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Nickel Price Forecast: Top Trends for Nickel in 2026

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Nickel prices were stagnant in 2025, trading around US$15,000 per metric ton (MT) for much of the year.

The metal’s primary price motivation stemmed from persistent oversupply from Indonesian operations.

Overall, sentiment remained weak amid soft demand growth from the construction and manufacturing sectors, and declining interest in nickel as electric vehicle (EV) battery makers began to eye cheaper chemistries.

Nickel supply in 2026

The big question going into the new year is if nickel supply and demand will come into balance.

The most significant contributing factor over the last several years has been an abundance of supply from Indonesia, which has become the world’s top nickel producer.

The US Geological Survey estimates that full-year 2024 nickel production came in at 2.2 million MT, a staggering increase over the 800,000 MT it believes the nation produced in 2019.

In February 2025, the Indonesian government changed its quota system, effectively increasing nickel ore output to 298.5 million wet metric tons (WMT) from 271 million WMT in 2024. At the time, it said the increased production capacity was being limited to major production areas and was designed to reduce supply pressures.

The increase helped drive the amount of nickel sitting in exchange warehouses. Stockpiles at the London Metal Exchange (LME) had risen to 254,364 MT by the end of November, up from 164,028 MT at the start of 2025.

Meanwhile, the nickel price sank to US$14,295, toward the lower end of profitability for low-cost Indonesian miners.

The profitability question has raised the possibility of cuts — according to Shanghai Metal Market, the Indonesian government is proposing to cut nickel ore output to around 250 million MT in 2026. If the reduction comes to pass, it would mark a significant decline from the 379 million WMT laid out by Indonesia in 2025. Discussions on the final amount are ongoing, and the outlet states that it will be some time before the target is finalized.

“The global market is still forecast to remain in surplus — around 261,000 MT in 2026 — so further cuts would need to be significant to alter fundamentals,” she explained.

Additionally, there could be a wait-and-see approach as other new policies adopted by the Indonesian government in 2025 begin to take hold. The first, introduced in April, saw a shift from a flat 10 percent royalty to a more dynamic rate of 14 to 18 percent, depending on nickel prices. The second came in October, when the government cut the validity period of mining licenses from three years to one, providing the government greater oversight of production levels.

These prices, however, aren’t supportive of western producers, which began curtailing operations in 2024 when the LME average price was US$16,812 and reached US$21,000 in May of that year.

For her part, Manthy suggested that to get back to that range, there needs to be a more coordinated approach to constraining supply, and it may not make an immediate difference.

“To push prices to that range, cuts would need to be deep enough to erase most of the projected surplus. Given the scale — hundreds of thousands of MT — this seems unlikely without coordinated action. Even then, investor sentiment would probably require sustained prices above US$20,000 to materially improve producer attractiveness,” she said.

Nickel demand in 2026

The challenges faced by nickel go beyond oversupply; demand growth for the base metal is also soft.

Nickel’s primary use case is in the production of stainless steel, much of it destined for the Chinese housing market, which has yet to recover from its collapse in 2020.

While the Chinese government tried to stabilize the market in 2024 and earlier in 2025, it has done little to reverse the downward trend. According to a CNBC report on December 2, November sales were down 36 percent from the same period in 2024, and declined 19 percent through the first 11 months of the year.

“China’s property sector weakness has weighed on stainless steel demand, which accounts for over 60 percent of global nickel consumption. Even with broader economic growth, this stagnation has kept nickel prices subdued. A property turnaround would help, but given the surplus outlook, price upside would likely be limited,” Manthey said.

Adding to nickel’s woes is soft growth from the EV market.

Much of the increase in nickel production over the last five years was to fuel the need for EV batteries, but more recently producers like Contemporary Amperex Technology (SZSE:300750,HKEX:3750), one of the world’s largest battery makers, have shifted chemistry to lithium-iron-phosphate (LFP).

Nickel-manganese-cobalt batteries had been seen as superior due to their higher energy density and longer range. But recent advances in LFP technology have erased that gap, with vehicles using the chemistry achieving ranges of over 750 kilometers. Additionally, LFP batteries are cheaper to produce and less volatile, making them safer.

According to a December 1 Reuters article, nickel battery demand rose 1 percent year-on-year in September, while LFP battery demand increased 7 percent. However, the news outlet notes that most of the nickel demand was likely driven more by a rapidly growing EV market than by the benefits of its chemistry.

Although Reuters also notes that nickel chemistry remains the dominant battery technology in western EV markets, that too comes with a caveat, especially in the US, where the elimination of the EV tax credit in September has cratered EV demand. While US EV sales reached a record 1.2 million through the first nine months of 2025, much of that was driven by consumers seeking to take advantage of the US$7,500 credit before it expired.

Early data from Cox Automotive analysis indicates that American EV sales are down 46 percent in Q4 from the third quarter, and 37 percent from the same period last year.

Against that backdrop, Ford Motor (NASDAQ:F) has scaled back its EV plans, taking a US$19.5 billion writedown, and will pivot to extended-range EVs — which use gas-powered engines to augment range — and hybrid cars. Similarly, in mid-December, the EU dropped its plans to ban the sale of all internal combustion engine light vehicles by 2035.

These policy changes likely aren’t good news for nickel watchers.

“Any slowdown in energy transition policies adds to bearish sentiment for battery metals, including nickel,” Manthey said.

Nickel price forecast for 2026

Manthey suggested that nickel prices will remain under pressure throughout 2026.

“We expect prices to struggle to hold above US$16,000 given the surplus. Upside risks hinge on unexpected supply disruptions or stronger-than-forecast stainless and battery demand, but sustained levels above US$19,000 look unlikely under current fundamentals. We see prices averaging US$15,250 in 2026,” she said.

That’s in line with the World Bank’s 2026 nickel price outlook of US$15,500, rising to US$16,000 in 2027.

The primary reason for these projections is the ongoing nickel market surplus.

While it didn’t make a price prediction, Russia’s Nornickel, one of the world’s largest nickel producers, suggests that the market will see a surplus of 275,000 MT of refined nickel in 2026.

Low prices will be a challenge for nickel producers and investors alike. Until there is a shift in market fundamentals, a rebound for nickel doesn’t appear to be in the cards in the short or even medium term.

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

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Lithium Market 2025 Year-End Review

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The global lithium market endured a bruising 2025, with persistent oversupply and softer-than-expected electric vehicle (EV) demand driving prices for the battery metal to multi-year lows.

Lithium carbonate prices in North Asia slipped below US$9,550 per metric ton in February — their weakest level since 2021 — triggering production cuts and project delays, particularly in Australia and China. Despite brief rallies later in the year, prices remained under pressure, reflecting a market struggling to absorb rapid supply growth.

That imbalance has been years in the making. Global lithium carbonate output surged 192 percent between 2020 and 2024 while demand lagged, leaving the market with a large surplus.

Analysts estimate that supply exceeded demand by more than 150,000 metric tons in both 2023 and 2024, with inventories continuing to cap price recovery in 2025. Although the surplus is shrinking, high stockpiles have kept prices rangebound, with lithium carbonate largely hovering near US$10,000 for much of the year.

Volatility punctuated the lithium industry in the second half of 2025.

Prices rebounded sharply in July on supply cut speculation, briefly pushing lithium carbonate to an 11 month high above US$12,000 before retreating as producers denied meaningful reductions and inventories remained ample.

Policy uncertainty in the US, including threats to EV incentives, and regulatory signals from China further weighed on sentiment, underscoring the market’s sensitivity to both geopolitics and headlines.

Despite the prolonged downturn, analysts increasingly view 2025 as a potential inflection point. With roughly a third of global production estimated to be unprofitable at current prices, further supply rationalization appears likely.

Forecasts point to a sharply narrower surplus in 2025 and a possible deficit emerging in 2026, suggesting that while lithium’s near-term outlook remains constrained, the sector’s long-term fundamentals — driven by electrification, the energy transition and data-intensive technologies — remain intact.

