Bitcoin and Ethereum price update

Bitcoin (BTC) was priced at US$117,488, down by 1.3 percent in the last 24 hours. The day’s range for the cryptocurrency brought a low of US$117.409 and a high of US$119,529.

Bitcoin price performance, July 18, 2025.

Chart via TradingView.

After hitting new highs this week, supported by optimism around US crypto legislation and continued institutional inflows, Bitcoin is consolidating. The crypto market is currently seeing a capital rotation from Bitcoin to altcoins, with Ethereum’s token, ETH, exhibiting an exceptionally strong run.

Ethereum (ETH) was priced at US$3,555.99, up by 3.9 percent over the past 24 hours. Its lowest valuation on Friday was US$3,541.70, and its highest was US$3,657.81.

Altcoin price update

• Solana (SOL) was priced at US$117.28, up by 1.6 percent over 24 hours. Its lowest valuation on Friday was US$176.32, and its highest was US$181.52.

• XRP was trading for US$3.44, up 3.1 percent in the past 24 hours. The cryptocurrency’s lowest valuation was US$3.36, and its highest was US$3.52.

• Sui (SUI) is trading at US$3.80, down by four percent over the past 24 hours and its lowest valuation of the day. Its highest was US$4.01.

• Cardano (ADA) was trading at US$0.8176, up by 1.9 percent over 24 hours. Its lowest violation was US$0.8152 while its highest was US$0.8591.

Today’s crypto news to know

GENIUS Act becomes law

US President Donald Trump signed the GENIUS Act into law on Friday, establishing the first federal regulatory framework for stablecoins in the US. This marks a significant development for digital assets.

The act will take effect 18 months after the date of enactment, or 120 days after the primary federal payment stablecoin regulators issue any final implementing regulations.

In a statement, Securities and Exchange Commission (SEC) Chair Paul Atkins congratulated the House on the accomplishment, which was preceded by a tumultuous period on Tuesday (July 15) that saw a procedural vote fail.

This was followed by a successful bipartisan vote on Wednesday (July 16) to advance the bill, culminating in its overwhelming passage on Thursday (July 17). Atkins added that he will look forward to watching the market leverage the regulatory framework provided by the GENIUS Act” over the coming months and years.

Stablecoins are used to facilitate trading, payments, and transfers within the crypto ecosystem without the volatility of traditional cryptocurrencies like Bitcoin. Secretary of the Treasury Scott Bessent recently suggested that the law could help grow the stablecoin market to US$3.7 trillion by 2030.

Two other bills also passed the House during the so-called “Crypto Week”: one defining which crypto assets are securities or commodities, and another barring the Federal Reserve from launching a US central bank digital currency.

These bills will now proceed to the Senate, but the Genius Act’s passage alone is already being hailed as a defining moment in the evolution of US crypto regulation.

Crypto market soars past US$4 trillion

The global market capitalization of the crypto sector has topped US$4 trillion for the first time, spurred by optimism following the US House’s passage of federal stablecoin legislation.

Investors are piling into altcoins and crypto-related equities as momentum builds behind Crypto Week in Washington. Ether led the charge with a 22 percent jump over five days, while Bitcoin soared to an all-time high of US$123,205 and continues to make up over half of the market’s total value.

The gains reflect confidence that a regulatory framework is finally taking shape in the world’s largest economy.

Analysts predict that the stablecoin sector alone could balloon to US$3.7 trillion by 2030, especially with state and federal guardrails in place. Exchange-traded fund inflows have been particularly strong this month, with US-listed Bitcoin and Ether funds attracting a combined US$8.4 billion in July.

SharpLink to raise US$6 billion for ETH acquisition

Following a 16,370 ETH acquisition on Sunday (July 13), a prospectus supplement filed with the SEC by online performance marketing company SharpLink on Thursday revealed the company increased the amount of common stock it can sell by an extra US$5 billion. Added to the US$1 billion in its initial May 30 filing, this brings the total offering to US$6 billion. SharpLink said it would use the funds to acquire more ETH.

Executive order will reportedly allow crypto in 401(k)s

Trump is reportedly expected to sign an executive order allowing American 401(k) retirement plans to include alternative assets like cryptocurrencies, as well as gold and private equity.

This development was reported by the Financial Times on Thursday, citing three individuals briefed on the plans, who added that the order would direct regulatory agencies to investigate the remaining hurdles preventing alternative investments in professionally managed funds.

In response, SEC Chair Paul Atkins expressed openness to the inclusion of cryptocurrencies in 401(k) retirement plans during an appearance on Bloomberg Talks, but emphasized the critical need for investor education.

Atkins has also indicated that the SEC is considering an innovation exemption within its regulatory framework. This exemption would aim to facilitate new trading methods and offer targeted relief to foster the growth of a tokenized securities ecosystem.

1. TSCM, ASML release latest quarterly results

This week saw semiconductor giants Taiwan Semiconductor Manufacturing Company (NYSE:TSM) and ASML Holding (NASDAQ:ASML) report their latest quarterly earnings.

The companies received vastly different reactions from the market. Contract chipmaker TSMC saw its valuation soar on Thursday (July 17) morning after it posted record profits that exceeded expectations and raised its full-year revenue forecast by 30 percent due to demand for artificial intelligence (AI) chips.

