Piche Resources (PR2:AU) has announced Commences Maiden RC Drilling at Cerro Chacon Gold Project
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Frank Holmes of US Global Investors (NASDAQ:GROW) shares his forecast for gold and silver.
He sees gold testing US$5,000 per ounce next year and then reaching US$7,000 by the end of US President Donald Trump’s second term in office.
‘And I think that silver will be over US$100,’ he added.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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Silver is known as the most versatile precious metal, and its end uses range from silverware to medicine, as well as industrial and technological applications, which account for well over half of annual global demand.
In 2024, global physical silver demand reached 1.16 billion ounces, shy of the record of 1.28 billion ounces set in 2022, as per the Silver Institute’s latest World Silver Survey released in April 2025.
Industrial demand is on an upward trend from the push toward renewable energy — in particular, silver demand should benefit from the expansion of the solar energy sector, electric vehicles and the growing use of AI and data centers. The metal is a great conductor of both heat and electricity, making it perfect for use in solar panels.
In 2025, the Silver Institute expects global demand for silver to decline by 1 percent to 1.15 billion ounces, but remain at historically high levels. With all of that in mind, here’s a look at four factors driving silver demand.
1. Industrial fabrication
Expected demand in 2025: 677.4 million ounces
Silver is the best electrical and thermal conductor of all the metals, so it’s no surprise that it’s used in industrial fabrication. Industrial silver demand has seen steady growth in recent years. Coming in at just 491 million ounces in 2016, industrial demand rose to 592.3 million ounces in 2022, 657.1 million ounces in 2023 and a record 680.5 million ounces in 2024.
For 2025, the Silver Institute believes industrial demand will see a slight regression of 0.5 percent to 677.4 million ounces.
Here’s a brief rundown of the main industrial uses driving silver demand:
Electronics — In electronics, industrial silver is used mainly in multi-layer ceramic capacitors, membrane switches, silvered film, electrically heated automobile windshields, conductive adhesives and the preparation of thick-film pastes.
Electronics is expected to remain an important driver for silver going forward, as per the Silver Institute, which expects overall industrial silver consumption to reach 456.6 million ounces in 2025. Photovoltaics form the largest portion of electronic demand, totaling 197.6 million tons in 2024.
Using silver as conductive ink, photovoltaic cells transform sunlight into electricity. These cells are combined to form solar panels. The use of silver in the fabrication of photovoltaic cells, also known as solar cells, is seen as an area of rapid growth in the short to medium term. In fact, SolarPower Europe reported that total installations reached 2.2 terawatts by the end of 2024, and are expected to more than triple to more than 7 terawatts by 2030.
Automotive industry — Every electrical action in a modern car is activated with silver-coated contacts. Basic functions such as starting the engine, opening power windows, adjusting power seats and closing power trunks are all activated using a silver membrane switch. Furthermore, in January 2021, the Silver Institute reported that, depending on the model, battery electric vehicles contain between 25 and 50 grams of silver, while hybrid vehicles use 18 to 34 grams of silver. That’s compared to 15 to 28 grams of silver in a light internal combustion engine vehicle.
The Silver Institute has projected that automotive demand for silver could reach 90 million ounces by 2025. The association states that silver demand from the car industry will be driven by infrastructure investment, broader decarbonization efforts and the expansion of charging stations.
Brazing and soldering — Adding silver to the process of soldering or brazing helps produce smooth, leak-tight and corrosion-resistant joints when combining metal parts. In addition, silver-brazing alloys are used widely in everything from air conditioning and refrigeration to electric power distribution. The Silver Institute predicts demand from this segment to total 52.9 million ounces in 2025.
2. Jewelry
Expected demand in 2025: 196.2 million ounces
Jewelry is often what laypeople think about when they consider silver demand. And for good reason — few materials are better suited for jewelry than silver. Lustrous but resilient, silver responds well to sculpting, requires minimal care and lasts a lifetime.
While silver and gold possess similar working qualities, the white metal enjoys greater reflectivity and can achieve a brilliant polish. A vast amount of silver supply from mine production gets turned into a form of jewelry. The segment grew moderately by 3 percent in 2024, rising to 208.7 million ounces, but the Silver Institute is predicting a significant reversal in 2025, with a 6 percent decline to 196.2 million ounces.
3. Silver bullion, coins and bars
Expected demand in 2025: 204.4 million ounces
Another source of silver demand is for silver as an investment in the form of silver coins, bars and rounds. This category includes the silver used to fabricate the bullion, as well as small bar purchases by retail investors, according to the Silver Institute.