Lithium in 2025: A tale of two markets

In contrast, the second half of 2025 saw a boost in prices across the lithium space as market fundamentals improved due to Contemporary Amperex Technology (SZSE:300750,HKEX:3750) curtailing operations at the Jianxiawo lepidolite mine in early August. Despite reports that Jianxiawo would restart operations in December, it is unclear if the mine, which is one of the world’s largest, is back in operation.

Concern over the removed supply pushed carbonate prices higher from mid-October through the end of the year, when they rose from US$10,417.37 to US$14,131.44, a 34 percent increase.

Battery energy storage demand key to lithium growth

Another trend Klein pointed to was the rapid growth in the battery energy storage system (BESS) market, which is expected to grow by 44 percent in 2025, representing a quarter of all battery demand.

“We’ve been talking about BESS being a very fast, growing and big part of the market, but it’s now become the consensus opinion that it’s very strong not only in China, but elsewhere,” said Klein.

Although BESS is one of the fastest-growing segments of the battery market, Klein believes its growth potential is not fully understood. “The market’s probably still underestimating that narrative about battery energy storage,” he said, adding that it is only now starting to be understood by people who are in the industry.

“But for the broader, generalist investor who still equates lithium with EVs, they don’t fully understand the battery energy storage angle, so I think they’re still underestimating that,” said Klein. The market is projected to balloon from US$13.7 billion in 2024 to US$43.4 billion by 2030, growing at a compound annual growth rate of 21.3 percent.

Industry analysts expect BESS installations could expand from roughly 205 gigawatt-hours in 2024 to between 520 and 700 gigawatt-hours by 2030, driven by renewable integration, grid stability needs and declining costs.

While EVs have dominated the lithium narrative, Del Real said the real opportunity was “never just a play on EVs or hybrids — it was a play on grid storage, energy storage,” with cheaper battery cells unlocking faster adoption.

That mispricing has created a contrarian opportunity, he added, noting that lithium’s neglect over the past six months has rewarded patient investors. “It’s lonely in the forest sometimes,” Del Real said. But when sentiment turns, “the re-rating can be spectacularly profitable if you know how to play it.”

Lithium exploration budgets evaporate

Lithium exploration budgets were sharply reduced in 2025 as miners retrenched amid prolonged price weakness.

S&P Global’s 2025 corporate exploration strategies study shows that spending on lithium and other critical minerals exploration fell significantly, even as overall non-ferrous exploration dipped only slightly.

Lithium, which had previously broken the US$1 billion mark for exploration spending, saw its allocation cut as junior companies tightened their belts and delayed programs. Cuts were most pronounced in traditional exploration hubs such as Canada, Australia and the US, where weakened junior sectors hit budgets hardest; meanwhile, regions like Chile, Peru and Saudi Arabia recorded relative gains in broader exploration funding.

Lithium remains a structurally important exploration commodity despite a sharp pullback in spending, Kevin Murphy, director of metals and mining research at S&P Global, said during a December webinar.

Murphy described the metal’s rise over the past decade as a “lithium renaissance.”

Once “completely inconsequential for exploration,” lithium has become the third most explored commodity globally over the past five years, underscoring how central it has become to future-facing supply chains.

However, that momentum stalled in 2025 as ongoing price weakness forced a reset. Murphy said lithium exploration budgets were “absolutely gutted,” falling to roughly half of 2024 levels, a decline he described as expected given depressed prices and the completion of several late-stage programs that wrapped up in late 2024 and early 2025.

“The lithium price has been depressed for too long for the budgets to be resilient,” he said, framing the downturn as cyclical rather than structural.

Lithium stocks stage H2 rally

Speaking at this year’s Benchmark Week event in November, Sean Gilmartin, senior equity analyst at Bloomberg, explained that lithium equities staged a sharp rebound in H2 after years of underperformance.

After lagging broader materials and chemical indexes for much of the first half of the year, lithium stocks surged in the second half of the year, closely tracking rising spot prices.

“Over a three year window, lithium names were still very much lagging,” Gilmartin said, “but we’ve flipped the script in a few months. Year-to-date, we’re seeing on average 47 percent gains, closely aligned with spot markets.”

He attributed the turnaround to stronger-than-expected lithium demand, particularly from BESS, as well as supply curtailments in China, which have tightened the market.

Despite the rebound, he cautioned that volatility remains a defining feature of the lithium equities space.

“You need to have a long-term view, and you have to be very adherent to your thesis,” Gilmartin said, noting that the demand story remains intact and that fundamentals continue to support growth through 2026 and beyond.

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

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Lundin to Sell Eagle Nickel-Copper Mine and Humboldt Mill to Talon Metals

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Lundin Mining (TSX:LUN,OTC Pink:LUNMF) has agreed to sell its Eagle mine and Humboldt mill in Michigan to Talon Metals (TSX:TLO,OTCID:TLOFF), pivoting its US-based operations to focus on domestic supply.

The transaction will see Lundin Mining receive 275.2 million Talon shares, representing 18.4 percent of Talon’s outstanding equity, with a total implied value of approximately US$83.7 million based on recent trading prices.

Following the deal, Lundin Mining’s stake in Talon will rise to 19.99 percent.

The Eagle mine, acquired by Lundin Mining in 2013, has produced more than 194,000 metric tons of nickel and 185,000 metric tons of copper. It had generated over US$3.2 billion in revenue as of the third quarter of 2025.

The strategic rationale for the deal centers on consolidating US nickel-copper assets under a single operator, while allowing Lundin Mining to concentrate on its larger-scale copper operations in Brazil and Chile.

Talon will operate the Eagle mine and Humboldt mill while adding new exploration opportunities, including the Tamarack project and its newly discovered Vault zone. Discovered through recent drilling, Vault features 47.33 meters of 11.01 percent nickel and 11.4 percent copper, as well as platinum-group metals.

“The combination of Talon and Eagle will create a pure-play US nickel company anchored by the Eagle mine, the only primary nickel mine currently operating in the United States,” said Lundin Mining President and CEO Jack Lundin.

“This transaction unlocks meaningful synergies, including the opportunity to leverage the Humboldt Mill as a shared, centralized processing facility,’ the executive added.

Darby Stacey, who has managed Eagle mine operations since commissioning, will assume the role of CEO and director of Talon. Lundin Mining will nominate Jack Lundin and Juan Andrés Morel to Talon’s reconstituted 10 member board.

The deal also includes arrangements such as a production payment agreement for non-Eagle ore processed at the Humboldt mill, transitional services provided by Lundin Mining and investor rights protections.

The transaction is expected to close in early January 2026, pending approval from the TSX and customary closing conditions. Talon will continue to trade on the TSX under the symbol TLO.

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

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Laurion Announces Closing Of Private Placement Of Flow-Through Units

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(TheNewswire)

Laurion Mineral Exploration Inc.

      

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

TORONTO, ONTARIO (December 22, 2025) TheNewswire – Laurion Mineral Exploration Inc. (TSX.V: LME|OTC: LMEFF|FSE: 5YD) (‘LAURION’ or the ‘Corporation’) is pleased to announce that it has closed its previously-announced non-brokered private placement (the ‘Private Placement’) consisting of flow-through units (the ‘FT Units’). Pursuant to the Private Placement, the Corporation issued 4,619,130 FT Units at a subscription price of $0.33 per FT Unit, for aggregate gross proceeds to the Corporation of $1,524,313.

Each FT Unit consists of one common share of the Corporation (each, a ‘FT Share‘) and one-half of one common share purchase warrant (each, a ‘Warrant‘). Each Warrant entitles the holder thereof to acquire one non flow-through common share of the Corporation at a price of $0.39 per share for a period of 24 months from the date of issuance. The FT Shares and the Warrants comprising the FT Units qualify as ‘flow-through shares’, as defined in subsection 66(15) of the Income Tax Act (Canada) (the ‘Tax Act‘).