While the chipmaker addressed minor concerns about US tariffs and inventory, AI-driven growth dominated investor sentiment. Shares of TSMC opened 4.51 percent higher from Wednesday’s (July 16) closing price.

Positive sentiment spilled over into other chip stocks, with NVIDIA (NASDAQ:NVDA) and Broadcom (NASDAQ:AVGO) also seeing gains. TSMC maintained its position to close up 5.87 percent for the week.

TSMC and ASML performance, July 15 to 18, 2025.

Chart via Google Finance.

Conversely, ASML, a lithography systems monopolist, saw its share price plunge more than 8 percent ahead of Wednesday’s open, despite solid Q2 numbers, due to a cautious outlook for late 2025 and 2026.

In a statement, the company said it cannot confirm growth in 2026 due to current macroeconomic and geopolitical developments. ASML closed the week 7.39 percent below its Monday opening price.

The divergence highlights their supply chain positions: TSMC directly benefits from the immediate AI boom, while the prospects for ASML, a step removed, remain uncertain.

2. US announces major investments in Pennsylvania

US President Donald Trump joined Pennsylvania Senator Dave McCormick (R) at the inaugural Energy and Innovation Summit at Carnegie Mellon University in Pittsburgh on Tuesday (July 15).

He announced an investment amounting to over US$90 billion in AI and energy infrastructure in the state.

The announcement from Trump covers several multibillion-dollar spending plans from the likes of Google (NASDAQ:GOOGL), Blackstone (NYSE:BX), Anthropic, GE Verona (NYSE:GEV) and others for power generation and grid modernization. It also includes natural gas production to help power data centers.

Additionally, the preview mentions AI training programs and apprenticeships for businesses.

“These commitments will create tens of thousands of construction jobs and thousands of permanent jobs, signaling Pennsylvania’s readiness to power the AI and energy revolution, further strengthening America’s resilience and independence,” McCormick’s office wrote in a press release.

Separately, Google and Brookfield Asset Management (NYSE:BAM) announced on Tuesday that they have entered into a framework agreement to provide up to 3,000 MW megawatts of domestically produced hydropower from Brookfield’s Holtwood and Safe Harbor hydroelectric facilities in Pennsylvania. The agreement allows for future expansion, with an initial focus on the mid-Atlantic and mid-continent electricity markets.

3. NVIDIA resumes chip sales to China

On Monday, NVIDIA CEO Jensen Huang said his company will resume H20 GPUs sales to China after productive meetings with government officials from the US and Beijing earlier this month.

In a press release, the company said it has been assured by the US government that licenses will be granted.

NVIDIA performance, July 15 to 18, 2025.

Chart via Google Finance.

Shares of the chipmaker opened 4.27 percent higher on Tuesday and closed the week up 4.25 percent.

4. Apple to invest in US rare earths miner

On Tuesday, Apple (NASDAQ:AAPL) said it will invest US$500 million in rare earths miner MP Materials (NYSE:MP) as part of an effort to strengthen the American rare earths supply chain.

MP is the only fully integrated rare earths miner operating in the US. Last week, the US Department of Defense said it would buy a direct equity stake in the company, becoming its largest shareholder.

The company’s Apple collaboration also includes plans to build out MP’s neodymium magnet manufacturing lines at its Texas factory specifically for Apple products. This expansion is slated to boost production and create jobs in advanced manufacturing and research and development, helping to meet global demand.

Apple and MP will also collaborate to establish a rare earths recycling line in Mountain Pass, California, and will develop new magnet materials and processing technologies to improve magnet performance.

“American innovation drives everything we do at Apple, and we’re proud to deepen our investment in the U.S. economy,” said Tim Cook, Apple’s CEO.

5. OpenAI and AWS launch new AI agent features

Open AI has launched a powerful new Agent mode in ChatGPT for pro, plus and team users.

It can autonomously complete tasks across the web, and also includes productivity tools.

The new feature enables AI agents that can help automate workflow by creating and editing spreadsheets and presentations, generating reports, analyzing data and managing calendars on users’ desktops; agents can also browse websites and fill out forms with user approval. The company has plans to add e-commerce checkouts.

Aside from that, the Financial Times reported this week that OpenAI plans to take a cut of online shopping purchases made within its chatbot as a way to generate revenue from people using AI for shopping inspiration.

Amazon (NASDAQ:AMZN) also made major announcements around AI agents this week. At its Amazon Web Services (AWS) Summit in New York, the company launched Bedrock AgentCore, a suite of enterprise-grade services that will allow developers to build, deploy and run scalable agents. AWS also introduced AI Agents & Tools, a new category on AWS Marketplace. It features pre-built agents from partners like Anthropic, IBM (NYSE:IBM) and Stripe.

Markets and commodities react

In Canada, equity markets were mostly positive this week. The S&P/TSX Composite Index (INDEXTSI:OSPTX) gained 1 percent to close at 27,314.01 on Friday (July 18) and set a new all-time high during the week. The S&P/TSX Venture Composite Index (INDEXTSI:JX) fared even better this week, gaining 2.53 percent to 797.75. However, the CSE Composite Index (CSE:CSECOMP) fell 2.6 percent to 126.84.

