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S&P 500 Breaking Out Again: What This Means for Your Portfolio

The S&P 500 ($SPX) just logged its fifth straight trading box breakout, which means that, of the five trading ranges the index has experienced since the April lows, all have been resolved to the upside.

How much longer can this last? That’s been the biggest question since the massive April 9 rally. Instead of assuming the market is due to roll over, it’s been more productive to track price action and watch for potential changes along the way. So far, drawdowns have been minimal, and breakouts keep occurring. Nothing in the price action hints at a lasting change — yet.

While some are calling this rally “historic,” we have a recent precedent. Recall that from late 2023 through early 2024, the index had a strong start and gave way to a consistent, steady trend.

From late October 2023 through March 2024, the S&P 500 logged seven consecutive trading box breakouts. That streak finally paused with a pullback from late March to early April, which, as we now know, was only a temporary hiccup. Once the bid returned, the S&P 500 went right back to carving new boxes and climbing higher.

New 52-Week Highs Finally Picking Up

If there’s been one gripe about this rally, it’s that the number of new highs within the index has lagged. As we’ve discussed before, among all the internal breadth indicators available, new highs almost always lag — that’s normal. What we really want to see is whether the number of new highs begins to exceed prior peaks as the market continues to rise, which it has, as shown by the blue line in the chart below.

As of Wednesday’s close, 100 S&P 500 stocks were either at new 52-week highs or within 3% of them. That’s a strong base. We expect this number to continue rising as the market climbs, especially if positive earnings reactions persist across sectors.

Even when we get that first day with 100+ S&P 500 stocks making new 52-week highs, though, it might not be the best time to initiate new longs.

The above chart shows that much needs to align for that many stocks to peak in unison, which has historically led to at least a short-term consolidation, if not deeper pullbacks — as highlighted in yellow. Every time is different, of course, but this is something to keep an eye on in the coming weeks.

Trend Check: GoNoGo Still “Go”

The GoNoGo Trend remains in bullish mode, with the recent countertrend signals having yet to trigger a greater pullback.

Active Bullish Patterns

We still have two live bullish upside targets of 6,555 and 6,745, which could be with us for a while going forward. For the S&P 500 to get there, it will need to form new, smaller versions of the trading boxes.

Failed Bearish Patterns

In the chart below, you can view a rising wedge pattern on the recent price action, the third since April. The prior two wedges broke down briefly and did not lead to a major downturn. The largest pullbacks in each case occurred after the S&P 500 dipped below the lower trendline of the pattern.

The deepest drawdown so far is 3.5%, which is not exactly a game-changer. Without downside follow-through, a classic bearish pattern simply can’t be formed, let alone be broken down from.

We’ll continue to monitor these formations as they develop because, at some point, that will change.

World Bank: Oil Glut to Drive Commodities Prices to Six Year Low

Global commodities prices are on track to fall to their lowest level in six years by 2026, as weaker demand, a widening oil surplus and policy uncertainty continue to weigh on markets, according to the World Bank.

In 2025, the oil glut is projected to expand 65 percent above its last peak in 2020 as electric and hybrid vehicles reduce fuel consumption and oil demand flattens in China, as per the organization’s latest Commodity Markets Outlook.

The World Bank sees global energy prices falling sharply as a result.

Brent crude is forecast to slide from an average of US$68 per barrel in 2025 to US$60 in 2026, marking the lowest level in five years. Overall, energy prices are seen dropping by 12 percent this year and an additional 10 percent next year.

Despite the declines, commodities prices remain elevated compared to pre-pandemic levels. The World Bank estimates 2025 prices will still average 23 percent higher than in 2019, and 2026 levels about 14 percent above pre-COVID benchmarks, reflecting structural shifts such as climate impact, supply chain realignment and new industrial demand.

Food markets are also showing signs of easing. Global food prices are forecast to fall in 2025 and 2026, aided by improved harvests and lower shipping costs. However, fertilizer costs are expected to surge this year before easing in 2026, driven by high input prices and trade restrictions that could strain farm profitability and threaten crop yields.

Precious metals, by contrast, are defying the broader trend.

Gold and silver prices have reached record highs in 2025, primarily buoyed by central bank purchases, investor demand for safe-haven assets and ongoing macroeconomic uncertainty.

The gold price is expected to rise 42 percent this year and another 5 percent in 2026, nearly doubling its 2015 to 2019 average. Meanwhile, silver is projected to increase 34 percent this year and 8 percent next year.

While the downturn in energy prices, as well as lower prices for commodities like wheat and rice, is providing some relief to inflation-hit economies, the World Bank warns the decline may be temporary.

“Commodity markets are helping to stabilize the global economy,” said Indermit Gill, the World Bank Group’s chief economist and senior vice president for development economics, in a Wednesday (October 29) release. “Falling energy prices have contributed to the decline in global consumer-price inflation. But this respite will not last. Governments should use it to get their fiscal house in order, make economies business-ready, and accelerate trade and investment.”

The report also notes that the commodities outlook remains vulnerable to shifting global conditions. Prolonged trade disputes, sluggish economic growth or an unexpected surge in OPEC+ oil supply could drag prices further down. Conversely, heightened geopolitical tensions, new sanctions or severe climate disruptions could drive them back up.

Beyond short-term price dynamics, the report’s ‘special focus’ section for this year examines whether renewed global interest in managing supply and demand through commodities pacts could stabilize markets.