The gross proceeds of the Private Placement will be used for ‘Canadian exploration expenses’ (within the meaning of the Tax Act), which will qualify, once renounced, as ‘flow-through mining expenditures’, as defined in the Tax Act, which will be renounced with an effective date of no later than December 31, 2025 (provided the subscriber deals at arm’s length with the Corporation at all relevant times) to the initial purchasers of FT Units in an aggregate amount not less than the gross proceeds raised from the issue of the FT Units. LAURION intends to allocate the proceeds from the Private Placement to advance the Corporation’s 2026 drill program on the Ishkõday property. Planned drilling will focus on key areas within the A-Zone/McLeod and CRK Trend, as well as the historic Sturgeon River Mine area. These zones have been prioritized based on their structural characteristics, surface observations and past drill results, as LAURION continues to build on its growing understanding of the broader mineralized system.

‘This financing enables us to keep advancing our disciplined, technically driven approach to unlocking the potential of the Ishkõday system,’ said Cynthia Le Sueur-Aquin, President and CEO. ‘We are targeting areas with strong structural and geological signals, guided by strong technical fundamentals and a clear strategy for long-term value creation.’

In connection with the Private Placement, certain arm’s-length finders received an aggregate of $66,559 as a cash finder’s commission and an aggregate of 201,693 finder’s warrants. Each finder’s warrant entitles the holder thereof to acquire one non flow-through common share of the Corporation at a price of $0.33 per share for a period of 24 months from the date of issuance.

Pursuant to applicable Canadian securities laws, all securities issued pursuant to the Private Placement are subject to a hold period of four months and one day, expiring on April 23, 2026. The Private Placement remains subject to the final approval of the TSX Venture Exchange (the ‘TSXV‘).

About LAURION Mineral Exploration Inc.

 

The Corporation is a mid-stage junior mineral exploration and development company listed on the TSXV under the symbol LME and on the OTCPINK under the symbol LMEFF. LAURION now has 278,716,413 outstanding shares, of which approximately 73.6% are owned and controlled by insiders who are eligible investors under the ‘Friends and Family’ categories.

 

LAURION’s emphasis is on the exploration and development of its flagship project, the 100% owned mid-stage 57 km2 Ishkõday Project, and its gold-rich polymetallic mineralization.

 

LAURION’s chief priority remains maximizing shareholder value. A large portion of the Corporation’s focus in this regard falls within the scope of its mineral exploration activities and more specifically, advancing the Ishkõday Project. A consequence of LAURION’s success and advancement over the past several years is that the Corporation has become positioned as an acquisition target for appropriate potential acquirors. Accordingly, the Corporation’s Board of Directors is aware that possible strategic alternatives and transactional opportunities may arise and/or could be procured in the short or medium terms. The Corporation will promptly issue a press release if any material change occurs.

 

FOR FURTHER INFORMATION, CONTACT:


LAURION Mineral Exploration Inc.

 

Cynthia Le Sueur-Aquin – President and CEO

Tel: 1-705-788-9186 Fax: 1-705-805-9256

 

Douglas Vass – Investor Relations Consultant

Email: info@laurion.ca

 

Website: http://www.LAURION.ca

 

Follow us on: X (@LAURION_LME), Instagram (laurionmineral) and LinkedIn ()

 

Caution Regarding Forward-Looking Information

 

This press release contains forward-looking statements, which reflect the Corporation’s current expectations regarding future events including with respect to LAURION’s business, operations and condition, management’s objectives, strategies, beliefs and intentions, the use of proceeds of the Private Placement, the Corporation’s ability to advance, expand and/or develop the Ishkõday Project and any possible strategic alternatives and transactional opportunities that may arise and/or could be procured in the future with respect to the Corporation. The forward-looking statements involve risks and uncertainties. Actual events and future results, performance or achievements expressed or implied by such forward-looking statements could differ materially from those projected herein including as a result of a change in the trading price of the common shares of LAURION, the TSXV not providing its final approval for the Private Placement (including the payment of finders’ fees in connection therewith) or any strategic alternatives or transactional opportunities, the interpretation and actual results of current exploration activities, future prices of gold and/or other metals, and those factors disclosed in the Corporation’s publicly filed documents. Investors should consult the Corporation’s ongoing quarterly and annual filings, as well as any other additional documentation comprising the Corporation’s public disclosure record, for additional information on risks and uncertainties relating to these forward-looking statements. The reader is cautioned not to rely on these forward-looking statements. Subject to applicable law, the Corporation disclaims any obligation to update these forward-looking statements. All sample values are from grab samples and channel samples, which by their nature, are not necessarily representative of overall grades of mineralized areas. Readers are cautioned to not place undue reliance on the assay values reported in this press release.

 

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

  

Copyright (c) 2025 TheNewswire – All rights reserved.

News Provided by TheNewsWire via QuoteMedia

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What Was the Highest Price for Gold?

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Gold has long been considered a store of wealth, and the price of gold often makes its biggest gains during turbulent times as investors look for cover in this safe-haven asset.

The 21st century has so far been heavily marked by episodes of economic and sociopolitical upheaval. Uncertainty has pushed the precious metal to record highs as market participants seek its perceived security.

And each time the gold price rises, there are calls for even higher record-breaking levels.

Gold market gurus from Lynette Zang to Chris Blasi to Jordan Roy-Byrne have shared eye-popping predictions on the gold price that would intrigue any investor — gold bug or not.

Some have posited that the gold price may rise as high as US$5,000 per ounce, and there are those who believe that US$10,000 gold or even US$40,000 gold could become a reality.

These impressive price predictions have investors wondering, what is gold’s all-time high (ATH)?

In the past year, gold has reached new all-time highs dozens of times. Find out what has driven it to these levels, plus how the gold price has moved historically and what has impacted its performance in recent years.

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    How is gold traded?

    Before discovering what the highest gold price ever was, it’s worth looking at how the precious metal is traded. Knowing the mechanics behind gold’s historical moves can help illuminate why and how its price changes.

    Gold bullion is traded in dollars and cents per ounce, with activity taking place worldwide at all hours, resulting in a live price. Investors trade gold in major commodities markets such as New York, London, Tokyo and Hong Kong.

    London is seen as the center of physical precious metals trading, including for silver. The COMEX division of the New York Mercantile Exchange is home to most paper trading.

    There are many popular ways to invest in gold. The first is through purchasing gold bullion products such as bullion bars, bullion coins and rounds. Physical gold is sold on the spot market, meaning that buyers pay a specific price per ounce for the metal and then have it delivered or stored in a secure facility. In some parts of the world, such as India, buying gold in the form of jewelry is the largest and most traditional route to investing in gold.

    Another path to gold investment is paper trading, which is done through the gold futures market. Participants enter into gold futures contracts for the delivery of gold in the future at an agreed-upon price.

    In such contracts, two positions can be taken: a long position under which delivery of the metal is accepted or a short position to provide delivery of the metal. Paper trading as a means to invest in gold can provide investors with the flexibility to liquidate assets that aren’t available to those who possess physical gold bullion.

    One significant long-term advantage of trading in the paper market is that investors can benefit from gold’s safe-haven status without needing to store it. Furthermore, gold futures trading can offer more financial leverage in that it requires less capital than trading in the physical market. Investors can also purchase physical gold via the futures market, but the process is complicated and lengthy and comes with a large investment and additional costs.

    Aside from those options, market participants can invest in gold through exchange-traded funds (ETFs). Investing in a gold ETF is similar to trading a gold stock on an exchange, and there are numerous gold ETF options to choose from depending on your preference. For instance, some ETFs focus solely on physical gold bullion, while others focus on gold futures contracts. Other gold ETFs center on gold-mining stocks or follow the gold spot price.

    It is important to understand that you will not own any physical gold when investing in an ETF — in general, even a gold ETF that tracks physical gold cannot be redeemed for tangible metal.

