What is Ethereum and who invented it?

Co-founder Buterin said in a 2016 interview that Ethereum was born out of admiration for Bitcoin’s decentralized structure and frustration at its limited capabilities.

“I thought [those in the Bitcoin community] weren’t approaching the problem in the right way. I thought they were going after individual applications; they were trying to kind of explicitly support each [use case] in a sort of Swiss Army knife protocol,” Buterin said, summarizing his motivation to build something more adaptable.

From this foundational idea, Ethereum emerged as a decentralized, programmable blockchain — a “world computer” that would host smart contracts and decentralized applications (dApps), cutting out middlemen and enabling new forms of coordination.

The foundation of the fledgling project was laid between 2013 and 2014. After releasing his white paper in late 2013, Buterin attracted a handful of co-founders, including Gavin Wood, Charles Hoskinson, Joseph Lubin, Anthony Di Iorio, Jeffrey Wilcke, Mihai Alisie, and Amir Chetrit. Together, they spearheaded a crowdfunding campaign in mid-2014 that raised over US$18 million, one of the earliest and most successful Initial Coin Offerings (ICOs) in crypto history.

Despite this momentum, the Ethereum blockchain didn’t launch until July 30, 2015. That release, dubbed “Frontier,” was a basic, raw, and developer-focused version of Ethereum designed for building the infrastructure that would follow.

ETH, Ethereum’s native coin, initially traded for under a dollar. The early months saw little market movement as ETH hovered between US$0.70 and US$2.00, supported mainly by enthusiasts and developers interested in dApp potential.

When was Ethereum’s first major peak?

Ethereum’s first major price rally came during the 2017 crypto bull run, when rising global interest in blockchain technology and the initial coin offering (ICO) boom brought ETH into the mainstream.

After beginning the year at just barely US$8, Ethereum surged to a then-record high of around US$1,400 by January 2018, capping off one of the most explosive price increases in the history of digital assets. This more than 17,000 percent rise was driven by a combination of speculative demand and the emergence of Ethereum as the preferred platform for launching new tokens via ICOs.

By early 2018, however, the market began to reverse. A sweeping crypto correction saw Ethereum’s price fall back below US$100 by the end of that year. The drawdown exposed Ethereum’s technical bottlenecks, such as high gas fees and slow confirmation times during network congestion.

What was the DAO Hack, and how did it influence Ethereum’s trajectory?

Ethereum’s ethos of decentralization was also tested early on. In 2016, an experiment in decentralized governance — the Decentralized Autonomous Organization or DAO — raised about US$150 million in ETH from the community. The idea was to create a venture capital fund governed entirely by smart contracts and token-holder votes.

But just weeks after launch, a vulnerability in the DAO’s code that allowed for recursive call exploit was discovered, draining 3.6 million ETH or about a third of the fund.

At just ten months old, Ethereum was now facing a crisis that tested its fundamental principles, chief among them the immutability of the blockchain and the inviolability of smart contracts.

Three primary responses were debated. One option was to do nothing, honoring the hacker’s actions as legitimate under the rules of the code and accepting the theft. Another was to implement a “soft fork” that would blacklist the child DAO’s address, effectively freezing the stolen funds.

The most radical option was a “hard fork” that would roll back the ledger and return all stolen Ether to the original investors, which would undo the hack entirely.

Ultimately, the hard fork went ahead, and Ethereum split into two chains: the main Ethereum chain (ETH), where the funds were returned to investors, and a new chain called Ethereum Classic (ETC), which preserved the original ledger including the DAO hack.

How has Ethereum performed post-2020?

Ethereum price performance July 30, 2015 – June 30, 2025.

Chart via TradingView.

Ethereum reached its all-time high price of US$4,878 on November 10, 2021, during the peak of the 2020–2021 crypto bull run. The rally was driven by a convergence of factors: institutional adoption of crypto, a massive expansion of decentralized finance (DeFi), and explosive interest in NFTs, most of which were built on Ethereum’s ERC-721 standard.

By late 2021, Ethereum was settling billions in daily transaction volume and powering thousands of decentralized applications, cementing its position as the leading smart contract platform.