Silver coins have a long history. Minted silver coins were first used in the Eastern Mediterranean region in 550 BCE, and by 269 BCE the Roman Empire had adopted silver as well. Silver was the main circulating currency until the 19th century, when it was phased out of regular coinage.
While silver is not used in many circulating coins today, mints in many countries still create high-purity bullion coins and bars for investors.
Physical silver investment demand reached a record high of 338.3 million ounces in 2022, but declined considerably to 244.3 million ounces in 2023, before falling another 22 percent to 190.9 million ounces in 2024.
However, with rising uncertainty in global financial markets, the institute is predicting 7 percent growth in 2025 to 204.4 million ounces.
Silver exchange-traded products (ETPs) and silver ETFs purchase significant amounts of physical silver. Silver ETPs have experienced high volatility over the last five years, with demand peaking in 2020 with net inflows of 331.1 million ounces of silver, which fell to to 64.9 million ounces in 2021. Following the pandemic, ETPs experienced heavy outflows with investors selling off 117.4 million ounces in 2022 and 37.6 million ounces in 2023.
In 2024, as uncertainty began to seep into global financial markets, investors once again returned to ETPs, pushing demand to 61.6 million ounces of silver flowing into the products.
The Silver Institute expects demand to grow by 14 percent in 2025 to 70 million ounces, attributing these inflows to cuts to the Federal Funds rate, concerns over US debt load, and instability in the Middle East.
4. Silverware
Expected demand in 2025: 46 million ounces
Sterling silver has been the standard for silver holloware and silver flatware since the 14th century. Silver cutlery and other decor lasts for generations as it resists tarnish and is a traditional decoration in homes around the world. Base metal copper is mixed with silver to strengthen it for use as cutlery, bowls and decorative items.
Demand for the metal from the silverware industry reached 73.5 million ounces in 2022 but has declined since then to 54.2 million ounces in 2024. The Silver Institute expects the market to shed another 15 percent in 2025 to 46 million ounces.
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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Copper prices were volatile in 2025, with high levels of uncertainty influencing the market.
Changing US trade policy, as well as traditional supply and demand fundamentals, worked together to move the metal.
Increasing demand and a lack of new supply have long been key drivers for copper, and this year new forces played a role in the form of tariff threats caused by significant policy shifts from the Trump administration.
Copper price in Q4
Experts have widely predicted a copper supply deficit over the last few years.
On the demand side, industrial usage tied to the energy transition is rising, and that’s on top of high copper consumption due to increasing rates of urbanization in the Global South.
Further consternating the market is a concerning supply situation. First Quantum Minerals’ (TSX:FM,OTC Pink:FQVLF) Cobre Panama mine, which previously contributed approximately 1 percent of global copper supply, has been on care and maintenance since the Panamanian government ordered its closure at the end of 2023.
More recently, in September, Freeport-McMoRan (NYSE:FCX) announced the temporary closure of its Grasberg mine in Indonesia due to an ingress of 800,000 metric tons of wet material into the main Grasberg block cave (GBC), killing seven workers. The company has launched an investigation and adjusted its annual guidance.
Even though both operations are expected to return to full production, the process will take time.
In September, Panama said it would initiate an environmental and social audit of Cobre Panama by the end of 2025, with the mine to begin production in early 2026. Tied to the restart will be a significant change to the contract under which First Quantum had previously been operating, ensuring state ownership of the land and its resources.
Meanwhile, Freeport said that operations will resume at the unaffected Big Gossan and Deep Mill Level Zone mines before the end of 2025, but extraction at the GBC won’t restart until the second quarter of 2026. Freeport also noted that it isn’t expecting the GBC to return to full production until 2027.
Once restarted, the mines will be a welcome relief to an overburdened copper market, but in their closed state, their lack of contribution is significantly shifting the supply situation.
In an October report, the International Copper Study Group predicted a 178,000 metric ton global refined copper surplus for 2025, saying it would shift to a 150,000 metric ton deficit in 2026.
However, by the end of November, the situation had evolved, with the group noting a smaller refined copper surplus of about 94,000 metric tons through the first nine months of 2025.
With just one month left in the year, the market looks to be approaching a deficit sooner than expected.
The November release outlines growing use of refined copper, which rose 5.5 percent during the first nine months of 2025; refined copper output rose just 4.3 percent, while mining production increased 2.2 percent.
One moderating factor for supply/demand could be a soft macroeconomic environment, particularly in the US.
