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The copper price was volatile during the second quarter of 2025, but remained elevated compared to the price point near the start of the year.

Several factors were at play for copper during the second quarter, most notably the ongoing threat of tariffs on several sectors with close ties to the red metal. This also caused significant fallout in global financial sectors, with economists early in the quarter raising the spectre of a widespread recession.

Uncertainty, fear, and speculation were primary price drivers as metal traders, market movers, and investors tried to determine the best investment strategy against the backdrop of a chaotic economic landscape.

What moved the copper price?

Copper started the quarter in freefall.

After reaching an all-time high of US$5.22 per pound on the COMEX on March 26, the price plummeted to US$4.06 on April 8. Although it wouldn’t stay there long, by April 11, it had climbed back above US$4.50 and continued to US$4.88 on April 22.

Copper price chart, April 01 to July 23, 2025

via TradingEconomics

From the end of April, all of May and much of June, the copper price was volatile but range-bound, trading between US$4.50 and US$4.80.

However, the end of June saw a surge in momentum in the market, as the price began to climb, and on June 30, it reached US$4.97 per pound.

Since then, the price has soared. Setting a new all-time high of US$5.65 per pound on July 10.

Supply and demand by the numbers

Over the past few years, a growing imbalance has developed in the copper market, as demand growth has outpaced the expansion of primary and secondary supply lines.

According to a June 24 press release, data from the International Copper Study Group (ICSG) showed a 3.2 percent growth in refined production, with a combined gain of 4.8 percent from China and the Democratic Republic of the Congo (DRC), the two largest producers globally. Further increases came from Asia, where output was 3.5 percent higher.

The increased levels were offset by Chile, where smelter output fell 9.5 percent, due to smelter maintenance shutdowns.

However, the refined production outpaced mining production, which rose just 2 percent during the period. Peru accounted for a 5 percent year-over-year growth due to increased output at MMG’s (OTC Pink:MMLTF) Las Bambas, Anglo American (LSE:AAL,OTC Pink:AAUKF,OTC:NGLOY) and Mitsubishi’s (OTC Pink:MIMTF) Quellaveco and Chinalco Mining’s (OTC Pink:ALMMF) Toromocho mines.

Likewise, production in DRC surged by 8 percent, attributable to the expansion of the Ivanhoe Mines (TSX:IVN,OTC:IVPAF) and Zijin Mining’s (OTC Pink:ZIJMF,HKEX:2899,SHA:601899) joint venture Kamoa-Kakula mine.

Demand continued to grow at a higher rate than refined output during the first quarter of 2025, with the ICSG suggesting a 3.3 percent increase in copper usage.

The largest segment came from Chinese markets, which required 6 percent more copper than in 2024, but this demand occurred during an 11 percent decline in net refined imports into the country. China is the world’s largest consumer of copper, accounting for approximately 58 percent of global demand.

Outside of China, demand was essentially flat, with high demand from Asian, Middle Eastern and North African countries being offset by weak demand in Europe and North America.

Overall, the data provided by the ICSG indicated a 233,000 metric ton surplus of refined copper through the first four months of 2025, a slight decrease from the 236,000 metric tons during the same period in 2024.

Outside the numbers

“Yes, we believe we have moved into a supply deficit in 2025 and that the market is currently in deficit. Uncertainties in the financial markets (trade, growth and inflation) have had a negative impact on copper demand, but this has been offset as copper is becoming less tied to global economic growth and more tied to industries that provide structural growth to the market,” he said.

White went on to explain that AI data centers, emerging economies and the energy transition are all putting increased stress on copper supply.

Furthermore, the supply outlook was not expected to keep pace with demand this year. Q1 2025 mined copper production has indicated low production, and the copper supply outlook for this year has already worsened with the first major disruption of the year,” he added.

The shutdown referred to by White was at the Ivanhoe-Zijin Kakula-Kamoa mine in the DRC.

Ivanhoe reported a temporary interruption of underground mining at the Kakula mine on May 2. The company cited seismic activity and initiated a partial shutdown of operations at phase 1 and 2 concentrators, utilizing surface stockpiles.

Operations at the mine were suspended until June 11, when the company announced it had initiated a restart. It also stated that it was slashing production guidance by 28 percent due to the impact, with the revised number falling between 370,000 and 420,000 metric tons, down from the previous range of 520,000 to 580,000 set in January.

The difference in guidance accounts for more than half of the projected surplus in the ICSG report, demonstrating just how tight the copper market has become.

The Trump effect

Volatility has been present since the start of the year, with much of it attributed to uncertainty stemming from an ever-shifting US trade policy under President Donald Trump.

Commodity prices plummeted at the start of the second quarter, with copper losing 22 percent between its quarterly high of US$5.22 on March 26 and April 8, when it fell to US$4.06.

The drop came alongside the fallout from the “Liberation Day” tariffs Trump announced on April 2, which applied a 10 percent baseline tariff to imports into the United States from all but a handful of countries. It also threatened the imposition of more significant retaliatory tariffs to take effect on April 9.

Additionally, the United States initiated a tit-for-tat tariff war with China in early April, starting with a 34 percent tariff on Chinese imports, which quickly rose to 145 percent on Chinese imports and 125 percent on US exports to China.

The effect of the tariffs caused significant declines in major US indices, with the Dow losing 9.5 percent, the S&P 500 shedding 10 percent, and the Nasdaq losing 11 percent in two days. More than $6 trillion was wiped from the markets over two days, the most significant such loss in history.

More importantly, the uncertainty seeped into the US bond markets, causing yields on the 10-year Treasury to rise sharply to 4.49 percent as investors began to dump US bonds. The rising rates came as China and Japan both sold holdings back into the market in an attempt to counter Trump’s trade plans.

The combined effect led analysts to suggest that a recession was imminent, prompting broad sell-offs in the commodity markets as traders worked to dispose of stockpiles of high-value inventories.

Copper is susceptible to recessions due to its wide range of applications, which are heavily dependent on consumer spending.

Ultimately, a sliding stock market and spiking bond yields prompted Trump to announce a 90-day pause on the retaliatory tariffs, stating that it would allow countries to come to the table and negotiate a deal with the United States.

Although the rout of the copper market was short-lived, it demonstrated the push-pull that tariffs and trade policy can have on copper prices.

In February, Trump signed an executive order which invoked section 232 of the Trade Expansion Act to initiate an investigation into the impact of copper imports on all forms of national security.

In the order, Trump noted that while the US has ample copper reserves, its smelting and refining capacity has declined. China has become the world’s leading supplier of refined copper, commanding a 50 percent market share.

“The supply and demand imbalance has recently been catalyzed with the US trade actions, where copper stocks have moved into the US on speculation that the Section 232 investigation into copper may result in a copper tariff,” White said.

