horne mine, which was operated by Noranda from 1927 to 1976 and produced 11.6 million ounces of gold and 2.5 billion pounds of copper. Osisko Development Corp. is Falco’s largest shareholder, with a 16% interest in the Company.

FOR FURTHER INFORMATION, PLEASE CONTACT:
Hélène Cartier
Vice President, Environment, Sustainable Development and Community Relations
514 216-8611
hcartier@falcores.com

FOR MORE INFORMATION ON THE METHODOLOGY:
Éric Normandeau
Strategic consultant, Léger
514 245-0195
enormandeau@leger360.com

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

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements and information (collectively ‘ forward-looking statements ‘) within the meaning of applicable securities laws. These statements include references to the social acceptability and development of the Project, its economic spin-offs and positive impacts on employment, the benefits the Project will bring to the region, its key role in local and regional economic growth and job creation, and public support for the Project.

These statements are based on information currently available to the Company, and the Company provides no assurance that actual results will meet management’s expectations. The occurrence of such events or the making of such statements are subject to several risk factors, including, without limitation, the risk factors identified in Falco’s annual management report and other continuous disclosure documents available at www.sedarplus.com .

Although Falco believes that the assumptions and factors applied in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this press release, and there can be no assurance that such events will occur within the time frames disclosed or at all. As mentioned by Falco in its public disclosure and previous press releases, certain major issues have been raised by the   Ministère   in connection with the development of the Project and in the BAPE process, including the Project’s compliance with section 197 of the Règlement sur l’assainissement de l’atmosphère (RAA).   There can be no assurance or guarantee that the Ministère will change its position with respect to the application of section 197 of the RAA to the Project, that Falco will be able to respond to the Ministère’s numerous additional requests in a timely manner or that Falco will be able to raise the funds necessary to pursue the additional studies requested by the Ministère, which could materially delay or prevent the granting of the required authorizations and thus adversely affect the development of the Project and Falco’s financial condition.   Except as required by applicable law, Falco disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

News Provided by GlobeNewswire via QuoteMedia

This post appeared first on investingnews.com

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Alvopetro Announces Year End 2024 Financial Results, Q1 2025 Dividend of US$0.10/share and Filing of our AIF

Alvopetro Energy Ltd. (TSXV: ALV) (OTCQX: ALVOF) announces an operational update, our financial results for the year ended December 31, 2024 a quarterly dividend of US$0.10 per common share and filing of our annual information form. We will be hosting a live webcast to discuss our Q4 2024 results on Wednesday March 19, 2025 at 8:00 a.m. Mountain time .

All references herein to $ refer to United States dollars, unless otherwise stated and all tabular amounts are in thousands of United States dollars, except as otherwise noted.

President & CEO, Corey C. Ruttan commented:

‘Through 2024 we increased our productive capacity both at the Caburé Unit and on our 100% interest Murucututu project. This allowed us to increase our firm natural gas sales volumes for 2025 resulting in a strong start to the year with a 37% increase in our sales volumes. We are increasing our base dividend to US$0.10 per share, consistent with our long-standing commitment to a more disciplined capital allocation model, balancing returns to stakeholders and organic growth.’

Operational Update

As announced on December 17, 2024 , our updated long-term gas sales agreement came into effect on January 1, 2025 increasing Alvopetro’s contracted firm reference volumes by 33%. As a result, Alvopetro’s daily sales in January and February increased 37% from Q4 2024 sales to an average of 2,375 boepd, including 13.4 MMcfpd of natural gas, natural gas liquids sales from condensate of 129 bopd and oil sales of 10 bopd. Effective February 1, 2025 , our natural gas price under our long-term gas sales agreement with Bahiagás has been adjusted to BRL1.95 /m 3 , a 7% increase from the January 2025 price of BRL1.83 /m 3 and consistent with the Q4 2024 price of BRL1.94 /m 3 . All natural gas sales from February 1, 2025 to April 30, 2025 will be sold at BRL1.95 /m 3 ( $10.55 /Mcf, net of applicable sales taxes, based on average heat content to date and the January 31, 2025 BRL/USD exchange rate of 5.83).

On February 5, 2025 , we announced the terms of a farmin agreement in Canada , pursuant to which Alvopetro agreed to fund 100% of two earning wells in exchange for a 50% non-operated working interest in 12,243 acres (6,122 net acres) of land in Western Saskatchewan . The first two earning wells have now been drilled and are being completed and equipped. Both wells are expected to be on production within the next 30 days. Alvopetro’s estimated total costs for the two earning wells is expected to be approximately C$4.0 million ( $2.8 million ). After these initial two earning wells Alvopetro’s working interest will be 50%.

On the Company’s Murucututu natural gas field, we spud the first of two development wells planned for 2025 in February. Drilling is underway. On the unitized area (the ‘Unit’) which includes the Caburé natural gas field, Alvopetro has five development wells planned for 2025, with the first well expected to be drilled in April.

On February 26, 2025 , we announced our December 31, 2024 reserves based on the independent reserve assessment and evaluation prepared by GLJ Ltd. (‘GLJ’) dated February 26, 2025 with an effective date of December 31, 2024 (the ‘GLJ Reserves and Resources Report’). Highlights include:

  • After 2024 production of 0.7 MMboe, 1P reserves increased 65% to 4.5 MMboe, representing a 1P production replacement ratio (1) of 372%. The increase was mainly due to the successful working interest redetermination at the Caburé field and increases of Caruaçu assigned reserves on our 100% Murucututu field following success on the 183-A3 well completion, somewhat offset by technical revisions related to the Gomo Formation.
  • 2P reserve volumes increased 5% to 9.1 MMboe, representing a 2P production replacement ratio of 167% (1) . The increase in 2P volumes was due to the higher working interest on the Caburé field following the redetermination, partially offset by 2024 production of 0.7 MMboe. At Murucututu, additional reserves associated with the Caruaçu reservoir were offset by technical revisions reducing reserves assigned to the Gomo Formation.
  • With increased reserve volumes, 1P net present value before tax, discounted at 10% (‘NPV10’) increased 53% to $177.7 million and 2P NPV10 increased 6% to $327.8 million .
  • Risked best estimate contingent resources decreased by 0.8 MMboe from 5.4 MMboe to 4.5 MMboe at December 31, 2024 with a NPV10 of $110.0 million , decreases from December 31, 2023 of 15% and 13% respectively. The decreases were associated with the migration of volumes to reserves for the Caruaçu Formation.
  • Risked best estimate prospective resources increased from 9.6 MMboe to 10.2 MMboe with a NPV10 of $208.9 million , increases of 6% and 13% respectively from December 31, 2023 .

Financial and Operating Highlights – Fourth Quarter of 2024

  • Our average daily sales decreased to 1,738 boepd in Q4 2024 (-19% from Q4 2023 and -17% from Q3 2024) with reduced natural gas demand as well as shutdowns during the month of November for planned facility turnarounds and inspections.
  • Our average realized natural gas price decreased to $10.51 /Mcf in Q4 2024 (-18% from Q4 2023 and -4% from Q3 2024), due mainly to the devaluation of the BRL relative to the USD, which depreciated 18% compared to the average rate in Q4 2023. Our overall averaged realized sales price was $63.88 per boe (-18% from Q4 2023 and -4% from Q3 2024).
  • With lower sales volumes and lower prices, our natural gas, oil and condensate revenue decreased to $10.2 million (-33% from Q4 2023 and -21% from Q3 2024).
  • Our operating netback (1) in the quarter was $55.09 per boe (- $14.60 per boe from Q4 2023) due mainly to the reduction in our realized sales price per boe as well as higher production expenses per boe with lower overall production.
  • We generated funds flows from operations (1) of $7.0 million ( $0.19 per basic share and per diluted share), decreases of $5.4 million compared to Q4 2023 and $2.9 million compared to Q3 2024 due mainly to lower sales volumes and lower realized prices.
  • We reported net income of $2.2 million in Q4 2024, an increase of $1.6 million compared to Q4 2023 despite lower sales volumes and realized prices due to impairment losses recognized in Q4 2023, offset by foreign exchange losses in Q4 2024 compared to foreign exchange gains in Q4 2023.
  • Capital expenditures totaled $4.7 million , including costs to re-enter the 183-B1 well on our exploratory Block 183 and costs associated with the facilities upgrade at our Caburé field.
  • Our working capital surplus was $13.2 million as of December 31, 2024 , increasing $0.1 million from December 31, 2023 and decreasing $2.7 million from September 30, 2024 .

Financial and Operating Highlights – Year Ended December 31, 2024

  • We reported net income of $16.3 million , compared to $28.5 million in 2023 (-43%).
  • We generated funds flow from operations (1) of $33.3 million ( $0.89 per basic share and per diluted share), a decrease of $14.8 million compared to 2023.
  • Capital expenditures totaled $15.3 million in 2024.
  • Dividends declared totaled $0.36 per share in 2024 compared to $0.56 per share in 2023 (-36%).

(1) Refer to the sections entitled ‘ Oil and Natural Gas Advisories – Other Metrics ‘ and ‘ Non-GAAP and Other Financial Measures ‘.

The following table provides a summary of Alvopetro’s financial and operating results for the periods noted. The consolidated financial statements with the Management’s Discussion and Analysis (‘MD&A’) are available on our website at www.alvopetro.com and will be available on the SEDAR+ website at www.sedarplus.ca .

