Investor Insight

With a targeted, execution-driven strategy, Zeus Resources is positioning itself as an emerging critical minerals explorer with a compelling investment story that leverages a strengthening antimony market and a clear path from discovery to production.

Overview

Zeus Resources (ASX:ZEU,FSE: ZEU) is a dynamic mineral exploration company focused on discovering and advancing early-stage, high-grade critical mineral assets in underexplored jurisdictions. Its primary strategic focus is the 100-percent-owned Casablanca antimony project in Morocco. The company also has exploration interests in uranium, lithium and rare earth elements in Australia.

Antimony, the company’s lead commodity, is designated as a critical mineral by the US, EU, Japan and Australia due to its essential role in defence, energy storage, electronics and renewable technologies. Global supply is heavily concentrated, with more than 60 percent of production originating from China and Russia and limited processing capacity outside China.

This current dynamic makes Morocco’s potential as a secure, alternative source strategically and economically important.

With Europe’s industrial and defence supply chains as its target, Zeus is leveraging Morocco’s efficient permitting environment to fast-track development. In July 2025, the company completed its acquisition of Casablanca and quickly initiated a high-resolution geophysics program. The company aims to move from reconnaissance to drilling within months to capitalise on record-high antimony prices and tightening Western supply chains. The Casablanca project represents one of the rare high-grade antimony exposures outside China.

In parallel, Zeus has strengthened its Moroccan strategy through a five-year non-exclusive license agreement with Newmont, covering its Morocco exploration database and regional framework study across the Anti-Atlas and Central Meseta regions. The database provides integrated geochemical, geophysical and structural datasets, giving Zeus a competitive advantage in prospectivity analysis and target generation. Key terms include a 1 percent NSR royalty on any properties Zeus acquires in these regions and a 15-year right of first refusal for Newmont on transfers. This agreement streamlines project identification, reduces early-stage risk, and positions Zeus to expand its Moroccan footprint efficiently.

Beyond Morocco, Zeus retains royalty-backed lithium exposure through the Mortimer Hills project in Western Australia’s Gascoyne region, situated near Delta Lithium’s substantial Malinda and Jameson deposits. The company also holds the Kalabity project in South Australia, offering multi-commodity optionality including uranium, copper, base metals, lithium and REEs, across a large landholding with geological analogies to both Olympic Dam (IOCG) and Broken Hill mineral systems.

Company Highlights

• Casablanca Antimony Project: Six exploration licenses over 79 sq km in central Morocco. Surface sampling during due diligence returned astonishing results: up to 61.9 percent antimony, with additional samples ranging 7.8 to 46.52 percent antimony along a mapped strike exceeding 4 km
• Strategic Location for Supply Security: Morocco is a long-standing antimony producer with historic supply to Europe, ranking 19th globally on the Fraser Institute’s mining jurisdiction index- – on par with Western Australia.
• Rapid Advancement Exploration Model: Geophysics survey underway within weeks of licence acquisition, trenching program planned, and drill commencement targeted for early Q4 2025.
• Favourable Market Dynamics: Antimony prices have quadrupled since early 2024 to ~US$55,000/t amid tightening global supply and rising demand from defence, electronics and renewable energy sectors.
• Strategic Advisory Firepower: Former US Ambassador Christopher Dell has joined as US business and strategic development advisor aiming to leverage his extensive diplomatic experience and proven negotiation skills to facilitate Zeus navigate capital-raising, geopolitical positioning and partnerships aligned with Western critical minerals policy
• Strategic Data Access: Access to Newmont’s Morocco exploration database and framework study strengthens Zeus’s ability to fast-track target generation and expand its Moroccan footprint
• Lean Valuation, Clear Milestones: Market capitalization sits around AU$9 to AU$13 million, offering early-stage leverage if exploration success continues.

Key Projects

Casablanca Antimony Project

Located in central Morocco, the Casablanca antimony project spans 79 sq km under six granted exploration licences in a historically productive mining district. Situated along the regional NNE-striking Smaala-Oulmes fault, the project benefits from structural dilation and quartz vein networks hosting high-grade stibnite mineralisation.

