Investor Insight

Brightstar is a cash-flowing gold producer with a 4.0Moz Mineral Resource base and two major development hubs advancing toward investment decisions. Mining from two high-grade underground mines in Laverton, continuous high-grade drilling success and near-term production expansion positions the company for significant value creation in a record gold price environment.

Overview

Gold continues to demonstrate its strength as a store of value, reaching record highs above US$4,000 per ounce in 2025 amid persistent global uncertainty, inflationary pressures and heightened geopolitical risk. In this environment, investors are increasingly turning to high-quality Australian gold producers with scale, growth visibility and near-term catalysts.

Brightstar Resources (ASX:BTR) is strategically positioned to benefit from this macro setting as a cash-flowing, multi-asset gold producer and developer with operations and growth projects across the Goldfields (Laverton–Menzies) and Sandstone regions of Western Australia. The company now controls 3.9 Moz of mineral resources across these assets, providing a diversified and scalable platform for sustained growth.

Brightstar’s unique value proposition is centered on its existing production from two underground mines, which Brightstar operates directly rather than relying on external mining contractors. The Second Fortune and Fish underground mines are delivering consistent production under an ore purchase agreement with Genesis Minerals, generating cashflow that supports ongoing drilling and development studies.

The company’s growth is anchored by a dual-hub development strategy. In the Goldfields region, the company has completed a definitive feasibility study outlining ~70,000 ounces per annum of production over an initial five-year period, with a final investment decision targeted for early 2026. Ongoing underground and near-mine drilling continues to confirm mine life extensions and additional high-grade potential.

At Sandstone, Brightstar has consolidated a 2.4 Moz district-scale gold system following the Alto and Aurumin transactions and is now progressing a major PFS evaluating a new 4 to 5 Mtpa processing facility. More than 70,000 metres of drilling has already been completed toward a material mineral resource upgrade planned for mid-2026.

Together, these hubs underpin a pipeline of near-term and long-term catalysts supported by extensive infrastructure, a strengthened technical team, and a well-funded balance sheet. As Brightstar advances feasibility work, executes its multi-rig drilling programs, and expands its production profile, the company is well placed to deliver meaningful shareholder value in a rising gold price environment.

Company Highlights

• ASX-listed gold producer and developer with a consolidated 3.9 Moz mineral resource base at 1.5 g/t gold, spanning the Goldfields portfolio (Laverton + Menzies projects) and the Sandstone Hub in Western Australia.
• Established Goldfields production base, with Brightstar operating two underground mines – Second Fortune and Fish – within the Laverton area, supplying continuous gold production under an ore purchase agreement with Genesis Minerals.
• Goldfields feasibility study (June 2025) completed, outlining ~70,000 oz of annual gold production over the first five years, with a final investment decision targeted for March 2026.
• High-grade mine life growth targeted from the Goldfields underground mines, including depth and strike extensions at Fish and strong regional hits near Second Fortune.
• Menzies Hub is positioned for future production, with Yunndaga advancing toward underground development following significant 2025 drill results, informing upcoming mineral resource and development updates.
• Sandstone Hub expanded to 2.4 Moz at 1.5 g/t gold, with a major pre-feasibility study (PFS) underway for a 4 to 5 Mtpa processing facility and more than 70,000 m of drilling completed toward a material mineral resource upgrade in mid-2026.
• Strong exploration momentum, with active drilling programs at Laverton and Sandstone and exceptional 2025 results, including 10 m @ 43.8 g/t gold at the Musketeer prospect.
• Well-funded balance sheet, with ~$41 million in cash and liquidity (as of September 2025) and a revolving stockpile finance facility supporting continuous drilling and development activities.

Key Projects

Goldfields Assets (Laverton + Menzies)

Brightstar’s Goldfields portfolio combines the Laverton and Menzies hubs into a single, development-ready production centre. Together, these assets host a significant portion of Brightstar’s consolidated resource base and provide both near-term production and long-term growth opportunities.

Laverton Hub

Brightstar’s Laverton Hub comprises two operating underground mines – Second Fortune and Fish– and a series of advanced open pit deposits, including the material Cork Tree Well and Lord Byron Deposits. These deposits sit on granted mining leases and benefit from established haul roads, existing mine infrastructure, and proximity to Brightstar’s planned processing facility.

Highlights:

• Two operating underground mines: Second Fortune and Fish continue to deliver steady production into Genesis Minerals’ Laverton mill under the ore purchase agreement. Recent underground and surface drilling has confirmed strong continuity of mineralisation at depth, particularly at Fish where multiple lodes have been intersected, including 7.0m @ 3.31 g/t gold, 9.9m @ 2.90 g/t gold, and 1.1m @ 17.6 g/t gold.
• High-grade near-mine discoveries: At Second Fortune, drilling at nearby prospects such as Linden Giant and Alawa has returned strong results (10m @ 9.83 g/t gold; 1m @ 53.8 g/t gold), demonstrating the potential for new satellite ore sources within 3 km of existing mine workings.
• Large-scale open pit opportunity: Cork Tree Well and Lord Byron remain central to Brightstar’s long-term development plan. The planning scenarios outlined in the June 2025 feasibility study support multi-year open pit mining with robust production profiles and strong economic potential.

