Bitcoin and Ether price update

Bitcoin (BTC) was priced at US$76,827.62, down by 0.9 percent over 24 hours.

Bitcoin price performance, February 2, 2025.

Chart via TradingView

Bitcoin slid to its lowest level since April last year over the weekend, briefly touching the US$74,000 mark. The drop capped Bitcoin’s fourth consecutive monthly decline and its longest losing streak in seven years.

“The crypto market is currently suffering from panic among speculative participants,” said Samer Hasn, senior market analyst at XS.com, pointing to a steep contraction in derivatives activity and persistent outflows from spot Bitcoin exchange-traded funds.

According to CoinGlass data, total crypto futures open interest has fallen to US$109 billion, down 53 percent from its all-time high, while Bitcoin futures open interest alone has declined 44 percent from peak levels.

Geopolitical uncertainty has added another layer of strain. “Concerns surrounding the situation with Iran were the main news factor weighing on the market,” said Vasily Shilov, chief business development officer at SwapSpace. Shilov noted that heightened geopolitical rhetoric, combined with trade threats and the Federal Reserve’s decision to keep rates unchanged, has pushed investors toward liquid assets and away from higher-risk exposure.

Some analysts caution that bearish sentiment may persist into the first half of the year. Ray Youssef, chief executive officer of NoOnes, said capital outflows into precious metals and uncertainty around US fiscal policy have tilted market dynamics firmly in favor of sellers.

While Bitcoin found temporary support near US$75,000, Youssef said the US$73,000 level is now critical, with a sustained break potentially accelerating losses. Investors now look towards upcoming developments on US economic data and the Congress’ direction on crypto policy as signals on whether the current drawdown marks another stress test or the start of a deeper bear phase.

Ether (ETH) was priced at US$2,248.63, down by 3.3 percent over the last 24 hours.

Altcoin price update

• XRP (XRP) was priced at US$1.59, trading flat over 24 hours.

• Solana (SOL) was trading at US$101.74, down 2.4 percent over 24 hours.

Today’s crypto news to know

Bitcoin weekend slide wipes out Trump-era rally

Bitcoin’s latest sell-off has erased the entirety of its Trump-era gains, with prices tumbling over the weekend to around US$77,000 amid thin liquidity and forced liquidations.

The drop accelerated after Bitcoin failed to hold the US$80,000 level, briefly slipping below US$76,000 and triggering rapid sell-offs that shaved thousands of dollars off the price in minutes.

Notably, the drop also pushed Bitcoin below the average entry price of Strategy (NASDAQ:MSTR), a symbolic line that added pressure in a market already jittery from slowing ETF inflows and elevated leverage.

The downturn marks the cryptocurrency’s lowest level since April 2025, when markets were rattled by US tariff announcements under Donald Trump. In total, Bitcoin is now down nearly 12 percent year to date and roughly 25 percent since Trump’s second-term inauguration, reversing a rally that once carried it close to US$125,000 on hopes of crypto-friendly policy.

Those expectations included looser regulation, the passage of stablecoin legislation, and the winding down of high-profile enforcement cases. Instead, tariff threats and persistent geopolitical tensions have undercut the “digital gold” narrative.

Analysts are now watching the US$74,500 and US$69,000 levels as potential stress points, warning that a break could deepen the risk-off move.

Washington scrambles to salvage landmark crypto bill

Senior Wall Street bankers, crypto executives, and policymakers are set to meet in Washington as the fate of the long-awaited Clarity Act hangs in the balance, sources familiar with the matter told CoinDesk.

The White House has stepped in to mediate a standoff between major banks and crypto firms, including Coinbase, over whether platforms should be allowed to pay yield on stablecoin balances.

The bill is designed to establish clear lines of authority across US crypto markets, covering everything from exchanges and DeFi to tokenized real-world assets. Supporters say passing it would cement crypto’s legitimacy within mainstream finance and open the door for deeper bank participation.

But progress has stalled after the Senate Agriculture Committee advanced part of the bill on a narrow, party-line vote, raising doubts about its ability to win broader Democratic support.

