Mike Maloney, founder of GoldSilver.com, explains why this time really is different for gold and silver, pointing to factors including growing mainstream adoption.

‘This to me signals the beginning of the third and final phase of the bull market — and that is where you have the greatest amount of gains in the shortest period of time,’ he said.

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

On Thursday (November 13), Canadian Prime Minister Mark Carney announced a second round of nation-building projects that will be referred to the Major Projects Office. The office was established earlier in the year to streamline the regulatory and funding processes for projects deemed to be in the national interest.

The first set of projects, announced on September 11, included support for the expansion of Newmont’s (NYSE:NEM,ASX:NEM) Red Chris mine in Northern British Columbia, LNG Canada’s phase 2 expansion of its facility in Kitimat, BC, and Foran Mining’s (TSX:FOM) McIlvenna Bay copper-zinc project in Saskatchewan.

According to the Prime Minister’s Office (PMO), the new set of projects represents more than C$56 billion in new investment and supports the creation of 68,000 new jobs.

Critical mineral projects on the list consist of:

Outside of critical minerals projects, the announcement included support for the Ksi Lisims liquefied natural gas (LNG) project near Prince Rupert in Northwest BC. The Nisga’a First Nation is leading the project and, when complete, it will become Canada’s second-largest LNG facility after LNG Canada’s Kitimat facility. According to the PMO, the project is expected to generate almost C$30 billion in investment and create thousands of jobs.

Additionally, support will be made available for the North Coast Transmission line, which will provide low-cost electricity and improved telecommunications to communities along BC’s north coast. Likewise, the Iqaluit Nukkiksautiit hydro energy project will receive support to provide hydroelectric energy to communities in Nunavut and reduce the reliance on diesel imports.

For more on what’s moving markets this week, check out our top market news round-up.

Article by Dean Belder; FAQs by Lauren Kelly.

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

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

The gold price was back in action this week, breaking above the US$4,200 per ounce level after spending about two weeks trading at lower price points.

Silver was on the rise again as well, pushing briefly past US$54 per ounce.

Both precious metals saw their biggest gains midway through the week as the US government shutdown came to an end. At 43 days, it was the longest in history, and finished on Wednesday (November 12) as eight Democrats broke ranks to vote in line with Republicans on a funding package.

US economic data has been scarce during the shutdown, and government agencies are now beginning to play catch up as workers return to their posts. While some reports are scheduled to come out next week, others could take weeks or may never be released at all.

‘Based on past shutdowns, we anticipate data originally scheduled for release in the first half of October — primarily data covering September — will be released fairly quickly. However, the timetable will vary depending on the normal data collection process for each indicator’ — Nancy Vanden Houten, Oxford Economics

From a gold perspective, all eyes are on numbers that may impact the US Federal Reserve’s interest rate decision next month. While the Fed has now made two cuts in 2025, Chair Jerome Powell emphasized after the central bank’s last meeting that a December reduction is not guaranteed.

More recent commentary from other Fed officials points to continued dissent, and CME Group’s (NASDAQ:CME) FedWatch tool currently shows an almost even split between a cut or a pause.

That uncertainty weighed on gold and silver prices as the week drew to a close. Gold was at the US$4,080 level as of Friday (November 14) afternoon, while silver was around US$50.60.

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

Dana Samuelson, president of American Gold Exchange, discusses this year’s unusual market dynamics for gold and silver, saying there have been three big moves of physical metal.

‘To me, this is literally a run on the bank of gold globally — it’s global, it’s widespread and it’s deep, and I don’t see it changing anytime soon,’ he explained.

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

During the Mining Share panel at the New Orleans Investment Conference, participants underscored that the gold bull market will continue — however, just where we are in that bull run was up for debate.

For conference host and Gold Newsletter editor Brien Lundin, there is still some way to go.

“The gold bull market is still in place. We don’t know how long it’s going to last. That’s the hard part. I think gold’s going to US$6,000 to US$8,000 (per ounce) in the cycle, maybe more. (The) mining share bull market, I would say we’re probably in the fourth inning, fifth inning, maybe. But you know, we could go to extra innings,” he said.

