Investor Insight

Bold Ventures Inc. is a Canadian mineral exploration company poised for discovery. The company is advancing a portfolio of precious, battery, and critical metals projects in Tier-1 jurisdictions across Ontario and Quebec. Through systematic exploration and targeted acquisitions, Bold is positioned to meet rising global demand for gold, copper, nickel and critical minerals essential to North America’s electrification plans.

Overview

Bold Ventures (TSXV:BOL) is a Canadian mineral exploration company advancing a diversified portfolio of gold, copper, nickel and critical mineral projects across Ontario and Quebec, both consistently ranking among the safest and most mining-friendly in the world.

Bold’s balanced approach to both precious and critical metals aligns with two powerful global themes: the enduring demand for gold and silver as stores of value, and the accelerating transition to electrification and clean energy requiring copper, nickel and chromium.

Bold’s assets are concentrated in three prolific mining districts of Northern Ontario – Thunder Bay West, Wawa West and the James Bay Lowlands (Ring of Fire) – each offering significant exploration upside and logistical advantages.

Thunder Bay West hosts Bold’s most advanced gold and copper properties – Burchell, Traxxin and Wilcorp – within the geologically rich Shebandowan Greenstone Belt, home to multiple active and past-producing mines.

Wawa West, anchored by the Farwell gold-copper project, sits within a historically productive gold camp with strong indications of both precious and base metal VMS-style mineralization.

The Ring of Fire, in the James Bay Lowlands, is Bold’s long-term critical-mineral growth platform. The company’s Koper Lake project includes a carried interest in the Black Horse Chromite Deposit — one of North America’s most significant undeveloped sources of chromium — as well as substantial nickel, copper and PGE potential in the surrounding claim blocks.

Complementing this Ontario portfolio, Bold added two high-quality exploration-stage assets in 2024–2025: the Springdale East gold project near Red Lake, Ontario, and the Joutel gold and base metal project in Quebec.

Underpinning this portfolio is a leadership team with decades of exploration experience and direct involvement in three world-class discoveries — Eagle River, Windfall Lake and the Ring of Fire deposits. This record of success, combined with a pipeline of highly prospective targets now moving toward the drill stage, positions Bold Ventures to deliver steady exploration progress and value creation across a range of commodity markets.

Company Highlights

• Bold Ventures explores for precious, battery and critical metals in Canada, with active exploration projects in the Thunder Bay West, Wawa West and James Bay Lowlands (Ring of Fire) regions.
• The company’s flagship Burchell gold-copper project has advanced through new discoveries, sampling and mechanical stripping programs completed in 2025.
• Bold holds a carried interest in the Black Horse Chromite deposit at Koper Lake, adjacent to Ring of Fire Metals’ Eagle’s Nest nickel-copper deposit – a key critical-minerals hub for Ontario.
• Recent exploration success at the Wilcorp property revealed a new style of gold-silver-copper mineralization, adding significant upside potential.
• The company also owns and continues to evaluate its Traxxin Gold, Farwell Gold-Copper, Springpole East Gold, and Joutel Gold-Base Metal projects.
• Bold’s management and technical teams have participated in three world-class discoveries – Eagle River, Windfall Lake and the Ring of Fire deposits – providing deep operational and geological expertise.

Key Projects

Burchell Gold and Battery Metals Project

The Burchell property (242 claims covering 4,607 ha) lies about 100 km west of Thunder Bay, contiguous with Gold X2 Mining Inc.’s Moss gold project hosting the 6-Moz Moss Lake deposit.

Project Highlights:

• Western Shebandowan Greenstone Belt: The Burchell project is located in the Western Shebandowan Greenstone Belt, a high-potential, active mineral belt containing copper, gold, silver, nickel, zinc, molybdenum and other minerals.
• Contiguous with Significant Gold Property: The Burchell property is contiguous with Goldshore Resources’ Moss gold project. The Moss Lake gold deposit lies within a major 25 km NE-trending structural corridor which also hosts the past-producing North Coldstream Mine and the East Coldstream gold deposit.
• Exploration permits were granted (Aug 2025) for line cutting, stripping, geophysical surveys and diamond drilling. Mechanical stripping and channel sampling of the 111 Zone and seven additional targets have been completed (Sept 2025). Drilling preparations are underway.
• 111 Zone Discovery: Sheared, silicified volcanics returned values up to 68 grams per ton (g/t) gold and 2.1 g/t gold over 0.5 m; anomalous zone 4.5 to 6.5 m wide and open along strike and depth.
• Soil Geochemistry: MMITM soil survey identified gold, copper and molybdenum anomalies coincident with a magnetic low along strike of the Moss Trend.
• New Showings: “Winter Gold” (952 parts per billion gold, 300 parts per million silver), “Moosehead Zone,” and other targets outline a 2.9 km discontinuous gold trend across the property.

