Pursuant to the Funding Arrangement, CHAR Tech have entered into definitive transaction agreements to effect the Funding Arrangement including a limited partnership agreement, a general partner unanimous shareholder agreement and contribution agreements. CHAR Tech’s contribution to the Thorold Project includes construction in progress and ongoing procurement activities, a use of technology licence, as well as expected and ongoing CHAR Tech engineering and project management labour hours and fees.

Phase 1 of the project, which will enable commercial biocarbon production, now has funding commitments in place for the required project-level equity. CHAR Tech and BMI are targeting an efficient buildout and rapid transition to full Phase 1 operations in Q4 2025. BMI’s $8 million contribution to the Thorold Project will be disbursed in monthly tranches to ensure the Thorold Project is operating with a positive cashflow, with all contributions to be made by December 31^st, 2025.

BMI brings a strategic multi-sector approach to large-scale industrial development, attracting over $200 million in direct investment to its Niagara projects that in turn have attracted over $2 billion in additional investment since 2023. Home to CHAR Tech’s Thorold Project, Bioveld is an Innovation and Industrial Enterprise Hub within Niagara Ports; a partnership with the Hamilton Oshawa Port Authority (HOPA).

On May 9, 2025, BMI invested $2 million in CHAR Tech’s previously announced private placement at $0.20 per share, becoming the company’s second-largest shareholder with about 8 % ownership.

The BMI commitments are the latest in a series of major public and private investments supporting CHAR Tech and their Thorold Project. In 2022, the Canadian and Ontario governments supported the Thorold Project with combined funding of $12,8 million. In 2023, CHAR Tech closed a corporate level $6,6 million strategic equity investment from ArcelorMittal’s XCarb┬« Innovation Fund, at $0.60 per share, alongside an offtake agreement with ArcelorMittal Dofasco for biocarbon supply.

Phase 2 of the project, which will enable Renewable Natural Gas (“RNG“) production, will leverage the Phase 1 equity components now in place to pursue project level non-recourse debt financing, which BMI and CHAR Tech are pursuing. Securing a debt package by Q4 2025 would position CHAR Tech and BMI to target Phase 2 RNG commissioning towards the end of Q3, 2026. Phase 2 of the project also seeks to secure a 20-year offtake agreement for RNG production with major gas utilities, providing long-term revenue stability and strengthening the overall project economics.

The completion of the Funding Arrangement and any transactions mentioned in this release is subject to customary closing conditions, including final TSX Venture Exchange approval.

Andrew White, CEO of CHAR Tech, stated: “We’re excited to give shareholders a clear timeline as we advance the Thorold project, with Phase 1 equity lined-up and a path in place toward RNG production in Phase 2. Thorold is just the start of what we believe will be a much larger platform for renewable energy development as we’re actively exploring additional opportunities across the BMI portfolio, including Bioveld North and the revitalization of the former Espanola pulp and paper mill.”

Paul Veldman, CEO of The BMI Group, commented: “We identified the biomass-to-energy value chain as a high-growth opportunity in Canada, with CHAR Tech at the forefront. Our investment in CHAR Tech’s IP and process is a textbook opportunity to scale proven technology across our sites spanning Ontario and Quebec’s richest fibre baskets-turning wood waste into energy and carbon-critical applications for the heavy industries.”

Radius Research Interview

CHAR Tech CEO Andrew White and The BMI Group CEO Paul Veldman sat down with Martin Gagel of Radius Research to discuss how the partnership is unlocking significant growth opportunities, enabling access to new sources of capital, and advancing a robust pipeline of renewable energy and industrial redevelopment projects. Watch the full interview here.

About The BMI Group

The BMI Group transforms strategic properties into high-impact, multi-use developments across industrial, commercial, residential, and hospitality sectors. With a focus on enhancing social and economic potential through multi-sector collaboration, BMI delivers new opportunities for investment, innovation, and community revitalization.

For more information, please visit: www.thebmigroup.ca

Media Contact:

Olga Patronik
Executive Project Coordinator, BMI
olga@thebmigroup.ca
1-888-264-4258

About CHAR Tech

CHAR Tech (TSXV:YES) first-in-kind high temperature pyrolysis (HTP) technology processes unmerchantable wood and organic wastes to simultaneously generate two renewable energy revenue streams, renewable natural gas (RNG) or green hydrogen and a solid biocarbon that is a carbon neutral drop-in replacement for metallurgical steel making coal.

CHAR’s HTP is an ideal waste to energy solution that aligns with the global green energy transition by diverting waste from landfills and generating sustainable clean energy to decarbonize heavy industry.

Website: www.chartechnologies.com

For further information, please contact:

Andrew White
Chief Executive Officer
CHAR Technologies Ltd.
E: andrew.white@chartechnologies.com
T: 866 521-3654

Galen Cranston
Director of Stakeholder Relations
CHAR Technologies Ltd.
E: gcranston@chartechnologies.com
T: 647-546-5633

Website: www.chartechnologies.com

Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the accuracy of this news release.

Forward-Looking Statements

Statements contained in this press release contain “forward-looking information” within the meaning of Canadian securities laws (“forward-looking statements”) about CHAR and its business and operations. The words “may”, “would”, “will”, “intend”, “anticipate”, “expect” and similar expressions as they relate to CHAR, are intended to identify forward-looking information. Forward-looking statements include, but are not limited to, statements relating to the timing for Phase 1 operations of the CHAR Tech Thorold Renewable Energy Facility, the timing for Phase 2 of the project, securing a debt package and Phase 2 RNG commissioning, , expectations regarding the offtake agreement, future plans, operations and activities, expectations regarding the scale up of production, the anticipated development of additional project sites on an expedited basis, and other statements that are not historical facts. Such statements reflect CHAR’s current views and ΓÇÄintentions with respect to future events, and current information available to CHAR, and are subject to ΓÇÄcertain risks, uncertainties and assumptions, including, among others, the timing and ability of CHAR to obtain final approval of the Funding Arrangement from the TSX Venture Exchange and those risk factors discussed or referred to in CHAR’s disclosure documents filed with the securities regulatory authorities in certain provinces of Canada, including the Management Discussion & Analysis dated January 28th, 2025 for the fiscal year ended September 30, 2024, and available under CHAR’s profile on www.sedar.com. Any such forward-looking information is expressly qualified in its ΓÇÄentirety by this cautionary statement. Moreover, CHAR does not assume responsibility for the accuracy or ΓÇÄcompleteness of such forward-looking information. The forward-looking information included in this press release ΓÇÄis made as of the date of this press release and CHAR undertakes no obligation to publicly update or revise ΓÇÄany forward-looking information, other than as required by applicable law.

Standard Uranium Ltd. [STND-TSXV, STTDF-OTCQB, 9SU-FWB], is heading back to its flagship Davidson River project, targeting a high-grade uranium discovery in the southwest Athabasca Basin of Saskatchewan. The Company is launching the first ExoSphere Multiphysics survey ever to be conducted in the province’s southwest Athabasca region which ranks among the world’s leading uranium districts for exploration and mining.

The surveys will be completed in partnership with Fleet Space Technologies Canada Corp. across three prospective uranium exploration corridors at the company’s flagship Davidson River Project in May and June of 2025.

Standard said high-priority target areas across the three conductor corridors will be significantly derisked with high-resolution 3D imaging of basement structures and alteration zones, providing key targeting information for follow-up drilling that is expected to start this summer.

The company has a portfolio of 13 exploration projects across the Athabasca Basin region covering 94,475 hectares. But its main focus this year is on the flagship Davidson River project. The project is located in the southwestern Athabasca Basin and covers the inferred extension of the structural trend that hosts Paladin Energy Ltd.’s [PDN-ASX, PALAF-OTCQX] Patterson Lake South property, which contains the high-grade Triple R uranium deposit (102.4 million pounds of 2.10% U308, indicated), and NexGen Energy Ltd’s [NXE-TSX, NYSE, NXG-ASX] Rook 1 property, which hosts the Arrow Deposit (256.7 million pounds of 3.10% U308 measured and indicated).

Davidson River covers 30,737 hectares and lies 75 kilometers south of the past-producing Cluff Lake uranium mine and is also in the vicinity of F3 Uranium Corp.’s [FUU-TSXV] JR Zone uranium discovery.

