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Locksley Resources (LKY:AU) has announced Drill Program Operations Commence at El Campo

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Oversubscribed Share Purchase Plan Raises $1.5 Million

Further to its announcement on 20 October 20251, Jindalee Lithium Limited (ASX: JLL, OTCQX: JNDAF) (Company) is pleased to advise the results of its Share Purchase Plan (SPP). The SPP closed for applications on 20 November 2025, and the Company has today completed the allocation and issuance of shares and options under the SPP, raising total proceeds of $1.5 million.

The SPP, which targeted to raise up to $1 Million, was met with strong demand and closed oversubscribed. In accordance with the SPP Offer Booklet2, the Board exercised its discretion to accept oversubscriptions, resulting in total proceeds of $1.5 million. To ensure a fair allocation, applications for amounts greater than $5,000 were scaled back on a pro-rata basis. Excess application monies will be refunded to applicants in line with the SPP terms2.

A total of 2,720,065 fully paid ordinary shares (Shares) were issued at $0.55 per Share. Eligible shareholders also received one (1) option for every one (1) Share allotted, exercisable at $0.825 and expiring 30 November 2028 (Option), for nil upfront consideration. Participants in the placement announced on 20 October 2025 will also receive Options on the same basis as SPP participants, to be issued subject to shareholder approval at the Company’s general meeting to be held on 10 December 2025.

Funds raised will be used to advance the McDermitt Lithium Project, including exploration drilling, metallurgical testwork, and working capital to progress the proposed United States special purpose acquisition company (SPAC) transaction3.

Commenting on the SPP, Ian Rodger, the Company’s Managing Director and CEO, said “We are grateful for the outstanding support from our shareholders. The strong response to the SPP reflects confidence in Jindalee and the strategic importance of the McDermitt Project. On behalf of the Board, we thank you for your continued support.”

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Investing

Crypto Market Update: Altcoin Prices Rise as New XRP ETFs Launch

Here’s a quick recap of the crypto landscape for Monday (November 24) as of 9:00 p.m. UTC.

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

Bitcoin and Ether price update

Bitcoin (BTC) was priced at US$89,102.53, up 1.9 percent in 24 hours.

The cryptocurrency is up after last week’s rout, which saw over US$1.2 billion in spot Bitcoin exchange-traded fund (ETF) outflows, marking the third consecutive week with over US$1 billion in outflows, as per SoSoValue.

Bitcoin price performance, November 24, 2025.

Chart via TradingView.

However, market sentiment remains cautious, with the Fear and Greed Index reading 12 at market close. Increased open interest and large short liquidations suggest potential volatility and possible rebound dynamics.

“In the short term, a rebound is highly likely, but if we fall again and lose the US$80,000 level, the probability of facing a much tougher period becomes significantly higher,” CryptoQuant said in a post on X.

Bitcoin’s relative strength index at 58.52 indicates moderately bullish momentum, but is still comfortably below overbought territory. A -0.005 funding rate shows traders are still somewhat bearish, although short liquidations may start to shift momentum upward. Economic data due later this week could lift markets higher if it reinforces expectations of an interest rate cut from the US Federal Reserve. Market odds for a December rate cut have risen recently, with many sources placing the probability at around 70 to 79 percent.

Meanwhile, ETH (ETH) was US$2,973.36, up by 5.1 percent in 24 hours. Liquidations of US$39.75 million, predominantly in short positions, may have fueled upward price pressure through a short squeeze.

Open interest rose 3.07 percent to US$35.93 billion, suggesting increasing trader engagement and speculative activity in Ether derivatives. A funding rate of zero reflects a balance between bullish and bearish sentiment among traders.

Altcoin price update

XRP (XRP) was priced at US$2.26, up by 9.2 percent over 24 hours.

Solana (SOL) was trading at US$138.82, up by 4.7 percent over 24 hours.

Today’s crypto news to know

Cardano chain split, Etherscan API outage highlight DeFi risks

Recent events in the crypto ecosystem have underscored the vulnerabilities and institutional challenges facing DeFi investors. On November 21, Cardano experienced an accidental chain split triggered by a malformed transaction, temporarily dividing the blockchain into two competing chains.

The disruption exposed weaknesses in network resilience and stake pool operations, causing lost block rewards and transaction irregularities in DeFi protocols dependent on Cardano’s network stability.

Then, Etherscan unexpectedly cut off API access to roughly 10 percent of its blockchains and networks. This sudden outage occurred during the DevConnect conference, impairing developers’ ability to manage smart contracts effectively, further revealing how dependent DeFi investors are on the reliability of ancillary infrastructure.

These events came amid growing tensions involving JPMorgan Chase (NYSE:JPM).

The banking giant has drawn ire from the crypto community for reportedly influencing MSCI to exclude digital asset treasury companies holding more than 50 percent of their assets in cryptocurrencies.

JPMorgan’s research warns that the exclusion could trigger forced selloffs potentially totaling up to US$8.8 billion, with Strategy (NASDAQ:MSTR) alone possibly facing US$2.8 billion in outflows.

The final decision will be announced on January 15 ,with changes taking effect in February.

The bank then upgraded ratings on Monday for Bitcoin-mining companies Cipher Mining (NASDAQ:CIFR) and CleanSpark (NASDAQ:CLSK) to overweight from neutral, citing strong momentum in high-performance computing partnerships and long-term cloud and colocation deals that improve revenue visibility.

JPMorgan’s stance highlights the institutional and regulatory tensions complicating the interface between traditional finance and the fast-evolving crypto ecosystem.

Franklin Templeton, Grayscale launch XRP ETFs

The Franklin XRP ETF (ARCA:XRPZ) and the Grayscale XRP Trust ETF (ARCA:GXRP) both launched on Monday, providing new regulated investment options for XRP exposure.

Investor response was prompt, with early trading volumes indicating strong demand and positive sentiment around XRP’s future prospects as reflected in the market’s reception to both ETFs.

Market watchers see this dual launch as a major step toward integrating crypto assets like XRP into traditional finance frameworks, enhancing liquidity and investor confidence.

Ray Youssef, CEO of peer-to-peer crypto app NoOnes, said a wave of altcoin ETF launches could bring a much-needed dose of optimism back into the market if investors interpret new listings as implicit regulatory approval.

“As market sentiment has been so underwhelming in recent times, the ETF season hitting the market at its current condition may be when they can make the most significant contribution to the digital asset economy this year.”

Youssef added that the launch of altcoin ETFs is creating a steady flow of capital into the digital asset market, providing a liquidity buffer. This momentum could lead to an end-of-year rally for altcoins.

Burry debuts newsletter after Scion shutdown

Michael Burry, best known for his prescient bet against the US housing market in 2008, has launched a paid Substack newsletter not long after closing his hedge fund, Scion Asset Management.

In his introductory post, Burry emphasizes that the move does not mark a retirement, but rather a shift toward writing without the regulatory constraints that accompany professional money management.

Priced at US$39 per month, the newsletter has quickly drawn more than 21,000 subscribers.

Early essays revisit his trading history during the dot-com era and outline why he views today’s artificial intelligence boom as a supply-glutted bubble primed for correction.

With Scion now closed, Burry says the newsletter will become his primary outlet for analysis as he continues to track what he views as speculative excess building across technology markets.

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

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

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Investing

Crypto Market Update: Strategy Defends Balance Sheet Strength Amid Bitcoin Drawdown

Here’s a quick recap of the crypto landscape for Wednesday (November 26) as of 9:00 p.m. UTC.

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

Bitcoin and Ether price update

Bitcoin’s (BTC) price climbed from around US$87K to close at US$89,903.49 on Wednesday afternoon, a three percent increase in 24 hours.

Bitcoin price performance, November 26, 2025.

Chart via TradingView.

However, a 1.55 percent increase in open interest during the same four hour window suggests fresh buying interest, while a positive funding rate of 0.002 reflects modestly bullish market sentiment. A relative strength index of 62.56 for Bitcoin indicates that the asset is in moderately bullish territory but not yet overbought.

Despite optimism of a possible temporary reset, investors warn that a decisive break below US$80,000 could expose Bitcoin to a slide toward the US$69,000 to US$62,000 support range.

As analyst Ted Pillows wrote on X, “$BTC is facing a lot of resistance around the $88,000–$90,000 zone. If BTC doesn’t break above this level soon, expect a sweep of the lows again.”

“Notably, what makes this episode different from past crypto winters is the investor base. BTC is now held by ordinary investors in their mainstream portfolios. So many are treating it like any other high-beta risk asset,’ she said.

“This behavior means that current price action is more of a classic de-risking phase. Rate-cut expectations change quickly, so investors opt for assets they perceive as core ballast. Given that, the picture suggests a complementary reading rather than a simple “either/or.” Gold acts as the insurance that central banks are still actively adding. In turn, Bitcoin is the high-risk component that investors reduce first when volatility rises,’ added Chen.