As at and Three Months Ended

December 31

As at and Year Ended

December 31,

2024

2023

Change (%)

2024

2023

Change (%)

Financial

($000s, except where noted)

Natural gas, oil and condensate sales

10,214

15,300

(33)

45,517

59,687

(24)

Net income

2,243

652

244

16,295

28,525

(43)

Per share – basic ($) (1)

0.06

0.02

200

0.44

0.77

(43)

Per share – diluted ($) (1)

0.06

0.02

200

0.43

0.76

(43)

Cash flows from operating activities

7,114

7,904

(10)

34,901

47,702

(27)

Per share – basic ($) (1)

0.19

0.21

(10)

0.94

1.29

(27)

Per share – diluted ($) (1)

0.19

0.21

(10)

0.93

1.26

(26)

Funds flow from operations (2)

6,966

12,393

(44)

33,275

48,030

(31)

Per share – basic ($) (1)

0.19

0.33

(42)

0.89

1.29

(31)

Per share – diluted ($) (1)

0.19

0.33

(42)

0.89

1.27

(30)

Dividends declared

3,283

5,127

(36)

13,170

20,462

(36)

Per share (1) (2)

0.09

0.14

(36)

0.36

0.56

(36)

Capital expenditures

4,682

4,934

(5)

15,305

27,449

(44)

Cash and cash equivalents

21,697

18,326

18

21,697

18,326

18

Net working capital (2)

13,181

13,117

–

13,181

13,117

–

Weighted average shares outstanding

Basic (000s) (1)

37,315

37,262

–

37,289

37,121

–

Diluted (000s) (1)

37,566

37,963

(1)

37,558

37,770

(1)

Operations

Average daily sales volumes:

Natural gas (Mcfpd), by field:

Caburé (Mcfpd)

7,476

11,699

(36)

9,228

11,742

(21)

Murucututu (Mcfpd)

2,231

546

309

928

487

91

Total natural gas (Mcfpd)

9,707

12,245

(21)

10,156

12,229

(17)

NGLs – condensate (bopd)

109

92

18

90

99

(9)

Oil (bopd)

11

10

10

12

6

100

Total (boepd)

1,738

2,143

(19)

1,794

2,142

(16)

Average realized prices (2) :

Natural gas ($/Mcf)

10.51

12.85

(18)

11.42

12.64

(10)

NGLs – condensate ($/bbl)

75.95

89.45

(15)

84.84

86.29

(2)

Oil ($/bbl)

61.74

73.67

(16)

66.94

71.22

(6)

Total ($/boe)

63.88

77.60

(18)

69.31

76.33

(9)

Operating netback ($/boe) (2)

Realized sales price

63.88

77.60

(18)

69.31

76.33

(9)

Royalties

(2.15)

(2.07)

4

(1.99)

(2.13)

(7)

Production expenses

(6.64)

(5.84)

14

(6.33)

(5.38)

18

Operating netback

55.09

69.69

(21)

60.99

68.82

(11)

Operating netback margin (2)

86 %

90 %

(4)

88 %

90 %

(2)

Notes:

(1)

Per share amounts are based on weighted average shares outstanding other than dividends per share, which is based on the number of common shares outstanding at each dividend record date. The weighted average number of diluted common shares outstanding in the computation of funds flow from operations and cash flows from operating activities per share is the same as for net income per share.

(2)

See ‘Non-GAAP and Other Financial Measures’ section within this news release.

Quarterly Dividend of   US$0.10 per Share

With our updated gas sales agreement in effect as of January 1, 2025 and higher production levels forecasted in the first quarter of 2025 our Board of Directors determined it was appropriate to increase the declared quarterly dividend to US$0.10 per common share, payable in cash on April 15, 2025, to shareholders of record at the close of business on March 31, 2025. This dividend is designated as an ‘eligible dividend’ for Canadian income tax purposes.

Dividend payments to non-residents of Canada will be subject to withholding taxes at the Canadian statutory rate of 25%.  Shareholders may be entitled to a reduced withholding tax rate under a tax treaty between their country of residence and Canada.  For further information, see Alvopetro’s website at https://alvopetro.com/Dividends-Non-resident-Shareholders .

Annual Information Form

Alvopetro has filed its annual information form (‘AIF’) with the Canadian securities regulators on SEDAR+. The AIF

includes the disclosure and reports relating to oil and gas reserves data and other oil and gas information required

pursuant to National Instrument 51-101 of the Canadian Securities Administrators. The AIF may be accessed

electronically at www.sedarplus.ca and on our website at www.alvopetro.com .

2024 Results Webcast

Alvopetro will host a live webcast to discuss our 2024 financial results at 8:00 am Mountain time on Wednesday March 19, 2025. Details for joining the event are as follows:

DATE: March 19, 2025
TIME : 8:00 AM Mountain/ 10:00 AM Eastern
LINK: https://us06web.zoom.us/j/84540021301
DIAL-IN NUMBERS: https://us06web.zoom.us/u/kBRCh4fgE
WEBINAR ID   : 845 4002 1301

The webcast will include a question-and-answer period. Online participants will be able to ask questions through the Zoom portal. Dial-in participants can email questions directly to socialmedia@alvopetro.com .

Corporate Presentation

Alvopetro’s updated corporate presentation is available on our website at:
http://www.alvopetro.com/corporate-presentation .

Social   Media

Follow Alvopetro on our social media channels at the following links:

Twitter – https://twitter.com/AlvopetroEnergy
Instagram – https://www.instagram.com/alvopetro/
LinkedIn – https://www.linkedin.com/company/alvopetro-energy-ltd

Alvopetro Energy Ltd. is deploying a balanced capital allocation model where we seek to reinvest roughly half our cash flows into organic growth opportunities and return the other half to stakeholders. Alvopetro’s organic growth strategy is to focus on the best combinations of geologic prospectivity and fiscal regime. Alvopetro is balancing capital investment opportunities in Canada and Brazil where we are   building off the strength of our Caburé and Murucututu natural gas fields and the related strategic midstream infrastructure.

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

Abbreviations:

$000s

=

thousands of U.S. dollars

1P

=

proved reserves

2P

=

proved plus probable reserves

boepd

=

barrels of oil equivalent (‘boe’) per day

bopd

=

barrels of oil and/or natural gas liquids (condensate) per day

BRL

=

Brazilian Real

Mcf

=

thousand cubic feet

Mcfpd

=

thousand cubic feet per day

MMcf

=

million cubic feet

MMcfpd

=

million cubic feet per day

NGLs

=

natural gas liquids (condensate)

NPV10

=

net present value before tax, discounted at 10%

Q3 2024

=

three months ended September 30, 2024

Q4 2023

=

three months ended December 31, 2023

Q4 2024

=

three months ended December 31, 2024

USD

=

United States dollars

GAAP or IFRS

=

IFRS Accounting Standards

Non-GAAP and Other Financial Measures

This news release contains references to various non-GAAP financial measures, non-GAAP ratios, capital management measures and supplementary financial measures as such terms are defined in National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure . Such measures are not recognized measures under GAAP and do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. While these measures may be common in the oil and gas industry, the Company’s use of these terms may not be comparable to similarly defined measures presented by other companies. The non-GAAP and other financial measures referred to in this report should not be considered an alternative to, or more meaningful than measures prescribed by IFRS and they are not meant to enhance the Company’s reported financial performance or position. These are complementary measures that are used by management in assessing the Company’s financial performance, efficiency and liquidity and they may be used by investors or other users of this document for the same purpose. Below is a description of the non-GAAP financial measures, non-GAAP ratios, capital management measures and supplementary financial measures used in this news release. For more information with respect to financial measures which have not been defined by GAAP, including reconciliations to the closest comparable GAAP measure, see the ‘ Non-GAAP Measures and Other Financial Measures ‘ section of the Company’s MD&A which may be accessed through the SEDAR+ website at www.sedarplus.ca .

Non-GAAP Financial Measures

Operating netback

Operating netback is calculated as natural gas, oil and condensate revenues less royalties and production expenses. This calculation is provided in the ‘ Operating Netback ‘ section of the Company’s MD&A using our IFRS measures. The Company’s MD&A may be accessed through the SEDAR+ website at www.sedarplus.ca . Operating netback is a common metric used in the oil and gas industry used to demonstrate profitability from operations.

Non-GAAP Financial Ratios

Operating netback per boe

Operating netback is calculated on a per unit basis, which is per barrel of oil equivalent (‘boe’). It is a common non-GAAP measure used in the oil and gas industry and management believes this measurement assists in evaluating the operating performance of the Company. It is a measure of the economic quality of the Company’s producing assets and is useful for evaluating variable costs as it provides a reliable measure regardless of fluctuations in production. Alvopetro calculated operating netback per boe as operating netback divided by total sales volumes (boe). This calculation is provided in the ‘ Operating Netback ‘ section of the Company’s MD&A using our IFRS measures. The Company’s MD&A may be accessed through the SEDAR+ website at www.sedarplus.ca . Operating netback is a common metric used in the oil and gas industry used to demonstrate profitability from operations on a per boe basis.