The exploration effort is led by Standard CEO Jon Bey and Sean Hillacre, Standard’s President/Vice-President of Exploration. Hillacre was part of a technical team that progressed NexGen Energy’s Arrow uranium deposit towards production and completed his Master of Science research on the deposit. Arrow is located just 25 kilometers east of Davidson River project.

Davidson River is highly prospective for basement-hosted uranium deposits due to its location along trend from recent high-grade uranium discoveries. However, the project remains largely untested by drilling. Still recent intersections of wide, structurally deformed and strongly altered shear zones provide significant confidence in the exploration model and future success is expected, the company has said.

From the summer of 2020 to 2022, 16,561 metres of drilling were completed in 39 drill holes at Davidson River. That work targeted four main conductive corridors – the Warrior, Bronco, Thunderbird and Saint trends. All four geophysical corridors contain several target areas that are favourable for high-grade basement-hosted uranium mineralization.

In a press release on April 10, 2025, Standard said it has formed a strategic partnership with Fleet Space Technologies Canada to advance uranium exploration at Davidson River, using Fleet Space’s Exosphere Multiphysics surveys. Fleet Canada is a subsidiary of Fleet Space Technologies, Australia’s leading space exploration company.

Exosphere is transforming how exploration is conducted by reducing uncertainty in drill targets and enabling faster, smarter decision making across the exploration process. In keeping with that goal, the company plans to undertake three ExoSphere survey grids across the Warrior, Bronco and Thunderbird conductors on the project in the spring of 2025.

“We are extremely excited to get back on the ground at our crown jewel project, Davidson River,” said Hillacre. “Integrating the 3D density and velocity models to image alteration systems in the basement rock could provide the key data we’ve been looking for to vector into a discovery at Davidson River,” he said. “We have been hard at work developing targets across the project since 2022 and armed with the new datasets from the Multiphysics system, we aim to expedite discovery of new basement-hosted uranium system with drilling this year.”

The company and Axiom Exploration Group Ltd. mobilized to deploy the survey grids on May 26, and the survey is anticipated to take approximately 35 days to complete. These surveys will be the first of their kind in the southwest Athabasca Basin uranium district and mark a significant step towards discovery on the project, the company has said.

Following post-survey data analysis and integration, the company plans to execute a diamond drill program to begin testing the highest priority targets across all three conductor corridors surveyed. Drilling is planned to be completed this summer, marking the first drill program on the project since 2022. Positive results from previous drill campaigns will be integrated into drill targeting with the newly acquired Multiphysics data.

Meanwhile, the company said it has struck a deal with the underlying owners of the Davidson River project to amend the timeline for completion of the remaining payments owing for the company completing the acquisition of a 90% stake in the project. To exercise the option, the company is now required to complete four annual payments totaling $550,000 by July 2028. In consideration for the amendment, the company has agreed to issue 1.0 million common share purchase warrants to the optionors.

In an interview, Bey said “Armed with the Fleet Space exosphere data, the timing is perfect for drilling Davidson River. The global nuclear and uranium markets are on an upswing again and support is growing to build new large and small reactors which will all need more uranium.” However, as the company’s shares traded at $0.115 on May 30, 2025, in a 52-week range of 22 cents and $0.045, Standard Uranium offers investors a relatively low risk window on high-grade uranium exploration in this world class region.

Aside from exploration results at Davidson River, the company has said catalysts that could drive the stock may include further exploration programs at the Sun Dog, Corvo, and other Eastern Basin projects, which cover 42,384 hectares of prospective land holdings.

Standard Uranium has built a unique project generator business that drives exploration across several of their tier two projects. Standard typically stakes the project, spends time and capital advancing the project with early-stage exploration while completing Exploration Agreements with their First Nations partners and acquiring the exploration and drill permits from the Saskatchewan government. Once all permits and agreements are in place, Standard lines up expert vendors to drill the projects and they operate the projects with their own in-house team of uranium specific geologists. This model allows the team at Standard to advance multiple 100% owned projects forward while collecting cash, shares and operator fees from their JV partners.

Standard currently has JV agreements in place with Aero Energy Ltd. [AERO-TSX, AAUGF-OTCQB, UU3-FRA] on the Sun Dog project and with Aventis Energy Inc. [AVE-CSE, VBAMF-OTCQB, C0O0-FRA] on the Corvo project. With the uranium market gaining momentum again, Standard is in discussions on several of their other projects and they plan to announce further agreements in 2025. The Company encourages other exploration companies to reach out to Sean Hillacre to enquire about projects available for JV opportunities. Standard has five projects in the eastern Athabasca region, including Ascent, Canary, Atlantic, Corvo and Rocas which are all ready for exploration and drilling.

With the conference season in full swing, Bey and Hillacre can be found meeting new investors, current shareholders and potential JV partners across Canada and the USA prior to drilling Davidson River this summer. Watch for the STND team in Quebec City, Montreal, Toronto and New York this June.

Canada’s mining sector has become a focal point for resource stock investors amid a global scramble for critical minerals. The country boasts a rich mineral endowment and a stable, mining-friendly jurisdiction, making it a natural arena for new exploration. At the same time, surging demand for “energy transition” metals and government efforts to secure supply chains are heightening interest in Canadian mining projects. Investors are closely watching how Canada’s global mining standing, critical mineral demand, regulatory constraints, and infrastructure factors will influence the risk, value, and opportunity profile of exploration equities. In essence, Canada offers both significant upside potential – as one of the world’s top mining nations – and notable challenges such as lengthy permitting and remote logistics. Understanding these dynamics is key to evaluating Canadian mineral exploration stocks in today’s market.

Canada is consistently ranked as a top-tier mining country by output and investment. The nation is home to over 200 operating mines producing everything from gold, iron and coal to diamonds and potash. Mining is a major contributor to Canada’s economy – in 2022, mineral exports reached $153 billion, accounting for about 21% of Canada’s total merchandise exports. Canada also plays an outsized role in global exploration: 19% of all worldwide mineral exploration spending in 2023 was invested in Canada, making it the number one national destination for exploration dollars that year. This long-standing strength is reinforced by Toronto’s stock exchanges, which host a large share of the world’s mining companies and raise substantial capital for the sector.

Importantly, Canada has vast potential in the critical minerals needed for clean energy technologies – such as nickel, copper, lithium, cobalt, graphite, and rare earth elements. It is already among the top global producers of several of these (for example, a leading producer of nickel and cobalt). However, industry reports note that Canada’s output of some key transition metals has stagnated or declined over the past decade, causing the country to lose ground in global rankings. In fact, Canada is “no longer a top producer” of certain minerals vital to a low-carbon economy (like copper and nickel) and is producing many minerals at lower levels than ten years ago. This erosion of market share underscores the urgency for new discoveries and mine development. Capturing a larger slice of the critical minerals supply chain will require a pipeline of new mines and processing facilities in Canada – a point echoed by industry leaders who stress that bringing new mines into production is essential to meet rising demand. For investors, Canada’s global mining stature means a robust base of opportunities, but the gap between resource potential and actual production in emerging critical minerals signals plenty of room for growth (and a need for capital) in those areas.

The demand trajectory for critical minerals is sharply upward, driven by the worldwide push for electrification and decarbonization. Clean energy technologies – from electric vehicle batteries to solar panels and power storage – require large quantities of minerals, and demand is accelerating. The International Energy Agency projects that achieving global climate targets will require at least 71% more critical minerals by 2040 than are currently produced. Recent trends already reflect this shift: from 2021 to 2023, demand for many key minerals increased significantly, with the clean energy sector accounting for a growing share of total demand for metals like copper, nickel, graphite, and cobalt. In other words, a larger portion of these commodities is being absorbed into batteries, electric vehicles, wind turbines, and other clean technologies, on top of traditional uses.

This surging demand has strong implications for exploration activity. Elevated commodity prices and the looming supply shortfalls have spurred a wave of exploration targeting critical mineral deposits. In Canada, exploration spending for the 31 minerals on the government’s Critical Minerals List has been rising in recent years, fueled partly by anticipated clean-energy demand. Notably, battery metals such as copper, nickel, and zinc have seen substantial increases in exploration spending, together accounting for a major share of exploration expenditures. Smaller-market critical elements like cobalt, graphite, and rare earth elements, while starting from lower bases, have also experienced sizeable percentage growth in exploration investment. This shift indicates that junior mining companies are pivoting to the materials of the future. Investors in Canadian exploration equities are thus finding a rich set of targets in the battery and critical metals space – from new nickel sulfide targets in historically mined camps, to frontier lithium brine and hard-rock prospects in provinces like Ontario, Quebec, and Saskatchewan. The expectation is that global supply will struggle to keep up with demand, potentially rewarding successful Canadian explorers with valuable deposits.