Meanwhile, Ether (ETH) closed at US$3,025.84, a 3.1 percent increase in 24 hours. ETH also showed strong bullish momentum, with a 2.7 percent rise in open interest and liquidations predominantly on the short side, signaling a short squeeze; however, a positive funding rate of 0.008 underscores traders’ optimism.

Altcoin price update

XRP (XRP) was priced at US$2.22, up by one percent over 24 hours.

Solana (SOL) was trading at US$142.99, up by 3.9 percent over 24 hours.

Today’s crypto news to know

Strategy insists balance sheet holds firm

Strategy (NASDAQ:MSTR) reiterated that its balance sheet can withstand a deep Bitcoin drawdown, telling investors in a recent X post that its collateral coverage would remain at 2.0x even if Bitcoin dropped to US$25,000.

The company disclosed updated calculations showing that its convertible debt remains overcollateralized despite the stock’s 49 percent slide and the risk of an MSCI index removal next year.

With 649,870 BTC — worth roughly US$57 billion — the firm remains the largest corporate holder of Bitcoin globally. Strategy maintains that this overcollateralization gives it room to manage volatility and refinance maturities that run through 2032. Despite the reassurances, the company continues to face pressure from index committees and investors reevaluating the long-term role of a Bitcoin-heavy corporate treasury.

Recently, S&P Dow Jones Indices left Strategy off its latest round of S&P 500 additions, choosing to elevate SanDisk instead despite Strategy’s market capitalization placing it within the top tier of US public companies.

Strategy’s bid for inclusion has been complicated by its reliance on Bitcoin holdings, which some index members argue behaves more like an investment vehicle than a traditional operating company.

For its part, Strategy insists that its software business, alongside its Bitcoin strategy, qualifies it as an operating firm under the index rules. Chairman Michael Saylor pushed back against the characterization, stressing on X that Strategy is “not a fund, not a trust, and not a holding company.”

Japan approves major regulatory shift for crypto under FIEA

Japan’s Financial Services Agency has finalized plans to move digital assets under the Financial Instruments and Exchange Act, marking the country’s most sweeping crypto regulatory overhaul in years.

The shift reclassifies crypto assets as investment products and subjects issuers and exchanges to disclosure and conduct standards similar to those governing securities.

The changes affect over 13 million Japanese crypto accounts that collectively hold more than ¥5 trillion, prompting concerns from local exchanges about higher compliance burdens.

The FSA’s working group outlined new obligations, including clearer disclosure of token supply, governance structures, project risk assessments, and issuer responsibilities.

In addition, exchanges will also be required to maintain reserve funds to cover potential hacking incidents. Regulators plan to crack down on unregistered offshore platforms that continue marketing to Japanese users without approval.

The legislative package is expected to be submitted during the 2026 Diet session.

Bolivia to integrate crypto and stablecoins into financial system

In a historic move, the government of Bolivia is preparing to integrate cryptocurrencies and stablecoins, according to an announcement from the country’s economic minister, Jose Gabriel Espinoza.

“You can’t control crypto globally, so you have to recognize it and use it to your advantage,” Espinoza reportedly said, according to Reuters. With stablecoins like USDT already being used for cross-border payments and as a hedge against the local currency’s depreciation, banks will soon be allowed to custody crypto, as well as offer crypto-based savings accounts, credit cards, and loans.

Spain moves to hike taxes on Bitcoin, Ether

A Spanish parliamentary bloc has introduced new tax amendments that would significantly increase the burden on Bitcoin, Ether, and other non-financial-instrument crypto assets.

The proposal would shift gains from crypto into the general personal income tax base, which carries rates of up to 47 percent — far above the current 30 percent maximum applied to savings-based income.

Lawmakers also want corporate crypto gains taxed at 30 percent and are pushing for a nationwide “traffic light” risk label that would appear on trading platforms.

Tax specialists argue the reforms would be difficult to implement, with some calling the package legally unworkable and likely to generate administrative chaos. Investors are likewise already expressing concern after a recent case in which a trader was taxed 9 million euros on a transaction that produced no profit, highlighting flaws in current enforcement.

If enacted, analysts further warn that the new measures could accelerate capital flight from Spain’s retail crypto market.

Grayscale files to offer Zcash ETF

Grayscale submitted a Form S-3 registration statement to the US Securities and Exchange Commission on Wednesday, signaling the firm’s intention to convert its fund tied to Zcash into a spot exchange-traded fund.

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

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

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Investing

Silver Dollar Samples Up to 2,753 g/t AgEq in Underground Sampling Campaign at its La Joya Silver Project

Silver Dollar Resources Inc. (CSE:SLV)(OTCQX:SLVDF)(FSE:4YW) (‘Silver Dollar’ or the ‘Company’) is pleased to report underground sample assay results and preliminary geologic modeling of existing high-grade drill results in support of an exploration and mining strategy shift from open pit to underground at its 100%-owned La Joya Silver (Cu-Au) Project (the ‘Property’) in the state of Durango, Mexico.

Figure 1: La Joya plan view showing mineralized areas and location of underground sampling.

A total of 16 channel samples were collected from the historic La Embotelladora mine workings, showing mineralization localized in ENE and NNE structural zones. Sample R-300 returned 2,753 grams per tonne (g/t) silver equivalent (AgEq) over 0.4 metres (m) representing the NNE trending zone. Sample R-291 returned 328 g/t AgEq over 0.4m representing the ENE structural zone (Table 1). These data combined with existing drilling results are aiding in the Company’s ongoing strategy of transitioning La Joya from an open pit to an underground project by confirming high grade mineralization localization in a network of prospective structures. Ongoing geologic modeling will focus on validating this thesis through re-focused exploration planning.

Photo 1: Underground sampling of the historic La Embotelladora Mineworkings.Figure 2: Plan view showing recent channel sample assay results and existing drilling results.

Sample ID	Width (m)	Ag g/t	Au g/t	Cu g/t	Pb g/t	Zn g/t	AgEq g/t
R-289	0.4	2	0.0	387	26	171	6
R-290	0.6	5	0.3	464	17	158	21
R-291	0.4	166	0.2	23,110	43	153	328
R-292	1.1	11	0.1	1,900	14	186	26
R-293	0.7	4	0.4	606	13	145	23
R-294	0.6	2	0.0	254	9	153	5
R-295	0.6	2	0.1	448	9	163	7
R-296	0.85	5	0.1	457	369	1,620	13
R-297	0.8	5	0.1	689	292	4,440	18
R-298	0.3	1	0.1	367	11	156	6
R-299	0.85	26	0.0	2,160	20	204	41
R-300	0.4	1,800	0.6	139,860	1,340	4,550	2,753
R-301	0.95	148	0.1	13,870	36	234	244
R-302	0.32	34	0.5	416	15	129	57
R-303	0.4	9	1.1	460	4	182	54
R-304	0.26	3	0.2	549	58	364	15

Table 1: Assay results from underground sampling campaign.

Silver equivalent is calculated using the following metal prices in USD: Au $1,750/oz, Ag $22/oz, Pb $1.25/lb, Zn $1.50/lb, Cu $4.30/lb. Recoveries of Au 66%, Ag 93%, Pb 87%, Zn 84%, Cu 70% historically reported from Pan American Silver’s La Colorada mine and Southern Silver’s Cerro Minitas mine (Cu only) have been used in the AgEq calculation, and are assumed to be comparable to anticipated recoveries at La Joya.

Figure 3: La Joya preliminary numerical model of AgEq trended to apparent E-W structural network.

Silver Dollar has also completed preliminary numerical modeling of existing drillhole assay data to identify additional high-grade mineralization. Numerical models were trended using preliminary vein modeling, which focused on a series of emerging E-W trends. Ongoing geologic modeling will incorporate other local trends, including a NNE structural trend, and the impact of stratigraphic-structural intersections on plunging mineral trends.

‘With silver, copper, and gold prices all reaching record highs this year, it’s an opportune time to re-conceptualize La Joya from a new underground perspective,’ said Greg Lytle, President of Silver Dollar. ‘The goal of our geological modeling is to assess La Joya’s underground potential based on a compilation of all historical data, consider hypothetical underground mining methods, and identify high-priority exploration targets to add value to the Project.’

