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- NORTH AMERICA EDITIONAustraliaNorth AmericaWorld
August 12, 2025
Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQB: FTBYF) ("Fortune Bay" or the "Company") is pleased to report on recent progress at its 100%–owned gold projects: the Goldfields Project in Saskatchewan, Canada ("Goldfields"), and the Poma Rosa Project in Chiapas, Mexico ("Poma Rosa"). These advancements reflect the Company's ongoing execution of the plans outlined in its April 30, 2025 news release, highlighting steady progress toward unlocking value from these two significant gold assets. In parallel, Fortune Bay has launched an integrated communications and marketing strategy to increase market awareness, while enhancing its technical capacity through internal promotions and role realignment, leveraging its in–house expertise to advance corporate objectives and drive project growth.
Wade Dawe, Executive Chairman of Fortune Bay, commented "Fortune Bay is entering an active phase, with both Goldfields and Poma Rosa advancing toward key milestones. With disciplined capital deployment and active market engagement, we are positioning the Company to deliver meaningful growth by systematically unlocking the full potential of our property portfolio. This includes strengthening our team with key technical appointments, including Dale Verran's addition to the Board of Directors."
Dale Verran, CEO of Fortune Bay, added "At Goldfields, the Updated PEA and permitting activities are progressing on schedule, positioning the project to demonstrate its strong economic potential in the current gold price environment while moving it toward development through the commencement of permitting. At Poma Rosa, we are laying the groundwork for future exploration and development by fostering transparent, inclusive relationships with local communities, which we view as essential to long–term success. We have also launched an integrated communications strategy to increase market awareness and convey the value of our high–quality gold assets."
Gold Project Advancements
Goldfields:
- Updated PEA on Schedule and Budget: The Updated Preliminary Economic Assessment ("Updated PEA"), led by Ausenco Engineering Canada ULC, is scheduled for completion in Q3 2025. The Updated PEA will demonstrate project economics based on an optimized scope and development timeline, together with higher gold prices, utilizing the current Mineral Resource Estimate ("MRE") of 979,900 oz Indicated (23.2 Mt at 1.31 g/t gold) and 210,800 oz Inferred (7.1 Mt at 0.92 g/t gold). Phase 1 (mine optimization, process and infrastructure design updates) has been completed, and Phase 2 (Preliminary Economic Assessment) is underway.
- Permitting Activities Commenced: Environmental baseline studies have been initiated with terrestrial field work underway and aquatic field work scheduled to commence on September 1, 2025, respectively.
- Community Consultation Upcoming: Development of an engagement plan has been initiated that will support community consultation activities in early Q4 2025.
- Planned Drilling to Test Key Targets: An exploration drilling program is being planned to test targets defined at the Frontier Lake, Golden Pond, and Triangle Prospects, with the objective of demonstrating resource growth potential.
Poma Rosa:
- Community Consultation on Track: Fortune Bay is proactively advancing the consultation process with key local communities, with the goal of establishing agreements for exploration activities to support the planned restart of field work in late 2025. Meetings are inclusive, transparent, and informative, aimed at building a strong foundation of long-term support for the project. These engagements are conducted in full compliance with local laws and the Company's social commitments and have been met with broad openness and support, keeping discussions on track to advance the project responsibly.
- Mineral Resources & Growth Potential Review Completed: The Company, in collaboration with Understood Mineral Resources Ltd., completed a desk-top data review of the historical MRE and the brownfields resource growth potential. An overall approach for an updated NI 43-101 MRE is established aiming to classify: 1) a current MRE for the Campamento gold deposit, which boasts a historical MRE of 1,041,000 oz Measured & Indicated (17.6 Mt at 1.84 g/t gold) and 703,000 oz Inferred (21.8 Mt at 1.01 g/t gold); and 2) a maiden MRE for the Cerro La Mina copper-gold prospect. No new drilling is envisaged to be required for the MREs and the Company plans to initiate the NI 43-101 update upon finalizing the respective community agreements.
Investor Relations and Marketing Engagements
The Company entered into several marketing and investor relations agreements as part of its integrated communications strategy to increase market awareness. This strategy, designed and managed in collaboration with Inflection Communications as part of the Company's extended communications team, is designed to elevate Fortune Bay's visibility, create a multi–channel presence, and ensure that its progress and value proposition are effectively communicated to investors. Numus Financial Inc. will continue to assist the Company with its ongoing investor relations efforts, consistent with previous disclosure in the Company's MD&A.
The Company has engaged:
- Avec Creations Ltd. (The Next Big Rush) to provide multi–platform investor outreach, including videos, social media posts, and newsletter features, over a six–month term for C$35,000;
- NorthStar Communications Canada Corp. (Gold Newsletter / Soar Financial) to conduct virtual interviews with related distribution across their channels for US$6,750;
- Blender Media Inc. to execute a PrivatePlacements.com sponsorship and awareness campaign for US$21,000;
- Dig Media Inc. dba Investing News Network (INN) for a six–month advertising and investor awareness campaign for C$12,500 plus U$25,000 ad spend; and
- The Northern Miner Group for a combination of Joint Venture article, podcast 'Spotlight" interview, JV video, and digital advertising services for C$24,335.
All service providers are independent of the Company, hold no securities or rights to acquire securities of the Company, and will not receive any stock options or other equity–based compensation. Where applicable, content will be reviewed for factual accuracy and compliance with Canadian securities laws and stock exchange policies.
Key Technical Appointments
- Mr. Gareth Garlick has been promoted from Technical Director to Vice President Technical Services. Mr. Garlick has approximately 25 years of international experience in the mining and mineral exploration industry. He has work experience in all aspects of the mining cycle ranging from grassroots exploration to resource estimation and resource reconciliation on producing mines and has been overseeing all of Fortune Bay's operational and development-related work. Mr. Garlick has been with the Company since 2020, is a registered P.Geo (EGBC) and holds a Bachelor of Science (Honours) in Geology from the University of Cape Town.
- Mr. Robert Shaw has been appointed as Technical Advisor. Mr. Shaw has accumulated over 35 years of mineral exploration experience throughout the Americas, working at major projects in Guyana, Suriname, Mexico, Brazil, Chile, Peru and Colombia. He also served as editor and lead author for a major Springer Nature volume (2019) describing the geology, tectonics and metallogeny of the northern Andean region. Robert has served as co-founder and director of the Western Canada Greenfields Group and Monteoro Minerals Ltd., private companies dedicated to generative greenfields exploration throughout North and South America. He presently serves as an Independent Director for TSX.V-listed companies Sable Resources Ltd. and Fortune Bay Corp. Mr. Shaw has been with the Company since 2021, holds a Master of Science in Economic Geology from the University of Alberta.
Additionally, Mr. Dale Verran, Chief Executive Officer of Fortune Bay, has been appointed as a member of the Board of Directors. Mr. Verran is an exploration geologist and mining executive with over 25 years of international experience. He has a track-record of successful project generation, discovery and project advancement, in both Africa and Canada, across multiple commodities. Mr. Verran has been with the Company since 2020, is a registered P.Geo (APEGS) and holds a Master of Science in Exploration Geology from Rhodes University.
