Investor Insight

Sarama Resources offers a compelling investment opportunity driven by a US$242 million, plus interest, fully-funded arbitration claim and two belt-scale gold projects encompassing 1,000 sq km of the Cosmo-Newbery and Jutson Rocks Greenstone Belts in Western Australia’s highly prolific Laverton Gold District, which lies within the wider world-renowned Eastern Goldfields region.

Overview

Sarama Resources (TSXV:SWA, ASX:SRR) is an Australia-based gold exploration and development company with a dual value proposition: significant exploration upside in the world class Eastern Goldfields of Western Australia and a fully funded international arbitration claim against the Government of Burkina Faso.

Arbitration Claim

Sarama is pursuing an arbitration claim seeking no less than US$242 million in damages, plus interest, relating to the unlawful withdrawal of its Tankoro Deposit in Burkina Faso. The claim is fully financed through a non-recourse loan facility with Locke Capital and is being prosecuted by leading law firm Boies Schiller Flexner, which has secured major recent awards for peers including Indiana Resources (US$120 million), GreenX Metals (AU$490 million) and Lupaka Gold (US$67 million).

Exploration Opportunity

The company controls two belt-scale projects in the prolific Laverton Gold District, together covering ~1,000km² and more than 100km of strike in highly prospective but historically underexplored terrain. The flagship Cosmo gold project (580 sq km) dominates the Cosmo-Newbery Greenstone Belt, while the Mt Venn project (420 sq km) covers the Jutson Rocks Belt just 40 km away. Both lie near world-class deposits including Gruyere (+8 Moz) and Garden Well (2.5 Moz), benefit from excellent road access and nearby mills, and will see maiden drilling commence in Q4 CY25.

Sarama’s experienced board and management team have a proven discovery track record, including the +20 Moz Kibali Mine (DRC) and the +3 Moz Sanutura Project (Burkina Faso).

Company Highlights

Dual Value Drivers

• Arbitration Claim – Fully funded, US$242 million, plus interest, arbitration claim against the Government of Burkina Faso, potentially worth multiples of Sarama’s current market capitalisation.
• Exploration Upside – Two underexplored, belt-scale gold projects in Western Australia’s prolific Laverton Gold District, together spanning ~1,000 sq km with >100 km of prospective strike.

Arbitration Claim

• Large-scale Claim – Seeking damages of US$242 million, plus interest, relating to the illegal withdrawal of rights to the multi-million-ounce Tankoro Deposit.
• Fully Funded – Backed by a US$4.4 million four-year non-recourse funding facility covering all fees and expenses related to the claim.
• Top Legal Team – The company is represented by Boies Schiller Flexner (UK) LLP, a leading international law firm with significant experience in investor-state arbitration and a strong track record in the natural resources sector. The team is led by Timothy Foden who has won six out of six cases over the past two years including awards for Indiana Resources (ASX:IDA), GreenX Metals (ASX:GRX) and Lupaka Gold (TSX-V:LPK).
• Bilateral Treaty Protections – As a Canadian company, Sarama benefits from protections under the Canada-Burkina Faso Bilateral Investment Treaty and proceedings are underway at ICSID under the bilateral treaty protections.

• Proven Precedent – Comparable claims prosecuted by the same team have delivered major settlements, including US$120 million (Indiana Resources), AU$490 million (GreenX Metals) and US$67 million (Lupaka Gold).

Exploration Opportunity

• Cosmo & Mt Venn Projects – The flagship Cosmo project covers 580 sq km of the underexplored Cosmo-Newbery Greenstone Belt. Complementing this, Sarama holds an 80 percent interest in the Mt Venn project (420 sq km), located only 40 km from Cosmo and close to Gruyere (+8 Moz), Garden Well (2.5 Moz) and Golden Highway (1 Moz).
• Favourable Setting – Situated in highly prospective greenstone belts with excellent road access and several underutilised nearby mills, significantly lowering development hurdles.
• Untapped Potential – Historical land access restrictions meant limited prior exploration; current programs are designed to unlock this potential.
• Pipeline of Work – Drill-ready targets with first drilling and follow-up exploration programs planned and awaiting heritage clearance, tentatively scheduled for Q4 CY25.

Team Track Record

• Led by a seasoned group with over 30 years’ experience each, credited with major gold discoveries including the +20 Moz Kibali Mine (DRC) and the 3 Moz Tankoro Deposit (Burkina Faso).