    Gold has an interesting relationship with the stock market. The two often move in sync during “risk-on periods” when investors are bullish. On the flip side, they tend to become inversely correlated in times of volatility.

    According to the World Gold Council, gold’s ability to decouple from the stock market during periods of stress makes it “unique amongst most hedges in the marketplace.” It is often during these times that gold outperforms the stock market. For that reason, it is often used as a portfolio diversifier to hedge against uncertainty.

    There are a variety of options for investing in gold stocks, including gold-mining stocks on the TSX and ASX, gold juniors, precious metals royalty companies and gold stocks that pay dividends.

    What was the highest gold price ever?

    The gold price peaked at US$4,449.17, its all-time high, during early trading on December 22, 2025.

    What drove it to this new ATH? Gold reached its new highest price December 22 as the bull run in precious metals continued in December driven in part by US economy uncertainty, continued attacks by the US on Venezuelan oil tankers and strong investor interest in the safe haven metals.

    The gold price first broke through the US$4,000 mark on October 8 and hit its previous peak of US$4,379 on October 17. After quickly pulling back, gold consolidated above the US$4,000 mark, and began ascending more steadily in the latter half of Q4 to ultimately break US$4,400.

    Other factors supporting gold include central bank gold buying, increased gold ETF inflows and news surrounding the US Federal Reserve’s interest rate decisions.

    Notably, on September 7, gold’s record-breaking run officially took it past its inflation adjusted all-time high of US$850 per ounce set in January 1980.

    2025 gold price chart

    u200bGold price chart, December 31, 2024, to December 22, 2025.

    Gold price chart, December 31, 2024, to December 22, 2025.

    Why is the gold price setting new highs in 2025?

    Gold’s record-setting activity extends beyond the last several weeks as well.

    Increased economic and geopolitical turmoil caused by the Trump administration has been a tailwind for gold this year, as well as a weakening US dollar, sticky inflation in the country and increased safe-haven gold demand.

    Since coming into office in late January, US President Donald Trump has threatened or enacted tariffs on many countries, including blanket tariffs on longtime US allies Canada and Mexico and tariffs on the EU.

    Trump has also implemented 25 percent tariffs on all steel and aluminum imports.

    The gold price set a string of new highs in the month of April amid high market volatility as markets reacted to tariff decisions from Trump, including the ‘Liberation Day’ tariffs announced April 2, and the escalating trade war between the US and China. By April 11, Trump had raised US tariffs on Chinese imports to 145 percent and China had raised its tariffs on US products to 125 percent. Trump has reiterated that the US may need to go through a period of economic pain to enter a new ‘golden age’ of economic prosperity.

    Falling markets and a declining US dollar have supported gold too, as well as increased buying from China. Elon Musk’s call to audit the gold holdings in Fort Knox has also brought attention to the yellow metal.

    As for its price performance in Q3, a variety of factors supported gold to more than 10 new highs in September. We break them down in detail in our Q3 2025 gold update, but some highlights are below.

    News and speculation around the September US Federal Reserve meeting supported the gold price in September, with rate cut expectations heavily fueled by the release of US consumer price index data, as well as weaker than expected US jobs numbers. The Fed ultimately announced the widely anticipated interest rate reduction of 25 basis points on September 17.

    Highs in mid-September were also supported by the US dollar index falling to a year-to-date low 96.56 on September 16, continuing a downtrend that started in mid-January. Traditionally, gold trades higher when the US dollar is weak, making it a popular hedge.

    On September 23, Bloomberg reported that the People’s Bank of China is looking to become a custodian of foreign gold reserves at its central bank in Beijing, meaning other nations could buy gold and store it in China. Nations such as the UK and US also serve as custodians for foreign nations’ gold reserves.

    Gold price highs in October have been driven by inflows into gold ETFs, central bank purchasing and continued economic turmoil.

    Internationally, political turmoil also drove the gold price. In early October, the latest French prime minister resigned after less than a month in office, and Japan’s ruling Liberal Democratic Party chose hardline conservative Sanae Takaichi as party leader. She plans to cut taxes and increase subsidies, as well as honor an investment deal with US President Donald Trump to lower tariffs.

    Additionally, the People’s Bank of China reported it purchased 1.24 metric tons of gold in September, adding gold to its reserves for the 11th month in a row. Central bank gold purchases have been a major driver of the gold price in recent years, and China’s central bank has been the largest purchaser in that time frame.

    In early October, the gold price began climbing significantly as the trade war between the US and China worsened. China expanded its rare earth element export restrictions on October 9 in response to US government calls for broader bans on equipment sales to Chinese chip-makers.

    After markets closed the following day, US President Donald Trump responded to the rare earth changes by threatening 100 percent tariffs on goods from China as well as export controls on ‘any and all critical software.’

    The gold price spiked to a then-high of US$4,379.13 on October 17, but pulled back to about US$4,000 later in the month, and spent the following weeks testing that level.

    However, news that the US government shutdown ended on November 9 led gold to spike to above US$4,100 the following day.

    Beginning in late November, after gold would spiked it began largely maintaining its new levels through the week. By the middle of the month it had again breached US$4,300, this time following the US Federal Reserve’s decision to cut rates at the final meeting of 2025.

    As for its latest high, gold again spiked to start the week of December 22, which brought it to a new all-time high above US$4,400.

    What factors have driven the gold price in the last five years?

    Despite these recent runs, gold has seen its share of both peaks and troughs over the last decade. After remaining rangebound between US$1,100 and US$1,300 from 2014 to early 2019, gold pushed above US$1,500 in the second half of 2019 on a softer US dollar, rising geopolitical issues and a slowdown in economic growth.

    Gold’s first breach of the significant US$2,000 price level in mid-2020 was due in large part to economic uncertainty caused by the COVID-19 pandemic. To break through that barrier and reach what was then a record high, the yellow metal added more than US$500, or 32 percent, to its value in the first eight months of 2020.

    u200bGold price chart, December 22, 2020, to December 22, 2025.

    Gold price chart, December 22, 2020, to December 22, 2025.

    The gold price surpassed that level again in early 2022 as Russia’s invasion of Ukraine collided with rising inflation around the world, increasing the allure of safe-haven assets and pulling the yellow metal up to a price of US$2,074.60 on March 8. However, it fell throughout the rest of 2022, dropping below US$1,650 in October.

    Although it didn’t quite reach the level of volatility as the previous year, the gold price experienced drastic price changes in 2023 on the back of banking instability, high interest rates and the breakout of war in the Middle East.

    After central bank buying pushed the gold price up to the US$1,950.17 mark by the end of January, the Fed’s 0.25 percent rate hike on February 1 sparked a retreat as the dollar and treasury yields saw gains. The precious metal went on to fall to its lowest price level of the year at US$1,809.87 on February 23.

    The banking crisis that hit the US in early March caused a domino effect through the global financial system and led to the mid-March collapse of Credit Suisse, Switzerland’s second-largest bank. The gold price had jumped to US$1,989.13 by March 15. The continued fallout in the global banking system throughout the second quarter of the year allowed gold to break above US$2,000 on April 3, and go on to flirt with a near-record high of US$2,049.92 on May 3.

    Those gains were tempered by the Fed’s ongoing rate hikes and improvements in the banking sector, resulting in a downward trend in the gold price throughout the remainder of the second quarter and throughout Q3. By October 4, gold had fallen to a low of US$1,820.01 and analysts expected the precious metal to drop below US$1,800.

    That was before the October 7 attacks by Hamas on Israel ignited legitimate fears of a much larger conflict erupting in the Middle East. Reacting to those fears, and to rising expectations that the Fed would begin to reverse course on interest rates, gold broke through the important psychological level of US$2,000 and closed at US$2,007.08 on October 27. As the fighting intensified, gold reached a then-new high of US$2,152.30 in intraday trading on December 3.

