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Iris Secures Right to High-grade Tungsten Project, Montana USA and Update on Capital Raising

December 18, 2025 No Comments

IRIS Metals Limited (ASX: IR1, “IRIS” or “the Company”) is pleased to announce it has executed a binding Heads of Agreement (HOA) with Finley Mining Inc for the exclusive right to farm-in to the Finley Basin Tungsten Project (Tungsten Project) located in Granite County, Montana, USA. This strategic farm-in opportunity further expands IRIS’ exposure to critical minerals beyond lithium, positioning the Company in a key tungsten district with historical production potential and untapped high-grade tungsten potential in a jurisdiction primed for revival under U.S. critical minerals policies.

HIGHLIGHTS

IRIS Metals has signed a binding Heads of Agreement with Finley Mining Inc and its shareholders, granting IRIS an exclusive right to farm-in to the high-grade Finley Basin Tungsten Project, located in Granite County, Montana, USA, subject to the execution of full form farm-in agreements to be negotiated in good faith on the agreed key terms within 40 business days (unless extended).
Due to the transaction materialising during a proposed capital raising program, the Company decided not to raise capital at this point in time, having regard to the strategic merits of the Tungsten acquisition.
Limited drilling undertaken by Union Carbide in the late 1970s–early 1980s resulted in a historical, non-JORC compliant tungsten reserve, 850,000 tons at an average grade of 0.68% WO₃¹, which is considered high-grade relative to many global tungsten deposits.
The farm-in provides IRIS with exposure to tungsten, a critical mineral with strategic importance for defense, energy, and industrial applications, complementing IRIS’ existing critical minerals portfolio.
The farm-in structure allows IRIS to earn up to a 100% interest in the project through staged exploration expenditure of up to USD$2,000,000 over 4 years and delivery of a JORC- compliant Inferred Resource.
Exploration activities to commence at the Finley Basin Project in early 2026, focusing on resource definition, expansion, and development studies.
The transaction aligns with IRIS’ strategy to expand its critical minerals footprint in the USA, leveraging incentives for domestically sourced materials.

IRIS Metals Executive Chairman Peter Marks commented:

‘This binding agreement marks an exciting step for IRIS as we grow and diversify our critical minerals portfolio into tungsten, a vital component for the defense and technology industries. The Finley Basin Project offers significant upside with its prospective geology and location in a mining-friendly jurisdiction. Combined with our existing South Dakota portfolio, this positions IRIS to capitalise on significantly growing demand for US-sourced critical minerals.’

Montana Portfolio Expansion and Development

IRIS is actively evaluating additional critical mineral opportunities to complement its core South Dakota holdings. This farm-in to the Finley Basin Tungsten Project diversifies IRIS’ assets into tungsten, a critical mineral essential for military energetics, alloys, electronics, and renewable energy technologies, with U.S. demand surging amid defense initiatives and clean energy goals, yet vulnerable to geopolitical supply disruptions.

The expansion of IRIS’ mineral portfolio to tungsten was measured in approach with a number of projects reviewed and compared. The Company selected the Finley Basin Project due to its high-grade characteristics when compared other tungsten occurrences in the US², historical exploration results, favourable jurisdiction, potential for expansion of known mineralisation, local milling capabilities, and reasonable proximity to the Company’s South Dakota operations.

IRIS’ primary focus remains on advancing its South Dakota lithium and rubidium projects toward near- term development under its “Hub & Spoke” strategy, which emphasises centralized processing across multiple sites.

Recent expansions, including the September 2025 acquisition of the Ingersoll Project from Rapid Critical Metals have significantly grown IRIS’ Black Hills footprint and private land holdings. IRIS is rapidly expanding mineral resources and progressing studies to support a multi-mine production model, with economic analysis targeted for 2026.

This strategic diversification importantly aligns with broader U.S. incentives for domestically sourced critical minerals and supports resilient supply chains under frameworks such as the Australia-U.S. Climate, Critical Minerals and Clean Energy Transformation Compact.

Click here for the full ASX Release

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Skyharbour Closes Major Strategic Transaction with Denison Mines to Form Four New Joint Ventures at Russell Lake with Combined Project Consideration up to $61.5 Million

December 17, 2025 No Comments

Skyharbour Resources Ltd. (TSX-V: SYH ) (OTCQX: SYHBF ) (Frankfurt: SC1P ) (‘Skyharbour’, ‘SYH’ or the ‘Company’) is pleased to announce the closing of the definitive repurchase agreement (the ‘Strategic Agreement’) with Denison Mines Corp. (‘Denison’ or ‘DML’), whereby Denison has acquired an initial project interest in Skyharbour’s Russell Lake Uranium Project (‘Russell’ or the ‘Project’) and the parties have entered into four separate joint venture agreements on various claims making up Russell (the ‘Transaction’). The Project is strategically located in the central portion of the Eastern Athabasca Basin of northern Saskatchewan, with access to regional infrastructure, including an exploration camp, all-weather road and powerline.

Russell Lake Project Location Map:
http://www.skyharbourltd.com/_resources/images/2025-11-14%20SKY-RussellLake-Updated.jpg

Highlights:

Strategic Agreement represents combined total project consideration of up to CAD $61.5 million consisting of cash payments to Skyharbour totalling $10.0 million, additional consideration of $8.0 million payable in cash and shares before year end, and expenditures and cash payments totalling up to $43.5 million for Denison to acquire between a 20% and 70% ownership interest over seven years in the claims making up Russell, with Skyharbour owning the remaining interests.

Denison (TSX: DML; NYSE American: DNN), a leading uranium mining company with a market capitalization of over $3 billion, is developing the Wheeler River Project (‘Wheeler River’), which shares a 55 kilometre border with Russell. Denison is an existing, large corporate shareholder of Skyharbour and now joins the Company as a strategic, active, funding partner at Russell.

The Project has been divided into four different joint ventures, including Russell Lake (‘RL’), Getty East, Wheeler North, and the Wheeler River Inlier Claims, of which Skyharbour will retain initial ownership interests of 80%, 70%, 51%, and 30%, respectively. Denison can then earn up to a 70% interest in the Wheeler North and Getty East properties through option agreements.

The geological teams of Denison and Skyharbour have begun working cooperatively to advance and unlock value across the joint ventures, employing top-tier exploration and development expertise in the region.

Denison has committed to a minimum of $4 million in exploration expenditures over the first two years at Wheeler North and Getty East combined, as well as agreeing to fund to maintain its pro-rata 20% participation interest in the RL claims through 2029 up until such time that total exploration expenditures on the property reach $10 million.

Skyharbour will remain operator with an 80% ownership interest at the RL claims comprising over 53,192 hectares of the original 73,314 hectare Russell Lake Project. The Company will also act as operator during the first earn-in at Getty East with Denison sole funding the exploration in order to fulfill the earn-in option criteria.

Skyharbour is well funded going into 2026 with over $11 million in the treasury. The Company will also generate revenue from its operator fee at the McGowan Lake exploration camp at the Project, as well as from cash and share payments from other option earn-in partner companies.

Skyharbour will continue to directly advance its high-grade Moore Uranium project as well as the RL claims at Russell, while partner companies fund exploration at some of the Company’s other projects.

Reorganization of the Russell Lake Project:
https://www.skyharbourltd.com/_resources/images/Russell-Map-New.jpg

Jordan Trimble, President and CEO of Skyharbour, stated: ‘We are thrilled to close this major transaction for Skyharbour, and to embark on the next chapter of exploration at Russell with a multi-billion dollar strategic partner and large shareholder in Denison Mines. With up to $61.5 million in combined project consideration contemplated, we are confident that this strategic agreement will expedite the discovery process at the Project while minimizing equity dilution for our shareholders. Based on initial technical meetings and strategy sessions with Denison, we are excited about the combined exploration options for the near term. Russell is one of the more prospective exploration projects in the Athabasca Basin proximal to existing and developing mines including Denison’s Pheonix deposit at Wheeler River. Denison will also be able to provide considerable insight and experience as we jointly advance Russell. Lastly, we now enter the new year with a healthy treasury of over $11 million to fund our exploration efforts and corporate activities through 2026 while various partner companies fund exploration at numerous other projects in our portfolio.’

David Cates, President and CEO of Denison, further commented: ‘As Denison nears receipt of final regulatory approvals for the Phoenix In-Situ Recovery mine proposed for our flagship Wheeler River property, we are also making measured investments in our project pipeline – including our next development assets and high-potential exploration properties. Given its proximity to Wheeler River, Denison has had an interest in adding Russell to our property portfolio for much of my nearly two decades with the Company. This transaction achieves that objective by providing Denison with the opportunity to lead and participate in exploration efforts across four newly created joint ventures, which are designed to drive collaboration between Denison and Skyharbour’s technical teams. We are excited to build on our long-standing relationship with Skyharbour and accelerate the evaluation of this exceptional package of highly prospective ground.’

