Metals Australia (MLS:AU) has announced Thick High-Grade Graphite Drilling Results In New Zone
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Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO)said on Monday (May 19) that it has signed binding agreements with Corporación Nacional Del Cobre de Chile (Codelco) to develop and operate a high-grade lithium project.
The asset is located in the Salar de Maricunga, a large lithium-containing resource base in Atacama, Chile. Its brine is said to have one of the highest average grades of lithium content in the world.
According to Rio Tinto, it will acquire a 49.99 percent interest in the company Salar de Maricunga, through which Codelco holds its licenses and mining concessions related to the resource base.
Codelco is a state-owned firm formed in 1976. Its full name translates to “National Copper Corporation of Chile.”
“We are honoured to be chosen as Codelco’s partner to deliver a world-class project using Direct Lithium Extraction technology in the Salar de Maricunga, leveraging our expertise as a leading producer of lithium for the global market,” said Rio Tinto Chief Executive Jakob Stausholm. “Developing this significant lithium resource will deliver further value-adding growth in our portfolio of critical minerals essential for the energy transition.”
In 2023, Rio and Codelco entered a joint venture for the exploration of Nuevo Cobre, situated within the Potrerillos mining district, also in Atacama. Codelco owns about 43 percent of Nuevo Cobre, while Rio Tinto owns about 58 percent.
For the Salar de Maricunga partnership, Rio will invest AU$350 million in initial funding for additional studies and resource analysis that will assist in creating a final investment decision.
Once a decision is made, AU$500 million will be dedicated toward construction costs. Another AU$50 million will be allocated should the venture deliver its first lithium target by the end of 2030.
The new partnership with Codelco forms part of Rio Tinto’s long-term lithium plan, which includes a production goal of over 200,000 metric tons of lithium carbonate equivalent annually by 2028.
The company recently completed its acquisition of Arcadium Lithium, making it the world’s third top lithium producer.
Subject to regulatory approvals and the satisfaction of customary conditions, the Salar de Maricunga transaction is expected to close by the end of the first quarter of 2026.
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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Jupiter Energy (JPR:AU) has announced Variation to Noteholder Agreements
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Nordic Resources (NNL:AU) has announced Trading Halt
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Brightstar Resources (BTR:AU) has announced Canaccord Global Mining Conference Presentation
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(TheNewswire)
TORONTO, ON TheNewswire – May 20, 2025 Silver Crown Royalties Inc. ( Cboe: SCRI, OTCQX: SLCRF, BF: QS0 ) ( ‘Silver Crown’ ‘SCRi’ the ‘Corporation’ or the ‘Company’ ) is pleased to announce a non-brokered offering (the ‘ Offering ‘) for gross proceeds of up to C$2,000,000.
The Company intends to issue up to 307,692 units (‘ Units ‘) of the Company at a price of C$6.50 per Unit pursuant to the Offering. Each Unit will consist of one common share in the capital of the Company (‘ Common Share ‘) and one Common Share purchase warrant (‘ Warrant ‘). Each Warrant will be exercisable to acquire one (1) additional Common Share at an exercise price of C$13.00 for a period of three years from the date of the closing of the Offering (the ‘ Expiry Date ‘). Closing of the Offering will be subject to customary conditions precedent, including the prior approval of Cboe Canada Inc.
Peter Bures, Silver Crown’s Chief Executive Officer, commented, ‘In the current market environment, this financing paves the way to free cash flow in Q4 of this year by facilitating the completion of the second tranche of our silver royalty on PPX Mining Corp.’s Igor 4 project and other growth initiatives.’
ABOUT Silver Crown Royalties INC.
Founded by industry veterans, Silver Crown Royalties ( Cboe: SCRI | OTCQX: SLCRF | BF: QS0 ) is a publicly traded, silver royalty company. Silver Crown (SCRi) currently has four silver royalties of which three are revenue-generating. Its business model presents investors with precious metals exposure that allows for a natural hedge against currency devaluation while minimizing the negative impact of cost inflation associated with production. SCRi endeavors to minimize the economic impact on mining projects while maximizing returns for shareholders. For further information, please contact:
Silver Crown Royalties Inc.