However, heightened demand does not automatically translate into quick profits for investors; it takes time and favorable conditions for discoveries to turn into producing mines. The investment thesis for many critical mineral exploration stocks hinges on a supportive environment that can accelerate projects. In this regard, Canada’s policies (discussed later) are incentivizing critical mineral exploration. But investors remain attentive to execution risk – will these exploration projects advance fast enough to catch the critical minerals supercycle? The answer partly depends on Canada’s regulatory and permitting framework.

One of the most significant risk factors affecting mining project value in Canada is the lengthy and complex regulatory process. By industry estimates, it takes over 17 years on average for a mining project in Canada to progress from initial discovery to first production. This timeline – which spans mineral exploration, resource delineation, environmental assessment, permitting, construction, and commissioning – is among the longest in the world and is a critical drag on project economics. For investors, such drawn-out development cycles can erode net present value and delay potential returns far beyond typical investment horizons. A deposit that is discovered today might not generate revenue until the late 2030s under the status quo, introducing uncertainty about future commodity prices and requiring companies to raise substantial interim financing.

The causes of these delays are multifaceted, but a key factor is the regulatory and permitting regime. Mining projects in Canada often undergo rigorous federal and provincial environmental assessments, Indigenous consultations, and permitting steps that, while aimed at high standards, can involve overlapping processes and administrative bottlenecks. Companies frequently cite duplicative reviews and lack of coordination between federal and provincial authorities as adding unnecessary time to approvals. Additionally, protracted timelines for things like mine permitting, water licenses, or impact assessments can significantly increase holding costs and deter investment if not managed effectively.

Encouragingly for investors, both industry and government recognize the need to streamline the process. The Mining Association of Canada has called for a regulatory regime that “does not create barriers” but rather enables mines to proceed in a timely way. In line with this, the federal government released a Critical Minerals Strategy and recent budget measures aimed at improving permitting efficiency. Initiatives are underway to address duplication, enhance inter-governmental coordination, and shorten project review timelines. For example, in 2023-24 Canada issued a Cabinet Directive on Regulatory Innovation, which includes directives to modernize and expedite approvals for critical mineral projects. If these efforts succeed, the risk premium on Canadian projects could be reduced – shorter timelines mean lower development risk and faster time to cash flow, which would positively impact project valuations. Until clear results materialize, though, investors will continue to price in permitting risk. Choosing exploration companies with advanced, derisked projects or those in mining-friendly provinces can be a way to mitigate some of this regulatory uncertainty.

Beyond permitting, infrastructure access is another material driver of mining project viability in Canada. The country’s greatest mineral potential often lies in remote and sparsely populated regions – areas that lack basic infrastructure like roads, rail links, or grid power. As a result, many Canadian exploration and mining projects must contend with expensive logistics. Some sites in the far north, for instance, can only be supplied by air, water, or seasonal ice roads. Building a mine in such an environment means factoring in the cost of building all-weather roads, airstrips, or even power generation on-site, which can dramatically raise the required capital expenditure. These infrastructure challenges directly influence exploration economics: a rich deposit might still be uneconomic if the cost to build infrastructure and ship the product out is prohibitive.

Canada’s overall logistics network is vital to its mining sector’s competitiveness. The country’s transportation supply chain is critical to moving mined and refined products efficiently to domestic and international markets. For example, bulk commodities like iron ore, coal, potash, and base metals rely on rail and port capacity to reach global buyers. Over half of all freight volume carried by Canada’s railways is composed of crude or processed mineral products, and roughly 46% of the Port of Vancouver’s throughput by tonnage is tied to mining exports (e.g. coal, potash, metals). Any bottlenecks or cost increases in these systems can squeeze miner margins. In recent years, rail freight costs have climbed – the main freight rail price index was ~17% higher in 2022 than in 2019, with costs for shipping metals and minerals rising even faster. Likewise, limited port capacities or delays in expanding transportation infrastructure can constrain export growth.

For exploration companies and their investors, infrastructure considerations translate to project risk and cost. A discovery located near existing roads, railheads or power lines in mining-friendly districts (say in Ontario’s Abitibi region or near established mining camps) will generally command a premium valuation over an equally sized discovery in an isolated tundra with no infrastructure. The latter might require hundreds of millions in infrastructure investment or government support to develop. Recognizing this, the Canadian government has launched initiatives to help de-risk infrastructure for critical mineral projects. One notable program is the new Critical Minerals Infrastructure Fund, which will allocate up to $1.5 billion over seven years to build or upgrade roads, ports, and clean energy facilities needed to unlock critical mineral deposits. Such funding could significantly improve the economics of certain remote projects by sharing the cost of infrastructure. Investors should pay close attention to which exploration companies might benefit from these infrastructure investments or public-private partnerships. Overall, while Canada’s vast geography can be a challenge, targeted infrastructure development is a positive catalyst that can turn previously stranded mineral assets into viable opportunities.

Exploration spending in Canada has been on an upswing, bolstered by strong commodity markets and supportive public policy. In 2022, mineral exploration and deposit appraisal expenditures in Canada totaled roughly $4.1 billion, a notable increase from prior years. This upward trend has been driven by high metal prices (e.g. multi-year highs in gold, copper, lithium) and supply concerns that make new discoveries more valuable. External factors such as supply disruptions (for instance, the war in Ukraine creating shortages in certain commodities) have also prompted increased exploration budgets, a trend that was expected to continue into 2023. Canada’s status as a top exploration destination remains intact, and global miners and juniors alike have been funneling capital into both traditional commodities (gold, base metals) and the newer critical mineral targets.

Crucially, Canada’s tax policy has been a powerful enabler of exploration investment. The country offers unique investment incentives that lower the effective cost of funding high-risk exploration programs. These measures have a direct influence on exploration spending and are a key reason Canadian junior mining equities attract interest from investors. Some of the major tools include:

• Flow-Through Shares: Canada’s flow-through share financing mechanism allows exploration companies to pass eligible exploration expenses to investors for tax deductions. In practice, the initial investor in flow-through shares can write off the amount invested against their income. This “made-in-Canada” financing tool contributes nearly 70% of all capital raised on Canadian exchanges for mineral exploration – a testament to how effective it is in channeling funds into the ground. For companies, it means access to risk capital; for investors (often high-net-worth or institutional in Canada), it means a combination of equity upside and tax benefits.

• Mineral Exploration Tax Credit (METC): In addition to the base flow-through deductions, the federal government provides a 15% tax credit on flow-through investments related to grassroots exploration. This METC is a non-refundable credit that investors can apply against federal taxes owed, further enhancing the appeal of flow-through shares. The METC has existed for years as a temporary measure and was most recently extended through March 2025 (having been extended repeatedly due to its importance in sustaining exploration). Essentially, an investor in a qualifying flow-through share gets both a 100% deduction and an extra 15% credit, significantly reducing the after-tax cost of the investment.

• Critical Mineral Exploration Tax Credit (CMETC): Announced in the 2022 federal budget, the CMETC doubles the federal tax credit rate for specified critical minerals. Investments in flow-through shares for qualifying critical mineral projects receive a 30% tax credit, in place of the usual 15%. This incentive applies to minerals deemed critical (for example, lithium, cobalt, nickel, graphite, rare earths, copper among others) and is slated to last for a five-year period (through 2027). The introduction of the CMETC has made critical mineral exploration projects even more attractive to investors, effectively giving a larger tax refund for backing these strategic commodities.

It is worth noting that several provinces offer additional incentives on top of these federal programs. For instance, Quebec’s flow-through regime allows investors to deduct up to 120% of certain exploration costs, and provinces like Ontario and British Columbia provide their own flow-through tax credits. These layers of incentives can substantially improve the economics of investing in exploration, thereby encouraging higher exploration spending in Canada than might otherwise occur.