“US demand from construction and manufacturing is expected to remain steady but not robust, as policy headwinds for renewables and EVs, elevated input costs, and project delays persist,’ she said.
‘Most market watchers anticipated continued arbitrage opportunities between US and global benchmarks with periodic local price spikes as trade policies evolve.’
How did copper perform for the rest of the year?
Copper price, January 1 to December 3, 2025.
Copper price in Q1
The copper price rose sharply in the first quarter amid strong supply and demand fundamentals.
These included supply chain disruptions following a major power outage in Chile at the end of February, which caused a temporary shutdown at BHP’s (ASX:BHP,NYSE:BHP,LSE:BHP) Escondida, the world’s largest copper mine.
Prices also saw major momentum amid tariff threats, as US President Donald Trump made several significant trade policy announcements at the start of his second term in office.
Among them was the signing of an executive order at the end of February that invoked Section 232 of the Trade Expansion Act and initiated a national security investigation into the impacts of copper imports into the US.
Although tariffs wouldn’t be applied to copper until Q3, the move still prompted traders to stockpile refined copper at Chicago Mercantile Exchange warehouses to get ahead of any potential tariffs.
Copper price in Q2
Volatility was the story in Q2, as markets were affected by a widening supply deficit and the threat of US tariffs.
The start of the quarter saw markets plummet following Trump’s ‘Liberation Day’ tariff announcement, which applied a baseline 10 percent tariff to all imports into the US, with additional retaliatory tariffs following shortly after.
Additionally, the US and China butted heads and initiated a tariff war that saw Chinese goods entering the US hit with 145 percent tariffs; US goods entering China were levied with 125 percent tariffs.
The tariffs caused a great deal of uncertainty to creep into the US bond market, pushing yields on 10 year treasuries up sharply as investors began dumping these assets. The move sparked fears of an imminent recession, prompting broad selloffs across commodities and equity markets.
Copper price in Q3
The third quarter was also defined by high volatility, with copper prices in the US surging as traders sought to import large volumes of the metal before the implementation of Section 232 tariffs.
The imports caused a significant disparity between the US and international markets, with premiums on the Comex rising to 30 percent above those at the London Metal Exchange. Putting that disconnect into context, Jacob White, exchange-traded fund product manager at Sprott Asset Management, explained that a copper short squeeze on the Comex in 2024 pushed premiums to a high of 8 percent. The London Metal Exchange and Comex are typically much closer to par, with an average differential of 0.5 percent over the past five years.
Ultimately, refined copper was exempted for the time being, with tariffs set to be phased in at 15 percent in 2027 and 30 percent in 2028. The move pulled the rug out from under traders, causing the US prices to collapse.
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
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Edward Sterck, director of research at the World Platinum Investment Council (WPIC), shares the organization’s platinum outlook heading into 2026.
After a third consecutive deficit in 2025, the WPIC anticipates balance next year, but Sterck explained that there are factors that could change that outlook.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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Gold has reached once-unthinkable prices in 2025, gaining over 60 percent by early December.
Looking ahead to 2026, experts believe the major themes that carried the gold price to new heights this year will continue to underwrite its trajectory in the months ahead, boosting the metal even further.
What are the top trends shaping the gold market, and what should investors expect in the new year?
Trade tensions to stoke ETF and central bank gold demand
US President Donald Trump’s aggressive trade policies have injected a high level of volatility into a world economy that was already reeling from ongoing regional conflicts.
This type of uncertainty reliably encourages investors to seek safe havens, and that theme dominated much of the gold story for 2025. Heading into the new year, analysts see no end to this trend.
Strong gold exchange-traded fund (ETF) inflows and central bank purchases are projected to continue into next year as investors, particularly in the west, increasingly recognize the hedge value of gold.
Global financial services firm Morgan Stanley (NYSE:MS) sees demand for gold from ETFs and central banks pushing the gold price back up above US$4,500 per ounce by mid-2026.
The World Gold Council (WGC) also expects the themes of risk and uncertainty to continue driving gold.
“My sense is that we’re going to continue to see these challenges in 2026.”
Cavatoni expects this will translate into continued strong ETF flows and central bank demand for the monetary metal for 2026, although central bank buying may come at a slower pace than the past few years.
Gold as a hedge against potential AI stock bubble
Another potential 2026 tailwind for gold is a correction in artificial intelligence (AI) stocks.
Analysts are increasingly warning that this could happen, and it’s possible that AI bubble meltdown concerns may push more investors away from equities and into gold in the coming year.
Michael Hartnett, chief investment strategist at Bank of America Global Research, told his clients in late October that gold may be one of the strongest hedges if the AI bubble bursts.