Multiple historical and recent artisanal workings are present across the tenure, with extensive surface mineralisation mapped over more than 4 km of strike. Rock chip sampling during due diligence returned exceptional antimony grades, peaking at 61.9 percent antimony, with additional assays of 44.5 percent and 39.4 percent, and a broader range of samples between 7.8 percent and 46.52 percent antimony across 20 locations. These results rank among the highest reported for any early-stage antimony discovery globally, underscoring the strong potential for defining a resource. The licences are drill-ready, and Zeus has rapidly commenced a high-resolution induced polarisation (HRIP) geophysical program comprising 23 dipole-dipole profiles over 16 km to delineate subsurface conductive zones and key structural controls.

The work is supported on the ground by Ashgill Morocco, whose in-country geological team brings deep expertise in North African mineral systems and manages permitting, mapping and logistics. Upon completion of the geophysics, a trenching program, selected for its speed and cost efficiency given the project’s grade profile, will test surface veins and inform drill targeting. Drilling is anticipated to start in early Q4 2025. Morocco’s modern mining code, stable political environment and strategic proximity to European markets present a clear pathway to fast-track the project from exploration to development, should drilling confirm significant resources.

Mortimer Hills

The Mortimer Hills project (E09/2147), located in the Gascoyne region, lies ~5 km along strike from Delta Lithium’s Malinda project. It is situated within the Leake Springs Metasediment unit, which collectively hosts 21.9 Mt of lithium resources (Malinda + Jameson deposits). The project was sold to Delta Lithium’s subsidiary, but Zeus retains a structured royalty interest, providing leveraged exposure to a rapidly advancing lithium district without ongoing capital commitments.

Kalabity Project

Kalabity is Zeus’ South Australian exploration initiative, targeting uranium, copper, base metals, lithium and REE within the Curnamona Tectonic Province. The project spans four granted exploration licences (EL7008, EL7039, EL7048 and EL7058) and is strategically located near historic deposits such as Kalabity and Crocker Well. The district’s geological setting is analogous to Olympic Dam (IOCG) and Broken Hill (zinc-lead-silver) systems, offering large-scale polymetallic potential. The recent granting of EL7058 further consolidates Zeus’ position in this prospective province.

Management Team

Alvin Tan – Executive Chairman

With nearly three decades of corporate experience across ASX-listed and global companies, Alvin Tan has a track record in mergers, acquisitions and capital raising. He currently serves as a director of LSE and NSX-listed PYX Resources and was formerly a director of ASX-listed Advanced Share Registry prior to its acquisition.

Hugh Pilgrim – Executive Director

Founding partner of Caravel Securities, Hugh Pilgrim has extensive experience in capital raising, mineral project acquisition and structuring corporate transactions on the ASX. He is leading Zeus’ corporate development strategy, with a focus on accelerating the Casablanca project’s exploration and development.

Robert Marusco – Executive Director and Company Secretary

A corporate strategist with over 25 years of experience, Robert Marusco has held senior roles in private and ASX-listed companies. He specialises in corporate governance, financial planning and compliance, with a background in advising on ASX listings, M&A and restructures.

Christopher Dell – US Business and Strategic Development Advisor

Christopher Dell is a former US Ambassador to Angola, Zimbabwe and Kosovo, and senior executive at Bechtel and Fieldstone Africa. His appointment strengthens Zeus’ ability to engage Western governments, companies and strategic funders in the antimony supply chain context

1. South Africa

Platinum production: 120,000 kilograms
Palladium production: 72,000 kilograms
PGM reserves: 63 million kilograms

South Africa is top of the list of the world’s top platinum producers, with production of 120,000 kilograms in 2024. South Africa is also a major producer of palladium, taking second place globally with 72,000 kilograms last year. The country holds the largest-known reserves of PGMs globally at 63 million kilograms, accounting for over 75 percent of known global reserves.

According to the US Geological Survey, 2024 production of PGMs in South Africa ‘decreased compared with (74,900 kilograms) in 2023 owing to declining prices, higher costs associated with deep-level mining, labor disputes, and ongoing disruptions to the supply of electricity.’

