Patrick Tuohy, global head of sales and marketing Goldstrom, shares his outlook for gold, saying its position as a store of value has been reestablished.
In his view, the yellow metal has found a new price floor at US$3,000 per ounce.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Apollo Silver Corp. (‘ Apollo Silver ‘ or the ‘ Company ‘) (TSX.V:APGO, OTCQB:APGOF, Frankfurt:6ZF0) is pleased to announce the Company has closed the final tranche of its previously announced upsized non-brokered private placement (the ‘Upsized Offering’), raising gross proceeds of $1,641,503 through the issuance of 455,973 units (the ‘Units’) of the Company at a price of $3.60 per Unit. The Company previously closed the first tranche of the Upsized Offering, as announced in its October 22, 2025 press release, for gross proceeds of $25,134,145. In aggregate, the Upsized Offering raised total proceeds of $26,775,648 through the issuance of 7,437,680 Units.
Each Unit issued pursuant to the Upsized Offering consists of one common share (a ‘Share’) in the capital of the Company and one common Share purchase warrant (a ‘Warrant’). Each Warrant entitles the holder thereof to purchase one Share at an exercise price of $5.50 for 24 months from the closing date of the Offering. The Warrants will be subject to an acceleration provision, such that if at any time after the date that is four months and one day after the closing, the Company’s Shares trade on the TSX Venture Exchange (the ‘TSXV’) at a closing price of $7.50 or greater per Share for a period of ten (10) consecutive trading days, the Company may accelerate the expiry of the Warrants by giving notice to the holders thereof and, in such case, the Warrant will expire on the thirtieth (30th) day after the date of such notice (the ‘Acceleration Provision’).
The Company would like to thank existing and new shareholders including Eric Sprott, Primevest Capital, Sprott Asset Management, Commodity Capital, Jupiter Asset Management and others for their continued support through participation in this financing.
‘We are very pleased with the strong interest in our private placement and deeply appreciate the confidence shown by the institutional, retail, and strategic investors who have backed management’s vision to advance our Tier 1 assets,’ said Ross McElroy, President & CEO of Apollo Silver. ‘The funds raised from this financing position the Company well to advance our Calico Silver Project in San Bernardino County, California, and to support ongoing efforts toward securing surface access and advance the Cinco de Mayo Project in Chihuahua, Mexico.’
In connection with subscriptions received in the Upsized Offering, the Company will pay aggregate finder’s fees totaling $901,395.18, payable in cash and/or Units to BMO Capital Markets, Canaccord Genuity, Red Cloud Securities Inc., Research Capital Corporation and SCP Resource Finance.
The securities issued under the Upsized Offering are subject to a four-month hold period from the date of closing. The Company intends to use the net proceeds from the Upsized Offering to continue advancing the Calico Silver Project in San Bernardino, California; support community relations initiatives at the Cinco de Mayo Silver Project in Chihuahua, Mexico; cover ongoing property maintenance costs at both projects; and for general corporate purposes. The Upsized Offering remains subject to the final approval of the TSXV.
The Offering included participation by certain insiders of the Company for an aggregate of 405,557 units totaling gross proceeds of $1,460,005.20. Such participation constitutes a ‘related party transaction’ under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (‘MI 61-101’). The issuance of securities to insiders is exempt from the valuation requirement pursuant to section 5.5(b) of MI 61-101, as the Company’s shares are not listed on a specified market, and from the minority shareholder approval requirement pursuant to section 5.7(a) of MI 61-101, as the fair market value of the securities issued to related parties does not exceed twenty five percent of the Company’s market capitalization.
The Shares have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the ‘U.S. Securities Act’), or any U.S. state securities laws, and may not be offered or sold in the United States without registration under the U.S. Securities Act and all applicable state securities laws or compliance with the requirements of an applicable exemption therefrom. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Apollo Silver Corp.
Apollo is advancing one of the largest undeveloped primary silver projects in the US. The Calico Silver Project hosts a large, bulk minable silver deposit with significant barite and zinc credits – recognized as critical minerals essential to the US energy and medical sectors. The Company also holds an option on the Cinco de Mayo Project in Chihuahua, Mexico, which is host to a major carbonate replacement (CRD) deposit that is both high-grade and large tonnage. Led by an experienced and award-winning management team, Apollo is well positioned to advance the assets and deliver value through exploration and development.
