1. Talon Metals (TSX:TLO)

Year-to-date gain: 394.12 percent
Market cap: C$380.31 million
Share price: C$0.42

Talon Metals is a base metals company advancing the Tamarack nickel-copper-cobalt project in Central Minnesota, US, through a joint venture with Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO). Talon currently holds a 51 percent stake in the project and can earn up to 60 percent.

In late March, Talon Metals announced a massive sulfide discovery at its Tamarack project, with an intercept measuring 8.25 meters containing 95 percent sulfide content located deeper than the current Tamarack resource.

A further massive sulfide discovery in May drove the company’s share price up significantly. The intercept was the thickest discovered at the site yet, measuring a total of 34.9 meters within a 47.33 meter interval starting at 762 meters depth. On June 5, Talon reported record assays from the intercept, with average grades of 57.76 percent copper equivalent or 28.88 percent nickel equivalent.

In mid-June, Talon closed a combined C$41 million in financing to advance work at Tamarack.

Shares of Talon rallied to a year-to-date high of C$0.41 on August 6 alongside results from a third hole at the discovery, which the company has named the Vault zone. It is now targeting the zone with two drill rigs.

Outside of Tamarack, Talon secured a site in North Dakota, US, for its planned Beulah minerals processing facility on May 28. The location is owned by Westmoreland Mining and previously hosted coal-mining operations. The facility will serve as a key hub for domestic processing of nickel and other critical minerals in the US. The company currently plans to begin construction in 2027.

2. Leading Edge Materials (TSXV:LEM)

Year-to-date gain: 77.78 percent
Market cap: C$37.15 million
Share price: C$0.16

Leading Edge Materials is developing a portfolio of critical materials projects in the European Union to supply materials for advanced technologies such as lithium-ion batteries and permanent magnets for EVs and wind power generation.

The company’s projects include its wholly owned Woxna graphite mine, the Norra Kärr heavy rare earth elements project in Sweden and the 51 percent owned Bihor Sud nickel-cobalt exploration alliance in Romania.

After starting the year at C$0.09, shares of Leading Edge Materials spiked dramatically in late February and stayed elevated through much of March, reaching a year-to-date high of C$0.30 on March 24.

The day before its peak, the company announced it is moving forward with its rapid development plan at the Norra Kärr project, aiming to fast-track production of heavy rare earth element concentrate and nepheline syenite.

The day after, however, shares fell when Leading Edge reported that Norra Kärr was not selected for the first list of strategic projects under the EU’s Critical Raw Materials Act. Leading Edge plans to reapply when a new call for applications is announced, and stated it has made significant progress since its previous application in August 2024.

As for Leading Edge’s cobalt asset, the Bihor Sud nickel-cobalt project is a brownfield early-stage exploration project at which field work has identified strong potential for the discovery of a significant polymetallic deposit. The company says its goal at the project is ‘to define a large-scale, mineable mineral resource.’

According to its June 2025 presentation, exploration work planned for 2025 at Bihor Sud’s G2 gallery includes mapping and sampling of cobalt-nickel and zinc-lead-silver mineralized zones detected visually and by hand-held XRF. Drilling targeting polymetallic mineralization at the gallery is underway.

On the financial side, Leading Edge announced a C$400,000 non-brokered private placement in June.

3. Wheaton Precious Metals (TSX:WPM)

Year-to-date gain: 61.01 percent
Market cap: C$60.97 billion
Share price: C$132.82

Wheaton Precious Metals is one of the largest gold and silver royalty and streaming companies. It has investments in 18 operating mines and 28 development projects across four continents, including a cobalt streaming agreement for Vale’s (NYSE:VALE) Voisey’s Bay nickel mine in Newfoundland and Labrador, Canada.

The company reported its Q1 2025 financial results on May 8. The report highlighted a record US$470 million in revenue, US$254 million in net earnings and US$361 million in operating cash flow.

The cobalt segment registered year-over-year attributable production gains, rising to 540,000 pounds in Q1 2025, compared to 240,000 pounds during Q1 2024. Despite the output increase, sales from the same reporting fell to 265,000 pounds from 309,000 pounds in 2024.

According to Wheaton’s Q1 report, Voisey’s Bay is currently in a transitional phase, shifting from the depleted Ovoid open-pit to full underground production. Voisey’s Bay’s underground operations are ramping up, with full ramp-up anticipated for H2 2026.

Shares in Wheaton hit a year-to-date high of C$138.56 on August 7 coinciding with the company’s Q2 results.

4. FPX Nickel (TSXV:FPX)

Year-to-date gain: 10.64 percent
Market cap: C$80.28 million
Share price: C$0.26

FPX Nickel is currently advancing its Decar nickel district in British Columbia, Canada. The property comprises four key targets, with the Baptiste deposit being the primary focus, alongside the Van target. The company also has three other nickel projects in BC and one in the Yukon, Canada.

On February 24, FPX released results from a positive scoping study for the development of a refinery that would refine awaruite concentrate from the Baptiste deposit into battery-grade nickel sulfate and by-products of cobalt carbonate, copper and ammonium sulfate. Annual production was anticipated at 32,000 metric tons (MT) of contained nickel and 570 MT of contained cobalt.

The results showed that the process resulted in operating costs and all-in production costs near the bottom of nickel sulfate cost curves, in part due to the by-product credits. Additionally, the carbon intensity of the awaruite refinery is significantly lower than that of currently used production methods. FPX formally published the study at the end of March.

Shares of FPX reached a year-to-date high of C$0.28 on March 7.