Operating netback margin

Operating netback margin is calculated as operating netback per boe divided by the realized sales price per boe. Operating netback margin is a measure of the profitability per boe relative to natural gas, oil and condensate sales revenues per boe and is calculated as follows:

Three Months Ended

December 31,

Year Ended

December 31,

2024

2023

2024

2023

Operating netback – $ per boe

55.09

69.69

60.99

68.82

Average realized price – $ per boe

63.88

77.60

69.31

76.33

Operating netback margin

86 %

90 %

88 %

90 %

Funds Flow from Operations Per Share

Funds flow from operations per share is a non-GAAP ratio that includes all cash generated from operating activities and is calculated before changes in non-cash working capital, divided by the weighted average shares outstanding for the respective period. For the periods reported in this news release the cash flows from operating activities per share and funds flow from operations per share is as follows:

Three Months Ended

December 31,

Year Ended

December 31,

$ per share

2024

2023

2024

2023

Per basic share:

Cash flows from operating activities

0.19

0.21

0.94

1.29

Funds flow from operations

0.19

0.33

0.89

1.29

Per diluted share:

Cash flows from operating activities

0.19

0.21

0.93

1.26

Funds flow from operations

0.19

0.33

0.89

1.27

Capital Management Measures

Funds Flow from Operations

Funds flow from operations is a non-GAAP capital management measure that includes all cash generated from operating activities and is calculated before changes in non-cash working capital. The most comparable GAAP measure to funds flow from operations is cash flows from operating activities. Management considers funds flow from operations important as it helps evaluate financial performance and demonstrates the Company’s ability to generate sufficient cash to fund future growth opportunities. Funds flow from operations should not be considered an alternative to, or more meaningful than, cash flows from operating activities however management finds that the impact of working capital items on the cash flows reduces the comparability of the metric from period to period. A reconciliation of funds flow from operations to cash flows from operating activities is as follows:

Three Months Ended

December 31,

Year Ended

December 31,

2024

2023

2024

2023

Cash flows from operating activities

7,114

7,904

34,901

47,702

Changes in non-cash working capital

(148)

4,489

(1,626)

328

Funds flow from operations

6,966

12,393

33,275

48,030

Net Working Capital

Net working capital is computed as current assets less current liabilities. Net working capital is a measure of liquidity, is used to evaluate financial resources, and is calculated as follows:

As at December 31

2024

2023

Total current assets

26,984

25,995

Total current liabilities

(13,803)

(12,878)

Net working capital

13,181

13,117

Supplementary Financial Measures

‘ Average realized natural gas price – $/Mcf ‘ is comprised of natural gas sales as determined in accordance with IFRS, divided by the Company’s natural gas sales volumes.

‘ Average realized NGL – condensate price – $/bbl ‘ is comprised of condensate sales as determined in accordance with IFRS, divided by the Company’s NGL sales volumes from condensate.

‘ Average realized oil price – $/bbl ‘ is comprised of oil sales as determined in accordance with IFRS, divided by the Company’s oil sales volumes.

‘ Average realized price – $/boe ‘ is comprised of natural gas, condensate and oil sales as determined in accordance with IFRS, divided by the Company’s total natural gas, NGL and oil sales volumes (barrels of oil equivalent).

‘ Dividends per share ‘ is comprised of dividends declared, as determined in accordance with IFRS, divided by the number of shares outstanding at the dividend record date.

‘ Royalties per boe ‘ is comprised of royalties, as determined in accordance with IFRS, divided by the total natural gas, NGL and oil sales volumes (barrels of oil equivalent).

‘ Production expenses per boe ‘ is comprised of production expenses, as determined in accordance with IFRS, divided by the total natural gas, NGL and oil sales volumes (barrels of oil equivalent).

Oil and Natural Gas Advisories

Oil and Natural Gas Reserves

The disclosure in this news release summarizes certain information contained in the GLJ Reserves and Resources Report but represents only a portion of the disclosure required under National Instrument 51-101 (‘NI 51-101’). Full disclosure with respect to the Company’s reserves as at December 31, 2024 is included in the Company’s annual information form for the year ended December 31, 2024 which has been filed on SEDAR+ ( www.sedarplus.ca ). The GLJ Reserves and Resources Report has been prepared in accordance with the standards contained in the Canadian Oil and Gas Evaluation Handbook (the ‘COGE Handbook’ or ‘COGEH’) that are consistent with the standards of NI 51-101. GLJ is a qualified reserves evaluator as defined in NI 51-101.

All net present values in this press release are based on estimates of future operating and capital costs and GLJ’s forecast prices as of December 31, 2024 . The reserves definitions used in this evaluation are the standards defined by COGEH reserve definitions and are consistent with NI 51-101 and used by GLJ. The net present values of future net revenue attributable to Alvopetro’s reserves estimated by GLJ do not represent the fair market value of those reserves. Other assumptions and qualifications relating to costs, prices for future production and other matters are summarized herein. The recovery and reserve estimates of the Company’s reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual reserves may be greater than or less than the estimates provided herein. Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves.

Cabur   é   Working Interest

Alvopetro’s working interest in the Caburé natural gas field is 56.2% as of December 31, 2024 and the date hereof. This working interest is subject to redetermination, the first of which was completed in April 2024 . An independent expert (the ‘Expert’) was engaged in connection with the first redetermination to evaluate the redetermination and the impact to each party’s working interest. Following the Expert’s decision, Alvopetro’s working interest was increased from 49.1% to 56.2%. Alvopetro’s partner filed a notice of dispute with respect to the Expert’s decision, seeking to stay the redetermination procedure. Alvopetro subsequently filed a request for emergency arbitration before the International Chamber of Commerce (‘ICC’) seeking to make the Expert decision effective starting on June 1, 2024 . In May 2024 , Alvopetro received the decision of the emergency arbitrator (‘the Order’) wherein the arbitrator found in favour of Alvopetro, making the Expert decision effective June 1, 2024 until such time as the dispute is reviewed by and decided upon by an arbitral tribunal pursuant to the Rules of Arbitration of the ICC. The redetermination dispute has proceeded to a full arbitration under the Rules of the ICC, however the timing and outcome of the full arbitration is uncertain and the resulting impact on the reserves and the net present value of future net revenue attributable to such reserves as presented herein may be material. In addition, future redeterminations may also have a material impact on Alvopetro’s reserves and future cash flows.

Contingent Resources

This news release discloses estimates of Alvopetro’s contingent resources and the net present value associated with net revenues associated with the production of such contingent resources as included in the GLJ Reserves and Resources Report. There is no certainty that it will be commercially viable to produce any portion of such contingent resources and the estimated future net revenues do not necessarily represent the fair market value of such contingent resources. Estimates of contingent resources involve additional risks over estimates of reserves. Full disclosure with respect to the Company’s contingent resources as at December 31, 2024 is included in the Company’s annual information form for the year ended December 31, 2024 which has been filed on SEDAR+ ( www.sedarplus.ca ).

Prospective Resources

This news release discloses estimates of Alvopetro’s prospective resources included in the GLJ Reserves and Resources Report. There is no certainty that any portion of the prospective resources will be discovered and even if discovered, there is no certainty that it will be commercially viable to produce any portion. Estimates of prospective resources involve additional risks over estimates of reserves. The accuracy of any resources estimate is a function of the quality and quantity of available data and of engineering interpretation and judgment. While resources presented herein are considered reasonable, the estimates should be accepted with the understanding that reservoir performance subsequent to the date of the estimate may justify revision, either upward or downward. Full disclosure with respect to the Company’s prospective resources as at December 31, 2024 is included in the Company’s annual information form for the year ended December 31, 2024 which has been filed on SEDAR+ ( www.sedarplus.ca ).

Other Metrics

This new release contains references to ‘production replacement ratio’, a metric commonly used in the oil and natural gas industry, which has been calculated by management. This term does not have a standardized meaning and may not be comparable to similar measures presented by other companies, and therefore should not be used to make such comparisons.

‘Production replacement ratio’ is calculated by dividing the change in reserve volumes plus current year production by current year production. Alvopetro’s 1P production replacement ratio and 2P production replacement ratio in 2024 is calculated as:

1P

2P

Reserve volumes as at December 31, 2024 – Mboe

4,512

9,148

Reserve volumes as at December 31, 2023 – Mboe

2,727

8,711

Reserve additions – Mboe

1,785

437

2024 production – Mboe

657

657

Change in reserves before 2024 production – Mboe

2,442

1,094

2024 production replacement ratio

372 %

167 %

BOE Disclosure

The term barrels of oil equivalent (‘boe’) may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet per barrel (6 Mcf/bbl) of natural gas to barrels of oil equivalence is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. All boe conversions in this news release are derived from converting gas to oil in the ratio mix of six thousand cubic feet of gas to one barrel of oil.

Contracted Natural Gas Volumes

The 2025 contracted daily firm volumes under Alvopetro’s long-term gas sales agreement of 400 e 3 m 3 /d (before any provisions for take or pay allowances) represents contracted volumes based on contract referenced natural gas heating value. Alvopetro’s reported natural gas sales volumes are prior to any adjustments for heating value of Alvopetro natural gas. Alvopetro’s natural gas is approximately 7.8% higher than the contract reference heating value. Therefore, to satisfy the contractual firm deliveries Alvopetro would be required to deliver approximately 371e 3 m 3 /d (13.1MMcfpd).