Key Projects

Cosmo Gold Project

The Cosmo gold project is Sarama’s flagship exploration asset, covering 580 sq km of the Cosmo-Newbery Greenstone Belt in Western Australia’s Laverton Gold District. Located ~95 km from Laverton and accessible by predominantly paved roads, the project enjoys excellent infrastructure, with Kalgoorlie just four hours away. Cosmo is underlain by prospective Archaean volcanics with localised intrusions and shallow cover, yet has seen minimal modern exploration due to historic access restrictions. A major regional shear zone, interpreted to extend for more than 50km across the project, provides a strong structural framework for gold deposition.

Gold was first discovered at Cosmo in the early 1900s, with multiple shafts and workings mapped and high-grade ore historically mined and transported to a stamp mill in Laverton. Early miners selectively targeted narrow quartz veins, which are unlikely to represent the main system but instead may point to a much larger, concealed mineralised system.

Recent work by Sarama, including a soil geochemistry program completed in early 2025, has defined multiple kilometre-scale gold anomalies totalling 45 km in strike and up to 1.8 km in width. These anomalies confirm the presence of a large, coherent gold system and have outlined several high-priority drill targets. With historical evidence of mineralisation, favourable structural geology, and strong regional prospectivity, Cosmo presents a compelling opportunity for a major new discovery. Sarama plans to commence a maiden drilling program in late 2025.

Mt Venn Gold Project

The Mt Venn project is a recently acquired, belt-scale opportunity located in the Laverton Gold District of Western Australia. Operated under a joint venture where Sarama holds an 80 percent interest (Cazaly Resources 20 percent), Sarama acts as operator and manager. The project spans 420 sq km and captures the majority of the underexplored Jutson Rocks Greenstone Belt across ~50 km of strike length. A regionally extensive shear zone, 1–3 km wide, runs the full length of the belt with subordinate splays in the south, creating a favourable structural framework for gold deposition.

Gold mineralisation was first identified in the 1920s, and subsequent exploration has defined a 35 km x 4 km gold corridor hosting multiple occurrences and kilometre-scale soil anomalies. Historic drilling at the Three Bears prospect intersected broad zones of mineralisation that remain open along strike and at depth. Importantly, the project also demonstrates polymetallic potential with copper, nickel, zinc and platinum group elements, a trait often associated with larger, more significant systems.

Strategically located ~40 km from Sarama’s flagship Cosmo project, Mt Venn lies close to major deposits, including the +8 Moz Gruyere mine and the 1 Moz Golden Highway deposit. Together, Cosmo and Mt Venn provide Sarama with control over highly prospective and complementary ground, with Cosmo already hosting ~45 km of gold-anomalous trends and Mt Venn offering proven mineralisation, early drilling success and strong polymetallic prospectivity. With compelling targets identified across both projects, Sarama sees considerable exploration upside and intends to unlock this value through systematic, focused exploration programs.

Management Team

Andrew Dinning – Executive Chairman

Andrew Dinning is a founder and the executive chairman of Sarama Resources. Dinning has over 35 years of experience in the international mining arena and has worked in Australia, the Democratic Republic of Congo, West Africa, the UK and Russia. He has extensive mine management, operations and capital markets experience and has spent most of his career in the gold sector.

Dinning was a director and president of Moto Goldmines in the Democratic Republic of Congo from 2005 to 2009. He oversaw the development of the company’s Moto gold project (Kibali Gold) from two million to more than 22 million ounces of gold. Dinning took the project from exploration to pre-development. The Moto gold project was later taken over by Randgold Resources and AngloGold Ashanti for $600 million in October 2009.

John (Jack) Hamilton – Vice-president of Exploration

Jack Hamilton is a founder and the vice-president of exploration at Sarama Resources. Hamilton has 35 years of experience as a professional geologist. Hamilton has worked around the world for international resource companies. Before Sarama, he was the exploration manager for Moto Goldmines. At Moto Goldmines, he led the team that discovered the main deposits and resource at the world-class Moto gold project (now Kibali Gold) which has a resource of more than 22 million ounces. Hamilton specializes in precious metal exploration in Birimian, Archean and Proterozoic greenstone belts. He has worked and consulted in West, Central and East Africa for the past 30 years with various companies, including Barrick Gold, Echo Bay Mines, Etruscan Resources, Anglo American, Geo Services International and Moto Goldmines. Whilst at Moto Goldmines, he led the exploration team that took the Moto gold deposit from discovery to bankable feasibility. The Moto gold deposit was later sold to Randgold Resources and AngloGold Ashanti in October 2009.