In June, the company successfully produced a larger run of battery-grade nickel sulfate crystals from Baptiste awaruite concentrate using the same process as the scoping study. FPX plans to share the samples with potential downstream partners, including battery and EV manufacturers.

On July 7, FPX announced it received a multi-year area-based permit from the BC government, a crucial step in the renewal of drilling and exploration activities at the Baptiste project. The company stated it has commenced drilling, with targets supporting its feasibility study and the start of its environmental assessment process.

5. Nickel 28 Capital (TSXV:NKL)

Year-to-date gain: 2.82 percent
Market cap: C$59.84 million
Share price: C$0.73

Nickel 28 Capital is a battery metals company with an 8.56 percent interest in the producing Ramu nickel-cobalt mine in Papua New Guinea. It also holds a portfolio of 10 nickel and cobalt royalties on development and exploration projects across Canada, Australia and Papua New Guinea.

Shares of Nickel 28 registered a year-to-date high of C$0.86 on January 20 and again on February 6.

On February 3, the company released its Q4 and full year 2024 results, reporting lower production year-over-year due to a planned plant shutdown in September and October.

According to the data, total cobalt production at the Ramu operation fell year-over-year in 2024, with output reaching 549 MT in Q4 and 2,625 MT for the full year, down from 706 MT and 3,072 MT respectively in 2023.

Sales also declined, totaling 488 MT in Q4 and 2,793 MT for the year, compared to 755 MT and 3,086 MT in the prior year. Average cobalt prices were also down during the period, dropping 34 percent year-over-year in Q4 to US$9.95 per pound and finishing 2024 at an annual average of US$11.26 per pound, a 29 percent decrease from 2023.

The Ramu operation also experienced a short-term production setback following a mechanical failure in one of the acid plant’s blowers in December. On February 20, Nickel 28 announced that repairs were complete and the plant was back at full capacity.

On August 11, Nickel 28 released its Q2 2025 results, noting Ramu delivered stronger cobalt output with record weekly production rates at the beginning of the quarter. The operation produced 787 MT of contained cobalt in Q2, up from 675 MT a year earlier.

Cobalt sales also rose, totaling 719 MT compared to 684 MT in the same period of 2024. While average cobalt prices climbed 18 percent year-on-year to US$15.23 per pound, nickel prices slipped 18 percent to US$6.88 per pound, though lower production costs helped offset the weaker nickel market.

China eases restrictions

By June the global auto sector was feeling the pressure of China’s new restrictions.

“With a deeply intertwined global supply chain, China’s export restrictions are already shutting down production in Europe’s supplier sector,” said Benjamin Krieger, Secretary General of the European Association of Automotive Suppliers (CLEPA).

“We urgently call on both the EU and Chinese authorities to engage in a constructive dialogue to ensure the licensing process is transparent, proportionate, and aligned with international norms,” he added.

Used in both electric and internal combustion engine vehicles, CLEPA went on to warn of more auto sector shutdowns if the situation was not rectified.

To quell growing anxieties around supply security in the auto industry, trade discussions between Chinese Minister of Commerce Wang Wentao and EU Trade Commissioner Maroš Šefčovič, were held in Paris.

The meeting resulted in China introducing a “green channel” to speed up export licenses for rare earths, particularly benefiting select European Union firms, a few days later.

The diplomatic overture also extends to US automakers, through export licenses granted to rare earth suppliers serving major American auto players like General Motors (NYSE:GM), Ford Motor (NASDAQ:F) and Stellantis (NYSE:STLA).

US lasers in on mined supply growth

China has long controlled the vast majority of the rare earth market, overseeing 69 percent of annual mine production, 85 percent of refining and processing capacity and 90 percent of magnet manufacturing.

Likely spurred on by China’s long standing control of the rare earth market through mining, refinement and production the US has amped up its support of a domestic rare earth supply, through investment in mining companies and permit streamlining.

Most notably was the US$400 million in funding from the Department of Defense for MP Materials (NYSE:MP) operators of the Mountain Pass mine in California, the country’s only rare earth mine.

The DoD investment announced in July, will fund the expansion of MP’s processing capabilities at the Mountain Pass site and support the construction of a second magnet manufacturing facility in the US. In turn the DoD will have a domestic source and supply of permanent magnets for defense applications.

“Rare earth magnets are one of the most strategically important components in advanced technology systems spanning defense and commercial applications. Yet today, the US relies almost entirely on foreign sources,” the MP statement read. “This strategic partnership builds on MP Materials’ operational foundation to catalyze domestic production, strengthen industrial resilience, and secure critical supply chains for high-growth industries and future dual use applications.”

A few days later the public sector also showed support, when Apple (NASDAQ:AAPL) penned a US$500 million deal with MP to produce rare earth magnets in the US using 100 percent recycled materials.

Starting in 2027, MP will supply magnets for “hundreds of millions” of Apple devices, advancing the tech giant’s push for sustainable, domestic supply chains.

Apple CEO Tim Cook called the partnership a step toward securing vital materials for advanced technology while bolstering US innovation.

Internationally, Lynas Rare Earths (ASX:LYC,OTC Pink:LYSDY) achieved a significant sector milestone in May by producing on-spec dysprosium oxide at its Malaysian facility, marking the first commercial heavy rare earths output outside China.

CEO Amanda Lacaze said the development strengthens supply chain resilience, giving customers in Japan, the US and Europe an alternative source for critical materials and positioning Lynas as the world’s only producer of separated heavy rare earth products beyond China’s borders.

These moves were applauded by industry watchers as concrete steps in reducing reliance on Chinese supply, however some argue they don’t go far enough.

