Bitcoin and Ether price update

After opening on Monday at its lowest valuation of the day, US$112,168, Bitcoin (BTC) reached a high of US$114,336, a 3.6 percent increase in 24 hours. The cryptocurrency dipped below US$110,000 last week, but its Sunday (September 28) night rebound liquidated roughly US$250 million in short positions.

Bitcoin price performance, September 29, 2025.

Chart via TradingView.

Despite the rally, some market participants aren’t convinced the bull market is back in full force. Crypto investor and entrepreneur Ted Pillows noted that Bitcoin’s pump is “mostly due to short positions getting closed.”

Meanwhile, bulls argue that Bitcoin usually follows gold’s price moves with a three to four month delay, suggesting a strong rally could come in October or November.

Targets mentioned range from US$150,000 to as high as US$300,000 over the next few months.

Ether (ETH) is also performing well, up 3.8 percent over 24 hours to US$4,190.47. Like Bitcoin, Ether opened at its lowest daily valuation, US$4,112.40, before peaking at US$4,202.65.

Supply reduction, increased DEX activity and seasonal bullish trends could set the stage for an Ether price pump in October, with predictions pointing toward US$4,300 or higher.

A looming US government shutdown could increase short-term volatility in the cryptocurrency market this week due to delayed economic data and regulatory uncertainties.

Decisions on 16 crypto exchange-traded funds (ETFs) — including those tied to Solana, XRP, Litecoin and Dogecoin — are expected from the US Securities and Exchange Commission throughout October.

Altcoin price update

• Solana (SOL) was priced at US$212.91, an increase of 3.3 percent over the last 24 hours and its highest valuation of the day. SOL opened at US$206.31, its lowest valuation of the day, and trended upward.

• XRP was trading for US$2.90, up by 2.5 percent over the last 24 hours. Its lowest valuation of the day was US$2.85, while its highest was US$2.91.

ETF data and derivatives trends

The Fear & Greed Index currently reads 39, indicating fear amongst market participants.

Bitcoin dominance in the crypto market is at 56.66 percent, showing a slight fall week-over-week.

Last week, the cumulative net flow for spot Bitcoin ETFs was predominantly negative, with several days of outflows. According to data from the week of September 22 to September 26, spot Bitcoin ETFs had outflows on four days, with September 24 being the only day of inflows at US$241 million. The inflows were led by BlackRock’s iShares Bitcoin Trust (NASDAQ:IBIT) and the ARK 21Shares Bitcoin ETF (BATS:ARKB).

Overall, the weekly trend showed significant withdrawal pressures despite the one day inflow exception. Cumulative total inflows for spot Bitcoin ETFs stood at US$56.78 billion as of September 26.

On the derivatives side, CoinGlass data shows Bitcoin futures open interest at US$82.89 billion, an increase of 6.73 percent over 24 hours and a rise of 0.32 percent over four hours. Open interest for Ether futures is at US$56.04 billion, up 2.71 percent over 24 hours and a 0.06 percent boost over four hours.

Bitcoin leveraged positions have resulted in liquidations totaling US$5.61 million in four hours. Ether saw significantly greater liquidations, amounting to US$9.53 million. Bitcoin’s max pain price is US$114,000.

The Ether funding rate is positive, signaling bullish sentiment and more demand for long positions, while the Bitcoin funding rate is in the red, signaling bearish sentiment.

Today’s crypto news to know

SWIFT to debut blockchain to facilitate cross-border payments

According to a Monday announcement, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) is developing a blockchain in collaboration with over 30 financial institutions and Consensys.

The initial focus is on developing infrastructure for “real-time 24/7 cross-border payments.” SWIFT CEO Javier Pérez-Tass made the announcement at SWIFT’s annual Sibos conference, held in Frankfurt, Germany, on Monday:

“We provide powerful and effective rails today and are moving at a rapid pace with our community to create the infrastructure stack of the future. Through this initial ledger concept we are paving the way for financial institutions to take the payments experience to the next level with Swift’s proven and trusted platform at the centre of the industry’s digital transformation.’

SWIFT will consider feedback on its design from financial institutions from 16 countries.

Polkadot users show support for potential stablecoin

Bryan Chen, co-founder of Polkadot and chief technology officer of its Acala blockchain, introduced a proposal on Sunday to develop a native stablecoin for the Polkadot network.

The stablecoin (pUSD) would be algorithmic and backed by Polkadot tokens, and would use the pUSD ticker. It would also include an optional savings module, allowing holders to lock their stablecoins and earn interest from stability fees. It will utilize the Honzon protocol on the Acala network. The aim is to reduce reliance on USDt and USDC.

