Overview

‘Explore the unparalleled potential of Freegold Ventures (TSX:FVL,OTCQX:FGOVF), an exceptional exploration company with its flagship asset situated in the renowned Tintina gold belt. Golden Summit, located just a 30-minute drive from Fairbanks, now hosts what is believed to be one of the largest undeveloped gold resources in North America.’

Freegold’s Shorty Creek project, meanwhile, is an untapped world of copper and gold situated just 125 road kilometers northwest of Fairbanks. This hidden gem of an asset boasts extensive exploration potential and a plethora of promising targets just waiting to be uncovered. With impressive drill results including multiple intercepts greater than 0.25 percent copper, as well as gold, silver and tungsten over wide intervals of 300 to 400 meters, the Shorty Creek project is primed for success.

In February 2024, Freegold further solidified its land position by completing the acquisition of the Tolovana gold property, which formed part of the Golden Summit project. , which was previously subject to a 20-year lease.

Alaska’s exploration potential is second to none in North America. The state is already a significant gold producer, second only to Nevada in the United States. Today, metals contribute to more than 90 percent of the value of minerals mined in Alaska, which has a long and prosperous mining history with significant underexplored mineral resources. Several notable companies with producing mines in Alaska include Kinross Gold (TSE:K), Northern Star Resources (ASX:NST), Hecla Mining (NYSE:HL), Coeur Mining (NYSE:CDE), and Teck Resources (NYSE:TECK).

Between 2020 and 2022, Freegold completed over 83,000 meters of drilling, resulting in a significant increase in its mineral resource estimate following a period of dormancy since its last major drilling program in 2013. An additional 26,000 metres were drilled in 2023 primarily on the the western side of the Dolphin deposit.

The current resource is limited to the Dolphin-Cleary Area, the only area of the project with a delineated resource. However, the deposit is still open, particularly towards the west and southwest. The 2024 exploration program aims to expand the deposit by testing this highly prospective soil geochemical anomaly and exploring other highly prospective targets within the property, unleashing the full potential of this gold-rich property.

A highly experienced management team leads the company with decades of experience in mineral exploration and development. It is supported by a board with rich geological, production and financial expertise. Freegold’s team has demonstrated knowledge in developing resources and a history of attracting major partners, including prolific investor Eric Sprott.

Company Highlights

• The project is located approximately 8 kilometers northwest of Kinross’s Fort Knox mine, which has produced more than 8 million ounces of gold to date
• Freegold Ventures’ Shorty Creek is an underexplored copper, gold and tungsten porphyry project with multiple prospective targets. It is also in proximity to the city of Fairbanks.
• Most recently, Freegold Ventures has completed the acquisition of the Tolovana gold property in Alaska for US$655,260

Key Projects

Golden Summit

An initial resource was completed at Golden Summit in 2011 based on historical work completed on the project, and between 2011 and 2013, several mineral resource updates were completed.The company released a preliminary economic assessment( PEA) in 2016, which at $1,300 per ounce gold price resulted in a pit constrained indicated resource of 61.46 million tonnes, containing 1.36 million ounces at 0.69 grams per ton (g/t) gold, and inferred resources of 71.50 million tonnes, containing 1.58 million ounces of 0.69 g/t gold.

Freegold’s innovative approach in 2019 led to a resource size increase and elevated deposit grade. With backing from gold investor Eric Sprott, the company raised $2 million, resulting in a remarkable 188 meters at 3.69 g/t gold in May 2020. This success led to further funding, amassing over C$40 million by September 2020. This permitted an intense drilling program, resulting in a resource update in February 2023, with over 83,000 meters of drilling completed.

The drilling conducted from 2020 to 2022 led to a significant improvement in the grade and size of resources at the Golden Summit project. As a result, Golden Summit has now become one of the most important undeveloped gold resources in North America. Not only is the increase in resources impressive, but Freegold’s discovery cost is nearly unrivaled in the industry, at just $4 per ounce. In March 2023, Freegold secured an extra Cdn$20 million in funding, with support from Eric Sprott and other major institutions. This funding allowed for an additional 26,000 meters of drilling in 2023, primarily concentrated on the western part of the Dolphin deposit, with initial wide-spaced drill testing of the Saddle Zone as well.

Freegold’s 2023 drill program has been very successful in demonstrating significant expansion potential with drilling 250 meters west of the main Cleary Dolphin zone intersecting multiple zones with over 2 g/t of gold over a considerable width (2.12 g/t over 197.3 meters) within a broader interval of 1.76 g/t gold over 276.5 meters.

