1. Imperial Metals (TSX:III)

Year-to-date gain: 333.7 percent
Market cap: C$1.4 billion
Share price: C$7.98

Imperial Metals is a mine development and production company with operations in British Columbia, Canada.

It holds a 30 percent interest in the Red Chris mine in BC’s Golden Triangle, with the remainder owned by Newmont (TSX:NGT,NYSE:NEM,ASX:NEM). Imperial also fully owns the Mount Polley copper-gold mine, which reopened in June 2022, and the Huckleberry copper mine, which has been under care and maintenance since 2016.

Provincial approvals for a 4 meter raise of the embankment at the Mount Polley tailings storage facility have been the subject of a lawsuit after the Xatśūll First Nation applied for an interim injunction challenging them in April.

A June 30 update reported that the BC Supreme Court had reserved judgment on the case following a four day hearing. The Supreme Court ultimately dismissed the Xatśūll First Nation’s application for the injunction and judicial review of the approvals on August 6. Imperials’ most recent update on the case came on September 3, when the Xatśūll First Nation filed a notice of appeal to overturn the dismissal of the judicial reviews. However, it did not appeal the injunction decision, meaning the company can complete the raise and continue mining at Mount Polley.

On August 29, Imperial announced that it received approval for a permit amendment allowing the company to expand Mount Polley’s operations and extend its operating life, including pit development and expansion of storage areas within the existing mine site footprint.

In the company’s Q3 production report for Red Chris, released on October 23, it indicated that total copper production at the mine increased 10 percent year-over-year to 20.9 million pounds, up from 18.98 million pounds in Q3 2024. Through the first nine months of the year, copper production increased even more, rising 20 percent to 67.51 million pounds from 56.37 million pounds during the same period of 2024.

The most recent update from Imperial came on November 27, when it released an exploration update from its Huckleberry mine, reporting it completed all nine holes of its 2025 diamond drill campaign testing an area southwest of the Main Zone. One hole returned a grade of 0.5 percent copper over 52.7 meters, including an intersection of 0.81 percent copper and 0.23 grams per metric ton (g/t) gold over 22.6 meters.

Shares of Imperial reached a year-to-date high of C$7.95 on December 10.

2. Meridian Mining (TSX:MNO)

Year-to-date gain: 313.33 percent
Market cap: C$656.72 million
Share price: C$1.55

Meridian Mining is an exploration and development company that is currently developing its flagship Cabaçal copper-gold project in Mato Grosso, Brazil. The project license covers a 50 square kilometer area and hosts an 11 kilometer volcanogenic massive sulfide corridor containing gold, copper and silver.

A prefeasibility study released March 10 demonstrates a post-tax base case net present value of US$984 million with an internal rate of return of 61 percent and a payback period of 17 months. The project has a predicted mine life of 10.6 years with total life of mine production of 169,647 metric tons of copper.

The included mineral resource estimate for Cabaçal shows a measured and indicated resource of 204,470 metric tons of contained copper from 51.43 million metric tons of ore with an average grade of 0.4 percent. It also hosts significant gold and silver resources.

Additionally, Meridian reported on May 8 that it has hired Ausenco Brazil as the lead engineer to complete a definitive feasibility study for Cabaçal, targeting the first half of 2026 for completion.

Meridian has been carrying out an extensive exploration program at the site as part of the study.

The company announced results from the final phase of the drill program on October 7, when it reported significant copper grades. It highlighted an interval of 1.4 percent copper equivalent over 27.5 meters, including an intersection of 6.1 percent copper equivalent over 6.4 meters.

The company stated that the drill program yielded robust grades of gold, copper and silver mineralization, which will contribute to the mineral resource and reserve upgrades included in the definitive feasibility study. It also reported exploration success at the Cigarra target.

On November 3, Meridian announced that the State of Mato Grosso had formally approved the preliminary license for Cabaçal, which the company stated is the first of three licenses required to commence operations. Meridian said that it would now turn its attention to its application for an installation license. If approved, the installation license would allow the company to begin construction at the site.

Shares of Meridian reached a year-to-date high of C$1.65 on December 4.

3. St. Augustine Gold and Copper (TSX:SAU)

Year-to-date gain: 300 percent
Market cap: C$331.75 million
Share price: C$0.32

St. Augustine Gold and Copper is a development company focused on its King-king copper-gold project in the Philippines’ Davao de Oro province. The project consists of 184 mining claims.

