Here’s a quick recap of the crypto landscape for Friday (October 24) as of 5:00 p.m. UTC.

Get the latest insights on Bitcoin, Ether and altcoins, along with a round-up of key cryptocurrency market news.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

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Canadian company PMET Resources (ASX:PMT, TSX:PMET, OTCQX:PMETF) has completed a lithium-only feasibility study on the CV5 deposit of its Shaakichiuwaanaan lithium project in Northern Quebec.

The company said that the feasibility study confirms that the project is a large-scale and lifelong operation, with CV5’s maiden reserve updated to 84.3 million tonnes (Mt) at 1.26 percent lithium oxide or about 2.62 Mt lithium carbonate equivalent (LCE) in probable reserves.

Results also show that there is still potential to upgrade and expand resources at CV5 and its nearby CV13 deposit, which currently hold a total resource of 108.0 million tonnes at 1.40 percent indicated and 33.4 at 1.33 percent inferred.

“Our large scale and long-life project is ideally suited to support the emerging American, European, and Asian lithium raw materials supply chains,” commented CEO and President Ken Brinsden.

“There are very few projects of this size & scale, quality, and low production cost that can assist in underwriting the expected capital investment supporting new supply chains and demand growth in western markets.”

Located in Quebec’s Eeyou Istchee James Bay region, Shaakichiuwaanaan is recognised as the largest lithium pegmatite mineral resource in the Americas.

It is also among the largest lithium mines in the world, with potential to become the second largest following the Greenbushes lithium operations in Western Australia.

Greenbushes is owned by Albemarle (NYSE:ALB) and was recorded with an estimated 0.21 metric tonnes per annum lithium production in 2023.

PMET is targeting a final investment decision for Shaakichiuwaanaan for the second half of 2027, hoping that “the overall market supply-demand balance tightens over the coming years.”

Researchers found that the project can have an annual production of up to 800,000 tonnes of lithium-rich rock, along with pollucite, tantalite, and cesium.

Brinsden said that about 20 percent of the jobs created at Shaakichiuwaanaan will be allotted to workers at the Cree territory.

PMET Resources was formerly Patriot Battery Metals. The company officially changed its name in September.

Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.

News Provided by Newsfile via QuoteMedia

Ed Steer of Ed Steer’s Gold and Silver Digest shares his thoughts on silver’s run past US$50 per ounce, saying that in his view the bull market is just getting started.

‘One way or another we’re going to run into a supply/demand brick wall, and when that day happens we could see triple-digit silver prices in a very, very short period of time,’ he said.

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

This week began on a strong note, with emerging signs that US-China tensions could ease and White House Economic Advisor Kevin Hassett’s suggestion that the federal government shutdown could soon end.

US stocks rallied broadly, led by small caps and semiconductors, with the PHLX Semiconductor Sector (INDEXNASDAQ:SOX) hitting an all-time high amid reduced concerns about regional bank credit quality.

On Tuesday (October 21), hotter-than-expected Canadian inflation data weighed on the S&P/TSX Composite Index (INDEXTSI:OSPTX), while the Nasdaq Composite (INDEXNASDAQ:.IXIC) outperformed.

Wednesday (October 22) saw profit taking in high-growth names as Tesla (NASDAQ:TSLA) and IBM (NYSE:IBM) reported after the bell, and as reports of potential new US export curbs on China pressured equities.

IBM beat revenue forecasts with US$9.5 billion in artificial intelligence (AI) revenue, but offered cautious guidance, leading its share price to fall after-hours. Tesla missed revenue estimates, with margins falling to 5.8 percent due to price cuts and reduced regulatory credits, despite record deliveries. CEO Elon Musk reiterated medium-term goals in AI, autonomy and robotics, though the firm didn’t update its financial guidance. Tesla shares also dropped after hours.

Despite the pullback, the tech sector rebounded sharply on Thursday (October 23), driven by optimism about AI and cloud infrastructure. Quantum computing companies such as IonQ (NASDAQ:IONQ), Rigetti Computing (NASDAQ:RGTI) and D-Wave Quantum (NYSE:QBTS) surged on reports of increased US government funding.

North of the border, Canadian Prime Minister Mark Carney and Ontario Premier Doug Ford unveiled a C$3 billion joint investment in small modular reactors at the Darlington site, located east of Toronto in Bowmanville.