Similarly, Macquarie analysts are warning that if AI tech firms and their clients can’t demonstrate a return on their huge investments in the emerging technology, gold may be the best bet for protection against the resulting market fallout: “Optimists buy tech, pessimists buy gold, hedgers buy both.’
Weak US dollar, low interest rates price positive for gold
The gold price has an inverse relationship with the US dollar and real interest rates. Indeed, Morgan Stanley’s US$4,500 gold forecast for mid-2026 is predicated on a weaker dollar and lower rates.
Lower rates typically weaken the dollar, and Trump has been pressuring the US Federal Reserve to drop rates since taking office. With Fed Chair Jerome Powell’s term due to end next year, market watchers are anticipating that a more dovish Fed head will take the helm. This means that more rate cuts are likely on the table for 2026.
A softer dollar and a low rate environment would provide foundational support for further gold price gains. The resulting inflation is expected to push the Fed toward quantitative easing (QE), or the purchasing of government bonds to increase money supply and lower long-term rates, which would further bolster the yellow metal’s appeal.
At its October policy meeting, the Fed stated that its quantitative tightening activities (allowing bonds to mature without reinvesting the proceeds) would end on December 1.
“Frankly … interest expense for the federal government is running at US$1.2 trillion a year (and) the budget deficit is US$1.8 trillion a year, so the interest is really contributing to the deficit,” he said. “The US federal government really needs lower rates, or else interest is going to continue to consume a big piece of their revenues.”
Lepard believes investors are keenly aware that lower rates are coming, which naturally means more inflation. This realization is enhancing gold’s investment appeal.
Gold price forecasts for 2026
Heading into 2026, Fed monetary policy changes are likely to give gold another boost to the upside.
“As we move through the year, as the Federal Reserve transitions to QE and maybe yield curve control and money printing, the (precious) metals themselves will catch another leg up,” said Lepard.
“Gold will go through US$4,500 toward US$5,000, silver will go to US$60 or US$70 and (gold and silver) stocks will all go up another 30 percent pretty easily, and then maybe more over the next 12 months,’ he added.
Global financial services provider B2PRIME Group also sees gold’s average price in 2026 at around US$4,500 as US debt challenges and possible Fed rate cuts continue to bolster the value of the precious metal.
Overall, most analysts’ gold price predictions for the upcoming year are in the US$4,500 to US$5,000 range.
Metals Focus is forecasting an annual average high of US$4,560 in 2026, with gold potentially reaching a record US$4,850 in the fourth quarter. The firm sees these gains materializing despite a projected gold surplus of 41.9 million ounces in 2026, up 28 percent year-on-year; that would take mine production to another record high in 2026.
Goldman Sachs (NYSE:GS) is predicting that gold could reach as high as US$4,900 next year on increased central bank buying and anticipated inflation-causing interest rate cuts by the Fed.
For its part, Bank of America (NYSE:BAC) sees the yellow metal breaching US$5,000 in 2026 on growing deficit spending in the US and Trump’s ‘unorthodox macro policies.’
Investor takeaway
Ongoing uncertainty from trade tensions, a potential market correction in the AI sector, US debt challenges and anticipated shifts in Fed policy have fueled strong investment demand for gold as a safe-haven asset.
Those demand drivers are not going away in 2026; in fact, they are likely to provide further foundational support that could propel the gold price to new record highs.
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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Sankamap Metals Inc. (CSE: SCU) (‘Sankamap’ or the ‘Company’) further to the Company’s news releases dated October 21, 2025, November 4, 2025, and November 18, 2025, the Company continues to work towards the filing of its annual audited financial statements and management’s discussion and analysis for the fiscal year ended June 30, 2025 (the ‘Required Filings’). The Company has obtained approval from the Alberta Securities Commission to extend the Management Cease Trade Order (‘MCTO’) under National Policy 12-203 Management Cease Trade Orders (‘NP 12-203’) until December 28, 2025.
While the audit of Sankamap’s private subsidiary has now been completed, timing adjustments in the subsidiary’s audit resulted in a brief postponement of fieldwork and the review of Sankamap’s audit file. The upcoming holiday period is also expected to affect scheduling. To support timely completion of the audit, the Company intends to appoint the subsidiary’s auditor as its auditor, as their familiarity with the Company’s mineral property and the Solomon Islands jurisdiction is expected to facilitate an expedited process. A change of auditor is underway, and the Company expects to file the required change of auditor documentation shortly.