Forward-Looking Statements and Cautionary Language

This news release contains forward-looking information within the meaning of applicable securities laws. The use of any of the words ‘will’, ‘expect’, ‘intend’, ‘plan’, ‘may’, ‘believe’, ‘estimate’, ‘forecast’, ‘anticipate’, ‘should’ and other similar words or expressions are intended to identify forward-looking information. Forward‐looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the expectations discussed in the forward-looking statements. These forward-looking statements reflect current assumptions and expectations regarding future events. Accordingly, when relying on forward-looking statements to make decisions, Alvopetro cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties. More particularly and without limitation, this news release contains forward-looking statements concerning the expected natural gas price, gas sales and gas deliveries under Alvopetro’s long-term gas sales agreement, the timing and taxation of dividends and plans for dividends in the future, plans relating to the Company’s operational activities, proposed exploration and development activities and the timing for such activities, capital spending levels, future capital and operating costs, future production and sales volumes, the expected timing of production commencement in Canada , arbitration procedures associated with the redetermination of working interests of the Caburé natural gas field,  anticipated timing for upcoming drilling and testing of other wells, and projected financial results. Forward-looking statements are necessarily based upon assumptions and judgments with respect to the future including, but not limited to the success of future drilling, completion, testing, recompletion and development activities and the timing of such activities, the performance of producing wells and reservoirs, well development and operating performance, expectations and assumptions concerning the timing of regulatory licenses and approvals, equipment availability, environmental regulation, including regulation relating to hydraulic fracturing and stimulation, the ability to monetize hydrocarbons discovered, the outlook for commodity markets and ability to access capital markets, foreign exchange rates, the outcome of any disputes, the outcome of  redeterminations, general economic and business conditions, forecasted demand for oil and natural gas, the impact of global pandemics, weather and access to drilling locations, the availability and cost of labour and services, and the regulatory and legal environment and other risks associated with oil and gas operations. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be incorrect. Actual results achieved during the forecast period will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. Current and forecasted natural gas nominations are subject to change on a daily basis and such changes may be material. In addition, the declaration, timing, amount and payment of future dividends remain at the discretion of the Board of Directors. Although we believe that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because we can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, reliance on industry partners, availability of equipment and personnel, uncertainty surrounding timing for drilling and completion activities resulting from weather and other factors, changes in applicable regulatory regimes and health, safety and environmental risks), commodity price and foreign exchange rate fluctuations, market uncertainty associated with trade or tariff disputes, and general economic conditions. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be incorrect. Although Alvopetro believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Alvopetro can give no assurance that it will prove to be correct. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on factors that could affect the operations or financial results of Alvopetro are included in our AIF which may be accessed on Alvopetro’s SEDAR+ profile at www.sedarplus.ca . The forward-looking information contained in this news release is made as of the date hereof and Alvopetro undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

SOURCE Alvopetro Energy Ltd.

View original content: http://www.newswire.ca/en/releases/archive/March2025/18/c2211.html

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Top 9 Manganese-producing Countries

Market volatility has become the norm for the top manganese-producing countries in recent years.

In April 2024, manganese prices leaped upward in the second quarter due to Tropical Cyclone Megan significantly damaging the Groote Eylandt Mining Company (GEMCO) manganese mine in Australia. However, a surge in alternative supplies and the weak state of Chinese demand caused prices to pull back to their original level by September.

Manganese prices have remained flat in the first quarter or 2025. Looking forward, analysts are pinning further support for manganese prices on China’s ability to right its economic ship. While the majority of manganese supply goes to the steel industry, there’s also much to be said for the metal’s use in lithium-ion batteries as the green energy transition progresses. Benchmark Mineral Intelligence projects that demand for manganese will increase by eight-fold between 2020 and 2030 on rising demand for electric vehicle batteries.

What are the uses of manganese?

The steel industry is the primary end user of manganese metal, consuming it as an alloy to enhance the strength and workability of the key construction material. Manganese is also mixed with aluminum to manufacture tin cans.

Aside from that crucial application, manganese dioxide and manganese oxide are often used as cathode materials in the production of zinc-carbon and alkaline batteries. Additionally, after crude oil is refined, manganese may be used as an additive to help coat and protect a car’s engine.

And, as mentioned, one of the most promising uses of manganese is in the lithium-ion battery sector. The silvery metal is used in lithium-nickel-manganese-cobalt (NMC) batteries, which have improved energy loading and lifespan. Batteries using this mineral composition are in high demand in the electric vehicle sector. Manganese is also being added to lithium-iron-phosphate (LFP) batteries to make lithium manganese iron phosphate (LMFP) batteries, increasing their energy density, capacity and low-temperature performance.

Manganese production by country

South Africa is particularly notable, as it is the source of 37 percent of the manganese production in the world. Interestingly, South Africa is also home to almost 33 percent of global economic manganese mineral reserves, although many other countries are significant manganese producers with sizeable reserves.

All stats on manganese production by country are taken from the US Geological Survey’s (USGS) most recent report on the metal and mine data is sourced from MiningDataOnline.

1. South Africa

Manganese production: 7.4 million metric tons
Manganese reserves: 560 million metric tons

South Africa, the world’s largest producer of manganese in the world by far, produced 7.4 million metric tons of manganese in 2024, up 200,000 MT compared to 2023. The country also holds the largest reserves of manganese at 560 million metric tons and 70 percent of the world’s known manganese ore resources.

South32 (ASX:S32,OTC Pink:SHTLF) is a major presence in the South African manganese industry. The diversified miner also produces bauxite, alumina and thermal and metallurgical coal, as well as other in-demand minerals.

The company holds a 44 percent indirect interest in the South Africa Manganese operation in the manganese-rich Kalahari Basin alongside joint venture partner Anglo American (LSE:AAL,OTCQX:AAUKF) at 29.6 percent. The operations consist of the open-pit Mamatwan mine and the underground Wessels mine.

Jupiter Mines (ASX:JMS) is also operating in the area at its 49.9 percent owned Tshipi Borwa mine. Tshipi Borwa is considered the largest manganese mine in South Africa and one of the five largest in the world.

2. Gabon

Manganese production: 4.6 million metric tons

Gabon’s manganese production in 2024 was 4.6 million metric tons, making it the second highest manganese-producing country. Located on the central-western coast of Africa, Gabon was the origin of 63 percent of US manganese ore imports in 2024.

Moanda is a key manganese operation in the country. Eramet (EPA:ERA), the world’s second largest miner of high-grade manganese ore, operates the mine through its subsidiary COMILOG. In the fourth quarter of 2024, Eramet temporarily paused production at Moanda in reaction to market oversupply.

3. Australia

Manganese production: 2.8 million metric tons

Australia’s manganese production in 2024 was 2.8 million metric tons of manganese, just below 2023’s 2.86 million MT.

As the largest producer of manganese ore, South32 has a 60 percent stake in the GEMCO manganese operations in the Northern Territory. The open-cut manganese mine is one of the world’s lowest-cost manganese ore producers. Anglo American holds the other 40 percent interest in GEMCO.

South32 anticipates the damage to its wharf operations brought on by Tropical Cyclone Megan will restrict export sales until at least the first quarter of the 2025 calendar year.

South32 and Anglo American previously owned the Tasmanian Electro Metallurgical Company (TEMCO) alloy smelter, but sold the facility to GFG Alliance in 2021.

4. Ghana

Manganese production: 820,000 metric tons

In 2024, Ghana produced 820,000 metric tons of manganese, slightly up from the prior year. Most manganese mined in Ghana comes from the western region around the city of Takoradi.

Consolidated Minerals, better known as Consmin, holds a 90 percent stake in Ghana Manganese Company, which runs the Nsuta mine. Consmin, a subsidiary of Ningxia Tianyuan Manganese Industry (TMI), is one of the four largest producers of manganese in the world by volume.

Manganese ore from the operation was traditionally destined for the electrolytic manganese metal market, much of it as captive supply for TMI’s China-based operations.

5. India

Manganese production: 800,000 metric tons

In 2024, India produced 800,000 metric tons of manganese metal, up 56,000 MT year-over-year.

As with China and Brazil, India is one of the leaders in manganese consumption. The vast majority of India’s manganese goes to the production of steel.

State-owned MOIL is India’s largest manganese producer and controls the country’s only electrolytic manganese dioxide (EMD) manufacturing plant. In its fiscal 2023/2024, which runs from April to March, MOIL posted all-time high manganese ore production of 1.76 million MT. In the first nine months of its fiscal 2024/2025 period, MOIL reported 1.33 million MT of manganese ore production.

6. China

Manganese production: 770,000 metric tons

China manganese production in 2024 was 770,000 metric tons of the metal, just over its production from 2023. However, it remains a sizeable decrease from the 1.34 million MT of manganese China produced in 2020. Much of this decline can be attributed to COVID-19-related disruptions and more recently production cuts on lower demand from the country’s property sector.

As mentioned, the country is not only a player in manganese ore production, but also a major consumer of manganese as it uses large amounts of the metal in steelmaking.

Several large manganese ore deposits were reportedly discovered in Guizhou province in 2017, but have yet to be advanced. They are not counted by the US Geological Survey, which places China’s economic manganese reserves at 280,000 metric tons — the second largest globally.

