WTI price performance, December 31, 2024, to October 6, 2025.

Oil prices under pressure amid rising inventories, sluggish demand

Such gains are unusual for the shoulder season, when demand typically dips to around 103 million to 104 million barrels per day, compared to 106 million in summer and winter, Schachter pointed out.

On the flip side, global oil demand in the third quarter remained subdued, with growth projections of approximately 700,000 barrels per day (bpd) for both 2025 and 2026, according to the International Energy Agency (IEA).

This marks a significant slowdown compared to the 2.8 percent growth observed in 2024.

The IEA attributes this deceleration to factors such as high interest rates, economic uncertainties and structural shifts in energy consumption patterns. Looking ahead, the organization projects a modest rebound in global oil demand, with an anticipated increase of 700,000 bpd in 2026. However, this growth is contingent upon factors such as economic stabilization, energy policy developments, and potential shifts in global trade dynamics.

“Demand is weaker. Inventories are high, OPEC is raising production, and so we have all of that, and we think that we’re going to see WTI below US$60,” said Schachter, adding that he expects to see WTI values sink to the US$56 to US$59 range in the fourth quarter.

Geopolitical tensions drive oil price volatility

Much of the oil price volatility exhibited in the third quarter was driven by geopolitical factors, according to Igor Isaev, Doctor of Technical Sciences, and head of Mind Money’s Analytics Center.

‘Prices have swung sharply, driven by a complex interplay of geopolitical flashpoints, punitive trade policies and structural changes in supply dynamics. From Tehran to Texas, the forces shaping global energy are no longer cyclical — they’ve become groundbreaking, unveiling symptoms of a broader recalibration of energy security and sovereignty.”

As Isaev explained, while these forces aren’t new, they have been especially impactful amid heightened global strife.

“At the heart of recent volatility lies a familiar trio: tariffs, conflict and fragility. US-China trade tensions have resurfaced in the form of targeted energy tariffs, while carbon border adjustments in Europe have added further complexities to global flows,” the expert explained. “Meanwhile, geopolitical instability in Iran, Venezuela, Russia and parts of Africa continues to inject a risk premium into every barrel.”

Despite all the market turbulence, Isaev noted that one steady factor persists — US shale’s balancing act. Once the industry’s great disruptor, shale now serves more as a pressure valve during supply crunches than a growth engine.

However its flexibility is waning. Higher interest rates, escalating service costs and maturing geology, particularly in the Permian Basin, have shifted producers’ focus from expansion to efficiency, he said.

“Its role heading into 2026 will be stabilizing, but not leading.”

For Schachter, the weak price environment falls below the incentive price for US shale producers.

Currently, shale production remains resilient, hitting 13.5 million barrels per day the first week of October, up 200,000 barrels from last year, he said. Producers continue to tap high-quality, tier-one reserves using advanced techniques like longer-reach, multi-leg wells and improved completions, keeping some operations profitable even at US$61.

Oil and gas M&A volume slows, but values surge

As uncertainty abounds companies continue to shy away from deal making. An August report from Wood Mackenzie notes that deal activity in 2025 is down 10 percent, to only 85 sector wide by mid-August.

“The number of deals has been declining progressively since 2022, making this the seventh consecutive half-year drop, with volumes now well below the ten-year average,” the firm’s analysis reads.

Despite the volume decline, values are on the rise.

“At US$71 billion, the overall value of disclosed deals was higher than the half-year average for the last five years, and a huge 80% higher than the unusually low total for the previous half year,” the report continues.

One of the largest deals announced during the quarter was Crescent Energy’s (NYSE:CRGY) acquisition of Vital Energy (TSXV:VUX,NYSE:VTLE), an all-stock deal valued at US$3.1 billion.

The deal will birth one of the 10 largest independent oil and gas producers in the US. The combined company will operate across major basins, including the Eagle Ford, Permian and Uinta.

Although deal volumes have retracted, both Isaev and Schachter anticipate majors heading to market in an effort to bolster their market share.

“M&A activity in North America is likely to accelerate,” said Isaev. “Consolidation will be driven not by land grabs, but by strategic repositioning — especially in LNG, CCS and low-carbon petrochemicals. I expect deals prioritizing operational efficiency, reserve quality and transition alignment over immediate revenue effect.”