Paul Schmiede – Vice-president of Corporate Development

Paul Schmiede is a major shareholder and the vice-president of corporate development at Sarama Resources. He is a mining engineer with over 30 years of experience in mining and exploration. Before joining Sarama Resources in 2010, Schmiede was vice-president of operations and project development at Moto Goldmines. At Moto Goldmines, he managed the pre-feasibility, bankable and definitive feasibility study for the more than 22 million-ounce Moto gold project (now Kibali Gold). Whilst at Moto Goldmines, he also managed the in-country environment, community studies and pre-construction activities. Before joining Moto Goldmines, he held senior operational and management positions with Goldfields and WMC Resources.

Lui Evangelista – Chief Financial Officer

Lui Evangelista is Sarama’s chief financial officer with 35 years of experience in accounting, finance and corporate governance with public companies. He has more than 20 years of experience in the mining industry – 10 years of which have been at the operational and corporate level with companies operating in Francophone Africa. Evangelista was a group financial controller and acting CFO at Anvil Mining which operated three mines in the DRC. He was an integral part of the senior management team that saw Anvil’s market capitalization grow from C$100 million in 2005 to C$1.3 billion upon takeover by Minmetals in 2012.

Simon Jackson – Non-executive Director

Simon Jackson is a founder, shareholder and non-executive chairman of Sarama Resources. Jackson is a Chartered Accountant with over 30 years of experience in the mining sector. He is the Chairman of Predictive Discovery and non-executive director of African gold producer Resolute Mining. He has previously held senior management positions at Red Back Mining, Orca Gold and Beadell Resources.

Adrian Byass – Non-executive Director

Adrian Byass has more than 30 years of experience in the mining industry. He has focused his career on the economic development of mineral resources. He is skilled in economic and resource geology. Byass has experience ranging from production in gold and nickel mines to the evaluation and development of mining projects with listed and unlisted entities in multiple countries. He has also held executive and non-executive board roles on both ASX and AIM-listed companies. Byass has played key roles in a range of exploration and mining projects in Australia, Africa, North America and Europe, covering a suite of commodities including gold, base and specialty metals.

Michael Bohm – Non-executive Director

Michael Bohm is a seasoned director and mining engineer in the resources industry. His career spans roles as a mining engineer, mine manager, study manager, project manager, project director, and managing director. He has been directly involved in the development of multiple mines in the gold, nickel, and diamond industries, and made significant contributions to Ramelius Resources during its formative years. This experience is particularly important as Sarama is currently in the process of rebuilding its operations in the Eastern Goldfields region of Western Australia. He is a current director of ASX-listed Riedel Resources and has previously been a director of ASX-listed Perseus Mining, Ramelius Resources, Mincor Resources NL and Cygnus Metals.

Bitcoin and Ether price update

Bitcoin (BTC) was priced at US$101,721, a 0.8 percent decrease in 24 hours. BTC’s lowest valuation today was US$99,075.89, and its highest was US$104,666.

Bitcoin price performance, November 5, 2025.

Chart via TradingView.

Bitcoin is entering November on the defensive after suffering its first negative October in six years, a month traders have now dubbed “Red October’.

The correction pulled prices below key technical levels and has raised questions about whether the downturn marks the start of a deeper bear phase or simply a healthy reset before the next rally.

Overall sentiments point to a shaky market momentum remains in the near term. According to trader Ted Pillows, Bitcoin’s upcoming weekly close will be decisive: if Bitcoin manages to close the week above the EMA-50 with strong buying activity, it could confirm that prices have bottomed out. However, if it finishes below that threshold, it may signal that the downturn is only starting.

Furthermore, Bitcoin has slipped below US$100,000 with losses over the past 48 hours climbing past 8 percent, its sharpest two-day decline in nine months. Data shows more than 235,000 BTC, which are worth roughly US$24 billion, were moved at a loss in the last 24 hours due to intensified panic selling.

Whether Bitcoin stabilizes or extends its descent will depend largely on investor reaction in the coming days. If traders view the current dip as an entry point rather than an exit signal, analysts anticipate that November could lead to a swift turnaround.

Ether (ETH) was priced at US$3,301.90, a 5.8 percent decrease in 24 hours. Its lowest valuation of the day was US$3,097.71, while its highest was US$3,576.09.

Altcoin price update

• Solana (SOL) was priced at US$155.60, down 3.2 percent over the last 24 hours. Its lowest valuation of the day was US$147.97, while its highest was US$164.71.
• XRP was trading for US$2.22, a decrease of 1.7 percent over the last 24 hours. Its lowest valuation of the day was US$2.09, and its highest was US$2.32.

Fear and Greed Index snapshot

CMC’s Crypto Fear & Greed Index shows the continued deterioration of the current market sentiment, slipping down to 20 and further into ‘extreme fear’ territory as the chart dropped by -7 points overnight.

