Gold price

After dropping as low as US$4,400 per ounce on February 2, this past week gold has taken another run well above the key psychological US$5,000 mark; albeit still hundreds of dollars away from its record high of close to US$5,600 reached on January 28.

After trading in a tight range of US$4,985 to US$5,000 for much of Thursday (February 19), the price of gold managed to rise as high as US$5,107 on Friday. That upward climb continued on Monday (February 23) to an intraday high of US$5,248 — a level gold hasn’t seen in a month.

The yellow metal lost that steam by Tuesday’s close with the precious metal trading back down at US$5,143. By Wednesday morning, gold was once again making a run at the US$5,200 level to reach an intraday high of US$5,217.58 at 9:10 a.m. PST. However, it couldn’t hang on for long, sinking back down to US$5,166.25 as of 1:40pm PST on profit-taking and a stronger dollar.

Gold price chart, February 18, 2026 to February 25, 2026.

Here are the primary drivers for gold this past week:

• Dips this week were brought on by slight downward pressure due to profit-taking and a stronger US dollar.

In other gold news, JPMorgan Chase (NYSE:JPM) raised its gold forecast to US$6,300 by the end of 2026, citing a ‘reserve currency paradigm shift’ as countries diversify away from the dollar, and ‘significant investor diversification’.

Looking at major events in the gold mining sector, Kinross Gold’s (TSX:K,NYSE:KGC) Great Bear development in the Red Lake district of Ontario, Canada, has been designated for a reduced permitting timeline under the provincial government’s One Project, One Process (1P1P) framework. 1P1P is a streamlined approval system aimed at reducing government review times by 50 percent. The high-grade, combined open-pit and underground operation is expected to produce more than 500,000 ounces of gold annually during its peak years.

Silver price

The price of silver is still well below its all-time high of more than US$120 per ounce it reached on January 29, 2026. For the most part, the white metal continued to track the same trends as gold this week.

Like gold, silver traded sideways Thursday (February 19) in the US$77.50 to US$78.50 range, and then surged the following day to an intraday high of US$84.61.

For most of Monday (February 23), silver continued higher but at a much slower pace, to reach as high as US$88.96. Tuesday brought another day of tight trading in the US$86.70 to US$88.10; however, by Wednesday morning the silver price had managed to break through the US$90 level on the same safe-haven demand forces pushing gold prices higher this week.

The price of silver hit an intraday high of US$91.15 at 11:55am PST before sliding back down below US$89 in the afternoon session.

Silver price chart, February 18, 2026 to February 25, 2026.

Silver may still not be back into the triple digits, but its showing strong support despite a slump in artificial intelligence (AI) tech stocks. Silver, the most electrically and thermally conductive metal on the planet, is considered a key material for AI tech, particularly in data centers and high-performance computing. Silver is also in a structural supply deficit which continues to provide upward pressure on silver prices

In silver mining news, Lundin Gold (TSX:LUG,OTCQX:LUGDF) announced a US$670 million silver stream deal with LunR Royalties (TSXV:LUNR) on its Fruta del Norte mine.

Platinum price

Platinum continues to be one of the top performing metals, reaching a 12-year high in recent weeks. This past week it has gained more than 8 percent. Sideways trading on Thursday (February 19) turned into an upward climb on Friday with prices for platinum rising from a low of US$2,060.10 to a high of US$2,117.40 per ounce.

The first few days of this new week were marked by volatility with wider price swings. The platinum price reached a three week high of US$2,226.30 in late day trading Tuesday. The jump was driven by a combination of geopolitical tensions, trade uncertainty, and structural supply constraints.

Platinum continued its ascent in overnight trading, reaching as high as US$2,360.50 in early morning trading, and managed to finish off the day just below the US$2,300 level.

Platinum price chart, February 18, 2026 to February 25, 2026.

Platinum prices are benefitting from renewed tariff jitters, geopolitical safe-haven demand, and persistent supply tightness from major producer South Africa.

The emerging hydrogen economy is also adding to demand for the metal on top of robust demand from the auto sector. Consumers are shifting back toward internal combustion engine and diesel vehicles as hurdles to EV adoption remain challenging. This is highly supportive of demand for platinum as its primary use is in automotive catalysts.

On the supply side, global platinum reserves remain critically low, especially as the world’s biggest producer South Africa continues to be plagued by power shortages and operational disruptions.