Coinbase CEO Brian Armstrong has publicly criticized recent drafts, arguing that certain key amendments would undermine stablecoin incentives.

Chinese crime networks moved US$16 billion in crypto last year, report finds

Chinese-language organized crime groups moved an estimated $16 billion in cryptocurrency in 2025, accounting for roughly one-fifth of global illicit crypto activity, according to a new report from Chainalysis.

These networks rely heavily on Telegram-based “guarantee” channels that act as informal escrow and marketing hubs for money laundering services. Investigators say the platforms facilitate not just laundering, but also human trafficking, scam operations, and the sale of equipment used in Southeast Asian fraud centers.

Stablecoins such as USDT and USDC are favored for their liquidity and lower volatility, which helps criminals avoid losses while moving funds. Chainalysis estimates the networks laundered roughly US$44 million per day, often serving clients ranging from organized crime syndicates to sanctioned state actors.

How does streaming works?

Gold streaming and royalty agreements offer investors exposure to precious metals while limiting many of the operational risks faced by traditional mining companies.

Under a typical royalty agreement, a royalty company provides funding for the exploration or development of a project in exchange for a percentage of future revenue if the mine enters production.

Streaming arrangements are similar but differ in structure: instead of receiving revenue, streaming companies take delivery of a fixed portion of the metal produced, or retain the right to purchase that metal at a predetermined price well below market value.

These structures benefit both sides of the transaction. Mining companies gain access to substantial upfront capital during the costly construction or expansion phases of a project, without taking on debt or issuing equity at a discount.

Streaming and royalty companies, meanwhile, secure long-term exposure to gold and silver production at fixed costs, insulating them from cost overruns, operating inflation and many of the risks associated with mine ownership.

One of the most prominent examples is Franco-Nevada (TSX:FNV,NYSE:FNV)’s stream on Lundin Mining (TSX:LUN,OTCPL:LUNMF)’s Candelaria copper mine in Chile. As part of Lundin’s 2014 acquisition of Freeport-McMoRan (NYSE:FCX)’s stake in the asset, Franco-Nevada provided US$648 million in exchange for a majority stream of Candelaria’s gold and silver production, delivered at prices far below prevailing market levels.

Smallwood said the higher-price environment has also broadened the pipeline of potential streaming opportunities.

“The era of multi-billion-dollar streams is coming,” he said, pointing to major producers looking to crystallize value from precious-metal by-products to fund large capital programs in copper and other base metals.

Gold, silver and the need to take profits

Precious metals were front and center throughout VRIC.

The price of gold crossed the US$5,200 per ounce mark during the show, and silver’s incredible run peaked at US$116 per ounce, gaining more than 250 percent since January 2025.

Over the past couple of years, gold’s shine has been brought about by significant central bank buying. Considered the ultimate buy-and-hold participants, these entities have been acquiring large quantities of gold for several reasons, including runaway global debt and concerns over the weaponization of the US dollar.

Central bank purchases, along with geopolitical and financial uncertainty, have helped to revive a beleaguered retail segment, effectively pouring gasoline onto the fire.

For silver, structural shortages that have developed over the past several years came into focus and were exacerbated by a surge of investors seeking a cheaper physical asset alternative to gold.

Flashpoints in the Middle East, a simmering trade war driven by tariff threats, disrupted supply lines and currency devaluation have also helped bring the monetary aspects of gold and silver to the forefront.

In the 2026 ‘Gold Forecast’ panel at VRIC, Gold Royalty (NYSEAMERICAN:GROY) Chair and CEO David Garofalo explained why precious metals were one of the best-performing asset classes last year.

“Gold has been a one-way trade for 50 years … the purchasing power of our dollars has gone down 99 percent over that period of time. The negative correlation between the gold price and the purchasing power of our underlying currencies is undeniable,” he said, adding that “gold can only go in one direction.”

Garofalo added that the debt-to-GDP ratio rose to 350 percent in 2025 from 100 percent in the 1970s, creating a “ticking time bomb” that leaves central banks with no wiggle room to raise interest rates. “Gold can only go in one direction in that market because there is a limited supply of gold. Gold can’t be printed,” Garofalo said.

