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Top 5 Canadian Cobalt Stocks of 2025

Cobalt prices regained momentum in the third quarter of 2025 as tighter export controls from the Democratic Republic of Congo (DRC) fueled expectations of a market rebound.

After languishing near multi-year lows early in the year, the metal surged to US$47,110 per metric ton in late October, its highest level since January 2023.

The DRC’s prolonged export suspension, followed by new quota limits, has begun to ease a years-long supply glut, with analysts now forecasting a shift from oversupply toward market balance.

All year-to-date and share price information was obtained on October 28, 2025, using TradingView’s stock screener. Companies with market caps above C$10 million at that time were considered.

1. Talon Metals (TSX:TLO)

Year-to-date gain: 358.82 percent
Market cap: C$440.55 million
Share price: C$0.39

Talon Metals is a base metals company advancing the Tamarack nickel-copper-cobalt project in Central Minnesota, US, through a joint venture with Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO). Talon currently holds a 51 percent stake in the project and can earn up to 60 percent.

In late March, Talon Metals announced a massive sulfide discovery at its Tamarack project, with an intercept measuring 8.25 meters containing 95 percent sulfide content located deeper than the current Tamarack resource.

In May, a further massive sulfide discovery in the same zone, the thickest discovery yet at the site, drove the company’s share price up significantly, and another in early August did the same. In the August announcement, Talon shared that it named the discovery zone the Vault zone.

At the start of Q4, Talon announced an expanded winter drilling and exploration program at the Vault zone.

Shares of Talon rallied to a year-to-date high of C$0.54 on October 14, following the winter drill news and alongside rising cobalt prices.

On October 20, Talon received a 12 month extension from Rio Tinto subsidiary Kennecott Exploration to submit a feasibility study and US$10 million payment required to increase its ownership stake in the Tamarack project to 60 percent.

The extension will allow Talon to align the study’s release with the publication of the project’s scoping environmental assessment worksheet, expected in the first half of 2026, marking its entry into Minnesota’s formal environmental review process.

2. Leading Edge Materials (TSXV:LEM)

Year-to-date gain: 222.22 percent
Market cap: C$72.49 million
Share price: C$0.29

Leading Edge Materials is developing critical materials projects in the EU. The company’s projects include its wholly owned Woxna graphite mine and Norra Kärr heavy rare earth elements project, both in Sweden, as well as its 51 percent owned Bihor Sud nickel-cobalt exploration alliance in Romania.

According to its June 2025 presentation, exploration work planned for 2025 at Bihor Sud’s G2 gallery includes mapping and sampling of cobalt-nickel and zinc-lead-silver mineralized zones detected visually and by hand-held XRF. Drilling targeting polymetallic mineralization at the gallery is underway.

On the financial side, Leading Edge announced a C$400,000 non-brokered private placement in June.

According to a June 22 activities update, Leading Edge’s Romanian subsidiary was granted ownership and operational permits for the Avram Iancu mine at Bihor Sud, and the team had begun preliminary investigations of the site.

In its recent quarterly report, released September 19, Leading Edge Materials said it is reassessing its prospects after being granted those permits. at its project located within the Bihor Sud exploration area following the acquisition of additional ownership and operating permits.

The Avram Iancu site hosts extensive historic underground workings and data indicating copper-rich massive sulfide zones, the statement noted.

A competent person report is in progress to consolidate past exploration and outline next steps, while the company evaluates financing options to advance development.

Shares of Leading Edge also benefited from the mid-October cobalt price rally, registering a year-to-date high of C$0.44 on October 14.

3. Battery Mineral Resources (TSXV:BMR)

Year-to-date gain: 180 percent
Market cap: C$16.79 million
Share price: C$0.14

Battery Mineral Resources is focused on developing into a mid-tier copper producer and recently restarted mine and mill operations at the Punitaqui Mining Complex in Chile. In Canada, the company holds the largest land position in Ontario’s historic Cobalt district, where it is exploring high-grade primary cobalt deposits at McAra, Gowganda and Elk Lake.

The company’s portfolio also includes energy services and mineral exploration assets in North America, along with graphite projects in South Korea.

In late October, BMR said it was evaluating strategic options for its Gowganda silver tailings project, located northeast of Sudbury, Ontario.

The project lies in one of the country’s most productive past silver-cobalt districts, and the Gowganda mining camp produced 60 million ounces of silver and 1.3 million pounds of cobalt between 1910 and 1969. Gowganda hosts four former mines and associated tailings historically estimated to contain 2.96 million ounces of silver. BMR is assessing how best to advance or monetize the asset to enhance shareholder value.

On October 16, Battery Mineral Resources reported strong operational performance at its Punitaqui copper project in Chile, driven by improved underground production and plant optimization. Since September 1, 2025, underground operations have averaged 1,800 tonnes per day, up 80 percent from the first half of the year, and 2,000 tonnes per day over the recent two weeks period.

BMR is also advancing development of additional underground operations at Cinabrio Norte and Dalmacia to support further growth from Punitaqui.

The news pushed shares of BMR to a year-to-date high of C$0.17 on October 21.

4. FPX Nickel (TSXV:FPX)

Year-to-date gain: 95.74 percent
Market cap: C$144.81 million
Share price: C$0.46

FPX Nickel is currently advancing its Decar nickel district in BC, Canada.

The property comprises four key targets, with the Baptiste deposit being the primary focus, alongside the Van target. The company also has three other nickel projects in BC and one in the Yukon, Canada.