Growth Drivers:

• Ongoing underground drilling campaigns at Second Fortune and Fish targeting mine life extensions
• DFS optimisation underway to refine the design and throughput of Brightstar’s proposed 1 Mtpa to 1.5 Mtpa processing plant
• Continued evaluation of near-mine targets leveraging existing infrastructure and haulage routes
• Integration of new high-grade drilling into updated open pit and underground mine plans

Menzies Hub

The Menzies Hub comprises a district-scale mineralised corridor extending more than 20 km along the Menzies Shear Zone. These deposits lie directly adjacent to the Goldfields Highway and sit on granted mining leases, supporting near-term development readiness.

Highlights

• Substantial resource base: The Menzies Hub hosts 0.7Moz @ 1.5g/t Au of mineral resources across multiple deposits including Lady Shenton, Yunndaga, Aspacia and the Lady Harriet system.
• Advancing underground development: Yunndaga is emerging as Brightstar’s next underground mining front, with drilling completed in 2025 returning high-grade intercepts such as 16m @ 8.03 g/t gold and 8m @ 6.67 g/t gold. These results will underpin updated mineral resource and ore reserve estimates planned for late 2025.
• Open pit opportunities: Lady Shenton and surrounding deposits are expected to support a multi-year open pit mining schedule, forming part of the production base in the Goldfields feasibility study. Permitting and approvals work is progressing, with first production targeted post-FID.

Growth Drivers:

• Updated mineral resource for Yunndaga to support underground mine planning
• Feasibility study optimisation to refine timing and sequencing of Menzies open pits
• Ongoing engagement with regional mills to evaluate toll-milling options where appropriate
• Progression toward a mining decision following completion of study phases

Sandstone Hub

Brightstar’s Sandstone Hub has been transformed into a major district-scale opportunity following the consolidation of Alto Metals and Aurumin’s Sandstone assets. The combined project now contains 2.4 Moz at 1.5 g/t gold, spread across multiple open pit camps including Lords, Vanguard, Indomitable, Havilah and Montague.

Highlights:

• Significant resource growth platform: The ambition at Sandstone is to convert this extensive mineralised system into a long-life standalone operation. Brightstar has already completed more than 70,000 m of drilling since acquisition, with a major mineral resource update targeted for mid-2026.
• High-grade exploration success: Recent drilling has delivered standout results such as 10 m @ 43.8 g/t gold at the Musketeer prospect, highlighting the potential for new high-grade zones within the broader system.
• Processing pathway defined: A PFS is underway examining a new 4 to 5 Mtpa processing hub located at the historic Sandstone mill site, aiming to establish Sandstone as a cornerstone asset in Brightstar’s future growth.

Growth Drivers:

• 120,000 m drilling program planned through June 2026 to upgrade key deposits to indicated category
• PFS delivery targeted for mid-2026
• Long-term development scenario supported by strong infrastructure and granted mining tenure

Management Team

Alex Rovira – Managing Director

Alex Rovira is a qualified geologist and an experienced investment banker having focused on the metals and mining sector since 2013. Rovira has experience in ASX equity capital markets activities, including capital raisings, IPOs and merger and acquisitions.

Richard Crookes – Non-executive Chairman

Richard Crookes has over 35 years’ experience in the resources and investments industries. He is a geologist by training having previously worked as the chief geologist and mining manager of Ernest Henry Mining in Australia. Crookes is managing partner of Lionhead Resources, a critical minerals investment fund and formerly an investment director at EMR Capital. Prior to that he was an executive director in Macquarie Bank’s Metals Energy Capital (MEC) division where he managed all aspects of the bank’s principal investments in mining and metals companies.

Andrew Rich – Executive Director

Andrew Rich is a degree qualified mining engineer from the WA School of Mines and has obtained a WA First Class Mine Managers Certificate. Rich has a strong background in underground gold mining with experience predominantly in the development of underground mines at Ramelius Resources (ASX:RMS) and Westgold Resources (ASX:WGX).

Jonathan Downes – Non-executive Director

Jonathan Downes has over 30 years’ experience in the minerals industry and has worked in various geological and corporate capacities. Experienced with gold and base metals, he has been intimately involved with the exploration process through to production. Downes is currently the managing director of Kaiser Reef, a high grade gold producer, and non-executive director of Cazaly Resources.

Nicky Martin – Chief Financial Officer

Nicky Martin is an experienced finance and accounting professional holding tertiary qualifications in accounting and finance and is a qualified CPA. Martin was previously the Head of Finance at Pilbara Minerals Ltd (ASX:PLS) where she oversaw and was actively involved in a rapidly growing mining success story.

1. Lithium Argentina (NYSE:LAR)

Year-to-date gain: 106.39 percent
Market cap: US$891.03 million
Share price: US$5.49

Lithium Argentina produces lithium carbonate from its Caucharí-Olaroz brine project in Argentina, developed with Ganfeng Lithium (OTC Pink:GNENF,HKEX:1772). The company was spun out from Lithium Americas in October 2023 and changed its name from Lithium Americas (Argentina) in January 2025.

In mid-April, Lithium Argentina executed a letter of intent with Ganfeng Lithium to jointly advance development across the Pozuelos-Pastos Grandes basins.