The Required Filings were due to be filed by October 28, 2025. In connection with the anticipated delays in making the Required Filings, the Company made an application for a Management Cease Trade Order (‘MCTO‘) under National Policy 12-203 Management Cease Trade Orders (‘NP 12-203‘) to the Alberta Securities Commission, as principal regulator for the Company, and the MCTO was issued on October 29, 2025. The MCTO restricts all trading by the Company’s CEO and CFO in securities of the Company, whether direct or indirect. The issuance of the MCTO will not affect the ability of persons who are not directors, officers or insiders of the Company to trade their securities. The MCTO will remain in effect until the Required Filings are filed or until it is revoked or varied.
The Company expects to proceed with the filing of its interim first-quarter financial statements shortly after the Required Filings have been completed and submitted.
The Company confirms that it intends to satisfy the provisions of the alternative information guidelines described in NP 12-203 by issuing bi-weekly default status reports in the form of a news release until it meets the Required Filings requirement. The Company has not taken any steps towards any insolvency proceeding and the Company has no material information relating to its affairs that has not been generally disclosed.
About Sankamap Metals Inc.
Sankamap Metals Inc. (CSE: SCU) is a Canadian mineral exploration company dedicated to the discovery and development of high-grade copper and gold deposits through its flagship Oceania Project, located in the South Pacific. The Company’s fully permitted assets are strategically positioned in the Solomon Islands, along a prolific geological trend that hosts major copper-gold deposits; including Newcrest’s Lihir Mine, with a resource of 71.9 million ounces of gold¹ (310 Mt containing 23 Moz Au at 2.3 g/t P+P, 520 Mt containing 39 Moz Au at 2.3 g/t indicated, 81 Mt containing 5 Moz Au at 1.9 g/t measured, 61 Mt containing 4.9 Moz Au at 2.3 g/t Inferred).
Exploration is actively advancing at both the Kuma and Fauro properties, part of Sankamap’s Oceania Project in the Solomon Islands. Historical work has already highlighted the mineral potential of both sites, which lie along a highly prospective copper and gold-bearing trend, suggesting the possibility of further, yet-to-be-discovered deposits.
At Kuma, the property is believed to host an underexplored and largely untested porphyry copper-gold (Cu-Au) system. Historical rock chip sampling has returned consistently elevated gold values above 0.5 g/t Au, including a standout sample assaying 11.7% Cu and 13.5 g/t Au2; underscoring the area’s significant potential.
At Fauro, particularly at the Meriguna Target, historical trenching has returned highly encouraging results, including 8.0 meters at 27.95 g/t Au and 14.0 meters at 8.94 g/t Au3. Complementing these results are exceptional grab sample assays, including historical values of up to 173 g/t Au3, along with recent sampling by Sankamap at the Kiovakase Target, which returned numerous high-grade copper values, reaching up to 4.09% Cu. In addition, limited historical shallow drilling intersected 35.0 meters at 2.08 g/t Au3, further underscoring the property’s strong mineral potential and the merit for continued exploration. With a commitment to systematic exploration and a team of experienced professionals, Sankamap aims to unlock the untapped potential of underexplored regions and create substantial value for its shareholders. For more information, please refer to SEDAR+ (www.sedarplus.ca), under Sankamap’s profile.
1.Newcrest Technical Report, 2020 (Lihir: 310 Mt containing 23 Moz Au at 2.3 g/t P+P, 520 Mt containing 39 Moz Au at 2.3 g/t indicated, 81 Mt containing 5 Moz Au at 1.9 g/t measured, 61 Mt containing 4.9 Moz Au at 2.3 g/t Inferred)
2. Historical grab, soil and BLEG samples from SolGold Kuma Review June 2015, and SolGold plc Annual Report 2013/2012
3. September 2010-June 2012 press releases from Solomon Gold Ltd. and SolGold Fauro Island Summary Technical Info 2012
QP Disclosure
The technical content for the Oceania Project in this news release has been reviewed and approved by John Florek, M.Sc., P.Geol., a Qualified Person in accordance with CIM guidelines. Mr. John Florek is in good standing with the Professional Geoscientists of Ontario (Member ID:1228) and a director and officer of the Company.
ON BEHALF OF THE BOARD OF DIRECTORS
s/ ‘John Florek’
John Florek, M.Sc., P.Geol
Chief Executive Officer
Sankamap Metals Inc.
Contact:
John Florek, CEO
T: (807) 228-3531
E: johnf@sankamap.com
The Canadian Securities Exchange has not approved nor disapproved this press release.
