Aurum Resources (AUE:AU) has announced Aurum Hits High-Grade Gold at Napie, Cote d’Ivoire
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First Majestic Silver (TSX:AG,NYSE:AG) CEO Keith Neumeyer’s silver price prediction of over US$100 per ounce came true in 2026. When will silver prices make a more lasting hold in triple digit territory?
The silver price was up over 189 percent year-on-year as of March 2, 2026, on the back of economic uncertainty and ongoing geopolitical tensions, as well as support from long-term demand fundamentals.
The silver price broke through its previous all-time high in October 2025, blasting through the US$50 per ounce mark. From then, it rallied to new highs again and again.
Only a few weeks into 2026, the price of silver finally hit triple digits when it overtook the US$100 level. It went on to rise to its latest all-time high of US$121.62, which it set on January 29, 2026.
The catalysts for silver’s price surge above the critical US$100 level included the trade tensions between the US and Europe following US President Donald Trump’s renewed bid for Greenland; Trump’s public statements about possible military airstrikes on Iran; and a significant structural supply deficit exacerbated by increased institutional investment demand.
Well-known figure Keith Neumeyer, CEO of First Majestic, had frequently said he believes the white metal could hit the US$100 mark or even reach as high as US$130 per ounce.
Neumeyer has voiced this opinion often over the past decade. He put up a US$130 price target in a November 2017 interview with Palisade Radio, when silver was just US$17 per ounce. He reiterated his triple-digit silver price forecast in multiple interviews with Kitco over the years, including one in March 2023.
In 2024, Neumeyer made his US$100 silver call in a conversation with ITM Trading’s Daniela Cambone at the Prospectors & Developers Association of Canada (PDAC) convention, and in April of that year he acknowledged his reputation as the ‘triple-digit silver guy’ on the Todd Ault Podcast.
Speaking with Chris Marcus of Arcadia Economics on January 16, 2026, a day after the price of silver had broken through US$93 per ounce for the first time, Neumeyer stated that “triple digits is definitely on its way.” He was finally proven right less than two weeks later.
At times Neumeyer has been even bolder, suggesting in 2016 that silver could reach US$1,000 if gold were to hit US$10,000.
In order to better understand where Neumeyer’s opinion comes from and why a triple-digit silver price finally materialized, it’s important to take a look at the factors that affect the metal’s movements, as well as where prices have been in the past and where other industry insiders think silver could be headed.
First, let’s dive a little deeper into Neumeyer’s US$100 silver prediction.
In this article
Why has Neumeyer called for a US$100 silver price?
Neumeyer’s belief that silver could hit US$100 is based on a variety of factors, including its consistent deficit, its industrial demand and how undervalued it is compared to gold.
When he first made the prediction more than a decade ago, there was significant distance for silver to go before it could reach the success Neumeyer had boldly predicted.
Neumeyer expected a triple-digit silver price in part because he believed the market cycle could be compared to the year 2000, when investors were sailing high on the dot-com bubble and the mining sector was down. He believed it was only a matter of time before the market corrected, like it did in 2001 and 2002, and commodities would see a big rebound in pricing. It was during 2000 that Neumeyer himself invested heavily in mining stocks and came out on top.
“I’ve been calling for triple-digit silver for a few years now, and I’m more enthused now,” Neumeyer said at an event in January 2020, noting that there are multiple factors behind his reasoning. “But I’m cautiously enthused because, you know, I thought it would have happened sooner than it currently is happening.”
Another factor driving Neumeyer’s position is his belief that the silver market is in a deficit at a time when demand is rising from new industrial sectors. In a December 2023 interview with Kitco, Neumeyer stressed that silver is more than just a poor man’s gold and he spoke to silver’s important role in electric vehicles and solar cells.
In line with this view on silver, First Majestic is a member of a consortium of silver producers that in January 2024 sent a letter to the Canadian government urging that silver be recognized as a critical mineral.
Silver’s inclusion on the list would allow silver producers to accelerate the development of strategic projects with financial and administrative assistance from the government.
In this 2024 PDAC interview, Neumeyer once again highlighted what he says is a sizable imbalance in the silver’s supply-demand picture. “We’re six years into this deficit. The deficit in 2024 looks like it’s gonna be bigger than 2023, and why is that? Because miners aren’t producing enough silver for the needs of the human race,” he said.
More controversially, Neumeyer is of the opinion that the white metal will eventually become uncoupled from its sister metal gold, and should be seen as a strategic metal due to its necessity in many everyday appliances, from computers to electronics, as well as the technologies mentioned above. He has also stated that silver production has gone down in recent years, meaning that contrary to popular belief, he believes the metal is actually a rare commodity.
Neumeyer’s March 2023 triple-digit silver call was a long-term call, and he explained that while he believed gold would break US$3,000 that year, he thought silver will only reach US$30. However, once the gold-silver ratio is that unbalanced, he believes that silver will begin to take off, and it would just need a catalyst.
‘It could be Elon Musk taking a position in the silver space,’ Neumeyer said. ‘There’s going to be a catalyst at some time, and headlines in the Wall Street Journal might talk about the silver supply deficit … I don’t know what the catalyst will be, but investors and institutions will wake up to the fundamentals of the metal, and that’s when it will start to move.’
In 2024, gold experienced a resurgence in investor attention as the potential for US Federal Reserve interest rate cuts came into view. In an interview with Cambone at PDAC 2024, Neumeyer countered that perception, stating, “There’s a rush into gold because of the de-dollarization of the world. It has nothing to do with the interest rates.”
In an April 2025 Money Metals podcast, Neumeyer reiterated his belief that silver is in an extreme supply deficit and that eventually silver prices will have to rise in order to incentivize silver miners to dig up more of the metal.
‘You need triple-digit silver just to motivate the mining companies to start investing again because the mining companies aren’t going to make the investment because there’s just so much risk in it,’ he said.
After the price of silver surged from the US$50 level up into more than US$70 per ounce in late December 2025, Neumeyer actually cautioned investors not to get too excited about a potential quick run to US$100 during an interview with The Deep Dive.
“I’m crossing my fingers that it doesn’t go to US$100 on this move. I don’t think that would be particularly healthy at all. I would prefer to see it start to slow down here and chalk a little bit sideways for two to three months and find a level that people can get use to. It’s going to take sometime for people to get used to US$70 silver,” he advised.
While he admitted high silver prices are great for silver producers such as First Majestic and their shareholders, he said “personally, I’d rather see some stability,” and have silver reach triple digits in 12 to 24 months out so that the mining sector has more time to react and better take advantage of higher silver prices.
A month later, when silver was above US$100 per ounce, during an interview with Kitco at the 2026 Vancouver Resource Investment Conference (VRIC), Neumeyer said, “calling triple digit silver and it’s actually happening is pretty interesting,” but he believes it’s still early stages in this new bull market and he’s done predicting metals prices.
“What we do know is that we’ve created a new pricing paradigm, we’re not going back to the old pricing that we’re all used to over the past 20 or 30 years,” he added.
What factors affect the silver price?
In order to glean a better understanding of the precious metal’s chances of breaching the US$100 range again, it’s important to examine the elements that could push it to that level or pull it further away.