From an investor’s perspective, the net effect of these policies is that Canada is one of the most favorable jurisdictions in the world for financing early-stage mineral exploration. Exploration companies benefit by raising capital on better terms (often at a premium share price because of the tax deductions attached), and investors benefit by sharing in exploration upside while mitigating downside risk through tax relief. This virtuous cycle has kept Canada’s exploration sector vibrant. It also means that even during periods of market uncertainty, Canadian juniors can often tap domestic financing to continue work – an important consideration when assessing the longevity and financial health of these companies. Looking at recent data, the increased exploration outlays on critical minerals (partly attributable to the new 30% tax credit) confirm that tax policy is effectively steering capital into the commodities Canada deems strategically important.

Ground-breaking studies by leading experts say 6.2 trillion tonnes of natural hydrogen gas lies buried in rocks and underground reservoirs located beneath the earth’s surface.

Experts say that just a fraction of that amount has the potential to break our dependence on fossil fuels for 1,000 years. Industry data suggests that natural hydrogen can be extracted cleanly and sold for under US$1 per kilogram while leaving no carbon polluting footprint.

It helps to explain why investment in hydrogen projects is forecast to reach US$407.34 billion by 2050 (Source IEA (2021), Global Hydrogen Review. Hydrogen has the potential to be the fuel of the future because it is light, storable, energy-dense and can be developed to provide clean energy.

It also helps to explain the growing investor interest in white hydrogen, a naturally occurring hydrogen that accumulates naturally underground, generated by geological processes. It can be produced using proven engineering practices with minimal environmental impacts and has a small footprint compared to other exploration activities. As a replacement for carbon-based fuels, naturally occurring hydrogen offers significant cost and emissions advantages relative to other sources of hydrogen production.

Australia’s Gold Hydrogen Ltd. [GHY-ASX] was one of the first companies in the world to prove that high levels of both natural hydrogen and helium exist underground. This has been achieved at its Ramsay Project on the Yorke Peninsula in South Australia, a 100% owned exploration project covering 75,000 square kilometres of permitted tenement.

The two sites drilled so far were identified after South Australian State Department geologists’ reports were uncovered from the 1920s and 1930s. This showed natural hydrogen, which they had no use for back then, had been found while exploring for oil. More than a century later, the company has looked at those results with a new understanding that naturally occurring hydrogen could be the key to unlocking a revolutionary low-cost fuel source with huge implications for net zero carbon goals. In 2023/24, the company reported finds of natural hydrogen up to 95.8% purity and helium up to 36.9% purity. In a major boost to the company, traces of the extremely rare and valuable variant Helium3 were found in the latest samples. Data from the two test sites has been matched with seismic and other survey results to identify up to five new sites that will be drilled in 2025. Successful results will lead to completion of a pilot project with the aim of commercializing both gases.

Meanwhile, one of the world’s richest men – Bill Gates – is continuing to back the hunt for natural hydrogen with another significant investment in a start-up. Gates’ Breathrough Energy Ventures has joined a US$3.4 million fundraise in French company Mantle8, one of a cohort of companies racing to find natural hydrogen. Interest in the sector is ticking up. In January, natural hydrogen startup Snowfox, a spinout from the University of Oxford, said it had raised an undisclosed sum from mining conglomerate Rio Tinto Plc [RIO-NYSE], and oil and gas major BP. In the U.S., Koloma, raised US$245 million in 2023 – the industry’s largest round to date – including backing from Gates’ Breakthrough Energy Ventures.

Quebec Innovative Materials Corp. [QIMC-CSE, QIMCF-OTC, 7FJ-Frankfurt] is advancing its ambitious U.S. natural hydrogen strategy through the creation of Orvian Natural Resources I LLC, a special purpose vehicle dedicated to developing clean, naturally occurring hydrogen projects across the United States. In partnership with Swiss company Black Tree Energy Group [BTEG], the initiative leverages QIMC’s proprietary expertise, proven exploration methodologies, and successful track record in identifying and securing natural hydrogen reserves in Ontario, Quebec, and Nova Scotia.

Natural hydrogen is a clean and cost-effective alternative to fossil fuels that has increasingly attracted attention from investors due to its potential to significantly lower global carbon emissions. Recent industry data highlights the economic viability of naturally occurring hydrogen, which can be produced at under US\$1 per kilogram, offering substantial competitive advantages over conventional hydrogen production methods.

The aim is to utilize the global reach and industry connections of BTEG which is involved in multi-billion-dollar projects (mostly natural gas) in the energy space in Croatia, Albania and the United States. As a joint equity partner with QIMC in Orvian Natural Resources, BTEG would aim to attract global energy companies who are willing to fund hydrogen exploration in return for a share of future revenue.

Following the announcement of the partnership, investor confidence was evident, with QIMC’s shares rising notably from 14 cents to 18 cents. The company continues to build momentum, underpinned by its ongoing 5,000-metre drilling campaign in St.-Bruno-de-Guigues, Quebec, strategically designed to characterize key geological structures critical to natural hydrogen accumulation and migration.

The U.S. expansion plan comes after QIMC has already secured the rights to hydrogen claims in Quebec, Ontario and Nova Scotia based on the advice of the Institut National de la Recherche Scientifique (INRS) following years of research by Professor Richer-LaFleche, Scientific Head of Applied GeoScience Laboratory at INRS.

Professor Richer-LaFleche indicated to QIMC, which areas his research model pointed to, based on research papers that had come from Australia where he noticed a lot of similarities in terms of rock type and fault systems.

There are three large main claim groups in Quebec that match the criteria [established by Professor Richer-LaFleche’s research] and QIMC has staked them all. They include the Ville Marie Hydrogen Project, the Lac St Jean Hydrogen Project, and the Gaspe Bay Hydrogen Project.

The company said the Phase 1 program will consist of strategically planned shallow 30 to 35 degrees stratigraphic drilling reaching vertical depths of 500 to 800 metres. This approach aims to maximize geological insights by extensively sampling and documenting local sedimentary rock formations. Key objectives of the drilling include thoroughly characterizing geological features, investigating the local faulting and fracturing systems that lack surface visibility due to a thick layer of overburden, and critically assess permeability and porosity within fractured geological formations. The company said these fractures are considered essential conduits for the advective migration and accumulation of natural clean hydrogen.

QIMC CEO John Karagiannidis highlighted the importance of this strategic milestone: “Our proprietary hydrogen model and unique exploration methodologies have demonstrated considerable success. Partnering and utilizing collective resources positions QIMC to rapidly scale and replicate our exploration achievements in the highly promising U.S. market.”

VSA Capital, a leading financial services firm, has initiated coverage on Myriad Uranium Corp. [M-CSE], providing investors with a detailed analysis of the company’s promising exploration opportunities in Wyoming, one of the United States’ largest uranium-producing regions. Myriad is focused on consolidating district-scale uranium deposits in the Copper Mountain district, where historical exploration and recent drilling programs have revealed strong potential for significant uranium resources.

The company’s project encompasses a land package of 3,772 hectares in a jurisdiction that is known for its favorable geology and regulatory environment. Myriad’s strategy combines historical data with modern exploration techniques, offering a compelling opportunity for investors looking to gain exposure to a potentially high-value uranium project. The report highlights Myriad’s recent successes, including promising drill results at the Canning deposit, and the expansion of the land package, which now covers 9,320 acres. With uranium demand continuing to rise, driven by the growth of nuclear energy and the push for domestic production, Myriad’s position in Wyoming places it in a favorable position for future growth.

To learn more about Myriad Uranium Corp. and the full details of VSA Capital’s initiation of coverage, including exploration plans, valuation, and market outlook, click here. Find VSA’s latest update on Myriad here.

To put things in perspective, the TSXV is now up by 9.42% year to date, while the major indices continue to struggle. Year-to-date performance stands at: TSX -0.43%, Dow Jones Industrial Average -5.74%, S&P 500 -7.09%, and the NASDAQ -12.33%. This divergence underscores how renewed interest in junior gold explorers and critical minerals has helped fuel a rally on Canada’s junior board.

These rare moments when the juniors outshine the majors are worth noting. Often, it’s the result of an exciting new discovery, a strategic acquisition, or a commodity price spike. This time, gold’s breakout above US$3,400 appears to be the spark. Add to that rising volume, sector-specific M&A activity, and retail capital returning to the TSXV, and we have the makings of a real rally.

