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Apollo Silver Announces $2.5 Million Upsize to Previously Announced Financing to Allow for Insider Participation

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Apollo Silver Corp. (‘Apollo Silver’ or the ‘Company’) (TSX.V:APGO, OTCQB:APGOF, Frankfurt:6ZF) is pleased to announce that it has upsized its previously announced non-brokered private placement by an additional $2,500,000, to be subscribed for primarily by insiders of the Company, for total aggregate gross proceeds of up to $27,500,000, through the issuance of up to 5,500,000 units (the ‘Units’) at a price of $5.00 per Unit (the ‘Upsized Offering’).

As previously announced, Mr. Eric Sprott and a fund managed by Jupiter Asset Management (the ‘Jupiter Fund‘), Apollo Silver’s two largest shareholders, are participating in the Upsized Offering, and will each subscribe for 2,500,000 Units of the Company, for combined gross proceeds of $25,000,000. Following completion of the Upsized Offering, the Jupiter Fund will own approximately 12% of Apollo Silver’s issued and outstanding common shares, while Eric Sprott will own approximately 9.5%, on an undiluted basis. On a partially diluted basis, each investor’s ownership interest will increase accordingly.

Each Unit issued pursuant to the Upsized Offering will consist of one common share (a ‘Share‘) in the capital of the Company and one common Share purchase warrant (a ‘Warrant‘). Each Warrant entitles the holder thereof to purchase one Share at an exercise price of $7.00 for 24 months from the closing date of the Upsized Offering.

All securities issued in connection with the Upsized Offering will be subject to a four-month hold period from the date of closing. Finder’s fees may be payable on some or all of the funds raised, in accordance with the policies of the TSX Venture Exchange (the ‘TSXV‘). The Company intends to use the net proceeds from the Upsized Offering to fund exploration and development activities across the Company’s projects, as well as for general working capital and corporate purposes.

Closing of the Upsized Offering is subject to regulatory approval, including that of the TSXV.

The Upsized Offering is expected to include participation by certain insiders of the Company for an aggregate amount of up to $2,500,000. Such participation constitutes a ‘related party transaction’ under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (‘MI 61-101’). The issuance of securities to insiders will be exempt from the valuation requirement pursuant to section 5.5(b) of MI 61-101, as the Company’s shares are not listed on a specified market, and from the minority shareholder approval requirement pursuant to section 5.7(a) of MI 61-101, as the fair market value of the securities issued to related parties will not exceed twenty-five percent of the Company’s market capitalization.

The Shares have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the ‘U.S. Securities Act‘), or any U.S. state securities laws, and may not be offered or sold in the United States without registration under the U.S. Securities Act and all applicable state securities laws or compliance with the requirements of an applicable exemption therefrom. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Apollo Silver Corp.

Apollo Silver is advancing one of the largest undeveloped primary silver projects in the US. The Calico project hosts a large, bulk minable silver deposit with significant barite credits – a critical mineral essential to the US energy and medical sectors. The Company also holds an option on the Cinco de Mayo Project in Chihuahua, Mexico, which is host to a major carbonate replacement (CRD) deposit that is both high-grade and large tonnage. Led by an experienced and award-winning management team, Apollo Silver is well positioned to advance the assets and deliver value through exploration and development.

Please visit www.apollosilver.com for further information.

ON BEHALF OF THE BOARD OF DIRECTORS

Ross McElroy
President and CEO

For further information, please contact:

Email: info@apollosilver.com

Telephone: +1 (604) 428-6128

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

Cautionary Statement Regarding ‘Forward-Looking’ Information

This news release includes ‘forward-looking statements’ and ‘forward-looking information’ within the meaning of Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are forward-looking statements including, without limitation, statements with respect to the expected timing for completion of the Upsized Offering, and the intended use of proceeds from the Upsized Offering. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as ‘anticipate’, ‘believe’, ‘plan’, ‘estimate’, ‘expect’, ‘potential’, ‘target’, ‘budget’ and ‘intend’ and statements that an event or result ‘may’, ‘will’, ‘should’, ‘could’ or ‘might’ occur or be achieved and other similar expressions and includes the negatives thereof.