The Bushveld complex is the largest PGMs resource in the world, and represents a large majority of annual global production of platinum and palladium. Impala Platinum Holdings (OTCQX:IMPUF,JSE:IMP), commonly called Implats, is a significant producer in the complex, which hosts the company’s Impala Rustenburg mine, Marula mine, Bafokeng and Two Rivers joint venture.

2. Russia

Platinum production: 18,000 kilograms
Palladium production: 75,000 kilograms
PGM reserves: 16 million kilograms

Despite being the world’s second biggest platinum-mining country, Russia’s annual production trails behind South Africa’s by a large margin, coming in at 18,000 kilograms for 2024. That said, Russia was the world’s top palladium producer in 2024, putting out 75,000 kilograms last year — 3,000 kilograms higher than South Africa’s output.

Russian mining company Norilsk Nickel (MCX:GMKN) is the world’s largest palladium producer, and it plans to invest US$35 billion in infrastructure upgrades between 2021 and 2030, which will ultimately result in higher metals output.

While Russia held its spot as the top palladium producer last year, its palladium production dropped significantly from 87,000 kilograms in 2023. The USGS attributed the drop to ‘disruptions from natural disasters, lower metal grades and ore recovery, ongoing issues related to the Russia-Ukraine conflict, and planned outages at a major metallurgical plant.’

3. Zimbabwe

Platinum production: 19,000 kilograms
Palladium production: 15,000 kilograms
PGM reserves: 1.2 million kilograms

Zimbabwe is a major producer of both platinum and palladium, producing 19,000 and 15,000 kilograms of the precious metals respectively in 2024. Zimplats Holdings (ASX:ZIM) is the biggest platinum miner in the country, and it is 87 percent owned by Implats.

In October 2022, Zimbabwe introduced a policy that allows it to stockpile physical metals, including PGMs. A change to the country’s existing cash royalties on miners, the rules require mining companies to instead pay the royalties based on their production in a 50/50 combination of cash and refined metals.

The policy currently applies to PGMs, gold, diamonds and lithium. However, it is dynamic, with the option to add or subtract affected metals and change royalty percentages based on factors such as geological scarcity and demand trends.

In January 2025, the Government of Zimbabwe officially implemented a 5 percent levy on unbeneficiated platinum exports, which it had postponed to allow mining companies time to build refining capacity.

In line with the government’s goal of adding value to the country’s platinum products, Zimplats has expanded its smelting capacity and is making slow progress on a US$190 million refurbishment of its mothballed base metals refinery to process PGM mattes into pure platinum metal concentrates.

4. Canada

Platinum production: 5,200 kilograms
Palladium production: 15,000 kilograms
PGM reserves: 310,000 kilograms

Canada’s strong palladium production of 15,000 kilograms tied with Zimbabwe to make it the third highest producer globally in 2024. Canada’s platinum production was also significant at 5,200 kilograms. The North American country’s palladium and platinum production were nearly both on par with the previous year.

The country only holds 310,000 kilograms of known PGMs reserves — the lowest total reserves on this list — but companies continue to explore for PGMs in Canada in search of more deposits.

Canadian PGMs production takes place mainly in the province of Ontario, but PGMs output also comes out of Québec and Manitoba. The country has one primary PGMs-producing mine, the Lac des Iles mine in Western Ontario, which is owned by Implats Canada. The remainder of the country’s production is as a by-product of Canada’s nickel mines.

5. United States

Platinum production: 2,000 kilograms
Palladium production: 8,000 kilograms
PGM reserves: 820,000 kilograms

The United States produced 8,000 kilograms of palladium in 2024 alongside 2,900 kilograms of platinum. The US holds 820,000 kilograms of identified PGM reserves.

Sibanye Stillwater’s (NYSE:SBSW,JSE:SSW) Stillwater Complex in Montana is the only primary producer of PGMs in the US. The company also maintains a smelter, refinery and laboratory in Montana and recovers PGMs from spent catalytic convertor material from vehicles.

Low palladium prices forced Sibanye Stillwater to curtail production and layoff about 700 employees at the Stillwater Complex in 2024. The company has pointed to Russia flooding the palladium market to depress prices.

