Steve Barton, host of In It To Win It, shares price targets for silver and discusses when silver stocks may start to outperform the metal.
‘I fully expect a catch-up trade like this — I think that it’s coming, and I think it’s going to come this year and probably this first quarter,’ he said.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Gold and silver prices are skyrocketing as investors flock to safe-haven assets.
The spot price of gold rose as high as US$4,924.29 per ounce on Thursday (January 22), even as US President Donald Trump walked back his threats to take over Greenland by force in his Davos speech.
That’s because investors are still faced with the global economic implications of insurmountable debt levels and unresolved trade wars, which have led central banks around the world to bolster their gold reserves.
Gold price chart, January 15 to 22, 2026.
The yellow metal’s latest rise adds to an ongoing historic run.
After starting 2025 around US$2,640, gold had risen to the US$3,200 level by April. It stayed within a fairly flat range until the end of August, when it launched higher once again, breaking US$4,300 in mid-October.
The price of gold took a breather following that move, even falling briefly below US$4,000; however, its retracement was neither as steep nor as long as many market watchers expected it to be.
Gold began gaining steam again in mid-November, and took off again in earnest at the end of 2025.
In 2026, precious metals have continued to benefit from geopolitical tensions and economic uncertainty. Expectations of interest rate cuts after US Federal Reserve Chair Jerome Powell’s term ends later this year have provided support too. Trump’s feud with the Fed over rates took an eyebrow-raising turn on January 9, when the US Department of Justice served the Fed with grand jury subpoenas targeting Powell with a criminal indictment.
Earlier this week, gold climbed higher as investors moved out of global stocks after Trump said over the weekend that European nations opposing his bid to acquire Greenland could face tariffs of up to 25 percent.
The nations targeted included France, Germany, the UK, Denmark, Norway, Sweden, the Netherlands and Finland. The news prompted fears of a full-blown US-Europe trade war, a weaker US dollar, higher inflation and a worsening outlook for the global economy. There were even concerns that the conflict over Greenland could seriously weaken or dismantle the NATO alliance. Gold is traditionally used as a hedge against such risks.
Greenland’s key geographic position in the Arctic has long been coveted by the US as a necessary strategic asset in its geopolitical struggle with Russia and China. “China and Russia want Greenland, and there is not a thing that Denmark can do about it,” Trump wrote on January 17 on his social media platform Truth Social. “Only the United States of America, under PRESIDENT DONALD J. TRUMP, can play in this game, and very successfully, at that!”
‘As soon as the probability of escalation increases, defensive capital tends to move preemptively, rather than waiting for tangible impacts to materialize in economic data. In this context, gold functions as a portfolio risk-balancing asset.’
European leaders responded with vows that they would not be blackmailed into allowing Trump to take Greenland, and said they were preparing counter measures to the president’s tariffs.
Perhaps the pressure worked, as Trump made a point of stating in his Wednesday (January 21) Davos speech: ‘I don’t have to use force. I don’t want to use force. I won’t use force.’
Silver is also attracting attention, pushing past the US$96 per ounce mark for the first time. Although it is valued as an investment metal, silver is key for technology such as solar panels.
Elsewhere in the precious metals space, platinum rose to record highs on Thursday, reaching US$2,612 per ounce. Palladium remains below its top price level, but is elevated above US$1,800 per ounce.
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
After taking a bearish turn in late 2024, manganese prices started 2025 on a flat note despite a robust demand outlook supported by growth in the electric vehicle (EV) battery segment.
In the first half of 2025, the manganese market experienced mixed signals as supply dynamics shifted and demand from the steelmaking sector remained uneven. Early in the year, logistical disruptions and tight inventories in China briefly supported manganese ore prices — China’s port stocks fell to multi-year lows in March, drawing down to roughly 3.7 million metric tons due to by logistical bottlenecks and steady consumption by alloy makers and steel producers.
A rebound in sales in early spring pushed ore prices to a 2025 high of US$4.48 per metric ton.
However, by mid-year, the broader picture was one of ample supply and downward price pressure.
Manganese ore production climbed to around 10.1 million metric tons in H1, buoyed by strong export volumes from South Africa and Gabon and the resumption of Australian shipments that had been disrupted in 2024.
At the same time, global steel output weakened, particularly in China, where production declined about 3 percent year-on-year amid slowing domestic demand, while India and North America posted modest gains.
Demand for manganese alloys also softened, with sales volumes down modestly and margins compressed by rising feedstock costs, especially for alloy producers facing less favorable mixes.
By June 20, 2025, manganese’s H1 gains had eroded and ore prices fell to US$4.21.
Eramet (EPA:ERA,OTCPL:ERMAF), a major producer, said it expected supply of manganese ore to increase in the second half of 2025, partly as key producers such as Australia returned volumes to market after earlier disruptions.
‘Ore supply should increase in H2, driven by the full return to the market of the leading Australian producer, partly offset by a potential downward revision of South African exports,’ the company notes. Demand for manganese alloys was expected to weaken in line with seasonality and softer global steel production.
Analysts cautioned that production expansions from major manganese producers could exacerbate oversupply. “Production increases … can only lead to oversupply, leading to a reduction in price,” one industry executive said.
Protectionist measures in key markets, including new EU quotas on ferroalloys, added uncertainty by potentially disrupting traditional trade flows and affecting alloy pricing dynamics.
Beyond the steel sector, structural shifts in consumption patterns emerged.
Although steelmaking still accounts for the lion’s share of manganese demand, interest in battery-related uses, particularly high-purity manganese for lithium-ion and next-generation EV chemistries, continued to gain attention.
