1. Falcon Oil & Gas (TSXV:FO)

Year-to-date gain: 156.25 percent
Market cap: C$221.83 million
Share price: C$0.205

Falcon Oil & Gas is an international oil and gas company specializing in the exploration and development of unconventional oil and gas assets, with interests in assets in Australia, South Africa and Hungary.

The company has a 22.5 percent interest in the Beetaloo joint venture, with Tamboran Resources (NYSE:TBN,ASX:TBN) owning the remainder.

On September 30, Falcon announced it entered into a definitive agreement to be wholly acquired by joint venture partner Tamboran. The combination will create a company with roughly 2.9 million net prospective acres across Australia’s Beetaloo Basin and a projected market cap of US$500 million.

The deal is expected to close in Q1 2026.

Falcon’s share price spiked to a year-to-date high of C$0.21 on October 1.

2. Imperial Oil (TSX:IMO)

Year-to-date gain: 37.78 percent
Market cap: C$63.58 billion
Share price: C$123.56

Calgary-based Imperial Oil is a prominent Canadian energy company involved in the exploration, production, refining and marketing of petroleum products. With a history spanning over 140 years, Imperial operates diverse assets across Canada, including oil sands, conventional crude oil and natural gas assets.

In early August, Imperial released its Q2 2025 results, reporting net income of C$949 million, down from C$1.29 billion in Q1, as weaker upstream realizations and downstream margin capture weighed on results.

Despite lower earnings, the company posted its strongest Q2 upstream production in over three decades, averaging 427,000 barrels of oil equivalent (boe/d), led by record output at Kearl. Refinery capacity utilization averaged 87 percent amid major turnaround work

During the quarter, Imperial also launched Canada’s largest renewable diesel facility, located in Alberta, and returned C$367 million to shareholders through dividends.

Shares of Imperial climbed through much of Q2 and Q3, and reached a year-to-date high of C$130.94 on September 16.

3. Athabasca Oil (TSX:ATH)

Year-to-date gain: 30.91 percent
Market cap: C$3.49 billion
Share price: C$7.03

Athabasca Oil is focused on developing thermal and light oil assets within Alberta’s Western Canadian Sedimentary Basin. The company has established a substantial land base with high-quality resources. Its light oil operations are managed through its private subsidiary, Duvernay Energy, in which the company holds a 70 percent equity interest.

On July 24, Athabasca Oil reported its Q2 2025 results, highlighted by steady production and continued shareholder returns. The company produced an average of 39,088 boe/d, up 4 percent year-over-year. It generated C$127.6 million in adjusted funds flow during the quarter, down from C$165.75 in Q2 2024.

Capital spending totaled C$73 million, largely directed to expanding the company’s cornerstone Leismer project.

Additionally, Athabasca has repurchased 24 million shares year-to-date, reinforcing its “commitment to returning all thermal oil free cash flow to shareholders in 2025.” Its free cash flow from the segment totaled C$66 million in Q2.

A modest uptick in benchmark crude prices supported a stock bump for Athabasca Oil during the second week of October. Shares reached a year-to-date high of C$7.18 on October 8.

4. Parex Resources (TSX:PXT)

Year-to-date gain: 28.68 percent
Market cap: C$1.81 billion
Share price: C$18.80

Headquartered in Calgary, Parex Resources is a Colombia-focused oil and gas producer with six oil-producing assets and one non-operational asset.

Parex’s Q2 results, released on July 30, highlighted an average output rate of 42,542 boe/d, with July production rising to 44,450 boe/d. The company said it is on track to meet its full-year guidance of 43,000 to 47,000 boe/d.

Parex also announced a third quarter dividend of C$0.385 per share.

‘As we enter the second half of the year, strong near-field exploration results in the Southern Llanos, combined with the ramp-up in development drilling, are expected to drive a steady step-up in production through year-end,’ the company stated.

On October 1, the company shared a production update, reporting it averaged 44,000 boe/d in Q3.

Shares of Parex climbed throughout the Q3 to a year-to-date high of C$19.68 on September 25.

5. MEG Energy (TSX:MEG)

Year-to-date gain: 27.4 percent
Market cap: C$7.63 billion
Share price: C$30.50

MEG Energy is an energy company solely focused on in-situ thermal oil production in the southern Athabasca oil region of Alberta, Canada. Utilizing innovative enhanced oil recovery projects, including steam-assisted gravity drainage extraction methods, the company aims to increase oil recovery responsibly while reducing carbon emissions.

In May, Strathcona Resources (TSX:SCR) made an unsolicited C$4.1 billion offer for MEG, a move company executives at MEG quickly denounced. In a subsequent press release shared on June 16, MEG called the offer “inadequate, opportunistic, and NOT in the best interests of MEG or its shareholders.”

In mid-September MEG again urged shareholders to reject a revised offer from Strathcona and instead consider an August offer from Cenovus Energy (TSX:CVE).

On October 8, MEG announced that Cenovus increased its bid to C$8.6 billion, and again suggested shareholders accept the offer.

Following the increased bid, Shares of MEG rose to a year-to-date high of C$30.50 on October 9.

