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Cleantech Market Update: Q3 2025 in Review

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The cleantech sector experienced a dynamic third quarter, with predictions of volatility coming to fruition.

While global investment in renewable energy is strong, notable pullbacks in US spending and regulatory challenges under the Trump administration have clouded the near-term cleantech outlook. Electric vehicle (EV) sales showed mixed trends, with a rush observed ahead of the phase-out of American federal tax incentives at the end of September.

The quarter was also marked by several major mergers, funding rounds and technological developments.

Regulatory currents and investment flows shape cleantech market

The third quarter began with important cleantech policy signals and shifts in industry strategy.

Although global capital flows into renewables reached a record US$386 billion in H1 2025, according to data analyzed by BloombergNEF, a steep 36 percent year-on-year drop in US renewable project spending reflects investor uncertainty in response to changing policy conditions and the expiration of tax incentives.

Regulatory headwinds took center stage as the US Environmental Protection Agency under Lee Zeldin sought to overturn the agency’s scientific findings on greenhouse gases, stirring debate on climate regulatory directions.

Meanwhile, the Trump administration’s Department of the Interior moved to halt the planned US$6 billion Maryland offshore wind project, and paused work on Orsted’s (CPH: ORSTED,OTC Pink:DNNGY) Rhode Island offshore wind farm, triggering market pushback and state-level efforts to resume construction.

A judge later allowed the continuation of construction on the Rhode Island wind farm amid legal challenges.

While offshore wind faced setbacks from regulatory halts and legal challenges, the US solar sector demonstrated resilience, experiencing a notable 25 percent increase in corporate M&A activity in H1.

That increase was highlighted by Brookfield Renewable Partners’ (NYSE:BEP) US$2.8 billion acquisition of Duke Energy’s (NYSE:DUK) solar assets, as well as FlexGen’s purchase of Powin.

During Climate Week NYC, power giant Constellation Energy (NASDAQ:CEG) CEO Joseph Dominguez noted the potential for consolidation in the renewables sector. Despite federal tax credit phase-outs, wind and solar are supported by over 30 state-level programs, creating evolving investment opportunities for well-capitalized companies.

Adding to this insight, former US Vice President Al Gore emphasized the need to reconsider nuclear power as artificial intelligence (AI) electricity demand grows. While skeptical about the high costs of small modular reactors, Gore sees fusion power as promising, but probably farther off than some optimists predict.

He acknowledged that green hydrogen sentiment is overly optimistic, noting that its “bubble has burst” due to slow cost declines, although it retains promise for heavy industry uses like low-emissions steel production.

Aside from that, Gore referred to direct air capture as “overhyped” and not a “safe bet,” while calling deep geothermal “properly hyped,” but with uncertain commercial timelines.

At the same time, US Secretary of Energy Chris Wright indicated that an overhaul of permitting processes would expedite energy infrastructure projects facing intense opposition; however, the government shutdown, now heading into its third week, has created significant uncertainty and will likely lead to further delays.

Despite perceived setbacks, Q3 brought private sector investment in scalable clean infrastructure. Investors increasingly backed cleantech initiatives focused on transformative growth and digital infrastructure aligned with the evolving energy transition. Notable financing rounds went toward low-carbon data centers and battery storage. Investments like climate fintech firm Eventual’s US$7.5 million in seed funding also hint at growing investor interest.

These cleantech sector developments highlight a complex landscape where regulatory challenges in the US coexist with ongoing innovation and investment momentum, setting the stage for a critical period of adjustment and opportunity in the renewable energy sector, both above and below the American border.

In an interview with the Globe and Mail, Jigar Shah, former director of the Loans Program Office in the US Department of Energy, said Canadian cleantech firms have an opportunity to fill the void left in the industry by the US, but that decisive action is required to prevent companies from seeking out other jurisdictions.

Twists and turns in the EV race

The third quarter marked a pivotal period for the EV market.

Cox Automotive forecast in September that EV sales would hit a record of 409,000 units in Q3, in line with previous estimates that predicted a surge as buyers rushed in before the end of the US federal EV tax credit.

Automakers Ford Motor (NASDAQ:F), General Motors (NYSE:GM) and Hyundai Motor (KRX:005380,OTC Pink:HYMTF), all of which have extended EV discounts to after the expiration of the tax credit, reported record EV sales in Q3, with Ford’s EV sales rising over 30 percent, and GM’s EV sales more than doubling thanks to a diverse product lineup under the Chevrolet and Cadillac brands. Hyundai showed a 13 percent year-on-year increase, driven by EV sales.

In September, Ford announced a multibillion-dollar investment in American EV manufacturing facilities to pioneer a novel, efficient assembly process, aiming for a 2027 launch of a competitively priced midsize electric pickup.

Tesla’s (NASDAQ:TSLA) third quarter deliveries also hit a record, with estimates showing about 149,500 units, slightly higher compared to the 143,535 units reported in the second quarter. However, Cox Automotive’s numbers show that the company’s US market share has been steadily decreasing, slipping to 38 percent in August.

CEO Elon Musk said that the company will devote more of its resources to developing AI-driven autonomy going forward. Its robotaxi program officially launched this quarter, with initial testing beginning on July 1. The company reportedly experienced three crashes on its first day, underscoring ongoing technical hurdles. The National Highway Traffic Safety Administration has since launched another investigation into Tesla vehicles’ full self-driving technology, its second this year, after regulators received more than 50 reports of traffic violations and crashes.