Later, Intel (NASDAQ:INTC) surpassed expectations with a 3 percent year-on-year revenue increase, reaching US$13.7 billion, with gross margins doubling to 38 percent. The demand for AI accelerators and x86 processors contributed to these strong results. CEO Lip-Bu Tan expressed confidence in continuing AI-driven compute demand.

Following the announcement, shares rose and opened nearly 5 percent higher the next day.

Intel’s standout earnings boosted sentiment heading into Friday. Markets opened higher after delayed US inflation data came in cooler than expected, showing easing underlying pressures and reinforcing expectations for another Fed rate cut next week. Tech stocks led the advance once again.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

The gold price declined from its recent all-time highs this week, sinking to nearly US$4,000 per ounce and recording its biggest one-day decline in more than 12 years.

Silver took a similar hit, slipping back below the US$50 per ounce level.

The drops have been attributed to factors like a stronger US dollar and lower US-China tensions, as well as profit taking, potentially from traders who are new to the market.

Many experts have been anticipating a correction for the metals — their latest rise has been quick, and no asset can go straight up forever.

However, there’s also a broad consensus that gold has entered a new phase. For example, Patrick Tuohy of Goldstrom believes gold won’t fall below US$3,000 again.

Here’s what Tuohy said:

‘Is this a short-term phenomenon that’s going to have some some dynamics that are going to turn it on its head and it reverses 50, 60 percent? I don’t believe that is the case. I think within our group … the consensus is that it’s unlikely that we’ll see gold below US$3,000 again in our lifetimes. So let’s say that that’s the floor. That’s a fairly significant move from where we were two years ago. So that’s comfortable.’

Next week, all eyes will be on the US Federal Reserve, which is set to meet from October 28 to 29. CME Group’s (NASDAQ:CME) FedWatch tool shows strong expectations for another interest rate cut.

While the release of US government data has been affected by the ongoing shutdown, September consumer price index numbers were released on Friday (October 24).

The report was the first major piece of federal economic data to come out since the shutdown began, and it has confirmed expectations of another rate reduction.

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

North Shore Uranium Ltd. (TSXV:NSU) (‘North Shore‘ or the ‘Company‘) is pleased to announce that it has met its final earn-in obligation for the West Bear property (‘West Bear‘)under an option agreement dated April 18, 2022 (as amended, the ‘West Bear Option Agreement‘) with Gem Oil Inc. (‘Gem Oil‘), giving the Company the right to acquire a 75% interest in West Bear. West Bear consists of four mining claims totaling 3,927 hectares at the eastern margin of the Athabasca Basin in Saskatchewan.

To satisfy the final $50,000 payment for West Bear, the Company issued 263,157 common shares (the ‘Option Shares‘) at a deemed price of $0.19 per share to Gem Oil. The Options Shares were issued in accordance with the West Bear Option Agreement and are subject to a statutory hold period under applicable Canadian securities laws and a TSX Venture Exchange hold period, both expiring four months and one day from the date of issuance (February 23, 2026). Upon completion of this payment, North Shore has earned a 75% interest in West Bear and a joint venture will be formed with North Shore holding a 75% interest and Gem Oil holding a 25% interest. Gem Oil will be granted a 2% net smelter returns royalty (‘NSR‘), of which North Shore may purchase 1% for $1,000,000 at any time. North Shore retains the right to acquire the remaining 25% interest in West Bear by paying Gem Oil $200,000 in cash and issuing $200,000 in North Shore common shares within 90 days of delivering the Initial Interest Notice to Gem Oil. If North Shore does not exercise this right within the 90-day period, or fails to complete the acquisition, a participating joint venture will be formed as described above.

West Bear is located approximately 35 km southeast of the Cigar Lake uranium mine, and 50 km south of the McClean Lake uranium mill. The West Bear uranium and cobalt-nickel deposits held by Uranium Energy Corp. (‘UEX/UEC‘) are located just north of the property (Figure 1 below). The unconformity between the Athabasca Basin sandstone and the underlying basement rocks crosses the western portion of the property (Figure 1). West Bear saw significant uranium exploration activity between the 1960s and 2015, with a total of 15 exploration holes being drilled, including three by Denison in 2015. Historical exploration data evaluated by the Company includes high-resolution electromagnetic airborne geophysical surveys. In 2022 North Shore completed a gravity-magnetic-radiometric airborne survey over West Bear. The Company has selected several targets that warrant further exploration and evaluation of all exploration data is ongoing.