However, the peak was short-lived. Inflation fears and global risk aversion in early 2022 triggered a sharp correction across risk assets, including crypto. Ethereum’s price dipped below US$1,000 in June 2022 amid cascading liquidations and platform collapses like Terra and Celsius.

Still, even through the drawdown, Ethereum remained the backbone of DeFi, NFT markets, and layer-2 innovation, setting the stage for its long-planned transition to proof-of-stake later that year.

In the years that followed the fork, Ethereum faced growing pressure to scale and reduce its environmental impact, particularly as DeFi and NFT activity surged.

These challenges set the stage for a major protocol overhaul: Ethereum’s transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS) was considered to be one of the most ambitious technical feats in blockchain history. Officially known as “the Merge,” the upgrade combined Ethereum’s execution layer (the mainnet) with the Beacon Chain, which introduced staking-based consensus.

The Merge took place in September 2022 and the environmental impact was immediate: Ethereum’s energy consumption dropped by over 99 percent.

While the Merge had little short-term effect on price, it marked a crucial moment for Ethereum’s long-term viability. At the time of the upgrade, ETH was trading at around US$1,600, which was a sharp decline from its all-time high of US$4,891 in November 2021 during the height of the crypto bull market.

That price peak had been driven by unprecedented network demand as NFTs and decentralized finance exploded in popularity, both largely built on Ethereum. By mid-2022, however, macroeconomic tightening, rising interest rates, and a series of high-profile crypto failures, including the collapse of TerraUSD and the insolvency of major lending platforms, had triggered a broad downturn.

After the Merge, ETH remained volatile. It already lost ground by as much as 70 percent against crypto leader Bitcoin since the Merge, and the introduction of EIP-1559 in 2021 had already created a more deflationary pressure on ETH supply through base fee burns.

Despite this setback, ETH showed relative resilience compared to many altcoins. In 2023, Ethereum hovered mostly between US$1,200 and US$2,100, with price movements closely tracking investor sentiment toward regulatory developments, Bitcoin’s performance, and broader market liquidity. Institutional interest in Ethereum also grew during this period, with more funds launching ETH products and staking services expanding.

Entering 2024, Ethereum gained momentum amid improving macroeconomic conditions and renewed optimism about real-world applications for blockchain technology. The network saw moderate success in sectors like tokenized assets, layer-2 infrastructure, and decentralized identity.

ETH briefly reclaimed the US$4,000 level in early March 2024 before retreating again due to renewed regulatory scrutiny in the US. Despite the pullback, Ethereum remained the second-largest cryptoasset by market capitalization and retained the majority share of developer activity across all chains.

The 2025 Swing

Ethereum 1-year price performance, July 28, 2024 – July 28, 2025.

Chart via TradingView.

Ethereum, as well as the rest of the crypto landscape, saw a full positive swing in 2025 as regulatory clarity dominated the first half of the year.

In June, the US Senate approved the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act with bipartisan support. President Donald Trump, now serving his second term, publicly backed the bill, calling it “a win for American innovation and financial leadership.”

The GENIUS Act establishes a regulatory framework for US-pegged stablecoins, requiring full reserve backing, independent audits, and federal licensing for large issuers. It also clarifies that qualifying stablecoins are not securities, pulling them out of the SEC’s jurisdiction and instead aligning oversight with banking regulators like the OCC and Federal Reserve.

Crucially, the law defines “payment stablecoins” as a new category of digital cash, and Ethereum has emerged as one of the largest beneficiaries of this policy shift. The majority of dollar-backed stablecoins, which include USDC, USDT, and newer entrants like PayPal USD, are issued and transacted on Ethereum.

The GENIUS Act’s legal recognition of stablecoins has given institutional players more confidence to engage with Ethereum-based infrastructure.

As a result, capital inflows into Ethereum have accelerated, with analysts noting a sharp uptick in demand for ETH as a “platform asset” powering tokenized dollars and digital settlement rails.

ETH’s price also soon followed. Following the Senate’s approval of the GENIUS Act in June 2025, ETH jumped over 25 percent in two weeks, briefly reaching US$3,824 — outperforming Bitcoin and breaking out of a multi-month consolidation range.