He explained that the global inventory system has become fragmented. With the supply deficit, it has become increasingly difficult to source physical copper, resulting in drastically lower inventories on the London Metal Exchange (LME) and Shanghai Futures Exchange (SHFE).

The administration reached a decision early in the third quarter, and on July 8, Donald Trump announced a 50 percent tariff on all copper entering the United States.

The move caused prices on the COMEX to spike to record highs, triggering more panic buying among traders as they raced to transfer above-ground copper stocks into US-based facilities to avoid the additional tariff costs.

While ICSG hasn’t published numbers since May, it was already demonstrating then that significant stockpiles were being moved between international warehouses and the US. It reported that stocks at the LME had declined 122,900 metric tons from the start of the year, while stocks at the COMEX and SHFE had both posted gains of 80,970 metric tons and 31,619 metric tons, respectively.

“Copper is globally fungible. It’s like oil. The sanctions don’t work on Russian oil or Iranian oil, because it just flows around. Copper can do that, too. So it’s incorrect to think that a copper tariff, therefore, copper is up, and all copper stocks have to go up. If you’re a copper miner in Chile selling to China, then the US tariff has no direct bearing on your business whatsoever,” he said.

Tigre also explained that the US imports 50 percent of its copper needs, and there is no way that tariffs are going to fix that overnight.

“The mines just aren’t there. The help he’s (Trump) provided with permitting is highly relevant, and it has already helped; that’s okay. You get the permits, and then you have to build the mine, right? So it’ll be years before the incentives create more US production. Meanwhile, it’s Dr. Copper. It goes in everything, so consumers, manufacturers, everybody’s got this added cost,” he said.

Where does copper go next?

Beyond the tariffs, the fundamentals remain, as Tigre pointed out, the world is dependent on copper and demand for the red metal has been increasing faster than supply.

“There aren’t enough copper projects on the pipeline, not ones big enough to matter. So I’m extremely bullish on copper. All those reasons to be bullish on copper are still on the table in front of us, and when I first made the call, copper was around four bucks or something, and now, if we’re going there at five, almost six, and all that tailwind is stil to come and push it higher,” Tigre said.

While he remained positive on copper’s long-term outlook, he declined to say where the price would end up at the end of the year.

Even though copper may be one of the safer commodity bets owing to its staggering demand and low supply, investors should keep in mind the broad economic landscape when entering into a position with a metal that can change quickly with consumer spending.

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

This post appeared first on investingnews.com

Investor Insights

Rapidly emerging as Southeast Asia’s premier base and battery metals developer, Blackstone Minerals now holds two globally significant projects: the Ta Khoa nickel-cobalt project in Vietnam and the Mankayan copper-gold porphyry project in the Philippines. Both projects are critical to the company’s strategy to become a vertically integrated, low-cost, low-carbon producer of critical battery and base metals.

Overview

As the global economy accelerates toward net-zero emissions, the demand for critical minerals continues to rise, with nickel and copper positioned at the forefront of the energy transition. Historically used in stainless steel, nickel is now a core component in lithium-ion batteries; while copper, vital for electrification infrastructure, is similarly facing a looming supply crunch.

Blackstone Minerals (ASX:BSX,OTC:BLSTF,FRA:B9S) recognizes this strategic imperative and has positioned itself as a diversified, vertically integrated producer of low-cost, low-carbon battery and base metals.

Following its transformational merger with IDM International, Blackstone now controls two globally significant assets: the Ta Khoa nickel project in Vietnam and the Mankayan copper-gold project in the Philippines. Together, they represent a rare combination of scale, grade and strategic location in Southeast Asia, an increasingly vital region in the global clean energy supply chain.

The Mankayan copper-gold project is located in Northern Luzon, Philippines

The recently acquired Mankayan project adds substantial scale and diversification to Blackstone’s portfolio. One of the largest undeveloped copper-gold porphyry systems in Asia, Mankayan features over 56,000 meters of historical drilling and a resource of 793 million tonnes (Mt) at 0.756 percent copper equivalent (CuEq), including a high-grade core of 170 Mt at 1.049 percent CuEq. The project benefits from proximity to existing infrastructure and its location just 2.5 km from the operating Lepanto gold mine, owned and operated by Lepanto Consolidated Mining Company, and Far Southeast Gold Resources’ Far Southeast project.

The Ta Khoa project, meanwhile, includes both a past-producing underground nickel sulphide mine (Ban Phuc) and an advanced-stage refinery designed to produce battery-grade precursor cathode active material (pCAM). Vietnam’s low labor and energy costs, coupled with regulated power pricing and surging foreign direct investment, make it an ideal base for Blackstone’s vertically integrated strategy.

Blackstone is uniquely positioned to benefit from geopolitical tailwinds. Vietnam’s Free Trade Agreement with the European Union and the US Inflation Reduction Act are drawing significant interest from global partners and battery manufacturers. Meanwhile, the Philippines is undergoing a mining renaissance, with the government promoting foreign investment in responsible resource development. Mankayan has already been identified as a priority project by the Philippines’ Mines and Geosciences Bureau.

The company’s development strategy is underpinned by a commitment to ESG leadership. Blackstone is advancing renewable energy solutions for Ta Khoa via a direct power purchase agreement with Limes Renewables and is collaborating with Arca Climate Technologies to explore carbon capture through mineralization. At Mankayan, the company is focused on sustainable development in partnership with local communities.

Financially, Blackstone is well-capitalized to deliver on its dual-track growth plan. Following the merger with IDM, the company raised AU$22.6 million and holds AU$24.36 million in cash as of June 2025. The company’s experienced leadership team and strong partnerships provide a clear path to near-term value creation, as both projects progress toward definitive feasibility studies and long-term production.

Blackstone Minerals is now one of Southeast Asia’s leading battery and base metals developers, with a clear vision to supply responsibly sourced nickel and copper for the global energy transition.

Company Highlights

  • Diversified Portfolio: With Ta Khoa in Vietnam and Mankayan in the Philippines, Blackstone offers exposure to two critical and high-demand metal classes: nickel and copper-gold.
  • Strategic Southeast Asia Presence: Vietnam and the Philippines are emerging hubs for EV and mineral resource development, with robust government support and increasing foreign direct investment.
  • Infrastructure Advantage: Both projects benefit from existing infrastructure, including hydroelectric power, trained workforces, and government collaboration.
  • Sustainability Leadership: Blackstone is pursuing low-emission mining solutions through partnerships in renewable energy and carbon capture technologies.
  • Financially Strong: Blackstone raised AU$22.6 million post-merger, supporting an aggressive exploration and development strategy across both assets.

