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Top 5 Small-cap Biotech Stocks of 2025

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The NASDAQ Biotechnology Index (INDEXNASDAQ:NBI) is trading at three-year highs in response to breakthrough innovations and increased deals for biotech stocks on the NASDAQ.

After dropping to a low of 3,637.05 in October 2023, the index climbed to a high of 4,954.813 on September 19, 2024. While the NBI is trading down at 4,399.36 as of January 7, 2025, further growth could be in store in the future. However, the current economic environment means the biotech sector may have a complex road ahead.

According to a recent report from Precedence Research, the global biotech market is expected to grow at a compound annual growth rate of 11.5 percent from now to 2034, reaching a valuation of US$4.61 trillion.

Driving that growth will be favorable government policies, investment in the sector, increased demand for synthetic biology and a rise in chronic disorders such as cancer, heart disease and hypertension.

The top NASDAQ biotech stocks have seen sizeable share price increases over the past year. For those interested in investing in biotech companies, the best-performing small-cap biotech stocks are outlined below.

Data was gathered on January 7, 2025, using TradingView’s stock screener, and all top small-cap biotech stocks in the list had market caps between US$50 million and US$500 million at that time.

1. Bright Minds Biosciences (NASDAQ:DRUG)

Company Profile

Year-over-year gain: 2,232.41 percent
Market cap: US$281.1 million
Share price: US$40.22

Bright Minds Biosciences is developing novel treatments for pain and neuropsychiatric disorders such as epilepsy, post-traumatic stress disorder and difficult-to-treat depression.

The company’s platform includes serotonin agonists designed to provide powerful therapeutic benefits while minimizing the side effects.

Bright Minds is currently in Phase 2 clinical trials for its BMB-101, a highly selective 5-HT2C receptor agonist, in adult patients with classic absence epilepsy and developmental epileptic encephalopathy.

Bright Minds Biosciences’ stock rocketed upwards in the fourth quarter, shooting up from US$2.49 to US$38.49 in one day on October 15. The company issued a press release stating it was ‘unaware of any material changes in the company’s operations’ that would have contributed to such a rally. The outperformance instead appears to be related to the October 14 announcement of Danish pharma company Lundbeck acquiring Longboard Pharma, another biotech company developing a 5-HT2C receptor agonist, for US$60 per share.

A few days later, Bright Minds announced a non-brokered private placement of US$35 million, which sent shares up to US$47.21 on October 18.

That same month the company shared its collaboration with Firefly Neuroscience (NASDAQ:AIFF) to use the latter’s advanced artificial intelligence, FDA-cleared BNA technology platform to provide a full analysis of the electroencephalogram (EEG) data from Bright Minds’ BMB-101 Phase 2 clinical trial. This follows the pair’s previous successful collaboration to analyze data from Bright Mind’s first-in-human Phase 1 study of BMB-101.

Bright Minds’ share price reached their highest yearly peak of US$55.77 on November 6.

2. Candel Therapeutics (NASDAQ:CADL)

Company Profile

Year-over-year gain: 518.52 percent
Market cap: US$371.37 million
Share price: US$8.35

Candel Therapeutics is a biotech company focused on developing oncology treatments. The company’s pipeline includes two clinical stage multimodal biological immunotherapy platforms.

Candel’s lead product candidate CAN-2409 is in a Phase 2 clinical trial in non-small cell lung cancer and borderline resectable pancreatic cancer, as well as Phase 2 and 3 trials for localized, non-metastatic prostate cancer. Positive interim data for the trial on pancreatic cancer, released on April 4, 2024, sent the company’s share price spiking upwards. It ultimately climbed to a year-over-year high of US$14.30 on May 16.

More recently, in December 2024, the company released positive topline data for CAN-2409 viral immunotherapy, achieving the primary endpoint in its Phase 3 prostate cancer trial.

Its second lead product candidate is CAN-3110, which is in an ongoing Phase 1 clinical trial in recurrent high-grade glioma (HGG).

The company had a number wins with the US Food and Drug Administration (FDA) in 2024. In February, Candel’s CAN-3110 received regulatory approval for a fast-track designation for the treatment of recurrent HGG. The agency also granted Candel orphan drug designation for CAN-2409 for the treatment of pancreatic cancer in April and CAN-3110 for HGG in May.

3. Rezolute Bio (NASDAQ:RZLT)

Company Profile

Year-over-year gain: 467.04 percent
Market cap: US$314.63 million
Share price: US$5.43

Late-stage biopharma company Rezolute is developing novel therapies targeting rare and chronic metabolic diseases. At the top of the company’s drug pipeline is RZ358, called ersodetug, which is being studied for the treatment of congenital hyperinsulinism and tumor hyperinsulinism. The company also has RZ402, which is targeted for patients with diabetic macular edema.

Ersodetug is currently in global Phase 3 clinical studies for congenital hyperinsulinism, with topline data expected in mid-2025. It opened to US participation in September after the FDA removed partial clinical holds.

In March, Rezolute shared results from a preclinical study that validated ersodetug’s potential to treat patients with non-islet cell tumors that have uncontrolled hypoglycemia. Rezolute announced positive topline results for its Phase 2 study of RZ402 in May.

The biotech stock had a great run up in the second quarter this year, climbing to an H1 2024 high of US$6.799 on June 5. Since then, Rezolute shares have managed to retain much of that value with a series of positive news releases.

The company closed on a public offering with net proceeds of about US$56.4 million later in June, which will help to fund post-Phase 3 planning for its ersodetug program in congenital hyperinsulinism as well as a potential late-stage, registrational, clinical study of ersodetug in patients with tumor hyperinsulinism associated with islet cell and non-islet cell tumors.

In August, the FDA granted clearance for Rezolute’s investigational new drug application for a Phase 3 study of ersodetug in tumor hyperinsulinism. Patient enrollment is slated to begin in the first half of 2025. In December, the FDA granted ersodetug orphan drug status for the treatment of hypoglycemia due to tumor HI.

Rezolute kicked off the new year with another FDA approval, this time garnering the breakthrough therapy designation for ersodetug for the treatment of hypoglycemia due to congenital hyperinsulinism.

4. Entera Bio (NASDAQ:ENTX)

Company Profile

Year-over-year gain: 301.52 percent
Market cap: US$97.61 million
Share price: US$2.65

Entera Bio’s proprietary N-Tab technology oral delivery platform allows for the development of therapies based on peptides and therapeutic proteins. The company is targeting a variety of indications, including osteoporosis, hyperparathyroidism and short bowel syndrome.

The company released a series of significant updates in March and April. This included the announcement of positive pharmacokinetic data for GLP-2 peptide tablet treatment for patients with short bowel syndrome as part of a joint study combining OPKO Health’s (NASDAQ:OPK) proprietary long acting GLP-2 agonist with Entera’s N-Tab technology.

In April, Entera announced the publication of Phase 2 clinical trial data from its EB613 program for osteoporosis. Unlike available osteoanabolic treatments, which are injections, EB613 is a once daily treatment administered through oral PTH(1-34) peptide tablets. According to the release, ‘Significant gains in bone mineral density of the spine and hip were observed at the end of the 6-month study and there were no significant safety concerns.’

Entera Bio’s share price reached its yearly peak of US$2.98 on April 12, 2024.

5. Benitec Biopharma (NASDAQ:BNTC)

Company Profile

Year-to-date gain: 251.42 percent
Market cap: US$258.63 million
Share price: US$11.14

California-based Benitec Biopharma is advancing novel genetic medicines via its proprietary “Silence and Replace” DNA-directed RNA interference platform. The company is currently focused on developing therapeutics for chronic and life-threatening conditions including oculopharyngeal muscular dystrophy (OPMD). Its drug candidate BB-301 was granted orphan drug designation by the FDA and the European Medicines Agency.

In April, Benitec reported positive interim clinical trial data for its first OPMD subject treated with BB-301 in its Phase 1b/2a study. Following the report, Benitec’s share price began trending upward, and reached US$10.47 on May 10.

Benitec is well-funded to advance its BB-301 clinical development program through the end of 2025. The company reported additional positive interim safety and efficacy data in mid-November. The company’s share price hit its highest yearly value on December 11 at US$13.08.

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

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Uranium Stocks: 5 Biggest Companies

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Uranium stocks have been supported by a variety of catalysts this year, including geopolitical tensions, the energy transition and national security concerns.

The market is benefiting from more countries committing to building and expanding their nuclear energy supply. Investors are also recognizing the value in the reliable, clean electricity that uranium can produce.

