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China National Uranium (SHA:601985) surged on its first day of trading in Shenzhen, raising about 4 billion yuan (US$570 million) in its Wednesday (December 3) debut as company shares more than triple in value by the market close.

The state-backed miner priced 248 million shares at 17.89 yuan each, according to an exchange filing. The stock finished the session at 67.99 yuan, catapulting its market value to roughly 141 billion yuan (US$19.9 billion).

Proceeds will be used to expand output at uranium mines and support projects tied to the development and processing of associated radioactive minerals.

The blockbuster listing arrives as China is scaling up nuclear power more aggressively than any other nation.

The global superpower now leads the world in the number of reactors operating or under construction and is positioned to overtake the United States and France as the largest nuclear-energy producers by 2030.

With global momentum shifting back toward atomic power, the US, France and Japan all signaling a push toward tripling nuclear capacity by mid-century, demand for uranium has surged.

Prices have been climbing for the past four years as utilities and miners anticipate a prolonged expansion cycle.

But China’s supply chain still faces a structural gap. Domestic uranium production remains insufficient, forcing the country to depend on imports for more than 70 percent of its fuel requirements.

That reliance has pushed Beijing to shore up upstream resources and secure reliable feedstock for its growing fleet of reactors.

“Natural uranium is a key strategic resource and energy mineral for the country. A safe and stable supply of natural uranium is a foundation for rapid development of nuclear energy,” Chairman Yuan Xu said, according to news agency Xinhua.

“As the national team and main force in safeguarding our country’s natural uranium supply, China National Uranium is a cornerstone and ‘granary’ supporting development of the nuclear energy industry of China.”

China National Uranium mines natural uranium and processes materials including molybdenum and rare earth chlorides used in sectors such as semiconductor production.

The company posted net income of about 1.5 billion yuan (US$212.1 million) in 2024, an increase of roughly 16 percent from the previous year.

The company also owns a 69 percent stake in Namibia’s Rossing mine—one of the world’s largest uranium operations—after acquiring the holding from Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) in 2019.

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

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Investors should brace for what could be a make-or-break year for gold: according to the latest 2026 outlook by the World Gold Council (WGC).

After a blistering 2025 that saw gold hit more than 50 all-time highs and rise over 60 percent, the WGC says 2026 could deliver anything from a modest rally to a steep pullback.

The year was also a contest between bullish forces tied to slowing global growth and persistent political instability, and bearish pressures that could emerge if the Trump administration successfully lifts US economic performance and interest rates rise again.

For now, the Council says the gold price “broadly reflects macroeconomic consensus expectations,” suggesting the market could remain rangebound unless major shocks alter that trajectory.

But 2025 was a reminder that consensus can be fragile. The Council notes that heightened geopolitical risk alone explains a significant portion of this year’s rally, noting that those same dynamics could again dominate if global conditions deteriorate.

A year that redefined gold’s appeal

Gold’s 2025 surge is shaping up to be its fourth-strongest yearly return since 1971—the end of the Gold Standard era. Investment demand has accelerated across major regions and central banks have also continued to add to reserves at levels far above historical averages.

The long-term performance has caught even more attention. New market data shows gold has climbed 953.78 percent over the last three decades, surpassing the S&P 500’s (INDEXSP:.INX) 918.15 percent gain over the same period.

The symbolic victory is fueling renewed interest from investors who once dismissed bullion as a slow, unproductive asset.

The case for strategic exposure has been reinforced by the metal’s resilience during market stress. Gold saw powerful rallies after the dot-com crash and again during the 2008 financial crisis. It smashed records in 2011, and now in 2025 it is trading near US$4,238 per ounce heading into year-end.

Three diverging paths for 2026

The WGC’s outlook sets out three primary macroeconomic paths that could drive gold next year: a moderate slowdown, a deep global downturn, or a reflationary growth outcome tied to US policy success.

