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InMed Pharmaceuticals Inc. (NASDAQ: INM) (‘InMed’ or the ‘Company’), a pharmaceutical company focused on developing a pipeline of proprietary small molecule drug candidates for diseases with high unmet medical needs, today confirmed that, at its annual general and special meeting of shareholders held on December 17, 2025 (the ‘Meeting’), the matters put forward before shareholders for consideration and approval as set out in InMed’s notice of meeting and management information circular, dated November 3, 2025, were voted upon by the shareholders. A total of 993,491 common shares of the Company, representing approximately 35.43% of the Company’s 2,804,186 issued and outstanding common shares, were represented in person or by proxy at the Meeting.

Results of the vote for the election of the board of directors (the ‘Board‘) at the Meeting are set out as follows:

Director Votes For Withheld Votes
Number Percentage Number Percentage
Eric A. Adams 125,352 82.03% 27,469 17.98%
Andrew Hull 125,315 82.00% 27,506 18.00%
Nicole Lemerond 125,485 82.11% 27,336 17.89%
Neil Klompas 125,444 82.09% 27,377 17.91%
John Bathery 125,227 81.94% 27,594 18.06%

 

In addition, shareholders voted to approve CBIZ CPAs P.C. as the Company’s auditors for the following year.

Shareholders also voted to approve the potential issuance of 20% or more of the Company’s common shares issued and outstanding as of December 13, 2024, pursuant to the Standby Equity Purchase Agreement with YA II PN, Ltd., as amended on June 13, 2025, pursuant to Nasdaq Listing Rules 5635(d) and 5635(b) (the ‘SEPA‘).

InMed filed a report of voting results on SEDAR+ at www.sedarplus.ca on December 17, 2025.

About InMed:

InMed Pharmaceuticals is a pharmaceutical company focused on developing a pipeline of proprietary small molecule drug candidates targeting the CB1/CB2 receptors. InMed’s pipeline consists of three separate programs in the treatment of Alzheimer’s, ocular and dermatological indications. For more information, visit www.inmedpharma.com.

Investor Contact:

Colin Clancy
Vice President, Investor Relations
and Corporate Communications
T: +1 604 416 0999
E: ir@inmedpharma.com

Cautionary Note Regarding Forward-Looking Information:

This news release, and oral statements by the Company and its executive officers and directors, contain ‘forward-looking information’ and ‘forward-looking statements’ (collectively, ‘forward-looking information’) within the meaning of applicable securities laws. Forward-looking statements are frequently, but not always, identified by words such as ‘expects’, ‘anticipates’, ‘believes’, ‘intends’, ‘potential’, ‘possible’, ‘would’ and similar expressions. Such statements, based as they are on current expectations of management, inherently involve numerous risks, uncertainties and assumptions, known and unknown, many of which are beyond our control. Forward-looking information is based on management’s current expectations and beliefs and is subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Without limiting the foregoing, forward-looking information includes, but is not limited to, statements about H.R. 5371, the ‘Continuing Appropriations, Agriculture, Legislative Branch, Military Construction and Veterans Affairs, and Extensions Act, 2026’ (the ‘Act‘), the impact of the Act on BayMedica Inc., any potential modifications to the Act and/or the timing thereof and the alternative options available to BayMedica and the Company, statements about developing a pipeline of proprietary small molecule drug candidates for diseases with high unmet medical needs, and statements about the potential issuance of common shares pursuant to the SEPA.

Additionally, there are known and unknown risk factors which could cause InMed’s actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. A complete discussion of the risks and uncertainties facing InMed’s business is disclosed in InMed’s Annual Report on Form 10-K, and its Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and any other documents filed or furnished with the Securities and Exchange Commission available on www.sec.gov.

All forward-looking information herein is qualified in its entirety by this cautionary statement, and InMed disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/278446

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IRIS Metals Limited (ASX: IR1, “IRIS” or “the Company”) is pleased to announce it has executed a binding Heads of Agreement (HOA) with Finley Mining Inc for the exclusive right to farm-in to the Finley Basin Tungsten Project (Tungsten Project) located in Granite County, Montana, USA. This strategic farm-in opportunity further expands IRIS’ exposure to critical minerals beyond lithium, positioning the Company in a key tungsten district with historical production potential and untapped high-grade tungsten potential in a jurisdiction primed for revival under U.S. critical minerals policies.