Results of drilling at the Saddle zone, which is 4 kilometers east of the central Dolphin/Cleary zone, also show further expansion potential to the east. The Saddle zone comprises an extensive vein system mapped on the surface, covering a 3-kilometer by 1-kilometer area. The 2023 program tested an 800-meter strike length of this vein swarm and successfully intersected attractive gold and silver mineralization in all seven reconnaissance holes.

An updated mineral resource estimate is planned to be completed in 2024 based on the drilling completed in the Dolphin/Cleary Zone.

Optionality: Another Plus

Despite boasting a significant size, Golden Summit has what is termed “optionality.” In simple terms, increasing the cut-off grade leads to an increase in the overall grade. The base case for the resource used a 0.45 g/t gold cut-off. Even after increasing the cut-off to 0.75 g/t gold, the resource remains near the top of undeveloped gold resources in North America.

Systematic exploration has identified several other exploration targets which will be drill tested in 2023. Historical past producers like the Cleary Hill Mine, which yielded an impressive 281,000 oz with an average grade of 1.3 oz/t, underscore the potential for success of this approach. Notably, the Dolphin-Cleary area’s high-grade veins are flanked by lower-grade envelopes that contain significant tonnage. The American Eagle, another historic high-grade producer located 4 kilometers east presents an excellent opportunity to identify a new, potentially significant large tonnage deposit. In addition, to the west of the Dolphin-Cleary, lies a gold-in-soil anomaly spanning over 1 kilometer in the direction of the past-producing Newsboy Mine. Freegold’s systematic approach to exploration positions the company well for further success.

Shorty Creek

The Shorty Creek is a copper-gold and tungsten porphyry project located in Alaska. The approximately 31,000-acre project is accessible by highway and situated 125 kilometers from the city of Fairbanks, which has access to infrastructure and services. The Shorty Creek project is also 4 kilometers from the former mining town Livengood, a community primarily based on placer gold production.

Freegold acquired the project in 2014, and the discovery hole was drilled in 2015. In this hole, SC 15-03, there was an intersection of 292.6 meters grading 0.26 percent copper, 0.12 g/t gold, and 3.23 g/t silver, including 91.4 meters grading 0.55 percent copper, 0.14 g/t gold, and 7.02 g/t silver. Subsequent drilling between 2016 and 2019 has returned several long intercepts. For example, in SC 16-02, there was an intersection of 434.5 meters grading 0.36 percent copper, 0.12 g/t gold, 7.46 g/t silver, and 0.034 percent tungsten trioxide. Most of the holes ended in mineralization..

The use of airborne magnetic survey data has proved invaluable to exploration at Shorty Creek. Multiple targets have been identified throughout a 100-square-kilometer area. Success has been had at Hill 1835, where the 1-kilometer by 1.5-kilometer magnetic anomaly appears to be directly associated with copper mineralization. A significant amount of drilling has already been completed on this compelling target, and the potential for additional discovery remains high.

In 2021, approximately 3,400 meters of drilling were completed. With limited exploration and only one area systematically explored, and multiple identified targets on the property, the project presents an opportunity to participate in a potentially significant copper-gold porphyry project.

Management Team

Ron Ewing – Director and Chairman

Ron Ewing has 30 years of experience in the mining and mineral exploration and operational industry as a director and officer of several public companies. As an officer, he served in various finance and corporate affairs functions. Ewing was the director and officer of Gold-Ore Resources until Elgin Mining acquired it. Ewing was also the executive vice-president of Euro-Zinc Mining, the vice-president of Lundin Mining, and Oro Mining’s director.

Kristina Walcott – President, Chief Executive Officer and Director

Kristina Walcott has worked in various capacities in the mining and mineral exploration industry for the past 20 years. She has been president and CEO of Freegold Ventures since September 2009 and a director since July 2010. Walcott has held multiple administrative and field positions. In addition, she was actively involved in the geophysical contracting industry where she assisted in remote-site field geophysical surveys for major and junior mining firms. Before she was appointed president and CEO, Walcott was the company’s vice-president of business development between March 2005 and September 2009. As the vice-president of business development, she was responsible for identifying and acquiring new business opportunities in the mining sector.

Alvin Jackson – Director and VP of Exploration and Development

Alvin Jackson has been a director of Freegold Ventures since March 2010 and the vice president of exploration and development since February 2011. Jackson was instrumental in the development of EuroZinc Mining Corporation. EuroZinc Mining acquired the Aljustrel zinc-lead project and the Neves-Corvo copper mine in southern Portugal. As a result of those acquisitions, EuroZinc Mining Corporation grew to a market capitalization of over $1.8 billion before merging with Lundin Mining in 2006. Jackson has over 40 years of experience in mineral exploration and mine development. Jackson was directly involved in the exploration and development of two significant gold deposits and one porphyry copper deposit –– all of which subsequently became producers.