Firebird Metals (ASX:FRB,OTC Pink:FRBMF) is partnering with a Chinese company to build a high-purity manganese sulfate monohydrate plant in China that will provide materials for the EV battery industry.

7. Brazil

Manganese production: 590,000 metric tons

Brazil produced 590,000 metric tons of manganese in 2024, 2,000 MT higher than its output in 2023.

Major miner Vale (NYSE:VALE) was previously the largest manganese miner in the country, accounting for 70 percent of the market. However, in 2022 the company offloaded its Center-West manganese and iron ore assets in Brazil to J&F Investimentos, whose subsidiary Lhg Mining now operates them.

In the first half of 2023, Lhg announced it had resumed manganese operations at the Urucum underground mine in Brazil. In October of that year, J&F shared plans in its budget to invest US$1 billion in the iron and manganese operations.

Buritirama Mining, a subsidiary of Grupo Buritipar, is another large manganese producer in Brazil. The company plans to make a significant investment of US$200 million to expand operations at its Para state mine.

8. Malaysia

Manganese production: 410,000 metric tons

Malaysia produced 410,000 metric tons of manganese in 2024, on par with the previous year. The country recently emerged on the scene as a new hub for manganese ferroalloy production.

Malaysia’s ferromanganese production accounts for 24 percent of US imports, as per the USGS. OM Sarawak, a subsidiary of Singapore-based manganese and silicon metals company OM Holdings (ASX:OMH,OTCQX:OMHI), owns a ferrosilicon and manganese alloy smelter in Malaysia. The smelting complex produced 317,995 MT of manganese alloy in 2024.

9. Côte d’Ivoire

Manganese production: 360,000 metric tons

The West African nation of Côte d’Ivoire produced 360,000 metric tons of manganese in 2024, nearly on par with the 357,000 MT produced in 2023. The country has ramped up its manganese production significantly in the last decade, peaking at 525,000 MT in 2020.

According to Côte d’Ivoire’s Ministry of Economy, Planning and Development, there are four operating manganese mines as of 2024: Bondoukou, Guitry, Kaniasso and Lagnonkaha.

The majority of Côte d’Ivoire’s manganese exports make their way to steel-producing giant China, followed by India and Latvia.

FAQs for manganese

Is manganese a metal?

Manganese is considered an important industrial metal. With the atomic number 25, it is a hard, brittle, silvery metal that is only second to iron among the transition elements in its abundance in Earth’s crust.

What function does manganese dioxide have in batteries?

Manganese dioxide has long been used as a depolarizer in alkaline batteries, but this is not the manganese battery market that is now the most interesting. Attention is being drawn to lithium-ion battery chemistries that require manganese — such as lithium-manganese oxide batteries and lithium-nickel-manganese-cobalt oxide batteries.

In these batteries, electrolytic manganese dioxide is used as a cathode material. Investors who believe battery sector demand for manganese will increase are optimistic that lithium-ion batteries that require manganese will become more common in the future.

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

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How Would a New BRICS Currency Affect the US Dollar? (Updated 2025)

The BRICS nations, originally composed of Brazil, Russia, India, China and South Africa, have had many discussions about establishing a new reserve currency backed by a basket of their respective currencies.

A BRICS currency was a topic at the 2024 BRICS Summit that took place October 22 to 24 in Kazan, Russia. At the summit, the BRICS nations continued their discussions of creating a potentially gold-backed currency, known as the ‘Unit,’ as an alternative to the US dollar.

The potential BRICS currency would allow these nations to assert their economic independence while competing with the existing international financial system. The current system is dominated by the US dollar, which accounts for about 90 percent of all currency trading. Until recently, nearly 100 percent of oil trading was conducted in US dollars; however, in 2023, one-fifth of oil trades were reportedly made using non-US dollar currencies.

Central to this ongoing situation is the US trade war with China, as well as US sanctions on China and Russia. Should the BRICS nations establish a new reserve currency, it would likely significantly impact the US dollar, potentially leading to a decline in demand, or what’s known as de-dollarization. In turn, this would have implications for the United States and global economies.

Another factor is former US president Donald Trump returning for a second term beginning on January 20. Trump’s America-first policies are expected to drive up the value of the dollar compared to its global counterparts, as was already on display the day following his election win on November 5 as China’s yuan, Russia’s ruble, Brazil’s real, India’s rupee and South Africa’s rand all fell. This could in turn push these BRICS member nations to look for new paths to move away from the US dollar.

At the 2024 BRICS summit, Russian President Vladimir Putin appeared on stage holding what appeared as a prototype of a possible BRICS banknote. However, he seemed to back away from previous aggressive calls for de-dollarization, stating the goal of the BRICS member nations is not to move away from the US dollar-dominated SWIFT platform, but rather to deter the ‘weaponization’ of the US dollar by developing alternative systems for using local currencies in financial transactions between BRICS countries and with trading partners.

‘We are not refusing, not fighting the dollar, but if they don’t let us work with it, what can we do? We then have to look for other alternatives, which is happening,’ he stated.

It’s still too hard to predict if and when a BRICS currency will be released in 2025 or beyond, but it’s a good time to look at the potential for a BRICS currency and its possible implications for investors.

In this article

    Why do the BRICS nations want to create a new currency?

    The BRICS nations have a slew of reasons for wanting to set up a new currency, including recent global financial challenges and aggressive US foreign policies. They want to better serve their own economic interests while reducing global dependence on the US dollar and the euro.

    In recent years, the US has placed numerous sanctions on Russia and Iran. The two countries are working together to bring about a BRICS currency that would negate the economic impacts of such restrictions, according to Iranian Ambassador to Russia Kazem Jalal, speaking at a press conference during the Russia–Islamic World: KazanForum in May 2024.

    Some experts believe that a BRICS currency is a flawed idea, as it would unite countries with very different economies. There are also concerns that non-Chinese members might increase their dependence on China’s yuan instead. That said, when Russia demanded in October 2023 that India pay for oil in yuan as Russia is struggling to use its excess supply of rupees, India refused to use anything other than the US dollar or rupees to pay.

    When will a BRICS currency be released?

    There’s no definitive launch date as of yet, but the countries’ leaders have discussed the possibility at length.

    Looking back at the timeline of BRICS currency discussions, during the 14th BRICS Summit, held in mid-2022, Russian President Vladimir Putin said the BRICS countries plan to issue a ‘new global reserve currency,’ and are ready to work openly with all fair trade partners.

    In April 2023, Brazilian President Luiz Inacio Lula da Silva showed support for a BRICS currency, commenting, “Why can’t an institution like the BRICS bank have a currency to finance trade relations between Brazil and China, between Brazil and all the other BRICS countries? Who decided that the dollar was the (trade) currency after the end of gold parity?”

    In the lead up to the 2023 BRICS Summit last August, there was speculation that an announcement of such a currency could be on the table. This proved to be wishful thinking, however.

    ‘The development of anything alternative is more a medium to long term ambition. There is no suggestion right now to creates a BRICS currency,’ Leslie Maasdorp, CFO of the New Development Bank, told Bloomberg at the time. The bank represents the BRICS bloc.

    Most recently, government officials in Brazil, which took the rotating presidency of the BRICS group for 2025, have said there are no plans to take any significant steps toward a BRICS currency. However, measures to reduce the reliance on the US dollar are very much on the table with cross-border payment systems, including exploring blockchain technology, set to be a major theme at the 2025 BRICS summit to be hosted in Rio de Janeiro in July, reported Reuters.

    Which nations are members of BRICS?

    As of 2025, there are 10 BRICS member nations: Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates.

    The group was originally composed of the four nations Brazil, Russia, India and China and named BRIC, which it changed to BRICS when South Africa joined in 2010.

    At the 2023 BRICS Summit, six countries were invited to become BRICS members: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates (UAE). All but Argentina and Saudi Arabia officially joined the alliance in January 2024, and in 2025, Indonesia became the 10th full member of BRICS.

    Additionally, at the 2024 BRICS Summit, 13 nations signed on as BRICS partner countries, which are not yet full-fledged members: Algeria, Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Nigeria, Thailand, Turkey, Uganda, Vietnam and Uzbekistan.

    The expanded group of 10 full member countries is sometimes referred to as BRICS+, although BRICS’s name hasn’t officially changed.

    What would the advantages of a BRICS currency be?

    A new currency could have several benefits for the BRICS countries, including more efficient cross-border transactions and increased financial inclusion. By leveraging blockchain technology, digital currencies and smart contracts, the currency could revolutionize the global financial system. Thanks to seamless cross-border payments, it could also promote trade and economic integration among the BRICS nations and beyond.

    A new BRICS currency would also:

    • Strengthen economic integration within the BRICS countries
    • Reduce the influence of the US on the global stage
    • Weaken the standing of the US dollar as a global reserve currency
    • Encourage other countries to form alliances to develop regional currencies
    • Mitigate risks associated with global volatility due to unilateral measures and the diminution of dollar dependence

    What is Donald Trump’s stance on a BRICS currency?

    New US President Donald Trump has not been shy about upping the ante on American protectionism with his plans to slap tariffs on imported goods beginning this year. During the first US Presidential Debate between him and Vice President Kamala Harris on September 10 last year, Trump doubled down on his pledge to punish BRICS nations with strict tariffs if they seek to move away from the US dollar as the global currency.