“Our expectations of ongoing strengthening battery-grade demand and production in China in Q4 have been tempered somewhat by ongoing challenges within the nickel cobalt manganese (NCM) market,” Rob Searle, battery raw materials analyst at Fastmarkets, wrote in a November battery metals market update.
“While we expect a level of demand ramp-up in Q4, in the wider context of geopolitical challenges and a challenging Chinese market, the manganese demand uptick in the short term could be somewhat tempered,’ he added.
During a June Supply Chain (SC) Insights webinar, experts noted that manganese-rich cathode chemistries are increasingly drawing attention as automakers seek to cut costs and reduce exposure to cobalt and nickel.
Andy Leyland, founder of SC Insights, pointed out “manganese-rich chemistry is really offering a good solution … in terms of costs,” highlighting the commodity’s role in emerging battery designs.
While high-nickel NCM batteries remain dominant, industry players are exploring manganese as a lower-cost, high-performance alternative in Europe and North America, where supply chains remain heavily reliant on imports, particularly from China. OEMs are under pressure to secure raw materials directly, with vertical integration and direct sourcing emerging as key strategies to manage price volatility and supply security.
John Mulcahy, supply chain specialist at SC Insights, emphasized that sourcing upstream allows companies to negotiate better terms and reduce exposure to market fluctuations, even amid low pricing environments.
Manganese-rich chemistries are expected to expand steadily, complementing existing NCM and lithium iron phosphate (LFP) batteries, rather than replacing them entirely.
As Leyland noted, these materials are “definitely very high up on the focus from the demand side,” signaling growing adoption in the global push for cost-effective, low-cobalt battery solutions.
In March, Firebird Metals (ASX:FRB,OTCPL:FRBMF) produced its first lithium manganese iron phosphate (LMFP) EV batteries, becoming the first Australian company to achieve the feat. The move could position Firebird as a low-cost manganese cathode player, and highlights growth in the LMFP battery production segment.
With the demand picture for manganese showing promise, analysts warn that export restrictions in Gabon could lead to a supply crunch before the decade is over. According to the US Geological Survey, 63 percent of US manganese imports come from Gabon. In June, the African nation announced plans to implement an export ban in January 2029.
Gabon’s renewed push to ban manganese ore exports from 2029 underscores Africa’s broader shift toward value addition, but it also risks tightening an already fragile global supply picture, a Project Blue market note reads.
As the world’s second largest exporter, Gabon shipped more than 7 million metric tons of high-grade ore in 2024, material that is critical to both ferroalloy production and emerging battery supply chains.
An export ban would hit Chinese buyers and European processors reliant on Gabonese feedstock, while adding pressure to the high-grade market at a time when Australia’s GEMCO mine is expected to wind down later this decade.
Although in-country processing — through ferroalloys or batteries — offers a path to capture more value locally, it would require significant investment and could shift, rather than eliminate, environmental and logistical costs.
For global markets, Gabon’s move signals rising resource nationalism in Africa and a potential structural squeeze on manganese supply heading into the next decade.
“However, without large-scale investments from China, a key battery producer, such ambitious plans of African governments risk remaining unrealised,” the Project Blue overview states.
“China has invested in Africa’s mineral industry (e.g. Ghana), securing access to the continent’s high-quality raw materials, while keeping production of high value-added products directly in China.”
In early 2025, Euro Manganese (TSXV:EMN,OTCPL:EUMNF) scored a major boost when its Chvaletice manganese project was designated a “strategic project” under the EU’s Critical Raw Materials Act.
The move underscores the EU’s push to secure local supply of critical battery materials and could tighten the manganese market by prioritizing European production in the continent’s energy transition.
For 2026, analysts expect the manganese market to remain broadly balanced, but with pressures and opportunities on both the supply and demand fronts. However, longer-term fundamentals point to steady growth.
Global market forecasts indicate the manganese industry could expand modestly in value and volume by 2035, driven by ongoing demand from steel and increasing uptake in battery and clean-energy applications.
Some reports project market size rising through the decades, with Asia-Pacific demand remaining dominant and new opportunities emerging in the electrification and high-purity material segments.
Steel demand will continue to be the principal driver in 2026, with India’s expanding production offering a potential buffer against slower growth in China and Europe. Battery applications may not yet move the pricing needle dramatically, but their structural importance is increasing as automakers and cathode developers look to diversify away from nickel and cobalt reliance, a trend that could support manganese demand in the medium term.
“Looking ahead to the coming weeks and months, it is likely we won’t see too much further upward pressure on prices. Asian markets are heading towards the seasonal lull in demand and manufacturing activity in February as the Lunar New Year holidays begin,” Searle said in a January Fastmarkets report.
“At the same time, there are concerns around what China’s EV demand outlook looks like in Q1 2026, with changes to subsidy schemes potentially leading to softening consumption of battery-grade manganese.”
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
One Bullion (TSXV:OBUL) is a Toronto-based gold exploration company advancing a district-scale portfolio of gold assets in Botswana. The company holds approximately 8,004 sq km across three greenstone belt–hosted projects: Vumba, Maitengwe, and Kraaipan. Botswana is recognized as one of Africa’s most attractive mining jurisdictions, offering political stability, a transparent regulatory framework, and well-established mining infrastructure.