Technical Disclosure
For further details on the Goldfields current MRE refer to the "2022 PEA" Technical Report available on SEDAR+ (sedarplus.ca) and the Company's website. The 2022 PEA, with an effective date of October 31, 2022, was prepared in accordance with NI 43-101 by Ausenco Engineering Canada ULC (formerly Ausenco Engineering Canada Inc.), in collaboration with Moose Mountain Technical Services for the mine design, and SRK Consulting (Canada) Inc. for the updated MRE and Environmental, Permitting and Social aspects.
For further details on the Campamento historical MRE and the Cerro La Mina copper-gold prospect refer to the "2006 Resource Estimate Report" available on SEDAR+ (sedarplus.ca) and the Company's website. The 2006 Resource Estimate Report with an effective date of June 22, 2006, was prepared by Gary H. Giroux, P.Eng for Linear Gold Corp., a predecessor company of Fortune Bay. The reader is cautioned that a Qualified Person has not done sufficient work to classify the MRE stated in the 2006 Resource Estimate Report as a current MRE. Fortune Bay is not treating this historical MRE as a current MRE. While this MRE was prepared in accordance with NI 43-101 and CIM 2000 in effect at the time, there is no guarantee that it would be consistent with current standards and it should not be regarded as such. Fortune Bay has not undertaken any independent verification of the data upon which the historical MRE was based. The historical MRE is considered relevant to assess the mineralization and economic potential of the property.
Qualified Person
The technical and scientific information in this news release has been reviewed and approved by Gareth Garlick, P.Geo., Technical Director of the Company, who is a Qualified Person as defined by NI 43-101. Mr. Garlick is an employee of Fortune Bay and is not independent of the Company under NI 43-101.
About Fortune Bay
Fortune Bay Corp. (TSXV:FOR, FWB:5QN, OTCQB:FTBYF) is a gold exploration and development company advancing high-potential assets in Canada and Mexico. With a strategy focused on discovery, resource growth and early-stage development, the Company targets value creation at the steepest part of the Lassonde Curve—prior to the capital-intensive build phase. Its portfolio includes the development-ready Goldfields Project in Saskatchewan, the resource-expansion Poma Rosa Project in Mexico, and an optioned uranium portfolio in the Athabasca Basin providing non-dilutive capital and upside exposure. Backed by a technically proven team and tight capital structure, Fortune Bay is positioned for multiple near-term catalysts. For more information, visit www.fortunebaycorp.com or contact info@fortunebaycorp.com.
On behalf of Fortune Bay Corp.
"Dale Verran"
Chief Executive Officer
902-334-1919
Cautionary Statement Regarding Forward-Looking Information
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions, and expectations. They are not guarantees of future performance. Words such as "expects", "aims", "anticipates", "targets", "goals", "projects", "intends", "plans", "believes", "seeks", "estimates", "continues", "may", variations of such words, and similar expressions and references to future periods, are intended to identify such forward-looking statements.
Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals, intentions or future plans, statements, exploration results, potential mineralization, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify targets or mineralization, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other Indigenous peoples, inability to reach agreements with other Project communities, amendments to applicable mining laws, uncertainties relating to the availability and costs of financing or partnerships needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR+. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. For more information on Fortune Bay, readers should refer to Fortune Bay's website at www.fortunebaycorp.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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08 September
Fortune Bay
Investor Insight
A cycle-aware gold developer-explorer focused on value creation at the steepest part of the Lassonde Curve – pairing a de-risked Canadian gold project with transformational discovery potential in Mexico, and overlaying partner-funded uranium exposure .
Advancing community partnerships in both jurisdictions underpin the strategy, ensuring responsible advancement and alignment with stakeholders.
With a tight share structure and disciplined approach, Fortune Bay is positioned for multiple near-term catalysts as capital flows back into quality juniors.
Overview
Fortune Bay (TSXV:FOR,FWB:5QN,OTCQB:FTBYF) is a technically driven gold exploration and development company whose strategy is to create value at the steepest part of the Lassonde Curve. The company advances assets through discovery, resource expansion and early-stage development, then seeks monetization routes (sales, JV buyouts, M&A, royalties or equity) before the project enters capital-intensive build phases. This cycle-aware approach aims to maximize per-share value while minimizing dilution.
The current portfolio spans two 100-percent-owned gold projects – Goldfields in Saskatchewan, Canada, and Poma Rosa (formerly Ixhuatán) in Chiapas, Mexico. These projects are complemented by three uranium assets in Saskatchewan – Murmac, Strike and The Woods – that are being advanced under partner funding.
Overall, Fortune Bay’s business strategy blends a de-risked development asset (Goldfields) with transformational discovery potential (Poma Rosa), and non-dilutive uranium exposure, positioning the company for multiple catalysts and potential re-rating as market capital flows into quality juniors.
Company Highlights
- Cycle-smart model: Advancing projects through discovery, resource expansion and early-stage development, then monetizing before the capital-intensive build phase.
- Flagship development-ready gold asset in Saskatchewan, Canada: The updated PEA for Goldfields project in Saskatchewan outlines a 13.9-year, open-pit operation producing 896,000 ounces of payable gold with 97 percent indicated resources, initial capex of C$301 million, cash costs of US$1,207/oz and AISC of US$1,330/oz, delivering an after-tax NPV5 percent of C$610 million (44 percent IRR) at US$2,600/oz gold and C$1,253 million (74 percent IRR) at spot (~US$3,650/oz).
- Poma Rosa Project (Mexico): Historical gold resource at Campamento (1.04 Moz measured and indicated; 0.70 Moz inferred) sitting atop an untested porphyry system – offering both near-term ounces and discovery blue-sky; community re-engagement progressing to enable exploration restart. Historical estimate, not treated as current under NI 43-101.
- Uranium optionality, non-dilutive: Advancing Murmac & Strike (optioned to Aero Energy) and The Woods (optioned to Neu Horizon) under partner capital while Fortune Bay remains operator, leveraging uranium expertise, offsetting overhead and preserving discovery upside and exposure to uranium market tailwinds.
- Strong leadership: Led by discovery-driven geologists and capital-markets veterans with a track record of building and monetizing companies.
Key Projects
Goldfields Project
Located in Saskatchewan, Canada, Goldfields sits in one of the world’s top mining jurisdictions with road access, nearby hydropower, historical mining infrastructure and well-advanced permitting groundwork. The project’s 2022 preliminary economic assessment (PEA) outlined 101 koz/yr average production over 8.3 years with C$234 million initial capex and life-of-mine all-in sustaining cost of US$889/oz (base case US$1,650/oz), with strong sensitivity to higher gold prices.
In 2025, Fortune Bay released an updated preliminary economic assessment (PEA) for the Goldfields project in Saskatchewan, outlining a sub-5,000 tpd open-pit mine designed to leverage existing infrastructure and permits. At a base gold price of US$2,600/oz, the project delivers an after-tax NPV5 percent of C$610 million and a 44 percent IRR, rising to C$1,253 million NPV and 74 percent IRR at spot gold (~US$3,650/oz). The plan includes a 13.9-year mine life with 896,000 ounces of payable gold, cash costs of US$1,207/oz and AISC of US$1,330/oz, supported by an initial capex of C$301 million. With 97 percent of ounces in the mine plan classified as indicated and additional upside from expansion drilling, the project demonstrates both low risk and strong growth potential.