Investor Insight

With its flagship platform, virtualplant, already in commercial use across high-value industrial assets, and a growing global footprint through strategic partnerships, RemSense offers investors a unique opportunity to back a scalable, revenue-generating business at the forefront of digital transformation in the resource and infrastructure sectors.

Overview

RemSense Technologies Limited (ASX:REM) is an Australian technology company enabling digital transformation across resource-heavy industries through advanced asset visualisation and drone services. Originally established in 2006 as a developer of drone systems for the defence and industrial sectors, the company expanded into professional drone services in 2012.

In 2019, RemSense made a strategic expansion into high-resolution 3D asset capture and visualisation, culminating in the development of its flagship product, virtualplant. This strategic shift aligns with macro trends in digital transformation, particularly in asset-heavy industries like energy, resources, infrastructure and utilities. The company was listed on the Australian Securities Exchange in 2021.

RemSense is ideally positioned to leverage the growing adoption of digital twin technologies, particularly across mining, oil & gas, manufacturing, utilities, defence, marine and aerospace industries. These sectors are increasingly embracing digital tools to improve safety, reduce costs, and manage assets more efficiently, creating strong and expanding demand for RemSense’s solutions.

In the first half of FY25, RemSense reported $3.12 million in revenue, representing a 178 percent increase over the same period in FY24. The company also recorded its first-ever net profit of $796,892 and achieved positive operational cashflow of $365,539 – a turning point that demonstrates both commercial traction and disciplined financial execution.

Strategic partnerships with Chevron, Newmont Mining and Woodside Energy highlight RemSense’s growing reputation among Tier-1 clients and its ability to scale internationally. These engagements are not pilot programs, but are real, revenue-generating contracts that reinforce RemSense’s value proposition.

Company Highlights

• Profitable Growth: Delivered $3.12 million in revenue in H1 FY25 – a 178 percent increase year-over-year
• Tier-1 Client Base: Trusted by major global operators including Chevron, Newmont and Woodside Energy for digital twin and drone technology services.
• Flagship Platform – virtualplant: A scalable, cutting edge digital twin solution providing real-time operational insights for industrial facilities and infrastructure.
• Strong legacy drone operations: RPAS Services features CASA-certified pilots and a fleet of custom-engineered drones supporting multiple industrial applications.
• Serving Critical Industries: Solutions deployed across energy, resources, utilities and infrastructure sectors undergoing rapid digital transformation.
• Secured Landmark Shell Energy Contract – First major deal with Shell Energy, showcasing the power of its virtualplant platform and Sentient Computing’s 3D technologies. The project marks a key milestone in RemSense’s global expansion, delivering a transformative digital solution to enhance commissioning accuracy, efficiency, safety, and asset performance.

Key Products and Services

Virtual Plant

Virtualplant is RemSense’s flagship digital platform. It’s a high-resolution 3D asset visualisation solution that allows users to explore and interact with industrial facilities remotely, as if on site. By combining drone-based photogrammetry, terrestrial LiDAR, and 360-degree imaging, virtualplant creates immersive, detailed, interactive models of infrastructure such as gas plants, processing facilities and offshore vessels.

The platform supports a wide range of critical functions including remote inspection, maintenance planning, training, safety management, and compliance documentation. It reduces the need for site travel, improves asset visibility, and helps clients identify and address risks before they become costly failures.

Virtualplant is already deployed in high-value applications. In October 2023, Woodside Energy engaged RemSense to create a visual twin of one of its floating production storage and offloading (FPSO) vessels. In 2024, Chevron signed a series of global services agreement with RemSense to use the platform for photogrammetry scanning at gas plants in South Asia, Northwest Australia and USA, with a total contract value of more than AU$800,000. These projects reflect the platform’s global relevance and enterprise-grade capabilities.

Additional features enhance the platform’s utility:

• vTag uses AI to automatically identify and tag equipment based on nameplate data, linking it to asset registers in systems like SAP and IBM Maximo.
• vDetect automatically identifies physical defects such as corrosion, helping prioritise maintenance.
• vConnect enables real-time integration with external monitoring and data platforms, creating a unified interface for visual and operational intelligence.

These capabilities make virtualplant more than a visualisation tool, as it becomes a central intelligence layer in clients’ asset ecosystems.

RPAS (Drone) Services

RemSense has a strong legacy in drone operations, with CASA-certified pilots and a fleet of custom-engineered drones equipped with high-end imaging and sensing tools. These drone services support asset inspections, geophysical and vegetation surveys, water sampling, environmental monitoring, traffic studies, and building condition assessments.

Drone data is often the first step in creating virtualplant models. This seamless integration of field data acquisition and platform-based analysis ensures RemSense delivers a complete, end-to-end digital solution for industrial clients.

Management Team

Ross Taylor – Non-executive Chairman

Ross Taylor chartered accountant with a global finance background having worked in London, Australia, New York and Tokyo. He has held senior roles at Deutsche Bank, Bankers Trust and Barclays Capital. His experience in international capital markets brings strong governance and financial oversight to RemSense’s board.

Warren Cook – Managing Director & CEO

With over 25 years of experience in technology development and commercialisation, Warren Cook has led projects in mining, energy and environmental sectors across more than a dozen countries, including Australia, US, Brazil, Canada, France, Indonesia, South Africa and the UK. He was the CEO of acQuire Technology Solutions, delivering information management software solutions for the resources industry.