    He is taking a particularly strong stance against China, threatening to implement 60 percent to 100 percent tariffs on Chinese imports, although these hefty tariffs would be paid by American companies and consumers purchasing Chinese products, not by China itself.

    In early December, Trump posted an even more direct threat to BRICS nations on the social media platform Truth Social. “We require a commitment from these countries that they will neither create a new Brics currency nor back any other currency to replace the mighty US dollar or they will face 100% tariffs and should expect to say goodbye to selling into the wonderful US economy,” he wrote.

    In response to Trump demanding a ‘commitment’ from BRICS nations not to challenge the supremacy of the US dollar, Kremlin spokesperson Dmitry Peskov sounded less than threatened.

    ‘More and more countries are switching to the use of national currencies in their trade and foreign economic activities,’ Peskov said, per Reuters. ‘If the U.S. uses force, as they say economic force, to compel countries to use the dollar it will further strengthen the trend of switching to national currencies (in international trade).’

    How will Trump’s tariffs affect BRICS nations?

    If US President Donald Trump were to come through on his promise to enact 100 percent tariffs on BRICS nations the outcome could prove costly for all parties involved. “The action would result in slower growth and higher inflation than otherwise in the US and most of the targeted economies,” according to analysis by the Peterson Institute for International Economics.

    Of all the BRICS member nations, China would likely experience slower GDP growth the worst as the United States is its largest trading partner. One silver lining for China is that its disciplined central bank will help to save it from accelerated inflation.

    Trump’s 25 percent tariff on steel and aluminum imports set on March 12, 2025 will impact Brazil and China as well as the UAE. Brazil ranks in the top three sources for US steel imports; while China and the UAE represent significant sources of US aluminum imports.

    How would a new BRICS currency affect the US dollar?

    RomanR / Shutterstock

    For decades, the US dollar has enjoyed unparalleled dominance as the world’s leading reserve currency. According to the US Federal Reserve, between 1999 and 2019, the dollar was used in 96 percent of international trade invoicing in the Americas, 74 percent in the Asia-Pacific region and 79 percent in the rest of the world.

    According to the Atlantic Council, the US dollar is used in approximately 88 percent of currency exchanges, and 59 percent of all foreign currency reserves held by central banks. Due to its status as the most widely used currency for conversion and its use as a benchmark in the forex market, almost all central banks worldwide hold dollars. Additionally, the dollar is used for the vast majority of oil trades.

    Although the dollar’s reserve currency share has decreased as the euro and yen have gained popularity, the dollar is still the most widely used reserve currency, followed by the euro, the yen, the pound and the yuan.

    The potential impact of a new BRICS currency on the US dollar remains uncertain, with experts debating its potential to challenge the dollar’s dominance. However, if a new BRICS currency was to stabilize against the dollar, it could weaken the power of US sanctions, leading to a further decline in the dollar’s value. It could also cause an economic crisis affecting American households. Aside from that, this new currency could accelerate the trend toward de-dollarization.

    Nations worldwide are seeking alternatives to the US dollar, with examples being China and Russia trading in their own currencies, and countries like India, Kenya and Malaysia advocating for de-dollarization or signing agreements with other nations to trade in local currencies or alternative benchmarks.

    While it is unclear whether a new BRICS currency would inspire the creation of other US dollar alternatives, the possibility of challenging the dollar’s dominance as a reserve currency remains. And as countries continue to diversify their reserve holdings, the US dollar could face increasing competition from emerging currencies, potentially altering the balance of power in global markets.

    However, a study by the Atlantic Council’s GeoEconomics Center released in June 2024 shows that the US dollar is far from being dethroned as the world’s primary reserve currency.

    ‘The group’s ‘Dollar Dominance Monitor’ said the dollar continued to dominate foreign reserve holdings, trade invoicing, and currency transactions globally and its role as the primary global reserve currency was secure in the near and medium term,’ Reuters reported.

    Warwick J. McKibbin and Marcus Noland of the Peterson Institute for International Economics agree with this sentiment, writing in their analysis of the impacts of US tariffs on BRICS nations that ‘the BRICS pose no serious threat to the dollar’s dominance.’

    Ultimately, the impact of a new BRICS currency on the US dollar will depend on its adoption, its perceived stability and the extent to which it can offer a viable alternative to the dollar’s longstanding hegemony.

    Will BRICS have a digital currency?

    BRICS nations do not as of yet have their own specific digital currency, but a BRICS blockchain-based payment system is in the works, according to Kremlin aide Yury Ushakov in March 2024. Known as the BRICS Bridge multisided payment platform, it would connect member states’ financial systems using payment gateways for settlements in central bank digital currencies.

    The planned system would serve as an alternative to the current international cross-border payment platform, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) system, which is dominated by US dollars.

    “We believe that creating an independent BRICS payment system is an important goal for the future, which would be based on state-of-the-art tools such as digital technologies and blockchain. The main thing is to make sure it is convenient for governments, common people and businesses, as well as cost-effective and free of politics,” Ushakov said in an interview with Russian news agency TASS.

    Another dollar-alternative digital currency cross-border payment system in the works is Project mBridge, under development via a collaboration between the Hong Kong Monetary Authority, the Bank of Thailand, the Digital Currency Institute of the People’s Bank of China and the Central Bank of the UAE. Saudi Arabia has also recently decided to join the project. The central bank digital currencies traded on the platform would be backed by gold and local currencies minted in member nations.

    In June 2024, Forbes reported that the mBridge platform had reached a significant milestone by completing its minimal viable product stage (MVP). The MVP platform can undertake real-value transactions (subject to jurisdictional preparedness) and is compatible with the Ethereum Virtual Machine (EVM), a decentralized virtual environment that executes code consistently and securely across all Ethereum nodes,’ stated the publication. ‘MVP thus is suitable as a testbed for new use cases and interoperability with other platforms.’

    ‘(New Development Bank President Dilma Rousseff) came out and publicly said that there has been an agreement in principle to use a new settlement currency called the Unit, which will be backed 40 percent by gold and 60 percent by the local currencies in the BRICS union — the BRICS+ countries. That gold will be in the form of kilo bars and will be deliverable or redeemable for those entities,’ Schectman said.

    ‘The basket of gold and the basket of currencies will be minted in the member countries … it will be put into an escrow account, taken off the ledger so to speak — off of their balance sheet and put onto the mBridge ledger, and held in an escrow account in their own borders. It doesn’t need to be sent to a central authority.’

    How would a BRICS currency impact the economy?

    A potential shift toward a new BRICS currency could have significant implications for the North American economy and investors operating within it. Some of the most affected sectors and industries would include:

    • Oil and gas
    • Banking and finance
    • Commodities
    • International trade
    • Technology
    • Tourism and travel
    • The foreign exchange market

    A new BRICS currency would also introduce new trading pairs, alter currency correlations and increase market volatility, requiring investors to adapt their strategies accordingly.

    How can investors prepare for a new BRICS currency?

    Adjusting a portfolio in response to emerging BRICS currency trends may be a challenge for investors. While it does not currently seem like a BRICS currency is on the immediate horizon, Trump’s aggressive trade tactics have pushed allies away from the US, making diversification important.

    Several strategies can be adopted to capitalize on these trends and diversify your portfolio:

    • Gain exposure to BRICS equity markets through stocks and ETFs that track BRICS market indexes.
    • Invest a portion of your portfolio in precious metals gold and silver as a hedge against currency risk.
    • Consider alternative investments such as real estate or private equity in the BRICS countries.

    Prudent investors will also weigh these strategies against their exposure to market, political and currency fluctuations.

    In terms of investment vehicles, investors could consider ETFs such as the iShares MSCI BIC ETF (ARCA:BKF) or the Pacer Emerging Markets Cash COW 100 ETF (NASDAQ:ECOW). They could also invest in mutual funds such as the T. Rowe Price Emerging Markets Equity Fund, or in individual companies within the BRICS countries.

    Simply put, preparing for a new BRICS currency or potential de-dollarization requires careful research and due diligence by investors. Diversifying currency exposure, and investing in commodities, equity markets or alternative investments are possible options to consider while being mindful of the associated risks.

    Investor takeaway

    While it is not certain whether the creation of a BRICS reserve currency will come to pass, its emergence would pose significant implications for the global economy and potentially challenge the US dollar’s dominance as the primary reserve currency. This development would present unique investment opportunities, while introducing risks to existing investments as the shifting landscape alters monetary policy and exacerbates geopolitical tensions.

    For those reasons, investors should closely monitor the progress of a possible BRICS currency. And, if the bloc does eventually create one, it will be important watch the currency’s impact on BRICS member economies and the broader global market. Staying vigilant will help investors to capitalize on growth prospects and hedge against potential risks.

    FAQs for a new BRICS currency

    Is a BRICS currency possible?

    Some financial analysts point to the creation of the euro in 1999 as proof that a BRICS currency may be possible. However, this would require years of preparation, the establishment of a new central bank and an agreement between the five nations to phase out their own sovereign currencies; it would most likely also need the support of the International Monetary Fund to be successful internationally.

    The impact of its war on Ukraine will continue to weaken Russia’s economy and the value of the ruble, and China is intent on raising the power of the yuan internationally. There is also a wide chasm of economic disparity between China and other BRICS nations. These are no small obstacles to overcome.

    Would a new BRICS currency be backed by gold?