In February, FPX released a scoping study for the development of a refinery that would refine awaruite concentrate from Baptiste into battery-grade nickel sulfate and by-products of cobalt carbonate, copper and ammonium sulfate. Annual output is anticipated at 32,000 metric tons of contained nickel and 570 metric tons of contained cobalt.

The results show that the process would result in operating and all-in production costs near the bottom of nickel sulfate cost curve, in part due to by-product credits. Additionally, the carbon intensity of the awaruite refinery would be significantly lower than that of currently used production methods.

On September 4, FPX completed a large-scale mineral processing pilot campaign for its Baptiste nickel project, following three prior successful campaigns. The latest production run generated bulk samples of awaruite concentrate, which will be provided to prospective partners, including pre-cursor cathode active materials, battery producers and automakers, to assess its suitability as feedstock.

Later in the month, FPX signed an option agreement to acquire up to 100 percent of the Advocate nickel property in Newfoundland, Canada, following its review of over 50 targets. The property has also been accepted by the Japan Organization for Metals and Energy Security (JOGMEC) as the first designated property under the generative alliance between FPX and JOGMEC, with a significant work program planned to build on encouraging surface nickel recoveries.

FPX shares registered a year-to-date high of C$0.55 on October 17.

5. Wheaton Precious Metals (TSX:WPM)

Year-to-date gain: 61.23 percent
Market cap: C$60.38 billion
Share price: C$133.00

Wheaton Precious Metals is one of the largest gold and silver royalty and streaming companies.

It has investments in 18 operating mines and 28 development projects across four continents, including a cobalt streaming agreement for Vale’s (NYSE:VALE) Voisey’s Bay nickel mine in Newfoundland and Labrador, Canada.

According to Wheaton, Voisey’s Bay is currently in a transitional phase, shifting from the depleted Ovoid open pit to full underground production.

The company reported its Q1 financial results on May 8. The report highlighted a record US$470 million in revenue, US$254 million in net earnings and US$361 million in operating cash flow.

The cobalt segment registered year-on-year attributable production gains, rising to 540,000 pounds in the year’s first quarter, compared to 240,000 pounds during Q1 2024. Despite the output increase, sales fell to 265,000 pounds in Q1 versus 309,000 pounds in Q1 2024.

According to Wheaton’s Q2 2025 results, the Voisey’s Bay mine produced 647,000 pounds of attributable cobalt, a roughly 150 percent increase from the same period in 2024. Vale reported that the underground operations are steadily ramping up, with full production expected by the second half of 2026 as the transition from the depleted Ovoid open-pit continues.

Shares of Wheaton rose to a year-to-date high of C$159.41 on October 16 alongside rising prices for gold, silver and cobalt.

FAQs for cobalt

What is cobalt?

Cobalt is a silver-gray metal that is often produced as a by-product of nickel and copper mining. It does not occur as a separate metal anywhere in the world, and must be produced by reductive smelting, or from the metallic ore cobaltite, which is made of cobalt, sulfur and arsenic.

What is cobalt used for?

Historically, cobalt oxides were used to impart a blue pigment to glass, porcelain and paints, hence the still-used cobalt blue paint. The metal is also used to produce superalloys, as cobalt imparts qualities such as corrosion and wear resistance, which are useful in applications such as airplanes, orthopedics and prosthetics.

Today cobalt is most famously used in the rechargeable lithium-ion batteries that run everything from smartphones to EVs.

Where is cobalt mined?

The majority of cobalt production comes out of the DRC, which was responsible for producing 220,000 metric tons of the material in 2024. For perspective, the second largest cobalt-producing country, Indonesia, reported output of 28,000 MT the same year; third place Russia produced 8,700 MT of the material.

As the lithium-ion battery and EV supply chains garner global attention, companies are trying to limit their exposure to cobalt produced from the DRC, which is known for human rights abuses and sometimes child labor in its mining industry.

In response to this trend, many countries with cobalt are attempting to create domestic cobalt and EV supply chains in the hope of attracting companies looking to avoid DRC-sourced cobalt. This can be seen in the up-and-coming battery corridor in Ontario, Canada, as well as in the US-based Idaho cobalt belt.

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

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Option Agreement to Sell Pajala Copper Project

European Green Transition (AIM: EGT), a company seeking to acquire and transform revenue stage businesses supporting the green energy transition in Europe, announces that it has entered into an exclusive option agreement (the ‘Option’) with Recovery Metals Cyprus Limited (‘RMC’) to sell its Pajala Copper Project in Sweden.

Highlights

  • EGT has entered into an exclusive six-month option agreement with RMC for the potential sale of the Liviövaara nr 101 and Lehtosölkä nr 101 exploration licences (together, the ‘Pajala Copper Project’) in northern Sweden.
  • The Pajala Copper Project represents a potential Iron Oxide Copper Gold (IOCG) target, with historical drilling confirming copper mineralisation across multiple intersections.
  • Anglo American, a previous operator, completed a nine-hole diamond drilling programme at the project, identifying broad intervals of copper mineralisation indicative of an IOCG system with the potential to host a significant copper deposit.
  • RMC, a privately held company incorporated in Cyprus, is focused on developing a pan-European portfolio of high-potential copper and gold projects. Its current portfolio comprises three fully licensed copper projects located in Cyprus with immediate development potential.
  • Under the terms of the option agreement, RMC will fund all due diligence activities during the six-month option period.
  • Should RMC choose to exercise the option, the acquisition of the Pajala Copper Project would be subject to the successful negotiation and execution of definitive transaction documents. There can be no certainty that the option will be exercised or any transaction concluded.
  • The Company will provide further updates to the market as appropriate.