Scenario 1: A shallow slip, moderately bullish for gold

If economic momentum cools—particularly in the U.S. labor market—without collapsing outright, investors may rotate further into defensive assets. A pullback in AI-linked equities could intensify market volatility, while softer consumer activity would put more pressure on policymakers to continue loosening monetary settings.

In this environment, the Council says gold could gain 5 to 15 percent. Lower rates and a softer dollar would help, as would ongoing central bank buying and potential new flows from large institutional investors in Asia.

Scenario 2: The “doom loop,” strongly bullish for gold

A darker outcome is also on the table: a synchronized global downturn triggered by escalating geopolitical flashpoints or trade fragmentation.

As confidence falls and economies contract, the Federal Reserve could be forced into deep rate cuts while capital floods into safe havens.

The Council estimates gold could advance 15 to 30 percent under such conditions, powered largely by strong investment demand through gold-backed exchange-traded funds.

The Council notes that ETF holdings have risen by more than 700 tonnes this year, and even including inflows going back to mid-2024, the total remains less than half of what was seen in earlier bull cycles.

Scenario 3: Reflation return, bearish for gold

There is also a non-negligible possibility that President Trump’s fiscal and industrial policies spark stronger-than-expected growth.

In that case, inflation pressures could push the Fed to keep rates elevated, or even raise them again, sending the dollar higher and dampening gold investment appeal.

In this upside-growth scenario, the Council projects a 5 to 20 percent drop in gold prices as investors unwind hedges and rotate into stocks and higher-yielding assets.

US policy looms large over 2026

One major swing factor centers around Trump’s expected nomination of a Federal Reserve chair who favors lower borrowing costs.

At the same time, geopolitical risks tied to US actions have been growing. The administration’s more aggressive posture toward Venezuela and heightened tensions involving China and Russia are adding risk premiums across commodities and supply chains.

These dynamics continue to push global investors toward gold when uncertainty peaks.

The Federal Reserve’s near-term decisions will remain crucial. Markets are currently pricing a high probability of additional rate cuts, even as inflation remains a concern. Each shift in those expectations is likely to reverberate through gold pricing.

Market wildcards

The WGC also took note of two supply-demand forces that sit somewhat outside typical quantitative models but could shape outcomes significantly: official sector buying and recycling flows.

Central banks remain one of the largest demand pillars. Purchases have consistently exceeded pre-pandemic levels in part because emerging-market governments are diversifying away from dollar-exposed reserves.

Gold recycling is another overlooked lever. Despite soaring prices, secondary supply has been muted in 2025, partly because gold is increasingly being used as collateral.

More than 200 tonnes of gold jewelry have been pledged through formal channels this year alone, with anecdotal evidence suggesting similar volumes are tied up informally.

If a severe downturn forces liquidations of gold-backed debt, recycling flows could climb sharply, adding pressure to prices.

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

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Metals One (AIM: MET1, OTCQB: MTOPF), a critical and precious metals exploration and development company, is pleased to announce it has successfully raised gross proceeds of £4.4 million (before expenses) through a placing of new ordinary shares with institutional and sophisticated investors (the ‘Placing’).

The Placing comprises the issue of 220,000,000 new ordinary shares of £0.01 each (‘Placing Shares’) at a price of £0.02 per share. The closing mid-market price on 3 December 2025 was £0.034. The Placing Shares represent approximately 26% of the Company’s existing issued share capital. Due to demand the Placing was upsized to utilise the Company’s total headroom capacity.

Use of Proceeds

The Placing proceeds will be applied primarily to the Lions Bay Resources (‘LBR’) transaction as announced by the Company on 27 November 2025 and general working capital. The Company is in the process of agreeing loan funding with LBR to be applied by LBR towards refurbishing a cogeneration plant (the ‘Plant’) located in South Africa. The Company understands LBR is also in the process of identifying potential mining assets located in South Africa that may suit the intended gold roasting configuration at the Plant. Further announcements will be made by the Company in respect of the LBR transaction in due course.