HIGHLIGHTS

  • IRIS Metals has signed a binding Heads of Agreement with Finley Mining Inc and its shareholders, granting IRIS an exclusive right to farm-in to the high-grade Finley Basin Tungsten Project, located in Granite County, Montana, USA, subject to the execution of full form farm-in agreements to be negotiated in good faith on the agreed key terms within 40 business days (unless extended).
  • Due to the transaction materialising during a proposed capital raising program, the Company decided not to raise capital at this point in time, having regard to the strategic merits of the Tungsten acquisition.
  • Limited drilling undertaken by Union Carbide in the late 1970s–early 1980s resulted in a historical, non-JORC compliant tungsten reserve, 850,000 tons at an average grade of 0.68% WO₃1, which is considered high-grade relative to many global tungsten deposits.
  • The farm-in provides IRIS with exposure to tungsten, a critical mineral with strategic importance for defense, energy, and industrial applications, complementing IRIS’ existing critical minerals portfolio.
  • The farm-in structure allows IRIS to earn up to a 100% interest in the project through staged exploration expenditure of up to USD$2,000,000 over 4 years and delivery of a JORC- compliant Inferred Resource.
  • Exploration activities to commence at the Finley Basin Project in early 2026, focusing on resource definition, expansion, and development studies.
  • The transaction aligns with IRIS’ strategy to expand its critical minerals footprint in the USA, leveraging incentives for domestically sourced materials.
IRIS Metals Executive Chairman Peter Marks commented:

‘This binding agreement marks an exciting step for IRIS as we grow and diversify our critical minerals portfolio into tungsten, a vital component for the defense and technology industries. The Finley Basin Project offers significant upside with its prospective geology and location in a mining-friendly jurisdiction. Combined with our existing South Dakota portfolio, this positions IRIS to capitalise on significantly growing demand for US-sourced critical minerals.’

Montana Portfolio Expansion and Development

IRIS is actively evaluating additional critical mineral opportunities to complement its core South Dakota holdings. This farm-in to the Finley Basin Tungsten Project diversifies IRIS’ assets into tungsten, a critical mineral essential for military energetics, alloys, electronics, and renewable energy technologies, with U.S. demand surging amid defense initiatives and clean energy goals, yet vulnerable to geopolitical supply disruptions.

The expansion of IRIS’ mineral portfolio to tungsten was measured in approach with a number of projects reviewed and compared. The Company selected the Finley Basin Project due to its high-grade characteristics when compared other tungsten occurrences in the US2, historical exploration results, favourable jurisdiction, potential for expansion of known mineralisation, local milling capabilities, and reasonable proximity to the Company’s South Dakota operations.

IRIS’ primary focus remains on advancing its South Dakota lithium and rubidium projects toward near- term development under its “Hub & Spoke” strategy, which emphasises centralized processing across multiple sites.

Recent expansions, including the September 2025 acquisition of the Ingersoll Project from Rapid Critical Metals have significantly grown IRIS’ Black Hills footprint and private land holdings. IRIS is rapidly expanding mineral resources and progressing studies to support a multi-mine production model, with economic analysis targeted for 2026.

This strategic diversification importantly aligns with broader U.S. incentives for domestically sourced critical minerals and supports resilient supply chains under frameworks such as the Australia-U.S. Climate, Critical Minerals and Clean Energy Transformation Compact.

Click here for the full ASX Release

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Uranium prices stayed fairly steady in 2025, but experts agree its long-term outlook is compelling,

Demand picked up from reactor restarts, new nuclear construction projects and growing interest in small modular reactors. Meanwhile, supply constraints continued as miners faced issues ramping up.

1. Trump Admin Pushes for Uranium Stockpile Boost to Secure Nuclear Power Future

Publish date: September 16, 2025

In September, the Trump administration zeroed in on its plan to reduce uranium reliance on Russia.

A report by Bloomberg outlined that Russia still accounts for approximately a quarter of the fuel used in America’s 94 nuclear reactors, which generate roughly 20 percent of the nation’s electricity.

Secretary of Energy Chris Wright said that the Department of Energy was working to reduce that dependence by rebuilding domestic uranium and enrichment supply chains.

The concept of a federal uranium reserve dates back to 2020, when the first Trump administration sought US$150 million to begin direct purchases from US producers, though Congress approved only half the amount.

Supply concerns sharpened after Russia briefly restricted uranium exports to the US in late 2024, underscoring Washington’s exposure to geopolitical risks.

A law signed in May 2024 requires US utilities to phase out Russian uranium by 2028, with future stockpile levels expected to rise in line with new reactor construction, including small modular reactors.

“We’re moving to a place — and we’re not there yet — to no longer use Russian enriched uranium,” Wright said, adding that the US needs significantly more domestic uranium and enrichment capacity.

2. China Achieves World’s First Thorium-to-Uranium Conversion

Publish date: November 6, 2025

China marked a milestone in 2025 by converting thorium into uranium inside a working molten salt reactor.

The experimental thorium molten salt reactor, developed by the Chinese Academy of Sciences’ Shanghai Institute of Applied Physics in the Gobi Desert, is the first in the world to demonstrate stable thorium-based fission.

The reactor has been operating since reaching first criticality in October 2023 and has now produced data confirming the conversion of thorium-232 into uranium-233, a fissile material capable of sustaining a nuclear chain reaction.

Unlike conventional reactors that use solid uranium fuel rods, the system relies on liquid fuel dissolved in molten fluoride salt, allowing continuous refueling and stable heat generation without shutting down operations.

3. Uranium Energy’s Sweetwater Project Fast Tracked Under Trump Initiative

Publish date: August 6, 2025

In August, Uranium Energy’s (NYSEAMERICAN:UEC) Sweetwater uranium complex in Wyoming was designated for expedited permitting under the Trump administration’s FAST-41 initiative. The initiative is part of a broader strategy to revitalize the US nuclear fuel supply chain and reduce reliance on imports from geopolitical rivals.