    That robust momentum in the spot gold price continued into 2024, chasing new highs on fears of a looming US recession, the promise of Fed rate cuts on the horizon, the worsening conflict in the Middle East and the tumultuous US presidential election year. By mid-March, gold was pushing up against the US$2,200 level.

    That record-setting momentum continued into the second quarter of 2024, when gold broke through US$2,400 in mid-April on strong central bank buying, sovereign debt concerns in China and investors expecting the Fed to start cutting interest rates. The precious metal went on to hit US$2,450.05 on May 20.

    Throughout the summer, the hits kept on coming.

    The global macro environment was highly bullish for gold leading up to the US election. Following the failed assassination attempt on Trump and a statement about coming rate cuts by Fed Chair Jerome Powell, the gold spot price hit a then new all-time high on July 16 at US$2,469.30. One week later, news that then-President Joe Biden would not seek re-election and would instead pass the baton to Vice President Kamala Harris eased some of the tension in the stock market and strengthened the US dollar. This also pushed the price of gold down to US$2,387.99 on July 22, 2024.

    However, the bullish factors supporting gold remained in play, and the spot price for gold went on to breach US$2,500 on August 2 that year on a less-than-stellar US jobs report; it closed just above the US$2,440 level. A few weeks later, gold pushed past US$2,500 once again on August 16, closing above that level for the first time ever after the US Department of Commerce released data showing a fifth consecutive monthly decrease in a row for homebuilding.

    The news that the Chinese government issued new gold import quotas to banks in the country following a two month pause also helped fuel the gold price rally. Central bank gold buying has been a significant tailwind for the gold price this year, and China’s central bank has been one of the strongest buyers.

    Market watchers expected the Fed to cut interest rates by a quarter point at its September 2024 meeting, but news on September 12 that the regulators were still deciding between the expected cut or a larger half-point cut led the gold price on a rally that carried through into the next day, bringing the metal near US$2,600.

    At the September 18 Fed meeting, the committee ultimately made the decision to cut rates by half a point, news that sent gold even higher. By September 20, it had moved above US$2,600 and was holding above US$2,620.

    In October 2024, gold first breached the US$2,700 level and continued to higher on a variety of factors, including further rate cuts and economic data anticipation, the escalating conflict in the Middle East between Israel and Hezbollah, and economic stimulus in China — not to mention the very close race between the US presidential candidates.

    While the gold price fell following Trump’s win in early November and largely held under US$2,700 through the end of the year, it began trending upward in 2025.

    Gold’s first breach of the US$3,000 mark came on March 14, 2025, as Trump implemented and threatened tariffs against a wide range of countries, including allies. The gold price continued to climb, moving as high as US$3,160 on April 2, when Trump announced his ‘Liberation Day’ tariffs.

    We dive further into gold’s record-setting run and new all-time high in 2025 in the previous sections.

    What’s next for the gold price?

    What’s next for the gold price is never an easy call to make. There are many factors to consider, but some of the most prevalent long-term drivers include economic expansion, market risk, opportunity cost and momentum.

    Economic expansion is one of the primary gold price contributors as it facilitates demand growth in several categories, including jewelry, technology and investment. As the World Gold Council explains, “This is particularly true in developing economies where gold is often used as a luxury item and a means to preserve wealth.”

    Market risk is also a prime catalyst for gold values as investors view the precious metal as the “ultimate safe haven,” and a hedge against currency depreciation, inflation and other systemic risks.

    Going forward, in addition to the Fed, inflation and geopolitical events, experts will be looking for cues from factors like supply and demand. In terms of supply, the world’s five top gold producers are China, Australia, Russia, Canada and the US. The consensus in the gold market is that major miners have not spent enough on gold exploration in recent years. As for gold mine production, global output fell from around 3,200 to 3,300 metric tons (MT) each year between 2018 and 2020 to around 3,000 to 3,100 MT each year between 2021 and 2022. However, gold production turned around in 2023 and 2024, reaching 3,250 MT and 3,300 MT respectively.

    On the demand side, China and India are the biggest buyers of physical gold, and are in a perpetual fight for the title of world’s largest gold consumer. That said, it’s worth noting that the last few years have brought a big rebound in central bank gold buying, which dropped to a record low in 2020, but reached a 55 year high of 1,136 MT in 2022.

    World Gold Council data shows 2024 central bank gold purchases came to 1,044.6 metric tons, marking the third year in a row above 1,000 MT. In H1 2025, the organization reported gold purchases from central banks reached 415.1 MT.

    In addition to central bank moves, analysts are also watching escalating tensions in the Middle East, a weakening US dollar, declining bond yields and further interest rate cuts as factors that could push gold higher as investors look to secure their portfolios.

    “When it comes to outside factors that affect the market, it’s just tailwind after tailwind after tailwind. So I don’t really see the trend changing,” Eric Coffin of Hard Rock Analyst said.

    Joe Cavatoni, senior market strategist of the Americas, at the World Gold Council, believes that market risk and uncertainty surrounding tariffs and continued demand from central banks are the main drivers of gold. He’s watching what the money markets are doing as interest rates start to move.

    Should you beware of gold price manipulation?

    It’s important for investors to be aware that gold price manipulation is a hot topic in the industry.

    In 2011, when gold hit what was then a record high, it dropped swiftly in just a few short years. This decline after three years of impressive gains led many in the gold sector to cry foul and point to manipulation.

    Early in 2015, 10 banks were hit in a US probe on precious metals manipulation.

    Evidence provided by Deutsche Bank (NYSE:DB) showed “smoking gun” proof that UBS Group (NYSE:UBS), HSBC Holdings (NYSE:HSBC), the Bank of Nova Scotia (TSX:BNS,NYSE:BNS and other firms were involved in rigging gold and silver rates in the market from 2007 to 2013. Not long after, the long-running London gold fix was replaced by the LBMA gold price in a bid to increase gold price transparency. The twice-a-day process, operated by the ICE Benchmark Administration, still involves a variety of banks collaborating to set the gold price, but the system is now electronic.

    Still, manipulation has by no means been eradicated, as a 2020 fine on JPMorgan Chase & Co. (NYSE:JPM) shows. The next year, chat logs were released in a spoofing trial for two former precious metals traders from the Bank of America’s (NYSE:BAC) Merrill Lynch unit. They show a trader bragging about how easy it is to manipulate the gold price.

    Gold market participants have consistently spoken out about manipulation. In mid-2020, Chris Marcus, founder of Arcadia Economics and author of the book “The Big Silver Short,” said that when gold fell back below the US$2,000 mark after hitting close to US$2,070, he saw similarities to what happened with the gold price in 2011.

    Marcus has been following the gold and silver markets with a focus specifically on price manipulation for nearly a decade. His advice? “Trust your gut. I believe we’re witnessing the ultimate ’emperor’s really naked’ moment. This isn’t complex financial analysis. Sometimes I think of it as the greatest hypnotic thought experiment in history.”

    Investor takeaway

    While we have the answer to what the highest gold price ever is as of now, it remains to be seen how high gold can climb, and if the precious metal can reach as high as US$5,000, US$10,000 or even US$40,000.

    Even so, many market participants believe gold is a must have in any investment profile, and there is little doubt investors will continue to see gold price action making headlines this year and beyond.

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

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    Wageen To List On VLRM Markets Board And Corporate Update

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    Valereum Plc (AQSE: VLRM) is pleased to announce that WAGEEN Token (WAG1), the flagship digital asset issued within the Wageen Corp. group, will imminently be listed on VLRM Markets, the Company’s licensed and regulated tokenisation venue for real-world asset (RWA) opportunities. This agreement is expected to generate $600,000 in revenue for VLRM Markets upon the successful completion of the Wageen token issuance.

    WAG1 introduces a differentiated investment structure combining stable fixed income with long-term growth potential. The token provides investors with regulated exposure to the rapidly expanding Mobility-as-a-Service (MaaS) sector across Latin America, participating in the evolution of a technology-driven mobility platform with strong regional scalability.