On May 30, St. Augustine entered into an agreement with the National Development Corporation (Nadecor) to acquire a 100 percent interest in Nadecor’s wholly owned subsidiary Kingking Milling, which holds the development rights to King-king. Under the terms of the deal, Nadecor will receive C$9.02 million convertible into 185 million shares.

The project’s exploration and development permits are held by Kingking Mining, which remains a 40/40/20 joint venture between St. Augustine, Nadecor and Queensberry Mining and Development. The release also includes details of new ore sales and royalty agreements between Kingking Milling and Kingking Mining.

On June 18, St. Augustine completed a debt conversion with Queensberry Mining, converting C$1.67 million in debt owed to Queensbury into 25.31 million common shares of St. Augustine at C$0.066 per share.

A follow-up announcement from Queensberry Mining stated that the shares represent a 2.5 percent stake in St. Augustine, increasing Queensberry’s holdings in the company to 52 percent of the total issued and outstanding shares.

As for Q3, on July 31, the company released an updated feasibility study for the project. Based on a copper price of US$4.30 per pound and a gold price of US$2,150 per ounce, the project’s economics included an after-tax net present value of US$4.18 billion, with an internal rate of return of 34.2 percent and a payback period of 1.9 years.

The report estimates a 31 year mine life with average annual production of 96,411 metric tons of payable copper and 185,828 ounces of gold. The six phase development plan will see higher average production in the first five years at 129,000 metric tons of copper and 330,000 ounces of gold.

On October 8, St. Augustine announced that it had engaged with Stantec Consulting and Independent Mining Consultants to produce a definitive feasibility study for Kingking. The company said the study will optimize key recommendations from the pre-feasibility study, including a chloride leach process to improve recovery from low-grade sulfide stockpiles early in the mine life, as well as increased throughput capacity.

Shares of St. Augustine Gold and Copper reached a year-to-date high of C$0.58 on July 29.

4. Trilogy Metals (TSX:TMQ)

Year-to-date gain: 269.23 percent
Market cap: C$1.07 billion
Share price: C$6.24

Trilogy Metals is a polymetallic exploration and development company working to advance its Upper Kobuk mineral projects in Northern Alaska, US, which it owns in a 50/50 joint venture with South32 (ASX:S32,OTC Pink:SHTLF).

Its most advanced asset is the Arctic copper, zinc, lead, gold and silver project, which is in the feasibility stage.

In an updated feasibility study from February 2023, the company reported annual payable production volumes of 148.68 million pounds of copper, 172.6 million pounds of zinc, 25.75 million pounds of lead, 32,538 ounces of gold and 2.77 million ounces of silver. After tax, the study pegs the project’s net present value at US$1.11 billion, with an internal rate of return of 22.8 percent and a payback period of 3.1 years.

Trilogy’s other key asset is the Bornite copper-cobalt project located 25 kilometers southwest of its Arctic project. The site hosts widespread mineralization and has seen historic exploration dating back to the 1950s.

A preliminary economic assessment for Bornite, dated January 15, established an after-tax net present value of US$393.9 million, with an internal rate of return of 20 percent and a payback period of 4.4 years.

The updated mineral resource included with the report estimates an inferred resource of 6.53 billion pounds of copper with an average grade of 1.42 percent from 208.9 million metric tons of ore.

Trilogy’s Upper Kobuk assets are among the mineral projects dependent on the approval and construction of the Ambler Access Road, a planned 211 kilometer industrial road through Alaska.

Trilogy’s share price saw substantial gains in October after the US Senate repealed a land management plan that prevented the construction of the access road due to environmental concerns.

Additionally, on October 6, Trilogy entered into a binding letter of intent that will see the US Department of Defense (DoD) invest US$17.8 million in Trilogy in exchange for 8.22 million Trilogy shares, or 10 percent of the company. The DoD will also hold warrants for an additional 7.5 percent, exercisable only after the road is constructed.

The funds are earmarked for exploration and development of the Upper Kobuk projects.

According to the release, the DoD will work to facilitate financing for the road’s construction and collaborate with Trilogy to expedite mine permitting using the FAST-41 process.

In an update on October 24, Trilogy stated that the Alaska Industrial Development and Export Authority executed the right-of-way permits for the Ambler Access Road with the US Army Corps of Engineers, the National Parks Service and the Bureau of Land Management, which re-established the necessary federal authorizations to advance the project.

Shares of Trilogy reached a year-to-date high of C$14.70 on October 14.