Forward-looking statements are based on the reasonable assumptions, estimates, analysis, and opinions of the management of the Company made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made. Forward-looking information is based on reasonable assumptions that have been made by the Company as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may have caused actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks associated with mineral exploration and development; metal and mineral prices; availability of capital; accuracy of the Company’s projections and estimates; realization of mineral resource estimates, interest and exchange rates; competition; stock price fluctuations; availability of drilling equipment and access; actual results of current exploration activities; government regulation; political or economic developments; environmental risks; insurance risks; capital expenditures; operating or technical difficulties in connection with development activities; personnel relations; and changes in Project parameters as plans continue to be refined. Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to the price of silver, gold and barite; the demand for silver, gold and barite; the ability to carry on exploration and development activities; the timely receipt of any required approvals; the ability to obtain qualified personnel, equipment and services in a timely and cost-efficient manner; the ability to operate in a safe, efficient and effective matter; and the regulatory framework regarding environmental matters, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information contained herein, except in accordance with applicable securities laws. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding the Company’s expected financial and operational performance and the Company’s plans and objectives and may not be appropriate for other purposes. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

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International Lithium Corp. Updates on Lepidico Arbitration Determination

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International Lithium Corp. (TSXV: ILC,OTC:ILHMF) (OTCQB: ILHMF) (FSE: IAH) (the ‘Company’ or ‘ILC’) announces that on December 24, 2025, it received the arbitration determination for Lepidico’s dispute with Jiangxi Jinhui Lithium Co., Ltd. (‘Jinhui’) in China. Lepidico Chemicals Namibia (Pty) Ltd (‘Lepidico Namibia’) was the party involved in the arbitration. The dispute dates back to events prior to Lepidico’s acquisition of TSXV-quoted Desert Lion Energy Inc. in 2019.

ILC structured the deal announced on September 9, 2025, to buy Lepidico Mauritius as an option precisely because it wanted to wait and see the outcome of the arbitration decision. Lepidico Mauritius owns 80% of Lepidico Namibia, which, in turn, owns the entire Karibib Lithium, Rubidium and Cesium project (the ‘Karibib Project’).

The arbitration took place at the Singapore International Arbitration Centre (‘SIAC’) as provided for in the contract between the parties. It is understood that the case was referred to arbitration at the direction of the State Administration of Foreign Exchange (‘SAFE’), a Chinese state body and regulator under the People’s Bank of China. The contract between the parties was under Ontario law. There were no Canadians on the arbitration tribunal. A tribunal of three arbitrators was appointed. The presiding arbitrator and a co-arbitrator were both Professors who are nationals of and resident in China; the second co-arbitrator was a Singapore national. The arbitration determination was issued in Chinese, with an English translation. This differs from the Singapore court system, where all proceedings and judgments are conducted in English.

The outcome was unfavourable to Lepidico Namibia and resulted in a determination in favour of Jinhui.

ILC currently holds an option, is a secured creditor, and believes in the future of the Karibib Project. ILC’s board is considering various courses of action and expects to make further announcements in due course.

About International Lithium Corp.

International Lithium Corp. has exploration activities in Ontario, Canada, with intentions to expand into Southern Africa. It has projects at various stages, ranging from Definitive Feasibility Study at Rubicon in Namibia (note that ILC currently has an option only and is treating this as historic information at this point and not a current resource for ILC) to Preliminary Economic Assessment at Raleigh Lake to Pre-Drilling at Wolf Ridge. The primary target metals in Canada are lithium, rubidium and copper. There are three projects (two in Ontario and one in Ireland) in which ILC has sold its share, but where the Company stands to receive future payments from either a resource milestone being achieved or from a Net Smelter Royalty. In Namibia the Karibib project contains lithium, rubidium and cesium.

While the world’s politicians remain divided on the future of the energy market’s historic dependence on oil and gas and on ‘Net Zero’, there is in any scenario an ever-increasing and significant demand for electricity driven by AI and data centres, and by a likely unstoppable momentum towards electric vehicles and grid-scale electricity storage. All of these contribute to rising demand for lithium, copper, and other metals. Rubidium is also a critical metal, strategic for high-precision clocks, space technology, and improving the performance of certain types of solar panels. ILC has seen the politically driven, increasingly urgent push by the USA, Canada, the EU, and other major economies to safeguard their supplies of critical minerals and to become more self-sufficient. The Company’s Canadian and Southern African projects, which contain lithium, rubidium, cesium and copper, are strategic in this regard.

The Company’s key mission for the next decade is to generate revenue for its shareholders from lithium and other critical minerals while also contributing to the creation of a greener, cleaner planet and less polluted cities.

This includes optimizing the value of ILC’s existing projects in Canada as well as finding, exploring and developing projects that have the potential to become world-class deposits. The Company announced that it regards Southern Africa as a key strategic target market and, in addition to Namibia, it has applied for and hopes to receive EPOs in Zimbabwe. The board hopes to make further announcements on the portfolio developments over the next few weeks and months.