The Sweetwater complex, located in Wyoming’s Great Divide Basin, is anchored by a fully licensed conventional uranium mill with a capacity of 3,000 metric tons per day and annual output of 4.1 million pounds.

The site previously included several permitted mines — Sweetwater (Red Desert), Big Eagle and Jackpot (Green Mountain) — and will now be evaluated for in-situ recovery mining, a lower-impact extraction technique.

The new permitting push will allow the company to modify existing approvals to incorporate in-situ recovery capabilities both within and beyond the current mine boundary, including on adjacent federal lands.

Sweetwater is the second uranium project to receive fast-track treatment under the policy, following Anfield Energy’s (TSXV:AEC,NASDAQ:AEC) Velvet-Wood project in Utah, which received the status in May.

4. Denison Mines Moves Closer to Federal Approval for Phoenix ISR Uranium Project

Publish date: February 28, 2025

In February, Denison Mines (TSX:DML,NYSEAMERICAN:DNN) announced that the Canadian Nuclear Safety Commission (CNSC) had scheduled public hearings for its Wheeler River uranium project in Saskatchewan.

The hearings were scheduled for October 8 and December 8 to 12, and according to the company would represent the final stage in the federal environmental assessment process. Denison holds an effective 95 percent interest in Wheeler River, the largest undeveloped uranium project in the Eastern Athabasca Basin. If approved, the company expects to begin site preparation and construction for its Phoenix in-situ recovery uranium project in early 2026.

In its Q3 report, released on November 6, Denison said the first part of the hearing was complete, and that it was expecting a decision from the CNSC in early 2026 after part two of the hearing.

5. Western Australia Reviews Uranium Mining Ban as Nuclear Energy Investment Grows

Publish date: October 2, 2025

Possibly the biggest uranium news in Australia in 2025 was Western Australia’s move to consider lifting its ban on new uranium licenses. In October, ahead of an energy-focused trade mission to China and Japan, Premier Roger Cook signaled the policy might be under review as part of broader strategic development considerations.

China, Western Australia’s largest trading partner, accounts for more than half of the state’s exports.

While the state’s three existing uranium mines continue to operate under previously approved permits, no new developments have been allowed since the ban was put in place in 2017. Cook emphasized that Western Australia intends to respect legal mining leases, while exploring future opportunities.

He also stressed that any change to the uranium policy would likely depend on a “significant shift” in global markets, while the state continues to monitor existing permit holders and potential future projects.

Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.

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LaFleur Minerals Inc. (CSE: LFLR,OTC:LFLRF) (FSE: 3WK0) (‘LaFleur Minerals’ or the ‘Company’ or ‘Issuer’) announces it has amended its previously disclosed non-brokered private placement offering, upsizing it to up to 9,000,000 units of the Company (the ‘Units’) at a price of $0.50 per Unit gross proceeds of up to $4,500,000 (the ‘LIFE Offering’). Each Unit will consist of one (1) common share in the capital of the Company (each a ‘Common Share’) and one (1) Common Share purchase warrant (a ‘Warrant’) granting the holder the right to purchase one (1) additional Common Share of the Company (a ‘Warrant Share’) at a price of $0.75 at any time on or before 36 months from the Closing Date (defined below). The Warrants will no longer be subject to an accelerated expiry, as was previously announced in the Company’s press release dated December 15, 2025.

The gross proceeds from the LIFE Offering will be used for the commissioning and restart of gold production operations at the Company’s wholly-owned Beacon Gold Mine and Mill, as well as work at the Company’s Swanson Gold Project in Quebec and for and general working capital purposes.

The Units will be offered for sale pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 – Prospectus Exemptions, as amended by CSA Coordinated Blanket Order 45-935 – Exemptions from Certain Conditions of the Listed Issuer Financing Exemption, to purchasers resident in Canada, excluding Quebec, and other qualifying jurisdictions.

The securities offered under the LIFE Offering will not be subject to a hold period in accordance with applicable Canadian securities laws. There is an offering document (the ‘Offering Document‘) related to the LIFE Offering that can be accessed under the Issuer’s profile at www.sedarplus.ca and at the Company’s website at www.lafleurminerals.com. Prospective investors should read this Offering Document before making an investment decision.

The terms of the Company’s previously announced flow-through offering (‘FT Offering’) have not changed, refer to the Company’s press release dated December 15, 2025 for more information.

The Company has agreed to pay qualified finders and brokers a cash commission of 7.0% of the aggregate gross proceeds of the LIFE Offering and FT Offering and such number of broker warrants (the ‘Broker Warrants‘) as is equal to 7.0% of the number of Units sold under the LIFE Offering and FT Offering. Each Broker Warrant will entitle the holder to purchase one Common Share at an exercise price equal to the Offering Price for a period of 24 months following the Closing Date.

The closing of the LIFE Offering and FT Offering is expected to occur on or about December 31, 2025 (the ‘Closing Date‘), or such other earlier or later date as the Company may determine.