An updated mineral resource estimate (MRE), effective September 11, 2025, was completed as part of the updated PEA to account for a slightly lower cut-off grade reflecting higher gold prices. The resources are constrained within a conceptual open-pit shell. Prepared by SRK Consulting (Canada) in accordance with CIM Guidelines and NI 43-101, this MRE replaces the previous estimate dated September 1, 2022. SRK used the same resource estimation procedures and also developed the supporting mineralization models, which were informed by structural and petrographic studies.
The MRE reconciles to within 1 percent of historical mine production at Box when the historically reported process plant recovery of 96 percent is applied, providing additional confidence in the estimate.
Poma Rosa Gold-Copper Project
In Chiapas, Mexico, Poma Rosa hosts the Campamento epithermal gold-silver system with a historical resource of 1.04 Moz gold, measured and indicated, and 0.70 Moz gold inferred, and sits above a large, under-evaluated copper-gold porphyry system evidenced by broad mineralized intercepts, including 601.4 m @ 0.3 percent copper, 0.7 g/t gold and 2.7 g/t silver at Cerro La Mina, and multiple target areas across the tenement.
Fortune Bay is re-establishing community relationships to enable exploration agreements and a restart of field programs, with a pathway that includes updating the historical resource to current NI 43-101 standards and testing porphyry/skarn targets. The Campamento estimate is historical and not treated as current.
Uranium Portfolio
The Murmac and Strike projects are optioned to Aero Energy, while The Woods is optioned to Neu Horizon. Together, they cover more than 60,000 hectares on and near the Athabasca Basin’s northern rim, targeting shallow, basement-hosted high-grade deposits. Drilling at Murmac/Strike has confirmed Athabasca-style mineralization with multiple shallow uranium intercepts. Meanwhile, The Woods offers district-scale potential along the Grease River Shear Zone with extreme surface/lake-sediment uranium anomalism. Fortune Bay remains the operator for these assets, while partners fund exploration, generating non-dilutive income and preserving discovery leverage.
Management Team
Wade Dawe – Executive Chairman
Wade Dawe is an accomplished entrepreneur, financier and investor . He has founded or co-founded a number of successful companies, including Keeper Resources, which was sold for $51.6 million in 2008, and Brigus Gold, which was acquired by Primero Mining in 2014 in an all-share deal valued at $351 million. Dawe is currently a director of TSX-listed Pivot Technology Solutions and of TSXV-listed kneat.com. He holds a Bachelor of Commerce degree from Memorial University (MUN), where he serves on the Advisory Board to the Faculty of Business Administration.
Dale Verran – Chief Executive Officer
Dale Verran is an exploration geologist and mining executive with over 25 years of international experience. He has a track-record of successful project generation, discovery and project advancement, in both Africa and Canada. Prior to joining Fortune Bay, Verran served as vice-president, exploration for Denison Mines, where he was involved in the discovery of over 70 million pounds of U3O8. He is a former executive technical director for a large independent exploration group operating in Africa, Remote Exploration Services, and former exploration manager for Manica Minerals, a private prospect generator company with an extensive multi-commodity portfolio of projects in Africa.
Sarah Oliver – Chief Financial Officer
Sarah Oliver has more than 10 years of experience working in the accounting and finance industries – most recently as the chief financial officer of the predecessor company to Fortune Bay. She worked with PwC Canada in their consulting and deals group and then in their assurance practice, as a senior manager where she assisted her clients through various acquisitions and mergers, public and private financings and advising on accounting policy and control implementation. Oliver has been a chartered professional accountant, chartered accountant since 2007.
Gareth Garlick – VP Technical Services
Gareth Garlick has approximately 25 years of international experience in the mining and mineral exploration industry. He is experienced in all aspects of the mining cycle, ranging from grassroots exploration to resource estimation and resource reconciliation on producing mines, and has been overseeing all of Fortune Bay’s operational and development-related work. Garlick is a registered P.Geo (EGBC) and holds a Bachelor of Science (Honours) in Geology from the University of Cape Town.
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Gold Exploration & Development in Canada and Mexico: Two Projects, One Strategy, Real Upside.
26 September
Editor's Picks: Silver Price Breaks US$46, Gold Sets Another New All-time High
Precious metals are wrapping up a record-setting week once again.
Silver was in the spotlight, pushing past US$46 per ounce, a price not seen since 2011. At that level, it's up about 55 percent year-to-date, a better performance than gold.
Still, gold's price activity is nothing to sneeze at. The yellow metal had another record-setting week, this time getting close to US$3,800 per ounce. It continues to see support from a variety of underlying factors, but turning heads this week was the news that China is looking to boost its position in the global gold market by becoming a custodian of foreign sovereign gold reserves.
People familiar with the matter said that in recent months the Asian nation has been approaching central banks in "friendly" countries with the aim of encouraging them to buy gold and store it in China. Experts see the move as yet another part of the de-dollarization trend.
If China is successful, foreign gold reserves would be held in custodian warehouses linked to the international board of the Shanghai Gold Exchange. The board was set up by the People's Bank of China in 2014, and is where foreign entities trade gold with Chinese counterparts.
Also relevant for gold this week were comments from US Federal Reserve Chair Jerome Powell. During a Providence, Rhode Island, speech on Tuesday (September 23), he indicated that the central bank will take a cautious approach to interest rates after last week's 25 basis point cut.
The Fed has faced ongoing calls from US President Donald Trump to make bigger cuts more quickly, and while Powell continues to resist pressure, CME Group's (NASDAQ:CME) Fedwatch tool still shows that a reduction is highly likely at the Fed's October meeting.
With gold trading at or near all-time highs, a key question for investors is whether the price has more room to run. I've been speaking with a variety experts about that topic, and I encourage you to go check out the interviews on our YouTube channel to hear their full thoughts.
For now I'll sum up the view points I've been hearing most often.
First and foremost, the message I've been getting is that gold's run is not over — US$4,000, which once sounded like a fairly distant number, is now only US$200 to US$300 away, and many market watchers see it getting there by the end of the year, if not sooner.
Prices beyond US$4,000 are also being talked about as attainable.
There is of course a caveat, and that is that nothing can go straight up, including gold. Especially now after its rapid upward momentum, the broad consensus is that a correction is all but guaranteed, and perhaps soon. Here's how Steve Barton of In It To Win It explained it:
"I would be pretty shocked if we got up to US$4,000 and didn't have some type of corrective move. I suppose anything's possible — we blew through US$3,750, I didn't expect that. So maybe it'll go on up. But we're getting pretty stretched here."
Bullet briefing — Freeport drops, Lithium Americas spikes
Copper up on Freeport force majeure
Copper prices were on the rise this week after major miner Freeport-McMoRan (NYSE:FCX) declared force majeure at its Indonesia-based Grasberg copper-gold mine.
Grasberg has been offline since September 8, when around 800,000 metric tons of mud flowed into underground levels at the operation. Seven employees went missing during the incident, with two now confirmed to have died; search efforts continue for the other five.
Freeport has cut its copper and gold sales guidance for the third quarter of the year, and expects to defer "significant" production in Q4 as well as 2026. Preliminary assessments suggest that Grasberg may not return to pre-incident operating rates until 2027.
The company's share price took a dive on the back of the news.
Putting the impact into context, Bloomberg notes that prior to the disruption, Grasberg accounted for about 3.2 percent of copper mine supply this year, as well as 30 percent of Freeport's copper output and 70 percent of its gold production.