Forward-Looking Statements
Certain statements made and information contained herein may constitute ‘forward-looking information’ and ‘forward-looking statements’ within the meaning of applicable Canadian and United States securities legislation. These statements and information are based on facts currently available to Sankamap and there is no assurance that the actual results will meet management’s expectations. Forward-looking statements and information may be identified by such terms as ‘anticipates,’ ‘believes,’ ‘targets,’ ‘estimates,’ ‘plans,’ ‘expects,’ ‘may,’ ‘will,’ ‘could’ or ‘would.’
This press release contains forward-looking statements, including, but not limited to, statements regarding management’s expectations about obtaining the MCTO and completing the Required Filings within the anticipated timeline. Forward-looking statements are subject to various risks, uncertainties, and other factors that could cause actual results or events to differ materially from those expressed or implied by such statements. Sankamap does not undertake any obligation to update forward-looking statements or information, except as required by applicable securities laws. For more information on the Company, investors should review the Company’s continuous disclosure filings that are available at www.sedarplus.ca.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/276869
News Provided by Newsfile via QuoteMedia
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Here’s a quick recap of the crypto landscape for Wednesday (December 3) as of 9:00 a.m. UTC.
Get the latest insights on Bitcoin, Ether and altcoins, along with a round-up of key cryptocurrency market news.
Bitcoin and Ether price update
Bitcoin (BTC) was priced at US$92,758.95, up by 4.1 percent over 24 hours.
Bitcoin price performance, December 3, 2025.
Chart via TradingView.
After Bitcoin stared the week with its largest single-day decline in a month, it rallied about 6.6 percent in 24 hours to reclaim US$93,000. This now marks Bitcoin’s highest intraday level in more than two weeks.
Despite the cryptocurrency’s rebound, analysts are still urging caution and advising investors to await clearer macro signals before fully re-entering higher-risk assets.
Ether (ETH) also regained ground and is currently priced at US$3,051.34, up 7.1 percent over 24 hours.
Altcoin price update
- XRP (XRP) was priced at US$2.19, an increase of 4.6 percent over 24 hours.
- Solana (SOL) was trading at US$142.17, up by 6.6 percent over 24 hours.
Today’s crypto news to know
Strategy faces possible removal from MSCI indexes
Michael Saylor’s Strategy (NASDAQ:MSTR) is in discussions with index provider MSCI as the company thinks about removing Strategy from major stock indexes, according to Reuters.
MSCI is considering cutting companies whose business model is to buy crypto. Strategy currently holds about 650,000 BTC and has relied on new debt and equity issuance to add to its holdings.
JPMorgan Chase (NYSE:JPM) estimates a removal could trigger up to US$8.8 billion in outflows if other index providers follow suit. Saylor said the company is participating in MSCI’s review process, but questioned the scale of possible selling projected by JPMorgan. A verdict is expected by January 15 of next year.
Sony partner launches stablecoin for Soneium
Startale Group has launched USDSC, a stablecoin pegged to the US dollar that is designed to serve as the default settlement currency on Sony Group’s (NYSE:SONY,TSE:6758) Soneium blockchain.
According to a Decrypt report, the launch includes a new rewards program called STAR Points that is geared at encouraging user activity across payments, liquidity supply and app interaction. Soneium went live earlier this year following a test phase that drew 14 million users and processed 50 million transactions.
Startale CEO Sota Watanabe said USDSC aims to support payments and yield generation across the network’s creator-focused ecosystem. Stablecoin infrastructure firm M0 is providing backend support for issuance and liquidity.
A waitlist for the Startale app is open to users seeking early access to USDSC features and rewards.
SEC blocks rollout of high-leverage ETFs
The US Securities and Exchange Commission (SEC) has halted the approval process for multiple ultra-leveraged exchange-traded funds (ETFs), citing concerns about investor risk.
Warning letters were sent to nine issuers, including Direxion, ProShares and Tidal, affecting products designed to offer more than 2x exposure to equities, commodities and cryptocurrencies.
The SEC said the proposals exceed regulatory limits on allowable leverage and rely on benchmark definitions that may fail to reflect true market volatility. Some of the planned funds target exposure to highly volatile assets. No 3x or 5x single-stock ETFs currently exist in the US due to existing restrictions.
Leveraged ETF trading has surged since 2020, with total assets rising to around US$162 billion.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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Jindalee Lithium Limited (Jindalee, or the Company; ASX: JLL, OTCQX: JNDAF) is pleased to report significant progress on two fronts: the successful completion of the 2025 drilling program at the McDermitt Lithium Project and continued advancement of plans to list McDermitt on a US national exchange.