Procedure, quality assurance/quality control and data verification:

All rock samples were collected, described, photographed, and bagged on-site. The samples were delivered by Silver Dollar staff to ActLabs in Zacatecas, Mexico for analysis. ActLabs is ISO 9001:2015 certified. Rock samples were crushed, pulverized and screened to -80 mesh at the lab, prior to analysis. Gold is analyzed by a 30g Fire Assay with AA (atomic absorption spectroscopy) finish, then gravimetric finish if greater than 10ppm Gold. Silver and 34 other elements were analyzed using a four-acid digestion with an ICP-OES (Inductively Coupled Plasma Optical Emission spectroscopy) finish. Silver, lead, zinc, and copper over limits were re-assayed using an ore-grade four-acid digestion with ICP-AES (Inductively coupled plasma atomic emission spectroscopy) finish. Control samples comprising certified reference samples and blank samples were systematically inserted into the sample stream and analyzed as part of the Company’s quality assurance and quality control protocol.

About the La Joya Property:

La Joya is an advanced exploration stage property consisting of 15 mineral concessions totaling 4,646 hectares and hosts the Main Mineralized Trend (MMT), Santo Nino, and Coloradito deposits.

The previous operator, Silvercrest Mines, released a Preliminary Economic Assessment (PEA) NI 43-101 Technical Report on the La Joya Property in December 2013. The PEA included a mineral resource estimate (MRE) on the MMT and Santo Nino deposits (See Historical MRE Table) that was based on 89 holes totaling 30,085 m of Silvercrest’s drilling between 2010 and 2012 (See Historical MRE Model). The MRE was reported to conform to CIM definitions for resource estimation; however, a qualified person of Silver Dollar has not done sufficient work to classify the historical resource, and the Company is not treating it as a current mineral resource. Independent data verification and an assessment of the mineral resource estimation methods are required to verify the historical mineral resource.

The Property is situated approximately 75 kilometres southeast of the Durango state capital city of Durango in a high-grade silver region with past-producing and operating mines, including Silver Storm’s La Parrilla Mine, Industrias Penoles’ Sabinas Mine, Grupo Mexico’s San Martin Mine, Sabinas Mine, First Majestic’s Del Toro Mine, and Pan American Silver’s La Colorada Mine (Figure 4).

Figure 4: La Joya location and historical and operating mines in the area.

Dale Moore, P.Geo., an independent Qualified Person (QP) as defined in NI 43-101, has reviewed and approved the technical contents of this news release on behalf of the Company.

About Silver Dollar Resources Inc.
Silver Dollar is a dynamic mineral exploration company focused on two of North America’s premier mining regions: Idaho’s prolific Silver Valley and the Durango-Zacatecas silver-gold belt. Our portfolio includes the advanced-stage Ranger-Page and La Joya projects, as well as the early-stage Nora project. The Company’s financial backers include renowned mining investor Eric Sprott, our largest shareholder. Silver Dollar’s management team is committed to an aggressive growth strategy and is actively reviewing potential acquisitions with a focus on drill-ready projects in mining-friendly jurisdictions.

For additional information, you can visit our website at silverdollarresources.com, download our investor presentation, and follow us on X at x.com/SilverDollarRes.

ON BEHALF OF THE BOARD

Signed ‘Gregory Lytle’

Gregory Lytle,
President, CEO & Director
Silver Dollar Resources Inc.
Direct line: (604) 839-6946
Email: greg@silverdollarresources.com
179 – 2945 Jacklin Road, Suite 416
Victoria, BC, V9B 6J9

Forward-Looking Statements:
This news release may contain ‘forward-looking statements.’ Forward-looking statements involve known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.

The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this news release.

Source

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Investing

CopAur Minerals Agrees to Terms with Omega Pacific Resources on the Williams Property

CopAur Minerals Inc. (TSXV: CPAU) (‘CopAur’ or the ‘Company’) announces that pursuant to the press release on November 24th, 2025, by Omega Pacific Resources Ltd (CSE: OMGA) (‘Omega’), that CopAur and Omega (the ‘Parties’) have completed an amendment of the Williams Property (the ‘Property’) Option/Joint Venture Agreement (the ‘Option Agreement’) to accelerate Omega’s acquisition of a 100% interest in the Property.

On February 29, 2024, the Parties entered into an Option Agreement (see CopAur’s March 1st, 2024, press release) whereby Omega could earn up to a 100% interest in the Williams Property. On April 24th, 2024, CopAur announced the receipt of $1 million in cash and 3 million Omega shares from Omega, which along with agreed upon exploration expenditures and other considerations, allowed Omega to earn a 51% interest in the Williams property. On November 12th, 2024, Omega exercised its option to acquire a 51% interest in the property.

On November 20th, 2025, the Parties entered into a second amendment to the Option Agreement whereby Omega has the option to acquire the remaining 49% interest in the Williams Property from CopAur on or before December 4th, 2025, by issuing to CopAur, 3.3 million common shares in the capital of Omega.

‘CopAur is confident that the Williams Property, located in BC’s re-emerging Toodoggone District and the Golden Horseshoe, which is widely regarded as a tier-one exploration region, holds tremendous, untapped mineral value as confirmed during Omega’s 2024 drill program that returned values of 1.69 g/t Au over 104 metres and 2.16 g/t Au. over 96.9 metres. Omega has the requisite skill set to further develop this property, and this agreement allows CopAur to concentrate our efforts on our Nevada properties. We look forward to following developments at the Williams Property as a significant shareholder of Omega,’ commented Andrew Neale, CEO.

About CopAur
CopAur is a mine development company focused on projects within the emerging, mineral-rich gold mining regions of Nevada. The Company is backed by a dynamic and experienced team of resource professionals advancing its projects in Nevada with the flagship project being Kinsley Mountain Gold Project, a Carlin-style project located in the Kinsley Mountains in Eastern Nevada, approximately 80 km SSW of West Wendover.

ON BEHALF OF THE BOARD OF COPAUR MINERALS INC.
Andew Neale, Chief Executive Officer

For more information, please contact:

Andrew Neale, Chief Executive Officer
Email: ir@copaur.com

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

Forward-Looking Information

This news release contains forward-looking statements. All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results to vary from those expressed or implied by such forward-looking statements. Forward-looking statements involve significant risks and uncertainties, they should not be read as guarantees of future performance or results and they will not necessarily be accurate indications of whether or not such results will be achieved. Actual results could differ materially from those anticipated due to a number of factors and risks. Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions on the date of this news release, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof and the Company disclaims any intention or obligation to update or revised any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.

Source

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Redmoor – Very High-Grade Sample Results Continue to Exceed Expectations

Strategic Minerals plc (AIM: SML; USOTC: SMCDF), an international mineral exploration and production company, is delighted to announce that its wholly owned subsidiary, Cornwall Resources Limited (‘CRL’), has received standout drillhole assay results from CRD034b, including very high-grades and multiple thick intersections. CRD034b was the second drill hole of the ongoing drilling campaign at the Redmoor Tungsten-Tin-Copper Project (‘Redmoor’) in southeast Cornwall.

Downhole Composite Highlights:

Very High-Grade

A very high-grade tungsten intersection: 1.10 m @ 7.19% WO₃, 0.02% & 1.11% Cu (7.51% WO₃.Eq*¹) from 579.93 m in CRD034b – amongst the top 10 highest-grade sample results recorded at Redmoor from all previous CRL drilling campaigns.
Further very-high-grade sample intervals, inside broader high-grade intersections:
1.05 m @ 4.93% WO₃, 0.03% Cu & 0.01% Sn from 458.52 m (4.94% WO₃.Eq)
1.00 m @ 2.73% WO₃, 0.11% Cu & 0.03% Sn from 466.00 m (2.78% WO₃.Eq)
0.70 m @ 2.65% WO₃, 2.07% Cu & 0.14% Sn from 485.73 m (3.32% WO₃.Eq)
0.50 m @ 1.96% WO₃, 0.09% Cu & 0.01% Sn from 534.00 m (1.99% WO₃.Eq)
0.75 m @ 1.21% WO₃, 4.73% Cu & 0.05% Sn from 583.30 m (2.53% WO₃.Eq)

Significant Widths

Multiple, very wide, high-grade intersections of tungsten mineralisation (in comparison to global tungsten projects) confirmed within the Redmoor Sheeted Vein System (‘SVS’), including:
- 15.46 m @ 0.72% WO₃, 0.04% Sn & 0.66% Cu (0.93% WO₃.Eq) from 456.04 m.
Importantly, a deep intersect, which widens the previously modelled thickness of the Redmoor SVS in this zone of the deposit, returning 10.00 m @ 0.92% WO₃, 0.02% Sn & 0.78% Cu (1.15% WO₃.Eq) from 578.00 m, including the above 1.10m @ 7.19% WO₃, and 0.75 m @ 2.53% WO₃.Eq sample intervals.
Results complement the high-grade ‘exceptional’ intersections from CRD033, adding further high-grade zones of mineralisation with grades exceeding these previous results. High-grade intersections are listed in detail below.