Burchell Property Major Showings and Land Position

Traxxin Gold Project

The 100 percent owned Traxxin gold project is 130 km west of Thunder Bay and has 217 claims covering 4,043 hectares. The project has excellent existing infrastructure and is road-accessible, located between two major highways, cutting down on future development costs.

Project Highlights:

• Close Proximity to Significant Gold Deposit: The project is 40 km east of Agnico Eagle’s Hammond Reef deposit, which contains 5.6 Moz of gold at 0.71 g/t, including reserves, measured and indicated.
• Promising New and Historical Exploration Results: The 2021 drill hole campaign results indicated 3.6 g/t gold over 12.3 meters, including 6.13 g/t gold over 4.88 m.
• A joint venture with Lac des Mille Lacs First Nation (LDMLFN) continues to advance the project.
• Future plans include geophysical extension of the Main Zone northward and testing southern targets.

Farwell Gold-Copper Project

Located 55 km NW of Wawa, the 6,440-hectare Farwell project hosts gold-bearing quartz veins and base-metal VMS-style mineralization. Recent VTEM and magnetic surveys identified multiple targets for follow-up drilling. Geological and geophysical modelling was completed in 2025 to refine priority zones for testing in 2026.

Project Highlights:

• Promising Geological Formations: The claim group hosts gold-bearing quartz veins located within an iron formation that stretches along the western extensions of a major deformation zone. Additionally, there is base metal volcanogenic massive sulphide (VMS) style mineralization of copper, zinc, lead and silver. The property also features deformed ‘Timiskaming’ style conglomerates along the gold mineralizing trend (similar to Kirkland Lake, Geraldton).
• Exploration Highlights and Future Drill Targets: A VTEM survey has identified multiple anomalous areas for future drilling. Additional results and interpretation were incorporated into the existing database for future exploration and drill testing.
• Nearby existing infrastructure: Less than 2 km west of the Eagle River gold mines haulage road and is located approximately 6 km from the Eagle River Mill complex that also connects to major highways.

Wilcorp Gold Project

The Wilcorp property spans 264 ha with 18 staked and four patented claims. The project is located 17 km south of Hammond Reef and 32 km west of Traxxin.

Project Highlights:

• Historical Results: The Eagle prospect area has significant historical gold discoveries. Maps from 1946 indicate values up to 11.1 g/t gold over 4.1 m including 30.8 g/t gold over 0.8 m in core (unsubstantiated in the modern era). Recent values include up to 16.3 g/t gold in an area where 1990s drilling returned 1.8 g/t gold over 7.6 m.
• Sampling Results: In 2012, 62 grab samples ranged from <5 ppb gold up to 14,403 ppb gold (14.4 g/t gold), and in 2024, 39 grab samples ranged from <5 ppb gold up to 16,300 ppb gold (16.3 g/t gold).
• Geological Setting: The property is proximal to the Quetico Fault, a major east-west fault zone. Gold mineralization is hosted in shear zones in volcanic and dioritic rocks which are subparallel to the Quetico Fault.

Koper Lake Project (Ring of Fire)

The Koper Lake property (1,024 ha) is one of Bold’s long-term critical-metal assets, located within 300 m of Ring of Fire Metals’ Eagle’s Nest nickel-copper deposit.