- 2025 drilling program highly successful with excellent sample recovery achieved
- Samples have been prepared for assay with results expected early Q1 2026
- High-quality core samples retained for metallurgical testwork (lithium and magnesium)
- Exclusivity period extended with Constellation by 45 days
Drilling Program Completed
The large diameter core drilling program announced early November 20251 at the Company’s 100% owned McDermitt Lithium Project (McDermitt, Project), one of the largest lithium deposits in the United States (US) and of global significance2 (Figure 1), has been successfully completed.
The program comprised 5 PQ3 (8.5cm diameter) core holes to obtain samples for metallurgical testwork to further optimise lithium recoveries, as well as unlock value from the significant magnesium endowment at McDermitt, via the value optimisation program announced late October 20253. The drilling also provided valuable geological and geotechnical data on the deposit. All drill sites have now been rehabilitated and core logged, cut and samples prepared for assay with results (including lithium and magnesium) expected early Q1 2026.
Exclusivity Extended as US Listing Strategy Advances
Further to the Company’s announcement on 9 September 20254 regarding the non-binding Letter of Intent (LOI) with Constellation Acquisition Corp. I (Constellation), Jindalee is pleased to report continued progress on the proposed US listing of HiTech Minerals Inc. (HiTech), the Company’s wholly owned US subsidiary and owner of the McDermitt Lithium Project. The proposed transaction involves a merger between HiTech and Constellation, creating a US-listed vehicle to advance McDermitt.
Work on the binding Business Combination Agreement (BCA) has made substantial progress, with both parties continuing to engage constructively and in good faith. To support this work, Jindalee and Constellation have agreed to extend the initial 90-day exclusivity period under the LOI by a further 45 days. The extension reflects the progress made to date and the shared intent to finalise a BCA that provides a clear pathway to completing the proposed transaction.
Jindalee’s Managing Director and CEO Ian Rodger commented: “We are delighted to announce completion of the 2025 drilling program at McDermitt and thank the team for helping make the program such a success. We now look forward to sharing assay results as they become available and to commencing metallurgical testwork designed to improve lithium recoveries and investigate the potential for valuable magnesium by-products to enhance Project economics. In parallel, we continue to make solid progress on the transaction to list McDermitt on a US national securities exchange, with the short extension to the exclusivity period reflecting both parties’ intent to finalise the Business Combination Agreement in good faith.”
Click here for the full ASX Release
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Investor Insight
Goldgroup offers investors a rare opportunity to participate in the rapid buildout of a multi-asset gold producer in Mexico, with near-term production growth at the operating Cerro Prieto mine and the addition of two fully owned, high-impact assets – Pinos and San Francisco – positioning the company for substantial scale, re-rating potential and strong leverage to gold.
Overview
Goldgroup Mining (TSXV:GGA,OTC:GGAZF) is a Canadian gold company building a portfolio of high-quality producing and development assets across Mexico, one of the world’s premier mining jurisdictions. With two 100 percent owned gold projects – Cerro Prieto and Pinos – and the acquisition of 100 percent of the San Francisco mine, Goldgroup is positioned for rapid, disciplined production growth.
The company’s strategy is straightforward: optimize and expand production at its flagship Cerro Prieto mine, advance Pinos toward a production decision, and bring the large-scale San Francisco mine back online. Combined, these projects outline a defined path to more than 100,000 ounces of annual production, with further upside from exploration, resource expansion and future acquisitions.
Goldgroup is guided by an experienced leadership team with deep expertise in building and optimizing mines in Mexico. The company benefits from strong financial support from the Calu Group and founders of Luca Mining, with proven track records of value creation through mine development, operational turnarounds and strategic M&A.
Company Highlights
- Two operating or near-term production gold assets in Mexico, 100-percent-owned and fully permitted.
- Cerro Prieto expansion completed, increasing from ~12,500 oz/year to 30,000+ oz/year during 2026 and beyond, including tailings re-processing.
- Its second asset, Pinos, is a fully permitted high-grade underground development project with historical resources and +90 percent metallurgical recoveries.
- San Francisco acquisition in progress, a past producer capable of ~40,000 oz/year with significant exploration upside.
- Aggressive M&A strategy aimed at fast-tracking Goldgroup into the mid-tier producer category with advanced due diligence nearing completion. .
- Backed by the Calu Group and the founders of Luca Mining, bringing extensive operational and financing expertise in Mexico.