The company is focused on systematic, data-driven exploration. One Bullion has compiled extensive historical datasets, conducted modern geophysical surveys, and carried out substantial drilling—particularly at Vumba, where results have confirmed a continuous, structurally controlled gold system. The company plans to further advance its projects through targeted drilling and technical derisking, before exploring strategic partnerships or joint ventures with larger mining companies.
The company is led by CEO and President Adam Berk, supported by a management team and board with deep expertise in exploration, mine development, capital markets, and public company governance. The company prioritizes capital discipline and lean operations, directing the majority of funds raised into the ground to deliver results-oriented catalysts for shareholders.
This One Bullion profile is part of a paid investor education campaign.*
Click here to connect with One Bullion (TSXV:OBUL) to receive an Investor Presentation
Cyprium Metals (CYM:AU) has announced Capital Raise Presentation
Download the PDF here.
Aura Energy Limited (ASX: AEE, AIM: AURA) (“Aura” or “the Company”) is pleased to announce that MMCAP International Inc. SPC (‘MMCAP’) and certain other strategic investors (together the ‘Strategic Investors’) will provide funding of C$10 million for a 19.7% interest in the Company’s polymetallic Häggån project (‘the Häggån Project’) located in Sweden, establishing its value at C$50 million.
Aura has entered into a binding agreement to transfer 100% of the Häggån Project to SIU Metals Corp. (‘SIU Metals‘), an unlisted Canadian public company, in consideration for acquiring shares in SIU Metals. The agreement will result in SIU Metals being the 100% owner of the Häggån Project.
Aura will retain 78.7% ownership of SIU Metals and the Strategic Investors will own 19.7% after contributing C$10 million via a private placement. SIU Metals intends to seek a stock market listing on the TSX Venture Exchange (‘TSXV’) in connection with the transaction.
HIGHLIGHTS
“We are delighted to welcome investors of the calibre of MMCAP, Aura’s largest shareholder, and other high-quality investors into this new vehicle for Aura’s Häggån project, and the future support they can bring. We believe their investment is a demonstration of the quality and potential of the project, and its exciting future as, following legislation changes brought into effect on 1 January 2026, mining of uranium is now allowed again in Sweden. This transaction shines a spotlight on the under-recognized value of Häggån within Aura Energy, and creates an independent and dedicated pathway for funding, growth and management of the project.
Upon successful completion of the transaction, Aura’s existing shareholders will continue to benefit from Häggån’s upside potential, and by way of a direct comparison with the valuation of other companies with similar deposits in the region.”
Click here for the full ASX Release
Cyprium Metals (CYM:AU) has announced A$41M Capital Raise via Placement & Entitlement Offer
Download the PDF here.
Apollo Silver Corp. (‘Apollo Silver’ or the ‘Company’) (TSX.V:APGO, OTCQB:APGOF, Frankfurt:6ZF0) is pleased to announce that it has closed the first tranche of its previously announced upsized non-brokered private placement (the ‘Offering’) and has issued an aggregate of 3,000,000 units (the ‘Units’) at a price of $5.00 per Unit for aggregate gross proceeds of $15,000,000.
As previously announced, Eric Sprott, one of Apollo Silver’s largest shareholders, participated in the first tranche and subscribed for 2,500,000 Units, for gross proceeds of $12,500,000. The first tranche also included participation from Apollo Silver insiders, including certain directors and officers of the Company.
Eric Sprott, through 2176423 Ontario Ltd., a corporation beneficially owned by him, acquired 2,500,000 Units pursuant to the first tranche of the Offering for total consideration of $12,500,000. Prior to the Offering, Mr. Sprott beneficially owned and controlled 3,688,889 Shares and 1,388,889 Warrants, representing approximately 6.5% of the outstanding Shares on a non-diluted basis and 8.7% of the outstanding Shares on a partially-diluted basis assuming exercise of such Warrants.
As a result of closing the first tranche of the Offering, Mr. Sprott now beneficially owns and controls 6,188,889 Shares and 3,888,889 Warrants, representing approximately 10.3% of the outstanding Shares on a non-diluted basis and 15.8% of the outstanding Shares on a partially-diluted basis assuming exercise of such Warrants. The securities are held for investment purposes.
Mr. Sprott has a long-term view of the investment and may acquire additional securities including on the open market or through private acquisitions or sell the securities including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.
A copy of the early warning report with respect to the foregoing will appear on Apollo Silver’s profile on SEDAR+ at www.sedarplus.ca and may also be obtained by calling Mr. Sprott’s office at (416) 945-3294 (2176423 Ontario Ltd., 7 King Street East, Suite 1106, Toronto Ontario M5C 3C5).
The first tranche of the Offering included participation by certain insiders of the Company for an aggregate of 471,000 Units totaling gross proceeds of $2,355,000. Such participation constitutes a ‘related party transaction’ under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (‘MI 61-101’). The issuance of securities to insiders is exempt from the valuation requirement pursuant to section 5.5(b) of MI 61-101, as the Company’s shares are not listed on a specified market, and from the minority shareholder approval requirement pursuant to section 5.7(a) of MI 61-101, as the fair market value of the securities issued to related parties does not exceed twenty five percent of the Company’s market capitalization.
A fund managed by Jupiter Asset Management has subscribed for Units under the Offering, which are expected to be issued in a subsequent and final tranche upon receipt of, and subject to, the completion of additional regulatory submissions and acceptance by the TSX Venture Exchange (‘TSXV’). The first tranche of the Offering remains subject to final approval of the TSXV.