5. Northern Dynasty Minerals (TSX:NDM)

Year-to-date gain: 234.12 percent
Market cap: C$1.53 billion
Share price: C$2.84

Northern Dynasty Minerals is an exploration and development company focused on the Pebble project, a copper-molybdenum-gold-silver project located 200 miles southwest of Anchorage in the Bristol Bay region of Alaska.

Pebble, which the company says is “one of the greatest stores of mineral wealth ever discovered,” hosts a measured and indicated copper resource of 6.5 billion metric tons and an inferred copper resource of 4.5 billion metric tons.

The Pebble property’s measured and indicated resources for molybdenum, gold and silver total 1.26 million metric tons, 53.82 million ounces and 249.3 million ounces, respectively.

The project stalled in 2020 during the permitting phase following a US Environmental Protection Agency (EPA) veto that suggested the proposed mine would damage the Bristol Bay watershed.

Early in 2024, the Supreme Court declined to hear the matter on procedural grounds, sending it back to the federal district court and the federal circuit of appeals before the Supreme Court would hear it.

Northern Dynasty spent the rest of 2024 advancing its case in Alaska’s state court. In March of that year, it announced the filing of actions to vacate the EPA’s veto.

In 2025, shares of Northern Dynasty began to surge following Trump’s March 20 executive order that called for expedited approvals for domestic mineral production and included copper as a strategically important mineral.

Since Trump became president, Northern Dynasty has been attempting to work with the EPA to vacate the veto on the project. On February 18, the company agreed to grant the EPA a requested 90 day extension to allow for review by the new leadership in the agency, and granted a further 30 day extension on May 14 and a 20 day extension on June 12.

Although the company had hoped to reach a settlement in early July, it ultimately was forced to file a motion for summary judgment on July 17 to have the EPA veto removed.

The most recent update came on October 8, when Northern Dynasty reported that it had filed a brief with the court and presented arguments as to why the veto should be removed. The company’s president and CEO stated in the release that he believes the company has a strong case.

On November 19, the company provided an updated timeline, noting delays due to the US Federal Government shutdown. It said the Department of Justice must file its opening brief by February 16, 2026, and plaintiffs must file their response by April 15. Northern Dynasty stated that, while it understands the challenges, it believes the extension of the original January 2 date is excessive and would prefer the government withdraw its veto.

The most recent update from the case came on December 1, when the company reported that the National Mining Association, the American Exploration and Mining Association, the Alaska Mining Association and the US Chamber of Commerce filed amicus briefs in support of their case.

The three associations’ summary of their argument began, “This case is exceptionally important to Amicis members, the mining industry, and the nation’s economy. The proposed mine – which the US EPA has unlawfully vetoed – will provide a crucial source of copper for construction, transportation, electrical and electronic projects, industrial machinery, and defense applications.”

Shares of Northern Dynasty reached a year-to-date high of C$3.89 on October 14.

FAQs for investing in copper

1. ProShares Ultra NASDAQ Biotechnology ETF (NASDAQ:BIB)

AUM: US$86.84 million

The ProShares Ultra NASDAQ Biotechnology ETF, launched in April 2010, is leveraged to offer twice daily long exposure to the broad-based NASDAQ Biotechnology Index, making it an ideal choice “for investors with a bullish short-term outlook for biotechnology or pharmaceutical companies.” However, analysts also advise investors with a low risk tolerance or a buy-and-hold strategy against investing in this fund due to its unique nature.

Of the about 250 holdings in this ETF, the top biotech stocks are Amgen (NASDAQ:AMGN) at 5.33 percent weight, Vertex Pharmaceuticals (NASDAQ:VRTX) at 5.27 percent and Gilead Sciences (NASDAQ:GILD) at 4.89 percent.

2. Direxion Daily S&P Biotech Bear 3x Shares (ARCA:LABD)

AUM: US$80.92 million

The Direxion Daily S&P Biotech Bear 3X Shares is designed to provide three times the daily return of the inverse of the S&P Biotechnology Select Industry Index, meaning that the ETF rises in value when the index falls and falls in value when the index rises.

Leveraged inverse ETFs are designed for short-term trading and are not suitable for holding long-term. They also carry a high degree of risk as they can be significantly affected by market volatility.

Unlike the other ETFs on this list, LABD achieves its investment objective through holding financial contracts such as futures rather than holding individual stocks.

3. Global X Genomics & Biotechnology ETF (NASDAQ:GNOM)

AUM: US$52.9 million

The Global X Genomics & Biotechnology ETF tracks the Solactive Genomics Index, focusing on companies involved in gene editing, genomic sequencing, genetic medicine, computational genomics and biotech.