Cathal Friel, Co-founder and Non-Executive Chairman, commented: ‘We are pleased to have signed an exclusive option agreement with RMC for the proposed sale of our Pajala Copper Project in Sweden, marking a significant step in the execution of our strategy to generate value from our mining portfolio. The agreement provides RMC with sufficient time to complete its due diligence on the project, supported by their team who have prior operational experience in the region.

‘Copper prices are approaching record highs, underpinned by limited supply and strong market fundamentals. Growing investment in electrification and clean energy technologies together with policy measures such as the EU Critical Raw Materials Act which seeks to ensure a stable supply of critical minerals to the European market, is driving sustained demand for both copper and rare earth elements (REEs), reinforcing the potential strategic importance of EGT’s mining assets within the European supply chain. This potential transaction reinforces our approach to capital allocation as we continue to focus our resources on monetising our existing mining projects and acquiring and developing distressed, revenue-generating businesses across a diverse range of sectors.’

About the Pajala Copper Project

The Pajala Copper Project comprises three contiguous exploration permits covering an area of approximately 51.17 km². These permits are held 100% by Rockfleet Minerals Limited, a wholly owned subsidiary of EGT, and are unencumbered by royalties. The project lies 21 kilometres from the Kaunisavaara iron ore mine in the Pajala district of Norrbotten County, benefiting from well-developed local infrastructure and access to abundant renewable energy sources. Historical exploration by Anglo American between 2000 and 2001 included nine diamond drill holes totalling 1,768.9 metres, with several intercepts indicating copper and gold mineralisation. Notable results include 5.45 metres at 1.23% Cu and 1.13 g/t Au (hole 00LIV001), 10.5 metres at 0.28% Cu (hole 00LIV004), and 10.75 metres at 0.5% Cu (hole 01LIV009). These findings suggest the presence of a potentially significant IOCG-style system, underscoring the project’s strong copper potential.

Enquiries

European Green Transition plc

Cathal Friel, Executive Chairman

Jack Kelly, CFO

+44 (0) 208 058 6129

Panmure Liberum – Nominated Adviser & Broker

James Sinclair-Ford / Gaya Bhatt

Mark Murphy / Rauf Munir

+ 44 (0) 20 7886 2500

Camarco – Financial PR

Billy Clegg, Elfie Kent,
Lily Pettifar, Poppy Hawkins

+ 44 (0) 20 3757 4980

europeangreentransition@camarco.co.uk

Notes to Editors

European Green Transition plc (quoted on the AIM market of the London Stock Exchange under the ticker ‘EGT’) is a company which aims to capitalise on the opportunities created by the green energy transition in Europe. EGT is seeking to monetise its existing portfolio of mining projects through sale or partnership as it looks to allocate its resources away from natural resources and mining to focus on acquiring and transforming distressed, revenue generating businesses through M&A.

For more information, please go to www.europeangreentransition.com or follow us on X (formerly Twitter ) and LinkedIn.

Source

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Mali Revokes 90 Mining Permits, Tightening Control on Sector

Mali’s military-led government has revoked more than 90 mining exploration permits due to alleged non-compliance with the country’s new legal requirements.

An official decree signed by Mines Minister Amadou Keita on October 13 announced the revocation of permits issued between 2015 and 2022 for gold, iron ore, bauxite, uranium, rare earths, and other minerals, according to a Reuters report.

Companies impacted include local subsidiaries of Harmony Gold Mining (NYSE:HMY,JSE:HAR), IAMGOLD (TSX:IMG,NYSE:IAG,OTCQX:IAFNF), Cora Gold (LSE:CORA) and Resolute Mining (ASX:RSG,LSE:RSG).

As of writing, representatives of Harmony Gold, IAMGOLD and Resolute did not immediately respond to requests for comment nor have publicly released statements on the matter.

The decree did not specify the total area affected or the potential value of the exploration activities involved but declared that all rights conferred by the permits were “released” and that the corresponding areas were now open for reallocation.

“Permit holders were asked to submit required documents under new mining rules, but after verification, authorities found widespread non-compliance,” the Ministry of Mines said in a statement. “As a result, the government has canceled the permits in line with mining legislation.”

Cora Gold told Reuters that the cancellation would have no impact on its operations. The company said it had already relinquished the affected permits over two years ago and had not received formal notice from authorities.

In recent months, governments across West Africa have started to tighten oversight of the mining industry and ensure greater compliance from international operators. Guinea, for instance, has similarly annulled dormant or non-compliant licenses as part of efforts to maximize state revenues and assert greater control over strategic mineral assets.

Mali, one of Africa’s leading gold producers, relies heavily on mining for export earnings and public revenue. However, the sector has faced mounting pressure from political instability and regulatory uncertainty.

The country’s industrial gold output is expected to fall short of its 2025 target due to operational disruptions, including at Barrick Loulo-Gounkoto mine, which currently serves as Mali’s largest gold asset.

The government has sought to offset these challenges by deepening partnerships with non-Western allies, particularly Russia. In recent months, Mali has entered into a series of energy and mining agreements with Moscow, including a deal for the supply of 160,000 to 200,000 metric tons of petroleum and agricultural products.

Russian-backed ventures have also expanded in Mali’s mining landscape through joint projects in gold, uranium, and lithium, as well as the construction of a state-controlled gold refinery in Bamako.

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

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Avalanche Treasury Co.: Bridging Crypto Innovation and Institutional Finance

Avalanche Treasury Co. (AVAT) represents a milestone in the maturation of blockchain-based digital assets as it transitions from speculative retail tools to mainstream institutional investment vehicles.