The Company’s interests in various projects now consist of the following, and in addition, the Company continues to seek other opportunities:

Name Metal Location Stage Area in Hectares Current Ownership Percentage Future Ownership % if options exercised and/or residual interest Operator or JV Partner
Raleigh Lake Lithium
Rubidium		 Ontario Dec 2023 : PEA for Li completed Apr 2023 Maiden Resource Estimates for Li and Rb 32,900 100% 100% ILC
Rubicon + Helikon + Exclusive Prospecting Licence Lithium
Rubidium
Cesium		 Karibib, Namibia 2021 : Feasibility Study completed for Li, Rb and Cs under JORC 29,500 0 % 80% Lepidico; ILC if option exercised
Firesteel Copper, Cobalt Ontario Initial Drilling 6,600 90% 90% ILC
Wolf Ridge Lithium Ontario Pre-Drilling 5,700 0% 100% ILC
Mavis Lake Lithium Ontario May 2023
Maiden Resource Estimate		 2,600 0% 0%
(carries an extra earn-in payment of AUD$ 0.75 million if resource targets met)		 Critical Resources Limited (ASX:CRR)
Avalonia Lithium Ireland Drilling 29,200 0% 0%
2.0% Net Smelter Royalty		 GFL Intl Co Ltd. (owned by Ganfeng Lithium Group Co. Ltd)
Forgan/
Lucky Lakes 		Lithium Ontario Drilling < 500 0% 0%
1.5% Net Smelter Royalty		 Power Minerals Limited (ASX:PNN)

 

The Company’s primary strategic focus at this point is on the Raleigh Lake Project, comprising lithium and rubidium, and the Firesteel copper project in Canada, as well as obtaining EPOs and mineral claims in Zimbabwe. The Karibib projects in Namibia, including further development of the EPL there, will be a high priority if ILC decides to remain involved.

The Raleigh Lake Project now encompasses 32,900 hectares (329 square kilometres) of mineral claims in Ontario and represents ILC’s most significant project in Canada. To date, drilling has occurred on less than 1,000 hectares of the Company’s claims. A Preliminary Economic Assessment was published for ILC’s lithium at Raleigh Lake in December 2023, with a detailed economic analysis of ILC’s separate rubidium resource still pending. Raleigh Lake is 100% owned by ILC, free from any encumbrances and royalties. The Raleigh Lake Project boasts excellent access to roads, rail, and utilities.

A continuing goal has been to remain a well-funded, strategically run company that turns ILC’s aspirations into reality. Following the disposal of the Mariana project in Argentina in 2021, the Mavis Lake project in Canada in 2022, and the Avalonia project in 2025, ILC has continued to generate sufficient cash inflows to advance its exploration projects.

With increasing demand for high-tech rechargeable batteries used in electric vehicles, energy storage, and portable electronics, lithium has been dubbed ‘the new oil’. It is a key part of a green, sustainable economy. By positioning itself on projects with significant resource potential and solid strategic partners, ILC aims to become a preferred lithium and critical minerals resource developer for investors and to continue building value for its shareholders throughout the 2020s, the decade of battery metals.

On behalf of the Company,

John Wisbey
Chairman and CEO
www.internationallithium.ca

For further information concerning this news release, please contact info@internationallithium.ca or ILC@yellowjerseypr.com.

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

Cautionary Statement Regarding Forward-Looking Information

Except for statements of historical fact, this news release or other releases contain certain ‘forward-looking information’ within the meaning of applicable securities law. Forward-looking information or forward-looking statements in this or other news releases may include: the timing of completion of any offering and the amount to be raised, the likelihood or otherwise of the Company exercising its option on Lepidico Mauritius, the outcome of arbitration and resulting actions and negotiations involving Lepidico Namibia and its stakeholders, the effect of results of anticipated production rates, the timing and/or anticipated results of drilling on the Raleigh Lake or Karibib or Firesteel or Wolf Ridge projects, the expectation of resource estimates, preliminary economic assessments, feasibility studies, the ability to renew mining licences or claims, lithium or rubidium or cesium or copper recoveries, modeling of capital and operating costs, results of studies utilizing various technologies at the company’s projects, the Company’s budgeted expenditures, future plans for expansion in Southern Africa and planned exploration work on its projects, increased value of shareholder investments in the Company, the potential from the Company’s third party earn-out or royalty arrangements, the future demand for lithium, rubidium, cesium and copper, and assumptions about ethical behaviour by our joint venture partners or third party operators of projects or royalty partners. Such forward-looking information is based on assumptions and subject to a variety of risks and uncertainties, including but not limited to those discussed in the sections entitled ‘Risks’ and ‘Forward-Looking Statements’ in the interim and annual Management’s Discussion and Analysis which are available at www.sedarplus.ca. While management believes that the assumptions made are reasonable, there can be no assurance that forward-looking statements will prove to be accurate. Should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Forward-looking information herein, and all subsequent written and oral forward-looking information are based on expectations, estimates and opinions of management on the dates they are made that, while considered reasonable by the Company as of the time of such statements, are subject to significant business, economic, legislative, and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect and are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management’s estimates or opinions change.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/279116

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Rick Rule, Ed Steer, Vince Lanci and More — Our Top 5 Interviews of the Year

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Don Durrett: Gold, Silver Price Targets and 15 ‘Must-Own’ Silver Stocks

Kicking off the list in the fifth spot is Don Durrett of GoldStockData.com.