‘The participation of a key shareholder and Apollo Silver insiders reflects strong alignment around the strategic value of primary silver assets in tightening silver markets,’ said Ross McElroy, President and CEO of Apollo Silver. ‘This financing further reinforces our positioning as a silver-focused company advancing large-scale assets in stable jurisdictions.’
Each Unit issued pursuant to the Offering consists of one common share (a ‘Share’) in the capital of the Company and one common Share purchase warrant (a ‘Warrant’). Each Warrant entitles the holder thereof to purchase one Share at an exercise price of $7.00 for a period of 24 months from the closing date of the Offering.
In connection with subscriptions received in the first tranche of the Offering, the Company paid aggregate finder’s fees totaling $312,500, consisting of 62,500 Units issued to Research Capital Corporation on the same terms as the Units issued under the Offering, except that the Warrants comprising such Units are non-transferable.
The securities issued under the first tranche of the Offering are subject to a four-month hold period from the date of closing. The Company intends to use the net proceeds from the Offering to continue advancing the Calico Silver Project in San Bernardino, California; support community relations initiatives at the Cinco de Mayo Silver Project in Chihuahua, Mexico; cover ongoing property maintenance costs at both projects; and for general corporate purposes. The Offering remains subject to the final acceptance of the TSXV.
The Shares 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 U.S. state securities laws, and may not be offered or sold in the United States without registration under the U.S. Securities Act and all applicable state securities laws or compliance with the requirements of an applicable exemption therefrom. 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 these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Apollo Silver Corp.
Apollo Silver is advancing one of the largest undeveloped primary silver projects in the US. The Calico project hosts a large, bulk minable silver deposit with significant barite and zinc credits – recognized as critical minerals essential to the US energy and medical sectors. The Company also holds an option on the Cinco de Mayo Project in Chihuahua, Mexico, which is host to a major carbonate replacement (CRD) deposit that is both high-grade and large tonnage. Led by an experienced and award-winning management team, Apollo Silver is well positioned to advance the assets and deliver value through exploration and development.
Please visit www.apollosilver.com for further information.
ON BEHALF OF THE BOARD OF DIRECTORS
Ross McElroy
President and CEO
For further information, please contact:
Email: info@apollosilver.com
Telephone: +1 (604) 428-6128
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.
Cautionary Statement Regarding ‘Forward-Looking’ Information
This news release includes ‘forward-looking statements’ and ‘forward-looking information’ within the meaning of Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are forward-looking statements including, without limitation, statements with respect to the expected timing and receipt of final approval of the first tranche of the Offering, the expected timing and receipt of final approval of the subsequent and final tranche of the Offering, and the intended use of proceeds from the Offering. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as ‘anticipate’, ‘believe’, ‘plan’, ‘estimate’, ‘expect’, ‘potential’, ‘target’, ‘budget’ and ‘intend’ and statements that an event or result ‘may’, ‘will’, ‘should’, ‘could’ or ‘might’ occur or be achieved and other similar expressions and includes the negatives thereof.
Forward-looking statements are based on the reasonable assumptions, estimates, analysis, and opinions of the management of the Company made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made. Forward-looking information is based on reasonable assumptions that have been made by the Company as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may have caused actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks associated with mineral exploration and development; metal and mineral prices; availability of capital; accuracy of the Company’s projections and estimates; realization of mineral resource estimates, interest and exchange rates; competition; stock price fluctuations; availability of drilling equipment and access; actual results of current exploration activities; government regulation; political or economic developments; environmental risks; insurance risks; capital expenditures; operating or technical difficulties in connection with development activities; personnel relations; and changes in Project parameters as plans continue to be refined. Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to the price of silver, gold and barite; the demand for silver, gold and barite; the ability to carry on exploration and development activities; the timely receipt of any required approvals; the ability to obtain qualified personnel, equipment and services in a timely and cost-efficient manner; the ability to operate in a safe, efficient and effective matter; and the regulatory framework regarding environmental matters, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information contained herein, except in accordance with applicable securities laws. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding the Company’s expected financial and operational performance and the Company’s plans and objectives and may not be appropriate for other purposes. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
News Provided by GlobeNewswire via QuoteMedia
Forge Resources Corp. (CSE: FRG) (OTCQB: FRGGF) (FSE: 5YZ) (‘Forge‘ or the ‘Company‘) is pleased to provide an operational update from its fully permitted flagship La Estrella coal project, located in Santander, Colombia. Underground development activities continue to advance steadily, supported by a fully deployed operational team and ongoing progress in the main underground ramp as the Company enters 2026.
During recent development of the underground project, the Company has re-encountered a coal seam at the development face of the underground ramp showing at 1.1 metres in width (Photo 1). The company first encountered this coal seam in July 2025, and these events were previously reported in News Releases dated July 24, 2025 and August 13, 2025. This exposure further confirms the continuity and geological potential of the La Estrella coal system. No additional assays are planned at this stage, as the seam encountered corresponds to previously identified and characterized coal horizons for which laboratory analysis has already been completed.
Photo 1. Coal seam exposed at the development face of the underground ramp
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8680/280917_6214fd4584c2d8cc_001full.jpg
In parallel with ongoing development, Forge has started implementing additional enhancement measures in collaboration with Grupo A and Webber Mining & Tunneling to further support safety and long-term performance of the underground ramp. These initiatives involve the use of resin injection and self-drilling bolts to strengthen and reinforce the main access tunnel, which represents a key piece of infrastructure and the primary gateway to the underground workings over the life of the project (Photo 2). This approach reflects the Company’s focus on building durable, high-quality underground infrastructure designed to support safe operations and sustained project development over the long term. This technique complements the primary support system of the underground ramp, which consists of TH25 and TH29 steel arches, timber lagging, and electro-welded mesh, further enhancing overall structural integrity and long-term performance.