With those circumstances in mind, how high can gold and silver prices go? There were differing perspectives throughout the conference on whether precious metals are in a bull market or a bubble.

At the ‘This Isn’t Our First Bull Market’ panel, Ross Beaty, Equinox Gold (TSX:EQX,NYSEAMERICAN:EQX) chair and Canadian Mining Hall of Famer, was one of those who suggested the market is in a bubble.

He also compared the state of the market to the late 1970s and early 1980s, and spoke about how gold went above US$700 per ounce before crashing to US$250 an ounce in a matter of months. “You only know you’re at the top after the fact. From my standpoint today, it is. It’s a bubble, it’s a frothy market,” Beaty said.

Fellow panelist Rick Rule, proprietor at Rule Investment Media, didn’t go so far as to say the market is in a bubble, but did point out that even in a strong bull market, there are risks.

He pointed out that in 1975, as the gold bull market was running, the gold price fell by half.

Both speakers suggested there is still upside in the market, but acknowledged that now is a good time for investors to take some profits. For his part, Beaty was blunt in his advice.

“It is time to take some money off the table. I think probably not all, because I think we have more room to run, but we’re not in the early innings of this game, we’re in the late innings,” he said.

Rule’s approach was more one of preparation, especially for less experienced investors.

“If you aren’t financially and psychologically prepared to deal with 30 or 35 percent declines, or 50 percent declines, you really have to get some money in the bank now, because you’re going to experience that,” Rule said.

During VRIC, Rule also spoke about how he recently sold off 25 percent of his junior mining portfolio, noting, “I sold off 25 percent of my upside, and I eliminated 100 percent of my downside.”

Copper, uranium and the AI bubble

If industry stalwarts like Beaty, Rule and Garofalo are suggesting it’s time to take some money off the table, were there any suggestions where to look next?

On the gold panel, Incrementum AG Managing Partner and Fund Manager, Ronald-Peter Stöferle gave insight that his fund had cycled funds from precious metals into other areas of the resource sector.

“We reallocated some capital, took some profits, because the risk has been too dominant and reallocated into oil, into copper, into uranium,” he said.

What’s become more apparent over recent years is the growing need to add gigawatts to the electrical grid. To meet growing demand, electricity must be generated, and uranium is increasingly used as a fuel. However, delivering it requires infrastructure, and copper remains one of the best ways to do so.

However, both copper and uranium have demand exceeding supply.

While copper has been in balance over the last couple of years, incidents at Freeport-McMoRan’s (NYSE:FCX) Grasberg mine and Ivanhoe’s (TSX:IVN,OTCQX:IVPAF) Kamoa-Kakula mines tipped the market into supply deficits in 2025, and it’s likely to stay there for some time.

Both copper and uranium have been increasingly tied to the artificial intelligence (AI) revolution.

At the ‘Copper Forecast’ panel, Independent Speculator Editor Lobo Tiggre noted the connection but pointed out that underlying fundamentals beyond AI continue to make the case for investing in copper and uranium. He noted that the release of Chinese AI DeepSeek affected Western equities tied to the AI boom.

“If you think it (AI) is a bubble, remember what happened in the DeepSeek moment. Copper wobbled, uranium wobbled … The good news, in my view, is that means that whenever the next wobble comes, there’s potentially a buying opportunity, given the fundamentals we’re talking,” he said.

The fundamentals are that AI and data centres are just additional demand. Through several of his appearances, Rick Rule noted that there are a billion people on the planet who don’t have access to reliable electricity.

Additionally, global infrastructure needs to be upgraded as more people rely on electricity for a wider range of uses, including EVs. However, there are only a few new mines on the horizon, and not enough to meet baseline demand.

Ivan Bebek, CEO and chair of Coppernico Metals (TSX:COPR,OTCQB:CPPMF), said on the copper panel that all the easy copper deposits have been found.

“Copper mines are hidden behind geopolitical boundaries, social issues or undercover. They’re mined, and all the easy ones have been found. Look at the chart I presented earlier, and it shows the decline basically falls off a cliff in 2015. There hasn’t been any major copper discovery of consequence since then,” he said.