Tesla also revealed its long-awaited more affordable EV models at the start of the fourth quarter. They were met with with cautious optimism by market participants. Investors will be carefully watching how these new models fare against intense price competition from domestic and foreign EV manufacturers.

Meanwhile, Tesla’s position in China continues to face pressure, with domestic manufacturer BYD Company (OTC Pink:BYDDF) surging ahead with a substantial lead. BYD delivered 582,500 pure EVs in the third quarter, nearly doubling Tesla’s China sales, which rebounded thanks to sales of the new Model Y L.

Advances in autonomous vehicle partnerships also progressed during the the third quarter, with Lyft (NASDAQ:LYFT) and Waymo collaborating on robotaxi services announced for launch next year in Nashville.

Waymo has moved to expand its user base by launching a new enterprise product, Waymo for Business, offering subsidized employee or event rides in its robotaxis in San Francisco, Los Angeles and Phoenix.

Facing rising competition, Uber Technologies (NYSE:UBER) said it plans to integrate autonomous vehicles alongside human drivers, partnering with Nuro and Lucid Group (NASDAQ:LCID) in a three part deal, with Uber purchasing 20,000 Lucid electric robotaxis over six years alongside licensing fees for Nuro’s self-driving technology.

Under the terms of the agreement, Uber will acquire minority stakes in both companies. The first robotaxis are expected to launch in a major US city next year.

Cleantech forecast for 2025

Q4 will be pivotal as the cleantech sector adjusts to the withdrawal of key federal incentives in the US, such as the rooftop solar tax credit, set to expire on December 31, and grapples with regulatory uncertainties.

Offshore wind projects face legal and administrative hurdles that may reshape regional renewable energy development.

Meanwhile, emerging areas of the cleantech market — such as advanced nuclear and climate fintech — offer promising growth paths, but require coordinated policy and investment frameworks. Reflecting this challenge, 11 states are collaborating to accelerate the development of advanced nuclear energy within their borders, seeking to create a strong and credible demand signal by coordinating commitments and dividing financial risks.

In autonomous vehicle innovation, Amazon’s (NASDAQ:AMZN) self-driving car subsidiary Zoox is seeking broader regulatory approval to operate up to 2,500 cars without traditional human controls.

If approved, Zoox would be able to conduct a first-of-its-kind paid commercial robotaxi service.

The US Department of Transportation plans to propose rules in spring 2026 to modernize vehicle safety standards for automated driving systems, including relaxing requirements tied to manual controls.

Forward-looking industry voices suggest cautious optimism, emphasizing the critical role of innovation, policy clarity and market adaptation in sustaining cleantech momentum into 2026.

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

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Australia, US Pen Rare Earth Metals Deal in Albanese-Trump Meeting

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Australian Prime Minister Anthony Albanese and US President Donald Trump signed a rare earths deal during their meeting at the White House on Monday (October 20).

The meeting was set to focus on critical minerals and rare earths, with Albanese telling Bloomberg on Sunday (October 19) that it would also be an opportunity to “consolidate and strengthen” the Australia-US relationship.

According to insiders, the deal had been in the works for five months.

During the meeting, Trump said he “never had any doubts” about the countries’ bond, adding that “there’s never been anybody better.” For his part, Albanese described the deal as an US$8.5 billion pipeline ‘that we have ready to go.’

The signing happened after opening remarks from Trump, during which the US president called the deal a “key objective” in reducing reliance on China. “Within a year, we’ll have critical minerals and rare earths that you won’t know what to do with them,” Trump said, adding, ‘They’ll be worth about two dollars.’

China currently holds the world’s largest rare earths reserves and is the top producer by far, but Australia has been highlighted as a key player as trade tensions between the US and China ramp up.

The country is home to some of the most significant rare earths operations globally, such as Lynas Rare Earths’ (ASX:LYC,OTC Pink:LYSDY) Mount Weld mine, and Arafura Rare Earths’ (ASX:ARU,OTC Pink:ARAFF) Nolans project.

Last week, several companies, such as Nova Minerals (ASX:NVA,NASDAQ:NVA), were invited to brief the Australian government on key projects prior to the country’s meeting with the US.

Nova was instructed to include an overview of its flagship Estelle gold project, including the key minerals identified, planned expansion activities and the company’s engagement with US government agencies.

The same goes for Resolution Minerals (ASX:RML,OTCQB:RLMLF), which was invited for a briefer on its Idaho-based Horse Heaven gold-antimony-tungsten project.

Both Nova and Resolution were among the top-gaining mining stocks on the ASX last week.

Trump supports Biden-era AUKUS deal

Albanese and Trump also discussed the AUKUS submarine deal, a multibillion-dollar agreement between Australia, the UK and the US, which is geared at boosting security in the Indo-Pacific region.

When asked whether AUKUS is meant to be a “deterrent” for China, Trump answered yes. However, he also said he doesn’t think that will be needed as the US military is the best in the world.

‘We’re going to get along great with China,’ he said.

AUKUS is worth around US$239 billion, or AU$368 billion, over 30 years.

Starting in 2032, Australia plans to buy three Virginia-class submarines from the US, with the option to get two more. These will fill the gap while the UK and Australia develop a new submarine model. Trump also said the US is working on building more submarines for Australia and is going to expedite submarine exports to the country.

Australia is expected to receive the first of the new submarines in the early 2040s.

Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.

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Torchlight Innovations (Doing Business as RZOLV Technologies) Announces Preliminary Positive Results on Rare Earth and Critical Mineral Recoveries

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Torchlight Innovations Inc. (TSXV: TLX.P) (‘Torchlight’ or ‘the Company’), doing business as RZOLV Technologies, is pleased to announce positive preliminary results from its metallurgical testing program focused on rare earth and critical mineral leaching using its proprietary RZOLV™ reagent system.

Modern economies are increasingly dependent on a broad suite of critical minerals and rare earth elements—including lithium, cobalt, nickel, praseodymium, tellurium, gallium, scandium, and others—that are essential to clean energy, advanced electronics, battery storage, and defense technologies.

According to the International Energy Agency (IEA), these minerals are ‘crucial to the performance of batteries, permanent magnets, and other clean energy technologies.’ The U.S. Department of Energy (DOE) similarly notes that critical minerals ‘are vital for a wide range of industries, including clean energy and defense,’ powering systems such as solar panels, wind turbines, and electric vehicle batteries. As traditional high-grade deposits become harder to access, attention is shifting toward secondary and unconventional sources such as tailings, mine waste, low-grade ores, brines, and industrial by-products. (Sources: https://www.iea.org/topics/critical-minerals| https://www.energy.gov/fecm/articles/developing-domestic-supply-critical-minerals-and-materials)

In this emerging landscape, a reagent like RZOLV™, capable of dissolving over twenty such elements, represents a potentially transformative advancement in sustainable mineral recovery.

Key Highlights

  • Multi-Element Recovery: RZOLV™ dissolved over 25 critical and rare earth elements under mild, non-toxic conditions, with standout recoveries of cerium (73%), manganese (64%), and cobalt (60%).
  • REE and Base Metal Versatility: Consistent recoveries (40-45%) for mid-series rare earths such as samarium, europium, and gadolinium demonstrate RZOLV™’s broad leaching capability across both transition and lanthanide elements, validating its cross-commodity potential.
  • Proven Chemistry: The reagent’s redox-complex system mobilizes metals without cyanide or harsh acids, enabling clean, efficient extraction.
  • Cross-Commodity Flexibility: Consistent recoveries across both base and rare earth elements confirm broad market potential.
  • Proven Compatibility: Leach solutions integrate easily with standard ion-exchange and solvent-extraction systems for scalable downstream recovery.
  • Compatibility with Standard Hydrometallurgy: RZOLV™ leach solutions are compatible with ion-exchange (IX) and solvent-extraction (SX) systems, providing efficient and selective pathways for downstream metal recovery and purification.
  • Sustainable Advantage: Operates at ambient temperature and low pH-lowering environmental risk, reducing cost, and unlocking value from tailings and low-grade sources.

Multi-Element Leachability Assessment of Critical and Rare Earth Samples Using the RZOLV™ Reagent System

Overview

Laboratory metallurgical investigations were undertaken to evaluate the leachability of multiple metallic and rare earth elements (REEs) from mineralized feedstocks obtained from two U.S.-based mining projects. The objective of this program was to assess the broader metal-solubilization potential of the RZOLV™ lixiviant system and to characterize its selectivity and efficiency across a diverse elemental suite.

Testing was performed using the standard RZOLV™ formulation without process optimization or reagent adjustment. As such, future results may vary depending on feed composition, mineralogy, and site-specific conditions.

Methodology

Representative composite samples were subjected to a series of bottle-roll leaching tests under controlled laboratory conditions. Each test employed the proprietary RZOLV™ non-cyanide leach reagent under standardized parameters designed to simulate low-intensity, ambient-temperature leaching environments.

Tests were conducted in sealed 1-liter HDPE vessels agitated continuously for 72 hours to ensure uniform contact between solids and solution. Post-leach solids (tails) were separated by vacuum filtration and washed thoroughly with deionized water to remove entrained solution. Pregnant leach solutions (PLS) were analyzed by Atomic Absorption Spectrometry, while head and residue samples were submitted to ALS Laboratories, an ISO-accredited analytical facility, for 61-element inductively coupled plasma-mass spectrometry (ICP-MS) analysis. Elemental recoveries to solution were calculated by mass balance, comparing head and residue assays for each element to quantify percentage dissolution.

Results and Discussion

The following table summarizes the unoptimized relative solubility of key metals and rare earth elements under the test conditions. Head and residue MS-ICP assays were compared to determine recovery to solution.

ELEMENT NAME ELEMENT SYMBOL NET RECOVERY
BERYLLIUM Be (%)
CERIUM Ce 73.50%
MANGANESE Mn 64.26%
COBALT Co 60.00%
CHROMIUM Cr 47.35%
GADOLINIUM Gd 45.00%
SAMARIUM Sm 44.12%
YTTRIUM Y 43.55%
EUROPIUM Eu 43.48%
NEODYMIUM Nd 43.48%
TERBIUM Tb1 42.86%
DYSPROSIUM Dy 42.81%
PRASEODYMIUM Pr 42.25%
LANTHANUM La 40.74%
HOLMIUM Ho 40.30%
ERBIUM Er 38.10%
NICKEL Ni 36.36%
VANADIUM V 33.33%
LUTETIUM Lu 33.33%
THULIUM Tm 31.43%
URANIUM U 27.59%
TELLURIUM Te 27.34%
BERYLLIUM Be 26.24%
INDIUM In 23.53%
YTTERBIUM Yb 22.58%
SCANDIUM Sc 16.96%

Interpretation

The results confirm that the RZOLV™ system promotes substantial solubilization of rare-earth elements, particularly cerium (73%), manganese (64%), and cobalt (50%), validating its oxidative and complexation capacity under mild acidic conditions.