David Knight – Director

David Knight was a securities and mining lawyer primarily and was a senior partner with Weirfoulds LLP based in Toronto. His practice advised clients on securities, including public and private financing, mergers and acquisitions, corporate governance, and regulatory compliance.

Knight also represented mining clients on property acquisition and development, including option and joint venture agreements. Knight also has extensive experience in flow-through financing. He has been ranked among the Best Lawyers in Canada, from 2011-2021. Natural Resources Law, as a recommended lawyer in mining law. Knight was also seconded to the Ontario Securities Commission from 1983 to 1984.

Garnet Dawson – Director

Garnet Dawson is currently a director at GoldMining Inc. He is a registered professional geologist with 30 years of domestic and international exploration experience. He was the former vice-president of exploration of EuroZinc Mining before it merged with Lundin Mining in 2006. Before joining EuroZinc, he consulted internationally and held several positions with Battle Mountain Canada, the British Columbia Geological Survey, and Esso Minerals Canada. He has a Bachelor of Science in geology from the University of Manitoba and a Master of Science in economic geology from the University of British Columbia.

Glen Dickson – Director

Glen Dickson has over 40 years of exploration and mining and operational experience in several different countries. During the past 30 years, he focused on gold exploration in a wide variety of depositional environments. He served as the president, chief executive officer, and director of Cumberland Resources Limited. With Cumberland, Dickson was directly responsible for the identification and advancement of two gold mining districts in Nunavut. Today combined annual production from the two districts totals 750,000 ounces of gold, historic productions totals 4.5 mounces and current reserves total 6 million ounces. The company was acquired by Agnico Eagle Mines. He served as chairman of the board and chief executive officer of Gold-Ore Resources. During this time Gold-Ore acquired and restarted a gold mine in Northern Sweden. Currently, the mine produces ~45,000 ounces per annum. Gold-Ore was acquired by ElginMining. Dickson served as a director on several other companies including Atna Resources, BrazilianGold Corporation and Venerable Ventures. Dickson is currently president and CEO of Meliadine Gold, a private resource company with mineral holdings in Nunavut.

Reagan Glazier – Director

Reagan Glazier received a Bachelor of Science in Geology from the University of Calgary in 2014. He has been active in the mineral exploration industry in BC for the past 10+ years and is currently the President and CEO of Pacific Bay Minerals.

Maurice Tagami – Director

Maurice Tagami served as the vice-president of mining operations and later as technical ambassador for Wheaton Precious Metals from July 2012 to November 2022. He is a metallurgical engineer from the University of British Columbia with over 40 years of experience in mining and mineral processing. He was responsible for maintaining partnerships with over 20 operating mines and 13 development projects from which Wheaton Precious Metals. has metal streaming agreements. Tagami currently serves on the board of Maple Gold Mines and Foran Mining Corporation as the lead independent director. Previously, he held the positions of president and CEO, with Keegan Resources and senior project manager (Onca Puma Project) with Canico Resource.

Vivienne Artz – Director

Vivienne Artz is the CEO of the FTSE Women Leaders Review, the UK’s business-led voluntary framework, supported by the government to improve the representation of women on the boards and leadership teams of the FTSE 350 and 50 of the UK’s largest private companies. Over 20 years in the financial services sector. Previously managing director and chief privacy officer at the London Stock Exchange Group, Refinitiv and Thomson Reuters, leading the privacy office and overseeing global privacy strategy and practice across 190 countries. Artz was awarded an Officer of the British Empire in the Queen’s New Year’s Honours in 2021 for services to financial services and gender diversity.

Gordon Steblin – Chief Financial Officer

Gordon Steblin obtained a Bachelor of Commerce degree in 1983 from the University of British Columbia. In 1985, he became a certified general accountant. Steblin has over 20 years of financial experience in junior mining and exploration. Steblin is also the chief financial officer of Elysee Development and Arctic Hunter Energy, both TSX Venture-listed companies.

CleanTech Lithium PLC (AIM: CTL, Frankfurt: T2N), an exploration and development company advancing sustainable lithium projects in Chile, further to ‘Pilot-Scale Lithium Carbonate Production’ RNS on 21 November 2024, announces the production of a high purity lithium carbonate sample from the Company´s pilot plant downstream process.

The Company has also made the decision to voluntarily delist from the OTCQX market in the U.S. The Board did not see the value from low trading volumes and the associated administration costs. The Company’s Ordinary Shares continue to trade on the London AIM Market, the Frankfurt Stock Exchange and the U.S. OTC Pink Market.

