Overview

Explore the unparalleled potential of Freegold Ventures (TSX:FVL,OTCQX:FGOVF), an exceptional exploration company with its flagship asset situated in the renowned Tintina gold belt. Golden Summit, located just a 30-minute drive from Fairbanks, now hosts what is believed to be one of the largest undeveloped gold resources in North America.

In February 2024, Freegold further solidified its land position by completing the acquisition of the Tolovana gold property, which formed part of the Golden Summit project. , which was previously subject to a 20-year lease.

Alaska’s exploration potential is second to none in North America. The state is already a significant gold producer, second only to Nevada in the United States. Today, metals contribute to more than 90 percent of the value of minerals mined in Alaska, which has a long and prosperous mining history with significant underexplored mineral resources. Several notable companies with producing mines in Alaska include Kinross Gold (TSE:K), Northern Star Resources (ASX:NST), Hecla Mining (NYSE:HL), Coeur Mining (NYSE:CDE), and Teck Resources (NYSE:TECK).

Between 2020 and 2022, Freegold completed over 83,000 meters of drilling, resulting in a significant increase in its mineral resource estimate following a period of dormancy since its last major drilling program in 2013. An additional 26,000 metres were drilled in 2023 primarily on the western side of the Dolphin deposit.

Following completion of the 2024 drill program and the release of the updated July 2025 mineral resource estimate, the company is now executing its 2025 drill program, which includes infill drilling to convert inferred resources to indicated, expansion drilling to define the limits of the mineralized system, and the advancement of geotechnical, environmental, and metallurgical work required for a planned pre-feasibility study (PFS). Drilling is ongoing with five rigs active on site, and results from the 2025 program will support a further resource update to feed into the PFS.

The current resource is limited to the Dolphin-Cleary Area, the only area of the project with a delineated resource. However, the deposit is still open, particularly towards the west and southwest. Ongoing work continues to evaluate additional highly prospective areas within the broader property, reinforcing the robust long-term potential of this gold-rich district.

A highly experienced management team leads the company with decades of experience in mineral exploration and development. It is supported by a board with rich geological, production and financial expertise. Freegold’s team has demonstrated knowledge in developing resources and a history of attracting major partners, including prolific investor Eric Sprott.

Company Highlights

• Freegold Ventures’ (TSX: FVL,OTC:FGOVF) (OTCQX: FGOVF) Golden Summit is a gold project located in the prolific Tintina gold province, 30 minutes away from the city of Fairbanks in Alaska.
  • The 2024 drill program has significantly increased the mineral resource. The July 2025 updated mineral resource estimate shows an indicated primary resource of 17.2 million ounces at 1.24 g/t gold and an inferred primary resource of 11.9 million ounces at 1.04 g/t gold (0.50 g/t cut-off), making the Golden Summit project one of North America’s largest undeveloped gold resources.
  • Several significant exploration targets remain to be tested.
• The project is located approximately 8 kilometers northwest of Kinross’s Fort Knox mine, which has produced more than 8 million ounces of gold to date.
• Most recently, Freegold Ventures has completed the acquisition of the Tolovana gold property in Alaska for US$655,260.

Key Project: Golden Summit

An initial resource was completed at Golden Summit in 2011 based on historical work undertaken on the project, and between 2011 and 2013, several mineral resource updates were completed.The company released a preliminary economic assessment (PEA) in 2016, which at $1,300 per ounce gold price resulted in a pit constrained indicated resource of 61.46 million tonnes, containing 1.36 million ounces at 0.69 grams per ton (g/t) gold, and inferred resources of 71.50 million tonnes, containing 1.58 million ounces of 0.69 g/t gold.

Freegold’s innovative approach in 2019 led to a resource size increase and elevated deposit grade. With backing from gold investor Eric Sprott, the company raised $2 million, resulting in a remarkable 188 meters at 3.69 g/t gold in May 2020. This success led to further funding, amassing over C$40 million by September 2020. This permitted an intense drilling program, resulting in a resource update in February 2023, with over 83,000 meters of drilling completed.