In this January interview, Don shared his silver and gold price outlook for 2025, as well as his 15 ‘must-own’ silver stocks. We don’t have time here for the full list, but I’ll leave the link to the video below. For now, here’s Don talking about why he’s so bullish on silver and gold stocks.

Peter Grandich: Gold Mines Set to Print Cash as Price Hits New Highs

Peter Grandich of Peter Grandich & Co. is next.

This interview is from all the way back in February, when gold was still around US$2,800 per ounce. Peter talked about how US$5,000 was no longer sounding outlandish to him, and also explained how the higher gold price could impact mining companies.

Vince Lanci: Silver’s London Liquidity Crisis — What’s Happening, What’s Next

Vince Lanci of Echobay Partners is always a popular guest, and in mid-October he helped break down unusual dynamics in silver, which had broken through US$50 per ounce.

Ed Steer: Silver Rally Now Unstoppable, Price to Hit Triple Digits

Ed Steer of Ed Steer’s Gold and Silver Digest comes in at number two. This interview is also from mid-October, and in it Ed weighed in on the silver market’s complex inner workings. Ed also gave his thoughts on the precious metal’s long-term prospects.

Rick Rule: Gold Strategy, Oil Stocks I Own, ‘Sure Money’ in Uranium

Finally, our most popular interview of 2025 was with none other than Rick Rule of Rule Investment Media. In this early November conversation, he said he had recently sold 25 percent of his junior gold stocks; he also explained why he did it and how he redeployed that capital.

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

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Jeffrey Christian: Gold, Silver at Record Prices, Expect Spikes Higher in 2026

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Jeffrey Christian, managing partner at CPM Group, shares his outlook for gold and silver in 2026, explaining why he expects higher prices for the metals.

‘We think that 2026 is going to be a more hostile environment than 2025, and that will cause investors to buy more gold and silver. So we’re expecting gold and silver prices to spike higher than they are today at times during 2026,’ he explained.

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

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Altius Minerals to Expand Portfolio with C$520 Million Lithium Royalty Deal

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Altius Minerals (TSX:ALS,OTCQX:ATUSF) is making a bet on a lithium market recovery, agreeing to acquire Lithium Royalty (TSX:LIRC) in a C$520 million deal that will expand its exposure to battery metals.

Under a definitive agreement announced by the two companies on Monday (December 22), Altius plans to purchase all of the issued common and convertible common shares of Lithium Royalty for C$9.50 each.

The amount will be paid as either C$9.50 in cash or 0.24 of a common Altius share, according to shareholders’ election.

For Altius, the acquisition will allow it to bring a portfolio of 37 lithium royalties into its fold. None of them involve streams, and they span projects from production through early exploration.

Four of the royalties are tied to producing assets, three of which were commissioned in 2025 and are currently ramping up or expanding. Another 12 projects are in advanced stages with completed economic studies, while three to five additional assets are targeting startup between 2026 and 2030.

The company said the portfolio is geographically concentrated in lower-risk jurisdictions, with most assets located in Canada, Australia and South America, and diversified across both brine-based and hard-rock lithium production.

At the current spot price, Altius expects the acquired royalties to contribute between US$29 million and US$43.7 million in annual revenue by the end of the decade. Lithium carbonate equivalent prices fell to multi-year lows in 2025, holding below US$9,000 per metric ton for most of the year, even as demand continues to expand beyond electric vehicles.

Altius said global lithium demand is expected to exceed 1.5 million metric tons of lithium carbonate equivalent in 2025, with supply deficits potentially re-emerging as early as 2026 after years of oversupply.

Altius Chief Executive Brian Dalton said lithium has “emerged as a mainstream scale mined commodity,” and described the acquired portfolio as featuring “very long resource lives,” strong cost positioning and low jurisdictional risk.

A special shareholders’ meeting is scheduled to happen no later than March 10, 2026.

If approved, the deal is expected to close in the first quarter of 2026, after which Lithium Royalty shares will be delisted and the company will cease to be a reporting issuer in Canada.

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

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Craig Hemke: Silver, Gold’s “Outstanding” Year — Will 2026 Bring a Repeat?

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Craig Hemke, publisher of TFMetalsReport.com, shares his thoughts on the gold and silver markets heading into 2026, outlining why he remains bullish.

‘Just keep adding some — it’s your protection against the madness. It’ll get you through the storm,’ he said. ‘It preserves your net worth from the destruction of these bankers and politicians.’