Copper and Tin

Strong copper results in several zones, most notably 3.46 m @ 1.25% WO₃ plus 1.93% Cu and 0.08% Sn (1.84% WO₃.Eq) from 463.54 m, and lode-style copper intervals, including tin, up to 1.00 m @ 2.14% Cu and 1.00% Sn from 515.00 m, adding significant potential value to the polymetallic system.

Silver

Silver values of up to 84.8 g/t have been reported within copper-rich zones over a 0.75 m interval. Further work is underway to assess the potential for silver recovery; however, CRL makes no assumptions regarding its recoverability at this stage.

Figure 1: Highlighted high-grade intersection of containing 10.00 m @ 0.92% WO₃, 0.02% Sn & 0.78% Cu (1.15% WO3.Eq) from 578.00 m from a zone of multiple stacked mineralised veins and wall rock within the Redmoor SVS deposit.

This high-grade intersection (yellow arrows) comprises 10 individual sample sections (small double arrows) detailed in Appendix 1 below.

Including1.10 m @ 7.19% WO₃, 0.02% & 1.11% Cu (7.51% WO₃.Eq*¹) from 579.93 m

These samples were visibly logged by CRL geologists containing wolframite, chalcopyrite and cassiterite.

Dennis Rowland, CRL Managing Director, said:

‘These results highlight downhole intersections of impressive length and grade, up to 15.00 m at nearly 1% WO₃, and significant single sample zones reaching 7.19% WO₃ – amongst the top 10 sample intervals by grade recorded at Redmoor to date by the Company.

‘The new results reported outside the existing Redmoor resource model indicate strong potential for material resource growth. Ongoing analysis of samples from additional drillholes is expected to further refine and enhance the understanding of Redmoor’s resource potential.

‘The continuation of very high-grade mineralisation in CRD034b reinforces Redmoor’s status as Europe’s highest-grade undeveloped tungsten resource, and among the highest-grade globally.’

Mark Burnett, SML Executive Director, said:

‘The Board is pleased with the impressive results reported from this drillhole, which highlight the exceptional nature of the Redmoor deposit. Overall, CRD034b has proved very valuable in the short-range continuity test as well as in finding excellent grade intersections. Redmoor sits in a commanding position to be a secure supply of minerals deemed critical to the UK and its peers.’

Cllr Tim Dwelly, Cornwall Council’s Cabinet Member for Economic Regeneration and Investment, said:

‘We’ve invested almost £765,000 through our Good Growth Programme to support the latest drilling operation at Redmoor, and it’s encouraging to see these latest results. Cornwall’s critical minerals sector has enormous potential to create high-quality jobs, attract further private investment and strengthen security of supply for the minerals our economy increasingly relies on. That’s why we’re backing responsible critical minerals projects that we believe can deliver long-term economic value for Cornwall, while helping to meet national demand and deliver against the government’s Industrial Strategy.’

Highlight of CRD034b Intersections:

Laboratory assay results for drillhole CRD034b, the second hole of the 2025 drilling programme, confirm wide zones of high grade mineralisation and multiple sub-zones of very high-grade tungsten mineralisation, including copper, tin and silver, throughout the Redmoor Sheeted Vein System (‘SVS’) deposit intercepted by the drillhole, and also additional mineralised zones outside of the SVS (see Table 2 for sample intersection details), with highlights including:

3.45 m @ 0.48% WO₃, 0.01% Sn & 0.41% Cu (0.60% WO_3. Eq) from 291.55 m, including:
- 2.00 m @ 0.62% WO₃, 0.01% Sn & 0.56% Cu from 293.00 m
15.46 m @ 0.72% WO₃, 0.04% Sn, 0.66% Cu (0.93% WO₃.Eq) from 456.04 m, including:
- 3.53 m @ 1.67% WO₃, 0.02% Sn & 0.27% Cu from 456.04 m, containing:
- 3.46 m @ 1.25% WO₃, 0.08% Sn, 1.93% Cu and 13.92 g/t Ag from 463.54 m, containing:
  - 1.00 m @ 2.73% WO₃, 0.03% Sn & 0.11% Cu from 466.00 m.
- 0.96 m @ 0.50% WO₃, 0.03% Sn & 0.31% Cu from 470.54 m
4.00 m @ 0.51% WO₃, 0.03% Sn & 0.42% Cu (0.65% WO_3. Eq) from 484.00 m, including:
- 0.70 m @ 2.65% WO₃, 0.14% Sn & 2.07% Cu from 485.73 m
2.85 m @ 0.15% WO₃, 0.36% Sn, 0.90% Cu (0.69% WO_3. Eq) and 13.50 g/t Ag from 515.00 m, including:
- 1.00 m @ 2.03% Cu, 1.01% Sn and 32.60 g/t Ag from 515.00m
1.55 m @ 0.64% WO₃, 0.01% Sn & 0.08% Cu (0.67% WO_3. Eq) from 534.00 m, including:
- 0.50 m @ 1.96% WO₃, 0.01% Sn & 0.09% Cu from 534.00 m
10.00 m @ 0.92% WO₃, 0.02% Sn & 0.78% Cu (1.15% WO_3. Eq) from 578.00 m, including:
- 1.10 m @ 7.19% WO₃, 0.02% Sn, 1.11% Cu & 25.00 g/t Ag from 579.93 m
- 0.75 m @ 1.21% WO₃, 0.05% Sn, 4.73% Cu & 84.80 g/t Ag from 583.30 m
- 0.50 m @ 0.27% WO₃, 0.01% Sn, 0.64% Cu & 21.60 g/t Ag from 587.50 m

Detail of analytical results form CRD034b

CRD034b was drilled south to intersect the Redmoor SVS mineralisation. Details of the collar and survey setup are provided in Table 1.

Table 1: Drillhole collar data for CRD034b, drilled from the same pad as previously reported CRD033

Pad

Number

Collar

Orientation at Collar

Total Depth (m)

Easting (m)

Northing (m)

Elevation (m)

Azimuth (⁰)

Dip (⁰)

235802.1

71341.02

185

135

608.20

Laboratory assay results for drillhole CRD034b have returned further exceptional results from the current drilling programme, containing very-high-grade results, with tungsten (WO₃) grades reaching 7.19%, copper (Cu) grades reaching 4.73% and tin (Sn) grades reaching 1.01%, from a zone of the deposit known to be lower in tin concentrations, coupled with silver (Ag) grades of up to 84.8 g/t correlated with copper mineralisation. The silver mineralisation encountered is highly encouraging and is currently undergoing further metallurgical testwork to confirm its economic importance with regards to the Redmoor project, prior to modelling as part of the forthcoming Mineral Resource estimate (‘MRE’) update, with further updates and commentary expected soon.

These results continue to exhibit the strong continuity of structure and grade within the SVS orebody, with mineralised continuity confirmed eastwards and correlated to high-grade zones previously drilled in CRD033. The final 35.00 m of CRD034b was successful in drilling a previously untested portion of a projected high-grade zone, this section returned the wide, high-grade interval of 10.00 m @ 0.92% WO₃, 0.02% Sn & 0.78% Cu (1.15% WO₃.Eq) from 578.00 m, including 1.10 m @ 7.19% WO₃, 0.02% & 1.11% Cu (7.51% WO3.Eq*1) from 579.93 m, along with strong grades of silver (Ag) up to 84.8 g/t (Figure 1, above).

Figure 2, include a drillhole trace of CRD034b, the hole was planned as an infill hole to test short spaced continuity of structure and grade between other nearby spaced drillholes. The data from CRD034b and other holes will be used in the assessment for future drill spacings. It also serves to demonstrate that the SVS within this portion of the deposit is wider than previously modelled, containing further high-grade zones of mineralisation.

Figure 2: Plan view of the deposit with the route of CRD034b (in Red), with previous CRL and South West Minerals drillholes (in Black). CRD034b is an infill hole aimed at testing short spaced continuity of structure and grade.

Figure 3, includes a cross-section of the borehole, highlighting reported intersections and the previously modelled high-grade zones that form the basis of the 2019 Redmoor MRE.

Figure 3: Cross-section of CRD034b, including sample intersection grades, and grade bars representing WO₃ results. Zones in pink represent the previously modelled high-grade zones that form the basis of Redmoor mineral resource. The modelled high-grade zones towards the bottom of the hole, falls short of the drill holes trajectory, and following the intersection of a further significant width high grade intersection in CRD034b highlights the potential for resource growth should the zone be extended.

Table 2 below, contains the details of the composite sample intersections including sample depths, thickness, metal content, and tungsten equivalent calculations, as well as the mineralisation style recorded by CRL geologists. The tungsten equivalent (WO₃. Eq.) highlights the value-add from tin and copper to the tungsten grades of the sample intervals. Appendix 1 includes full details of each sample included in these composite intersections.