For Schachter, majors play a pivotal role in securing today’s oil supply, as well as in funding the innovation for future oil production. “You’re always going to see the big boys go after the medium boys,” he said. “Once you find a good asset, you want to control more and more of it, so you buy other people up. So I think consolidation will be there.”

He went on to note that new technology will open up more plays offshore in the Gulf of Mexico.

“We haven’t really talked a lot about discoveries in the Gulf of Mexico for a long time; I think there will be new technology that will be applied to drilling,’ Schachter commented.

Accessing these offshore assets will not be cheap, as he estimates the wells there could cost upwards of US$50 million wells compared to under US$10 million for an onshore well.

“So that’s going to require the big boys to do that. But the prizes can be there, as we found with Guyana,” said Schachter, pointing to the Caribbean nation’s growth from no output to over 600,000 barrels per day currently.

Gas demand weakens as LNG expansion fuels potential Asian growth

After a sharp rebound in 2024, global natural gas demand slowed notably in the first half of 2025 as high prices, tight supply and economic uncertainty curbed consumption.

That was particularly true in Asia, where both China and India posted year-on-year declines.

Starting the third quarter at US$3.43 per million British thermal units, natural gas values contracted through July and August sinking to a year-to-date low of US$2.73 on August 20, 2025.

Values have since regained lost ground ending the three month period in the US$3.35 range.

Natural gas price performance, December 31, 2024, to October 6, 2025.

As noted in the IEA’s Q3 gas market report, Europe’s LNG imports are on track to hit record highs this year, driven by storage needs and reduced Russian pipeline flows.

Meanwhile, China’s imports are falling amid weaker demand and competition for cargoes, and ongoing geopolitical tensions, including the Israel-Iran conflict, have added volatility and uncertainty to an already fragile market.

Isaev underscored the importance of geography and regional tensions in relation to the gas market.

“In the natural gas arena, the pivot is predominantly geographic. European demand has somewhat rebounded, driven by colder winters and a continued retreat from Russian pipeline gas,’ he said.

Asia, by contrast, has seen softer industrial demand and increased reliance on domestic coal. For Canadian and US producers, this shift presents a strategic opening,” Isaev continued.

He went on to explain that LNG export infrastructure expansion, from BC to the US Gulf Coast, and long-term contracts with European buyers are “becoming geopolitical tools as much as commercial deals.”

While Schachter sees moderate European demand growth due to sluggish economic expansion, the longer-term surge is expected from Asia. As he pointed out, countries such as Japan, South Korea, China and Vietnam, which lack domestic reserves, will increasingly import LNG from sources like Australia, Papua New Guinea, the Gulf Coast and Canada.

‘And prices (in Asia) might be US$11 to US$12 compared to US$3.50 in the US,” said Schachter.

Looking ahead, the EIA forecasts that LNG supply growth is expected to surge in 2026 — led by new output from the US, Canada and Qatar — easing market pressures and potentially reigniting demand across Asia.

Oil and gas market forecast for Q4

Moving into the rest of 2025 and early 2026, Schacter warned that weather remains a key wildcard for energy markets.

He recommended watching whether winter will be mild or unusually cold, as Arctic fronts could spike oil and natural gas prices. Early forecasts, including those from the Farmers’ Almanac, suggest a colder-than-normal winter, though factors like El Niño could influence outcomes and add further uncertainty.

The oil and gas sector veteran, who will be hosting his annual Catch the Energy conference in Calgary in mid-October, also cautioned that global geopolitical risks remain a key market driver. Any disruptions in strategic chokepoints like the straits of Malacca or Hormuz, which could block crude shipments, have the potential to push oil prices higher.

‘And if we do, that’s going to be very, very good for the industry.”

Isaev pointed to OPEC+ tactical production, US shale prioritizing capital discipline over output growth, and LNG shipments to Europe and Japan being increasingly influenced by geopolitical dynamics, as key trends to watch.

“When you factor in the ongoing tensions in the Middle East and West Africa, along with the regulatory shifts surrounding carbon pricing and exploration permits, it’s evident that 2025 isn’t just going to be volatile — it’s a year for strategic realignment,” he said. “The advantage will go to those who can skillfully navigate this complexity, foresee critical turning points and invest their capital with both accuracy and creativity.”