Strategic investor Jeff Phillips also believes the gold bull market is at an early stage.

‘I would say that we are in the third or fourth inning,” he said. “This is early on in the bull market, but I do think there’ll be a rain delay, since we’re talking about baseball terminology. I think this is an epic bull market that we’re in.”

Phillips went on to compare today’s setup to past cycles, noting the strong run gold saw between 2003 and 2007, before the financial crisis briefly derailed momentum. Although he anticipates another correction at some point, he remains confident in the broader bull market and said he is continuing to buy and stay patient.

For Jordan Roy-Byrne, understanding the difference between a secular and cyclical bull market is imperative.

“Secular — that’s the major long-term trend that usually lasts a decade or longer. Cyclically, it can be anywhere from two to five years or so,’ explained the editor and publisher of the Daily Gold.

“I think the cyclical bull has three or four more years left. The risk when that gets long in the tooth is then you have what happened at 1975 to 1976, and also 2008 — that’s when you have your 65 or 60 percent decline in the shares.”

Although Roy-Byrne believes that type of correction is “far off into the future,” he was adamant that something like that will happen before the current secular bull market comes to an end.

Jennifer Shaigec, principal at Sandpiper Trading, said central bank buying shows the bull market is in its infancy.

“I think we’re still actually in fairly early innings,” she said. “The underlying fundamentals for why central banks have been buying gold have not changed. In fact, I can see it accelerating.”

Shaigec went on to acknowledge that gold often experiences a seasonal dip at this time of year, and that some investors may be waiting for a pullback. But she emphasized that the broader fundamentals remain strong.

Drawing a parallel to 2008, when gold fell about 22 percent before rebounding above previous highs within six months, she urged investors to keep a long-term perspective and be mentally prepared for short-term volatility. Shaigec also pointed out that gold has historically been among the first assets to recover after market downturns.

Rounding out the panel, Nick Hodge, publisher at Digest Publishing, told attendees that the gold correction has found short-term support at the US$4000 level, but longer-term support is around US$3,600.

“All the fundamental drivers, ie. the debt, central bank buying, etc., are still in place and haven’t abated,” he said. “Silver hasn’t had its move yet, so that tells me we still have some time to go. And GDX, GDXJ just started outperforming the gold price in August, so it’s still early to the middle days in the precious metal bull market.”

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

News Provided by GlobeNewswire via QuoteMedia

China’s gold industry is entering a period of rapid adjustment after Beijing implemented a major overhaul of value-added tax (VAT) rules on physical gold.

The reform, which took effect on the first of November run through December 31, 2027, ending the long-standing practice of allowing full tax deductions on most gold withdrawn from the Shanghai Gold Exchange (SGE) and the Shanghai Futures Exchange (SHFE).

The Ministry of Finance and the State Taxation Administration announced the shift on the same day broader tax changes for platinum and diamonds came into force. But unlike those adjustments, the new gold rules directly target the structure of VAT throughout the supply chain.

Under the old system, when members withdrew gold from SGE or SHFE vaults to turn it into jewelry or branded bars, the tax authority issued a full 13 percent Special VAT Invoice that could be fully offset against output VAT, keeping the tax burden minimal.

VAT was effectively charged only on the value added beyond the underlying gold price, a feature that helped keep jewelry costs lower even as gold prices climbed.

That framework has now been split into two tracks, depending on whether gold is withdrawn for investment or non-investment purposes. SGE and SHFE members who buy and sell on the exchange continue to enjoy VAT exemption.

Investment products, such as bars produced by commercial banks or gold ETFs trading on the exchanges, remain largely unaffected. But once gold exits the vaults, the treatment diverges sharply.

For investment products, the taxation formula still applies only to value added, preserving the low-cost structure for banks and major investment channels. But the new system bars SGE members from issuing special VAT invoices to the clients they supply, meaning downstream buyers cannot claim tax credits on their own sales.