Project Highlights:

• Multiple Commodity Streams: The Koper Lake project has significant potential for critical minerals, with potential to develop battery metals, chromite and precious metals for multiple revenue streams.
• Black Horse Chromite Deposit: NI 43-101 inferred resource of 85.9 Mt grading 34.5 percent Cr₂O₃ (at 20 percent cut-off). Bold owns a 10 percent carried interest through to production in chromite, and a 40 percent working interest in all other metals, with a right of first refusal on a 1 percent NSR.
• All Other Metals Ownership Interests: Bold 40 percent working interest, KWG 60 percent working interest; Bold has option to earn up to 80 percent working interest leaving KWG with a 20 percent working interest.

Ring of Fire Claims

The Ring of Fire asset is a future key project that will be given further attention as the Ring of Fire regional infrastructure and First Nation agreements are developed.

Project Highlights:

• The Ring of Fire Claims project is a grassroots exploration project that has significant potential targeting the battery metals nickel, copper and platinum group elements.
• Bold carried out a VTEM airborne survey in 2013 that located numerous geophysical anomalies that are prospective for battery metals.
• Further exploration is pending the development of access, infrastructure and First Nation agreements.

Springpole East Gold Project

The Springpole East gold project covers 4,180 hectares across 208 single-cell claims, located about 120 km east-northeast of Red Lake and 9 km east of First Mining Gold’s 4.9-million-ounce Springpole deposit. The property directly adjoins First Mining’s land package, placing Bold within the same gold-bearing structural corridor that hosts Springpole. Recent exploration by previous operators identified angular granitic boulders returning 191 to 1,270 ppb gold and mapped banded iron formations corresponding to strong magnetic anomalies in the northwest part of the property. Despite its highly prospective setting, the area remains underexplored, providing Bold with an opportunity for first-pass systematic fieldwork, including lake-sediment sampling and targeted prospecting planned for 2026.

Joutel Gold and Base Metal Project

The Joutel gold and base metal project comprises 41 mineral claims across 2,269 hectares in two claim groups, located about 140 km northwest of Val-d’Or and 6.5 km south-southeast of the former mining town of Joutel. The property lies within an established polymetallic belt that hosts the historic Joutel gold and base-metal mines and the nearby Explo-Zinc deposit. Bold first worked the area in 2012, conducting VTEM and magnetic surveys that outlined multiple untested anomalies. Historical drilling in the vicinity returned encouraging results, including 0.83 percent nickel over 3.7 m (1.27 percent nickel over 2.3 m sub-interval) and 0.51 g/t gold over 3.05 m, confirming the project’s nickel-gold-zinc polymetallic potential. Planned next steps include soil sampling and reconnaissance prospecting to refine Phase I drill targets in 2026.

Management Team

David Graham – Chief Executive Officer and Director

David Graham has been active in the mineral exploration industry for over 40 years. Between 1997 and 2004 he was co-founder, president and CEO of Normiska Corporation, an industrial minerals and materials company with four production facilities in Canada and the US.

Between 2006 and 2010 he was a director and vice-president of Noront Resources. During this time the company made major discoveries at Windfall Lake in Urban Twp., Quebec and the Ring of Fire in the James Bay Lowlands of Ontario. Graham has worked extensively in Canada as well as in the US, Scandinavia and Africa. His experience has frequently included working with First Nations and regulatory agencies on projects that ranged from a grassroots stage to advanced development.

Bruce MacLachlan – President and Chief Operating Officer

With over 40 years of experience in the exploration industry, Bruce MacLachlan is a proven exploration manager and has been a key member of a number of mineral discovery teams, including Noranda Exploration, Battle Mountain Gold, CanAlaska Uranium and Noront Resources. He was a prospector at Noranda Exploration and Battle Mountain Gold, exploration manager at CanAlaska Uranium and Noront Resources. He is a co-founder and president of Emerald Geological Services (EGS), a consulting company created in 2001.

Coleman Robertson – Vice-president of Exploration

Coleman Robertson is a professional geologist who has worked exploring for gold, base metals and rare earth elements. His experience includes a wide range of exploration activities from grassroots to discovery stage projects. Employed by EGS since 2017, Robertson is vice-president of exploration for EGS and has experience with multiple projects in multiple jurisdictions, including Bold’s gold and copper projects in Northwestern Ontario and EGS’s high grade Cu-Ag-Pb-Zn-Au-Co project in Nunavut.