The ETF holds 48 stocks, with about 90 percent in the pharmaceuticals, biotechnology and life sciences sector. Its top three holdings are Arrowhead Pharmaceuticals (NASDAQ:ARWR) at 6.06 percent, Guardant Health (NASDAQ:GH) at 5.5 percent and Illumina (NASDAQ:ILMN) at 5.05 percent.

4. Tema Heart and Health ETF (NASDAQ:HRTS)

AUM: US$52.53 million

Launched in November 2023, the Tema Heart and Health ETF tracks biotech stocks with a focus on diabetes, obesity and cardiovascular diseases. The fund was renamed on March 25 from Tema Cardiovascular and Metabolic ETF, and again on June 27 from the GLP-1 Obesity and Cardiometabolic ETF.

There are 47 holdings in this biotechnology fund, with about 75 percent being large-cap stocks and 22 percent mid-cap. About three-quarters of its holdings are based in the US. Its top biotech holdings are Eli Lilly and Company (NYSE:LLY) at a 10.25 percent weight, Roche Holding (OTCQX:RHHBY,SWX:ROG) at a 4.54 percent weight and UnitedHealth Group (NYSE:UNH) at a 4.25 percent weight.

5. Virtus LifeSci Biotech Products ETF (ARCA:BBP)

AUM: US$31.42 million

The Virtus LifeSci Biotech Products ETF tracks the LifeSci Biotechnology Products Index, focusing on US-listed biotech companies with at least one FDA-approved drug therapy.

Launched in December 2014 by Virtus Investment Partners, it provides targeted exposure to firms in the product stage, from startups to large players, through passive, equal-weighted holdings rebalanced semi-annually.

Its top holdings include Travere Therapeutics (NASDAQ:TVTX) at a weight of 3.32 percent, Ionis Pharmaceuticals (NASDAQ:IONS) at 3.22 percent and Insmed (NASDAQ:INSM) at 2.97 percent.

U3O8 spot price, December 5, 2024, to December 5, 2025.

Chart via Trading Economics.

Despite a subdued stretch for the price, uranium’s long-term drivers remain firmly intact, and arguably have only improved over the course of the year. Combined with renewed investor appetite, that strength has helped lift uranium equities throughout 2025, reinforcing confidence in the sector’s long-term thesis.

Uranium investment demand surges

For Joe Kelly, CEO of Uranium Markets, one of the most compelling uranium market trends in 2025 was the growth in investor demand, particularly for physical uranium.

SPUT had added 7.8 million pounds, growing its uranium holdings to 74.04 million pounds, as of December 2, a 12 percent increase from 2024’s tally. Its net asset value had increased to US$5.68 billion.

Kelly explained that SPUT’s momentum was the result of broader investor enthusiasm, allowing the trust to purchase millions of pounds from the spot market, which “drove the price considerably higher.”

That dynamic extended beyond institutional vehicles.

“You also had investors buying uranium directly because they thought it was cheap and a good investment,” he said.

The result was a layer of financial demand on top of utility needs. According to Kelly, this speculative interest created demand outside of the nuclear power plants in the world. “That drove the price up a little bit higher than it would have been otherwise, without that enthusiasm from the investing community,” he added.

SPUT’s aggressive accumulation has become a clear market signal.

The trust’s growing holdings highlight how institutional investors increasingly view uranium as scarce, tightening available supply by removing material from the open market. As inventories shrink, upward pressure on prices builds.

At the same time, SPUT’s rising net asset value reflects renewed investor confidence tied to reactor buildouts, energy security priorities and the broader clean energy shift.

If the trust keeps buying while mine output lags and utilities lock in long-term contracts, the market could be moving toward a structural deficit, drawing even more attention to uranium equities and physical vehicles.

Uranium term price underscores market momentum

Often described as a more accurate barometer of market activity and sentiment, the long-term contract price displayed less volatility in 2025, starting the 12 month period at US$80 and reaching US$86 at the end of November.

Tiggre stressed that the uranium sector’s “real market is the long-term contract price,” not the day-to-day noise of the spot price. Long-term contracting, he said, is where “actual buyers, sellers, users and suppliers” negotiate prices that determine what it really takes to bring new pounds to market.

The challenge, however, is opacity. “It’s not transparent … they don’t disclose individual contracts,” he said. That leaves analysts to piece together trends from quarterly averages.

Long-term contract price, January 1 to November 30, 2025.

Chart via Cameco.

That underlying market has continued to strengthen from 2024 to 2025.