The strength of the US dollar and Fed rate changes are factors that will continue to affect the precious metal, as are geopolitical issues and supply and demand dynamics.
Although Neumeyer believes that the ties that bind silver to gold need to be broken, the reality is that most of the same factors that shape the price of gold also move silver.
For that reason, it’s helpful to look at gold price drivers when trying to understand silver’s price action. Silver is, of course, the more volatile of the two precious metals, but nevertheless it often trades in relative tandem with gold.
First, it’s useful to understand that higher interest rates are generally negative for gold and silver, while lower rates tend to be positive. That’s because when rates are higher, investment demand shifts to products that can accrue interest.
The Fed’s rate moves have played a key role in pumping up silver prices over the past year. However, Trump doesn’t think Fed Chair Jerome Powell is lowering rates fast enough.
Trump’s feud with the Fed over interest rates escalated in early January 2026 when the US Department of Justice served the Fed with grand jury subpoenas targeting Powell with a criminal indictment. The uncertainty over Fed independence is driving gold prices higher as investors expect a weaker dollar.
While central bank actions are important for gold, and by extension silver, another key price driver lately has been geopolitical uncertainty. The past decade has been filled with major geopolitical events such as the Israel-Hamas conflict, the Russia-Ukraine war, and rising tensions between the US and other countries including Russia, China and Iran, and more recently Venezuela, Canada and Denmark.
Trump’s tariffs have also rattled stock markets and ratcheted up the level of economic uncertainty pervading the landscape in 2025 and continuing into this year. This has proved price positive for gold and silver, with silver outperforming gold in the last year.
However, silver’s industrial side can not be ignored. In an economically uncertain environment, the industrial case of silver could weaken in the short term, but in the longer term silver’s demand side is still highly prospective for larger gains.
Samuelson explained in March 2025 that silver is particularly vulnerable to a supply shock as the London Bullion Market Association’s physical silver supplies had already decreased by 30 to 40 percent, while gold had only lost 3 to 4 percent.
The next month, Smirnova explained that silver has been in a supply deficit of 150 million to 200 million ounces annually, but production has been stagnant or declining over the past decade.
Looking at the runup in silver prices into the triple digits that occurred in late 2025 to early 2026, this structural supply-demand deficit, magnified by an explosion in industrial demand for solar energy and AI data centers, played an outsized role. Further adding fuel to the fire was record-low physical inventory levels in COMEX and Shanghai vaults, which caused a shift from ‘paper’ silver to physical hoarding.
Higher industrial demand from emerging sectors due to factors like the transition to renewable energy and the emergence of AI technology will be highly supportive for the metal over the next few years. Solar panels are an especially exciting sector as manufacturers have found increasing the silver content increases energy efficiency.
Frank Holmes of US Global Investors (NASDAQ:GROW) said in a December interview that silver’s “ability to be a transformative part of renewable energy,” particularly in solar panels, is an outsized factor in the latest run in the silver price. “And I don’t think that is going to go away,” he added.
Could silver hit US$100 per ounce again?
It seems likely that we will reach a US$100 per ounce silver price again in 2026 as there is plenty of support for Neumeyer’s belief that the metal is undervalued and that “ideal conditions are present for silver prices to rise.”
For much of 2025, silver and gold rose higher on factors including persistent inflationary pressures brought on by Trump’s aggressive tariff announcements and the ongoing geopolitical risks in the Middle East. The commodity’s price uptick also came on the back of very strong silver investment demand.
In the fourth quarter, silver rapidly outpaced gold’s gains, and by early January silver reached US$95, more than doubling in value from its Q3 close of US$46. It continued higher to breach US$120 by the end of the month.
While silver and gold prices both pulled back significantly over the following days, silver spent February consolidating and stabilized above the US$80 mark in the second half of the month.
On March 1, the silver price once again approached the US$100 mark as the US started a war with Iran, peaking at US$96.40 before seeing a smaller pull back.
As silver’s momentum continues upwards and the price stabilizes at these higher values, silver market experts are agreeing with Neumeyer’s triple-digit silver hypothesis that the price of silver still has further room to grow.
“You know, whether in the short term or the long term, one way or another, we’re going to run into a supply demand brick wall. And when that day happens, we could see triple-digit silver prices in a very, very short period of time,” he said. “I figure it’s going to be US$200 to US$400 an ounce, at least, before this is all over.”
This set up bodes well for those not only invested in physical silver, but in silver mining stocks as well.
“I have to be honest, I was not necessarily expecting triple-digit silver this quite this fast,” he said. “I was saying, if and when we break through US$54 silver, then the path of least resistance becomes a conservative, measured move target of US$96 or within a few pennies … So, I’m not really surprised at all, and in fact, I think we’re headed higher in the fullness of time.’
Penny sees Fed policy actions as a potential catalyst for silver’s next leg up.
“I think it’ll be the Fed’s response to the next crisis that causes the big move, the 1979 moment where you go up,” he explained, noting that in 1979, the price of silver went up 700 percent in 12 months. “I think that that moment still lies ahead. It’ll be the Fed’s response to the next crisis that is the catalyst for that huge move.”
Eugenia Mykuliak, founder and executive director of B2PRIME Group, shared another reason she believes Fed rate cuts are bullish for silver.
In late January, Citigroup (NYSE:C) analysts upgraded their silver forecast to US$150 per ounce in the second quarter of 2026. ‘We expect the bullish factors to stay intact in the very near term, supporting strong investment/speculation demand and likely leading to further physical tightening in major ex-US trading hubs,’ said the firm.
FAQs for silver
Why is silver so cheap?
The primary reason that silver is sold at a significant discount to gold is supply and demand, with more silver being mined annually. While silver does have both investment and industrial demand, the global focus on gold as an investment vehicle, including countries stockpiling gold, can overshadow silver.
Additionally, jewelry alone is a massive force for gold demand.
There is an abundance of silver — according to the US Geological Survey, to date 1,740,000 metric tons (MT) of silver have been discovered, while only 244,000 MT of gold have been found, a ratio of about 1 ounce of gold to 7.1 ounces of silver. In terms of output, 26,000 MT of silver were mined in 2025 compared to 3,300 MT for gold.
Looking at these numbers, that puts gold and silver production at about a 1:7.88 ratio last year, while the price ratio on March 3, 2026, was around 1:62 — a huge disparity.
Can silver hit $1,000 per ounce?
As things are now, it seems unlikely, and at the same time almost a possibility, that silver will ever reach highs of US$1,000 per ounce, which Keith Neumeyer predicted in 2016 could happen if gold ever climbed to US$10,000 per ounce.
This is related to the gold to silver production ratio discussed above. At the time of the 2016 prediction, this ratio was around 1 ounce of gold to 9 ounces of silver, or 1:9.
If silver was priced according to production ratio today, when gold is at US$5,000 per ounce, then silver should be around US$555. However, the gold to silver pricing ratio today is around 1:62, although that’s a bit lower than the typical range of 1:70 to 1:90. In early March 2026, gold is trading around US$5,100 per ounce and silver is about US$82 per ounce.
Is silver really undervalued?
Many experts believe that silver is undervalued compared to fellow currency metal gold. As discussed, their production and price ratios are currently incredibly disparate.