The proposal is gathering support among users. The ballot will close in 24 days.

Qatar financial group adopts Kinexys

One of the largest financial institutions in the Middle East, Qatar’s QNB Group, has switched to JPMorgan Chase’s (NYSE:JPM) blockchain platform for US dollar corporate payments processing.

By adopting JPMorgan’s Kinexys Digital Payments system, QNB can now process US dollar-based payments for its business clients in Qatar in minutes and 24/7, the companies said in a statement.

Kazakhstan debuts crypto fund

Kazakhstan, in partnership with Binance, has launched a state-backed crypto reserve called the Alem Crypto Fund, according to an announcement on the country’s government website.

The fund, established by the Ministry of Artificial Intelligence and Digital Development and managed by Qazaqstan Venture Group, aims for long-term digital asset investments and strategic reserves. Its initial asset is BNB, Binance’s utility token. The announcement does not specify the amount of BNB purchased or future investments.

Copper Quest Exploration (CSE:CQX, OTCQB:IMIMF, FRA:3MX) is focused on creating shareholder value through the exploration and development of its North American critical mineral portfolio, with more than 40,000 hectares across tier-one jurisdictions in Canada and the US.

In British Columbia, the company’s assets include the Stars copper-molybdenum discovery in the Bulkley Porphyry Belt, the Stellar property with historic showings and new anomalies, an earn-in on the Rip project, a large porphyry copper-molybdenum system, and the Thane Project in the Toodoggone Belt, prospective for copper-gold-molybdenum.

The Stars project is a 9,694-hectare, road-accessible copper-molybdenum property in the prolific Bulkley Porphyry Belt, home to past producers such as Imperial Metals’ Huckleberry mine and Newmont’s Equity Silver Mine. Stars is defined by a 5 × 2.5 km annular magnetic anomaly coincident with a mineralized monzonite intrusion. Drilling in 2018 confirmed a significant porphyry system at the Tana Zone, highlighted by intercepts of 0.466 percent copper over 195.1 meters from 23 meters, including 40 meters averaging nearly 1 percent copper, and 0.20 percent copper over 396.7 meters from 28 meters. All holes to date have returned copper levels well above background, with alteration, intrusive textures, and veining typical of productive porphyry systems.

Company Highlights

• Large, Tier-one Land Position: More than 40,000 hectares across British Columbia’s Bulkley and Toodoggone Porphyry Belts, plus a newly acquired copper-gold porphyry project in Idaho, USA.
• Flagship Discovery at Stars: Drill intercepts of 0.466 percent copper over 195.1 m confirm a fertile porphyry copper-molybdenum system with over 30 km of untested intrusive contacts.
• Multiple Copper Systems: Canadian portfolio includes Stars, Stellar, Rip (earn-in up to 80 percent) and Thane, each offering district-scale potential in proven belts.
• Idaho Acquisition: The Nekash copper-gold porphyry project in Lemhi County, Idaho, is a milestone acquisition aligned with its strategy to build a portfolio of highly prospective copper assets across North America.

This Copper Quest Exploration profile is part of a paid investor education campaign.*

Click here to connect with Copper Quest Exploration (CSE:CQX) to receive an Investor Presentation

Investor Insight

With a growth-oriented strategy, Golconda Gold is positioning itself as one of the highest-torque junior gold producers in the sector with assets in prolific gold districts in South Africa and the US. For investors bullish on gold, Golconda is a unique opportunity: a profitable producer with meaningful growth ahead, exposure to both gold and silver, and the discipline to deliver shareholder value in a capital-efficient way.

Overview

Golconda Gold (TSXV:GG;OTCQB:GGGOF) is an unhedged gold producer and explorer with operations in South Africa and the United States. The company is focused on optimizing its current mining and processing operations, reducing costs, and growing organically while pursuing accretive acquisition opportunities.

Its growth story is underpinned by two cornerstone assets: Galaxy Gold, the company’s cash-flowing, long-life South African operation; and Summit, a high-grade silver-gold project in New Mexico poised for a restart. Galaxy provides a steadily growing, self-funded production base, while Summit is positioned as the next major catalyst for Golconda, broadening investor exposure to silver and US operations. These assets enable Golconda to deliver meaningful production growth without dilution, providing investors direct leverage to gold prices at a time when juniors remain undervalued relative to commodity prices.

With strong insider ownership and a disciplined approach to capital, Golconda offers investors a unique combination of operating stability, near-term growth and upside exploration potential.