As for US equity markets, the S&P 500 (INDEXSP:INX) gained 0.66 percent to close Friday at 6,296.78 and the Nasdaq 100 (INDEXNASDAQ:NDX) climbed 1.35 percent to 23,065.47, with both also setting new record highs during the week. On the other hand, the Dow Jones Industrial Average (INDEXDJX:.DJI) fell 0.1 percent to 44,342.20.

In precious metals, the gold price rose 0.78 percent over the week to US$3,349.66 by Friday at 5 p.m. EDT. Meanwhile, the silver price continued to trade near 11-year highs, climbing 3.13 percent on the week to US$38.15 per ounce.

In base metals, copper ended the week were it started out, but was still trading near all time highs at US$5.60 per pound. The S&P GSCI (INDEXSP:SPGSCI) posted a 1.26 percent gain to finish the week at 551.61.

Top Canadian mining stocks this week

How did mining stocks perform against this backdrop?

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

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

1. Altima Energy (TSXV:ARH)

Weekly gain: 97.96 percent
Market cap: C$43.99 million
Share price: C$0.97

Altima Energy is a light oil and natural gas exploration and development company with operations in Alberta, Canada.

Its primary asset is the Richdale property in Central Alberta. The property consists of five producing light oil wells and sits on 5,920 acres of long-term reserves. The property hosts combined proved and probable reserves of just under 2 billion barrels of oil equivalent, with a pre-tax net present value of C$25.8 million.

The company also owns two wells at its Twinning light oil site near Nisku, seven producing wells at its Red Earth property in Northern Alberta and two multi-zone wells at its Chambers Ferrier liquid gas production property.

Shares in Altima started to gain after it released news on July 8 that it had completed a private placement for proceeds of up to C$5.5 million. Under the terms of the deal, the company will issue 20 million units at C$0.275 per unit, which each include one common share and one warrant allowing the holder to purchase a common share for C$0.40.

The company said that part of the proceeds would be used to complete field upgrades at its Red Earth and Richdale properties.

2. Kirkland Lake Discoveries (TSXV:KLDC)

Weekly gain: 81.82 percent
Market cap: C$11.26 million
Share price: C$0.10

Kirkland Lake Discoveries is a gold and copper exploration company focused on projects in its district-scale land package located in the Kirkland Lake area of Ontario, Canada.

Its holdings span an area of approximately 38,000 hectares in the Abitibi Greenstone Belt that has been host to past-producing gold and copper mines. It is broadly divided into KL West and KL East, which contain the Goodfish-Kirana and Lucky Strike gold projects, respectively, among others.

On April 29, the company announced it entered into a mining option agreement with Val-d’Or Mining (TSXV:VZZ) to acquire a 100 percent interest in the Winnie Lake and Amikougami properties, as well as mining claim purchase agreements with two vendors to acquire further claims around the Winnie Lake Pluton. The properties expand KL West’s southern portion.

Following the agreement, the company conducted grab samples at the Winnie Lake property and reported the results on July 9. One grab sample collected near the historic Winnie Shaft zone yielded grades of 1.6 grams per metric ton (g/t) gold, 28.2 g/t silver, 5.7 percent copper, 5.3 percent zinc and 1.65 g/t tellurium.

The company also discovered a quartz-veined intrusive outcrop 150 meters west of the shaft during field prospecting, with samples displaying characteristics of magmatic-hydrothermal copper-gold systems, including visible malachite and strong potassic alteration.

Additionally, Kirkland Lake reported it has received full drill permits for Winnie Lake and plans to initiate activities at the site this summer, focusing on the newly defined zones.

3. Happy Creek Minerals (TSXV:HPY)

Weekly gain: 70 percent
Market cap: C$10.33 million
Share price: C$0.085

Happy Creek Minerals is an exploration company focused on advancing a portfolio of assets in British Columbia, Canada.

Its primary focus has been on its Fox tungsten property located in the South Caribou region of the province. It comprises 135.9 square kilometers of mineral tenure and hosts deposits containing tungsten, molybdenum, zinc, indium, gold and silver. In total, 21,125 meters of exploration drilling have been carried out at the site, primarily in shallow holes, for resource definition.

Happy Creek’s share price began climbing Tuesday after the company announced a non-brokered private placement to raise gross proceeds of up to C$3.25 million in flow-through units at C$0.07 per share and non-flow-through units at C$0.05 per share.

The following day, Happy Creek upsized the offering to C$3.75 million.

The company plans to use the gross proceeds for drilling, exploration and development at Fox, as well as other exploration work in the Caribou.

4. Camino Minerals (TSXV:COR)

Weekly gain: 56.52 percent
Market cap: C$13.5 million
Share price: C$0.36

Camino Minerals is a copper exploration and development company with a portfolio of projects in Chile and Peru.

Earlier in 2025, the company shifted its focus to its newly acquired, construction-ready Puquois copper project in Chile.

In October 2024, Camino entered a definitive agreement to create a 50/50 joint venture with Nittetsu Mining (TSE:1515) that would acquire Cuprum Resources, which owns the Puquios project. The partners completed the acquisition April 17 and said they would turn their attention to project financing.