1. ALPS Medical Breakthroughs ETF (ARCA:SBIO)

AUM: US$95.57 million

Launched in December 2014, the ALPS Medical Breakthroughs ETF tracks small- and mid-cap biotech stocks that have one or more drugs in either Phase II or Phase III US FDA clinical trials. Its holdings must have a market cap between US$200 million and US$5 billion.

There are 102 holdings in this biotech fund, with about 40 percent being small- and micro-cap stocks. Its top holdings include Cytokinetics (NASDAQ:CYTK) at a weight of 3.62 percent, Merus (NASDAQ:MRUS) at 3.51 percent and Avidity Biosciences (NASDAQ:RNA) at 3.43 percent.

2. Tema Oncology ETF (NASDAQ:CANC)

AUM: US$82.42 million

The Tema Oncology ETF provides exposure to biotech companies operating in the oncology industry. Launched in August 2023, it includes companies developing a range of cancer treatments, including CAR-T cell therapies and bispecific antibodies.

There are 51 holdings in this biotechnology fund, of which just over half are small- to mid-cap stocks. Among its top holdings are Revolution Medicines (NASDAQ:RVMD) at a weight of 6.29 percent, Eli Lilly and Company (NYSE:LLY) at 5.47 percent and Genmab (NASDAQ:GMAB) at 5.32 percent.

3. Direxion Daily S&P Biotech Bear 3x Shares (ARCA:LABD)

AUM: US$78.98 million

The Direxion Daily S&P Biotech Bear 3x Shares ETF is designed to provide three times the daily return of the inverse of the S&P Biotechnology Select Industry Index, meaning that the ETF rises in value when the index falls and falls in value when the index rises. Leveraged inverse ETFs are designed for short-term trading and are not suitable for holding long-term. They also carry a high degree of risk as they can be significantly affected by market volatility.

Unlike the other ETFs on this list, LABD achieves its investment objective through holding financial contracts such as futures rather than holding individual stocks.

4. ProShares Ultra NASDAQ Biotechnology (NASDAQ:BIB)

AUM: US$62.42 million

The ProShares Ultra NASDAQ Biotechnology ETF, launched in April 2010, is leveraged to offer twice daily long exposure to the broad-based NASDAQ Biotechnology Index, making it an ideal choice “for investors with a bullish short-term outlook for biotechnology or pharmaceutical companies.” However, analysts also advise investors with a low risk tolerance or a buy-and-hold strategy against investing in this fund due to its unique nature.

Of the 260 holdings in this ETF, the top biotech stocks are Vertex Pharmaceuticals (NASDAQ:VRTX) at a 5.05 percent weight, Amgen (NASDAQ:AMGN) at 5.01 percent and Gilead Sciences (NASDAQ:GILD) at 4.93 percent.

5. Tema Heart and Health ETF (NASDAQ:HRTS)

AUM: US$51.68 million

Launched in November 2023, the Tema GLP-1 Obesity and Cardiometabolic ETF tracks biotech stocks with a focus on diabetes, obesity and cardiovascular diseases. The fund was renamed on March 25 from Tema Cardiovascular and Metabolic ETF, and again on June 27 from the GLP-1 Obesity and Cardiometabolic ETF.

There are 47 holdings in this biotechnology fund, with about 75 percent being large-cap stocks and 22 percent mid-cap. About three-quarters of its holdings are based in the US. Its top biotech holdings are Eli Lilly and Company at a 8.47 percent weight, AstraZeneca (NASDAQ:AZN) at 4.39 percent and Abbott Laboratories (NYSE:ABT) at 4.58 percent.

Canada One Mining (TSXV:CONE, OTC:COMCF, FSE:AU31) is an emerging explorer focused on the Quesnel porphyry belt, one of Canada’s most prolific critical mineral districts. Its flagship Copper Dome project, adjacent to the 45,000 t/day Copper Mountain mine (702 Mt at 0.24 percent copper, 0.09 grams per ton gold, 0.72 grams per ton silver), offers brownfield porphyry copper potential with strong discovery upside.