Subject to receipt of a Competent Person’s Report and the configuration to be adopted, it is expected that the Plant will require approximately US$4.5 million to restart production of steam and power. LBR expects to receive the final Competent Person’s Report for the Plant by mid-December.

Appointment of Joint Broker

Oak Securities is acting as agent for and on behalf of the Company in connection with the Placing and has been appointed as joint broker to the Company with immediate effect.

Total Voting Rights

Application will be made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM (the ‘Admission’). Admission is expected to occur at 8.00 a.m. on or around 11 December 2025.

Following Admission, the Company’s total issued share capital will consist of 1,059,946,460 ordinary shares with voting rights attached. The Company does not hold any ordinary shares in treasury. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the Company under the FCA’s Disclosure Guidance and Transparency Rules.

Daniel Maling, Managing Director of Metals One, commented:

‘It’s pleasing to see institutional investment support for our Lions Bay Resources gold development strategy in South Africa. Having additional capital ring-fenced to facilitate the buy and build plan will be key during upcoming negotiations and will very well position the Company.

We have a busy period ahead of us and I look forward to providing further updates on our progress in the weeks ahead.’

Enquiries:

Metals One Plc

Daniel Maling, Managing Director

Craig Moulton, Chairman

info@metals-one.com

+44 (0)20 7981 2576

Beaumont Cornish Limited (Nominated Adviser)

James Biddle / Roland Cornish

+44 (0)20 7628 3396

Oak Securities

Jerry Keen / Calvin Man

+44 (0)20 3973 3678

Capital Plus Partners Limited (Joint Broker)

Jonathan Critchley

+44 (0)207 432 0501

Vigo Consulting (Investor Relations)

Ben Simons / Fiona Hetherington / Anna Stacey

IR.MetalsOne@vigoconsulting.com

+44 (0)20 7390 0230


About Metals One

Metals One is pursuing a strategic portfolio of critical and precious metals projects and investments underpinned by the Western World’s urgent need for reliably and responsibly sourced raw materials – and record high gold prices. Metals One’s shares are listed on the London Stock Exchange’s AIM Market (MET1) and on the OTCQB Venture Market in the United States (MTOPF).

Map of Metals One projects/investments

Follow us on social media:

LinkedIn: https://www.linkedin.com/company/metals-one-plc/

X: https://x.com/metals_one_PLC

Subscribe to our news alert service on the Investors page of our website at: https://metals-one.com

Market Abuse Regulation (MAR) Disclosure

The information set out below is provided in accordance with the requirements of Article 19(3) of the Market Abuse Regulations (EU) No. 596/2014 which forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (‘MAR’).

Nominated Adviser

Beaumont Cornish Limited (‘Beaumont Cornish’) is the Company’s Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish’s responsibilities as the Company’s Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.

Source

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The Prospectors & Developers Association of Canada (PDAC) is pleased to announce that registration is now open for PDAC 2026, taking place March 1-4, 2026, at the Metro Toronto Convention Centre in Toronto. The world’s leading gathering for mineral exploration and mining will once again unite industry leaders, investors, governments, students and Indigenous communities for four days of deals, ideas and discovery.

“PDAC 2026 is where conversations, connections and capital converge at a scale you won’t find anywhere else,” said PDAC President Karen Rees. “It’s a unique opportunity to meet directly with company leaders, government officials, policymakers and investors, to strike new deals and move projects forward. Just as importantly, it’s a place to advance respectful and mutually beneficial partnerships with Indigenous communities and other local partners. From students and early-career professionals to senior executives, everyone who attends PDAC 2026 can gain insight, build relationships and help shape the direction of our industry.”

What to expect at PDAC 2026

World-class scale and reach:
PDAC 2026 builds on the momentum of recent years, following a 2025 Convention that welcomed more than 27,000 attendees from over 130 countries and 91 government exhibitors. Its global scale and strong government-to-industry presence make it the most influential event for the mineral exploration and mining community.