Lithium Americas shares spike
On the opposite end of the spectrum, Nevada-focused Lithium Americas (TSX:LAC,NYSE:LAC) saw its share price spike over 100 percent this week after Reuters reported that the Trump administration may be gearing up to take a 10 percent equity stake in the company.
Lithium Americas finalized a US$2.26 billion loan from the US Department of Energy last year, but the government has been looking to renegotiate terms due to concerns about low lithium prices.
Lithium Americas reportedly proposed a change in the loan's amortization schedule, with the request for an equity stake in the company coming during those discussions.
Reuters states that to secure its funding, Lithium Americas offered the government no-cost warrants that would equate to 5 to 10 percent of its common shares.
The loan is tied to the company's Thacker Pass lithium project, which is set to open in 2028.
"President Trump supports this project. He wants it to succeed and also be fair to taxpayers. But there's no such thing as free money," an anonymous White House official told the news outlet.
Want more YouTube content? Check out our expert market commentary playlist, which features interviews with key figures in the resource space. If there's someone you'd like to see us interview, please send an email to cmcleod@investingnews.com.
And don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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25 September
Joe Cavatoni: Gold Strong at Record Highs, What's Really Happening Now
Joe Cavatoni, senior market strategist, Americas, at the World Gold Council, discusses gold's ongoing price run, highlighting its key role in risk diversification.
He also notes that western investors are beginning to take a keener interest in gold.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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25 September
Zijin Mining Surges Past US$100 Billion Valuation Despite IPO Delay
The valuation of China's Zijin Mining Group (OTC Pink:ZIJMF,HKEX:2899,SHA:601899) has topped US$100 billion for the first time despite the firm's delayed initial public offering (IPO).
Shares of the Fujian-based miner closed at a record high in Shanghai on Thursday (September 25), giving the company a market capitalization of about 732 billion yuan (around US$132.4 billion), according to a Bloomberg report.
That puts Zijin just behind global heavyweights Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO), worth roughly US$112 billion, and BHP (ASX:BHP,NYSE:BHP,LSE:BHP) at about US$140 billion.
Founded by geologist Chen Jinghe in the 1980s with a small gold mine in Southeastern China, Zijin concentrated its expansion heavily on gold and copper, which together made up 77 percent of its revenue in the first half of 2025.
That focus has paid off handsomely in the current market climate, with copper prices hitting record averages and gold smashing through historical highs. Gold has been trading at unprecedented levels throughout September, with futures opening on Thursday at US$3,768.30 per ounce, up 1 percent from the previous day’s close of US$3,732.10.
Prices have consistently held above US$3,700 since September 22. Earlier this month, bullion reached an all-time peak of US$3,788.33, eclipsing the inflation-adjusted record set in January 1980.
Analysts attribute the rally to a weaker US dollar and widespread expectations of further US interest rate cuts.
Gold's strength has reinforced Zijin’s plans to spin off and list its overseas gold assets.
Zijin Gold International, which controls the company’s non-China gold mines, is seeking to raise about US$3.2 billion in what would be the world’s second largest IPO of 2025. The Hong Kong listing was initially scheduled for September 29, but has been pushed back a day to September 30 after Super Typhoon Ragasa battered the city.
The delay stems from Hong Kong exchange rules that automatically extend IPO subscription deadlines when a No. 8 or higher storm warning coincides with the final morning of the retail order period. Because Ragasa effectively shut down financial activity on Wednesday (September 24), Zijin’s offering was forced to adjust by 24 hours.
Despite the storm disruption, Zijin’s offering is expected to draw strong demand. Investors have been closely tracking the company’s trajectory, noting its ability to align growth with bullish commodity cycles.
Market observers say the IPO will also test investor appetite for large-scale resource listings in Hong Kong, which has seen a slowdown in new deals amid geopolitical tensions.
A US$3.2 billion raise would make Zijin Gold’s debut the largest in the city this year and second worldwide.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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25 September
Top 5 Australian Mining Stocks This Week: Yandal Resources Climbs on Gold Drilling Results
Welcome to the Investing News Network's weekly round-up of the top-performing mining stocks listed on the ASX, starting with news in Australia's resource sector.
This week’s top performers are centered on a mix of resources, including gold, silver, platinum group metals and tungsten.
Australian resources and energy are a focus for the government this week, with a Tuesday (September 23) statement announcing that Minister for Resources and Northern Australia Madeleine King would travel to the Osaka World Expo in Japan this week “to promote Australian trade and industry and explore opportunities for Australian and Japanese firms to invest in Australia’s critical minerals industry to support global efforts to reduce emissions.”
“Energy security during the transition to net zero is a high priority for both of our nations,” she commented in the release.
In mining company news, Brightstar Resources (ASX:BTR,OTCQB:BTRAF) said that the Department of Mines, Petroleum and Exploration has approved its mining proposal and mine closure plan for the Lord Byron project in Western Australia.
Gateway Mining (ASX:GML) reported it has received firm commitments to raise AU$22.5 million to fund exploration and drilling at its flagship Yandal gold project as well as for initial exploration at its newly acquired Glenburgh South gold project, both in Western Australia.
Market and commodities price round-up
The S&P/ASX 200 (INDEXASX:XJO) posted a 1.35 percent decrease this week, opening at 8,864.90 on Monday (September 22) and closing at 8,745.20 on Thursday (September 25).
As for precious metals, the gold price spiked to a new all-time high this week in both US and Australian dollars. In US dollars, gold rose 1.52 percent from US$3,685.41 at Monday's open to US$3,741.27 by Thursday's close. In Australian dollars, gold also rose through the week, moving from AU$5,589.85 to AU$5,672.42 at a 1.48 percent increase.
The silver price also posted significant gains. It climbed 2.14 percent in US dollars, starting the week at US$43.06 per ounce and closing at US$43.98. In Australian dollars, silver rose 2.1 percent from AU$65.31 to AU$66.68.
Top ASX mining stocks this week
How did ASX mining stocks perform against this backdrop?
Take a look at this week’s five best-performing Australian mining stocks below as the Investing News Network breaks down their operations and why these companies are up this week.
Stocks data for this article was retrieved at 4:00 p.m. AEST on Thursday using TradingView's stock screener and reflects price movements between Monday and Thursday. Only companies trading on the ASX with market capitalisations greater than AU$10 million are included. Mineral companies within the non-energy minerals, energy minerals, process industry and producer manufacturing sectors were considered.
1. Yandal Resources (ASX:YRL)
Weekly gain: 75 percent
Market cap: AU$100.5 million
Share price: AU$0.280
Yandal Resources is a gold exploration company focused on Western Australia. The company is currently developing its flagship Ironstone Well-Barwidgee gold project located within the Yandal Belt.
The company is advancing the project’s Arrakis gold prospect at the Caladan target, at which it commenced reverse circulation drilling on September 1 and finished on September 17.
The company shared results from the drilling program on Monday (September 22). Results included significant intercepts of 54 metres at an average grade of 1.2 grams per tonne (g/t) gold from 108 metres, and 6 metres at 1.1 g/t gold from 180 metres.
The company requested a trading halt on Tuesday (September 23), pending an announcement. Regular trading commenced Wednesday alongside Yandal releasing further results from the drilling program and its annual shareholder report.
The results included 50 metres at 1.3 g/t gold from 122 metres, and 16 metres at 0.7 g/t gold from 140 metres.