Key Project

Mankayan Copper-Gold Project – Philippines

Following its merger with IDM International, Blackstone now owns a 64 percent effective interest in the world-class Mankayan copper-gold project through Crescent Mining Development. Located in the prolific mineral belt of Northern Luzon, Philippines, Mankayan is one of Asia’s largest undeveloped copper-gold porphyry systems. It lies approximately 340 km from Manila by road, and just 2.5 kilometers from the operating Lepanto gold mine, which includes a 900 ktpa underutilized milling facility.

The Mankayan deposit spans roughly 1,100 meters of strike and 600 meters in width, with mineralization open to the north, south and at depth. Over 56,000 meters of diamond drilling has been completed to date, and the deposit hosts a JORC 2012-compliant mineral resource estimate of 793 Mt at 0.37 percent copper and 0.40 grams per ton (g/t) gold, equating to 0.756 percent CuEq. This includes a high-grade core of 170 Mt at 0.48 percent copper and 0.59 g/t gold (1.049 percent CuEq), offering valuable optionality.

Drilling results support Mankayan’s classification as a globally significant resource. Notable historic intercepts include:

  • 911 meters at 1 percent CuEq, including 253 meters at 1.43 percent CuEq
  • 543 meters at 1.08 percent CuEq, including 277 meters at 1.43 percent CuEq
  • 1,119 meters at 0.86 percent CuEq, including 352 meters at 1.15 percent CuEq
  • 754 meters at 1.03 percent CuEq, including 430 meters at 1.21 percent CuEq

In July 2025, Blackstone confirmed significant new surface mineralization through historical rock chip samples returning grades up to 6 g/t gold and 1.9 percent copper, and a standout recent drill hole – 432 meters at 1.25 percent CuEq (including 210 meters at 1.60 percent) – further underscoring the project’s scale and growth potential.

A key strategic advantage of Mankayan is its dual development pathway. The high-grade core supports a low-capex startup via selective mining methods, while the bulk of the deposit can be exploited through larger-scale mining scenarios that benefit from lower operating costs and economies of scale. This tiered approach allows Blackstone to balance capital efficiency with long-term growth.

Regulatory and community engagement milestones have also been achieved. The project’s 25-year mineral production sharing agreement was renewed in 2022, and a memorandum of agreement with local Indigenous Peoples was signed in 2024, making Blackstone the first mining company to obtain IP consent in the area. The Mines and Geosciences Bureau of the Philippines has since designated Mankayan as a priority development project.

Mankayan stands out globally when benchmarked against peer porphyry systems. A comparative analysis of undeveloped copper-gold projects ranks it near the top in terms of grade and copper equivalent tonnage, reaffirming its strategic and economic potential on the world stage.

In 2025 and beyond, Blackstone will continue metallurgical testwork, geophysics (including magnetics, IP and electromagnetics), environmental baseline studies, and further drilling to refine and expand the resource. These efforts will support upcoming mining studies and a targeted prefeasibility study.

Ta Khoa

Ta Khoa nickel project in Vietnam

Blackstone Minerals holds a 90 percent interest in the Ta Khoa nickel project, located in the Son La Province of northern Vietnam, about 160 km west of Hanoi. The project comprises the Ban Phuc underground nickel sulphide mine – a modern operation built to Australian standards that operated between 2013 and 2016 – and the adjacent Ta Khoa refinery, currently being developed to produce battery-grade precursor cathode active material (pCAM).

The Ban Phuc mine is currently under care and maintenance but is poised for recommissioning alongside the construction of a concentrator and refinery. The broader Ta Khoa asset base contains probable reserves of 48.7 million tonnes (Mt) at 0.43 percent nickel, equivalent to 210 kilotonnes (kt) of contained nickel. The mining inventory totals 64.5 Mt at 0.41 percent nickel, containing 265 kt of nickel. This figure excludes additional developing prospects such as Ban Khoa.

Over the planned 10-year mine life, Ta Khoa is expected to produce an average of 18 kt of nickel concentrate annually, with the potential to extend well beyond this horizon through integrated refining. The existing infrastructure onsite, including a 450 ktpa mill and a mining camp, provides significant capital efficiency and accelerates time to production.

A recent 12-month pilot program, conducted in partnership with ALS and Wood, successfully demonstrated that Ta Khoa’s hydrometallurgical flowsheet can convert concentrate into nickel sulphate at 99.95 percent purity and 97 percent recovery. This success positions the refinery as a credible supplier to the Asia-Pacific battery supply chain.

The project is further distinguished by its low emissions profile. Independent assessments by Digbee, Minviro, Circulor and an audit by the Nickel Institute have confirmed Ta Khoa as the lowest-emitting pCAM flowsheet in the industry, with carbon intensity of just 9.8 kg CO₂ per kg of pCAM, with opportunities for further reduction.

Blackstone’s development strategy includes flexible feedstock acceptance – from nickel concentrate to black mass – and is strengthened by partnerships with Cavico Laos for third-party supply, Arca Climate Technologies for carbon capture via mineralization, and Limes Renewables to supply clean wind energy. Additionally, the company has secured byproduct offtake arrangements for manganese sulphate and sodium sulphate with VinaChem, PVChem and Nam Phong Green, reinforcing its commitment to full-cycle resource utilization and ESG leadership.

Management Team

Hamish Halliday – Non-executive Chairman

Hamish Halliday is a geologist with over 20 years of corporate and technical experience. He is also the founder of Adamus Resources Limited, an AU$3 million float that became a multimillion-ounce emerging gold producer.

Scott Williamson – Managing Director

Scott Williamson is a mining engineer with a commerce degree from the West Australian School of Mines and Curtin University. He has over 10 years of experience in technical and corporate roles in the mining and finance sectors.

Geoff Gilmour – Non-executive Director

Appointed following Blackstone’s merger with IDM, Geoff Gilmour brings deep experience in Southeast Asian mining ventures. He has held senior roles in exploration and development across copper and gold projects in the Philippines and broader Asia-Pacific.

Tessa Kutscher – Executive

Tessa Kutscher is an executive with more than 20 years of experience in working with C-Level executive teams in the fields of business strategy, business planning/optimisation and change management. After starting her career in Germany, she has worked internationally across different industries, such as mining, finance, tourism and tertiary education.

Lon Taranaki – Executive

Lon Taranaki is an international mining professional with over 25 years of extensive experience in all aspects of resources and mining, feasibility, development and operations. Taranaki is a qualified process engineer from the University of Queensland Australia. He holds a Master of Business Administration, and is a fellow of the Australian Institute of Company Directors. Taranaki has established his career in Asia where he has successfully worked (and lived) across multiple jurisdictions and commodities ranging from technical, mine management and executive management roles.