In August, Lithium Argentina agreed to form a new joint venture with Ganfeng Lithium that will combine the companies’ projects in the Pozuelos and Pastos Grandes basins of Salta, Argentina.

The joint venture will bring together Ganfeng’s wholly owned Pozuelos-Pastos Grandes (PPG) project and Lithium America’s Pastos Grandes and Sal de la Puna projects, in which Ganfeng currently holds a 15 percent and 35 percent stake respectively.

Once completed, Ganfeng will hold a 67 percent stake in the consolidated PPG project, and Lithium Argentina will hold a 33 percent interest.

In Q4, Lithium Argentina released a positive scoping study for the PPG project, confirming its scale and strong economics. The consolidated project hosts a measured and indicated resource of 15.1 million metric tons of lithium carbonate equivalent (LCE) and is designed for staged production of up to 150,000 metric tons per year over a 30 year mine life.

In the same announcement, the company confirmed receipt of an environmental approval for Stage 1 from the Secretariat of Mining and Energy of the Province of Salta.

Lithium Argentina released its Q3 results in November, noting approximately 8,300 metric tons of lithium carbonate production at its Caucharí-Olaroz operation during the quarter, with 24,000 metric tons produced between January and September.

Company shares rose to a year-to-date high of US$5.58 on December 31, in line with rising lithium carbonate prices.

2. Sociedad Química y Minera (NYSE:SQM)

Year-to-date gain: 87.39 percent
Market cap: US$19.66 billion
Share price: US$68.98

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, including a 50/50 joint venture for the Mt Holland lithium operation in Western Australia. In July, the company produced its first battery-grade lithium hydroxide production at its Kwinana refinery in the state.

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.

SQM ended the year finalizing the agreement. The partnership was formalized through SQM’s subsidiary SQM Salar absorbing Codelco’s Minera Tarar and being renamed Nova Andino Litio.

SQM reported a net income of US$404.4 million for the first nine months of 2025, rebounding from a US$524.5 million loss in the same period of 2024. Revenue totaled US$3.25 billion, down 5.9 percent year-over-year, while gross profit reached US$904.1 million.

The company’s third-quarter performance highlighted the turnaround, as SQM achieved record lithium sales volumes. It reported net income of US$178.4 million, up 36 percent from Q3 2024, and revenue of US$1.17 billion, up 8.9 percent. Gross profit for the quarter climbed 23 percent to US$345.8 million.

SQM attributed the rebound to higher realized lithium prices and improved operational efficiency, signaling a strong recovery trajectory for the remainder of 2025.

Shares of SQM reached a year-to-date high of US$71.63 on December 26.

3. Albemarle (NYSE:ALB)

Year-to-date gain: 64.29 percent
Market cap: US$16.71 billion
Share price: US$142.01

North Carolina-based Albemarle is dividing into two primary business units, one of which — the Albemarle Energy Storage unit — is focused wholly on the lithium-ion battery and energy transition markets. It includes the firm’s lithium carbonate, hydroxide and metal production.

Albemarle has a broad portfolio of lithium mines and facilities, with extraction in Chile, Australia and the US. Looking first at Chile, Albemarle produces lithium carbonate at its La Negra lithium conversion plants, which process brine from the Salar de Atacama, the country’s largest salt flat. Albemarle is aiming to implement direct lithium extraction technology at the salt flat to reduce water usage.

Albemarle’s Australian assets Wodgina hard-rock lithium mine in Western Australia, which is owned and operated by the 50/50 MARBL joint venture with Mineral Resources (ASX:MIN,OTC Pink:MALRF). Albemarle wholly owns the on-site Kemerton lithium hydroxide facility. The company’s other Australian joint venture is the Greenbushes hard-rock mine, in which it holds a 49 percent interest.

In late October, Albemarle signed an agreement to sell its 51 percent stake in its refining catalyst business, Ketjen, leaving it with 49 percent ownership, part of a broader portfolio reshaping that also includes the sale of Ketjen’s 50 percent stake in the Eurecat joint venture to partner Axens.

The combined deals are expected to generate approximately US$660 million in pre-tax cash proceeds and strengthen Albemarle’s financial flexibility. Both transactions are anticipated to close in the first half of 2026, subject to regulatory approvals.

In November, Albemarle reported third‑quarter results that reflected improved operations amid continued lithium market headwinds. The company logged net sales of roughly US$1.31 billion, a slight year‑over‑year decline driven by lower energy storage pricing.

Albemarle generated US$356 million in quarterly cash from operations, noting the company remained on track to reduce full‑year capital expenditures to around US$600 million while targeting positive free cash flow of US$300 million to US$400 million in 2025.

Shares of Albemarle marked a year-to-date high of US$150.01 on December 26, amid strengthening lithium prices.

4. Lithium Americas (NYSE:LAC)

Year-to-date gain: 47 percent
Market cap: US$1.24 billion
Share price: US$4.41

US-focused Lithium Americas is developing its flagship Thacker lithium Pass project located in Humboldt County in northern Nevada. The project is a joint venture between Lithium Americas at 62 percent and General Motors (NYSE:GM) at 38 percent.

According to the company, Thacker Pass holds the “largest measured lithium reserve and resource in the world.”