Company Highlights

• Significant Production Growth: On track to triple production over three years at Galaxy while bringing Summit online in Q2 2026.
• Summit Restart and Spin-out: Fully permitted past-producing mine in New Mexico, expected to restart in Q2 2026 and spin out as a standalone US-focused gold-silver producer in Q4 2026.
• No Dilution Strategy: Growth funded through operating cash flow rather than equity raises, ensuring torque to gold without shareholder dilution.
• Insider Alignment: Management and insiders control more than 40 percent of shares, aligning leadership directly with shareholder interests.
• Jurisdictional Strengths: Operations in South Africa’s Barberton Greenstone Belt (long history of gold mining, strong infrastructure) and in the US southwest.
• Exploration Upside: Both Galaxy and Summit hold substantial untested upside with additional ore bodies and underexplored zones.

Key Projects

Galaxy Gold Mine

Galaxy is Golconda’s cornerstone asset and currently the company’s sole producing mine. Situated in the Barberton Greenstone Belt, one of South Africa’s most prolific gold districts with nearly 150 years of mining history, the mine benefits from established infrastructure, sealed-road access and proximity to skilled mining services. The property hosts a large resource base of 941,000 oz of gold in the measured and indicated categories grading 2.79 grams per ton (g/t), plus 1.37 million oz (Moz) inferred at 2.62 g/t.

Snapshot of Galaxy Gold Mine Operations

The operation is an underground, trackless mechanized mine, currently producing at a run rate of ~12,000 oz/year, with a multi-stage ramp-up plan to 25,000 oz/year by 2027 and up to 45,000 oz/year by 2028. Ore is processed through a 50,000 tonnes per month (tpm) crush-mill-float plant, which was refurbished with a new mill, concentrate tanks, and a filter press. The plant is already capable of handling the full ramp-up capacity, allowing it to expand with minimal capital outlay.

Galaxy produces a refractory gold concentrate sold directly to Ocean Partners, eliminating the need for BIOX or other complex high-capex processing routes. This low-risk sales model enables Galaxy to operate profitably and reinvest cash flow into mine development. The mine plan leverages both the Princeton and Galaxy ore bodies, with development into additional levels and ore bodies among the 21 known mineralized zones on the property. Over its history, Galaxy (formerly, the Agnes mine) has produced more than 1.3 Moz of gold, with current exploration drilling continuing to identify significant upside at depth and along strike.

Economically, Galaxy is highly accretive: at $3,000/oz gold, the operation generates an after-tax NPV5 percent of US$201 million, with life-of-mine free cash flow exceeding US$270 million on conservative assumptions. The operation has a projected all-in sustaining cost (AISC) of ~US$1,000/oz once ramp-up is complete, positioning it competitively within the global cost curve.

Summit Gold-Silver Mine and Banner Mill

The Summit mine, located in the Steeple Rock Mining District of southwestern New Mexico, is a high-grade past-producing underground operation. The New Mexico portfolio also includes the Banner mill, a 240 tpd flotation facility located 57 miles from Summit via paved highways and sealed roads. Golconda acquired the project from Waterton in 2021, along with a streamlined land package totaling ~4,000 acres of patented and unpatented claims.

Summit Mine and Banner Mills snapshot

Summit hosts a defined resource of 1.4 Moz silver and 26,000 oz gold in measured and indicated categories, plus 5.1 Moz silver and 74,000 oz gold inferred. The mine is fully permitted and is expected to restart in Q2 2026, with first concentrate production within 9 to 12 months. The restart strategy is fully funded internally from Galaxy cash flows, ensuring no dilution to shareholders.

The planned annual production profile targets ~10,000 oz gold and 444,000 oz silver at steady state, with an average AISC of US$1,600/oz gold equivalent. At $3,000/oz gold and $35/oz silver, Summit delivers an after-tax NPV5 percent of US$105 million, with cumulative free cash flow of ~US$135 million over its mine life. The project is structured to be spun out into a standalone US-only gold-silver producer by Q4 2026, broadening investor appeal and potentially unlocking a higher valuation multiple.

The Banner Mill 240-tpd flotation facility 57 miles from the Summit mine

Exploration upside at Summit is significant. The Billali Zone, northwest of the main deposit, has returned historical intercepts including 681 g/t silver and 9.38 g/t gold over 4.4 m and hosts a 1992 historical resource of 288,000 tonnes grading 121 g/t silver and 3.67 g/t gold. The nearby Mohawk Area features a 2,000 ft IP anomaly with drill intercepts including 1.5 m at 437.5 g/t silver and 9.34 g/t gold at depth. Both zones remain open and underexplored, providing clear potential to extend mine life and scale production.

Summit’s restart and planned spin-out will give Golconda a second producing asset in a Tier 1 jurisdiction, diversify its commodity mix with silver exposure, and broaden its investor base, while maintaining the company’s no-dilution philosophy.