Photo 2. Resin injection at the underground development face
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8680/280917_6214fd4584c2d8cc_002full.jpg
PJ Murphy, CEO of Forge Resources Corp., commented: ‘Underground development at La Estrella continues to progress steadily, and the re-encounter of a coal seam at the underground ramp face further strengthens our confidence in the coal deposit and the continuity of the coal system at the project. As we advance, we are proactively enhancing the main access tunnel to support safety, durability, and long-term performance. The underground ramp is a critical asset over the life of the project, and our focus remains on building high-quality underground infrastructure that supports sustained development and responsible operations.’
Coal Market Surge Aligned with Strategic Positioning of La Estrella
Driven by increased demand, coal prices have experienced a notable resurgence as we enter 2026.The domestic consumption in the United States has spiked by 7-8% over the past year, to record levels. At the same time, China is commissioning dozens of new coal-fired plants to ensure energy security amidst surging industrial electricity needs, while India’s continuous infrastructure expansion keeps global coal demand at record-breaking levels near 8.8 billion tonnes. The price increases are due to these factors combined with tight inventories and robust power-sector demand.
Global coal markets have demonstrated continued resilience, supported by steady demand for both metallurgical and thermal coal. Metallurgical coal prices have shown improvement in recent months, reflecting ongoing steel production, infrastructure investment, and disciplined supply in key producing regions. This has reinforced confidence in the medium-term fundamentals of the metallurgical coal market.
Thermal coal prices have also remained stable, with signs of gradual improvement in several markets driven by energy security considerations, seasonal demand, and the ongoing role of coal in ensuring reliable baseload power. While regional dynamics vary, thermal coal continues to play an important role in global energy systems, particularly in emerging and industrial economies.
Overall, these market conditions support sustained interest in high-quality coal projects with existing permits, established infrastructure, and development momentum. Projects such as La Estrella, which benefit from multiple metallurgical and thermal coal seams and near-term operational progress, remain well positioned within the current coal market environment.
Metallurgical and thermal coal futures have currently a blended FOB price per metric tonne of USD $177 (CAD $246 / metric tonne), with metallurgical coal prices surging from September 2025 and thermal coal being steadier at USD $120 / metric tonne to USD $95 / metric tonne.
Figure 1. Metallurgical coal price (USD), per metric tonne- Source: https://tradingeconomics.com/
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8680/280917_6214fd4584c2d8cc_003full.jpg
Figure 2. Blended average price (USD), per metric tonne (metallurgical and thermal coal) – Source: https://tradingeconomics.com/
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8680/280917_6214fd4584c2d8cc_004full.jpg
About Forge Resources Corp.
Forge Resources Corp. is a Canadian-listed junior exploration company. The Company holds an 80% in Aion Mining Corp., a company that is developing the fully permitted La Estrella coal project in Santander, Colombia. La Estrella contains eight known seams of metallurgical and thermal coal. The Company also holds an option on the Alotta project, a prospective porphyry copper-gold-molybdenum project consisting of 230 mineral claims that cover 4,723 hectares, located 50 km south-east of the Casino porphyry deposit in the unglaciated portion of the Dawson Range porphyry/epithermal belt in the Yukon Territory of Canada.
On behalf of the Board of Directors
‘PJ Murphy’, CEO Forge Resources Corp.
info@forgeresources.com
Forward Looking Statements
Certain of the statements made and information contained herein may contain forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking information includes, but is not limited to, information concerning the Aion Acquisition. Forward-looking information is based on the views, opinions, intentions and estimates of management at the date the information is made, and is based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated or projected in the forward-looking information (including the actions of other parties who have agreed to do certain things and the approval of certain regulatory bodies). Many of these assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. In particular, there can be no assurance that the Proposed Transaction will be completed as described or at all. The Company undertakes no obligation to update forward-looking information if circumstances or management’s estimates or opinions should change except as required by applicable securities laws, or to comment on analyses, expectations or statements made by third parties in respect of the Company, its financial or operating results or its securities. The reader is cautioned not to place undue reliance on forward-looking information. We seek safe harbor.
Bitcoin is prone to price volatility, with wide swings to the upside and downside, making it difficult for investors to know when is the right time to buy the top crypto.
An emerging industry-friendly US regulatory environment, US Federal Reserve interest rate decisions, and rising institutional demand helped the Bitcoin price to soar to new heights in 2025, as investors and other industry insiders speculate on how the Trump administration’s policies could further grow the sector and encourage mainstream adoption.
Trump ran on a platform that promised to make the US the Bitcoin capital of the world, vowing to establish a national reserve for the asset, and several states have already introduced legislation to create similar reserves within their borders.
The promise of a lower interest rate environment with changing Fed monetary policy has also fueled demand for non-interest-bearing assets like Bitcoin.
The price of Bitcoin pulled back to under US$100,000 in February 2025 and fell as low as US$75,000 by April 9, marking a strong buying opportunity for crypto investors. Bitcoin rebounded in May, breaking past the US$100,000 level and surging further over the summer to more than US$120,000 per BTC. That upward momentum stayed in play through October 6 when Bitcoin set a new all-time high price of US$126,198.07 per BTC.
However, the price of the cryptocurrency declined steadily through the rest of October and November on a pervading risk-off sentiment deepening in the market alongside rising expectations of interest rate hikes on the part of central banks such as Japan.