In March, Lithium Americas secured a US$250 million investment from Orion Resource Partners to advance Phase 1 construction of the project, which 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.

Shares of Lithium Americas surged in late September, rising from US$3.07 to US$7.37 in three days. Its share price reached a 2025 high of US$10.05 on October 13.

Lithium Americas’ share price rose on news of renegotiation talks over its US$2.26 billion Department of Energy loan tied to the Thacker Pass project. According to media reports, the Trump administration was seeking up to a 10 percent equity stake as part of amendments to the loan’s repayment structure.

In response, Lithium Americas offered no-cost warrants for 5 to 10 percent of its shares and agreed to cover related administrative costs, while requesting changes to the amortization schedule without altering the loan’s term or interest.

An agreement was reached on October 1 and Lithium Americas received the first US$435 million installment of the loan on October 20.

The company ended the year by announcing it was being added to the S&P/TSX Composite Index (INDEXTSI:OSPTX).

5. Sigma Lithium (NASDAQ:SGML)

Year-to-date gain: 20.23 percent
Market cap: US$1.5 billion
Share price: US$13.49

Sigma Lithium is a Brazil-focused lithium producer supplying chemical-grade lithium concentrate to the global battery market. The company operates the Grota do Cirilo project in Minas Gerais, one of the world’s largest hard-rock lithium operations.

Sigma’s Greentech industrial lithium plant currently produces about 270,000 metric tons per year of lithium concentrate, equivalent to roughly 38,000 to 40,000 metric tons of LCE. The company is building a second processing plant that is expected to lift total capacity to approximately 520,000 metric tons of concentrate annually.

In September, Sigma Lithium’s flagship Grota do Cirilo operation in Brazil faced both regulatory scrutiny and operational disruption.

That month, Brazilian prosecutors requested a pause in operations after a technical review flagged shortcomings in the project’s Environmental Impact Assessment, citing potential water-management risks to the Piauí stream from planned open pits, a key water source for nearby communities, particularly during droughts.

While it denied issues with its EIA, Sigma paused mining to upgrade equipment and improve efficiency. The company phased down operations in September and shut the mine throughout October, leading to a sharp drop in output.

In mid-November, Sigma reported a strong Q3 2025, with net revenue rising 69 percent quarter-over-quarter and 36 percent year-over-year. The company generated US$24 million from final price settlements on sales completed by the end of Q3, with a further US$4 million in cash expected from additional settlements.

Sigma also expects to receive approximately US$33 million from the sale of 950,000 metric tons of lithium-bearing material that can be reprocessed by its customers, providing an additional near-term cash inflow.

Operationally, it said mining activities would restart by the end of November, with full ramp-up targeted for the first quarter of 2026. Because the company took over mining operations from its equipment contractor earlier in 2025, the restart is supported by upgraded equipment leased directly from manufacturers and operated in-house.

Sigma Lithium shares rose to a year-to-date high of US$14.50 on December 26.

Investor Insight

E-Power Resources offers investors high-grade exposure to the rapidly expanding flake graphite sector through one of Québec’s most promising districts. With a strategic land position, near-surface discoveries, and a leadership team experienced in exploration and capital markets, E-Power is positioned to help supply North America’s critical battery materials chain.

Overview

E-Power Resources (CSE:EPR) is a Montréal-based company focused on advancing its flagship Tetepisca graphite property in Québec’s North Shore region. The company’s mission is to delineate and develop a high-grade, near-surface flake-graphite resource capable of supplying future North American battery-anode demand.

Since entering the Tetepisca district in 2019, E-Power has systematically advanced its project from regional geophysics to mapping, sampling, drilling and metallurgical testing. This disciplined exploration pipeline has confirmed the presence of district-scale, high-purity graphite mineralization within the same geological sequence that hosts neighboring deposits such as Focus Graphite’s Lac Tetepisca and Nouveau Monde Graphite’s Uatnan, which together hold more than 120 million tons (Mt) measured + indicated at approximately 14 percent Cg.

Graphite demand is accelerating globally as electric-vehicle production and energy-storage capacity expand. Québec’s hydroelectric grid, pro-mining policy environment, and rapidly developing anode-manufacturing infrastructure make it a world-class jurisdiction for low-carbon graphite development. Within this setting, E-Power’s land position, grade profile and technical results uniquely position the company to become a core participant in Canada’s graphite-to-battery supply chain.

Company Highlights

• Flagship project in Québec’s premier graphite district: 100-percent-owned Tetepisca Property, 234 contiguous claims covering ≈ 12,840 ha, the largest land position in the district
• Exceptional grades: 2025 surface sampling returned up to 68.7 percent Cg (carbon in graphite form) at the Graphi-Centre target, among the highest reported globally
• High-purity metallurgy: 2024 bulk sampling produced concentrates grading up to 96.4 percent Cg, validating commercial potential.
• Strategic infrastructure advantage: ~220 km from Baie-Comeau and within trucking distance of a planned 200,000 tons per year (tpy) graphite-anode facility, anchoring Québec’s battery-materials hub.
• Surging Market Demand: With global battery production accelerating, the graphite market is forecast to soar, positioning E-Power to benefit from one of the most dynamic growth trends in the energy materials sector.
• Led by Experience: Backed by a strong, technically skilled management team, E-Power is strategically positioned to advance North American graphite independence and capture growing demand in the energy transition economy.