That dynamic will likely push more investors to buy directly from SGE members, whose products can be sold at lower effective prices because they retain the credit advantage at the first tier.

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

India has approved a sweeping overhaul of royalty rates for several critical minerals, continuing its campaign to expand domestic mining and reduce reliance on Chinese imports.

Under the revised framework, graphite with at least 80 percent fixed carbon will be charged a 2 percent royalty based on the average sale price (ASP) determined by the Indian Bureau of Mines, while graphite with lower purity will carry a 4 percent rate.

Caesium and rubidium will each be levied a 2 percent royalty on the ASP of metal contained in the ore, and zirconium will be charged 1 percent.

The government said the changes would encourage more rational bidding in auctions and attract greater private participation in mineral exploration. “The above decision of the Union Cabinet will promote auction of mineral blocks containing caesium, rubidium and zirconium, thereby not only unlocking these minerals but also associated critical minerals found with them, such as lithium, tungsten, REEs, and niobium,” the statement read.

New Delhi has recently pushed to build a self-reliant critical mineral ecosystem amid mounting global supply chain pressures.

China, which produces more than 80 percent of the world’s rare earth elements and controls much of the refining capacity for battery metals, has tightened export restrictions in recent years.

At least nine mineral blocks were offered in the sixth tranche of auctions launched in September, including five graphite blocks, two rubidium blocks, and one each for caesium and zirconium.

These minerals are integral to India’s green industrial transition: graphite is used in electric vehicle (EV) batteries, zirconium in nuclear reactors, caesium in precision timing systems such as GPS, and rubidium in fiber optics and night vision equipment.

The royalty revision also complements broader measures under Prime Minister Narendra Modi’s administration to secure strategic minerals and reduce import dependency.

Earlier this year, India approved a US$1.9 billion plan to source critical materials used in batteries, electronics, and agriculture.

In addition, the government weeks ago was reported to be nearly tripling its production-linked incentive (PLI) program for rare earth magnet manufacturing to over 70 billion rupees (US$788 million), a major step up from the initial US$290 million proposal.

Pending cabinet approval, the expanded plan seeks to develop a full rare earth magnet supply chain for EVs, renewable energy systems, and defense applications.

In parallel, the government is also investing heavily in human capital to sustain this growth. The Ministry of Mines, in coordination with the Skill Council for Mining Sector (SCMS), has launched an initiative to train 5.7 million workers in mining-related occupations by 2030.

The skills gap study for 2025–2030 will map future workforce requirements and identify pathways to develop a “future-ready” labor pool capable of supporting new mineral projects.

“The report will come up with a detailed action plan for the sector on ways to impart skills training to millions of workers to cater to the increasing demand from the sector in the near future,” a senior government official told The Economic Times.

India currently imports about 60 percent of its graphite needs and remains a minor producer of most other critical minerals. The Modi administration aims to more than double mining’s share of GDP to 5 percent by 2030 from 2.2 percent today.

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

Canadian Gold Resources Ltd. (TSXV: CAN) (‘Canadian Gold’ or the ‘Company’) provides an operational update regarding its maiden diamond drill program and the planned 5,000-tonne bulk sampling program at the 100%-owned Lac Arsenault Project in Québec’s Gaspé Peninsula, as well as recent changes to the Company’s LIFE offering.

Company Plans to Significantly Increase Maiden Lac Arsenault Diamond Drill Program

Canadian Gold has submitted amended permit applications seeking approval to expand its maiden drill program to roughly twice the originally planned scope of 36 holes totaling 3,000 metres. This decision follows ongoing geophysical interpretation that has identified numerous high priority vein and stockwork type drill targets.

The Company recently completed a tightly spaced Induced Polarization (‘IP’) survey across the Baker–Mersereau structural corridor. Preliminary geophysical interpretation work carried out by Jeremy S. Brett International Consulting Ltd. has identified multiple IP signatures along Line 2200N that closely resemble the response associated with the known high-grade Baker vein (please see Image 1, below). Although the Mersereau vein has not yet been fully interpreted on the current working map, its position and continuity are clearly expressed in the IP data, further reinforcing the technical rationale for expanding the drill program. In addition, possible stockwork zones have been identified up to 100m wide.

