Chris Vermeulen, chief market strategist at TheTechnicalTraders.com, weighs in on gold’s record-setting price run and what could be next for the metal.
Vermeulen also discusses the outlook for silver, platinum and palladium.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Not for distribution to United States newswire services or for dissemination in the United States
Fortune Bay Corp. (TSXV: FOR,OTC:FTBYF) (FWB: 5QN) (OTCQB: FTBYF) (‘Fortune Bay’ or the ‘Company’) is pleased to announce that it has entered into an agreement with Cormark Securities Inc., as lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters (collectively, the ‘Underwriters’) in connection with a ‘bought deal’ private placement of: (i) 1,438,900 common shares of the Company that will qualify as ‘flow-through shares’ (within the meaning of subsection 66(15) of the Income Tax Act (Canada)) (the ‘FT Shares’), at a price of $1.39 per FT Share, for gross proceeds of $2,000,071, and (ii) 6,000,000 common shares of the Company (the ‘HD Shares’), at a price of $1.00 per HD Share, for gross proceeds of $6,000,000, for aggregate gross proceeds to the Company of $8,000,071 (the ‘Offering’).
In addition, the Company has granted the Underwriters an option (the ‘Option‘) to increase the size of the Offering by up to an additional $2,000,000 in HD Shares, on the same terms and conditions, by giving written notice of the exercise of the Option, or a part thereof, to the Company at any time up to 48 hours prior to the Closing Date (as defined below).
The Company will use an amount equal to the gross proceeds received by the Company from the sale of the FT Shares, pursuant to the provisions in the Income Tax Act (Canada), to incur eligible ‘Canadian exploration expenses’ that qualify as ‘flow-through mining expenditures’ as both terms are defined in the Income Tax Act (Canada) (the ‘Qualifying Expenditures‘) related to the Company’s Goldfields Gold Project in Saskatchewan. The Company intends to use the net proceeds of the offered HD Shares for the commencement of permitting activities and studies toward a pre-feasibility study for the Goldfields Gold Project, commencement of exploration at Poma Rosa subject to reaching community exploration agreements and receiving government permits, and working capital and general corporate purposes. Qualifying Expenditures in an aggregate amount not less than the gross proceeds raised from the issue of the FT Shares will be incurred (or deemed to be incurred) by the Company on or before December 31, 2026, and will be renounced by the Company to the initial purchasers of the FT Shares with an effective date no later than December 31, 2025.
The Offering is expected to close on or about October 30, 2025 (the ‘Closing Date‘), or such other date as the Company and the Underwriters may agree and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals, including the conditional approval of the TSX Venture Exchange.
It is anticipated that Numus Capital Corp., a registered Exempt Market Dealer, will act as a finder for the Offering.
Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45- 106 – Prospectus Exemptions (‘NI 45-106‘), the FT Shares and HD Shares will be offered for sale to purchasers resident in all provinces of Canada, other than Quebec, and/or other qualifying jurisdictions pursuant to the listed issuer financing exemption under Part 5A of NI 45-106, as amended by Coordinated Blanket Order 45-935 – Exemptions from Certain Conditions of the Listed Issuer Financing Exemption (the ‘Listed Issuer Financing Exemption‘). The FT Shares and HD Shares issued to Canadian resident subscribers under the Listed Issuer Financing Exemption will not be subject to a hold period pursuant to applicable Canadian securities laws.
There is an offering document related to the Offering and the use by the Company of the Listed Issuer Financing Exemption that can be accessed under the Company’s profile on SEDAR+ at www.sedarplus.ca and on the Company’s website at www.fortunebaycorp.com. Prospective investors should read this offering document before making an investment decision.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the ‘U.S. Securities Act‘) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Fortune Bay
Fortune Bay is a gold exploration and development company advancing high-potential assets in Canada and Mexico. With a strategy focused on discovery, resource growth and early-stage development, the Company targets value creation at the steepest part of the Value Creation Curve – prior to the capital-intensive build phase. Its portfolio includes the development-ready Goldfields Project in Saskatchewan, the resource-expansion Poma Rosa Project in Mexico, and an optioned uranium portfolio in the Athabasca Basin providing non-dilutive capital and upside exposure. Backed by a technically proven team and tight capital structure, Fortune Bay is positioned for multiple near-term catalysts. For more information, visit www.fortunebaycorp.com or contact info@fortunebaycorp.com.
On behalf of Fortune Bay Corp.