Positive market fundamentals pushed the spot uranium price to 16 year highs in January, when values rose to US$106 per pound. However, the level proved unsustainable as prices have since contracted and remain range bound between US$79 to US$86 per pound since June.

Despite slipping from its January highs, the uranium market has been supported by news that production out of Kazakhstan will be impacted by a sulfuric acid shortage, which has prompted top-producer Kazatomprom to reduce its guidance for 2024 and 2025.

The investment thesis was further strengthened when US President Joe Biden signed the Prohibiting Russian Uranium Imports Act into law in early May. The measures, which are aimed at further sanctioning Russia and its invasion of Ukraine, took effect on August 11. As the largest end user of uranium for nuclear fuel, the US is now poised to increase domestic supply while also strengthening partnerships with ally nations Canada and Australia.

In response to the legislation, Russian President Vladimir Putin said in September that the country should consider export restrictions for the energy fuel and other in-demand raw materials; restrictions were put in place on November 15.

Although U3O8 prices slumped over the summer, the sector was abuzz with excitement when Constellation Energy (NASDAQ:CEG) penned a 20 year power purchase agreement with Microsoft (NASDAQ:MSFT).

The deal will see Constellation restart nuclear energy production at Three Mile Island (TMI) Unit 1.

Amazon Web Services (AWS), a subsidiary of Amazon (NASDAQ:AMZN), also partnered with Dominion Energy (NYSE:D) and Energy Northwest to implement small modular reactors (SMRs) to power its AI data centers.

“Big tech’s groundbreaking deals to power AI data centers with nuclear energy underscores the urgent need to secure stable, carbon-free electricity as energy demand surges,” an October uranium report from Sprott reads.

As nuclear energy demand is poised to grow, securing future supply becomes more imperative.

“To meet these 2040 projections, the uranium mine supply needs to more than double by then, but the supply response thus far has proven to be more challenging to ramp up than anticipated,” the report noted.

The list below provides an overview of the five largest uranium companies by market cap. All data was current as of November 13, 2024. Read on to learn about these stocks and their operations.

1. BHP (NYSE:BHP,ASX:BHP,LSE:BHP)

Company Profile

Market cap: US$135.55 billion

Mining major BHP owns and operates Australia’s Olympic Dam mine, considered one of the world’s largest uranium deposits. While the site is included in the company’s Copper South Australia operations portfolio and copper is the primary resource extracted, the mine also produces significant quantities of uranium, gold and silver.

In its half-year results announcement in February, BHP reported that higher average realized prices for copper, uranium, gold and silver had added an additional US$100 million of value to Copper South Australia.

According to BHP’s results for the nine months ended on March 31, uranium production at Olympic Dam totaled 863 metric tons year-to-date and 2,674 metric tons for the full nine month period.

While BHP shelved plans to expand the Olympic Dam mine in 2020, opting instead to invest in the existing infrastructure at the underground site, the company is currently evaluating options for a new two stage smelter, with a final investment decision expected between its 2026 and 2027 fiscal years.

Work was temporarily halted at Olympic Dam in October after electrical storms damaged transmission infrastructure.

Internally, the Australian mining giant began exploring the potential of nuclear propulsion for shipping in February. The decision falls in line with the company’s ambitious decarbonization goals. BHP hired Dutch nuclear consultancy firm ULC-Energy, to study various nuclear technologies for merchant vessels. The firm reported, ‘Full-scale nuclear propulsion would require new regulations, changes to operations, and solutions to technical problems.’

2. Cameco (NYSE:CCJ,TSX:CCO)

Company Profile

Market cap: US$23.66 billion

Uranium major Cameco holds significant stakes in key uranium operations within the Athabasca Basin of Saskatchewan, Canada. This includes a 54.55 percent interest in the Cigar Lake mine, the world’s most productive uranium mine.

The company also owns 70 percent of the McArthur River mine and 83 percent of the Key Lake mill. Orano Canada is Cameco’s primary joint venture partner across these operations.

Weak spot uranium prices between 2012 and 2020 weighed heavily on pure-play uranium producers. In 2018, Cameco closed the McArthur River and Key Lake operations, reducing annual uranium output from 23.8 million pounds in 2017 to 9.2 million pounds in 2018. Improving market dynamics prompted the company to restart MacArthur Lake in 2022.

As a full nuclear fuel cycle provider, Cameco, in partnership with Brookfield Renewable Partners and Brookfield Asset Management, completed the purchase of Westinghouse Electric Company — a leading provider of nuclear power plant services and technologies — in November 2023. The deal was announced in 2022.

In its Q2 results, the company noted that the uranium segment is performing well, with strong production and financial results for the quarter and first half of the year. Additionally, increased revenues and gross profit were driven by a higher average realized price.

Production in Q2 was up year-over-year to 6.2 million pounds. While year-to-date deliveries of 13.5 million pounds were slightly lower than in 2023, Cameco maintained its annual guidance of 32 million to 34 million pounds.

In early November, Cameco released its Q3 results, highlighting a 43 percent year-over-year production increase to 4.3 million pounds. Revenues also rose, coming in at US$721 million, a 75 percent year-over-year increase. The mining major reported a significant net earnings decline due to logistical issues at its Inkai joint venture in Kazakhstan and costs tied to Westinghouse.

3. NexGen Energy (NYSE:NXE,TSX:NXE,ASX:NXG)

Company Profile

Market cap: US$4.29 billion

NexGen Energy, a company specializing in uranium exploration and development, is primarily focused on the Athabasca Basin. Its flagship project is the Rook I project, which includes significant discoveries such as Arrow and South Arrow.

The company also owns a 50.1 percent interest in exploration-stage company IsoEnergy (TSXV:ISO,OTCQX:ISENF).

In late May, NexGen completed the purchase of 2.7 million pounds of U3O8 for US$250 million. This acquisition was financed through the issuance of US$250 million in five year, 9 percent unsecured convertible debentures.

In a company release, CEO Leigh Curyer stated that the transaction enhances the progress of ongoing offtake negotiations, aiming to maximize the value of NexGen’s substantial uranium inventory in preparation for future production and sales. He highlighted the strategic importance of having 2.7 million pounds of uranium in inventory following the enactment of the Prohibiting Russian Uranium Imports Act.

An August press release from the company provided an updated economic report for the Rook I project. The new cost breakdown includes estimated pre-production capital costs of C$2.2 billion, with an “industry-leading” average operating cost of C$13.86 per pound of U3O8 over the mine’s lifespan.

Sustaining capital costs are projected at C$785 million, averaging C$70 million per year, including closure costs. The statement noted that the cost adjustments account for inflation, engineering advancements and improved environmental performance.

A mid-November announcement provided an update on the company’s 2024 drill campaign at Rook I’s Patterson Corridor East. The extensive 34,000 meter drill program, which NexGen described as the largest in the Athabasca Basin this year, uncovered a new uranium zone that it has extended to 600 meters along strike and depth. Hole RK-24-222 returned 17 meters of high-intensity mineralization, the best result at the corridor to date.

4. Uranium Energy (NYSEAMERICAN:UEC)

Press ReleasesCompany Profile

Market cap: US$3.11 billion

Uranium Energy (UEC) has two production-ready in-situ recovery (ISR) uranium projects — its Christensen Ranch uranium operations in Wyoming and its Texas Hub and Spoke operations in South Texas — as well as two operational processing facilities. It plans to restart uranium production in Wyoming in August and resume South Texas operations in 2025.

The company has built one of the largest US-warehoused uranium inventories, and in 2022 it secured a US Department of Energy contract to supply 300,000 pounds of U3O8 as part of the country’s move to establish a domestic uranium reserve.

UEC also holds a wide portfolio of uranium projects in the US and Canada, some of which have major permits secured. In August 2022, UEC completed its acquisition of uranium company UEX. That same year, UEC also acquired both a portfolio of uranium exploration projects and the Roughrider uranium project from Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO).

In May, the company released a statement in support of the US government’s decision to ban Russian uranium imports. In the announcement, Amir Adnani, UEC’s president and CEO, expressed gratitude for the bipartisan bill, emphasizing its role in bolstering US energy and national security by ending reliance on Russian uranium imports.

In mid-August UEC reported the successful restart of uranium production at its Christensen Ranch ISR operations in Wyoming. The first shipment of yellowcake is expected by November or December 2024.

Most recently, UEC submitted an initial economic assessment for its Roughrider project in the Athabasca Basin, which included a post-tax estimated net present value of US$946 million.