Table 2: Highlights of downhole composite sample intersections returned from recently received results from drillhole CRD034b, showing interval lengths and subsequent assay results for WO₃, Sn & Cu. A tungsten equivalent results has also been calculated. Composited values use a downhole length weighted average of grades.

Sample Start	From (m)	To (m)	Interval (m)	WO3 %	Cu %	Sn %	WO3. Eq. %	Comments
CRL005376-79	92.00	100.00	8.00	0.01	0.01	0.20	0.18	Lode-Style Cu Mineralisation
incl. CRL005367	92.00	94.00	2.00	0.00	0.01	0.45	0.38	Lode-Style Cu Mineralisation
CRL005413-14	291.55	295.00	3.45	0.48	0.41	0.01	0.60	S.V.S Mineralisation
incl. CRL005414	293.00	295.00	2.00	0.62	0.56	0.01	0.78	S.V.S Mineralisation
CRL005425	309.70	311.00	1.30	0.21	0.41	0.01	0.33	S.V.S Mineralisation
CRL005486-5501	456.04	471.50	15.46	0.72	0.66	0.04	0.93	S.V.S Mineralisation
incl. CRL005486-88	456.04	459.57	3.53	1.67	0.27	0.02	1.76	S.V.S Mineralisation
cont. CRL005488	458.52	459.57	1.05	4.93	0.03	0.01	4.94	S.V.S Mineralisation
incl. CRL005493-96	463.54	467.00	3.46	1.25	1.93	0.08	1.84	S.V.S Mineralisation
cont. CRL005496	466.00	467.00	1.00	2.73	0.11	0.03	2.78	S.V.S Mineralisation
incl. CRL005501	470.54	471.50	0.96	0.50	0.31	0.03	0.60	S.V.S Mineralisation
CRL005513-15	484.00	488.00	4.00	0.51	0.42	0.03	0.65	S.V.S Mineralisation
incl. CRL005514	485.73	486.43	0.70	2.65	2.07	0.14	3.32	S.V.S Mineralisation
CRL005527-28	501.54	504.35	2.81	0.06	0.17	0.14	0.22	S.V.S Mineralisation
incl. CRL005528	503.47	504.35	0.88	0.14	0.52	0.42	0.63	S.V.S Mineralisation
CRL005537-38	515.00	517.85	2.85	0.15	0.90	0.36	0.69	Lode-Style Cu Mineralisation
incl. CRL005538	515.00	516.00	1.00	0.00	2.14	1.00	1.40	Lode-Style Cu Mineralisation
CRL005545	523.85	525.00	1.15	0.38	0.00	0.01	0.39	S.V.S Mineralisation
CRL005555-56	534.00	535.55	1.55	0.64	0.08	0.01	0.67	S.V.S Mineralisation
incl. CRL005556	534.00	534.50	0.50	1.96	0.09	0.01	1.99	S.V.S Mineralisation
CRL005562-64	540.00	543.90	3.90	0.21	0.02	0.01	0.22	S.V.S Mineralisation
incl. CRL005564	543.25	543.90	0.65	0.70	0.04	0.00	0.71	S.V.S Mineralisation
CRL005595-5605	578.00	588.00	10.00	0.92	0.78	0.02	1.15	S.V.S Mineralisation
incl. CRL005596	579.93	581.03	1.10	7.19	1.11	0.02	7.51	S.V.S Mineralisation
incl. CRL005599	583.30	584.05	0.75	1.21	4.73	0.05	2.53	S.V.S Mineralisation
incl. CRL005605	587.50	588.00	0.50	0.27	0.64	0.01	0.45	S.V.S Mineralisation
CRL005613-14	596.00	597.92	1.92	0.22	0.13	0.02	0.27	S.V.S Mineralisation
incl. CRL005613	596.00	596.60	0.60	0.65	0.23	0.03	0.73	S.V.S Mineralisation

Note*¹ Tungsten Equivalent (WO₃.Eq) Calculation: WO₃ (EQ)% = WO₃%+(Sn% x 0.82) + (Cu% x 0.27)

Commodity price assumptions: WO₃ US$ 43,000/t, Sn US$ 32,525/t, Cu US$ 9,429/t. Using the 12-month average to September 2025. Recovery assumptions: total WO₃ recovery 72%, total Sn recovery 68% and total Cu recovery 85%. Payability assumptions of 81%, 90% and 90% respectively.

Competent Person Statement:

The information in this announcement that relates to Sampling Techniques and Data and Exploration Results has been reviewed and approved by Mr Laurie Hassall, MSci (Geology), FIMMM, QMR, FGS, who is a full-time employee of Snowden Optiro. Mr Hassall holds a Master of Science degree in Geology from the University of Southampton and is a Fellow of the Institute of Materials, Minerals and Mining (FIMMM), through which he is also accredited as Qualified for Minerals Reporting (QMR). He is also a Fellow of the Geological Society of London (FGS).

Snowden Optiro has been engaged by Cornwall Resources Limited to provide independent technical advice. Mr Hassall, a full-time employee of Snowden Optiro, is acting as the Competent Person and is independent of Cornwall Resources Limited. He has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code), and under the AIM Rules.

Mr Hassall consents to the inclusion in this announcement of the matters based on his information, in the form and context in which it appears. He confirms that, to the best of his knowledge, there is no new information or data that materially affects the information contained in previous market announcements, and that the form and context in which the information is presented has not been materially modified.

For further information, please contact:

Strategic Minerals plc	+44 (0) 207 389 7067
Mark Burnett
Executive Director
Website:	www.strategicminerals.net
Email:	info@strategicminerals.net

Follow Strategic Minerals on:
X:	@StrategicMnrls
LinkedIn:	https://www.linkedin.com/company/strategic-minerals-plc

SP Angel Corporate Finance LLP	+44 (0) 20 3470 0470
Nominated Adviser and Broker
Matthew Johnson/Charlie Bouverat/Grant Barker Zeus Capital Limited Joint Broker Harry Ansell/Katy Mitchell	+44 (0) 203 829 5000

Vigo Consulting	+44 (0) 207 390 0234
Investor Relations
Ben Simons/Peter Jacob/Anna Sutton
Email:	strategicminerals@vigoconsulting.com

Notes to Editors

About Strategic Minerals plc and Cornwall Resources Limited

Strategic Minerals plc (AIM: SML; USOTC: SMCDY) is an AIM-quoted, producing minerals company, actively developing strategic projects in the UK, United States and Australia.

In 2019, the Company completed the 100% acquisition of Cornwall Resources Limited and the Redmoor Tungsten-Tin-Copper Project.

The Redmoor Project is situated within the historically significant Tamar Valley Mining District in Cornwall, United Kingdom, with a JORC (2012) Compliant Inferred Mineral Resource Estimate published 14 February 2019:

Cut-off (SnEq%)	Tonnage (Mt)	WO₃ %	Sn %	Cu %	Sn Eq¹ %	WO₃ Eq %
>0.45 <0.65	1.50	0.18	0.21	0.30	0.58	0.41
>0.65	10.20	0.62	0.16	0.53	1.26	0.88
Total Inferred Resource	11.70	0.56	0.16	0.50	1.17	0.82

1 Equivalent metal calculation notes; Sn(Eq)% = Sn% x 1 + WO3% x 1.43 + Cu% x 0.40. WO₃(EQ)% = Sn% x 0.7 + WO₃ + Cu% x 0.28. Commodity price assumptions: WO₃ US$ 33,000/t, Sn US$ 22,000/t, Cu US$ 7,000/t. Recovery assumptions: total WO3 recovery 72%, total Sn recovery 68% & total Cu recovery 85% and payability assumptions of 81%, 90% and 90% respectively

More information on Cornwall Resources can be found at: https://www.cornwallresources.com

In September 2011, Strategic Minerals acquired the distribution rights to the Cobre magnetite project in New Mexico, USA, through its wholly owned subsidiary Southern Minerals Group. Cobre has been in production since 2012 and continues to provide a sustainable revenue stream for the Company.

In March 2018, the Company completed the acquisition of the Leigh Creek Copper Mine situated in the copper rich belt of South Australia. The Company has entered into an exclusive Call Option with South Pacific Mineral Investments Pty Ltd trading as Cuprum Metals to acquire 100% of the project.

About the CIOS Good Growth Fund and UK Shared Prosperity Fund

This project is part-funded by the UK Government through the UK Shared Prosperity Fund. Cornwall Council is responsible for managing projects funded by the UK Shared Prosperity Fund through the Cornwall and the Isles of Scilly Good Growth Programme.

Cornwall and Isles of Scilly has been allocated £184 million for local investment through the Shared Prosperity Fund. This new approach to investment is designed to empower local leaders and communities, so they can make a real difference on the ground where it’s needed the most.