While investment demand is higher for gold, silver has seen increasing time in the limelight in recent years, including a 2021 silver squeeze that saw new entrants to the market join in.
Another factor that lends more intrinsic value to silver is that it’s an industrial metal as well as a precious metal. It has applications in technology and batteries — both growing sectors that will drive demand higher.
Silver’s two sides have remained prominent as the market navigates persistent supply shortages and shifting investor sentiment. Following a record high in 2022, according to data from the Silver Institute, silver demand reached 1.16 billion ounces in 2024, supported by a fourth consecutive year of record industrial fabrication at 680.5 million ounces. However, total 2024 demand saw a 3 percent decline due to a 22 percent drop in physical investment, which hit a five-year low as Western investors took profits at higher prices.
Is silver better than gold?
There are merits for both metals, especially as part of a well-balanced portfolio. As many analysts point out, silver has been known to outperform its sister metal gold during times of economic prosperity and expansion.
On the other hand, during economic uncertainty silver values are impacted by declines in fabrication demand.
Silver’s duality as a precious and industrial metal also provides price support. As a report from the CPM Group notes, “it can be seen that silver in fact almost always (but not always) out-performs gold during a gold bull market.”
At what price did Warren Buffet buy silver?
Warren Buffett’s Berkshire Hathaway (NYSE:BRK.A) bought up 37 percent of global silver supply between 1997 and 2006. Silver ranged from US$4 to US$10 during that period.
In fact, between July 1997 and January 1998 alone, the company bought about 129 million ounces of the metal, much of which was for under US$5. Adjusted for inflation, the company’s purchases in that window cost about US$8.50 to US$11.50.
How to invest in silver?
There are a variety of ways to get into the silver market. For example, investors may choose to put their money into silver-focused stocks by buying shares of companies focused on silver mining and exploration, or even precious metals royalty stocks. As a by-product metal, investors can also gain exposure to silver through some gold companies.
There are also silver exchange-traded funds that give broad exposure to silver companies and the metal itself, while more experienced traders may be interested in silver futures. And of course, for those who prefer a more tangible investment, purchasing physical bullion in silver bar and silver coin form is also an option.
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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Apple’s all-new MacBook features a durable aluminum design, a stunning 13-inch Liquid Retina display, the power of Apple silicon, and all-day battery life — all for the breakthrough starting price of just $599
Apple® today unveiled MacBook Neo 
, an all-new laptop that delivers the magic of the Mac® at a breakthrough price, making it even more accessible to millions of people around the world. MacBook Neo starts with a beautiful Apple design, featuring a durable aluminum enclosure in an array of gorgeous colors — blush, indigo, silver, and a fresh new citrus. Its stunning 13-inch Liquid Retina® display brings websites, photos, videos, and apps to life with high resolution and brightness, and support for 1 billion colors. Powered by A18 Pro, MacBook Neo can fly through everyday tasks, from browsing the web and streaming content, to editing photos, exploring creative hobbies, or using AI capabilities across apps. In fact, it’s up to 50 percent faster for everyday tasks like web browsing, 1 and up to 3x faster when running on-device AI workloads like applying advanced effects to photos, 2 compared to the bestselling PC with the latest shipping Intel Core Ultra 5. Providing up to 16 hours of battery life, MacBook Neo allows users to go all day on a single charge. 3 A 1080p FaceTime HD® camera and dual mics make it easy to look and sound great, and the dual side-firing speakers with Spatial Audio deliver crisp, immersive sound. MacBook Neo also features Apple’s renowned Magic Keyboard® for comfortable and precise typing, and a large Multi-Touch trackpad with support for intuitive gestures, enabling smooth and precise control. Completing the MacBook Neo experience is macOS® Tahoe, with powerful built-in apps like Messages, Pages, Calendar, and Safari®; seamless integration with iPhone®; Apple Intelligence; as well as broad compatibility with third-party apps. And starting at just $599 and $499 for education, MacBook Neo is Apple’s most affordable laptop ever, providing an unprecedented combination of quality and value. MacBook Neo is available to pre-order starting today, with availability beginning Wednesday, March 11.
‘We’re incredibly excited to introduce MacBook Neo, which delivers the magic of the Mac at a breakthrough price,’ said John Ternus, Apple’s senior vice president of Hardware Engineering. ‘Built from the ground up to be more affordable for even more people, MacBook Neo is a laptop only Apple could create. It features a durable aluminum design in four beautiful colors; a brilliant Liquid Retina display; Apple silicon-powered performance; all-day battery life; a high-quality camera, mics, and speakers; a Magic Keyboard and Multi-Touch trackpad; and the intuitive and powerful features of macOS. There is simply no other laptop like it.’
Beautiful and Durable Aluminum Design
MacBook Neo features a beautifully crafted aluminum design that’s built to last. With its soft, rounded corners, MacBook Neo looks elegant while feeling solid and comfortable to hold. At just 2.7 pounds, it’s also easy to carry in a backpack or handbag. Bringing a fun touch of personality and style to everyday computing, MacBook Neo comes in a spectrum of four gorgeous colors: blush, indigo, silver, and citrus. These colors extend to the Magic Keyboard in lighter shades and new wallpapers, creating a cohesive design aesthetic and making MacBook Neo the most colorful MacBook® yet.
Stunning 13-Inch Liquid Retina Display
A gorgeous 13-inch Liquid Retina display features a 2408-by-1506 resolution, 500 nits of brightness, and support for 1 billion colors, bringing to life sharp, crystal-clear text and vibrant images. The display is both brighter and higher in resolution than most PC laptops in this price range, putting it in a class of its own. Finally, an anti-reflective coating provides a comfortable viewing experience in a variety of lighting conditions, allowing users to watch movies, edit photos, or take video calls from anywhere.
Apple Silicon-Powered Performance
At the heart of MacBook Neo is A18 Pro, enabling users to power through things they do every day, like browsing the web, creating documents, streaming content, editing photos, and taking advantage of AI. Users can seamlessly work between their favorite apps, like Messages, WhatsApp, Canva, Excel, Safari, and more. MacBook Neo with A18 Pro is up to 50 percent faster for everyday tasks than the bestselling PC with the latest shipping Intel Core Ultra 5. 1 And for more demanding activities, it’s up to 3x faster for on-device AI workloads 2 and up to 2x faster for tasks like photo editing. 4 The integrated 5-core GPU brings graphics to life while playing action-packed games or exploring creative hobbies. And a 16-core Neural Engine supports fast on-device Apple Intelligence features and everyday AI tasks like summarizing notes in Bear or using the Clean Up tool in the Photos app, while ensuring user data stays private and secure. MacBook Neo is also fanless, so it runs completely silent.
All-Day Battery Life
Thanks to the incredible power efficiency of Apple silicon, MacBook Neo delivers up to 16 hours of battery life on a single charge. 3 This makes it a perfect on-the-go companion for work or play, from the classroom to the coffee shop, and everywhere in between.
Magic Keyboard and New Multi-Touch Trackpad
MacBook Neo features Apple’s much-loved Magic Keyboard, which provides a comfortable, precise typing experience, while a large Multi-Touch trackpad lets users click, scroll, swipe, and pinch anywhere on its surface. The MacBook Neo model with Touch ID® enables easy, quick, and secure login authentication, and the ability to conveniently authorize purchases using Apple Pay®.