As Tiggre noted, the long-term price has been “going up, pausing, consolidating, going up,” reaching levels that “clearly do incent production” — yet even the world’s biggest producers have struggled to deliver.

Global uranium majors Cameco (TSX:CCO,NYSE:CCJ) and Kazatomprom “both failed to hit their targets and have officially moved their goal posts,” a signal he called “significant and … bullish.”

Meanwhile, would-be junior producers have not stepped in to fill the gap.

“None of them have been able to say, ‘Yeah, we’re going to build this or rehabilitate that’ and deliver on time,” he noted. What looked like low-hanging fruit has proven “thorny,” reinforcing that supply remains constrained.

At the same time, demand momentum has only accelerated. Headlines showcasing new reactor builds are now “weekly,” Tiggre said, with BRICS nations expanding aggressively and western governments shifting decisively pro-nuclear. Even in the US, he noted, “Trump has doubled down … he’s strongly pro-nuclear.”

The result: A structurally tight market where volatile spot moves obscure a far more durable trend.

“The fundamentals are just super strong,” Tiggre said. “I’m very bullish.”

Uranium doubles as a tech play

Part of uranium’s demand story is tied to forecast growth in artificial intelligence (AI) data center deployment, a segment where electricity consumption has grown by 12 percent since 2019, as per the International Energy Agency (IEA).

Currently data centers use 415 terawatt hours (TWh), representing 1.5 percent of global electricity demand, and that number is projected to increase rapidly over the next five years.

“Our Base Case finds that global electricity consumption for data centres is projected to double to reach around 945 TWh by 2030 in the Base Case, representing just under 3 percent of total global electricity consumption in 2030,” the IEA’s Energy Demand from AI report reads. “From 2024 to 2030, data centre electricity consumption grows by around 15 percent per year, more than four times faster than the growth of total electricity consumption from all other sectors.”

For Gerardo Del Real, publisher at Digest Publishing, the uranium sector’s momentum has shifted as an unexpected coalition of “tech bros” and “mining bros” reshapes the narrative around nuclear power.

“Who would have thought?” said Del Real, noting that after an 18 month stretch where the uranium trade “seemed stuck in the mud,” sentiment turned sharply once markets began viewing nuclear as a technology story.

“The market is one part fundamentals and the other part psychology,” Del Real explained, adding that the psychological boost from the booming tech sector has been powerful.

While he’s skeptical that every AI-fueled data center proposal will materialize, Del Real argued that even limited progress could supercharge energy demand. If tech companies “fulfill 35 percent to 50 percent of their promises,” he said, the resulting power requirements would be “absolutely spectacular.”

This comes as the uranium market was already heading toward a significant deficit by 2026, a trend Del Real believes has now accelerated. Leaning into his contrarian instincts, he said he has written “more checks than ever” for early stage uranium companies with trusted management teams.

“I am thrilled with the results thus far,” said Del Real.

“I think 2026 is going to be an inflection year where the breakout is really pronounced across the board.”

Investor Insight

Sankamap Metals offers exposure to new copper–gold discovery potential in one of the last underexplored regions of the Ring of Fire, with two fully owned, drill-ready assets positioned along a world-class mineral belt.

Company Highlights

• Two 100 percent owned copper and gold properties – Kuma and Fauro – within a highly prospective copper-gold trend in the Solomon Islands.
• Drill-ready targets supported by strong historical sampling, including grab samples up to 11.7 percent copper, 13.5 grams per ton (g/t) gold at Kuma, and 173 g/t gold; plus, drill intercepts of 35 m at 2.08 g/t gold at Fauro.
• Strategically located along the same mineral belt as major deposits, including Newmont’s 71.9 Moz Lihir gold mine.
• Underexplored mining-friendly jurisdiction with strong government support and established local workforce.
• Large-scale system potential, including a km-scale copper-gold anomaly at Kuma and multiple high-grade epithermal and porphyry-style targets at Fauro.
• Inaugural drilling at Kuma, scheduled to begin in January 2026, marking a major catalyst for the project.
• Strong technical leadership, with a management team that has collectively raised over $1 billion and delivered significant shareholder returns.

Overview

Sankamap Metals (CSE:SCU) is a Canadian exploration company advancing the Oceania Project, a high-impact copper–gold opportunity in the mineral-rich South Pacific. The project includes two fully permitted properties – Kuma and Fauro – in the Solomon Islands, one of the last untapped frontiers of the Pacific Ring of Fire.