John Clegg – Non-executive Director

John Clegg has been a chartered accountant since 1965 and has supported more than 50 companies through IPOs, restructures, and strategic growth initiatives. Following his 16-year tenure at Arthur Young & Co (now Ernst & Young), he shifted focus to startup ventures, offering directorship and consulting services. As a seasoned investor, director, consultant and mentor to senior executives, Clegg has left a significant mark on numerous ventures.

Bitcoin and Ether price update

Bitcoin (BTC) was priced at US$123,495, up by 1.5 percent in 24 hours. The cryptocurrency’s lowest valuation of the day was US$121,829, and its highest was US$124,072.

Bitcoin price performance, October 8, 2025.

Chart via TradingView.

Despite retreating to around US$121,000 on Tuesday (October 7), Bitcoin on-chain data and a rising relative strength index still indicate strong momentum and accumulation, with resistance near US$135,000 and support around US$113,300. Analysts believe the crypto market is transitioning from a speculative phase to a “maturity phase,” where institutional strategies and asset allocation will drive price discovery rather than retail hype.

A new report from CF Benchmarks forecasts that Bitcoin could climb another 20 percent to reach US$148,500 by the end of 2025, while the number of crypto exchange-traded funds (ETFs) is expected to double to 80.

The report also projects that stablecoins could hit US$500 billion in circulation.

Various macro factors are shaping this bullish narrative for the sector. Market uncertainty tied to US President Donald Trump’s economic and fiscal policies, his ongoing tension with the Federal Reserve and uncertainty surrounding the ongoing government shutdown have spurred what analysts describe as a “debasement trade.” Investors seeking protection from currency risk are turning to traditional hedges like gold, and increasingly to Bitcoin.

The Fed’s recent interest rate cut has provided additional support for risk assets. CF Benchmarks expects two more reductions by the end of the year, bringing rates closer to the 3.25 percent level.

Despite inflation concerns, analysts argue that Bitcoin remains undervalued, sitting at the lower end of its estimated fair-value range between US$85,000 and US$212,000. According to trader Ted Pillows, if Bitcoin manages to hold the US$120,000 area, it could mark the beginning of a reversal phase and signal renewed bullish momentum.

By Wednesday afternoon, Bitcoin had steadied near US$123,400, recovering some losses, with ETF inflows continuing to boost institutional confidence. The total market cap of cryptocurrencies currently stands at around US$4.3 trillion, per CoinGecko, while the circulating value of stablecoins has already surpassed $300 billion.

Ether (ETH) also slid after last week’s rally, but has since recovered some of its losses. It was up by 0.7 percent over 24 hours to US$4,518.05. Ether’s lowest valuation on Wednesday was US$4,441.20, and its highest was US$4,544.36.

Altcoin price update

• Solana (SOL) was priced at US$229.20, an increase of 1.6 percent over the last 24 hours and its highest valuation of the day. Its lowest valuation on Wednesday was US$220.04.

• XRP was trading for US$2.91, up by 3.2 percent over the last 24 hours. Its lowest valuation of the day was US$2.86, and its highest was US$2.92.

Crypto derivatives and market indicators

Total Bitcoin futures open interest was at US$98.85 billion, an increase of roughly 0.84 percent in the last four hours.

Ether open interest stood at US$60.24 billion, down by 0.07 percent in four hours.

Bitcoin liquidations were at US$34.01 million over four hours, primarily forcing long positions to close, which could lead to selling pressure. Ether liquidations totaled US$25.18 million, with the majority being short positions.

Fear and Greed Index snapshot

CMC’s Crypto Fear & Greed Index climbed into high neutral territory after dipping to fear during the last week of September. The index currently stands around 55, inching closer to greed.

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

Chart via CoinMarketCap.

Today’s crypto news to know

JPMorgan says stablecoins could add US$1.4 trillion in dollar demand by 2027

A new JPMorgan Chase (NYSE:JPM) research note estimates that global stablecoin adoption could generate up to US$1.4 trillion in additional demand for US dollars within the next two years, according to Reuters.

The bank’s analysts argue that as foreign investors and corporations increasingly hold dollar-pegged stablecoins, they will effectively strengthen the greenback’s global position. The report projects that the stablecoin market could reach US$2 trillion in a high-end scenario, up from roughly US$260 billion today.

With 99 percent of stablecoins pegged 1:1 to the US dollar, JPMorgan says expansion will translate directly into higher dollar-denominated reserves. The findings counter fears that digital currencies could accelerate “de-dollarization” by offering alternatives to the US financial system.

ICE to invest US$2 billion in Polymarket

Intercontinental Exchange (ICE), the owner of the New York Stock Exchange, is making a major bet on crypto-powered prediction markets. The company announced plans to invest up to US$2 billion in Polymarket, valuing the blockchain-based betting platform at about US$8 billion, a sharp rise from its US$1 billion valuation just two months ago.