Peter Bures, Chairman and CEO
Telephone: (416) 481-1744
Email: pbures@silvercrownroyalties.com
FORWARD-LOOKING STATEMENTS
This release contains certain ‘forward looking statements’ and certain ‘forward-looking information’ as defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as ‘may’, ‘will’, ‘should’, ‘expect’, ‘intend’, ‘estimate’, ‘anticipate’, ‘believe’, ‘continue’, ‘plans’ or similar terminology. The forward-looking information contained herein is provided for the purpose of assisting readers in understanding management’s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. Forward-looking statements and information include, but are not limited to, In the current market environment, this financing paves the way to free cash flow in Q4 of this year by facilitating the completion of the second tranche of our silver royalty on PPX Mining Corp.’s Igor 4 project and other growth initiatives’ . Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual actions, events or results to be materially different from those expressed or implied by such forward-looking information, including but not limited to: the impact of general business and economic conditions; the absence of control over mining operations from which SCRi will purchase gold and other metals or from which it will receive royalty payments and risks related to those mining operations, including risks related to international operations, government and environmental regulation, delays in mine construction and operations, actual results of mining and current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined; accidents, equipment breakdowns, title matters, labor disputes or other unanticipated difficulties or interruptions in operations; SCRi’s ability to enter into definitive agreements and close proposed royalty transactions; the inherent uncertainties related to the valuations ascribed by SCRi to its royalty interests; problems inherent to the marketability of gold and other metals; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; industry conditions, including fluctuations in the price of the primary commodities mined at such operations, fluctuations in foreign exchange rates and fluctuations in interest rates; government entities interpreting existing tax legislation or enacting new tax legislation in a way which adversely affects SCRi; stock market volatility; regulatory restrictions; liability, competition, the potential impact of epidemics, pandemics or other public health crises on SCRi’s business, operations and financial condition, loss of key employees. SCRi has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information. SCRi undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available.
This document does not constitute an offer to sell, or a solicitation of an offer to buy, securities of the Company in Canada, the United States or any other jurisdiction. Any such offer to sell or solicitation of an offer to buy the securities described herein will be made only pursuant to subscription documentation between the Company and prospective purchasers. Any such offering will be made in reliance upon exemptions from the prospectus and registration requirements under applicable securities laws, pursuant to a subscription agreement to be entered into by the Company and prospective investors. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
CBOE CANADA DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
Copyright (c) 2025 TheNewswire – All rights reserved.
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After spending most of 2025’s first quarter consolidating at the US$63 per pound level, spot U3O8 prices have been on an upswing, adding 13.62 percent between March 30 and May 14.
The uptick has been supported by improving utility demand, tariff clarity and resilient supply-demand fundamentals.
While broad market uncertainty added pressure for other commodities, uranium’s long term outlook prevented the energy fuel from suffering more declines at the start of the year’s second quarter.
“As other asset classes faltered, uranium held its ground, supported by its structural supply-demand story, inelastic demand and insulation from tariff-related disruptions,” Jacob White of Sprott (TSX:SII,NYSE:SII) wrote in a recent uranium report.
As tailwinds propelled the spot price higher uranium, uranium equities also caught an updraft.
“Physical uranium and uranium equities continue to outperform over longer periods,” said White, who is the firm’s exchange-traded fund product manager. “The strong five-year returns of physical uranium and uranium equities relative to broader commodity and equity benchmarks reinforce the metal’s role as a differentiated and strategic asset class.”
The list below provides an overview of the five largest uranium companies by market cap. All data was current as of May 15, 2025. Read on to learn about these top uranium stocks and their operations.
1. BHP (NYSE:BHP,ASX:BHP,LSE:BHP)
Market cap: US$128.63 billion
Mining major BHP owns and operates Australia’s Olympic Dam mine, considered one of the world’s largest uranium deposits. While the site is included in the company’s Copper South Australia operations portfolio and copper is the primary resource extracted, the mine also produces significant quantities of uranium, gold and silver.