This newly launched investment vehicle, specifically designed to buy and hold Avalanche (AVAX) tokens, gives institutional investors a compliant way to gain exposure to Avalanche’s ecosystem growth. Its creation is emblematic of the broader financial ecosystem’s ongoing convergence with decentralized finance and blockchain innovation.

“This is a public company launching as an active, strategic partner within the Avalanche network, offering a level of integration and alignment that investors have been demanding,” he said.

Navigating institutional adoption with purpose

AVAT’s upcoming US$675 million SPAC merger with Mountain Lake Acquisition (NASDAQ:MLAC) positions it as a uniquely structured treasury dedicated to the Avalanche ecosystem.

With initial assets of nearly US$460 million and plans to acquire US$200 million more in AVAX tokens, the company aims to create a US$1 billion AVAX treasury. A Nasdaq listing is planned for early 2026.

This controlled, active treasury offers an alternative to passive index funds or exchange-traded funds, specifically designed for institutional clients seeking strategic participation in Avalanche’s blockchain network.

“The idea is to have a permanent capital vehicle. One of the benefits of not having to respond to creations and redemptions on a given day is that you can take a more strategic approach in what you’re doing,” said Smith.

AVAT’s differentiation lies in its regulated, transparent investment vehicle, developed under the oversight of seasoned professionals. Smith brings a wealth of experience, serving as a senior executive at Susquehanna International Group before leading AVAT, where he specialized in crypto trading and market-making across digital assets.

The advisory team also features prominent crypto pioneers such as Stani Kulechov of Aave and Jason Yanowitz of Blockworks, alongside experienced executives bringing operational and strategic expertise.

Such a combination of governance, knowledge and regulatory compliance helps mitigate the risks and opacity that have historically deterred institutional capital from crypto markets.

“I spent most of my career in what people now label traditional finance. I’ve worked in asset management and wealth management. I’ve worked on some of the largest trading desks in the world. So I think what I’ve learned over time is (that) surrounding yourself with smart people generally makes your job easier,’ Smith noted.

Ecosystem growth through strategic investment

Beyond simply holding AVAX, AVAT plans to actively support ecosystem expansion.

‘That could be owning a validator and running our own nodes, it could be running some volatility strategies using options or it could be investing equity into L1s and applications that are building on top of Avalanche.’

Through such treasury-backed infrastructure investments, Avalanche looks to deepen its network effects and catalyze sustainable adoption. This trend mirrors a larger institutional movement from companies like Strategy (NASDAQ:MSTR), which is developing a treasury strategy centered on Bitcoin accumulation, or BitMine Immersion Technologies (NYSEAMERICAN:BMNR) and firms such as Galaxy Digital (NASDAQ:GLXY), Jump Crypto and Multicoin Capital, which are introducing multibillion-dollar funds for Ether and Solana, respectively.

These treasury companies not only possess assets, but also make strategic investments to stimulate ecosystem expansion and institutional acceptance. This approach aligns with a broader industry trend of blockchain networks becoming foundational layers in the digitization of financial markets, supply chains and enterprise systems.

“I think the area that is undervalued in the success of Avalanche has been business and government adoption. Every week, there’s a story of major banks utilizing Avalanche infrastructure for their own business or stablecoin rails,’ said Smith. “You had the state of Wyoming issuing a state-issued stablecoin, the California DMV digitizing over 42 million car titles, corporate sponsors with Toyota Finance, FIFA, KKR, Apollo Global Management (NYSE:APO) and JP Morgan Chase & Co. (NYSE:JPM) using it in a variety of ways within their own financial service suite.”

While crypto asset markets remain volatile, AVAT adopts a diversified approach combining staking, liquidity provision and options strategies to balance yield generation with capital preservation.

“We want to create an all-weather portfolio that’s strategic in nature, and we’re thinking of an endowment or foundation approach, where we’re taking a multi-decade approach to some of our positions.”

A microcosm of broader institutional trends

AVAT exemplifies the evolving role of blockchain and crypto assets within the global financial system. Its journey from being a Layer 1 blockchain project to building a substantial treasury vehicle with public market access reflects a notable trend toward convergence between traditional finance and emerging decentralized technologies.

This theme resonates widely, as the financial industry witnesses the democratization and institutionalization of crypto through mechanisms like SPACs, regulated investment vehicles and hybrid governance models.

Meanwhile, the tokenization of real-world assets, corporate treasury adoption and blockchain integration into enterprise processes are collectively rewriting how value is stored, transferred and grows in modern markets.

By blending seasoned financial expertise with cutting-edge blockchain development, AVAT is carving a path for sustainable institutional investment in digital assets, demonstrating how blockchain innovation and traditional capital markets can mutually reinforce to support the next chapter of digital finance.

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

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Corcel Exploration

Investor Insight

With a seasoned technical team, backing from Inventa Capital, and a district-scale asset in Arizona, Corcel Exploration is positioned to unlock a significant US-based copper-gold system at a time of accelerating demand for energy transition metals.

Overview

Corcel Exploration (CSE:CRCL,OTCQB:CRLEF) is a Vancouver-based mineral exploration company focused on copper and gold discoveries across North America, with a primary focus on Arizona’s Yuma King project. The company is leveraging a combination of historical data, modern geoscience and advanced technology to identify and expand near-surface and buried mineralized systems.

Yuma King project site

Corcel’s approach is centered on disciplined, data-driven exploration. The company’s 2025 work program includes its maiden 2,000-meter diamond drill program, IP surveys and hyperspectral mapping to test priority copper-gold skarn and porphyry targets around the Yuma King mine, Yuma King West and Three Musketeers zones. By validating and extending historical mineralization, Corcel aims to delineate a near-term resource base while unlocking the broader district-scale potential.