Polymarket has gained prominence for its political, sports and entertainment wagers, including high-profile bets on the US presidential race. The deal will allow ICE to distribute Polymarket’s market data globally, signaling a push to integrate event-based contracts into mainstream finance. Founder Shayne Coplan said in a press release that the investment “marks a major step in bringing prediction markets into the financial mainstream.”

The firm is also working to re-enter the US market after acquiring a small derivatives exchange earlier this year.

BNY Mellon to explore tokenized deposits

BNY Mellon, the world’s largest custodian bank, is reportedly exploring tokenized deposits to enable instant, 24/7 fund transfers for clients, aiming to overcome limitations in legacy systems. Carl Slabicki, executive platform owner for Treasury Services, stated that this initiative is part of an effort to upgrade real-time and cross-border payments. The goal is to move a portion of BNY’s US$2.5 trillion daily payment flow onto the blockchain.

Slabicki highlighted that tokenized deposits help banks overcome technology constraints, facilitating the movement of deposits and payments within their own ecosystems and eventually across the broader market.

S&P Global to launch new crypto ecosystem index

The S&P Global, in partnership with Dinari, is creating a new investment index that will bring together both cryptocurrencies and publicly traded blockchain-related companies into a single benchmark called the S&P Digital Markets 50 Index. The index will include 15 cryptocurrencies and 35 public companies in the sector.

No single component will exceed 5 percent. Major companies like Strategy (NASDAQ:MSTR), Coinbase Global (NASDAQ:COIN) and Riot Platforms (NASDAQ:RIOT) are expected to be included.

Dinari plans to issue a tokenized version of the index, known as a “dShare,” which would allow investors to gain direct exposure. The investable version is expected to launch by the end of 2025.

WTI price performance, December 31, 2024, to October 6, 2025.

Oil prices under pressure amid rising inventories, sluggish demand

Such gains are unusual for the shoulder season, when demand typically dips to around 103 million to 104 million barrels per day, compared to 106 million in summer and winter, Schachter pointed out.

On the flip side, global oil demand in the third quarter remained subdued, with growth projections of approximately 700,000 barrels per day (bpd) for both 2025 and 2026, according to the International Energy Agency (IEA).

This marks a significant slowdown compared to the 2.8 percent growth observed in 2024.

The IEA attributes this deceleration to factors such as high interest rates, economic uncertainties and structural shifts in energy consumption patterns. Looking ahead, the organization projects a modest rebound in global oil demand, with an anticipated increase of 700,000 bpd in 2026. However, this growth is contingent upon factors such as economic stabilization, energy policy developments, and potential shifts in global trade dynamics.

“Demand is weaker. Inventories are high, OPEC is raising production, and so we have all of that, and we think that we’re going to see WTI below US$60,” said Schachter, adding that he expects to see WTI values sink to the US$56 to US$59 range in the fourth quarter.

Geopolitical tensions drive oil price volatility

Much of the oil price volatility exhibited in the third quarter was driven by geopolitical factors, according to Igor Isaev, Doctor of Technical Sciences, and head of Mind Money’s Analytics Center.

‘Prices have swung sharply, driven by a complex interplay of geopolitical flashpoints, punitive trade policies and structural changes in supply dynamics. From Tehran to Texas, the forces shaping global energy are no longer cyclical — they’ve become groundbreaking, unveiling symptoms of a broader recalibration of energy security and sovereignty.”

As Isaev explained, while these forces aren’t new, they have been especially impactful amid heightened global strife.

“At the heart of recent volatility lies a familiar trio: tariffs, conflict and fragility. US-China trade tensions have resurfaced in the form of targeted energy tariffs, while carbon border adjustments in Europe have added further complexities to global flows,” the expert explained. “Meanwhile, geopolitical instability in Iran, Venezuela, Russia and parts of Africa continues to inject a risk premium into every barrel.”

Despite all the market turbulence, Isaev noted that one steady factor persists — US shale’s balancing act. Once the industry’s great disruptor, shale now serves more as a pressure valve during supply crunches than a growth engine.

However its flexibility is waning. Higher interest rates, escalating service costs and maturing geology, particularly in the Permian Basin, have shifted producers’ focus from expansion to efficiency, he said.

“Its role heading into 2026 will be stabilizing, but not leading.”

For Schachter, the weak price environment falls below the incentive price for US shale producers.

Currently, shale production remains resilient, hitting 13.5 million barrels per day the first week of October, up 200,000 barrels from last year, he said. Producers continue to tap high-quality, tier-one reserves using advanced techniques like longer-reach, multi-leg wells and improved completions, keeping some operations profitable even at US$61.

Oil and gas M&A volume slows, but values surge

As uncertainty abounds companies continue to shy away from deal making. An August report from Wood Mackenzie notes that deal activity in 2025 is down 10 percent, to only 85 sector wide by mid-August.

“The number of deals has been declining progressively since 2022, making this the seventh consecutive half-year drop, with volumes now well below the ten-year average,” the firm’s analysis reads.

Despite the volume decline, values are on the rise.

“At US$71 billion, the overall value of disclosed deals was higher than the half-year average for the last five years, and a huge 80% higher than the unusually low total for the previous half year,” the report continues.

One of the largest deals announced during the quarter was Crescent Energy’s (NYSE:CRGY) acquisition of Vital Energy (TSXV:VUX,NYSE:VTLE), an all-stock deal valued at US$3.1 billion.