5. Denison Mines (TSX:DML,NYSEAMERICAN:DNN)

Company Profile

Market cap: US$1.91 billion

Denison Mines is focused on uranium mining in Saskatchewan’s Athabasca Basin. holding a 95 percent interest in the Wheeler River uranium project, which hosts the Phoenix and Gryphon deposits.

Denison has significant landholdings in the basin, through both operating and non-operating joint venture interests with uranium majors such as Orano and Cameco. This includes a 22.5 percent interest in Orano’s McLean Lake mill and mine, the latter of which is expected to re-enter production in 2025.

In 2023, Denison completed a feasibility study for the Phoenix deposit, which hosts proven and probably reserves of 56.7 million pounds of uranium. The company is planning to use in-situ recovery for Phoenix and is targeting first production for 2027 or 2028. Denison also updated the 2018 pre-feasibility study for the Gryphon deposit as an underground mine. According to the company, both deposits have low-cost production potential.

In late September, Denison entered into an option agreement with Foremost Clean Energy (NASDAQ:FMST,CSE:FAT), which was formerly Foremost Lithium. Under the deal Denison has granted Foremost the option to acquire up to 70 percent of its interest in 10 uranium exploration properties. For its part, Foremost will provide Denison with a mix of cash, shares, and/or exploration spending commitments.

Denison’s recently released Q3 results underscored positive financial and operational results, with progress on the company’s flagship Wheeler River project in Saskatchewan. Key highlights include ongoing field tests for the Phoenix uranium deposit’s ISR method, aiming to confirm the project’s feasibility and economic potential.

FAQs for uranium investing

What is uranium?

First discovered in 1789 by German chemist Martin Klaproth, uranium is a heavy metal that is as common in the Earth’s crust as tin, tungsten and molybdenum. Named after the planet Uranus, which was also discovered around the same time, uranium has been an important source of global energy for more than six decades.

What country has the most uranium?

Australia and Kazakhstan lead the world in both terms of uranium reserves and uranium production. Australia takes first prize for the world’s largest uranium reserves, representing 28 percent globally at 1,684,100 MT of U3O8. However, the Oceanic country ranks fourth in global uranium production, putting out 4,087 MT of U3O8 in 2022.

For its part, Kazakhstan controls 13 percent of global uranium reserves and leads the world in uranium production with 2022 output of 21,227 MT. Last year, Canada passed Namibia to become the second largest uranium producer, putting out 7,351 MT of U3O8 in 2022 compared to Namibia’s 5,613 MT. The countries hold 10 percent and 8 percent of global reserves respectively.

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

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Grande Portage Resources Initiates Sensor-Based Ore Sorting Testwork

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Grande Portage Resources Ltd. (TSXV:GPG)(OTCQB:GPTRF)(FSE:GPB) (‘Grande Portage’ or the ‘Company’) is pleased to announce that it is initiating testwork for a sensor-based ore sorting system, utilizing samples from the New Amalga Mine Project located approximately 16 miles (25 km) northwest of the city of Juneau, Alaska

As previously announced, the Company’s Conceptual Mining Plan envisions the development of the New Amalga gold mine as a selective underground mining operation which would send ore off-site to be processed at a third-party facility, enabled by the project’s location near tidewater and less than 4 miles (6.5km) from existing paved highway (Fig 1). This results in a dramatically reduced mine site footprint due to the avoidance of chemical processing and tailings storage facilities. Processing options include potential use of third-party concentrator facilities around the Pacific Rim or direct shipment to smelters in East Asia.

Grande Portage has assembled a drill core composite which is reflective of the anticipated production from the Conceptual Mine Plan. The composite includes both ore and waste samples to reflect the expected dilution from wall rock (waste) which is inherent with underground blasting of narrow ore veins. This core is being subjected to a sensor-based ore sorting test process at the facilities of Steinert US Inc, a leading global manufacturer of ore-sorting equipment. The purpose of ore sorting is to quickly separate particles of waste dilution rock from the mined material, without the use of chemical reagents.

Sensor-based ore sorting utilizes a variety of measurements to determine whether a particle is ore or waste, including color, electromagnetic induction, and x-ray analysis to assess elemental composition. The crushed rock is placed on a conveyor belt and then dropped in front of the sensor, which rapidly analyzes the individual pieces of rock. When a piece of rock is identified as waste, a puff of compressed air redirects it to a ‘reject’ bin. The remaining pieces of rock are sent to the stockpile of accepted material. (Fig. 2)

The New Amalga deposit is considered a good candidate for use of ore sorting technology since the wall rock is often both visually and geochemically distinct from the quartz vein resource (Fig. 3).

Ian Klassen, President and CEO comments: ‘Sensor-based ore sorting is a well-established technology currently in use at many mines worldwide, and we are very excited to be working with Steinert to test its effectiveness on samples representative of the New Amalga conceptual mine plan.’

Mr. Klassen continued: ‘Integrating ore sorting into the production plan could significantly reduce the amount of mined rock requiring transportation and processing at a third-party facility, lowering per-ounce costs while also providing useful sorter-reject material for underground backfill as part of the mining cycle. This would further enhance the existing advantages of our proposed direct-ship mine configuration which utilizes offsite processing. It may also create opportunities for inclusion of thinner veins into the mine plan – areas of the deposit which otherwise may not have been considered viable.’

Fig. 1: Location of New Amalga Mine Project

Fig. 2: Simplified Conceptual Diagram of an Ore Sorting System

Fig. 3: Example of New Amalga Drill Core, Displaying Distinct Wall Rock vs Quartz Vein Intervals

The Company is also pleased to announce that it has entered into an advertising/e-marketing contract with 1000903966 Ontario Inc. to provide marketing services, including social media engagement through X (formerly Twitter), Facebook, YouTube and Reddit. The initial term of the agreement is 90 days, starting on January 6, 2025, and may be renewed with mutual written agreement. During the initial term, 1000903966 Ontario Inc., will be paid CAD$12,000.

Kyle Mehalek, P.E.., is the QP within the meaning of NI 43-101 and has reviewed and approved the technical disclosure in this release. Mr. Mehalek is independent of Grande Portage within the meaning of NI 43-101.

About Grande Portage:
Grande Portage Resources Ltd. is a publicly traded mineral exploration company focused on the New Amalga Gold Mine Project (formerly the Herbert Gold project) situated approximately 25 km north of Juneau, Alaska. The Company holds a 100% interest in the New Amalga property. The New Amalga Gold property system is open to length and depth and is host to at least six main composite vein-fault structures that contain ribbon structure quartz-sulfide veins. The project lies prominently within the 160km long Juneau Gold Belt, which has produced over seven million ounces of gold.

The Company’s updated NI#43-101 Mineral Resource estimate (filed in June 2024) reported at a base case mineral resources cut-off grade of 2.5 grams per tonne gold (g/t Au) and consists of: an Indicated Resource of 1,438,500 ounces of gold at an average grade of 9.47 g/t Au (4,726,000 tonnes); and an Inferred Resource of 515,700 ounces of gold at an average grade of 8.85 g/t Au (1,813,000 tonnes), as well as an Indicated Resource of 891,600 ounces of silver at an average grade of 5.86 g/t Ag (4,726,000 tonnes); and an Inferred Resource of 390,600 ounces of silver at an average grade of 7.33 g/t silver (1,813,000 tonnes).

ON BEHALF OF THE BOARD

‘Ian Klassen’
Ian M. Klassen
President & Chief Executive Officer
Tel: (604) 899-0106
Email: Ian@grandeportage.com

Cautionary Statement Regarding Forward-Looking Information
This news release includes certain ‘forward-looking statements’ under applicable Canadian securities legislation. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as ‘believes’, ‘anticipates’, ‘expects’, ‘estimates’, ‘may’, ‘could’, ‘would’, ‘will’, or ‘plan’. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties as described in the Company’s filings with Canadian securities regulators. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Please note that under National Instrument 43-101, the Company is required to disclose that it has not based any production decision on NI 43-101-compliant reserve estimates, preliminary economic assessments, or feasibility studies, and historically production decisions made without such reports have increased uncertainty and higher technical and economic risks of failure. These risks include, among others, areas that are analyzed in more detail in a feasibility study or preliminary economic assessment, such as the application of economic analysis to mineral resources, more detailed metallurgical and other specialized studies in areas such as mining and recovery methods, market analysis, and environmental, social, and community impacts. Any decision to place the New Amalga Mine into operation at levels intended by management, expand a mine, make other production-related decisions, or otherwise carry out mining and processing operations would be largely based on internal non-public Company data, and on reports based on exploration and mining work by the Company and by geologists and engineers engaged by the Company.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED UNDER THE POLICIES OF THE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE

SOURCE:Grande Portage Resources Limited

View the original press release on accesswire.com

News Provided by ACCESSWIRE via QuoteMedia

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Fortune Minerals Provides an Update of NICO Project Test Work, Rio Tinto Process Collaboration & Feasibility Study

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The Company is advancing the NICO Project toward a construction decision with U.S. & Canadian Government financial support from critical minerals supply chain security programs

Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) (‘ Fortune ‘ or the ‘ Company ‘) ( www.fortuneminerals.com ) is pleased to provide an update of ongoing work on the vertically integrated NICO cobalt-gold-bismuth-copper critical minerals project in Canada (‘ NICO Project ‘). The NICO Project is comprised of a planned mine and concentrator in the Northwest Territories (‘ NWT ‘) and a hydrometallurgical processing facility in Lamont County, Alberta where concentrates from the mine, and other feed sources, will be processed to value-added products needed for the energy transition, new technologies and defense. Fortune has been awarded ~C$17 million of non-dilutive contribution funding from the U.S. Department of Defense (‘ DoD ‘), Natural Resources Canada (‘ NRCan ‘), and Alberta Innovates to help finance the work needed to bring the NICO Project to a project finance and construction decision (see news releases dated, December 5, 2023, and May 16, 2024). Development of the NICO Project would provide a reliable North American supply of cobalt sulphate, gold doré, bismuth ingots, and copper precipitate enhancing domestic supply chains for three metals identified on the Canadian and U.S. Government critical minerals lists and a highly liquid and countercyclical gold co-product to mitigate metal price volatility.

Like our news? Click-to-post on X .

Highlights

  • New comminution & flotation circuit designs to reduce capital & operating costs
  • Concentrator modifications to improve gold, bismuth & cobalt recoveries
  • Smaller hydrometallurgical bismuth circuit with lower capital costs & higher recoveries
  • Successful leaching & cementation of blended Rio Tinto & Fortune bismuth streams

Feasibility Study Update

Fortune retained Worley Canada Services Ltd. (‘ Worley ‘) to lead the engineering for an updated Feasibility Study assessing the economics of the NICO Project at current costs and commodity prices. Worley is also assisting Fortune with permitting for the brownfield site in Lamont County, Alberta where the Company plans to construct its hydrometallurgical facility. The NICO Project was previously assessed in a positive Feasibility Study by Micon International Limited (‘ Micon ‘) in 2014 but is now out of date. Micon, P&E Mining Consultants Inc. (‘ P&E ‘) and WSP Golder, who participated in the 2014 study, are also engaged to assist Worley with preparation of the updated study and NI 43-101 Technical Report. The Feasibility Study is being supported with funding from the U.S. DoD and NRCan’s Global Partnerships Initiative (‘ GPI ‘) contribution funding.

The updated Feasibility Study will incorporate a number of improvements to the NICO Project identified by Fortune and Worley to deliver a more financially robust development. These include: the superior brownfield Alberta hydrometallurgical facility site with existing buildings; the new Tlicho Highway to Whati, NWT; a new geological block model with more constrained ore zone boundaries to reduce modelling dilution and better differentiate high-grade resource blocks for earlier processing; a new mine plan and production schedule with a stockpiling strategy to accelerate the processing of higher margin ores and reduce near-surface waste rock stripping; better equipment choices; and process optimizations from recent test work.

Worley has completed value enhancement studies improving the grinding and comminution, and flotation circuits for the planned concentrator in the NWT. A High-Pressure Grinding Rolls (‘ HPGR ‘) and vertical mills will replace parts of the previously designed circuit and ball mill with an anticipated ~C$7 million reduction in capital costs and ~C$1.3 million reduction in annual operating costs from a smaller plant footprint utilizing more energy efficient equipment. HPGR variability tests are in progress at SGS Canada Inc. (‘ SGS ‘) in Lakefield, Ontario to provide additional data for the detailed design.

Worley has also reviewed the Company’s historical flotation test work and piloting information and has identified opportunities using Jameson flotation cells to recover additional fine, 5- to 20-micron sized gold and bismuth particles contained in NICO deposit ores. Jameson cell tests were completed at SGS at a finer (minus 44-micron) grind size and the Company is pleased to report that these tests have confirmed an improvement in gold, bismuth and cobalt recoveries for the concentrator. A carbon column is also being designed into the secondary flotation circuit to capture the ~5% of contained gold that previously would have been dissolved and lost in the process water during bismuth and cobalt separation. Fortune is also investigating other options to reduce potential gold losses during the processing of high-grade, gold-rich ores.

Worley has also completed a minor realignment of the NICO access road design to reduce construction costs and has also completed the process flow diagrams, piping and instrumentation diagrams, and mass balance for the NWT concentrator. As part of the ongoing Feasibility Study improvements, Worley is also working on updated concentrator and hydrometallurgical facility designs to advance the vertically integrated development.

Test Work Update

Fortune collected between 15 and 16 metric tonnes of ores from its earlier test mining stockpiles at the NICO mine site and shipped this material to SGS for metallurgical test work and piloting. The test work is being financially supported with contribution funding from NRCan’s GPI and a $715,000 award in 2023 from the Critical Minerals Research Development and Demonstration (‘ CMRDD ‘), with additional financial support coming from Alberta Innovates’ Clean Resources Continuous Intake Program and the U.S. DoD. Phase 2 of the program, consisting of crushing, grinding and bulk and secondary flotation was successfully completed in Q3, 2024, producing gold-bearing cobalt and bismuth concentrates for hydrometallurgical testing.

The Phase 3 hydrometallurgical work is in progress and the results achieved to date are exceeding the Company’s expectations. Ferric chloride leaching of bismuth concentrate followed by cementation and purification test work achieved 97% bismuth recoveries, producing a cement grading up to 95% bismuth, and averaging about 0.2% iron as the main impurity. The data was used to support the bismuth circuit process design criteria on the basis of a 66% reduction of the leaching residence time, from three hours to one hour. Overall, the design criteria are predictive of a significant material reduction in the size, capital and operating costs for the bismuth circuit for the hydrometallurgical plant. The results are also predictive of about a 2% higher bismuth recovery than initially estimated for the bismuth leaching and cementation circuits. Fortune has retained XPS Industry Relevant Solutions to conduct the smelting and refining parts of the bismuth test work and complete the design of the bismuth pyrometallurgical circuit.

A preliminary pressure oxidation (‘ POX ‘) test on the cobalt concentrate was recently completed, but more comprehensive cobalt processing tests will be carried out in the first quarter of 2025. The cobalt test work will also include a value enhancement optimization of sequential gypsum precipitation to validate the production of a gypsum by-product from the autoclave effluent. If successful, a saleable gypsum by-product would provide a material improvement to the hydrometallurgical facility overall revenues and reduce waste disposal costs for the process residue.

Rio Tinto Process Collaboration

Fortune has a process collaboration agreement with Rio Tinto investigating the feasibility of recovering additional cobalt and bismuth at the Alberta hydrometallurgical facility by processing precipitates produced from Kennecott smelter wastes in Utah. Rio Tinto successfully generated a high-grade bismuth oxychloride intermediate from its Utah process streams and shipped samples of this material to SGS for testing using Fortune’s process criteria as well as blending with NICO bismuth concentrates. Leaching and cementation tests carried out on the Rio Tinto material blended with NICO bismuth concentrate were very successful, validating no material change in bismuth recoveries or metallurgical performance relative to treating unblended NICO bismuth concentrate. The feasibility of processing Rio Tinto material at the Alberta Hydrometallurgical facility has therefore been confirmed and additional work is planned by both companies to advance the collaboration. These blending validation studies are financially supported by NRCan’s GPI contribution funding and the U.S. DoD.

About the NICO Project

Fortune has expended approximately C$140 million to advance the NICO Project from an in-house mineral discovery to a near construction-ready development. The Company has secured the environmental assessment approval and the major mine permits for the facilities in the NWT and the municipal planning approvals for the Alberta hydrometallurgical facility. Additional permitting is required at both sites and is in progress with partial funding support from the U.S. DoD.

The NICO deposit and planned mine is situated in Tlicho Territory, approximately 160 km northwest of the City of Yellowknife and 50 km north of the community of Whati where the new Tlicho Highway currently terminates. A spur road from Whati is planned as part of the development to enable trucking concentrates to the railhead at Enterprise, NWT for delivery to Alberta and downstream processing.