Drawing on a century of experience with international commodities agreements (ICAs), the World Bank found that most efforts like this ultimately failed. In the 20th century, producer and consumer nations attempted to stabilize prices through mechanisms involving inventory controls, trade quotas and price-setting schemes for commodities.

While some early efforts achieved temporary price stability, most collapsed due to weak coordination and changing demand patterns. Even the Organization of the Petroleum Exporting Countries (OPEC) — the longest-lasting such arrangement — has faced increasing challenges from new energy sources and shifting consumer behavior.

“OPEC’s longevity stands out among other ICAs,” the report states, noting that its survival has depended on its ability to adjust production quotas, expand alliances through OPEC+ and engage with consumer nations through dialogue.

Still, the World Bank cautions that OPEC faces growing headwinds from the global transition toward cleaner energy, which could usher in a period of stagnant or declining oil demand.

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

This post appeared first on investingnews.com

Steve Barton: Gold, Silver Price Correction — When to Buy, What’s Next

Steve Barton, host of In It To Win It, weighs in on the pullback in gold and silver prices, sharing where the floors could be for both precious metals.

In his view, the correction is healthy and will lead to higher levels in the future.

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

This post appeared first on investingnews.com

S&P 500 Breaking Out Again: What This Means for Your Portfolio

The S&P 500 ($SPX) just logged its fifth straight trading box breakout, which means that, of the five trading ranges the index has experienced since the April lows, all have been resolved to the upside.

How much longer can this last? That’s been the biggest question since the massive April 9 rally. Instead of assuming the market is due to roll over, it’s been more productive to track price action and watch for potential changes along the way. So far, drawdowns have been minimal, and breakouts keep occurring. Nothing in the price action hints at a lasting change — yet.

While some are calling this rally “historic,” we have a recent precedent. Recall that from late 2023 through early 2024, the index had a strong start and gave way to a consistent, steady trend.

From late October 2023 through March 2024, the S&P 500 logged seven consecutive trading box breakouts. That streak finally paused with a pullback from late March to early April, which, as we now know, was only a temporary hiccup. Once the bid returned, the S&P 500 went right back to carving new boxes and climbing higher.

New 52-Week Highs Finally Picking Up

If there’s been one gripe about this rally, it’s that the number of new highs within the index has lagged. As we’ve discussed before, among all the internal breadth indicators available, new highs almost always lag — that’s normal. What we really want to see is whether the number of new highs begins to exceed prior peaks as the market continues to rise, which it has, as shown by the blue line in the chart below.

As of Wednesday’s close, 100 S&P 500 stocks were either at new 52-week highs or within 3% of them. That’s a strong base. We expect this number to continue rising as the market climbs, especially if positive earnings reactions persist across sectors.

Even when we get that first day with 100+ S&P 500 stocks making new 52-week highs, though, it might not be the best time to initiate new longs.

The above chart shows that much needs to align for that many stocks to peak in unison, which has historically led to at least a short-term consolidation, if not deeper pullbacks — as highlighted in yellow. Every time is different, of course, but this is something to keep an eye on in the coming weeks.

Trend Check: GoNoGo Still “Go”

The GoNoGo Trend remains in bullish mode, with the recent countertrend signals having yet to trigger a greater pullback.

Active Bullish Patterns

We still have two live bullish upside targets of 6,555 and 6,745, which could be with us for a while going forward. For the S&P 500 to get there, it will need to form new, smaller versions of the trading boxes.

Failed Bearish Patterns

In the chart below, you can view a rising wedge pattern on the recent price action, the third since April. The prior two wedges broke down briefly and did not lead to a major downturn. The largest pullbacks in each case occurred after the S&P 500 dipped below the lower trendline of the pattern.

The deepest drawdown so far is 3.5%, which is not exactly a game-changer. Without downside follow-through, a classic bearish pattern simply can’t be formed, let alone be broken down from.

We’ll continue to monitor these formations as they develop because, at some point, that will change.

Copper Quest To Acquire 100% Interest in the Kitimat Copper-Gold Project

Copper Quest Exploration Inc. (CSE: CQX; OTCQB: IMIMF; FRA: 3MX) (‘ Copper Quest ‘ or the ‘ Company ‘) is pleased to announce that it has entered into a definitive agreement to acquire a 100% interest in the Kitimat Copper-Gold Project (the ‘Project’), located approximately 10 kilometers northwest of the deep-water port community of Kitimat, British Columbia.

PROJECT OVERVIEW

The Kitimat Copper-Gold Project covers approximately 2,954 hectares within the Skeena Mining Division of northwestern British Columbia. The Project is year-round road-accessible via a network of logging and mineral exploration roads extending north from Kitimat. The property benefits from exceptional infrastructure, being within 10 km of tidewater, 1.5 km of rail, and 6 km of high-voltage hydroelectric transmission lines.

Geologically, the Project is situated within the Stikine Terrane, a prolific belt that hosts numerous porphyry copper-gold systems and is underlain by Late Triassic volcanic rocks intruded by Jurassic diorite and granodiorite bodies of the Coast Plutonic Complex. The Project’s principal target areas is the Jeannette Cu-Au Zone displaying alteration and mineralization interpreted to represent low-level intermediate to low-sulfidation epithermal expressions of a larger Cu-Au porphyry system.