Transaction Details:

The consideration payment consisted of a $10.0 million cash payment, with $2.0 million paid upon execution of the Strategic Agreement and $8.0 million paid upon closing of the Strategic Agreement. An additional $8.0 million is payable in cash and shares by Denison on or before December 31 ^st , 2025 with a minimum of $2.0 million payable in cash.

It is anticipated that Denison will also be making use of the current exploration camp at McGowan Lake on the Project, which will continue to be operated by Skyharbour, and an administrative fee will be payable by Denison to Skyharbour. The claims comprising Russell are subject to various existing underlying royalties to other parties.

Skyharbour has received conditional approval from the TSX Venture Exchange for closing. The issuance of shares by Denison to Skyharbour remains subject to appliable exchange approvals.

Summary of Initial Joint Ventures:

Upon closing of the Strategic Agreement, Denison has earned an initial project interest in each of the four new Russell exploration projects including a 49% interest in the Wheeler North claims, a 20% interest in the RL claims, a 30% interest in the Getty East claims, and a 70% interest in the Wheeler River Inlier claims.

Wheeler North (51% SYH, 49% DML ; subject to additional earn-in options ) : The claims marked in yellow in the accompanying map represent 16,409 hectares over eight claims. The claims host some of the exploration targets located proximal to Wheeler River, including the Grayling and Fork Zones. Upon closing of the Transaction, Denison will have the option to increase its interest in Wheeler North to a 70% interest in these claims and Denison will become the operator of Wheeler North as described in more detail below.
Russell Lake or RL (80% SYH, 20% DML) : The claims marked in pink in the accompanying map represent 53,192 hectares over 16 claims. These claims are located north and west of Skyharbour’s Moore Project and host numerous exploration target areas including Christie Lake, NE Russell, Blue Steel, Taylor Bay, South Russell, and Kowalchuk Lake. In order to maintain its initial interest in RL, Denison has agreed to fund its pro rata share of up to a maximum of C$10.0 million in total project expenditures. Skyharbour will remain operator of RL.
Wheeler River Inliers (30% SYH, 70% DML) . The claims marked in blue in the accompanying map represent 608 hectares over two claims. These are inlier claims within Denison’s Wheeler River project hosting the West Russell and C-Block exploration target areas. DML will become operator of the Wheeler River Inliers.
Getty East (70% SYH, 30% DML ; subject to additional earn-in options ) . The claim marked in green in the accompanying map representing 3,105 hectares is host to the Little Man Lake exploration prospect. The claim borders Cameco’s Cree Zimmer property which holds its Key Lake operations to the south. Upon the closing of the Transaction, Skyharbour remains operator of Getty East; however, Denison has the option to become the operator and acquire up to a 70% interest in this joint venture as described in more detail below.

Denison Earn-In Options:

The Earn-In Option Agreements grant Denison an option to earn additional interests in Wheeler North and Getty East.

Wheeler North Earn-In Option :

Under the terms of the Wheeler North Earn-In Option Agreement, Denison may acquire up to a 70% interest in Wheeler North. The option agreement contains two (2) phases, as summarized below:

Phase 1: To earn an additional 11% interest in Wheeler North (increasing Denison’s ownership to 60%), Denison must:

Incur $10.0 million in exploration expenditures at Wheeler North within 48 months of Closing, of which $2.5 million in exploration expenditures must be completed within 24 months of Closing, and

Make a cash payment in the amount of $1.5 million to Skyharbour within 48 months of Closing.

Phase 2: To earn an additional 10% interest (increasing Denison’s ownership to 70%) in Wheeler North, Denison must complete the requirements of Phase 1, plus the following:

Incur an additional $15.0 million in exploration expenditures at Wheeler North within 7 years of Closing, and

Make a further cash payment in the amount of $2.0 million to Skyharbour within 7 years of Closing.

Getty East Earn-In Option Agreement:

Under the terms of the Getty East Option Agreement, Denison may acquire up to a 70% interest in Getty East. The option agreement contains two (2) phases, as summarized below:

Phase 1: To earn an additional 19% interest in Getty East (increasing Denison’s ownership to 49%), Denison must incur $5.0 million in exploration expenditures at Getty East within 48 months of Closing, of which $1.5 million must be completed within the first 24 months of Closing.

Phase 2: To earn an additional 21% interest in Getty East (increasing Denison’s ownership to 70%), Denison must complete the requirements of Phase 1, plus incur an additional $10 million in exploration expenditures within 7 years of Closing. Upon completion of the Phase 2 earn-in option criteria, Denison will have the option to become the operator in this joint venture.

Russell Lake Uranium Project Overview:

The Russell Lake Project is a large, advanced-stage uranium exploration property totalling 73,314 hectares strategically located between Cameco’s Key Lake and McArthur River Projects, and adjoining Denison’s Wheeler River Project to the west and Skyharbour’s Moore Uranium Project to the east. The northern extension of Highway 914 between Key Lake and McArthur River runs through the western extent of the property and greatly enhances accessibility, while a high-voltage powerline is situated alongside this road.

Skyharbour’s New 80% Owned RL Project:

The claims making up the RL Project constitute over seventy percent of the original Russell project area and will continue to be explored by Skyharbour as the operator and 80% owner. Denison will acquire a 20% interest and has agreed to fund to maintain its pro-rata participation interest in the RL claims through December 31 ^st , 2029, or until such time that total expenditures on the properties have reached $10 million.

The RL claims have numerous highly prospective targets that Skyharbour will continue to advance. The Christie Lake target area contains basement-hosted uranium mineralization with historical drilling returning 0.17% U ₃ O ₈ over 0.4 metres at 436.4 metres depth in hole CL-10-03, hosted within a strongly hematized breccia. A prospective clay altered basement fault system runs throughout this area.

The Blue Steel target area comprises graphitic metasediments that were last drilled in 2008. The full extent of the graphitic corridor remains unknown and completely untested. Historical geophysics indicate potential faulting along this corridor, highlighting it as a priority area for follow-up work using modern geophysical methods to refine drill targets.

The Kowalchuk area, situated within the southern Russell claims, is another prospective area on the RL claims, with multiple inferred structural trends passing through it. This area has seen only limited modern geophysical coverage to date.

In addition to the aforementioned target areas, there are many kilometres of untested EM conductors on the RL claims underlain by rocks of low magnetic intensity, suggestive of the presence of prospective graphitic meta-pelitic basement lithologies typical of Athabasca-style uranium systems. With limited modern exploration conducted over the past 12 years, the RL claims remain underexplored and highly prospective for both expanding known mineralized zones and making new discoveries.

Advisors and Counsel:

Haywood Securities Inc. acted as financial advisor to Skyharbour in connection with the Transaction, and AFG Law LLP and DuMoulin Black LLP are acting as legal counsel to Skyharbour.

Qualified Person:

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed and approved by Serdar Donmez, P.Geo., VP of Exploration for Skyharbour as well as a Qualified Person.

About Skyharbour Resources Ltd.:

Skyharbour holds an extensive portfolio of uranium exploration projects in Canada’s Athabasca Basin and is well positioned to benefit from improving uranium market fundamentals with interest in thirty-seven projects covering over 616,000 hectares (over 1.5 million acres) of land. Skyharbour has acquired from Denison Mines, a large strategic shareholder of the Company, a 100% interest in the Moore Uranium Project, which is located 15 kilometres east of Denison’s Wheeler River project and 39 kilometres south of Cameco’s McArthur River uranium mine. Moore is an advanced-stage uranium exploration property with high-grade uranium mineralization in several zones at the Maverick Corridor. Adjacent to the Moore Project is the Russell Lake Uranium Project, which hosts widespread uranium mineralization in drill intercepts over a large property area with exploration upside potential. The Company is actively advancing these projects through exploration and drilling programs.

Skyharbour also has joint ventures with industry leaders Denison Mines, Orano Canada Inc., Azincourt Energy, and Thunderbird Resources at the Russell, Preston, East Preston, and Hook Lake Projects, respectively. The Company also has several active earn-in option partners, including CSE-listed Basin Uranium Corp. at the Mann Lake Uranium Project; TSX-V listed North Shore Uranium at the Falcon Project; UraEx Resources at the South Dufferin and Bolt Projects; Hatchet Uranium at the Highway Project; CSE-listed Mustang Energy at the 914W Project; and TSX-V listed Terra Clean Energy at the South Falcon East Project.