The NICO deposit contains open pit and underground Proven and Probable Mineral Reserves totaling 33.1 million tonnes containing 1.11 million ounces of gold, 82.3 million pounds of cobalt, 102.1 million pounds of bismuth, and 27.2 million pounds of copper to support a ~20-year mine life. Fortune also owns the Sue-Dianne satellite copper deposit located 25 km north of the NICO deposit and is a potential future source of incremental mill feed for the Company’s planned concentrator. NICO and Sue-Dianne are iron oxide copper-gold (‘ IOCG ‘)-type mineral deposits with world class global analogues that support the exploration potential of the area and Fortune’s properties.

Ores from the NICO deposit will be mined primarily by open pit methods with a low waste to ore strip ratio. Portions of the higher-grade Mineral Reserves would be mined by underground open stoping methods to accelerate cash flows during early years of the mine life using the existing ramp and underground workings for access and ore haulage.

NICO ores will be processed in a concentrator constructed at the mine site with a 4,650 metric tonnes per day mill throughput rate and a low (4%) mass pull during bulk flotation that captures the recoverable metals in only 180 tonnes of bulk concentrate per day. A very efficient secondary flotation process separates the ore minerals into gold-bearing cobalt and bismuth concentrates for low-cost transportation by truck and rail to Alberta.

The hydrometallurgical facility is planned to be constructed in Lamont County in Alberta’s Industrial Heartland, approximately 50 km northeast of Edmonton. Cobalt concentrate will be processed by POX in an autoclave to dissolve the contained metals, followed by sequential neutralization, copper cementation, and solvent extraction purification and crystallization of cobalt sulphate heptahydrate. The bismuth concentrate will be processed by ferric chloride leaching, followed by cementation, and smelting to 99.995% bismuth ingots. Gold will be recovered by leaching the combined autoclave residue, followed by carbon elution and smelting to doré bars.

Development of the NICO Project would provide a reliable, vertically integrated domestic supply of cobalt, gold, bismuth and copper with supply chain transparency and custody control of the metals from ores through to the production of value-added products. Fortune’s cobalt production is targeting the lithium-ion rechargeable battery industry for use in electric vehicles, portable electronics and stationary energy storage cells. The NICO deposit contains 12% of global bismuth reserves and the ingots produced by Fortune will be marketed for automotive glass and steel coatings, low melting temperature and dimensionally stable alloys, and an environmentally safe and non-toxic replacement for lead in brass, solder, steel, aluminum and galvanizing alloys, paint, radiation shielding, ceramic glazes, ammunition and fishing weights. New applications also include environmentally safe plugs to properly seal decommissioned oil and gas wells, magnets for EV powertrains, and alloys used in the nuclear and defense industries. Notably, gold, bismuth and copper prices have all been increasing and compensate for the short-term weakness in the cobalt price.

For more detailed information about the NICO Mineral Reserves and certain technical information in this news release, please refer to the Technical Report on the NICO Project, entitled ‘Technical Report on the Feasibility Study for the NICO-Gold-Cobalt-Bismuth-Copper Project, Northwest Territories, Canada’, dated April 2, 2014 and prepared by Micon International Limited which has been filed on SEDAR and is available under the Company’s profile at www.sedar.com .

The disclosure of scientific and technical information contained in this news release have been approved by Robin Goad, M.Sc., P.Geo., President and Chief Executive Officer of Fortune and Alex Mezei, M.Sc., P.Eng. Fortune’s Chief Metallurgist, who are ‘Qualified Persons’ under National Instrument 43-101.

About Fortune Minerals

Fortune is a Canadian mining company focused on developing the NICO cobalt-gold-bismuth-copper project in the Northwest Territories and Alberta. Fortune also owns the satellite Sue-Dianne copper-silver-gold deposit located 25 km north of the NICO deposit and is a potential future source of incremental mill feed to extend the life of the NICO concentrator.

Follow Fortune Minerals:

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This press release contains forward-looking information and forward-looking statements within the meaning of applicable securities legislation. This forward-looking information includes statements with respect to, among other things, the exercise of the option by the Company and the purchase of the JFSL site, the construction of the proposed Hydrometallurgical Facility at the JFSL site, the potential for expansion of the NICO Deposit and the Company’s plans to develop the NICO Project. Forward-looking information is based on the opinions and estimates of management as well as certain assumptions at the date the information is given (including, in respect of the forward-looking information contained in this press release, assumptions regarding: the successful completion of the Company’s due diligence investigations on the JFSL site, the Company’s ability to secure the necessary financing to fund the exercise of the option and complete the purchase of the JFSL site, the Company’s ability to complete construction of a NICO Project Hydrometallurgical Facility; the Company’s ability to arrange the necessary financing to continue operations and develop the NICO Project; the receipt of all necessary regulatory approvals for the construction and operation of the NICO Project and the related Hydrometallurgical Facility and the timing thereof; growth in the demand for cobalt; the time required to construct the NICO Project; and the economic environment in which the Company will operate in the future, including the price of gold, cobalt and other by-product metals, anticipated costs and the volumes of metals to be produced at the NICO Project). However, such forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. These factors include the risks that the 2021 drill program may not result in a meaningful expansion of the NICO Deposit, the Company may not be able to complete the purchase of the JFSL site and secure a site for the construction of a Hydrometallurgical Facility, the Company may not be able to finance and develop NICO on favourable terms or at all, uncertainties with respect to the receipt or timing of required permits, approvals and agreements for the development of the NICO Project, including the related Hydrometallurgical Facility, the construction of the NICO Project may take longer than anticipated, the Company may not be able to secure offtake agreements for the metals to be produced at the NICO Project, the Sue-Dianne Property may not be developed to the point where it can provide mill feed to the NICO Project, the inherent risks involved in the exploration and development of mineral properties and in the mining industry in general, the market for products that use cobalt or bismuth may not grow to the extent anticipated, the future supply of cobalt and bismuth may not be as limited as anticipated, the risk of decreases in the market prices of cobalt, bismuth and other metals to be produced by the NICO Project, discrepancies between actual and estimated Mineral Resources or between actual and estimated metallurgical recoveries, uncertainties associated with estimating Mineral Resources and Reserves and the risk that even if such Mineral Resources prove accurate the risk that such Mineral Resources may not be converted into Mineral Reserves once economic conditions are applied, the Company’s production of cobalt, bismuth and other metals may be less than anticipated and other operational and development risks, market risks and regulatory risks. Readers are cautioned to not place undue reliance on forward-looking information because it is possible that predictions, forecasts, projections and other forms of forward-looking information will not be achieved by the Company. The forward-looking information contained herein is made as of the date hereof and the Company assumes no responsibility to update or revise it to reflect new events or circumstances, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250108515555/en/

Fortune Minerals Limited  
Troy Nazarewicz
Investor Relations Manager
info@fortuneminerals.com
Tel: (519) 858-8188
www.fortuneminerals.com

News Provided by Business Wire via QuoteMedia

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Lithium Market Forecast: Top Trends for Lithium in 2025

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Lithium carbonate values saw further declines in the third quarter, starting the 90 day session at US$12,999 per metric ton and shedding 22 percent by September 10, hitting a three year low of US$10,019.

Despite the contraction, market watchers and analysts are viewing Q3 as a price stabilization period for lithium, noting that the battery metal, which was previously in free fall, likely bottomed out in September.

This theory has been reinforced by an upward trend in prices during the first weeks of the fourth quarter.

Some of Q3’s price stability came as lithium producers scaled back output and expenditures to counter slower demand growth, particularly from the electric vehicle (EV) sector, which is the primary driver of lithium demand.

Their response also benefited other segments of the lithium market.

“Prices for lithium carbonate in China remained at a premium to hydroxide in a reflection of the growing regional preference for LFP cathode chemistries over high-nickel NCM. However, this gap remained narrow.”

While chemical prices remained close to equal, spodumene prices fell. Jang said this was a delayed response to the decline in chemical prices, as most spodumene pricing contracts reference the chemical spot market.

The decrease in spodumene prices was also mentioned in a July price assessment from S&P Global Commodity Insights. It notes that spodumene has registered a steep price decline since peaking during Q4 2022.

According to Platts data, spodumene with 6 percent lithium oxide content was assessed at US$950 per metric ton on July 15, FOB Australia basis. That’s down US$7,250, or 88 percent, from its peak on November 18, 2022.

Lithium supply and demand trends in Q3

Market oversupply, subdued spot market activity and a shift in preferred battery chemistries emerged as the most prevalent trends impacting the lithium market between July and the end of September.

“Q3 has been a quiet quarter on the spot market. The majority of demand from midstream consumers of lithium chemicals was satisfied by volumes delivered under contract,” Jang commented. “Cathode producers secured limited extra material on the spot market, adjusting this according to their demand.”