Bitcoin itself has fallen almost 2 percent overnight, sitting roughly 19 percent below its October 7 all-time high of US$126,198.07. The cryptocurrency has now lost 10 percent over the past week.

Crypto derivatives and market indicators

Bitcoin derivatives metrics suggest traders are leaning cautiously bullish rather than risk-averse.

Liquidations for contracts tracking Bitcoin have totaled approximately US$15.97 million in the last four hours, with the majority being short positions, a sign that bearish bets are being unwound as prices stabilize. Ether liquidations showed a similar pattern, with short positions making up most of the US$16.67 million in total liquidations.

Futures open interest for Bitcoin was up by 2.30 percent to US$69.96 billion over four hours, while Ether futures open interest also gained 2.17 percent to US$39.05 billion, reflecting renewed leverage entering the market.

The funding rate remains positive for both crytocurrencies, with Bitcoin at 0.004 and Ether at 0.002, indicating more overall bullish positioning than bearish.

Bitcoin’s relative strength index stood at 36.50, suggesting that while price momentum remains subdued, it is approaching levels where a rebound could form if buying pressure strengthens.

Today’s crypto news to know

Ripple secures US$500 million boost at US$40 billion valuation

Ripple has raised US$500 million in a new funding round led by Fortress Investment Group and Citadel Securities, valuing the company at US$40 billion.

The investment follows Ripple’s $1 billion tender offer earlier this year at the same valuation, marking a continuation of investor confidence in the firm’s long-term outlook.

Ripple said the funds will strengthen its partnerships with financial institutions and expand its services across custody, stablecoin issuance, and crypto treasury management. The company’s RLUSD stablecoin has gained traction for corporate payments amid clearer US regulations under the GENIUS Act.

The funding also positions Ripple to deepen its role in global payments as more firms integrate stablecoins into settlement networks.

Bitcoin slips below US$100,000 for the first time since June

Bitcoin fell more than 7 percent this week to trade below the US$100,000 mark for the first time since June.

The sharp dip extended a correction that has wiped out over 20 percent from its recent record high. Analysts attribute the decline not to leverage but to sustained selling from long-term holders and large investors.

Research firm 10x found that wallets holding between 1,000 and 10,000 BTC offloaded about 400,000 coins in the past month, worth roughly US$45 billion.

Analysts expect continued pressure through early 2026, though few foresee a full capitulation, with price consolidation likely around the mid-US$80,000 range before any recovery.

Northern Data exits Bitcoin mining in US$200 million AI transition

Northern Data Group, Europe’s largest Bitcoin mining company, is divesting its mining arm, Peak Mining, in a deal worth up to US$200 million as it pivots entirely toward artificial intelligence infrastructure.

The transaction includes US$50 million in upfront cash and up to US$150 million in performance-based payments tied to future profits. The move follows the April 2025 Bitcoin halving, which cut mining revenues in half and accelerated the firm’s strategic shift.

The company plans to repurpose its mining facilities in Texas for high-performance AI workloads, which can yield up to ten times more revenue per megawatt than Bitcoin mining. The company already owns over 220,000 GPUs through prior acquisitions.

Company journey and evolution

Founded in 2017 with an exclusive focus on financially motivated cybercrime on the dark web, the company has since broadened its scope to encompass all exposure management, an evolution that reflects the dynamic threat landscape and the need to identify any type of digital exposure an organization might face.

“The team very quickly realized that in order to be a global company and scale, we needed to broaden the problem space that we were trying to solve for, and so that was just a natural evolution,” Menz explained.

Flare’s platform is now designed to help organizations identify and manage exposure across the dark and clear web, as well as new risks stemming from new AI technologies.

Menz identified two critical components of the exposure issue. The first is the sheer volume of data, now widely dispersed across enterprises and various AI providers, which significantly increases credential exposure risk.

Menz cited the 2025 Verizon DBIR, which found that 88 percent of web application breaches are due to the use of stolen credentials. Flare’s identity exposure management, launched in October 2025, automates the detection and remediation of exposed credentials

The second is identity exposure; not only human identities, but also the emerging non-human identities, such as AI agents. “What is the integrity of that agent?” Menz elaborated, “Are they doing the job that we’ve asked them to do, or has the data set that they’re working with been polluted? Has the instruction set that they’re working with, has that been polluted?

“Going from not just external exposure management, but also to internal exposure management, we start looking at where the risk is coming from before the data gets exposed and leaked.”

Strategic focus and innovation

Flare is concentrating its efforts on developing a platform that can detect all types of exposure, with a specific emphasis on emerging threats originating from AI and the dark web.

While AI is certainly a critical component of Flare’s strategy, Menz underscored that the technical challenge of monitoring the dark web, particularly in dynamic environments like Telegram, where Flare monitors over 50,000 channels, requires a mix of human-informed technology.