Highlights:

• The Company is processing concentrated eluate from its DLE pilot plant in Copiapó, Chile at the facilities of Conductive Energy (‘Conductive’) in Chicago, USA with the aim of producing battery grade lithium carbonate.
• The downstream process design aims to minimise process steps and demonstrate a process that is scalable and can consistently produce a battery-grade lithium carbonate product. Key stages are:
  • Eluate concentration using Forward Osmosis (‘iFO’) to produce a highly concentrated pre-carbonation solution with low energy input
  • Treatment of the pre-carbonation solution to remove contaminants
  • Carbonation to technical-grade lithium carbonate
  • Post-carbonation polishing to achieve battery-grade lithium carbonate
• A substantial volume of pre-carbonation solution and lithium carbonate was produced as reported to the market on 21 November 2024.
• Due to the onset of freezing weather in Chicago from late November, steps were taken to mitigate damage to sensitive iFO processing equipment and iFO concentration was paused.
• Further downstream processing continued using the already produced pre-carbonation solution to refine and analyse the downstream process and lithium carbonate product.
• A test run volume of pre-carbonation solution was processed in December into an 8kg sample of high grade lithium carbonate which a laboratory at the University of Calgary has recently confirmed achieved 99.78% purity.
• This exceeds the 99.6% purity standard (Chinese GB/T 23853-2022 (Type 1) for battery grade lithium carbonate from brine. However, certain individual impurity concentrations were higher than the standard.
• The treatment process was shown to be effective at removing contaminants, resulting in high-quality feed to the carbonation stage.
• The most problematic contaminants in the pre-carbonation solution, Calcium, Magnesium and Boron, were reduced by 98.5%, 99.9% and to non-detection (>99.99%) respectively.
• Conductive Energy is is currently assessing best options to restart iFO operations that are paused due to winter conditions.
• Conductive is utilising the current pause to upgrade the system based on initial data as well as add an nanofiltration step to remove divalent ions (Calcium, Magnesium) before the ion exchange steps which will improve purification efficiency further whilst improvements in automation and process control will be made.

Steve Kesler, Executive Chairman, CleanTech Lithium said: ‘We are pleased to report the production of high grade lithium carbonate with a purity of 99.78% from an initial batch of concentrated eluate from our Laguna Verde project. This phase of work has focused on fine-tuning the process and preparing to scale up pilot plant output.  Our collaborative efforts with Conductive Energy and Forward Water on the downstream process are advancing our aim to produce signifigant quantities of battery grade product to introduce to potential strategic partners and off-takers.’

Images 1-2: High purity lithium carbonate falling from filter plate and final product. Low adhesion and moisture content is an indicator of high product purity & exceptional crystal structure

Further Details:

In 2H 2024, a total of 88m³ of concentrated eluate produced at the Company´s DLE pilot plant located in Copiapó, Chile, was shipped to the facilities of Conductive Energy in Chicago, USA, for conversion into lithium carbonate. Processing commenced in November 2024 and a total of 27.5m³ of concentrated eluate was processed through the iFO stage which reduced the volume to 5.3m³ of pre-carbonation solution with lithium concentrations up to 14,400mg/l. The iFO unit is a mobile demonstration scale unit with a feed flow rate of 800 – 1,000L per hour and is an outdoor installation and therefore susceptible to weather conditions. A portion of the solution was processed into approximately 50kg of lithium carbonate as announced to the market on 21 November 2024.

Image 3: The iFO unit installed at the Conductive Energy site in Chicago, USA

Despite challenging weather conditions in late November, with temperatures in Chicago dropping below zero degrees Celsius, process evaluation continued with the aim of achieving iterative improvements in yield at lower energy and reagent inputs, which helps assess scalability and operating costs.

Adverse weather did pose risks to sensitive process equipment, such as the membrane modules of the iFO unit and further iFO concentration was paused. Under commercial-scale operations, such systems would be housed within temperature-controlled facilities to mitigate these challenges.

Production of High Purity Product

Downstream processing continued using iFO concentrate already produced to run the final purification, carbonation and polishing stages and produce a test quantity of high grade lithium carbonate. The solution produced by the iFO unit was 14,350mg/l Li, a 6.5X increase in concentration of the concentrated eluate. This was achieved without optimisation and in sub-optimal weather conditions. Optimization is expected to achieve a minimum 10X increase in concentration at this stage. Further stages of contaminant removal, carbonation and polishing achieved a high grade lithium carbonate product with a purity of 99.78% Li2CO3

Table 1: Lithium grade in key stages from feed brine to final product

Treatment to Remove Impurities

The purification stage consists of 3 process units – microfiltration, divalent ion exchange and boron ion exchange. These were shown to greatly reduce the concentrated contaminants in the pre-carbonation solution resulting in a high-quality feed to the carbonation process. The most problematic contaminants in the pre-carbonation solution, Calcium, Magnesium and Boron were reduced by 98.5%, 99.9% and to non-detection (>99.99%), respectively. Table 2 shows the major ions in each process stage. Upgrades to the system, including the addition of a nanofiltration step is being implemented to more efficiently remove divalent ions which were at a higher concentration in the concentrated eluate received (although within Lanshen design specification) than the Conductive pilot plant was set up for.