Gold bullion set a new all-time closing high early in the week at US$3,423 a troy ounce before pulling back to finish at US$3,308. Still, the precious metal remains historically elevated, and my inflation-adjusted calculations (assisted by AI tools like Gemini) confirm that we’re in record territory, surpassing the 1980 high of US$850, which would equate to a range of US$3,420-US$3,800 today.

The rally helped propel Franco-Nevada Corp. ΓÇÿFNV-T & N’ to a new all-time high of $239.73 and lifted Imperial Metals Corp. ΓÇÿIII-T’ to a 3-year high of $3.50.

Notable moves included:

• Lumina Gold Corp. (LUM-V) soared 28.89% to $1.16 following a $581-million all-cash takeover bid by Singapore’s CMOC Group.
• NOVAGOLD Resources Inc. (NG-T & N.A) jumped 39.21% to $6.00 after agreeing to acquire Barrick Gold’s 50% interest in the Donlin Gold Project, increasing its stake to 60%.
• Sitka Gold Corp. (SIG-V) reported a significant intercept of 352.8 metres of 1.55 g/t Au at its RC Gold Project in the Yukon.

In critical minerals, Hecla Mining Co. (HL-N) and Standard Lithium Ltd. (SLI-V & N.A) received recognition under the U.S. Immediate Measures to Increase American Mineral Production Act, providing renewed investor confidence in North American supply chains.

The Baker Hughes Rig Count showed modest movement:

• U.S. rigs: up 2 to 587 (down 26 YoY)
• Canadian rigs: down 6 to 128 (up 10 YoY)

Commodity Performance (Weekly)

Index Performance (Weekly)

Currency & FX

We may be witnessing the early stages of a significant shift in capital flows. While the majors continue to grind through macro pressures and rate volatility, junior investors are gravitating toward gold and critical mineral stories. This environment – rising commodity prices, renewed exploration activity, and government incentives – could be a turning point for the TSXV.

Caution is warranted, as always. The gold market remains sensitive to rate expectations and inflation surprises. But for now, the dance continues.

Q1 Revenue

Stakeholder is pleased to report on sales from the Company’s exotic Blue Quartzite quarry (quarry #1) during the first 3 months of 2025. The Company’s main product buyers have resumed purchasing after their inventories experienced sales drawdowns and depletion. Growth in sales of exotic Blue Quartzite (Figure 2) from the Company’s first operating quarry is now expected to continue through H1 of 2025.

During the period January-March of 2025 (Q1.2025), the Company recorded total sales of 148m³ (1.49M BRL, ~363K CAD┬╣). This compares with total sales of 88.5m³ (692.9K BRL, ~169K CAD┬▓) during Q1 of 2024.

“We are pleased to see the return of cashflow at our first quarry, which is producing the company’s unique exotic blue quartzite. At the same time, we are experiencing new, and rapidly developing, interest in our white quartzite product which is now being produced at the company’s third operating quarry.” Said Christopher Berlet, CEO and Director of Stakeholder Gold Corp.

White Quartzite Exports

The Company’s third operating quarry produces White Quartzite blocks for cutting and polishing into slabs (Figure 1). The Company is now selling both freshly cut blocks to domestic buyers in Brazil and finished slabs to overseas clients.

“Our third operating quarry is now producing a highly desirable white quartzite which we have sold domestically in Brazil, as blocks for processing, and exported to Canada, as polished slabs. Production ramp up is underway. The quarry material aesthetics are attractive to our buyers, and we are expecting early profitability for this quarry.” Stated Marcus Chase, President of Minera├º├úo VMC Ltda., Stakeholder’s fully owned Brazilian subsidiary.

┬╣Using xe.com end of day exchange rate on 31Mar2025 of 0.252456CAD/BRL
┬▓source ex.com exchange rate on 31Mar2024 of 0.269904CAD/BRL

Figure 1. White Quartzite from Quarry # 3, shipped in container to Toronto, April 2025


Figure 2. Blue Quartzite from Quarry #1, shipped in container to Toronto, April 2025

“We are now working to produce at least 100 cubic meters of material monthly from our new white quartzite quarry. We expect to hit this run rate by the end of June this year. I believe the market can support even higher volumes of this material and so we are securing equipment to support a meaningful production expansion, to a rate of at least 200m³ per month, in H2.2025.” Said VMC’s CEO Marcus Chase.

Christopher Berlet BSc (Mining), CFA, CEO & Director of Stakeholder Gold Corp. is responsible for the content of this press release.

For further information please contact:

Stakeholder Gold Corporation
cberlet@stakeholdergold.com
416 525 – 6869

Forward Looking Information

This news release contains forward-looking information. All information, other than information of historical fact, constitute “forward-looking statements” and includes any information that addresses activities, events or developments that the Corporation believes, expects or anticipates will or may occur in the future including the Corporation’s strategy, plans or future financial or operating performance.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Eloro Resources Ltd. (“Eloro” or the “Company”) (TSX: ELO; OTCQX: ELRRF; FSE: P2QM) is pleased to announce it is proceeding with a non-brokered private placement offering (the “Offering“) of up to 2,631,579 units of the Company (the “Units“) at a price of C$0.95 per Unit for aggregate gross proceeds of up to $2,500,000.

Each Unit will consist of one common share of the Company (each, a “Common Share“) and one-half of one common share purchase warrant of the Company (each whole warrant, a “Warrant“). Each Warrant will entitle the holder thereof to acquire one Common Share (each, a “Warrant Share“) at an exercise price of C$1.40, at any time on or before the date which is 36 months following the Closing Date (as herein defined).

In connection with the Offering, the Company may pay cash finder’s fees and advisory fees to certain arm’s length parties.

The Company intends to use the net proceeds from the Offering for continued exploration and development of the Iska Iska project, and general corporate purposes and working capital.

The Offering is scheduled to close on May 2, 2025 (the “Closing Date“), or such other date as the Company shall determine. Closing of the Offering is subject to certain conditions including, but not limited to the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange.

All securities issued pursuant to the Offering will be subject to a hold period of four months plus a day from the date of issuance.

The securities offered in the Offering have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act“) or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of precious and base-metal properties in Bolivia, Peru and Québec. Eloro has an option to acquire a 100% interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. An NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited, is available on Eloro’s website and under its filings on SEDAR. Iska Iska is a road-accessible, royalty-free property. Eloro also owns an 82% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of the Lagunas Norte Gold Mine and the La Arena Gold Mine.

For further information please contact either Thomas G. Larsen, Chairman and CEO or Jorge Estepa, Vice-President at (416) 868-9168.

Information in this news release may contain forward-looking information. Statements containing forward-looking information express, as at the date of this news release, the Company’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company (forward-looking statements in this news release include, without limitation, statements regarding the closing of the Offering, the anticipated Closing Date of the Offering, and the intended use of proceeds from the Offering). There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information. The Company does not intend to update any such forward-looking information, except in accordance with applicable laws.

By Rod Blake

As the major North American equity market focused brokers, investors, traders and portfolio managers collectively licked their wounds ahead of the new trading week – one group off by themselves seem to strangely upbeat. On closer look – these cheerful players were the mostly unnoticed few who were mainly exposed to the junior markets and in particularly – the TSX Venture Exchange ΓÇÿTSXV’. Going into the last full trading week of April – The major North American markets are all down on the year – TSX -2.25%, Dow 30 -8.00%, S&P 500 -10.18%, and NASDAQ -15.66%. Now compare this to the wallflower Venture Exchange if up by 6.02% year to date and one can see why junior investors are smiling.

The way I see it – There are very few times that the junior Venture Exchange outperforms its much larger cousins. It is usually when the market is focused on a new mineral discovery such as Hemlo in Ontario, or diamonds in Canada’s arctic, or when the price of one or more commodities reaches record heights that attracts investor attention to the junior board. The current all-time high price of gold bullion above US$3,300 seems to be a catalyst for most of this investor attention. Venture trading volumes that are now consistently bumping up against 40-million shares traded a day as opposed to just over 20-million a day traded last summer. While the Venture itself is up on the year – the new 52-week trading highs are mostly gold stocks. Being the only issue of focus in a bull market can be a good thing if it keeps going but can be very bad when it turns. Think of the great run the Magnificent Seven tech stocks had earlier this year and how quickly they fell to where they are now. For now, the Venture Exchange investors are smiling, and the Gold Bugs are dancing. This gold market may still have legs but as any good card player will tell you – one has to know when to cash in and walk away from the tableΓǪ

The gold bullion bull market continued into the new week with the price of the world’s true currency reaching a new all-time closing high of US$3,423 a troy ounce (t oz).