“As we step out and consider the whole 2.2 kilometre trend initially defined by air-core drilling, the scale of this discovery begins to look regionally significant,” Managing Director Chris Oorschot commented.
Its annual shareholder report highlighted how its exploration over the past 12 months has been primarily on early-stage, large-scale target areas within the Ironstone Well-Barwidgee project, with minor activities also completed across the Mt. McClure and Gordons gold projects.
It also mentioned the Arrakis prospect as one of the priority target areas that have seen “rapid progress” during the year.
Shares of Yandal were the highest this week a day after the announcements, closing at AU$0.285 on Thursday.
2. Podium Minerals (ASX:POD)
Weekly gain: 66.67 percent
Market cap: AU$56.75 million
Share price: AU$0.070
West Perth-based Podium Minerals aims to be Australia’s first miner and producer of platinum group metals (PGMs) from its flagship Parks Reef project, which is currently transitioning from exploration to development. Parks Reef is located 80 kilometres west of Meekatharra, Western Australia.
Podium Minerals said on its website that Parks Reef hosts the largest platinum resource in Australia and the only 5E PGM mineral resource in Australia, a category that refers to platinum, palladium, rhodium, iridium and gold.
Parks Reef’s inferred mineral resource for its PGM zone totals 183 million tonnes of ore containing 7.6 million ounces of 5E PGMs at an average grade of 1.30 g/t, plus metals copper, nickel and cobalt.
In its annual shareholder report published on Wednesday, Podium Minerals highlighted the addition of an inferred mineral resource for Parks Reef’s Copper-Gold zone, which hosts 60 million tonnes containing 300,000 ounces of gold, 140,000 tonnes of copper, 60,000 tonnes of nickel and 11,000 tonnes of cobalt.
“The (copper-gold zone) increases the project’s scale, adds development flexibility and increases the overall value of Podium’s basket of metals,” Podium’s report reads.
Podium's shares peaked on Thursday at AU$0.070.
3. DevEx Resources (ASX:DEV)
Weekly gain: 64.89 percent
Market cap: AU$61.84 million
Share price: AU$0.155
Australia-focused DevEx Resources holds uranium assets in the Northern Territory, and one rare earth element project in Queensland.
Its Northern Territory projects are the Nabarlek project, which is wholly owned and hosts the past-producing Nabarlek uranium mine, and the Murphy West project, for which it has earn-in agreements.
DevEx began field exploration at the projects in July, and has secured government co-funding of AU$160,000 for drilling at Nabarlek’s Big Radon and KP prospects.
As for its rare earths project, the Kennedy ionic clay project, the company’s last website update is that further metallurgical testing is underway. This project holds a resource of 150 million tonnes at 1,000 parts per million total rare earth oxide.
While DevEx did not make any announcements this week, its shares spiked to a close of AU$0.140 on Wednesday.
This resulted in a price query from the ASX, which the company responded to on Thursday, saying that there is no undisclosed information affecting its trading.
Shares of DevEx closed at AU$0.170 on Thursday.
4. Terra Critical Minerals (ASX:T92)
Weekly gain: 63.93 percent
Market cap: AU$15.39 million
Share price: AU$0.10
Terra Critical Minerals is a critical minerals explorer with a growing portfolio in the New England area of New South Wales, Australia. It also holds a portfolio of uranium assets in Canada’s Athabasca Basin in Saskatchewan, and is looking to acquire rare earth element and antimony projects in the US.
Previously focused just on uranium, the company officially changed its name from Terra Uranium to Terra Critical Minerals on Tuesday to reflect its broader focus, which includes tungsten, tin and more.
On the same day, Terra announced that it has identified further high-grade silver mineralisation as part of its review of historical rock samples at its 100 percent-owned Mole River base metals project in New South Wales.
One highlighted sample at Mole River’s Silent Grove prospect graded 400 g/t silver, 6.09 percent lead, 4 percent zinc and 0.55 percent tin.
“Further review of historical datasets is ongoing,” the update read. “A full exploration program will be developed following the thorough analysis of past work.”
Terra’s other projects in the New England area include the past-producing Ottery tin mine, the Castle Rag silver deposit and the Glen Eden tungsten-molybdenum project, which hosts NSW's largest undeveloped tungsten deposit. The company closed its acquisition of Dundee Resources on September 16, adding the Glen Eden project and two others to its portfolio.
Shares of Terra reached a weekly high on Wednesday, closing at AU$0.10. The same record was seen on its Thursday close.
5. Manuka Resources (ASX:MKR)
Weekly gain: 52.94 percent
Market cap: AU$50.07 million
Share price: AU$0.052
Manuka Resources is a multi-commodity developer focused on restarting precious metals production in the Cobar Basin of New South Wales.
Its two prominent assets are the Mount Boppy gold mine and past-producing Wonawinta silver and base metals project, both located in the Cobar Basin.
According to the company, Mount Boppy remains fully permitted and holds an open pit probable ore reserve of 39,000 ounces of gold. It last produced gold in 2023 and is currently under care and maintenance.
“(With) newly identified exploration potential … Manuka plans a restart based on expansion and processing upgrades,” its project page states.
At Wonawinta, Manuka is targeting a restart of silver production in 2026.
Manuka also holds the Taranaki iron-vanadium-titanium (VTM) project, which is being advanced by Manuka’s subsidiary Trans-Tasman Resources. The project would extract vanadium-rich iron sands from the seabed of the New Zealand exclusive economic zone.
The company has completed its updated pre-feasibility study for Taranaki and entered the project in the New Zealand government’s fast-track approval process.
While no announcements were made by Manuka this week, its shares climbed to a weekly high of AU$0.052 at its close on Thursday.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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25 September
Investing in Gold Royalty and Streaming Stocks
Gold royalty companies offer investors exposure to gold and silver with the benefits of diversification, lower risk and a steady income stream.
Royalty companies operating in the resource sector will typically agree to provide funding for the exploration or development of a resource in exchange for a percentage of revenue from the deposit if it begins producing. Similarly, a company with a streaming model may work out an agreement with a resource company for a share of the metal produced from a deposit in exchange for an investment.
These kinds of arrangements benefit both parties. Streamers get access to the underlying commodity at a fixed price and are shielded from cost overruns and spikes in production. Further, if there is a price decrease the metals can be warehoused until the market conditions improve. In both cases, mining companies receive considerable upfront investment during the expensive construction and expansion phases, and unlike loans these investments have longer-term payouts at a fixed amount.
Let's take a deeper look at how royalties and streaming works, their benefits and the gold and silver royalty and streaming stocks you can invest in.
In this article
How do gold and silver royalties work?
Gold and silver royalty agreements involve royalty companies agreeing to provide funding for the exploration or development of a precious metals resource in exchange for a percentage of revenue from the deposit if it begins producing metals.
The foundation for royalties dates back a few hundred years. Originally, they were payments made to the British monarchy in exchange for miners' rights to operate gold and silver mining operations on lands held by the crown. Today, these arrangements still exist, with mining operators paying the government a share of the revenues generated from exploiting resources on public lands.
The first royalty paid to a company in the gold sector was an agreement in 1986 in which Franco-Nevada (TSX:FNV,NYSE:FNV) made a US$2 million investment into Western States Minerals’ Goldstrike small heap-leach mine in Nevada, US, for a 4 percent share of revenues collected from the mine. Western States was sold the same year to Barrick Gold (TSX:ABX,NYSE:GOLD). Barrick discovered a far larger resource at the site and the royalty has since earned Franco-Nevada more than US$1 billion.