The deal will birth one of the 10 largest independent oil and gas producers in the US. The combined company will operate across major basins, including the Eagle Ford, Permian and Uinta.

Although deal volumes have retracted, both Isaev and Schachter anticipate majors heading to market in an effort to bolster their market share.

“M&A activity in North America is likely to accelerate,” said Isaev. “Consolidation will be driven not by land grabs, but by strategic repositioning — especially in LNG, CCS and low-carbon petrochemicals. I expect deals prioritizing operational efficiency, reserve quality and transition alignment over immediate revenue effect.”

For Schachter, majors play a pivotal role in securing today’s oil supply, as well as in funding the innovation for future oil production. “You’re always going to see the big boys go after the medium boys,” he said. “Once you find a good asset, you want to control more and more of it, so you buy other people up. So I think consolidation will be there.”

He went on to note that new technology will open up more plays offshore in the Gulf of Mexico.

“We haven’t really talked a lot about discoveries in the Gulf of Mexico for a long time; I think there will be new technology that will be applied to drilling,’ Schachter commented.

Accessing these offshore assets will not be cheap, as he estimates the wells there could cost upwards of US$50 million wells compared to under US$10 million for an onshore well.

“So that’s going to require the big boys to do that. But the prizes can be there, as we found with Guyana,” said Schachter, pointing to the Caribbean nation’s growth from no output to over 600,000 barrels per day currently.

Gas demand weakens as LNG expansion fuels potential Asian growth

After a sharp rebound in 2024, global natural gas demand slowed notably in the first half of 2025 as high prices, tight supply and economic uncertainty curbed consumption.

That was particularly true in Asia, where both China and India posted year-on-year declines.

Starting the third quarter at US$3.43 per million British thermal units, natural gas values contracted through July and August sinking to a year-to-date low of US$2.73 on August 20, 2025.

Values have since regained lost ground ending the three month period in the US$3.35 range.

Natural gas price performance, December 31, 2024, to October 6, 2025.

As noted in the IEA’s Q3 gas market report, Europe’s LNG imports are on track to hit record highs this year, driven by storage needs and reduced Russian pipeline flows.

Meanwhile, China’s imports are falling amid weaker demand and competition for cargoes, and ongoing geopolitical tensions, including the Israel-Iran conflict, have added volatility and uncertainty to an already fragile market.

Isaev underscored the importance of geography and regional tensions in relation to the gas market.

“In the natural gas arena, the pivot is predominantly geographic. European demand has somewhat rebounded, driven by colder winters and a continued retreat from Russian pipeline gas,’ he said.

Asia, by contrast, has seen softer industrial demand and increased reliance on domestic coal. For Canadian and US producers, this shift presents a strategic opening,” Isaev continued.

He went on to explain that LNG export infrastructure expansion, from BC to the US Gulf Coast, and long-term contracts with European buyers are “becoming geopolitical tools as much as commercial deals.”

While Schachter sees moderate European demand growth due to sluggish economic expansion, the longer-term surge is expected from Asia. As he pointed out, countries such as Japan, South Korea, China and Vietnam, which lack domestic reserves, will increasingly import LNG from sources like Australia, Papua New Guinea, the Gulf Coast and Canada.

‘And prices (in Asia) might be US$11 to US$12 compared to US$3.50 in the US,” said Schachter.

Looking ahead, the EIA forecasts that LNG supply growth is expected to surge in 2026 — led by new output from the US, Canada and Qatar — easing market pressures and potentially reigniting demand across Asia.

Oil and gas market forecast for Q4

Moving into the rest of 2025 and early 2026, Schacter warned that weather remains a key wildcard for energy markets.

He recommended watching whether winter will be mild or unusually cold, as Arctic fronts could spike oil and natural gas prices. Early forecasts, including those from the Farmers’ Almanac, suggest a colder-than-normal winter, though factors like El Niño could influence outcomes and add further uncertainty.

The oil and gas sector veteran, who will be hosting his annual Catch the Energy conference in Calgary in mid-October, also cautioned that global geopolitical risks remain a key market driver. Any disruptions in strategic chokepoints like the straits of Malacca or Hormuz, which could block crude shipments, have the potential to push oil prices higher.

‘And if we do, that’s going to be very, very good for the industry.”

Isaev pointed to OPEC+ tactical production, US shale prioritizing capital discipline over output growth, and LNG shipments to Europe and Japan being increasingly influenced by geopolitical dynamics, as key trends to watch.

“When you factor in the ongoing tensions in the Middle East and West Africa, along with the regulatory shifts surrounding carbon pricing and exploration permits, it’s evident that 2025 isn’t just going to be volatile — it’s a year for strategic realignment,” he said. “The advantage will go to those who can skillfully navigate this complexity, foresee critical turning points and invest their capital with both accuracy and creativity.”

Investor Insight

Metro Mining is one of the few pure-play upstream bauxite companies globally listed on a stock exchange. As a direct exposure to the aluminum sector, Metro offers investors a unique opportunity to benefit from rising global demand driven by industrial applications and growth areas such as electrification, batteries, renewable energy, and lightweight transportation solutions.