1080p Camera; Dual Speakers and Mics
The 1080p FaceTime HD camera on MacBook Neo has optimized image processing to deliver vibrant video calls. Dual mics with directional beamforming are designed to reduce background noise and isolate a user’s voice, allowing it to come across loud and clear for an excellent video conferencing experience. And dual side-firing speakers with support for Spatial Audio and Dolby Atmos produce immersive sound for watching a movie, listening to music, or using apps like GarageBand®.
Essential Connectivity
MacBook Neo features two USB-C ports for connecting accessories or an external display. 5 Both ports can be used for charging. MacBook Neo also includes a headphone jack for wired audio. Wi-Fi 6E provides fast wireless connectivity, and Bluetooth 6 ensures reliable wireless connections for peripherals and accessories.
Powerful Productivity with macOS
macOS is Apple’s powerful and intuitive operating system for Mac. 6 With incredible features and built-in apps like Safari, Photos, Messages, and FaceTime, macOS enables users to get started right out of the box. Apple Intelligence features like Writing Tools, Live Translation, and more are deeply integrated across macOS, elevating the user experience by bringing intelligence to the apps users rely on every day. 7 Advanced privacy and security also come standard, featuring industry‑leading encryption, robust virus protections, and automatic free security updates to help keep users protected.
Seamless Integration with iPhone
iPhone users can tap in to Continuity features built in to macOS to make working across iPhone and Mac a breeze. Handoff® lets users start a task on MacBook Neo and continue it on iPhone, while Universal Clipboard allows users to copy and paste content between devices. With iPhone Mirroring, users can view and interact with their iPhone directly on MacBook Neo, and users switching to Mac for the first time can use iPhone to conveniently and securely transfer settings, files, photos, passwords, and more.
Built with the Environment in Mind
MacBook Neo was built from the ground up to be Apple’s lowest-carbon MacBook, and brings the company even closer to reaching its ambitious plan to be carbon neutral across its entire footprint by 2030. It features 60 percent recycled content — the highest percentage of any Apple product. 8 This includes 90 percent recycled aluminum overall and 100 percent recycled cobalt in the battery. The enclosure is manufactured with a material-efficient forming process that uses 50 percent less aluminum compared to traditional machining methods. MacBook Neo is manufactured with 45 percent renewable electricity, like wind and solar, across the supply chain. It also meets Apple’s high standards for energy efficiency and safe chemistry. Additionally, the paper packaging is 100 percent fiber-based and can be easily recycled. 9
Pricing and Availability
Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, AirPods, Apple Watch, and Apple Vision Pro. Apple’s six software platforms — iOS, iPadOS, macOS, watchOS, visionOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, iCloud, and Apple TV. Apple’s more than 150,000 employees are dedicated to making the best products on earth and to leaving the world better than we found it.
1 Testing was conducted by Apple in January and February 2026 using preproduction MacBook Neo systems with Apple A18 Pro, 6-core CPU, 5-core GPU, 8GB of unified memory, and 256GB SSD, as well as production Intel Core Ultra 5-based PC systems with Intel Graphics, 8GB of RAM, 256GB SSD, and the latest version of Windows 11 Home available at the time of testing. Bestselling PC laptop with the latest shipping Intel Core Ultra 5 processor is based on publicly available sales data over the prior six months. Speedometer 3.1 performance benchmark tested with pre-release Safari 26.3 on macOS Tahoe, and both Chrome 144.0.7559.110 and Edge 144.0.3719.104 on Windows 11 Home. Performance tests are conducted using specific computer systems and reflect the approximate performance of MacBook Neo.
2 Testing was conducted by Apple in January and February 2026 using preproduction MacBook Neo systems with Apple A18 Pro, 6-core CPU, 5-core GPU, 8GB of unified memory, and 256GB SSD, as well as production Intel Core Ultra 5-based PC systems with Intel Graphics, 8GB of RAM, 256GB SSD, and the latest version of Windows 11 Home available at the time of testing. Bestselling PC laptop with the latest shipping Intel Core Ultra 5 processor is based on publicly available sales data over the prior six months. Adobe Photoshop 2026 27.3.0 tested using the following filters and functions: super zoom, depth blur, JPEG artifact removal, style transfer, photo restoration, and landscape mixer. Performance tests are conducted using specific computer systems and reflect the approximate performance of MacBook Neo.
3 Testing was conducted by Apple in January 2026 using preproduction MacBook Neo systems with Apple A18 Pro, 6-core CPU, 5-core GPU, 8GB of unified memory, and 256GB SSD. Wireless web battery life tested by browsing 25 popular websites while connected to Wi-Fi. Video streaming battery life tested with 1080p content in Safari while connected to Wi-Fi. All systems tested with display brightness set to eight clicks from bottom. Battery life varies by use and configuration. See apple.com/batteries for more information.
4 Testing was conducted by Apple in January and February 2026 using preproduction MacBook Neo systems with Apple A18 Pro, 6-core CPU, 5-core GPU, 8GB of unified memory, and 256GB SSD, as well as production Intel Core Ultra 5-based PC systems with Intel Graphics, 8GB of RAM, 256GB SSD, and the latest version of Windows 11 Home available at the time of testing. Bestselling PC laptop with the latest shipping Intel Core Ultra 5 processor is based on publicly available sales data over the prior six months. Tested with Affinity v3.0.3.4027 using the built-in benchmark 30000. Performance tests are conducted using specific computer systems and reflect the approximate performance of MacBook Neo.
5 MacBook Neo features two USB-C ports — USB 3 (left) and USB 2 (right). External display connectivity supported on left USB 3 port only.
6 macOS Tahoe is available as a free software update. Some features may not be available in all regions or in all languages. See requirements at apple.com/os/macos .
7 Apple Intelligence is available in beta with support for these languages: English, Danish, Dutch, French, German, Italian, Norwegian, Portuguese, Spanish, Swedish, Turkish, Vietnamese, Chinese (simplified), Chinese (traditional), Japanese, and Korean. Some features may not be available in all regions or languages. For feature and language availability and system requirements, see support.apple.com/en-us/121115 .
8 Product recycled or renewable content is the mass of certified recycled material relative to the overall mass of the device, not including packaging or in-box accessories. Comparison excludes accessories.
9 Breakdown of U.S. retail packaging by weight. Adhesives, inks, and coatings are excluded from calculations.
NOTE TO EDITORS: For additional information visit Apple Newsroom ( www.apple.com/newsroom ), or email Apple’s Media Helpline at media.help@apple.com .
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Starlayne Meza
Apple
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SSR Mining (NASDAQ:SSRM,TSX:SSRM,OTCPL:SSRGF) has agreed to sell its majority stake in the Çöpler gold mine in Turkey for US$1.5 billion in cash, shifting the company’s portfolio towards the Americas as the yellow metal continues to surge amid rising geopolitical tensions.
The Denver-based miner announced it has signed a binding memorandum of understanding to sell its 80 percent interest in the Çöpler operation and related assets to Cengiz Holding A.S., one of Turkey’s largest industrial conglomerates.