Despite the inherent volatility in the market, institutions and retail investors have continued to buy Bitcoin by the millions, and spot Bitcoin exchange-traded funds (ETFs) remain popular.
Yet there were bearish signals hitting the wires in late 2025 that might impact how Bitcoin performs in the year ahead.
For example, index provider MSCI was considering delisting companies whose business model is to buy and hold crypto due to their similarity to investment funds, which are typically not included in its indexes.
According to Reuters, Michael Saylor’s Strategy (NASDAQ:MSTR), a big buyer of digital coin and a significant influencer in the sector, was in discussions with MSCI over the latter company possibly removing Strategy from major stock indexes. JPMorgan Chase (NYSE:JPM) said if other index providers take the same tack, this could pull US$8.8 billion out of the crypto market.
While MSCI announced it was delaying the plan in January, the index company noted it wouldn’t include newly issued shares of such companies and was reviewing its options.
As you can see, buying Bitcoin isn’t a simple decision. Read on to learn the basics of Bitcoin fundamentals, price forecasts and methods for determining if now’s the right time to buy Bitcoin, including several popular technical trading indicators you should know.
Before you decide if Bitcoin is a good investment for you, you need to understand Bitcoin and the wider crypto market.
Bitcoin was the world’s first cryptocurrency, created in January 2009 by the mysterious Satoshi Nakamoto.
Conceived as a virtual alternative to fiat currency, Bitcoin is built atop blockchain technology, which it uses for both validation and security. Blockchain itself is a distributed digital ledger of transactions, operating through a combination of private keys, public keys and network consensus.
The best analogy to explain how this works in practice involves Google Docs. Imagine a document that’s shared with a group of collaborators. Everyone has access to the same document, and each collaborator can see the edits other collaborators have made. If anyone makes an edit that the other collaborators don’t approve of, they can roll it back.
Going back to Bitcoin, the virtual currency primarily validates transactions through proof of work. Also known as Bitcoin mining, this competitive and incredibly resource-intensive process is the means by which new Bitcoins are generated.
How it works is deceptively simple. Each Bitcoin transaction adds a new ‘block’ to the ledger, identified by a 64-digit encrypted hexadecimal number known as a hash. Each block uses the block immediately preceding it to generate its hash, creating a ledger that theoretically cannot be tampered with. Bitcoin miners collectively attempt to guess the encrypted hex code for each new block — whoever correctly identifies the hash then validates the transaction and receives a small amount of Bitcoins as a reward.
From an investment perspective, Bitcoin toes the line between being a medium of exchange and a speculative digital asset. It also lacks any central governing body to regulate its distribution. As one might expect, these factors together make Bitcoin quite volatile, and therefore somewhat risky as an investment target.
As for the source of this volatility, Bitcoin’s value is primarily influenced by five factors.
It’s widely known that no more than 21 million Bitcoins can be produced, and that’s unlikely to happen before 2140.
Only a certain number of Bitcoins are released each year, and this rate is reduced every four years by halving the reward for Bitcoin mining. The last of these ‘halvings’ occurred in April 2024 and the next one is due sometime in 2028. When it happens, there may be a significant increase in Bitcoin demand, largely driven by media coverage and investor interest.
Bitcoin demand is also strengthening in countries experiencing currency devaluation and high inflation.
It would be remiss not to mention that Bitcoin represents an ideal mechanism for supporting illicit activities — meaning that increasing cybercrime could itself be a demand driver.
It’s said that Bitcoin benefits from minimal production costs. This isn’t exactly true, however. Solving even a single hash requires immense processing power, and it’s believed that crypto mining collectively uses more electricity than some small countries. It’s also believed that miners were largely responsible for the chip shortage experienced throughout the pandemic due to buying and burning out vast quantities of graphics cards.
These costs together have only a minimal influence on Bitcoin’s overall value. The complexity of Bitcoin’s hashing algorithms and the fact that they can vary wildly in complexity are far more impactful.
Bitcoin’s cryptocurrency market share has sharply declined over the years. In 2017, it maintained a market share of over 80 percent. Bitcoin’s current market share is just under 59 percent.
Despite that fall, Bitcoin remains the dominant force in the cryptocurrency market and is the marker by which many other cryptocurrencies determine their value. However, there is no guarantee that this will always remain the case. There are now scores of Bitcoin alternatives, known collectively as altcoins, which you can learn more about here.
The most significant alternative to Bitcoin is Ethereum. Currently accounting for roughly 12 percent of the crypto market, Ethereum has long maintained its position as the second largest cryptocurrency. Some experts have suggested that Ethereum may even overtake Bitcoin, but others don’t see that as a possibility in the near future.
Bitcoin may itself be unregulated, but it is not immune to the effects of government legislation. For instance, China’s 2021 ban of the cryptocurrency caused a sharp price drop, though it quickly rallied in the following months. The European Union has also attempted to ban Bitcoin in the past, and Nic Carter, a partner at Castle Venture, accused the US of trying to do the same in February 2023.
There has been plenty of discussion surrounding the role of the US Securities and Exchange Commission (SEC) in regulating Bitcoin and other crypto as investment assets. The US made progress in establishing crypto legislation in 2024 when the House passed the Financial Innovation and Technology for the 21st Century (FIT21) Act in a bipartisan 279 to 136 vote on May 22 of last year.
While that act has yet to make further progress, the new Trump administration has already loosened some crypto regulation with regards to crypto reporting for banks and decentralized finance businesses.