The company’s land package is strategically positioned near world-class deposits, such as Newmont Mining’s 71.9 Moz Lihir gold mine and Bougainville Copper’s historic Panguna deposit with 19.3 Moz gold and 5.3 Mt copper resources.

CEO John Florek investigating mineralized outcrop at Kuma property during the summer site visit

Kuma and Fauro are 100 percent owned and drill-ready. Both assets benefit from compelling historical sampling, large-scale geophysical anomalies, and district-scale geological characteristics that support the potential for major porphyry and epithermal systems.

The company focuses on systematic exploration, delineating high-priority drill targets to unlock discovery opportunities. With strong national support for mining and a leadership team deeply experienced in major global jurisdictions, Sankamap is well positioned to generate early and meaningful shareholder value as exploration advances.

Key Properties

Kuma Property

The Kuma property spans 43 sq km and lies 37 km southeast of Honiara on Guadalcanal Island. The property is considered a highly compelling drill-ready porphyry target. Historical sampling returned values up to 11.7 percent copper and 13.5 g/t gold, accompanied by a kilometre-scale copper-gold geochemical anomaly. Airborne geophysical surveys, including mobile magnetotelluric (MT), reveal resistive and conductive features consistent with porphyry, epithermal and skarn-style mineral systems.

Kuma benefits from year-round access and proximity to the Gold Ridge mine. Lidar, surface geochemistry, and geophysics surveys have advanced target definition toward a 2026 drill program. Alteration mapping defined a 2 km lithocap, indicating a potential significant porphyry below that’s not yet tested by drilling.

Kuma is positioned for discovery potential on a scale comparable to other major systems in the region.

Current work at Kuma is focused on refining priority drill targets through ongoing analysis of newly released geophysical and geological datasets. A field visit in November was aimed at ground-truthing these targets, confirming interpretations, and finalizing on-the-ground logistics. Pad and camp construction began in late November, ahead of the inaugural drilling campaign set for January 2026, an important milestone in advancing the Kuma property toward discovery.

Fauro Property

The 147 sq km Fauro property encompasses a high-grade epithermal gold target with indications of a porphyry system at depth. Formed by the collapse of the Fauro calc-alkaline volcano, the property hosts seven prospects, three of which are drill-ready. Historical results include a grab sample of 173 g/t gold, trench results of 8 m at 27.95 g/t gold, and drilling intercepts such as 35 m at 2.08 g/t gold. Multiple zones, including Meriguna, Ballyorlo and Kiovakase, exhibit robust soil anomalies and magnetic highs, underscoring the property’s potential to host a large-scale deposit comparable in setting to the Lihir gold system.

Since 2024, new sampling has confirmed continued high-grade potential, with assays returning up to 19.25 g/t gold and up to 4 percent copper, expanding evidence for a hybrid epithermal-porphyry system. With year-round drilling access and efficient transport via helicopter and boat, Fauro represents a major exploration opportunity with multiple existing gold intercepts and untested porphyry indicators.

Management Team

John Florek – Chief Executive Officer

John Florek has more than 35 years of experience with major and junior mining companies, including BHP, Placer Dome, Barrick, Teck, and Detour Gold/Kirkland Lake Gold/Agnico Eagle. He has identified and advanced significant mining assets from early exploration through development and currently sits on the board of McEwen Mining. He is also CEO, president and director of Emperor Metals.

John Williamson – Chairman, Co-founder and Director

A professional geologist with more than 35 years in the global mining sector, John Williamson founded more than 20 successful companies and the Metals Group. He has raised more than $1 billion across public and private markets, delivering strong returns to shareholders.

Sean Mager – CFO and Director

With 30+ years in the global mining sector, Sean Mager brings extensive experience in corporate development, stakeholder relations, regulatory affairs, finance and operations. He is a co-founder of the Metals Group.

Krystle Adair – Vice-president, Exploration

A geologist with more than 13 years of exploration experience across the Americas, Krystle Adair has managed projects across multiple deposit types. She has worked extensively with Metals Group companies and is a registered professional geoscientist in British Columbia.

Hannett – Director

A Bougainville Island national and professional engineer with 17+ years of experience, Arthur Hannett has worked with major operators including Placer Dome, Barrick, Glencore and Agnico Eagle.

Donald Marahare – Director

A seasoned legal professional with 20+ years of experience in the Solomon Islands, Donald Marahare is the principal at DNS & Partners Law Firm, admitted to the High Court in 2000. He also serves as president of the Solomon Islands Football Federation.