Under the terms of the agreement, the full US$1.5 billion purchase price will be paid in cash at closing, which is expected in the third quarter of 2026, subject to regulatory approvals and customary conditions.
“Over the last two years, we have worked diligently to progress the Çöpler mine to allow for a safe and responsible restart of operations,” SSR Mining executive chairman Rod Antal said. “We have also concurrently worked closely with the Turkey government authorities to address each requirement to secure the necessary approvals to restart operations.”
“We are also conducting a strategic review of our remaining platform in Turkey, including our 20 percent earned interest in the Hod Maden development project,” Antal added.
SSR Mining said the transaction, alongside its 2025 acquisition of the Cripple Creek & Victor mine in Colorado, is a deliberate shift toward an Americas-focused portfolio.
Cengiz Holding, the buyer, is a major Turkish industrial group with operations spanning mining, construction, energy, metallurgy, and chemicals.
The transaction requires a US$100 million deposit from Cengiz Holding, which will be credited toward the purchase price at closing. The agreement also includes a reciprocal break fee of US$50 million.
Either party may terminate the agreement upon payment of the US$50 million termination fee.
The deal comes during a period of heightened investor interest in gold, as geopolitical tensions in the Middle East push investors toward traditional safe-haven assets.
Gold prices recently surged close to record levels, climbing above US$5,400 per troy ounce at one point as escalating conflict involving Iran raised fears of a broader energy crisis.
Analysts say gold has benefited from a growing “global uncertainty premium” as investors reassess traditional defensive assets.
“We are seeing bonds again failing to provide protection against risk-off events, even as gold delivers,” Seb Barker, chief market strategist at hedge fund firm Marshall Wace, told the Financial Times.
At the same time, disruptions to global supply chains are adding another layer of volatility to the precious metals markets.
Dubai, which handles about 20 percent of the world’s gold trade, has seen logistics disruptions after air traffic was suspended following military strikes in the region.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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Surface Metals Inc. (CSE: SUR,OTC:SURMF) (OTCQB: SURMF) (FSE: V6X) (WKN: A417U2) (‘Surface Metals’ or the ‘Company’) is pleased to announce that its common shares have been accepted for listing on the Frankfurt Stock Exchange (‘FSE’) and have started trading under the symbol V6X WKN: A417U2.
https://live.deutsche-boerse.com/equity/surface-metals-inc?mic=XFRA
Surface Metals Inc.’s common shares are now cross listed on the Canadian Securities Exchange, OTCQB, and the Frankfurt Stock Exchange.
The FSE is one of the world’s largest and most established international stock exchanges and serves as a key marketplace for European institutional and retail investors, particularly those with a long-standing interest in the natural resources sector.
About Surface Metals Inc.
Surface Metals Inc. (CSE: SUR,OTC:SURMF) (OTCQB: SURMF) (FSE: V6X) is a North American mineral exploration company focused on advancing a diversified portfolio of gold and lithium projects in Nevada, USA. The Company’s Cimarron Gold Project is located in Nye County, Nevada, in a historically productive gold district. Surface’s Clayton Valley Lithium Brine Project hosts an inferred resource of approximately 302,900 tonnes LCE adjacent to Albemarle’s Silver Peak Mine. Surface Metals is also advancing a sedimentary claystone lithium project in Fish Lake Valley, Nevada.
For more information, please visit: www.surfacemetals.com
On behalf of the Board of Directors
Steve Hanson
Chief Executive Officer, President, and Director
Telephone: (604) 564-9045
info@surfacemetals.com
Neither the CSE nor its regulations service providers accept responsibility for the adequacy or accuracy of this news release. This news release contains certain statements which may constitute forward-looking information within the meaning of applicable securities laws (‘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 and in this news release include but are not limited to the attributes of, timing for and expected benefits to be derived from exploration, drilling or development at Surface’s project properties. Information inferred from the interpretation of drilling, sampling and other technical results may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. Surface’s project location adjacent to or nearby other mineral projects does not guarantee exploration success or that mineral resources or reserves will be defined on Surface’s properties. Exploration, development, and activities conducted by regional companies provide assistance and additional data for exploration work being completed by Surface. These forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: risks related to fluctuations in metal prices; uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from weather, logistical, technical or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the Company’s properties; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in the work program; the risk of environmental contamination or damage resulting from the Company’s operations and other risks and uncertainties. Any forward-looking statement speaks only as of the date it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Unless otherwise indicated, the market and industry data contained herein is based upon information from industry and other publications and the knowledge and experience of management. While we believe that this data is reliable, market and industry data is subject to variations and cannot be verified with complete certainty due to limits on the availability and reliability of raw data, the voluntary nature of the data gathering process and other limitations and uncertainties inherent in any statistical survey. We have not independently verified any of the data from third-party sources referred to in this news release or ascertained the underlying assumptions relied upon by such sources. With regard to the Cimarron Project potential quantity and grade of mineralization described is conceptual in nature as there has been insufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in targets being delineated as a mineral resource. Surface Metals has not undertaken any independent verification of drill results from historical drilling not completed by Surface Metals. Surface Metals has not independently analyzed the results of the historical exploration work in order to verify the results and believes that the historical drill results may not all conform to the presently accepted industry standards and as such should not be relied upon by the reader. Surface Metals Inc. considers these historical drill results relevant as Surface Metals Inc. will use this data as a guide to plan future exploration programs. Surface Metals Inc. also considers the data to be reliable for these purposes, however, Surface Metal Inc.’s future exploration work will include verification of the data through drilling. All technical and scientific disclosure pertaining to our mineral property interests in this news release have been reviewed by a Qualified Person, meaning an individual who is an engineer or geoscientist with at least five years of experience in mineral exploration, mine development or operation or mineral project assessment, or any combination of these; has experience relevant to the subject matter of the mineral project and the technical report; and is a member or licensee in good standing of a professional association.
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VANCOUVER, BRITISH COLUMBIA / ACCESS Newswire / March 4, 2026 / CoTec Holdings Corp. (TSX-V:CTH)(OTCQB:CTHCF) (‘CoTec’ or the ‘Company’) is pleased to announce the accelerated expiry date of the common share purchase warrants (‘Warrants’) issued by the Company pursuant to the Listed Issuer Finance Exemption (‘LIFE’) Offering and Private Placement announced by the Company on May 20, 2025 and completed in tranches on June 18, July 3, July 16 and July 21, 2025 (together the ‘Financing’).
The Company issued an aggregate of 17,339,336 Warrants pursuant to the Financing entitling the holders thereof to purchase one common share of the Company (‘Common Share’) per Warrant at an exercise price of C$1.20 per Common Share for a period of 18 months following the date of issuance, subject to the Acceleration Clause (as defined herein).
The Warrants are subject to an accelerated expiry provision such that if, for any 15 consecutive trading days during the unexpired term of the Warrants, the closing price of the Common Shares on the TSX-V exceeds $1.35 (the ‘Acceleration Trigger’), the Company may accelerate the expiry date of the Warrants by way of an announcement (‘Acceleration Clause’).