Exhibits:
Bigger than ever in 2026, PDAC will feature more than 1,300 exhibitors across the Trade Show, Investors Exchange, and an expanded Trade Show North. Attendees can explore show floors packed with projects, equipment, technology, services, and country and regional displays that showcase the latest developments and opportunities across the sector.

Investment opportunities:
PDAC 2026 is a must-attend event for investors. Connect at the Investors Exchange, evaluate projects and meet management teams. See results first-hand in Core Shack, hear company updates through Corporate Presentations for Investors (CPI), and gain market insight at the Investment Leaders Forum.

Programming:
Hundreds of presenters will deliver cutting-edge content through panels, technical sessions, short courses, and keynote presentations. Programming spans Indigenous partnerships, sustainability, capital markets and financing, and advances in geoscience and exploration techniques, as well as the convention’s flagship keynote themes: commodities, mining industry outlook, technology and innovation, and discovery of the year.

Networking and events:
From daily meetups like Coffee Connections and the Lunch Social to flagship social events such as The Network: Gold Rush Gathering and the high-energy We Will Rock You Finale, PDAC 2026 offers countless ways to connect. Plus, the Awards Celebration & Nite Cap honours the 2026 PDAC Award recipients and brings the global industry together to recognize excellence and drive the sector forward.

Register now

Be part of PDAC 2026 in Toronto, March 1-4, 2026. Register and plan your experience today at pdac.ca/convention-2026.

About PDAC

The Prospectors & Developers Association of Canada (PDAC) is the leading voice of the mineral exploration and development community, an industry that employs more than 724,000, and contributed $156 billion to Canada’s GDP in 2024 (Natural Resources Canada, February 2025). Currently representing over 8,200 members around the world, PDAC’s work centres on supporting a competitive, responsible, and sustainable mineral sector. PDAC 2026, our 94th annual convention, will take place in person in Toronto, Canada from March 1-4. Please visit pdac.ca for more information.

Media contact

Scott Barber
Director, Communications
sbarber@pdac.ca
416-362-1969 x 244

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Not for distribution to U.S. news wire services or dissemination in the United States.

Corcel Exploration Inc. (CSE: CRCL,OTC:CRLEF) (OTCQB: CRLEF) (the ‘Company’ or ‘Corcel’) today announced the closing of its previously announced non-brokered private placement (the ‘Offering’) issuing 11,681,798 units (the ‘Units’) at a price of $0.18 per Unit for gross proceeds of CAD$2,102,723.64

Each Unit consists of one common share of the Company (each, a ‘Share’) and one-half of one common share purchase warrant (each whole common share purchase warrant, a ‘Warrant’). Each Warrant will entitle the holder thereof to acquire one additional Share (each, a ‘Warrant Share’) at a price of $0.30 per Warrant Share until the date which is 24 months following the Closing Date (as defined below), subject to an acceleration clause. If the ten-day weighted average closing price of the Shares as quoted on the Canadian Securities Exchange (the ‘CSE‘) is equal to or greater than $0.40, then the Company may, at its option, accelerate the expiry date of the Warrant by issuing a press release (a ‘Warrant Acceleration Press Release‘) announcing that the expiry date of the Warrants will be deemed to be on the 30th day following the issuance of the Warrant Acceleration Press Release (the ‘Accelerated Expiry Date‘). All Warrants that remain unexercised following the Accelerated Expiry Date will immediately expire and all rights of holders of such Warrants will be terminated without any compensation to such holder.

The Company intends to use the net proceeds of the Offering for exploration at its Yuma King Project in Arizona and for working capital purposes.

In connection with the Offering, the Company paid the finders fees of $67,459.56 cash and issued 374,775 finders warrants of the Company (the ‘Finders Warrants‘). Each Finders Warrant entitles the finder to purchase one Common Share at a price of $0.30 per Common Share until December 2, 2027.