HISTORICAL EXPLORATION & HIGHLIGHTS

Exploration on the Kitimat property dates back to the late 1960s, with multiple operators conducting geochemical, geophysical, and drilling campaigns. The most significant historical work was conducted by Decade Resources Ltd. (2010), which completed 16 diamond drill holes totaling 4,437.5 meters in the Jeannette Cu-Au Zone. Notable results include:

  • Hole J-7: 117.07 m grading 1.03 g/t Au, 0.54% Cu, from 1.52 m to 118.60 m.
  • Hole J-1: 103.65 m grading 1.00 g/t Au, 0.55% Cu, from 9.15 m to 112.80 m.
  • Hole J-2: 107.01 m grading 0.80 g/t Au, 0.45% Cu, from 6.10 m to 113.11 m.
  • Hole J-8: 112.20 m grading 0.41 g/t Au, 0.33% Cu, from 11.89 m to 124.09 m.

The mineralized intervals encountered in the 2010 drilling demonstrate continuous near-surface copper-gold mineralization extending over significant widths, remain open at depth within the Jeannette Zone, and occur within a broader hydrothermal system that is interpreted to extend laterally beyond the area tested.

ACQUISITION DETAILS

Under the terms of the agreement Copper Quest has until January 5, 2026 to complete a due diligence review of the Project. Upon successful review, the Company will issue 2,000,000 common shares to the vendor, Bernie Kreft, on January 6, 2026, as full consideration for the acquisition. The Project is subject to a 2.5% net smelter return (NSR) royalty, of which 40% may be repurchased by the Company for CAD $1,000,000. Copper Quest will also retain a right of first refusal on any transaction involving the sale of the remaining royalty interest. Copper Quest has until

Mr. Kreft is a well-known Canadian prospector, entrepreneur, and former star of the Discovery Channel’s Yukon Gold television series. He has a long track record of successful mineral discoveries and project generation across British Columbia and Yukon.

A finder’s fee is payable in connection with the acquisition.

MANAGEMENT COMMENTS

Brian Thurston , CEO of CopperQuest, commented:

‘The addition of the Kitimat Copper-Gold Project demonstrates Copper Quest’s continued effort to add shareholder value through the acquisition of critical mineral projects. This project is ideally located with exceptional infrastructure, in a proven geological belt known for hosting major copper-gold systems. The strong historical drill results from the Jeannette zone speak to the potential of a larger near-surface mineralized system. We look forward to advancing this asset as part of our growing copper-gold portfolio.’

NEXT STEPS

  • The Company plans to leverage artificial intelligence (AI) analysis to integrate all historical and modern exploration data to establish a comprehensive geological and geophysical model for the Kitimat Porphyry Project and improve targeting precision.
  • Additional geological mapping, sampling, and geophysical surveys may be completed to refine priority drill targets as required. Field work could include ground magnetics, induced polarization (IP), and passive seismic to better define subsurface structure and mineralization trends.
  • A follow-up drill program would test key targets within the interpreted geology and surrounding high-grade corridors.

QUALIFIED PERSON

Brian G. Thurston, P.Geo., the Company’s President and CEO and a qualified person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has reviewed and approved the technical information in this news release.

ABOUT COPPER

Despite surging demand, global copper supply remains constrained. Ore grades are declining at major mines, permitting timelines for new projects have lengthened, and geopolitical tensions are reshaping supply chains toward stable, transparent jurisdictions. Governments in Canada, the U.S., and allied nations have increasingly identified copper as a strategic and critical metal necessary for economic and national security. Within this context, Copper Quest’s acquisition of the Kitimat Copper-Gold Project in British Columbia positions the Company to advance a discovery-stage asset in one of the world’s safest and most infrastructure-rich mining jurisdictions — precisely when new, scalable copper sources are most needed.

ABOUT Copper Quest Exploration Inc.

Copper Quest (CSE: CQX; OTCQB: IMIMF; FRA: 3MX) is focused on building shareholder value through the acquisition, exploration and development of its North American Critical Mineral portfolio of assets. The Company’s land package currently comprises five projects that span over 40,000+ hectares in great mining jurisdictions.

Copper Quest has a 100% interest in the Stars Property, a porphyry copper-molybdenum discovery, covering 9,693 hectares in central British Columbia’s Bulkley Porphyry Belt. Contiguous to the Stars Property, Copper Quest has a 100% interest in the 5,389-hectare Stellar Property. CQX also has an earn-in option up to 80% and joint-venture agreement on the 4,700-hectare porphyry copper-molybdenum Rip Project, also in the Bulkley Porphyry Belt.

Copper Quest has a 100% interest in the Nekash Copper-Gold Project, a porphyry exploration opportunity located in Lemhi County, Idaho, along the prolific Idaho-Montana porphyry copper belt that hosts world-class systems such as Butte and CUMO. The project is fully road-accessible via maintained U.S. highways and forest service roads and currently consists of 70 unpatented federal lode claims covering 585 hectares.

Copper Quest has a 100% interest in the Thane Project located in the Quesnel Terrane of Northern BC which spans over 20,658 ha with 10 high-priority targets identified demonstrating significant copper and precious metal mineralization potential.

Copper Quest’s leadership and advisory teams are senior mining industry executives who have a wealth of technical and capital markets experience and a strong track record of discovering, financing, developing, and operating mining projects on a global scale. Copper Quest is committed to sustainable and responsible business activities in line with industry best practices, supportive of all stakeholders, including the local communities in which it operates. The Company’s common shares are principally listed on the Canadian Stock Exchange under the symbol ‘CQX’. For more information on Copper Quest, please visit the Company’s website at www.copper.quest .