Human knowledge directs the data collection and the application of initial filters, while algorithms and prioritization rules, developed through expert insight, efficiently process and sort vast amounts of data at scale. Automated crawlers mimic human review to determine content relevance, and generative AI enhances a prioritized subset of events by providing additional context, summarization or translation.

A remote-first company with key talent hubs in Montreal, a place with a rich AI and tech ecosystem supported by world-class universities and competitive incentives, Menz attributes Flare’s success to its ability to attract and retain top AI and cybersecurity talent.

“If you look at the work coming out of many of the universities in Canada, they’re very innovative, and it’s a very supportive ecosystem for AI.

“Canada (also) has a number of AI-focused institutes such as AMII, MILA and the Vector Institute.” These institutions have played central roles in fostering AI research and innovation, including contributing to the Pan-Canadian AI Strategy.

“In addition to that, Canada has a great reputation in areas like robotics and other types of industrial, autonomous innovations. And I think it’s because anywhere where you have a highly educated populace, which, frankly, only comes from strong government support, you end up with a big opportunity to innovate.”

Menz also highlighted a common hurdle for Canadian startups: around 80 percent are acquired at below value, limiting their ability to scale into more significant players. He pointed to Cohere, a Canadian enterprise-grade AI company recently raising US$500 million with a valuation of over US$7 billion, as a positive exception.

“As great as the community is, there needs to be a willingness for investors to lean in and support these companies at meaningful valuations so that they can be competitive in the market.”

Future trends and challenges

Looking ahead, Flare is focused on evolving its platform to manage the growing complexity of exposure risk, especially as enterprises adopt AI technologies.

The company’s goal is to move closer to real-time prevention by automating responses such as locking accounts or forcing password resets, proactively protecting organizations before malicious actors can exploit vulnerabilities.

Market expansion is integral to Flare’s strategy, with its European operations exemplifying the need to tailor solutions to diverse regulatory environments, languages and customer expectations.

Menz said that Europe has quickly become the company’s second-largest market, while plans are underway for the Asia-Pacific entry.

However, careful, phased growth aligned with local conditions is viewed as essential for sustainable success. “We try to move very quickly and be agile, but we want to lay the foundation to support the scale,” Menz said, emphasizing the importance of building strong foundational systems and processes that can sustain rapid growth without compromising stability or quality.

Overall, Flare’s global strategy intertwines deep technological expertise with local market sensibilities and a strong cultural foundation, leaving it well-positioned in the emerging era of exposure management in cybersecurity worldwide.

Agnico Eagle hits record earnings

Agnico Eagle Mines (TSX:AEM,NYSE:AEM) delivered the strongest quarter in its history, reporting record adjusted net income of US$1.09 billion, or US$2.16 per share, on revenue of US$3.06 billion—beating analyst expectations of US$2.95 billion.

Production was led by the Meadowbank and LaRonde complexes, and by the end of September the company had already achieved 77 percent of its full-year output target. Agnico sold its gold at an average realized price of US$3,476 per ounce, far above its US$2,500 planning assumption.

“We’re reporting record financial results, driven by, of course, record gold prices, but coupled with strong and consistent operational performance,” Chief Executive Ammar Al-Joundi said during the earnings call.

Agnico said its balance sheet is now the strongest in company history, with US$2.2 billion in net cash following US$400 million in debt repayment and US$350 million returned to shareholders.

The miner also reaffirmed its 2025 production guidance of 3.3 to 3.5 million ounces, citing stable operations and ongoing investments in five key pipeline projects and what Al-Joundi called an “exceptional exploration program.”

Newmont generates record-free cash flow, starts up Ahafo North

Denver-based Newmont (NYSE:NEM,ASX:NEM) also reported a standout quarter, generating a record US$1.6 billion in free cash flow that marked its fourth consecutive quarter exceeding the US$1 billion mark.

The world’s largest gold miner produced approximately 1.4 million attributable ounces of gold and 35,000 tonnes of copper, achieving adjusted earnings of US$1.71 per share.

The quarter also saw the formal start of commercial production at Newmont’s Ahafo North project in Ghana’s Afrisipakrom region, roughly 50 kilometers from the company’s existing Ahafo South operation.

Ahafo North poured first gold in September and is expected to produce about 50,000 ounces by year-end before ramping up to between 275,000 and 325,000 ounces annually over a 13-year mine life. Combined with Ahafo South, the complex is projected to yield roughly 750,000 ounces of gold per year once fully integrated.

Newmont said it remains on track to meet its 2025 production and cost targets, aided by US$640 million in asset and equity sale proceeds during the quarter.