    The issuance targets a total raise of US$20 million, of which US$6 million has already been secured through institutional commitments. WAG1 offers an 11% fixed annual yield, payable annually, with investors gaining exposure to Wageen Corp.’s planned growth in the Mobility-as-a-Service sector ahead of its intended equity offering.

    Wageen Corp. is building an integrated mobility ecosystem combining terrestrial, air, and maritime transport services into one platform. The application enables users to access ride-hailing and premium mobility options, including private aviation, yachts, and helicopter services, through a single digital interface.

    In addition to its financial structure, WAG1 also includes lifestyle-based utility features, delivered through partnerships with transport and travel providers, offering real-world benefits for token holders.

    Gary Cottle, Group CEO of Valereum Plc, comments:

    ‘The addition of WAG1 to VLRM Markets shows the appetite that’s out there for regulated digital assets connected to real-world sectors which are using intelligence to revolutionise life and business.’

    Richard White, Group CEO of Wageen, adds:

    ‘WAG1 offers investors a regulated entry point into the next generation of integrated mobility. With a competitive yield structure and an ambitious expansion roadmap, it represents a unique opportunity to participate in the development of a scalable and future-driven mobility ecosystem.’

    Board and Corporate Update

    In parallel with this commercial progress, Valereum Plc announces that Matt Ripperger has stepped down from his role as Non-Executive Director. This transition forms part of the anticipated Board reconstitution already signalled in relation to the planned introduction of strategic funding from Valereum QGP-SP.

    On behalf of the Board, the Company would like to thank Matt for his service and the expertise he has contributed to Valereum during a pivotal period of development, and wishes him every success in his future endeavours.

    The Company also confirms that it is in advanced discussions regarding the appointment of a new AQSE Corporate Adviser. The Board has selected an adviser with the capability and experience required to support Valereum’s strategic plan.

    A further announcement will be made in due course.

    The Directors of the Company accept responsibility for the contents of this announcement.

    For further information, please contact:

    Valereum Plc

    Karl Moss

    Tel: +44 7938 767319

    Investor Hub

    Fortified Securities

    Guy Wheatley

    Tel: +44 203 4117773

    To read more, please visit the Company’s website at www.vlrm.com

    or

    To engage with Valereum directly by asking questions, watching video summaries and seeing what other shareholders have to say, navigate to our Investor Hub here: Sign Up

    IMPORTANT NOTICES

    The Company holds cryptocurrencies or cryptoassets in its treasury. Whilst the Board of Directors of the Company considers holding cryptocurrencies to be in the best interests of the Company, the Board remains aware that the financial regulator in the UK (the Financial Conduct Authority or FCA) considers investment in cryptocurrencies to be high risk. At the outset, it is important to note that an investment in the Company is not an investment in cryptocurrencies, either directly or by proxy and shareholders will have no direct access to the Company’s holdings. However, the Board of Directors consider cryptocurrencies to be an appropriate store of value and potential growth and therefore appropriate for the Company. Accordingly, the Company is and intends to continue to be materially exposed to cryptocurrencies.

    The Company is neither authorised nor regulated by the FCA, and the purchase of certain cryptocurrencies are generally unregulated in the UK. As with most other investments, the value of cryptocurrencies can go down as well as up, and therefore the value of the Company’s cryptocurrencies holdings can fluctuate. The Company may not be able to realise its cryptocurrencies holdings for the same as it paid to acquire them or even for the value the Company currently ascribes to its cryptocurrencies positions due to market movements. Neither the Company nor investors in the Company’s shares are protected by the UK’s Financial Ombudsman Service or the Financial Services Compensation Scheme.

    Cryptocurrencies may present special risks to the Company’s financial position. These risks include (but are not limited to): (i) the value of cryptocurrencies can be highly volatile, with value dropping as quickly as it can rise. Investors in cryptocurrencies must be prepared to lose all money invested in cryptocurrencies; (ii) the cryptocurrencies market is largely unregulated. There is a risk of losing money due to risks such as cyber-attacks, financial crime and counterparty failure; (iii) the Company may not be able to sell its cryptocurrencies at will. The ability to sell cryptocurrencies depends on various factors, including the supply and demand in the market at the relevant time. Operational failings such as technology outages, cyber-attacks and comingling of funds could cause unwanted delay; and (iv) cryptoassets are characterised in some quarters by high degrees of fraud, money laundering and financial crime. Prospective investors in the Company are encouraged to do their own research before investing.

    Source

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    Apollo Silver Announces Correction to Warrant Terms of $25 Million Strategic Investment by Eric Sprott and Jupiter Asset Management

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    Apollo Silver Corp. (‘Apollo Silver’ or the ‘Company’) (TSX.V:APGO, OTCQB:APGOF, Frankfurt:6ZF0). Further to the Company’s news release disseminated this morning announcing a non-brokered private placement offering of 5,000,000 units (the ‘Units’) of the Company at a price of $5.00 per Unit, for aggregate gross proceeds of $25,000,000 (the ‘Offering’), Apollo Silver wishes to clarify that each Unit issued pursuant to the Offering will consist of one common share (a ‘Share’) in the capital of the Company and one full common Share purchase warrant (a ‘Warrant’) rather than a one half Warrant as originally announced. 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 Offering.

    All securities issued in connection with the 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 on using the net proceeds from the 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 Offering is subject to regulatory approval including that of the TSXV.

    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 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 Offering; and the intended use of proceeds from the 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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    TomaGold Intercepts 6.68% ZnEq (1.57 g/t AuEq) over 48.05 Metres, including 39.03% ZnEq (9.15 g/t AuEq) over 2.90 Metres at Berrigan Mine and Identifies a Major Hydrothermal Footprint

    No Comments

    TOMAGOLD CORPORATION (TSXV: LOT; OTCPK: TOGOF) (“TomaGold” or the “Company”) is very pleased to announce the initial assay results from drill holes TOM-25-009 and TOM-25-010 at its Berrigan Mine project located in the Chibougamau mining camp, in Québec. These are the first two of seven holes for a total of 3,098 metres at Berrigan Mine, with the objective of testing the historical mineralized structure and opening new potential mineralization at depth. The results confirm the presence of high-grade gold-bearing polymetallic vein systems within an extensive mineralized envelope hosted in ultramafic rocks.

    Highlights

    • Main High-Grade Intersections:
      • Hole TOM-25-009 (from 156.70 m): 6.68% ZnEq (1.57 g/t AuEq) over 48.05 metres, including 39.03% ZnEq (9.15 g/t AuEq) over 2.90 metres and 21.86% ZnEq (5.12 g/t AuEq) over 5.40 metres.
      • Hole TOM-25-009 (from 244.50 m): 5.44% ZnEq (1.27 g/t AuEq) over 15.20 metres, including 25.15% ZnEq (5.85 g/t AuEq) over 2.55 metres.
      • Hole TOM-25-010 (from 130.70 m): 2.67% ZnEq (0.62 g/t AuEq) over 48.30 metres, including 12.87% ZnEq (3.00 g/t AuEq) over 6.25 metres.
    • Assay results are pending for five drill holes targeting the lateral and depth extensions of the known mineralized envelope (TOM-25-011 to TOM-25-015).
    • Hydrothermal footprint: Identification of a significant hydrothermal signature at the roof of the main mineralization, providing valuable exploration guidance for potential extensions.
    • Exploration ongoing: A Borehole EM survey is currently underway on the ground to identify new targets.

    Figure 1: Berrigan Mine Drill Hole Location Map

    Figure 2: Longitudinal Section of the Berrigan Mine Known Mineralized Envelope and Completed Drill Holes (excluding TOM-25-011 and TOM-25-012)

    David Grondin, CEO of TomaGold, commented: “These initial results are truly outstanding, most notably the 39% ZnEq intersection in hole TOM-25-009. The confirmation of a hydrothermal footprint overlying the main mineralized zones significantly reinforces our geological understanding of the Berrigan Mine project. With the EM survey currently underway and extension drilling results expected in January, we look forward to defining the full scale and continuity of the mineralized envelope.”