The act has also prompted strategic shifts among financial institutions. BlackRock, Fidelity, and JPMorgan have expanded their Ethereum-based offerings, including on-chain fund administration, tokenized treasuries, and collateralized lending protocols that rely on smart contracts.

Several US banks are also piloting internal payment rails using tokenized dollars on Ethereum rollups.

What’s next for Ethereum?

Buterin himself has acknowledged that Ethereum’s current roadmap is not the end. Speaking in late 2022 before the Merge, he noted that “Ethereum is 55 percent complete.”

The long-term vision includes greater privacy features, zero-knowledge proofs for secure scalability, and expanding the reach of dApps to a billion users.

As of mid-2025, Ethereum currently trades around US$3,400, buoyed by strong institutional adoption, continued growth of layer-2 networks like Arbitrum and Base, and early signs of real-world asset tokenization gaining traction among banks and fintech firms.

While Ethereum’s price remains well below its 2021 peak, its performance since 2020 reflects growing maturity, with fewer speculative surges and more interest anchored in a more crypto-friendly environment.

1. Camino Minerals (TSXV:COR)

Year-to-date gain: 655.56 percent
Market cap: C$13.5 million
Share price: C$0.34

Camino Minerals is a copper exploration and development company with a portfolio of projects in South America.

Among its primary focuses since the start of the year is the construction-ready Puquois copper project in Chile, a 50/50 joint venture with Nittetsu Mining (TSE:1515). The partners jointly acquired Cuprum Resources, the project’s owner, through a October 2024 definitive agreement that was completed on April 17, and are now focused on project financing.

Prior to the closing of the acquisition, the partners completed a prefeasibility study for the project in Chile on March 17.

The study results demonstrate a post-tax net present value of US$118 million, with an internal rate of return of 23.4 percent and a payback period of 3.1 years at a fixed copper price of US$4.28. It also outlines all-in sustaining costs of US$2.00 per pound for the 14.2 year mine life.

In addition to the economic details, the included mineral resource estimate shows a measured and indicated resource of 149,000 metric tons of copper from 32.16 million metric tons of ore grading 0.46 percent copper.

Camino also owns the Los Chapitos project, located near the coastal town of Chala, Peru, which covers approximately 22,000 hectares and hosts near-surface mineralization. Nittetsu Mining has an earn-in agreement for the project through which it can earn a 35 percent interest in the project for a total investment of C$10 million over three years.

Camino announced on January 22 that it had initiated a discovery exploration program at Los Chapitos, with work funded by Nittetsu. The company said the program would consist of 11 holes and 1,200 meters of drilling along the La Estancia fault, focusing on newly identified copper breccias and mantos to determine their extension at depth.

Camino released results from the program on May 6, reporting continuity of mineralization at depth at the Pampero prospect, with a 0.5 meter interval found 157.6 meters downhole grading an average of 0.5 percent copper and 3.15 grams per metric ton (g/t) silver. The company also reported that rock chip samples at the prospect graded up to 3.8 percent copper and 4 g/t silver.

The company has continued its exploration efforts at Los Chapitos, with another fully funded campaign running from June 1 to November 30. On July 16, it reported trench results from the newly identified Mirador zone, including 1.07 percent copper over 90 meters, with a 4 meter section grading 3.05 percent copper.

Shares of Camino reached a year-to-date high of C$0.34 on July 16.

2. Finlay Minerals (TSXV:FYL)

Year-to-date gain: 425 percent
Market cap: C$15.84 million
Share price: C$0.105

Finlay Minerals is an exploration company with a portfolio of five projects in British Columbia, Canada.

In 2025, the company has largely focused on its ATTY and PIL projects, which cover 3,875 hectares and 13,374 hectares respectively in BC’s Toodoggone mining district. The region is known for copper-molybdenum-gold porphyry deposits and gold-silver epithermal deposits.

Finlay’s shares rose sharply early in the year after Amarc Resources announced the significant AuRORA discovery at its JOY property, located just south of the PIL project in the same porphyry corridor as PIL and ATTY. On January 20, shortly after the discovery, Finlay announced it would be renewing its focus on its PIL project’s PIL South target, which lies approximately 750 meters from AuRORA.