The company’s technical leadership team, with decades of discovery experience across the Americas, is supported by Inventa Capital, a proven incubator of successful resource ventures such as Vizsla Silver and Targa Exploration. This strategic partnership provides Corcel with corporate infrastructure, capital markets expertise and exploration discipline, giving it a competitive edge in executing its exploration plans efficiently and effectively.

Company Highlights

  • Flagship Yuma King Project (Arizona): District-scale, 3,200-hectare land package with 515 federal mining claims in the historic Ellsworth mining district.
  • High-grade Historical Production: 8,600 tons averaging 2.3 percent copper, 0.3 oz silver per ton, and 0.03 oz gold per ton from the past-producing Yuma mine.
  • Dual Mineralization System: Copper-gold skarn mineralization with potential for a buried copper-molybdenum-gold porphyry system.
  • Strong Recent Results: Rock samples grading up to 17.15 grams per ton gold and 11.6 percent copper, confirming widespread surface mineralization.
  • Advanced Drill-ready Targets: 1.6 km skarn corridor open along strike and down-dip; multiple untested anomalies from geophysics and soil sampling.
  • Experienced Leadership: Led by a technically strong management team with deep experience in discovery, development, and capital markets.
  • Strategic US Positioning: Located near infrastructure and in the same state as one of only three US copper smelters.

Key Project

Yuma King

The Yuma King copper-gold project covers a 3,200-hectare district-scale property in the historic Ellsworth mining district of west-central Arizona, approximately 150 km northwest of Phoenix. The property hosts the past-producing Yuma mine, where operations between 1940 and 1963 yielded high-grade copper and gold ore.

Yuma King property overview

Corcel has defined three primary target zones within the project: the Yuma King Mine zone, hosting near-surface and down-dip skarn mineralization open along a 1.6 km corridor; Yuma King West, characterized by high-grade gold-copper rock samples and coincident copper-gold-molybdenum soil anomalies; and the Three Musketeers area, marked by strong magnetic destruction and soil anomalies indicative of a potential upper porphyry environment.

Exploration Targets and Results

Skarn and Replacement Mineralization: Copper-gold skarn zones with oxide and sulfide mineralization remain open in multiple directions. Historical drilling intersected intervals such as 45.4 m grading 0.78 percent copper, 0.53 grams per ton (g/t) gold, and 6.3 g/t silver.

Drilling at Yuma King in 2006

Porphyry Potential: Geological and geochemical data indicate a buried copper-molybdenum-gold porphyry system, with prior holes intersecting up to 395 ft of 753 parts per million (ppm) copper and 184 ppm molybdenum. Magnetite destructive alteration was located in the Three Musketeers area and is associated with strong gold and copper in soils and rocks, indicating the potential upper levels of a porphyry system.

Surface Sampling: 2,263 soil and 303 rock chip samples have defined 1.2 km-long copper-gold-molybdenum anomalies, with rock assays up to 17.15 g/t gold and 11.6 percent copper, identifying multiple new high-priority zones.

Untested Targets: The Three Musketeers and Yuma King West zones host strong magnetic features and soil anomalies under shallow cover, indicating potential extensions of the mineralized system.

2025 Program: Phase 1 drilling (2,000 m) and 8.5 km of IP surveys are planned to test these targets, marking the first comprehensive, data-integrated exploration in the district in over 70 years

Management Team

Jon Ward – CEO and Director

Jon Ward is a finance and investor relations professional with experience in mining and business services. He is the head of investor relations and corporate communications for Inventa Capital and Vizsla Silver, and VP corporate development of Targa Exploration.

Kyle Nazareth – CFO

Kyle Nazareth is a chartered financial professional with over a decade of experience managing public companies and executing capital market transactions. He is currently CFO of Branson Corporate Services in Toronto.

Oliver Friesen – Director

A geologist with over 10 years of experience in mining and oil & gas, Oliver Friesen is the Current CEO & director of Guardian Metal Resources, a company focused on advancing tungsten assets in Nevada.

Lee Beasley, M.Sc., C.P.G, P.G – VP Exploration

Lee Beasley is a professional geologist with over 20 years of experience in porphyry, skarn and intrusion-related systems. He previously held senior roles with SSR Mining, K2 Gold and Piedmont Lithium.

Dr. Jesus Velador Ph.D – Director

Jesus Velador is an economic geologist with 25+ years of experience in epithermal, skarn and porphyry exploration. He is the current VP exploration at Vizsla Silver and former director of exploration at First Majestic.

Roy Greig Ph.D, P.Geo. – Advisor and Qualified Person

Roy Greig is a porphyry copper systems specialist with 15+ years of experience across the Americas. He is the former VP exploration at Amarc Resources and advisor to multiple Inventa-backed companies.

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Senate Rebukes Trump Again, Votes to End National Emergency Tariffs on Canada

The US Senate voted Wednesday (October 29) to terminate the national emergency President Donald Trump invoked to impose steep tariffs on Canadian imports, marking the chamber’s second bipartisan rebuke of Trump’s trade policies in as many days.

The resolution passed 50–46, with four Republicans—Mitch McConnell and Rand Paul of Kentucky, Susan Collins of Maine, and Lisa Murkowski of Alaska—joining Democrats in support.

The Senate’s move follows a similar vote on Tuesday (October 28) to block tariffs on Brazilian goods.