In aggregate, Skyharbour has now signed earn-in option agreements with partners that total to potentially over $76 million in partner-funded exploration expenditures and over $42 million in cash and share payments coming into Skyharbour, assuming that these partner companies complete their entire earn-ins at the respective projects.

Skyharbour’s goal is to maximize shareholder value through new mineral discoveries, committed long-term partnerships, and the advancement of exploration projects in geopolitically favourable jurisdictions.

Skyharbour’s Uranium Project Map in the Athabasca Basin:
https://skyharbourltd.com/_resources/maps/SKY-SaskProject-Locator-2025-12-08.jpg

To find out more about Skyharbour Resources Ltd. (TSX-V: SYH) visit the Company’s website at www.skyharbourltd.com .

Skyharbour Resources Ltd.

‘Jordan Trimble’

Jordan Trimble
President and CEO

For further information contact myself or:
Nicholas Coltura
Corporate Communications Manager
Skyharbour Resources Ltd.
Telephone: 604-558-5847
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@skyharbourltd.com

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.

This release includes certain statements that may be deemed to be ‘forward-looking statements’. All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, exploration and development successes, regulatory approvals including TSXV approval, and general economic, market or business conditions. Please see the public filings of the Company at www.sedarplus.ca for further information.

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Walker Lane Announces Shares for Debt Issuance

December 17, 2025 No Comments

TSX-V: WLR
Frankfurt: 6YL

CMC Metals Ltd. (TSXV: CMB) (Frankfurt: ZM5P) (‘CMC’ or the ‘Company’) is pleased to announce that it has settled and extinguished $77,600 of outstanding debt (the ‘Debt’) through the issuance of common shares of the Company (the ‘Shares’).

In accordance with the settlement of debt (the ‘Debt Settlement‘), the Company will issue 405,714 common shares to one non-arm’s length creditor of the Company (the ‘Non-Arm’s Length Creditor‘) and 333,333 common shares to one arm’s length creditor (the ‘Arm’s Length Creditor‘) at a deemed price of $0.105 per Share. The Company has entered into administrative and professional services agreements provided between the periods of April to August 2025, inclusive, with the Non-Arm’s Length Creditor for services provided and services agreements for the period April to October 2025, inclusive with the Arm’s Length Creditor.

The Company chose to settle and extinguish the Debt through the issuance of Shares to preserve cash and improve the Company’s balance sheet. The Debt Settlement is subject to approval by the TSX Venture Exchange (the ‘TSXV‘). No new insiders will be created, nor will any change of control occur as a result of the issuance of the Shares.

The shares issued are subject to a four month hold period, which will expire on a date that is four months and one day from the date of issuance.

As certain insiders are party to the Agreement for $35,000 or 333,333 shares, it may be considered a ‘related party transaction’ under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (‘MI 61-101’) and the TSXV. The Company is relying on the exemptions from the formal valuation and the minority shareholder approval requirements of MI-61-101 contained in section 5.5 (a) and Section 5.7 (1)(a) as the fair market value of the common shares being issued to insiders in connection with the Service Shares does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101.

Kevin Brewer, President and CEO of Walker Lane Resources Ltd. noted ‘We have significantly reduced our debt load, and minimized operating costs and expenditures, to deal with the challenges our sector has faced in 2024. The participation of my own company and a primary service company is testimony to the belief of myself and the Board that WLR has significant opportunities to enhance shareholder value in the near future.’

About Walker Lane Resources Ltd.

Walker Lane Resources Ltd. is a growth-stage exploration company focused on the exploration of high-grade gold, silver and polymetallic deposits in the Walker Lane Gold Trend District in Nevada and the Rancheria Silver District in Yukon/B.C. and other property assets in Yukon. The Company intends to initiate an aggressive exploration program to advance the Tule Canyon (Walker Lane, Nevada) and Amy (Rancheria Silver District, B.C.) projects through drilling programs with the aim of achieving resource definition in the near future.

On behalf of the Board:
‘Kevin Brewer’
Kevin Brewer, President, CEO and Director
Walker Lane Resources Ltd.

Cautionary and Forward Looking Statements

This press release and related figures, contain certain forward-looking information and forward-looking statements as defined in applicable securities laws (collectively referred to as forward-looking statements). These statements relate to future events or our future performance. All statements other than statements of historical fact are forward-looking statements. The use of any of the words ‘anticipate’, ‘plans’, ‘continue’, ‘estimate’, ‘expect’, ‘may’, ‘will’, ‘project’, ‘predict’, ‘potential’, ‘should’, ‘believe’ ‘targeted’, ‘can’, ‘anticipates’, ‘intends’, ‘likely’, ‘should’, ‘could’ or grammatical variations thereof and similar expressions is intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. These statements speak only as of the date of this presentation. These forward-looking statements include, but are not limited to, statements concerning: our strategy and priorities including certain statements included in this presentation are forward-looking statements within the meaning of Canadian securities laws, including statements regarding the Tule Canyon, Cambridge, Silver Mountain, and Shamrock Properties in Nevada (USA), and its properties including Silverknife and Amy properties in British Columbia, the Silver Hart, Blue Heaven and Logjam properties in Yukon and the Bridal Veil property in Newfoundland and Labrador all of which now comprise the mineral property assets of WLR. WLR has assumed other assets of CMC Metals Ltd. including common share holdings of North Bay Resources Inc. (OTC-US: NBRI) and all conditions and agreements pertaining to the sale of the Bishop mill gold processing facility and remain subject to the condition of the option of the Silverknife property with Coeur Mining Inc. (TSX:CDE). These forward-looking statements reflect the Company’s current beliefs and are based on information currently available to the Company and assumptions the Company believes are reasonable. The Company has made various assumptions, including, among others, that: the historical information related to the Company’s properties is reliable; the Company’s operations are not disrupted or delayed by unusual geological or technical problems; the Company has the ability to explore the Company’s properties; the Company will be able to raise any necessary additional capital on reasonable terms to execute its business plan; the Company’s current corporate activities will proceed as expected; general business and economic conditions will not change in a material adverse manner; and budgeted costs and expenditures are and will continue to be accurate.

Actual results and developments may differ materially from results and developments discussed in the forward-looking statements as they are subject to a number of significant risks and uncertainties, including: public health threats; fluctuations in metals prices, price of consumed commodities and currency markets; future profitability of mining operations; access to personnel; results of exploration and development activities, accuracy of technical information; risks related to ownership of properties; risks related to mining operations; risks related to mineral resource figures being estimates based on interpretations and assumptions which may result in less mineral production under actual conditions than is currently anticipated; the interpretation of drilling results and other geological data; receipt, maintenance and security of permits and mineral property titles; environmental and other regulatory risks; changes in operating expenses; changes in general market and industry conditions; changes in legal or regulatory requirements; other risk factors set out in this presentation; and other risk factors set out in the Company’s public disclosure documents. Although the Company has attempted to identify significant risks and uncertainties that could cause actual results to differ materially, there may be other risks that cause results not to be as anticipated, estimated or intended. Certain of these risks and uncertainties are beyond the Company’s control. Consequently, all of the forward-looking statements are qualified by these cautionary statements, and there can be no assurances that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences or benefits to, or effect on, the Company.

The information contained in this presentation is derived from management of the Company and otherwise from publicly available information and does not purport to contain all of the information that an investor may desire to have in evaluating the Company. The information has not been independently verified, may prove to be imprecise, and is subject to material updating, revision and further amendment. While management is not aware of any misstatements regarding any industry data presented herein, no representation or warranty, express or implied, is made or given by or on behalf of the Company as to the accuracy, completeness or fairness of the information or opinions contained in this presentation and no responsibility or liability is accepted by any person for such information or opinions. The forward-looking statements and information in this presentation speak only as of the date of this presentation and the Company assumes no obligation to update or revise such information to reflect new events or circumstances, except as may be required by applicable law. Although the Company believes that the expectations reflected in the forward-looking statements and information are reasonable, there can be no assurance that such expectations will prove to be correct. Because of the risks, uncertainties and assumptions contained herein, prospective investors should not read forward-looking information as guarantees of future performance or results and should not place undue reliance on forward-looking information. Nothing in this presentation is, or should be relied upon as, a promise or representation as to the future. To the extent any forward-looking statement in this presentation constitutes ‘future-oriented financial information’ or ‘financial outlooks’ within the meaning of applicable Canadian securities laws, such information is being provided to demonstrate the anticipated market penetration and the reader is cautioned that this information may not be appropriate for any other purpose and the reader should not place undue reliance on such future-oriented financial information and financial outlooks. Future-oriented financial information and financial outlooks, as with forward-looking statements generally, are, without limitation, based on the assumptions and subject to the risks set out above. The Company’s actual financial position and results of operations may differ materially from management’s current expectations and, as a result, the Company’s revenue and expenses. The Company’s financial projections were not prepared with a view toward compliance with published guidelines of International Financial Reporting Standards and have not been examined, reviewed or compiled by the Company’s accountants or auditors. The Company’s financial projections represent management’s estimates as of the dates indicated thereon.