One month later, Finlay reported it had outlined numerous copper targets at both the PIL and ATTY properties after reviewing geological data, and was planning its 2025 exploration program at PIL to delineate drill targets.

Shares surged in Q2 after Finlay announced on April 17 that it had entered into an earn-in agreement with Freeport McMoRan for PIL and ATTY. Under the terms of the agreement, Freeport can earn an 80 percent stake in the properties through a total of C$35 million in exploration expenditures and C$4.1 million in cash payments over the next six years.

In an update on June 18, Finlay reported that it had begun its exploration programs at both properties, fully funded by Freeport. At both properties, exploration will include property-wide airborne magnetic surveys, and induced polarization geophysical surveys. It will also include detailed geological and alteration mapping, along with rock and soil sampling, on up to eight targets at PIL and three targets at ATTY.

The most recent news came on July 17, when Finlay announced it had increased the exploration program budget for PIL to C$2.6 million from C$750,000 and the budget for ATTY to C$1 million from C$500,000. The company stated that the additional funding will be utilized to identify and prioritize as many targets as possible for drilling in 2026.

3. King Copper Discovery (TSXV:KCP)

Year-to-date gain: 420 percent
Market cap: C$52.92 million
Share price: C$0.26

King Copper Discovery is a copper, silver and gold explorer that is developing a portfolio of projects in South America. The company changed its name from Turmalina Metals in March.

Its primary focus is the Colquemayo project in Moquegua, Peru. In July 2024, King Copper entered into an option agreement with Compania de Minas Buenaventura (NYSE:BVM) to wholly acquire the property.

The company has been relogging the historic drill core from the site. The 6,600 hectare site has seen more than 20,000 meters of historic core drilling and hosts multiple porphyry targets that have been identified but had gone untested. Highlighted drill samples show results of 2.4 percent copper and 10 grams per metric ton (g/t) silver over 237.3 meters, including 14.8 percent copper and 47 g/t silver over 31.3 meters.

In a broad corporate update on February 12, the company said it was intensifying its focus on the project and rebranding from Turmalina to reflect that. Additionally, it hired Insideo, a Lima-based environmental consulting firm, to help advance baseline studies and the drill permit process. Additionally, CEO Roger James stepped down, maintaining a seat on the board, and was replaced by Jonathan Richards as interim CEO.

On March 11, the company began trading under its new name and ticker.

The company has not provided any updates from its projects in the second quarter of the year, but shares have traded higher alongside a rising copper price. On July 15, it released an updated corporate presentation with plans for a 15,000 meter drill program in Q4 testing porphyry systems at the site with holes over 1,000 meters deep.

Shares of King Copper reached a year-to-date high of C$0.26 on July 16.

4. Amarc Resources (TSXV:AHR)

Year-to-date gain: 251.22 percent
Market cap: C$166 million
Share price: C$0.72

Amarc Resources is a copper exploration company primarily focused on advancing its JOY district in Northern British Columbia.

The 495 square kilometer property lies within the Toodoggone region and hosts the AuRORA prospect.

Shares in Amarc surged early in the year after it announced the discovery of AuRORA on January 17. In the release, it outlined the high-grade potential of the deposit, highlighting an assay of 0.63 percent copper over 162 meters, including an 81 meter intersection grading 0.92 percent copper, from near surface depths.

The exploration program was funded as part of a May 2021 earn-in agreement with Freeport McMoran that could see Freeport earn a 70 percent stake in the project once funding milestones are met.

Amarc provided more drill assays from its 2024 program on February 28. One assay graded 0.63 percent copper over 132 meters, including 0.81 percent over a 90 meter segment.

On February 11, Amarc agreed to acquire the Brenda property, which lies directly to the east of the AuRORA discovery, from Canasil Resources. Under the terms of the deal, Amarc has the option to acquire a 100 percent interest in Brenda over five years. Canasil will retain a 2 percent net smelter return.

The most recent news from JOY came on July 16, when the company announced it commenced drilling at targets including the AuRORA and PINE deposits and the Twins and Canyon discoveries. The announcement also reported the expansion of the JOY district through Freeport’s options on Finlay’s PIL property.