The flagship Copper Dome project is a 12,800-hectare, 100-percent-owned land package located just 1.5 km south of Hudbay Minerals’ Copper Mountain mine and 18 km from Princeton, British Columbia. With year-round road access, grid power, water supply, and nearby services, the project requires no camp or helicopter support and sits within a three-hour drive of Vancouver.

Positioned in the lower Quesnel porphyry belt—one of Canada’s most prolific porphyry copper districts—Copper Dome offers compelling exploration potential. Backed by a fully permitted, five-year drill program, the project is poised to deliver near-term results and game-changing catalysts.

Company Highlights

• Flagship Copper Project in Tier-1 Jurisdiction: 12,800 ha Copper Dome land package, adjacent to Hudbay’s Copper Mountain mine, one of Canada’s most prominent copper operations.
• Discovery Thesis: Porphyry cluster-style deposit potential; Copper Mountain deposit analogs average ~150 to 200 Mt.
• Logistics Advantage: Year-round access, no camp/helicopters; 3 to 3.5 hrs from Vancouver; pine-beetle-thinned cover aids access.
• Technical Uplift: Transitioning to four-acid digestion (industry standard) vs. the historical three-acid will, on average, return materially high metal values especially where minerals are more resistant to dissolution.
• Near-term Catalysts: Five-year drill permits in place; upcoming geophysics, geochemistry and drill programs across multiple porphyry copper/gold zones.
• Multiple Assets in Canada: In addition to Copper Dome, Canada One’s other exploration assets include the historical small-scale, past-producing Goldrop property and the Zeus gold project.
• Valuation Upside: Market cap just below C$3 million provides significant leverage to discovery and exploration success.
• Capital Strategy: Management will not finance below $0.10; interim self-funding to minimize dilution.
• Experienced Leadership: Management team is supported by resource veterans such as Dave Anthony, head of the company’s advisory board, past COO of Barrick Africa and current CEO of Assante Gold Corporation (TSX:ASE) with a $1.7 billion market capitalization.

This Canada One Mining profile is part of a paid investor education campaign.*

Click here to connect with Canada One Mining (TSXV:CONE) to receive an Investor Presentation

Providence Gold Mines (TSXV:PHD,OTC:PRRVF) gives investors a unique chance to participate in a fully permitted California gold project with near-term exploration upside and a clear path to production. Backed by a strong geological setting, lean capital structure, and experienced leadership, Providence is well positioned to create shareholder value in a rising gold market.

The company is advancing its flagship La Dama de Oro project, a fully permitted, turnkey gold property with the rare combination of near-term production potential and significant exploration upside.

Providence has entered into an option agreement to acquire 100 percent of the La Dama de Oro gold property, a historic mine located in California’s Silver Mountain Mining District. The project sits within the Eastern California La Dama de Oro Shear Zone, a highly prospective setting for structurally controlled, low-sulfidation epithermal gold-silver vein systems. Hosting a 6,000-foot strike vein system, open along strike and at depth, La Dama de Oro offers significant exploration upside through modern techniques. Channel sampling, soil geochemistry, and geophysics are set to commence, with an NI 43-101 technical report recently completed.

Project Highlights

• Geology: Multi-phase quartz veining and hydrothermal alteration along the La Dama de Oro Fault, with veins up to 4.5 feet wide, open along strike.
• Exploration stage: Early-stage exploration supported by an NI 43-101 technical report confirming strong potential, though no current resource estimate is defined.
• Fully permitted: Turnkey project with EPA, water, and mill site permits secured, plus an approved exploration program—including bulk sampling—positioning it for rapid advancement toward production.
• Option agreement: Providence can earn 100 percent ownership over four years by issuing 4.5 million shares and committing $770,000 in exploration expenditures.