On behalf of the Board of Copper Quest Exploration Inc.

Brian Thurston, P.Geo.
Chief Executive Officer and Director
Tel: 778-949-1829

For further information contact:

Investor Relations
info@copper.quest

Forward Looking Information

This news release contains certain ‘forward-looking information’ and ‘forward-looking statements’ (collectively, ‘ forward-looking statements ‘) within the meaning of applicable securities legislation. All statements, other than statements of historical fact included herein, including without limitation, future operations and activities of Copper Quest, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as ‘expects’, ‘anticipates’, ‘believes’, ‘intends’, ‘estimates’, ‘potential’, ‘possible’, and similar expressions, or statements that events, conditions, or results ‘will’, ‘may’, ‘could’, or ‘should’ occur or be achieved. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, risks associated with possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, risks associated with the interpretation of exploration results, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company’s exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company’s business and prospects. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. The Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws.

The Canadian Securities Exchange has not reviewed, approved or disapproved the contents of this press release, and does not accept responsibility for the adequacy or accuracy of this release.

News Provided by GlobeNewswire via QuoteMedia

This post appeared first on investingnews.com

Apex Resources: Strategic Critical Minerals Assets in North America Focused on Tungsten and Lithium

Apex Resources (TSXV:APX,OTC:SLMLF) is a mineral exploration company with a diversified North American portfolio, combining near-term tungsten-gold opportunities in British Columbia with district-scale lithium potential in Nevada.

The company’s flagship Lithium Creek project in Churchill County, Nevada, represents a new lithium-brine discovery opportunity. Geophysical and gravity surveys have outlined extensive low-resistivity zones and complex basin structures—hallmarks of major brine systems—defining multiple drill targets. Just 70 km east of Reno and 30 minutes from Tesla’s Gigafactory, Lithium Creek is strategically positioned within the U.S. battery manufacturing corridor.

Drilling at the Jersey-Emerald project

The Jersey-Emerald project, Apex’s flagship Canadian asset, is a past-producing mine complex hosting tungsten, zinc, lead, gold, and molybdenum. Located 10 km southeast of Salmo, BC, it includes the former Emerald and Jersey mines—once among Canada’s largest producers. Apex is applying modern exploration and geophysics to expand critical mineral zones and identify new targets across the 17,500-hectare property.

Company Highlights

  • Critical-minerals focus: Apex’s portfolio is anchored by lithium, tungsten and zinc, all designated as critical by Canada and the US.
  • Precious-Metals (Gold&Silver) are important by-products at Jersey-Emerald
  • Diversified exploration pipeline: Active drill program at Jersey-Emerald (tungsten-gold-zinc) while preparing to drill Lithium Creek in Nevada.
  • Large-scale opportunity: Apex controls contiguous and nearby claim blocks around Salmo, BC, including Jersey-Emerald and Ore Hill, forming a multi-deposit critical- and precious-metal exploration district spanning more than 17,500 hectares with several historic mines, hosting Tungsten, Zinc, Lead, Silver, Gallium, Germanium, Indium, Bismuth, Tellurium and Molybdenum.
  • Strong early results in USA: Lithium Creek brine samples up to 393 mg/L lithium, with geophysics outlining multiple deep-basin anomalies.
  • Historic infrastructure advantage in Canada: More than $100 million in existing underground workings at Jersey-Emerald; year-round road, rail and power access to both BC projects.
  • Tier-1 jurisdictions: Stable, mining-friendly locations in British Columbia and Nevada with clear permitting frameworks.
  • Experienced leadership: Proven technical and capital-markets expertise led by CEO Ron Lang and a board made up of seasoned exploration and mining professionals.

This Apex Resources profile is part of a paid investor education campaign.*

Click here to connect with Apex Resources (TSXV:APX,OTC:SLMLF) to receive an Investor Presentation

This post appeared first on investingnews.com

S&P 500 Breaking Out Again: What This Means for Your Portfolio

The S&P 500 ($SPX) just logged its fifth straight trading box breakout, which means that, of the five trading ranges the index has experienced since the April lows, all have been resolved to the upside.

How much longer can this last? That’s been the biggest question since the massive April 9 rally. Instead of assuming the market is due to roll over, it’s been more productive to track price action and watch for potential changes along the way. So far, drawdowns have been minimal, and breakouts keep occurring. Nothing in the price action hints at a lasting change — yet.

While some are calling this rally “historic,” we have a recent precedent. Recall that from late 2023 through early 2024, the index had a strong start and gave way to a consistent, steady trend.

From late October 2023 through March 2024, the S&P 500 logged seven consecutive trading box breakouts. That streak finally paused with a pullback from late March to early April, which, as we now know, was only a temporary hiccup. Once the bid returned, the S&P 500 went right back to carving new boxes and climbing higher.

New 52-Week Highs Finally Picking Up

If there’s been one gripe about this rally, it’s that the number of new highs within the index has lagged. As we’ve discussed before, among all the internal breadth indicators available, new highs almost always lag — that’s normal. What we really want to see is whether the number of new highs begins to exceed prior peaks as the market continues to rise, which it has, as shown by the blue line in the chart below.

As of Wednesday’s close, 100 S&P 500 stocks were either at new 52-week highs or within 3% of them. That’s a strong base. We expect this number to continue rising as the market climbs, especially if positive earnings reactions persist across sectors.