Key Project

Tetepisca Graphite Project

The Tetepisca graphite property is approximately 220 km north of Baie-Comeau, covering 234 contiguous claims (~12,840 ha) in the heart of the Tetepisca Graphite District (TGD). The property is 100-percent-owned by E-Power and hosts the same graphitic metasedimentary units that define the district’s producing and feasibility-stage assets.

District-Scale Opportunity

The TGD is an emerging flake-graphite camp that now hosts more than 120 Mt of measured and indicated resources averaging ~14 percent Cg across nearby projects such as Nouveau Monde Graphite’s Uatnan and Focus Graphite’s Lac Tetepisca deposits.

E-Power controls the largest contiguous land position in the district, strategically covering the same graphitic metasedimentary horizons that host these deposits. The district’s proximity to the planned 200,000 tpy graphite-anode facility in Baie-Comeau creates a unique alignment of resource, infrastructure and processing capability, positioning E-Power as a potential key upstream feed source for Québec’s integrated graphite-to-anode supply chain.

2024–2025 Exploration Results

E-Power’s work since 2021 has validated the property’s high-grade, near-surface potential.

• The 2025 Phase 1 program returned grab samples up to 68.7 percent Cg at the Graphi-Centre target, one of the highest surface graphite grades reported globally.
• New discoveries on the northern claim block (N3 and N4 targets) yielded multiple samples exceeding 20 percent Cg, extending graphite mineralization across more than 330 meters of strike within continuous conductive trends.
• The Syndicate Trend, a 12 km linear conductor in the southwest, produced a new showing with grades of 54.7 percent Cg within a broader corridor that includes a historical drill intercept of 12.74 percent Cg over 9.55 meters.
• Metallurgical test work from 2024 bulk sampling confirmed high-purity concentrates of up to 96.4 percent Cg, with additional mineralogy and flake-size distribution studies underway to define commercial product potential.

E-Power’s 2025–2026 work program will focus on advancing the Tetepisca property toward an initial resource estimate. Key activities include expanded fieldwork and metallurgical testing at the Graphi-Centre, Captain Cosmos and Syndicate showings; follow-up ground and drone-borne geophysical surveys to refine drill targets; and a focused drilling campaign designed to define near-surface, high-grade graphite zones. In parallel, the company is initiating early environmental baseline and access studies to support future development and potential partnerships within Québec’s growing graphite-to-anode supply chain.

Management Team

Jean-Michel Gauthier – Chief Executive Officer

Jean-Michel Gauthier contributes significant expertise in capital markets, corporate development and strategic positioning within the resource sector. His focus will be on ensuring the optimal deployment of capital and maximizing the inherent value of the Tetepisca Project as it advances through key de-risking stages.

Mark Billings – Chairman of the Board

Mark Billings is a highly respected finance professional in the Canadian resource sector, bringing extensive investment banking and corporate finance experience. His prior roles, including VP corporate finance at Desjardins Securities, provide a crucial foundation for guiding E-Power’s capital formation and strategic financing plans necessary for the Tetepisca Project’s development phases.

Jamie Lavigne – Chief Operating Officer

Jamie Lavigne is a professional economic geologist with over 30 years of experience in exploration and mine development. He has worked with major Canadian and Australian mining companies and several junior explorers and operates his own consulting firm. Lavigne holds a B.Sc. from Memorial University and an MSc. from the University of Ottawa. He is a member of L’Ordre des Géologues du Québec and the Northwest Territories and Nunavut Association of Professional Engineers and Geoscientists.

Paul Haber – Chief Financial Officer and Corporate Secretary

Paul Haber brings over 20 years of experience in corporate finance and capital markets. He has served as CFO, board member, and audit chair for numerous public and private companies, including XTM (CSE:PAID), South American Silver (TSX:SAC), and Migao Corporation (TSX:MGO). A CPA and CA, Haber began his career at Coopers & Lybrand and holds an Honours B.A. in Management from the University of Toronto. He also holds a Chartered Director designation from the DeGroote School of Business and the Conference Board of Canada.

Christian Falk – Advisory Board Member

1. Avidity Biosciences (NASDAQ:RNA)

Year-over-year gain: 143.8 percent
Market cap: US$10.87 billion
Share price: US$72.14

Avidity Bioscience is a biopharma firm developing a new form of RNA therapy called antibody oligonucleotide conjugates (AOC) that target the genes causing rare muscle diseases.

Through its proprietary AOC platform, Avidity developed programs for three rare muscle diseases: AOC 1001 for myotonic dystrophy type 1, AOC 1044 for Duchenne muscular dystrophy and AOC 1020 for facioscapulohumeral muscular dystrophy. The company is also working to expand its pipeline into cardiology and immunology.

In October 2025, Avidity entered into a definitive agreement to be acquired by Novartis (NYSE:NVS), which will include the company’s late-stage neuromuscular programs (AOC 1001, 1020, 1044) and the AOC platform, for US$12 billion.

Avidity’s early-stage precision cardiology programs will spin off into a new public company prior to closing in H1 2026. The spin-off will also have rights to use and develop the AOC platform for cardiology applications.