In platinum mining news, Valterra Platinum declared a dividend of 45 rand a share for a total 2025 payout of 12 billion rand (US$757 million) after its net income more than doubled to 15.4 billion rand. Bloomberg reported that the size of the dividend “smashed analyst expectations as earnings jumped last year on soaring metals prices”.

Palladium price

Palladium has been the black sheep of the precious metals family for the past few years, remaining well below its March 2022 all-time record of US$3,440.76 per ounce.

On Thursday (February 19), unlike its sister metals, palladium rallied 4.8 percent to an intraday high of US$1,767.50. The metal closed out last week with another nearly 3.9 percent gain to US$1,836.

On Monday, palladium lost some of that ground to close out the day at US$1,820. After dipping to a low of US$1,763 in early morning trading on Tuesday, the price of the metal regained those losses and more by the end of the trading day reaching as high as US$1,843.

Wednesday (February 25) morning brought a spike in palladium prices to US$1,935 as the metal went along for the same ride as platinum, before falling back to the US$1,860 level in afternoon trading.

Palladium price chart, February 18, 2026 to February 25, 2026.

As is the case with platinum, demand for palladium is getting support from the auto sector. Rising prices for platinum are leading automakers to make the swap to palladium.

The US Department of Commerce’s preliminary statement of support for anti-dumping duties of approximately 133 percent on unwrought Russian palladium imports is still shaping the outlook for palladium on the supply side. This follows a petition from Sibanye-Stillwater (NYSE:SBSW) over allegations that Russian metal is being sold in the US at less than fair value. A final decision is expected in the case by June of this year.

Investor Insights

Blackstone Minerals, through its subsidiary Crescent Mining and Development Corporation (CMDC) is focused on the Mankayan copper-gold project, an advanced exploration project in the Philippines. Mankayan is one of Southeast Asia’s largest undeveloped copper-gold porphyry, offering leveraged exposure to tightening global copper supply and increased copper demand.

Overview

Global decarbonization and electrification are driving sustained growth in copper demand, while new, large-scale copper discoveries remain scarce and development timelines lengthen. Long-life, high-quality copper projects with scale, grade, and infrastructure access are increasingly strategic and required to meet this future demand.

Historical Drilling Results at Mankayan

Blackstone Minerals (ASX:BSX), through CMDC, is advancing the Mankayan Copper-Gold Project in the Philippines following its merger with IDM International.

Mankayan stands out for its size, grade, and geological continuity, supported by extensive historical drilling and proximity to existing infrastructure. These attributes underpin a flexible development pathway and potential for long-life production.

As part of a strategic move, Blackstone has streamlined its asset base to prioritize Mankayan. A previously advanced nickel project in Vietnam is now subject to a binding strategic agreement with a local partner, materially reducing holding costs while allowing management and capital to be focused on the Company’s copper-gold strategy.

Company Highlights

• Flagship Copper-Gold Asset: Mankayan is a globally significant copper-gold porphyry system with a large 793 million tonne JORC-compliant resource.
• Indigenous Approval – The Mankayan Project holds a 25-year Mineral Production Sharing Agreement and has completed the social license with an FPIC finalized and a MoA in place.
• Scale and Development Optionality: A large, continuous mineral system supporting both staged, higher-grade development and long-life bulk mining scenarios.
• Established Mining District: Located in Northern Luzon, Philippines, near existing mining operations and infrastructure.
• 2026 Clear and focused roadmap: to derisk the Mankayan Project by advancing its Pre-Feasibility Study.
• Strengthened Leadership: Strong in-country team along with recent Board and management appointments enhance technical, operational, and regional capability.
• Strong Copper Leverage: Copper is a critical metal for electrification, renewable energy, and grid infrastructure, with long-term supply constraints supporting project optionality.

Key Project

Mankayan Copper-Gold Project – Philippines

The project is located in the prolific mineral belt of Northern Luzon, approximately 340 km north of Manila by road and around 2.5 km from the operating Lepanto gold mine and the Far Southeast project area.

Mankayan is one of the largest undeveloped copper-gold porphyry systems in Asia, extending over approximately 1,100 metres of strike and 600 metres of width, with mineralisation open along strike and at depth.