Drilling from 2020 through 2024 significantly improved both the size and grade of the Golden Summit resource. In July 2025, Freegold announced a major updated mineral resource estimate, outlining 17.2 million ounces of indicated resources at 1.24 g/t gold and 11.9 million ounces of inferred resources at 1.04 g/t gold, using a 0.50 g/t cut-off. This represents substantial increases in tonnage, grade, and confidence in the deposit.

The 2025 drill program is a critical step toward project advancement, with five drill rigs currently active on site. The program includes extensive infill drilling to convert inferred resources into indicated, the continued definition of mineralization limits within the Dolphin-Cleary area, further exploration drilling, and essential geotechnical work. As of October 2025, 37 drill holes totaling approximately 24,000 meters have been completed, with additional holes underway and assays pending.

Alongside drilling, metallurgical, environmental and baseline data collection form an important part of the 2025 program. Work includes groundwater monitoring installations, surface water sampling, habitat and wildlife surveys, wetland mapping, paleontological and cultural resource assessments for SHPO review, and the collection of additional samples for comprehensive metallurgical test work.

These activities will directly support the planned PFS, which is set to begin following integration of the 2025 drill results into a revised mineral resource estimate.

Golden Summit’s combination of significant scale, improving grades, strong metallurgical performance, and proximity to infrastructure continues to position it as one of the most compelling undeveloped gold projects in North America.

Optionality: Another Plus

Despite boasting a significant size, Golden Summit has what is termed “optionality.” In simple terms, increasing the cut-off grade leads to an increase in the overall grade. Historically, the resource base case used a 0.45 g/t gold cut-off, and even at higher cut-offs the deposit retained exceptional scale. The July 2025 updated mineral resource estimate continues to demonstrate this strong grade flexibility, with higher-grade domains contributing meaningfully to overall resource growth.

Systematic exploration and ongoing geological mapping continue to identify additional prospective areas across the property. Historical high-grade producers within the district, such as the Cleary Hill Mine, which produced 281,000 ounces at an average grade of 1.3 oz/t, highlight the potential for both high-grade and bulk-tonnage mineralization styles across Golden Summit. The American Eagle area, located four kilometers east of the Dolphin-Cleary zone, and areas to the west toward the past-producing Newsboy Mine remain prospective and continue to be evaluated through continued geological work, sampling, and future drilling.

As the project advances toward a planned Pre-Feasibility Study, the combination of strong grade sensitivity, multiple potential development pathways, and continuing expansion potential reinforces Golden Summit’s attractiveness as one of the most compelling undeveloped gold projects in North America.

Management Team

David Knight – Director, Chairman

David Knight was a securities and mining lawyer primarily and was a senior partner with Weirfoulds LLP based in Toronto. His practice advised clients on securities, including public and private financing, mergers and acquisitions, corporate governance, and regulatory compliance.

Knight also represented mining clients on property acquisition and development, including option and joint venture agreements. Knight also has extensive experience in flow-through financing. He has been ranked among the Best Lawyers in Canada, from 2011-2021. Natural Resources Law, as a recommended lawyer in mining law. Knight was also seconded to the Ontario Securities Commission from 1983 to 1984.

Kristina Walcott – President, Chief Executive Officer and Director

Kristina Walcott has worked in various capacities in the mining and mineral exploration industry for the past 20 years. She has been president and CEO of Freegold Ventures since September 2009 and a director since July 2010. Walcott has held multiple administrative and field positions. In addition, she was actively involved in the geophysical contracting industry where she assisted in remote-site field geophysical surveys for major and junior mining firms. Before she was appointed president and CEO, Walcott was the company’s vice-president of business development between March 2005 and September 2009. As the vice-president of business development, she was responsible for identifying and acquiring new business opportunities in the mining sector.

Alvin Jackson – Director and VP of Exploration and Development

Alvin Jackson has been a director of Freegold Ventures since March 2010 and the vice president of exploration and development since February 2011. Jackson was instrumental in the development of EuroZinc Mining Corporation. EuroZinc Mining acquired the Aljustrel zinc-lead project and the Neves-Corvo copper mine in southern Portugal. As a result of those acquisitions, EuroZinc Mining Corporation grew to a market capitalization of over $1.8 billion before merging with Lundin Mining in 2006. Jackson has over 40 years of experience in mineral exploration and mine development. Jackson was directly involved in the exploration and development of two significant gold deposits and one porphyry copper deposit –– all of which subsequently became producers.