Please visit www.apollosilver.com for further information.
ON BEHALF OF THE BOARD OF DIRECTORS
Ross McElroy
President and CEO
For further information, please contact:
Email: info@apollosilver.com
Telephone: +1 (604) 428-6128
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 release.
Cautionary Statement Regarding ‘Forward-Looking’ Information
This news release includes ‘forward-looking statements’ and ‘forward-looking information’ within the meaning of Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are forward-looking statements including, without limitation, statements with respect to the intended use of proceeds from the Upsized Offering; receipt of final approval from the TSXV; the advancement and potential of the Company’s Calico Project and Cinco de Mayo Project; the Company’s plans and expectations relating to exploration, permitting, and future development activities at Calico and Cinco de Mayo; efforts to obtain and maintain surface access and community support at Cinco de Mayo; and the anticipated benefits to the Company and its shareholders. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as ‘anticipate’, ‘believe’, ‘plan’, ‘estimate’, ‘expect’, ‘potential’, ‘target’, ‘budget’ and ‘intend’ and statements that an event or result ‘may’, ‘will’, ‘should’, ‘could’ or ‘might’ occur or be achieved and other similar expressions and includes the negatives thereof.
Forward-looking statements are based on the reasonable assumptions, estimates, analysis, and opinions of the management of the Company made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made. Forward-looking information is based on reasonable assumptions that have been made by the Company as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may have caused actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks associated with mineral exploration and development; metal and mineral prices; availability of capital; accuracy of the Company’s projections and estimates; realization of mineral resource estimates, interest and exchange rates; competition; stock price fluctuations; availability of drilling equipment and access; actual results of current exploration activities; government regulation; political or economic developments; environmental risks; insurance risks; capital expenditures; operating or technical difficulties in connection with development activities; personnel relations; and changes in Project parameters as plans continue to be refined. Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to the price of silver, gold and barite; the demand for silver, gold and barite; the ability to carry on exploration and development activities; the timely receipt of any required approvals; the ability to obtain qualified personnel, equipment and services in a timely and cost-efficient manner; the ability to operate in a safe, efficient and effective matter; and the regulatory framework regarding environmental matters, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information contained herein, except in accordance with applicable securities laws. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding the Company’s expected financial and operational performance and the Company’s plans and objectives and may not be appropriate for other purposes. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws .
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Rio Silver Inc. (‘Rio Silver’ or the ‘Company’) (TSX.V: RYO,OTC:RYOOD) (OTC: RYOOF), announces it has received ‘Conditional Approval’ from the TSX Venture Exchange to close its upsized non-brokered private placement, as described in the company’s press release dated Sept. 25, 2025, for aggregate gross proceeds of $2,200,000.
The offering involved the issuance of 22,000,000 units at a price of 10 cents per unit for gross proceeds to the company of $2,200,000. Each unit consists of one common share and one non-transferable warrant. Each whole warrant is exercisable into one common share at 15 cents per share for three years from closing. If, following the final closing date of the private placement, the company’s common shares close at or above 25 cents on the TSX Venture Exchange (or such other exchange on which the shares may trade) for 15 consecutive trading days, the company may accelerate the warrant expiry date by issuing a news release. The warrants would then expire 30 days from the date of that notice.
In connection with the offering and subject to compliance with applicable laws and TSX-V approval, the company will pay finders’ fees or commissions of $74,520.00. and issued an aggregate of 745,200 non-transferable common share purchase warrants to arm’s-length finders of the company, the ‘brokers warrants’, in consideration for locating purchasers to participate in the offering, with each warrant entitling the holder to acquire one common share of the company at an exercise price of 15 cents also for a period of 3 years from the date of exchange acceptance
The gross proceeds from the issue and sale of the units, excluding warrant proceeds, will be used to acquire and advance certain exploration / exploitation projects in south central Peru, for general working capital purposes and for settlement of debt.
The securities issued in connection with the offering are subject to a four-month hold from the date of exchange acceptance, under applicable Canadian securities laws. The offering is subject to the final approval of the TSX Venture Exchange.