Even when we get that first day with 100+ S&P 500 stocks making new 52-week highs, though, it might not be the best time to initiate new longs.

The above chart shows that much needs to align for that many stocks to peak in unison, which has historically led to at least a short-term consolidation, if not deeper pullbacks — as highlighted in yellow. Every time is different, of course, but this is something to keep an eye on in the coming weeks.

Trend Check: GoNoGo Still “Go”

The GoNoGo Trend remains in bullish mode, with the recent countertrend signals having yet to trigger a greater pullback.

Active Bullish Patterns

We still have two live bullish upside targets of 6,555 and 6,745, which could be with us for a while going forward. For the S&P 500 to get there, it will need to form new, smaller versions of the trading boxes.

Failed Bearish Patterns

In the chart below, you can view a rising wedge pattern on the recent price action, the third since April. The prior two wedges broke down briefly and did not lead to a major downturn. The largest pullbacks in each case occurred after the S&P 500 dipped below the lower trendline of the pattern.

The deepest drawdown so far is 3.5%, which is not exactly a game-changer. Without downside follow-through, a classic bearish pattern simply can’t be formed, let alone be broken down from.

We’ll continue to monitor these formations as they develop because, at some point, that will change.

5 Best-performing Canadian Uranium Stocks of 2025

The uranium market is entering the final quarter of 2025 with renewed momentum after a volatile year marked by tightening supply, bullish investor sentiment and lingering structural challenges.

Spot U3O8 prices have surged from a March low of US$63.25 per pound to a year-to-date high of US$83.18 at the end of September, driven by declining secondary supply and a resurgence of speculative capital. Yet, production setbacks from major suppliers like Cameco (TSX:CCO,NYSE:CCJ) and Kazatomprom underscore the sector’s fragile fundamentals.

Analysts warn that new mine development is lagging just as global demand is set to more than double by 2040.

The World Nuclear Association now projects it could take up to 20 years to bring new uranium capacity online — a growing concern as the US Energy Information Administration forecasts a cumulative shortfall of 184 million pounds without additional projects.

Against this backdrop, uranium equities have reemerged as a focal point for investors betting on a sustained nuclear renaissance. We profile the five best-performing Canadian uranium stocks by share price performance below.

All data was obtained on October 24, 2025, using TradingView’s stock screener. Uranium companies on the TSX, TSXV and CSE with market caps above C$10 million at that time were considered. Read on to learn about the top Canadian uranium stocks in 2025, including what factors have been moving their share prices.

1. Energy Fuels (TSX:EFR)

Year-to-date gain: 297.47 percent
Market cap: C$6.9 billion
Share price: C$29.89

US-based uranium producer Energy Fuels has a large portfolio of conventional and in-situ recovery (ISR) projects across the Western US, including Pinyon Plain in Arizona, a top national producer.

Additionally, Energy Fuels owns and operates the White Mesa mill, the only fully licensed and operating conventional uranium mill in the US. The company is progressing heavy rare earth oxide processing at the plant as well.

In line with US efforts to bolster domestic uranium output, Energy Fuels has been ramping up Pinyon Plain.

On August 6, Energy Fuels reported a productive second quarter, marking key progress across its US uranium operations. In Q2, the company produced 180,000 pounds of finished U3O8 at its White Mesa Mill in Utah and mined approximately 665,000 pounds of uranium ore from its Pinyon Plain and La Sal mines, with Pinyon Plain continuing to deliver some of the highest grades in US history.

Energy Fuels sold 50,000 pounds or uranium at US$77 per pound amid softer quarterly prices, citing expectations of stronger markets later in 2025. The company plans a major processing campaign in Q4 that will bring total production to roughly 1 million pounds of finished U3O8 in 2025.

The company revised its 2025 uranium sales guidance to 350,000 pounds — up from 220,000 — driven by stronger utility demand under long-term contracts.

By year-end, Energy Fuels expects to hold between 1.98 million and 2.58 million pounds of uranium in inventory, sufficient to meet its delivery commitments in 2026 and much of 2027.

Company shares reached a year-to-date high of C$36.84 on October 14, 11 days after Energy Fuels closed its US$700 million offering of 0.75 percent convertible senior notes due 2031, which was upsized after initial purchasers exercised their option to purchase a further US$100 million in notes.

2. District Metals (TSXV:DMX)

Year-to-date gains: 248.15 percent
Market cap: C$234.99 million
Share price: C$1.41

District Metals is an energy metals and polymetallic explorer and developer with a portfolio of seven assets in Sweden, including four uranium projects: Viken, Ardnasvarre, Sågtjärn and Nianfors. Currently, District is focused on its Viken uranium-vanadium project, which it says hosts the world’s largest undeveloped uranium deposit.

The company’s share price began trending upwards in mid-May following news of a fully subscribed C$6 million private placement.

In June, the company commended Sweden’s Ministry of Climate and Enterprise for submitting a proposal to lift the country’s longstanding ban on uranium mining. The referral recommends allowing uranium extraction under the Minerals Act and permitting exploration and processing applications under set conditions.

District has spent much of 2025 performing surveys at its four uranium projects. In late June, District completed a helicopter-borne mobile magnetotellurics survey at its flagship Viken property.