Ron Ewing – Director

Ron Ewing has 30 years of experience in the mining and mineral exploration and operational industry as a director and officer of several public companies. As an officer, he served in various finance and corporate affairs functions. Ewing was the director and officer of Gold-Ore Resources until Elgin Mining acquired it. Ewing was also the executive vice-president of Euro-Zinc Mining, the vice-president of Lundin Mining, and Oro Mining’s director.

Garnet Dawson – Director

Garnet Dawson is currently a director at GoldMining Inc. He is a registered professional geologist with 30 years of domestic and international exploration experience. He was the former vice-president of exploration of EuroZinc Mining before it merged with Lundin Mining in 2006. Before joining EuroZinc, he consulted internationally and held several positions with Battle Mountain Canada, the British Columbia Geological Survey, and Esso Minerals Canada. He has a Bachelor of Science in geology from the University of Manitoba and a Master of Science in economic geology from the University of British Columbia.

Glen Dickson – Director

Glen Dickson has over 40 years of exploration and mining and operational experience in several different countries. During the past 30 years, he focused on gold exploration in a wide variety of depositional environments. He served as the president, chief executive officer, and director of Cumberland Resources Limited. With Cumberland, Dickson was directly responsible for the identification and advancement of two gold mining districts in Nunavut. Today combined annual production from the two districts totals 750,000 ounces of gold, historic productions totals 4.5 ounces and current reserves total 6 million ounces. The company was acquired by Agnico Eagle Mines. He served as chairman of the board and chief executive officer of Gold-Ore Resources. During this time Gold-Ore acquired and restarted a gold mine in Northern Sweden. Currently, the mine produces ~45,000 ounces per annum. Gold-Ore was acquired by ElginMining. Dickson served as a director on several other companies including Atna Resources, BrazilianGold Corporation and Venerable Ventures. Dickson is currently president and CEO of Meliadine Gold, a private resource company with mineral holdings in Nunavut.

Reagan Glazier – Director

Reagan Glazier received a Bachelor of Science in Geology from the University of Calgary in 2014. He has been active in the mineral exploration industry in BC for the past 10+ years and is currently the President and CEO of Pacific Bay Minerals.

Maurice Tagami – Director

Maurice Tagami served as the vice-president of mining operations and later as technical ambassador for Wheaton Precious Metals from July 2012 to November 2022. He is a metallurgical engineer from the University of British Columbia with over 40 years of experience in mining and mineral processing. He was responsible for maintaining partnerships with over 20 operating mines and 13 development projects from which Wheaton Precious Metals has metal streaming agreements. Tagami currently serves on the board of Maple Gold Mines and Foran Mining Corporation as the lead independent director. Previously, he held the positions of president and CEO, with Keegan Resources and senior project manager (Onca Puma Project) with Canico Resource.

Vivienne Artz – Director

Vivienne Artz is the CEO of the FTSE Women Leaders Review, the UK’s business-led voluntary framework, supported by the government to improve the representation of women on the boards and leadership teams of the FTSE 350 and 50 of the UK’s largest private companies. Over 20 years in the financial services sector. Previously managing director and chief privacy officer at the London Stock Exchange Group, Refinitiv and Thomson Reuters, leading the privacy office and overseeing global privacy strategy and practice across 190 countries. Artz was awarded an Officer of the British Empire in the Queen’s New Year’s Honours in 2021 for services to financial services and gender diversity.

Gordon Steblin – Chief Financial Officer

Gordon Steblin obtained a Bachelor of Commerce degree in 1983 from the University of British Columbia. In 1985, he became a certified general accountant. Steblin has over 20 years of financial experience in junior mining and exploration. Steblin is also the chief financial officer of Elysee Development and Arctic Hunter Energy, both TSX Venture-listed companies.

Markets and commodities react

Canadian equity markets surged this week.

The S&P/TSX Composite Index (INDEXTSI:OSPTX) gained 4.84 percent over the week to close Friday (November 21) at 31,382.78.