The Company hereby advises that the Acceleration Trigger has been met as a result of the closing price of the Common Shares on the TSXV exceeding $1.35 for a period of 15 consecutive trading days ended March 3, 2026. Accordingly, the accelerated expiry date of the Warrants shall be Wednesday, April 10, 2026 (‘Accelerated Expiry Date’), being 37 days following the date of this notice. All Warrants that remain unexercised after 5:00 p.m. (Vancouver time) on the Accelerated Expiry Date will expire and become void and of no further force or effect.
To date, 5,132,643 Warrants have been exercised resulting in gross proceeds of $6,159,172 to the Company. If all the remaining 12,206,696 Warrants are exercised, the Company will receive further gross proceeds of approximately C$14,648,036.
About CoTec
CoTec Holdings Corp. (TSX-V:CTH)(OTCQB:CTHCF) is redefining the future of resource extraction and recycling. Focused on rare earth magnets and strategic materials, CoTec integrates breakthrough technologies with strategic assets to unlock secure, sustainable, and low-cost supply chains.
CoTec’s mission is clear: accelerate the energy transition while strengthening strategic mineral supply chains for the countries we operate in. By investing in and deploying disruptive technologies, the Company delivers capital-efficient, scalable solutions that transform marginal assets, tailings, waste streams, and recycled products into high-value critical minerals.
From its HyProMag USA magnet recycling joint venture in Texas, to iron tailings reprocessing in Québec, to next-generation copper and iron solutions backed by global majors, CoTec is building a diversified portfolio with long-term growth, rapid cash flow potential, and high barriers to entry. The result is a differentiated platform at the intersection of technology, sustainability, and strategic materials.
For more information, please visit www.cotec.ca
For further information, please contact:
Braam Jonker – (604) 992-5600
Chief Financial Officer
Forward-Looking Information Cautionary Statement
Statements in this press release regarding the Company and its investments which are not historical facts are ‘forward-looking statements’ that involve risks and uncertainties. Forward-looking statements in this release include, without limitation, statements relating to the advancement, development, financing and potential construction of the Company’s projects and investments; anticipated economic metrics; expected production, permitting, engineering and execution milestones; potential strategic transactions or listings; future investment opportunities; and management’s expectations regarding the Company’s strategy and growth plans. Such forward-looking statements are based on a number of assumptions, including assumptions regarding the continued advancement of the Company’s projects, availability of financing, receipt of required permits and approvals, commodity price assumptions, and general economic and market conditions. Since forward-looking statements address future events and conditions, by their nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks, including, without limitation: risks relating to project development and execution; the ability to obtain financing on acceptable terms or at all; changes in commodity prices; changes in government regulation or policy; permitting and environmental risks; joint venture and counterparty risks; and general economic, market and industry conditions. For further details regarding risks and uncertainties facing the Company, readers are encouraged to review the Company’s public disclosure documents, which are available under the Company’s SEDAR+ profile at www.sedarplus.ca.
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 news release.
SOURCE: CoTec Holdings Corp.
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Copper prices have surged since the middle of 2025, as tariffs, rising demand and supply disruptions came together to create the perfect storm for metals traders.
These factors are helping raise awareness of the challenges copper producers will face in the coming years, as supply deficits are expected to become more pronounced amid aging mines and a lack of new operations.
Colin Hamilton, Teck Resources’ (TSX:TECK.A,TECK.B,NYSE:TECK) vice president of market research and economic analysis, spoke on changing copper market dynamics at the 2026 Prospectors & Developers Association of Canada (PDAC) convention.
In his talk, Hamilton highlighted China’s role as the world’s largest consumer of copper, and the country’s increasing influence on the global copper market.
China’s role in copper markets
There are few parts of the economy that copper doesn’t touch. It’s used in construction, manufacturing, the transmission of electricity and in many high-tech products like mobile phones and electric vehicles.
Copper is a fundamental commodity for the global economy, and demand for it is only going to grow in the coming years on a variety of factors.
The red metal is essential for changing dynamics in the global south, where a greater share of the population is moving to urban centers and upward economic mobility is driving demand for household appliances like air conditioners, refrigerators and washing machines.
Adding to this demand are emerging sectors like the energy transition, where wind and solar require greater copper inputs, as well as AI and the data centers that support it.
Hamilton told the PDAC audience that China, the world’s largest consumer of the red metal, sits at a confluence of demand generation.
The country is often considered the world’s factory for its manufacturing glut, it has a growing middle class, and its tech sector is booming. These factors are also driving significant growth in its electricity grid.
“A decade ago, China was more or less in parallel with the rest of the world,” Hamilton said. “China has surged ahead in terms of that electricity share, and it’s going to continue in a world where artificial intelligence is arguably the next geopolitical battleground.”
He explained that because of its manufacturing base, China’s energy grid has benefited from significant investment, a trend that is set to continue.
“China is planning to increase grid investment by 40 percent over the next five years. This is huge spending that is continuing to come through, and that will be copper-intensive spend,” Hamilton said.
China isn’t the only country that needs to expand its electrical grid. Hamilton also noted that Europe has an energy problem that it is solving, in the short term, by buying Chinese-produced solar technology, adding further copper demand to already constrained Chinese supply.
Smelting supply shortfalls
The biggest issue impacting copper markets and causing increased prices is a lack of supply.
This has led to a shortfall of copper concentrate supply for smelters to refine.
“To keep it in simple terms, we see a situation where smelting demand over 2025 is going to be 600,000 to 650,000 metric tons more than the available concentrate in the custom market,” Hamilton said. “That’s really what sets that raw material constraint. There’s just not enough copper supply to go around.”
The lack of supply in concentrates has pushed treatment and refining charges, which are typically paid by mining companies to smelters, down to zero. Hamilton said these historically low charges outline how acutely tight the market really is. He explained that it’s a trend that won’t moderate in the short term, as supply growth is failing to keep pace with refining capacity.
Hamilton noted that 10 years ago the expectation was that copper supply would be in the 20 million to 30 million metric ton per year range by 2026. In reality, supply is expected to be 23 million metric tons this year, closer to the lower end of the range.
“Not to say projects haven’t come online, but we have seen depletion of existing assets,” he said.
China’s copper supply strategy
In addition to being the leading consumer of copper, China is also leading in adding new supply to the market.
“Who has been successful at growing copper supply is China, not necessarily in the country, but a lot through investments, particularly in the Democratic Republic of the Congo,” Hamilton said.
Those investments have contributed to the DRC adding 2.5 million metric tons of annual supply over the last decade, as well as increases in Peruvian production from the Las Bambas and Toromocho operations, owned by China-based MMG and Chinalco, respectively.
This dominance by China has led the rest of the world to play catch-up. Hamilton pointed to Chile, the world’s top copper producer, noting that Chilean production has been flat for 20 years. While there is growth planned, he said it’s going to take some time and a change in mindset within the industry.
In the long term, Hamilton suggests China will take what is available from the concentrate market; however, he pointed out that fallout from the copper tariffs last year led US traders to buy up significant quantities of copper cathode.
“Now that material is not available for price formation yet,” he said. “It is locked in economically to the US. It will come back to the market at some point. So we have to be aware that is a little bit of an inventory overhang, but I do believe trading houses will slowly bleed this out into the market in a managed form.”
What comes next?
The market needs to adapt to changing times, Hamilton emphasized, in much the way copper smelters have in the face of difficult copper market conditions.