Additionally, in July, District announced drone-based radiometric and magnetic surveys across its Ardnasvarre, Sågtjärn and Nianfors projects, which are largely covered by thin glacial overburden and have never been subject to detailed geophysical surveying.

Results from the surveys at the Sågtjärn and Nianfors properties, released in early September, led the company to apply for new licenses to expand the landholdings at both projects.

On September 24, the company released the results for its mobile magnetotellurics survey at Viken, which it said identified large-scale low resistivity anomalies both related to the Viken deposit and outside of it, meaning the property has the potential to host further deposits.

District Metals reported results for its fiscal year ended June 30 the following day. The company ended the fiscal year with C$9.74 million in cash and also announced Boliden Mineral’s withdrawal from their joint venture on the Tomtebo and Stollberg projects.

Shares of District rallied to a year-to-date high of C$1.53 on October 15, the day the company released the results of its radiometric and magnetic survey at the Ardnasvarre property, which identified “strong and large” anomalies associated with “uranium polymetallic occurrences.”

3. Stallion Uranium (TSXV:STUD)

Year-to-date gain: 186.67 percent
Market cap: C$53.87 million
Share price: C$0.43

Uranium junior Stallion Uranium holds a 2,870 square kilometer land package on the western side of the Athabasca Basin, in Saskatchewan, Canada, including a joint venture with Atha Energy (TSXV:SASK,OTCQB:SASKF) for the largest contiguous project in the region. The company’s primary focus is the Coyote target at the Moonlite project.

Stallion’s share price shot upward on July 8 after it announced a technology data acquisition agreement for Matchstick TI, an intelligent geological target identification platform with 77 percent accuracy. Stallion plans to use the technology to enhance its exploration efforts. On July 14, the company reported the results of a 3D inversion of ground gravity data over the Coyote target, which is part of its joint venture with Atha Energy.

‘The inversion modelling at Coyote has delineated a laterally extensive and coherent gravity low, spatially coincident with a structurally complex corridor exhibiting attributes characteristic of fertile uranium-bearing systems within the Athabasca Basin,” Stallion Uranium CEO Matthew Schwab said.

In early September Stallion Uranium closed the final tranche of its non-brokered private placement, raising a total of C$10.49 million. The financing included 22.3 million non-flow-through units and 30.1 million flow-through units, both priced at $0.20 per unit.

Stallion’s shares registered a year-to-date high of C$0.51 on September 16.

On November 1, Stallion plans to commence a high-resolution ground time domain electromagnetic survey on the Coyote target.

4. Purepoint Uranium (TSXV:PTU)

Year-to-date gain: 163.64 percent
Market cap: C$45.52 million
Share price: C$0.58

Exploration company Purepoint Uranium has an extensive uranium portfolio including six joint ventures and five wholly owned projects, all located in Saskatchewan’s Athabasca Basin.

In January, Purepoint announced it had strengthened its relationship with IsoEnergy (TSX:ISO,NYSEAMERICAN:ISOU) when the latter exercised its put option under the framework of a previously announced joint-venture agreement, transferring 10 percent of its stake to Purepoint in exchange for 4 million shares.

The now 50/50 joint venture will explore 10 uranium projects across 98,000 hectares in the Athabasca Basin, including the Dorado project.

As for Q3, the company closed the final tranche of a C$6 million private placement on September 5.

Later in the month, Purepoint released partial assay results from the Dorado project. Notably, one drill hole returned the most significant intervals to date, according to the company, with 2.1 meters at 1.6 percent U3O8, including 0.4 meters at 8.1 percent and 4.9 meters at 0.52 percent.

Purepoint ended September by launching its inaugural drill program at the Tabbernor project, located on the southeastern edge of the basin.

“The 1,500-metre program will test five drill targets distributed across two of the three high-priority areas defined within a 60-kilometre-long corridor of graphitic conductors,” the statement noted.

Shares of Purepoint registered a year-to-date high of C$0.80 on October 14, coinciding with upward momentum in uranium prices.

5. Uranium Royalty (TSX:URC)

Year-to-date gain: 77.74 percent
Market cap: C$757.73 million
Share price: C$5.67

Uranium Royalty is the only publicly traded company focused exclusively on uranium royalties and streaming. The company offers investors exposure to uranium prices through interests in royalties, streams, debt, equity and physical uranium holdings.

The company currently has exposure to more than two dozen uranium companies in Canada, the US, Spain and Namibia, ranging from early exploration to production.

In May, Uranium Royalty acquired a 2 percent gross overriding royalty on the Aberdeen uranium project in Nunavut, Canada, for C$1 million in cash. The Aberdeen project lies adjacent to Orano Canada’s Kiggavik deposit, one of the world’s largest undeveloped uranium resources. The deal will be funded from existing cash reserves.

Forum Energy Metals, which was acquired by Baselode Energy (TSXV:FIND) in Q3, retains the option to repurchase 0.5 percent of the royalty under certain conditions.

In late August, the company renewed its at-the-market equity program, allowing the company to distribute up to US$54 million worth of common shares. The shares will be sold at prevailing market prices through designated agents at the company’s discretion.

Shares of Uranium Royalty also benefited from uranium market positivity in mid-October, and reached a year-to-date high of C$6.64 on October 15.

FAQs for investing in uranium

What is uranium used for?

Uranium is primarily used for the production of nuclear energy, a form of clean energy created in nuclear power plants. In fact, 99 percent of uranium is used for this purpose. As of 2022, there were 439 active nuclear reactors, as per the International Atomic Energy Agency. In 2023, 9 percent of US power came from nuclear energy.