Newmont’s Chief Executive Tom Palmer, who will retire at year-end, also expressed confidence that his successor, Natascha Viljoen, will sustain the company’s operational and financial discipline going into 2026.

Franco-Nevada logs record revenue as portfolio expansion pays off

Royalty and streaming giant Franco-Nevada (TSX:FNV,NYSE:FNV) reported record revenue of US$487.7 million for the third quarter, up 77 percent from a year earlier, as higher gold prices and recent acquisitions boosted returns.

The company sold 138,772 gold-equivalent ounces (GEOs), including 11,208 GEOs related to stockpiled copper concentrate from the suspended Cobre Panama mine. Franco-Nevada said it remains debt-free after repaying borrowings used for the Arthur Gold royalty acquisition in July.

“Our deep portfolio of producing, development and exploration stage royalties on primary gold assets is well positioned to grow organically in this strong gold price environment,” Chief Executive Paul Brink said.

While Cobre Panama remains in a preservation phase following its closure last year, the site’s power plant is expected to restart in the fourth quarter after a government-approved maintenance and audit process.

Franco-Nevada noted that it expects about 1,000 additional GEOs from the project in late 2025 or early 2026 as operations gradually resume.

Freeport-McMoRan faces setback after Grasberg fatalities

Freeport-McMoRan (NYSE:FCX) posted third-quarter net income of US$674 million, or US$0.46 per share, with adjusted earnings of US$0.50, supported by solid copper prices and cost discipline.

However, the company’s otherwise strong results were overshadowed by a deadly mud rush at its Grasberg mine in Indonesia in September that killed seven workers and halted production.

“Our strong third-quarter 2025 results were overshadowed by the tragic incident at our Grasberg operation in September,” President and CEO Kathleen Quirk said in the company’s quarterly report. “The entire FCX organization is grieving for our coworkers lost in this accident and we remain steadfast in our commitment to prioritize the safety of our workforce above all else.”

The incident forced a temporary suspension of mining and smelting activities at the site, cutting production by 4 percent relative to prior guidance. Freeport’s consolidated production totaled 912 million pounds of copper and 287,000 ounces of gold for the quarter.

The company now expects minimal Indonesian output for the remainder of the year as cleanup and damage assessments continue.

Freeport said it expects to complete mud removal by year-end and is evaluating a phased restart of unaffected underground mines in late 2025, with a broader ramp-up through 2026.

Zijin rides gold rally to record profit

China’s Zijin Mining Group (OTC Pink:ZIJMF) capped the strong quarter for global producers with a sharp 55 percent year-on-year surge in net profit attributable to shareholders, reaching approximately US$5.22 billion for the first nine months of 2025.

Revenue rose 10 percent driven by gold production of 65 tonnes, up 20 percent from last year, and copper output of 830,000 metric tons.

The company’s market capitalization has climbed to roughly US$110.1 billion, ranking it among the world’s three largest mining firms.

Its Hong Kong–listed subsidiary, Zijin International Gold, which focuses on overseas gold operations, has seen its stock price double since debuting on September 30 in what became the largest IPO ever for a gold miner, raising US$3.68 billion

Zijin also completed several major acquisitions this year, including the Akyem gold mine in Ghana and the Raygorodok gold mine in Kazakhstan, while continuing construction on the Julong copper mine’s second phase, expected to start production by the end of 2025.

Investor Insight

As FPX Nickel strengthens its position in the critical minerals space, it offers investors a compelling opportunity in the low-carbon energy transition, with the potential to be a low-cost, environmentally responsible nickel producer in a stable jurisdiction.

Overview

FPX Nickel (TSXV:FPX,OTCQB:FPOCF) is a Canadian developer of large-scale, low-carbon nickel projects designed to anchor a North American, fully integrated supply chain for stainless steel and electric vehicle batteries.

The company’s core asset, the Baptiste nickel project in British Columbia’s Decar Nickel District, is one of the largest undeveloped nickel resources in the world and features a unique form of naturally occurring awaruite (Ni₃Fe) mineralization. This sulphur-free, magnetic nickel-iron alloy enables a simple, low-cost and low-emission flowsheet that produces approximately 60 percent nickel concentrate capable of bypassing smelters and feeding directly into downstream markets.

FPX’s 2023 preliminary feasibility study confirms Baptiste’s Tier-1 scale and robust economics, positioning it among the most competitive greenfield nickel developments globally. With its lowest-decile carbon intensity and access to clean BC hydro power, Baptiste offers the dual appeal of strong financial returns and ESG leadership in the nickel sector.