Overview

Metro Mining (ASX:MMI) is a low-cost, high-grade Australian bauxite producer with its 100-percent-owned Bauxite Hills mine located 95 km north of Weipa on the Skardon River, Queensland. The mine forms part of a tenement package covering ~1,900 sq km.

Bauxite Hills Mine

As at 31 December 2024, Bauxite Hills contained 114.4 Mt of ore reserves, supporting an ~11-year mine life, with additional mineral resources extending mine life by roughly five years.

Following the infrastructure expansion commissioned in late 2023, the operation is ramping up production during 2025 and remains on track to deliver 6.5 to 7 WMtpa by year end. This positions Metro as one of the lowest-cost global bauxite producers.

The aluminum sector continues to see rising demand growth of around 3 to 4 percent annually, supported by EV manufacturing, renewable energy infrastructure, battery production and lightweight transportation. Market conditions have been strengthened by instability in Guinea, where government actions and weather disruptions have curtailed exports, creating supply uncertainty and reinforcing the importance of reliable Australian producers.

Company Highlights

• Metro Mining’s flagship asset, the Bauxite Hills mine (BHM) in Skardon River, located 95 km north of Weipa in Cape York Peninsula Queensland, benefits from proximity to Asian markets, short haul distances, and a highly scalable, low-cost marine transportation system, ensuring industry-leading operating margins.
• Production ramp-up continuing in 2025 following infrastructure expansion in late 2023. August 2025 shipments reached 753,101 WMT, up 6 percent year-on-year, with year-to-date production of 3.4 Mt, keeping the company on track for its 6.5 to 7 million WMT per annum CY2025 target.
• Targeting a delivered bauxite cost below US$30 per dry ton CIF China, positioning the company firmly within the lowest quartile of global producers.
• End of Q2 2025: Cash balance of AU$28.7 million, secured debt of US$56.6 million, and full-year hedged position at 0.63 US$:A$.
• Ore reserves of 77.7 Mt underpinning ~11 years of mine life, with additional mineral resources providing ~five more years
• Metro Mining maintains robust environmental and social governance, evidenced by receiving the Association of Mining and Exploration Companies’ 2024 Environment Award.

Key Project

Bauxite Hills Mine (Queensland, Australia)

Metro Mining’s flagship asset, the Bauxite Hills mine, is located on the Skardon River, about 95 kilometres north of Weipa in Queensland. The mine is underpinned by 114.4 Mt of ore reserves as at 31 December 2024, providing approximately 11 years of production, with further Mineral Resources extending mine life by around five years.

Bauxite Hills is a straightforward, low-cost DSO operation. The orebody requires no blasting, with only ~0.5 metres of overburden to remove, and short average haul distances of nine kilometres. Ore is screened to below 100 millimetres and hauled to the barge loading facility, where it is transported via tugs and barges to offshore transhippers for loading onto Capesize vessels bound for Asian markets. This efficient marine logistics chain enables Metro to remain in the lowest quartile of global cost producers.

Production continues to build steadily. In Q2 2025, the mine shipped a record 1.9 Mt, generating site EBITDA of AU$54 million and a margin of AU$32 per tonne. In August 2025, shipments reached 753,101 tonnes, a six percent increase from the prior year, with 3.4 Mt shipped year-to-date, putting the mine firmly on track to meet its 2025 target of 6.5 to 7 Mt.

Metro has established offtake agreements with leading global alumina and aluminum producers, including Chalco, Emirates Global Aluminium, Xinfa Aluminium and Shandong Lubei Chemical. To support growth beyond 2025, debottlenecking and optimisation studies are underway to enable potential expansion to 8 Mtpa beyond 2026.

The company is also advancing exploration in surrounding lateritic bauxite terraces. Drilling campaigns are planned across EPM 27611, EPM 16755, EPM 25879 and EPM 26982 during the second half of 2025, with approximately 150 holes scheduled.

In addition, Bauxite Hills hosts a significant kaolin deposit beneath the bauxite ore. Metro is progressing a feasibility study to assess extraction potential, market strategies and product testing, with applications in ceramics, paper, paints and industrial uses.

Management Team

Simon Wensley – CEO and Managing Director

Simon Wensley is a proven industry leader with extensive experience in mining operations and strategic growth. He spent 20 years at Rio Tinto in various operational, project and leadership roles across commodities, including iron ore, industrial minerals, bauxite, alumina, coal and uranium.

Douglas Ritchie – Non-Executive Chair

Douglas Ritchie brings more than 40 years’ experience in resources, previously holding senior leadership roles at Rio Tinto, including CEO of Rio Tinto Coal Australia, chief executive of the Energy Product Group, and group executive of strategy.

Nathan Quinlin – CFO

Nathan Quinlin is experienced in financial strategy and cost optimization, previously serving as finance and commercial manager at Glencore’s CSA mine, managing finance, risk management and life-of-mine planning.

Gary Battensby – General Manager and Site Senior Executive

Gary Battensby has extensive experience in managing large-scale metalliferous mining operations, budget control and regulatory compliance. He previously oversaw teams of up to 350 staff and operations with substantial CAPEX and operational responsibilities.