Which no doubt helped to drive the closing price of Imperial Metals Corp. ΓÇÿIII-T’ up to a new 3-year high of $3.50 and Franco-Nevada Corp. ΓÇÿFNV-T & N’ to reach a new all-time closing high of $239.73.

I wondered, when adjusted for inflation, if the current new high in gold has surpassed the US$850 high mark set in January, 1980. So I asked my new artificial intelligence (AI) app Gemini. Gemini said that based on whose inflation figures were used, the 1980 US$850 high would today be in a range of US$3,420 – US$3,800 per troy ounce. So, based on Gemini, one could safely say that gold bullion at US$3,423, has officially reached a new inflation adjusted all-time closing high.

The U.S Dollar Index ΓÇÿDXY’ fell to a new 3-year closing low of 98.37.

Which helped the Canadian Loonie to close at a new 5┬╜-month high of US$0.7236.

Lumina Gold Corp. ΓÇÿLUM-V’ shares’ surged up by $0.26 or 28.89% to close at a new 5-year high of $1.16 after the Vancouver, BC based mineral developer agreed to a $581-million all-cash take over from Singapore based CMOC Group Ltd.

Sitka Gold Corp. ΓÇÿSIG-V’ reported its drill hole DDRCC-25-075 at the company’s RC Gold Project east of Dawson City, Yukon returned 352.8 metres (m) of 1.55 grams per tonne gold (g/t Au).

NOVAGOLD Recourses Inc. ΓÇÿNG-T & N.A’ shares’ surged up by $1.69 or 39.21% to close at a new 7-month high of $6.00 on word that the company and Paulson Advisers LLC were buying Barrick Gold Corps. ΓÇÿABX-T’ & ΓÇÿGOLD-N’ 50% interest in the NOVAGOLD’s flagship Donlin Gold project in Alaska in an all-cash deal valued at US$1.0-billion. NOVAGOLD’s interest will now rise from 50% to 60% of the new joint venture.

The key Baker Hughes Petroleum Rig Count reported the number of active American drilling rigs rose by 2-rigs over the week to 587, down by 26-rigs from this time last year. Up north – the number of Canadian active rigs fell by 6-rigs during the week to 128, up by 10-rigs from one year ago.

Lithium continued to struggle – falling to close at a new 4-year low of US$9,577 a tonne (t).

Forestry stocks struggled with Canfor Corporation ΓÇÿCFP-T’ dropping to close at a new 5-year low of $12.76 and Western Forest Products Inc. ΓÇÿWEF-T’ falling to a new 14┬╜-year closing low of $0.37.

Hecla Mining Co. ΓÇÿHL-N’ and Standard Lithium Ltd. ΓÇÿSLI-V & N.A’ both had projects recognized to be advanced under the recent Immediate Measures to Increase American Mineral Production Act.

Copper and uranium pulled commodities higher on the week, while once again natural gas and lithium were the greatest drag.

The junior TSX Venture Exchange rose to a new 2┬╜-year closing high of 654.

After a mostly give and take week of trading – all of the North American markets rallied going into the weekend.

For the Week – the DJI gained 2.48% to 40,114, with the S&P 500 up 4.58% to 5,525, and the NASDAQ ahead 6.74% to 17,383. In Canada – the TSX rose 2.14% to 24,711 and the TSX Venture gained 3.15% to 654.

The CBOE Volatility Index or VIX fell 16.22% to 24.84.

With currencies – the Canadian dollar lost 0.14% to US$0.7215, while the U.S. Dollar Index ‘DXY’ rose 0.21% to 99.61.

With commodities – gold bullion fell 0.48% to US$3,308, as silver rose 1.66% to US$33.06, and copper gained 2.98% to US$4.84, while lithium lost 2.27% to US$9,577. Crude oil lost 1.71% to US$63.19, and natural gas lost 8.92% to US$2.96, while uranium rose 1.69% to US$66.15. With soft commodities – lumber was unchanged at US$572.

Overall – the CRB Commodities Index gained 1.97% to 363.

By Rod Blake

After a whipsawed week of making major bottoms followed by oversold rallies, many index fund players were relieved in thinking that the major American equity markets seemed to have bounced up off of the U.S. Trump administration tariff induced lows and were now positioned to once again move higher.

For resource investors – most were still licking their wounds save for the Gold Bugs who continued their Snoopy Happy Dance as the yellow metal once again set a new all-time closing high.

The way I see it – From my experience – after a market makes a new major bottom – it needs to retest that bottom. So, while the equity markets made rallies going into last weekend, I would not be surprised to see them once again break to the downside and retest the week’s previous lows. Then, if those lows hold once again – perhaps the markets can resume their uncertain march to try and regain previous highs. Should a retest of the recent lows fail – then the equity markets will again try to find a lower bottom.

While no one enjoys a good gold rally more than me – one has to wonder if the current bull run in gold may be running out of legs. Seasonally – gold tends to soften during the spring and early summer months. This year while the gold bullion market and some gold equities continue to make new highs – I wonder if this is more because of the one-off U.S. tariff event a resulting economic uncertainty rather than traditional market events. When you’re the only market making new highs in an otherwise very uncertain world – some profit taking may be the order of the day.

Osisko Metals Inc. ΓÇÿOM-V’ shares’ rose by $0.0225 or 5.92% to close at $0.4025 after the Montr├⌐al, QC based explorer reported drill hole 30-1059 from the company’s Gasp├⌐ Copper Project in Eastern Québec returned 300.0 metres (m) of 0.39% copper (Cu) and 3.17 grams per tonne silver (g/t Ag).

Gold bullion rose to close at a new all-time high of US$3,336 a troy ounce (t oz).

Which no doubt encouraged investors to bid the price of Minera Alamos Inc. ΓÇÿMAI-V’ stock up to close at a new 5┬╜-month high of $0.37 and –

Drive Lundin Gold Inc. ΓÇÿLUG-T’ and Agnico Eagle Mines Ltd. ΓÇÿAEM-T & N’ shares’ up to respective new all-time closing highs of $58.12 and $170.05.

The U.S. Dollar Index or ΓÇÿDXY’ fell to a new 3-year closing low of 0.99.37.

Liberty Gold Corp. ΓÇÿLGD-V’ announced a $20-million ΓÇÿBought Deal’ financing to help advance the Vancouver, BC based explorer’s flagship Black Pine Oxide Gold Project in southeastern Idaho. (Bought Deals show greater confidence in the company’s project as the financier pays for the issue up front and then resells it to clients.)

Lithium issues started to catch a bid with Century Lithium Corp. ΓÇÿLCE-V’ rising to close at a new 5┬╜-month high of $0.37.

This as Rho Motion reported the number of global EV sales grew by 29% in March 2025 over the same month one year ago to 1.7 million units.

The key Baker Hughes Petroleum Rig Count reported the number of active American drilling rigs rose by 2-rigs over the week to 585, down by 34-rigs from this time last year. Across the line – the number of Canadian active rigs fell by 4-rigs during the week to 134, up by 7-rigs from one year ago.

This old driller’s helper always likes to report encouraging drill hole assays, so with that in mind –

Clean Air Metals Inc. ΓÇÿAIR-V’ reported drill hole CL25-009 from the Thunder Bay, ON based company’s Thunder Bay North Critical Minerals Project (TBN) northeast of Thunder Bay, Ontario returned 16.8 m of 2.95 g/t platinum (Pt), 2.89 g/t palladium (Pd), 0.65% copper (Cu) and 0.33% nickel (Ni) and –

Rupert Resources Ltd. ΓÇÿRUP-T’ reported drill hole #125001 from the company’s Hein├ñ South area of its Central Lapland Project in Northern Finland returned 45.7g/t gold (Au) over 8 metres (m).