Mid-series lanthanides (Sm, Eu, Gd) achieved recoveries of 40-45 %, consistent with partial liberation from refractory oxide or phosphate phases.

Lower recoveries of niobium (18%), scandium (17%), and lithium (23%) reflect incorporation within stable mineral matrices (e.g., columbite-tantalite, zircon, or silicate lattices) that require stronger oxidative or thermal activation for efficient leaching.

Recovery of Metallic and Rare Earth Elements from RZOLV™ Leach Solutions

Following the successful leaching of multiple metallic and rare earth elements (REEs) using the RZOLV™ lixiviant system, downstream recovery methods were considered to determine viable pathways for selective metal capture, concentration, and purification. The focus of this stage of investigation was to assess the suitability of ion exchange (IX) and solvent extraction (SX) systems for recovering valuable metals and REEs from pregnant leach solutions (PLS) generated under standard RZOLV™ leach conditions.

The RZOLV™ reagent produces a low-pH, moderately oxidizing solution characterized by high solubility for transition metals and trivalent rare-earth species. This chemistry aligns well with conventional hydrometallurgical separation methods, provided resin or extractant compatibility is maintained under the mildly acidic matrix.

Preliminary evaluations indicate that ion exchange and solvent extraction could be highly effective downstream recovery methods for RZOLV-derived leach solutions. Ion exchange offers rapid, high-capacity capture of base and rare-earth metals, while solvent extraction provides refined selectivity for high-purity product separation. Both methods are compatible with RZOLV’s low-toxicity matrix, enabling environmentally responsible and economically viable metal recovery.

Environmental and Process Implications

The multi-element solubilization profile underscores the potential of RZOLV™ as a selective and environmentally benign lixiviant for both precious-metal and critical-mineral recovery.

The reagent’s design eliminates the need for cyanide, chloride, or nitrate oxidants—minimizing hazardous effluents—while its regenerative electrochemical cycle enables near-closed-loop operation. Because RZOLV™ functions under mild aqueous conditions, without extreme temperatures, concentrated acids, or high-pressure systems, it offers a flexible and energy-efficient pathway for extracting critical minerals from complex matrices.

This adaptability allows deployment in diverse applications including ores, tailings, slag, low-grade stockpiles, flotation residues, concentrates, and industrial waste streams, with minimal process re-engineering. Closed-loop regeneration further reduces reagent consumption and operating costs, improving economic viability even for dilute or low-grade sources.

Key Benefits

  • Unlocking latent value: Enables recovery of valuable elements from waste or tailings, converting liabilities into revenue streams.
  • Reduced environmental footprint: Operates at ambient conditions with non-toxic reagents, reducing chemical hazards and remediation needs.
  • Cross-commodity flexibility: Capable of dissolving over twenty critical minerals, adaptable to multiple feed types and market shifts.
  • Support for circular economy and resource security: Facilitates domestic recovery of critical minerals and aligns with global sustainability objectives.

Conclusions

Bottle-roll test results and ICP-MS analyses confirm that RZOLV™ promotes significant dissolution across multiple elemental groups through synergistic redox-complexation chemistry. High recoveries of Ce, Mn, and Co highlight its oxidative power, while consistent REE mobilization demonstrates its capacity for complex formation under mild conditions. The results validate RZOLV™ as a versatile, low toxicity lixiviant for both precious and critical mineral extraction. Ongoing research is focused on refining reagent concentration, pH, and electrochemical regeneration to further enhance recovery efficiencies for refractory elements.

This research is preliminary in nature. Assay results are based on head/tails ICP-MS performed by ALS Labs. Test materials have been subjected to the standard RZOLV™ formula with no reagent optimization. Results will vary based on minerology and this data provides no guarantee of future success or economic viability.

About Torchlight Innovations Inc. (doing business as RZOLV Technologies)

Torchlight Innovations is a clean-technology company with a mission to transform the global mining industry through safer, sustainable, and high-performance extraction technologies. The Company has developed RZOLV™, a proprietary non-toxic, water-based hydrometallurgical formula that replaces cyanide in gold leaching.

While cyanide has been the industry standard for over a century, its toxicity has led to widespread environmental concerns, costly permitting, and outright bans in several jurisdictions. RZOLV™ offers equivalent recovery efficiency and cost performance with a non-toxic, reusable, and environmentally responsible profile.

The Company is currently focused on validating its technology through industrial-scale pilot programs, after which full commercialization and licensing activities will begin. The Company has safeguarded RZOLV through 2 international patent filings and a comprehensive intellectual-property framework that includes protection for its chemical formulation, regeneration processes, and specific applications in heap leaching, vat leaching, tank leaching and concentrate treatment.

Contact

Duane Nelson
President and CEO
Torchlight Innovations Inc.
Email: duane@innovationmining.com
Phone: 604-512-8118

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.