All securities issued in connection with the Offering will be subject to a statutory hold period expiring April 3, 2026.

The securities described herein 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 accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction

APPOINTMENT OF CORPORATE SECRETARY

The Company is pleased to welcome Rosana Batista as Corporate Secretary, with immediate effect. A seasoned business administrator with over 20 years of experience, Rosana holds a bachelor’s degree in business administration and has built her career in the information technology department, working for international public companies. Her expertise spans governance, demand management, process review, and budget control. Since 2012, she has focused her career on governance, developing deep specialization in the field.

For the past nine years, she served as Corporate Secretary for Orogen Royalties Inc., a Canadian publicly listed venture company. Rosana is a Chartered Governance Professional and an Associate of the Chartered Governance Institute of Canada

ABOUT Corcel Exploration

Corcel Exploration is a mineral resource company engaged in the acquisition and exploration of precious and base metals properties throughout North America. The Company has entered a long-term lease agreement to acquire the Yuma King Copper-Gold project in Arizona, which spans a district-scale land position of 3,200 hectares comprising 515 unpatented federal mining claims in the Ellsworth Mining District; including the past-producing Yuma Mine which saw underground production of copper, lead, gold and silver between 1940 and 1963. The Company also holds an option to acquire a 100% undivided right, title, and interest in and to the Peak gold exploration project and holds a 100% interest in the Willow copper project. For more information, please visit our website at https://corcelexploration.com/.

CONTACT INFORMATION

For more information and to sign-up to the mailing list, please contact:

Jon Ward, CEO & Director
Email: info@corcelexploration.com
Tel: (604) 355-0303

CAUTION REGARDING FORWARD-LOOKING INFORMATION

This news release contains ‘forward-looking information’ and ‘forward-looking statements’ within the meaning of applicable Canadian securities laws (collectively, ‘forward-looking information’). Forward-looking information in this news release includes, without limitation, statements with respect to: the Company’s plans to conduct additional drilling and other exploration work on the Property; the anticipated timing, scope, costs and objectives of such work; the expected receipt and interpretation of additional assay results; the potential for the expansion of known mineralized zones; the potential discovery of new zones; the Company’s plans to update mineral resource estimates and advance technical studies; the potential for future development decisions; the timing of future news flow; the ability to secure permits, approvals, community support and financing on acceptable terms; and the potential for the Property to host an economic mining operation in the future.

Forward-looking information is based on a number of assumptions that, while considered reasonable by the Company at the date of this news release, are inherently subject to significant business, economic, competitive, operational and regulatory uncertainties and contingencies. These assumptions include, without limitation: future commodity prices and exchange rates; availability of financing on reasonable terms; availability of equipment, personnel and infrastructure; maintenance of title and access to properties; obtaining all required regulatory, surface and community approvals on expected terms and within expected timelines; accuracy of current technical information; and the absence of material adverse changes in applicable laws, political conditions, taxation, or capital markets.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied. Such risks include, without limitation: commodity price volatility; exploration, development, metallurgical and geological risk; permitting, environmental and regulatory risk; title and access risk; financing and liquidity risk; reliance on contractors and third parties; community, ESG and social licence risk; political and security risk in foreign jurisdictions; operational disruptions, accidents and labour matters; changes in laws and taxation; dilution and capital markets risk; and the other risks more fully described under ‘Risk Factors’ in the Company’s continuous disclosure filings available under its profile at www.sedarplus.ca.

Readers are cautioned not to place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/276773

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Frank Holmes of US Global Investors (NASDAQ:GROW) shares his forecast for gold and silver.

He sees gold testing US$5,000 per ounce next year and then reaching US$7,000 by the end of US President Donald Trump’s second term in office.

‘And I think that silver will be over US$100,’ he added.