Company Highlights

• Fully permitted, turnkey project: La Dama de Oro gold property in California has secured EPA, water and mill site permits, enabling rapid execution toward potential production.
• Near-term cash flow focus: Strategy to move into production rather than remain solely an explorer.
• Scale Potential: Modern exploration potential; never been systematically drilled or scientifically evaluated.
• Low-sulfide, simple processing: Crushing, grinding, gravity separation process; avoids more complex/expensive methods.
• Exploration plan: Underground channel samples, soil geochemistry and geophysics to fast-track targeting.
• Compelling geology and location: Within the Eastern California Shear Zone/San Andreas structural corridor; historical production area.
• Tight capital structure: 63 million shares outstanding (as of October 2025) and limited debt, minimizing dilution risk for investors

This Providence Gold Mines profile is part of a paid investor education campaign.*

Click here to connect with Providence Gold Mines (TSXV:PHD) to receive an Investor Presentation

1. Prospector Metals (TSXV:PPP)

Year-to-date gain: 875 percent
Market cap: C$30.07 million
Share price: C$1.17

Prospector Metals is a gold exploration company exploring its flagship ML project near Dawson City in the Yukon, Canada.

The 10,869 hectare property is located within the Tintina Gold Belt, which hosts significant historic mining operations and current exploration and development projects.

The ML project’s Skarn Ridge and North Vein targets were the focus of significant historical work through 2008, including 117 diamond drill holes. According to Prospector, historical work also led to the discovery of more than two dozen untested high-grade gold surface occurrences.

Prospector announced the approval for its drill permit on April 9. The maiden drill program at the site commenced on June 23, with the primary focus on the Bueno target, which delivered rock samples with grades up to 156 grams per metric ton (g/t) during May 2025 exploration. The program will include testing of six targets, including Bueno, identified during the company’s 2024 exploration program.

After trending upwards throughout the year from their start of C$0.12, shares in Prospector surged from C$0.31 to C$1.17 when it reported the discovery of the new TESS gold-copper zone on October 1. The company reported a drill hole intersected the broad, high-grade zone, with an average grade of 13.79 g/t gold from 62 meters to 106 meters downhole, including 288 g/t over 1 meter within 21.93 g/t over 24.65 meters.

Additionally, the hole also intersected the North Vein zone from 138 meters to 145.36 meters downhole, over which it had an average grade of 5.69 g/t gold.

Prospector CEO Rob Carpenter said, “The discovery represents an exciting new style of gold mineralization for the ML project. The high-grade and near surface intercept occurs within a distinct zone that is coincident with a diagnostic surface geochemical signature.” He indicated that the company has traced the trend on the surface for at least 500 meters.

Shares in Prospector reached a year-to-date high of C$1.30 on October 2.

2. Onyx Gold (TSXV:ONYX)

Year-to-date gain: 763.41 percent
Market cap: C$123.74 million
Share price: C$1.77

Onyx Gold is an exploration company advancing its Munro-Croesus project, located near Timmins in Ontario, Canada. It also holds gold projects in the Yukon.

The company increased the size of the Munro-Croesus land package by 200 percent between 2020 and 2025, and it now covers an area of 109 square kilometers. It hosts the Croesus mine, which produced 14,859 ounces of gold between 1915 and 1936 with an average grade of 95.3 g/t. Onyx is the first company to explore the property since the mine closed.

Onyx’s share price gained significantly during the second quarter, as the company announced agreements to expand its land package at Munro-Croesus and exploration results from its 25,000 meter drill program at the project.

It began rising on April 10, when Onyx entered an option agreement with private vendors to acquire a 21 hectare patented claim near the Argus North zone. This was followed by news on June 24, when the company reported that it had signed a mineral property purchase and sale agreement to acquire a 100 percent interest in the Munro and Hewitt properties, both located near the existing Munro-Croesus project.

Two days later, Onyx announced that the first step-out exploration at Argus North returned assays with a highlighted broad interval of 1.8 g/t gold over 91 meters, including 5.3 g/t over 17 meters. Its share price spiked following the pair of June announcements and reached a year-to-date high of C$2.40 on July 14.

On September 3, the company released assays from eight step-out holes, with one intersecting 91 meter and 103.4 meter intervals that both graded 1.1 g/t gold.

The previous month, Onyx began a three-week exploration program at its King Tut gold property in the Yukon’s Tombstone Gold Belt focused on its Ra target.

Additionally, the company announced on October 6 that it has upsized its non-brokered private placement to C$6.45 million. This brings its funding from recent financing deals to a total of C$26.45 million, alongside an upsized bought deal private placement of C$20 million that closed October 2.