It’s not just a lack of discovery; copper mines require significant capital investment and can take decades to complete permitting.

Likewise, uranium is in a similar boat. Although it’s far from its US$140 per pound high in 2007, uranium has solid supply and demand fundamentals and has significant upside potential.

In his fireside chat, Uranium Energy (NYSEAMERICAN:UEC) CEO Amir Adnani said that he expects uranium prices to continue to increase.

“The uranium price has no business hanging around under US$100 per pound. The uranium price should be doing what silver and gold are doing. It will do that, in my opinion, because it is fundamentally in a structural deficit,” he said.

Adnani pointed to a cumulative shortage of 379 to 840 million pounds over the next 10 to 15 years, and stated it should be at least US$1,000 per pound. He noted that both China and the US have designated uranium a critical mineral, with the US even establishing a strategic reserve.

Investors are faced with choices

With consensus at the conference that AI is a bubble that’s ready to burst, the overall fundamentals for copper and uranium remain strong even without it.

As for precious metals, given the strain on global financial systems in recent years, and uncertainty when it comes to US debt loads and a weakening US dollar, they should still hold a place in an investor’s portfolio.

However, as many at the conference suggested, the time to take profits is before the peak, not after investors look back on it.

Though some suggest cycling that money into other equities to take advantage of copper and uranium, there was also the suggestion that holding cash can be a good thing, remaining liquid and ready to take advantage of pullbacks and corrections in the market.

Markets and commodities react

Canadian equity markets were in retreat to end the week.

The S&P/TSX Composite Index (INDEXTSI:OSPTX) lost 3.4 percent over the week to close Friday at 31,923.52, while the S&P/TSX Venture Composite Index (INDEXTSI:JX) fared worse, shedding 8.15 percent to 1,051.08. The CSE Composite Index (CSE:CSECOMP) dropped 9.54 percent to 169.92.

The gold price saw significant declines from mid-week highs, losing 9.76 percent during Friday’s trading day. However, it fell just 1.76 percent from the week’s start to close at US$4,840.76 per ounce on Friday at 4:00 p.m. EST.

The silver price fared even worse, plummeting 28.17 percent on Friday, and closing the week 13.62 percent lower overall at US$83.43 on Friday.

In base metals, the Comex copper price recorded a 1.32 percent drop this week to US$5.98.

On the other hand, the S&P Goldman Sachs Commodities Index (INDEXSP:SPGSCI) was up 4.24 percent to end Friday at 598.20.

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 2:00 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. Vanguard Mining (CSE:UUU)

Weekly gain: 141.18 percent
Market cap: C$29.82 million
Share price: C$0.41

Vanguard Mining is an exploration company working to advance a portfolio of uranium, copper and nickel assets in Canada and Paraguay. Its flagship project is the Yuty Prometeo uranium project in Paraguay.

Among its properties is the Redonda copper and molybdenum project near Campbell River, British Columbia. The site consists of nine mineral claims covering 2,746 hectares and hosts porphyry-style mineralization.

On Tuesday (January 27), Vanguard announced plans for its phase 2 drill program at Redonda, comprising up to 7 holes totaling 2,800 meters, targeting areas in the southeast portion of the property between historic drill holes.

The company also said it would conduct detailed mapping and prospecting in the northern and western portions of Redonda to identify additional priority drill targets and would use phase 1 results to refine targeting.

The program is being advanced quickly to build on drilling results that “confirmed a significantly expanded copper-molybdenum mineralized system at Redonda,” the company said.

2. San Lorenzo Gold (TSXV:SLG)

Weekly gain: 85.6 percent
Market cap: C$185.63 million
Share price: C$2.32

San Lorenzo Gold is an exploration company working to advance its Salvadora project in the Chañaral province of Chile.

The property consists of 25 exploration and nine exploitation concessions covering an area of 8,796 hectares. It hosts a large copper and gold porphyry system with several significant targets. According to the project page, the site geology resembles that of the nearby Codelco-owned Salvador copper mine, which has operated since the early 1950s and is expected to continue until the mid-2060s following an expansion.