Meanwhile, the S&P/TSX Venture Composite Index (INDEXTSI:JX) soared 10.57 percent to 937.34. The CSE Composite Index (CSE:CSECOMP) also improved this week, rising 2.22 percent to close at 149.37.

The gold price rose 3.5 percent to US$4,218.77 by 4:00 p.m. EST Friday. The silver price fared even better, surging 11.39 percent to a new record high of US$56.37.

Meanwhile, in base metals, the COMEX copper price ended the week up 3.74 percent at US$5.27 per pound.

The S&P Goldman Sachs Commodities Index (INDEXSP:SPGSCI) gained 0.71 percent to end Friday at 555.16.

Top Canadian mining stocks this week

How did mining stocks perform against this backdrop?

Take a look at this week’s five best-performing Canadian mining stocks below.

Stocks data for this article was retrieved at 4:00 p.m. EST on Friday using TradingView’s stock screener. Only companies trading on the TSX, TSXV and CSE with market caps greater than C$10 million are included. Mineral companies within the non-energy minerals, energy minerals, process industry and producer manufacturing sectors were considered.

1. Mountain Province Diamonds (TSX:MPVD)

Weekly gain: 114.29 percent
Market cap: C$19.11 million
Share price: C$0.075

Mountain Province Diamonds is a mining company with a 49 percent ownership stake in the Gahcho Kué diamond mine in the Northwest Territories, Canada.

The mine, a joint venture with Anglo American (LSE:AAL,OTC Pink:NGLOY) subsidiary De Beers, which owns the other 51 percent, consists of five mining leases covering a total area of 5,216 hectares.

According to a September 2024 technical report, the mine hosts a total indicated resource of 36.4 million carats with an average grade of 1.7 carats per metric ton (c/t) from 21.4 million metric tons of ore, with an additional inferred resource of 23.7 million carats with a grade of 1.79 c/t from 13.3 million metric ton.

In the company’s Q3 report released on November 11, Mountain Province stated that it sold 409,081 carats and raised total proceeds of C$29.2 million at an average price of C$71 per carat.

The company noted that production at the mine was 12 percent lower than the same period last year due to lower than expected stockpile grades; however, grades are expected to improve in Q4 as mining operations began in the higher-grade 5034-NEX orebody.

The most recent news from the company came on November 18, when it amended the terms of its working capital facility with Dunebridge Worldwide. Under the new terms, the company will be able to access additional funds, and it extends the period it can make advances to March 31, 2026.

2. SPC Nickel (TSXV:SPC)

Weekly gain: 100 percent
Market cap: C$23.92 million
Share price: C$0.07

SPC Nickel is an exploration company advancing a pair of projects in Nunavut and Ontario, Canada.

Its Muskox property is a copper, nickel and platinum group metals (PGM) exploration project in Nunavut, consisting of 26 mining claims and two prospector permits covering a total land area of 49,600 hectares. Mineralization at the site was first identified in the 1950s.

The company is also working on its advanced-stage Lockerby East project near Sudbury, Ontario.

A March 2024 resource estimate demonstrates an indicated in-pit resource of 179.1 million pounds of nickel from 19.23 million metric tons with an average grade of 0.42 percent nickel and an out-of-pit resource of 45.7 million pounds of nickel from 3.24 million metric tons grading 0.64 percent from the West Graham target. At the LKE deposit, the estimate shows an additional 17.2 million pounds of nickel from 665,000 metric tons grading 1.17 percent at the LKE deposit.

On Monday (November 24), SPC released assay results from its 2025 exploration program at Muskox. The company stated that the site demonstrated high-grade copper, nickel and PGM mineralization across multiple targets at the 125 kilometer Muskox intrusion.

The company collected 77 grab samples, with 39 returning grades greater than 2 percent nickel and copper, including 19 with grades greater than 5 percent nickel and copper. Additionally, 21 returned PGM grades higher than 5 grams per metric ton.

3. AJN Resources (CSE:AJN)

Weekly gain: 80.95 percent
Market cap: C$12 million
Share price: C$0.19

AJN Resources is an exploration company advancing work at the Otoke gold project in Southern Ethiopia. It also holds option agreements for several lithium projects in the Democratic Republic of Congo and Nevada, US.