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

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5 Best-performing Canadian Oil and Gas Stocks of 2025

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The oil and gas sector closed 2025 amid sharp swings, as ample supply and uneven demand weighed on prices across energy markets.

Crude benchmarks trended lower through the year, with rising output from non-OPEC producers, led by record US production, and higher OPEC+ quotas creating a persistent supply overhang.

After starting 2025 above US$70 per barrel, both Brent and WTI fell more than 20 percent, sliding toward four-year lows as inventories swelled and demand growth softened, particularly in China.

Natural gas followed a different, but equally volatile, path. Prices weakened through the summer on comfortable storage levels, before rebounding late in the year as colder weather lifted heating demand.

While short-term weather shocks pushed prices higher, the broader outlook remains shaped by storage dynamics, production strength and shifting forecasts into 2026, setting a complex backdrop for oil and gas equities heading into the year ahead.

Against that backdrop, the five top-performing oil and gas stocks on the TSX and TSXV have seen share price growth. All year-to-date performance and share price data was obtained on December 22, 2025, using TradingView’s stock screener. Oil and gas companies with market caps above C$10 million at that time were considered.

1. Cavvy Energy (TSX:CVVY)

Year-to-date gain: 227.27 percent
Market cap: C$258.65 million
Share price: C$0.90

Cavvy Energy is a Canadian energy company based in Calgary, Alberta, with operations in Alberta and British Columbia. The company operates as a upstream producer and midstream custom processor, and produces natural gas, condensate and gas liquids, and sulfur.

In a November 7 press release, the company underscored a strong operational and financial performance in the third quarter of 2025, producing 23,956 barrels of oil equivalent per day and generating C$30.6 million in net operating income.

According to CEO and President Darcy Reding, the results were supported by a 14 percent increase in third-party processing volumes over the prior quarter, while hedging gains helped cushion the impact of a weak summer gas market for AECO natural gas spot prices.

The company also strengthened its forward outlook by securing a structured pricing agreement for 2026 sulfur sales, providing downside protection while maintaining exposure to higher prices.

Shares of Cavvy Energy rose to a year-to-date high of C$0.96 on November 20.

Cavvy Energy’s 2026 guidance projects steady production of 22,000 to 24,500 barrels of oil equivalent per day (boe/d) and a significant 25 percent increase in net operating income compared with 2025, underpinned by strong sulfur and third-party processing revenues.

The Calgary-based producer plans to aggressively reduce long-term debt by up to C$50 million using its free cash flow, targeting year-end 2026 debt of C$110 million to C$125 million, while maintaining disciplined capital spending of C$35 million to C$40 million.

2. Falcon Oil & Gas (TSXV:FO)

Year-to-date gain: 150 percent
Market cap: C$221.83 million
Share price: C$0.20

Headquartered in Ireland, Falcon Oil & Gas is an international oil and gas company that specializes in the exploration and development of unconventional oil and gas assets, with interests in assets in Australia, South Africa and Hungary.

On January 24, Falcon issued its first corporate update of 2025, announcing the launch of a well stimulation campaign as part of the Shenandoah South pilot project the Beetaloo Sub-basin, located in the Northern Territory of Australia.

The company has a 22.5 interest in the Beetaloo joint venture, with Tamboran Resources (NYSE:TBN,ASX:TBN) owning the remaining 77.5 percent.

On September 30, Falcon announced it had entered into a definitive agreement to be wholly acquired by joint venture partner Tamboran. The combination will create a company with roughly 2.9 million net prospective acres across Australia’s Beetaloo Basin and a projected market cap of US$500 million.

The deal is expected to close in the first quarter of 2026.

In mid-October, Falcon reported Tamboran completed its three-well batch drilling campaign in the Beetaloo Sub-basin, with all wells drilled, cased and suspended ahead of stimulation.

Shares of Falcon reached a year-to-date high of C$0.215 on December 5, coinciding with an uptick in oil benchmark values.

On December 15, Falcon reported progress at its Shenandoah South project in Australia after Tamboran completed the stimulation program at the SS2-1H well.

The campaign included 58 stimulation stages across a roughly 3,050 meter horizontal section in the Amungee Member B Shale, with high injection rates and an optimized design that is expected to reduce costs in future programs.

Initial flow testing is planned for Q1 2026, with three additional wells set for stimulation in H1 2026 ahead of gas sales, targeting the contracted 40 million cubic feet per day under the Northern Territory Gas Sales Agreement.

3. Crown Point Energy (TSXV:CWV)

Year-to-date gain: 142.11 percent
Market cap: C$16.77 million
Share price: C$0.23

Crown Point Energy is an oil and gas exploration and development company headquartered in Argentina. The company has operations in four producing basins in the country: the Golfo San Jorge basin in Santa Cruz, the Austral basin in Tierra del Fuego, and the Neuquén and Cuyo basins in Mendoza.