The Company continues to progress in the closing of its previously announced brokered private placement of gold-linked convertible notes, as announced on November 5, 2025, a financing that aims to raise up to C$7 million to fund the restart of the company’s Beacon Gold Mill in Val d’Or, Quebec.

This news release is not an offer to sell or the solicitation of an offer to buy the securities in the United States or in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the ‘U.S. Securities Act’), and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent an exemption from registration under the U.S. Securities Act and applicable U.S. state securities laws. ‘United States’ and ‘U.S. person’ are as defined in Regulation S under the U.S Securities Act.

About LaFleur Minerals Inc.

LaFleur Minerals Inc. (CSE: LFLR,OTC:LFLRF) (FSE: 3WK0) is focused on the development of district-scale gold projects in the Abitibi Gold Belt near Val-d’Or, Québec. Our mission is to advance mining projects with a laser focus on our resource-stage Swanson Gold Deposit and the Beacon Gold Mill, which have significant potential to deliver long-term value. The Swanson Gold Project is approximately 18,304 hectares (183 km2) in size and includes several prospects rich in gold and critical metals previously held by Monarch Mining, Abcourt Mines, and Globex Mining. LaFleur has recently consolidated a large land package along a major structural break that hosts the Swanson, Bartec, and Jolin gold deposits and several other showings which make up the Swanson Gold Project. The Swanson Gold Project is easily accessible by road allowing direct access to several nearby gold mills, further enhancing its development potential. Lafleur Mineral’s fully refurbished and permitted Beacon Gold Mill is capable of processing over 750 tonnes per day and is being considered for processing mineralized material at Swanson and for custom milling operations for other nearby gold projects.

ON BEHALF OF LaFleur Minerals INC.

Paul Ténière, M.Sc., P.Geo.
Chief Executive Officer
E: info@lafleurminerals.com
LaFleur Minerals Inc.
1500-1055 West Georgia Street
Vancouver, BC V6E 4N7

Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this news release.

Cautionary Statement Regarding ‘Forward-Looking’ Information

This news release includes certain statements that may be deemed ‘forward-looking statements’. All statements in this new release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words ‘expects’, ‘plans’, ‘anticipates’, ‘believes’, ‘intends’, ‘estimates’, ‘projects’, ‘potential’ and similar expressions, or that events or conditions ‘will’, ‘would’, ‘may’, ‘could’ or ‘should’ occur. Forward-looking statements in this news release include, without limitation, statements related to the closing of the LIFE Offering and the FT Offering, and the anticipated use of proceeds from the LIFE Offering and the FT Offering. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/278282

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Skyharbour Resources Ltd. (TSX-V: SYH ) (OTCQX: SYHBF ) (Frankfurt: SC1P ) (‘Skyharbour’ or the ‘Company’) is pleased to announce that it has completed the acquisition of Rio Tinto Exploration Canada Inc.’s (‘RTEC’) minority interest in the Russell Lake Uranium Project (‘Russell Lake’ or the ‘Project’) pursuant to the previously announced definitive and binding purchase agreement (the ‘Purchase Agreement’). The Project is strategically located in the central core of the Eastern Athabasca Basin of northern Saskatchewan, with access to regional infrastructure, including an all-weather road and powerline.

Russell Lake Project Location Map:
http://www.skyharbourltd.com/_resources/images/2025-11-14%20SKY-RussellLake-Updated.jpg

Transaction Details:

Immediately prior to closing, RTEC’s interest in the Project was approximately 42.3%. Pursuant to the terms of the Purchase Agreement, Skyharbour has acquired 100% of RTEC’s minority interest in the Project in exchange for cash consideration of C$10 million (the ‘Purchase Price’). The Purchase Price consisted of a C$2 million deposit, paid on signing the Purchase Agreement, and a C$8 million cash payment paid at closing.

Skyharbour has granted to RTEC a 0.25% net smelter returns royalty over Russell Lake. The acquisition of RTEC’s interest in Russell Lake has increased Skyharbour’s interest in the Project to 100%, subject to several other net smelter return royalties held by third parties.

Russell Lake Uranium Project Overview:

The Russell Lake Project is a large, advanced-stage uranium exploration property totalling 73,314 hectares strategically located between Cameco’s Key Lake and McArthur River Projects, and adjoining Denison’s Wheeler River Project to the west and Skyharbour’s Moore Uranium Project to the east. The northern extension of Highway 914 between Key Lake and McArthur River runs through the western extent of the property and greatly enhances accessibility, while a high-voltage powerline is situated alongside this road.

Qualified Person:

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed and approved by Serdar Donmez, P.Geo., VP of Exploration for Skyharbour as well as a Qualified Person.