In the operational review for its third fiscal quarter of 2025, released in mid-April, BHP reported a decrease in uranium production year-over-year. The company’s fiscal year-to-date uranium production totaled 2,180 metric tons, an 18 percent contraction from 2,674 metric tons in the first three quarters of fiscal 2024.
BHP is advancing its Olympic Dam expansion plan, which includes building a two-stage smelter, with a final decision due in 2026, and the US$5 billion Northern Water project, featuring a desalination plant and 600 kilometer pipeline.
The expansion targets a copper output of 650,000 metric tons annually by the mid-2030s, doubling its current production. While it was previously expected that BHP’s uranium output would expand at a similar rate, causing fear of oversupply and low prices, BHP announced in February that this would not be the case.
Uranium production is expected to rise marginally, by roughly 1 percent.
Additionally, if the company decides to expand the hydrometallurgical plant to process uranium in the future, growth will still be smaller than expected due to lower uranium concentrations in feedstock ore from newly integrated assets Carrapateena and Prominent Hill.
2. Cameco (NYSE:CCJ,TSX:CCO)
Market cap: US$23.2 billion
Uranium major Cameco holds significant stakes in key uranium operations within the Athabasca Basin of Saskatchewan, Canada, including a 54.55 percent interest in Cigar Lake, the world’s most productive uranium mine.
The company also owns 70 percent of the McArthur River mine and 83 percent of the Key Lake mill. Orano Canada is Cameco’s primary joint venture partner across these operations.
Cameco also holds a 40 percent interest in the Inkai joint venture in Kazakhstan, with the rest held by the state company Kazatomprom. The mine produces uranium using in-situ recovery.
Weak spot uranium prices between 2012 and 2020 weighed heavily on pure-play uranium producers. In 2018, Cameco placed the McArthur River and Key Lake operations on care and maintenance, reducing the company’s total annual uranium output from 23.8 million pounds in 2017 to 9.2 million pounds in 2018.
Improving market dynamics prompted the company to restart MacArthur Lake in 2022.
As a full nuclear fuel cycle provider, Cameco, in partnership with Brookfield Renewable Partners and Brookfield Asset Management, completed the purchase of Westinghouse Electric Company — a leading provider of nuclear power plant services and technologies — in November 2023.
In its Q1 update, Cameco reported steady operational and financial performance, with consolidated adjusted EBITDA of C$353 million and adjusted net earnings of C$70 million.
While uranium segment earnings declined due to timing of sales at its Inkai joint venture, average realized prices improved, supported by stronger fixed-price contracts and a favorable US dollar. For 2025, Cameco expects uranium production of 18 million pounds on a 100 percent basis at each of Cigar Lake and McArthur River/Key Lake.
After logistical issues at its Inkai joint venture in Kazakhstan weighed on production growth in 2024, Inkai suspended operations for about three weeks in January due to a directive from partner Kazatomprom. The revised 2025 production target is 8.3 million pounds on a 100 percent basis, with Cameco’s allocation at 3.7 million pounds. No deliveries from Inkai are expected until the second half of the year.
3. NexGen Energy (NYSE:NXE,TSX:NXE,ASX:NXG)
Market cap: US$3.18 billion
NexGen Energy, a company specializing in uranium exploration and development, is primarily focused on the Athabasca Basin. Its flagship project is the Rook I project, which includes the Arrow discovery.
The company also owns a 50.1 percent interest in exploration-stage company IsoEnergy (TSXV:ISO,OTCQX:ISENF).
In its Q1 results, NexGen reported a net loss of C$50.9 million, driven primarily by an impairment on its investment in IsoEnergy and ongoing exploration spending at its Rook I uranium project. Despite the loss, NexGen maintained a cash position of C$434.6 million, down from C$476.6 million at the end of 2024.
The largest component of the cash flow change was investing activities at C$34.3 million, mostly tied to C$28.1 million in exploration and evaluation expenses. The majority of this went toward technical work, permitting, and drilling at Rook I. NexGen also made a C$6.3 million follow-on investment in IsoEnergy.