The UK Shared Prosperity Fund proactively supports delivery of the UK-government’s five national missions: pushing power out to communities everywhere, with a specific focus to help kickstart economic growth and promoting opportunities in all parts of the UK.

For more information, visit

https://www.gov.uk/government/publications/uk-shared-prosperity-fund-prospectus

For more information, visit https://ciosgoodgrowth.com

Source

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Investing

Canada, India Close to Resuming Uranium Trade After Diplomatic Freeze

Canada is preparing to unveil a multibillion-dollar uranium export agreement with India, marking the strongest sign yet that the two countries are rebuilding ties after a two-year diplomatic freeze.

Two people familiar with the negotiations revealed that the deal, valued at roughly US$2.8 billion, would run for up to a decade and position Canadian producer Cameco (TSX:CCO,NYSE:CCJ) as a long-term supplier to India’s expanding nuclear power sector.

The final terms are still being refined, the sources cautioned, but the agreement is expected to be announced in the coming days.

The deal, if it pushes through, would form part of the formal attempt of both parties to revive economic cooperation after a period of political strain.

This culminated last weekend in a decision by Prime Minister Mark Carney and Indian Prime Minister Narendra Modi to restart long-stalled trade talks. The former has also accepted the latter’s invitation to visit India in 2026.

Both leaders signaled their intention to pursue a comprehensive economic partnership as they seek alternatives to increasingly unpredictable US trade policy.

According to two sources, the new agreement will not be a renewal but an entirely separate, larger commitment.

The pending export deal would go well beyond the countries’ previous uranium pact: a five-year, roughly US$350-million arrangement signed in 2015 that allowed India to buy Cameco uranium for civilian nuclear use.

In a recent press release, India’s Ministry of External Affairs also noted that “both sides reaffirmed their longstanding civil nuclear cooperation and noted the ongoing discussions on expanding collaboration, including through long-term uranium supply arrangements.”

India’s interest reflects its growing nuclear-power ambitions. The country operates about 25 reactors—many based on the Canadian-designed CANDU system—with six more under construction.

As electricity demand climbs and the government pushes to reduce carbon emissions, securing reliable uranium supplies has become a strategic priority for New Delhi. Expanded cooperation with Canada could also extend into small modular reactors, an area Ottawa has been promoting as part of its clean energy strategy and transition.

For Canada, the deal furthers its goals of developing a stable domestic nuclear supply. The country is the world’s second-largest producer of uranium, responsible for about 13 percent of global output, and holds some of the highest-grade deposits in the world.

Nearly 85 percent of Canadian uranium is exported primarily from mines in northern Saskatchewan. The industry generates around US$800 million in annual economic activity and employs more than 2,000 people, including many Indigenous and northern workers.

The diplomatic significance of the deal is equally notable. Relations between Canada and India plummeted in September 2023 after then-prime-minister Justin Trudeau accused New Delhi of involvement in the killing of Canadian Sikh activist Hardeep Singh Nijjar, an allegation India rejected.

The allegations led to trade talks being suspended, and political contact between the two countries sharply diminished.

While Canadian authorities continue to investigate the matter, Carney has signaled that he wants to move economic relations forward, particularly as he seeks to diversify exports away from the US under President Donald Trump.

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

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Investing

How Would a New BRICS Currency Affect the US Dollar?

The BRICS nations, originally composed of Brazil, Russia, India, China and South Africa, have had many discussions about establishing a new reserve currency backed by a basket of their respective currencies.

The creation of a potentially gold-backed currency, known as the ‘Unit,’ as a US dollar alternative is also under consideration by BRICS members. However, whether or not these countries can fully separate themselves from the ruling global currency is up for debate even amongst themselves.

At the 2024 BRICS Summit, the movement away from US dollar supremacy really came to a head when Russian President Vladimir Putin appeared on stage holding what appeared as a prototype of a possible BRICS banknote.

However, he soon backed away from his previous aggressive calls for de-dollarization, stating the goal of the BRICS member nations is not to move away from the US dollar-dominated SWIFT platform, but rather to deter the ‘weaponization’ of the US dollar by developing alternative systems for using local currencies in financial transactions between BRICS countries and with trading partners.

‘We are not refusing, not fighting the dollar, but if they don’t let us work with it, what can we do? We then have to look for other alternatives, which is happening,’ Putin told listeners.

A potential BRICS currency would allow these nations to assert their economic independence while competing with the existing international financial system. The current system is dominated by the US dollar, which accounts for about 89 percent of all currency trading. Traditionally, nearly 100 percent of oil trading was conducted in US dollars; however, in 2023, one-fifth of oil trades were reportedly made using non-US dollar currencies.

Central to this situation is the US trade war with China, as well as US sanctions on China and Russia. Should the BRICS establish a new reserve currency, it would likely significantly impact the US dollar, potentially leading to a decline in demand, or what’s known as de-dollarization. In turn, this would have implications for the US and global economies.

If BRICS watchers were hoping for more fireworks at the 2025 BRICS meeting held in Brazil this July, they were sorely disappointed. Putin and Chinese President Xi Jinping were not in attendance, and talk of a BRICS currency was much more muted. On top of this, according to Modern Diplomacy, that topic may be even less of a concern at next year’s BRICS meeting; it will be held in India, which has sought to distance itself from a move away from the US dollar.

It’s still too hard to predict if and when a BRICS currency will be released, but it’s a good time to look at the potential for a BRICS currency and its possible implications for investors.

Why do the BRICS nations want to create a new currency?

The BRICS nations have a slew of reasons for wanting to set up a new currency, including recent global financial challenges and aggressive US foreign policies. They want to better serve their own economic interests while reducing global dependence on the US dollar and the euro.

In recent years, the US has placed numerous sanctions on Russia and Iran. The two countries are working together to bring about a BRICS currency that would negate the economic impacts of such restrictions, as per Iranian Ambassador to Russia Kazem Jalal, speaking at a press conference during the Russia-Islamic World: KazanForum in May 2024.

Some experts believe that a BRICS currency is a flawed idea, as it would unite countries with very different economies. There are also concerns that non-Chinese members might increase their dependence on China’s yuan instead. That said, when Russia demanded in October 2023 that India pay for oil in yuan as Russia is struggling to use its excess supply of rupees, India refused to use anything other than the US dollar or rupees to pay.

When will a BRICS currency be released?

There’s no definitive launch date as of yet, but the countries’ leaders have discussed the possibility at length.

During the 14th BRICS Summit, held in mid-2022, Russian President Vladimir Putin said the BRICS countries plan to issue a ‘new global reserve currency,’ and are ready to work openly with all fair trade partners.

In April 2023, Brazilian President Luiz Inacio Lula da Silva showed support for a BRICS currency, commenting, “Why can’t an institution like the BRICS bank have a currency to finance trade relations between Brazil and China, between Brazil and all the other BRICS countries? Who decided that the dollar was the (trade) currency after the end of gold parity?”

In the lead up to the 2023 BRICS Summit, there was speculation that an announcement of such a currency could be on the table. This proved to be wishful thinking, however. ‘The development of anything alternative is more a medium to long term ambition. There is no suggestion right now to creates a BRICS currency,’ Leslie Maasdorp, CFO of the New Development Bank, told Bloomberg at the time. The bank represents the BRICS bloc.

Government officials in Brazil, which took the rotating presidency of the BRICS group for 2025, have said there are no plans to take any significant steps toward a BRICS currency.

However, measures to reduce the reliance on the US dollar are very much on the table with cross-border payment systems, including exploring blockchain technology, a major theme at the 2025 BRICS summit, reported Reuters.

As mentioned, in 2026, the BRICS Summit will be held in India, which earlier this year distanced itself from the idea of a move away from the US dollar. Speaking at an event in London in March 2025, India’s External Affairs Minister S. Jaishankar stated, ‘I don’t think there’s any policy on our part to replace the dollar. The dollar as the reserve currency is the source of global economic stability, and right now what we want in the world is more economic stability, not less. I don’t think there’s a unified BRICS position on this. I think BRICS members, and now that we have more members, have very diverse positions on this matter.’

Which nations are members of BRICS?

As of 2025, there are 10 BRICS member nations: Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates (UAE). This expanded group of 10 full member countries is sometimes referred to as BRICS+.

The group was originally composed of the four nations of Brazil, Russia, India and China and called BRIC, which changed to BRICS when South Africa joined in 2010.

At the 2023 BRICS Summit, six countries were invited to become BRICS members: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the UAE. All countries but Argentina and Saudi Arabia officially joined the alliance in January 2024, and in 2025, Indonesia became the 10th full member of BRICS.