‘Dale Verran’
Chief Executive Officer 902-334-1919
Cautionary Statement Regarding Forward-Looking Information
This news release contains certain ‘forward-looking information’ within the meaning of Canadian securities legislation, including, but not limited to, statements regarding the Company’s plans with respect to the Company’s projects and the timing related thereto, the merits of the Company’s projects, the Company’s objectives, plans and strategies, the Offering, the listing of the FT Shares and the HD Shares on the TSX Venture Exchange, the tax treatment of the FT Shares, the use of proceeds of the Offering, the potential exercise of the Option by the Underwriters, and other matters. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words ‘expects,’ ‘plans,’ ‘anticipates,’ ‘believes,’ ‘intends,’ ‘estimates,’ ‘projects,’ ‘aims,’ ‘potential,’ ‘goal,’ ‘objective,’, ‘strategy’, ‘prospective,’ and similar expressions, or that events or conditions ‘will,’ ‘would,’ ‘may,’ ‘can,’ ‘could’ or ‘should’ occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward- looking statements include the risk of accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, or the possibility that the Company may not be able to secure permitting and other agency or governmental clearances, necessary to carry out the Company’s exploration plans, risks of political uncertainties and regulatory or legal changes in the jurisdictions where the Company carries on its business that might interfere with the Company’s business and prospects. The reader is urged to refer to the Company’s reports, publicly available through the Canadian Securities Administrators’ System for Electronic Data Analysis and Retrieval + (SEDAR+) at www.sedarplus.ca for a more complete discussion of such risk factors and their potential effects.
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.
SOURCE Fortune Bay Corp.
View original content: http://www.newswire.ca/en/releases/archive/October2025/20/c4700.html
News Provided by Canada Newswire via QuoteMedia
The silver price surged during Q3, climbing to near-record highs before surpassing them at the start of Q4.
The white metal was influenced by many of the same factors as gold, including interest rate cuts from the US Federal Reserve, global economic uncertainty and safe-haven buying from investors.
Silver is also facing a supply deficit that has provided further tailwinds on the back of industrial demand.
Silver started the third quarter near year-to-date highs at US$36.03 per ounce.
Momentum took it to what was then a 2025 high of US$39.30 by July 22, but following that gain, the price began to retreat toward the US$36 level, ending at US$36.72 on July 31.
Silver regained some ground at the start of August, but was largely rangebound, trading around the US$38 mark. However, after Fed Chair Jerome Powell’s remarks at the Jackson Hole Economic Policy Symposium at the end of the month, the precious metal began a steady rise toward the end of the quarter.
Silver price, July 1 to October 17, 2025.
Chart via Trading Economics.
Silver broke the US$40 mark on September 1, then continued on up, rising to US$42.69 on September 15.
By September 30, it was closing in on all-time highs, reaching US$46.66. As the fourth quarter began, the price continued to climb, reaching an all-time high of US$54.47 on October 17.
Silver’s price gains over the past few years have been driven partially by increasing demand from industrial segments, where the metal has various applications, including in the production of photovoltaics (PVs).
An April report from the Silver Institute notes that industrial demand for silver increased for the fourth year in a row in 2024, rising 4 percent and setting a record of 680.5 million ounces.
The rise was attributed mainly to the green economy, which includes PVs, and artificial intelligence (AI).
Although the institute isn’t forecasting gains for 2025, it’s still predicting that silver industrial demand will remain near record levels, at 677.4 million ounces, with 195.7 million ounces coming from PVs.
A key reason for the high demand for solar energy is that production costs have made it more competitive than coal, gas or wind. This has increased the attractiveness of PVs for use in data centers.
Speaking at the Metals Investor Forum in Vancouver, BC, at the end of September, Peter Krauth, editor of Silver Stock Investor and author of ‘The Great Silver Bull,’ discussed the staggering rise in demand for solar energy and noted that during the 2010s, deployment exceeded expectations by 200 percent.
“Data center power demand over the next four years is expected to grow 21 percent, and AI is expected to see a 33 percent annual growth in electricity demand over the next four years,” he said.
He explained that tech companies favor solar over wind three-to-one, and nuclear at a rate of five-to-one. That’s because solar is not only cheaper than other energy forms, but also faster to permit, as long as space is available.
While PVs remain a strong demand driver for silver, it’s not the only one.
“Silver, after oil, is the commodity with the single most applications worldwide,’ said Krauth.
‘So when you say silver is indispensable, it’s irreplaceable in some ways. It has so many applications that if silver were to disappear tomorrow, it would wreak havoc on a lot of industry,’ he continued.
“Silver’s main growth driver is industrial usage. Especially when it comes to electric cars and batteries, silver is nearly irreplaceable,” she said. However, she also noted risks coming from the US and its ability to influence the global market, suggesting that with high uncertainty, commodities can be unpredictable. Additionally, Khandoshko pointed to market saturation in the tech sector, suggesting tailwinds may not be what they once were.
“The technology market is on the verge of a breakthrough, but at the same time, it is close to saturation, and the potential for a sharp increase in demand is limited. As a result, I would say that it is not worth expecting rapid leaps from silver, although for now the metal is in plus,” she said.
Although industrial components have grown in the past few years, they aren’t the only factor that drove silver during the third quarter. Investment demand also helped push it toward record highs.
In a July report, the Silver Institute states that as of June 30, 1.13 billion ounces of silver were held in exchange-traded products, 7 percent below the all-time high set in February 2021. It attributes the rise in silver investment to geopolitical tensions and economic uncertainty as more investors turn to silver as a safe-haven asset.
Additionally, many investors view silver as undervalued compared to gold.
Since 2000, the gold-silver ratio has averaged 69:1; however, in 2025, it has been significantly higher, reaching 104:1 in May. Although it has fallen, the ratio remains above the 25 year average, reaching 79:1 in October.