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As the global economy shifts toward electrification and clean energy, lithium has emerged as a cornerstone of the energy transition, and the US is racing to secure its place in the supply chain.

Lithium-ion batteries are no longer just critical to electric vehicles (EVs); they’re becoming vital across sectors to stabilize power systems, particularly amid growing reliance on intermittent renewables.

According to Fastmarkets, demand for battery energy storage systems (BESS) is accelerating, driven by data centers, which have seen electricity consumption grow 12 percent annually since 2017.

In the US, where data infrastructure is heavily clustered, BESS demand from data centers alone could make up a third of the market by 2030, with a projected compound annual growth rate of 35 percent.

As the US works to expand domestic production and reduce import dependence, policy uncertainty, including potential rollbacks of EV tax credits and clean energy incentives, clouds the investment outlook.

1. Sociedad Química y Minera (NYSE:SQM)

Year-to-date gain: 10.43 percent
Market cap: US$10.82 billion
Share price: US$40.64

SQM is a major global lithium producer, with operations centered in Chile’s Salar de Atacama. The company extracts lithium from brine and produces lithium carbonate and hydroxide for use in batteries.

SQM is expanding production and holds interests in projects in Australia and China.

Shares of SQM reached a year-to-date high of US$45.61 on March 17, 2025. The spike occurred a few weeks after the company released its 2024 earnings report, which highlighted record sales volumes in the lithium and iodine segments. However, low lithium prices weighed on revenue from the segment, and the company’s reported net profit was pulled down significantly due to a large accounting adjustment related to income tax.

In late April, Chile’s competition watchdog approved the partnership agreement between SQM and state-owned copper giant Codelco aimed at boosting output at the Atacama salt flat. The deal, first announced in 2024, reached another milestone when it secured approval for an additional lithium quota from Chile’s nuclear energy regulator CChEN.

Weak lithium prices continued to weigh on profits, with the company reporting a 4 percent year-over-year decrease in total revenues for Q1 2025.

2. Lithium Americas (NYSE:LAC)

Year-to-date gain: 9.67 percent
Market cap: US$719.1 million
Share price: US$3.29

Lithium Americas is developing its flagship Thacker Pass project in Northern Nevada, US. The project is a joint venture between Lithium Americas at 62 percent and General Motors (NYSE:GM) at 38 percent.

According to the firm, Thacker Pass is the “largest known measured lithium resource and reserve in the world.”

Early in the year, Lithium Americas saw its share rally to a year-to-date high of US$3.49 on January 16, coinciding with a brief rally in lithium carbonate prices.

In March, Lithium Americas secured US$250 million from Orion Resource Partners to advance Phase 1 construction of Thacker Pass. The funding is expected to fully cover development costs through the construction phase. On April 1, the joint venture partners made a final investment decision for the project, with completion targeted for late 2027.

Other notable announcements this year included a new at-the-market equity program, allowing the company to sell up to US$100 million in common shares.

3. Lithium Argentina (NYSE:LAR)

Year-to-date gain: 8.46 percent
Market cap: US$467.28 million
Share price: US$2.90

Lithium Argentina produces lithium carbonate from its Caucharí-Olaroz brine project in Argentina, developed with Ganfeng Lithium (OTC Pink:GNENF,HKEX:1772).

The company is also advancing additional regional lithium assets to support EV and battery demand.

Previously named Lithium Americas (Argentina), the company was spun out from Lithium Americas in October 2023.

While shares of Lithium Argentina spiked in early January to a year-to-date high of US$3.10, the share price has been trending higher since June 19 to its current US$2.90 value.

Notable news from the company this year includes its name and ticker change and corporate migration to Switzerland in late January and the release of the full-year 2024 results in March.

In mid-April, Lithium Argentina executed a letter of intent with Ganfeng Lithium to jointly advance development across the Pozuelos-Pastos Grandes basins in Argentina. The plan includes a project fully owned by Ganfeng as well as two jointly held assets majority-owned by Lithium Argentina.

The company released its Q1 results on May 15, reporting a 15 percent quarter-over-quarter production reduction, which it attributed to planned shutdowns aimed at increasing recoveries and reducing costs.

Overall, the production guidance for 2025 is forecasted at 30,000 to 35,000 metric tons of lithium carbonate, reflecting higher expected production volumes in the second half of the year.

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

This post appeared first on investingnews.com

Markets don’t usually hit record highs, risk falling into bearish territory, and spring back to new highs within six months. But that’s what happened in 2025.

In this special mid-year recap, Grayson Roze sits down with David Keller, CMT, to show how disciplined routines, price-based signals, and a calm process helped them ride the whipsaw instead of getting tossed by it. You’ll see what really happened under the surface, how investor psychology drove the swings, and the exact StockCharts tools they leaned on to stay objective. 

If you’re focused on protecting capital, generating income, and sleeping well at night while still capturing the upside, this is a must-watch. Discover which charts deserve your attention now, what to ignore, and how to prep for the back half of 2025. 

This video premiered on July 23, 2025. Click on the above image to watch on our dedicated Grayson Roze page on StockCharts TV.

You can view previously recorded videos from Grayson at this link.

The chart of Meta Platforms, Inc. (META) has completed a roundtrip from the February high around $740 to the April low at $480 and all the way back again.  Over the last couple weeks, META has now pulled back from its retest of all-time highs, leaving investors to wonder what may come next.

Is this the beginning of a new downtrend phase for META?  Or just a brief pullback before a new uptrend phase propels META to new all-time highs?

Today we’ll look at two potential scenarios, including the double top pattern and the cup and handle pattern, and share which technical indicators and approaches could help us determine which path plays out into August.

The double top scenario basically means that the late July retest of the previous all-time high was the end of the recent uptrend phase.  The double top pattern is literally when a major resistance level is set and then retested.  The implication is that a lack of willing buyers means the uptrend is exhausted, and there is nowhere to go but down.

While the 21-day exponential moving average is currently in play for META, I would say that a break below the 50-day moving average could confirm this as the correct scenario.  If that smoothing mechanism does not hold, then the price action would imply less of a pullback and more like the beginning of a real distribution phase.

What is META pulls back but then resumes an uptrend phase, leading META to another new all-time high?  That would result in a confirmed cup and handle pattern, created by a large rounded bottoming pattern followed by a brief pullback.  The key to this pattern is the “rim” of the cup, which sits right at $740 for META.

Given the pullback META has demonstrated so far in July, I would say that a break above the $740 level would basically confirm a bullish cup and handle pattern.  That would suggest much more upside potential for META, as the stock would literally go into previously uncharted territory.

So how can we determine which scenario is more likely to play out?  This is where we need to incorporate more technical indicators into the discussion, as a way to further validate and confirm our investment thesis.