Management Team

Ravi Sood – Chairman and CEO

Ravi Sood has more than 25 years of experience in capital markets and operations. He is the founder and former CEO of Navina Asset Management, and director of Elemental Altus Royalties and Sparq Systems. He founded and/or co-founded multiple companies in mining, energy and renewables.

Andrew Bishop – Chief Financial Officer

A chartered accountant with more than 22 years of financial and mining experience in Africa and North America, Andrew Bishop brings strong financial discipline and operational insight to Golconda. He was previously with Aureus Mining, Avesoro Resources and Golden Star.

Wayne Hatton Jones – Chief Operating Officer

Wayne Hatton Jones is a mining professional with 38 years of experience in Africa, Asia and Europe. He previously worked at Goldridge, Avocet, Randgold and Harmony. His expertise includes mine development, metallurgy and operations.

Markets and commodities react

Canadian equity markets were in positive territory this week by the end of trading Thursday.

The S&P/TSX Composite Index (INDEXTSI:OSPTX) set another new record high this week, climbing above the 30,000 mark for the first time on Tuesday before retreating to close Thursday at 29,731.98. The S&P/TSX Venture Composite Index (INDEXTSI:JX) performed even better, peaking at 929.64 Tuesday and ending the week at 920.18. For its part, the CSE Composite Index (CSE:CSECOMP) peaked on Wednesday at 168.38, but retreated to end Thursday at 163.31.

The gold price continued to climb this week, setting another new record, as it achieved an intraday high of US$3,788 per ounce on Tuesday. While the price retreated slightly, it was still up 1.7 percent on the week at US$3,749.21 by Thursday’s close.

The silver price saw more significant gains, rising 8.14 percent to set a year-to-date high of US$45.19 per ounce at 4 p.m. EST Thursday. The silver price is trading at 14 year highs and has been closing in on its record US$47.91 set in March 2011.

Copper had sizable gains this week on the news of the closure of Freeport’s Grasberg mine discussed above. The copper price was up 5 percent on Wednesday, but shed some gains Thursday to end the day with a weekly gain of 4.12 percent to US$4.80 per pound. The S&P Goldman Sachs Commodities Index (INDEXSP:SPGSCI) gained 1.54 percent gain to end Thursday at 558.11.

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.

Stocks data for this article was retrieved at 4:00 p.m. EDT on Thursday using TradingView’s stock screener. Only companies trading on the TSX, TSXV and CSE with market caps 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. Lithium Americas (TSX:LAC)

Weekly gain: 126.93 percent
Market cap: C$2.02 billion
Share price: C$9.94

Lithium Americas is a lithium development company focused on advancing its flagship Thacker Pass project in Nevada, US, which is considered a critical component of the US’s domestic lithium supply chain.

The project is a 62/38 joint venture between Lithium America and General Motors (NYSE:GM), with the latter investing US$625 million in the project last year for its stake. The companies are currently working to advance Phase 1 of the project into production, targeting a capacity of 40,000 metric tons per year of battery-quality lithium carbonate. First production is expected in Q4 2027, and GM has the right to buy all Phase 1 lithium production.

Shares in the company surged this week following news reports on the status of a US$2.26 billion loan from the US Department of Energy (DOE). On Tuesday, Reuters reported that the White House is seeking an equity stake of up to 10 percent in Lithium Americas as it renegotiates the terms of the loan. The company had planned to make its first draw from the loan this month, according to Reuters’ sources.

On Wednesday, Lithium Americas noted its rising share price in a press release about the situation. The company stated it was continuing to work with the DOE and General Motors to reach a mutually agreeable resolution regarding the first draw of the loan and potential amendments, noting discussions also included the topic of ‘corresponding consideration,’ or fair compensation, for the lithium company.

2. Scandium Canada (TSXV:SCD)

Weekly gain: 75 percent
Market cap: C$20.09 million
Share price: C$0.07

Scandium Canada is a scandium exploration company working to advance its Crater Lake scandium project in Northern Québec, Canada. The property consists of 96 contiguous claims covering an area of 47 square kilometers. To date, the company has identified five primary zones of interest at Crater Lake.

An updated mineral resource estimate released on May 12 demonstrated an indicated resource of 16.3 million metric tons of ore at an average grade of 277.9 grams per metric ton (g/t) scandium oxide, plus an inferred resource of 20.9 million metric tons at 271.7 g/t. The MRE also included grades of other rare earths at the project.

Gains in Scandium Canada’s share price began when trading opened Tuesday, the day after Reuters reported on White House plans to source scandium oxide from Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO), which produces scandium oxide from its facility in Québec.