“If you take US$3,700 (per ounce) gold today, and you use the average going back to 2000, that puts you already at US$54. So we’re beyond that all-time high of silver potentially pretty easily just based on that ratio,” Krauth said.
He added that he expects the gold price to continue climbing, pushing up the potential for an even higher silver price if it approaches that 69:1 average.
As suggested by the Silver Institute, Krauth and Khandoshko, silver is supported not only by supply and demand fundamentals, but also by tailwinds on the investment side.
In his talk, Krauth suggested that US$95 isn’t out of the question for silver over the next 12 to 24 months. He also said that silver producers are likely to benefit from the metal’s increasing price.
“When money starts to flow into the silver stocks, the impact can be really massive,’ he said.
‘If you take the bottom essentially of the last year and a half since late February 2024, silver’s up 105 percent and silver stocks, juniors are up 183 percent so far,’ added Krauth. Although it is difficult to predict how long a cycle will last, Krauth looked to the past and suggested there could still be significant runway ahead.
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Brightstar Resources (BTR:AU) has announced High-grade gold assays returned in Menzies DD drilling
Download the PDF here.
Basin Energy (BSN:AU) has announced Significant Mineralisation Confirmed In Sweden
Download the PDF here.
Copper prices were volatile during Q3, swinging to record highs of US$5.81 per pound on the COMEX.
The movement was fueled by traders importing copper products into the US following President Donald Trump’s tariff announcement on July 8. However, prices fell in early August as the White House clarified its plans.
Since then, copper has reverted to being driven largely by its usual supply/demand fundamentals.
Copper prices opened the quarter at US$5.05, but quickly gained strength on the back of tariff fears, rising to US$5.65 on July 8. With little information about specifics, prices continued to rise — as mentioned, COMEX copper hit an all-time high of US$5.81 on July 23, but quickly plummeted to US$4.40 per pound by July 31.
At the start of August, copper prices saw further declines, reaching a quarterly low of US$4.37 on August 5. From there, prices hovered around the US$4.40 to US$4.50 range for the rest of the month and into September.
Copper price, July 1 to October 17, 2025.
Chart via TradingEconomics.
At the start of September, copper experienced some upward momentum, but really took off in the middle of the month as supply fundamentals took over. By the end of September, prices were closing back in on US$5.
Since the end of the quarter, the copper market has continued to gain strength, with prices breaking through US$5 on October 3 and rising to US$5.11 on October 9.
The big story to start the quarter was the Trump administration’s copper tariff announcement on July 8.
The news came after months of speculation following the government’s February launch of an investigation into how tariffs could be used to bolster national security under Section 232 of the Trade Expansion Act.
Copper market participants were caught off guard by the timing, as some had expected the tariffs to come later in the year, and at a lower rate than the announced 50 percent. Traders began importing copper into the US from abroad ahead of the implementation of the tariffs, and the increased volume drove prices for the metal to record highs by the end of the month; it also created a significant disparity between the COMEX and the London Metal Exchange (LME).
“The announcement of a 50 percent tariff on copper imports in early July created extreme volatility in the US copper market, triggering a surge in physical shipments into the country as buyers rushed to get ahead of the duty. This buying drove COMEX futures sharply higher and pushed the US premium over LME prices to an unprecedented 30 percent.’
White explained that during a copper short squeeze on the COMEX in 2024, copper premiums peaked at 8 percent; he also noted that the five year average for the COMEX-LME disparity is near parity at 0.5 percent.
Ultimately, copper tariffs were only applied to unrefined copper, as well as semi-finished and copper-intensive derivatives, such as pipe fittings, cables, connectors and electrical components.
Refined copper tariffs will be phased in at 15 percent in 2027, and 30 percent in 2028. The move essentially pulled the rug out from under traders, causing COMEX prices to plummet by nearly 25 percent.
White stated that with the tariff situation cleared up, copper prices once again reflected the underlying supply and demand fundamentals of low inventories and high demand resulting from the energy transition.
“These structural forces pushed copper prices internationally higher overall for the quarter, despite the mid-summer volatility. The tariff episode reinforced copper’s strategic importance and highlighted the fragility of global supply chains, factors that may strengthen the case for higher prices going forward,” he said.
According to the International Copper Study Group’s copper market forecast, released on October 7, refined copper is expected to record a 178,000 metric ton surplus in 2025, significantly lower than the 209,000 metric ton surplus predicted in April. However, the group expects a 150,000 metric ton deficit in 2026.
The reason for the group’s downward revision is supply disruptions at Ivanhoe Mines’ (TSX:IVN,OTCQX:IVPAF) Kamoa-Kakula operation in the Democratic Republic of Congo, and at Freeport-McMoRan’s (NYSE:FCX) Grasberg mine in Indonesia. The assets are two of the world’s largest copper mines.
Kamoa-Kakula was temporarily shut down in May following a seismic event at the mine. While some operations began to ramp up again in June, Ivanhoe has revised its midpoint guidance down to 395,000 metric tons for 2025 after initially expecting 550,000 metric tons; it has also withdrawn the 600,000 metric tons expected in 2026.