Just to review, I think a break above $740 would confirm a bullish cup and handle pattern.  I would also say that a break below the $680 level, which would represent a move below the 50-day moving average as well as the June swing lows, would basically confirm a bearish double top pattern.

We can also use the Relative Strength Index (RSI) to help determine whether META remains in a bullish trend phase.  During bull phases, the RSI rarely gets below 40, because buyers usually step in to “buy the dips” and keep the momentum fairly constructive.  So if the price would break down, and the RSI would not hold that crucial 40 level, that could mean a bearish outlook is warranted.

Finally, we can use volume-based indicators to assess whether moves in the price are supported by stronger volume readings.  Here I’ve included the Accumulation/Distribution Line, which tracks the trend in daily volume readings over time.  We can see that the high in July resulted in a divergence, as the A/D line was trending lower.  If the A/D line would break below its June and July lows, marked by a dashed red line, that would represent a bearish volume reading for META.

Technical analysis is less about predicting the future, and more about determining the most probable scenarios based on our analysis of trend, momentum, and volume.  I hope this discussion shows how the outlook for META can be easily determined and tracked using the best practices of technical analysis!

RR#6,

Dave

PS- Ready to upgrade your investment process?  Check out my free behavioral investing course!

David Keller, CMT

President and Chief Strategist

Sierra Alpha Research LLC

marketmisbehavior.com

https://www.youtube.com/c/MarketMisbehavior

Disclaimer: This blog is for educational purposes only and should not be construed as financial advice.  The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.  

The author does not have a position in mentioned securities at the time of publication.    Any opinions expressed herein are solely those of the author and do not in any way represent the views or opinions of any other person or entity.

Oil prices fell sharply during the second quarter, after reaching year-to-date highs early in the year.

Between January and the end of June, Brent shed 18.26 percent from US$81.69 to US$66.77. West Texas Intermediate made a similar decline falling 16.94 percent from US$78.86 to US$65.50, over the same time period.

The contraction was largely attributed to OPEC+ easing production cuts and increasing output.

Global supply was further bolstered by China’s strong import volumes and rising domestic output, giving refiners room to delay purchases and adding to a mild US inventory build, both of which added downward pressure.

Conversely, seasonal demand from the US summer driving season and solid Q2 GDP growth in China offered some support.

Despite that backdrop, the five top-performing oil and gas stocks on the TSX and TSXV have seen share price growth over Q2 2025. All year-to-date performance and share price data was obtained on July 16, 2025, using TradingView’s stock screener, and oil and gas companies with market caps above C$10 million at that time were considered.

1. Falcon Oil & Gas (TSXV:FO)

Year-to-date gain: 43.75 percent
Market cap: C$127.55 million
Share price: C$0.115

Headquartered in Dublin, Ireland, Falcon Oil & Gas is an international oil and gas company incorporated in BC, Canada. The company specializes in the exploration and development of unconventional oil and gas assets, with interests in assets in Australia, South Africa and Hungary.

On January 24, Falcon issued its first corporate update of 2025, announcing the launch of a well stimulation campaign for two wells for the Shenandoah South pilot project in the Beetaloo Sub-Basin, located in Australia’s Northern Territory.

The company has a 22.5 interest in the Beetaloo joint venture, with Tamboran Resources (NYSE:TBN,ASX:TBN) owning the remaining 77.5 percent.

Falcon’s share price spiked several times in June, reaching a year-to-date high of C$0.14 on June 17, which it maintained through late June. The stock movement coincided with Beetaloo updates, including “stellar” flow test results on June 17.

“The IP30 flow rate results announced today of 7.2 million cubic feet per day (MMcf/d), are truly stellar and marks another major data point in the Beetaloo Sub-basin again demonstrating that it compares to the best shale wells in the United States,” CEO Philip O’Quigley wrote in the press release.

2. Imperial Oil (TSX:IMO)

Year-to-date gain: 25.67 percent
Market cap: C$57.37 billion
Share price: C$112.70

Calgary-based Imperial Oil is a prominent Canadian energy company involved in the exploration, production, refining and marketing of petroleum products. With a history spanning over 140 years, Imperial operates diverse assets across Canada, including oil sands, conventional crude oil and natural gas assets.

On January 31, Imperial released its Q4 2024 results, reporting an estimated net income of C$1.23 billion in Q4 2024, slightly down from C$1.24 billion in Q3. The decline was attributed to lower price realizations, partly offset by higher production and improved refinery utilization in the Downstream segment.

On May 2, the company announced a Q2 2025 dividend of C$0.72 payable on July 1.

Imperial shares reached a year-to-date high of C$113.05 on July 13. The rally occurred after Scotiabank raised its share price target for Imperial from C$100 to C$110 on July 11, citing stronger refining margins and earnings outlook.

3. MEG Energy (TSX:MEG)

Year-to-date gain: 10.07 percent
Market cap: C$6.7 billion
Share price: C$26.35

MEG is an energy company solely focused on in-situ thermal oil production in the southern Athabasca oil region of Alberta, Canada. Utilizing innovative enhanced oil recovery projects, including steam-assisted gravity drainage extraction methods, the company aims to increase oil recovery responsibly while reducing carbon emissions.

In mid-May, Strathcona Resources (TSX:SCR) made an unsolicited C$4.1 billion offer for MEG, a move company executives quickly denounced.

In a subsequent press release on June 16, MEG called the offer “inadequate, opportunistic, and NOT in the best interests of MEG or its shareholders.”

Chairman of the Board James McFarland stated in the release, ‘A combination with Strathcona would expose shareholders to inferior assets and significant capital markets risks, including a C$6 billion overhang resulting from Waterous Energy Fund’s 51 percent ownership in the combined company.”

MEG has launched a strategic review and welcomed alternative bids from other companies.

Shares of MEG rose to a year-to-date high of C$26.14 on June 20, on the heels of the statement and alongside news that operations at the company’s Christina Lake operations in Alberta would resume at full capacity following wildfire interruptions.

4. Headwater Exploration (TSX:HWX)

Year-to-date gain: 3.75 percent
Market cap: C$1.65 billion
Share price: C$6.92

Headwater Exploration is a Canadian oil and gas company focused on developing high-quality assets in Alberta’s Clearwater play and low-decline natural gas in New Brunswick’s McCully Field.

In March, Headwater reported strong 2024 results, with annual production up 13 percent year-over-year to 20,310 barrels of oil equivalent per day (boe/d) and net income rising 20 percent to C$188 million.

Headwater released its Q1 2025 results and a company update in May, highlighting the receipt of TSX approval for a normal course issuer bid, allowing it to repurchase up to 10 percent of its public float over the next year.