Financing activity was limited, with C$557,000 raised from stock option exercises and C$6.8 million in restricted cash movements, resulting in a total cash outflow of C$41.9 million.
The company continues to hold a strategic uranium inventory of 2.7 million pounds of U3O8, valued at C$341 million. While NexGen does not currently generate production revenue, it remains well-capitalized to fund its development plans as it progresses Rook I toward potential construction and licensing milestones.
In late March NexGen reported its “best ever discovery phase intercept” at Rook I. As noted in a press release, drill hole RK-25-232 at the Patterson Corridor East zone intersected 3.9 meters of exceptionally high uranium readings within a larger 13.8 meter mineralized section starting at 452.2 meters depth.
4. Uranium Energy (NYSEAMERICAN:UEC)
Market cap: US$2.36 billion
Uranium Energy (UEC) has two production-ready in-situ recovery (ISR) uranium projects — its Christensen Ranch uranium operations in Wyoming and its Texas Hub and Spoke operations in South Texas — as well as two operational processing facilities. It plans to restart uranium production in Wyoming in August and resume South Texas operations in 2025.
The firm has built one of the largest US-warehoused uranium inventories, and in 2022 secured a US Department of Energy contract to supply 300,000 pounds of U3O8 as part of the country’s move to establish a domestic uranium reserve.
UEC also holds a wide portfolio of uranium projects in the US and Canada, some of which have major permits secured. In August 2022, UEC completed its acquisition of uranium company UEX. That same year, UEC also acquired both a portfolio of uranium exploration projects and the Roughrider uranium project from Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO).
In January, UEC increased its stake in Anfield Energy (TSXV:AEC,OTCQB:ANLDF) by acquiring 107.1 million shares for approximately C$15 million, at C$0.14 per share. The deal boosts UEC’s ownership to about 17.8 percent.
A month later, the company announced that it had achieved a key milestone by successfully processing, drying and drumming uranium at its Irigaray central processing plant in Wyoming.
Uranium concentrate produced from the plant will be shipped to the ConverDyn conversion facility in Illinois.
In March, UEC released results for the quarter ended on January 31, highlighting that additional wellfields at Christensen Ranch were on track to begin production in the coming weeks. It also finalized the acquisition of Rio Tinto’s Sweetwater plant, adding 4.1 million pounds per year of licensed capacity and establishing its third ISR hub-and-spoke platform.
Financially, UEC reported Q2 revenue of US$49.8 million from selling 600,000 pounds of U3O8 at US$82.92 per pound, generating US$18.2 million in gross profit. The company holds 1.36 million pounds in uranium inventory valued at US$97.3 million, with an additional 300,000 pounds to be acquired at US$37.05 per pound this December.
In May, UEC signed a memorandum of understanding with Radiant Industries to collaborate on strengthening the US nuclear energy value chain. As part of the agreement, UEC will supply domestically sourced uranium to Radiant. The partnership supports Radiant’s development of the Kaleidos portable nuclear microreactor, which is planned to be mass produced, aligning with growing national interest in small modular reactors and energy security.
5. Denison Mines (NYSEAMERICAN:DNN,TSX:DML)
Market cap: US$1.33 billion
Denison Mines is focused on uranium mining in Saskatchewan’s Athabasca Basin. holding a 95 percent interest in the Wheeler River uranium project, which hosts the Phoenix and Gryphon deposits.
The company has significant landholdings in the basin through both operating and non-operating joint venture interests with uranium majors such as Orano and Cameco. This includes a 22.5 percent interest in Orano’s McLean Lake mill and mine, the latter of which is expected to re-enter production in 2025.
In 2023, Denison completed a feasibility study for Phoenix, which hosts proven and probable reserves of 56.7 million pounds of uranium. The company is planning to use ISR for Phoenix and is targeting first production for 2027 or 2028. Denison also updated a 2018 prefeasibility study for the Gryphon deposit as an underground mine.
According to the company, both deposits have low-cost production potential.