‘President Trump has stretched this notion of emergency far beyond the language of the statute,” Sen. Tim Kaine of Virginia said in a floor speech ahead of the vote. “If President Trump can name anything as an emergency, so can any president henceforth.”

Kaine’s resolution targets the 25 percent tariffs Trump first imposed on Canadian goods in February under the International Emergency Economic Powers Act. Trump justified the move by claiming Canada was failing to stop the flow of fentanyl across the northern border, a rationale that Kaine and others called “absurd.”

“It is ridiculous to say that fentanyl is an emergency with respect to Canada,” Kaine said. “It’s a pretext that’s just being used to pour more and more tariffs onto Canada.”

According to US Customs and Border Protection, less than one percent of fentanyl seizures this year occurred along the northern border, amounting to only 66 pounds in total.

Trump later escalated the tariffs to 35 percent in August and threatened to raise them another 10 percent last week, following a spat over a televised advertisement by Ontario’s provincial government.

The ad featured a 1987 clip of former President Ronald Reagan warning that tariffs “lead to retaliation and shrinking markets”—a message Trump dismissed as “fake.”

The president abruptly canceled trade negotiations with Canadian officials over the ad, prompting sharp criticism from lawmakers in both parties.

“The economic harms of trade wars are not the exception to history, but the rule,” McConnell said in a statement explaining his vote. “Tariffs make both building and buying in America more expensive. And no cross-eyed reading of Reagan will reveal otherwise.”

Collins, whose home state borders Canada, said her vote reflected both economic and practical concerns.

“I’ve seen firsthand the damage that the Canadian tariffs have caused,” she said Tuesday. “The Canadians have worked very hard to try to stem the flow of drugs into this country, and the vast majority of drugs arrive from the southern border, not the northern border. So I don’t think the basis for imposing tariffs on Canada is a valid one.”

The trade rift has also spilled into the private sector, where Canadian exporters are scrambling to manage rising costs and tighter margins.

With tariffs adding pressure to cross-border transactions, many businesses have turned to their banks for foreign exchange, only to encounter delays and high fees.

“An estimated 85 percent of small and medium-sized businesses in Canada use their bank because of the convenience, and frankly, because they aren’t aware of any other solution,” said Alfred Nader, CEO of fintech firm Mark Lane.

Impact on further negotiations

Prime Minister Mark Carney has expressed willingness to resume negotiations, saying that discussions on steel, aluminum, and energy tariffs were making progress before talks collapsed.

While Trump has expressed his view that he thinks he will not be meeting with the Prime Minister “for a while,” the POTUS told reporters that he shared ‘a very nice conversation’ with Carney over a recent APEC dinner.

Trump’s tariffs have strained one of the world’s largest trading relationships. According to the Office of the US Trade Representative, U.S.-Canada trade totaled US$909 billion in 2024, with nearly US$3.6 billion in goods and services crossing the border daily.

More than three-quarters of Canada’s exports go to the US, and the Canadian economy has been heavily impacted by the new duties.

Wednesday’s vote took place while Trump was in Asia pursuing other trade negotiations.

However, his ongoing confrontation with Canada continues to loom large over US trade relations, with another Senate vote expected Thursday on a resolution to block the president’s global tariff powers.

The House, meanwhile, remains a dead end for any such effort. Republican leaders there have employed a procedural rule to prevent consideration of any resolutions overturning Trump’s trade actions until 2026, ensuring that even bipartisan opposition in the Senate will have little immediate effect.

Still, Kaine and other Democrats say that growing dissent within Republican ranks signals shifting attitudes on Capitol Hill.

“It will become untenable for them to just close their eyes and say, ‘I’m signing up for whatever the president wants to do,’” Kaine said.

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

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Kobold to advance Konkola West Project Agreement to Stage 2

Tertiary Minerals plc (AIM: TYM) is pleased to announce that KoBold Metals Company (‘KoBold’) has successfully completed its Stage 1 Earn-In requirements on the Konkola West Copper Project (‘Project’) and has confirmed it will proceed to Stage 2 under the Earn-In Agreement (‘Agreement’) with cumulative exploration expenditure of up to US$6 million.

Highlights

  • Completion of Stage 1 Earn-In requirements with 2 drill holes for an accumulative 4,153m of drilling, significantly surpassing the minimum drilling requirement of 2,000m.
  • New Joint venture company to be incorporated.
  • KoBold confirms its intention to proceed to Stage 2, which includes cumulative exploration expenditure of up to US$6 million.
  • KoBold is currently undertaking extensive analysis of the two holes completed to date. This work includes full geochemical analysis, downhole geophysics, and stratigraphic interpretation, all of which will improve the targeting for the next phase of exploration.
  • Location and depth of the next drill hole to be confirmed once all the data from previous drilling is reviewed and incorporated into the updated exploration model.

Drilling Summary

Hole KWDD001

Hole KWDD001 was collared in the northeast of the licence area and targeted down-dip extensions of mineralisation to the southwest of Mingomba and Konkola Deeps (Figure 1). The drillhole was drilled to a depth of 2,711m but was terminated due to technical difficulties before reaching the targeted horizon (Ore Shale, Copperbelt Orebody Member). KWDD001 is believed to be the deepest mineral exploration drill hole to have ever been drilled in the Zambian Copperbelt and marks a significant milestone within the industry.

Hole KWDD002

Hole KWDD002 is collared on the eastern side of the licence area and is targeting down-dip extensions of known mineralisation southeast of the Konkola Mine (Figure 1). The drillhole was drilled to a depth of 1,802m but was recently terminated due to technical difficulties.