These new geophysical targets, combined with a second set of drill collar locations submitted under the amended permit application, support the potential for a substantially larger first-phase drill campaign. The targets are situated within what the Company and its consultants refer to as the Stockwork Target Corridor, a near-surface (0–30 metres vertical depth) zone characterized by strong structural preparation and distinctive geophysical response. Given the strength and coherence of these new geophysical targets, the Company is evaluating a plan to materially increase the number of drill holes beyond the previously permitted minimum, with the objective of fully testing these newly defined priority areas.

Management Commentary

‘We are very encouraged by the results of our recent Induced Polarization (‘IP’) Survey at Lac Arsenault,’ said Ron Goguen, President & CEO of Canadian Gold Resources. ‘The tightly spaced IP work across the Baker–Mersereau structural corridor has outlined multiple new high-priority vein and stockwork targets, some of which mirror the response of the high-grade Baker vein. The data also clearly define the continuity of the Mersereau vein. Based on these findings, we’ve submitted amended permits to roughly double the size of our maiden drill program to properly test these new geophysical targets.’

‘The delay in receiving the ATI permits pushed our operating window into winter conditions’, said Mr. Goguen. ‘Extracting and transporting material at this time of year would not be safe, or cost-effective. Out of caution we have elected to move the bulk sample into the spring of 2026. This results in only a minimal shift to the expected timing of results and any related free cash flow and we remain fully prepared to proceed as soon as conditions allow.’

Bulk Sample Program Deferred to Spring 2026 Due to Permitting Delays and Seasonal Access Constraints

The Company is pleased to confirm that it has now obtained all permits required to execute the bulk sampling program, including the Authorization for Work in the Environment (ATI), as well as all approvals received during the recently completed First Nations consultation process. These permitting achievements represent a significant milestone for the Company and fully clear the regulatory path for bulk sample extraction.

Although Canadian Gold is fully permitted and operationally ready, the start of bulk sample extraction has been rescheduled to spring 2026. The primary reason for this deferral is the later-than-expected receipt of the final ATI permit, which occurred after the Company’s anticipated timeline. By the time approval was received, winter conditions in the Lac Arsenault area had already set in, with significant snowfall and ground freeze-up limiting safe and efficient field operations. Attempting to extract and transport mineralized material during winter would materially increase costs, reduce operational efficiency, and introduce unnecessary safety risks. Management has therefore determined that initiating the program in early spring 2026 is the most prudent and responsible course of action.

While the timing of the physical extraction has shifted, the Company expects the financial implications of this revised schedule to be minimal. Under the previous plan, extraction was to begin in autumn 2025, with processing anticipated by mid-Q1 2026. With extraction now scheduled for spring 2026, the Company expects to receive results and related cash flow from the bulk sampling program in Q3 2026, representing only a modest adjustment to the timing of potential proceeds.

IP Survey Lines, Gridded Chargeability & Planned Drill Holes

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11663/274511_ee7f7aaeb4f1f8f4_001full.jpg

LIFE Offering Update

In view of the rescheduling of the bulk sampling program and expected timeframe for results to be reported, the Company will not be proceeding with its listed issuer financing exemption offering (the ‘LIFE Offering’) as announced on October 23, 2025. The Company is currently restructuring its offering and intends to file amended and restated offering documents in the near future. A news release will be issued at that time.

Corrections to Prior Disclosure

The Company wishes to correct certain disclosure in previously issued news releases as follows:

1. On January 2, 2025, the Company announced that it had closed a non-brokered private placement of flow-through and non-flow through units and reported that it had issued 533,821 finder’s warrants. The correct number of finder’s warrants is 519,821, each warrant entitling the holder to acquire one common share of the Company at $0.25 per share for a period of 24 months.