Energy Fuels Inc. ΓÇÿEFR-T’ & ΓÇÿUUUU-N.A’ stock rose by $0.66 or 10.70% to close at a new 2-month high of $6.83 after the Denver, CO based miner reported the company had developed the technology to domestically produce six rare earth oxides from monazite ore concentrates into separated neodymium-praseodymium (“NdPr”) oxide at its White Mesa Mill in Utah.

The Canadian Loonie rose late in the week to a new 5┬╜-month closing high of US$0.7225.

Crude oil and copper were the best performing commodities on the week, while natural gas and lithium were the greatest drag.

After a shortened and mixed four-day week of trading – the three major American equity markets were negative going into the Easter long weekend while the two Canadian equity markets were positive.

For the Week – the DJI lost 2.66% to 39,142, with the S&P 500 down 1.49% to 5,283, and the NASDAQ off 2.62% to 16,286. Up North – the TSX rose 2.56% to 24,193 and the TSX Venture gained 2.92% to 634.

The CBOE Volatility Index or VIX fell 21.06% to 29.65.

With currencies – the Canadian dollar gained 0.18% to US$0.7225, while the U.S. Dollar Index ‘DXY’ lost 0.36% to 99.41.

With commodities – gold bullion gained 2.69% to US$3,324, as silver rose 0.81% to US$32.53, and copper gained 3.52% to US$4.70, while lithium lost 0.32% to US$9,799. Crude oil gained 4.41% to US$64.29, while natural gas lost 8.19% to US$3.25, and uranium rose 1.01% to US$65.05. With soft commodities – lumber lost 0.17% to US$572.

Overall – the CRB Commodities Index gained 2.59% to 356.

By Rod Blake

As the brokers, investors, traders and portfolio managers fired up their terminals pre-opening on Monday morning, with the weight of the 10% haircut the equity markets had delivered the previous week seared into their minds, and staring a very negative futures market – they all had one question in common – why didn’t I sell earlier when I had the chance?

The way I see it – Bad Things Happen! Over 30 plus years in the brokerage business I saw many overextended equities or markets where clients had good paper gains but were hesitant on selling any portion of their holdings because – they might leave money on the table if the market went higher. This is when I would explain that bull markets usually climb a wall of uncertainty that may endure weeks, months or even years – and then end suddenly when a bad or unforeseen event triggered a sudden selloff. Some standout examples of bad things happening were the price of gold bullion suddenly dropping $113 overnight from US$850 to US$737 an ounce in January 1980, the market crash of October 1987, the Dot-Com Bubble bursting in March 2000, the financial meltdown of 2007, the sudden tsunami that hit the east coast of Japan in March 2011, the Covid-19 crisis of 2020, and now the extreme American Trump induced tariffs. Most of these events created overall market sell offs while the Japan tsunami caused the uranium market to collapse almost overnight. When gold turned in January 1980 it created a bear market for precious metals that lasted until gold bottomed at US$275 an ounce in 2000. I would use these examples of bad things happening to encourage my clients to lock in profits accordingly, and looking back, I think that most did. I wonder what percentage of current investors had locked in profits before last Thursday?

The North American equity markets opened Monday hard to the downside and by Tuesday – the S&P 500 sank to a new 1-year closing low of 4,983 while the Dow 30 and NASDAQ had dropped to close at respective new 1┬╝-year lows of 37,646 and 15,268.

Driving the CBOE Volatility Index or VIX up to a new 5-year closing high of 52.33.

The previous high close of the VIX was 53.54 at the breakout of Covid-19. It’s interesting how Donald Trump’s tariffs could cause almost as much economic fear as a world wide pandemic.

Up north – the TSX Composite and Venture Exchanges fell to respective new 8-month closing lows of 22,507 and 562.

Commodities were soft with –

Zinc falling to a new 8-month closing low of US$1.16 a pound (lb).

Nickel sinking to close at a new 4┬╜-year low of US$6.41 a lb.

And Sherritt International Corp. ΓÇÿS-T’ shares’ closed at a new 4┬╛-year low of $0.13.

Lithium fell to a new 7-month closing low of US$9,715 a tonne (t).

Standard Lithium Ltd. ΓÇÿSLI-T & N.A’ shares’ sank to a new 17-month closing low of $1.55.

Copper closed at a new 3-month low of US$4.09 a pound (lb).

Capstone Copper Corp. ΓÇÿCS-T’ shares’ dropped to close at a new 16-month low of $5.37.

Cameco Corporation ΓÇÿCCO-T’ & ΓÇÿCCJ-N’ stock fell to a new 1┬╜-year closing low of $52.24.

MAG Silver Corp. ΓÇÿMAG-T & N.A’ shares’ sank to close at a new 7-month low of $12.56.

Crude oil dropped to close at a new 4-year low of US$58.19 a barrel (bbl).

Helping Cenovus Energy ΓÇÿCVE-T & N’ stock to close at a new 4^1/3-year low of $15.14.

The key Baker Hughes Petroleum Rig Count reported the number of active American drilling rigs fell by 7-rigs over the week to 583, down by 34-rigs from this time last year. Up north – the number of Canadian active rigs fell by 15-rigs during the week to 138, down by 3-rigs from one year ago.

Enertopia Corporation ΓÇÿENRT-C’ shares’ rose by $0.04 or 40.00% to close at a new 3-month high of $0.14 after the Kelowna, BC based alternative energy company provided a positive update on the company’s patent pending Oxyhydrogen Production, Storage & Utilization System.

Investors get whipsawed when the North American equity markets surged up from 5% (TSX) to 12% (Q) on Wednesday after the Trump administration announced a 90-day moratorium on their worldwide tariffs – only to give back about half of those gains Thursday on continued economic uncertainty.

Gold bullion rose to a new all-time closing high of US$3,237 a troy ounce (t oz).

Which no doubt encouraged investors to bid Agnico Eagle Mines Ltd. ΓÇÿAEM-T & N’ and Lundin Gold Inc. ΓÇÿLUG-T’ stock up to respective new all-time closing highs of $163.42 and $48.85.

The U.S. Dollar Index ΓÇÿDXY’ fell to close at a new 1^3/4-year low of 99.76.

And the Canadian Loonie surged up to a new 5-month closing high of US$0.7212.

Gold bullion and silver led the commodity market higher on the week, while natural gas and lithium were the greatest drag.

After a hard drop, a recovery and a yo-yo week – all of the North American equity markets rallied going into the weekend.

For the Week – the DJI gained 4.95% to 40,213, with the S&P 500 up 5.70% to 5,363, and the NASDAQ ahead by 7.29% to 16,724. In Canada – the TSX rose 1.70% to 23,588 and the TSX Venture gained 6.94% to 616.

The CBOE Volatility Index or VIX fell 17.10% to 37.56.

With currencies – the Canadian dollar gained 2.81% to US$0.7212, while the U.S. Dollar Index ‘DXY’ fell 3.34% to 99.76.

With commodities – gold bullion gained 6.59% to US$3,237, as silver rose 8.91% to US$32.27, and copper gained 3.89% to US$4.54, while lithium lost 3.00% to US$9,830. Crude oil fell 1.60% to US$61.48, while natural gas lost 7.57% to US$3.54, and uranium fell 1.15% to US$64.40. With soft commodities – lumber lost 2.88% to US$573.

Overall – the CRB Commodities Index lost 5.96% to 347.

231 ETFs

Metal ETFs, Miners ETFs, Metal and Miners Hedged & Leveraged ETFs
Total Assets (AUM) ~ $362.9 B USD

Total assets for the World’s 231 Metal & Mining ETFs finished Q1.2025, at USD $362.9 B. This is an increase of +11.0% from the Q4.2024, year end close of USD $330.7 B. Growth in Metal & Mining ETF assets over Q1.2025, was driven principally by gains in Gold ETFs which still make up ~72% of all Metal & Mining ETF assets worldwide.

There was 1 new Mining ETF launched in Q1.2025, Sprott Active Gold & Silver Miners ETF (NASDAQ: GBUG) (first day of trading, February 20^th, 2025). 0 ETFs were retired or delisted.

Performance Leaders, Q1 2025

Leveraged Gold Metal Miners ETFs (Miners Leveraged ETFs, subcategory) lead the performance tables for Q1.2025.