The company is also advancing a growing Canadian exploration pipeline through its strategic alliance with the Japan Organization for Metals and Energy Security (JOGMEC). In 2025, FPX and JOGMEC selected the Advocate nickel property in Newfoundland, as the first “designated project” under their Generative Alliance, and expanded the partnership at the Klow property in British Columbia, where FPX has signed an exploration agreement with the Takla Nation. These initiatives demonstrate FPX’s leadership in building a multi-jurisdictional, low-carbon nickel platform within stable, Tier-1 mining regions.

Backed by global strategic investors Sumitomo Metal Mining and Outokumpu, and supported by funding from Natural Resources Canada, FPX Nickel provides investors with exposure to a rare combination of scale, sustainability, and strategic relevance in the global shift toward cleaner industrial metals.

Company Highlights

• Strong Strategic Support: Outokumpu, Sumitomo Metal Mining and an undisclosed Canadian mining company each own 9.9 percent; management and insiders 18 percent.
• Partnerships and ESG: Exploration Agreement with Takla Nation for Klow Property; strong Indigenous engagement framework.
• Government Support: Funding from Natural Resources Canada to advance Baptiste.

Key Project

Decar Nickel District

FPX Nickel’s 100 percent-owned Decar Nickel District is located 90 km northwest of Fort St. James in central British Columbia. It is FPX Nickel’s flagship asset and home to the Baptiste nickel project – one of the largest undeveloped nickel deposits in the world. The district also includes the nearby Van target, providing long-term growth potential within the same 100-percent-owned property.

Baptiste Nickel Project

Baptiste is the cornerstone of FPX Nickel’s strategy to produce large volumes of clean, low-carbon nickel in Canada. The deposit contains a naturally occurring nickel-iron mineral called awaruite (Ni₃Fe), which allows for a simple, energy-efficient processing that eliminates the need for traditional smelting. The result is a high-grade nickel product with one of the lowest carbon footprints in the global industry.

A 2023 preliminary feasibility study (PFS) confirmed Baptiste as a Tier-1 development opportunity with robust economics and long-life production:

• After-tax NPV (8 percent) of US $2 billion
• After-tax IRR of 18.6 percent
• Mine life 29 years
• Average annual production of 59,000 tonnes nickel
• Cash cost (C1) of approximately US$3.70 per lb nickel

The PFS outlines a conventional open-pit mine and processing facility powered by British Columbia’s clean hydroelectric grid. Using magnetic separation and flotation, the operation would produce a ~60 percent nickel concentrate that can be sold directly to stainless-steel producers or refined into battery-grade nickel sulphate for the electric-vehicle market.

Van Target

Situated six kilometres north of Baptiste, the Van target hosts the same style of awaruite mineralization near surface and offers similar potential scale. Early drilling has intersected broad zones of nickel mineralization, reinforcing the district’s capacity to support multiple large deposits over time.

Downstream Integration and Refinery Study

In March 2025, FPX Nickel published the results of its Awaruite Refinery Scoping Study, outlining plans for North America’s largest nickel sulphate refinery. The proposed facility aims to produce 32,000 tonnes per year of battery-grade nickel sulphate, along with by-products including cobalt carbonate, copper cement, and ammonium sulphate.

Highlights of the study:

• Economics: After-tax NPV (8 percent) ~US$445 million; IRR ~20 percent; operating cost US$1,598/t Ni (US$0.06/lb on a by-product basis).
• Carbon Profile: 0.2 t CO₂/t Ni refined; cradle-to-gate 1.4 t CO₂/t Ni.
• Status: Standalone scoping study, not included in the 2023 PFS base case.
• Strategic Context: FPX also signed an MOU with JOGMEC and Prime Planet Energy & Solutions (Toyota–Panasonic JV) to evaluate integration of Baptiste feed into EV battery materials supply chains.

Pilot-Scale Success and Government Support

In early 2024, FPX completed pilot-scale hydrometallurgical testing, producing battery-grade nickel sulphate. The program, partially funded by Natural Resources Canada’s Critical Minerals R&D program, marked a key milestone in demonstrating the project’s readiness for commercialization and alignment with Canada’s strategic critical minerals priorities.

Exploration and Pipeline

Advocate Nickel Property (Newfoundland)

• Selected in Sept 2025 as the first “designated project” under the FPX–JOGMEC Generative Alliance.
• 86.25 sq km holding, 45 km of serpentinized ultramafic strike on the Baie Verte Peninsula.
• Three awaruite zones (Wolverine Pond, Birchy Lake, Birchy Lake North) with surface samples up to 0.14 percent DTR Ni.
• 2025 budget: C$450,000 to define drill targets. Joint venture interest ratio JOGMEC 60 percent / FPX 40 percent.