In response, on July 30, 2025, Sibanye Stillwater and related industry participants filed antidumping and countervailing duty petitions with the US Department of Commerce and the US International Trade Commission (ITC) on imports of unwrought palladium from Russia.

On September 18, the ITC determined there is a reasonable indication the industry was ‘materially injured’ by the Russian imports, and commenced the final phase of investigations.

FAQs for investing in palladium and platinum

1. United States

Production: 1.03 trillion cubic meters

The US is by far the largest producer of natural gas in the world with production of 1.03 trillion cubic meters of natural gas in 2024, representing nearly a quarter of global natural gas production.

Its output has increased by more than 300 billion cubic meters in the past decade owing to the increasing cost of coal and advancements in extraction technology such as horizontal drilling and hydraulic fracturing, also known as fracking.

In addition to being a major natural gas producer, the US is also the biggest consumer of the fuel. In 2024, US demand for natural gas totaled 902.2 billion cubic meters, up from 2023’s 888.4 billion cubic meters, according to the Energy Institute.

In 2024, the US exported a record volume of liquified natural gas (LNG) at 115.2 billion cubic meters, following a 10th consecutive year of record production. While US exports grew just 0.4 percent year-over-year, they have exploded over the last decade from 2015’s 700 million cubic meters.

High international demand and steady domestic consumption growth will keep the US a net exporter of petroleum products and natural gas through 2050. Despite the shift to renewable electricity generation, US natural gas production is expected to rise due to increased international demand for liquefied natural gas, according to the US EIA’s Annual Energy Outlook 2023.

In early 2025, in response to US tariff threats from new President Donald Trump, China slapped a 15 percent tariff on US LNG imports. According to the Financial Press, the US accounted for about 6 percent of China’s LNG consumption in 2024.

Natural gas is expected to play a growing role in the US energy mix through 2050, even as oil and coal consumption decline, according to S&P Global Commodity Insights. Analysts point to coal-to-gas substitution as a key driver of the US transition, while scalability and cost barriers continue to slow a direct leap from coal to renewables.

“By 2050, gas shall be the only fossil fuel with a potential increase in the energy mix for the US, China, and India,” the S&P report notes.

2. Russia

Production: 629.9 billion cubic meters

The second largest exporter and producer of natural gas in the world, Russia produced 629.9 billion cubic meters of natural gas in 2024. The country’s state-owned energy group Gazprom its its largest natural gas producer, with gas company Novatek taking second place.

Russia also holds the largest-known natural gas reserves on the planet, at just under 20 percent as of 2020.

“Historically, production was concentrated in West Siberia, but investment has shifted in the past decade to Yamal and Eastern Siberia and the Far East, as well as the offshore Arctic,” according to the International Energy Agency.

Europe’s rejection of Russian natural gas products led to a 41 percent decline in revenues for the country’s producers in the first three quarters of 2023, reported Reuters.

While Russia remains the world’s second largest natural gas producer and the second largest exporter of the fuel, the EU is phasing out Russia-sourced natural gas by 2027 due to the country’s war on Ukraine. In June 2025 the EU introduced a proposal for a legal framework for accomplishing the 2027 goal.

EU imports of Russian natural gas have plunged by more than two-thirds since 2020, falling from 14.7 to 4.4 billion cubic feet per day in 2024, the EIA reported. Additionally, the EU reported that Russia only supplied 14 percent of its member countries’ natural gas requirements in 2023, down from 45 percent in 2021.

Despite the conflict between Russia and Ukraine, the latter has remained a crucial corridor for Russian natural gas into the EU. In September 2024, Russian natural gas exports that traveled through Ukraine totaled 1.26 billion cubic meters.

To offset lost European demand, Russia has pivoted its energy export trade, with China and India propping up its natural gas export market. The country has expanded gas exports eastward via the Power of Siberia 1 pipeline, which has been running near full capacity since China’s segment came online in late 2024. Plans for a second pipeline remain stalled, with Moscow and Beijing yet to agree on terms despite years of negotiations.

Russia is also set to supply Iran with natural gas after it signed a long-term natural gas supply deal in October 2024 in which Gazprom committed to supplying 109 billion cubic meters of gas to Iran annually.