Other News
Rio Silver is anticipating exchange approval on the acquisition of the Maria Norte Au-Ag-Pb-Zn project, amended and news released on September 17, 2025, in the coming days.
About Rio Silver
Rio Silver is a resource development company that has been selectively identifying and acquiring precious metal assets that are anticipated to produce near term cashflow to best assist the Company’s exploration / development plans, in a non-dilutive, shareholder friendly way. We remain ever impressed and optimistic by the resilience and ingenuity of our host country as Peru continues to endorse supportive mining policies and continued growth, as evident by the tremendous investment being witnessed throughout Peru.
We seek safe harbour.
ON BEHALF OF THE BOARD OF DIRECTORS OF Rio Silver INC.
Chris Verrico
Director, President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
For further information,
Christopher Verrico, President, CEO
Tel: (604) 762-4448
Email: chris.verrico@riosilverinc.com
Website: www.riosilverinc.com
This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required by applicable laws.
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Platinum and palladium have their own unique drivers, but both are basking in gold’s glow in 2025.
Of the two, platinum has been the biggest winner in 2025. The price of the precious metal briefly hit a year-to-date high of US$1,725 per ounce on October 16, a 90 percent increase from the start of the year. Although it’s since experienced a pullback below the US$1,600 level, the platinum price remains at 12 year highs.
As for palladium, its price was up nearly 80 percent by October 16 to reach its 2025 peak of US$1,630 per ounce. It too has fallen back since then, currently sitting at the US$1,430 level.
What’s next for platinum and palladium after those price runs? In its annual Precious Metals Investment Focus report, published on October 25, Metals Focus outlines key supply and demand trends, as well as its outlook for prices.
Platinum is no doubt benefiting from strong investor demand for precious metals. But the metal’s robust supply and demand fundamentals are also at play, according to Metals Focus analysts.
Aboveground inventories of platinum remain tight, while future mine production is bogged down in operational challenges. “In Southern Africa, outages and heavy rainfall have disrupted production, while North America is undergoing restructuring,” notes the report.
On the demand side, platinum usage from the jewelry sector has posted significant gains this year, especially in China. As the price of gold skyrockets, platinum jewelry has become a much more attractive alternative. Investment flows into platinum exchange-trade products in China and the US are another key demand driver for the metal this year.
Platinum and palladium prices.
Chart via Metals Focus, Bloomberg.
While platinum prices are at levels not seen in 12 years, palladium prices are only experiencing a two year high.
“Palladium has also benefited at the margin, but remains a laggard, with a more lacklustre fundamental outlook limiting investor enthusiasm,” according to Metals Focus.
Platinum prices will continue to benefit from the overall upward trend in precious metals prices for the remainder of 2025 and well into 2026. The ongoing supply deficit in the platinum market is also highly price-supportive.
Metals Focus is forecasting a third consecutive physical platinum deficit for this year, totaling 415,000 ounces as platinum mine output is expected to decline by 6 percent year-on-year.
Demand is projected to fall by 4 percent largely due to lower output in the glass and automotive sectors.
Platinum’s supply deficit is expected to continue into 2026 and grow to an estimated 480,000 ounces as mine supply falls by 2 percent to a 12 year low (excluding 2020). “With few new projects coming online after years of underinvestment, mine supply is undergoing structural decline,” the report’s authors note.
This will be happening at the same time as an expected 1 percent rebound in demand, buoyed by renewed industrial usage, specifically out of the glass and chemical sector in China.
Even so, Metals Focus cautions that demand out the automotive and jewelry sectors is likely to contract.
The trend toward electrification is the auto industry may have slowed, but it’s still expected to erode platinum demand, especially as catalytic converter manufacturers shift back to more cost-effective palladium.
Metals Focus is forecasting a 2026 average platinum price of US$1,670 per ounce, up 34 percent over the previous year.
Platinum and palladium price outlook.
Chart via Metals Focus, Bloomberg.
Looking over to palladium, Metals Focus has a more bearish view.