In addition to exploration at JOY, Amarc also released assay results from its 2024 exploration at its IKE copper-gold project in Southern British Columbia on May 14. The company reported copper grades of 0.29 percent copper over 181 meters, including an intersection with 0.56 percent copper over 60 meters.

Shares in Armac reached a year-to-date high of C$0.77 on July 4.

5. C3 Metals (TSXV:CCCM)

Year-to-date gain: 233.33 percent
Market cap: C$74.91 million
Share price: C$0.80

C3 Metals is an exploration company working to advance its assets in Jamaica and Peru.

C3’s primary Jamaican asset is the Bellas Gate project, a 13,020 hectare site featuring 14 porphyry and over 30 epithermal prospects along an 18 kilometer strike. To date, drilling at the site has concentrated on a 4 kilometer zone encompassing the Provost, Geo Hill, Camel Hill and Connors prospects.

Shares of C3 experienced significant gains after it announced on February 11 that it had signed an earn-in agreement with a Freeport-McMoRan subsidiary, which can gain up to a 75 percent interest in the project. Under the agreement, Freeport must contribute US$25 million in exploration and project expenditures over five years to earn the initial 51 percent interest, and an additional US$50 million over the following four years for the remaining 24 percent.

In Peru, C3 has focused on advancing its Jasperoide copper-gold project. The site in Southern Peru spans 30,000 hectares and hosts two porphyry and more than 15 skarn prospects across two 28 kilometer belts.

According to a July 2023 technical report, a resource estimate outlines a measured and indicated resource of 51.94 million metric tons of ore with an average grade of 0.5 percent copper and 0.2 g/t gold for contained metal totaling 569.1 million pounds of copper and 326,800 ounces of gold.

C3 released an exploration update from its Khaleesi copper-gold project area in Jasperoide on February 19, reporting that a soil sampling campaign defined a copper-molybdenum anomaly extending 1,900 meters by up 650 meters. Two zones contain average concentrations of 950 parts per million copper and 650 ppm of copper.

The company said it is working to complete geophysical surveys by the end of March and will use the data to implement a maiden diamond drill program at the target. It closed a US$11.5 million bought-deal private placement on March 19 that will be used in part for exploration and development at the Khaleesi target.

The company has not provided further updates on the project.

Shares of C3 reached a year-to-date high of C$0.80 on July 17.

Markets and commodities react

In Canada, equity markets were positive this week. The S&P/TSX Composite Index (INDEXTSI:OSPTX) gained 0.29 percent to close at 27,494.35 on Friday, setting a new all-time high, while the S&P/TSX Venture Composite Index (INDEXTSI:JX) rose 0.55 percent to 801.13. The CSE Composite Index (CSE:CSECOMP) was the largest gainer, jumping 3.87 percent to 132.89.

As for US equity markets, the S&P 500 (INDEXSP:INX) gained 1.18 percent to 6,388.65 and the Nasdaq 100 (INDEXNASDAQ:NDX) climbed 0.62 percent to 23,285.57, with both closing the week setting new all-time highs. The Dow Jones Industrial Average (INDEXDJX:.DJI) rose 0.74 percent to 44,901.93, closing in on its record of 45,014 set on December 4, 2024.

In precious metals, the gold price was flat, ending the week down slightly at US$3,337.31 by Friday at 4 p.m. EDT. Meanwhile, the silver price continued to trade near 11-year highs mid-week, but fell to finish the week flat at US$38.15 per ounce.

In base metals, copper posted a 3.93 percent gain, trading near all time highs at US$5.82 per pound. The S&P GSCI (INDEXSP:SPGSCI) registered a 0.75 percent loss to finish the week at 545.08

Top Canadian mining stocks this week

How did mining stocks perform against this backdrop?

Take a look at this week’s five best-performing Canadian mining stocks below.

Stock data for this article was retrieved at 4 p.m. EDT on Friday using TradingView’s stock screener. Only companies trading on the TSX, TSXV and CSE with market capitalizations greater than C$10 million are included. Mineral companies within the non-energy minerals, energy minerals, process industry and producer manufacturing sectors were considered.

1. St. Augustine Gold and Copper (TSX:SAU)

Weekly gain: 66.67 percent
Market cap: C$414.68 million
Share price: C$0.5

St. Augustine Gold and Copper is a development company focused on its King-king copper-gold project in the Philippines’ Davao de Oro province. The project consists of 184 mining claims.