Additionally the company reported record production of 22,066 boe/d during Q1 and adjusted funds flow of C$92.4 million. Net income for the period came in at C$50 million. The company declared a quarterly dividend of C$0.11 per share during Q1 and ended the quarter with no debt and C$63.6 million in adjusted working capital.

Company shares spiked to a year-to-date high of C$7.43 on January 9, and reached a Q2 high of C$7.22 on June 19, which coincided with a broader surge in the oil market.

5. Athabasca Oil (TSX:ATH)

Year-to-date gain: 3.72 percent
Market cap: C$2.84 billion
Share price: C$5.57

Athabasca Oil is focused on developing thermal and light oil assets within Alberta’s Western Canadian Sedimentary Basin. The company has established a substantial land base with high-quality resources. Its light oil operations are managed through its private subsidiary, Duvernay Energy, in which the company holds a 70 percent equity interest.

On March 5, Athabasca Oil released its 2024 year end results, highlighting strong production and significant cash flow increases. The company averaged 36,815 boe/d during 2024, marking a 7 percent year-over-year increase.

Its Q1 2025 results released on May 7 reported further production growth, with average petroleum and natural gas production of 37,714 boe/d and average thermal oil output of 34,742 barrels per day.

Athabasca Oil generated C$130 million in adjusted funds flow and C$71 million in free cash flow. The company returns capital to shareholders through annual share buybacks, and at the time of the release, it had completed C$94 million in buybacks since the start of 2025.

Broad market positivity in mid-June pushed shares of Athabasca Oil to a year-to-date high of C$6.16 on June 20.

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

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Here’s a quick recap of the crypto landscape for Wednesday (July 23) as of 9:00 p.m. UTC.

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

Bitcoin and Ethereum price update

Bitcoin (BTC) was priced at US$118,148, down by 0.7 percent over the last 24 hours. Its highest valuation on Wednesday was US$118,462, while its lowest valuation was US$117,583.

Bitcoin price performance, July 23, 2025.

Chart via TradingView.

Bitcoin traded lower over the past 24 hours, hovering between $117,000 and $120,000 amid several market pressures.

A major whale moved over US$1.2 billion in dormant BTC, sparking speculation of potential selling.

After a rotation into altcoins, investors took profits following recent highs, while outflows from spot exchange-traded funds (ETFs) signaled weaker institutional demand.

Ethereum (ETH) was priced at US$3,592.65, down by 1.9 percent over the past 24 hours. Its lowest valuation as of Wednesday was US$3,568.86, and its highest was US$3,657.02.

Altcoin price update

  • Solana (SOL) was priced at US$188.86, down by 5.5 percent over 24 hours. Its lowest valuation on Wednesday was US$186.95, and its highest was US$192.58.
  • XRP was trading for US$3.25, down 8.9 percent in the past 24 hours. Its lowest valuation of the day was US$3.18, and its highest valuation was US$3.36.
  • Sui (SUI) is trading at US$3.70, down 5.5 percent over the past 24 hours. Its lowest valuation of the day was US$3.67, and its highest was US$3.84.
  • Cardano (ADA) was trading at US$0.8152, down by 6.9 percent over 24 hours. Its lowest valuation on Wednesday was US$0.8058, and its highest was US$0.8370.

Today’s crypto news to know

PNC Bank and Coinbase partner to advance digital asset solutions

PNC Bank and Coinbase Global (NASDAQ:COIN) have announced a strategic partnership to broaden access to digital asset solutions for PNC’s clients and institutional investors.

The collaboration will leverage Coinbase’s crypto-as-a-service platform, enabling PNC to offer secure and scalable cryptocurrency access. PNC clients will be able to buy, hold and sell cryptocurrencies directly through PNC’s platform.

PNC will also provide essential banking services to Coinbase, signifying a mutual commitment to strengthening the digital financial system. Both companies emphasize that this partnership will meet the increasing demand for secure and streamlined digital asset access.

Goldman Sachs and BNY to launch tokenized money market funds

Goldman Sachs (NYSE:GS) and BNY (NYSE:BK) are preparing to offer institutional investors access to tokenized money market funds, aiming to enhance capital markets with real-time settlement, 24/7 access and increased efficiencies.

BNY clients will soon be able to invest in money market funds with ownership recorded on Goldman Sachs’ private blockchain, as per a Wednesday news release.

“As the financial system transitions toward a more digital, real-time architecture, BNY is committed to enabling scalable and secure solutions that shape the future of finance,” said Laide Majiyagbe, global head of liquidity, financing and collateral at BNY, adding that mirrored tokenization of money market funds is the first step.

This initiative involves major players such as BlackRock (NYSE:BLK), Fidelity Investments, Federated Hermes and the asset management divisions of Goldman and BNY.

Tokenized money market funds offer a contrast to interest-bearing stablecoins, which are specifically prohibited under the GENIUS Act, which was signed into law last week. They provide yield, which makes them a low-volatility tool for hedge funds, pensions and corporations.

SEC halts Bitwise crypto index ETF conversion for review

On Tuesday (July 22), the US Securities and Exchange Commission’s (SEC) Division of Trading and Markets approved the Bitwise 10 Crypto Index to convert to an ETF, only to immediately pause it for review.

In a letter issued later that day, SEC Assistant Secretary Sherry Haywood said that the order will remain “stayed until the Commission orders otherwise.” Bloomberg ETF analyst Eric Balchunas has suggested that the SEC might be delaying its approval until it establishes a listing standard for crypto ETFs.

Bitwise had applied for this conversion in November for its fund, which offers exposure to a range of cryptocurrencies.

Nate Geraci, president of NovaDius Wealth Management, described the situation as “bizarre,” drawing parallels to the Grayscale Digital Large Cap ETF conversion, which experienced a similar approval and subsequent pause on July 1.

Bitcoin millionaires surge by 16,000 in 2025, according to report

Nearly 16,000 new Bitcoin wallets have crossed the million-dollar threshold since Donald Trump assumed the presidency in January 2025, according to a Finbold report. The number of Bitcoin millionaires is up from 132,842 in November 2024 to 192,205 as of July 20, marking a 45 percent increase in just eight months.

Large holders with over US$10 million in BTC also saw gains exceeding 16 percent in the same period.

The surge has been linked to renewed investor optimism following Trump’s re-election, along with clear signals of regulatory support and clarity for digital assets.

A significant boost came this week when the US House passed the Genius Act. The legislation, expected to streamline compliance for institutions, is widely seen as the most comprehensive federal crypto framework to date.

The rapidly changing policy environment has encouraged capital inflows and bolstered confidence in US-based crypto markets, with the resulting daily average tallying to 88 new Bitcoin millionaires in 2025 alone.