The firm is projecting palladium prices to average US$1,350 in Q4 2025, falling to US$1,150 by Q4 2026. Although the palladium market has been in a physical deficit for the past few years, that deficit is expected to shrink from 566,000 ounces in 2024 to 367,000 ounces in 2025 before narrowing even further to 178,000 ounces in 2026.
The same structural issues plaguing platinum are also of course weighing on palladium mine supply, which is forecast to fall by 3 percent in 2026. However, secondary supply is projected to increase by 10 percent as recycling activity recovers.
Overall, total palladium supply is expected to grow by 1 percent for the year. At the same time, demand for palladium is set to decline by just over 1 percent in 2026 on a drop from the automotive sector.
Both platinum and palladium are considered precious metals based on their rarity and use in jewelry fabrication and physical bullion. As such, they both are known to benefit when investor sentiment for safe-haven gold is high.
However, not all precious metals are precious to investors at the same time — just ask silver. Industrial usage of these metals is a much bigger driver of demand compared to the investment space. For 2026, it’s platinum that will continue to ride gold’s rally and provide investors with plenty of upside based on its strong fundamentals.
Securities Disclosure: I, Melissa Pistilli, currently hold no direct investment interest in any company mentioned in this article.
Altech Batteries (ATC:AU) has announced Altech – SNC Batteries Outstanding Safety Destructve Testing
Download the PDF here.
Astral Resources (AAR:AU) has announced Key Appointments to Advance Mandilla Gold Project
Download the PDF here.
TSX-V: WLR
Frankfurt: 6YL
Walker Lane Resources Ltd. (TSXV: WLR,OTC:CMCXF) (Frankfurt: 6YL); ‘Walker Lane’) is pleased to announce that Precision Geosurveys Inc. has been contracted to complete an airborne total magnetic field and radiometric survey on its Tule canyon Project located in the prolific Walker Lane Gold Trend.
Precision Geosurveys Inc. of Reno, NV and Langley, BC will commence the airborne survey in the next few days following completion of ongoing surveys by Precision in the Tonopah area of west central Nevada. A total of 212 line-kilometers will be flown along lines spaced 100 meters apart, 30 meters above ground level. The results are anticipated to be useful in mapping the complex altered volcanic stratigraphy present on the property and to contribute information that will further pinpoint proposed drill targets on the property.
Mr. Kevin Brewer, P.Geo President and CEO of Walker Lane Resources Ltd. noted that ‘We are very excited to be commencing exploration at the Tule Canyon project. We thank Silver Range Resources for helping to coordinate this work. Their efforts are testimony to our shared belief that Tule Canyon holds significant promise. We look forward to soon being able to confirm a drilling program for this project in the near future.’
About the Tule Canyon Property
The Tule Canyon Property sits astride a prominent deflection in the regional magnetic field associated with the underlying Sylvania Pluton. High grade gold and silver mineralization in the district is localized along this feature. The principal objectives of the survey will be to accurately map this deflection and to locate second order anomalies which may be associated with structurally controlled precious metal mineralization.
The Tule Canyon Property is 95 km south of Tonopah and 80 km northwest of Beatty near the Nevada–California border. Mineralization on the property occurs along a 5-kilometre-long trend coincident with a major structural inflection in the Sylvania Pluton mapped by regional aeromagnetic surveys. Gold and silver mineralization is hosted in numerous quartz veins with mesothermal textures. Precious metals are associated with hematite, pyrite, yellow plumbo-jarosite or similar lead oxides, rare galena and copper oxides. The western end of the trend covering the Ingall’s Vein and the China Doll zones are silver-dominant with mineralization returning up to 4,320 g/t Ag and up to 31.8 g/t Au. The eastern end of the trend is gold-dominant with assays up to 37.3 g/t Au at surface and 27.6 g/t Au underground. Silver assays from material collected in this eastern area range up to 183 g/t Ag.
Mining in Tule Canyon dates from prior to 1848 when Mexican placer miners first began work in the area. Hard rock mining on the property dates from the 1890’s at the Dark Secret Mine. Mining at the nearby Eastside Mine and the Ingalls Vein occurred during the late 1900’s with a small heap leach operation constructed at the latter property.