    Additionally, speaking at this year’s New Orleans Investment Conference, well-known author Jim Rickards gave a detailed talk on how a gold-backed BRICS currency could work. He suggested that if a BRICS currency unit is worth 1 ounce of gold and the gold price goes to US$3,000 per ounce, the BRICS currency unit would be worth US$3,000, while the dollar would lose value compared to the BRICS currency as measured by the weight of gold.

    Importantly though, he doesn’t see this as a new gold standard, or the end of the US dollar or the euro.

    “(With) a real gold standard, you can take the currency and go to any one of the central banks and get some gold,” Rickards said at the event. “With BRICS they don’t have to own any gold, they don’t have to buy any gold, they don’t have to prop up the price. They can just rise on the dollar gold market.’

    How much gold do the BRICS nations have?

    As of Q3 2024, the combined central bank gold holdings of the original BRICS nations plus Egypt (the only nation of the five new additions to have central bank gold reserves) accounted for more than 20 percent of all the gold held in the world’s central banks. Russia, India and China rank in the top 10 for central bank gold holdings.

    Russia controls 2,335.85 metric tons (MT) of the yellow metal, making it the fifth largest for central bank gold reserves. China follows in the sixth spot with 2,264.32 MT of gold and India places eighth with 853.63 MT. Brazil and South Africa’s central bank gold holdings are much smaller, coming in at 129.65 MT and 125.44 MT, respectively. New BRICS member Egypt’s gold holdings are equally small, at 126.82 MT.

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

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    Trigg Expands Tier-1 Australian Antimony-Gold Tenure with Grades up to 61% Sb & 1045 g/t Au

    Trigg Minerals Limited (ASX: TMG| OTCQB: TMGLF) (‘Trigg’ or the ‘Company’) is pleased to announce the acquisition of the Nundle, Upper Hunter and Cobark/Copeland Projects, a highly prospective tenement package covering a significant portion of the historic Nundle Goldfield and three additional historic goldfields within the New England Orogen (NEO) in northern New South Wales.

    HIGHLIGHTS

    • Trigg Minerals signs a binding purchase agreement to acquire 100% rights of the Nundle, Upper Hunter, Cobark/Copeland projects, conditional upon completion of due diligence. Covering a total area of 1,039.7 km².
    • These projects will be developed as Trigg’s second flagship exploration asset behind its primary, advanced stage high-grade Wild Cattle Creek deposit. Trigg will have two exploration teams advancing both these new projects and Wild Cattle Creek simultaneously.
    • The package includes five historical antimony deposits, with rock chips grading 61% Sb and 9.7% Sb, and 12 tonnes of recorded Sb production (EL 9594, Nundle), plus a 37% Sb sample collected from 12m down adit indicating potential mineralisation at depth (EL 9655, Upper Hunter).
    • The tenements also feature 60+ historical gold mines/occurrences across each tenement with historical recorded high-grade production. As an example, Standard Reef was worked in 1904 with an estimated production of 15,000oz at 53.8 g/t Au.
    • Total historical production across the tenement package is estimated at 174,000 oz Au without modern mining techniques and significantly lower gold prices. Initial review suggests that mineralisation is interpreted to be open along strike and down depth and with considerable high grade rock chip grades ranging from 30 g/t Au to 1,045 g/t Au.
    • The addition of the Nundle Project to TMG’s North Nundle holdings extends the Company’s prospective strike along the underexplored and prolific Peel Fault to approximately 40 km, significantly enhancing exploration potential.

    The acquisition includes four key projects:

    Nundle (EL 9594)

    The Nundle Goldfield has a rich history of gold production, with several historical antimony mines present within the region. It covers parts of the major Peel Fault and contains numerous old workings where typically small high-grade gold deposits occur in dolerites. The expanded Nundle Project, encompassing both Nundle and North Nundle, provides Trigg access to a 40 km length of the Peel Fault, a deep-seated conduit for mineralising fluids, controlling the localisation of auriferous (gold-bearing) quartz veins and antimony deposits. Several historical goldfields, including Nundle, Hanging Rock, and Bingara, are closely associated with this fault system.

    Upper Hunter (EL 9655)

    The Upper Hunter Goldfield in NSW is a historic gold-producing region known for its structurally controlled, quartz-vein-hosted gold deposits. Mineralisation occurs in fault breccia and shear zones within sedimentary rocks, with gold typically found alongside pyrite, arsenopyrite, minor chalcopyrite, and, locally, stibnite (antimony).

    Cobark and Copeland (EL 9653)

    The Cobark and Copeland Goldfields in NSW were prominent during the late 1800s gold rush. Mining focused on high-grade quartz veins hosted in faults and shear zones. The Copeland area became a key mining hub, with underground workings targeting gold-rich sulphides such as pyrite, stibnite (antimony), arsenopyrite, and minor chalcopyrite. The region remains highly prospective for modern exploration.

    The association of antimony mineralisation with gold enhances the project’s critical mineral potential, aligning with Trigg Minerals’ strategy to explore and develop high-value, multi- commodity assets in Tier-1 mining jurisdictions.

    STRATEGIC RATIONALE

    The Projects are in an underexplored yet highly prospective region, with historical workings and strong geological indicators suggesting significant upside potential. The presence of both gold and antimony presents an exciting opportunity for Trigg to unlock new resources and expand its footprint in the strategic metals sector.

    Tim Morrison, Executive Chairman of Trigg Minerals, commented:

    “The acquisition of the Nundle and other Projects marks an exciting expansion for Trigg Minerals into historically productive goldfields with strong critical mineral potential. The presence of both gold and antimony in this underexplored region aligns perfectly with our focus on high-value, strategically significant minerals. We look forward to applying modern exploration techniques to uncover new opportunities within this proven mineral province.”

    Click here for the full ASX Release

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    Mining Industry’s Exploration Spending Lagging, Will Budgets Grow in 2025?

    Exploration spending in the mining sector peaked in 2012 and has since declined for over a decade.

    Last year, global funding for explorers dropped near lows last seen in 2005. This could mean funding has reached a cyclical low, and the industry may be ready for renewed interest and increased investment.

    Speaking at this year’s Prospectors & Developers Association of Canada (PDAC) convention in Toronto, Kevin Murphy, research director for metals and mining research at S&P Global Market Intelligence, ran through issues surrounding the flow of capital into mining exploration and shared his thoughts on whether the tide will change this year.

    Why has resource exploration funding declined?

    Several factors have contributed to the decline of exploration funding.

    Murphy noted that in the past decade, interest in the mining industry has seen competition, with new investors pursuing headline-grabbing opportunities in cryptocurrencies and elsewhere in the tech sector.

    Meanwhile, many older investors in the industry began using their profits to fund their retirements.

    In addition, much investment in the resource sector is focused on mining rather than juniors, which perform the majority of exploration. There has been little trickle down in funding from the majors to the juniors.

    Aside from that, Murphy explained that for many metals, including copper, the focus has shifted away from greenfield exploration aimed at discovering new deposits. Instead, copper majors are performing more mine site exploration aimed at expanding resources at existing operations and, more broadly, increasing efficiency.

    While mine site exploration increases supply, Murphy said it indicates structural deficiencies in the future.

    “We’re adding to reserves and resources, but we’re adding to old discoveries — so assets that were discovered in the ’90s, ’80s and the ’60s,” he said. While this is replacing current production, Murphy believes that more money should be spent on greenfield exploration and the discovery of resources needed to meet future demand growth.

    When it comes to the gold sector, which has been focused on mine site exploration for a longer time, Murphy suggested the downward trend in exploration funding has multiple causes.

    “It’s been a rough go in 2024 for the juniors, and the juniors historically love gold exploration,” he said. ‘There’s been some pretty high-level M&A, and we find in exploration that … when large companies come together, they pare down their assets, and what would have been a tier-one asset for one company becomes a tier two and is put on hold.’

    Even though gold has soared to record high prices, greenfield exploration funding hasn’t benefited. This is largely due to high inflation over the past several years, which has pushed operational costs higher and decreased margins.

    When these foundational challenges come into perspective, untying purse strings becomes more difficult.

    How geopolitics impacts resource exploration funding

    Geopolitics is another major factor in exploration funding in 2025, according to Murphy.

    He shared his thoughts on how this can affect Canadian mining companies.

    “The Canadian government — there’s a lot of uncertainty there, and also that uncertainty happens to flow through to some very important programs like the METC, which is very good for exploration,” he said.

    The METC, or Mineral Exploration Tax Credit, is part of a flow-through scheme that passes on paper costs to investors, allowing them to claim a 15 percent tax rebate on their investments.

    The program’s future was uncertain going into PDAC, but on March 3, the day after Murphy’s presentation, Jonathan Wilkinson, Canada’s minister of energy and natural resources, extended it until March 31, 2027.

    Even so, a great deal of unknowns remain. The Canadian government won’t sit again until March 24, this time with a new prime minister at the helm and with the almost-certain fate of a new election being called.

    The continual threat of tariffs from the US has added to the chaos.

    Investor takeaway

    Looking at factors that may move the needle on exploration funding in 2025, Murphy said gold should do ‘pretty well’ under the Trump administration given its status as a safe-haven asset in times of uncertainty.

    At the same time, global electrification remains a focus, which could help metals like copper.

    However, exploration funding for other metals isn’t looking quite so rosy.