Prices also faced headwinds from a supply imbalance. “Inventories of chemicals in China remained high, which did not support prices. Several lithium producers, especially those higher up the cost curve that were producing from hard rock, reduced or stopped production due to the deteriorating price environment,” she added.

On the battery side, the once-dominant NCM chemistry lost some of its market share to the lithium-rich LFP design.

“LFP demand growth proved stronger than NCM, resulting in increased LFP production, with some cathode producers undertaking the approximately nine month process of switching a portion of their capacity from NCM to LFP,” said Jang.

EV sales climb as market recovers

Although US EV sales figures for 2024 have come in below projections, the broader EV sector made large gains in September when global sales tallies topped 1.7 million units, setting a new monthly record.

According to data from Rho Motion, the banner month for EV sales represents a 22 percent year-to-date increase. Regionally, the Chinese market saw the most significant increase, with 1.1 million new EVs sold.

“This record-breaking month of EV sales brings new hope to the industry,” said Charles Lester, data manager at Rho Motion, in a mid-October article. He went on to note, “While the electrification of transport seems inevitable, the recent slowdown of sales in many parts of the world has sewn seeds of doubt which can now start to be swept aside. However, the regional disparities are astonishing, with China alone accounting for well over half the global total, meanwhile Europe’s numbers are shrinking, and the US and Canada are steadily growing.”

Another end-use segment that saw demand growth in Q3 was the energy storage system (ESS) sector. Jang noted that it grew steadily even as downstream EV sales growth continued to vary widely between different regions.

‘We saw this particularly in North America, where it triggered ESS market participants to secure carbonate ahead of the presidential election in November, fearing tariff increases following either election result,” she said.

Tariffs incentivizing North American EV production

As the third largest producer of lithium and the leader in battery and EV manufacturing, China’s dominance in these markets has led the US, EU and Canada to implement steep tariffs on Chinese EVs.

Most recently, Canada levied a 100 percent tariff on EV imports from the country, citing “unfair” trade policies. China responded quickly by filing a complaint with the World Trade Organization over the 100 percent EV tariffs, as well as Canada’s 25 percent tariffs on aluminum and steel products from the Asian nation.

Although the EV tariffs are meant to protect Canadian automakers and the sector, they do little to address the nation’s supremacy in battery manufacturing, nor do they incentivize regional lithium production.

“Tariffs on raw material imports are likely to be more impactful in spurring regional lithium production than tariffs on EV imports. But domestic automakers tend not to be too fond of this as it raises their cost of production. Domestic automakers are more interested in EV import tariffs of course, but the impact of this on regional lithium production is less direct,’ noted Adam Megginson, an analyst at Benchmark Mineral Intelligence

In the US, tariffs on Chinese lithium-ion batteries for EVs are set to jump from 7.5 percent to 25 percent in 2025, while tariffs on EV imports will climb to 100 percent. However, even as the Biden administration hikes taxes on Chinese EVs, it is offering help to the domestic auto sector.

“We have seen strong funding support at the federal level, with a second round of grants from the US Department of Energy unveiled targeted at battery raw materials projects,” said Megginson.

The analyst went on to note that SWA Lithium, a joint venture company owned by Canada’s Standard Lithium (TSXV:SLI,NYSEAMERICAN:SLI) and Norwegian energy company Equinor (NYSE:EQNR), received a US$225 million grant from the US for the construction of Phase 1 of the South West Arkansas project.

The Department of Energy’s Office of Manufacturing and Energy Supply Chains, which oversees the funding, also awarded a grant to another US-based company. “American lithium project developer TerraVolta was selected by the (Department of Energy) to receive a US$225 million grant for its Liberty Owl project, located in Texarkana, Texas. TerraVolta plans to commence construction in 2028, with production the following year,” said Megginson.

Lithium projects in the pipeline

Although the lithium market remained depressed and well supplied during the third quarter, Benchmark Mineral Intelligence is forecasting a supply shortage starting as early as 2025.

While there are currently 101 lithium mines globally, future supply may struggle to meet growing demand, particularly with China expected to drive a 20 percent annual increase over the next decade.

Low lithium prices have already led to reduced project investments and capital expenditures. However, as Jang pointed out, several significant investments in future supply were made during the third quarter.

“In July 2024, European Lithium (ASX:EUR,OTCQB:EUEMF) and Obeikan Group signed a 50/50 joint venture agreement to jointly develop the construction and operation of a lithium hydroxide facility in Saudi Arabia,” she said.

The Benchmark Mineral Intelligence analyst also noted that the EU signed a framework agreement on critical raw materials supply with the Republic of Serbia in July.

Of course, there were also challenges in the quarter. July saw Rio Tinto’s(ASX:RIO,NYSE:RIO,LSE:RIO) plans to advance the Jadar lithium project in Serbia met with opposition. Protestors were demanding that the country’s government revoke permission for the proposed mine and implement a lithium-mining ban.

An October 7 parliamentary vote in Serbia failed to enact such a ban.

Jang also outlined other notable development news from the quarter, including Ganfeng Lithium’s (OTC Pink:GENF,SZSE:002460,HKEX:1772) August investment in Lithium Argentina’s (TSXV:LIT,OTCQX:LILIF,FSE:OAY3) Pastos Grandes lithium brine project in Salta, Argentina, marking a significant expansion in its South American operations.

Also in August, E3 Lithium (TSXV:ETL,OTCQX:EEMMF) entered a joint development agreement with Pure Lithium to explore the design of a lithium metal anode and battery pilot plant in Alberta, Canada.

“In September 2024, Ganfeng Lithium announced a RMB 500 million (US$70.5 million) investment to boost cathode production at its mica mine and processing project in Inner Mongolia,” she said.

“Additionally, SQM Australia (NYSE:SQM) partnered with Andrada Mining (LSE:ATM,OTCQB:ATMTF) in September to jointly develop the Lithium Ridge asset in Namibia.”

Continuing this trend, Rio Tinto announced plans to spend US$6.7 billion to acquire US-based Arcadium Lithium (NYSE:ALTM,ASX:LTM) in early October.

Lithium trends to watch as 2024 continues

If the lithium market has indeed bottomed, there may be opportunities for those with the right risk appetite.

According to a late July report from Sprott, while the long-term outlook for lithium miners remains positive due to rising demand, many producers have experienced significant share price drops throughout 2024.

The firm believes that given lithium’s demand outlook, these stocks could be well positioned for future growth. For investors, this could mean a chance to invest in lithium miners at lower prices compared to 2023.

On a different note, Megginson encouraged investors to watch the US election moving forward.

‘All eyes will be on the US election to see whether a Trump presidency brings about significant structural changes to the (Inflation Reduction Act), or a Harris presidency strengthens this policy support picture,’ he said.

‘We typically expect demand for lithium chemicals to be highest heading into Q4, as it tends to be the strongest quarter for EV sales. Given that feedstock supply upstream remains fairly strong, and chemicals supply in the midstream remains robust, we may not see much movement in prices to the end of the year,’ added Megginson.

Looking ahead to 2025, the analyst said he expects to see more market consolidation if prices remain rangebound. This could also lead to companies looking for merger and acquisition opportunities.

“In 2025, it will be interesting to see which projects are forced to pause or halt production due to the price level challenging their economics,” he said. “Lastly, we will be watching lithium project developments in Africa closely, as several companies are actively developing capacity in the continent, particularly in Zimbabwe and Namibia.’

Megginson added, “Should this new hard-rock supply come online, and at a sufficient grade quality and consistency, it could pose a challenge to incumbent producers who sit higher up on the cost curve.”

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

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Nickel Price 2024 Year-End Review

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Nickel markets have been underwhelming the past couple of years as an oversupply of the base metal exceeded demand. It was a trend that continued through the last quarter of 2024.

Indonesian supply was the primary force preventing a breakout in the nickel markets. The country continued to be the largest global source, with much of its nickel destined for Chinese-owned refineries in the country.

However, oversupply was also met with weak demand, as China’s economy continued to sputter after the COVID-19 pandemic. The Chinese housing and manufacturing markets are important demand drivers for nickel, which is used in stainless steel products.

Nickel price in Q4

Nickel reached its 2024 peak of US$21,615 per metric ton on May 20, but was back below the US$16,000 mark by the end of July. Following some volatility in August and September, the price of nickel gained momentum at the end of Q3, reaching US$18,221 on October 2.

However, the increased prices were not to last, and nickel spent much of the final quarter in a downward trend.

By the end of October, the price had fallen to US$15,732 before climbing back to US$16,607 on November 7.