Table 2: Major impurities following each stage of pre-treatment

Carbonation Stage

Carbonation proceeded as designed, with initial technical grade material produced from the feed in under 15 minutes of reactor time. The technical grade product was subsequently polished in a single wash step to produce a high-purity lithium carbonate product. Table 2 presents all the detected elements by ICP, undertaken by a laboratory at the University of Calgary, as a percent weight of the total dry product (100% dry mass). Moisture in the product prior to kiln drying was low at 28% wt. The final product achieved 99.78% lithium carbonate purity on a fully dry basis (Table 3).

Image 4: Filter press used in the conversion process to produce lithium carbonate

A comparison to Chinese standard GB/T 23853-2022 (Type 1) for battery grade lithium carbonate is shown in Table 3. Potassium, sodium and chloride will be reduced through changes in carbonation reactor operation such that post-carbonation washing is more effective. The divalent ions, calcium and magnesium, will be reduced following introduction of the nanofiltration step.

Table 3: Weight (%) of elements in the final product after drying

Next Steps

Downstream processing is scheduled to resume in February 2025, with the rest of the 88m³ volume of concentrated eluate anticipated to be processed between February and April 2025.

Conductive Energy is utilising the the iFO operations pause to implement several improvements to the system will be implemented primarily in automation and process control and debottlenecking for continuous operation and addition of a nanofiltration stage. The planned schedule is:

• Early January – early February 2025: facility recommissioning and recommence processing
• Mid-February – plan additional tours with third parties for offtake purposes
• Mid-February – early April, completion of CleanTech Lithium’s concentrated eluate processing and conversion to battery grade lithium carbonate to produce larger quantities for start of product qualification by potential strategic partners and off-takers.

Competent Persons Statement

The following professional acts as qualified person, as defined in the AIM Note for Mining, Oil and Gas Companies (June 2009) and JORC Code (2012):

The technical information contained within this announcement has been reviewed and approved by Dr Steve Kesler, a Director of the Company. Dr Kesler is a Fellow of the Institute of Materials, Minerals and Mining and a Chartered Engineer with over 40 years’ experience in the mining and resource development industry. Dr Kesle holds a degree in Mining Engineering and Ph.D in Mineral Technology both from Imperial College, London Dr Kesler and has sufficient experience, as to qualify as a Competent Person as defined in the 2012 edition of the ‘Australian Code for Reporting of Mineral Resources and Ore reserves’ and for the purposes of the AIM Guidance Note on Mining and Oil & Gas Companies dated June 2009. Dr Kesler consents to the inclusion in this announcement of the matters based on information in the form and context in which it appears. The Company is reporting progress on project development and metallurgical results under the 2012 edition of the Australasian Code for the Reporting of Results, Minerals Resources and Ore reserves (JORC code 2012).

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. Upon publication of this announcement, this inside information is now considered to be in the public domain. The person who arranged for the release of this announcement on behalf of the Company was Gordon Stein, Director and CFO.

Beaumont Cornish Limited (‘Beaumont Cornish’) is the Company’s Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish’s responsibilities as the Company’s Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.

Notes

CleanTech Lithium (AIM:CTL, Frankfurt:T2N, OTCQX:CTLHF) is an exploration and development company advancing lithium projects in Chile for the clean energy transition. Committed to net-zero, CleanTech Lithium’s mission is to become a new supplier of battery grade lithium using Direct Lithium Extraction technology powered by renewable energy.

CleanTech Lithium has two key lithium projects in Chile, Laguna Verde and Viento Andino, and exploration stage projects in Llamara and Arenas Blancas (Salar de Atacama), located in the lithium triangle, a leading centre for battery grade lithium production. The two most advanced projects: Laguna Verde and Viento Andino are situated within basins controlled by the Company, which affords significant potential development and operational advantages. All four projects have good access to existing infrastructure.