A small open pit mining operated at the Dark Secret Mine during the 1980’s and reportedly shipped material to Goldfield for processing. In the pit, coalescing veins appear to form a bulk tonnage target. A chip-trench sample across the bottom of the pit returned 40 m @ 0.469 g/t Au including 20 m @ 0.695 g/t Au. Grab samples of vein material in the pit returned up to 14.1 g/t Au. Despite the past history of mining and high-grade surface mineralization on the property, there is little evidence of modern exploration activity and no known drilling.
A video presentation describing results to date at Tule Canyon is available on Silver Range’s website at www.silverrangeresources.com and further information is also available on the Company website at www.walkerlaneresources.com.
Note: Technical information in this news release has been approved by Kevin Brewer, P.Geo who relied on information provided to him by Silver Range Resources Ltd. and information in the public domain. Historical information cited in this news release was obtained from Nevada Bureau of Mines and Geology district files and from historical publications. Investors should be cautioned that this information has not been independently verified by the Company.
About 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 an aggressive exploration program to advance the Tule Canyon (Walker Lane, Nevada) and Amy (Rancheria Silver District, B.C.) projects through drilling programs with the aim of achieving resource definition in the near future.
On behalf of the Board:
‘Kevin Brewer’
Kevin Brewer, President, CEO and Director
Walker Lane Resources Ltd.
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 properties including 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. (OTC-US: NBRI) and all conditions and agreements pertaining to the sale of the Bishop mill gold processing facility and remain subject to the condition of the option of the Silverknife property with Coeur Mining Inc. (TSX:CDE). 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.
SOURCE Walker Lane Resources Ltd
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Metals Focus published its annual Precious Metals Investment Focus report on Saturday (October 25).
The report from the leading gold analysis firm outlines the investment options available for those interested in leveraging rising demand for precious metals such as gold and silver. It also highlights key supply and demand trends shaping the precious metals market and driving prices now and over the next 12 months.
Gold surged over 65 percent from the start of 2025 to its record high of US$4,379.13 per ounce on October 17. Not to be outdone, silver skyrocketed more than 88 percent its highest-ever price of US$54.47 per ounce on the same day.
Although prices for both precious metals have since pulled back on profit taking, Metals Focus believes the conditions that created these record-high prices are still very much in play.
Metals Focus analysts attribute gold’s stellar performance in 2025 to a number of factors largely centered on growing global economic uncertainty and ongoing geopolitical conflicts. Gold’s safe-haven status is highly favored in these conditions, attracting both retail and institutional investors as well as central banks.
However, the firm sees US President Donald Trump’s trade policies as the most influential: “In our view, the single most important factor has been uncertainty around US trade policy.”
Trump’s constant trade war waffling has businesses and governments scrambling to keep up and unable to plan for the future. As tariffs increase the price of goods while disrupting supply chains, inflation is becoming stickier.
This is baking in more macroeconomic risks into the global economy, and in turn raising the risk for stagflation — an environment that experts agree is ideal for higher gold prices.
The US Federal Reserve’s reversal of its monetary policy in mid-September 2025 with its first interest rate cut and the anticipation of further rate cuts to come are further boosting the gold price. The sustainability of growing US debt and the waning strength of the US dollar on the global stage are also price supporting factors for the yellow metal.
Central bank gold buying, which has reached record levels in recent years, also continued to be net positive in 2025, further driving demand. “Put together, these drivers explain why gold has not only reached fresh highs in 2025, but also why pullbacks have been shallow and short-lived, as investors have been rushing to buy dips,” states Metals Focus.
The same forces sending gold prices to new heights are also bringing silver along for the ride.
Silver often lags behind its sister metal, and this latest price cycle was no exception.
However, investor belief that silver remains undervalued given strong industrial demand and unprecedented tight supply finally pushed the metal to break on through to the other side of a 45 year record high.
Metals Focus also points to the liquidity squeeze in the silver futures market, specifically concerning the COMEX in London. As the immediate supply of silver has not been enough to meet rising demand, the spot price for silver has risen higher than the price of futures contracts, a phenomenon known as backwardation.
This creates a squeeze on short sellers who must now buy back silver contracts at higher prices.