3. Iran

Production: 262.9 billion cubic meters

Iran, the third largest natural gas-producing country and the largest in the Middle East, produced 262.9 billion cubic meters of natural gas in 2024, representing about 6.4 percent of global output. The Middle Eastern nation ranks second in terms of natural gas reserves.

While its natural gas infrastructure is far behind the top two natural gas producers, Iran has increased its natural gas production significantly in the past decade to become the Middle East’s largest producer. Iran and Qatar share the world’s largest natural gas field. Iran’s portion is known as South Pars and Qatar’s is North Dome.

Iran plans to boost its production capacity by 30 percent within five years, supported by an US$80 billion investment in its gas fields, according to the nation’s Oil Minister Javad Owji. However, Qatar’s expansion of liquefied natural gas production in North Dome poses a challenge to Iran’s output ambitions.

In mid-2025, Iran partially suspended gas output at the South Pars field after an Israeli airstrike damaged one of its key processing units (Phase 14). The strike shut down approximately 12 million cubic meters per day of gas production. While production has reportedly resumed, it is unclear if operations are at full capacity.

Turkey and Iraq are major importers of Iranian natural gas, while Turkmenistan and Armenia have swap deals with Iran. Iran signed a long-term deal to import 109 billion cubic meters of gas from Russia annually in late 2024, with Russia paying for construction of the necessary pipeline.

4. China

Production: 248.4 billion cubic meters

China’s natural gas production reached 248.4 billion cubic meters in 2024, an all-time record.

In recent years, China’s government has incentivized the transition from coal to natural gas to reduce air pollution and meet emissions targets. In its 14th Five-Year Plan, the government set an annual natural gas production target of 230 billion cubic meters by 2025, a goal the country met two years early in 2023. Between 2014 and 2024, natural gas production in China grew by 89 percent from 131.2 billion cubic meters.

China still relies on imports to meet about half of its demand. Australia, Turkmenistan, the US, Malaysia, Russia and Qatar are some of its biggest providers. However, it has yet to meet its natural gas storage target of 55 billion to 60 billion cubic meters, with only 26.7 billion cubic meters by the end of 2024, S&P Global reports.

Unconventional gas sources such as shale, coal-bed methane and natural gas hydrates accounts for an estimated 43 percent of China’s total gas output.

While domestic production has ticked higher, China’s LNG imports are moving the opposite direction. LNG imports fell by more than 20 percent during the first half of 2025. Rising domestic and pipeline supply is helping offset the reduced LNG inflows, with policy and infrastructure efforts aimed at shrinking reliance on imported gas.

Domestic demand has also pulled back slightly, as China’s gas demand declined by roughly 1 percent year-over-year in H1 2025.

5. Canada

Production: 194.2 billion cubic meters

Canada produced 194.2 billion cubic meters of natural gas in 2024, and the country holds 83 trillion cubic feet of proved natural gas reserves. The Western Canadian Sedimentary Basin (WCSB) is the prime source of the majority of Canada’s natural gas production. In addition to the WCSB, offshore fields near Newfoundland and Nova Scotia, the Arctic region and the Pacific coast hold significant natural gas reserves.

Canada is also a top natural gas exporter, relying exclusively on pipelines, with the US as its only trading partner. In 2022, 99 percent of all US natural gas imports came from its neighbor to the north.

In early 2025, US President Trump threatened to place 10 percent tariffs on energy imports from Canada, including natural gas. The move has led to increased calls for cross-Canada pipeline building and expansion of trade partners.

Looking to expand its trade partner list, in late June, LNG Canada shipped its first liquefied natural gas cargo to Asia from its new export facility in Kitimat, British Columbia. The terminal is a joint venture that includes Indigenous, provincial and international partners, and began operations with two liquefaction trains capable of producing 14 million metric tons per annum.

“With LNG Canada’s first shipment to Asia, Canada is exporting its energy to reliable partners, diversifying trade, and reducing global emissions ­— all in partnership with Indigenous Peoples,” Prime Minister Mark Carney said of the shipment. “By turning aspiration into action, Canada can become the world’s leading energy superpower with the strongest economy in the G7.”