In February, Denison announced that the Canadian Nuclear Safety Commission has scheduled public hearings for the Phoenix ISR project, which will take place in two parts, one in October and one in December.
The hearings are the final step in the federal approval process for the project’s environmental assessment and license to construct and prepare a uranium mine and mill.
On May 12, Denison released its results for the first quarter, noting that Phoenix had reached 75 percent completion for total engineering. If it receives approval later this year, Denison expects to begin construction for the Phoenix ISR operation in early 2026 and achieve production in 2028.
Meanwhile, site prep resumed at the McClean North deposit, which will be mined using the joint venture’s proprietary SABRE mining method. Operations are on track to begin mid-year.
FAQs for uranium investing
What is uranium?
First discovered in 1789 by German chemist Martin Klaproth, uranium is a heavy metal that is as common in the Earth’s crust as tin, tungsten and molybdenum. Named after the planet Uranus, which was also discovered around the same time, uranium has been an important source of global energy for more than six decades.
What country has the most uranium?
Australia and Kazakhstan lead the world in both terms of uranium reserves and uranium production. Australia takes first prize for the world’s largest uranium reserves, representing 28 percent globally at 1,684,100 MT of U3O8. However, the Oceanic country ranks fourth in global uranium production, putting out 4,087 MT of U3O8 in 2022.
For its part, Kazakhstan controls 13 percent of global uranium reserves and leads the world in uranium production with 2022 output of 21,227 MT. Last year, Canada passed Namibia to become the second largest uranium producer, putting out 7,351 MT of U3O8 in 2022 compared to Namibia’s 5,613 MT. The countries hold 10 percent and 8 percent of global reserves respectively.
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
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White Cliff Minerals Limited (“WCN” or the “Company”) (ASX: WCN; OTCQB: WCMLF) is pleased to announce it has received firm commitments to raise approximately A$14.4m (before costs) through the issue of 384,615,398 new, fully paid ordinary shares in the Company. Utilising the “flow-through shares” provisions under Canadian tax law 307,692,321 shares will be issued at an issue price of A$0.0403 per share representing a 38.9% premium to WCN’s last trading price of A$0.029 (14 May 2025) for a total of A$12.40m (Flow-Through). Additionally, the Company has received firm commitments to raise $2 million (before costs) through a share placement to new and existing sophisticated and professional investors (Placement). 76,923,077 shares will be issued under the Placement at $0.026 per share, being a 10.3% discount to the Company’s last closing price before trading halt.
- Capital raise cornerstoned by the Company’s Strategic Advisor, John Hancock and his private family office, Astrotricha Capital SEZC.
- The capital raise was significantly oversubscribed and the Company received investment from a number of new Australian, United Kingdom, Hong Kong and Singaporean financial institutions as well as existing institutional and sophisticated shareholders
- Funds will be used to expand and accelerate drilling and exploration activities at the Company’s Rae Copper Project with drilling set to recommence from mid-July
- Drilling activities will include both reverse circulation and diamond drilling, providing the Company flexibility in its targeting approach
- Aerial and downhole geophysics are to be undertaken to further refine drill targets across the Rae Copper Project
- Following encouraging visual results, the Company expects to update shareholders on further assays results for holes 5, 6 and 7 at Danvers, expected to be received over the coming weeks
”The successful completion of this capital raise is a testament to the quality of our Rae Copper Project and the confidence that investors have in our exploration strategy. The ability to access the less dilutive flow through funds at a circa 40% premium is a huge advantage and value accretive for shareholders. Further, John Hancock and his Astrotricha Capital Family Office cornerstone position in the raise, along with the support of other high net worth investors introduced by Astrotricha, reflects their shared vison for the future of WCN and underpins the Company’s development plans for the Rae Copper Project.
The outlook for copper prices remains robust and the Company is poised to ramp up exploration efforts as we capitalise on its strong financial position following this raise, in addition to the ongoing conversion of WCNO options. Following recent high-grade results, this upcoming drilling at Danvers will lay the foundation for a maiden exploration target at the project over the coming period. We are very excited about the potential to delineate a material resource around the immediate drilling area at Danvers and to potentially encompass additional deposits along the regional 7km + strike.