Notwithstanding the drilling difficulties, both drillholes have yielded invaluable geological information which is now being incorporated into KoBold’s geological model for the Konkola region and will be used as part of the planning process for the Stage 2 drilling.

Earn-In Agreement

The Earn-In Agreement is between Tertiary Minerals (Zambia) Limited, its local partner, Mwashia Resources Limited, and Mwinilunga Exploration Limited, a subsidiary of KoBold.

Under the amended Earn-in Agreement, KoBold was required to drill two holes and carry out a minimum of 2,000m of drilling within 24 months of signing the Earn-in Agreement (prior to 19 December 2025) to achieve the Stage 1 Earn-In.

Following the completion of Stage 1 and KoBold having elected to proceed to Stage 2, a joint venture company between Tertiary Minerals Zambia, Mwashia Resources Limited and Mwinilunga Exploration Limited will be formed, where the participating interests in the joint venture company will be: 39%, 51%, and 10%, respectively.

In order to complete the requirements of Stage 2, KoBold is required to spend a cumulative amount of up to US$6 million on exploration expenditure within a further 24-month period. If these requirements are achieved, then KoBold will increase its participating interest, and the shareholdings in the joint venture company will then be: 20% Tertiary Minerals (Zambia) Ltd, 70% Mwinilunga Exploration Limited, and 10% Mwashia Resources Limited.

In addition, a provision of the Earn-In Agreement has been made to ensure that KoBold’s newly granted adjacent Large Exploration Licence, 38615-HQ-LEL, will also be held under the terms of the Earn-in Agreement for the benefit of all the parties.

Richard Belcher, Managing Director of Tertiary Minerals plc, commented:

‘We are delighted that KoBold has completed Stage 1 of the Earn-In Agreement requirements and has opted to proceed to Stage 2, despite the technical drilling challenges in this groundbreaking exploration programme. This marks a major milestone not only for the Project but the collaboration between our respective companies with the formation of a new joint venture company. Such a move underlines the continuing commitment and strategic importance of this Project within the world- renowned Central African Copperbelt.

‘The continuation of exploration under the Earn-In Agreement provides significant upside for Tertiary to any future Project advancement while limiting downside in terms of risk and capital expenditure. The Company looks forward to continuing this relationship and I look forward to providing further updates in due course.’

Mfikeyi Makayi, Chief Executive Officer, KoBold Metals Africa, commented:

‘We have learned a lot from the first two holes drilled at the Konkola West property that will go into planning future work on the licence area. We are pleased to have fulfilled Stage 1 of our Earn-In Agreement and look forward to continuing to work with Tertiary and Mwashia in Stage 2 of our Earn-In Agreement.’

Figure 1. Location map of the Konkola West Copper Project and collar position of the two drill holes.

Project Summary

Konkola West (Licences 27067-HQ-LEL and 38615-HQ-LEL) is located approximately 5km to the southwest of KoBold’s Mingomba deposit and 3km southwest of Konkola Deep Mine, which forms part of the Lubambe-Mingomba-Konkola group of copper deposits of the Zambian Copperbelt. The aim of the drill programme is to test the potential continuations of mineralisation being mined at the World-Class Musoshi, Lubambe and Konkola Mines (combined pre-mining endowment of over 775Mt grading 2-3% copper). KoBold’s Mingomba project, is reported by KoBold to be one of the largest undeveloped copper deposits in the world. KoBold is using its propriety AI-driven models of the regional geology to support its mineral exploration targeting.

Further Information:

Tertiary Minerals plc:

Richard Belcher, Managing Director

+44 (0) 1625 838 679

SP Angel Corporate Finance LLP

Nominated Adviser and Broker

Richard Morrison/Jen Clarke

+44 (0) 203 470 0470

AlbR Capital Limited

Joint Broker

Lucy Williams/Duncan Vasey

+44 (0) 207 469 0930

Market Abuse Regulation

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (‘MAR’). Upon the publication of this announcement via Regulatory Information Service (‘RIS’), this inside information is now considered to be in the public domain.

Cautionary Note Regarding Forward-Looking Statements

The news release may contain certain statements and expressions of belief, expectation or opinion which are forward looking statements, and which relate, inter alia, to the Company’s proposed strategy, plans and objectives or to the expectations or intentions of the Company’s directors. Such forward-looking statements involve known and unknown risks, uncertainties, and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such forward-looking statements. Accordingly, you should not rely on any forward-looking statements and, save as required by the AIM Rules for Companies or by law, the Company does not accept any obligation to disseminate any updates or revisions to such forward-looking statements.

Competent Persons Statement

The technical information in this release has been compiled and reviewed by Dr. Richard Belcher (CGeol, EurGeol) who is a qualified person for the purposes of the AIM Note for Mining and Oil & Gas Companies. Dr. Belcher is a chartered fellow of the Geological Society of London and holds the European Geologist title with the European Federation of Geologists.

About Tertiary Minerals plc

Tertiary Minerals plc (AIM: TYM) is an AIM-traded mineral exploration and development company whose strategic focus is on energy transition metals. The Company’s projects are all located in stable and democratic, geologically prospective, mining-friendly jurisdictions. Tertiary’s current principal activities are the discovery and development of copper and precious metal mineral resources in Nevada and in Zambia.