On March 17, Camino filed a prefeasibility study for the project. The study results demonstrate a post-tax net present value of US$118 million, with an internal rate of return of 23.4 percent and a payback period of 3.1 years at a fixed copper price of US$4.28. It also outlines all-in sustaining costs of US$2.00 per pound over a 14.2 year mine life.

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

Camino also owns the Los Chapitos project, which has been a long-time focus of the company. The project covers approximately 22,000 hectares near the coastal town of Chala, Peru, and hosts near-surface mineralization.

Camino has been conducting exploration efforts at Los Chapitos throughout the first half of 2025. On Wednesday, it reported trench results from the newly identified Mirador zone, including 1.07 percent copper over 90 meters, with a four-meter section containing 3.05 percent copper.

5. Solstice Gold (TSXV:SGC)

Weekly gain: 56.25 percent
Market cap: C$29.38 million
Share price: C$0.125

Solstice Gold is an exploration company focused on its flagship Strathy gold project in Ontario, which it acquired in June 2024.

The project consists of 45 claims covering an area of 45 square kilometers in the Temagami Greenstone belt. Historical documents report six gold showings in the central portion of the project areas, with documented mineralization at the Leckie prospect.

In its latest project update on July 2, Solstice announced it had wrapped up its spring drill program, which focused on four target areas. In total, the company completed 3,125 meters of drilling across 14 holes, and results are expected in July.

The company also reported that it had entered into an agreement to acquire 17 additional claims, which would increase the project area by 50 percent. It added that targets identified from its IP program may extend along strike into these claims.

FAQs for Canadian mining stocks

How much does it cost to list on the TSXV?

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

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

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

How do you trade on the TSXV?

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

Gold pricing 101

Gold pricing is often characterized as being driven by “fear and uncertainty,” at least in the short run, including geopolitical fears like war and economic uncertainties such as recession. It is also typically recognized to be an “inflation hedge,” in the long run anyway.

Gold is an asset with a price determined in a 24/7/365 global auction, most often quoted per troy ounce, in the world’s reserve currency of US dollars. New supply plays an unusually small role compared to almost all other commodities, goods or services. Thus, highest bid wins.

Perhaps none of these things about gold, and its price, are new nor surprising. But what might be, despite the end of the gold standard in 1971 and legalization of gold investment in 1974, is that gold is still a shadow currency to fiat ones, especially US dollar, in the ‘always run.’

The annual gold price from 1960 to 2024 is displayed below, as sourced from the World Bank. Rises include: late 1970s; late 2000s; and mid 2020s. Slides include: early 1980s; late 1990s; and early 2010s. Overall growth was: Sum 555 percent; Ave 8.7 percent; Max 98 percent; Min –24 percent; and CAGR 6.8 percent.

Gold yearly growth ($).

Source: World Bank.

Money supply 101

Gold is the inflation hedge, precisely because it is shadow currency. Money supply is the inflation source, precisely because it is fiat currency. As Chicago economist Milton Friedman wrote in Money Mischief (1994): “In the modern world, inflation is a printing-press phenomenon.”

There are multiple money supply measures, such as M0, M1, M2 and M3. M1 includes paper and coin currency held by the general public as well as liquid bank deposits (e.g. checking accounts). M3 includes M1, plus less liquid bank deposits (e.g. savings accounts) as well as “repos.”

Austrian economist Robert Murphy details in Understanding Money Mechanics (2021) just how the Fed’s printing, Treasury bonds and bank loans create US money supply, through open market operations. Since 2008 and 2020, the Fed has expanded to buying and selling just about anything.

Speaking on behalf of the Fed, and all major central banks, the Bank of England wrote in Money Creation in the Modern Economy (2014): “(B)ank lending creates deposits. At that moment, new money is created. (This is) ‘fountain pen money,’ created at the stroke of bankers’ pens(.)”

Annual M1 and M3 money supply from 1960 to 2024 are displayed below, as sourced from the OECD. M3 starts to take off from the mid 1990s. Both blast off in the early 2020s, M1 in part due to redefinition. Combined growth was: Sum 533 percent; Ave 8.3 percent; Max 126 percent; Min –6.4 percent; and CAGR 7.4 percent.

Money yearly growth ($).

Source: OECD.

Gold inflation 101

Christian economist Gary North points out in Honest Money (2011) that businesses have three choices in the face of money inflation: A) profit deflation; B) price inflation; C) quality shrinkflation. Investors have a fourth: D) gold inflation. A, B, and C are all bad options. D is good.

The chart below shows cumulative annual growth of gold versus M1 and M3. Gold performs and protects against both M1 and M3 from 1974 to 2019, even in 2001, but not against M1 from 2020 to 2024. In 2019, gold had a 150 percent lead on M1 and 92 percent on M3. By 2022, it shrunk to –110 percent and 80 percent.

Cumulative yearly growth (percent).

Sources: OECD and World Bank.

A 2020 regression study found: “When the Federal Reserve increases money supply by 1%, gold prices increase by 0.94%.” A 2023 academic paper: “Confirms a long-term relationship between gold price and US M2.” Note that M1’s 2021 redefinition has now made it nearly identical to M1.

Period yearly change (percent).