At Grasberg, a liquid material ingress in early September killed seven workers and forced the suspension of operations. In a release on September 24, Freeport said consolidated copper sales across its operations will decline by 4 percent during Q3, but was unable to provide estimates for the fourth quarter.
The Grasberg site encompasses several underground mines: the Grasberg block cave, the Deep Mill Level Zone (DMLZ) and Big Gossan. DMLZ and Big Gossan were not affected, and could restart production in the fourth quarter.
However, according to Freeport, a preliminary assessment indicates a delayed restart of operations at the Grasberg block cave, resulting in the deferral of significant production in the near term. A ramp up in this area is not anticipated to begin until the first half of 2026, with the mine potentially returning to full production in 2027.
“This single event has pushed 2025 mine disruptions to 6 percent of global supply, above the historical average of 5 percent, and turned a near-balanced market into a clear deficit,’ White said.
‘With inventories already at multi-year lows and scrap unable to fully bridge the gap, the supply side offers little cushion. This tightening dynamic suggests higher prices may be necessary to incentivize new projects.’
Although some headwinds remain, primarily stemming from a worsening trade standoff between the US and China, copper’s future is likely tied to its fundamental supply and demand dynamics.
With little new supply scheduled to come online in the near term, this should signal more support for pricing as demand continues to grow from the energy transition and key sectors, such as artificial intelligence and data centers.
“On the demand side, copper’s growth drivers remain firmly in place. Electrification, grid modernization, artificial intelligence and data center buildouts and defense spending continue accelerating, making copper less tied to broad GDP growth and more linked to strategic sectors. These trends, combined with a deepening supply deficit, reinforce the structural bull case for copper,” White explained. He also suggested that any further disruptions will only add tailwinds to the copper price, benefiting producers and investors alike.
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Morgan Stanley (NYSE:MS) recently recommended that investors consider a 60-20-20 portfolio where 20 percent is allocated to gold.
Rich Checkan, president and COO of Asset Strategies International, crunches the numbers, explaining what that type of shift could mean for the yellow metal.
He also shares his thoughts on gold and silver’s ongoing price run.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Torchlight Innovations Inc. (TSXV: TLX.P) (‘Torchlight’ or ‘the Company’), doing business as RZOLV Technologies, is pleased to announce positive preliminary results from its metallurgical testing program focused on rare earth and critical mineral leaching using its proprietary RZOLV reagent system.
Modern economies are increasingly dependent on a broad suite of critical minerals and rare earth elements—including lithium, cobalt, nickel, praseodymium, tellurium, gallium, scandium, and others—that are essential to clean energy, advanced electronics, battery storage, and defense technologies.
According to the International Energy Agency (IEA), these minerals are ‘crucial to the performance of batteries, permanent magnets, and other clean energy technologies.’ The U.S. Department of Energy (DOE) similarly notes that critical minerals ‘are vital for a wide range of industries, including clean energy and defense,’ powering systems such as solar panels, wind turbines, and electric vehicle batteries. As traditional high-grade deposits become harder to access, attention is shifting toward secondary and unconventional sources such as tailings, mine waste, low-grade ores, brines, and industrial by-products. (Sources: https://www.iea.org/topics/critical-minerals| https://www.energy.gov/fecm/articles/developing-domestic-supply-critical-minerals-and-materials)
In this emerging landscape, a reagent like RZOLV, capable of dissolving over twenty such elements, represents a potentially transformative advancement in sustainable mineral recovery.
Key Highlights
Multi-Element Leachability Assessment of Critical and Rare Earth Samples Using the RZOLV Reagent System
Overview
Laboratory metallurgical investigations were undertaken to evaluate the leachability of multiple metallic and rare earth elements (REEs) from mineralized feedstocks obtained from two U.S.-based mining projects. The objective of this program was to assess the broader metal-solubilization potential of the RZOLV lixiviant system and to characterize its selectivity and efficiency across a diverse elemental suite.
Testing was performed using the standard RZOLV formulation without process optimization or reagent adjustment. As such, future results may vary depending on feed composition, mineralogy, and site-specific conditions.
Methodology
Representative composite samples were subjected to a series of bottle-roll leaching tests under controlled laboratory conditions. Each test employed the proprietary RZOLV non-cyanide leach reagent under standardized parameters designed to simulate low-intensity, ambient-temperature leaching environments.
Tests were conducted in sealed 1-liter HDPE vessels agitated continuously for 72 hours to ensure uniform contact between solids and solution. Post-leach solids (tails) were separated by vacuum filtration and washed thoroughly with deionized water to remove entrained solution. Pregnant leach solutions (PLS) were analyzed by Atomic Absorption Spectrometry, while head and residue samples were submitted to ALS Laboratories, an ISO-accredited analytical facility, for 61-element inductively coupled plasma-mass spectrometry (ICP-MS) analysis. Elemental recoveries to solution were calculated by mass balance, comparing head and residue assays for each element to quantify percentage dissolution.