2. Wave Life Sciences (NASDAQ:WVE)

Year-over-year gain: 36.52 percent
Market cap: US$3.13 billion
Share price: US$17.12

Wave Life Sciences is another clinical-stage firm focused on unlocking insights from human genetics to deliver RNA-based medicines. The company’s PRISM platform is targeting both rare and prevalent disorders. Its pipeline includes clinical programs for Duchenne muscular dystrophy, alpha-1 antitrypsin deficiency and Huntington’s disease, as well as a preclinical program for WVE-007 in obesity.

Wave Life Sciences advanced its PRISM RNA platform across multiple programs in 2025. It is also performing a Phase 1 trial testing its WVE-007 obesity candidate, which is an investigational INHBE GalNAc-siRNA using Wave’s proprietary SpiNA design.

In December, the company reported positive interim data from the WVE-007 trial, which showed that a single dose resulted in sustained Activin E reduction, supporting infrequent dosing. Target engagement updates and body composition readouts are planned for Q1 2026.

3. UniQure (NASDAQ:QURE)

Year-over-year gain: 33.15 percent
Market cap: US$1.47 billion
Share price: US$23.86

UniQure is a gene therapy company focused on patients with severe medical needs. In November 2022, the US Food and Drug Administration (FDA) approved the company’s gene therapy Hemgenix (etranacogene dezaparvovec), which is the world’s first gene therapy for hemophilia B.

Today, uniQure’s proprietary gene therapy pipeline includes treatments for patients with Huntington’s disease, refractory temporal lobe epilepsy, ALS and Fabry disease.

Its gene therapy pipeline advanced in 2025, with positive Phase I/II topline data for Huntington’s disease candidate AMT-130 showing 75 percent slowing of disease progression at three years via cUHDRS, alongside 60 percent functional capacity preservation.

While data from the Phase I/II study led the FDA to grant AMT-130 breakthrough therapy designation in April, in December the agency told UniQure it believes the data may not be adequate to support a pre-biologics license application under the accelerated approval pathway. The company is pursuing a follow-up meeting.

4. Stoke Therapeutics (NASDAQ:STOK)

Year-over-year gain: 186.96 percent
Market cap: US$1.81 billion
Share price: US$31.74

Stoke Therapeutics is another biotech company with a focus on developing RNA medicine. With its proprietary research platform TANGO, which stands for targeted augmentation of nuclear gene output, the company is developing antisense oligonucleotides to selectively restore protein levels.

Stoke’s first product candidate, zorevunersen (STK-001), is in clinical testing for the treatment of Dravet syndrome, a severe form of genetic epilepsy. The company is also developing STK-002 for the treatment of autosomal dominant optic atrophy, an inherited optic nerve disorder.

Both candidates advanced in 2025, with STK-001 enrolling patients in Phase 3 after positive long-term data showed seizure reductions and cognitive gains. Likewise, STK-002’s clinical development program is being informed by results, presented in October, of a Phase 1 two year natural history study on the disease progression of autosomal dominant optic atrophy.

Copper outlook for 2026

Market watchers expect many of the forces that drove copper through 2025 to persist.

Supply constraints are expected to remain acute this year as aging mines and capacity shortfalls weigh on availability. New projects such as Arizona Sonoran Copper Company’s (TSX:ASCU,OTCQX:ASCUF) Cactus project and the long‑anticipated Resolution mine in the US are still years from significant output.

Copper demand is projected to grow as the global energy transition accelerates.

“A huge amount of this tightness has to do with US tariff concerns,” she said.

China, the world’s largest copper consumer, is also shaping the outlook. Despite weakness in its property sector, the country posted economic growth and is expected to prioritize copper‑intensive sectors under its new five year plan.

Longer‑term projections from industry groups suggest structural demand growth will outpace supply additions.

A UN report estimates that copper demand could rise 40 percent by 2040, requiring substantial investment and new mines just to keep pace. Likewise, Wood Mackenzie forecasts that copper demand will increase 24 percent by 2035, while the International Copper Study Group predicts a refined copper deficit of 150,000 metric tons in 2026 alone.

1. Stria Lithium (TSXV:SRA)

Year-to-date gain: 708.33 percent
Market cap: C$19.11 million
Share price: C$0.48

Stria Lithium is a Canadian exploration company focused on developing domestic lithium resources to support the growing demand for electric vehicles and lithium-ion batteries. The company’s flagship Pontax Central lithium project spans 36 square kilometers in the Eeyou Istchee James Bay region of Québec, Canada.

Cygnus Metals (TSXV:CYG,ASX:CY5,OTCQB:CYGGF) has an earn-in agreement with Stria to earn up to a 70 percent interest in Pontax Central. Cygnus completed the first stage in July 2023, acquiring a 51 percent interest by investing C$4 million in exploration and issuing over 9 million shares to Stria.

In May 2025, Stria and Cygnus agreed to extend the second stage of Cygnus’s earn-in agreement on the Pontax Central lithium project by 24 months. The second stage involves a further C$2 million in exploration spending and C$3 million in a cash payment.

Through its joint venture with Cygnus, Stria has outlined a JORC-compliant maiden inferred resource for Pontax Central of 10.1 million metric tons grading 1.04 percent lithium oxide.