Mid and downstream build out

During a keynote presentation at the 2025 Rule Symposium in Boca Raton, Nomi Prins, economist, author and former Wall Street executive described what she calls the “real asset uprising,” a global shift in value and power driven by hard assets like precious metals, energy metals and rare earths.

“The entire US defense system runs on China’s processing of rare earths, and that is one of the reasons why there is a current 232, investigation into the importance of critical minerals, and particularly those 17 rare earths, because this is an issue you don’t want, even in peacetime,” she said.

“You’re basically relying on China, another country, to define what you need to run your defense, also what you need to run the growing energy requirements.

Listen to Prins discuss the real asset uprising, as well as the precious metals market.

While Prins advocates for expansion of the entire supply chain, Mountain Partners’ Chris Berry, sees strategic investment in refining, processing and manufacturing as the most prolific way to expand North American supply.

“If the US government was going to fund something in the magnet supply chain, I would argue it’s either magnet process or magnet building capacity, or, more importantly, rare earth separation capacity,” he added.

Not only would the move reduce US dependence on China for rare earth magnets, Berry noted that getting refinement and processing facilities built is a much faster process than permitting mines.

“If we’re talking about building a mine, it could take 10 to 15 years — sometimes more, depending on the situation,” he said. “Refining capacity is different. From finding a site and securing permits to raising capital and building the facility, you could be looking at five years, maybe less, though it depends on the material — whether it’s rare earths, nickel or something else.”

Berry argued that boosting refining capacity is key to reducing reliance on China.

“You strike deals with raw material producers, maybe they’re Canadian, Australian, Chilean, or even from parts of Africa. The point is, refining gets you to a usable product much faster,” he explained.

Berry continued: “Ask a battery manufacturer what they can do with spodumene or raw nickel — the answer is, not much. But give them battery-quality material, and they can trial it and integrate it into their supply chain. It’s a much more realistic approach.”

Global collaboration only way to compete with China

While a concerted effort like Berry described is key to quickly building out and fortifying a North American supply chain, tariff tensions with many countries around the globe hasn’t fostered much allyship for the US.

However, as Berry and Gracelin Baskaran, director of the Critical Minerals Security Program at the Center for Strategic and International Studies argue, the US can’t do it alone.

“If countries continue to operate independently instead of collectively, China will retain its dominant position because no single nation has enough market leverage on its own,” Baskaran wrote in a June overview.

Raising the warning bells of an impending crisis, the report went on to note.

“Prices for neodymium-praseodymium oxide—the principal rare earth component in neodymium-iron-boron magnets—have fallen below US$60 per kilogram. If prices stay below US$60 per kilogram through 2030, approximately half of the projected supply originating outside of China is expected to become economically unviable. In fact, at this price point, only eight rare earth projects beyond China are expected to break even on direct production costs.”

According to Baskaran, China’s use of export controls has heightened the urgency of building critical mineral supply chains with allied nations.

However, she believes this won’t happen without market intervention, as China continues to flood the market.

While US tariffs on Chinese imports are one option, their impact would be limited—the US accounts for just 1.7 percent of rare earths consumption, along with similarly small shares of other key minerals.

Any price-shaping strategy would require coordination with major consuming nations such as Australia, Canada, Japan, South Korea, the UK and the EU.

Market bifurcation

According to an August report from Benchmark Source, China’s newly imposed export restrictions on heavy rare earth oxides (HREOs) have created a pronounced regional price split.

While domestic Chinese prices remain relatively stable, markets outside China are seeing significant surges, driven by increased demand for ex-China supply.

This divergence underscores how export controls can distort global price dynamics, propelling up costs where alternatives are scarce while leaving domestic markets largely shielded.

Light rare earths were also pushed higher by the broad market tailwinds.

The rest of the year could see more upward momentum in light of China “quietly” issuing its first rare earth mining and smelting quotas of the year in July.

“This low-key approach is part of China’s continued efforts to tightly control its rare earths supply chain,” the Benchmark report read. “It is likely that the impacts of this quota will further contribute to a bullish market sentiment over the next few months.”

Investor Insight

1911 Gold Corporation offers a unique opportunity for investors seeking exposure to high-grade gold assets with near-term production potential, a fully permitted infrastructure, and significant exploration upside in a world-class mining jurisdiction.

Overview

1911 Gold Corporation (TSXV:AUMB,OTCQX:AUMBF) is a junior mining company focused on the exploration and development of gold resources in Manitoba, Canada. The company holds a dominant, 61,647-hectare land position in the Rice Lake greenstone belt in Manitoba, an underexplored western extension of the prolific Red Lake gold district.

The company’s strategy is focused on de-risking the existing underground mine geology, expanding its mineral resource base through exploration, and advancing towards production on an accelerated time line by leveraging the existing infrastructure in place.

Gold remains a resilient safe-haven, with demand fueled by economic uncertainty and geopolitical risk. 1911 Gold is positioned to capitalize on permitted infrastructure, a large land package, defined resources, and near-term production potential.

In July 2025, 1911 Gold closed a C$13.2 million bought-deal LIFE offering, with notable increased investment from renowned resource investor Eric Sprott. Through the financing, Sprott acquired over 9.2 million shares for C$1.86 million, increasing its stake in the company from approximately 16.7 percent to 17.2 percent. His continued backing underscores confidence in 1911 Gold’s assets and growth potential.

1911 Gold’s leadership team brings deep experience across exploration, mine development, corporate finance, and strategic planning. This collective expertise enables the company to navigate complex operational and financial challenges, positioning it as a strong contender in the junior mining sector.