Robert Suttie – Chief Financial Officer

Robert Suttie currently serves as CFO with over 40 years’ experience as a consultant raising capital for emerging companies. He has been a director/executive at several private/public corporations.

William Johnstone – Corporate Secretary and Legal Counsel

William Johnstone is the company’s corporate counsel and corporate secretary. Johnstone has been a partner at Gardiner Roberts LLP since February 2005, practicing in the areas of corporate and securities law for over 40 years.

Ian Bodie-Brown – Director

Ian Bodie-Brown is an industry consultant with over 35 years’ experience. He is chairman of Rio Silver (on the TSX Venture Exchange) and a professional geologist.

Steve Brunelle – Director

Steve Brunelle is a professional geologist with over 35 years’ experience and is the chairman of Rio Silver (on the TSX Venture Exchange).

Bitcoin and Ether price update

Bitcoin (BTC) was priced at US$103,902, a 3.0 percent decrease in 24 hours. Bitcoin’s highest valuation as of Friday was US$103,421, while its lowest was US$99,931.52

Bitcoin price performance, November 7, 2025.

Chart via TradingView.

Bitcoin continues to extend its slide as it heads for another week of losses. The world’s largest cryptocurrency slipped more than 20 percent from its early October record high and confirming entry into bear-market territory.

The losses mark Bitcoin’s second consecutive week in the red and its fourth down week in the past five, reflecting the market’s struggle to recover from October’s “Red October” slump. Data showing a sharp rise in US layoffs in October, the highest in two decades, fueled expectations of further Federal Reserve rate cuts in December.

Despite this, President Trump reaffirmed his administration’s pro-crypto stance this week, calling for the US to become the “Bitcoin superpower” and touting regulatory measures to bolster the digital asset sector. However, his remarks stopped short of signaling direct government purchases of crypto.

Analysts say Bitcoin is now hovering near a crucial technical threshold around $97,000. Trader Ted Pillows noted that Bitcoin is “holding above the $100,000 level for now,” but warned that ‘until BTC closes a strong daily candle above the $106,000 level,’ investors must brace and expect new lows moving forward.

Ether (ETH) was priced at US$3,338.69, a 4.1 percent increase in 24 hours. Its lowest valuation of the day was US$3,229.48, and its highest was US$3,397.60.

Like Bitcoin, Ethereum extended its decline and is struggling for recovery as it it slipped below the US$3,300 mark. While bearish strength remains moderate, the fact that prices continued to drop even after a major liquidation event suggests that spot sellers may now be in control.

Altcoin price update

• Solana (SOL) was priced at US$157.08, down by 3.1 percent over the last 24 hours. Its highest valuation of the day was US$160.86, while its lowest was US$152.27

• XRP was trading for US$2.22, down by 4.8 percent over the last 24 hours. Its highest valuation of the day was US$2.30, while its lowest was US$2.17.

Crypto derivatives and market indicators

The cryptocurrency market showed mixed but cautious action.

Liquidations for contracts tied to Bitcoin totaled approximately US$48.39 million in the last four hours, with the overwhelming majority coming from long positions showing a clear sign of forced selling as leveraged positions were flushed. Ether followed the same pattern: about US$25.82 million of liquidations over the same window, again dominated by longs.

Futures open interest tells a similar story of modest unwind. Future open interest for Bitcoin edged down 0.03 percent to US$69.44 billion, while Ether declined 1.92 percent to US$38.19 billion, reflecting a slight pullback in leverage as the session closed.

Technically, Bitcoin’s RSI at 30.81 sits near oversold territory, signaling weak momentum and that the market may be vulnerable to continued downside or, alternatively, due for a short-term relief bounce if buyers step in.

Today’s crypto news to know

Crypto market loses nearly all 2025 gains after month-long decline

The cryptocurrency market has erased almost all of its 2025 value increase in just over a month, marking one of the steepest reversals since the last bear cycle.

According to CoinGecko data as reported by Bloomberg, total market capitalization peaked near US$4.4 trillion on October 6 before sliding 20 percent, leaving the asset class up only about 2.5 percent for the year.

The decline began after roughly US$19 billion in leveraged positions were liquidated that sparked a wider selloff and weakening trader sentiment.