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

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Jennifer Newstead to join Apple as senior vice president, will become general counsel in March 2026

Kate Adams to retire late next year

Lisa Jackson to retire

Apple® today announced that Jennifer Newstead will become Apple’s general counsel on March 1, 2026, following a transition of duties from Kate Adams, who has served as Apple’s general counsel since 2017. She will join Apple as senior vice president in January, reporting to CEO Tim Cook and serving on Apple’s executive team.

In addition, Lisa Jackson, vice president for Environment, Policy, and Social Initiatives, will retire in late January 2026. The Government Affairs organization will transition to Adams, who will oversee the team until her retirement late next year, after which it will be led by Newstead. Newstead’s title will become senior vice president, General Counsel and Government Affairs, reflecting the combining of the two organizations. The Environment and Social Initiatives teams will report to Apple chief operating officer Sabih Khan.

‘Kate has been an integral part of the company for the better part of a decade, having provided critical advice while always advocating on behalf of our customers’ right to privacy and protecting Apple’s right to innovate,’ said Tim Cook, Apple’s CEO. ‘I am incredibly grateful to her for the leadership she has provided, for her remarkable determination across a myriad of highly complex issues, and above all, for her thoughtfulness, her deeply strategic mind, and her sound counsel.’

‘I am deeply appreciative of Lisa’s contributions. She has been instrumental in helping us reduce our global greenhouse emissions by more than 60 percent compared to 2015 levels,’ said Cook. ‘She has also been a critical strategic partner in engaging governments around the world, advocating for the best interests of our users on a myriad of topics, as well as advancing our values, from education and accessibility to privacy and security.’

‘We couldn’t be more pleased to have Jennifer join our team,’ said Cook. ‘She brings an extraordinary depth of experience and skill to the role, and will advance Apple’s important work all over the world. We are also pleased that Jennifer will be overseeing both the Legal and Government Affairs organizations, given the increasing overlap between the work of both teams and her substantial background in international affairs. I know she will be an excellent leader going forward.’

‘I have long admired Apple’s deep focus on innovation and strong commitment to its values, its customers, and to making the world a better place,’ said Newstead. ‘I am honored to join the company and to lead an extraordinary team who are dedicated each and every day to doing what’s in the best interest of Apple’s users.’

‘It has been one of the great privileges of my life to be a part of Apple, where our work has always been about standing up for the values that are the foundation of this great company,’ said Adams. ‘I am proud of the good our wonderful team has done over the past eight years, and I am filled with gratitude for the chance to have made a difference. Jennifer is an exceptional talent and I am confident that I am leaving the team in the very best hands, and I’m really looking forward to working more closely with the Government Affairs team.’

‘Apple is a remarkable company and it has been a true honor to lead such important work here,’ said Jackson. ‘I have been lucky to work with leaders who understand that reducing our environmental impact is not just good for the environment, but good for business, and that we can do well by doing good. And I am incredibly grateful to the teams I’ve had the privilege to lead at Apple, for the innovations they’ve helped create and inspire, and for the advocacy they’ve led on behalf of our users with governments around the world. I have every confidence that Apple will continue to have a profoundly positive impact on the planet and its people.’

Newstead was most recently chief legal officer at Meta and previously served as the legal adviser of the U.S. Department of State, where she led the legal team responsible for advising the Secretary of State on legal issues affecting the conduct of U.S. foreign relations. She held a range of other positions in government earlier in her career as well, including as general counsel of the White House Office of Management and Budget, as a principal deputy assistant attorney general of the Office of Legal Policy at the Department of Justice, as associate White House counsel, and as a law clerk to Justice Stephen Breyer of the U.S. Supreme Court. She also spent a dozen years as partner at Davis Polk & Wardwell LLP, where she advised global corporations on a wide variety of issues. Newstead holds an AB from Harvard University and a JD from Yale Law School.

Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, AirPods, Apple Watch, and Apple Vision Pro. Apple’s six software platforms — iOS, iPadOS, macOS, watchOS, visionOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, iCloud, and Apple TV. Apple’s more than 150,000 employees are dedicated to making the best products on earth and to leaving the world better than we found it.