According to the latest preliminary economic assessment from 2013, the company projects an after-tax net present value of US$1.78 billion, with an internal rate of return of 24 percent and a payback period of 2.4 years using a base case scenario of a copper price of US$3.00 per pound and a gold price of US$1,250 per ounce.

The company is currently working toward an update to the study.

On May 30, St. Augustine announced that it had entered into an agreement with the National Development Corporation (Nadecor) to acquire a 100 percent interest in Nadecor’s wholly owned subsidiary Kingking Milling, which holds the development rights to King-king.

Under the terms of the deal, Nadecor will receive C$9.02 million convertible into 185 million shares.

The project’s exploration and development permits are held by Kingking Mining, which remains a 40/40/20 joint venture between St. Augustine, Nadecor and Queensberry Mining and Development. The release also includes details of new ore sales and royalty agreements between Kingking Milling and Kingking Mining.

The company announced its latest news on Friday, reporting that it had closed a private placement, raising gross proceeds of C$24.9 million. In the announcement, the company said it intends to use the funds to advance development at King-king.

Additionally, the company reported on Thursday that Nicolaos Paraskevas and Andrew J. Russell had joined the board of directors. It notes that Paraskevas has experience in supervising business development activities in the copper industry, while Russell is one of the original founders of St. Augustine and brings two decades of experience in mining management. The announcement also reported that Love D. Manigsaca had been appointed as St. Augustine’s new CFO.

2. Kapa Gold (TSXV:KAPA)

Weekly gain: 62.12 percent
Market cap: C$19.66 million
Share price: C$0.30

Kapa Gold is an exploration company focused on advancing the past-producing Blackhawk gold mine in San Bernardino County, California.

The project site is composed of seven patented and 178 contiguous federal lode claims covering 1,496.2 hectares. The property hosts multiple mineralized zones with previous exploration work revealing deposits with high grade gold, silver, lead and zinc. Historic production from ramps and underground mines has graded an average 10 grams per metric ton (g/t) gold.

Kapa’s most recent news from the project was reported on March 5, when it announced it had initiated biological surveys in advance of exploration activities on the site and submitted the requested bonding to San Bernardino County, allowing for drilling on patented claims at Blackhawk.

3. North Peak Resources (TSXV:NPR)

Weekly gain: 47.3 percent
Market cap: C$47.28 million
Share price: C$1.09

North Peak Resources is an exploration company working to advance its Prospect Mountain Mine Complex in Central Nevada, US.

The property comprises 221.9 acres of patented claims and 1,905 acres of unpatented claims, consolidating several historical mines that have hosted operations dating back to the 1870s.

Despite the extensive history of the property, limited modern exploration work has been conducted, and a technical report from April 2023 notes that no mineral resource estimate has been produced. Part of the property is currently covered by a plan of operation that entitles North Peak to carry out surface exploration, infrastructural works and underground mining of up to 331,000 metric tons per year.

The most recent exploration update from the property was released on May 27, when North Peak announced results from samples collected from underground and surface historical occurrences. Highlights included grades of 45.6 g/t gold, 569 g/t silver, 4.09 percent lead and 3.12 percent zinc over 15 cm from channel samples of in-situ material from the Dean Cave area; and 5.3 g/t gold, 39 g/t silver, 7.03 percent lead and 1.92 percent zinc from dump grab samples collected from the Kit Carson mine.

The latest news from the company came on Monday, when North Peak announced it had acquired the remaining 20 percent stake in the property from Solarljos in exchange for 3 million common shares. North Peak purchased its original 80 percent interest in the property in August 2023.

4. NextSource Materials (TSX:NEXT)

Weekly gain: 46.15 percent
Market cap: C$92.46 million
Share price: C$0.475

NextSource Materials is a mining and exploration company focused on advancing its Molo graphite mine to Phase 2 production.

The mine is located in Southern Madagascar and has a nameplate capacity of 11,000 metric tons per year, with a fixed carbon content between 94 percent and 97 percent. The company is currently working towards a Phase 2 expansion at the mine, which will increase capacity to 150,000 metric tons per year. NextSource expects to complete an updated feasibility study for the project by the end of Q3 2025.