Since then, the nickel market has seen some volatility but has continued its downward trend. On December 19, it slumped to its 2024 low of US$15,090. However, it saw some small gains, ending the year at US$15,300 on December 31.

Nickel price, Q4 2024.

Nickel price, Q4 2024.

Chart via Trading Economics.

Nickel’s weak prices are largely due to high output from Indonesia and low demand, particularly from Asian markets, as China’s recovery has failed to gain traction.

As a result, on December 19, it was reported that Indonesia is considering implementing cuts to mining quotas to boost prices. The move would see the country cut output by nearly half, from 272 million metric tons of ore produced in 2024 to 150 million metric tons in 2025.

Additionally, Indonesia is looking to tighten environmental regulation compliance for miners in the new year and could introduce increased volatility into metals markets, including nickel. The move comes not long after it signed several new agreements in November with Chinese companies that would see billions invested in nickel operations in Indonesia.

Indonesia had previously worked to distance itself from China’s partnerships as it sought to improve relations with the United States and be included under the US Inflation Reduction Act (IRA).

The new agreements emerged shortly after Donald Trump won the US presidential election on November 7. Trump’s return to the Oval Office is unlikely to bode well for Indonesian officials seeking to secure a trade deal with the United States. However, a loosening of rules in the IRA might create new inroads for Indonesian nickel producers.

How did nickel perform for the rest of the year?

Nickel price in Q1

The story since the start of the year has been high output from Indonesian operations.

Low prices saw some nickel producers, including First Quantum Minerals (TSX:FM,OTC Pink:FQVLF) and Australia’s Wyloo Metals, cut production. However, New Caledonia was most affected. The country is more dependent on the nickel sector, with industry giants like Glencore (LSE:GLEN,OTC Pink:GLCNF), Eramet (EPA:ERA) and raw materials trader Trafigura owning significant stakes in nickel producers in the country.

Ultimately, cuts there led to a 200 million euro bailout package from the French government, which exacerbated tensions over New Caledonia’s independence from France. Opponents of the agreement argued it risks the territory’s sovereignty and that the mining companies aren’t contributing enough to bail out the mines, which employ thousands.

Nickel price in Q2

The second quarter was defined by a surge in nickel prices.

Positive momentum began to work its way into the market at the end of Q1, as Indonesia experienced delays in approving mining output quotas and speculation grew that Russian nickel could be sanctioned by the US and UK.

On April 12, news broke that Washington and London had banned US and UK metal exchanges from admitting new aluminum, copper and nickel from Russia. Taking immediate effect, the prohibitions also halted the import of those metals causing the price to soar to a year-to-date high of US$21,615 on May 20.

At the time Joe Mazumdar, editor of Exploration Insights, suggested this move would have little impact on the sector.

Ultimately, by the end of the quarter, the price was trending toward US$17,000.

Nickel price in Q3

Nickel saw a strong end to the third quarter with the price rising above the US$18,000 mark.

Nickel found pricing support in September as the Chinese government introduced a raft of stimulus measures intended to boost economic growth in the country. Among the measures were a 0.5 percent interest rate cut on existing mortgages and a reduction in the downpayment required to purchase a home to 15 percent from 25 percent.

The announcement came alongside cuts at Chinese smelters as they were forced to deal with a shortage in feeder supply due to more delays to Indonesia’s permitting and quota system.

Investor takeaway

The nickel market is expected to remain oversupplied for some time.

With China’s economy on a slow path to recovery, demand will remain weak. Meanwhile, supply will likely hinge on if Indonesia chooses to make significant cuts to supply output.

While demand for nickel in electric vehicle batteries is expected to be up 27 percent year-on-year in 2024, producers have also been looking to alternatives that don’t require as much nickel. Additionally, more consumers are looking to plug-in hybrid vehicles with smaller batteries that require less nickel.

Even with the increased demand from the battery sector, nickel is primarily used in stainless steel products, which are still dominated by the Chinese manufacturing and real estate sectors.

Perhaps the most significant factors to consider are political. A new administration in the United States and a shift in the IRA’s approach to sourcing critical metals like nickel could alter the landscape for nickel producers in 2025.

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

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Barrick Gold Facing Mali Export Restrictions, May Halt Mine Operations

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Major miner Barrick Gold (TSX:ABX,NYSE:GOLD) remains unable to export gold from its Loulo-Gounkoto mining complex in Mali due to ongoing restrictions imposed by the country’s government.

In a Monday (January 6) press release, the company said the situation has escalated further with the issuance of an interim attachment order on the existing gold stock at the site, halting exports and impacting daily operations.

Mark Bristow, Barrick’s president and CEO, said the restrictions could force the company to suspend operations at the site if the dispute is not resolved in the coming week. He emphasized that Barrick views the attachment order as unjustified and contrary to dispute resolution processes previously agreed upon with Mali’s government.

Barrick is seeking arbitration through the International Center for the Settlement of Investment Disputes.

“In parallel, Barrick continues its efforts to reach an agreement with the Mali government on a memorandum of agreement to resolve the existing disputes, redefine the partnership’s future and increase the State’s share of benefits from the Loulo-Gounkoto complex,” Bristow added in the company’s announcement.

The mining complex, one of Barrick’s key operations in West Africa, employs approximately 8,000 people. Bristow indicated that suspending operations would be a last resort, but necessary to manage ongoing disruptions.

Barrick is engaging with the Malian government to reach an agreement that redefines their partnership. Discussions are also focused on increasing Mali’s share of the operation’s economic benefits via a memorandum of understanding.

The situation has been further complicated by the detention of several of Barrick’s Malian employees. According to the company, the charges against these workers are unfounded.

Bristow reiterated that securing the release of the detained employees and ensuring their safety remains a top priority.

Moving forward, the company will continue to pursue legal and diplomatic avenues to resolve its issues in Mali, while safeguarding the interests of its workforce and stakeholders.

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

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Perpetua Gets US Forest Service Approval for Stibnite Gold-Antimony Project

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Perpetua Resources (TSX:PPTA,NASDAQ:PPTA) has secured final approval from the US Forest Service (USFS) for its Stibnite gold project in Idaho, advancing the redevelopment of the long-dormant site.

The approval follows eight years of interagency review, environmental assessment and public consultation.

According to the company, Stibnite is notable for containing the only identified reserve of antimony in the US. The mineral is critical to the defense, energy storage and advanced technology sectors.

While Stibnite is expected to be one of the country’s highest-grade open-pit gold mines, Perpetua also believes the asset will help reduce US dependence on foreign supply chains, particularly in light of Chinese export restrictions.

The site, located in Valley County, Idaho, has been inactive for decades. The company’s redevelopment plan includes extracting gold, silver and antimony, while undertaking comprehensive environmental remediation of the area.

Stibnite is projected to generate over US$1 billion, and will create an estimated 550 jobs during its operational phase.

Jon Cherry, president and CEO of Perpetua, described the approval as a key step in advancing to construction.

“This approval elevates the Stibnite Gold Project to an elite class of projects in America that have cleared (the National Environmental Policy Act),” he said in the company’s Monday (January 6) press release. “The Stibnite gold project can deliver decisive wins for our communities, the environment, the economy, and our national security.’

In addition to future development, Perpetua’s plan outlines the removal of old tailings, waste rock and other materials that have contributed to water quality issues in the area. Cascade Mayor Judy Nissula welcomed the project’s approval, citing its potential economic benefits and Perpetua’s engagement with the local community.

“These are the type of companies we want in Cascade and we look forward to Perpetua’s next chapter in our community now that they received a positive Final Record of Decision from the U.S. Forest Service,” she remarked.

Stibnite is expected to produce approximately 450,000 ounces of gold annually during its initial four years of operation, alongside additional antimony production. The project’s estimated antimony reserves are projected to meet about 35 percent of US annual demand for the critical mineral over the first six years of operation.

Antimony is listed by the US government as a critical mineral due to its use in munitions, batteries and flame retardants.

The approval process for Stibnite began in 2016, and the Forest Service issued a draft environmental impact statement (EIS) in 2020, followed by a supplemental draft EIS in 2022 and a final EIS in late 2024.

Perpetua Resources has secured funding through a technology investment agreement under the Defense Production Act, which allocates US$59.2 million to support construction readiness and permitting.

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

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Trudeau Resigns, Canadian and US Markets React

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Canadian markets showed mixed reactions following Prime Minister Justin Trudeau’s resignation.

The S&P/TSX Composite Index (INDEXTSI:OSPTX) closed lower on Monday (January 6), while the Canadian dollar gained strength against the US dollar, reflecting diverging investor sentiment.