On January 26, San Lorenzo provided assay results from the first hole of a drilling program at the Cerro Blanco target at Salvadora. The hole was drilled to a depth of 472 meters, of which it encountered 222.4 meters of mineralization across five sections. The widest interval graded 1.09 grams per metric ton (g/t) gold over 132.2 meters from a depth of 201.5 meters.

The company said it believes the mineralization represents the upper level of a porphyry system and that it suggests a continuation of the system encountered during drilling at the site in 2025.

3. Ameriwest Critical Metals (CSE:AWCM)

Weekly gain: 75.76 percent
Market cap: C$14.69 million
Share price: C$0.58

Ameriwest Critical Minerals is an exploration company with a portfolio of assets in British Columbia, Canada, as well as the US states of Nevada, Oregon and Arizona.

The company announced in August that it was changing its name from Ameriwest Lithium to better reflect a portfolio diversifying into copper and rare earth minerals.

In October 2025, Ameriwest entered into a definitive agreement for the option and potential purchase of the Xeno RAR rare earth mineral claims in British Columbia. Under the terms of the deal, Ameriwest will pay C$55,000 in cash considerations, C$125,000 in exploration expenses over 18 months, a 2 percent net smelter return royalty and 2 million shares.

Then, in November, the company completed the acquisition of 34 unpatented mineral claims in Oregon that form the Bornite copper project in exchange for US$100,000 and a 2 percent net smelter return royalty.

Previous exploration of the Bornite property by Plexus in the 1990s identified a historic resource of 138.5 million pounds of copper, 54,000 ounces of gold and 1.7 million ounces of silver from 3.2 million metric tons of ore. Ameriwest’s current CEO was part of the Plexus team who explored Bornite.

In addition to its recently acquired properties, Ameriwest also owns the Thompson Valley lithium project in Arizona and the Railroad Valley lithium project in Nevada.

The most recent news from the company came on January 20, when it upsized a non-brokered private placement from C$2 million to C$3 million. The company said proceeds would be used to accelerate exploration efforts at its Bornite project.

In the release, Ameriwest says its long-term goal at the project, if results, financing and permitting are successful, is “evaluating the development of an approximately 1,000-tonne-per-day underground copper mining operation.”

4. Tectonic Metals (TSXV:TECT)

Weekly gain: 61.78 percent
Market cap: C$217.87 million
Share price: C$2.54

Tectonic Metals is a gold exploration company working to advance the Flat project in Alaska, US.

The project covers 98,840 acres in Western Alaska and hosts a reduced intrusion-related gold system and six district-scale targets. According to Tectonic, the mineralization is analogous to Kinross Gold’s (TSX:K,NYSE:KGC) Fort Knox mine in Eastern Alaska.

Among the targets is the Chicken Mountain intrusion, where exploration has identified 3 kilometers of mineral strike that remains open in all directions. Each of the 87 holes drilled at Chicken Mountain have intercepted gold.

The most recent update from the Flat project came on Thursday, when Tectonic announced results from 20 drill holes across four target areas.

Most significantly, its first drilling at the Black Creek intrusion, located 6 kilometers north of Chicken Mountain, discovered a new gold zone. The discovery hole, which started from surface, returned grades of 4.5 g/t gold over 48.77 meters. This included a core interval of 7.79 g/t over 24.38 meters, inside of which was a 6.1 meter interval grading 15.19 g/t.

The company said drilling has now confirmed gold mineralization across five intrusion targets: Chicken Mountain, Alpha Bowl, Golden Apex, Black Creek and Jam. It also said that results from 14 other holes are still pending.

5. Golden Lake Exploration (CSE:GLM)

Weekly gain: 60 percent
Market cap: C$12.48 million
Share price: C$0.12

Golden Lake Exploration is a gold exploration company that owns the Jewel Ridge gold project in Nevada, United States.

The project sits along the prolific Battle Mountain–Eureka Gold trend, which has produced more than 40 million ounces to date and hosts operations from McEwen Mining (TSX:MUX,NYSE:MUX) and North Peak Resources.

More than 700 meters of strike have been identified on the property across three primary targets: Eureka Tunnel, Jewel Ridge and Hamburg.