Forward-Looking Statements

This News Release contains ‘forward-looking information’ and ‘forward-looking statements’ within the meaning of applicable Canadian and United States securities legislation. Statements contained herein that are not based on historical or current fact, including without limitation statements containing the words ‘anticipates,’ ‘believes,’ ‘may,’ ‘continues,’ ‘estimates,’ ‘expects,’ and ‘will’ and words of similar import, constitute ‘forward-looking statements’ within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking information may include, but is not limited to, information with respect to our Research and Development activities Wherever possible, words such as ‘plans’, ‘expects’, ‘projects’, ‘assumes’, ‘budget’, ‘strategy’, ‘scheduled’, ‘estimates’, ‘forecasts’, ‘anticipates’, ‘believes’, ‘intends’, ‘targets’ and similar expressions or statements that certain actions, events or results ‘may’, ‘could’, ‘would’, ‘might’ or ‘will’ be taken, occur or be achieved, or the negative forms of any of these terms and similar expressions, have been used to identify forward-looking statements and information. Statements concerning future revenue or earnings estimates may also be deemed to constitute forward-looking information. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be forward-looking information. Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by the forward-looking information. Forward-looking information is based on the expectations and opinions of the Company’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise. We do not assume any obligation to update forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable law. For the reasons set forth above, prospective investors should not place undue reliance on forward-looking information.

Source

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Rich Checkan: Gold Nowhere Near Top, Use Price Dips to Buy

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Morgan Stanley (NYSE:MS) recently recommended that investors consider a 60-20-20 portfolio where 20 percent is allocated to gold.

Rich Checkan, president and COO of Asset Strategies International, crunches the numbers, explaining what that type of shift could mean for the yellow metal.

He also shares his thoughts on gold and silver’s ongoing price run.

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

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Copper Price Update: Q3 2025 in Review

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Copper prices were volatile during Q3, swinging to record highs of US$5.81 per pound on the COMEX.

The movement was fueled by traders importing copper products into the US following President Donald Trump’s tariff announcement on July 8. However, prices fell in early August as the White House clarified its plans.

Since then, copper has reverted to being driven largely by its usual supply/demand fundamentals.

What happened to the copper price in Q3?

Copper prices opened the quarter at US$5.05, but quickly gained strength on the back of tariff fears, rising to US$5.65 on July 8. With little information about specifics, prices continued to rise — as mentioned, COMEX copper hit an all-time high of US$5.81 on July 23, but quickly plummeted to US$4.40 per pound by July 31.

At the start of August, copper prices saw further declines, reaching a quarterly low of US$4.37 on August 5. From there, prices hovered around the US$4.40 to US$4.50 range for the rest of the month and into September.

Copper price, July 1 to October 17, 2025.

Copper price, July 1 to October 17, 2025.

Chart via TradingEconomics.

At the start of September, copper experienced some upward momentum, but really took off in the middle of the month as supply fundamentals took over. By the end of September, prices were closing back in on US$5.

Since the end of the quarter, the copper market has continued to gain strength, with prices breaking through US$5 on October 3 and rising to US$5.11 on October 9.

US copper tariffs stoke price volatility

The big story to start the quarter was the Trump administration’s copper tariff announcement on July 8.

The news came after months of speculation following the government’s February launch of an investigation into how tariffs could be used to bolster national security under Section 232 of the Trade Expansion Act.

Copper market participants were caught off guard by the timing, as some had expected the tariffs to come later in the year, and at a lower rate than the announced 50 percent. Traders began importing copper into the US from abroad ahead of the implementation of the tariffs, and the increased volume drove prices for the metal to record highs by the end of the month; it also created a significant disparity between the COMEX and the London Metal Exchange (LME).

“The announcement of a 50 percent tariff on copper imports in early July created extreme volatility in the US copper market, triggering a surge in physical shipments into the country as buyers rushed to get ahead of the duty. This buying drove COMEX futures sharply higher and pushed the US premium over LME prices to an unprecedented 30 percent.’

White explained that during a copper short squeeze on the COMEX in 2024, copper premiums peaked at 8 percent; he also noted that the five year average for the COMEX-LME disparity is near parity at 0.5 percent.

Ultimately, copper tariffs were only applied to unrefined copper, as well as semi-finished and copper-intensive derivatives, such as pipe fittings, cables, connectors and electrical components.

Refined copper tariffs will be phased in at 15 percent in 2027, and 30 percent in 2028. The move essentially pulled the rug out from under traders, causing COMEX prices to plummet by nearly 25 percent.

White stated that with the tariff situation cleared up, copper prices once again reflected the underlying supply and demand fundamentals of low inventories and high demand resulting from the energy transition.

“These structural forces pushed copper prices internationally higher overall for the quarter, despite the mid-summer volatility. The tariff episode reinforced copper’s strategic importance and highlighted the fragility of global supply chains, factors that may strengthen the case for higher prices going forward,” he said.

Copper faces supply-side disruptions

According to the International Copper Study Group’s copper market forecast, released on October 7, refined copper is expected to record a 178,000 metric ton surplus in 2025, significantly lower than the 209,000 metric ton surplus predicted in April. However, the group expects a 150,000 metric ton deficit in 2026.

The reason for the group’s downward revision is supply disruptions at Ivanhoe Mines’ (TSX:IVN,OTCQX:IVPAF) Kamoa-Kakula operation in the Democratic Republic of Congo, and at Freeport-McMoRan’s (NYSE:FCX) Grasberg mine in Indonesia. The assets are two of the world’s largest copper mines.