The commodity is also used in the defense industry as a component of nuclear weaponry, among other uses. However, there are safeguards in effect to keep this to a minimum. To create weapons-grade uranium, the material has to be enriched significantly — above 90 percent — to the point that to achieve just 5.6 kilograms of weapons-grade uranium, it would require 1 metric ton of uranium pre-enrichment.

Because of this necessity, uranium enrichment facilities are closely monitored under international agreements. Uranium used for nuclear power production only needs to be enriched to 5 percent; nuclear enrichment facilities need special licenses to enrich above that point for uses such as research at 20 percent enrichment.

The metal is also used in the medical field for applications such as transmission electron microscopy. Before uranium was discovered to be radioactive, it was used to impart a yellow color to ceramic glazes and glass.

Where is uranium found?

The country with the greatest uranium reserves by far is Australia — the island nation holds 28 percent of the world’s uranium reserves. Rounding out the top three are Kazakhstan with 15 percent and Canada with 9 percent.

Although Australia has the highest reserves, it holds uranium as a low priority and is only fourth overall for production. All its uranium output is exported, with none used for domestic nuclear energy production.

Kazakhstan is the world’s largest producer of the metal, with production of 21,227 metric tons in 2022. The country’s national uranium company, Kazatomprom, is the world’s largest producer.

Canada’s uranium reserves are found primarily in its Athabasca Basin, and the region is a top producer of the metal as well.

Why should I buy uranium stocks?

Investors should always do their own due diligence when looking at any commodity so that they can decide whether it fits into their investment plans. With that being said, many experts are convinced that uranium has entered into a significant bull market, meaning that uranium stocks could be a good buy.

A slew of factors have led to this bull market. Discourse has been building around the metal’s use as a source of clean energy, which is important for countries looking to reach climate goals, and interest in nuclear power to fuel artificial intelligence energy demand has increased significantly as well.

Nations are now prioritizing a mix of clean energies such as solar and wind energy alongside nuclear. Significantly, in August 2022, Japan announced it is looking into restarting its idled nuclear power plants and commissioning new ones.

Uranium prices are very important to uranium miners, and levels had not been high enough for production to be economic. However, prices have climbed significantly in recent years, and spiked from US$58 per pound in August 2023 to a high of US$106 per pound in February 2024.

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

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Metals Focus: Bullish on Platinum, Bearish on Palladium in 2026

Platinum and palladium have their own unique drivers, but both are basking in gold’s glow in 2025.

Of the two, platinum has been the biggest winner in 2025. The price of the precious metal briefly hit a year-to-date high of US$1,725 per ounce on October 16, a 90 percent increase from the start of the year. Although it’s since experienced a pullback below the US$1,600 level, the platinum price remains at 12 year highs.

As for palladium, its price was up nearly 80 percent by October 16 to reach its 2025 peak of US$1,630 per ounce. It too has fallen back since then, currently sitting at the US$1,430 level.

What’s next for platinum and palladium after those price runs? In its annual Precious Metals Investment Focus report, published on October 25, Metals Focus outlines key supply and demand trends, as well as its outlook for prices.

Platinum market reflecting more than gold’s shine

Platinum is no doubt benefiting from strong investor demand for precious metals. But the metal’s robust supply and demand fundamentals are also at play, according to Metals Focus analysts.

Aboveground inventories of platinum remain tight, while future mine production is bogged down in operational challenges. “In Southern Africa, outages and heavy rainfall have disrupted production, while North America is undergoing restructuring,” notes the report.

On the demand side, platinum usage from the jewelry sector has posted significant gains this year, especially in China. As the price of gold skyrockets, platinum jewelry has become a much more attractive alternative. Investment flows into platinum exchange-trade products in China and the US are another key demand driver for the metal this year.

Platinum and palladium prices.

Chart via Metals Focus, Bloomberg.

While platinum prices are at levels not seen in 12 years, palladium prices are only experiencing a two year high.

“Palladium has also benefited at the margin, but remains a laggard, with a more lacklustre fundamental outlook limiting investor enthusiasm,” according to Metals Focus.

2026: Platinum bull, palladium bear

Platinum prices will continue to benefit from the overall upward trend in precious metals prices for the remainder of 2025 and well into 2026. The ongoing supply deficit in the platinum market is also highly price-supportive.

Metals Focus is forecasting a third consecutive physical platinum deficit for this year, totaling 415,000 ounces as platinum mine output is expected to decline by 6 percent year-on-year.

Demand is projected to fall by 4 percent largely due to lower output in the glass and automotive sectors.

Platinum’s supply deficit is expected to continue into 2026 and grow to an estimated 480,000 ounces as mine supply falls by 2 percent to a 12 year low (excluding 2020). “With few new projects coming online after years of underinvestment, mine supply is undergoing structural decline,” the report’s authors note.

This will be happening at the same time as an expected 1 percent rebound in demand, buoyed by renewed industrial usage, specifically out of the glass and chemical sector in China.

Even so, Metals Focus cautions that demand out the automotive and jewelry sectors is likely to contract.

The trend toward electrification is the auto industry may have slowed, but it’s still expected to erode platinum demand, especially as catalytic converter manufacturers shift back to more cost-effective palladium.

Metals Focus is forecasting a 2026 average platinum price of US$1,670 per ounce, up 34 percent over the previous year.