Company Highlights

• Fully Permitted Mill Infrastructure: A 1,300 tpd gold processing plant, expandable to 2,250 tpd, with a replacement value exceeding US$300 million.
• 1.1M oz Gold Resource Open for Growth: Current resources total 1.1 million ounces alongside 2 million ounces of historic production, with strong potential for expansion within the existing mine footprint.
• Prospective Regional Land Package: The company holds 100 percent ownership of 62,000 hectares in a prolific greenstone belt, including three past-producing mines and nearby additional resources.
• Compelling Investment Opportunity: With no royalties or debt, the project offers significant upside, peer-leading value, and strong re-rating potential from near-term catalysts.
• Leadership: Seasoned management and board with a proven track record of advancing mining projects.

Key Projects

True North Project

The True North project is 1911 Gold’s flagship asset, located in the Rice Lake greenstone belt of southeastern Manitoba, approximately 150 km northeast of Winnipeg. This historically significant mine has produced over 2 million ounces (Moz) of gold and continues to offer substantial exploration upside.

The current mineral resource estimate for True North includes:

• Indicated Resources: 3.52 million tonnes (Mt) at 4.41 grams per ton (g/t) gold, containing 499,000 ounces.
• Inferred Resources: 5.49 Mt at 3.65 g/t gold, containing 644,000 ounces.

These resources remain open for expansion, with multiple high-priority exploration targets identified near existing underground workings.

Geology and Mineralization

The True North deposit is characterized by high-grade, structurally controlled gold mineralization hosted within the Archean Rice Lake greenstone belt. Gold occurs within quartz-carbonate vein systems associated with major regional structures and secondary shear zones. The mineralization extends to significant depths, providing long-term exploration potential.

History

Gold was first discovered at True North in 1911, leading to decades of intermittent mining under various operators. The mine has undergone multiple phases of development, with extensive underground infrastructure, including a shaft extending to a depth of over 1,200 meters. Previous owners, including San Gold Corporation and Klondex Mines, operated the mine until 2017, after which it was acquired by 1911 Gold in mid-2018.

Infrastructure and Geographic Advantages

• A fully permitted 1,300-ton-per-day (tpd) mill, which can be expanded to 2,250 tpd
• A permitted tailings management facility, reducing environmental and permitting risks
• Year-round road access throughout the property with proximity to hydroelectric power
• A 200-person camp and operational support facilities for efficient workforce deployment

Exploration and Development Plans

1911 Gold is focused on expanding the True North resource through an aggressive exploration program. The company has completed 62 surface drill holes (60 to target depth) totaling 14,974.4 metres within the True North Mine footprint. The program, which began in October 2024, is focused on new targets in prospective host rocks and mineralized structural settings, supported by significant historical results. Two rigs are currently drilling at the SAM SE and San Antonio West (SAM W) zones to test depth extensions of mineralization. Planning is also underway for underground exploration drilling, expected to commence by the end of Q3 2025.

The company will leverage True North’s existing infrastructure to restart mining operations efficiently while continuing to explore the vast untapped potential of the surrounding district.

Regional Exploration Projects

In addition to the True North mine, 1911 Gold controls a large-scale land package within the Rice Lake greenstone belt. The company has identified multiple high-potential targets within this district, including:

• Ogama-Rockland: A past-producing high-grade deposit with significant exploration upside
• Central Manitoba: An area with historical production featuring multiple high-grade vein structures with strong exploration potential
• Gunnar: A historic mine representing an additional potential source of mill feed.

The company aims to leverage its central milling facility as part of a ‘hub-and-spoke’ development model, bringing additional satellite deposits into production.

Management Team

Shaun Heinrichs – President and CEO

With over 20 years of experience in corporate finance, strategic planning, and capital markets, Shaun Heinrichs has held key leadership roles in the mining sector. Before joining 1911 Gold, he served as CFO on various companies, including Group Eleven Resources and Veris Gold, which owned the Jerritt Canyon operation, where he played a pivotal role in corporate development and mergers and acquisitions.

Carmen Amezquita – Chief Financial Officer

A finance professional with over a decade of experience in the resource sector, Carmen has extensive expertise in financial reporting, capital management, and corporate governance for both exploration-stage and producing mining companies.

Michele Della Libera – Vice-president, Exploration

A geologist with over 30 years of experience in mineral exploration, Michele has worked extensively on gold and base metal projects across Canada and internationally and has been closely involved in the development of several mines through to production. He oversees 1911 Gold’s exploration programs, with a focus on expanding the company’s resource base and identifying new discoveries.

Gary O’Connor – Executive Chair

A veteran mining executive with decades of experience in project development and exploration, Gary has held leadership positions at major mining companies, guiding strategic growth initiatives.

Mike Hoffman – Director

A professional engineer with extensive experience in mine development, operations, and corporate strategy. He has played key roles in advancing multiple mining projects from early-stage exploration to production.

Blair Schultz – Director

A finance and investment specialist with a background in institutional asset management and corporate governance. Blair has been instrumental in providing financial oversight and strategic direction for mining companies.

Anna Ladd-Kruger – Director

A highly regarded financial executive in the mining industry, Anna has held senior leadership roles in several resource companies, focusing on financial strategy and corporate growth.

Éric Vinet – Advisor

An expert in mining operations and project development, Éric provides strategic insights on optimizing production, cost management, and operational efficiencies.

Investor Insight

With a clear focus on critical minerals and energy security, QEM Limited is advancing one of the world’s most unique dual-commodity projects. Backed by a highly experienced management team and growing government support, QEM is positioned to become a leading Australian supplier into the global energy transition and domestic fuel security markets.