In August, Crown Point Energy reported its financial and operating results for its Q2 and H1 2025 periods, with average Q2 production of 4,083 boe/d and quarterly sales revenue from that production of US$22.2 million. The update highlighted continued growth and strategic investment in its Argentine concessions.

Additionally, the company provided an update on its agreements with Tecpetrol, YPF and Pampa Energía, through which it plans to acquire a 95 percent total interest in the El Tordillo, La Tapera and Puesto Quiroga concessions in Chubut.

A late September press release provided a 2024 reserve update for the Chubut concessions.

The Pampa Energía deal has since closed, resulting in Crown Point Energy acquiring an initial 35.6706 percent interest in the three concessions. The Tecpetrol and YPF asset deals are still in progress.

Shares of Crown Point Energy rallied to a year-to-date high of C$0.24 twice in 2025, first on February 12 and again on November 2.

4. Spartan Delta (TSX:SDE)

Year-to-date gain: 105.44 percent
Market cap: C$1.41 billion
Share price: C$7.17

Spartan Delta is a Canadian oil and gas company focused on sustainable value creation through disciplined operations and financial performance. The company operates a portfolio of production and development assets in Alberta’s Deep Basin and Duvernay, with an emphasis on generating free funds flow through responsible exploration and development.

Spartan continues to advance its organic drilling program while pursuing operational efficiencies, asset optimization and consolidation opportunities.

In a November announcement, Spartan highlighted robust operational and financial results for Q3 2025, with production of 43,193 boe/d, up 17 percent from the same quarter last year and 12 percent from Q2 2025, with crude oil production surging 272 percent year-over-year.

The company generated C$82.7 million in oil and gas sales and C$50.4 million in adjusted funds flow, despite historically low Albertan benchmark gas prices in September. Spartan executed a C$105.1 million capital program, primarily focused on drilling and completions, and has net debt of C$178.9 million.

To manage price volatility, the company has hedged 98,880 gigajoules per day of natural gas at C$2.35 per gigajoule and 3,149 barrels of crude oil at C$97.77 per barrel for Q4 2025.

A rally in benchmark crude prices in December added tailwinds to Spartan’s shares which registered a year-to-date high of C$7.80 on December 4.

5. Eco (Atlantic) Oil & Gas (TSXV:EOG)

Year-to-date gain: 97.44 percent
Market cap: C$116.64 million
Share price: C$0.385

Eco Atlantic is a publicly traded oil and gas exploration company focused on the Atlantic Margin. The company holds offshore exploration licenses in Guyana, Namibia and South Africa, targeting low-carbon intensity oil and gas resources in stable emerging markets near existing infrastructure.

Eco operates the 1,354 square kilometer offshore Orinduik Block in Guyana, oversees four offshore licenses in Namibia’s Walvis Basin covering 22,894 square-kilometers, and holds interests in South Africa’s Orange Basin totaling approximately 37,510 square kilometers.

In November, Eco reported steady progress across its offshore portfolio for fiscal Q2 2026, maintaining a strong balance sheet with US$2.1 million in cash and no debt, alongside total assets of US$18.9 million.

In South Africa, the company advanced work on Block 1 CBK, completing seismic data acquisition and a renaming of the block in honor of late co-founder Colin Brent Kinley. Additionally, its partner continued Block 3B/4B preparations ahead of planned exploration drilling, and identified the Nayla prospect.

In Namibia, Eco secured a one-year license extension for exploration across its four PELs and farmed out its working interest in PEL 98 to Namibian company Lamda Energy, with additional farm-out opportunities under review.

Offshore Guyana, the company remained engaged in a farm-out process for the Orinduik Block and is evaluating appraisal of the Jethro-1 and Joe-1 heavy oil discoveries.

On December 4, Eco Atlantic announced it entered a strategic partnership with Navitas Petroleum, through which the latter company can acquire exclusive options to farm into the Orinduik Block in Guyana and Block 1 CBK in South Africa.

Navitas will carry Eco’s share of exploration and potential development costs, including appraisal of existing heavy oil discoveries, with repayment tied to future production proceeds.

The news of the agreement led shares of Eco to soar from its December open of C$0.145, and they registered a year-to-date high of C$0.48 on December 17, 2025.

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

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What is the Santa Claus Rally and Has it Arrived?

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The holiday season brings more than festive cheer, as for investors, it may signal the start of the so-called Santa Claus rally.

The Santa Claus rally is a period between the final trading days of December and the first days of January when stocks tend to climb. While this seasonal uptick isn’t guaranteed, historical data shows that markets rise more often than not during this window, driven by investor optimism, low trading volumes and year-end portfolio adjustments.

Historically, the last five trading days of December and the first two of January have been a period of above-average stock gains, offering a short, sharp rally for markets heading into the new year.