His words reiterated the findings of a May 2025 report from the Fraser Institute that outlined Canada’s ability to contribute to global greenhouse gas emissions reduction through increased LNG production and exports to countries that currently rely on coal.

“As countries like China and India continue to burn coal for power, Canadian LNG offers a lower-emission alternative with the potential for major global impact,” said Elmira Aliakbari, director of natural resource studies at the Fraser Institute and coauthor of the study.

6. Qatar

Production: 179.5 billion cubic meters

Qatar is the sixth largest natural gas producer and hosts the third largest proved natural gas reserves in the world. The majority of its reserves are located in the world’s largest natural gas field, the offshore North Field, which it shares with Iran.

Qatar is the world’s second largest LNG exporter with 106.9 billion cubic meters in 2024, just above third-place Australia’s 106.8 billion.

In recent years, Qatar has made moves to capitalize further on its resources in an effort to expand its footprint in the international natural gas market. Statista reports that state-owned Qatar Petroleum is looking “to increase its LNG export market to compete with Russian LNG deliveries.”

To fulfil these aspirations Qatar is pushing ahead with expansion plans that are projected to nearly double the country’s LNG output over the next few years, raising production capacity from 77 million metric tons per annum to around 126 million by 2027.

Key to that growth is the North Field East expansion, which is set to begin partial output in mid-2026 as new LNG trains come online.

7. Australia

Production: 150.1 billion cubic meters

Australia produced 150.1 billion cubic meters of natural gas in 2024, an increase of 130 percent compared its 65.3 billion cubic meters to in 2014. Nearly all of Australia’s natural gas resources are located in the North West Shelf, with three of the basins there providing feedstock to the country’s largest gas fields, including Greater Gorgon, North West Shelf Venture and Ichthys

Australia’s LNG exports have grown exponentially over the past decade as several new production facilities have come online. The country was the third largest exporter of LNG in 2024 at 106.8 billion cubic meters.

The federal government released its Australia’s Future Gas Strategy in May 2024. The initiative focuses on ensuring energy security and supporting the transition to net-zero by 2050 by boosting natural gas production. The government plan highlights the need for new gas supplies to prevent shortages by 2028 on the east coast and 2030 on the west coast.

While supportive of the plan, Australia’s energy producers have raised concerns of potential gas supply shortfalls by the end of the decade amid global market volatility. Meg O’Neill, chair of Australian Energy Producers, highlighted that without action, Australia’s east and west coasts could face shortages by 2028 and 2030, respectively, which could drive up energy prices.

In March 2025, Exxon Mobil (NYSE:XOM) and Woodside Energy Group (ASX:WDS,NYSE:WDS) announced a US$222 million investment to drill five new wells in the Gippsland Basin’s Turrum and Turrum North fields, aiming to extend Southeastern Australia’s gas output beyond 2030.

The Turrum Phase 3 project underscores efforts to sustain domestic supply from the aging Bass Strait, even as production declines. It follows other recent approvals by the joint venture to bolster Australia’s gas availability amid tightening forecasts.

8. Saudi Arabia

Production: 121.5 billion cubic meters

The eighth largest natural gas-producing country, Saudi Arabia has seen its output increase by 25 percent since 2014, reaching a record 121.5 billion cubic meters in 2024.

Mordor Intelligence reports that this production growth was due in large part to increased development of standalone natural gas wells. State-run Saudi Aramco has awarded contracts to energy companies looking to develop the country’s largest unconventional gas field, Jafurah, located near the Persian Gulf.

Currently the country does not export its natural gas production; however, the government plans to begin natural gas exports by 2030. According to the EIA, Saudi Arabia is working to replace “crude oil, fuel oil, and diesel-powered electric generators with natural gas and renewable energy generation by 2030, which will likely increase domestic natural gas demand.”

In late 2023, Saudi Arabia began investing in the LNG market with Saudi Aramco buying a stake in MidOcean Energy, which is set to acquire interests in four Australian LNG projects. In July 2024, Aramco awarded contracts worth US$12.6 billion to expand production in the Jafurah field.

The Jafurah project is central to Aramco’s goal of boosting gas output by 60 percent by 2030.