Overview

QEM Limited (ASX:QEM) is an emerging Australian critical minerals and energy developer focused on unlocking the full value of its flagship Julia Creek vanadium and energy project, located in Queensland’s North West Minerals Province (NWMP). The project is one of the largest vanadium deposits in the world, underpinned by a globally significant JORC resource of 2.87 billion tonnes at 0.31 percent vanadium pentoxide (V₂O₅), and a co-located contingent oil resource of up to 654 million barrels.

QEM’s dual-commodity model sets it apart – offering investors rare exposure to both vanadium for long-duration grid energy storage and liquid fuels that address Australia’s critical energy security needs. This diversified approach allows QEM to capitalize on two high-growth global markets: vanadium for renewable grid storage (i.e., vanadium flow batteries) and domestic fuel production in a country currently importing ~93 percent of its liquid fuel needs.

The Julia Creek project’s strategic proximity to essential road, rail and future power infrastructure, including the government-backed CopperString high-voltage line, further reduces capital intensity. With favorable market trends, supportive policy frameworks, and a capable leadership team, QEM is advancing toward final investment decision (FID) and long-term production.

Company Highlights

• Dual-revenue Commodity Model: QEM’s Julia Creek Project is uniquely positioned to produce both high-purity vanadium pentoxide and liquid transport fuels, offering two robust and diversified revenue streams.
• Massive Resource Scale: One of the world’s largest vanadium deposits, co-located with 654 MMbbls of in-situ oil resource, with 6.3 MMbbls classified in the 1C category and 94 MMbbls in 2C.
• Strong Economics: 2024 Scoping Study delivered a post-tax NPV of AU$1.1 billion and 16.3 percent IRR for a 30-year mine life based on just a portion of the tenement area.
• Strategic Location & Infrastructure: Located within Queensland’s North West Minerals Province, adjacent to key infrastructure and the planned CopperString high-voltage transmission line.
• Energy Transition Exposure: Focused on supplying vanadium for long-duration energy storage applications such as vanadium flow batteries and addressing Australia’s transport fuel import dependency.

Key Project

Julia Creek Vanadium and Energy Project

QEM’s flagship Julia Creek vanadium and energy project is a globally significant, dual-commodity resource positioned to supply two critical markets: vanadium for grid-scale long-duration energy storage and liquid transport fuels for Australia’s energy security. Located within the North West Minerals Province (NWMP) of Queensland, the project spans over 250 sq km across four contiguous exploration permits. The resource is situated close to vital infrastructure, including highways, rail corridors and the proposed CopperString 2.0 high-voltage transmission line, which makes logistics, permitting and development significantly more streamlined.

The deposit hosts one of the largest vanadium resources globally, with a JORC 2012-compliant mineral resource estimate totaling 2.87 billion tonnes at an average grade of 0.31 percent V₂O₅, comprising 461 million tonnes in the indicated category and 2.41 billion tonnes in the inferred category. The vanadium mineralization is hosted within oil shale units at shallow depths amenable to open-pit mining. The mineralized zones exhibit favorable in situ bulk densities (~2.2 g/cm³) and lateral continuity, making them ideal for large-scale extraction.

Importantly, co-located within the same ore body is a substantial contingent petroleum resource, compliant with SPE-PRMS 2018 standards. This oil-shale-based petroleum-in-place estimate totals 654 million barrels in the 3C category, with 94 million barrels in 2C, and a 1C resource of 6.3 million barrels, based on a 90 percent recovery assumption. The economic cut-off of 40 litres/tonne was applied, and the resource is unrisked. Oil yield across the resource averages 68 litres per tonne in the higher-grade zones (OSU/OSL). The project’s dual-commodity model – targeting simultaneous production of V₂O₅ and synthetic transport fuels – is a core differentiator compared to peers focused solely on oxidized vanadium zones.

The 2024 scoping study outlines a base-case scenario with robust economics. The study assumes a 5.1 Mtpa ROM operation with a mine life of 30 years, producing an average of 10,571 tonnes of V₂O₅ and 313 million litres of transport fuel per annum. The post-tax NPV (8 percent) is AU$1.1 billion, with a 16.3 percent internal rate of return and a five-year payback period. Total CAPEX is expected to be around AU$1.1 billion. Operating costs are competitive, with V₂O₅ production estimated at US$5.80/lb and fuel production at AU$0.59 per litre, supported by co-generation, waste heat recovery and renewable energy inputs.

Metallurgical test work has confirmed the ability to recover high-purity vanadium pentoxide through a leach-precipitation-calcination route, with further flow sheet optimization underway at the University of Queensland. QEM is investigating hydrogen-assisted oil upgrading and has entered into a framework agreement with Potentia Renewables to power operations and generate green hydrogen for use in the synthetic fuel upgrading process. This integration of renewable energy and hydrogen into the production flow sheet represents a significant innovation and ESG advantage, lowering Scope 1 and 2 emissions.

QEM has made rapid progress across permitting, stakeholder engagement, flow sheet development and ESG transparency. It recently achieved Coordinated Project designation from the Queensland Government, completed its environmental impact statement terms of reference, and is preparing for a drilling campaign and pre-feasibility study (PFS) initiation in late 2025.

QEM’s strategic location within the NWMP ensures strong access to skilled labor, water sources and transport routes. The company also benefits from Queensland’s designation of the Julia Creek-Richmond corridor as a Critical Minerals Precinct, with access to government-backed funding programs such as the Critical Minerals Production Tax Incentive, which offers a 10 percent tax credit on downstream processing through 2040, and the $1.2 billion Critical Minerals Strategic Reserve. The planned PFS will incorporate outcomes from ongoing metallurgical testing, infill drilling and EIS data collection. The company’s development timeline targets FID by 2027 and first production by 2030, supported by parallel discussions with offtake partners and engineering groups.