About Skyharbour Resources Ltd.:

Skyharbour holds an extensive portfolio of uranium exploration projects in Canada’s Athabasca Basin and is well positioned to benefit from improving uranium market fundamentals with interest in thirty-seven projects covering over 616,000 hectares (over 1.5 million acres) of land. Skyharbour has acquired from Denison Mines, a large strategic shareholder of the Company, a 100% interest in the Moore Uranium Project, which is located 15 kilometres east of Denison’s Wheeler River project and 39 kilometres south of Cameco’s McArthur River uranium mine. Moore is an advanced-stage uranium exploration property with high-grade uranium mineralization in several zones at the Maverick Corridor. Adjacent to the Moore Project is the Russell Lake Uranium Project, which hosts widespread uranium mineralization in drill intercepts over a large property area with exploration upside potential. The Company is actively advancing these projects through exploration and drilling programs.

Skyharbour also has joint ventures with industry leaders Denison Mines, Orano Canada Inc., Azincourt Energy, and Thunderbird Resources at the Russell, Preston, East Preston, and Hook Lake Projects, respectively. The Company also has several active earn-in option partners, including CSE-listed Basin Uranium Corp. at the Mann Lake Uranium Project; TSX-V listed North Shore Uranium at the Falcon Project; UraEx Resources at the South Dufferin and Bolt Projects; Hatchet Uranium at the Highway Project; CSE-listed Mustang Energy at the 914W Project; and TSX-V listed Terra Clean Energy at the South Falcon East Project.

In aggregate, Skyharbour has now signed earn-in option agreements with partners that total to potentially over $76 million in partner-funded exploration expenditures and over $42 million in cash and share payments coming into Skyharbour, assuming that these partner companies complete their entire earn-ins at the respective projects.

Skyharbour’s Uranium Project Map in the Athabasca Basin:
https://skyharbourltd.com/_resources/maps/SKY-SaskProject-Locator-2025-12-08.jpg

To find out more about Skyharbour Resources Ltd. (TSX-V: SYH) visit the Company’s website at www.skyharbourltd.com .

Skyharbour Resources Ltd.

‘Jordan Trimble’

Jordan Trimble
President and CEO

For further information contact myself or:
Nicholas Coltura
Corporate Communications Manager
Skyharbour Resources Ltd.
Telephone: 604-558-5847
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@skyharbourltd.com

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.

This release includes certain statements that may be deemed to be ‘forward-looking statements’. All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, exploration and development successes, regulatory approvals including TSXV approval, and general economic, market or business conditions. Please see the public filings of the Company at www.sedarplus.ca for further information.

 

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Gareth Soloway of VerifiedInvesting.com shares his outlook for gold, silver and Bitcoin.

For gold, he outlines two different scenarios — a breakout to US$5,000 per ounce, potentially early in 2026, or a pullback to the US$3,500 to US$3,600 level.

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

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The silver price reached heights not seen in more than 40 years in 2025, posting new all-time highs in the fourth quarter amid a supply deficit, expanding industrial use and rising safe-haven demand.

The white metal reached its highest point for the year in mid-December, breaking through US$64 per ounce following an interest rate cut from the US Federal Reserve. With investors looking for non-interest bearing assets in which to store and grow their wealth, the world’s metals exchanges are having a hard time keeping their silver inventories stocked.

What will 2026 hold for silver? As the new year approaches, investors are closely watching how changes in monetary policy and global uncertainty could impact the precious metal, along with supply and demand trends in the space.

Here’s what experts see coming for silver in 2026.

Silver’s persistent structural supply deficit

In its ‘2025/2026 Precious Metals Investment’ report, Metal Focus forecasts a fifth straight year of a silver supply deficit for 2025, coming in at 63.4 million ounces. And while that figure is expected to retract to 30.5 million ounces in 2026, the firm is confident that the deficit will continue to be a factor for silver this coming year.

Essentially, silver is in an entrenched structural deficit tied to a multi-year mine supply shortfall that can’t keep up with both rising industrial use and strong investment demand. Aboveground silver stocks are running dry, with silver mine production has decreased over the past decade, especially in the silver-mining hubs of Central and South America.

Even with silver at never-seen-before prices, it could be years before any sort of balance returns to the market.

“If the silver that you produce is a small portion of your stream of revenues, you’re not that motivated to try to produce more silver,” he explained. In fact, Krauth said a higher silver price could result in less silver coming to market as miners switch to processing lower-grade material that was once uneconomical and might even contain less silver.

On the exploration side, it takes 10 to 15 years to bring a silver deposit through discovery and into production.

“The reaction time to higher prices is actually really, really slow. I think we’re going to see these shortages and tightness persist,” Krauth added.

Industrial demand for silver from cleantech and AI

Industrial demand was another major catalyst for higher silver prices in 2025, and is expected to remain a strong tailwind for the silver market next year and beyond.

In a December report titled ‘Silver, the Next Generation Metal,’ the Silver Institute explains that heavy demand for silver through 2030 is coming from the cleantech sector — mainly from the solar and electric vehicle (EV) segments — and emerging technologies such as artificial intelligence (AI) and data centers. Silver’s critical role in these economically important industries led the US government to include silver on its list of critical minerals this year.

A staunch believer in solar as a major pillar of the silver market, Krauth advised that it is “dangerous to underestimate” the level of demand yet to come from the industry. This is especially true if investors consider the projected growth of AI data centers in the US alone, and the amount of energy needed to power their operations.