2. On January 28 and February 28, 2025, the Company announced that it had granted 1,500,000 options to members of the board of directors and 500,000 options to certain officers, employees and non-investor relations consultants. The Company wishes to report that 200,000 of the options granted to non-investor relations consultants have been cancelled resulting in an aggregate grant of 1,800,000 options.

About the Lac Arsenault Project

The Lac Arsenault Property, located in Québec’s Gaspé region, lies along the Grand Pabos Fault within the Gaspé–Newfoundland tectonic belt. This structure is interpreted to share geological characteristics with prolific gold-bearing systems such as the Cadillac–Larder Lake Fault Zone in Abitibi and the Cape Ray–Valentine Lake Shear Zone in Newfoundland. The property hosts several high-grade, epithermal-style vein systems, including the Baker, Mersereau, and Dunning veins, with historical exploration outlining significant gold-silver-base metal mineralization that provides a strong platform for the Company’s current work. Covering more than 3,600 hectares, Lac Arsenault is strategically located near tidewater at New Richmond, Québec, offering excellent road, power, and rail infrastructure within one of Canada’s most established mining jurisdictions.

Historical Resource Estimate Disclosure (NI 43-101 2.4)

• Stevenson, L. (1975): 40,000 tonnes grading 15.43 g/t Au and 197 g/t Ag (Esso Minerals Canada).

• Côté, R. (1996): 199,580 tonnes grading 9.59 g/t Au (~61,536 contained oz Au).

These historical estimates predate NI 43-101 and were based on sampling, trenching, and drilling using manual polygonal methods. A Qualified Person has not completed sufficient work to classify the estimates as current mineral resources or reserves. The Company is not treating them as current and further verification is required.

These historical estimates pre-date the adoption of current CIM Definition Standards (2014) and therefore cannot be directly compared to modern resource categories (i.e., ‘Inferred,’ ‘Indicated,’ or ‘Measured’). The terminology and estimation methodologies used at the time are not compliant with current CIM categories, and no classification equivalence is implied.

The Company considers these historical estimates to be relevant, as they demonstrate the presence of significant gold and silver mineralization at shallow depths within the Baker and Mersereau vein systems, which remain priority targets for verification and expansion. However, their reliability is uncertain because the underlying data, methods, and QA/QC procedures are not adequately documented to current standards. The Company is not treating the estimate as current.

To the Company’s knowledge, there are no more recent mineral resource estimates available for the Lac Arsenault Property that would supersede these historical figures.

To bring these into compliance, Canadian Gold plans to:

• Conduct systematic drilling to confirm grades and geometry;
• Complete verification sampling and density determinations;
• Build a validated geological model with modern QA/QC protocols;
• Commission an independent NI 43-101 compliant resource estimate.

Qualified Person Statement:

The scientific and technical information in this news release has been reviewed and approved by Mark Smethurst, P.Geo., Director of Canadian Gold and a Qualified Person under NI 43-101.

About Canadian Gold Resources Ltd.

Canadian Gold Resources Ltd. (TSXV: CAN) is a junior exploration company advancing three high-grade gold properties totaling ~16,000 hectares in Québec’s Gaspé Peninsula. The Company’s strategy is to unlock the potential of historically explored assets through modern exploration and development, supported by a management team with a proven track record in discovery and project advancement.

For further information, please contact:

Ronald J. Goguen
President & CEO, Director
Canadian Gold Resources Ltd.

rongoguen@cdngold.com
+1 (506) 857-4090
Investor Relations
investors@cdngold.com

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

Canadian Gold trades on the TSX Venture Exchange under the ticker CAN and has 36,667,221 common shares outstanding.

Forward-Looking Statements Disclaimer:

This news release contains ‘forward-looking statements,’ including but not limited to statements regarding anticipated exploration activities, timing, objectives, and potential outcomes of the drill program. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties that may cause actual results to differ materially. Readers are cautioned not to place undue reliance on these statements. Canadian Gold disclaims any obligation to update or revise any forward-looking information, except as required by applicable securities laws.

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