Management Team

Gavin Loyden – Founder

Gavin Loyden is the founder of QEM and the driving force behind acquiring and developing the Julia Creek resource. With over 12 years in mining, Loyden has overseen the company’s exploration, permitting and renewable energy partnerships, ensuring alignment with ESG priorities and long-term shareholder value.

Robert Cooper CEO and Managing Director

Robert Cooper brings more than 30 years of global mining experience, including senior executive leadership and non-executive board roles across the resources and battery materials sectors. He served as MD/CEO of New Century Resources, and prior to that, as CEO of Round Oak Minerals, a wholly owned subsidiary of Washington H. Soul Pattinson (ASX:SOL). He has held senior roles with Discovery Metals, BHP and has been a non-executive director at Novonix (ASX:NVX), Syndicated Metals and Verdant Minerals.

Tim Wall – Chair

Tim Wall brings more than 35 years of experience in global oil refining, hydrogen, ammonia and energy infrastructure. He held senior executive roles at multiple ASX 100 companies and past-president of global manufacturing at Incitec Pivot Limited (ASX:IPL). He is a respected voice in energy transition strategy.

Daniel Harris – Non-executive Director

Daniel Harris is a globally recognized vanadium expert with 40+ years in the sector. He is the former director of US Vanadium LLC and past executive at EVRAZ, Vametco Alloys and Australian Vanadium (ASX:AVL). He brings unparalleled depth in vanadium market dynamics and project evaluation.

Investor Insight

With promising early drill results, favourable jurisdictional dynamics and strong institutional backing, Kobo Resources presents a compelling opportunity for investors seeking exposure to high-value gold exploration in West Africa’s world-class mining frontier.

Overview

Kobo Resources (TSXV:KRI) is a gold exploration company focused on unlocking the untapped mineral potential of West Africa, with its primary operations based in Côte d’Ivoire. The company’s flagship Kossou Gold Project (KGP) is strategically positioned adjacent to Perseus Mining’s (TSX:PRU) Yaouré Gold Mine, a major producing operation, giving Kobo a competitive advantage through shared infrastructure, skilled local labor and logistical accessibility.

Kobo Resources is at the centre of Côte d’Ivoire’s rapidly expanding mining sector.

Côte d’Ivoire offers a mining-friendly jurisdiction with growing geopolitical stability and a supportive regulatory framework. Kobo is capitalizing on the country’s strong gold production momentum, as West Africa continues to lead globally in gold discoveries. The region stands out for its rapid exploration-to-production timelines, averaging just 10 years – significantly shorter than the global average of 16. The Kossou Gold Project benefits from geological characteristics similar to those of the adjacent Yaouré deposit, enhancing the credibility of its resource base and future economic potential.

Kobo’s investment value proposition is supported by a strong leadership team with decades of technical, financial and in-country experience. Backed by strategic partner Luso Global Mining, a subsidiary of engineering and mining giant Mota-Engil, Kobo has secured not only capital during its previous equity raise but also access to the strengths of an end-to-end mining development services giant. The team’s phased exploration strategy and disciplined execution reflect Kobo’s commitment to delivering shareholder value through near-term catalysts such as updated technical reports, metallurgical studies and an aggressive 2025 drill campaign targeting a maiden resource estimate in 2026.

Kobo Leadership team from L-R: Chris Picken, exploration manager; Paul Sarjeant, director, president and COO; and Édouard Gosselin, CEO, director and corporate secretary

Financially, Kobo maintains a lean capital structure with no debt, strategic backers and significant insider ownership, aligning management interests with those of investors. The company raised $7.4 million in 2024 to fund ongoing exploration efforts and has positioned itself to benefit from potential consolidation in Côte d’Ivoire’s rapidly maturing gold sector.

Company Highlights

1. Mining-friendly and Underexplored Location – Côte d’Ivoire’s gold production has grown significantly but still trails neighboring countries.
2. Prime Location with Infrastructure Advantage – The Kossou Gold Project (KGP) is 40 km from Yamoussoukro and 9.5 km from a major operating gold mine.
3. Proven Gold Discoveries with Strike Continuity – 24,471 m drilled at KGP with multiple mineralized zones that remain open along strike and depth.
4. Promising Secondary Project – Kotobi gold project offers early-stage exploration upside in a highly prospective greenstone belt.
5. Aggressive Growth and Near-term Milestones – +/- 20,000 m 2025 drill program targeting priority zones and advancing toward a potential MRE in 2026 with a strong project pipeline.
6. Strong Team and Strategic Backing – Decades of exploration success combined with a strategic partnership with Luso Global Mining (Mota-Engil).

Key Projects

Kossou Gold Project

Aerial view of the Kossou gold project in proximity to nearby infrastructure and operators

The Kossou gold project (KGP) is Kobo Resources’ flagship asset and the cornerstone of its exploration strategy in Côte d’Ivoire. Situated just 40 km from the capital city of Yamoussoukro and adjacent to Perseus Mining’s (TSX:PRU) producing Yaouré Gold Mine, the Kossou gold project offers exceptional geographic advantages. Its proximity to key infrastructure, including roads, power and mining services, significantly reduces barriers to development. Covering a 110-sq-km permit area, the project is nestled within the Birimian greenstone belt, a prolific geological zone renowned for hosting major gold deposits across West Africa. This strategic location provides Kobo with logistical efficiencies and exploration potential in a rapidly growing mining jurisdiction.