SOURCE Walker Lane Resources Ltd

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Crypto Market Update: Fed Cuts Rates Again, Traders Stay Cautious

December 16, 2025 No Comments

Here’s a quick recap of the crypto landscape for Friday (December 12) as of 9:00 p.m. UTC.

Get the latest insights on Bitcoin, Ether and altcoins, along with a round-up of key cryptocurrency market news.

Bitcoin and Ether price update

Bitcoin (BTC) was priced at US$90,250.03, down by 2.6 percent over 24 hours. It has extended its bullish tone this week as markets absorbed the US Federal Reserve’s interest latest rate cut and reassessed risk sentiment across assets.

Bitcoin price performance, December 12, 2025.

Chart via TradingView.

The Fed has now cut rates three times in three months, bringing the target range down to 3.5 to 3.75 percent.

Bitcoin dipped to US$89,000 to US$90,000 lows at the US market open, echoing post-Fed pullback patterns noted by Santiment across all three cuts since September.

Ether (ETH) was priced at US$3,084.18, down by 5 percent over the last 24 hours.

Altcoin price update

XRP (XRP) was priced at US$2, down by 2.1 percent over 24 hours.

Solana (SOL) was trading at US$131.52, down by 4.2 percent over 24 hours.

Fear and Greed Index snapshot

Open interest eased, while US$3.1 million Bitcoin and US$3.92 million Ether long liquidations signaled deleveraging. A neutral relative strength index and low funding rates kept positioning balanced post-expiry.

CMC’s Crypto Fear & Greed Index continues to hold firm in fear territory, remaining firmly risk-averse on Friday and staying at 29 for a second consecutive day. Despite Bitcoin’s recent upward trend and stabilization at the US$92,000 mark, investors continue to exercise caution after a volatile fourth quarter, reinforcing the view that traders remain reluctant to take on aggressive positions despite improved liquidity conditions elsewhere.

CMC Crypto Fear and Greed Index, Bitcoin price and Bitcoin volume.

Chart via CoinMarketCap.

Today’s crypto news to know

Bessent prepares policy shift on crypto regulation

US Secretary of the Treasury Scott Bessent is preparing a major policy letter that would direct the Financial Stability Oversight Council (FSOC) away from its post-2008 focus on tightening rules and toward re-evaluating whether existing regulations hinder growth. The draft letter, obtained by CNBC, says the FSOC will begin assessing whether certain oversight measures “impose undue burdens” that may undermine stability by limiting innovation.

The FSOC, originally created to prevent another financial collapse, coordinates oversight between the Fed, the SEC, the Commodity Futures Trading Commission (CFTC) and other agencies.

If finalized, the policy would empower agencies to roll back or revise rules deemed outdated or overly restrictive.

OCC approves US trust bank approvals

The Office of the Comptroller of the Currency (OCC) has conditionally approved national trust bank charters for Circle’s (NYSE:CRCL) First National Digital Currency Bank and the Ripple National Trust Bank. The OCC also endorsed transitions for existing state charters held by Paxos Trust Company, BitGo Bank & Trust and Fidelity Digital Assets.

With these approvals, the firms can now operate nationwide under federal oversight, enhancing stablecoin issuance and digital asset services like custody.

Pakistan clears Binance and HTX to begin licensing process

Pakistan has granted initial clearance for Binance and HTX to set up local subsidiaries and begin preparing applications for full digital asset exchange licences.

The Pakistan Virtual Assets Regulatory Authority issued “no objection certificates” after reviewing each platform’s governance, compliance structures and risk controls, though the approvals stop short of permitting trading activity.

The certificates also allow both companies to register on Pakistan’s anti-money-laundering system and begin establishing regulated local entities ahead of a forthcoming licensing regime.

Pakistan Virtual Assets Regulatory Authority Chair Bilal bin Saqib said the phased model will admit only platforms that meet strict global standards on anti-money-laundering and counter-terror financing.

Pakistan, one of the world’s largest crypto markets by retail activity, is simultaneously developing a Virtual Assets Act, while coordinating with US-based World Liberty Financial on digital infrastructure proposals.

Phantom integrates Kalshi prediction market

Phantom has integrated Kalshi’s regulated prediction markets, allowing in-app trading on events like elections, sports, crypto trends and macroeconomics using Solana or its CASH stablecoin.

Users can access live odds, notifications, tokenized positions and community chat without external accounts, leveraging Kalshi’s CFTC oversight and recent high volumes.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

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Crypto Market Update: JPMorgan Launches Tokenized Money Market Fund, Strategy Buys the Dip

December 16, 2025 No Comments

Here’s a quick recap of the crypto landscape for Monday (December 15) as of 9:00 p.m. UTC.

Get the latest insights on Bitcoin, Ether and altcoins, along with a round-up of key cryptocurrency market news.

Bitcoin and Ether price update

Bitcoin (BTC) was priced at US$85,873.25, down by 3 percent over 24 hours.

Bitcoin price performance, December 15, 2025.

Chart via TradingView.

A bruising bout of weekend volatility pushed Bitcoin to a two week low near US$87,500 amid thin liquidity. Buyers emerged early on Monday to briefly lift prices toward the US$89,500 to 89,700 range, but both DeFi and traditional markets slipped in early trading after Greg Jensen, co-CIO of hedge fund giant Bridgewater Associates, issued a client note warning that Big Tech’s heavy reliance on external capital for artificial intelligence (AI) investments has entered a “dangerous” phase, amplifying AI bubble fears and exacerbating last week’s tech selloff into Monday.

Bitcoin fell to lows around US$85,400, and the global crypto market cap saw a 24 hour decrease of 3.2 percent.

In a post on X, veteran trader Peter Brandt highlighted that Bitcoin’s advance has fractured after failing to hold support following October highs. He warned that this breakdown could trigger “exponential decay” since each bull cycle has yielded smaller gains. Based on historical precedents, Bitcoin could see a drop to US$25,000.

Ether (ETH) was priced at US$2,930.31, down by 5.1 percent over the last 24 hours.

Altcoin price update

XRP (XRP) was priced at US$1.89, down by 5.2 percent over 24 hours.

Solana (SOL) was trading at US$125.43, down by 3.6 percent over 24 hours.

Crypto derivatives and market indicators

Bitcoin futures open interest rose slightly to US$59.63 billion, while Ether open interest dipped to US$38.2 billion, signaling modest Bitcoin accumulation amid Ether caution.

Heavy long liquidations confirm capitulation selling pressure. Positive funding rates show some bulls hanging on despite pain, but a relative strength index of 27.03 marks extreme fear, historically preceding sharp reversals in crypto.

Elevated Bitcoin funding rates reflect pricier long bias persisting, but decay could accelerate if shorts pile in.

Overall market sentiment skews fearful, with Bitcoin holding firmer than Ether.

Today’s crypto news to know

Strategy expands Bitcoin holdings amid price slump

Michael Saylor’s Strategy (NASDAQ:MSTR) announced on Monday that it has acquired an additional 10,645 BTC for US$980.3 million, paying an average price of $92,098 per coin.

That brings Strategy’s total holdings to 671,268 BTC. “As of 12/14/2025, we hodl 671,268 $BTC acquired for ~$50.33 billion at ~$74,972 per bitcoin,” the company said in an X post.

JPMorgan launches tokenized money market fund

JPMorgan Chase’s (NYSE:JPM) US$4 trillion asset management arm is launching its first tokenized money market fund, the My OnChain Net Yield Fund, on the public Ethereum blockchain. The fund runs on JPMorgan’s Kinexys platform as a private placement under Rule 506(c), targeting institutions via the Morgan Money trading system.

“Active management and innovation are at the heart of how we deliver new solutions for investors navigating today’s financial landscape,” said George Gatch, CEO of JP Morgan Asset Management. “By harnessing technology alongside our deep expertise in active management, we’re able to provide clients with advanced, innovative, and cost-effective capabilities that help them achieve their investment goals.”

Bitget launches TradFi private beta for traditional assets

Monday saw Bitget announce the private beta launch of Bitget TradFi, a new feature enabling crypto users to open bets on traditional assets using the stablecoin USDT. Fees start at US$0.09 per lot.

Positions will be margined and settled in USDT, eliminating the need for separate brokers or currency conversions, with up to 500x leverage, a tight spread and regulation by Mauritius’ Financial Services Commission.