NOTE TO EDITORS: For additional information visit Apple Newsroom ( www.apple.com/newsroom ), or email Apple’s Media Helpline at media.help@apple.com .

© 2025 Apple Inc. All rights reserved. Apple and the Apple logo are trademarks of Apple. Other company and product names may be trademarks of their respective owners.

View source version on businesswire.com: https://www.businesswire.com/news/home/20251204848925/en/

Josh Rosenstock
Apple
jrosenstock@apple.com

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Silver is known as the most versatile precious metal, and its end uses range from silverware to medicine, as well as industrial and technological applications, which account for well over half of annual global demand.

In 2024, global physical silver demand reached 1.16 billion ounces, shy of the record of 1.28 billion ounces set in 2022, as per the Silver Institute’s latest World Silver Survey released in April 2025.

Industrial demand is on an upward trend from the push toward renewable energy — in particular, silver demand should benefit from the expansion of the solar energy sector, electric vehicles and the growing use of AI and data centers. The metal is a great conductor of both heat and electricity, making it perfect for use in solar panels.

In 2025, the Silver Institute expects global demand for silver to decline by 1 percent to 1.15 billion ounces, but remain at historically high levels. With all of that in mind, here’s a look at four factors driving silver demand.

1. Industrial fabrication

Expected demand in 2025: 677.4 million ounces

Silver is the best electrical and thermal conductor of all the metals, so it’s no surprise that it’s used in industrial fabrication. Industrial silver demand has seen steady growth in recent years. Coming in at just 491 million ounces in 2016, industrial demand rose to 592.3 million ounces in 2022, 657.1 million ounces in 2023 and a record 680.5 million ounces in 2024.

For 2025, the Silver Institute believes industrial demand will see a slight regression of 0.5 percent to 677.4 million ounces.

Here’s a brief rundown of the main industrial uses driving silver demand:

Electronics — In electronics, industrial silver is used mainly in multi-layer ceramic capacitors, membrane switches, silvered film, electrically heated automobile windshields, conductive adhesives and the preparation of thick-film pastes.

Electronics is expected to remain an important driver for silver going forward, as per the Silver Institute, which expects overall industrial silver consumption to reach 456.6 million ounces in 2025. Photovoltaics form the largest portion of electronic demand, totaling 197.6 million tons in 2024.

Using silver as conductive ink, photovoltaic cells transform sunlight into electricity. These cells are combined to form solar panels. The use of silver in the fabrication of photovoltaic cells, also known as solar cells, is seen as an area of rapid growth in the short to medium term. In fact, SolarPower Europe reported that total installations reached 2.2 terawatts by the end of 2024, and are expected to more than triple to more than 7 terawatts by 2030.

Automotive industry — Every electrical action in a modern car is activated with silver-coated contacts. Basic functions such as starting the engine, opening power windows, adjusting power seats and closing power trunks are all activated using a silver membrane switch. Furthermore, in January 2021, the Silver Institute reported that, depending on the model, battery electric vehicles contain between 25 and 50 grams of silver, while hybrid vehicles use 18 to 34 grams of silver. That’s compared to 15 to 28 grams of silver in a light internal combustion engine vehicle.

The Silver Institute has projected that automotive demand for silver could reach 90 million ounces by 2025. The association states that silver demand from the car industry will be driven by infrastructure investment, broader decarbonization efforts and the expansion of charging stations.

Brazing and soldering — Adding silver to the process of soldering or brazing helps produce smooth, leak-tight and corrosion-resistant joints when combining metal parts. In addition, silver-brazing alloys are used widely in everything from air conditioning and refrigeration to electric power distribution. The Silver Institute predicts demand from this segment to total 52.9 million ounces in 2025.