The company is currently carrying out due diligence work at the 42.8 square kilometer Otoke gold property as part of a May 2025 conditional heads of agreement that could see AJN earn a 70 percent interest from Godu General Trading.

AJN has 90 days from the start of the due diligence period to drill 1,500 meters. After completing its due diligence, AJN is required to commit to several terms, including an initial US$2 million exploration program and the delivery of a mineral reserve estimate to earn the first 60 percent.

AJN can then acquire an additional 10 percent by meeting certain conditions including payments totalling US$10 million and the completion of a definitive feasibility study.

The most recent update from fieldwork at Otoke came on October 14, when AJN announced that mapping and sampling identified several mineralized zones. Additionally, artisanal workings within the project area have bolstered confidence in the property’s shallow, high-grade potential.

The company said that it collected more than 600 samples, which it submitted to a lab in Ireland, and that it was preparing to mobilize a drill rig within the next two to three weeks.

On November 19, the company announced that it had closed a non-brokered private placement for C$3 million, which will be used for due diligence activities.

4. Bear Creek Mining (TSXV:BCM)

Weekly gain: 65.38 percent
Market cap: C$93.5 million
Share price: C$0.43

Bear Creek Mining is a production company that operates the Mercedes gold and silver mine in Sonora, Mexico.

The mine sites comprise 43 mineral concessions covering 69,284 hectares in a region along the US–Mexico border.

The property hosts potential for both brownfield and greenfield exploration, and according to a September 2024 technical report, it hosts proven and probable reserves of 428,000 metric tons of ore containing 54,000 ounces of gold and 312,000 ounces of silver with grades of 3.95 g/t gold and 22.71 g/t silver.

On November 11, Bear Creek released its Q3 financial and operational results, which highlighted production of 6,219 ounces of gold and 18,866 ounces of silver during the quarter.

The company’s share price gains come alongside large increases in gold and silver prices during the week.

5. Karnalyte Resources (TSX:KRN)

Weekly gain: 65.38 percent
Market cap: C$93.5 million
Share price: C$0.43

Karnalyte Resources is an exploration and development company advancing its Wynyard potash project in Central Saskatchewan, Canada.

The property consists of three primary mineral leases covering 367 square kilometers east of Saskatoon.

Shares in Karnalyte climbed this week after the company released an updated feasibility study for the project on Wednesday (November 26). The study demonstrated economic viability, according to Karnalyte, with an after-tax net present value of C$2.04 billion, an internal rate of return of 12.5 percent, a payback period of 8.8 years, and a mine life of 70 years.

The company also stated that development would benefit from a secured offtake agreement under which India-based GFSC would purchase 350,000 metric tons per year during Phase 1, with additional commitments for 250,000 metric tons per year after Phase 2 is complete.

FAQs for Canadian mining stocks

How much does it cost to list on the TSXV?

There are a variety of different fees that companies must pay to list on the TSXV, and according to the exchange, they can vary based on the transaction’s nature and complexity. The listing fee alone will most likely cost between C$10,000 to C$70,000. Accounting and auditing fees could rack up between C$25,000 and C$100,000, while legal fees are expected to be over C$75,000 and an underwriters’ commission may hit up to 12 percent.

The exchange lists a handful of other fees and expenses companies can expect, including but not limited to security commission and transfer agency fees, investor relations costs and director and officer liability insurance.

These are all just for the initial listing, of course. There are ongoing expenses once companies are trading, such as sustaining fees and additional listing fees, plus the costs associated with filing regular reports.

How do you trade on the TSXV?

Investors can trade on the TSXV the way they would trade stocks on any exchange. This means they can use a stock broker or an individual investment account to buy and sell shares of TSXV-listed companies during the exchange’s trading hours.

All CME Group markets are open and trading.

— CME Group (@CMEGroup) November 28, 2025

According to Reuters, the outage is one of the longest in years for CME Group.

Some traders are taking the disruption as a reminder of the market’s strong reliance on systems that don’t always run perfectly. However, others have pointed out that thinner activity in the US due to Thursday’s (November 27) Thanksgiving holiday likely helped minimize the impact of the stoppage.