    ‘Will that be enough to push us into exploration budget growth this year? I would argue absolutely not,’ he said.

    “The question really is going to be how far down we go this year, and if gold majors in particular are going to be increasing their budgets enough to counter what people see as being a pretty sour scenario for a lot of other commodities,’ Murphy explained to the audience at PDAC.

    Whether or not the exploration funding cycle has bottomed remains to be seen.

    ‘Financing conditions continue to be incredibly challenging,’ Murphy said.

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

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    Crypto Market Recap: CME Launches SOL Futures Contracts, Ripple Files for Trademark

    Here’s a quick recap of the crypto landscape for Monday (March 17) as of 9:00 p.m. UTC.

    Bitcoin and Ethereum price update

    Bitcoin (BTC) is currently trading at US$84,430.77, a 1.3 percent increase over the past 24 hours. The day’s trading range has seen a high of US$84,583.84 and a low of US$82,669.84.

    Despite the recent market downturn, traders are now seeing historical patterns that suggest Bitcoin’s price could rise. Network economist Timothy Peterson said a repeat of Bitcoin’s historical pattern could mean that the token could hit a new ATH, potentially around US$126,000, by June.

    Bitcoin performance, March 17, 2025.

    Chart via TradingView.

    Ethereum (ETH) is priced at US$1,940.40, marking a 2.9 percent increase over the same period. The cryptocurrency reached an intraday high of US$1,949.66 and a low of US$1,892.89.

    Ether’s price has been stuck below US$2,000 for several reasons that indicate a risk-off sentiment for investors, including declining network activity and decreasing TVL, negative spot Ethereum ETF flows and weak technicals.

    An analysis shows the potential of a bear flag forming, which could mean more downside in the coming days. Testing of Ethereum’s Pectra upgrade is set to begin on Hoodi today, and the upgrade will be launched 30+ days after Hoodi forks successfully.

    Altcoin price update

    • Solana (SOL) is currently valued at US$129.70, up 2.1 percent over the past 24 hours. SOL experienced a high of US$130.53.61 and a low of US$125.97 on Monday.
    • XRP is trading at US$2.36, reflecting a 2.6 percent increase over the past 24 hours. The cryptocurrency recorded an intraday high of US$2.38 and a low of US$2.31.
    • Sui (SUI) is priced at US$2.36, showing a 5.2 percent increase over the past 24 hours. It achieved a daily high of US$2.37 and a low of US$2.27.
    • Cardano (ADA) is trading at US$0.7251, reflecting a 3.4 percent increase over the past 24 hours. Its highest price on Friday was US$0.7291, with a low of US$0.7150.

    Crypto news to know

    CME launches Solana futures

    The highly anticipated launch of Solana (SOL) futures trading on the Chicago Mercantile Exchange (CME) saw its inaugural block trade completed on Sunday evening. Digital asset prime broker FalconX announced the completion of the inaugural block trade of Solana (SOL) futures contracts with financial services company StoneX acting as the counterparty.

    This transaction occurred amidst a period of notable volatility for SOL. Leading up to March 17, the price of SOL experienced a decline, coinciding with reductions in both network transaction volume and Total Value Locked (TVL).

    Additionally, open interest in SOL has decreased significantly, and technical analysis suggests a potential further price drop of up to 35 percent. Analysts have identified the US$120 level as a critical support threshold; a breach of this level could lead to a test of support at US$110.BNY Mellon deepens ties with Circle for stablecoin services

    Financial giant BNY Mellon is expanding its services to include digital assets by partnering with stablecoin giant Circle. This collaboration will allow select BNY Mellon clients to send and receive funds to and from Circle, and to buy and sell Circle’s USDC stablecoins. This move signifies the increasing acceptance of stablecoins in traditional finance and demonstrates BNY Mellon’s dedication to innovation and adapting to client needs.

    Strategy’s latest Bitcoin purchase

    Strategy announced its latest Bitcoin purchase on Monday, acquiring 130 Bitcoins for around US$10.7 million in cash, at an average price of roughly US$82,981 per Bitcoin. This marks the company’s smallest acquisition on record, made using proceeds from the “STRK ATM,” a new Strategy program looking to raise up to US$21 billion in fresh capital to acquire more Bitcoin. Strategy is now just 774 tokens shy of 500,000.

    Ripple Labs plans cryptocurrency custody expansion

    Ripple Labs, the company behind XRP, appears to be planning an expansion into cryptocurrency custody, according to a trademark application for “Ripple Custody” dated February 25.

    The filing also reveals plans for downloadable software to custody and manage various currencies, including crypto and fiat, suggesting Ripple may be developing a cryptocurrency wallet, a service it doesn’t currently offer. Providing wallet services would also generate new revenue for Ripple through transaction fees.

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

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

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    Trump’s Tariffs Disrupting North American Critical Minerals Supply Chains

    Underscoring the global need for raw materials, Canada, the US, the UK, the EU and Australia have all established critical minerals lists aimed at streamlining and expediting projects up and down the supply chain.

    Reducing reliance on powerhouse critical minerals producer China is a key goal, but as the Trump administration focuses on tariffs and domestic production, it is threatening to disrupt fragile ex-China supply chains.

    During a policy outlook panel at this year’s Toronto-based Benchmark Summit, Gracelin Baskaran, director of critical minerals security at the Center for Strategic and International Studies, and Morgan Bazilian, professor at the Colorado School of Mines, discussed the global implications of US tariffs, honing in on critical minerals.

    Although inflation is the most obvious consequence of widespread tariffs, Baskaran pointed to longer-term effects.

    “We have a tendency in policy to think about the consequence of tariffs being inflation in the short to medium term,’ she commented. “But I think the bigger thing is it also undermines the development of domestic industry.”

    Using uranium and the nuclear fuel cycle as an example, Baskaran explained to the audience that tariffs would disincentivize the growth of the domestic nuclear fuel supply chain in the US. In her view, a tariff on uranium would lead to a 2 percent increase in electricity costs, which would have a ripple effect across the supply chain.

    “The biggest problem is we’re building our enrichment capabilities in the US, and we need to incentivize sending raw uranium to the US for enrichment. And it undermines that effort, because it’s now 25 percent more expensive,” she said.

    As the US pushes for domestic reindustrialization and stronger internal supply chains, tariffs are making it harder to secure critical resources needed for midstream processing — an already unprofitable sector.

    While the impact may seem short term, failing to develop a sustainable domestic industry could have lasting consequences, affecting US manufacturing and resource independence for decades, she added.

    Copper tariff investigation boosts prices

    Deemed essential for widespread electrification, copper is listed on all critical minerals lists.

    The US produced 1.1 million metric tons of copper and 890,000 metric tons of refined copper in 2024. However, according to the US Geological Survey, the country also imported 810,000 metric tons of refined copper last year.

    In late February, the Trump administration launched a Section 232 investigation into copper imports.

    It’s been described by Peter Navarro, trade adviser for the White House, as a move to curb China’s expanding copper sector while addressing vulnerabilities in the US supply chain.

    Navarro has stressed the need to restore domestic mining, smelting and refining of copper, citing military and technological applications. News of the investigation and concerns about potential tariffs targeting the sector pushed have copper prices over 9 percent higher, from US$4.50 per pound on February 27 to US$4.94 on March 17.

    As Bazilian pointed out, the rise has come in part due to tariff speculation, which has been reflected in a price discrepancy between copper trading on the COMEX and London Metal Exchange.

    “You know that delta has increased, so the markets have already priced in the tariffs. That’s what it should be doing,” he said, noting that the markets for some minor metals lack similar mechanisms.

    “The minor metals have no such price transparency or discovery,” he noted. ‘But if you have robust markets, they can be a really good bolster against what will always be a rapidly changing and uncertain political landscape.”

    Critical minerals deals in jeopardy

    Aside from the added costs tariffs are expected create, they are doing damage to the friendly, decades-long relationship between Canada and the US, and concerns about joint projects are coming to the forefront.

    In December, the US Department of Defense (DoD) earmarked US$15.8 million to help advance a tungsten project in the Yukon. The deal, which also included C$12.9 million from the Canadian government, was hailed as “close collaboration among like-minded partners” aimed at unlocking critical minerals development.

    It is part of the larger US-Canadian Joint Action Plan on Critical Minerals.

    ‘Tungsten is used in a diverse set of DoD systems and is essential to national security,’ Dr. Laura Taylor-Kale, assistant secretary of defense for industrial base policy, said in a press release.

    ‘The United States is overly reliant on overseas sources of tungsten and a secure North American supply for this commodity will mitigate one of our most critical material risks. This award also highlights the importance of the Department’s partnership with our Canadian allies,’ Taylor-Kale continued.

    Bazilian said while government investment is important, it’s not sufficient and in this case has become uncertain.

    “There’s been investment in Canada by the Pentagon. I’m not sure that will continue,” he said.

    “We have to look at financial mechanisms that help investors look at demand — (they need) some kind of certainty on the demand side, whether it’s an offtake agreement or something else. That’s not going to come from the DoD — while the US DoD is massive, it’s not big enough to to provide all of that downstream,” Bazilian emphasized.

    The professor also noted that unclear capital structures and limited access to funds are creating challenges for investment, and without both supply and demand certainty, securing financing will remain difficult.

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

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