CleanTech Lithium is committed to utilising Direct Lithium Extraction with reinjection of spent brine resulting in no aquifer depletion. Direct Lithium Extraction is a transformative technology which removes lithium from brine with higher recoveries, short development lead times and no extensive evaporation pond construction. www.ctlithium.com

Click here for the full release

Mali changes mining code post-coup

Gold is Mali’s primary export, contributing over 80 percent of the country’s total export revenues in 2023. The West African country’s government has been led by the military since a 2021 coup.

In 2023, Mali introduced a new mining code that aims to raise its stake in mining operations from 20 to 35 percent. It also allows the government to collect 7.5 percent of sales revenue when the gold price exceeds US$1,500 per ounce.

Last year, following an audit into the mining sector, Mali began pursuing alleged back taxes and dividends owed by international mining companies working in the country.

Finance Minister Alousseni Sanou said Mali expects to collect 750 billion CFA francs, about US$1.2 billion, from miners in the first quarter of 2025, following a similar collection of 500 billion CFA francs in late 2024.

Some companies have already come to agreements with the Malian government. For example, B2Gold (TSX:BTO,NYSEAMERICAN:BTG) reached a new agreement last September for its Fekola operations. It includes financial settlements and a commitment from Mali to expedite permitting for the Fekola underground mine.

Australia’s Resolute Mining (ASX:RSG,LSE:RSG) resolved a tax dispute with the government in November 2024 by agreeing to pay US$160 million after its CEO and two other executives were detained in Mali.

Barrick’s dispute remains unresolved at this time.

Key therapeutic areas in 2025

PurpleLab data (via Axios) shows roughly a 10 percent increase in sales for GLP-1s in 2024, with continued growth predicted for 2025 due to sustained demand, according to Evaluate’s 2025 Pharma Preview.

After exceeding US$1 billion in 2024, the most recent forward-looking projections of GLP-1 sales from industry leaders Novo Nordisk (NYSE:NVO) and Eli Lilly (NYSE:LLY) are strong, with Novo aiming to capture more than a third of the global market share of diabetes care in 2025.

To keep up with demand, both companies are addressing previous production constraints by expanding manufacturing capacity. Novo Nordisk acquired contract manufacturer Catalent in a US$16.5 billion deal, finalizing the sale in December 2024 and securing itself as a key player in the supply chain. Meanwhile, Eli Lilly is bolstering its internal manufacturing with a new US$4.5 billion manufacturing and research and development (R&D) center in Indiana slated to open in late 2027.

In the meantime, Lilly is also expanding its existing facility in Wisconsin and has reportedly partnered with CDMOs National Resilience and BSP Pharmaceuticals to meet immediate needs.

Beyond manufacturing, both companies are making strategic moves to maintain their market dominance amidst the entry of biosimilars from corporations like Teva Pharmaceuticals and pharma companies in China.

Eli Lilly’s partnership with digital health company Ro expands patient access to its medications via telehealth, while its lower-priced single-dose vials of Zepbound lower the cost barriers for the self-pay market.

Moreover, innovation remains a key driver. Eli Lilly is actively testing tirzepatide for indications against MASH and chronic kidney disease and its oral GLP-1 agonist orforglipron is in Phase III trials for obstructive sleep apnea in addition to obesity and type II diabetes.

Novo Nordisk is also exploring new indications for semaglutide, including MASH, and as a potential treatment for Alzheimer’s disease.

According to Evaluate analysts, the field of oncology continues to be another evolving area within the pharmaceutical industry. While traditional cancer treatments remain relevant, there has been a notable shift in R&D focus towards more targeted approaches.

Antibody-drug conjugates (ADCs) have emerged as a promising avenue in oncology research in recent years and have shown potential in improving treatment outcomes for various types of cancer. Clinical trials examining the efficacy of Merck’s (NYSE:MRK) Keytruda, an immune checkpoint inhibitor, with various ADCs showed promising results compared to standard chemo treatments. An ongoing trial, DESTINY-Breast09, is investigating the combination of AstraZeneca (NASDAQ:AZN) and Daiichi Sankyo’s (OTCPINK:DSKYF) Enhertu and Keytruda in HER2-positive breast cancer, with primary completion data likely due in Q3 2025.

These trials could unlock new treatment options and expand the market for these already successful ADCs.

Similarly, bispecific antibodies have garnered significant attention in the oncology space, demonstrating efficacy in hematologic malignancies. A trial directly comparing Keytruda to Ivonescimab, a bispecific antibody under development by Chinese pharma company Akeso Biopharma (OTCPINK:AKESF) and licensed by Summit Therapeutics (NASDAQ:SMMT), resulted in ivonescimab leading to a better overall survival rate than Keytruda. Further testing is required, but the suggested outcome could impact the future development and potential commercial success of ivonescimab and the bispecific antibody mechanism overall.