‘If there was to be a glitch day, today’s probably a good day to have it,’ Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey, told the news outlet.

Silver price chart, November 27 to 28, 2025.

While silver is known for lagging behind gold before outperforming, it’s now ahead of its sister metal in terms of percentage gains — silver is up about 84 percent year-to-date, while gold has risen around 58 percent.

Gold was also on the move on Friday, breaking back above US$4,200 per ounce for the first time since mid-November, but it remains below its all-time high of nearly US$4,400, set in October.

Silver’s breakout this year has been driven by various factors.

As a precious metal, it’s influenced by many of the same factors as gold, but its October price jump, which took it past the US$50 level, was also driven by a lack of liquidity in the London market.

While that issue appears to have resolved, a new situation has recently emerged — Bloomberg reported on Tuesday (November 25) that Chinese silver stockpiles are now at their lowest level in a decade after huge shipments to London.

Tariff concerns and silver’s new status as a critical mineral in the US have also provided support in 2025.

The white metal’s industrial side also shouldn’t be forgotten — according to the Silver Institute, industrial demand for silver reached a record 680.5 million ounces in 2024, driven by usage in grid infrastructure, vehicle electrification and photovoltaics. Total silver demand was down 3 percent year-on-year in 2024, but still exceeded supply for the fourth year in a row, resulting in a deficit of 148.9 million ounces for the year.

Watch five experts share their thoughts on the outlook for silver.

Time will tell what’s next for silver, but some experts see it continuing to outperform gold in 2026.

‘The sure money is made in the gold sector, but the big money is made in the silver sector — that’s proven true over the last couple of precious metals cycles. I believe it will be true in this one as well,’ said Jay Martin of VRIC Media.

Silver’s price history since 2011

Silver price chart, November 10, 2010, to November 10, 2025.

Chart via SilverPrice.org.

After its 2011 peak, silver’s price pulled back over the following years before settling between US$15 and US$20 for much of the second half of last decade. An upward trend in the silver price started in mid-2020, when it was spurred on by the economic uncertainty surrounding the COVID-19 pandemic. The price of silver breached the key US$26 level in early August 2020, and soon after tested US$30. However, it failed to make substantial progress past that.

In the spring of 2023, the silver price surged by 30 percent, briefly rising above US$26 in early May; however, the precious metal cratered back down to US$20.90 in early October. Later that month, silver advanced toward the US$23 level on the back of safe-haven demand due to the outbreak of the Israel-Hamas war.

Following remarks from US Federal Reserve Chair Jerome Powell, speculation about interest rate reductions sent the price of silver to US$25.48 on November 30, its highest point for the fourth quarter.

After starting 2024 on a low note, the white metal saw gains in March on rising Fed rate cut expectations. The resulting upward momentum led silver to reach a Q1 high of US$25.62 on March 20 before breaking through the US$30 mark on May 17. The silver price reached a then 12 year high of US$32.33 on May 20.

In Q3, the metal’s price slid down below the US$27 mark to as low as US$26.64 by August 7 alongside its industrial cousin copper. Heading into Q4 2024, silver reversed course to the upside, tracking the record breaking moves in the gold price. Silver once again breached the US$30 level on September 13 and continued higher.

On October 21, the silver price moved as high as US$34.20 during the trading day, up more than 48 percent since the start of the year and its highest level in 12 years. However, silver spent the rest of the year in decline, bottoming out at US$28.94 on December 30.

Silver’s price performance in 2025

Silver price chart, December 31, 2024, to November 28, 2025.

The silver price experienced a momentum shift at the start of 2025, breaking through the US$30 barrier as early as January 5, and reaching US$31.31 by January 29. The metal continued to post gains through much of February and March, climbing to US$32.94 on February 20 and then peaking at its quarterly high of US$34.21 on March 28.

Following US President Donald Trump’s tariff announcements on April 2, silver slumped to below US$30. While the Trump administration’s tariff policies have been largely beneficial for safe-haven assets like precious metals, there were concerns that the threat of tariffs could weaken industrial demand, which could cool price gains in the silver market.