In parallel, drilling will commence at the major sedimentary hosted copper target at Hulk. The pre collars that we have completed at Hulk sit only about 50mtrs above the target horizon and with diamond rigs planned to arrive in the coming months at which time we plan to drill all project areas and deliver on the potential for an additional major copper discovery at our Rae Project.”
Troy Whittaker – Managing Director
“Starting out as a Strategic Advisor to WCN with an initial invested stake, I have now become the Company’s largest shareholder and am pleased to see another well executed and strongly supported capital raise at a premium to the share price. The WCN focus has been on minimising existing shareholder dilution whilst attracting strategic investor capital to accelerate exploration and at the same time, securing the Company’s financial position for the longer term. There is now global investor interest in WCN’s prospects and I look forward to further upcoming drill results.”
John Hancock – Strategic Advisor to WCN
Click here for the full ASX Release
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Astute Metals NL (ASX: ASE) (“ASE”, “Astute” or “the Company”) is pleased to report assay results from the first of six holes completed as part of its highly successful April 2025 diamond drilling campaign at the 100%-owned Red Mountain Lithium Project in Nevada, USA. Drill-hole RMDD003 has returned three high- grade intersections of lithium mineralisation:
- 32.4m @ 3,260ppm Li / 1.74% Lithium Carbonate Equivalent1 (LCE) from 57.2m, including an internal high-grade zone grading 8.6m @ 5,060ppm Li / 2.69% LCE from 67.7m;
- 13.8m @ 1,330ppm Li / 0.71% LCE from 39.6m; and
- 23.3m @ 1,610ppm Li / 0.86% LCE from 94.4m to End-of-hole.
Key Highlights
- Outstanding lithium mineralisation returned in assays for diamond drill-hole RMDD003, which intersected:
- 32.4m @ 3,260ppm Li from 57.2m, including 8.6m of ultra high-grade mineralisation @ 5,060ppm Li from 67.7m;
- 13.8m @ 1,330ppm Li from 39.6m; and
- 23.3m @ 1,610ppm Li from 94.4m to end-of-hole
- RMDD003 marks the highest-grade lithium intercept recorded to date at Red Mountain.
- Mineralisation successfully extended 630m north of previous northernmost intersection in hole RMDD002.
- Hole ends in lithium, with mineralisation remaining open down-dip to the east and along strike to the north.
- Assays pending from five other recently completed drill- holes.
To hear CEO Matt Healy discuss this ASX Release click here
The thick zones of lithium mineralisation encountered in the northernmost drill-hole at Red Mountain highlight the increasing scale of the project, with strong lithium mineralisation now intersected in all drill- holes spanning a north-south strike extent of over 5.6km and surface sample geochemistry indicating further potential to the north, south and west of the current drilled extents7, 9 (Figure 3).
Of particular significance in hole RMDD003 is the high-grade nature of the mineralisation. The nearest drill-hole is RMDD002, which intersected 32.1m @ 2,050ppm within a broader 86.9m intersection at 1,470ppm Li from 18.3m. The high-grade zone in RMDD002 has persisted north to RMDD003, and increased in grade significantly to over 3,000ppm lithium.
Assays are pending for the other five holes drilled as part of the April diamond drilling campaign.
Astute Chairman, Tony Leibowitz, said:
“Our 2025 exploration campaign is off to a fantastic start, with exceptional assays returned for the first step-out diamond hole, RMDD003. We are impressed by the thickness and grade of the mineralisation, with the high-grade intercept returned from this hole showing that the previously identified high-grade zone extends for a considerable distance to the north.
“This provides further indication that Red Mountain is unfolding as a lithium discovery of significance in North America. With mineralisation now defined by drilling over a strike length of almost 6 kilometres, we are looking forward to seeing what the remaining drill-holes will deliver. The information obtained from this round of drilling should put us on a clear trajectory to advance Red Mountain towards a maiden JORC Mineral Resource Estimate later this year.”