In April 2025, the SEC approved rule changes allowing Ether ETF options, and also updated its guidance on crypto company disclosures.
Around the same time, President Trump signed a resolution repealing the Internal Revenue Services’ (IRS) controversial DeFi broker rule. Enacted at the end of the Biden Administration, the rule expanded the definition of “broker” to include decentralized finance, or DeFi, platforms. The reversal passed both chambers of Congress with bipartisan support.
In July, Trump signed the GENIUS Act into law, which establishes a regulatory framework for payment in stablecoins. Secretary of the Treasury Scott Bessent has stated that the law paves the way for a potential stablecoin market worth US$3.7 trillion by 2030.
As with many growth markets, it’s two steps forward, one step back, and cryptocurrency is no exception. In early December, the SEC halted the approval process of a number of ETFs over concerns they exceed the regulatory limits on allowable leverage and pose too great a risk to investors. This effectively blocked the rollout of new ETF products from nine issuers, including Direxion, ProShares and Tidal.
As with any speculative commodity, Bitcoin is greatly influenced by the court of public opinion.
Perhaps the best example of this occurred in 2021. At that time, a tweet from Tesla’s (NASDAQ:TSLA) Elon Musk caused Bitcoin’s price to drop by 30 percent in a single day. This also wiped about US$365 billion off the cryptocurrency market.
Another example occurred on January 9, 2024, leading up to the deadline for eight spot Bitcoin ETFs by the US Securities and Exchange Commission (SEC). In a since-deleted post on X, formerly known as Twitter, a hacker falsely stated that the SEC had approved all eight pending Bitcoin ETFs. This caused the price of Bitcoin to spike to US$48,000, but it quickly dropped back down to around US$46,000 after the SEC confirmed it was a hack, leading some analysts to consider it a ‘sell-the-news’ event.
The current US administration is crypto friendly, and Bitcoin and altcoins saw support in 2025. Could they go even higher, or should you wait for a dip to buy? Bitcoin is notoriously volatile, which can make it difficult to judge where the crypto is going next, but there are several strategies to help investors decide when to invest.
To determine if it is a good time to invest in Bitcoin, investors should pay attention to the market and listen to the experts, as generally speaking, Bitcoin’s price action is sentiment-driven. To keep on top of big news in the sector, follow our frequent Crypto Market Updates, which drop several times a week.
There are also different technical indicators that crypto traders use to help them decide if now is the time to buy or sell Bitcoin. We run through some popular indicators below.
For example, the Relative Strength Index (RSI) is a technical indicator used to gauge the momentum of a cryptocurrency’s price. It fluctuates on a scale from 0 to 100. By analyzing the magnitude of recent price changes relative to the previous 12-month period, the RSI helps traders identify whether a cryptocurrency is potentially overbought or oversold. An RSI above 70 often signals an overbought market, while an RSI below 30 suggests an oversold market.
Another metric to consider is the MVRV Z-score, calculated by subtracting the ‘realized’ value of Bitcoin, which is an average of the prices at which each Bitcoin was last moved, from the current market value. This is then divided by the standard deviation of the Bitcoin market cap.
This indicator helps identify when market value deviates strongly from realized value, which could show the market is at a turning point. A score above 7 likely indicates that Bitcoin is overvalued, meaning it could be due for a correction, while a score below 0 suggests that Bitcoin is undervalued, meaning it could be a good buying opportunity.
Finally, to gauge the overall market sentiment, investors can look at the Fear & Greed Index. This index provides a snapshot of how optimistic or fearful the market is about Bitcoin, with high readings potentially signaling overenthusiasm and a possible correction.
While it’s useful to learn these technical indicators to help you trade, it is important to remember that there’s no such thing as a guaranteed investment, especially when it comes to cryptocurrencies. On the one hand, there’s virtually no chance that Bitcoin will experience a crash to zero. On the other hand, we also cannot take for granted that its value will continue to climb.
For those considering Bitcoin as a long-term investment, it’s worth considering experts’ thoughts on Bitcoin in the future.
JP Morgan forecasted in November that Bitcoin will reach US$170,000 in the next six to 12 months. The estimate is based on the bank’s volatility-adjusted model comparing Bitcoin to gold.
With a focus on long-term growth rather than short-term volatility, in December Ripple CEO Brad Garlinghouse predicted Bitcoin will reach US$180,000 by the end of 2026.
Not everyone is so optimistic about Bitcoin’s prospects. Top economist Henrik Zeberg has expressed concerns about Bitcoin’s future in the context of continued economic uncertainty, as its price remains highly linked with the performance of the tech-stock heavy NASDAQ.
Billionaire investor Warren Buffet, meanwhile, has not minced words regarding his opinion on Bitcoin and its future. According to Buffet, Bitcoin is an unproductive asset with no unique value. He also feels that it doesn’t count as a true currency — in fact, he called it “rat poison.” Moreover, he believes that the crypto market as a whole will end badly.
Regardless of whether you believe Bitcoin’s proponents or naysayers, it’s clear that it has some incredibly prominent backers in both the investment world and the wider business landscape.
Business analytics platform Strategy (NASDAQ:MSTR) is by far the largest public company in the Bitcoin space, with 709,715 Bitcoin to its name as of January 21, 2026. The next two public companies with the largest Bitcoin holdings are Marathon Digital Holdings (NASDAQ:MARA) with 52,850 Bitcoin, and Twenty One Capital (NASDAQ:XXI) with 37,229.7 Bitcoin.