“The shift in wealth management is happening now, assets that were previously only available on certain niche markets are now on Bitget,’ said Gracy Chen, CEO of Bitget, in the company’s announcement

‘This is historic; crypto, stocks, gold, forex and commodities now coexist under a single system. This is what a universal exchange merging wealth management under a roof looks like; it’s now present-day finance.’

UK moves to place crypto firms under full regulation

UK officials are preparing legislation that would move crypto companies fully inside the country’s financial regulatory framework. According to the Guardian, the plan involves putting crypto service providers under regulation like other financial firms, subject to the Financial Conduct Authority’s rules on consumer protection, governance, transparency and market conduct. Treasury officials say the shift is meant to close longstanding gaps as crypto activity becomes more entwined with mainstream finance rather than operating at the regulatory edges.

Legislation is expected by October 2027 to give firms time to adjust to the more demanding compliance environment.

If enacted, the move would mark a structural change for UK-based crypto startups, which until now have largely operated without full product-level regulation.

HashKey prices Hong Kong IPO at top end at US$206 million

HashKey Holdings, Hong Kong’s largest licensed crypto exchange, is set to raise about US$206 million after pricing its initial public offering near the top of its marketed range, according to a source familiar with the deal.

The company priced shares at 6.68 Hong Kong dollars, valuing the exchange operator as it prepares to debut on the Hong Kong Stock Exchange on Wednesday (December 17). HashKey operates across trading, asset management, brokerage and tokenization, and runs the city’s biggest regulated crypto exchange.

While Mainland China continues to warn against crypto speculation, Hong Kong has taken the opposite approach, positioning itself as a regulated gateway for digital finance.

North Korean hackers drain wallets using fake online meetings

North Korean cybercrime groups are using fake Zoom (NASDAQ:ZOOM) and Microsoft (NASDAQ:MSFT) Teams meetings to steal crypto, draining more than US$300 million through the tactic so far, according to security researchers.

According to CryptoNews, the scam typically starts with a message from a compromised Telegram account that appears to belong to someone the victim already knows. Victims are then invited to what looks like a legitimate video call, complete with convincing video feeds that are actually pre-recorded footage.

During the call, attackers claim there is an audio problem and send a supposed software “patch” that installs malware. The malware can extract passwords, private keys and internal security data, allowing attackers to empty crypto wallets.

Global crypto thefts have already surpassed US$2 billion this year, with North Korea-linked groups remaining among the most active and sophisticated actors in the space.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

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Uranium Price Forecast: Top Trends for Uranium in 2026

December 15, 2025 No Comments

2026 is poised to be transformative for uranium as tightening supply converges with robust demand from new reactor builds and life extensions, plus data center construction and a broader shift to clean energy.

Despite these tailwinds, the U3O8 spot price remained muted for most of 2025, locked between US$63 and US$83 per pound; meanwhile, long-term contracting prices spent the majority of the year inching incrementally higher.

For Justin Huhn of Uranium Insider, the long-term contracting price rise paired with a V-shaped recovery exhibited by equities during the second half of the year has set the stage for bullish growth.

“In the background, the long-term U3O8 price, the three year forward, the five year forward price are all moving up. In fact, the long-term price is up from US$80 to US$86 on the year. That’s a very nice move.”

He went on to explain that long-term uranium pricing usually goes through periods of stagnation, followed by strong upward moves. This trend can be seen in how the long-term price has performed over the last five to six years, with stagnation lasting between eight and 15 months before eight to 12 months of higher prices set in.

“As far as we can tell, we’re in month three of a higher move,” said Huhn.

“We think it’s going to breach US$90 and probably push US$100 on this move that will happen next year.”

With uranium still far from its 2016 bottom, he believes the sector “has a huge runway,” adding that small caps remain largely overlooked, but “will have their day” once the commodity itself finally breaks higher.

Strong reactor growth — not AI hype — to drive long-term demand

In 2024, worldwide uranium production met 90 percent of global demand, with the remaining 10 percent likely made up of stockpiled material. At the same time, global nuclear expansion is accelerating quickly, according to the latest World Nuclear Association outlook. From 398 gigawatts electric (GWe) of installed nuclear capacity this past June, the organization’s reference scenario shows capacity nearly doubling to 746 GWe by 2040.

More aggressive growth could push that figure to 966 GWe, while a slower buildout still reaches 552 GWe.

This rapid growth has major implications for uranium demand.

Reactors are expected to consume about 68,900 metric tons (MT) of uranium in 2025. By 2040, requirements will more than double to just over 150,000 MT in the reference case, and could exceed 204,000 MT in the high-growth scenario. Even the low case sees demand topping 107,000 MT, underscoring the sector’s long-term structural pull on supply.

On that note, Lobo Tiggre, CEO of IndependentSpeculator.com, cautioned investors not to lose sight of uranium’s core driver — dependable, round-the-clock electricity.

“The use case is baseload power,” he said. “There’s no substitution, and the world is building like gangbusters.”

He argued that data center construction and electric vehicle (EV) adoption are just an added boost, not the backbone, and that headlines about AI or data center growth may be distracting from the foundation of the uranium thesis.

“If the EV story completely went away, it wouldn’t undo the thesis for uranium,” Tiggre said. “It would remove a tailwind, not the base story.” And despite political noise in the US, he believes the global shift to EVs remains intact.

He sees AI demand as similar: a powerful tailwind that strengthens the case for nuclear, but doesn’t define it.

When asked how meaningful near-term demand from new reactors and extensions could be — and when utilities will need to accelerate contracting — Gerardo Del Real, publisher at Digest Publishing, didn’t hesitate.

“How material? Very material,” he said.

But he cautioned that utilities remain “the slowest actors, always,” even as long-term contract prices have climbed “US$8 to US$10 above spot.” That contract price, he noted, is the real signal to watch. Because fuel makes up such a small share of a utility’s total operating costs, “they can afford to sign at US$120 or even US$130,” he said — levels that are far more consequential for producers and developers than for reactors themselves.

While some utilities have begun stepping in at higher prices, Del Real said the aggressive contracting many expected a year ago still hasn’t materialized. “I don’t think we’ll really see that until 2026,” he said.

Del Real said the uranium market is being driven by a mix of fundamentals and sentiment, and right now, the psychological lift from the tech boom is hard to ignore. While he doubts every AI-era data center plan will be built, the expert argued that even partial follow-through could massively expand power demand. If tech companies deliver “35 to 50 percent of their promises,” Del Real said, the energy needs would be “absolutely spectacular.”

That surge would hit an already-tightening market. He noted that the uranium sector is on track for a major supply deficit by 2026, a shortfall that he now believes is accelerating.

This sentiment was reiterated by Huhn, who explained that while broader narratives like AI and data center growth have been loosely tied to uranium, they don’t fundamentally alter the thesis for rising prices.

“If we see CAPEX pull back and growth slow, could that narrative impact us? Absolutely. But once prices start moving, uranium will carve out its own story,” he said. In his view, the real driver is the de-risking of existing reactors.

‘So instead of data center demand quadrupling by 2030, if it only doubles, we’re still going to see the de-risking of the existing operating reactors of the world, in particular in the countries that have expansion of data centers, which is most of the modern countries, but especially in the US, especially in China.”

Looking ahead, Huhn stressed that while new US reactors could eventually boost fuel demand in the early 2030s, utilities are already securing long-term contracts today.

“So the market for those reactors exists now,” he said. “As we enter 2026, attention will be everywhere.”

Aging uranium mines threaten supply security

Global uranium production is expected to climb over the next decade, but is seen struggling to meet demand.

The Australian government’s latest Resources and Energy Quarterly report projects that world uranium supply will rise from roughly 78 million MT in 2024 to about 97,000 MT by 2030, fueled by output expansions in Kazakhstan, Canada, Morocco and Finland — a roughly 24 percent increase over six years.

Industry experts also forecast a modest compound annual growth rate of 4.1 percent through 2030, with output reaching around 76,800 MT, reflecting expansions at major producers, including Kazakhstan and Canada.

Yet beyond 2030, many existing mines are expected to plateau or decline unless new projects come online, highlighting the critical need for timely investment to meet the fuel demands of the world’s growing nuclear fleet.

Future supply was a concern raised by Huhn, who underscored the challenges inherent in uranium mining.

“Mining is hard,” he said, pointing to Cameco’s (TSX:CCO,NYSE:CCJ) struggles at MacArthur River as it transitions to a new phase of the mine. The company has experienced mill downtime and production setbacks, yet still aims to deliver 15 million pounds of uranium in 2025, down from its typical 18 million. “These are very complicated underground mines with high-grade ore,” Huhn noted, emphasizing the operational complexity.