In March, Stria closed a non-brokered private placement for C$650,000. The funds will be used in part for the evaluation of new mineral opportunities, according to the company.

Shares of Stria registered a year-to-date high of C$0.50 on December 30, 2025, coinciding with lithium carbonate prices rising to a near 24 month high.

2. Consolidated Lithium Metals (TSXV:CLM)

Year-to-date gain: 350 percent
Market cap: C$20.51 million
Share price: C$0.045

Consolidated Lithium Metals is focused on acquiring, developing and advancing lithium projects in Québec. Its properties — Vallée, Baillargé, Preissac-LaCorne and Duval — are located within the spodumene-rich La Corne Batholith area, near the restarted North American Lithium mine, a key area in Canada’s growing lithium sector.

Consolidated Lithium started the year with a C$300 million private placement earmarked for working capital and general corporate purposes.

In July, the company commenced a summer exploration program at the Preissac project, excavating a 100 by 30 meter trench in an area with a known lithium soil anomaly, uncovering an 18 meter wide pegmatite body at surface.

At the end of August, Consolidated Lithium signed a non-binding letter of intent with SOQUEM, a subsidiary of Investissement Québec, to acquire an option to earn up to an 80 percent interest in the Kwyjibo rare earths project.

The project is located roughly 125 kilometers northeast of Sept-Îles in Québec’s Côte-Nord region.

Under the deal, which was finalized in November, Consolidated Lithium will become operator of the project and can earn an initial 60 percent stake over five years through a combined C$23.15 million in cash payments, share issuances and project expenditures.

A significant portion of those funds will be invested in advancing Kwyjibo through stages including negotiating and finalizing an agreement with the Innu of Uashat mak Mani-Utenam, a metallurgical study and environmental permitting.

Upon completion, the partners will form a joint venture, and Consolidated will have the option to increase its interest to 80 percent by investing C$22 million over a further three years.

An uptick in lithium prices in October helped Consolidated shares rally to a year-to-date high of C$0.06 several times between October 22 and November 3.

3. Lithium South Development (TSXV:LIS)

Year-to-date gain: 330 percent
Market cap: C$48.76 million
Share price: C$0.43

Canada-based Lithium South Development currently owns 100 percent of the HMN lithium project in Argentina’s Salta and Catamarca provinces, situated in the heart of the lithium-rich Hombre Muerto Salar.

The project lies adjacent to South Korean company POSCO Holdings’ (NYSE:PKX,KRX:005490) billion-dollar lithium development to the east.

Exploration has defined a resource of 1.58 million metric tons of lithium carbonate equivalent (LCE) at an average grade of 736 milligrams per liter lithium, with the majority in the measured category. A preliminary economic assessment outlines the potential for a 15,600 metric ton per year lithium carbonate operation.

In January 2024, Lithium South and POSCO signed an agreement to jointly develop the HMN lithium project. Under the deal, the companies will share production 50/50 from the Norma Edith and Viamonte blocks in Salta and Catamarca, resolving overlapping claims.

As for 2025, in June Lithium South’s shares tripled to C$0.30 after it received positive news regarding its environmental impact assessment.

Lithium South shared a huge update in July that changed its trajectory; the company received a non-binding cash offer of US$62 million from POSCO to purchase its lithium portfolio, including the HMN project.

POSCO would acquire Lithium South’s wholly owned subsidiary NRG Metals Argentina, which holds the HMN project and all of Lithium South’s other concessions, namely the Sophia I–III and Hydra X–XI claims.

The 60 day due diligence period concluded in late September, and on November 12, Lithium South announced a share purchase agreement to sell its Argentinian lithium portfolio to POSCO Argentina for US$65 million.

Company shares climbed to C$0.44 the next day, while its highest close of the year, C$0.45, came on December 24.

Lithium South officially signed the deal on December 8, with its closing subject to several approvals. Following the transaction’s completion, Lithium South plans to de-list from the TSXV and begin dissolution proceedings.

In connection with the news, the company intends to buy back all common shares at a price of C$0.505.

4. Standard Lithium (TSXV:SLI)

Year-to-date gain: 190 percent
Market cap: C$1.47 billion
Share price: C$6.15

Standard Lithium is a US-focused lithium development company advancing a portfolio of high-grade lithium brine projects with an emphasis on sustainability and commercial-scale production.

The company employs a fully integrated direct lithium extraction process and is developing its flagship Smackover Formation assets in Arkansas and Texas, including the South West Arkansas project. The projects are a partnership with Equinor ASA, under the 55/45 joint venture subsidiary Smackover Lithium.

In April, its South West Arkansas project was one of 10 US critical minerals projects designated for fast tracking under FAST-41.

On September 3, Standard Lithium reported results of its definitive feasibility study (DFS) for the South West Arkansas project. The DFS notes an initial capacity of 22,500 metric tons per year of battery-grade lithium carbonate, with first production targeted for 2028. The study outlines an operating life of over 20 years based on average lithium concentrations of 481 milligrams per liter, supported by detailed resource and reserve modeling. The company filed the DFS on October 14.

In late October, Standard Lithium reported the unanimous approval of the Arkansas Oil and Gas Commission for the company’s Integration Application for the project’s Reynolds brine unit, which is where the initial commercial phase of production is planned.