Results and Discussion
The following table summarizes the unoptimized relative solubility of key metals and rare earth elements under the test conditions. Head and residue MS-ICP assays were compared to determine recovery to solution.
| ELEMENT NAME | ELEMENT SYMBOL | NET RECOVERY |
| BERYLLIUM | Be | (%) |
| CERIUM | Ce | 73.50% |
| MANGANESE | Mn | 64.26% |
| COBALT | Co | 60.00% |
| CHROMIUM | Cr | 47.35% |
| GADOLINIUM | Gd | 45.00% |
| SAMARIUM | Sm | 44.12% |
| YTTRIUM | Y | 43.55% |
| EUROPIUM | Eu | 43.48% |
| NEODYMIUM | Nd | 43.48% |
| TERBIUM | Tb1 | 42.86% |
| DYSPROSIUM | Dy | 42.81% |
| PRASEODYMIUM | Pr | 42.25% |
| LANTHANUM | La | 40.74% |
| HOLMIUM | Ho | 40.30% |
| ERBIUM | Er | 38.10% |
| NICKEL | Ni | 36.36% |
| VANADIUM | V | 33.33% |
| LUTETIUM | Lu | 33.33% |
| THULIUM | Tm | 31.43% |
| URANIUM | U | 27.59% |
| TELLURIUM | Te | 27.34% |
| BERYLLIUM | Be | 26.24% |
| INDIUM | In | 23.53% |
| YTTERBIUM | Yb | 22.58% |
| SCANDIUM | Sc | 16.96% |
Interpretation
The results confirm that the RZOLV system promotes substantial solubilization of rare-earth elements, particularly cerium (73%), manganese (64%), and cobalt (50%), validating its oxidative and complexation capacity under mild acidic conditions.
Mid-series lanthanides (Sm, Eu, Gd) achieved recoveries of 40-45 %, consistent with partial liberation from refractory oxide or phosphate phases.
Lower recoveries of niobium (18%), scandium (17%), and lithium (23%) reflect incorporation within stable mineral matrices (e.g., columbite-tantalite, zircon, or silicate lattices) that require stronger oxidative or thermal activation for efficient leaching.
Recovery of Metallic and Rare Earth Elements from RZOLV Leach Solutions
Following the successful leaching of multiple metallic and rare earth elements (REEs) using the RZOLV lixiviant system, downstream recovery methods were considered to determine viable pathways for selective metal capture, concentration, and purification. The focus of this stage of investigation was to assess the suitability of ion exchange (IX) and solvent extraction (SX) systems for recovering valuable metals and REEs from pregnant leach solutions (PLS) generated under standard RZOLV leach conditions.
The RZOLV reagent produces a low-pH, moderately oxidizing solution characterized by high solubility for transition metals and trivalent rare-earth species. This chemistry aligns well with conventional hydrometallurgical separation methods, provided resin or extractant compatibility is maintained under the mildly acidic matrix.
Preliminary evaluations indicate that ion exchange and solvent extraction could be highly effective downstream recovery methods for RZOLV-derived leach solutions. Ion exchange offers rapid, high-capacity capture of base and rare-earth metals, while solvent extraction provides refined selectivity for high-purity product separation. Both methods are compatible with RZOLV’s low-toxicity matrix, enabling environmentally responsible and economically viable metal recovery.
Environmental and Process Implications
The multi-element solubilization profile underscores the potential of RZOLV as a selective and environmentally benign lixiviant for both precious-metal and critical-mineral recovery.
The reagent’s design eliminates the need for cyanide, chloride, or nitrate oxidants—minimizing hazardous effluents—while its regenerative electrochemical cycle enables near-closed-loop operation. Because RZOLV functions under mild aqueous conditions, without extreme temperatures, concentrated acids, or high-pressure systems, it offers a flexible and energy-efficient pathway for extracting critical minerals from complex matrices.
This adaptability allows deployment in diverse applications including ores, tailings, slag, low-grade stockpiles, flotation residues, concentrates, and industrial waste streams, with minimal process re-engineering. Closed-loop regeneration further reduces reagent consumption and operating costs, improving economic viability even for dilute or low-grade sources.
Key Benefits
Conclusions
Bottle-roll test results and ICP-MS analyses confirm that RZOLV promotes significant dissolution across multiple elemental groups through synergistic redox-complexation chemistry. High recoveries of Ce, Mn, and Co highlight its oxidative power, while consistent REE mobilization demonstrates its capacity for complex formation under mild conditions. The results validate RZOLV as a versatile, low toxicity lixiviant for both precious and critical mineral extraction. Ongoing research is focused on refining reagent concentration, pH, and electrochemical regeneration to further enhance recovery efficiencies for refractory elements.
This research is preliminary in nature. Assay results are based on head/tails ICP-MS performed by ALS Labs. Test materials have been subjected to the standard RZOLV formula with no reagent optimization. Results will vary based on minerology and this data provides no guarantee of future success or economic viability.
About Torchlight Innovations Inc. (doing business as RZOLV Technologies)
Torchlight Innovations is a clean-technology company with a mission to transform the global mining industry through safer, sustainable, and high-performance extraction technologies. The Company has developed RZOLV, a proprietary non-toxic, water-based hydrometallurgical formula that replaces cyanide in gold leaching.