The company is also developing a series of battery anode facilities in key geographic locations. The facilities will be designed with modular production capacities that are intended to expand in line with automotive demand.

The most recent announcement from NextSource came on June 2, when it announced its withdrawal from its battery anode facility option in Mauritius, instead planning to develop a larger-scale facility in the Middle East, which would help streamline permitting and increase access to EV manufacturers. The company stated it is advancing discussions with EV manufacturers for potential offtake agreements.

5. BeMetals (TSXV:BMET)

Weekly gain: 44.44 percent
Market cap: C$10.3 million
Share price: C$0.065

Bemetals is a gold and copper explorer advancing its Pangeni copper project in Zambia.

The project is located in Northwestern Zambia along the western edge of the Central African Copperbelt. BeMetals has been actively exploring the property since 2020 and identified several areas with copper mineralization.

The most recent update from the property came on March 25 when the company reported that it had commenced a new 2,000 meter to 2,500 meter drilling program to identify additional zones of copper mineralization and expand the existing footprint within the D-Prospect area.

Previous exploration at the site has yielded highlighted assays with up to 0.74 percent copper and 533 parts per million (ppm) cobalt over 16.16 meters, including an intersection of 0.93 percent copper and 701 ppm cobalt over 5.5 meters.

On July 10, BeMetals announced that it had entered into a non-binding letter of intent with Prospector Metals (TSXV:PPP,OTCQB:PMCOF) to acquire up to a 100 percent stake in the Savant gold project in Northwestern Ontario, Canada. The property covers an area of 232 square kilometers and hosts numerous gold occurrences. Under the terms of the agreement, BeMetals has agreed to meet certain milestones, including the production of a mineral resource estimate.

Final ownership share will be determined by the size of the reported resource. If the reported resource is under 500,000 ounces of contained gold, Prospector will retain full ownership. If it is between 500,000 and 1 million ounces, Prospector and BeMetals will form a 50/50 joint venture. Lastly, if the resource is over 1 million ounces, with at least 500,000 ounces in the indicated category, BeMetals will earn the full 100 percent interest, with Prospector holding a 0.5 percent net smelter royalty.

FAQs for Canadian mining stocks

How much does it cost to list on the TSXV?

There are a variety of different fees that companies must pay to list on the TSXV, and according to the exchange, they can vary based on the transaction’s nature and complexity. The listing fee alone will most likely cost between C$10,000 to C$70,000. Accounting and auditing fees could rack up between C$25,000 and C$100,000, while legal fees are expected to be over C$75,000 and an underwriters’ commission may hit up to 12 percent.

The exchange lists a handful of other fees and expenses companies can expect, including but not limited to security commission and transfer agency fees, investor relations costs and director and officer liability insurance.

These are all just for the initial listing, of course. There are ongoing expenses once companies are trading, such as sustaining fees and additional listing fees, plus the costs associated with filing regular reports.

How do you trade on the TSXV?

Investors can trade on the TSXV the way they would trade stocks on any exchange. This means they can use a stock broker or an individual investment account to buy and sell shares of TSXV-listed companies during the exchange’s trading hours.

Red Chris rescue: Three miners freed after 60 hours underground

Three miners trapped underground at Newmont’s (TSX:NGT,NYSE:NEM) Red Chris copper-gold mine in British Columbia have been safely rescued after more than 60 hours.

The workers were sheltered in a MineARC chamber with access to food, water, and communication, following a series of rockfalls.

The rescue effort, which included drilling a 100-meter access tunnel, concluded successfully, with all miners reported in good health.

We are relieved to share that all three individuals are safe, and in good health and spirits. They had consistent access to food, water, and ventilation whilst they remained in place in a refuge chamber underground over the last two days,” a Newmont statement read. They are now being supported by medical and wellness teams. Their families have been notified.”

Investigations into the cause of the rockfalls are ongoing.

US prioritizes critical mineral recovery from mine waste

The US government is ramping up efforts to recover critical minerals from mine waste, with the Department of the Interior announcing plans to map legacy tailings across federal lands.