Kamoa-Kakula was temporarily shut down in May following a seismic event at the mine. While some operations began to ramp up again in June, Ivanhoe has revised its midpoint guidance down to 395,000 metric tons for 2025 after initially expecting 550,000 metric tons; it has also withdrawn the 600,000 metric tons expected in 2026.

At Grasberg, a liquid material ingress in early September killed seven workers and forced the suspension of operations. In a release on September 24, Freeport said consolidated copper sales across its operations will decline by 4 percent during Q3, but was unable to provide estimates for the fourth quarter.

The Grasberg site encompasses several underground mines: the Grasberg block cave, the Deep Mill Level Zone (DMLZ) and Big Gossan. DMLZ and Big Gossan were not affected, and could restart production in the fourth quarter.

However, according to Freeport, a preliminary assessment indicates a delayed restart of operations at the Grasberg block cave, resulting in the deferral of significant production in the near term. A ramp up in this area is not anticipated to begin until the first half of 2026, with the mine potentially returning to full production in 2027.

“This single event has pushed 2025 mine disruptions to 6 percent of global supply, above the historical average of 5 percent, and turned a near-balanced market into a clear deficit,’ White said.

‘With inventories already at multi-year lows and scrap unable to fully bridge the gap, the supply side offers little cushion. This tightening dynamic suggests higher prices may be necessary to incentivize new projects.’

Copper price forecast for 2025

Although some headwinds remain, primarily stemming from a worsening trade standoff between the US and China, copper’s future is likely tied to its fundamental supply and demand dynamics.

With little new supply scheduled to come online in the near term, this should signal more support for pricing as demand continues to grow from the energy transition and key sectors, such as artificial intelligence and data centers.

“On the demand side, copper’s growth drivers remain firmly in place. Electrification, grid modernization, artificial intelligence and data center buildouts and defense spending continue accelerating, making copper less tied to broad GDP growth and more linked to strategic sectors. These trends, combined with a deepening supply deficit, reinforce the structural bull case for copper,” White explained. He also suggested that any further disruptions will only add tailwinds to the copper price, benefiting producers and investors alike.

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

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Silver Price Update: Q3 2025 in Review

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The silver price surged during Q3, climbing to near-record highs before surpassing them at the start of Q4.

The white metal was influenced by many of the same factors as gold, including interest rate cuts from the US Federal Reserve, global economic uncertainty and safe-haven buying from investors.

Silver is also facing a supply deficit that has provided further tailwinds on the back of industrial demand.

What happened to the silver price in Q3?

Silver started the third quarter near year-to-date highs at US$36.03 per ounce.

Momentum took it to what was then a 2025 high of US$39.30 by July 22, but following that gain, the price began to retreat toward the US$36 level, ending at US$36.72 on July 31.

Silver regained some ground at the start of August, but was largely rangebound, trading around the US$38 mark. However, after Fed Chair Jerome Powell’s remarks at the Jackson Hole Economic Policy Symposium at the end of the month, the precious metal began a steady rise toward the end of the quarter.

Silver price, July 1 to October 17, 2025.

Silver price, July 1 to October 17, 2025.

Chart via Trading Economics.

Silver broke the US$40 mark on September 1, then continued on up, rising to US$42.69 on September 15.

By September 30, it was closing in on all-time highs, reaching US$46.66. As the fourth quarter began, the price continued to climb, reaching an all-time high of US$54.47 on October 17.

Silver’s industrial demand drivers

Silver’s price gains over the past few years have been driven partially by increasing demand from industrial segments, where the metal has various applications, including in the production of photovoltaics (PVs).

An April report from the Silver Institute notes that industrial demand for silver increased for the fourth year in a row in 2024, rising 4 percent and setting a record of 680.5 million ounces.

The rise was attributed mainly to the green economy, which includes PVs, and artificial intelligence (AI).

Although the institute isn’t forecasting gains for 2025, it’s still predicting that silver industrial demand will remain near record levels, at 677.4 million ounces, with 195.7 million ounces coming from PVs.

A key reason for the high demand for solar energy is that production costs have made it more competitive than coal, gas or wind. This has increased the attractiveness of PVs for use in data centers.

Speaking at the Metals Investor Forum in Vancouver, BC, at the end of September, Peter Krauth, editor of Silver Stock Investor and author of ‘The Great Silver Bull,’ discussed the staggering rise in demand for solar energy and noted that during the 2010s, deployment exceeded expectations by 200 percent.

“Data center power demand over the next four years is expected to grow 21 percent, and AI is expected to see a 33 percent annual growth in electricity demand over the next four years,” he said.

He explained that tech companies favor solar over wind three-to-one, and nuclear at a rate of five-to-one. That’s because solar is not only cheaper than other energy forms, but also faster to permit, as long as space is available.

While PVs remain a strong demand driver for silver, it’s not the only one.

“Silver, after oil, is the commodity with the single most applications worldwide,’ said Krauth.

‘So when you say silver is indispensable, it’s irreplaceable in some ways. It has so many applications that if silver were to disappear tomorrow, it would wreak havoc on a lot of industry,’ he continued.

“Silver’s main growth driver is industrial usage. Especially when it comes to electric cars and batteries, silver is nearly irreplaceable,” she said. However, she also noted risks coming from the US and its ability to influence the global market, suggesting that with high uncertainty, commodities can be unpredictable. Additionally, Khandoshko pointed to market saturation in the tech sector, suggesting tailwinds may not be what they once were.