Platinum and palladium price outlook.

Chart via Metals Focus, Bloomberg.

Looking over to palladium, Metals Focus has a more bearish view.

The firm is projecting palladium prices to average US$1,350 in Q4 2025, falling to US$1,150 by Q4 2026. Although the palladium market has been in a physical deficit for the past few years, that deficit is expected to shrink from 566,000 ounces in 2024 to 367,000 ounces in 2025 before narrowing even further to 178,000 ounces in 2026.

The same structural issues plaguing platinum are also of course weighing on palladium mine supply, which is forecast to fall by 3 percent in 2026. However, secondary supply is projected to increase by 10 percent as recycling activity recovers.

Overall, total palladium supply is expected to grow by 1 percent for the year. At the same time, demand for palladium is set to decline by just over 1 percent in 2026 on a drop from the automotive sector.

Investor takeaway

Both platinum and palladium are considered precious metals based on their rarity and use in jewelry fabrication and physical bullion. As such, they both are known to benefit when investor sentiment for safe-haven gold is high.

However, not all precious metals are precious to investors at the same time — just ask silver. Industrial usage of these metals is a much bigger driver of demand compared to the investment space. For 2026, it’s platinum that will continue to ride gold’s rally and provide investors with plenty of upside based on its strong fundamentals.

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

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Barbie, Monopoly toymakers see bright holiday season despite tariff pressure

President Donald Trump’s tariffs are hitting toy giants Mattel and Hasbro as the critical holiday season nears. Still, both companies see a successful year end ahead.

“This quarter, our U.S. business was again challenged by industry-wide shifts in retailer ordering patterns,” CEO Ynon Kreiz said on Mattel’s recent earnings call. “That said, consumer demand for our products grew in every region, including in the U.S.”

During the most recent quarter, which ended Sept. 30, Mattel said sales slipped 6% globally, led by a 12% decline in North America. International sales rose 3%.

Some of the company’s top performing categories included Hot Wheels and action figures, primarily from the “Jurassic World,” Minecraft and WWE franchises.

Other Mattel brands saw a drop in sales, however, including Barbie and Fisher-Price.

With retail stores waiting until the last minute to assess the level of tariffs that would apply to their holiday orders, Kreiz said “since the beginning of the fourth quarter, orders from retailers in the U.S. have accelerated significantly.”

Retailers “expect strong demand for the holiday and they are restocking,” he added.

Meanwhile, rival toy giant Hasbro’s revenue jumped 8% in the quarter and it raised its financial guidance for the rest of the year.

Key drivers of that included “Peppa Pig” and Marvel franchise toys, as well as the Wizards of the Coast games.

Hasbro “managed tariff volatility with agility” and used price hikes to protect its margins, said Gina Goetter, the company’s chief financial officer and chief operating officer.

The company remains “firmly on track” to achieve its financial targets.

“As we calculate the various scenarios of where that absolute rates will play out, we’re really putting all of our levers to work,” she said on the company’s recent earnings call.

“From how we think about pricing, how we’re thinking about our product mix, how we’re thinking about our supply chain, and how we’re managing all of our operating expenses to mitigate and offset the impact” of tariffs, she said.

For its part, Hasbro also saw “softness” in the U.S. during the quarter due to retail chains waiting longer to place holiday orders, but said momentum is accelerating as the season gets underway.

In July, Mattel’s chief financial officer, Paul Ruh, said that the company was raising prices because of tariffs.

“We have implemented a variety of actions that will help us withstand some of those headwinds and those include … supply chain efficiencies and some pricing adjustments, particularly in the U.S.,” Ruh said on the company’s earnings conference call.

“So with that array of actions, we’re able to withstand some of the uncertainty that is mostly coming in the top line,” Ruh said. “Our goal is to keep prices as low as possible for our consumers.”

Still, Kreiz said that “consumers are buying our products and the toy industry is growing.”

He also said that consumers are taking price hikes in stride and those increases haven’t hurt demand: “We are not seeing any slowdown in consumer demand so far.”

Hasbro CEO Chris Cocks said the company has also raised some prices, but it was “pretty surgical” in what it chose to adjust.

“In terms of ongoing pricing, I think we just kind of have to see how the holiday goes and the consumer holds up,” he told analysts on the company’s earnings call.

Cocks also cautioned that there may be a two-tier economy forming, something other executives and economists have observed in recent months.

“Right now, I think it’s really kind of a tale of two consumers. The top 20%, particularly in the U.S., continue to spend pretty robustly,” he said. “The balance of households are watching their wallets a bit more.”

On Friday, the Labor Department released the latest consumer price index data, which showed that inflation is rising at a 3% annual pace, up from August’s 2.9%.

In May, Kreiz told CNBC that approximately half of the company’s toys were sourced from China.

Beijing has faced some of the steepest tariffs from Washington of any U.S. trade partner, as Trump has rolled out his disruptive trade agenda this year.

Mattel’s Ruh said the company continued to adjust its supply chains in response to shifting global tariff policies.

“We will be continuing to work with our retailers to make sure that the product is on the shelf,” he said.

At the same time, Hasbro’s Goetter said the company is diversifying its supply chains away from high-tariff countries.

“By 2026, we expect approximately 30% of our total Hasbro toy and game revenue will be sourced from China and 30% of our revenue will be based in the U.S., as we opportunistically lean into our U.S. manufacturing capacity,” she said.

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