The US, China and the United Kingdom hold the top three spots for countries with the most Bitcoin holdings, with 198,012, 194,000 and 61,245 Bitcoin respectively at that time.
There are also plenty of individuals with large holdings, the most significant of which is believed to be Bitcoin’s creator, Satoshi Nakamoto. Other prominent names include Michael Saylor, Cameron and Tyler Winklevoss, and Tim Draper.
To help increase the odds of crypto being a good investment, investors in the Bitcoin market should learn the basics of safely investing in Bitcoin.
The good news is that investing in Bitcoin is actually quite simple. If you’re purchasing through a stockbroker, it’s a similar process to buying shares of a company. Otherwise, you may need to gather your personal information and bank account details. It’s recommended to secure your network with a VPN prior to performing any Bitcoin transactions.
The first step in purchasing Bitcoin is to join an exchange. Coinbase Global (NASDAQ:COIN) is one of the most popular, but there’s also Kraken and Bybit. If you’re an advanced trader outside the US, you might consider Bitfinex.
Once you’ve chosen an exchange, you’ll need a crypto wallet. Many first-time investors choose a software-based or ‘hot’ wallet either maintained by their chosen crypto exchange or operated by a service provider. While simpler to set up and more convenient overall, hot wallets tend to be less secure as they can be compromised by data breaches.
Another option is a ‘cold’ wallet — a specialized piece of hardware specifically designed to store cryptocurrency. It’s basically a purpose-built flash drive. If you plan to invest large amounts in crypto, a cold wallet is the better option.
Once you’ve acquired and configured your wallet, you may choose to connect either the wallet or your crypto exchange account to your bank account. This is not strictly necessary, and some seasoned investors don’t bother to do this.
Finally, with your wallet fully configured and your exchange account set up, it’s time to place your order.
The most important thing to remember about Bitcoin is that it is a high-risk asset. Treat Bitcoin as a means of slowly growing your existing wealth rather than an all-or-nothing gamble, and never invest money that you aren’t willing to lose.
As with other investments, it’s important to hedge your portfolio. Alongside Bitcoin, you may want to consider investing in other cryptocurrencies like Ethereum, or perhaps an altcoin. You may also want to explore other blockchain-based investments, given that even the most stable cryptocurrencies tend to be fairly volatile.
It’s also key to ignore the hype surrounding cryptocurrencies. Recall how many people whipped themselves into a frenzy over non-fungible tokens in 2022. The majority of NFTs created during that time are now worthless.
Make decisions based on your own market research and advice from trusted — and more importantly, certified — professionals. If you’re putting up investment capital based on an influencer’s tweets, you are playing with fire.
You should also start small. A good rule of thumb is not to dedicate more than 10 percent of your overall capital to cryptocurrency. Even that number could be high — again, it’s all about moderation.
Make sure to prioritize cybersecurity as well. Cryptocurrencies are an immensely popular target for cybercriminals. In addition to maintaining a cold wallet, make sure you practice proper security hygiene. That means using a VPN and a password manager while also exercising mindfulness in how you browse the web and what you download.
Finally, make an effort to understand what cryptocurrencies are and how they work. One of the reasons Sam Bankman-Fried was able to run FTX as long as he did was because many of his investors didn’t fully understand what they were putting their money into. Don’t let yourself be fooled by buzzwords or lofty promises about Web3 and the metaverse.
Do your research into the technology behind it all. That way, you’ll be far better equipped to recognize when something is a sound investment versus a bottomless money pit.
Given Bitcoin’s volatility, it’s understandable that you might be leery of making a direct investment. The good news is that you don’t have to. You can indirectly invest into the crypto space through mutual funds, stocks and ETFs.
ETFs are a popular and flexible portfolio choice that allows investors to benefit from a sector’s performance without the need to directly own individual stocks or assets. They are an especially appealing option in the cryptocurrency market as the technical aspects of purchasing and holding these coins can be confusing and intimidating for the less technologically inclined.
Bitcoin futures ETFs provide exposure to the cryptocurrency’s price moves using Bitcoin futures contracts, which stipulate that two parties will exchange a specific amount of Bitcoins for a particular price on a predetermined date.
Conversely, spot Bitcoin ETFs aim to track the price of Bitcoin, and they do so by holding the asset. Spot Bitcoin ETFs have been offered to Canadians since 2021, and there are now 13 Canadian cryptocurrency ETFs you can buy. Spot Bitcoin ETFs began trading in the US on January 11, 2024. For investors interested in blockchain technology, there are also several blockchain ETFs.
Do a bit of research and touch base with your stockbroker or financial advisor before you go in this direction.
Bitcoin is a fascinating asset. Simultaneously a transactional tool and a speculative commodity, it’s attracted the attention of investors almost since it first hit the market. Unfortunately, it’s also incredibly volatile.
For that reason, while current market conditions are favorable for anyone considering buying Bitcoin, it is an asset you should purchase only at your own risk. Because while Bitcoin may have the potential for significant returns, you may also lose most of your investment. If that knowledge doesn’t bother you, then by all means, purchase away.
Otherwise, there are better — less volatile — options for your capital.
ARK Invest CEO Cathie Wood is extremely bullish on Bitcoin, telling Bloomberg in February 2023 that her firm believes the cryptocurrency could reach a value of US$1 million by 2030. In July 2025, Wood hiked her 2030 bitcoin price prediction with a bull case high of US$3.8 million. In the 2026 Big Ideas report issued in January, she predicted a US$16 trillion market cap for Bitcoin by 2030, implying a price of about US$761,900, the Block reports.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.