On Wednesday, Golden Lake announced that it had entered into a definitive agreement to be wholly acquired by McEwen Mining and become its subsidiary. Among the highlights of the deal is the ability for Jewel Ridge to be integrated into McEwen’s neighboring Gold Bar mine complex, providing access to infrastructure and funding.

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.

Investor Insight

Sranan Gold offers early-stage exposure to a high-impact gold discovery in Suriname’s Guiana Shield, one of the world’s most underexplored gold belts. Backed by the same technical team behind some of the region’s largest gold discoveries, Sranan is a high-leverage discovery story in a mining-friendly jurisdiction, now with demonstrated drill-confirmed continuity and growing scale at its flagship project.

Overview

Sranan Gold (CSE:SRAN,OTCQB:SRANF,FSE:P84) is a junior gold explorer operating in Suriname, a South American nation producing more than 600,000 ounces of gold annually. The company’s flagship 29,000-hectare Tapanahony gold project is located within the prolific Guiana Shield, one of the world’s most prospective yet underexplored gold provinces.

The 29,000-hectare Tapanahony project covers one of the oldest and largest small-scale mining areas in Suriname.

The project overlays a historic mining belt with strong geochemical and structural indicators. Sranan’s objective is to convert extensive local mining activity, legacy drilling and modern datasets into an inaugural gold resource along the 4.5 km Poeketi–Randy mineralized corridor.

Following systematic trenching and drilling in 2025, the company has confirmed a large, structurally controlled orogenic gold system extending from saprolite into fresh bedrock. With drilling resuming in 2026, Sranan is focused on expanding known mineralization, testing parallel shear zones identified by LiDAR and geophysics, and advancing toward resource definition.

Company Highlights

• District-scale land position: The 29,000-hectare Tapanahony Project covers one of Suriname’s oldest and most productive artisanal gold districts within the underexplored Guiana Shield.
• Active drilling with demonstrated continuity: A 4,189-metre drill program completed in 2025 confirmed a broad, shear-hosted gold system, expanding defined mineralization at Randy’s Pit to over 800 metres within the 4.5 km Poeketi–Randy trend. Drilling resumed in January 2026.
• High-grade discovery momentum: Recent drilling has delivered wide, high-grade intercepts, including 64 m at 3 grams per ton (g/t) gold and 11 m at 7.33 g/t gold, confirming strong vertical and lateral continuity.
• World-class discovery pedigree: The technical team has been directly involved in major regional discoveries, including Merian (7 Moz), Rosebel (13.7 Moz), and Saramacca (1.5 Moz).
• Deep in-country knowledge: Locally trained geologists with decades of experience in Suriname provide a strong operational and geological advantage.

Key Project

Tapanahony Gold Project

Suriname and Guiana Shield

The Tapanahony gold project is Sranan’s flagship asset, covering 29,000 hectares in southeastern Suriname. The project lies within the Paleoproterozoic Guiana Shield, which hosts multiple Tier-1 gold systems. The property is situated at the intersection of a regional NW-striking structural corridor crosscut by penetrative NE–SW fabrics, creating excellent ground preparation for high-grade, shear-hosted gold mineralization. These relationships are clearly defined in LiDAR and aeromagnetic datasets.

Artisanal miners have historically exploited saprolite-hosted gold along the Poeketi–Randy trend. Sranan’s exploration strategy has been to systematically transition this surface production into a drill-defined hard-rock system. Historical exploration exceeds US$10 million, including soil geochemistry, auger programs and approximately 4,000 metres of diamond drilling by IAMGOLD, which intersected significant gold mineralization and validated the structural model.

Sample collected from the Tapanahony project’s Poeketi Pit in 2021

In 2025, Sranan advanced the project from surface sampling and trenching into systematic diamond drilling. Trenching confirmed near-surface continuity with results including 5 m at 36.7 g/t gold and 5 m at 8.9 g/t gold, extending mineralization beyond known artisanal workings. Subsequent drilling intersected wide zones of gold mineralization in both saprolite and fresh basaltic host rocks, confirming a 50 to 150 m wide mineralized shear corridor.