More than 56,000 metres of historical diamond drilling support a JORC compliant (2012) mineral resource estimate of 793 million tonnes at 0.35 percent copper and 0.38 grams per ton (g/t) gold, equivalent to 0.65 percent copper equivalent (CuEq*) at a 0.25% CuEq cut-off. Within this, a high-grade core of 170 million tonnes at 0.48 percent copper and 0.58 g/t gold, 0.93 percent (CuEq*) at a 0.8 percent cutoff provides potential for staged development scenarios.

Notable historical intercepts include:

• 911 m at 1.00 percent CuEq, including 253 m at 1.43 percent CuEq
• 543 m at 1.08 percent CuEq, including 277 m at 1.43 percent CuEq
• 1,119 m at 0.86 percent CuEq, including 352 m at 1.15 percent CuEq
• 754 m at 1.03 percent CuEq, including 430 m at 1.21 percent CuEq

Recent field activities have identified additional surface copper-gold mineralisation proximal to the main deposit, with rock-chip samples returning up to 6 g/t gold and 1.9 percent copper, highlighting further exploration upside across the broader project area.

CMDC is in the process of commencing a pre-feasibility study encompassing various mining scenarios and environmental studies.

Management Team

Geoff Gilmour – Executive Chairman

Appointed following Blackstone’s merger with IDM, Geoff Gilmour brings more than 30 years of distinguished leadership in the junior resources sector, with a proven track record of value creation. His career includes senior executive roles as Managing Director of Amex Resources, Brightstar, and Rift Valley Resources, and is highlighted by the successful creation of Andean Resources.

Gilmour has also served as chairman of IDM, where he played a pivotal role in advancing the Mankayan Project and leading the company through its merger with Blackstone Minerals. He currently serves as a director of Blackstone Minerals Ltd, continuing to drive strategic growth and development.

Oliver Cairns –Non-executive Director

Oliver Cairns brings key, hands-on experience to the company’s flagship Mankayan project in the Philippines and was part of the IDM International team that was responsible for the acquisition and management of the Mankayan project before the merger with

Blackstone in June 2025. He has deep familiarity with the Mankayan asset, including four years of actively working with the in-country team. In addition, Cairns offers more than 25 years of strategic corporate, IR and commercial experience.

Greg Cunnold – Non-executive Director

Greg Cunnold is a geologist with over 30 years of experience in the evaluation, exploration, and development of mineral deposits. Cunnold has worked on base and precious metals deposits, bulk commodities, rare earth elements, industrial minerals, and critical mineral projects. His assignments have spanned the globe, including Africa, Asia, Australia, Europe, and South America.

Over the years, Cunnold has played a pivotal role in numerous projects, contributing to the discovery, delineation, and development of valuable mineral deposits. His expertise ranges from grassroots exploration through to definitive feasibility studies. Cunnold is a Competent Person as defined by the JORC and NI 43-101 codes and has served corporately as a board member of private, public unlisted, and listed companies.

Mark Williams – Non-executive Director

Mark Williams’ career in the mining industry spans more than three decades and includes operational experience across a diverse range of assets in both mature and emerging global markets, with extensive in-country experience in the Philippines.

Most recently, Williams led mid-tier Australian gold producer Red 5 Limited (ASX: RED) for 10 years, overseeing an operational turnaround of its foundational asset in the Philippines, the Siana Gold Project, before initiating a transformational pivot to the West Australian goldfields through the acquisition, financing, development, construction and operation of the King of the Hills Gold Mine growing Red 5 to a $1.5 billion company in 2024 prior to its merger with Silver Lake Resources.

James Bahen – Company Secretary

James Bahen is a director and equity partner of SmallCap Corporate. He commenced his career in audit and assurance with an international chartered accounting firm. He is currently a non-executive director and company secretary to a number of ASX-listed companies and has a broad range of corporate governance and capital markets experience. Bahen is a member of the Governance Institute of Australia and holds a Graduate Diploma of Applied Finance and a Bachelor of Commerce degree majoring in accounting and finance.

Bitcoin (BTC) was priced at US$64,409.84, down by 4.4 percent over the last 24 hours.

Bitcoin price performance, February 23, 2026.

Chart via TradingView.

XS.com senior market analyst Linh Tran suggested that the medium-term uptrend is limited without major catalysts. She predicts that Bitcoin will fluctuate between US$65,000 support and US$70,000 resistance; however, if current pressures persist, there is a risk of Bitcoin retesting the US$60,000 low, which could trigger a deeper decline.