Huhn also highlighted long-term concerns: “Cigar Lake will be offline in 10 years, MacArthur River in 15. The two biggest projects that the industry relies on are finite. They need replacements if they intend to stay in uranium mining.”

Regarding Kazatomprom, he said the company is adopting a “value over volume” approach, focusing on responsible management of legacy assets while balancing joint ventures with Russia and China.

However, many of its projects are expected to peak over the next five years, with steep decline rates looming in the 2030s. Huhn warned: “Both (major miners) have pipeline problems into the 2030s. Without new development, the market will struggle to balance supply with the surging demand ahead.”

To facilitate this growth, Huhn stressed that uranium prices will need to stay elevated to incentivize the capital expenditures required to meet long-term demand.

“Looking at what the world will need to supply 250 million to 300 million pounds a year in about 10 years, we’re probably going to need prices in the US$125 to US$150 range, and they’ll need to stay there for a while,” he said.

Huhn added that short-term spikes aren’t enough.

“A spike to US$200 and then falling back to US$100 doesn’t do much for the industry,” he explained, noting that commodities cycles tend to overshoot on both ends. “Even in past cycles, prices fell below production costs — like when spot was US$30 a pound, but most low-cost producers were at US$40 to US$50. When the market recovers, the upside is usually much higher than the incentive price.”

Bullish uranium outlook meets real risks

Tiggre sees a bursting AI bubble as a possible threat to uranium’s upward price movement.

“There’s going to be a lot of companies that blow up,” he said. “There’s a significant chance that we get a major market event based on the AI bubble popping, and there will be a lot of panic selling of everything related. And unfortunately, that’s going to smack uranium too, because it has become an AI play now.”

Tiggre believes an event like this would be a strong buying opportunity, and while he doesn’t want to see people impacted by bubble burst, he urged investors to be prepared.

“I’ll be gleefully in the market when it puts something on sale, something you know is valuable. When the market offers it at a discount, and nothing else has changed, that’s an absolute gift,’ he said.

‘Opportunities like that don’t come often. Fluctuations happen, but a genuine sale on something you want for all the right reasons — that’s what makes fortunes for those with the courage to act.”

For 2026, Huhn sees utilities as the key driver for uranium prices. “I’m really looking at the utilities more than anything in the physical market, because that dictates everything else,” he explained.

While uranium equities have drawn attention, including meme-stock-like surges, Huhn is focused on the underlying commodity. He also pointed to a standoff, noting that major uranium producers like Cameco are seeking market-reference contracts with high ceilings, signaling confidence in rising prices, while utilities — still adjusting from reactor restarts and long-term power agreements — are testing the waters with small tenders.

“(Producers) want market reference with ceilings at US$130 to US$140, so that should tell all of us where the biggest players in the industry believe the price is going,” said Huhn. “Once we see the big utilities step up and sign these large contracts at the prices producers want, then it’s game on,” he emphasized, predicting a rapid price reset that could potentially push uranium from around US$75 to US$100 over a few months.

Looking down the pipeline, Del Real said he’s keeping a close eye on junior uranium companies, which he believes offer some of the biggest upside in the sector.

“If you know the management teams and can access these deals early, you can do spectacularly well,” he said, citing his firm’s early investment in North Shore Uranium (TSXV:NSU) as an example.

While he acknowledged the high risk involved, Del Real argued that in the current volatile market, well-chosen juniors can rival larger producers in potential returns, particularly when strategic financing and timing align.

Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.

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Locksley Resources LimitedLt. Gen.Schwartz to Advance US Defense Strategy

December 15, 2025 No Comments

Perth, Australia (ABN Newswire) – Locksley Resources Limited (ASX:LKY,OTC:LKYRF) (FRA:X5L) (OTCMKTS:LKYRF) announced the appointment of Lieutenant General (Ret.) Mark C. Schwartz as Strategic Advisor – U.S. Government Initiatives, strengthening the Company’s engagement across U.S. defense, national security, and federal funding programs.

HIGHLIGHTS

– Lieutenant General (Ret.) Mark C. Schwartz appointed as Strategic Advisor to advance U.S. Government Initiatives

– Brings 33+ years of senior U.S. military leadership, including JSOC, SOCOM-Europe and U.S. Security Coordinator roles

– Appointment of new strategic advisor supports Locksley’s pursuit of DPA Title III, DoD, and DOE funding pathways for critical mineral onshoring

– Provides strategic guidance on integrating Locksley’s antimony supply into defence, aerospace, and prime contractor applications

– Enhances Locksley’s standing within U.S. national security circles during a period of heightened focus on reducing Chinese dependency for critical minerals

– Appointment supports Locksley’s positioning of the Desert Antimony Project as an immediate and credible U.S. supply solution

– Appointment of Lieutenant General (Ret.) Mark C. Schwartz reinforces ‘Locksley’s U.S Mine to Market’ strategy, targeting production of ingots, trisulphide, trioxide, and other downstream defence-grade products

Lieutenant General Schwartz served more than 33 years in the U.S. Army, including senior leadership roles as:

– U.S. Security Coordinator for Israel and the Palestinian Authority

– Commander, Special Operations Command – Europe

– Deputy Commanding General, Joint Special Operations Command (JSOC)

– Deputy Commander, Special Operations Joint Task Force Afghanistan

Experience Directly Aligned with U.S. Critical Minerals Priorities:

– Oversaw complex bilateral and multilateral security operations, including U.S. coordination with allied forces across the Middle East and Europe, ensuring integrated strategic planning and operational readiness

– Led major U.S. strategic assistance, force readiness, and interoperability programs, providing experience directly relevant to the United States’ efforts to secure domestic supply chains and strengthen critical minerals resilience His career has centered on advancing U.S. national security interests, joint force readiness, and strategic operations.

Experience Aligned with the Strategic Role:

As Strategic Advisor, Lieutenant General Schwartz will support Locksley’s U.S. government engagement strategy, specifically:

– Advancing Locksley’s DPA Title III and related Department of Defense and Department of Energy funding pathways;

– Supporting Locksley’s positioning within the National Defense Stockpile framework for antimony and other critical minerals;

– Providing strategic guidance on U.S. initiatives to onshore or friend-shore critical mineral supply chains;

– Supporting downstream integration of Locksley’s antimony products into defence, aerospace, and prime-contractor applications, including trisulphide, alloys, and other strategic materials.

His appointment directly complements Locksley’s progress toward establishing the United States’ first modern, integrated Mine-to-Market antimony supply chain.

Lieutenant General (Ret.) Mark C. Schwartz commented:

‘Throughout my career, my purpose has been to lead and protect U.S. national security interests across the globe. Today, one of the most significant strategic vulnerabilities facing the United States is our reliance on foreign often adversarial sources of critical minerals.

Onshoring and friend-shoring materials like antimony is essential for U.S. military readiness, industrial resilience, and protection against coercive threats, including the risk of China cutting off supply.

I look forward to working with Locksley to further articulate the importance of their antimony project, and to accelerate the immediate opportunities it presents for strengthening America’s defence and strategic materials base.’

Kerrie Matthews, Managing Director & CEO, commented:

‘Lieutenant General Schwartz brings unparalleled strategic insight into U.S defense operations and national security frameworks. His experience in operating at the highest levels of U.S. defense and government and allied commence will significantly strengthen Locksley’s engagement across defense, aerospace and strategic materials sector.

His appointment will materially strengthen our engagement across federal departments, funding agencies, and prime defence contractors at a time when the U.S. is prioritising secure domestic supply of critical minerals. This expertise will be invaluable as Locksley advances it integrated Mine to Market strategy.’

Strategic Context:

The appointment comes at a time when the United States is rapidly accelerating efforts to rebuild domestic capability in critical minerals through programs such as DPA Title III, the Industrial Base Expansion program, the National Defense Stockpile Modernization initiative, and emerging federal procurement pathways for strategic materials. These initiatives collectively represent one of the largest U.S Government commitments to critical minerals, one of the largest Lieutenant General Schwartz’s expertise will support Locksley in navigating these programs as the Company advances its ‘U.S Mine to Market’ strategy for antimony.

About Locksley Resources Limited:

Locksley Resources Limited (ASX:LKY,OTC:LKYRF) (FRA:X5L) (OTCMKTS:LKYRF) is an ASX listed explorer focused on critical minerals in the United States of America. The Company is actively advancing exploration across two key assets: the Mojave Project in California, targeting rare earth elements (REEs) and antimony. Locksley Resources aims to generate shareholder value through strategic exploration, discovery and development in this highly prospective mineral region.

Mojave Project

Located in the Mojave Desert, California, the Mojave Project comprises over 250 claims across two contiguous prospect areas, namely, the North Block/Northeast Block and the El Campo Prospect. The North Block directly abuts claims held by MP Materials, while El Campo lies along strike of the Mountain Pass Mine and is enveloped by MP Materials’ claims, highlighting the strong geological continuity and exploration potential of the project area.