By year-end 2025, drilling had expanded the defined mineralized strike at Randy’s Pit to over 800 metres, with mineralization remaining open along strike and at depth and forming part of the broader 4.5 km Randy–Poeketi trend. Drilling resumed in January 2026 to continue step-out testing, define additional high-grade shoots, and evaluate shallow open-pittable potential.

LiDAR interpretation has also identified three parallel mineralized corridors and multiple targets in the western lobe of the concession, where soil geochemistry and small-scale mining suggest additional discovery potential. These areas represent priority targets for ongoing drilling and future expansion of the project footprint.

Management Team

Oscar Louzada – CEO and Director

Fluent in Dutch and active in Suriname for over a decade, Oscar Louzada has taken two Suriname-based exploration companies to IPO (Sela Kriki and Nassau, now Miata Metals). With 25+ years’ experience in natural resources finance (Canaccord, Investec), he brings capital markets depth and local execution credibility.

Dennis LaPoint – EVP, Exploration and Corporate Development

Dennis LaPoint is a veteran geologist with 35+ years’ experience. LaPoint discovered Merian (Newmont, 7 Moz) and oversaw major exploration programs at Rosebel and Omai. He leads strategy and resource targeting, and sits on multiple boards, including ASBOG. He also teaches geology at Anton de Kom University in Paramaribo in Suriname.

Rayiez Bhoelan – VP, Exploration

A Surinamese national and key member of the Saramacca discovery team (IAMGOLD, 1.5 Moz), Rayiez Bhoelan specializes in regolith geology and shear zone mapping. He has worked across the Guiana Shield at Omai and Founders Metals, and lectures locally on geochemistry.

Mario Stifano – Director and Audit Chair

Mario Stifano is a CPA and seasoned mining executive with prior leadership roles at Cordoba Minerals, Lake Shore Gold and Galantas Gold. He led the 2020 acquisition and re-listing of Omai Gold Mines in Guyana.

John Alcock – Director and CFO

John Alcock is a chartered professional accountant with over 30 years’ experience as an accounting and financial professional and an investor in the junior mining sector. He currently serves on the board of Altiplano Metals.

Ron Shenton – Director

Ron Shenton is a capital markets professional with 40 years’ experience. He is the founder of several public companies and has served as CEO/director, leading investor relations, public relations and capital raising across multiple sectors including mining exploration.

Investment demand dominates, central banks remain a critical anchor

The WGC reported that investment demand was the primary driver of growth, accounting for the bulk of incremental buying during the year.

Global gold exchange-traded funds recorded net inflows of 801 tons in 2025, the second-strongest annual increase on record, which reversed years of subdued ETF participation.

At the same time, bar and coin demand accelerated sharply. Demand rose to a 12-year high as retail and high-net-worth investors sought safe-haven exposure in the midst of persistent geopolitical tensions and uncertainty around monetary policy trajectories.

That momentum carried into the final months of the year. Total fourth-quarter gold demand reached 1,303 tons, the highest ever recorded for a fourth quarter, further supported by ETF inflows of 175 tons and bar and coin buying of 420 tons.

Meanwhile, central banks continued to provide a firm foundation for demand even as purchases eased modestly from the extraordinary levels of recent years.

According to the report, net official-sector buying reached 863 tons in 2025, remaining historically elevated but below the more than 1,000 tons added in each of the previous three years. In the fourth quarter, buying accelerated with central banks purchasing 230 tons, up 6 percent quarter-on-quarter.

For instance, the National Bank of Poland emerged as the largest buyer for the second consecutive year, adding 102 tons in 2025 and lifting its gold reserves to 550 tons. Gold now accounts for 28 percent of Poland’s total reserves, approaching its revised 30 percent allocation target.

In January, the bank’s governor signaled an intention to increase reserves further to 700 tons, citing national security considerations.

Supply growth muted, technology demand holds steady

On the supply side, the response to soaring prices remained unexpectedly subdued. Total gold supply rose just 1 percent year-on-year to 5,002 tons, the highest level in the WGC’s annual data series dating back to 1970.

Mine production inched up to an estimated 3,672 tons, potentially setting a new record, while recycling increased only 3 percent to 1,404 tons. This was a muted reaction given the 67 percent rise in the US-dollar gold price.