The initiative is part of a broader push to secure domestic supplies of essential minerals like lithium, cobalt, and rare earths.

By tapping into existing waste sites, the US hopes to reduce reliance on foreign imports while minimizing new environmental disruptions.

“By streamlining regulations for extracting critical minerals from mine waste, we are unleashing the full potential of America’s mineral resources to bolster national security and economic growth,” said Acting Assistant Secretary of Lands and Minerals Adam Suess. “This proactive approach will attract private investment, support environmental reclamation, and pave the way for mineral independence.”

The move aligns with ongoing federal investment into clean energy and supply chain resilience.

Zijin leads bid for Barrick’s Tongon mine in West Africa

Chinese mining giant Zijin Mining Group (OTC Pink:ZIJMF,HKEX:2899,SHA:601899) is reportedly leading the race to acquire Barrick Mining’s (TSX:ABX,NYSE:B) Tongon gold mine in Côte d’Ivoire.

Barrick has tapped TD Securities and Australia-based Treadstone Resource Partners to advise on the sale of Tongon. The operation produced 148,000 ounces of gold in 2024.

With resources depleting, the mine is expected to enter care and maintenance by 2027.

Sources say the bid could be valued near US$500 million as Barrick shifts its focus toward copper and lithium assets.

The potential deal signals ongoing Chinese interest in African gold assets and underscores Barrick’s strategic pivot toward energy transition materials.

No final agreement has been announced.

Panther Minerals exits Boulder Creek uranium project in Alaska

Panther Minerals (CSE:PURR,OTC:GLIOF,FWB:2BC) has officially ended its option to acquire the Boulder Creek uranium project in Alaska’s Cape Nome District.

The company chose not to proceed with its next annual payment, leading to the automatic termination of the agreement signed in April 2024.

All 140 associated mining claims have been returned to Tubutulik Mining Company LLC via a quitclaim deed.

While Panther completed preliminary assessments and a site review, it opted not to advance the project further, citing seasonal, logistical, and capital constraints.

The project had drawn criticism from local Indigenous groups concerned about environmental impacts.

Ontario adds C$7 million to Critical Minerals Innovation Fund

The Ontario government is committing over C$7 million to expand its Critical Minerals Innovation Fund (CMIF), aiming to boost research, development and commercialization across the province’s mining sector.

The new funding round—open for applications from July 23 to October 1—targets innovation in deep exploration, mineral recovery, battery supply chains and mining technologies.

This latest investment brings total CMIF funding to C$27 million since its 2022 launch, supporting more than two dozen projects to date.

The CIMF also aligns with Ontario’s broader Critical Minerals Strategy, which seeks to strengthen domestic supply chains and reduce reliance on foreign sources, especially amid growing global demand and looming US tariffs.

“With global demand for critical minerals soaring – and new US tariffs targeting Canada’s mining and manufacturing sectors – Ontario is taking action to accelerate growth and innovation in Ontario’s mining sector,’ said Stephen Lecce, Minister of Energy and Mines.

He added: “Through the Critical Minerals Innovation Fund, we are putting Ontario first, building a made-in-Canada supply chain that attracts investment and creates good-paying jobs here at home.”

Looking down the supply chain, the Ontario government is also investing C$500 million in the creation of a new Critical Minerals Processing Fund to “provide financial support for projects that accelerate the province’s critical mineral processing capacity and made-in-Ontario critical minerals supply chain.”

1. Sociedad Química y Minera (NYSE:SQM)

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

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

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

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

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

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

2. Lithium Americas (NYSE:LAC)

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

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

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

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

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

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

3. Lithium Argentina (NYSE:LAR)

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

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

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

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

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

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

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

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

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

Investor Insights

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

Overview

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

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

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

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

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

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

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

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

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

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

Company Highlights

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

Key Project

Mankayan Copper-Gold Project – Philippines

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

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

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

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

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

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

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

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

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

Ta Khoa

Ta Khoa nickel project in Vietnam

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

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

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

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

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

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

Management Team

Hamish Halliday – Non-executive Chairman

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

Scott Williamson – Managing Director

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

Geoff Gilmour – Non-executive Director

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

Tessa Kutscher – Executive

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

Lon Taranaki – Executive

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