Sources: OECD and World Bank.

However, the authors of Austrian School for Investors (2015) wrote: “Gold does not correlate with the rate of inflation as such, but with the rate of change of the inflation rate. In order to buttress this hypothesis, we calculated the regression depicted in (the chart below).”

Source: Austrian School for Investors: Austrian Investing between Inflation and Deflation.

In conclusion, as per my Wokenomics 101 (2023) ghost blog, money inflation by: “increasing demand puts upward pressure on price and quantity and downward pressure on quality.” That puts upward pressure on: nominal CPI and GDP statistics; as well as real gold investment and price.

Inflation doesn’t harm all. It helps some. They are the “Bootleggers and Baptists,” as Public Choice economist Bruce Yandle dubbed them in 1983. Bootleggers are crony capitalists, politicians and bureaucrats whose inflated revenue outpaces costs. Baptists are the “useful idiots.”

Thus, “Follow the Money” back to the “inflationistas” of: Big Business; Big Government; and Big Banks. All gain supernormal profits from easy money: one, making more money; two, collecting more money; and three, creating more money. Also, “Follow the Money” when it comes to gold.

And, sadly, there is one policy that is always bipartisan; print more money. But, gladly, gold will always win.

About Darren Brady Nelson

Darren Brady Nelson is chief economist with Fisher Liberty Gold and policy advisor to The Heartland Institute. He previously was economic advisor to Australian Senator Malcolm Roberts. He authored the Ten Principles of Regulation and Reform, and the CPI-X approach to budget cuts.

Investor Insight

With a fully permitted, high-grade gold project, established infrastructure and first gold production on the horizon, Maritime Resources is set to become Atlantic Canada’s next gold producer, positioning the company for significant re-rating and long-term growth.

Overview

Maritime Resources (TSXV:MAE) is a Canadian gold development company focused on generating near-term cash flow from the Hammerdown gold project, a high-grade past-producer in the prolific Baie Verte mining district of Newfoundland & Labrador. The project is fully permitted, de-risked and shovel-ready, with construction underway and first ore deliveries to the Pine Cove Mill expected in late summer to early fall 2025.

Hammerdown project site

Hammerdown benefits from significant infrastructure synergies, including proximity to paved roads, power, ports and Maritime’s wholly owned Pine Cove processing facility. Unlike many greenfield developers, Maritime is executing a bootstrap production model that leverages its installed infrastructure and local skilled labor to reduce costs, minimize risk and accelerate value creation through short term cash flow generation during a period of record high gold prices

Longer term, the company plans to build out a 100,000 oz/year production platform by incorporating nearby deposits (Orion, Stoger Tight, Deer Cove) and utilizing its idle 700 tpd Nugget Pond gold plant. Maritime’s regional land package includes more than 435 sq km of highly prospective ground with gold, VMS, and porphyry-style mineralization potential.

Company Highlights

• Near-term Gold Production: First production targeted for H2/2025 from the fully permitted Hammerdown open pit project.
• High-grade Gold Reserves: 1.9 Mt at 4.46 g/t gold (272 koz) proven and probable reserves support initial 35,000-45,000 oz/year production.
• Low-CAPEX Startup: Initial capital estimated at C$15 to $20 million, among the lowest in the sector for a new mine, leveraging Maritime’s fully operational Pine Cove mill
• Owned Processing Infrastructure: Pine Cove Mill (1,300 tpd, operational) and the Nugget Pond gold plant (700 tpd CIP circuit, on standby).
• Exploration Upside: 435 sq km land package includes multiple brownfield and greenfield targets proximal to infrastructure.
• Institutional Backing: Strong support from Dundee Corporation, Eric Sprott and other institutions.
• Local Workforce Advantage: Fully staffed Pine Cove Mill with 100 percent local residents

Key Projects

Hammerdown Gold Project

The Hammerdown gold project is Maritime’s flagship asset and is strategically located near the town of King’s Point in the Baie Verte mining district of Newfoundland and Labrador. A past-producing, high-grade deposit formerly operated by Richmont Mines, Hammerdown is being redeveloped as a shallow open-pit operation. The project hosts proven and probable reserves of 1.89 million tonnes at an average grade of 4.46 grams per ton (g/t) gold for 272,000 oz of contained gold, making it one of the highest grade open pit projects in North America

A feasibility study completed in 2022 outlined annual production of approximately 50,000 oz over a 5-year mine life, with attractive economics including a pre-tax NPV (5 percent) of US$251 million at a gold price of US$2,500/oz and an all-in sustaining cost (AISC) of US$912/oz. Since then Maritime has taken steps to de-risk the project including acquiring the Pine Cove mill, allowing for significant savings in capital costs compared to using the Nugget Pond mill.

The processing plan entails crushing ore on site and trucking it approximately 130 km to the Pine Cove Mill. Maritime has completed all major permitting for the project, and construction began in spring 2025 with pre-stripping, civil works and crushing infrastructure installation. The company completed more than 8,750 meters of tight-spaced (10×10 meters) grade control drilling, confirming excellent continuity and high-grade intercepts such as 24.5 g/t gold over 13.9 meters, including 42.2 g/t over 8.0 meters. First gold production is expected in late summer to early fall 2025, with ramp-up to 700 tpd mill feed supported by the fully operational Pine Cove Mill.