This was supported by an August announcement that Aramco signed an US$11 billion deal with a consortium led by Global Infrastructure Partners, part of BlackRock to lease and lease back its Jafurah gas processing facilities for 20 years.

A new subsidiary, Jafurah Midstream Gas Company, will manage the assets, with Aramco retaining a 51 percent stake and exclusive rights to process gas from the field.

9. Norway

Production: 113.2 billion cubic meters

Norway is the world’s ninth largest natural gas producer. Norway’s natural gas production reached a record-high of 116 billion cubic meters in 2023, but contracted to 113.2 billion cubic meters in 2024.

The Scandinavian country has understandably replaced Russia as the major supplier to the European natural gas market. In 2023, Norway reportedly accounted for 30.3 percent of natural gas supplied to the EU.

Norway’s natural gas companies have ramped up production in response to increased demand. In mid-2023, the government gave the green light to 19 oil and gas extraction projects in the country.

In early 2024, some concern arose that the industry may face headwinds from a proposal by a climate change committee to temporarily suspend new licenses while the government decides on a climate strategy. However, in May 2024 the government offered licenses for 37 new blocks and emphasized the industry’s importance to Norway and Europe.

Near-term gas production is forecasted to contract slightly in 2025 according to the Norwegian Budget Bill released in early October 2024.

In June 2025, Shell (NYSE:SHEL) began operating two sub-sea compressors at the Ormen Lange field in the Norwegian Sea, a move expected to lift gas recovery rates from 75 percent to 85 percent.

Located 120 kilometers offshore on the seabed and linked to the Nyhamna processing plant, the compressors could enable the extraction of an additional 30 billion to 50 billion cubic meters of gas.

10. Algeria

Production: 94.7 billion cubic meters

Rounding out the top 10 natural gas-producing countries is Algeria, which produced 94.7 billion cubic meters of natural gas in 2024. The country’s output decreased year-over-year from 101.5 billion cubic meters in 2023. In 2022, nearly 85 percent of the country’s exports went to feed Europe’s natural gas demand.

In late May 2024, Algeria signed two key hydrocarbon deals with US firms, one with ExxonMobil and the other with Baker Hughes (NASDAQ:BKR), to boost its natural gas production and enhance exports to Europe. This comes as European nations seek alternatives to Russian gas amid rising demand.

Despite the year-over-year production contraction, Algeria aims to ramp up its natural gas output to 200 billion cubic meters by 2030, according to Energy and Mines Minister Mohamed Arkab.

Key to reaching this target will be heavy investment with US$36 billion earmarked for exploration and production. The strategy includes expanding infrastructure at the Hassi R’Mel field with new compression stations and leveraging recently discovered fields to boost both domestic supply and export capacity.

Algeria reportedly began discussions with ExxonMobil and Chevron (NYSE:CVX) in August 2025 for a landmark deal to develop its natural gas reserves, including shale resources, in a move seen as part of the country’s efforts to attract international investment.

The potential agreement would mark the first time US majors have gained direct access to Algeria’s reserves, introducing advanced fracking techniques to unlock shale gas deposits domestic operators have been unable to access.

FAQs for gas investing

1. Eli Lilly and Company (NYSE:LLY)

Market cap: US$715.16 billion

Founded in 1876, Eli Lilly and Company employs approximately 10,000 individuals for research and development in seven countries and has products marketed in 110 countries, including therapies for diabetes, cancer, immune system diseases and a wide range of mental health conditions.

The company also has drugs in development for various medical conditions, such as skin ailments, cancers, Crohn’s disease, diabetes, obesity and Alzheimer’s disease.

So far in 2025, Eli Lilly has made a number of portfolio expanding acquisitions of private and public biotechnology companies. This includes private biotechnology companies Scorpion Therapeutics, which develops small molecule precision oncology therapies; SiteOne Therapeutics, which develops non-opioid medicines for pain management; and Verve Therapeutics, which develops genetic medicines for cardiovascular disease.

Early in the year, Eli Lilly announced plans to more than double its US manufacturing investment since 2020 to more than US$50 billion, representing the largest pharmaceutical manufacturing investment in the country’s history.