Another area of renewed interest in recent months is bispecific antibodies targeting the TIGIT immune checkpoint. While Roche (OTCQX:RHHBF) and its subsidiary Genentech’s tiragolumab faced a setback in a Phase III trial, Gilead (NASDAQ:GILD) and Arcus Biosciences (NYSE:RCUS) have shown promising results with their anti-TIGIT drug domvanalimab.

In a Phase I trial, domvanalimab plus anti-PD-1 antibody zimberelimab led to a 36 percent reduction in the risk of death for patients with advanced non-small cell lung cancer compared to patients who took zimberelimab alone.

“These are the first results demonstrating an improvement in overall survival reported for domvanalimab and zimberelimab,” said Dimitry Nuyten, chief medical officer of Arcus, sharing the results at the Society for Immunotherapy of Cancer (SITC) annual meeting in November 2024.

“They add to the growing body of evidence that domvanalimab…may have a differentiated efficacy, safety and tolerability profile relative to published data from studies with Fc-enabled anti-TIGIT antibodies.”

While immunology remains a key area of pharmaceutical investment following the success of interleukin inhibitors Dupixent, jointly developed and commercialized by Sanofi (NASDAQ:SNY) and Regeneron (NASDAQ:REGN); and Skyrizi, developed and marketed by AbbVie (NYSE:ABBV), the sector is also experiencing shifts.

On January 13, amidst declining demand for Covid-19 and respiratory syncytial virus, Moderna (NASDAQ:MRNA) one of the most prominent names in immunology, cut its sales forecast for 2025. The company expects 2025 revenue of between US$1.5 billion to US$2.5 billion, down from its previous projection of between US$2.5 billion and US$3.5 billion.

Pharma regulation to shape investment decisions in 2025

Changes in the pharmaceutical industry’s heavily regulated environment could impact how companies make investment decisions in 2025. While Big Pharma may be hopeful that President-elect Trump will ease drug price negotiation rules, he has been relatively quiet about repealing that aspect of the Inflation Reduction Act (IRA). His stance on the Affordable Care Act (ACA) is unclear, but he has been vocal about his intentions to trim federal funding for various programs.

The ACA currently provides health insurance coverage to over 45 million Americans. Changes to coverage could have ripple effects throughout the healthcare sector, including the pharmaceutical industry, as reduced coverage could lead to decreased demand for certain medications.

If IRA provisions remain in place or are strengthened, they could put downward pressure on drug prices, potentially impacting company revenues and investor returns. Conversely, if these provisions are weakened or repealed, it could provide a boost to the industry. Investors will need to closely observe political developments and any signals regarding the future of the IRA.

Trump’s unconventional nominees for key health and regulatory positions add another layer of complexity. During his announcement naming celebrity Dr. Mehmet Oz as his choice for administrator of the Centers for Medicare and Medicaid Services (CMS), Trump said Dr. Oz would “cut waste and fraud within our country’s most expensive government agency,” prompting analysts to speculate that he may alter rules on who qualifies for Medicaid and Medicare by instituting work requirements to receive them.

Robert F. Kennedy Jr. (RFK) as Secretary of Health and Human Services (HHS) could impact pharma companies developing vaccines due to his skepticism; however, he has clarified that he supports rigorous research into vaccine safety rather than eliminating them entirely; Research and testing, however, are expensive.

The nomination of Dr. Marty Makary as FDA Commissioner has been met with optimism from some market analysts, who anticipate a potentially more streamlined drug approval process. This could be a positive sign for investors, as faster approvals mean quicker market entry for new drugs and potentially faster returns on investment.

Investor takeaway

Overall, the pharmaceutical industry in 2025 is expected to be characterized by innovation, growth, and transformation. While challenges remain, the industry’s focus on research and development, coupled with advancements in technology and a commitment to patient care, is expected to drive progress and deliver significant benefits to patients worldwide.

1. Chimerix (NASDAQ:CMRX)

Year-over-year gain: 239.49 percent
Market cap: US$297.69 million
Share price: US$3.31

Chimerix is a clinical-stage company developing medicines to improve the quality of life for patients facing deadly diseases. Its most advanced drug development program is ONC201 (dordaviprone), which is in development for recurrent H3 K27M-mutant glioma, a lethal form of brain cancer.

After trading mostly sideways for much of the past year, shares of Chimerix received a big boost late in the fourth quarter of 2024 as the company reached important milestones in its drug development program. The stock jumped more than 217 percent on December 10 to US$2.76, one day after Chimerix announced it would submit a New Drug Application for accelerated approval of dordaviprone to the FDA before the end of the year.

