Bitcoin (BTC) was priced at US$64,409.84, down by 4.4 percent over the last 24 hours.

Bitcoin price performance, February 23, 2026.

Chart via TradingView.

XS.com senior market analyst Linh Tran suggested that the medium-term uptrend is limited without major catalysts. She predicts that Bitcoin will fluctuate between US$65,000 support and US$70,000 resistance; however, if current pressures persist, there is a risk of Bitcoin retesting the US$60,000 low, which could trigger a deeper decline.

Software stocks slipped alongside a further decline in crypto prices after Anthropic said its Claude platform can help ‘break the cost barrier to COBOL modernization,’ a high-level, compiled computer programming language that the firm says ‘runs in production every day, powering critical systems in finance, airlines, and government.’

Ether (ETH) was priced at US$1,860.34, down by 4.1 percent over the last 24 hours.

Altcoin price update

• XRP (XRP) was priced at US$1.36, down by 2 percent over 24 hours.

• Solana (SOL) was trading at US$78.37, down by 5.6 percent over 24 hours.

Today’s crypto news to know

Yield Basis thrives on market volatility

Some parts of the DeFi ecosystem have benefited from the chaos of Bitcoin’s sudden price drop in January, which liquidated billions of dollars’ worth of positions. A DeFi project called Yield Basis, which helps people trade Bitcoin and Ether through its liquidity pools, says it’s handled US$769 million in trades since the beginning of 2026, with more than half occurring after January 28, when crypto prices began swinging wildly.

According to a recent report, the protocol has collected US$12.15 million in fees since it launched its v2 pools in November 2025, compared to US$5.31 million worth of tokens it paid out as rewards, leaving about US$6.84 million in net profit for the users providing liquidity and holding the project’s tokens.

Open-source AI project distances itself from crypto

An open-source AI agent framework known as OpenClaw has inadvertently become the center of a crypto controversy. The project, built to power autonomous agents capable of browsing the web and executing complex tasks, was briefly rebranded amid a naming dispute before scammers launched a fake Solana-based token using its former branding.

The token’s market capitalization surged to roughly US$16 million within hours before collapsing more than 90 percent after developer Peter Steinberger disavowed any connection.

Steinberger publicly rejected the speculation, writing on X: “To all crypto folks: please stop pinging me, stop harassing me. I will never do a coin. Any project that lists me as coin owner is a SCAM.”

USDT contraction flashes rare stress signal

Tether’s USDT stablecoin is signaling liquidity strain reminiscent of the market turmoil following the FTX collapse.

According to CryptoQuant, the 60 day change in USDT supply has dropped to negative US$3 billion, which marks only the second time such a contraction has occurred. Bloomberg reported that USDT is on pace for its steepest monthly supply decline since December 2022, already shrinking by roughly US$1.5 billion in February alone.

Large-scale redemptions typically suggest institutions or major holders are pulling capital out of the crypto ecosystem rather than simply rotating between tokens. The last comparable contraction came as Bitcoin fell toward US$16,000 during the FTX crisis before stabilizing and beginning a multi-year recovery.

Gold’s insurance premium

Nowhere has geopolitical risk been more visible than in gold.

The metal surged to fresh highs in early 2026 after setting 40 new records in 2024 and 53 more in 2025, a pace not seen since 1979. The price briefly pushed beyond US$5,500 per ounce at the start of the year.

“The message from this price action is unmistakable,” Holden said. “In an uncertain world, the market is paying a premium for insurance, and gold is the ultimate safe asset.”

While short-term flashpoints helped fuel the rally, the structural driver has been central bank buying. Since sanctions in 2022 prompted reserve managers to rethink US dollar exposure, official sector purchases have accelerated.

“The sustained buying from central banks is the real engine behind the rally,” Holden said.

S&P’s base case sees gold averaging US$4,247 per ounce in 2026, with upside potential toward US$6,000 by 2027 in a more bullish scenario.

Copper tightness, nickel politics

Luiz Amaral from S&P’s exploration team said copper ended 2025 on strong footing, with London Metal Exchange (LME) prices reaching US$12,500 per metric ton in December.