In mid-September, as part of this investment, the company shared plans to build a US$5 billion manufacturing facility in the state of Virginia. The facility will develop active pharmaceutical ingredients for cancer, autoimmune and other advanced therapies. The same month, Eli Lilly reported plans to build a new US$6.5 billion facility in Texas to manufacture small molecule synthetic medicines.

2. Johnson & Johnson (NYSE:JNJ)

Market cap: US$419.6 billion

Johnson & Johnson operates on a massive scale and encompasses various segments through its subsidiaries. Its primary pharmaceutical subsidiary is Janssen Pharmaceuticals, which focuses on cardiovascular disease and metabolism, infectious diseases and vaccines, neuroscience, oncology, immunology and pulmonary hypertension.

Johnson & Johnson acquired a clinical-stage biopharmaceutical company called Ambrx Biopharma last year, which will allow the company to further develop antibody-drug conjugates, expanding its offering of targeted oncology therapies. This year, the company acquired Intra-Cellular Therapies in a US$14.5 billion deal, which includes lumateperone, the first and only treatment approved by the US Food and Drug Administration (FDA) for bipolar I and II depression as an adjunctive and monotherapy.

In March, Johnson & Johnson announced it plans to invest more than US$55 billion in manufacturing, research and development and technology in the US over the next four years, up 25 percent over the previous four years.

3. AbbVie (NYSE:ABBV)

Market cap: US$394.05 billion

AbbVie is a global biopharmaceutical company that discovers and delivers innovative medicines and solutions to address complex health issues. The company has identified five areas of focus where it believes it can make a significant impact in improving treatments for patients: immunology, oncology, neuroscience, eye care and aesthetics.

A few of AbbVie’s drugs garnering FDA approval this year include upadacitinib, the first and only oral JAK inhibitor approved for the treatment of giant cell arteritis in adults; telisotuzumab vedotin-tllv for the treatment of adult patients with certain types of non-squamous non-small cell lung cancer; and glecaprevir/pibrentasvir, the first oral eight-week pangenotypic treatment option approved for people with acute or chronic hepatitis C.

In August, AbbVie announced it will build a US$195 million facility to increase its active pharmaceutical ingredient production capacity in the US. The spend is part of the company’s plan to invest more than US$10 billion in the US pharma market over the next 10 years announced in April.

4. Novo Nordisk (NYSE:NVO)

Market cap: US$270.84 billion

Danish company Novo Nordisk has demonstrated a commitment to addressing various health conditions, such as type I and II diabetes, obesity, hemophilia and growth disorders, and markets its therapies in 170 countries. The company’s main product is the diabetes drug Ozempic, which is also marketed for obesity under the name Wegovy.

It has been conducting research into a new obesity treatment called amycretin, which targets both GLP-1 and amylin receptors. In June, Novo Nordisk announced that amycretin will enter Phase 3 development in weight management in the first quarter of 2026.

In September, the company presented top-line Phase 3 REDEFINE 1 clinical data for another obesity drug, cagrilintide. The drug candidate will move into the more advanced Phase 3 RENEW clinical program in Q4 2025.

Novo Nordisk has a working partnership with Microsoft (NASDAQ:MSFT) through which it uses the tech giant’s artificial intelligence (AI), cloud and computational services to facilitate the discovery of new drugs and treatments.

5. Abbott Laboratories (NYSE:ABT)

Market cap: US$237.78 billion

Abbott Laboratories creates a wide range of products, from diagnostics to medical devices to branded generic pharmaceuticals. Its medical devices focus on segments including vascular diseases, diabetes and optometry.

The company’s Tendyn transcatheter mitral valve replacement system received FDA approval in May. The system is designed to treat people with mitral valve disease without the need for open heart surgery.

In August, Abbott’s Navitor transcatheter aortic valve implantation system was granted the CE Mark designation in Europe, as was its Esprit BTK dissolving stent system. The Navitor system is designed to treat people with symptomatic, severe aortic stenosis who are at low or intermediate risk for open-heart surgery, while the Esprit BTK system allows treatment of patients with peripheral artery disease below the knee.

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