In addition to rare earths, the Mojave Project hosts the historic ‘Desert Antimony Mine’, which last operated in 1937. Despite the United States currently having no domestic antimony production, demand for the metal remains high due to its essential role in defense systems, semiconductors, and metal alloys. With significant surface sample results, the Desert Mine prospect represents one of the highest-grade known antimony occurrences in the U.S.

Locksley’s North American position is further strengthened by rising geopolitical urgency to diversify supply chains away from China, the global leader in both REE & antimony production. With its maiden drilling program planned, the Mojave Project is uniquely positioned to align with U.S. strategic objectives around critical mineral independence and economic security.

Tottenham Project

Locksley’s Australian portfolio comprises the advanced Tottenham Copper-Gold Project in New South Wales, focused on VMS-style mineralisation

Source:
Locksley Resources Limited

Contact:
Kerrie Matthews
Chief Executive Officer
Locksley Resources Limited
T: +61 8 9481 0389
Kerrie@locksleyresources.com.au

News Provided by ABN Newswire via QuoteMedia

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Editor’s Picks: Silver Price Sets New Record as Fed Cuts Rates, Gold Retakes US$4,300

December 13, 2025 No Comments

2025 is drawing to a close, and silver seems determined to end the year with a bang.

The white metal’s breakout continued this week, with the price crashing through US$60 per ounce and continuing on up, even briefly passing US$64. It ultimately finished at just under US$62.

Year-to-date silver is now up over 110 percent, far outpacing gold’s gain of about 63 percent.

Its latest rise kicked off on November 28, the same day the Comex experienced an outage that lasted about 10 hours. Since then, positive drivers have continued to pile up.

Chief among them this week was the most recent interest rate reduction from the US Federal Reserve. As was widely expected, the central bank made a 25 basis point cut at its meeting, which wrapped up on Wednesday (December 10), taking the target range to 3.5 to 3.75 percent.

Both silver and gold tend to fare better in lower-rate environments, and while gold remains below its all-time high, it retook the US$4,300 per ounce level this week.

Key Fed meeting takeaways

It’s worth noting that although the Fed’s cut went through, three out of 12 officials voted against it, a situation that hasn’t happened since September 2019. Two wanted rates to stay the same, while Governor Stephen Miran was calling for a 50 basis point reduction.

Miran took his spot on the Fed’s Board of Governors in September after being nominated by President Donald Trump, who has been critical of the Fed — and Chair Jerome Powell in particular — for not lowering rates as quickly as he would like. Powell’s term ends in May 2026, and it’s anticipated that his replacement will follow Trump’s vision. Kevin Hassett of the National Economic Council is said to be a strong contender, with 84 percent of respondents to a CNBC survey saying they think it will be him.

While the Fed’s rate decision was in focus this week, market watchers are also closely eyeing its post-meeting statement, as well as press conference comments from Powell, to figure out what the central bank’s policy will look like heading into the new year and beyond.

The latest dot plot shows that Fed officials expect only one rate cut in 2026, plus another in 2027. That’s unchanged from projections made in September, but experts have pointed out that the dot plot also highlights the growing divide between Federal Open Market Committee members.

Another important facet is the news that the Fed will start buying short-dated bonds as of Friday (December 12), with an initial round involving purchasing US$40 billion worth of treasuries per month. This move comes after the end of quantitative tightening measures on December 1, and is being looked at as a step in the direction of quantitative easing.

‘This is basically another way of saying quantitative easing, and we’re going to continue to print money,’ said David Erfle of Junior Miner Junky. ‘The Federal Reserve is in a situation where, ‘Hey, we’ve got to continue to issue new debt to pay off the old debt.’ So now the yield curve is going to steepen as the Fed pivots toward these treasury bills, and private investors are going to have to absorb more duration risk. So basically, this means loose monetary conditions are on the way, and that’s positive for both gold and especially now silver.’

Will the silver price keep rising?

With that in mind, what exactly is next for the silver price?

I’ve been asking guests on our channel where the metal goes from here, and many have said it’s becoming harder and harder to predict as silver enters uncharted territory.

Peter Krauth of Silver Stock Investor and Silver Advisor said that a ‘relatively conservative’ outlook for 2026 would be US$70. However, he also emphasized that higher levels are possible:

‘It’s taken 45 years for (silver) to finally break out through that US$50 level. And so we’re in uncharted waters, uncharted territory, and this being the kind of market that we’re in — fundamentally, as well as macroeconomically, as well as geopolitically — I think odds are silver is going to continue to climb higher.

‘And I think it’s going to convert a lot of doubters into into believers that silver is going to go on setting new record highs, and that it’s still relatively early in this market. We’re going to see it perform very, very well for several more years.’

For his part, Erfle weighed in on upside and downside for silver, outlining how the precious metal could get close to the US$100 level. Here’s what he said:

‘If you consider the supply/demand fundamentals, this is a fifth year of a supply deficit in silver, which has constantly been outpacing supply.

‘All these forces have converged to take the silver price so much higher, and looking at upside targets, the next target is the US$66, US$68 area, and then US$80 to US$83 if the momentum continues into January. But the long-term measured target of the cup-and-handle breakout is US$96.’

I’ll be having more conversations about silver next week with experts like Gareth Soloway, John Rubino and John Feneck, so drop a comment on our YouTube channel if you have any questions.

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

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What Was the Highest Price for Silver?

December 13, 2025 No Comments

Like its sister metal gold, silver has been attracting renewed attention as a safe-haven asset.

Although silver continues to exhibit its hallmark volatility, a silver bull market is well underway in 2025.

Experts are optimistic about the future, and as the silver price’s momentum continues in 2025, investors are looking for price forecasts and asking, “What was the highest price for silver?”

The answer reveals how much potential there is for the silver price to rise.

Read on for a look at silver’s historical moves, its new all-time high price and what they could mean for both the price of silver today and the white metal’s price in the future.

How is silver traded?

Before discovering what the highest silver price was, it’s worth looking at how the precious metal is traded. Knowing the mechanics can be useful in understanding why and how its price changes on a day-to-day basis and beyond.

Put simply, silver bullion is traded in dollars and cents per ounce, with market activity taking place worldwide at all hours, resulting in a live silver price. Key commodities markets like New York, London and Hong Kong are just a few locations where investors trade the metal. London is seen as the center of physical silver trade, while the COMEX division of the New York Mercantile Exchange, called the NYMEX, is where most paper trading is done.

There are two popular ways to invest in silver. The first is through purchasing silver bullion products such as bullion bars, bullion coins and silver rounds. Physical silver is sold on the spot market, meaning that to invest in silver this way, buyers pay a specific price for the metal — the silver price per ounce — and then have it delivered immediately.

The second is accomplished through paper trading, which is done via the silver futures market, with participants entering into futures contracts for the delivery of silver at an agreed-upon price and time. In such contracts, two positions can be taken: a long position to accept delivery of the metal or a short position to provide delivery.

Paper trading might sound like a strange way to get silver exposure, but it can provide investors with flexibility that they wouldn’t get from buying and selling bullion. The most obvious advantage is perhaps the fact that trading in the paper market means silver investors can benefit long term from holding silver without needing to store it. Furthermore, futures trading can offer more financial leverage in that it requires less capital than trading in the physical market.

Market participants can also invest in silver through exchange-traded funds (ETFs). Investing in a silver ETF is similar to trading a stock on an exchange, and there are several silver ETFs to choose from. Some ETFs focus on physical silver bullion, while others focus on silver futures contracts. Still others focus on silver stocks or follow the live silver price.

What is silver’s all-time high price?

The silver all-time high was US$64.65, which it set on December 12, 2025.

The price of silver has rallied in 2025, and first broke its previous all-time high on October 9. It went on to test the US$54 mark multiple times, before finally making a decisive move above it on November 28. That day, the silver price spiked to US$56.53 following a 10 hour shutdown of trading on the CME Group’s (NASDAQ:CME) Comex and surrounding speculation on the cause.

Silver continued setting new highs over the following weeks. The latest came on December 12, the day after the US Federal Reserve announced it decided to cut interest rates by 25 basis points at the December meeting. News that the Fed will also start buying short-term treasuries supported silver as well, sparking discussions about the return of quantitative easing.

Before October 9 of this year, the white metal’s all-time high had been the same for 45 years — silver’s former all-time high was US$49.95, and it was set on January 17, 1980.

It’s worth unpacking what happened, because the price didn’t exactly reach that level by honest means.