Kossou is defined by a trio of high-priority mineralized zones: the Jagger, Road Cut and Kadie Zones, which together represent five kilometers of combined strike length and more than 24,000 meters of drilling to date. These zones have shown consistent gold mineralization, with notable intercepts such as 38.2 m at 1.55 g/t gold (Jagger Zone), 11 m at 6.77 g/t gold (Road Cut Zone), and 9 m at 23.89 g/t gold (Kadie Zone), including an exceptional 1 m section grading 210 g/t gold. These results affirm the continuity of mineralization and point to the potential for an open-pit mining operation with scalable upside. Kobo’s exploration methodology, which combines soil geochemistry, trenching and phased drilling, are both cost-effective and technically sound.

The geology at the Kossou gold project is closely tied to the Bouaflé greenstone belt and features a mix of mafic volcanics and volcano-sedimentary rocks characteristic of the Paleoproterozoic Birimian Group. Mineralization occurs within a 500-m wide and +3-km long north-northwest trending shear corridor known as the Contact Zone Fault.

Beyond its technical merits, the Kossou gold project represents a compelling value proposition due to its combination of scale, grade and development readiness. Kobo has already completed 24,000+ m of drilling so far, with an additional 20,000-m program planned for H2 2025 aimed at delivering a maiden mineral resource estimate in 2026.

Yakassé Gold Project – Opportunity

The Yakassé project is located approximately 100 km northeast of Abidjan and is easily accessible by paved and gravel roads. The 74.06 sq km permit application lies within a highly prospective region characterized by NE-SW trending Birimian metavolcanic and metasedimentary units intruded by granitoids. Gold mineralization in the area is structurally controlled, associated with shear zones and quartz veining, and has been the focus of significant historic artisanal and small-scale mining activity.

Previous exploration by reputable operators, including, most recently, Newmont (2007–2010), outlined widespread gold anomalies and confirmed the potential for mineralized systems at the Yakassé Project. Newmont’s work included extensive soil geochemistry, auger drilling, and over 3,500 m of RC drilling. Several broad, near-surface gold intercepts were reported, including 44.0 m at 2.32 g/t gold, 48.0 m at 1.20 g/t gold, and 20.0 m at 1.69 g/t gold, highlighting the strong mineral potential associated with NE-SW trending shear zones. Importantly, Kobo believes the structural trends observed at Yakassé may represent parallel systems to those present at its nearby Nesdave permit and Kuniboa application, underscoring the broader regional opportunity to consolidate and explore an underexplored but prospective gold corridor in southeastern Côte d’Ivoire.

The Yakassé gold project is supported by historical exploration work from major operators on prospective ground.

Kotobi Project

The Kotobi gold project (302 sq km) is Kobo Resources’ secondary exploration asset, located in the Moronou region of central-eastern Côte d’Ivoire. Exploration efforts at Kotobi have included a UAV magnetic survey covering the entire property, totaling 1,565 line-kms, a geophysical analysis, soil geochemical sampling, geological mapping and rock sampling. These activities aim to refine exploration as trenching is now underway targets with the goal of identifying drilling targets in the near future. The project benefits from excellent infrastructure, including well-established roads, water and power access, as well as proximity to major cities and established processing facilities.

Growth Opportunities: Earn-in Agreements & Permit Applications

In addition to its 100-percent-owned permits covering a total of 412 sq km(KGP and Kotobi), Kobo Resources has significantly expanded its regional exploration footprint in Côte d’Ivoire through strategic earn-in agreements and permit applications, totalling over 700 sq km of additional exploration opportunity. These pending applications and permits are largely underexplored, offering Kobo a unique opportunity to unlock new gold discoveries in proximity to its existing Kossou and Kotobi projects.

Pending research permit applications:

1. Bocanda South – 341.6 sq km
2. Kuniboa North- 163.2 sq km
3. Kuniboa South – 18.3 sq km
4. Yakassé Gold Project – 74.06 sq km

Nesdave Mining earn-in opportunities:

1. PR0970 – 93.3 sq km
2. PR0973 – 73.5 sq km

Management Team

Edouard Gosselin – CEO, Director and Corporate Secretary

Edouard Gosselin, co-founder of Kobo Resources, is a seasoned attorney and member of the Quebec Bar since 1984. He has privately represented financial institutions, corporations and individuals in commercial law, banking, bankruptcy, reorganizations and startups across tech and industrial sectors and is a seasoned entrepreneur. He has been involved in Côte d’Ivoire since 2012.

Paul Sarjeant, P.Geo., – Director, President and COO

Paul Sarjeant is a professional geoscientist and co-founder of Kobo Resources. He is a mining professional with over 35 years of experience in exploration, development and mining, including 15 years as senior geologist at Echo Bay Mines (Kinross), evaluating international projects. More recently, he was manager of geology at Largo.

Carmelo Marelli – CFO

Carmelo Marrelli is the principal of the Marrelli Group, which includes Marrelli Support Services, DSA Corporate Services and other related entities. A chartered professional accountant (CPA, CA, CGA) and member of the Institute of Chartered Secretaries and Administrators, he serves as CFO for several TSX, TSX Venture Exchange and CSE-listed companies, as well as non-listed companies, and is a director of select issuers.

Chris Picken – Exploration Manager

Chris Picken has over 35 years of experience in the mineral exploration industry, working as a geologist, exploration manager and COO. He has worked with major, mid-tier and junior exploration companies across Africa and South America. For the past decade, he has focused on Archaean and Birimian gold terrains in West Africa, including Côte d’Ivoire, Liberia and Sierra Leone. He led the Yaouré gold deposit feasibility studies from 2014 to 2018.

Frank Ricciuti – Director and Chairman of the Board

Frank Ricciuti was president of Efjay Consulting, providing management and financial services, including organizational structuring and corporate finance. He served as a director for Novik (2006-2014) and Petrolympic (2008-2019) and was Kobo’s vice-president, corporate development from 2015 to 2021.