The company’s stock price continued to gain momentum in the following weeks to push past the US$3 mark by December 23. The day following Chimerix’ December 30 press release confirming it had completed the submission process, the stock reached US$3.48 per share.

“With this submission, we now turn our attention to preparing for potential commercial launch in the U.S. next year,” stated Chimerix CEO Mike Andriole.

Chimerix shares hit a yearly high of US$3.66 on January 7, 2025.

2. Eton Pharmaceuticals (NASDAQ:ETON)

Year-over-year gain: 195.98 percent
Market cap: US$372.89 million
Share price: US$14.00

Eton Pharmaceuticals is developing and commercializing treatments for ultra-rare diseases. Its commercial portfolio of rare disease products includes Alkindi Sprinkle, Increlex, PKU Golike and multiple FDA-approved generic bioequivalents. The company also has several product candidates in late-stage development: hydrocortisone oral solution ET-400, ET-600 for diabetes insipidus and the ZENEO hydrocortisone autoinjector.

Eton’s share price performed exceptionally well in the second half of 2024 and into the first few weeks of 2025 on robust quarterly financials, acquisitions and key milestones.

The stock made steady gains following the release of the company’s Q2 2024 financial report in early August. The quarter brought royalty revenue of US$9.1 million and a 40 percent increase in product sales over Q2 2023, representing “the 14th straight quarter of sequential product sales growth.” Shares in Eton climbed by more than 65 percent to US$6.00 by the end of Q3.

In early October, the company announced the acquisition of Increlex, a medication used in the treatment of pediatric patients with severe IGF-1 deficiency, from French biopharma company Ispen. By the end of the month, Eton’s stock reached a value of US$8.62 per share.

November was a busy month for positive news flow out of Eton. The company was awarded a second patent for its liquid formulation of hydrocortisone on November 7. A few days later, its Q3 2024 report highlighted another consecutive quarter of growth in product sales, up 40 percent year-over-year. Eton closed out the month with the acquisition of the US rights to Amglidia for the treatment of neonatal diabetes mellitus from French biotech firm AMMTeK.

By the end of November, Eton’s stock price had surged to US$13.53 per share. The stock reached its highest yearly value of US$14.31 on January 2, 2025. The next day, Eton announced the acquisition of Galzin, an FDA-approved treatment for patients with Wilson disease, which it plans to begin commercializing in the US early this year.

3. Corvus Pharmaceuticals (NASDAQ:CRVS)

Year-over-year gain: 139.63 percent
Market cap: US$334.14 million
Share price: US$5.20

Corvus Pharmaceuticals is a clinical-stage biopharma company developing an immunotherapy platform based on ITK inhibition for the treatment of various cancer and immune diseases. The company’s lead product candidate is soquelitinib, an investigational small molecule drug that selectively inhibits ITK and is delivered orally.

Corvus is another NASDAQ pharma stock that saw significant gains in the last half of 2024.

The growth in its share price got its first major boost in early August when the FDA granted fast track designation to soquelitinib ‘for the treatment of adult patients with relapsed or refractory peripheral T cell lymphoma after at least two lines of systemic therapy.’ By the end of the month, shares in Corvus had grown by nearly 50 percent to US$4.48.

Corvus’ stock value received another bump to the upside following the September 10 announcement it had initiated registration in its Phase 3 clinical trial of soquelitinib for the aforementioned indication. Shares in the company reached what was then their highest point of US$5.91 on September 20, and continued to gain value throughout the following weeks to hit a current yearly high of US$9.56 on November 11.

4. ATyr Pharma (NASDAQ:ATYR)

Year-over-year gain: 110.9 percent
Market cap: US$276.17 million
Share price: US$3.29

ATyr Pharma is using its proprietary tRNA synthetase platform, which includes a library of domains derived from all 20 tRNA synthetases, to develop new therapies for fibrosis and inflammation. The company’s lead therapeutic candidate is efzofitimod, a first-in-class biologic immunomodulator targeting interstitial lung disease.

The fourth quarter of 2024 was very good to aTyr’s stock value, and it has continued to perform well into January 2025.

In early October, aTyr Pharma announced the publication of an analysis of the Phase 1b/2a clinical trial of efzofitimod in patients with pulmonary sarcoidosis, a major form of interstitial lung disease, in the European Respiratory Journal.

Shares in aTyr Pharma climbed by more than 92 percent through the month to a then yearly high of US$3.35 on October 22.

On December 10, the company shared its third positive safety review of its ongoing Phase 3 EFZO-FIT study of efzofitimod in patients with pulmonary sarcoidosis. Shares of the company hit their highest yearly value of US$3.98 on January 3.