    Jean Lafleur, P.Geo., VP Exploration at TomaGold, added: “TomaGold is currently advancing an all-encompassing litho-structural and geophysical compilation, synthesis and interpretation for its Chibougamau mining camp projects, incorporating AI modeling with Windfall Geotek’s proprietary system. We’ve also completed additional geophysical work to refine both gold and polymetallic targeting for the upcoming winter 2026 exploration campaign. This approach has already yielded new targets, which are currently being tested through diamond drilling. The latest drilling results at Berrigan Mine offer a glimpse into the exploration potential of some of these targets.”

    Mineralization at Berrigan Mine is primarily associated with carbonatized ultramafic rocks. Analysis of visually non-mineralized samples, including intervals initially excluded from sampling, has identified low-grade halos associated with quartz-carbonate stockwork that increase the potential volume of the mineralized envelope. A borehole EM survey is currently being conducted on holes from this campaign to guide future deep drilling. To ensure a comprehensive understanding of the system, the team proactively analyzed previously unsampled sections to ensure that no low-grade mineralization or alteration halos were overlooked.

    Next steps will include receipt of assay results in January 2026 for five additional holes testing lateral and depth extensions, integration of EM and complete core assay data into the resource model, compilation and characterization of alteration systems, and planning of a field exploration program. Phase 2 drilling will be planned following compilation of Phase 1 drilling, geophysical data, and results from the upcoming field campaign.

    Table 1: First Two Holes of Phase 1 Drilling Campaign at Berrigan Mine Project

    Hole ID

    From (m)

    To

    (m)

    Length (m)

    ZnEq

    (%)

    AuEq (g/t)

    Au

    (g/t)

    Ag

    (g/t)

    Cu (ppm)

    Zn

    (ppm)

    TOM-25-009

    156.70

    204.75

    48.05

    6.68

    1.57

    1.12

    7.55

    365

    13977

    Including

    156.70

    159.60

    2.90

    39.03

    9.15

    6.76

    40.24

    1897

    75694

    Including

    163.95

    169.00

    5.05

    3.85

    0.90

    0.41

    11.35

    285

    14295

    Including

    181.70

    182.90

    1.20

    14.06

    3.29

    2.36

    19.50

    346

    28900

    Including

    189.20

    194.60

    5.40

    21.86

    5.12

    3.75

    16.35

    754

    48142

    Including

    196.00

    198.60

    2.60

    2.40

    0.57

    0.43

    5.28

    565

    1116

    Including

    204.00

    204.70

    0.70

    43.65

    10.25

    8.71

    9.20

    478

    60100

    230.35

    236.80

    6.45

    1.36

    0.32

    0.14

    1.23

    152

    6699

    Including

    235.70

    236.80

    1.10

    5.61

    1.31

    0.72

    2.80

    373

    22700

    244.50

    259.70

    15.20

    5.44

    1.27

    0.59

    7.22

    440

    24026

    Including

    254.60

    257.15

    2.55

    25.15

    5.85

    2.24

    32.07

    1472

    134216

    TOM-25-010

    108.00

    111.00

    3.00

    2.54

    0.60

    0.51

    1.53

    232

    2310

    120.65

    125.00

    4.35

    8.93

    2.08

    0.95

    9.11

    482

    42663

    Including

    121.95

    125.00

    3.05

    9.18

    2.14

    0.84

    10.56

    578

    48566

    130.70

    179.00

    48.30

    2.67

    0.62

    0.30

    4.11

    385

    10557

    Including

    135.75

    142.00

    6.25

    12.87

    3.00

    1.63

    16.13

    928

    47881

    Including

    144.80

    149.00

    4.20

    2.21

    0.51

    0.12

    4.68

    366

    13073

    Including

    158.30

    159.35

    1.05

    4.05

    0.94

    0.16

    5.93

    974

    27300

    Including

    175.50

    177.70

    2.20

    4.71

    1.10

    0.79

    3.57

    393

    10377

    Notes:

    • The reported widths represent core lengths. ZnEq and AuEq are calculated using the Company’s standard parameters. True width is estimated to be approximately 80–85% of the core length, depending on the deviation angles.
    • AuEq calculation was based on US$4150/oz Au, $51.36/oz Ag, US$5.044/lb Cu and $1.398/lb Zn. AuEq = Au g/t + (Ag g/t × 0.01237) + (Cu ppm × 0.000083) + (Zn ppm × 0.000023). The use of AuEq is to calculate cut-off grades for exploration purposes, and no adjustments were made for metal recovery.
    • ZnEq calculation was based on US$4047/oz Au, $50.22/oz Ag, US$4.796/lb Cu and $1.390/lb Zn. ZnEq = Zn ppm + (Ag g/t × 527) + (Au g/t x 42466) + (Cu ppm × 3.45) / 10,000. The use of ZnEq is to calculate cut-off grades for exploration purposes, and no adjustments were made for metal recovery.

    Table 2: Berrigan Mine Drill Hole Collars

    Hold ID

    Azimuth

    Dip

    Length

    UTM – East

    UTM – North

    Elevation

    TOM-25-009

    129.70

    -55.40

    276.00

    542370.00

    5532596.00

    395

    TOM-25-010

    130.01

    -55.05

    252.00

    542419.00

    5532647.00

    392

    Note: Assay results are pending for TOM-25-011 to TOM-25-015.

    About the Berrigan Mine Project

    The Berrigan Mine property consists of 16 claims totalling 483 hectares located 4 km north-northwest of the town of Chibougamau. TomaGold has an option to acquire 100% of the property from Chibougamau Independent Mines Inc.

    The property has been the subject of more than one historical estimate. Met-Chem Canada Inc. prepared the most recent of these in April 2001 in a report titled: “Pre-feasibility study: Etude Conceptuelle, Projects Berrigan and Tortigny” by Chuinard et al. In the report, a resource estimate completed using polygonal estimation techniques stated 1,388,915 tonnes of material grading 3.17% Zn and 1.77 g/t Au on the main Berrigan Mine zone. No resource classifications were given for the resource (GM61359).

    The mineral resource estimate presented above is historical in nature and was not prepared in accordance with National Instrument 43-101 standards. Accordingly, the reader is cautioned not to rely on this estimate, in whole or in part, as a current mineral resource. Substantial data compilation, verification, and, potentially, additional drilling and resampling would be required by a qualified person before the historical estimate could be classified as a current mineral resource. There can be no assurance that any portion of the historical mineral resource will ultimately be confirmed or demonstrated to be economically viable. For further information regarding the Berrigan Mine Project, please consult the press release dated September 13, 2023.

    Technical Disclosure

    The drilling program was managed by Explo-Logik of Val-d’Or, Québec. Drill core was split in half, with one half submitted to AGAT Laboratories at Val-d’Or for analysis. Gold was analyzed by fire assay (50 g) with atomic absorption finish, while base metals were analyzed by four-acid digestion with ICP-OES finish. Samples with gold grades greater than 10 g/t are reprocessed using metallic screening with a 106 µm cutoff. The processed material is split and analyzed by fire assay with ICP-OES finish to extinction. A separate split is prepared to independently analyze mineralized intervals with a target grade greater than 1.00% Cu-Zn using a Na₂O₂ fusion with ICP-OES or ICP-MS finish. Sample preparation duplicates, certified reference standards, and blanks are inserted into the sample stream.

    The technical content of this press release has been reviewed and approved by Jean Lafleur, P.Geo., Vice President of Exploration of the Company, and Suzie Tremblay, P.Geo., Vice President of Operations at Explo-Logik Inc. and a consultant to TomaGold, each acting as a Qualified Person under National Instrument 43-101.