The situation amplified silver’s rally in early to mid-October. However, later in the month shipments of silver from New York and China helped to alleviate this pressure.
Looking forward, the trends underlying much of gold’s record-breaking price momentum are expected to remain strong well into next year. Metals Focus sees the price of gold posting another annual average high of US$4,560 as it heads toward US$5,000 in 2026, potentially reaching a record US$4,850 in the fourth quarter.
These gains in gold are projected to materialize despite supply side growth. Metals Focus is forecasting a surplus of 41.9 million ounces in 2026, up 28 percent year-on-year. The firm sees gold mine production reaching another record high in 2026 at the same time that gold recycling could climb by 6 percent to a 14-year high in jewellery demand is likely to be affected by high prices, low consumer confidence, and economic uncertainty.
What will move gold prices higher in 2026?
Gold investors should take cues from interest rate moves, inflation levels, strength or weakness in the US dollar and sentiment surrounding the independence of the Federal Reserve.
Of course, US trade policy will continue to be a main theme for precious metals over the next 12 months.
“As we have witnessed since the beginning of the Trump 2.0 administration, the abrupt and often unpredictable nature of US policy moves and the resulting uncertainty for the global trade system, and in turn the global economy, is expected to be a key driver of sentiment towards gold,” states the firm in the report.
Further driving demand, central banks around the world are expected to remain net buyers of safe-haven gold as the global push toward de-dollarization continues.
Gold and silver price outlook.
Chart via Metals Focus, Bloomberg.
As for silver, the white metal will continue to be seen as a more affordable alternative to gold. Metals Focus is looking for silver to average US$57 next year, and even take a run at the US$60 level in mid- to late 2026.
Silver has not only benefited from safe-haven investor demand and strong industrial demand, but also tight supply. However, the firm notes that the ongoing supply deficit for silver is expected to fall from 143.6 million ounces in 2024 to 63.4 million ounces in 2025. That figure is expected to shrink further to 30.5 million ounces in 2026.
Nevertheless, the silver market remains in a supply deficit at a time when demand is strong.
“We therefore remain bullish towards silver for the rest of this year and 2026,” note the report’s authors, who expect silver to continue outperforming gold at least in the first half of the new year.
In response, the gold-silver ratio has the potential to continue falling in 2026. However, Metals Focus believes the market will see this trend reverse in the back half of the year as silver loses some steam.
Gold-silver ratio.
Chart via Metals Focus, Bloomberg.
Overall, Metal Focus is confident the precious metals bull market will continue for the rest of 2025 and into 2026.
Gold especially is benefiting from its safe-haven status at a time of heightened macroeconomic and geopolitical uncertainty. Silver is tracking its ascent and also seeing tight aboveground supply and sustained industrial demand.
For those who think they’ve missed out on the gains to be made in this latest precious metals bull cycle, there’s still plenty of upside to be had in the gold and silver markets in Q4 and heading into 2026.
Securities Disclosure: I, Melissa Pistilli, currently hold no direct investment interest in any company mentioned in this article.
Aurum Resources (AUE:AU) has announced Aurum hits 0.8m @ 350 g/t gold at Boundiali Gold Project
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Cartier Resources presents a compelling gold investment opportunity, driven by a growing Abitibi resource, solid institutional support, and upcoming development milestones.
Cartier Resources (TSXV:ECR,FSE:6CA) is a Quebec-based gold exploration company advancing a compelling growth story anchored in one of Canada’s most prolific gold regions — the Abitibi Greenstone Belt. With a focused strategy, institutional support and a commitment to innovation, Cartier is building a significant gold resource base while positioning its flagship Cadillac project as an emerging mining camp east of Val-d’Or. As the company transitions from explorer to potential developer, the coming months present multiple catalysts for a significant valuation uplift.
Cartier projects in the Abitibi Greenstone Belt in Quebec
The Cadillac project has evolved from a single mine project into an emerging gold camp with multiple deposits, advanced resource modeling, and a clear development path. Located in a mining-friendly jurisdiction with existing infrastructure, the Cadillac project is ideally positioned to attract development partners, strategic investments, or acquisition interest from senior producers.