According to the Stock Trader’s Almanac, the Santa Claus rally has delivered an average gain of 1.3 percent for the S&P 500 (INDEXSP:.INX) since 1950. The phenomenon was first documented in 1972 by Yale Hirsch, founder of the Almanac, and continues to shape investor expectations today.

As for whether 2025 will deliver a Santa Claus rally to close out the year, after a choppy first half for December, markets have shown signs that a late-year recovery is possible.

When does the Santa Claus rally start?

The Santa Claus rally typically occurs over the final five trading days of December and the first two trading days of January. For 2025, the rally window begins on Wednesday, December 24, and runs through Monday, January 5, if historical patterns hold.

This narrow window often yields modest, yet consistent, returns for investors who time the market correctly.

While the rally’s timeframe is traditionally short, its effects can ripple through the market into early January. Essentially, a strong performance during this period can set the tone for January.

However, the exact timing of the Santa Claus rally can vary. Some analysts suggest that the rally has started earlier in recent years as investors attempt to front run the effect by increasing their positions in mid-December. This shift may blur the lines between the Santa Claus rally and broader December market upswings.

Will 2025 deliver a Santa Claus Rally?

This year, the S&P 500 fell during the middle of the month following a cooler-than-expected, albeit controversial, inflation report, which raised hopes for additional interest-rate cuts next year.

Despite this downturn, analysts note that a weak start to December has often failed to derail Santa’s run. Since 1950, the S&P 500 finished the Santa Claus rally period higher in 77 percent of years, even after early-month declines. By the end of the week, the index had already regained some ground, and it continued higher in the days leading up to Christmas.

“Barring any major shocks, it will be hard to fight the overwhelmingly positive seasonal period we are entering and the cleaner positioning set-up,” Goldman Sachs’ (NYSE:GS) trading desk team wrote in a note to clients, as reported by Bloomberg. ‘While we don’t necessarily see a dramatic rally, we do think there is room to go up from here into year end.”

Jeffrey Hirsch, editor-in-chief of the Stock Trader’s Almanac and Yale Hirsch’s son, also weighed in on the markets.

“It looks like (the Santa Claus rally) is set up and we can make another high by the end of the year,” he told MarketWatch. Hirsch cited cooler inflation readings and slower job growth in November, which may give the Federal Reserve room to cut interest rates in 2026.

It remains to be seen whether these predictions will come true, or if the market will be weighed down by factors including recent volatility in technology and artificial-intelligence-linked stocks.

Is the Santa Claus rally reliable?

Despite skepticism in some quarters, historical data supports the existence of the Santa Claus rally, and it is well documented.

Historically, the Santa Claus rally has been a relatively consistent period of gains. That said, historical patterns do not guarantee results, and not every year delivers the expected results. The S&P 500 lost about half a percentage point during the Santa rally period in 2024, and consecutive losses are rare but possible.

Columnist Mark Hulbert has expressed skepticism about the event in the past, noting that there is no definitive evidence that the market consistently outperforms during this period.

“An analysis of the past century reveals that the stock market in the weeks prior to Christmas is no more likely to rally than at other times of the year. (I suggest investors) ignore any arguments based on an alleged Santa Claus Rally,” Hulbert warned in an opinion piece posted on MarketWatch in 2018.

In 2019, for example, the market experienced volatility in December, defying the usual pattern.

In a December 2025 interview with CNBC, Jeffrey Hirsch cautioned that failure to rally is not an immediate bear-market signal, but rather “a flag to start looking at the other data — whether it’s seasonal indicators or other fundamental or technical measures.”

Despite the varying takes, many investors view the rally as a psychological phenomenon — one that influences market sentiment even if the returns are marginal.

Strategies for the Santa Claus rally

Now that the Santa Claus rally seems to be underway, investors interested in joining in have a variety of options, including domestic markets, international diversification or targeted sector plays such as mega-cap tech stocks.

As always, consulting with a financial advisor and conducting thorough research remains essential. While the Santa Claus rally offers potential rewards, market conditions can shift quickly, making flexibility and prudence key to success.

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

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Biotech Market Forecast: Top Trends for Biotech in 2026

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The biotech sector is entering 2026 with a positive outlook, characterized by reasonable valuations, robust oncology momentum and supportive policy tailwinds. This combination is setting the stage for a continued recovery, driven in part by the integration of artificial intelligence (AI).

However, this sectoral resurgence must navigate a tug-of-war between supportive stimulus and structural risks, which have the potential to challenge the pace of recovery.

Biotech sector rebounding after US uncertainty

According to Song, biotech has rebounded since its lows in April of this year.

Company valuations are trading at a 15 percent discount to broader markets on forward price-to-earnings, with secular demand intact for oncology, obesity and chronic diseases. In Song’s view, the biotech industry’s rebound stems from reduced uncertainty under the administration of US President Donald Trump.