“Smelters have really pulled the levers they can pull as the whole economics of the value chain changes to maintain profitability. That’s good, that’s what we like to see, that healthy change in business model to changing market conditions,” Hamilton said.
Hamilton suggested that there needs to be some evolving perspectives within the industry, in which every part of the value chain works together, and they should be able to make money.
China, he points out, has focused on a commodity-first business model, in which it imports raw materials from wherever they are available and uses its domestic processing capacity to upgrade them.
Although growth in its domestic processing capacity has stalled, he suggested that its funding of processors outside the country is likely to increase.
“China started to dominate the copper exports of (semirefined products) and cable into the world. I do think that’s a trend that will continue, though it does mean there will probably be some trade barriers,” Hamilton said, noting the trend could also extend to finished products.
He went on to say that copper has delivered consistent premiums, spending nearly 50 percent of the time since 2000 in the 90th percentile of the cost curve.
“The industry has just been using the money, the free cash flow, to do dividends and buybacks and servicing debt, but we haven’t actually seen that capital allocation back towards growth,” Hamilton said.
While keeping shareholders happy is important, so too is growth of the business.
“Capital intensity is hugely important. Where companies have got mining projects wrong, in many cases, over the past decade has been blowing out in terms of capital intensity, so you have to look for smart solutions,” he said.
Hamilton noted that the easiest copper resources have already been developed, and the next ones will become increasingly more challenging. With prices reaching record highs, it should unlock some projects.
“At these copper price levels, if you’ve got a shovel-ready project, you can bring it to market pretty quickly. Those big greenfield projects are much harder,” he said.
Using capital efficiently will be critical as companies look to open these new assets. However, Hamilton believes that copper’s solid fundamentals, and new energy sectors, will drive industry growth.
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
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Allied Critical Metals Inc. (CSE: ACM,OTC:ACMIF) (OTCQB: ACMIF) (FSE: 0VJ0) (‘Allied’ or the ‘Company’) is pleased to announce the appointment of the Honourable Marco Mendicino as a Strategic Advisor to the Company. The Honourable Marco Mendicino is Senior Counsel and Strategic Advisor to the firm at Cassels, Brock & Blackwell LLP. A former federal prosecutor, Cabinet Minister, and Chief of Staff to Prime Minister Mark Carney, he brings two decades of leadership in the law, government and public policy.
Mr. Mendicino led the Prime Minister’s Office through a national election and one of the most significant transitions of government in recent decades, advancing major projects legislation, working with Premiers and Indigenous leaders, and closely advising the Prime Minister while at the White House, NATO, and G7.
Elected three times as the Member of Parliament for Eglinton-Lawrence, Mr. Mendicino served in Cabinet as Minister of Immigration and Minister of Public Safety and chaired the Five Eyes on behalf of Canada.
A Senior Fellow at the University of Toronto’s Munk School, he contributes to national conversations on governance and the rule of law and frequently appears in the media as a commentator.
‘We are excited to add Marco Mendicino to our team as a Strategic Advisor. Mr. Mendicino brings decades of business, legal and political expertise to Allied,’ commented Roy Bonnell, CEO & Director of Allied. ‘Tungsten is a strategic asset globally and we will benefit from Mr. Mendicino’s global view on how to best develop our assets for the benefit of all shareholders.’
‘I am very pleased to join the team at Allied. Their tungsten assets in Portugal are strategically located in a NATO member state and have historically been very important assets from a global security perspective. Seeing these past producing mines come back into production will be a major development from a NATO security perspective,’ commented Honourable Marco Mendicino, Strategic Advisor to the Company. ‘We will work closely with all stakeholders to ensure these assets are developed for the benefit of Portugal and its allies.’
Mr. Mendicino joins a team that also includes the appointment of Major General (Ret.) James A. ‘Spider’ Marks and former U.S. Secretary of Homeland Security Kirstjen M. Nielsen as Directors of Allied’s wholly owned U.S. subsidiary, Allied Critical Metals USA Inc. (‘Allied USA‘). Allied USA is dedicated to the importation, marketing and sales of tungsten into the United States.
About Allied Critical Metals Inc.
Allied Critical Metals Inc. is a Canadian-based mining company focused on the advancement and revitalization of its 100%-owned Borralha Tungsten Project and the Vila Verde Tungsten Project in northern Portugal.
The Borralha Project is one of the largest undeveloped tungsten resources within the European Union and benefits from a favourable Environmental Impact Declaration (DIA), positioning the Project for advancement toward feasibility and development. Vila Verde represents additional exploration upside within the same strategic jurisdiction.
Tungsten has been designated a critical raw material by the United States and the European Union due to its strategic importance in defense, aerospace, manufacturing, automotive, electronics and energy applications. Currently, China, Russia and North Korea account for approximately 87% of global tungsten supply and reserves, highlighting the importance of secure western sources.
Further details regarding the Borralha Project are available in the Company’s NI 43-101 Technical Report dated December 30, 2025, filed on SEDAR+ at www.sedarplus.ca and on the Company’s website at www.alliedcritical.com.
ON BEHALF OF THE BOARD OF DIRECTORS
‘Roy Bonnell’
Roy Bonnell
CEO and Director
For further information or investor relations inquiries, please contact:
Dave Burwell
Vice President, Corporate Development
Email: daveb@alliedcritical.com
Tel: 403-410-7907
Toll Free: 1-888-221-0915
Please also visit our website at www.alliedcritical.com.
Also visit us at:
LinkedIn: https://www.linkedin.com/company/allied-critical-metals-inc/
X: https://x.com/@alliedcritical/
Facebook: https://www.facebook.com/alliedcriticalmetals/
Instagram: https://www.instagram.com/alliedcriticalmetals/
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information
This news release contains ‘forward-looking statements’, including with respect to the use of proceeds. Wherever possible, words such as ‘may’, ‘would’, ‘could’, ‘should’, ‘will’, ‘anticipate’, ‘believe’, ‘plan’, ‘expect’, ‘intend’, ‘estimate’, ‘potential for’ and similar expressions have been used to identify these forward-looking statements. These forward-looking statements reflect the current expectations of the Company’s management for future growth, results of operations, performance and business prospects and opportunities, and involve significant known and unknown risks, uncertainties and assumptions, including, without limitation, those listed in the Company’s filings with the Canadian securities regulatory authorities (which may be viewed under the Company’s profile at www.sedarplus.ca). Examples of forward-looking statements in this news release include, but are not limited to, statements regarding the proposed timeline and use of proceeds for exploration and development of the Company’s mineral projects as described in the Company’s news releases, and corporate presentations. Should one or more of these risks or uncertainties materialize or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements may vary materially from those expressed or implied by the forward-looking statements contained in this news release. These factors should be considered carefully, and prospective investors should not place undue reliance on the forward-looking statements. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements and reference should also be made to the Company’s most recently filed management’s discussion and analysis, all as filed under its SEDAR+ profile at www.sedarplus.ca for a description of additional risk factors. The Company disclaims any intention or obligation to revise forward-looking statements whether as a result of new information, future developments or otherwise, except as required by law.
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Private credit is cracking just as AI infrastructure spend surges into the trillions.