While cyanide has been the industry standard for over a century, its toxicity has led to widespread environmental concerns, costly permitting, and outright bans in several jurisdictions. RZOLV offers equivalent recovery efficiency and cost performance with a non-toxic, reusable, and environmentally responsible profile.
The Company is currently focused on validating its technology through industrial-scale pilot programs, after which full commercialization and licensing activities will begin. The Company has safeguarded RZOLV through 2 international patent filings and a comprehensive intellectual-property framework that includes protection for its chemical formulation, regeneration processes, and specific applications in heap leaching, vat leaching, tank leaching and concentrate treatment.
Contact
Duane Nelson
President and CEO
Torchlight Innovations Inc.
Email: duane@innovationmining.com
Phone: 604-512-8118
Neither 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 information’ and ‘forward-looking statements’ within the meaning of applicable Canadian and United States securities legislation. Statements contained herein that are not based on historical or current fact, including without limitation statements containing the words ‘anticipates,’ ‘believes,’ ‘may,’ ‘continues,’ ‘estimates,’ ‘expects,’ and ‘will’ and words of similar import, constitute ‘forward-looking statements’ within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking information may include, but is not limited to, information with respect to our Research and Development activities Wherever possible, words such as ‘plans’, ‘expects’, ‘projects’, ‘assumes’, ‘budget’, ‘strategy’, ‘scheduled’, ‘estimates’, ‘forecasts’, ‘anticipates’, ‘believes’, ‘intends’, ‘targets’ and similar expressions or statements that certain actions, events or results ‘may’, ‘could’, ‘would’, ‘might’ or ‘will’ be taken, occur or be achieved, or the negative forms of any of these terms and similar expressions, have been used to identify forward-looking statements and information. Statements concerning future revenue or earnings estimates may also be deemed to constitute forward-looking information. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be forward-looking information. Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by the forward-looking information. Forward-looking information is based on the expectations and opinions of the Company’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise. We do not assume any obligation to update forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable law. For the reasons set forth above, prospective investors should not place undue reliance on forward-looking information.
Source
Silver’s performance in 2025 is drawing attention to silver-mining companies as investors look to gain exposure to the metal’s success.
During Q3 2025, the silver price closed in on all-time highs, reaching a quarterly high of US$46.92 per ounce on September 29. Since that time, silver has soared even higher, breaking the US$50 mark and setting a new all-time high silver price of US$52.64 on October 13.
The price has seen firm support from fundamentals, as silver continues to experience structural supply deficits, while industrial silver demand remains near record levels. Investment demand is also rising as investors return to the market, seeking a more affordable safe-haven alternative to gold.
How has silver’s price movement benefited Canadian silver stocks on the TSX, TSXV and CSE? The five companies listed below have seen the best performances since the start of the year.
Data was gathered using TradingView’s stock screener on October 13, 2025, and all companies listed had market caps over C$10 million at that time.
Year-to-date gain: 765.45 percent
Market cap: C$866.79 million
Share price: C$2.38
Santacruz Silver is an Americas-focused silver producer with operations in Bolivia and Mexico. Its producing assets include a 45 percent stake in the Bolivar and Porco mines, which it shares with the Bolivian government, and a 100 percent ownership of the Caballo Blanco Group mines in Bolivia, along with the Zimapan mine in Mexico.
In its Q2 2025 results, Santacruz reported silver production of 1.42 million ounces from the mines, as well as silver equivalent production of 3.55 million ounces, which includes its zinc, lead and copper production.
In addition to its producing assets, Santacruz also owns the greenfield Soracaya project, an 8,325 hectare land package located in Potosi, Bolivia. According to an August 2024 technical report, the site hosts an inferred resource of 34.5 million ounces of silver derived from 4.14 million metric tons of ore with an average grade of 260 g/t.
In October 2021, Santacruz acquired Glencore’s (LSE:GLEN,OTC Pink:GLCNF) 45 percent stake in the Bolivar and Porco mines and a 100 percent interest in the Soracaya project. Under the terms of the deal, Santacruz made an initial payment of US$20 million and was obligated to make an additional US$90 million over a four-year period from the closing of the transaction. Glencore also retained a 1.5 percent net smelter return.
The pair amended the deal in October 2024, giving Santacruz the option to either pay off the US$80 million base purchase price through annual US$10 million installments or to accelerate the repayment by paying US$40 million by November 2025. The deal also includes additional terms such as monthly payments to Glencore contingent on zinc pricing benchmarks.
Santacruz chose the accelerated option through a structured payment plan, allowing it to satisfy the base purchase price of the properties while saving US$40 million compared to the annual installment option. On September 4, the company announced that it had made its fourth and fifth payments, completing all payments to Glencore.
The most recent news for the Soracaya project was announced on October 7, when Santacruz stated that it was initiating development activities and would be applying for a full production permit.
Shares in Santacruz reached a year-to-date high of C$2.79 on September 29.
Year-to-date gain: 563.48 percent
Market cap: C$1.14 billion
Share price: C$7.63
Andean Precious Metals is a precious metals company with a pair of operating assets in the Americas.