Key Projects
Cerro Prieto Open Pit Gold Mine
Cerro Prieto is Goldgroup’s established producing operation in the Cucurpe mining district of Sonora, Mexico. It’s been in production since 2013 and is augmented by a newly expanded processing capacity that has more than doubled throughput. The mine is the cornerstone of Goldgroup’s near-term growth strategy, with ongoing optimization, a planned tailings re-processing and re-leaching initiative, and multiple drill-ready targets across the property. An updated NI 43-101 resource estimate for the Esperanzas deposit further reinforces the reliability of the mineralized system while underscoring the potential for continued resource growth.
Project Highlights
- Producing open-pit gold mine in Sonora with 120,000+ ounces produced since 2013
- Throughput recently doubled to 4,200+ tons per day (tpd) with installation of a second crushing circuit
- Tailings re-leaching strategy expected to add up to 9,000 oz/year over ~5 years
- Expansion plan targeting 30,000+ ounces of annual production
- Updated NI 43-101 outlines 37,209 oz measured and indicated, and 1,504 oz inferred gold resources
- Multiple exploration targets across the property, including Esperanza, Nueva Esperanza and additional zones all under definition drilling.
Pinos Gold Development Project
Pinos is a fully permitted, advanced-stage underground gold project positioned within the prolific Zacatecas mining belt. The district hosts 29 concessions over 3,816 hectares, with 52 shafts and more than 40 km of underground workings. Goldgroup’s internal roadmap outlines 12,700 oz/year of potential annual production from Pinos in a development scenario.
Project Highlights:
- Multiple high-grade veins historically mined at 30 to 50 g/t gold
- Historical measured and indicated estimate: 86,000 oz gold and 1.3 Moz silver (Candelaria Mining, 2018). Note: Historical resource only; not treated as current NI 43-101
- Metallurgical recovery of +90 percent gold via cyanide leaching and Merrill-Crowe
- Fully permitted for mine construction
Goldgroup plans to launch targeted exploration and resource-definition drilling at Pinos, followed by an updated economic study (PEA or PFS) that will guide a production decision for this fully permitted high-grade project.
San Francisco Open Pit Gold Mine
The San Francisco mine is a past-producing, large-scale open-pit gold operation in Sonora with extensive existing infrastructure and significant resource and exploration upside. Goldgroup has acquired the majority of creditor debt connected to the mine, enabling it to control the restructuring process and advance toward full ownership pending final court approval. With historical production of approximately 1.3 million ounces and strong metallurgical recoveries, San Francisco presents a near-term opportunity for Goldgroup to restore a proven gold mine to production and add meaningful scale to its growth profile.
Project Highlights:
- Large-scale past producer with ~1.3 million ounces of gold produced from 2010 to 2019
- Strong existing infrastructure: grid power, wells, ADR plants, assay lab, haul roads
- High processing capacity of 16,875 tpd via two parallel crushing circuits
- Good metallurgical recoveries ranging from 77 percent to 90 percent
- Multiple new high-grade zones identified behind and below pit walls
- Restart plan underway, including drilling to upgrade resources and update the mine plan
Management Team
Ralph Shearing – Chief Executive Officer
A professional geologist with nearly four decades of experience in mining and exploration, Ralph Shearing founded and led Luca Mining Corp, where he oversaw major development milestones such as the exploration, initial development construction and pre-production of the Tahuehueto gold mine, the acquisition and successful restart of production of the Campo Morado zinc poly-metalic mine in Mexico.
Anthony Balic – Chief Financial Officer & Director
Previously the director of finance for Goldgroup, Anthony Balic has extensive experience in mining finance, including senior roles at Deloitte LLP specializing in assurance and advisory for mining companies. He oversees corporate finance, accounting and capital strategy for Goldgroup.
Corry Silbernagel – Director
Corry Silbernagel is a veteran financial and technical specialist with experience across mining and energy. He is the former CFO of Cabo Drilling and project manager for large-scale initiatives at Suncor and TransAlta. Silbernagel brings expertise in strategic finance, project development and operational oversight.
Blair Jordan – Director
Blair Jordan is managing partner at Restructure Advisors, with deep experience in corporate restructuring, turnaround strategies and investment banking. He held CFO and interim CEO roles in multiple public companies, and is the former managing director at Echelon Wealth Partners.
Roberto Guzman – Director
Roberto Guzman is a finance leader with more than 25 years of experience in Mexico’s financial sector. Jordan holds an advanced degree in finance from Universidad Tecnologica de Mexico and has served as finance manager for numerous public and private Mexican companies.
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