South Korea warns fund managers to reduce exposure to crypto stocks

South Korea’s Financial Supervisory Service (FSS) has issued informal warnings to asset managers over their exposure to crypto-related stocks and ETFs. According to the Korea Herald, firms with significant holdings in US-listed crypto companies such as Coinbase and Strategy (NASDAQ:MSTR) were reportedly told to scale back.

The directive follows the FSS’s longstanding 2017 stance prohibiting direct investment in virtual assets by financial institutions, despite recent global shifts in crypto regulation. While the agency has been reviewing possible easing of crypto rules, officials reportedly said that licensed entities must continue observing current guidelines.

The FSS has not yet issued a formal statement regarding the report.

PayPal unveils cross-border wallet platform

PayPal (NASDAQ:PYPL) has launched PayPal World, a cross-border payments network that integrates several of the world’s largest digital wallets, aiming to simplify international commerce for billions.

The platform’s initial partners include India’s UPI (via NPCI International), China’s Weixin Pay (via Tenpay Global) and PayPal’s own services including Venmo.

A memorandum of understanding has also been signed with Mercado Pago in Latin America.

According to PayPal CEO Alex Chriss, the initiative allows users to pay with their native wallets regardless of location. Chriss called it a potential “game changer” for frictionless payments in travel and e-commerce.

“The challenge of moving money across borders is incredibly complex, and yet this platform will make it so simple for nearly two billion consumers and businesses,’ Chriss said a recent press release.

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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Joe Cavatoni, senior market strategist, Americas, at the World Gold Council, explains that market risk and uncertainty are driving gold, with H1 2025 seeing multiple record highs.

‘Think strategically when you think about gold, and keep that allocation in mind,’ he said.

He also shares thoughts on the importance of central bank allocations and the potential impact of tariffs and US economic conditions on gold during the second half of 2025.

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

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The White House on Wednesday (July 23) released a sweeping national strategy for artificial intelligence (AI), outlining over 90 federal actions designed to strengthen America’s position as the global leader in AI development.

The document fulfills a mandate laid out in President Donald Trump’s January 23 executive order, which called for the removal of what the administration described as “barriers to American leadership” in the field.

Titled “Winning the AI Race: America’s AI Action Plan,” the plan sets priorities across three core pillars: accelerating innovation, building domestic infrastructure and leading on global AI diplomacy and security.

The White House said parts of the strategy will be enacted via executive orders in the coming weeks.

Trump and senior officials are set to promote the initiative at an event on Thursday (July 2) night that will be hosted by the Hill and Valley Forum, a group of influential tech donors and investors.

“President Trump has prioritized AI as a cornerstone of American innovation,” said Michael Kratsios, director of the White House Office of Science and Technology Policy.

“This plan galvanizes federal efforts to turbocharge our innovation capacity, build cutting-edge infrastructure, and lead globally, ensuring that American workers and families thrive in the AI era.”

The new initiative marks a clear departure from previous federal policy, explicitly revoking the Biden-era Executive Order 14110, “Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence,” which had emphasized caution, regulation and ethical oversight. In contrast, the Trump administration’s AI directive aims to remove what it describes as “onerous” federal restrictions and foster what it calls innovation free from “ideological bias.”

The goal, according to Trump administration officials, is to secure the global proliferation of US-made AI technologies and prevent the dominance of foreign alternatives. Domestically, the plan pledges to fast track the permitting process for building new data centers and semiconductor fabs, and to launch national workforce initiatives targeting technical trades essential to AI infrastructure, such as electricians and HVAC technicians.

David Sacks, White House special advisor for AI and crypto, framed the plan in strategic and geopolitical terms.

“Artificial intelligence is a revolutionary technology with the potential to transform the global economy and alter the balance of power in the world,” Sacks said, adding that in order to win the AI race, the US must center its innovation domestically and “avoid Orwellian uses of AI.”

In May, the Trump administration reached agreements with the United Arab Emirates to grant the country access to advanced AI chips — part of a broader US$200 billion cooperation deal announced alongside plans for a 5 gigawatt AI campus in the United Arab Emirates. .

As of now, the White House has not provided a timeline for the full rollout of the 90 outlined actions, but officials said implementation would begin “in the coming weeks.”

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

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Walker Lane Resources Ltd. (TSX – V: WLR) (F r ankfurt:6YL ) (‘WLR’ o r t h e ‘ Comp a ny’) is pleased to announce, further to its news releases of June 10, 2025, that it has received TSX Venture Exchange approval to close the non-brokered private placement (the ‘ Private Placement ‘). On July 23, 2025, the Company issued 2,508,335 non-flow through Units (each a ‘ NFT Unit ‘) at a price of $0.12 per NFT Unit, for gross proceeds of $301,000, and 607,143 flow-through Units (each a ‘ FT Unit ‘) at a price of $0.14 per FT Unit, for gross proceeds of $85,000, for aggregate gross proceeds of $386,000. Each NFT Unit is composed of one common share and one common share purchase warrant (each whole warrant, a ‘ NFT Warrant ‘). Each FT Unit is composed of one common share and one common share purchase warrant (each whole warrant, a ‘ FT Warrant ‘), each NFT Warrant and each FT Warrant are exercisable for two (2) years at $0.16 per common share.

 

An insider of the Company subscribed for an aggregate of 1,178,571 Units, composed of 750,000 NFT Units and 428,571 FT Units. Such participation was considered to be a ‘related party transaction’ as this term is defined in Multilateral Instrument 61-101 – Protection of Minority Securityholders in Special Transactions (‘ MI 61-101 ‘). The Company relied on the exemption from valuation requirement and minority approval pursuant to subsection 5.5(a) and 5.7(a) of MI 61-101, respectively, for the insider participation in the Offering, as the securities do not represent more than 25% of the Company’s market capitalization, as determined in accordance with MI 61-101.

 

The Company intends to use the proceeds from the sale of FT Units to incur ‘Canadian exploration expenses’ and ‘flow through mining expenditures’ as these terms are defined in the Income Tax Act (Canada) and, in particular, the Company’s exploration program at its Amy and Silver Hart Properties in the Rancheria Silver District, (Yukon/British Columbia), and potentially limited activities at Logjam (Yukon). Such proceeds will be renounced to the subscribers with an effective date not later than December 31, 2025, in the aggregate amount of not less than the total amount of gross proceeds raised from the issue of FT Units. The Company intends to use the net proceeds from the sale of NFT units for its properties in Nevada including Tule Canyon, Cambridge and Silver Mountain and for general working capital. The FT and NFT Units issued under the financing are subject to a four-month hold.

 

   A     bout Walker Lane Resources Ltd.   