In 2023, using a gold price of US$1,750, Cartier completed a preliminary economic assessment (PEA) which confirmed the project’s robust economics, with a production forecast of 116,900 oz/year over 9.7 years and a low AISC of US$755/oz.
With permitting pathways de-risked by historical mining activity and extensive drilling already completed, Cartier has launched a fully funded 100,000-metre diamond drilling program. By combining AI and geostatistical reinterpretation techniques with traditional exploration methods, the company is positioning itself at the forefront of modern mineral discovery.
The Cadillac project has all the hallmarks of a high-potential development-stage gold asset: grade, scale, jurisdiction, infrastructure, and strategic backing. Cartier is also actively pursuing parallel value-creation opportunities, including the reprocessing of legacy tailings at the Chimo site and monetization of non-core assets like Wilson, Fenton and Benoist.
The company’s flagship Cadillac project is a consolidated land package totaling 11,525 hectares, located along a 15-kilometre strike of the Larder Lake–Cadillac Fault (LLCF) — one of the most productive gold-bearing structures in Canada. This fault zone has historically produced over 100 million ounces of gold across multiple camps. Cartier’s land package includes the past-producing Chimo Mine (379,012 oz gold from 1964 to 1997), West Nordeau, and several new discovery zones over a 10-km strike length straddling the LLCF.
Cartier has completed four mineral resource estimates (MREs) between 2019 and 2022. The most recent, published in May 2023, outlined 7.1 million tons (Mt) @ 3.1 grams per ton (g/t) gold (720,000 oz) indicated and 18.5 Mt @ 2.8 g/t gold (1.63 Moz) inferred. The PEA evaluated an underground mining operation fed from three primary zones (Chimo, East Chimo, West Nordeau), with a 2.9-year payback on a C$341 million capex. The PEA assumes an average head grade of 3.0 g/t gold and annual production of 116,900 oz gold. Infrastructure advantages include an existing shaft, power line and permitted tailings facility.
Cartier Resources has commenced its fully funded 100,000-metre drill program at the Cadillac Project in Quebec, the largest ever on the property. The 18-month campaign is designed to both expand known gold zones and test new high-priority targets along the Cadillac Fault Zone. With $11 million in cash and no debt, Cartier is well positioned to advance Cadillac’s district-scale gold potential.
As part of Cartier’s sustainability-focused development strategy, the company is evaluating the potential for reprocessing approximately 600,000 tons of historical tailings deposited during the Chimo Mine operations. This project could unlock near-term, low-cost production with a minimal environmental footprint. Cartier will launch metallurgical characterization to assess gold recovery potential and economic viability. The project benefits from proximity to several underutilized gold mills in the Val-d’Or region, potentially enabling toll milling agreements.
Other Projects: Wilson, Fenton and Benoist
Cartier also holds 100 percent ownership of three additional gold projects — Wilson, Fenton and Benoist — all located within the Abitibi Belt and each hosting historical gold mineralization or compliant resources. The Wilson Project (1,750 ha, three zones), Fenton (671 ha, 12 zones) and Benoist (3,086 ha, two zones) are currently available for joint ventures or sale. These assets offer significant exploration upside and optionality, allowing Cartier to remain focused on Cadillac while preserving long-term value.
Philippe Cloutier is the founder and driving force behind Cartier Resources. A professional geologist with over 35 years of experience in the exploration and development of precious and base metal deposits, Cloutier has a deep technical understanding of the Abitibi Greenstone Belt, having spent most of his career advancing projects in this prolific region.
Nancy Lacoursière brings over 20 years of experience in corporate finance, accounting and strategic financial management. She has held CFO and senior finance positions across the natural resources and manufacturing sectors, with a strong focus on Quebec-based operations.
Ronan Déroff is a senior exploration geologist and Cartier’s designated qualified person under NI 43-101. With over 15 years of experience in mineral exploration, resource modeling, GIS and project management, Déroff leads the technical execution of Cartier’s exploration strategy. He has overseen the development of multiple MREs and PEAs for the Cadillac project, and played a central role in integrating modern data analysis and AI-assisted targeting into the company’s workflow. He holds a Masters in operations and management of mineral resources (EGERM), from the Université d’Orléans (France).