Brian Scott – Independent Director

Brian Scott, a geologist with over 35 years of global experience, has worked on diverse deposit types including porphyries in the Andes and orogenic gold deposits in West Africa, Canada and beyond. He spent 30 years with Bema Gold (later acquired by Kinross) and B2Gold, where he served as VP geology and technical services.

Vivek Dharni – Director

Vivek Dharni is a business leader with over 20 years of experience in corporate development and finance, focusing on resources, infrastructure and renewable energy. He drives transformational change through sustainable growth strategies that benefit society and elevate stakeholder value. He has held roles at HDFC, Mota-Engil and Rio Tinto, and currently serves as head of mergers & acquisitions for Mota-Engil in Africa and the Middle East.

Jeff Hussey – Independent Director

Jeff Hussey, a professional geologist with 36 years of experience, and holds a B.Sc. in Geology from the University of New Brunswick (1985). He serves on the boards of Brunswick Exploration and Osisko Metals, where he is president and COO. Previously, he was president and CEO of Osisko (2017-2020). With experience in both open pit and underground operations, he also consulted for major mining companies, including Champion Iron Mines, helping raise over $70 million for corporate development. He is currently CEO of PinePoint Mining Ltd.

Patrick Gagnon – Independent Director

Patrick Gagnon is a retired executive with over 25 years in the financial and brokerage industry. He is an active private investor in technology, resources and consumer products. He began his career as a research assistant, later becoming a research analyst, trader and institutional sales professional. From 1995 to 2015, he was a partner at GMP Securities and served as managing director of its Montreal office.

Bitcoin and Ethereum price update

Bitcoin (BTC) was priced at US$115,446, a 2.5 percent decline in 24 hours. Its lowest valuation of the day was US$114,740, while its highest was US$118,514.

Bitcoin price performance, August 18, 2025.

Chart via TradingView

Bitcoin slipped around 2–3 percent over the past 24 hours amid widespread profit-taking following recent all-time highs and renewed US Producer Price Index data that dampened rate-cut expectations.

Ethereum (ETH) was priced at US$4,330.74, down by 4.6 percent over the past 24 hours. Its highest valuation of the day was $4,563.72 and its lowest valuation was US$4,239.27 at the start of trading.

Altcoin price update

• Solana (SOL) was priced at US$182.12, down by 5.6 percent over 24 hours. Its lowest valuation of the day was US$180.47, while its highest valuation was US$195.10.

• XRP was trading for US$2.99, down 4.3 percent in the past 24 hours. Its lowest valuation of the day was US$2.95, and its highest was US$3.14.

• Sui (SUI) was trading at US$3.57, down by 7.3 percent over the past 24 hours. Its lowest valuation of the day was US$3.53, while its highest was US$3.89.

• Cardano (ADA) was trading at US$0.9089, down 6.6 percent over 24 hours. Its lowest valuation of the day was US$0.8967, while its highest was US$0.9746.

Today’s crypto news to know

Bitcoin, Ether, and other crypto stocks cool down after rally week

Bitcoin fell back on Monday (August 18) as traders locked in gains following last week’s record-breaking rally above US$124,000.

The world’s largest cryptocurrency was down about 2 percent to US$115,179, while Ether slipped 3 percent to US$4,335 and XRP declined 4 percent.

The dip follows a sharp run-up fueled by optimism around crypto ETFs and new regulatory developments, including President Donald Trump’s executive order earlier this month permitting retirement accounts like 401(k)s to include digital assets.

Crypto-related equities mirrored the pullback, with shares of mining and crypto firms all down roughly 2 percent in premarket trading. Analysts suggest the selling is a typical retracement after a parabolic move and may signal rotation from spot crypto to other risk assets.

Gemini, Winklevoss twins files for Nasdaq listing

Gemini, the crypto exchange founded by Cameron and Tyler Winklevoss, has formally filed to go public with plans for a Nasdaq listing under the ticker “GEMI.”

The registration statement, however, did not specify how many shares will be offered or at what price range, leaving those details for later.

Founded in 2014, Gemini says it has processed US$285 billion in lifetime trading volume and custodies over $18 billion in digital assets as of June 30.

In their filing, the twins framed crypto as entering “a new Golden Age,” emphasizing their vision of financial markets moving increasingly on-chain. They described Gemini as a “Super App” for digital assets, offering trading, custody, and broader crypto financial services under one platform.

If successful, Gemini would join Coinbase as one of the few US exchanges to list publicly, offering investors direct equity exposure to crypto market infrastructure.

Amdax unveils Bitcoin treasury firm, plans Euronext Amsterdam Listing

Amsterdam-based Amdax announced plans to list a new Bitcoin treasury firm, Amsterdam Bitcoin Treasury Strategy (AMBTS), on the Euronext Amsterdam exchange.

The company says the goal is to create a vehicle that holds Bitcoin long-term on behalf of institutional and private investors, reflecting growing corporate adoption of digital reserves.

CEO Lucas Wensing noted that more than 10 percent of Bitcoin’s supply is already held by corporations, governments, and institutions, suggesting a structural shift in how the asset is used.

Bitcoin’s rally of 32 percent in 2025, alongside pro-crypto regulatory momentum following President Donald Trump’s election, has reinforced the case for such vehicles. AMBTS plans to raise capital in a private round before listing, with a long-term target of accumulating at least 1 percent of total Bitcoin supply.

The move could make Euronext Amsterdam a more prominent hub for European digital asset investment products, challenging London and Frankfurt.