 

 Walker Lane Resources Ltd. is a growth-stage exploration company focused on the exploration of high-grade gold, silver and polymetallic deposits in the Walker Lane Gold Trend District in Nevada and the Rancheria Silver District in Yukon/B.C. and other property assets in Yukon. The Company intends to initiate exploration programs to advance the drill-ready Tule Canyon (Walker Lane, Nevada) and Amy (Rancheria Silver, B.C.) projects to resource definition stage through proposed drilling campaigns that the Company desires to undertake in the near future.

 

The company intends to conduct early stage exploration efforts on its Cambridge and Silver Mountain Properties in the Walker Lane Area, Nevada, evaluate its Silver Hart/Blue Heaven property for medium term development, and advancing exploration on its Logjam property in Yukon.

 

On behalf of the Board:
   ‘Kevin Brewer’    
Kevin Brewer, President, CEO and Director
Walker Lane Resources Ltd.

For Further Information and Investor Inquiries:  

 

Kevin Brewer, P. Geo., MBA, B.Sc. (Hons), Dip. Mine Eng.
President, CEO and Director
Tel: (709) 327 8013
  kbrewer80@hotmail.com   
 
Telephone (604) 602-0001   
  www.walkerlaneresources.com  
 
Suite 1600-409 Granville St.,
Vancouver, BC, V6C 1T2

 

   Ne     i     t     h     er     t     h     e     TS     X     Ven     t     ure     Exc     h     a     n     ge     n     o     r     its     Reg     u     l     a     ti     o     n     S     ervices     Prov     i     der     (as     t     h     at     term     is     de     fi     ned     in     t     h     e p     o     li     c     ies     of     the     T     SX     Vent     u     re     Excha     n     ge)     accepts     re     s     ponsi     b     ility     f     or     t     he     ade     q     u     acy     or     accuracy     of     this     release.   

 

  Cautionary and Forward-Looking Statements  

 

This press release and related figures, contain certain forward-looking information and forward-looking statements as defined in applicable securities laws (collectively referred to as forward-looking statements). These statements relate to future events or our future performance. All statements other than statements of historical fact are forward-looking statements. The use of any of the words ‘anticipate’, ‘plans’, ‘continue’, ‘estimate’, ‘expect’, ‘may’, ‘will’, ‘project’, ‘predict’, ‘potential’, ‘should’, ‘believe’ ‘targeted’, ‘can’, ‘anticipates’, ‘intends’, ‘likely’, ‘should’, ‘could’ or grammatical variations thereof and similar expressions is intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. These statements speak only as of the date of this presentation. These forward-looking statements include, but are not limited to, statements concerning: our strategy and priorities including certain statements included in this presentation are forward-looking statements within the meaning of Canadian securities laws, including statements regarding the Tule Canyon, Cambridge, Silver Mountain, and Shamrock Properties in Nevada (USA), and its Silverknife and Amy properties in British Columbia, the Silver Hart, Blue Heaven and Logjam properties in Yukon all of which now comprise the mineral property assets of WLR. WLR has assumed other assets of CMC Metals Ltd. including common share holdings of North Bay Resources Inc. and all conditions and agreements pertaining to the sale of the Bishop mill gold processing facility and remains subject to the condition of the option of the Silverknife Property with Coeur Silvertip Holdings Ltd. These forward-looking statements reflect the Company’s current beliefs and are based on information currently available to the Company and assumptions the Company believes are reasonable. The Company has made various assumptions, including, among others, that: the historical information related to the Company’s properties is reliable; the Company’s operations are not disrupted or delayed by unusual geological or technical problems; the Company has the ability to explore the Company’s properties; the Company will be able to raise any necessary additional capital on reasonable terms to execute its business plan; the Company’s current corporate activities will proceed as expected; general business and economic conditions will not change in a material adverse manner; and budgeted costs and expenditures are and will continue to be accurate. Actual results and developments may differ materially from results and developments discussed in the forward looking statements as they are subject to a number of significant risks and uncertainties, including: public health threats; fluctuations in metals prices, price of consumed commodities and currency markets; future profitability of mining operations; access to personnel; results of exploration and development activities, accuracy of technical information; risks related to ownership of properties; risks related to mining operations; risks related to mineral resource figures being estimates based on interpretations and assumptions which may result in less mineral production under actual conditions than is currently anticipated; the interpretation of drilling results and other geological data; receipt, maintenance and security of permits and mineral property titles; environmental and other regulatory risks; changes in operating expenses; changes in general market and industry conditions; changes in legal or regulatory requirements; other risk factors set out in this presentation; and other risk factors set out in the Company’s public disclosure documents. Although the Company has attempted to identify significant risks and uncertainties that could cause actual results to differ materially, there may be other risks that cause results not to be as anticipated, estimated or intended. Certain of these risks and uncertainties are beyond the Company’s control. Consequently, all of the forward-looking statements are qualified by these cautionary statements, and there can be no assurances that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences or benefits to, or effect on, the Company. The information contained in this presentation is derived from management of the Company and otherwise from publicly available information and does not purport to contain all of the information that an investor may desire to have in evaluating the Company. The information has not been independently verified, may prove to be imprecise, and is subject to material updating, revision and further amendment. While management is not aware of any misstatements regarding any industry data presented herein, no representation or warranty, express or implied, is made or given by or on behalf of the Company as to the accuracy, completeness or fairness of the information or opinions contained in this presentation and no responsibility or liability is accepted by any person for such information or opinions. The forward-looking statements and information in this presentation speak only as of the date of this presentation and the Company assumes no obligation to update or revise such information to reflect new events or circumstances, except as may be required by applicable law. Although the Company believes that the expectations reflected in the forward-looking statements and information are reasonable, there can be no assurance that such expectations will prove to be correct. Because of the risks, uncertainties and assumptions contained herein, prospective investors should not read forward-looking information as guarantees of future performance or results and should not place undue reliance on forward looking information. Nothing in this presentation is, or should be relied upon as, a promise or representation as to the future. To the extent any forward-looking statement in this presentation constitutes ‘future-oriented financial information’ or ‘financial outlooks’ within the meaning of applicable Canadian securities laws, such information is being provided to demonstrate the anticipated market penetration and the reader is cautioned that this information may not be appropriate for any other purpose and the reader should not place undue reliance on such future-oriented financial information and financial outlooks. Future-oriented financial information and financial outlooks, as with forward-looking statements generally, are, without limitation, based on the assumptions and subject to the risks set out above. The Company’s actual financial position and results of operations may differ materially from management’s current expectations and, as a result, the Company’s revenue and expenses. The Company’s financial projections were not prepared with a view toward compliance with published guidelines of International Financial Reporting Standards and have not been examined, reviewed or compiled by the Company’s accountants or auditors. The Company’s financial projections represent management’s estimates as of the dates indicated thereon.

 

   

 

 

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