1. San Lorenzo Gold (TSXV:SLG)

Year-to-date gain: 641.18 percent
Market cap: C$55.06 million
Share price: C$0.80

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, and 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.

San Lorenzo’s share price gained significantly in the first quarter starting on March 3, when the company announced a significant discovery hole, the first of three holes drilled at Salvadora’s Cerro Blanco gold-copper target.

The discovery hole demonstrated an average grade of 1.04 grams per metric ton (g/t) gold over a broad 153.5 meters starting at a depth of 229 meters, including an intersection grading 12.78 g/t gold over 3.8 meters.

The same day, it also released partial results for the first of three holes drilled at its Arco de Oro gold target. They returned multiple instances of high-grade gold, including 5.61 g/t gold over 6.6 meters at a depth of 15.7 meters and 4.8 g/t gold over 23.3 meters 174.4 meters from surface.

Assays for the remaining holes were released in mid-March and April, respectively. San Lorenzo released the most recent results from exploration on August 6, reporting that an induced polarization geophysical survey at Salvadora identified multiple prospective anomalies that would be the focus of its upcoming drill program.

San Lorenzo announced on September 24 that it initiated the aforementioned drill program, with plans in place for a minimum of three holes at Cerro Blanco and four holes at Arco de Oro.

After leveling out in Q2, company shares began gaining momentum in early August, largely continuing to move through the rest of Q3 and into Q4. Shares of San Lorenzo jumped to a year-to-date high of C$0.86 on October 23.

2. Prospector Metals (TSXV:PPP)

Year-to-date gain: 833.31 percent
Market cap: C$129.56 million
Share price: C$1.12

Prospector Metals is exploring its flagship ML gold project near Dawson City in Yukon, Canada.

The 10,869 hectare property is located within the Tintina Gold Belt, which hosts significant historic mining operations and current exploration and development projects. The ML project’s Skarn Ridge and North Vein targets were the focus of significant historical work through 2008, including 117 diamond drill holes. According to Prospector, historical work also led to the discovery of more than two dozen untested high-grade gold surface occurrences.

A maiden drill program at the site commenced on June 23, with the primary focus on the Bueno target, which delivered rock samples with grades up to 156 g/t during May 2025 exploration. The program will include testing of six targets, including Bueno, identified during the company’s 2024 exploration program.

After trending upwards throughout the year from their start of C$0.12, shares of Prospector surged from C$0.31 to C$1.17 when it reported the discovery of the new TESS gold-copper zone on October 1. The company reported a drill hole intersected the broad, high-grade zone, with an average grade of 13.79 g/t gold from 62 meters to 106 meters downhole, including 288 g/t over 1 meter within 21.93 g/t over 24.65 meters. The hole also intersected the North Vein zone from 138 meters to 145.36 meters downhole, over which it had an average grade of 5.69 g/t gold.

Prospector CEO Rob Carpenter said, “The discovery represents an exciting new style of gold mineralization for the ML project. The high-grade and near surface intercept occurs within a distinct zone that is coincident with a diagnostic surface geochemical signature.” He indicated that the company has traced the trend on the surface for at least 500 meters.

Shares of Prospector reached a year-to-date high of C$1.30 the following day.

On November 26, Prospector reported the final assays from its drill program, including an interval at the TESS Zone grading 7.29 g/t gold and 0.91 percent copper over 14 meters, as well as one in the Skarn Ridge Zone that graded 2.04 g/t gold and 0.42 percent copper over 27 meters. Carpenter said the company is planning a fully funded drill program to extend the zones along trend and test new targets.

3. PPX Mining (TSXV:PPX)

Year-to-date gain: 785.71 percent
Market cap: C$219.63 million
Share price: C$0.31

PPX Mining is a precious metals company that is focused on its Igor project, which contains the operating Callanquitas underground mine, located in the Otuzco province of Northern Peru.

An updated resource estimate for Callanquitas released by the company in January 2024 showed a measured and indicated oxide resource of 81,090 ounces of gold and 2.9 million ounces of silver. The inferred resource as sulfides stands at 34,450 gold equivalent ounces from ore grading 4.63 g/t gold equivalent.

According to a prefeasibility study for Igor amended in January 2022, the 1,300 hectare site previously hosted small-scale mining operations and holds a 50 MT per day gold-processing plant from the 1980s.

In November 2024, PPX started construction of a 350 metric ton per day carbon-in-leach and flotation plant that will be used to process oxide and sulfide ore from Callanquitas.