This early example set a precedent for the industry. It saw Franco-Nevada, which was then a gold exploration company, lock itself into what became one of the largest gold mineral resources in the world at a relatively low overhead while avoiding future costs associated with the growth and maintenance of the mine.
How do gold and silver streams work?
Gold and silver streams work in a similar manner to the royalty model but returns are in the form of physical metals rather than funds. In return for investing in an asset, a gold streaming company may work out an agreement with a resource company for a share of the metal produced from a deposit, or for the ability to purchase the metal at a lower price than market value.
This is also a popular model with base metal mining companies whose operations result in gold and/or silver by-products. In these cases, gold and silver streaming companies may work out a deal with a base metal mining operation to take delivery of a certain amount of precious metals at an agreed upon price.
The Goldstrike royalty made Franco-Nevada what it is today, but its largest contributing asset in its portfolio is a deal with Lundin Mining (TSX:LUN,OTC Pink:LUNMF) for a stream of the gold and silver resources extracted from its Candelaria copper mine in Chile.
Under the terms of the deal, which was part of Lundin’s 2014 acquisition of Freeport-McMoRan’s (NYSE:FCX) stake in Candelaria, Franco-Nevada provided a US$648 million deposit in exchange for a 68 percent stream of the asset's silver and gold. This will lower to 40 percent once 720,000 ounces of gold and 12 million ounces of silver have been delivered, which the company currently predicts will take place in 2027.
While Franco-Nevada does have to pay for the metal, the agreed upon amount is far under the current market value. At the time, the deal was set at US$400 for each ounce of gold and US$4 per ounce of silver with a 1 percent inflationary adjustment, or market price if that was less.
Are royalty and streaming companies a good investment?
Royalty and streaming companies are largely seen as a lower-risk investment than mining companies. Lower operational costs and higher portfolio diversification means they are hedged against a mine shutdown, natural disaster, market forces or the politics that may affect the nature of an operation or project. However, that’s not to say royalty and streaming deals aren’t without their risks.
In many ways, gold royalty companies are like venture capitalists in the tech industry, working to fund many projects in the hopes that some will see big payoffs that offset the loss from the ones that don’t make it. This means they need large access to funding in order to build their portfolios.
To get funding, royalty and streaming companies have several options: using cash on hand, raising debt through loans or issuing more shares. Each of these options carries risk. Using cash to pay for investments could reduce the size of the safety net and eat into company liquidity, debt needs to be managed to ensure that payments don’t exceed income and the issuance of stock could lead to an overall devaluation of share price and impact investor sentiment.
Once companies have developed strong cash flows and good liquidity, they are able to take advantage of their own reserves, without the need to worry about loans or stock dilution. The same cannot be said for the up-and-coming companies who need to rely on external funding to make deals, making them riskier.
These companies provide a good entry point for investors with lower share price, and have more potential to return higher percentage gains in share price, they also bear more risk. With more reliance on raising external capital, there is a greater need for deals to be successful and a greater chance for a company to incur more debt load or stock dilution.
Diverse portfolios can help reduce the risk associated with a royalty company, and companies like Franco-Nevada have the industry knowledge and financial capital to take some risks. As of February 2025, the company has 430 assets on their books; of those, 119 are producing, and 38 are in the advanced stages of development. It’s the 273 more that are in the exploration phase, many of which will never provide returns, that represent the greatest risk.
Of course, unforeseen events can affect both mining and royalty companies alike, particularly when assets that take up a larger percentage or a portfolio are affected. Franco-Nevada had more than US$1 billion invested in First Quantum’s (TSX:FM,OTC Pink:FQVLF) Cobre Panama mine before it was shuttered by the Panamanian government following protests at the end of 2023. The mine brought in US$223.3 million for Franco-Nevada in 2022 and represented nearly a quarter of its precious metal income. While it fared better than First Quantum, the royalty company's share price took a significant hit.
Gold and silver royalty companies
The biggest companies in the precious metals royalty and streaming space have long histories and have built positive reputations on the backs of strong investments. They offer a means for investors to de-risk an entry into the gold sector by maintaining an arms-length attachment to it.
The five gold and silver royalty and streaming companies on this list had market caps above $1 billion in their respective currencies as of September 23, 2025.
1. Wheaton Precious Metals (TSX:WPM,NYSE:WPM)
Market cap: C$67.59 billion
Wheaton Precious Metals was established in 2004 as Silver Wheaton with a focus on silver streaming. Goldcorp held a majority interest, but began to reduce it in 2006 and by 2008 had completely divested itself. By that time, Silver Wheaton had begun to diversify into other precious metals. The following year, Silver Wheaton acquired rival silver streaming stock Silverstone Resources in a C$190 million deal.
Silver Wheaton changed its name in 2017 to Wheaton Precious Metals and has since built itself into one of the largest players in the gold and silver royalty and streaming space, with investments in 16 operating mines and 23 development projects across five continents.
Included in Wheaton's assets are investments in Newmont's (TSX:NGT,NYSE:NEM,ASX:NEM) Peñasquito mine in Mexico, Sibanye Stillwater's (NYSE:SBSW) Stillwater and East Boulder mines in Montana, US, and Hudbay Minerals' (TSX:HBM,NYSE:HBM) Copper World Complex project in Arizona, US.
2. Franco-Nevada (TSX:FNV,NYSE:FNV)
Market cap: C$57 billion
A trailblazer in the gold royalty business, Franco-Nevada has set a high bar. The current iteration of the company was spun out of Newmont in what became a C$1.1 billion initial public offering, one of the biggest IPOs of 2007.
Franco-Nevada now has a portfolio of royalties and streams on 119 producing assets around the world including gold, silver, base metal and oil and gas operations, which generate more than US$1.2 billion for the company annually.
Among the producing assets for which Franco-Nevada has precious metals streams and royalties are Glencore's (LSE:GLEN,OTC Pink:GLCNF) Antapaccay mine in Peru, Agnico Eagle's (NYSE:AEM,TSX:AEM) Detour Lake mine in Ontario, Canada, and Gold Fields' (NYSE:GFI) Salares Norte mine in Chile.
See the sections above for more information on Franco-Nevada's royalty and streaming deals.
3. Royal Gold (NASDAQ:RGLD)
Market cap: US$13.63 billion
Royal Gold got its start in 1981 as oil and gas exploration and production company Royal Resources.
Responding to shifts in the overall resource market, by 1987, Royal Gold was born with a focus on building a portfolio of minority positions in significant gold properties operated by major mining firms.
Today, Royal Gold is a leading precious metals streaming and royalty company with interest in 175 properties, of which 42 are producing assets, across 17 countries.
Among its assets are Barrick Mining (TSX:ABX,NYSE:B) and Newmont's Cortez mine in Nevada, US, Teck's (TSX:TECK.A,TECK.B,NYSE:TECK) Andacollo mine in Chile and Centerra Gold's (TSX:CG,NYSE:CGAU) Mount Milligan mine in British Columbia, Canada.
Royal Gold is planning to acquire Sandstorm Gold, the fifth largest gold royalty company on this list. The deal is expected to close in the fourth quarter of 2025.