ABOUT NORTH SHORE

The nuclear power industry is in growth mode as more nuclear power will be required to meet the world’s ambitious CO₂ emission-reduction goals and the needs of new power-intensive technologies like AI. In this environment, new discoveries of economic uranium deposits could be very valuable, especially in established uranium-producing jurisdictions like Saskatchewan and New Mexico. North Shore is well-positioned to become a major force in exploration for economic uranium deposits. The Company is working to achieve this goal by exploring its Rio Puerco project in the Grants Uranium District of New Mexico and the Falcon and West Bear properties at the eastern margin of the Athabasca Basin in Saskatchewan. In addition, the Company continues to evaluate quality opportunities in the United States and Canada to complement its portfolio of uranium properties.

Technical information on the West Bear property is provided in the 2023 technical report entitled ‘Technical Report for the West Bear Property, Saskatchewan, Canada’ filed under the profile of North Shore Uranium at www.sedarplus.ca.

QUALIFIED PERSON

Mr. Brooke Clements, MSc, P.Geol., a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects and the President and CEO of North Shore, has reviewed and approved the scientific and technical disclosure in this press release.

ON BEHALF OF THE BOARD

Brooke Clements,
President, Chief Executive Officer and Director

For further information please contact: Brooke Clements, President, Chief Executive Officer and Director

Telephone: 604.536.2711
Email: b.clements@northshoreuranium.com
www.northshoreuranium.com

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

Forward-Looking Statements

This news release contains forward-looking statements relating specifically to the West Bear Property earn-in and the Company’s broader exploration strategy. Forward-looking statements in this release include: the formal completion of the West Bear property earn-in from Gem Oil Inc.; the issuance of common shares to satisfy the final property payment; the formation of a joint venture with Gem Oil and the grant of a net smelter returns royalty; North Shore’s right to acquire the remaining 25% interest in West Bear; the identification of several exploration targets at West Bear; the Company’s belief that it is well-positioned to become a major force in exploration for economic uranium deposits; the Company’s ongoing work to achieve this goal by exploring the Rio Puerco project in New Mexico and the Falcon and West Bear properties in Saskatchewan; and the Company’s continued evaluation of additional uranium opportunities in the United States and Canada. These statements are subject to specific risks and uncertainties, including: the risk that the West Bear Property earn-in may not be completed as anticipated; the risk that the joint venture may not be formed or operated as planned; the risk that North Shore may not exercise its right to acquire the remaining 25% interest; the risk that identified exploration targets may not yield economically viable mineral deposits upon further exploration or drilling; the potential for delays or changes in exploration plans due to environmental conditions, permitting requirements, or logistical challenges in accessing certain areas of the West Bear Property; and the reliance on historical data and previous exploration results, which may have limitations or uncertainties that affect current interpretations. Forward-looking statements are frequently characterized by words such as ‘plan’, ‘project’, ‘appear’, ‘interpret’, ‘coincident’, ‘potential’, ‘confirm’, ‘suggest’, ‘evaluate’, ‘encourage’, ‘likely’, ‘anomaly’, ‘continuous’ and variations of these words as well as other similar words or statements that certain events or conditions ‘could’, ‘may’, ‘should’, ‘would’ or ‘will’ occur. These statements are subject to various risks and uncertainties that may cause actual results to differ materially from those anticipated or implied, including, but not limited to: the speculative nature of mineral exploration and development projects; the ability to obtain necessary permits and approvals; changes in project plans and parameters; variations in mineral grades and recovery rates; accidents, labour disputes and other risks of the mining industry; the availability of funding on terms acceptable to the Company; delays in obtaining governmental approvals or financing; fluctuations in uranium and other metal prices; and other factors described in the Company’s public disclosure documents. There may be other factors that cause actual results, performance, or achievements to differ materially from those anticipated or implied by the forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events, or results or otherwise. Forward-looking statements are not guarantees of future performance and undue reliance should not be put on such statements due to the inherent uncertainty therein. Any forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.

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