Pine Cove Mill

Pine Cove gold pour

Located near Baie Verte, the Pine Cove Mill is a 1,300-ton-per-day gold processing facility recently brought back online after two years of care and maintenance. The mill flowsheet includes crushing, grinding, flotation, regrinding of the float concentrate and Merrill-Crowe leaching circuits for gold doré production. The facility will be upgraded with a new 500 hp regrind circuit (replacing a 150 hp unit), a ball mill inching drive, and an enhanced material handling system to optimize recovery and reliability. The site also includes a large in-pit tailings storage facility, existing waste dump capacity, and access to a deepwater port. Pine Cove has already produced 700oz of gold from processing low grade mineralized stockpiles from around the site. The mill is now preparing to receive and process feed from Hammerdown, with full integration scheduled for H2/2025.

Nugget Pond Gold Circuit

Nugget Pond Gold Circuit

Maritime also owns the 700 tpd carbon-in-pulp (CIP) gold circuit at the Nugget Pond Plant, located 40 km east of Pine Cove. Although currently idle, this plant represents a key component of Maritime’s long-term production strategy to scale toward 100,000 oz per year. The plant is fully configured for gold recovery and is well-positioned to process feed from future regional deposits or third-party toll milling. Maritime’s envisions Nugget Pond operating as a second production hub, enabling parallel processing capacity as the company develops additional deposits in the district.

Stoger Tight and Deer Cove Projects

Located within 10 km of the Pine Cove Mill, Stoger Tight and Deer Cove are advanced-stage deposits with near-term development potential. Stoger Tight hosts a historical NI 43-101 resource of 642,000 tons grading 3.02 g/t gold for 62,300 oz (indicated), with an additional 53,000 tons at 5.63 g/t for 9,600 oz (inferred). It is partially permitted and has the potential to become a satellite source of ore for Pine Cove.

Deer Cove is a high-grade system discovered by Noranda, featuring 500 meters of historic underground development. Recent drill results include 6.9 g/t over 25.1 meters, including 26.1 g/t over 3.6 meters. Stockpiles of 4,275 tons at 3.1 g/t gold have been identified. Both projects benefit from road access and proximity to infrastructure, making them ideal candidates for phased development and integration into Maritime’s hub-and-spoke production model.

Green Bay, Whisker Valley and El Strato Exploration Projects

Maritime’s broader exploration portfolio includes more than 435 sq km of prospective ground in the Baie Verte district, encompassing gold, copper, VMS and porphyry-style targets. The Green Bay project includes the Orion deposit, a near-surface gold target located along strike from Hammerdown. Whisker Valley is an epithermal gold system with porphyry potential, returning 6.2 g/t gold over 5.8 meters in previous drilling. El Strato hosts one of the highest-grade soil and bedrock anomalies in Newfoundland, with gold values up to 200 g/t in outcrop. Additionally, the Black Ridge VMS target features grab samples grading up to 12.6 g/t gold, 181 g/t silver, and 11.8 percent copper. These regional assets offer significant blue-sky potential and provide a robust pipeline of targets that could be developed and processed through Maritime’s existing infrastructure.

Management Team

Garett Macdonald – President and CEO

Garett Macdonald is a mining engineer with over 30 years of experience in mine development, engineering and operations. Former VP operations at Rainy River Resources, where he advanced the 8 Moz Rainy River project to construction prior to its $310-million sale to New Gold. He also served as VP project development at JDS Mining, leading the Curraghinalt feasibility study (+5 Moz gold), and held technical and management roles at Placer Dome, Teck and Suncor Energy.

Germaine M. Coombs – CFO and Corporate Secretary

A chartered accountant with more than three decades of financial leadership in the mining sector, Germaine M. Coombs is the former CFO of Aurelius Minerals and Stonegate Agricom, and former corporate controller at FNX Mining and the Iron Ore Company of Canada.

Perry Blanchard – VP, Environment & Sustainability

Perry Blanchard brings over 25 years of experience in health, safety and environmental leadership across major Canadian mining projects. Blanchard previously managed permitting and sustainability at Detour Gold’s flagship mine and Vale’s Voisey’s Bay operations.

Peter Goudie – Hammerdown Operations Manager

Peter Goudie is a veteran operations leader with over 35 years of experience in mining and contracting, including roles with Guy J. Bailey and Shoreline Aggregates. He manages day-to-day operations at the Hammerdown project, with deep knowledge of logistics, mobile equipment and site execution in Newfoundland’s mining sector.

Dwight Goudie – Pine Cove Mill Manager

Dwight Goudies is a mill operations specialist with over 40 years of metallurgical and processing experience at gold and base metal mines across Newfoundland and Labrador. He is the former mill manager at FireFly Metals and Rambler Metals & Mining’s Nugget Pond facility, and currently oversees all operations at the Pine Cove Mill.

Billy Grace – Chief Engineer

A mining engineer with more than 15 years of experience in mine engineering, project management and consulting, Billy Grace is the former general manager at Aureus Gold, and technical services manager at Newmont’s Musselwhite mine. He also worked at Golder Associates and Mining Plus.