3. Kirkland Lake Discoveries (TSXV:KLDC)

Year-to-date gain: 687.5 percent
Market cap: C$39.42 million
Share price: C$0.315

Kirkland Lake Discoveries is a gold and copper exploration company focused on projects in its district-scale land package located in the Kirkland Lake area of Ontario, Canada.

Its holdings span an area of approximately 38,000 hectares in the Abitibi Greenstone Belt and are broadly divided into KL West and KL East, which contain the Goodfish-Kirana and Lucky Strike gold projects, respectively, among others.

On April 29, the company expanded KL West’s southern portion by entering into a mining option agreement with Val-d’Or Mining (TSXV:VZZ) to acquire a 100 percent interest in the Winnie Lake and Amikougami properties, and mining claim purchase agreements with two vendors for further claims around the Winnie Lake Pluton.

On August 6, Kirkland Lake initiated the inaugural diamond drill program at the site, designed to follow up on historic drill results and recent surface exploration.

Early results from the program came on August 12 when the company reported the discovery of an intrusion-related system at KL West’s Winnie showing. Next, on August 26, Kirkland expanded the mineralized system after intersecting semi-massive and massive sulfide mineralization across three additional holes at KL West, with assay results pending.

It has not released an exploration update since, but on September 23 Kirkland Lake announced a C$7 million private placement with a significant portion coming from investors Eric Sprott, Rob McEwen and Crescat Capital. It has been upsized to C$14 million as of October 3.

Shares in Kirkland Lake reached a year-to-date high of C$0.385 on September 29.

4. PPX Mining (TSXV:PPX)

Year-to-date gain: 642.86 percent
Market cap: C$199.92 million
Share price: C$0.26

PPX Mining is a precious metals company that is focused on its Igor project, which contains the operating Callanquitas underground mine, located in the Otuzco province of Northern Peru.

An updated resource estimate for Callanquitas released by the company in January 2024 showed a measured and indicated oxide resource of 81,090 ounces of gold and 2.9 million ounces of silver. The inferred resource as sulfides stands at 34,450 gold equivalent ounces from ore grading 4.63 g/t gold equivalent.

According to a prefeasibility study for Igor amended in January 2022, the 1,300 hectare site previously hosted small-scale mining operations and holds a 50 MT per day gold-processing plant from the 1980s.

In November 2024, PPX started construction of a 350 metric ton per day carbon-in-leach and flotation plant that will be used to process oxide and sulfide ore from Callanquitas.

The latest construction update came on September 24, when the company said development was continuing at an accelerated pace while it worked on parallel activities. These advancements included the installation of leach tanks and the assembly of the crushing line. In all, the PPX reported that construction was 55 percent complete.

Meanwhile, exploration at Callanquitas carried on during the third quarter, with PPX reporting assay results on August 20. In that release, the company said it had encountered a highlighted grade of 3.55 g/t gold over 4.2 meters, which included an intersection of 5.16 g/t gold over 2 meters.

Additionally, PPX announced on September 11 that it had closed an upsized non-brokered private placement for gross proceeds of C$2.58 million, which will be used for ongoing exploration at Callanquitas.

Shares in PPX Mining reached a year-to-date high of C$0.265 on September 30.

5. San Lorenzo Gold (TSXV:SLG)

Year-to-date gain: 629.41 percent
Market cap: C$42.94 million
Share price: C$0.62

San Lorenzo Gold is an exploration company working to advance its Salvadora project in the Chañaral province of Chile. The property consists of 25 exploration and nine exploitation concessions covering an area of 8,796 hectares, and hosts a large copper and gold porphyry system with several significant targets.

According to the project page, the site geology resembles that of the nearby Codelco-owned Salvador copper mine, which has operated since the early 1950s and is expected to continue until the mid-2060s following an expansion.

San Lorenzo’s share price gained significantly in the first quarter starting on March 3, when the company announced a significant discovery hole, the first of three holes drilled at Salvadora’s Cerro Blanco gold-copper target. The discovery hole demonstrated an average grade of 1.04 g/t gold over a broad 153.5 meters starting at a depth of 229 meters, including an intersection grading 12.78 g/t gold over 3.8 meters.

The same day, it also released partial results for the first of three holes drilled at its Arco de Oro gold target. It returned multiple instances of high-grade gold, including 5.61 g/t gold over 6.6 meters at a depth of 15.7 meters and 4.8 g/t gold over 23.3 meters 174.4 meters from surface.