Its primary silver-producing operation is the San Bartolomé facility in the Potosi Department of Bolivia. The onsite processing facility has an annual ore capacity of 1.8 million metric tons. The company has transitioned from conventional mining and is processing feed from both its low-cost fines deposit facility and third-party ore purchases.
Its other producing asset is the Golden Queen mine in Kern County, California, US. It hosts a 12,000 metric tons per day cyanide heap leach and a Merrill-Crowe processing facility. A mineral reserve statement showed a measured and indicated silver resource of 11.24 million ounces from 41.81 million metric tons at an average grade of 8.37 g/t silver. The company acquired Golden Queen from Auvergne Umbrella in November 2023 for total consideration of US$15 million.
On June 2, Andean announced it entered into an exclusive, long-term agreement with the Bolivian state-owned mining company Corporacion Minera de Bolivia to acquire up to 7 million metric tons of oxide ore from mining concessions in Bolivia.
The ore is located within a 250 kilometer radius of the processing facility at its San Bartolomé operation, where it will process the ore. Under the terms of the 10 year agreement, Andean will immediately receive an initial 250,000 metric tons of ore, with the remaining to be delivered in tranches of 50,000 metric tons.
On July 17, Andean released its Q2 operating results. During the first half of the year, it produced 2.04 million ounces of silver across its operations, toward the upper end of its guidance of 1.84 million to 2.16 million ounces. It also noted that it anticipates further ramp-up at both its mines in the second half of the year.
In its Q2 financial results released on August 12, the company reported an increase in net income for the first half of the year to US$32.02 million, compared to US$9.31 million during the first half of 2024.
Shares in Andean Precious Metals reached a year-to-date high of C$8.83 on October 1.
Year-to-date gain: 455.12 percent
Market cap: C$1.06 billion
Share price: C$7.05
Avino Silver & Gold Mines is a precious metals miner with two primary silver assets: the producing Avino silver mine and the neighboring La Preciosa project in Durango, Mexico.
The Avino mine is capable of processing 2,500 metric tons of ore per day, and according to its FY24 report released on January 21 the mine produced 1.1 million ounces of silver, 7,477 ounces of gold and 6.2 million pounds of copper last year. Overall, the company saw broad production increases with silver rising 19 percent, gold rising 2 percent and copper increasing 17 percent year over year.
In addition to its Avino mining operation, Avino is working to advance its La Preciosa project toward the production stage. The site covers 1,134 hectares, and according to a February 2023 resource estimate, hosts a measured and indicated resource of 98.59 million ounces of silver and 189,190 ounces of gold.
In a January 15 update, Avino announced it had received all necessary permits for mining at La Preciosa and begun underground development at La Preciosa. It is now developing a 350 meter mine access and haulage decline. The company said the first phase at the site is expected to cost less than C$5 million, which will be funded from cash reserves.
In Avino’s Q2 financial report released on August 13, the company noted that work was progressing at the site according to plan, with blasting and construction of the San Fernando main access decline underway. It added that a new jumbo drill was working on the ramp towards intercepting the Gloria and Abundancia veins.
On the production and finance side, the company reported improved cost-per-ounce metrics, with cash costs per silver equivalent payable ounce decreasing 7 percent to US$15.11 and all-in-sustaining costs decreasing 8 percent to US$20.93. It also reported a 50 percent year-over-year increase in revenue during the quarter to US$40.64 million, from US$27.18 million during the same period in 2024.
Avino indicated silver production of 549,300 ounces in the first half of 2025, an increase of 1 percent over H1 2024, and 283,619 silver ounces in Q2 alone, a decrease of 3 percent over Q2 2024.
Avino shares reached a year-to-date high of C$7.60 on October 3.
Year-to-date gain: 404.76 percent
Market cap: C$181.29 million
Share price: C$1.59
Capitan Silver is an explorer focused on advancing silver and gold projects in Durango, Mexico. The company’s flagship asset is the 100 percent owned Cruz de Plata project in the heart of Mexico’s historic Peñoles Mining District. The region is known for hosting significant silver mineralization and historic mining.
The Cruz de Plata project encompasses two historic silver mines — Jesús Maria and San Rafael — and the El Capitan oxide gold deposit.
According to a 2020 technical report, the Jesús Maria deposit hosts an inferred resource of 15.16 million ounces of contained silver and 26,000 ounces of gold from 7.57 million metric tons of ore with average grades of 62.3 g/t silver and 0.12 g/t gold.
El Capitan hosts an inferred resource of 1.83 million ounces of silver and 305,000 ounces of gold from 20.72 million metric tons of ore grading 2.8 g/t and 0.46 g/t respectively.
Capitan Silver has made a series of strategic acquisitions during the second and third quarters.
On June 11, the company completed the purchase of a 2 percent net smelter royalty in place at Cruz de Plata from Exploraciones del Altiplano and eliminated the royalty. Total costs incurred by Capitan were US$1 million.
Then, on August 22, the company executed a definitive agreement to acquire a strategic land package surrounding its Cruz de Plata property from Fresnillo (LSE:FRES,OTC Pink:FNLPF) for total cash consideration of US$4 million. The transaction was initially announced in June.