    About TomaGold

    TomaGold Corp. (TSXV: LOT, OTCPK: TOGOF) is a Canadian junior mining company focused on the acquisition, exploration, and development of high-potential precious and base metal projects, with a primary focus on gold and copper in Québec and Ontario. The Company’s core assets are located in the Chibougamau Mining Camp in northern Québec, where it owns the Obalski gold-copper-silver project and holds options to acquire 12 additional properties, including the Berrigan Mine, Radar, David, and Dufault projects. TomaGold also holds a 24.5% joint venture interest in the Baird gold property near the Red Lake Mining Camp in Ontario. In addition, the Company has lithium and rare earth element (REE) projects in the James Bay region, strategically positioned near significant recent discoveries.

    Cautionary Statement on Forward-Looking Information

    This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include the potential results of exploration and drilling activities, market prices, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates, opinions, or other factors should change.

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

    Contacts

    David Grondin
    President and Chief Executive Officer
    (514) 583-3490
    www.tomagoldcorp.com

    Source

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    Crypto Market Update: Regulatory Holdup Pulls US$952 Million From US Crypto Products

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    Here’s a quick recap of the crypto landscape for Monday (December 22) as of 9:00 am UTC.

    Get the latest insights on Bitcoin, Ether and altcoins, along with a round-up of key cryptocurrency market news.

    Bitcoin and Ether price update

    Bitcoin (BTC) was priced at US$89,286.25, up by 2.3 percent over 24 hours.

    Bitcoin price performance, December 22, 2025.

    Bitcoin price performance, December 22, 2025.

    Chart via TradingView

    Ether (ETH) was priced at US$3,026.40, up by 3.3 percent over the last 24 hours.

    Altcoin price update

    • XRP (XRP) was priced at US$1.92, up by 1.4 percent over 24 hours.
    • Solana (SOL) was trading at US$126.14, up by 2.3 percent over 24 hours.

    Today’s crypto news to know

    US crypto funds See US$952M outflow amid regulatory delays

    Investors pulled US$952 million from US crypto investment products last week, marking the first weekly outflow in a month, according to data from CoinShares.

    The exodus was concentrated in the US totaling US$990 million, which was partially offset by modest inflows into Canadian and German products.

    Analysts attributed the sell-off to continued delays in the US CLARITY Act, prolonging regulatory uncertainty, alongside concerns about large holders offloading positions.

    Ethereum-based funds led the outflows with US$555 million, while Bitcoin products saw US$460 million leave.

    Hong Kong moves to unlock insurance capital for crypto investments

    Hong Kong’s Insurance Authority has proposed new rules that would allow licensed insurers to invest in cryptocurrencies and related infrastructure, potentially unlocking billions in capital.

    According to a Bloomberg report, insurers under the proposed framework would face a 100 percent “risk charge” on direct crypto holdings, meaning a dollar of capital must be set aside for every dollar invested. Stablecoins pegged to fiat would attract lower risk charges.

    The initiative aims to attract institutional investors while maintaining prudential safeguards against crypto volatility.

    Public consultation on the draft rules is scheduled for February through April 2025, with formal legislative submissions expected later in the year.

    Binance allowed high-risk accounts post-plea deal, FT reports

    Binance reportedly continued to permit suspicious accounts to operate after its US$4.3 billion U.S. plea agreement in 2023, according to a Financial Times investigation.

    Internal files reviewed by the FT showed accounts linked to terror financing networks, improbable login patterns, and failed identity checks remained active, moving billions of dollars in crypto.

    One account from Venezuela moved US$93 million, with portions connected to networks tied to Iran and Hezbollah.

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

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

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    West High YieldResources Ltd. Provides Letter to Shareholder from Presdent and CEO

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     West High Yield (W.H.Y.) Resources Ltd. (TSXV: WHY,OTC:WHYRF) (FSE: W0H) (the ‘Company’ or ‘West High Yield’) today released the following letter from President and Chief Executive Officer Frank Marasco Jr.

    Letter from President and CEO

    Dear Shareholders,

    As we close out 2025, I would like to extend my sincere appreciation to all our shareholders for their continued support and confidence in the Company This year has been one of meaningful progress, disciplined execution, and growing momentum across the Company’s business.

    In 2025, the Company achieved an important milestone with the award of the BC Mines Act Permit for the Record Ridge magnesium project (the ‘Project‘). This accomplishment represents years of focused technical, environmental, and regulatory work, and positions the Company to enter a transformative phase as it moves toward construction and first production at the Project in 2026.

    Throughout the year, West High Yield’s team remained focused on disciplined execution, regulatory progress, environmental stewardship, and strengthening its foundation as the Company advance Record Ridge toward development. These efforts have materially de-risked the Project and advanced it into its current stage of pre-construction readiness.

    At the same time, the global landscape for critical minerals has shifted decisively. Magnesium/Silica/Nickel and Iron have emerged as priority materials for governments and industries seeking to secure domestic and North American supply chains. In response, governments across Canada, the United States, and the European Union have:

    • enacted policies to accelerate permitting for strategic minerals;
    • introduced incentives, grants, and funding access for domestic mining and processing; and
    • strengthened supply chain mandates for materials essential to national security, decarbonization, and advanced manufacturing.

    These macro forces present a significant tailwind for companies like West High Yield with advanced-stage, strategically located critical mineral assets. The recognition of these critical minerals as ‘strategic’ reinforces the relevance of Record Ridge, underscores the relevance of the Project, and emphasises the opportunity ahead as the Company moves toward production.

    With key regulatory, environmental, and engineering milestones completed and additional work well underway, the Company is entering its final stages of pre-construction readiness.

    The Company’s 2026 roadmap includes:

    • completion of final Project engineering and mine readiness planning;
    • Project long-lead procurement, site preparation, and infrastructure development; and
    • the launch of Project construction and a transition toward operational start-up.

    Supported by strong global demand, increasing policy support, and the meaningful progress achieved this year, 2026 is poised to be a pivotal year for the Company as it transitions Record Ridge from planning to construction and development.

    Looking Ahead

    West High Yield enters the new year with a clear mission and a BC Mines Act permit: to build Canada’s first environmentally responsible magnesium/silica mine, and deliver long-term value to its shareholders, indigenous partners, local communities, and other stakeholders.

    West High Yield thanks you for your continued commitment, confidence, and support and belief in its vision. The Company looks forward to sharing further updates as it advances toward full Project construction and operational readiness in the year ahead.

    On behalf of the entire team at West High Yield, I wish you and your families a Merry Christmas and a healthy, prosperous, and successful 2026.

    Sincerely,

    Frank Marasco Jr.

    President and CEO

    About West High Yield

    West High Yield is a publicly traded junior mining exploration and development company, established in 2003, and focused on acquiring, exploring, and developing mineral resource properties in Canada. Its primary objective is to develop its Record Ridge critical mineral (magnesium, silica, and nickel) deposit using green processing techniques to minimize waste and CO2 emissions.

    The Company’s Record Ridge critical mineral deposit located 10 kilometers southwest of Rossland, British Columbia has approximately 10.6 million tonnes of contained magnesium based on an independently produced National Instrument 43-101 – Standards of Disclosure for Mineral Projects (‘NI 43-101‘) Preliminary Economic Assessment technical report (titled ‘Revised NI 43-101 Technical Report Preliminary Economic Assessment Record Ridge Project, British Columbia, Canada’) prepared by SRK Consulting (Canada) Inc. on April 18, 2013 in accordance with NI 43-101 and which can be found on the Company’s profile at https://www.sedarplus.ca.

    Contact Information

    Frank Marasco Jr., President and Chief Executive Officer
    Telephone: (403) 660-3488
    Email: frank@whyresources.com

    Barry Baim, Corporate Secretary
    Telephone: (403) 829-2246
    Email: barry@whyresources.com

    NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

    Corporate Logo

    To view the source version of this press release, please visit https://www.newsfilecorp.com/release/278833

    News Provided by Newsfile via QuoteMedia

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