The company’s shares continued rising throughout the week. On Wednesday, Reuters reported that the Group of Seven nations is discussing instituting rare earth price floors as a means to increase rare earth production in their countries to counter China’s dominance. The considerations follow the G7 leaders’ announcement of a critical minerals action plan in June, which aims to strengthen the Western supply of critical minerals.

In company news, on Thursday Scandium Canada announced an update on advancements for its proprietary aluminum-scandium alloys, which it is aiming to commercialize.

3. Sendero Resources (TSXV:SEND)

Weekly gain: 64.58 percent
Market cap: C$14.74 million
Share price: C$0.79

Sendero Resources is a copper and gold exploration company focused on its Peñas Negras copper-gold project located along the border between Chile and Argentina in the Vicuña mining district.

Vicuña is home to several significant operations, including the Josemaria and Filo del Sol copper-gold mines, which are 50/50 joint ventures between Lundin Mining (TSX:LUN) and BHP Group (ASX:BHP,NYSE:BHP,LSE:BHP).

Peñas Negras covers an area of 211 square kilometers in Argentina’s portion of the district and bears geological similarities to the aforementioned deposits, according to Sendero.

Shares in the company were up this week, but the company has not released news since July 21, when it reported granting stock options to company employees and consultants.

4. Tincorp Metals (TSXV:TIN)

Weekly gain: 58.82 percent
Market cap: C$14.65 million
Share price: C$0.27

Tincorp Metals is a mineral exploration company with a pair of tin assets in Bolivia, and also owns a gold project in the Yukon, Canada.

Its SF Tin project covers a 2 square kilometer area in the Potosí Department of West-central Bolivia. The site hosts a historical open-pit mine and was previously explored by Rio Tinto in the 1990s. Tincorp’s 2022 exploration program encountered a highlighted intercept of 0.20 percent tin, 0.94 percent zinc, 0.17 percent lead and 24.01 g/t silver over 182.6 meters.

The company’s Porvenir project is an 11.25 square kilometer property in Western Bolivia that hosts historical open-pit and underground mining operations. Its exploration of the site in 2023 encountered a highlighted intercept with 0.65 percent tin, 1.97 percent zinc, 4 g/t silver and 0.10 percent copper over 21.2 meters.

The most recent news from Tincorp came on September 17 when it announced it had closed on a non-brokered private placement for 3 million common shares for gross proceeds of C$375,000. The company said it intends to use the net proceeds for working capital requirements and corporate purposes.

5. Wealth Minerals (TSXV:WML)

Weekly gain: 58.33 percent
Market cap: C$56.41 million
Share price: C$0.19

Wealth Minerals is a lithium exploration and development company with several Chilean lithium brine assets. Much of its news in Q2 and Q3 has been about advancing its Kuska project in the Salar de Ollagüe. The Kuska project covers 10,500 hectares in the Antofagasta region near the Bolivian border.

In May, the company created the Kuska Minerals 95/5 joint venture with the Quechua Indigenous Community of Ollagüe for the Kuska project.

A February 2024 preliminary economic assessment (PEA) for Kuska demonstrated an indicated resource of 139,000 metric tons of contained lithium from 8 million cubic meters of brine with an average grade of 175 milligrams per liter lithium. The report also demonstrated a post-tax net present value of US$1.15 billion, with an internal rate of return of 28 percent and a payback period of 6.9 years.

In September 2024, the Chilean government selected the Salar de Ollagüe to be among the first group of six salars considered for production licenses. Wealth applied for a special lithium operation contract (CEOL) for Kuska, but was denied due to not meeting the criteria of 80 percent ownership of the area designated by Chile, referred to as a polygon, that contained its concessions.

On Tuesday, the company reported that the Chilean government has reopened applications after simplifying the process for assigning a CEOL with revised requirements. During consultation with the local Indigenous communities, the ministry agreed to exclude ‘the areas of greatest cultural interest to Indigenous communities and the populated areas that were part of the polygon.’ Wealth Minerals is now verifying it meets all conditions before reapplying.

The following day, Wealth announced that it had entered into a letter agreement to acquire the past-producing Andacollo Oro Gold project in Chile. The project has historic measured and indicated resources of 2.02 million ounces of gold from 130 million metric tons with a grade of 0.48 g/t.

According to the company, it believes the acquisition is the right choice for shareholders as it expects the drivers of the current investment interest in gold, namely worry about monetary and fiscal policies, to remain unchanged.

Additionally, in connection with the transaction, the company announced it was opening a non-brokered private placement for a minimum of 41.67 million shares with the intention of raising gross proceeds of C$5 million.

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.