Software stocks slipped alongside a further decline in crypto prices after Anthropic said its Claude platform can help ‘break the cost barrier to COBOL modernization,’ a high-level, compiled computer programming language that the firm says ‘runs in production every day, powering critical systems in finance, airlines, and government.’

Ether (ETH) was priced at US$1,860.34, down by 4.1 percent over the last 24 hours.

Altcoin price update

• XRP (XRP) was priced at US$1.36, down by 2 percent over 24 hours.

• Solana (SOL) was trading at US$78.37, down by 5.6 percent over 24 hours.

Today’s crypto news to know

Yield Basis thrives on market volatility

Some parts of the DeFi ecosystem have benefited from the chaos of Bitcoin’s sudden price drop in January, which liquidated billions of dollars’ worth of positions. A DeFi project called Yield Basis, which helps people trade Bitcoin and Ether through its liquidity pools, says it’s handled US$769 million in trades since the beginning of 2026, with more than half occurring after January 28, when crypto prices began swinging wildly.

According to a recent report, the protocol has collected US$12.15 million in fees since it launched its v2 pools in November 2025, compared to US$5.31 million worth of tokens it paid out as rewards, leaving about US$6.84 million in net profit for the users providing liquidity and holding the project’s tokens.

Open-source AI project distances itself from crypto

An open-source AI agent framework known as OpenClaw has inadvertently become the center of a crypto controversy. The project, built to power autonomous agents capable of browsing the web and executing complex tasks, was briefly rebranded amid a naming dispute before scammers launched a fake Solana-based token using its former branding.

The token’s market capitalization surged to roughly US$16 million within hours before collapsing more than 90 percent after developer Peter Steinberger disavowed any connection.

Steinberger publicly rejected the speculation, writing on X: “To all crypto folks: please stop pinging me, stop harassing me. I will never do a coin. Any project that lists me as coin owner is a SCAM.”

USDT contraction flashes rare stress signal

Tether’s USDT stablecoin is signaling liquidity strain reminiscent of the market turmoil following the FTX collapse.

According to CryptoQuant, the 60 day change in USDT supply has dropped to negative US$3 billion, which marks only the second time such a contraction has occurred. Bloomberg reported that USDT is on pace for its steepest monthly supply decline since December 2022, already shrinking by roughly US$1.5 billion in February alone.

Large-scale redemptions typically suggest institutions or major holders are pulling capital out of the crypto ecosystem rather than simply rotating between tokens. The last comparable contraction came as Bitcoin fell toward US$16,000 during the FTX crisis before stabilizing and beginning a multi-year recovery.

Gold’s insurance premium

Nowhere has geopolitical risk been more visible than in gold.

The metal surged to fresh highs in early 2026 after setting 40 new records in 2024 and 53 more in 2025, a pace not seen since 1979. The price briefly pushed beyond US$5,500 per ounce at the start of the year.

“The message from this price action is unmistakable,” Holden said. “In an uncertain world, the market is paying a premium for insurance, and gold is the ultimate safe asset.”

While short-term flashpoints helped fuel the rally, the structural driver has been central bank buying. Since sanctions in 2022 prompted reserve managers to rethink US dollar exposure, official sector purchases have accelerated.

“The sustained buying from central banks is the real engine behind the rally,” Holden said.

S&P’s base case sees gold averaging US$4,247 per ounce in 2026, with upside potential toward US$6,000 by 2027 in a more bullish scenario.

Copper tightness, nickel politics

Luiz Amaral from S&P’s exploration team said copper ended 2025 on strong footing, with London Metal Exchange (LME) prices reaching US$12,500 per metric ton in December.

Supply-side tightness, a weaker US dollar and copper’s growing role in electrification supported prices. The US decision to formally list copper as a critical mineral reinforced its strategic importance.

S&P has lifted its 2026 copper price forecast to US$11,400 per metric ton, projecting a 543,000 metric ton concentrate deficit next year. However, the refined market is expected to move into surplus later in the decade as new smelter capacity ramps up. Longer term, the concentrate picture darkens again.

“Our base case shows a 3 million metric ton shortfall by 2036,” Amaral said.

Nickel’s recent rally, by contrast, has been driven more by policy than fundamentals. The price broke above US$18,000 per metric ton in January after Indonesia reduced its 2026 production quota.

“The market is responding emotionally to policy updates,” Amaral said, noting that despite the rally, the broader market remains in surplus and LME inventories are building.