Additionally, at the 2024 BRICS Summit, 13 nations signed on as BRICS partner countries, although they are not yet full-fledged members: Algeria, Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Nigeria, Thailand, Turkey, Uganda, Vietnam and Uzbekistan.

Saudi Arabia has seemingly been on the fence about joining the BRICS. The Crown Prince Mohammed bin Salman’s November 19, 2025, announcement of a US$1 trillion investment in the US economy during a visit to the White House may signal something about the Middle Eastern country’s allegiance.

What would the advantages of a BRICS currency be?

A new currency could have several benefits for the BRICS countries, including more efficient cross-border transactions and increased financial inclusion. By leveraging blockchain technology, digital currencies and smart contracts, the currency could revolutionize the global financial system. Thanks to seamless cross-border payments, it could also promote trade and economic integration among the BRICS nations and beyond.

A new BRICS currency would also:

Strengthen economic integration within the BRICS countries
Reduce the influence of the US on the global stage
Weaken the standing of the US dollar as a global reserve currency
Encourage other countries to form alliances to develop regional currencies
Mitigate risks associated with global volatility due to unilateral measures and the diminution of dollar dependence

What is Donald Trump’s stance on a BRICS currency?

Trump has not been shy about upping the ante on American protectionism with tariffs. During the first US presidential debate between him and Vice President Kamala Harris on September 10, 2024, Trump doubled down on his pledge to punish BRICS nations with strict tariffs if they seek to move away from the US dollar as the global currency.

He originally took a particularly strong stance against China, threatening to implement 60 percent to 100 percent tariffs on Chinese imports, although these hefty tariffs would be paid by American companies and consumers purchasing Chinese products, not by China itself.

In early December 2024, Trump posted an even more direct threat to BRICS nations on Truth Social:

“We require a commitment from these countries that they will neither create a new Brics currency nor back any other currency to replace the mighty US dollar or they will face 100% tariffs and should expect to say goodbye to selling into the wonderful US economy.’

In response to Trump demanding a ‘commitment’ from BRICS nations not to challenge the supremacy of the US dollar, Kremlin spokesperson Dmitry Peskov sounded less than threatened.

‘More and more countries are switching to the use of national currencies in their trade and foreign economic activities,’ Peskov said, per Reuters. ‘If the U.S. uses force, as they say economic force, to compel countries to use the dollar it will further strengthen the trend of switching to national currencies (in international trade).’

In July 2025, President Trump took it a step further by threatening to slap an extra 10 percent in tariffs on countries who side with BRICS policies, although this has not been implemented as of November 2025. ‘Any country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% tariff. There will be no exceptions to this policy,’ he wrote in a social media post.

This additional BRICS targeted tariff has not yet been implemented as of November 2025.

How will Trump’s tariffs affect BRICS nations?

If US President Donald Trump were to come through on his promise to enact 100 percent tariffs on BRICS nations the outcome could prove costly for all parties involved.

“The action would result in slower growth and higher inflation than otherwise in the US and most of the targeted economies,” according to analysis by the Peterson Institute for International Economics.

China would likely experience the worst slowing of its GDP growth as the US is its largest trading partner. One silver lining for China is that its disciplined central bank will help to save it from accelerated inflation.

While neither the 100 percent or 10 percent tariffs specifically targeting BRICS countries for their membership have been implemented, the countries still face many other tariffs from the US.

Trump’s blanket 50 percent tariffs on steel and aluminum imports, set on June 3, 2025, impact Brazil, China and the UAE. Brazil is a top three source for US steel imports, while China and the UAE are significant sources of US aluminum imports.

In late July, Brazil was also saddled with a 50 percent tariff on a broader range of goods, which US President Donald Trump inflicted on the nation in response to the trial of former President Jair Bolsonaro for his alleged coup attempt.

Trump’s tariffs could have a significant impact on Brazil’s economy, which is the largest in Latin America. However, most of the key trading sectors between the two nations are exempt from the tariff, including “civil aircraft, pig iron, precious metals, wood pulp, energy and fertilizers,” states Reuters.

India is another BRICS nation facing 50 percent tariffs. The sectors targeted span from textiles, garments and footwear to food, leather goods, gems and automobiles. Key industries such as pharmaceuticals and computer chips.

One of the major sticking points for the Trump administration is India continuing to purchase Russian oil. India and China are the two largest buyers of Russian oil, but the US has yet to punish China for purchasing oil from Russia.

Although China is the US’s biggest economic rival on the global stage, Trump hit the pause button on the escalating tariff war between the two nations until November 10, 2026.

In the meantime, the US’s 30 percent tariff on Chinese goods remains in place. Negotiations are underway, including on a proposed 245 percent tariff on Chinese electric vehicle imports.

In July, the Trump Administration imposed 30 percent tariffs on South Africa, the US’s second biggest trading partner. The African nation’s agriculture, mining and manufacturing sector are at significant risk from the tariffs, but there are exceptions in place for “copper, pharmaceuticals, semiconductors, some critical minerals, stainless steel scrap and energy products,” reports the BBC.

How are BRICS nations responding to US tariffs?

Brazilian President Luiz Inacio Lula da Silva convened an online BRICS summit on September 8, 2025, to address the threat of US trade policies and tariffs to member nations.

“Tariff blackmail is being normalized as an instrument to seize markets and interfere in domestic affairs,” stated Lula, according to a prepared statement from the Brazilian government.

“Our countries have become victims of unjustified and illegal trade practices.”

Both Lula and Jinping called upon their BRICS peers to stand together and push back against unfair trade practices, and strengthen trade and cooperation between member nations.

However, the South China Morning Post reports that summit attendees fell short of directly criticizing US President Donald Trump in a bid not to further stoke his ire. That may also be why most BRICS members are trying to negotiate with the US rather than fight back with retaliatory tariffs.

Critics have suggested Trump’s tariffs are having the undesirable effect of driving major trading partners like Brazil, India and South Africa further into the arms of US rivals China and Russia.

While currently only 9 percent of China’s exports are to other BRICS members, according to Reuters, trade between China and Russia reached a record US$244.8 billion in 2024.

In addition, China is Brazil’s largest trading partner, importing 70 percent of its soybeans from the Latin American country. In fact, 28 percent of Brazil’s total exports go to China and 24 percent of its imports are from China.

BRICS trade relations may strengthen as the bloc seeks to mitigate the economic impact of US tariffs.

How would a new BRICS currency affect the US dollar?

RomanR / Shutterstock

For decades, the US dollar has enjoyed unparalleled dominance as the world’s leading reserve currency. According to the US Federal Reserve, between 1999 and 2019, the dollar was used in 96 percent of international trade invoicing in the Americas, 74 percent in the Asia-Pacific region and 79 percent in the rest of the world.

According to the Atlantic Council, as of November 2025 the US dollar is used in approximately 89 percent of currency exchanges, and 56 percent of all foreign currency reserves held by central banks. Due to its status as the most widely used currency for conversion and its use as a benchmark in the forex market, almost all central banks worldwide hold dollars.

Additionally, the dollar is used for the vast majority of oil trades.

Although the dollar’s reserve currency share has decreased as the euro and yen have gained popularity, the dollar is still the most widely used reserve currency, followed by the euro, the yen, the pound and the yuan.

The potential impact of a new BRICS currency on the US dollar remains uncertain, with experts debating its potential to challenge the dollar’s dominance. However, if a new BRICS currency was to stabilize against the dollar, it could weaken the power of US sanctions, leading to a further decline in the dollar’s value. It could also cause an economic crisis affecting American households. Aside from that, this new currency could accelerate the trend toward de-dollarization.

Nations worldwide are seeking alternatives to the US dollar, with examples being China and Russia trading in their own currencies, and countries like India, Kenya and Malaysia advocating for de-dollarization or signing agreements with other nations to trade in local currencies or alternative benchmarks.

While it is unclear whether a new BRICS currency would inspire the creation of other US dollar alternatives, the possibility of challenging the dollar’s dominance as a reserve currency remains.

And, as countries continue to diversify their reserve holdings, the US dollar could face increasing competition from emerging currencies, potentially altering the balance of power in global markets.

However, a study by the Atlantic Council’s GeoEconomics Center released in June 2024 shows that the US dollar is far from being dethroned as the world’s primary reserve currency. ‘The group’s ‘Dollar Dominance Monitor’ said the dollar continued to dominate foreign reserve holdings, trade invoicing, and currency transactions globally and its role as the primary global reserve currency was secure in the near and medium term,’ Reuters reported.

Warwick J. McKibbin and Marcus Noland of the Peterson Institute for International Economics agree with this sentiment, writing in their analysis of the impacts of US tariffs on BRICS nations that ‘the BRICS pose no serious threat to the dollar’s dominance.’