Bitcoin has fallen 8 percent this week alone, dropping below its 200-day moving average for the first time in three years. Altcoins have faced similarly sharp losses amid reduced liquidity and limited new inflows.

Japan’s financial regulator backs bank-led stablecoin pilot

Japan’s Financial Services Agency has confirmed it will support a project by the country’s three largest banks—Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, and Mizuho Financial Group—to jointly issue stablecoins for cross-border payments.

According to a Reuters report, finance Minister Satsuki Katayama said the FSA will oversee legal and operational compliance as the initiative moves into testing.

The banks intend to issue yen-pegged tokens under Japan’s revised Payment Services Act, which requires full asset backing and enhanced consumer safeguards.

The JPYC recently launched its first fully regulated yen-denominated stablecoin backed by domestic savings and government bonds.

UNDP to launch global blockchain training program for governments

The United Nations Development Programme is expanding its blockchain education initiatives to include government officials, aiming to accelerate digital infrastructure adoption in the public sector.

Robert Pasicko, who leads UNDP’s Alternative Finance Lab, said four countries will be selected for the initial rollout within weeks. The program builds on UNDP’s internal blockchain academy and will include both training and hands-on project support.

Research by UNDP identified over 300 potential government applications for blockchain technology, from transparent fund tracking to public-sector payments.

Twenty-five major blockchain organizations, including Polygon Labs, Stellar Foundation, and the Ethereum Foundation, have discussed forming an advisory group under UNDP coordination.

What factors impacted potash in Q3?

Linville said potash news was quiet during the quarter, pointing to stable prices and a well-supplied market.

In July, BHP (ASX:BHP,NYSE:BHP,LSE:BHP) announced it was delaying the opening of its Jansen mine in Saskatchewan. It was initially slated to start production in 2026, but has instead moved its timeline back to 2027 and is also considering pushing the second phase to 2031, citing cost overruns that have ballooned to US$7 billion.

Although potash has so far escaped US tariffs, Linville noted some concern following Ontario’s anti-tariff ad, which ran in the US during the World Series. “We continue to hope/believe that potash will be left alone as part of the North America Trade agreement. Assuming potash is left alone, markets should continue as normal; however, if we start seeing barriers to entry, US farmers will likely bear the brunt of most/all of those tariffs,” he said

Potash and phosphate price forecast for 2025

While potash markets remain stable, phosphate markets are much more dynamic.

Unless there is a significant shift in China’s exports, supply should remain tight. In his most recent weekly update on November 5, Linville noted that the situation could become dire for US consumers before the end of the year.

“We continue to advise our people that if they decide they need phosphate after all, do not wait to lock it up. Days very well may matter. Heck, hours might matter. Supplies are tight and can ill-afford a sudden demand jump,” he wrote.

Additionally, markets are likely to become further strained in the years to come as limited supply meets increased demand from outside the agricultural sector.

Bitcoin and Ether price update

Bitcoin (BTC) was priced at US$103,902, a 3.3 percent increase in 24 hours and its highest valuation of the day. Bitcoin’s lowest valuation on Wednesday was US$102,377.

Bitcoin price performance, November 5, 2025.

Chart via TradingView.

Both Bitcoin and Ether (ETH) are showing signs of recovery after a volatile start to the week. Current price action is driven by derivatives liquidations, options settlement dynamics and sustained retail and institutional fear.

Ether ended the trading day at US$3,448.04, an increase of 7.5 percent over the last 24 hours. Its lowest valuation of the day was US$3,326.02. Like Bitcoin, Ether is attempting a rebound near a significant technical and psychological level, but uncertainty remains elevated. The Fear and Greed Index remains in “extreme fear” at 20, reflecting persistent nervousness after long-term holders and whales triggered mass liquidations.

“Market data and technical signals suggest Bitcoin may trade within a US$94,000–US$118,000 range in the near term. The lower bound represents a healthy retracement zone consistent with subdued ETF inflows, while the upper range reflects a measured recovery below the October high near US$125K. Ethereum is likely to move between US$3,000 and US$4,400, supported by Layer-2 expansion and renewed DeFi participation,’ she said via email.

“Overall, the market appears to be stabilizing in a more disciplined, data-driven manner, signaling that confidence is returning through structural resilience and steady capital reallocation.”