The index dropped by 142.14 points to settle at 24,995.93, marking a 0.57 percent decline from its starting point for the day. Meanwhile, the Canadian dollar rose to 69.7 cents US, reaching a near three week high.

Overall, the market’s performance was uneven across sectors. Eight of the 10 major sectors on the TSX experienced declines, with consumer staples seeing the most significant drop at 1.6 percent.

Gold wrapped up the day at the US$2,640 per ounce level, while copper futures climbed to US$4.16 per pound.

Energy stocks gained modestly, reflecting higher oil prices earlier in the day. West Texas Intermediate crude futures ultimately ended Monday at the US$73.50 per barrel level, while Brent crude finished around US$76.20 per barrel.

Meanwhile, the technology sector showed resilience, buoyed by the absence of further developments on the Canadian capital gains tax proposal introduced last year. The proposed tax changes, criticized by parts of the business community, remain stalled due to Trudeau’s resignation and the subsequent suspension of parliamentary activities.

South of the border, US markets demonstrated mixed results. The Dow Jones Industrial Average (INDEXDJX:.DJI) dipped by 25.57 points, closing at 42,706.56, while the S&P 500 (INDEXSP:.INX) gained 32.91 points to end at 5,975.38. The Nasdaq Composite (INDEXNASDAQ:.IXIC) rose by 243.3 points, driven by gains in large-cap technology stocks.

Microsoft’s (NASDAQ:MSFT) announcement of an US$80 billion investment in artificial intelligence infrastructure contributed to the Nasdaq’s rise, boosting semiconductor companies, including NVIDIA (NASDAQ:NVDA).

Trudeau resignation a result of ‘political infighting’

Trudeau’s decision to step down comes amid mounting pressure from within his party and declining public approval ahead of a Canadian federal election, which will be held later this year.

‘This country deserves a real choice in the next election, and it has become clear to me that if I’m having to fight internal battles, I cannot be the best option in that election,’ he said during a press conference on Monday.

Trudeau confirmed that he will remain in office until the Liberal Party selects a new leader. Parliament will be suspended until March 24, pending the leadership transition.

The news places Canada’s political landscape in limbo. While some analysts view the prospect of a Conservative-led government as a catalyst for more business-friendly policies, others see the interim period as a source of risk.

‘The (expected) change in government could usher in a policy agenda that stimulates economic growth,’ Ian Chong, portfolio manager at First Avenue Investment Counsel, told Reuters.

Sachit Mehra, president of the Liberal Party, confirmed that the party’s board of directors will convene this week to outline the leadership selection process. ‘Liberals across the country are immensely grateful to Justin Trudeau for more than a decade of leadership to our Party and the country,” he said in a statement.

Trudeau was elected to head the party in 2013 and won the role of prime minister in 2015. His leadership has spanned nine years, during which his government prioritized climate policy, social programs and pandemic response measures.

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

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Top 5 NASDAQ Cybersecurity Stocks in 2025

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Security is becoming a growing global concern, both online and off.

Diverse companies are stepping up to provide solutions for individuals and businesses, and some of them are seeing impressive share price gains as they meet increasing demand for consumer safety.

Emerging quantum computing technology is a rising source of concern for cybersecurity, as quantum computers may be able to break the cryptographic methods currently used for encryption.

1. SEALSQ (NASDAQ:LAES)

Year-over-year gain: 475.91 percent
Market cap: US$767.01 million
Share price: US$7.89

SEALSQ specializes in semiconductors, public key infrastructure and post-quantum technology. Its parent company is WISeKey International, another security technology company on this list. SEALQ is developing post-quantum cryptography methods that will be secure against threats from quantum computers. The company plans to launch its quantum-resistant hardware platform QS7001 in 2025.

After trading rather flat for much of 2024, SEALSQ has seen its share price really take off in the final weeks of the year and into the new year. The stock reached a yearly high of US$9.08 on December 27.

The company has reached a number of milestone events that have increased its value in the eyes of investors. In mid- December, SEALSQ announced several partnerships for its technology, including one with distributed ledger technology company Hedera, which will use the cybersecurity company’s quantum-resistant chips for long-term security of Hedera’s blockchain network.

The partners’ technology will also be a part of a January satellite launch with another WISeKey subidiary, WISeSat.Space, which is discussed further in the next entry.

2. WISeKey International Holding (NASDAQ:WKEY)

Company Profile

Year-over-year gain: 449.04 percent
Market cap: US$101 million
Share price: US$10.04

WISeKey International Holding is a global cybersecurity, artificial intelligence (AI), and Internet of Things (IoT) technology company.

WISeKey also traded sideways for most of 2024 before a seeing a substantial share price rally to close out the year. The stock hit a yearly high of US$13 on December 26.

Like its subsidiary SEALSQ, WISeKey made some important announcements in December that brought them to the attention of the marketplace. The company confirmed on December 13 that its subsidiary WISeSat.Space’s WISeSat satellites will be a part of the January 14, 2025, SpaceX satellite launch from the Vandenberg Space Force Base in California. The satellites are equipped with SEALSQ’s post-quantum chips and partner Hedera’s blockchain technology.

Early in 2025, WISeKey plans to bring to market its Quantum RootKey advanced cryptographic technology “designed to secure digital identities, systems, and communications against the imminent threat posed by quantum computing.”

3. Allot (NASDAQ:ALLT)

Year-over-year gain: 346.45 percent
Market cap: US$265.44 million
Share price: US$6.91

Allot offers network intelligence and security-as-a-service (SECaaS) solutions for service providers around the world. This includes network and application analytics, traffic control and shaping, and network-based security services.

Shares in Allot experienced a gradual rise over the past year before really heating up in the fourth quarter and into 2025. The stock’s yearly high of US$6.90 came on January 6.

In its Q3 2024 financial report, Allot highlighted revenues of US$23.2 million, up 5 percent over the previous quarter and up 3 percent year-over-year. This was led by growth in its SECaaS segment, which saw revenue of US$4.7 million, a 69 percent year-over-year jump.

In recent weeks, the company has inked service agreements with key broadband providers including Japan’s Asahi Net, Portugal’s MEO and British telecommunications firm Vodafone UK.

4. Arqit Quantum (NASDAQ:ARQQ)

Company Profile

Year-over-year gain: 258.14 percent
Market cap: US$480.03 million
Share price: US$38.30

Arqit Quantum is a quantum-safe encryption technology company that supplies an encryption platform-as-a-service “which makes the communications links of any networked device, cloud machine or data at rest secure against both current and future forms of attack on encryption – even from a quantum computer.”

After seeing a share price bump in the first quarter of 2024, Arqit’s stock traded on a gradual downward slope until the fourth quarter. The stock reached a yearly high of US$43.83 on December 26.

Arqit garnered the distinction of a 2024 International Data Corp (IDC) Innovator for post-quantum cryptography in September, joining one of only five vendors recognized by IDC for providing potential quantum cyberattack solutions.

In its 2024 fiscal year report ended 30 September, Arqit reported revenue of US$293,000. Heading into 2025, the company is set to begin revenue generation through a multi-year enterprise license contract with a government end user, with annual recurring revenue totaling seven figures.

5. OneSpan (NASDAQ:OSPN)

Year-over-year gain: 90.8 percent
Market cap:US$716.13 million
Share price: US$18.85

OneSpan is a cybersecurity company that provides security, identity, electronic signature and digital workflow solutions to secure digital agreements and business transactions. Its customers include global blue-chip enterprises and more than 60 percent of the world’s largest 100 banks.

OneSpan’s share price has climbed steadily upward over the past year to reach a yearly high of US$19.38 on December 16.

In October 2024, the company introduced a new phishing-resistant transaction security solution, VISION FX. It’s designed to “strengthen protection against phishing and account takeover threats (ATO), setting a standard for banking security.”

The following month, OneSpan announced a partnership with Ping Identity in which Ping Identity will offer OneSpan’s password-free authentication solutions through its partner program.

“By partnering with Ping Identity, we’re making it easier for organizations to leverage high assurance hardware-based authentication with Ping Identity’s market-leading identity management solutions,” said Giovanni Verhaeghe, OneSpan senior vice president of corporate and business development.

In its Q3 2024 financials report, OneSpan reported a subscription revenue increase of 29 percent year-over-year to US$33.6 million. Annual recurring revenue increased 9 percent year-over-year to US$163.9 million. Overall, total revenue was down 4 percent year-over-year to US$56.2 million. In mid-December, the company declared that a quarterly cash dividend of US$0.12 per share will be paid on February 14, 2025.

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

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