Assays for the remaining holes were released in mid-March and April, respectively.

San Lorenzo released the most recent results from its exploration on August 6, reporting an induced polarization geophysical survey at Salvadora identified multiple prospective anomalies that would be the focus of its upcoming drill program.

San Lorenzo announced on September 24 that it initiated the aforementioned drill program, with plans in place for a minimum of three holes at Cerro Blanco and four holes at Arco de Oro.

After leveling out in Q2, the company’s share price began gaining momentum in early August, which it largely maintained through the rest of Q3 and into Q4. Shares in San Lorenzo jumped to a year-to-date high of C$0.75 on October 2.

Ether outperforms Bitcoin in Q3

Early in Q3, Bitcoin showed a resurgence of bullish sentiment, driven by anticipated macroeconomic easing and institutional accumulation. Nevertheless, the quarter was marked by persistent volatility. The token underperformed relative to Ether, which surged 70.7 percent for the quarter, compared to Bitcoin’s 6.39 percent increase.

A rotation of capital out of Bitcoin led to a September altcoin season, with gains concentrated among smart contract platforms and financial sector tokens like Avalanche, Binance Coin, Chainlink and Solana.

DeFi growth continued robustly, with total value locked exceeding US$164 billion at quarter’s end, driven by Ethereum Layer 2 scaling solutions and real-world asset lending on platforms like Aave.

Institutional adoption grows, regulatory activity picks up

Critical regulatory milestones brought a further sense of clarity to the crypto industry, most notably the passing of the GENIUS Act in the US, which provided the first comprehensive federal framework for stablecoins.

Additionally, the SEC advanced its Project Crypto blueprint, proposing clear token classifications, and the Commodity Futures Trading Commission (CFTC) actively engaged in discussions on spot crypto trading rules. Ongoing dialogues and regulatory guidance around crypto trading rules remain in focus, but there is clearly more to be done.

“The biggest question is, can we have a global standard of regulation for trading on decentralized exchanges and for trading tokenized products, so that an institutional investor in Europe can trade with an institutional investor in the US and in Japan, and not worry about each other’s regulations getting in the way?”

Internationally, regulatory frameworks for stablecoins have progressed, with legislative advances in South Korea, the EU, Japan, the United Arab Emirates, Hong Kong and Singapore.

Stablecoin market competition

The stablecoin sector saw net inflows exceeding US$46 billion in Q3.

The market recorded a transfer volume of US$15.6 trillion, the most active period since 2021, although 71 percent of these transfers were driven by high-frequency trading bots.

Inflows were led by Tether’s USDT and Circle Internet Group’s (NYSE:CRCL) USDC, but revenue-sharing incentives among exchanges exemplified the rising competition in crypto markets to attract and retain liquidity.

Hyperliquid’s debut of its native stablecoin, USDH, symbolizes this trend. USDH is designed to capture value in the Hyperliquid ecosystem, reducing reliance on external stablecoins.

The market also saw Avalanche gain momentum as a broader DeFi ecosystem, providing strong infrastructure and liquidity for multiple decentralized applications and stablecoin projects.

Stablecoins’ increasing role as a yield-bearing asset, as well as a transactional tool, has prompted a nuanced regulatory discussions. Reflecting on the banking sector’s response, Gokhman stressed that stablecoins offering yield like traditional savings accounts should be regulated, but should not be prevented simply because they compete with banks.

Blockchain infrastructure and AI integration advances

Blockchain infrastructure also advanced in the third quarter, supporting more effective multi-chain portfolio diversification and improving institutional capital flows in decentralized finance.

Cross-chain liquidity aggregation protocols have emerged to enable seamless token swaps and liquidity sharing across more than 30 Layer 1 and Layer 2 blockchains.

Unlike isolated liquidity pools, these protocols simplify asset transfers and enhance market efficiency.

Building on an evolving infrastructure landscape, Franklin Templeton is developing its own multi-chain venture platform.

“We want to be out there early, testing which L1 chains make the most sense,” said Gokhman. “We’re also building infrastructure that is robust and institutional grade, the kind of quality clients expect. At that point, it becomes a question of who wants to jump into the pool with us first, but we’re already there. We can tell you the water is fine.”