“The technology market is on the verge of a breakthrough, but at the same time, it is close to saturation, and the potential for a sharp increase in demand is limited. As a result, I would say that it is not worth expecting rapid leaps from silver, although for now the metal is in plus,” she said.

Silver benefiting from investment demand

Although industrial components have grown in the past few years, they aren’t the only factor that drove silver during the third quarter. Investment demand also helped push it toward record highs.

In a July report, the Silver Institute states that as of June 30, 1.13 billion ounces of silver were held in exchange-traded products, 7 percent below the all-time high set in February 2021. It attributes the rise in silver investment to geopolitical tensions and economic uncertainty as more investors turn to silver as a safe-haven asset.

Additionally, many investors view silver as undervalued compared to gold.

Since 2000, the gold-silver ratio has averaged 69:1; however, in 2025, it has been significantly higher, reaching 104:1 in May. Although it has fallen, the ratio remains above the 25 year average, reaching 79:1 in October.

“If you take US$3,700 (per ounce) gold today, and you use the average going back to 2000, that puts you already at US$54. So we’re beyond that all-time high of silver potentially pretty easily just based on that ratio,” Krauth said.

He added that he expects the gold price to continue climbing, pushing up the potential for an even higher silver price if it approaches that 69:1 average.

Silver price forecast for 2025

As suggested by the Silver Institute, Krauth and Khandoshko, silver is supported not only by supply and demand fundamentals, but also by tailwinds on the investment side.

In his talk, Krauth suggested that US$95 isn’t out of the question for silver over the next 12 to 24 months. He also said that silver producers are likely to benefit from the metal’s increasing price.

“When money starts to flow into the silver stocks, the impact can be really massive,’ he said.

‘If you take the bottom essentially of the last year and a half since late February 2024, silver’s up 105 percent and silver stocks, juniors are up 183 percent so far,’ added Krauth. Although it is difficult to predict how long a cycle will last, Krauth looked to the past and suggested there could still be significant runway ahead.

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

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FORTUNE BAY ANNOUNCES C$8 MILLION BOUGHT DEAL PRIVATE PLACEMENT

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Not for distribution to United States newswire services or for dissemination in the United States

 Fortune Bay Corp. (TSXV: FOR,OTC:FTBYF) (FWB: 5QN) (OTCQB: FTBYF) (‘Fortune Bay’ or the ‘Company’) is pleased to announce that it has entered into an agreement with Cormark Securities Inc., as lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters (collectively, the ‘Underwriters’) in connection with a ‘bought deal’ private placement of: (i) 1,438,900 common shares of the Company that will qualify as ‘flow-through shares’ (within the meaning of subsection 66(15) of the Income Tax Act (Canada)) (the ‘FT Shares’), at a price of $1.39 per FT Share, for gross proceeds of $2,000,071, and (ii) 6,000,000 common shares of the Company (the ‘HD Shares’), at a price of $1.00 per HD Share, for gross proceeds of $6,000,000, for aggregate gross proceeds to the Company of $8,000,071 (the ‘Offering’).

In addition, the Company has granted the Underwriters an option (the ‘Option‘) to increase the size of the Offering by up to an additional $2,000,000 in HD Shares, on the same terms and conditions, by giving written notice of the exercise of the Option, or a part thereof, to the Company at any time up to 48 hours prior to the Closing Date (as defined below).

The Company will use an amount equal to the gross proceeds received by the Company from the sale of the FT Shares, pursuant to the provisions in the Income Tax Act (Canada), to incur eligible ‘Canadian exploration expenses’ that qualify as ‘flow-through mining expenditures’ as both terms are defined in the Income Tax Act (Canada) (the ‘Qualifying Expenditures‘) related to the Company’s Goldfields Gold Project in Saskatchewan. The Company intends to use the net proceeds of the offered HD Shares for the commencement of permitting activities and studies toward a pre-feasibility study for the Goldfields Gold Project, commencement of exploration at Poma Rosa subject to reaching community exploration agreements and receiving government permits, and working capital and general corporate purposes. Qualifying Expenditures in an aggregate amount not less than the gross proceeds raised from the issue of the FT Shares will be incurred (or deemed to be incurred) by the Company on or before December 31, 2026, and will be renounced by the Company to the initial purchasers of the FT Shares with an effective date no later than December 31, 2025.

The Offering is expected to close on or about October 30, 2025 (the ‘Closing Date‘), or such other date as the Company and the Underwriters may agree and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals, including the conditional approval of the TSX Venture Exchange.

It is anticipated that Numus Capital Corp., a registered Exempt Market Dealer, will act as a finder for the Offering.

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45- 106 – Prospectus Exemptions (‘NI 45-106‘), the FT Shares and HD Shares will be offered for sale to purchasers resident in all provinces of Canada, other than Quebec, and/or other qualifying jurisdictions pursuant to the listed issuer financing exemption under Part 5A of NI 45-106, as amended by Coordinated Blanket Order 45-935 – Exemptions from Certain Conditions of the Listed Issuer Financing Exemption (the ‘Listed Issuer Financing Exemption‘). The FT Shares and HD Shares issued to Canadian resident subscribers under the Listed Issuer Financing Exemption will not be subject to a hold period pursuant to applicable Canadian securities laws.