			Q1 2025	Ticker	Ccy.
Leveraged	MINERS	Direxion Gold Miners Index Bull 2X	76.7%	NUGT	USD
Leveraged	MINERS	Direxion Junior Gold Miners Index Bull 2X	68.2%	JNUG	USD
Leveraged	MINERS	BetaPro Canadian Gold Miners Bull 2X	71.2%	HGU	CAD

 

Performance Laggards, Q1 2025

Inverse Leveraged Gold Miners ETFs (Miners Leveraged ETFs, subcategory) were performance laggards for Q1. 2025.

			Q1 2025	Ticker	Ccy.
Leveraged	MINERS	Direxion Junior Gold Miners Index Bear -2X	-47.8%	JDST	USD
Leveraged	MINERS	Direxion Gold Miners Index Bear -2X	-47.7%	DUST	USD
Leveraged	MINERS	BetaPro Canadian Gold Miners Daily Bear -2X	-46.6%	HGD	CAD

 

Metal and Mining ETFs, Q1 2025

The best performing Gold ETF and the best performing Silver ETF internationally for Q1.2025 were QNB Finans Portföy Gold ETF (Borsa Istanbul: GLDTR.F) +24.1% and QNB Finans Portföy Silver ETF (Borsa Istanbul: GMSTR.F) +29.4% respectively. Outperformance of these ETFs, which are denominated in Turkish Lira (TRY, ₺), resulted from Turkish Lira (TRY, ₺) depreciation against other major currencies during Q1.2025. Turkish Lira depreciation enhanced domestic performance for both gold and silver resulting in ETF outperformance when measured in Lira (TRY, ₺).

The best performing physical metal ETC for Q1.2025 was Xtrackers Physical Rhodium ETC (London Stock Exchange: XRH0) +51.9%. Rhodium prices finally bounced in Q1.2025 after a multi-year sell off following all-time highs for Rhodium which were set in February 2021.

The worst performing physical metal ETF for Q1.2025 was Sprott Physical Uranium Trust $USD (Toronto Stock Exchange: U.UN) -17.5%. This performance, as Uranium bottomed completing retracement after hitting a 17 year high of $106/lb. in February 2024. Pursuant to tariff induced volatility, most analysts expect Uranium prices to recover through the balance of 2025.

The lead performing sub-category for Q1.2025 was Miners Leveraged ETFs +21.9% followed closely by Precious Metal Miners ETFs +16.8%, as precious metal miners began the process of closing the valuation gap with metals. Many analysts expect this revaluation of miners against underlying metals to continue with an ascendant market pursuant to an extended multi-year period of underinvestment in mineral exploration and development.

 

World Metal & Mining ETFs – Q1 2025

		METAL & MINING ETFs
		231 ETFs (Exchange Traded Funds)		March 31, 2025
						Q1
Avg. ETF Size			# ETFs	Assets ($USD)	% of Assets	% chg.	31.Dec.24
$USD M		METAL ETFs
$3,738		Gold ETFs	70	$261,656,302,958	72.2%	10.3%	$237,299,897,093
$1,449		Silver ETFs	19	$27,524,869,337	7.6%	9.9%	$25,055,625,061
$1,404		Precious Metal ETFs	5	$7,021,627,574	1.9%	10.7%	$6,343,357,787
$1,726		Uranium & Battery Metal ETFs	3	$5,179,404,356	1.4%	-17.2%	$6,252,946,698
$215		Platinum Group Metal ETFs	13	$2,799,131,598	0.8%	4.9%	$2,669,538,357
$219		Base Metal ETFs	11	$2,412,095,464	0.7%	9.8%	$2,196,965,871
			121	$306,593,431,287	84.6%	9.6%	$279,818,330,867
$USD M		MINERS ETFs
$1,205		Precious Metal Miners ETFs	24	$28,911,916,982	8.0%	16.8%	$24,759,028,471
$430		Uranium & Battery Metal Miners ETFs	18	$7,748,200,685	2.1%	-8.9%	$8,506,195,114
$614		Base Metal Miners ETFs	10	$6,139,897,279	1.7%	1.6%	$6,044,367,522
			52	$42,800,014,947	11.8%	8.9%	$39,309,591,107
$USD M		HEDGED & LEVERAGED METAL ETFs
$442		Currency Hedged Metal ETFs	22	$9,734,663,061	2.7%	11.0%	$8,770,198,534
$66		Metals Leveraged ETFs	28	$1,848,571,058	0.5%	4.5%	$1,768,501,640
$182		Miners Leveraged ETFs	8	$1,453,629,038	0.4%	21.9%	$1,192,957,821
			58	$13,036,863,157	3.6%	12.6%	$11,580,320,948
			231	$362,430,309,391	100.0%	9.6%	$330,708,242,922

Fully ~ 84.6% of Assets in Metal & Mining ETFs are Physical Metal ETFs. A further ~ 11.8% of Assets are Mining Company ETFs and a final ~ 3.6% of Assets are Hedged or Leveraged ETFs.

Physical Metal ETFs make up the majority (~ 84.6%) of World Metal & Mining ETF (231) Assets

70 Gold ETFs make up the vast majority of Physical Metal ETF Assets (~ 85%). 19 Silver ETFs make up a further ~ 9% of Assets.

Gold ETFs make up the majority (~ 85%) of Physical Metal ETF (121) Assets

 

Avg. Size			# ETFs		Assets ($USD)		% of Assets
$USD M		EXCHANGE
$4,184		NYSE Arca	49		$205,009,477,792		56.5%
$1,299		London Stock Exchange	56		$72,731,193,383		20.0%
$2,857		Deutsche B├╢rse Xetra	7		$19,995,959,704		5.5%
$443		Toronto Stock Exchange	34		$15,045,252,136		4.1%
$1,469		SIX Swiss Exchange	10		$14,685,778,398		4.0%
$5,874		Euronext Paris	1		$5,874,264,891		1.6%
$661		Shanghai Stock Exchange	8		$5,286,277,212		1.5%
$794		Tokyo Stock Exchange	5		$3,968,958,318		1.1%
$346		Bombay Stock Exchange	11		$3,800,579,325		1.0%
$539		Shenzhen Stock Exchange	7		$3,771,920,196		1.0%
$531		National Stock Exchange of India	7		$3,715,320,495		1.0%
$676		CBOE BZX Exchange	3		$2,029,083,262		0.6%
$796		Johannesburg Stock Exchange	2		$1,591,568,507		0.4%
$142		Nasdaq Stock Market	11		$1,559,339,656		0.4%
$411		New York Stock Exchange	3		$1,234,241,073		0.3%
$284		Australian Securities Exchange	3		$852,863,066		0.2%
$273		Borsa Istanbul	2		$546,532,597		0.2%
$128		Borsa Italiana	4		$512,363,381		0.1%
$158		Deutsche Boerse AG	2		$315,266,566		0.1%
$112		Hong Kong Exchanges & Clearing	2		$224,714,009		0.1%
$56		Euronext Amsterdam	3		$168,833,115		0.0%
$25		Bursa Malaysia	1		$24,596,006		0.0%
			231		$362,944,383,088		100.0%

NYSE Arca Exchange and the London Stock Exchange together hold almost ~ 76.5% of global Metal & Mining ETF Assets.

~ 56.5% of World Metal & Mining ETF Assets trade on NYSE Arca Exchange

currency symbol	code	units	FX rate
	USD		1.00
Swiss Franc SFr	CHF	SFr / $USD	0.88
Euro Γé¼	EUR	Γé¼ / $USD	0.92
Mexican Peso $	MXN	$ / $USD	20.48
Japanese Yen ¥	JPY	¥ / $USD	149.72
Pound Sterling £	GBP	£ / $USD	0.77
Canadian Dollar $	CAD	$ / $USD	1.44
Australian Dollar $	AUD	$ / $USD	1.60
Rupees Indian Rupee ₹	INR	₹ / $USD	85.47	1 Core = 10M Rupees, 1 lakh = 100K Rupees
Chinese Yuan ¥	CNY	¥ / $USD	7.26
South African Rand R	ZAR	R / $USD	18.32
Hong Kong Dollar HK$	HKD	HK$ / $USD	7.78
Malaysian Ringgit RM	MYR	RM / $USD	4.44
Turkish Lira ₺	TRY	₺ / $USD	37.92

Source: MineralFunds.com

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