Supply-side tightness, a weaker US dollar and copper’s growing role in electrification supported prices. The US decision to formally list copper as a critical mineral reinforced its strategic importance.

S&P has lifted its 2026 copper price forecast to US$11,400 per metric ton, projecting a 543,000 metric ton concentrate deficit next year. However, the refined market is expected to move into surplus later in the decade as new smelter capacity ramps up. Longer term, the concentrate picture darkens again.

“Our base case shows a 3 million metric ton shortfall by 2036,” Amaral said.

Nickel’s recent rally, by contrast, has been driven more by policy than fundamentals. The price broke above US$18,000 per metric ton in January after Indonesia reduced its 2026 production quota.

“The market is responding emotionally to policy updates,” Amaral said, noting that despite the rally, the broader market remains in surplus and LME inventories are building.

Lithium rebounds amid persistent surplus

Lithium prices have also staged a sharp rebound, rising 57 percent in China between mid-December and mid-January on renewed demand optimism and supply concerns. Yet S&P expects the market to remain oversupplied for most of the decade, with deficits not emerging until the early 2030s.

New supply from Australia, Latin America and China continues to outpace demand growth, even as electric vehicles account for roughly 75 percent of lithium consumption through 2035.

Diverging margins

At the mine level, gold producers are enjoying some of the strongest margins in years, with prices rising faster than all-in sustaining costs. Silver has outperformed even more dramatically, climbing 154 percent in 2025 versus gold’s 71 percent gain, compressing the gold-silver ratio to below 70.

Battery metals face a tougher backdrop.

“Lithium and nickel continue to face margin pressure as prices lag elevated costs amid oversupply,” said Monica Ramirez from S&P’s mine economics and emissions team.

Across 12 metals analyzed, S&P sees a structurally higher cost environment emerging due to inflation, energy expenses and maturing ore bodies. Precious metals retain the strongest buffers, while copper remains positive but increasingly sensitive at the upper end of the cost curve.

Exploration at a crossroads

Despite record prices in some commodities, exploration spending tells a more cautious story.

Global exploration budgets totaled US$12.4 billion in 2025, down 1 percent year-on-year. Adjusted for inflation, spending has slipped back to levels last seen nearly two decades ago.

“Gold continues to dominate,” Amaral said, accounting for roughly half of global exploration budgets. Lithium, once a standout, saw budgets fall nearly 50 percent amid weaker prices.

More concerning is the structural shift away from grassroots exploration.

In the mid-1990s, two-thirds of spending targeted generative programs. Today, that share has fallen to a record low as companies prioritize near-mine and late-stage work.

“We are underinvesting at the very front end of the supply chain,” Amaral warned. Without renewed grassroots spending, the long-term discovery pipeline could suffer.

M&A: Quality over quantity

Mining M&A remained active into late 2025, though deal value normalized after earlier mega-mergers. Transaction value fell 45 percent quarter-on-quarter to US$16.1 billion, but deal count rose to its highest level in more than five years.

Gold led activity, with buyers focusing on large-scale, long-life assets in low-risk jurisdictions.

“Gold M&A today is no longer about simple volume growth,” Ramirez emphasized to viewers. “It’s about asset quality, jurisdictional safety and durable cashflow.”

As the webinar made clear, mining is navigating a landscape defined by geopolitical risk, tighter capital and structural cost pressures. For companies able to secure high-quality assets and control costs, opportunities remain, but the margin for error is narrowing.

Bullet briefing — TSX Venture 50, BHP/Wheaton deal

Gold, silver dominate TSX Venture 50

The latest TSX Venture 50 list was released on Wednesday, with gold and silver juniors dominating. In fact, of the companies included, only three fall outside the mining sector.

The list ranks TSXV companies’ annual performance by market cap growth, share price performance and Canadian consolidated trading value. Taking the top spot was Santacruz Silver Mining (TSXV:SCZ,NASDAQ:SCZM), which had an impressive share price increase of over 1,100 percent.

As a group, the companies on the list delivered a share price increase of 431 percent.