Background
Located in central-eastern Nevada (Figure 4) adjacent to the Grand Army of the Republic Highway (Route 6), which links the regional mining towns of Ely and Tonopah, the Red Mountain Project was staked by Astute in August 2023.
The Project area has broad mapped tertiary lacustrine (lake) sedimentary rocks known locally as the Horse Camp Formation2. Elsewhere in the state of Nevada, equivalent rocks host large lithium deposits (see Figure 4) such as Lithium Americas’ (NYSE: LAC) 62.1Mt LCE Thacker Pass Project3, American Battery Technology Corporation’s (OTCMKTS: ABML) 15.8Mt LCE Tonopah Flats deposit4 and American Lithium (TSX.V: LI) 9.79Mt LCE TLC Lithium Project5.
Astute has completed substantial surface sampling campaigns at Red Mountain, which indicate widespread lithium anomalism in soils and confirmed lithium mineralisation in bedrock with some exceptional grades of up to 4,150ppm Li2,8 (Figure 3).
A total of 13 RC and diamond drill holes have been drilled at the project for a combined 1,944m, prior to this current drilling program. These campaigns were highly successful, intersecting strong lithium mineralisation in every hole9.
Scoping leachability testwork on mineralised material from Red Mountain indicates high leachability of lithium of up to 98%, varying with temperature, acid strength and leaching duration, and proof of concept beneficiation test-work has indicated the potential to upgrade the Red Mountain mineralisation10,11.
Results
Hole RMDD003 successfully intersected three zones of lithium mineralised clay-bearing mudstones and sandstone, separated by narrow zones of unmineralised rocks (Figure 1). The intersections are as follows:
- 13.8m @ 1,330ppm Li / 0.71% LCE from 39.6m to 53.4m;
- 32.4m @ 3,260ppm Li / 1.74% LCE from 57.2m to 89.6m; and
- 23.3m @ 1,610ppm Li / 0.86% LCE from 94.4m to End-of-hole (117.7m).
The best grades were developed in the most clay-rich zones (Figure 2). An internal very high-grade zone of 8.6m returned a grade of 5,060ppm Li, with a maximum single sample grade of 5,660ppm Li from 69.2-70.7m (227-232ft), which is the drill sample with the highest lithium grade achieved to date at the project.
Click here for the full ASX Release
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Here’s a quick recap of the crypto landscape for Friday (May 16) as of 4:00 p.m. UTC.
Get the latest insights on Bitcoin, Ethereum and altcoins, along with a round-up of key cryptocurrency market news.
Bitcoin and Ethereum price update
Bitcoin (BTC) was priced at US$104,223 as markets closed, up 1 percent in 24 hours. The day’s range for the cryptocurrency has seen a low of US$102,935 and a high of US$104,291.
Bitcoin performance, May 16, 2025.
Chart via TradingView.
Ethereum (ETH) finished the trading day at US$2,592.45, a 1.2 percent increase over the past 24 hours. The cryptocurrency reached an intraday low of US$2,527.33 and saw a daily high of US$2,631.38.
Altcoin price update
- Solana (SOL) closed at US$171.79, down 0.3 percent over 24 hours. SOL experienced a low of US$168 and a high of US$173.98.
- XRP is trading at US$2.42, reflecting a slight 1.5 percent decrease over 24 hours. The cryptocurrency reached a daily low of US$2.37 and a high of US$2.50.
- Sui (SUI) is priced at US$3.87, showing an increaseof 2.0 percent over the past 24 hours. It achieved a daily low of US$3.79 and a high of US$3.94.
- Cardano (ADA) is trading at US$0.7788, up 0.9 percent over the past 24 hours. Its lowest price of the day was US$0.755, and it reached a high of US$0.7905.
Today’s crypto news to know
Coinbase faces US$400 million fallout after major cyber attack
Coinbase Global (NASDAQ:COIN) disclosed that a sophisticated cyber attack has compromised a portion of its customer base and could cost the firm up to US$400 million.
Hackers reportedly gained access to internal systems by paying off employees and contractors, allowing them to impersonate Coinbase and scam users out of their crypto.