Klow Property (British Columbia)

• Exploration agreement with Takla Nation signed Oct 2025, establishing collaboration protocols for future exploration and development.
• JOGMEC earn-in amended to March 31 2027 (Option to 60 percent with C$1 million expenditure).
• 2025 surface program funded 100 percent by JOGMEC.
• Historic drilling (316 m @ 0.10 percent nickel-in-alloy) and 2024 DTR re-analysis confirm strong awaruite potential.

Management Team

Martin Turenne – President, CEO and Director

Martin Turenne is a seasoned executive with over 15 years in the commodities sector, including significant leadership experience in mining. His expertise spans strategic management, capital markets, financial reporting, and regulatory compliance. He previously served as CFO of First Point Minerals and held roles at KPMG LLP and Methanex Corporation. Turenne is a Chartered Professional Accountant (CPA) and a member of the Canadian Institute of Chartered Accountants.

Dan Apai – Vice President, Projects

Dan Apai has over 20 years of mining industry experience in civil engineering and engineering management over a diverse range of projects. As principal civil engineer for Fluor Canada, he led studies and detailed engineering works for numerous large-scale mining projects for clients including Teck, Newmont, BHP, First Quantum, Glencore, Josemaria Resources, and Newcrest. Apai’s technical expertise includes site layout, earthworks, water management, linear facilities, and water supply systems – all elements that strongly influence the capital intensity, permitability, and operability of mining projects. Apai is a member of the Association of Professional Engineers of British Columbia and holds a Bachelor of Engineering from the University of Western Australia.

Tim Bekhuys – SVP, Sustainability and External Relations

Tim Bekhuys is a mining sustainability expert with 40+ years of experience in environmental permitting, community engagement, and ESG leadership. He was VP of sustainability at SSR Mining and held senior roles at New Gold, successfully advancing projects like the Blackwater gold project. He has served on the boards of AME BC, the Mining Association of BC, and the Mining Association of Canada.

Felicia de la Paz – CFO and Corporate Secretary

Felicia de la Paz is a CPA with deep expertise in corporate finance and systems implementation. She started her career at KPMG, rising to senior manager, before joining Equinox Gold as corporate controller, where she led post-acquisition financial integration. She later served as VP of finance at Vida Carbon and now advises public mining companies on financial and operational systems. She holds a Bachelor of Commerce (Honours) from UBC.

Dr. Peter M.D. Bradshaw – Chairman

Dr. Peter Bradshaw is a renowned geologist with over 45 years of global mineral exploration experience and a member of the Canadian Mining Hall of Fame. He has played key roles in several major discoveries, including the Porgera, Kidston, and Misima gold mines, and co-founded the UBC Mineral Deposit Research Unit. Bradshaw’s past roles include senior positions at Barringer Research, Placer Dome, and Orvana Minerals.

Peter Marshall – Director

Peter Marshall is a mining engineer with 30 years of experience in mine development. Formerly VP of project development at New Gold and SVP at Terrane Metals, he played key roles in major BC projects including the feasibility and early construction of the Mt. Milligan copper-gold mine and the Blackwater gold project.

Anne Currie – Director

Anne Currie is a leading expert in mining permitting and regulatory processes in Canada, with more than 30 years of private and public sector experience. She was BC’s chief gold commissioner and a senior partner at Environmental Resources Management. Currie has guided permitting for major projects including KSM, Brucejack, Kemess Underground, and Blackwater.

James S. Gilbert – Director

James Gilbert has over 30 years of experience in investment banking and corporate strategy, with two decades focused on mining and metals. He has held senior roles at Rothschild, Gerald Metals, and Minera S.A., and has deep expertise in M&A, project finance, off-take agreements, and strategic marketing. He was a director of AQM Copper, acquired by Teck in 2016.

Kim Baird – Director

Kim Baird is a strategic advisor with deep experience in Indigenous relations, governance, and treaty implementation. As former elected Chief of the Tsawwassen First Nation, she negotiated and implemented BC’s first urban treaty, securing land and resource governance for her community. She now advises governments, businesses, and Indigenous groups across Canada.

Rob Pease – Director

Rob Pease is a geologist with more than 30 years in exploration, mine development, and corporate leadership. He was CEO of Terrane Metals and a director of Richfield Ventures—both acquired for over C$500 million. He currently serves on the boards of Pure Gold Mining and Liberty Gold.

Andrew Osterloh – Director

Andrew Osterloh is a professional engineer with 25+ years in process engineering, plant metallurgy and project development. He is currently VP project engineering & construction at Skeena Gold & Silver.