Much like in traditional markets, where commodities futures trade on the CME and equities trade on the NASDAQ, in the tokenized world, Grokhman expects trading to be more granular. As ways to move assets between chains develop, it will be easier to pick venues based on where the asset has the best liquidity and execution fees.

Elsewhere, blockchain technology and artificial intelligence (AI) are becoming more tightly integrated.

A landmark collaboration between Google (NASDAQ:GOOGL) and Coinbase Global (NASDAQ:COIN) demonstrates a practical integration of AI with digital money at scale. The companies’ open-source Agent Payments Protocol, which allows AI applications to communicate, send and receive payments using stablecoins, has gained broad industry commitment, evidenced by support from over 60 tech and financial partners, including the Ethereum Foundation, American Express (NYSE:AXP) and Salesforce (NYSE:CRM).

Crypto market forecast for Q4

Looking ahead to the fourth quarter, critical catalysts for the cryptocurrency sector include expected SEC and CFTC finalizations on token classifications and spot trading rules. New crypto ETFs and Cboe Global Markets’ forthcoming long-dated Bitcoin and Ether futures will broaden market access and further improve liquidity.

Macroeconomic factors such as potential interest rate cuts from the US Federal Reserve could boost risk appetite and capital inflows; however, ongoing geopolitical and macro uncertainty call for careful risk management. The US government shutdown adds another layer of uncertainty, although markets have largely shrugged it off so far.

Technological highlights include Ethereum’s Fusaka hard fork in December, which promises better scalability and efficiency, alongside growth in L2 solutions and real-world asset lending in DeFi.

As Gokhman noted, tokenization of previously inaccessible assets will deepen diversification opportunities for large investors, with early adopters paving the way for broader institutional entries.

“I think that’s going to be something we see in the next several quarters. We’re going to see some of those larger players dip their toe in, and then all the others will be more comfortable jumping into the water as well.”

Blue Jay Gold is an emerging Canadian explorer leveraging the brownfield advantage of proven mineralization and established infrastructure, while applying modern exploration techniques to drive growth and enhance shareholder value.

Blue Jay’s mantra is simple: “Be where the gold is.” By focusing on brownfield projects with historic production, existing infrastructure, and proven mineralization, the company reduces risk and cost while increasing discovery potential. With year-round exploration—Yukon in summer and Ontario in winter—Blue Jay delivers continuous news flow and diversified value creation.

Blue Jay’s flagship Skukum Gold Project, 55 km south of Whitehorse, Yukon, spans 170 km² and hosts an extensive network of gold- and silver-rich vein systems across four main zones: Skukum Creek, Goddell, Mt. Skukum, and Charleston. A 2022 NI 43-101 resource estimate outlined 1.59 Mt grading 8.16 g/t AuEq for 0.42 Moz indicated, and 3.02 Mt grading 5.33 g/t AuEq for 0.52 Moz inferred. Skukum Creek accounts for the majority, with 0.26 Moz AuEq indicated at 7.8 g/t and 0.31 Moz inferred at 5.7 g/t, underscoring both scale and high-grade potential.

Company Highlights

• High-grade Resource Base: Skukum gold project in the Yukon hosts 0.42 Moz indicated at 8.2 g/t AuEq and 0.52 Moz inferred at 5.3 g/t AuEq, anchored by multiple high-grade gold and silver structurally controlled mineralized systems.
• Brownfield Advantage: Historic production (~80,000 oz gold at 12 g/t from Mt. Skukum, 1986–1988) with a 50-person camp, road access and ~6 km drive development already in place.
• District-scale Potential: 170 sq km land package traversed by more than 50 km of mineralized structures, including three primary corridors (Skukum Creek, Charleston, Goddell) and several secondary zones.
• Ontario Growth Pipeline: The Pichette project in the Beardmore-Geraldton Greenstone Belt provides winter drilling opportunities adjacent to Equinox’s Greenstone Mine.
• Strategic Growth Plan: Aim to test the immediate extensions to known mineralization and drill-test new target zones over the 18-24 months.
• Experienced Leadership: Management team and board combine diverse experience in global exploration and asset maturation, and capital markets expertise, with proven track records in discovery and financing.

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