The new parcel consists of seven mineral concessions covering 2,171.4 hectares. It increases Capitan’s total holdings in the area by 85 percent and the surface expression of the silver-gold trend by 1.2 kilometers to the east.
Capitan’s most recent news from Cruz de Plata came on October 1, when the company reported it identified six priority targets and is advancing them a drill-ready stage. It also increased the total length of known veins containing silver mineralization from 7 kilometers to 20 kilometers.
As for the exploration program at the site, the company expanded its Phase 1 drill program by 50 percent to 15,000 meters, and is expecting a property-wide geophysical survey to be completed during the first quarter of 2026.
Shares in Capitan reached a year-to-date high of C$1.85 on September 22.
Year-to-date gain: 312.14 percent
Market cap: C$1.59 billion
Share price: C$5.77
Americas Gold and Silver is a US and Mexico-focused precious metals producer. The company is one of the US’ largest primary silver miners.
Its primary operations consist of the Galena Complex in Idaho, US, and the Cosala Operations in Sinaloa, Mexico.
The Galena complex operates in the Silver Valley, a historic mining district that is home to Bunker Hill, Sunshine and Lucky Friday mines.
Americas Gold and Silver is currently working on a two phase plan to increase efficiency at the mine’s No. 3 shaft. On September 16, the company announced it completed the first phase, upgrading the hoisting capacity from 40 tons to 80 tons per hour of material movement.
It also said that Phase 2 upgrades are scheduled to begin before the end of 2025, including upgrades to the hoist pads, the installation of a hoist control console and the deployment of an antenna system in the shaft that will support upgrades to automation.
The Cosala operations in Sinaloa comprise 67 mining concessions spanning 19,385 hectares and include the Los Braceros processing facility, the San Rafael mine, and the EC120 development project.
The company is currently transitioning its operations away from San Rafael to the EC120 orebody, aiming to bring EC120 into production by the end of 2025. While San Rafael contains higher levels of zinc and lead, EC120 hosts higher grades of silver and copper.
In its second quarter results released on August 11, Americas Gold and Silver reported a 36 percent year-over-year increase in consolidated silver production during the quarter to 689,000 ounces, with zinc and lead by-products bringing its production to 839,000 silver equivalent ounces.
Despite the increase in production, the company noted a 19 percent decrease in revenue at US$27 million versus US$33.2 million during Q2 2024. It attributed the revenue decline to lower production and byproduct revenue from zinc and lead sales as it transitioned away from San Rafael.
Shares in Americas reached a year-to-date high of C$6.02 on October 8.
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Australian Prime Minister Anthony Albanese and US President Donald Trump signed a rare earths deal during their meeting at the White House on Monday (October 20).
The meeting was set to focus on critical minerals and rare earths, with Albanese telling Bloomberg on Sunday (October 19) that it would also be an opportunity to “consolidate and strengthen” the Australia-US relationship.
According to insiders, the deal had been in the works for five months.
During the meeting, Trump said he “never had any doubts” about the countries’ bond, adding that “there’s never been anybody better.” For his part, Albanese described the deal as an US$8.5 billion pipeline ‘that we have ready to go.’
The signing happened after opening remarks from Trump, during which the US president called the deal a “key objective” in reducing reliance on China. “Within a year, we’ll have critical minerals and rare earths that you won’t know what to do with them,” Trump said, adding, ‘They’ll be worth about two dollars.’
China currently holds the world’s largest rare earths reserves and is the top producer by far, but Australia has been highlighted as a key player as trade tensions between the US and China ramp up.
The country is home to some of the most significant rare earths operations globally, such as Lynas Rare Earths’ (ASX:LYC,OTC Pink:LYSDY) Mount Weld mine, and Arafura Rare Earths’ (ASX:ARU,OTC Pink:ARAFF) Nolans project.
Last week, several companies, such as Nova Minerals (ASX:NVA,NASDAQ:NVA), were invited to brief the Australian government on key projects prior to the country’s meeting with the US.
Nova was instructed to include an overview of its flagship Estelle gold project, including the key minerals identified, planned expansion activities and the company’s engagement with US government agencies.
The same goes for Resolution Minerals (ASX:RML,OTCQB:RLMLF), which was invited for a briefer on its Idaho-based Horse Heaven gold-antimony-tungsten project.
Both Nova and Resolution were among the top-gaining mining stocks on the ASX last week.
Albanese and Trump also discussed the AUKUS submarine deal, a multibillion-dollar agreement between Australia, the UK and the US, which is geared at boosting security in the Indo-Pacific region.
When asked whether AUKUS is meant to be a “deterrent” for China, Trump answered yes. However, he also said he doesn’t think that will be needed as the US military is the best in the world.
‘We’re going to get along great with China,’ he said.
AUKUS is worth around US$239 billion, or AU$368 billion, over 30 years.
Starting in 2032, Australia plans to buy three Virginia-class submarines from the US, with the option to get two more. These will fill the gap while the UK and Australia develop a new submarine model. Trump also said the US is working on building more submarines for Australia and is going to expedite submarine exports to the country.
Australia is expected to receive the first of the new submarines in the early 2040s.
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.