4. OR Royalties (TSX:OR,NYSE:OR)
Market cap: C$5.1 billion
Previously named Osisko Gold Royalties, OR Royalties was created in 2014 as a spinoff deal between Osisko Mining (TSX:OSK), Yamana Gold and Agnico Eagle Mines (TSX:AEM,NYSE:AEM). The deal was made in an attempt to prevent a hostile takeover of Osisko Mining and its Canadian Malartic gold complex by Goldcorp, now part of Newmont.
In the deal, OR Royalties carried with it a 5 percent net smelter return royalty from the Canadian Malartic mine. Now owned by Agnico Eagle, the complex in Québec remains a cornerstone of the royalty company's business today.
The gold and silver royalty and streaming company has gone on to amass royalties, streams and offtakes for 195 assets, 21 of which are producing, across six continents.
The majority are located in North America, including one of the most well-known gold-producing mines in the world, Agnico Eagle's Canadian Malartic complex in Québec, as well as SSR Mining's (NASDAQ:SSRM,TSX:SSRM) Seabee mine in Saskatchewan, Canada, and Kinross Gold's (TSX:K,NYSE:KGC) Bald Mountain mine in Nevada.
5. Sandstorm Gold (TSX:SSL,NYSE:SAND)
Market cap: C$3.51 billion
Sandstorm Gold Royalties was founded in 2008 as a small startup and has since become a multi-billion dollar gold and silver royalty and streaming company.
Sandstorm’s royalty portfolio boasts more than 230 assets, of which 40 are producing assets, located across more than a dozen countries.
Its producing assets include Pan American Silver's (TSX:PAAS,NYSE:PAAS) Ceo Moro mine and Cerrado Gold’s (TSX:CERT,OTCQX:CRDOF) Las Calandrias mine, both located in Argentina, as well as Ivanhoe's (TSX:IVN,OTCQX:IVPAF) Platreef mine in South Africa.
Sandstorm is set to be acquired by fellow royalty company Royalty Gold in a deal expected to close in Q4.
Small-cap gold and silver royalty companies
There are also small-cap gold and silver royalty and streaming companies you can invest in and offer a lower-cost option for investors who are comfortable with a little more risk. Like their larger counterparts, small-cap gold royalty stocks offer a lower-risk investment than getting into a small-cap mining company but still provide access to the underlying precious metals market.
The five small-cap gold and silver royalty companies on this list had market caps above $10 million in their respective currencies as of September 23, 2025.
1. Gold Royalty (NYSEAMERICAN:GROY)
Market cap: US$648.7 million
Gold Royalty is building a diversified portfolio of more than 240 gold royalty and gold streaming interests based on net smelter return royalties on properties in the Americas.
The company’s revenue generating investments include Agnico Eagle's Canadian Malartic complex in Québec, Dundee Precious Metals' (TSX:DPM) Vareš mine in Bosnia and Herzegovina, and Discovery Silver's (TSX:DSV,OTCQX:DSVSF) Borden mine in Ontario.
2. Metalla Royalty & Streaming (TSXV:MTA)
Market cap: C$752.37 million
Metalla Royalty & Streaming focuses on gold, silver and copper projects. The company’s royalty model involves acquiring royalties and streams by offering resource companies Metalla shares and cash.
The mid-tier royalty and streaming company’s asset portfolio includes more than 100 projects across North America, South America and Australia. Its cornerstone assets include IAMGOLD (TSX:IMG,NYSE:IAG) and Sumitomo Metal Mining’s (OTC Pink:SSUMF,TSE:5713) Côté gold mine in Ontario, Canada, and First Quantum Minerals' (TSX:FM) Taca Taca project in Argentina.
3. Sailfish Royalty (TSXV:FISH,OTCQX:SROYF)
Market cap: C$227.57 million
Founded in 2014, Sailfish Royalty’s asset portfolio is much smaller than the other gold royalty stocks on this list. It consists of one producing mine as well as two development-stage and two exploration-stage properties in the Americas.
In Nicaragua, Sailfish has a gold stream equivalent to a 3 percent net smelter return on Mako Mining's (TSXV:MKO,OTCQX:MAKOF) San Albino gold mine and a 2 percent net smelter return on the area surrounding the mine. The company also holds a 13,500 ounce per quarter silver stream at the property, which was set to expire in May 2025. At the end of April, Sailfish chose to exercise its option to purchase all silver for the life of the mine.
4. Empress Royalty (TSXV:EMPR,OTCQX:EMPYF)
Market cap: C$113.23 million
Empress Royalty’s business model involves investing in mining companies in various stages of exploration through production who need further non-dilutive capital to fund their projects and operations.
Empress’ gold and silver royalty and streaming portfolio includes 10 exploration assets in Canada and four producing assets, with two in the Americas and two in Africa: the privately owned Sierra Antapite mine in Peru, Luca Mining’s (TSXV:LUCA,OTCQX:LUCMF) Tahuehueto mine in Mexico, the privately owned Manica mine in Mozambique and Golconda Gold’s (TSXV:GG,OTCQB:GGGOF) Galaxy gold mine in South Africa.
Empress has a silver stream for Tahuehueto and gold streams for the other three mines.
5. Silver Crown Royalties (CBOE:SCRI,OTCQX:SLCRF)
Market cap: C$17.34 million
Silver Crown Royalties is a revenue-generating silver-only royalty company focusing on silver as by-product credits. The company targets royalty originations on producing or near-producing assets in tier 1 jurisdictions.
Silver Crown has royalties on two producing assets in its portfolio: Gold Mountain Mining’s (TSX:GMTN) Elk gold project in British Columbia, Canada, and private Canadian company Pilar Gold’s PGDM mine in Brazil.
Gold and silver royalty ETFs
Those who want more broad exposure to the precious metals markets may want to buy shares of an exchange-traded fund that includes gold and silver royalty and streaming stocks. Here are a few to get you started, including ASX gold ETFs and a US gold ETF.
Betashares Global Royalties ETF (ASX:ROYL)
The Betashares Global Royalties ETF is an Australian ETF that tracks the performance of an index of global companies that earn a significant amount of their revenue from royalty income, royalty-related income and intellectual property income. The fund’s top two holdings are Wheaton Precious Metals and Franco-Nevada, with Royal Gold and OR Royalties also among its significant holdings.
Betashares Global Gold Miners ETF (ASX:MNRS)
The Betashares Global Gold Miners ETF tracks the performance of an index of the world’s largest gold mining companies outside of Australia, hedged into Australian dollars. Wheaton Precious Metals, Franco-Nevada and Royal Gold are also among the fund’s top holdings.
VanEck Gold Miners ETF (ARCA:GDX)
The VanEck Gold Miners ETF is a US gold ETF that aims to replicate the performance of the MarketVector Global Gold Miners Index by holding large-cap gold mining stocks and precious metals royalty companies. As with the other gold ETFs on this list, its top holdings include Franco-Nevada, Wheaton Precious Metals and Royal Gold.
This is an updated version of an article first published by the Investing News Network in 2024.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
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24 September
St. Davids Capital Inc. and Thistle Resources Corp. Enter Definitive Agreement for Qualifying Transaction
St. Davids Capital Inc. (TSXV: SDCI.P) ("St. Davids" or the "Company") and Thistle Resources Corp. ("Thistle") are pleased to announce that, further to the news release dated July 10, 2025, they have entered into a definitive acquisition agreement dated September 15, 2025 (the "Acquisition Agreement") in respect of the previously announced arm's length "qualifying transaction" (the "Qualifying Transaction"), as such term is defined in Policy 2.4 - Capital Pool Companies of the TSX Venture Exchange (the "TSXV") Corporate Finance Manual. In this news release, the term "Resulting Issuer" refers to the Company after the closing of the Qualifying Transaction.