Yet those concerns were pushed to the back burner as recent economic and geopolitical events have raised analysts’ expectations of a September rate cut by the Fed. The benchmark rate has not changed since November 2024.

On June 5, the silver price rose to a 13 year high of US$36.05 in early morning trading, before retreating toward the US$35.50 mark. By June 16, the white metal had broken through the US$37 mark for the first time since May 2011.

In July, increasing geopolitical strife in the Middle East and Russia-Ukraine coupled with a positive outlook for China’s solar power industry proved price positive for both silver’s precious metals and industrial angles.

The silver price overtook the US$39 level to reach US$39.24 on July 22.

These same forces, coupled with the nearly unanimous rate cut expectations, launched the price of silver to over US$40 on August 31 for the first time since 2011, and by September 3 it had climbed as high as US$41.45. Silver continued climbing through September, progressively breaking level after level to top US$47 by the month’s end.

Silver started Q4 by continuing its ascent, breaking through its 2011 peak and topping US$48 on October 3.

The silver price officially surpassed its all-time US dollar high of US$49.95 — set in 1980 on October 9 — as it climbed to US$51.14 during trading that day. The white metal had already beaten its all-time highs in most currencies, including Canadian dollars and Australian dollars, on September 22.

It continued climbing even higher on the safe-haven demand fundamentals behind its 2025 momentum. Helping drive that demand in October was escalating trade tensions between the US and China, leading to export controls on additional rare earth metals by China and threats of 100 percent tariffs on Chinese imports by the US.

While silver pulled back to around US$48 in late October, news that the US government shut down had come to an end on November 9 drove the silver price back above US$50.

Silver’s foray above the US$56 level on November 28 came on the back of an outage at the Comex, where trading was briefly halted due to a ‘cooling issue’ at a CyrusOne data center used by the exchange.

Silver supply and demand dynamics

Market watchers are curious as to whether the silver price will continue its upward trajectory in 2025. Only time will tell, and it will depend on the white metal’s ability to remain above the critical US$30 level.

Like other metals, the silver spot price is most heavily influenced by supply and demand dynamics. However, as the information above illustrates, the silver price can be highly volatile. That’s partially due to the fact that the metal is subject to both investment and industrial metal demand within global markets.

In other words, it’s bought by investors who want it as a store of wealth, as well as by manufacturers looking to use it for different applications that are incredibly varied. For example, silver has diverse technological applications and is used in devices like batteries and catalysts, but it’s also used in medicine and in the automotive industry.

In terms of supply, the world’s three top producers of the metal are Mexico, China and Peru. Even in those countries silver is usually a by-product — for instance, a mine producing primarily gold or lead might also have silver output.

The Silver Institute’s latest World Silver Survey, put together by Metals Focus, outlines a 0.9 percent increase in global mine production to 819.7 million ounces in 2024. This was in partly the result of a return to operations at Newmont’s (TSX:NGT,NYSE:NEM,ASX:NEM) Peñasquito mine in Mexico following a suspension of activity brought about by strike action among workers and improved recoveries out of Fresnillo (LSE:FRES,OTC Pink:FNLPF) and MAG Silver’s (TSX:MAG,NYSEAMERICAN:MAG) Juanicipio. Silver output also increased in Australia, Bolivia and the US.

The firm is forecasting a 1.9 percent rise in global silver mine production to 823 million ounces in 2025. Much of that growth is expected to come out of Mexico, and it is also projecting output will rise in Chile and Russia.

Lower production from Australia and Peru will offset some of these gains.

Looking at demand, Metals Focus sees growth in 2025 flatlining as industrial fabrication takes a hit from the global tariff war. This could be tempered by an anticipated rebound in demand from physical investment in silver bars and coins.

The silver market is expected to experience a substantial deficit of 117.6 million ounces in 2025, amounting to the sixth straight year of supply shortage for the metal.

Investor takeaway

Silver has neared US$50 multiple times, including its all-time high, and as momentum continues for the silver price in 2025 investors are wondering if it could reach those heights once again.

While it’s impossible to know for sure what’s next for silver, keeping an eye on the factors driving its performance, including gold’s performance, geopolitics, the economy and industrial demand, will help investors make decisions on when to buy and sell.