“I think about 80 percent of data centers are located in the US, and their demand for electricity is expected to grow by 22 percent over the next decade. AI alone, on top of data center demand for electricity, is expected to grow by 31 percent over the next decade,” he said, adding that over the past year data centers in the US have chosen solar energy five times more than nuclear options for powering their operations.

Safe-haven investment demand magnifying silver scarcity

As a precious metal, silver tracks gold. Lower interest rates, a return to quantitative easing by the Fed, a weaker US dollar, rising inflation, increased geopolitical uncertainty — all of these factors that benefit its sister metal are also highly supportive of the silver price. And as an affordable alternative to gold, silver is attracting significant retail and institutional investment, including massive exchange-traded fund (ETF) inflows.

Ole Hansen, head of commodity strategy at Saxo Bank, posted to X on December 10:

‘Meanwhile, inflows into silver-backed ETFs have reached around 130 million ounces this year, lifting total holdings to roughly 844 million ounces—an 18% increase.’

Safe-haven investment appeal for silver is expected to grow further in 2026. Concerns over the Fed’s independence and the very real likelihood that Chair Jerome Powell will be replaced in May with someone more amenable to the Trump White House’s low interest rate demands are big factors boosting demand for silver as a portfolio hedge.

Substantial demand for silver as a safe-haven investment has already led to mint shortages in silver bars and coins and tight inventories in futures markets, primarily in London, New York and Shanghai.

For example, Bloomberg reported in late November that silver inventories at the Shanghai Futures Exchange had hit their lowest level since 2015. These shortages are resulting in rising lease rates and borrowing costs, which points to genuine challenges with delivery of physical metal rather than mere speculative positioning.

In India, where gold jewelry is traditionally a form of wealth preservation, there’s strong demand for silver jewelry as buyers look for a more affordable option with the gold price now over US$4,300 per ounce.

Demand for silver bars and silver ETFs is also on the rise in India, already the world’s largest consumer of the white metal. The nation imports 80 percent of its silver demand.

Silver price forecast for 2026

Silver’s notoriety as a highly volatile metal — it’s not called ‘the devil’s metal’ for nothing — and its recent jaw-dropping rally, has many precious metals analysts hesitating to define a clear price target for 2026.

Although the case for much higher silver prices is a strong one, there are risks that could jeopardize the metal’s upward momentum. For example, Mind Money’s Khandoshko suggested that a global economic slowdown or sudden liquidity corrections could apply downward pressure on the silver price.

“For 2026, I’d be watching industrial demand trends, Indian imports, ETF flows and any widening price gaps between trading hubs,” she advised. “I’d also pay close attention to sentiment around large unhedged short positions. If trust in paper contracts weakens again, we could see another structural shift in pricing.”

Krauth also cautioned investors to remember that silver is “famously volatile” and while “it’s been fun because the volatility has been to the upside … don’t be surprised if you get some kind of rapid drawdowns.” He views US$50 as the new floor for silver, and gave what he deems a “conservative” forecast of silver in the US$70 range for 2026.

This is in line with Citigroup’s (NYSE:C) prediction that silver will continue to outperform gold and reach upwards of US$70 for 2026, especially if its industrial side fundamentals remain in place.

Chambers referred to silver as the “fast horse” of the precious metals. While industrial demand is important, he believes retail investment demand is the real “juggernaut” for the silver price in the coming year.

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

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LaFleur Minerals Inc. (CSE: LFLR,OTC:LFLRF) (FSE: 3WK0) (‘LaFleur Minerals’ or the ‘Company’ or ‘Issuer’) is pleased to announce a non-brokered private placement offering of up to 6,000,000 units of the Company (the ‘Units’) at a price of $0.50 per Unit gross proceeds of up to $3,000,000 (the ‘LIFE Offering’). Each Unit will consist of one (1) common share in the capital of the Company (each a ‘Common Share’) and one (1) Common Share purchase warrant (a ‘Warrant’) granting the holder the right to purchase one (1) additional Common Share of the Company (a ‘Warrant Share’) at a price of $0.75 at any time on or before 24 months from the Closing Date (defined below). The Warrants will be subject to an accelerated expiry upon thirty (30) business days’ notice from the Company in the event the closing price of the Common Shares on the Canadian Securities Exchange (the ‘CSE’) is equal to or above a price of $0.90 for fourteen (14) consecutive trading days any time after closing of the Offering.

The gross proceeds from the LIFE Offering will be used for the commissioning and restart of gold production operations at the Company’s wholly-owned Beacon Gold Mine and Mill, as well as work at the Company’s Swanson Gold Project in Quebec and for and general working capital purposes.

The Units will be offered for sale pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 – Prospectus Exemptions, as amended by CSA Coordinated Blanket Order 45-935 – Exemptions from Certain Conditions of the Listed Issuer Financing Exemption, to purchasers resident in Canada, excluding Quebec, and other qualifying jurisdictions.