As Britannica explains, two wealthy traders called the Hunt brothers attempted to corner the market by buying not only physical silver, but also silver futures — they took delivery of those silver futures contracts instead of taking legal tender in the form cash settlements. Their exploits ultimately ended in disaster: On March 27, 1980, they missed a margin call and the silver market price plunged to US$10.80. This day is infamously known as Silver Thursday.

That record silver price wouldn’t be tested again until April 2011, when it reached US$47.94. This was more than triple the 2009 average silver price of US$14.67, with the price uptick coming on the back of very strong investment demand.

So what happens next? While silver has officially broken its 1980 peak, it is still well below that price point adjusted for inflation. It remains to be seen just how high silver can go.

Silver’s price history since 2011

Silver price chart, December 11, 2010, to December 11, 2025.

Chart via SilverPrice.org.

After its 2011 peak, silver’s price pulled back over the following years before settling between US$15 and US$20 for much of the second half of last decade. An upward trend in the silver price started in mid-2020, when it was spurred on by the economic uncertainty surrounding the COVID-19 pandemic. The price of silver breached the key US$26 level in early August 2020, and soon after tested US$30. However, it failed to make substantial progress past that.

In the spring of 2023, the silver price surged by 30 percent, briefly rising above US$26 in early May; however, the precious metal cratered back down to US$20.90 in early October. Later that month, silver advanced toward the US$23 level on the back of safe-haven demand due to the outbreak of the Israel-Hamas war.

Following remarks from US Federal Reserve Chair Jerome Powell, speculation about interest rate reductions sent the price of silver to US$25.48 on November 30, its highest point for the fourth quarter.

After starting 2024 on a low note, the white metal saw gains in March on rising Fed rate cut expectations. The resulting upward momentum led silver to reach a Q1 high of US$25.62 on March 20 before breaking through the US$30 mark on May 17. The silver price reached a then 12 year high of US$32.33 on May 20.

In Q3, the metal’s price slid down below the US$27 mark to as low as US$26.64 by August 7 alongside its industrial cousin copper. Heading into Q4 2024, silver reversed course to the upside, tracking the record breaking moves in the gold price. Silver once again breached the US$30 level on September 13 and continued higher.

On October 21, the silver price moved as high as US$34.20 during the trading day, up more than 48 percent since the start of the year and its highest level in 12 years. However, silver spent the rest of the year in decline, bottoming out at US$28.94 on December 30.

Silver’s price performance in 2025

Silver price chart, January 1 to December 11, 2025.

The silver price experienced a momentum shift at the start of 2025, breaking through the US$30 barrier as early as January 5, and reaching US$31.31 by January 29. The metal continued to post gains through much of February and March, climbing to US$32.94 on February 20 and then peaking at its quarterly high of US$34.21 on March 28.

Following US President Donald Trump’s tariff announcements on April 2, silver slumped to below US$30. While the Trump administration’s tariff policies have been largely beneficial for safe-haven assets like precious metals, there were concerns that the threat of tariffs could weaken industrial demand, which could cool price gains in the silver market.

Yet those concerns were pushed to the back burner as recent economic and geopolitical events have raised analysts’ expectations of a September rate cut by the Fed. The benchmark rate has not changed since November 2024.

On June 5, the silver price rose to a 13 year high of US$36.05 in early morning trading, before retreating toward the US$35.50 mark. By June 16, the white metal had broken through the US$37 mark for the first time since May 2011.

In July, increasing geopolitical strife in the Middle East and Russia-Ukraine coupled with a positive outlook for China’s solar power industry proved price positive for both silver’s precious metals and industrial angles.

The silver price overtook the US$39 level to reach US$39.24 on July 22.

These same forces, coupled with the nearly unanimous rate cut expectations, launched the price of silver to over US$40 on August 31 for the first time since 2011, and by September 3 it had climbed as high as US$41.45. Silver continued climbing through September, progressively breaking level after level to top US$47 by the month’s end.

The white metal broke its all-time highs in most currencies, including Canadian dollars and Australian dollars, on September 22.

Silver started Q4 by continuing its ascent, breaking through its 2011 peak and topping US$48 on October 3, before climbing above US$51 to beat its US dollar high on October 9.

It continued climbing even higher on the safe-haven demand fundamentals behind its 2025 momentum. Helping drive that demand in October was escalating trade tensions between the US and China, leading to export controls on additional rare earth metals by China and threats of 100 percent tariffs on Chinese imports by the US.

While silver pulled back to around US$48 in late October, news that the US government shut down had come to an end on November 9 drove the silver price back above US$50.

Silver’s foray above the US$56 level on November 28 came on the back of an outage at the Comex, where trading was briefly halted due to a ‘cooling issue’ at a CyrusOne data center used by the exchange.

Silver continued even higher through early December, and on December 12 the metal set a new highest price of US$64.65 two days after the Fed decided to once again cut interest rates.

Silver supply and demand dynamics

Market watchers are curious as to whether the silver price will continue its upward trajectory in 2025. Only time will tell, and it will depend on the white metal’s ability to remain above the critical US$30 level.

Like other metals, the silver spot price is most heavily influenced by supply and demand dynamics. However, as the information above illustrates, the silver price can be highly volatile. That’s partially due to the fact that the metal is subject to both investment and industrial metal demand within global markets.

In other words, it’s bought by investors who want it as a store of wealth, as well as by manufacturers looking to use it for different applications that are incredibly varied. For example, silver has diverse technological applications and is used in devices like batteries and catalysts, but it’s also used in medicine and in the automotive industry.

In terms of supply, the world’s three top producers of the metal are Mexico, China and Peru. Even in those countries silver is usually a by-product — for instance, a mine producing primarily gold or lead might also have silver output.

The Silver Institute’s latest World Silver Survey, put together by Metals Focus, outlines a 0.9 percent increase in global mine production to 819.7 million ounces in 2024. This was in partly the result of a return to operations at Newmont’s (TSX:NGT,NYSE:NEM,ASX:NEM) Peñasquito mine in Mexico following a suspension of activity brought about by strike action among workers and improved recoveries out of Fresnillo (LSE:FRES,OTC Pink:FNLPF) and MAG Silver’s (TSX:MAG,NYSEAMERICAN:MAG) Juanicipio. Silver output also increased in Australia, Bolivia and the US.

The firm is forecasting a 1.9 percent rise in global silver mine production to 823 million ounces in 2025. Much of that growth is expected to come out of Mexico, and it is also projecting output will rise in Chile and Russia.

Lower production from Australia and Peru will offset some of these gains.

Looking at demand, Metals Focus sees growth in 2025 flatlining as industrial fabrication takes a hit from the global tariff war. This could be tempered by an anticipated rebound in demand from physical investment in silver bars and coins.

The silver market is expected to experience a substantial deficit of 117.6 million ounces in 2025, amounting to the sixth straight year of supply shortage for the metal.

Is the silver price manipulated?

As a final note on silver, it’s important for investors to be aware that manipulation of prices is a major issue in the space.

For instance, in 2015, 10 banks were hit in a US probe on precious metals manipulation. Evidence provided by Deutsche Bank (NYSE:DB) showed “smoking gun” proof that UBS Group (NYSE:UBS), HSBC Holdings (NYSE:HSBC), the The Bank of Nova Scotia (TSX:BNS) and other firms were involved in rigging silver rates from 2007 to 2013. In May 2023, a silver manipulation lawsuit filed in 2014 against HSBC and the Bank of Nova Scotia was dismissed by a US court.

JPMorgan Chase & Co. (NYSE:JPM) has been long at the center of silver manipulation claims as well. For years the firm has been in and out of court for the accusations. In 2020, JPMorgan agreed to pay US$920 million to resolve federal agency probes regarding the manipulation of multiple markets, including precious metals.

In 2014, the London Silver Market Fixing stopped administering the London silver fix, which had been used for over a century to fix the price of silver. It was replaced by the LBMA Silver Price, which is run by ICE Benchmark Administration, in a bid to increase market transparency.

Market watchers like Ed Steer have said that the days of silver manipulation are numbered, and that the market will see a significant shift when the time finally comes.

Investor takeaway

Silver has neared US$50 multiple times, including its all-time high, and as momentum continues for the silver price in 2025 investors are wondering if it could reach those heights once again.

While it’s impossible to know for sure what’s next for silver, keeping an eye on the factors driving its performance, including gold’s performance, geopolitics, the economy and industrial demand, will help investors make decisions on when to buy and sell.

Securities Disclosure: I, Melissa Pistilli, currently hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

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In this article

How is silver traded?

What is silver’s all-time high price?

Silver’s price history since 2011

Silver’s price performance in 2025

Silver supply and demand dynamics

Is the silver price manipulated?

Investor takeaway