Vincenzo De Falco – General Manager, Marine Supply & Logistics

With over 15 years of global experience in the shipping and maritime industry, including at IMC and Louis Dreyfus Armateurs, Vincenzo De Falco is leading the Metro Marine Team to manage BHM transhipping logistics, including new Floating Crane Terminal (Ikamba) as well as Tug Mandang.

Bitcoin and Ether price update

Bitcoin (BTC) was priced at US$125,434, up by 2.3 percent in 24 hours. Its lowest valuation of the day was US$124,565, and its highest was US$126,080. Bitcoin achieved its strongest weekly close at US$123,400 on October 3, affirming entry into a new price discovery phase, before hitting new highs on Monday.

Bitcoin price performance, October 6, 2025.

Chart via TradingView.

Bitcoin’s market cap briefly surpassed US$2.5 trillion, driving a record US$5.95 billion into digital assets.

Bitcoin dominance in the crypto market now stands at 54.49 percent.

On-chain data indicates that Bitcoin is entering a renewed accumulation phase, marked by reduced selling pressure from long-term holders and stabilization among short-term investors. Strong institutional exchange-traded fund (ETF) inflows, increased on-chain transfer volumes and healthy derivatives market indicators form a strong structural base for potential further gains, but tight Bollinger Bands point to impending short-term volatility and price consolidation.

Bitcoin researcher Axel Adler Jr. highlights that Bitcoin is trading near the upper boundary of the 21 day Donchian channel. The Bitcoin futures flow index reading of 96 percent signals sustained bull pressure.

Adler also points out that the short-term holder MVRV ratio is nearing resistance around US$133,000, indicating potential near-term profit taking. Scenarios include momentum-driven consolidation between US$122,000 and US$124,000, or a mean reversion pullback to US$118,500 to US$120,000, supported by key moving averages.

Ether (ETH) has exceeded Bitcoin’s upward price movement, rising by roughly 5.2 percent in the last 24 hours to US$4,725.31, its highest valuation of the day. Its lowest valuation was US$4,589.41.

Ether continues to hold firm above its US$4,500 support, with market watcher Ted Pillows highlighting US$4,750 as the next major resistance level for the cryptocurrency. However, he also warned that a drop below the US$4,250 to US$4,060 zone would shift momentum back to the bears.

Altcoin price update

• Solana (SOL) was priced at US$235.40, an increase of 3.7 percent over the last 24 hours. Its lowest valuation on Monday was US$233.70, and its highest was US$237.29.

• XRP was trading for US$3.03, up by 2.5 percent over the last 24 hours. Its lowest valuation of the day was US$2.99, and its highest was US$3.05.

ETF data and derivatives trends

The Fear & Greed Index currently reads 59, remaining firmly in neutral territory since the tail end of last week.

Last week, the cumulative net flow for spot Bitcoin ETFs was predominantly positive, with several days of inflows. According to data from the week of September 29 to October 3, spot Bitcoin ETFs had inflows on all five days, with October 3 recording the highest inflows at US$985.08 million. The inflows were led by BlackRock’s iShares Bitcoin Trust (NASDAQ:IBIT) and the Fidelity Wise Origin Bitcoin Fund (BATS:FBTC).

Cumulative total inflows for spot Bitcoin ETFs stood at US$60.05 billion as of October 3.

The derivatives landscape reflects cautiously bullish sentiment, with the perpetual funding rate holding steady at 0.01, indicating balanced positioning between longs and shorts in the perpetual swap markets.

The session saw US$27.76 million in liquidations over the last four hours, predominantly impacting short positions, a signal of aggressive short covering as price momentum accelerated. Open interest retreated by 0.44 percent in the same span, to US$94.83 billion, suggesting some deleveraging or profit-taking after the day’s strong rally.

Despite the slight pullback in open interest, the notional value in major futures and options contracts remains near record levels, underscoring persistent institutional and speculative engagement. Implied volatility stands at 40.9, reflecting a moderate risk premium amid heightened spot activity and brisk rotation across both futures and options venues. With options open interest surging to historic highs and spot/volatility correlations positive, traders are leaning on structured call spreads rather than outright longs to manage term premiums and risk.

Today’s crypto news to know

Grayscale launches first US spot crypto ETPs with staking

Grayscale Investments has launched the first US-listed spot crypto exchange-traded products (ETPs), enabling staking for its Grayscale Ethereum Trust ETF (ARCA:ETHE), Grayscale Ethereum Mini Trust ETF (ARCA:ETH) and Grayscale Solana Trust (OTCQX:GSOL), the last of which is awaiting regulatory approval to uplist as an ETP.

Traditional brokerage investors can now earn passive staking rewards, which have been limited to native crypto platforms, through regulated funds, providing exposure to the Ethereum and Solana networks.

“Staking in our spot Ethereum and Solana funds is exactly the kind of first mover innovation Grayscale was built to deliver,” said Grayscale CEO Peter Mintzberg in a press release.

“As the #1 digital asset-focused ETF issuer in the world by AUM, we believe our trusted and scaled platform uniquely positions us to turn new opportunities like staking into tangible value potential for investors.”