Larry Pilgrim – Project Manager, Newfoundland Properties

Larry Pilgrim is an exploration geologist with more than 45 years of experience in Newfoundland. He is the former chief geologist at Richmont Mines and Rambler Metals, where he helped delineate the original underground reserves at Hammerdown and served as chief geologist during mine operations. He has been leading exploration activities for Maritime since 2018.

Eric Tremblay – Technical Advisor Mining

Eric Tremblay is a highly regarded mine builder with over 30 years of operations experience. He is the former GM at Osisko’s Canadian Malartic Mine and IAMGOLD’s Westwood and Sleeping Giant operations. Tremblay is currently the COO of Dalradian Resources, leading the multi-million ounce Curraghinalt gold project in Northern Ireland. Tremblay provides Maritime with expertise in mine construction, operational scale-up and technical risk management.

Paolo Toscano – Technical Advisor Engineering and Construction

Paolo Toscano has over 30 years of experience in engineering and construction. He most recently served as senior vice-president of engineering and construction for Calibre Mining at the Valentine gold project in Newfoundland and Labrador. Prior to Calibre, he was director of projects for Alamos Gold and New Gold.

1. Tantalus Systems (TSX:GRID)

Year-to-date gain: 76.32 percent
Market cap: C$179.48 million
Share price: C$3.35

Tantalus Systems provides technology that gives utilities greater control and insight into their electric grids.

This includes advanced metering infrastructure (AMI), load management systems and grid analytics, all of which contribute to a more efficient and reliable power grid.

One of its key products, TRUConnect AMI, provides real-time data on energy consumption and grid conditions. The TRUFlex Load+DER Management system helps manage energy demand and integrate distributed energy resources like solar power, while TRUGrid Automation optimizes grid operations and improves response to events like power failures.

On July 7, Tantalus announced that it was extending its partnership with EPB in Chattanooga, Tennessee, to deploy 20,000 TRUSense Ethernet Gateways over the next five years, integrating with EPB’s fiber network to enhance grid modernization and operational efficiency.

2. Anaergia (TSX:ANRG)

Year-to-date gain: 44.68 percent
Market cap: C$229.36 million
Share price: C$1.36

Anaergia is a global company that specializes in converting waste, including wastewater and agricultural and municipal solid waste, into renewable energy, clean water and organic fertilizer.

In July 2024, Anaeriga announced the completion of a strategic investment, saying it had closed the third tranche of a C$40.8 million investment deal with Marny Investissement that gave Marny a controlling interest of about 60 percent in Anaergia. The investment supported Anaergia’s strategic pivot to prioritizing capital-efficient growth and streamlined operations, with a greater focus on technology sales and operation and maintenance contracts.

The company has operations in 17 countries spanning North America, Africa, Asia and Europe. So far in 2025, Anaergia has expanded its global reach through partnerships with companies in Italy and Spain, as well as through a partnership agreement to build a biogas facility in South Korea.

3. CVW CleanTech (TSXV:CVW)

Year-to-date gain: 18.82 percent
Market cap: C$148.28 million
Share price: C$1.01

CVW CleanTech is focused on making the Canadian oil sands industry more sustainable.

The company’s Creating Value from Waste (CVW) technology recovers bitumen and valuable minerals like titanium and zircon from oil sands tailings ponds, reducing the environmental impact of oil and gas production.

In 2024, the company transitioned to a royalty-based model, investing in other cleantech companies in exchange for a share of their revenue. Its first royalty investment was in Northstar Clean Technologies (TSXV:ROOF,OTC:ROOOF), a company with technology that processes end-of-life asphalt shingles into components including liquid asphalt, as well as aggregate and fiber for industrial use. The deal was finalized in September.

Now, the company is seeking shareholder approval to change its name to CVW Sustainable Royalties and switch its TSX Venture exchange listing from a technology issuer to an investment issuer, further solidifying its change in focus. However, it is still committed to commercializing its CVW technology.

Silver price, April 1 to July 17, 2025.

Chart via Trading Economics.

At the start of June, the price of silver soared to 14 year highs, opening the month at US$32.99 and rising to US$36.76 by June 9. Ultimately, the metal reached a year-to-date high of US$37.12 on June 17. Although the price has eased slightly from its high, it has remained in the US$36 to US$37 range to the end of the quarter and into July.

Silver supply/demand balance still tight

Various factors impacted silver in the second quarter of the year, but industrial demand was a primary driver in both upward and downward movements. Over the past several years, silver has been increasingly utilized in industrial sectors, particularly in the production of photovoltaics. In fact, according to the Silver Institute’s latest World Silver Survey, released on April 16, demand for the metal reached a record 680.5 million ounces in 2024.

Artificial intelligence, vehicle electrification and grid infrastructure all contributed to demand growth

At the same time, mine supply has failed to keep up, with the institute reporting a 148.9 million ounce production shortfall. This marked the fourth consecutive year of structural deficit in the silver market.

“(We have) flat supply, growing demand — demand that’s nearly 20 percent above supply,’ he said. ‘And our ability to meet those deficits is shrinking because we’re tapping into these aboveground stockpiles that have shrunk by about 800 million ounces in the last four years, which is equivalent to an entire year’s mine supply. So it’s the perfect storm.’