Ultimately, the impact of a new BRICS currency on the US dollar will depend on its adoption, its perceived stability and the extent to which it can offer a viable alternative to the dollar’s longstanding hegemony.

Will the BRICS have a digital currency?

BRICS nations do not as of yet have their own specific digital currency, but a BRICS blockchain-based payment system is in the works, according to Kremlin aide Yury Ushakov in March 2024.

Known as the BRICS Bridge multi-sided payment platform, it would connect member states’ financial systems using payment gateways for settlements in central bank digital currencies. The planned system would serve as an alternative to the current international cross-border payment platform, the SWIFT system, which is dominated by US dollars.

“We believe that creating an independent BRICS payment system is an important goal for the future, which would be based on state-of-the-art tools such as digital technologies and blockchain,’ Ushakov said in an interview with Russian news agency TASS, emphasizing that it should be convenient, as well as cost effective and free of politics.

While development is underway, it has been a slow go and implementation isn’t likely before the end of the decade.

Another dollar-alternative digital currency cross-border payment system in the works is Project mBridge, which is under development via a collaboration between the Hong Kong Monetary Authority, the Bank of Thailand, the Digital Currency Institute of the People’s Bank of China and the Central Bank of the UAE. Saudi Arabia joined the project in 2024.

The central bank digital currencies traded on the platform would be backed by gold and local currencies minted in member nations.

In June 2024, Forbes reported that the mBridge platform had reached a significant milestone by completing its minimal viable product stage (MVP).

‘The MVP platform can undertake real-value transactions (subject to jurisdictional preparedness) and is compatible with the Ethereum Virtual Machine (EVM), a decentralized virtual environment that executes code consistently and securely across all Ethereum nodes,’ the publication stated. ‘MVP thus is suitable as a testbed for new use cases and interoperability with other platforms.’

How does the BRICS Unit relate to Project mBridge?

Watch the full interview with Andy Schectman.

‘(New Development Bank President Dilma Rousseff) came out and publicly said that there has been an agreement in principle to use a new settlement currency called the Unit, which will be backed 40 percent by gold and 60 percent by the local currencies in the BRICS union — the BRICS+ countries. That gold will be in the form of kilo bars and will be deliverable or redeemable for those entities,’ Schectman said.

‘The basket of gold and the basket of currencies will be minted in the member countries … it will be put into an escrow account, taken off the ledger so to speak — off of their balance sheet and put onto the mBridge ledger, and held in an escrow account in their own borders. It doesn’t need to be sent to a central authority.’

How would a BRICS currency impact the economy?

A potential shift toward a new BRICS currency could have significant implications for the North American economy and investors operating within it. Some of the most affected sectors and industries would include:

Oil and gas
Banking and finance
Commodities
International trade
Technology
Tourism and travel
The foreign exchange market

A new BRICS currency would also introduce new trading pairs, alter currency correlations and increase market volatility, requiring investors to adapt their strategies accordingly.

How can investors prepare for a new BRICS currency?

Adjusting a portfolio in response to emerging BRICS currency trends may be a challenge for investors. While it does not currently seem like a BRICS currency is on the immediate horizon, Trump’s aggressive trade tactics have pushed allies away from the US, making diversification important.

Several strategies can be adopted to capitalize on these trends and diversify your portfolio:

Gain exposure to BRICS equity markets through stocks and ETFs that track BRICS market indexes.
Consider alternative investments such as real estate or private equity in the BRICS countries.

Prudent investors will also weigh these strategies against their exposure to market, political and currency fluctuations.

In terms of investment vehicles, investors could consider ETFs such as the iShares MSCI BIC ETF (ARCA:BKF) or the Pacer Emerging Markets Cash Cows 100 ETF (NASDAQ:ECOW). They could also invest in mutual funds such as the T. Rowe Price Emerging Markets Equity Fund, or in individual companies within the BRICS countries.

Simply put, preparing for a new BRICS currency or potential de-dollarization requires careful research and due diligence by investors. Diversifying currency exposure, and investing in commodities, equity markets or alternative investments are possible options to consider while being mindful of the associated risks.

Investor takeaway

While it is not certain whether the creation of a BRICS reserve currency will come to pass, its emergence would pose significant implications for the global economy and potentially challenge the US dollar’s dominance as the primary reserve currency. This development would present unique investment opportunities, while introducing risks to existing investments as the shifting landscape alters monetary policy and exacerbates geopolitical tensions.

For those reasons, investors should closely monitor the progress of a possible BRICS currency. And, if the bloc does eventually create one, it will be important watch the currency’s impact on BRICS member economies and the broader global market. Staying vigilant will help investors to capitalize on growth prospects and hedge against potential risks.

FAQs for a new BRICS currency

Is a BRICS currency possible?

Some financial analysts point to the creation of the euro in 1999 as proof that a BRICS currency may be possible. However, this would require years of preparation, the establishment of a new central bank and an agreement between the five nations to phase out their own sovereign currencies; it would most likely also need the support of the International Monetary Fund to be successful internationally.

The impact of its war on Ukraine will continue to weaken Russia’s economy and the value of the ruble, and China is intent on raising the power of the yuan internationally. There is also a wide chasm of economic disparity between China and other BRICS nations. These are no small obstacles to overcome.

Would a new BRICS currency be backed by gold?

Additionally, speaking at the New Orleans Investment Conference 2023, well-known author Jim Rickards gave a detailed talk on how a gold-backed BRICS currency could work. He suggested that if a BRICS currency unit is worth 1 ounce of gold and the gold price goes to US$3,000 per ounce, the BRICS currency unit would be worth US$3,000, while the dollar would lose value compared to the BRICS currency as measured by the weight of gold.

Importantly though, he doesn’t see this as a new gold standard, or the end of the US dollar or the euro.

“(With) a real gold standard, you can take the currency and go to any one of the central banks and get some gold,” Rickards said at the event. “With BRICS they don’t have to own any gold, they don’t have to buy any gold, they don’t have to prop up the price. They can just rise on the dollar gold market.’

How much gold do the BRICS nations have?

The combined central bank gold holdings of the original BRICS nations plus Egypt (the only nation of the five new additions to have central bank gold reserves) accounts for more than 20 percent of all the gold held in the world’s central banks. Russia, India and China rank in the top 10 for central bank gold holdings.

Russia controls 2,329.63 metric tons (MT) of the yellow metal, making it the fifth largest for central bank gold reserves. China follows in the sixth spot with 2,303.51 MT of gold and India places eighth with 880.18 MT. Brazil and South Africa’s central bank gold holdings are much smaller, coming in at 145.14 MT and 125.47 MT, respectively. New BRICS member Egypt’s gold holdings are equally small, at 128.82 MT.

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

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Early Warning News Release Regarding the Issuance of Securities of Stallion Uranium Corp.

This press release is issued pursuant to the requirements of National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues

In accordance with the requirements of Section 3.1 of National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, Matthew J. Mason announces that, in connection with the closing of the Technology Licensing Agreement (the ‘Agreement’) with Stallion Uranium Corp. (TSXV: STUD,OTC:STLNF) (OTCQB: STLNF) (FSE: B76) (the ‘Issuer’), he has acquired 3,750,000 Common Shares of the Issuer at a deemed price of $0.12 per Common Share.

Immediately before the closing of the Agreement: (i) Mr. Mason held an aggregate of 20,825,000 Common Shares, representing approximately 17% of the Issuer’s issued and outstanding Common Shares on an undiluted basis; and (ii) assuming the exercise in full of all of the convertible securities of the Issuer held by Mr. Mason, being 15,137,500 Warrants to purchase an additional 15,137,500 Common Shares, Mr. Mason would have held an aggregate of 35,962,500 Common Shares, representing approximately 29% of the Issuer’s issued and outstanding Common Shares on a partially diluted basis.

Immediately after the closing of the Agreement: (i) Mr. Mason held an aggregate of 24,575,000 Common Shares, representing approximately 19% of the Issuer’s issued and outstanding Common Shares on an undiluted basis; and (ii) assuming the exercise in full of all of the convertible securities held by Mr. Mason, being 15,137,500 Warrants to purchase an additional 15,137,500 Common Shares, Mr. Mason would hold a total of 39,712,500 Common Shares, representing approximately 30% of the Issuer’s issued and outstanding Common Shares on a partially diluted basis.

Mr. Mason acquired such Common Shares for investment purposes and may, from time to time, acquire additional securities of the Issuer or dispose of such securities as he may deem appropriate, on the basis of his assessment of market conditions and in compliance with applicable securities regulatory requirements. A copy of the early warning report filed by Mr. Mason may be obtained on the Issuer’s SEDAR+ profile at www.sedarplus.ca.

For more information, please contact the Acquiror at 925 West Georgia Street, Vancouver, British Columbia V6C 3L2.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/275960

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