Grayscale will manage staking via institutional custodians and diversified validator networks to reduce risks. The launch represents a milestone in crypto product sophistication and regulatory acceptance, and is expected to attract institutional capital and deepen investor participation in staking rewards.

Morgan Stanley endorses Bitcoin allocation for client portfolios

Morgan Stanley’s (NYSE:MS) Global Investment Committee has formally advised clients to include digital assets in their portfolios, marking a significant policy shift for one of Wall Street’s most established banks.

In a note dated Sunday (October 5), the firm recommends up to 4 percent crypto exposure in “opportunistic growth” portfolios and up to 2 percent for “balanced growth” accounts. The report also emphasizes Bitcoin’s role as a “scarce, digitally native asset” with increasing institutional relevance.

While many investors view the move as validation of Bitcoin’s maturing status and the formal ushering of crypto’s ‘mainstream era,’ some traders called it “too late” given prior gains.

Morgan Stanley also confirmed that its E*Trade platform will soon allow trading in Bitcoin, Ether and Solana via a partnership with ZeroHash.

Coinbase seeks national trust charter to expand payment services

Coinbase Global (NASDAQ:COIN) has applied for a national trust company charter from the US Office of the Comptroller of the Currency, a move designed to expand its payments and custody operations under unified federal oversight.

In an October 3 blog post, Vice President Greg Tusar clarified that Coinbase “has no intention of becoming a bank,” but aims to streamline regulation for new financial products.

Approval would enable Coinbase to scale its recently launched Coinbase Payments platform, which facilitates stablecoin transactions for merchants on Shopify (NYSE:SHOP) and eBay (NASDAQ:EBAY).

Coinbase has also deepened partnerships with JPMorgan Chase (NYSE:JPM), enabling direct account links between Chase customers and Coinbase wallets through API integration.

Similar Office of the Comptroller of the Currency charter applications have been filed by other platforms as digital payment infrastructure moves further into mainstream finance.

Plume Network registers as transfer agent

Plume Network, a layer-2 blockchain focused on tokenizing real-world assets (RWAs), announced it has registered as a transfer agent with the US Securities and Exchange Commission (SEC).

The move allows Plume to manage tokenized securities under US law, automating traditional transfer agent functions like shareholder registry management and corporate action reporting onchain.

This development comes amid efforts to integrate traditional finance with blockchain technology, specifically through the issuance and management of tokenized securities. Institutional involvement in the RWA market is still in its early stages, primarily focusing on low-risk instruments like US treasury bills.

Potential exists for expanding into new fundraising and investor engagement methods.

Platinum supply under pressure

Supply constraints are an ongoing trend in the platinum market and a major driver of prices in 2025.

In its Q2 Platinum Quarterly, the World Platinum Investment Council (WPIC) predicts that global platinum mine supply will drop by 6 percent to 5.43 million ounces for this year.

Heavy rainfall and flooding in top producer South Africa in the first quarter of the year had a major impact on an industry already reeling from high-cost electricity and dwindling reserves.

In late August, Paul Dunne, CEO of Northam Platinum Holdings (JSE:NPH) in South Africa, told Reuters that a higher platinum price in 2025 will likely not do much to alleviate the pressures facing production in the country.

“Recent price appreciation is offering some relief to the (platinum-group metals) sector,” he said in a statement. “However, it is still not yet at levels that will support sustainable mining across the industry and certainly not the much-needed development of new operations.”

Suffice it to say that problems in the supply side will continue to support platinum over the longer term.

Platinum demand seen as sustainable

As for platinum demand, Mykuliak sees a few key important drivers, including autocatalysts for hybrid vehicles, increased hydrogen adoption for industrial uses and Chinese demand for platinum jewelry as an alternative to gold.

In the automotive industry, platinum is used in catalytic converters for vehicle exhaust systems for emissions control. The rise of electric vehicles (EVs), which do not require catalytic converters to control emissions, is expected to cut into platinum demand over time.

However, high costs and range anxiety are leading auto buyers to choose hybrids over battery EVs. Because hybrid engines still require catalytic converters, the auto sector continues to be a reliable source for platinum demand.

In the hydrogen sector, platinum has a role as a catalyst in the proton exchange membrane electrolyzers used for green hydrogen production and in hydrogen fuel cells. The WPIC has noted that the hydrogen market be ‘a meaningful component of global demand by 2030 and potentially the largest segment by 2040.’

As for jewelry demand, the WPIC is predicting an increase of 11 percent year-on-year to 2.23 million ounces in 2025. China is expected to represent more than one quarter of that growth as the fabrication of platinum jewelry in the region is expected to grow by 42 percent to 585,000 ounces.

Platinum price outlook

The platinum price has since pulled back from the US$1,600 level, coming in at US$1,558 in midday trading on Thursday (October 2). But a correction is expected in the short term, explained Mykuliak, who believes the fundamental outlook for the precious metal is still positive.

“Looking ahead, I expect volatility. My base case is a US$1,650-US$1,750 range by the year-end, with possible dips toward US$1,450 if profit-taking intensifies,” she said. “On the upside, if South African power disruptions worsen or hydrogen policies accelerate, US$1,850-US$1,950 is realistic, with US$2,000 also within reach.”