We’ll have to wait and see whether these types of gains are repeated — or exceeded — in 2026, but the list definitely underscores the strength in gold and silver prices, and shows that their momentum is boosting not just the majors, but also the juniors.

BHP, Wheaton sign streaming deal

On the M&A side, BHP (ASX:BHP,NYSE:BHP,LSE:BHP) has entered into a long-term streaming agreement with Wheaton Precious Metals (TSX:WPM,NYSE:WPM).

Under the deal, which was signed by subsidiaries of BHP and Wheaton, BHP will receive an upfront payment of US$4.3 billion in exchange for the delivery of silver from the Peru-based Antamina mine, plus ongoing payments when metal is delivered. According to BHP, this is the most valuable streaming transaction to date based on upfront consideration received.

Antamina is a joint venture between commodities giants BHP, Glencore (LSE:GLEN,OTCPL:GLCNF), Teck Resources (TSX:TECK.A,TECK.B,NYSE:TECK) and Mitsubishi (TSE:8058,OTCPL:MSBHF), and Wheaton already has a silver stream in place with Glencore. Once the BHP arrangement closes, Wheaton will receive a combined 67.5 percent of the mine’s silver.

Investor Insight

Tartisan Nickel offers investors exposure to a high-grade, advanced-stage nickel sulfide and Copper project in Northwestern, Ontario with existing infrastructure and clear near-term catalysts, alongside a past-producing silver project in Sault Ste. Marie, Ontario providing significant upside and growth potential.

Overview

Tartisan Nickel (CSE:TN, OTCQX:TTSRF, FSE:8TA) is a Canadian exploration and critical mineral development company focused on advancing high-quality critical mineral assets in Ontario. The company’s primary asset, the Kenbridge Nickel-Copper Project in Northwestern Ontario, is an advanced-stage nickel sulfide copper deposit hosting nickel, copper and cobalt. Management’s strategy for Kenbridge is straight forward and execution-focused: increase the size and confidence of the Kenbridge resource through drilling, extend mine life, advance to pre-feasibility which will continue de-risk the project.

The Kenbridge project has undergone extensive historical work, including 120,000 meters of drilling.

At the same time, Tartisan controls the Sill Lake Silver Project, a past-producing silver-lead property near Sault Ste. Marie, Ontario. With strong commodity fundamentals across nickel, copper and silver, management views Tartisan as a company with “more than one leg under the table,” offering investors exposure to multiple value drivers within a single platform.

Company Highlights

• Clear focus on drilling-driven value creation, with active programs designed to upgrade inferred resources, expand the deposit at depth, and extend the mine life into the mid-teens
• Low-capex development profile relative to many peer Nickel-Copper projects, supported by a 622m shaft, all-season road access, and established infrastructure
• Sill Lake Silver Project provides additional, underappreciated value, offering exposure to silver through a brownfield, past-producing asset with a defined historic resource
• Experienced leadership team with deep capital markets and mine development experience, focused on disciplined capital allocation and unlocking value from opportunity-acquired assets

Key Projects

Kenbridge Nickel-Copper-Cobalt Project

The Kenbridge Project is Tartisan’s flagship asset and the company’s primary focus. It is a high-grade, Class 1 nickel sulfide Copper deposit located in a mining-friendly jurisdiction with established infrastructure and access. Kenbridge benefits from extensive historical work, including 120,000 metres of drilling and a three-compartment shaft extending to a depth of 622 metres, placing the project closer to a brownfield’s asset – and ultimately full feasibility than many earlier-stage peers.

A preliminary economic assessment (PEA) completed in 2022 outlined a potentially economic underground mining operation, supported by relatively modest initial capital requirements compared to large, low-grade nickel projects.

Current drilling is aimed at upgrading inferred resources to measured and indicated categories and expanding the deposit both along strike and at depth, where historical data indicate improving grades.

The company’s near-term objective is to meaningfully extend the mine life beyond the nine years outlined in the PEA, with the longer-term goal of positioning Kenbridge as a strategic asset in a tightening nickel market. With all-season road access, proximity to power, and ongoing engagement with Treaty #3 First Nations ,the Kenbridge Nickel-Copper Deposit is viewed as an advanced stage project with clear pathways to further value creation.