Less than 1 percent of customer data was breached, but the attackers demanded a US$20 million ransom—which Coinbase flatly refused to pay. Instead, the company has pledged to fully reimburse affected users and established a US$20 million reward for information leading to the perpetrators’ arrest.
the timing of the attack is significant, coming just days before Coinbase is set to join the S&P 500 (INDEXSP:.INX), a milestone for mainstream crypto acceptance.
Ripple’s US$50 million SEC settlement rejected by federal judge
A US federal judge has rejected a US$50 million settlement deal jointly proposed by Ripple Labs and the US Securities and Exchange Commission (SEC), calling the motion ‘procedurally improper’ and outside her jurisdiction.
The dispute stems from the SEC’s longstanding lawsuit accusing Ripple of conducting unregistered securities sales through XRP, a case now under appeal. Judge Analisa Torres said that because the litigation is at the appellate stage, the district court has no authority to modify the previous judgment.
Ripple’s chief legal officer responded by emphasizing that the ruling doesn’t affect the company’s earlier court wins and that both sides remain aligned on resolving the issue.
Bitget becomes world’s third top crypto exchange by trading volume
Bitget has officially surged into third place among global crypto exchanges, reporting a stunning US$757.6 billion in futures trading volume and US$68.6 billion in spot volume for April 2025.
The Seychelles-based platform has made a name for itself through features like copy trading, which allows users to mimic high-performing traders in real time. Bitget’s April performance stood out despite a broader market correction, expanding its market share to 7.2 percent and pushing its user base above 120 million.
The exchange’s rise signals increasing demand for advanced crypto trading products beyond the traditional buy-and-hold strategy.
Fifth Third Bank eyes expansion into crypto after regulatory green light
After five years of quietly exploring the crypto space, Fifth Third Bank now says it’s ready to expand its offerings amid friendlier US regulations. The Cincinnati-based lender, which holds over US$200 billion in assets, has been working with crypto firms since 2020 but delayed larger moves until clearer guidance from regulators arrived.
According to Chief Strategy Officer Ben Hoffman, the bank is now exploring stablecoin-powered cross-border payments, crypto payroll services and digital asset custody. Recent signals from the Office of the Comptroller of the Currency and the Trump administration’s pro-crypto stance have given institutions more confidence to act.
Fifth Third has formed internal teams across its business lines to integrate blockchain-based financial products responsibly. With mainstream banks finally stepping into crypto with more certainty, a new chapter of institutional adoption appears to be underway.
US lawmakers debate GENIUS Act as stablecoin regulation nears critical juncture
The GENIUS Act, a bipartisan bill aimed at establishing a regulatory framework for US dollar-backed stablecoins, is under intense scrutiny as lawmakers grapple with its potential implications.
While the legislation seeks to provide clarity and oversight in the burgeoning stablecoin market, recent developments have introduced partisan divisions and raised concerns over consumer protections and financial stability.
Initially enjoying bipartisan support, the GENIUS Act has encountered resistance from Senate Democrats following revelations about former President Donald Trump’s involvement in digital asset ventures.
Lawmakers are now advocating for amendments to enhance consumer protections, enforce stricter financial controls and address potential ethical issues, particularly regarding the participation of large tech companies like Meta in the stablecoin space.
Despite these challenges, Republican proponents of the bill are pushing for its approval by Memorial Day (May 26), emphasizing the need for regulatory clarity to foster innovation and maintain the US dollar’s dominance in the digital economy.
Mastercard teams up with MoonPay to enable stablecoin payments worldwide
Mastercard (NYSE:MA) has announced a major new partnership with crypto payment processor MoonPay to bring stablecoin-based payments to more than 150 million global merchants.
The collaboration leverages Iron, a blockchain infrastructure company recently acquired by MoonPay, to enable real-time spending of stablecoins at any location accepting Mastercard.
The partnership is geared toward gig workers, digital creators and international businesses looking to send or receive money in a faster, cheaper and more flexible way. MoonPay says it already works with over 500 crypto platforms and can now expand its reach to over 100 million active users
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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