Source

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Blue Sky Uranium Announces Brokered LIFE Private Placement for Gross Proceeds of up to C$3.0 Million

/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

TSX Venture Exchange:   BSK
Frankfurt Stock Exchange:   MAL2

Blue Sky Uranium Corp. (TSXV: BSK,OTC:BKUCF) (FSE: MAL2), (‘Blue Sky’ or the ‘Company’) announces that it has entered into an agreement with Red Cloud Securities Inc. (‘Red Cloud’) to act as agent and sole bookrunner in connection with a ‘best efforts’ private placement (the ‘Marketed Offering’) for the sale of up to 60,000,000 units of the Company (the ‘Units’) at a price of C$0.05 per Unit (the ‘Offering Price’) for aggregate gross proceeds of up to C$3,000,000.

Each Unit will consist of one common share of the Company (each, a ‘Common Share‘) and one common share purchase warrant (each, a ‘Warrant‘). Each Warrant will entitle the holder thereof to purchase one Common Share at a price of C$0.07 at any time on or before that date which is 60 months following the Closing Date (as herein defined).

The Company has also granted Red Cloud an option, exercisable in full or in part up to 48 hours prior to the closing of the Marketed Offering, to sell up to an additional 10,000,000 Units at the Offering Price for additional gross proceeds of up to C$500,000 (the ‘Agent’s Option‘). The Marketed Offering and the securities issuable upon exercise of the Agent’s Option shall be collectively referred to as the ‘Offering‘.

The Company intends to use the net proceeds of the Offering for the exploration and advancement of the Company’s flagship Rio Grande Uranium-Vanadium Project located in the province of Rio Negro in Argentina as well as for general working capital and corporate purposes.

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 – Prospectus Exemptions (‘NI 45-106‘), the Units will be offered for sale to purchasers resident in the provinces of British Columbia, Alberta, Manitoba, Saskatchewan and Ontario pursuant to the listed issuer financing exemption under Part 5A of NI 45-106, as amended by Coordinated Blanket Order 45-935 – Exemptions from Certain Conditions of the Listed Issuer Financing Exemption (the ‘Listed Issuer Financing Exemption‘). The Common Shares and Warrants underlying the Units, as well as the Warrant Shares issuable from the Warrants if exercised, are expected to be immediately freely tradeable in accordance with applicable Canadian securities legislation if sold to purchasers resident in Canada. The Units may also be sold in offshore jurisdictions (provided that no prospectus filing or comparable obligation, ongoing reporting requirement or regulatory or governmental approval requirement arises in such jurisdictions) and in the United States on a private placement basis pursuant to one or more exemptions from the registration requirements of the United States Securities Act of 1933, as amended (the ‘U.S. Securities Act‘).

There is an offering document (the ‘Offering Document‘) related to the Offering that can be accessed under the Company’s profile at www.sedarplus.ca and on the Company’s website at: www.blueskyuranium.com. Prospective investors should read this Offering Document before making an investment decision.

The Offering is scheduled to close on November 18, 2025 or such other date as the Company and Red Cloud may agree (the ‘Closing Date‘). Completion of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange (the ‘TSXV‘).  

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

About Blue Sky Uranium Corp.

Blue Sky Uranium Corp. is a leader in uranium discovery in Argentina. The Company’s objective is to deliver exceptional returns to shareholders by rapidly advancing a portfolio of uranium deposits into low-cost producers, while respecting the environment, the communities, and the cultures in all the areas in which we work. Blue Sky’s flagship Amarillo Grande Project was an in-house discovery of a new district that has the potential to be both a leading domestic supplier of uranium to the growing Argentine market and a new international market supplier. The Company’s recently optioned Corcovo project has demonstrated potential to host an in-situ recovery uranium deposit. The Company is a member of the Grosso Group, a resource management group that has pioneered exploration in Argentina since 1993.

ON BEHALF OF THE BOARD

‘Nikolaos Cacos’  
______________________________________
Nikolaos Cacos, President, CEO and Director

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

Disclaimer Regarding Forward-Looking Information

This news release contains ‘forward-looking information’ within the meaning of applicable Canadian securities legislation. ‘Forward-looking information’ includes, but is not limited to, statements with respect to activities, events or developments that the Company expects or anticipates will or may occur in the future, including, without limitation, the anticipated timing of closing of the Offering or at all; the anticipated terms of the Units and the Warrants; the anticipated use of the net proceeds of the Offering; the anticipated receipt of all necessary approvals in respect of the Offering; and statements regarding the potential mineral content of the Company’s projects are forward-looking statements and contain forward-looking information. Generally, but not always, forward-looking information and statements can be identified by the use of words such as ‘plans’, ‘expects’, ‘is expected’, ‘budget’, ‘scheduled’, ‘estimates’, ‘forecasts’, ‘intends’, ‘anticipates’, or ‘believes’ or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results ‘may’, ‘could’, ‘would’, ‘might’ or ‘will be taken’, ‘occur’ or ‘be achieved’ or the negative connotation thereof.

In making the forward-looking information in this release, the Company has applied certain factors and assumptions that are based on the Company’s current beliefs as well as assumptions made by and information currently available to the Company including, among other things, that the Offering will close on the anticipated timeline or at all; that the Units and the Warrants will have the anticipated terms; that the Company will use the net proceeds of the Offering as anticipated; and that the Company will receive all necessary approvals in respect of the Offering. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking information in this release is subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking information.

Readers are cautioned not to place undue reliance on forward-looking information. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by law.

SOURCE Blue Sky Uranium Corp.

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/October2025/30/c9904.html

News Provided by Canada Newswire via QuoteMedia

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Steve Barton: Gold, Silver Price Correction — When to Buy, What’s Next

Steve Barton, host of In It To Win It, weighs in on the pullback in gold and silver prices, sharing where the floors could be for both precious metals.

In his view, the correction is healthy and will lead to higher levels in the future.

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

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