Tartisan Nickel Corp. has been engaging with Treaty # 3 First Nations since May 2007.

Sill Lake Silver-Lead Project

The Sill Lake Project is a 100-percent-owned, past-producing silver-lead asset located approximately 30 kilometres north of Sault Ste. Marie, Ontario. The property hosts an NI 43-101-compliant historic mineral resource and benefits from existing underground development, including ramp access and historic workings.

Tartisan considers Sill Lake a brownfields opportunity with relatively low capital intensity, particularly in the context of stronger silver prices. Planned work includes validation of historic data, evaluation of multiple mineralized trends, and the potential for future drilling and bulk sampling. Importantly, management believes Sill Lake’s value is largely unrecognized by the market, providing investors with additional upside that is not currently built into Tartisan’s valuation.

Management Team

Mark Appleby – President, CEO and Director

Mark Appleby has 40 years of experience in investment banking, corporate finance and capital markets. He has helped lead numerous public resource companies through exploration, development and financing cycles, and brings a strong focus on disciplined capital allocation and asset-driven value creation.

Yves Clément – Director

Yves Clément is a professional geologist with more than 36 years of experience in mineral exploration and development across Canada, South America and West Africa, contributing deep technical oversight at the board level.

Carl J. McGill – Director

Carl McGill has over 32 years of experience in capital markets and financial management, with a background spanning banking, corporate finance and public company leadership.

Dean MacEachern – P. Geo., Independent Geological Advisor

Dean MacEachern has more than 36 years of global exploration experience and has worked on the Kenbridge project under previous ownership, providing valuable continuity and geological insight as a Qualified Person under NI 43-101.

Greg Edwards – Kenbridge Project Manager

Greg Edwards brings over 26 years of Canadian exploration and project development experience and plays a key role in advancing Kenbridge while supporting community and First Nations engagement.

Steadright Critical Minerals (CSE:SCM) is a Canadian-listed exploration and development company focused on unlocking value from Morocco’s mineral-rich terrain. It prioritizes assets with past production, strong geological datasets, and defined development pathways, aiming to shorten timelines, lower risk, and balance near-term cash flow with longer-term discovery upside.

Its core assets include the fully permitted, past-producing Goundafa polymetallic mine, the Copper Valley copper-lead-silver project in a proven mining district, and the TitanBeach heavy mineral sands project along Morocco’s Atlantic coast. A recent letter of intent with SilverLine Mining SARL could further strengthen the portfolio by adding a licensed, silver-focused asset, reinforcing Steadright’s strategy of acquiring high-quality, permitted projects.

Operating in Morocco—a jurisdiction known for modern mining legislation, strong infrastructure, and competitive fiscal incentives—Steadright benefits from a supportive mining environment. The company is led by an experienced management team with decades of global mining, exploration, and capital markets expertise, positioning it to advance its projects efficiently.

Company Highlights

• Near-Term Production: The historic Goundafa Polymetallic mine is fully permitted with a legacy of high-grade zinc, lead, copper, silver, and gold production, Goundafa offers near-term, non-dilutive cash flow from historic stockpile sales under a binding processing agreement.
• Diversified Portfolio: Fully permitted Goundafa Polymetallic mine (PbZn-Cu-Ag-Au), the Copper Valley CopperLead-Silver Project, SilverLine Mining Sarl (LOI) and the TitanBeach Heavy Mineral Sands
• Strategic Moroccan Operations: Operating in a mining-friendly jurisdiction with modern legislation, strong infrastructure, and significant fiscal incentives including corporate tax exemptions.
• Experienced Leadership: Management and technical teams bring decades of international mining, exploration, and capital markets experience.

This Steadright Critical Minerals profile is part of a paid investor education campaign.*

Click here to connect with Steadright Critical Minerals (CSE:SCM) to receive an Investor Presentation

Investor Insight

LaFleur Minerals is advancing a district-scale gold platform anchored by a defined resource base and a fully permitted processing facility in Québec’s Abitibi region. With ongoing mill restart activities and a targeted gold pour on the horizon, the company offers investors exposure to both near-term production potential and meaningful exploration upside.