Standard is also actively exploring additional lithium brine opportunities in East Texas through the joint venture, and in November, Smackover Lithium filed the maiden inferred resource report for the Franklin project. The report highlights 2.16 million metric tons of LCE, 15.41 million metric tons of potash and 2.64 million metric tons of bromide contained in 0.61 square kilometers of brine volume.

The resource stands at an average lithium grade of 668 milligrams per liter, including a grade of 806 milligrams per liter at the Pine Forest 1 well, which the company states is North American’s highest concentration of lithium-in-brine.

The project covers roughly 80,000 acres, with 46,000 acres leased, and is poised to become the first phase in a broader East Texas expansion. Smackover Lithium ultimately aims to produce over 100,000 metric tons of lithium chemicals annually from its Texas operations.

On October 20, Standard closed a US$130 million underwritten public offering for 29,885,057 common shares, which will fund capital expenditures at the South West Arkansas project and the Franklin project.

Standard and Equinor ended the year advancing project financing for its South West Arkansas project, targeting up to US$1.1 billion in senior secured debt. The company has received over US$1 billion in combined interest from major export credit agencies, including the US EXIM Bank and Norway’s Eksfin.

The potential funds, alongside a US$225 million grant from the US Department of Energy, would support Phase 1 construction, which has an estimated US$1.45 billion in capital expenditures, FEED and feasibility study costs, and typical financing contingencies.

After climbing steeply starting in late September, the company’s shares hit a year-to-date high of C$7.64 on October 16.

5. Q2 Metals (TSXV:QTWO)

Year-to-date gain: 144.87 percent
Market cap: C$363.79 million
Share price: C$1.97

Exploration firm Q2 Metals is exploring three lithium properties — Cisco, Mia and Stellar — in the Eeyou Istchee James Bay region of Québec, Canada. Contained within the portfolio is the Mia trend, which spans over 10 kilometers, while the Stellar lithium property comprises 77 claims and located 6 kilometers north of the Mia property.

In 2024, Q2 Metals acquired Cisco lithium property and spent the rest of the year exploring the area. The work led to Q2 acquiring a 100 percent interest in 545 additional mineral claims, tripling its land position at the Cisco lithium property.

A subsequent company update reported that metallurgical testing on drill core from its 2024 exploration work confirmed that spodumene is the primary lithium-bearing mineral within pegmatite at the project.

The company performed multiple drill campaigns in 2025, including a winter diamond drilling program. Over the course of the year, Q2 defined an exploration target and reported a series of positive results from test work and drilling at the project.

The most recent announcement, released December 3, singled out results from drill hole 44 as the ‘widest continuous spodumene pegmatite interval’ identified at the property. The hole intersected 457.4 meters of continuous mineralization with an average grade of 1.65 percent lithium oxide.

‘Drill hole 44 further showcases the Cisco project as a globally significant hard rock lithium discovery. The results to date will underpin the inaugural Mineral Resource Estimate, which we expect to announce in the first quarter of 2026, as we continue to advance Cisco,’ wrote Alicia Milne, president and CEO of Q2 Metals.

The company’s share price began climbing in late October following the news that it added Keith Phillips, CEO of Piedmont Lithium from 2017 to 2025, to its board of directors.

Propelled by the board addition and the drilling results results, shares of Q2 Metals ended 2025 on a high note, registering a year-to-date high of C$1.95 on December 30.

European cannabis legalization and international growth

2025 brought incremental legalization or medical frameworks in multiple jurisdictions, including Czechia, Malta, Poland, Switzerland and Luxembourg, broadening the investable global footprint.

This continental momentum has directly boosted North American producers through export ramps and licensing deals, with Canadian licensed producers capturing 43 percent of Germany’s Q2 imports alone.

The country’s CanG framework and adult‑use reform, which came into effect in April 2024, have made it Europe’s most important legal market, with 2025 medical sales expected to see explosive year-on-year growth.

Investor takeaway

2025 marked a transformative year for cannabis, with regulatory breakthroughs and market maturation set against the backdrop of volatility. Trump’s execuctive order has brought new life into the sector in the US with the promise of not only banking and tax relief, but also bipartisan momentum for normalization; however, investors remain cautious.

“Everybody is waiting for it to be real and for it to be completed. Because even though we think the executive order was huge … nothing’s complete yet. Nothing’s official yet,” explained Ahrens.

Looking to 2026, he emphasized that the path forward for cannabis isn’t a straight line, but rather a series of volatile ‘waves’ tied to incremental regulatory milestones. Ahrens anticipates that while the finalization of Schedule III should trigger an initial move, it is merely the first domino; subsequent upside depends on the DoJ providing clear guidance for state-legal adult-use programs and the eventual passage of banking reform.

While he does foresee cannabis stocks uplisting to major exchanges, and Big Pharma companies beginning to make acquisitions in the space, Ahrens remains cautious about timing, noting that even with a signed order, large institutional banks will likely keep the ‘blockade’ in place until the legal ink is truly dry.

Ultimately, while 2025’s executive action has established a concrete foundation for federal reform in the US, the cannabis sector remains poised in a state of high-stakes volatility, with its full maturation dependent on official completion of milestones in 2026 and beyond.