Song added that valuations across healthcare are reasonable, noting rotational flows from cooling AI hype.

“I can’t deny that there have been some rotational effects that not just biotech has benefited (from), but healthcare in general,’ he commented. “While AI is an important driver in healthcare, to our view, it certainly is not priced in to the largest extent in many pockets of healthcare.”

Key biotech sector catalysts in 2026

Song sees healthcare’s recovery extending into 2026, with oncology remaining the primary growth engine.

He characterized the current sector resurgence as a durable structural shift being fueled by key developments that present tangible investment opportunities, including anticipated positive clinical trial outcomes, such as those for Revolution Medicines’ (NASDAQ:RVMD) pancreatic cancer drug.

“They have a lead drug that blocks an important pathway called RAS … and they could have a potential breakthrough in pancreatic cancer. They’re running a Phase III trial to demonstrate a potential survival benefit. There could be meaningful progress there,” Song noted. A data readout is expected next year.

Outside oncology, Song flagged high-profile biotech catalysts that could broaden the sector’s 2026 rally.

“Non-peptide oral GLP-1s … are clearly going to be an important data set readout and launch that could occur next year,” he explained, citing Eli Lilly’s (NYSE:LLY) orforglipron, a daily pill that hit Phase III success for type 2 diabetes and obesity in 2025. Approval is expected in 2026, and he believes it could be a potential game changer in obesity and chronic disease treatments, an area dominated by biotech innovators.

Song also sees validation ahead for platform technologies.

A dual-track recovery for biotech

While macro analysts see a broad cyclical recovery in 2026, Song predicts that the market will be defined by a dual-track recovery: a diagnostics-led initial public offering (IPO) surge, and a biopharma M&A environment focused on companies with the clinical validation required to alter the current standard of care.

Renaissance Capital predicts a faster pace for biotech IPOs, with a strong pipeline of companies such as Aktis Oncology, a radiopharma diagnostics firm targeting solid tumors, ready to list for US$100 million.

Additionally, AlphaSense forecasts steady M&A flow as companies rebuild their pipelines in the new year, a trend that Song sees as a structural necessity rather than a simple trend. “It’s an important pillar where Big Pharma needs to replenish their pipelines, and they can’t all do it internally,” he explained.

Consequently, he believes the primary “hunting ground” for these deals is mid-cap territory, where acquiring one or two proven drugs can effectively move the needle for a large pharmaceutical giant.

AI in the biotech sector

Song maintained that AI has not reached full valuation in the sector, and its role is expected to grow, with significant future productivity gains predicted in biopharma, drug discovery, clinical development and healthcare delivery.

“We’ve done some preliminary work that that that suggests there could be … productivity gains in areas like biopharmaceuticals and drug discovery and clinical development,” Song explained, adding that these are long-term projections. He sees a more immediate economic impact in how care is managed.

“Since healthcare is a large part of the US and global economy, and growing quickly in terms of healthcare costs, there are also opportunities for efficiency gains, which could lead to margin and consumer gains,” he noted. This revolution in delivery is already a key focus for his firm’s Tema Oncology ETF (NASDAQ:CANC).

However, life science market analyst Anastasia Bystritskaya warned that valuation and productivity are not synonymous, as high-performing models do not automatically become revenue-producing products. For investors, the real inflection point is operational integration rather than operating as a standalone prototype.

Drive for efficiency is expected to take a practical form in 2026 through what Sergey Jakimov, managing partner at longevity and biotech venture capital firm LongeVC, described as the “doctor in your hand.”

This AI companion manages routine, low-complexity tasks between clinic visits.

LongeVC anticipates that this shift to a regulated digital workflow will allow AI to identify meaningful clinical signals continuously without overburdening primary care teams.

This democratization of discovery creates a new competitive landscape for the hunting ground Song described; if AI-enabled teams can dissect complex pathways without a billion-dollar balance sheet, the traditional R&D model of Big Pharma faces a permanent disruption. In this new era, the innovation gap could be filled by agile players who use technology to act with the scale of a giant, but the speed of a startup.

Investor takeaway

Despite sector momentum, headwinds remain, particularly regarding the stability of clinical research funding.

A November report in JAMA Internal Medicine reveals that 383 clinical trials recently had their grants terminated, disrupting progress for over 74,000 participants. Dr. Gary K. Zammit, founder of Clinilabs, warned these reductions in National Institutes of Health funding risk slowing future commercial development of innovative therapies.

Macroeconomic headwinds, including rising tariffs and early labor market weakness, also present a material challenge.

Ultimately, the 2026 biotech outlook balances promising catalysts with the need for strategic capital deployment and a focus on clinically validated platform technologies, ensuring a durable expansion for the sector.

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

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