There is an offering document related to the Offering and the use by the Company of the Listed Issuer Financing Exemption that can be accessed under the Company’s profile on SEDAR+ at www.sedarplus.ca and on the Company’s website at www.fortunebaycorp.com. Prospective investors should read this offering document before making an investment decision.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities 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 state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Fortune Bay

Fortune Bay is a gold exploration and development company advancing high-potential assets in Canada and Mexico. With a strategy focused on discovery, resource growth and early-stage development, the Company targets value creation at the steepest part of the Value Creation Curve – prior to the capital-intensive build phase. Its portfolio includes the development-ready Goldfields Project in Saskatchewan, the resource-expansion Poma Rosa Project in Mexico, and an optioned uranium portfolio in the Athabasca Basin providing non-dilutive capital and upside exposure. Backed by a technically proven team and tight capital structure, Fortune Bay is positioned for multiple near-term catalysts. For more information, visit www.fortunebaycorp.com or contact info@fortunebaycorp.com.

On behalf of Fortune Bay Corp.

‘Dale Verran’

Chief Executive Officer 902-334-1919

Cautionary Statement Regarding Forward-Looking Information
This news release contains certain ‘forward-looking information’ within the meaning of Canadian securities legislation, including, but not limited to, statements regarding the Company’s plans with respect to the Company’s projects and the timing related thereto, the merits of the Company’s projects, the Company’s objectives, plans and strategies, the Offering, the listing of the FT Shares and the HD Shares on the TSX Venture Exchange, the tax treatment of the FT Shares, the use of proceeds of the Offering, the potential exercise of the Option by the Underwriters, and other matters. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words ‘expects,’ ‘plans,’ ‘anticipates,’ ‘believes,’ ‘intends,’ ‘estimates,’ ‘projects,’ ‘aims,’ ‘potential,’ ‘goal,’ ‘objective,’, ‘strategy’, ‘prospective,’ and similar expressions, or that events or conditions ‘will,’ ‘would,’ ‘may,’ ‘can,’ ‘could’ or ‘should’ occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward- looking statements include the risk of accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, or the possibility that the Company may not be able to secure permitting and other agency or governmental clearances, necessary to carry out the Company’s exploration plans, risks of political uncertainties and regulatory or legal changes in the jurisdictions where the Company carries on its business that might interfere with the Company’s business and prospects. The reader is urged to refer to the Company’s reports, publicly available through the Canadian Securities Administrators’ System for Electronic Data Analysis and Retrieval + (SEDAR+) at www.sedarplus.ca for a more complete discussion of such risk factors and their potential effects.

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.

SOURCE Fortune Bay Corp.

Cision View original content: http://www.newswire.ca/en/releases/archive/October2025/20/c4700.html

News Provided by Canada Newswire via QuoteMedia

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Australian Prime Minister and President Trump Pen Rare Earths Deal

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Australian Prime Minister Anthony Albanese and US President Donald Trump signed a rare earths deal during their meeting at the White House on Monday (October 20).

The meeting was set to focus on critical minerals and rare earths, with Albanese telling Bloomberg on Sunday (October 19) that it is also an opportunity to “consolidate and strengthen” the US-Australia relationship.

According to insiders, the deal has been in the works for five months now. Albanese was also quoted as having described it as an US$8.5 billion pipeline ‘that we have ready to go.’

During the meeting, Trump said that they “never had any doubts” about the US-Australia relationship, adding that “there’s never been anybody better.”

The signing of the statement happened after Trump’s opening remarks, with the US President calling the deal a “key objective” in reducing reliance on China.

“Within a year, we’ll have critical minerals and rare earths that you won’t know what to do with them,” Trump said, noting that this will happen within a year from now.

‘They’ll be worth about two dollars,’ he added.

China still currently holds the world’s largest rare earths reserves, but Australia has been highlighted as a key player since the issue of tariffs between the US and China.

The country is also home to some of the most significant rare earths reserves globally, such as Lynas Rare Earths’ (ASX:LYC, OTC:LYSDY) 106.6 million tonnes Mount Weld mine and Arafura Rare Earths’ (ASX:ARU, OTC:ARAFF) 56 million tonnes Nolans project.

Last week, several companies, such as Nova Minerals (ASX:NVA,NASDAQ:NVA) were invited to brief the Australian government on key projects prior to the US-Australia meeting.

Nova was instructed to include an overview of its flagship Estelle gold project, the key minerals identified, planned expansion activities, and the company’s engagement with US government agencies.

The same goes for Resolution Minerals (ASX:RML), which was invited for a briefer on its Horse Heaven gold-antimony-tungsten project.

Both Nova and Resolution topped the ASX charts last week.

AUKUS deal

Albanese and Trump were also reported to have discussed the AUKUS submarine deal, a multi-billion dollar agreement between Australia, the UK and the US, which is believed to be about countering China’s growing presence in the Indo-Pacific region.’

When asked whether AUKUS is a “deterrent” for China, Trump answered yes.

‘(But) I don’t think we’re going to need it’ with China.

“The US has the best military in the world, and nobody wants åto mess with it,” he added. ‘We’re going to get along great with China.’

AUKUS is worth around US$239 billion or AU$368 billion over 30 years. Starting in 2032, Australia plans to buy three Virginia-class submarines from the US, with the option to get two more. These will fill the gap while the UK and Australia develop a new submarine model.

Trump also said that the US is working on building more submarines for Australia and is going to expedite submarine exports to Australia.

Australia is expected to receive the first of the new submarines in the early 2040s.

Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.


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