The securities offered under the LIFE Offering will not be subject to a hold period in accordance with applicable Canadian securities laws. There is an offering document (the ‘Offering Document‘) related to the LIFE Offering that can be accessed under the Issuer’s profile at www.sedarplus.ca and at the Company’s website at www.lafleurminerals.com. Prospective investors should read this Offering Document before making an investment decision.

Flow-Through (FT) Offering

The Company also intends to offer up to 2,500,000 flow-through units of the Company (the ‘FT Units‘) at a price of $0.60 per FT Unit for gross proceeds of up to $1,500,000 (the ‘FT Offering‘). Each FT Unit will consist of one (1) Common Share to be issued as a ‘flow-through share’ within the meaning of the Income Tax Act (Canada) and the Taxation Act (Québec) (each, a ‘FT Share‘) and one (1) Warrant which shall have the same terms as the Warrants included in the Units to be issued in the LIFE Offering.

The gross proceeds from the issuance and sale of the FT Units will be used on the Company’s Swanson Gold Project to incur ‘Canadian Exploration Expenses’ as such term is defined under subsection 66.1(6) of the Income Tax Act (Canada) and will qualify as ‘flow-through mining expenditures’ as defined in subsection 127(9) of the Income Tax Act (Canada) (or would so qualify if the references to ‘before 2026’ in paragraph (a) of the definition of ‘flow-through mining expenditure’ in subsection 127(9) of the Tax Act were read as ‘before 2027’ and the references in paragraphs (c) and (d) of that definition to ‘before April 2025’ were read as ‘before April 2026’). The qualifying expenditures will be incurred on or before December 31, 2026, and will be renounced to the subscribers with an effective date no later than December 31, 2025, in an aggregate amount not less than the gross proceeds raised from the issuance of the FT Shares.

All securities issued in connection with the FT Offering will be subject to a statutory hold period of four months and one day following the date of issuance in accordance with applicable Canadian securities laws.

The Company has also agreed to pay qualified finders and brokers a cash commission of 7.0% of the aggregate gross proceeds of the LIFE Offering and FT Offering and such number of broker warrants (the ‘Broker Warrants‘) as is equal to 7.0% of the number of Units sold under the LIFE Offering and FT Offering. Each Broker Warrant will entitle the holder to purchase one Common Share at an exercise price equal to the Offering Price for a period of 24 months following the Closing Date.

The closing of the LIFE Offering and FT Offering is expected to occur on or about December 31, 2025 (the ‘Closing Date‘), or such other earlier or later date as the Company may determine.

The Company continues to progress in the closing of its previously announced brokered private placement of gold-linked convertible notes, as announced on November 5, 2025, a financing that aims to raise up to C$7 million to fund the restart of the company’s Beacon Gold Mill in Val d’Or, Quebec.

This news release is not an offer to sell or the solicitation of an offer to buy the securities in the United States or in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the ‘U.S. Securities Act’), and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent an exemption from registration under the U.S. Securities Act and applicable U.S. state securities laws. ‘United States’ and ‘U.S. person’ are as defined in Regulation S under the U.S Securities Act.

About LaFleur Minerals Inc.

LaFleur Minerals Inc. (CSE: LFLR,OTC:LFLRF) (FSE: 3WK0) is focused on the development of district-scale gold projects in the Abitibi Gold Belt near Val-d’Or, Québec. Our mission is to advance mining projects with a laser focus on our resource-stage Swanson Gold Deposit and the Beacon Gold Mill, which have significant potential to deliver long-term value. The Swanson Gold Project is approximately 18,304 hectares (183 km2) in size and includes several prospects rich in gold and critical metals previously held by Monarch Mining, Abcourt Mines, and Globex Mining. LaFleur has recently consolidated a large land package along a major structural break that hosts the Swanson, Bartec, and Jolin gold deposits and several other showings which make up the Swanson Gold Project. The Swanson Gold Project is easily accessible by road allowing direct access to several nearby gold mills, further enhancing its development potential. Lafleur Mineral’s fully refurbished and permitted Beacon Gold Mill is capable of processing over 750 tonnes per day and is being considered for processing mineralized material at Swanson and for custom milling operations for other nearby gold projects.

ON BEHALF OF LaFleur Minerals INC.

Paul Ténière, M.Sc., P.Geo.
Chief Executive Officer
E: info@lafleurminerals.com

LaFleur Minerals Inc.
1500-1055 West Georgia Street
Vancouver, BC V6E 4N7

Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this news release.

Cautionary Statement Regarding ‘Forward-Looking’ Information

This news release includes certain statements that may be deemed ‘forward-looking statements’. All statements in this new release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words ‘expects’, ‘plans’, ‘anticipates’, ‘believes’, ‘intends’, ‘estimates’, ‘projects’, ‘potential’ and similar expressions, or that events or conditions ‘will’, ‘would’, ‘may’, ‘could’ or ‘should’ occur. Forward-looking statements in this news release include, without limitation, statements related to the closing of the LIFE Offering and the FT Offering, and the anticipated use of proceeds from the LIFE Offering and the FT Offering. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/278189

News Provided by Newsfile via QuoteMedia

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American Rare Earths (ASX: ARR | OTCQX: ARRNF | ADR: AMRRY) (“ARR” or the “Company”) has successfully completed another critical stage in its mineral processing program by producing a mixed rare earths oxide (“MREO”) using the updated preliminary PFS mineral processing flowsheet.