But industrial demand can send the silver price in either direction.

The chaos caused by Trump’s on-again, off-again tariffs has caused some consternation among investors.

While gold and silver have traditionally both been viewed as safe-haven assets, silver’s increasing industrial demand has decoupled it slightly from that aspect. When Trump announced his ‘Liberation Day’ tariffs on April 2, silver was impacted due to fears that a recession could cause demand for the metal to slip.

Although the dip in silver was short-lived, it was one of its steepest falls in recent years.

“If a global recession really starts, silver will most likely nosedive momentarily. In terms of its 2025 performance, silver growth has been largely bolstered by consolidated precious metals group appreciation, additionally beefed up by relative USD weakness.’

Geopolitics and the silver price

Adding to the tailwinds is a growing east-west divide. Due to its usage in industrial components, particularly those related to the military and energy sectors, and its role as a safe haven, silver is being influenced by geopolitics.

June’s price rally came alongside growing speculation that Israel was preparing to attack Iranian nuclear sites. Investors became concerned that war could disrupt international trade and oil movements in the region.

Ultimately, their concerns were proven right, and Israel launched attacks on June 12; the US then bombed key nuclear facilities on June 21. While the escalation is new, the underlying politics have been simmering for years.

Sanctions against Russia have strengthened support among the BRICS nations, which have been working to reduce their reliance on US dollar assets, such as treasuries, and increase trade in their own currencies.

But they may also be working to separate themselves from western commodities markets. In October 2024, Russia floated the idea of creating a precious metals exchange to its BRICS counterparts. If established, it could shake up pricing for commodities like silver, allowing Russia to circumvent sanctions and trade with its bloc partners.

While the exchange is still just an idea, a bifurcated world is not. While the US has targeted most nations with tariffs, it has singled out China. Much of the first half of the year saw the world’s two largest economies escalate import fees with one another, with China even restricting the export of rare earth elements to the US.

Discussions on national security and critical minerals have been at the forefront for the last several years. Still, they have become even more pronounced with the US and China on tense footing.

“Even if that’s going to happen, industrial use value — building infrastructure, building national security, national energy priorities — needs a lot of silver, and there just simply isn’t enough supply out of the ground to meet the demand. That’s long-term demand above the ground. This has been a thing, but right now, because of these geopolitical forces and realignments, silver is going to drop more into that industrial role,” she said.

Silver price forecast for 2025

Overall, the expectation is that without new mine supply and dwindling aboveground stockpiles, silver is likely to remain in deficit for some time. Other factors, like Trump tariffs and geopolitics, aren’t likely to disappear either.

Demand could ease off if a global recession were to materialize, but safe-haven investing could offset declines.

For his part, Krauth thinks the silver price is likely to remain above the US$35 mark, but it could fluctuate and he suggested a rally in the US dollar could push the silver price down. However, he also sees some pressure easing on the recession side of the equation if the US signs tariff deals that would eliminate some uncertainty.

“US$40, let’s say by the end of this year,’ he said, adding, ‘Frankly, I could see something really realistically above that, maybe an additional 10 percent if the scenario plays out right.’

He doesn’t think that’s the end. In the longer term, Krauth sees silver going even higher. He pointed to the current gold-silver ratio, which is around 92:1, compared to an average of 60:1 over the last 50 years.

“So we could go to, who knows, somewhere like maybe 40 or 30 to one in the ratio. That would be tremendous for silver — that could bring silver above US$100. I’m not saying that’s happening tomorrow, but in the next couple of years I would say that’s certainly something that could easily be in the cards,” Krauth said.

Fundamentals and geopolitics aligned for silver in the first half of 2025, and barring a recession, they are likely to provide tailwinds in the second half. Whether the price climbs or continues to find support at US$35 is yet to be seen.

MP teams up with defense department

Just days before the Apple deal, MP secured a US$400 million preferred equity investment from the US Department of Defense (DoD), making the Pentagon its largest shareholder.

The funds will support a second magnet manufacturing plant — called the 10X facility — which is slated for commissioning in 2028 and will increase MP’s annual magnet output to 10,000 metric tons.

The government has also committed to purchasing 100 percent of the magnets produced at the new plant for 10 years, guaranteeing a floor price of US$110 per kilogram for neodymium-praseodymium oxide.

If market prices fall below that level, the DoD will pay the difference. Once production begins, the government will also receive 30 percent of any profits above the guaranteed price.

With operations spanning mining, separation, metallization and magnet production, MP is currently the only US firm with end-to-end capabilities for rare earth magnet manufacturing. The company is also expecting a US$150 million Pentagon loan to enhance its heavy rare earths separation capabilities at Mountain Pass.

MP’s Independence facility in Texas, alongside the upcoming 10X plant, anchors its downstream production strategy. The recycled feedstock used for Apple’s magnets will be sourced from post-industrial waste and retired electronics — reducing environmental impact while reinforcing resource resilience.

Apple, for its part, is pressing ahead with its US$500 billion US manufacturing initiative.

Earlier this year, it announced plans for a new artificial intelligence server factory in Texas and signaled continued interest in reshoring key parts of its production ecosystem.