Overview

LaFleur Minerals (CSE:LFLR,OTCQB:LFLRF) is a growth-oriented gold exploration and development company focused on building a scalable mining platform within Québec’s Abitibi region, a belt that has produced more than 190 million ounces of gold historically. The company’s strategy is centered on advancing its flagship Swanson deposit while leveraging existing infrastructure to accelerate timelines to production.

A key differentiator is LaFleur’s vertically integrated model: combining resource expansion with ownership of a permitted processing facility. This approach reduces development risk, lowers capital intensity, and positions the company to monetize discoveries faster than traditional single-asset explorers.

With a market valuation that management believes does not yet reflect the combined value of its resource base, infrastructure and exploration pipeline, LaFleur offers exposure to both near-term catalysts and long-term district-scale discovery potential.

Company Highlights

• District-Scale Land Position: Controls ~183 sq km of claims near Val‑d’Or in Québec, one of the world’s most prolific gold jurisdictions.
• Flagship Resource Asset: Swanson Gold Project hosts NI 43-101 resources of 123,400 oz indicated and 64,500 oz inferred with expansion potential.
• Strategic Infrastructure Ownership: Owns the fully permitted Beacon Gold Mill with 750 tpd capacity and low restart cost.
• Growth-Focused Exploration: 5,000 m drill program underway targeting resource growth to >1 Moz.
• Proven Asset Consolidation: Claims assembled from prior operators including Monarch Mining, Abcourt Mines and Globex.
• Tier-1 Jurisdiction: Québec ranks among the world’s top mining investment regions according to the Fraser Institute.
• Experienced Leadership: Led by CEO Paul Ténière, a geologist with extensive development and technical reporting expertise.

Key Projects

Swanson Gold Project – Flagship Asset

The Swanson project forms the cornerstone of LaFleur’s growth strategy. Spanning more than 18,300 hectares, the property hosts multiple deposits and mineralized trends along favorable regional structures and deformation corridors. Historic drilling exceeding 36,000 meters demonstrates strong geological continuity and supports expansion potential across the broader land package.

Located approximately 66 km north of Val-d’Or with road and rail access, Swanson sits in close proximity to established operators such as Agnico Eagle and Eldorado, as well as developers including Probe Gold and O3 Mining. Ongoing geophysics, soil geochemistry and drilling continue to identify new targets, reinforcing the project’s potential to evolve into a large-scale gold system.

Project Highlights:

• Spans +18,300 hectares (183 sq km) and rich in gold and critical metals, hosts the Swanson, Bartec and Jolin gold deposits
• Previously held by Monarch Mining, Abcourt Mines and Globex
• Accessible by road/rail, 66 km north of Val-d’Or on the Southend Abitibi gold belt, close proximity to established producers such as Agnico Eagle and Eldorado, as well as developers like Probe Gold and O3 Mining, with direct access to several nearby gold mills
• Mineral resource estimate reinforces status as flagship project:
  • Indicated mineral resource estimate of 2,113,000 t with average grade of 1.8 g/t gold, containing 123,400 oz of gold.
  • Inferred mineral resource estimate of 872,000 t with average grade of 2.3 g/t gold, containing 64,500 oz of gold
  • The project’s current MRE was optimized with a price of gold at US$1,850/oz, current gold market price has hit above US$3,000/oz
• $3 million in flow-through to deploy with immediate plans to increase gold resources through diamond drilling at Swanson, Bartec, Jolin, and other gold deposits
• Other key developments include a decline portal and ramp extending to a depth of 80 metres; well positioned for advanced exploration with over $5 million invested by the previous owner between 2021 and 2023
• Since acquiring the Swanson deposit and consolidating the large claims package, the company has deployed in excess of $1 million in flow-through funds, completed detailed soil geochemistry and prospecting across several gold targets, completed a very-high resolution airborne magnetic and VLF-EM geophysical survey, and is currently in the process of completing a ground IP survey over the Swanson, Jolin, and Bartec gold deposits
• Several new promising gold targets have been identified from the recent surface exploration and geophysics programs, highlighting the potential for mineral resource growth and new discoveries at Swanson

With advanced assets and infrastructure in place, LaFleur Minerals is well-positioned as a leading gold development company in Québec.