The council explained the weak recycling response reflected the absence of economic distress, expectations of further price appreciation, and structural behaviours in key markets. This included the use of gold as collateral and the prevalence of trade-in transactions rather than outright selling.

Meanwhile, gold demand in the technology sector remained broadly stable at 323 tons for the year, supported by continued growth in artificial-intelligence-related applications.

The AI boom increased demand for high-speed computing and data-center infrastructure. However, the report also noted that rising gold prices continued to push manufacturers toward thrifting, substitution, and research into alternative materials.

From a commodity to a strategic asset

Overall, 2025 marked an evolution of how industry stakeholders view the metal in relation to changing market dynamics.

Randy Smallwood, president and chief executive officer of Wheaton Precious Metals (TSX:WPM,NYSE:WPM) said investors are increasingly recognising gold as a monetary asset rather than a cyclical commodity.

“For the last 40 years, we’ve thought of gold as a commodity,” Smallwood said. “We forgot that it’s a currency, and it is a currency,” said Randy Smallwood, president and chief executive officer of Wheaton Precious Metals, in a fireside chat at the Vancouver Resource Investment Conference (VRIC).

“The mining industry doesn’t have an impact on pricing. Doesn’t have an impact on value. It is a currency. It has been a currency for thousands of years,” he added, further noting that new mine supply adds only less than 2 percent annually to the total stock of gold held globally

Smallwood, as well as the council, expects many of the forces that drove 2025’s record demand to remain in place.

“We still see continued strength and appetite for swapping out US dollars, treasuries, whatever you want to call it, any exposure towards gold,” he said. “And that’s not going away.”

Spot prices catch up to contract reality

Spot uranium one-year price performance.

Chart via Trading Economics

While the move above US$100 grabbed headlines, there have already been previous remarks that claimed uranium has already been trading at triple-digit prices away from public benchmarks.

Earlier this January, Cameco (TSX:CCO,NYSE:CCJ) president and chief operating officer Grant Isaac told the Goldman Sachs Energy, CleanTech & Utilities Conference that most new uranium contracts already imply prices well above published spot levels.

“We’ve had market-related contracts with floors, escalated floors in the mid-70s. We’ve had ceilings as high as US$150 escalated,” Isaac said. “The midpoint between those floors and the ceilings are already US$100 uranium, US$115 uranium.”

Isaac said around 70 percent of uranium contracting last year occurred through market-related agreements that are not fully reflected in reported benchmarks. This meant that utilities are already budgeting for significantly higher prices than spot data suggests.

He also warned that conventional demand forecasts materially understate future uranium needs, as they exclude reactors that have not yet reached final investment decision.

“The demand forecast that most have out there… we believe they’re actually understating demand,” he said, pointing to new build programs in the US, Eastern Europe and Asia, as well as rising electricity demand from data centers and artificial intelligence infrastructure.

Sovereign contracting is also returning as a market force. Isaac referenced reports from last year that Canada and India are close to finalizing a 10-year uranium supply agreement with Cameco worth US$2.8 billion.

Supply deficit setting up a “breakout year”

The price rally also supports growing consensus that uranium supply cannot respond quickly enough to rising demand.

A research report published this week by Teniz Capital said the global uranium market has entered a structural deficit phase that cannot be resolved within the next decade.

The firm argued that the long lead times required to bring new uranium projects into production—often 10 to 20 years from discovery to first output—mean that supply shortages expected in the 2030s are already effectively locked in.

“The supply deficit in the 2030s is already programmed,” the report said, describing the current market as having reached a “tipping point” where utilities that fail to secure long-term contracts today risk facing acute shortages later in the decade.

The report estimates global uranium demand to rise by about 28 percent by 2030 and more than double by 2040, driven by reactor construction in China and India, renewed Western support for nuclear power, and rapidly rising electricity demand from data centers and AI infrastructure.

David Franklyn, portfolio manager at Argonaut, also believes uranium could be heading for a “breakout year”.

“We believe the demand-supply balance has continued to improve with most major global economies now looking for nuclear power to be a component of their base load power mix,” Franklyn remarked.