Highlights

  • Rare earth oxides were produced from Halleck Creek ore using the updated preliminary Pre-Feasibility Study (“PFS”) mineral processing flowsheet1
  • A Mixed Rare Earth Oxalate and Mixed Rare Earth Oxide was created from purified leachate solution using the material from the impurity removal testing2
  • This is the most significant technical milestone achieved for the Project to date

MREO from Halleck Creek (“the Project”) was produced using the material – a pregnant leach solution (“PLS”) – from the impurity removal testing campaign3. This was achieved through precipitating a mixed rare earth oxalate and then creating MREO powder (see Figure 1). This major technical milestone confirms that rare earths can be extracted into metallic oxides from Halleck Creek ore using the updated preliminary PFS mineral processing flowsheet currently being finalized for the upcoming PFS. Solvent extraction computer simulation is now underway, using the results of these tests.

SGS in Lakefield, Ontario, Canada created the MREO from the Halleck Creek PLS through a two- step process. The first step consists of precipitating the metals in solution using oxalic acid to create a mixed rare earth oxalate. Oxalic acid is highly selective in precipitating rare earth elements (“REE”) from PLS while other elements stay in solution. SGS performed three precipitation tests using variable oxalic acid addition rates. The second step, called calcining, involved SGS heating the combined mixed rare earth oxalates to 1,000oC to oxidize the material into a MREO. A beneficial effect of calcining is that it oxidizes the cerium, converting it from Ce3+ to Ce4+. Ce4+ is not soluble in the reagent which will be used to dissolve REEs from the MREO for solvent extraction.

Click here for the full ASX Release

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US President Donald Trump is reportedly weighing a major shift in federal drug policy that would relax decades-old restrictions on cannabis, potentially injecting new life into the industry.

Six people familiar with the discussions told the Washington Post that Trump is preparing an executive order directing federal agencies to pursue the reclassification of cannabis from a Schedule I substance to Schedule III.

The effort, still under internal review, was the focus of a December 10 phone call between Trump and House Speaker Mike Johnson, several of the sources said. Joining the call were cannabis industry executives, Secretary of Health Robert F. Kennedy Jr. and Mehmet Oz, administrator for the Centers for Medicare & Medicaid Services.

The people spoke on the condition of anonymity because they were not authorized to discuss the meeting publicly.

Johnson reportedly expressed skepticism and laid out several studies and data points opposing rescheduling, but by the end of the call, Trump appeared inclined to proceed. However, the sources emphasized that no final decision has been made and that he could still change course; this was later confirmed by another White House official.

Reclassification would shift cannabis from Schedule I status — reserved for substances deemed to have high potential for abuse and no accepted medical use — to Schedule III, which includes Tylenol with codeine and certain steroids.

The shift would not legalize recreational use under federal law, but would remove some of the most onerous constraints faced by medical researchers and by companies operating legally in dozens of states.

“This would be the biggest reform in federal cannabis policy since marijuana was made a Schedule I drug in the 1970s,” said Shane Pennington, a DC attorney who represents companies involved in rescheduling litigation.

He noted that while Trump cannot unilaterally change the drug schedule, he can instruct the Department of Justice to bypass a pending administrative hearing and finalize the rule.

The political backdrop has shifted sharply in recent years. Cannabis is legal for medical use in most states and for recreational use in 24, and has become a multibillion-dollar industry. Both Democrats and Republicans have expressed interest in rescheduling even as broader legalization remains deeply contested at the federal level.

For cannabis businesses, reclassification would be economically transformative.

Current tax rules prohibit companies that sell Schedule I substances from deducting ordinary business expenses, a barrier that industry representatives have long described as crushing.

“This monumental change will have a massive, positive effect on thousands of state-legal cannabis businesses around the country,” said Brian Vicente, founding partner at Vicente. “Rescheduling releases cannabis businesses from the crippling tax burden they have been shackled with and allows these businesses to grow and prosper.”

Policy advocates say the move would eliminate a central pillar of the federal government’s 50 year prohibition regime, while also highlighting how much work remains.

“This is the beginning of a new era of public health policy,” said Shawn Hauser, also a partner at Vicente.

She called the directive “a long-overdue acknowledgment of marijuana’s medical value and safety,” while warning that rescheduling alone will not resolve broader regulatory inconsistencies or criminal justice disparities.

Trump, who said in August that he was “looking at reclassification,” inherited a stalled proposal originally launched by then-President Joe Biden that recommended moving cannabis to Schedule III.

Rescheduling’s origins trace back to October 2022, when Biden instructed the Department of Health and the Drug Enforcement Administration (DEA) to review whether the current classification for cannabis is scientifically justified.

Health officials concluded in 2023 that it is not, prompting the DEA to propose shifting cannabis to Schedule III in early 2024. The proposed rule has been frozen since March 2025.

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

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