The latest construction update came on September 24, when the company said development was continuing at an accelerated pace while it worked on parallel activities. These advancements included the installation of leach tanks and the assembly of the crushing line. In all, the PPX reported that construction was 55 percent complete.

Meanwhile, exploration at Callanquitas carried on during the third quarter, with PPX reporting assay results on August 20. In that release, the company said it had encountered a highlighted grade of 3.55 g/t gold over 4.2 meters, which included an intersection of 5.16 g/t gold over 2 meters.

Additionally, PPX announced on September 11 that it had closed an upsized non-brokered private placement for gross proceeds of C$2.58 million, which will be used for ongoing exploration at Callanquitas.

The following month, the company announced a binding letter of intent with Glencore (LSE:GLEN,OTC Pink:GLCNF) for a strategic investment, offtake agreement and technical collaboration, which it closed in December.

The investment results in gross proceeds of C$19.92 million for PPX, which will be used to advance a variety of work at the project, including the construction, commissioning and start-up of the plant. Additionally, under the agreement, Glencore has the right to acquire 100 percent of precious metals concentrate from the Igor project and plant beginning once the plant is commissioned.

Shares of PPX Mining reached a year-to-date high of C$0.48 on October 8.

4. Pelangio Exploration (TSXV:PX)

Year-to-date gain: 728.57 percent
Market cap: C$56.03 million
Share price: C$0.29

Pelangio Exploration is a gold exploration company with projects in Ghana and Canada. In Ghana, it owns two large-scale gold projects, the Manfo property and the Obuasi property. The latter is located 4 kilometers along strike and adjacent to AngloGold Ashanti’s (NYSE:AU,JSE:ANG) high-grade Obuasi mine.

Much of Pelangio’s market moving news came in the second half of the year.

In July, the company kicked off a high-resolution aeromagnetic drone survey at its Manfo and Nkosuo deposits. The following month, Pelangio announced the completion of an updated mineral resource estimate for Manfo covering four gold deposits, including the Nkasu deposit, which was not included in the maiden resource estimate.

The updated resource shows a total indicated mineral resource of 441,000 ounces of gold at an average grade of 1.16 g/t gold, up 126 percent from the maiden resource estimate, and a total inferred mineral resource of 396,000 ounces of gold at an average grade of 0.77 g/t gold, up 395 percent.

In September, Pelangio shared its plans for a US$7.6 million staged exploration program including up to 45,000 meters of drilling. Then, on October 22, the company closed the last tranche of a non-brokered private placement for gross proceeds of C$4.5 million.

Shares of Pelangio reached a year-to-date high of C$0.29 on December 1.

5. Kirkland Lake Discoveries (TSXV:KLDC)

Year-to-date gain: 650 percent
Market cap: C$49.97 million
Share price: C$0.30

Kirkland Lake Discoveries is a gold and copper exploration company focused on projects in its district-scale land package located in the Kirkland Lake area of Ontario, Canada.

Its holdings span an area of approximately 38,000 hectares in the Abitibi Greenstone Belt and are broadly divided into KL West and KL East, which contain the Goodfish-Kirana and Lucky Strike gold projects, respectively, among others.

On April 29, the company expanded KL West’s southern portion by entering into a mining option agreement with Val-d’Or Mining (TSXV:VZZ) to acquire a 100 percent interest in the Winnie Lake and Amikougami properties, and mining claim purchase agreements with two vendors for further claims around the Winnie Lake Pluton.

On August 6, Kirkland Lake initiated the inaugural diamond drill program at the site, designed to follow up on historic drill results and recent surface exploration. Early results from the program came on August 12 when the company reported the discovery of an intrusion-related system at KL West’s Winnie showing.

Next, on August 26, Kirkland expanded the mineralized system after intersecting semi-massive and massive sulfide mineralization across three additional holes at KL West, with assay results pending.

On September 23, Kirkland Lake announced a C$7 million private placement with a significant portion coming from investors Eric Sprott, Rob McEwen and Crescat Capital. It had been upsized to C$14 million as of October 3.

Drilling at KL West resulted in a new gold discovery 2 kilometers northeast of the Winnie Shaft, the company reported on October 27, which Kirkland says is an intrusive-related mineralizing system centered on the Winnie Pluton with a 17 kilometer perimeter. The testing confirmed a distinct and coexisting copper-rich massive sulfide system as well.

In late November, Kirkland commenced a fully funded 25,000 diamond drill program focused on KL West and ‘surrounding structures associate with the Winnie Lake Stock.’

Shares of Kirkland Lake reached a year-to-date high of C$0.39 on October 28.