The tremor is fueled by software and IT companies seeing sharp drops in valuation as fears mount that AI advancements will render their core products obsolete.
Blue Owl Capital set off alarms in the private credit market, which has extended billions in financing, by selling assets across three funds and tweaking redemptions amid withdrawals tied to AI-threatened tech loans and stalled data centers. As UBS strategists recently noted, the worst-case default rate for private credit could climb as high as 15 percent as AI disrupts traditional software companies.
In the race to secure GPUs, neo-clouds – specialized providers that focus almost exclusively on high-performance AI compute – are ready to deploy the hardware powering the next generation of LLMs, but are being sidelined by underwriting processes that take months to move and equity models that demand too much control.
The financing bottleneck and the asset-backed solution
With global AI capital expenditures projected to reach trillions this decade, the mechanisms used to fund that growth cause delays that create supply bottlenecks.
Filichkin, Compute Labs’ chief business officer, described the dynamic clearly: operators are currently caught between slow banks and the limitations of venture capital.
Under the traditional model, a neo-cloud must raise massive venture rounds just to afford the down payments required by banks, forcing founders to give up control of their companies simply to buy the hardware needed to operate.
Zhang added that underwriting processes and capital structuring take several months, delaying off-take customers and forcing them to go elsewhere simply because they need capacity now. “Many AI customers… will simply go to some other providers, or they will just go to the market and then buy the capacity at a very high spot price,” he explained.
Capital inefficiencies also increase computing costs. When neo-clouds cannot deploy on time, demand pressure builds on existing providers, which allows them to charge more.
To bypass these delays, Compute Labs, a fintech that bridges neo-clouds and investors, packages GPU clusters for asset-backed deals. The company vets partners, secures senior debt and fundraises the missing 20-30 percent cash slice from investors to complete each deal. This lets neo-clouds deploy without equity dilution, while investors gain direct hardware yield from the contracts.
GPUs: The yield-generating asset class
A whitepaper co-published by the team at Compute Labs and The Family Office Association in December 2025 pitched GPUs as a new yield-generating asset class for family offices, like digital power plants producing steady cash from AI rentals for training and inference.
“When we work with these partners, one of the first things that they worry about is diluting their equity, and we know of an interesting business model that allows an investor just direct exposure to the most fundamental asset, which is the hardware,” explained Filichkin.
He noted the dual value points this structure serves: the neo-cloud avoids dilution, and the investor gains the raw hardware component without worrying about the volatility of the equity markets.
“More fundamentally,” added Hosseinion, “when we refer to a venture bet, we’re talking about VCs…betting on the founders to find product market fit, whereas (Compute Labs is) allowing investors direct access to the actual chips that power AI.”
These assets are secured by three- to five-year off-take contracts, a structure where end-users pre-commit to buying the compute power before it is even deployed. “The financial profile is a lot more similar to project finance… high upfront capex, the deployment phase, and then just a long tail of predictable yield.”
However, much AI infrastructure funding still relies on venture-style equity, despite the fact that typical VC rounds are often too small for major hardware buys.
‘Carfax for GPUs’
For GPUs to mature into a genuine asset class, the market requires a level of transparency that traditional tech lending has historically lacked. The current hesitation in private credit often stems from a “visibility gap” that prevents lenders from easily verifying the health, location or even the existence of the hardware they are financing.
Solving this requires what the Compute Labs team described as a “Carfax for GPUs” that employs a registry system that tracks the provenance, thermal history and real-time utilization of a chip, which would provide lenders the same level of auditability found in real estate or aviation.
While this strategy provides technical transparency, Compute Labs’ “revenue haircut” – where the 20 to 30 percent revenue share is the first to be sacrificed if performance targets are missed – provides financial safeguards that protect lenders from operational failures. This ensures that even if a neo-cloud struggles, the investors remain at the front of the repayment line.
Operational buffers are also becoming a benchmark for these deals; the team stressed that daily running costs, specifically electricity and maintenance, must typically remain under a quarter of the total income produced by the chips in order to maximize returns.
While concerns about technical obsolescence persist, the current supply-chain reality offers a natural hedge. Zhang noted that while new chips are announced frequently, it often takes up to 24 months for them to reach the market in significant volume at a reasonable price, providing a predictable “useful life” window for current-generation hardware.
Infrastructure before innovation
Ultimately, the shift toward asset-backed GPU financing is about unblocking what the team calls the “innovation funnel.” At the top of this funnel sit the thousands of AI applications and agents that promise to reshape the global economy. However, these innovations are entirely dependent on the physical infrastructure at the base.
By moving away from the slow, small financing models of the past and treating GPUs as a stable, bankable utility, the industry can finally provide the consistent power required to sustain the AI revolution.
However, if the bottom of the funnel remains choked by inefficient capital, the intelligence at the top will inevitably stall.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
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Cameco (TSX:CCO,NYSE:CCJ) has secured a nine-year uranium supply agreement with India worth an estimated US$2.6 billion, accelerating its nuclear power expansion as it deepens critical mineral ties with the country.
The Saskatoon-based uranium producer will supply nearly 22 million pounds of uranium ore concentrate (U3O8) to India’s Department of Atomic Energy between 2027 and 2035 under market-related pricing terms.
Cameco Chief Executive Officer Tim Gitzel attended a signing event in New Delhi alongside Indian Prime Minister Narendra Modi, Canadian Prime Minister Mark Carney and Saskatchewan Premier Scott Moe.
“Cameco is proud to be a strategic partner with India to help meet its civil nuclear fuel needs and support its trade relationship with Canada,” Gitzel said. “India is embarking on an ambitious nuclear expansion to power its development plans and meet the future energy security needs of its people. That isn’t possible without a stable supply of uranium fuel.”
India currently operates 24 nuclear reactors and has outlined plans to deploy dozens more as it works toward a target of 100 gigawatts of nuclear capacity by 2047.
The new agreement revives a trading relationship first established in 2015, when Cameco began supplying uranium to India under a five-year contract.
Gitzel also pointed to broader market dynamics. “Importantly, this demand underscores an emerging trend of sovereign buyers locking up large volumes from multiple suppliers, and in a window where demand continues to grow and available supplies continue to become more uncertain and constrained.”
Cameco operates the Cigar Lake and McArthur River/Key Lake uranium mines in northern Saskatchewan. According to the Saskatchewan Mining Association, uranium mining employs more than 2,300 people in the province, with nearly half of the workforce in northern operations drawn from local communities.
Saskatchewan Premier Scott Moe said the contract would benefit both countries. “It’s going to be good for the electricity outbuild here in India as well as good for the economy in particular in northern Saskatchewan,” he told reporters in New Delhi as reported by CBC.
India continues to recently take steps to broaden its critical minerals strategy. Last month, the country announced it has signed a memorandum of understanding with Brazil to deepen cooperation on rare earths and other critical minerals.
“Increasing investments and cooperation in matters of renewable energy and critical minerals is at the core of a pioneering agreement that we have signed today,” Brazilian President Luiz Inácio Lula da Silva said at the time.
The country’s multibillion deal with Cameco first sparked rumors back in late 2025, when an earlier meeting between the two state leaders signaled the thawing of diplomatic tensions that started in 2023.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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