Thistle Resources Corp.
Thistle is incorporated pursuant to the Business Corporations Act (Ontario) (the "OBCA") on September 1, 2017. Thistle has focused on critical minerals exploration in the Bathurst Mining Camp, New Brunswick, Canada. Thistle utilizes cutting edge technology paired with AI and proprietary algorithms to advance its project portfolio and increase shareholder value.
Key Terms of the Acquisition Agreement and Qualifying Transaction
On September 15, 2025, the Acquisition Agreement in respect of the Qualifying Transaction was entered into by the Company, Thistle and 1001354705 Ontario Inc. ("Subco"), a wholly-owned subsidiary of the Company incorporated for the purpose of completing the Amalgamation (as defined herein).
The Acquisition Agreement provides for, among other things, a three-cornered amalgamation under the OBCA, among the Company, Thistle, and Subco (the "Amalgamation"), pursuant to which, among other things:
- Thistle will amalgamate with Subco under Section 174 of the OBCA to form one corporation;
- each common share of Thistle (each, a "Thistle Share") outstanding immediately prior to the effective time (the "Effective Time") of the closing of the Qualifying Transaction that is held by a shareholder of Thistle (a "Thistle Shareholder") will be exchanged for one (1) common share of the Company (the "Common Shares"); and
- all convertible securities of Thistle outstanding immediately prior to the Effective Time will be cancelled and replaced with equivalent convertible securities of the Resulting Issuer, entitling the holders thereof to acquire Common Shares in lieu of Thistle Shares.
In addition, prior to the Effective Time, the Company intends to effect a change of its corporate name to "Thistle Resources Inc." or such other name as determined by Thistle and is acceptable to the applicable regulatory authorities (the "Name Change").
The Amalgamation will result in the reverse takeover of the Company by Thistle Shareholders and will constitute the Company's "qualifying transaction".
Upon completion of the Qualifying Transaction, it is anticipated that the Resulting Issuer will be listed as a Tier 2 Mining Issuer on the TSXV (as defined by the policies of the TSXV).
The closing of the Qualifying Transaction will be subject to the receipt of all requisite regulatory approvals (including the approval of the TSXV), requisite shareholder approvals and the satisfaction of other customary conditions.
For additional information relating to the terms of the Qualifying Transaction, please refer to a copy of the Acquisition Agreement, which will be filed and made available in due course on SEDAR+ (www.sedarplus.ca) under the Company's issuer profile, as well as the news release dated July 10, 2025, which is available on SEDAR+ (www.sedarplus.ca) under the Company's issuer profile. Additional information regarding the proposed Name Change and other corporate ancillary matters to be considered at the special meeting of shareholders on November 10, 2025 (the "Meeting") will be available in the Company's management information circular to be filed in due course on SEDAR+ (www.sedarplus.ca) under the Company's issuer profile.
Financing
In connection with and as a condition to the Qualifying Transaction, the Company intends to complete an equity financing (the "Financing") to be completed concurrently with the closing of the Qualifying Transaction through a private placement of: (i) non-flow through units (the "NFT Units") at an issue price of $0.20 per NFT Unit, with each NFT Unit comprised of one share of the Company and one warrant ("Warrant"), with each whole Warrant exercisable into one share of the Resulting Issuer for a period of two years at an exercise price of $0.30 per share; (ii) flow through units (the "FT Units") at an issue price of $0.25 per FT Unit, comprised of one flow through share of the Company (the "FT Share") and one Warrant; and (iii) charity flow through-units (the "Charity FT Units", and together with the NFT Units and FT Units, collectively the "Units") at an issue price of $0.30 per Charity FT Unit, comprised of one FT Share and one Warrant, for gross proceeds of a minimum of $1,750,000 and a maximum of $3,500,000 (the "Private Placement"). The Financing is subject to approval of the TSXV.
The Company has engaged Research Capital Corporation ("RCC") to serve as lead agent on a commercially reasonable best-efforts basis in connection with the Private Placement. The securities will be sold to "accredited investors" pursuant to exemptions from prospectus requirements under Canadian securities laws and/or in jurisdictions other than Canada that are mutually agreed to by the Company and RCC.
The Company has granted RCC an option, exercisable in whole or in part by RCC by giving notice to the Company at any time up to 48 hours prior to the closing of the Private Placement to sell up to an additional number of Units equal to 15% of the base Private Placement size at the issue price of such Units.
RCC will be paid a cash fee (the "Agent's Fee") of 8.0% of the gross proceeds of the Private Placement. Notwithstanding the foregoing, the Agent's Fee will be reduced to 4.0% for gross proceeds received by certain parties identified by Thistle (the "President's List"). RCC will also be granted a number of compensation warrants (the "Compensation Warrants") equal to 8.0% of the number of Units issued to investors in the Private Placement (reduced to 4.0% for President's List subscribers). Each Compensation Warrant will be exercisable for one unit (the "Compensation Units") at an exercise price of $0.20 per Compensation Unit for a period of 24 months following the closing date of the Private Placement with each Compensation Unit comprised of one share and one Warrant. RCC will receive a corporate finance services fee of $50,000 on completion of the Private Placement.
The net proceeds of the Private Placement will be used for exploration expenses on Thistle's mining projects and working capital and general corporate purposes.
St. Davids Capital Inc.
St. Davids was incorporated under the Business Corporations Act (Ontario) on August 4, 2021 and is a Capital Pool Company (as defined in the policies of the TSXV) listed on the TSXV. St. Davids has no commercial operations and no assets other than cash.
Cautionary Note Regarding Forward-Looking Information
This press release contains statements that constitute "forward-looking information" ("forward-looking information") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates, and projections as of the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events, or performance (often but not always using phrases such as "expects", "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budgets", "schedules", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events, or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information.
In disclosing the forward-looking information contained in this press release, the Company has made certain assumptions, including that the Private Placement will be completed on acceptable terms and all applicable shareholder and regulatory approvals for the Qualifying Transaction will be received. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, it can give no assurance that the expectations of any forward-looking information will prove to be correct. Known and unknown risks, uncertainties, and other factors may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such factors include but are not limited to: availability of financing; delay or failure to receive board, shareholder, or regulatory approvals; and general business, economic, competitive, political, and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking information, or otherwise.
For further information, please contact:
St. Davids Capital Inc.
Rocco Racioppo
rocrac80@gmail.com
Thistle Resources Corp.
Patrick J. Cruickshank
patrick@thistleresources.com
All information provided in this press release relating to Thistle has been provided by management of Thistle and has not been independently verified by management of the Company.
Completion of the Qualifying Transaction is subject to a number of conditions, including but not limited to TSXV acceptance. Where applicable, the Qualifying Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Qualifying Transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the filing statement (or other applicable disclosure document) of St. Davids to be prepared in connection with the Qualifying Transaction, any information released or received with respect to the Qualifying Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of St. Davids should be considered highly speculative.
The TSXV has in no way passed upon the merits of the Qualifying Transaction and has not approved or disapproved of the contents of this news release.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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