Beacon Gold Mill – Near-term Production

The Beacon Gold Mill is a strategically located processing facility less than 50 km from Swanson and represents a rare asset for a junior developer: a fully permitted plant capable of near-term restart. The 750-tpd mill underwent approximately $20 million in upgrades and refurbishment, placing it in excellent operational condition and substantially reducing restart timelines.

An independent valuation by Bumigeme estimated rehabilitation costs at about C$4.1 million and a replacement value exceeding C$71.5 million, underscoring its strategic importance. Beyond processing Swanson material, the mill also offers potential toll-milling revenue from regional deposits, providing LaFleur with multiple pathways to cash flow as it transitions toward producer status.

Project Highlights:

• Capable of custom milling operations for other nearby gold projects
• Currently being evaluated for processing mineralized material from Swanson as part of a high-level preliminary mining and economic study
• Past-producing Beacon Mine is located on the site of the Beacon Mill: the property consists of a mining lease, a mining concession, and 11 mining claims
• Beacon I and II mines include mineralized zones where limited historical gold production was achieved during the period of 1984 to 1988 and again in 2005
• The advancement of operations at the Beacon Mill has transformational qualities for the company, evolving it from explorer to a near-term gold producer in a Tier 1 jurisdiction with significant upside potential

Management Team

Kal Malhi – Chairman

A successful entrepreneur and the founder of Bullrun Capital, Kal Malhi has raised over $300 million for various public and private companies across multiple industries, including mining, biotechnology and technology.

Paul Ténière – CEO

Paul Ténière has more than 20 years of experience in mine development, geology and project management. He has held senior leadership roles across multiple mining companies and is a recognized expert in NI 43-101 compliance and technical reporting.

Harry Nijjar – CFO and Corporate Secretary

Harry Nijjar is currently a managing director with Malaspina Consultants and provides CFO and strategic financial advisory services to his clients across many industries. This experience has allowed him to help his clients successfully navigate regulatory and financial environments within which they operate. Harry holds a CPA CMA designation from the Chartered Professional Accountants of British Columbia and a BComm from the University of British Columbia

Louis Martin – Technical Advisor and Exploration Manager

Louis Martin is a professional geoscientist. and has been a major contributor to the discovery of several gold and base metal deposits during his more than 40-year career. Martin has been fortunate to be part of the exploration teams that were awarded the Discovery of the Year by the AEMQ for the West Ansil Deposit (2005) and the Louvicourt Deposit (1989). He has worked on several advanced exploration projects that included bringing four of these projects into production. For the last eight years, Martin has worked as a technical advisor and geological consultant for numerous junior and major mining companies.

Preet Gill – Director

Preet Gill is a business professional offering leading development and implementation of superior business strategy. Gill has a proven track record of identifying and creating profitable business opportunities, qualifying authentic prospects, and cultivating strong partnerships. She has over 28 years of experience in leadership roles within Home Depot Canada and has an MBA from Royal Roads University and certificates in business leadership from Queen’s University.

Harveer Sidhu – Director

Harveer Sidhu is the founder of BuildSmartr.com and has served as a director, officer and audit committee member for publicly listed companies. Sidhu is experienced in manufacturing, import and exporting, information technology systems, e-commerce and construction project management. He is also the president and director of Beyond Medical Technologies. He holds a bachelor’s degree from Simon Fraser University and has been a licensed builder with BC Housing since 2014.

Michael Kelly – Director

Michael Kelly is a former member of the Canadian Armed Forces Military Police and a retired member of the Royal Canadian Mounted Police. Kelly currently serves as a Partner at BullRun Capital Inc. and is a respected businessman based in Kelowna, British Columbia. He is also a director and member of the audit committee of Beyond Medical Technologies, an industrial/technology company with a manufacturing facility located in Delta, British Columbia.

Jean Lafleur – Senior Advisor

A highly respected geologist with over 40 years of experience in the mining sector, Jean Lafleur has led multiple exploration programs and mining projects, contributing to major gold discoveries worldwide.