Meanwhile, Galaxy’s head of research, Alex Thorn, said that the investment company has lowered its 2025 Bitcoin price forecast from US$185,000 to US$120,000.

Altcoin price update

• Solana (SOL) was priced at US$162.69, up by 6.6 percent over the last 24 hours and at its highest valuation of the day. Its lowest was US$157.65.

• XRP was trading for US$2.37, up by 9.7 percent over the last 24 hours to its highest valuation of the day. Its lowest was US$2.25.

Crypto derivatives and market indicators

Over the past four hours, Bitcoin has seen liquidations totaling US$16.11 million, mostly in short positions, suggesting a short-covering rally and improving near-term sentiment. Futures open interest is fractionally down 0.15 percent to US$70.17 billion, indicating a minor position reduction after aggressive selling earlier in the week.

The funding rate is neutral at 0.001, signaling balanced sentiment between longs and shorts, while implied volatility remains elevated at 45.9 percent, pointing to continued market uncertainty.

Max pain for options expiry sits at US$104,000, a level that the Bitcoin price is approaching.

Meanwhile, US$27.84 million in Ether options positions, also primarily shorts, have been liquidated in the past four hours, contributing to the uptrend as risk reversals shift. Ether has seen a 1.51 percent increase in open interest to US$40.3 billion, and its funding rate is slightly negative at -0.001, strengthening the bullish undertone.

Bitcoin dominance stands at 57.21 percent.

Today’s crypto news to know

Ripple secures US$500 million boost at US$40 billion valuation

Ripple has raised US$500 million in a new funding round led by Fortress Investment Group and Citadel Securities, valuing the company at US$40 billion. The investment follows Ripple’s US$1 billion tender offer earlier this year at the same valuation, marking a continuation of investor confidence in the firm’s long-term outlook.

Ripple said the funds will strengthen its partnerships with financial institutions and expand its services across custody, stablecoin issuance and crypto treasury management. The company’s RLUSD stablecoin has gained traction for corporate payments amid clearer US regulations under the GENIUS Act. The funding also positions Ripple to deepen its role in global payments as more firms integrate stablecoins into settlement networks.

Canada announces plans to introduce stablecoin legislation

The Canadian government announced as part of its 2025 budget that it plans to introduce legislation regulating fiat-backed stablecoins. The legislation aims to provide a secure, stable framework encouraging the development of Canadian-dollar pegged stablecoins, modernizing payment systems and fostering digital innovation.

The new rules will require stablecoin issuers to maintain sufficient asset reserves to back their digital currencies, safeguard consumer interests and comply with national security standards to protect personal data.

The Bank of Canada will receive C$10 million over two years starting in the 2026 to 2027 period to oversee the new framework, with ongoing costs expected to be covered by stablecoin issuers.

Northern Data exits Bitcoin mining in US$200 million AI transition

Northern Data Group, Europe’s largest Bitcoin-mining company, is divesting its mining arm, Peak Mining, in a deal worth up to US$200 million as it pivots entirely toward artificial intelligence (AI) infrastructure. The transaction includes US$50 million in upfront cash and up to US$150 million in performance-based payments tied to future profits.

The move follows the Bitcoin halving this past April, which cut mining revenues in half and accelerated the firm’s strategic shift. The company plans to repurpose its mining facilities in Texas for high-performance AI workloads, which can yield up to 10 times more revenue per megawatt than Bitcoin mining.

The company already owns over 220,000 GPUs through prior acquisitions.

Balancer protocol suffers major exploit

The Balancer DeFi protocol suffered a major exploit on Tuesday (November 3), losing about US$128 million in assets from its V2 Composable Stable Pools due to a precision rounding error and access control flaws in its smart contracts.

According to a report released after the attack, the infiltrator manipulated swap calculations and batch swaps to drain liquidity across multiple blockchains, including Ether, Polygon, Arbitrum and others.

Balancer promptly paused affected pools, confirmed no impact on V3 or other versions, and is collaborating with forensic and security experts to trace and recover funds. So far, US$19.3 million worth of StakeWise osETH has been recovered. Balancer has offered a white hat bounty for full asset return within 48 hours and continues investigating.