Lithium rebounds amid persistent surplus

Lithium prices have also staged a sharp rebound, rising 57 percent in China between mid-December and mid-January on renewed demand optimism and supply concerns. Yet S&P expects the market to remain oversupplied for most of the decade, with deficits not emerging until the early 2030s.

New supply from Australia, Latin America and China continues to outpace demand growth, even as electric vehicles account for roughly 75 percent of lithium consumption through 2035.

Diverging margins

At the mine level, gold producers are enjoying some of the strongest margins in years, with prices rising faster than all-in sustaining costs. Silver has outperformed even more dramatically, climbing 154 percent in 2025 versus gold’s 71 percent gain, compressing the gold-silver ratio to below 70.

Battery metals face a tougher backdrop.

“Lithium and nickel continue to face margin pressure as prices lag elevated costs amid oversupply,” said Monica Ramirez from S&P’s mine economics and emissions team.

Across 12 metals analyzed, S&P sees a structurally higher cost environment emerging due to inflation, energy expenses and maturing ore bodies. Precious metals retain the strongest buffers, while copper remains positive but increasingly sensitive at the upper end of the cost curve.

Exploration at a crossroads

Despite record prices in some commodities, exploration spending tells a more cautious story.

Global exploration budgets totaled US$12.4 billion in 2025, down 1 percent year-on-year. Adjusted for inflation, spending has slipped back to levels last seen nearly two decades ago.

“Gold continues to dominate,” Amaral said, accounting for roughly half of global exploration budgets. Lithium, once a standout, saw budgets fall nearly 50 percent amid weaker prices.

More concerning is the structural shift away from grassroots exploration.

In the mid-1990s, two-thirds of spending targeted generative programs. Today, that share has fallen to a record low as companies prioritize near-mine and late-stage work.

“We are underinvesting at the very front end of the supply chain,” Amaral warned. Without renewed grassroots spending, the long-term discovery pipeline could suffer.

M&A: Quality over quantity

Mining M&A remained active into late 2025, though deal value normalized after earlier mega-mergers. Transaction value fell 45 percent quarter-on-quarter to US$16.1 billion, but deal count rose to its highest level in more than five years.

Gold led activity, with buyers focusing on large-scale, long-life assets in low-risk jurisdictions.

“Gold M&A today is no longer about simple volume growth,” Ramirez emphasized to viewers. “It’s about asset quality, jurisdictional safety and durable cashflow.”

As the webinar made clear, mining is navigating a landscape defined by geopolitical risk, tighter capital and structural cost pressures. For companies able to secure high-quality assets and control costs, opportunities remain, but the margin for error is narrowing.

Bullet briefing — TSX Venture 50, BHP/Wheaton deal

Gold, silver dominate TSX Venture 50

The latest TSX Venture 50 list was released on Wednesday, with gold and silver juniors dominating. In fact, of the companies included, only three fall outside the mining sector.

The list ranks TSXV companies’ annual performance by market cap growth, share price performance and Canadian consolidated trading value. Taking the top spot was Santacruz Silver Mining (TSXV:SCZ,NASDAQ:SCZM), which had an impressive share price increase of over 1,100 percent.

As a group, the companies on the list delivered a share price increase of 431 percent.

We’ll have to wait and see whether these types of gains are repeated — or exceeded — in 2026, but the list definitely underscores the strength in gold and silver prices, and shows that their momentum is boosting not just the majors, but also the juniors.

BHP, Wheaton sign streaming deal

On the M&A side, BHP (ASX:BHP,NYSE:BHP,LSE:BHP) has entered into a long-term streaming agreement with Wheaton Precious Metals (TSX:WPM,NYSE:WPM).

Under the deal, which was signed by subsidiaries of BHP and Wheaton, BHP will receive an upfront payment of US$4.3 billion in exchange for the delivery of silver from the Peru-based Antamina mine, plus ongoing payments when metal is delivered. According to BHP, this is the most valuable streaming transaction to date based on upfront consideration received.

Antamina is a joint venture between commodities giants BHP, Glencore (LSE:GLEN,OTCPL:GLCNF), Teck Resources (TSX:TECK.A,TECK.B,NYSE:TECK) and Mitsubishi (TSE:8058,OTCPL:MSBHF), and Wheaton already has a silver stream in place with Glencore. Once the BHP arrangement closes, Wheaton will receive a combined 67.5 percent of the mine’s silver.