2. Jewelry

Expected demand in 2025: 196.2 million ounces

Jewelry is often what laypeople think about when they consider silver demand. And for good reason — few materials are better suited for jewelry than silver. Lustrous but resilient, silver responds well to sculpting, requires minimal care and lasts a lifetime.

While silver and gold possess similar working qualities, the white metal enjoys greater reflectivity and can achieve a brilliant polish. A vast amount of silver supply from mine production gets turned into a form of jewelry. The segment grew moderately by 3 percent in 2024, rising to 208.7 million ounces, but the Silver Institute is predicting a significant reversal in 2025, with a 6 percent decline to 196.2 million ounces.

3. Silver bullion, coins and bars

Expected demand in 2025: 204.4 million ounces

Another source of silver demand is for silver as an investment in the form of silver coins, bars and rounds. This category includes the silver used to fabricate the bullion, as well as small bar purchases by retail investors, according to the Silver Institute.

Silver coins have a long history. Minted silver coins were first used in the Eastern Mediterranean region in 550 BCE, and by 269 BCE the Roman Empire had adopted silver as well. Silver was the main circulating currency until the 19th century, when it was phased out of regular coinage.

While silver is not used in many circulating coins today, mints in many countries still create high-purity bullion coins and bars for investors.

Physical silver investment demand reached a record high of 338.3 million ounces in 2022, but declined considerably to 244.3 million ounces in 2023, before falling another 22 percent to 190.9 million ounces in 2024.

However, with rising uncertainty in global financial markets, the institute is predicting 7 percent growth in 2025 to 204.4 million ounces.

Silver exchange-traded products (ETPs) and silver ETFs purchase significant amounts of physical silver. Silver ETPs have experienced high volatility over the last five years, with demand peaking in 2020 with net inflows of 331.1 million ounces of silver, which fell to to 64.9 million ounces in 2021. Following the pandemic, ETPs experienced heavy outflows with investors selling off 117.4 million ounces in 2022 and 37.6 million ounces in 2023.

In 2024, as uncertainty began to seep into global financial markets, investors once again returned to ETPs, pushing demand to 61.6 million ounces of silver flowing into the products.

The Silver Institute expects demand to grow by 14 percent in 2025 to 70 million ounces, attributing these inflows to cuts to the Federal Funds rate, concerns over US debt load, and instability in the Middle East.

4. Silverware

Expected demand in 2025: 46 million ounces

Sterling silver has been the standard for silver holloware and silver flatware since the 14th century. Silver cutlery and other decor lasts for generations as it resists tarnish and is a traditional decoration in homes around the world. Base metal copper is mixed with silver to strengthen it for use as cutlery, bowls and decorative items.

Demand for the metal from the silverware industry reached 73.5 million ounces in 2022 but has declined since then to 54.2 million ounces in 2024. The Silver Institute expects the market to shed another 15 percent in 2025 to 46 million ounces.

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

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USANewsGroup .com Market Intelligence Brief Efficient Market Theory often fails in the small-cap sector. In this space, price discovery is slow. It lags behind the news. This creates a ‘valuation disconnect’ where a company’s fundamental reality has shifted but the ticker remains anchored to an old story.

For the disciplined investor, this lag is the signal.

The following report analyzes five specific case studies of this phenomenon. We look at an immunotherapy priced as if its clinical wins never happened, an FDA-cleared AI platform valued as a hardware vendor, a permitted developer priced as an explorer, a US uranium validator priced as a grassroots hunter, and a strategic defense asset hidden inside a gold discovery. In each case, we believe the operational pivot has already occurred. The market, however, appears to lag behind the new information.

1. Oncolytics Biotech Inc.
TICKER: (NASDAQ: ONCY)
SECTOR: Immunotherapy / Oncology
THE DISCONNECT: The market is pricing ONCY as another failed immunotherapy play. The reality: pelareorep is the activator designed to enable Big Pharma’s patent-cliff checkpoint inhibitors to target cancers where they currently struggle.
THE CATALYST: FDA-aligned Phase 3 trial initiation in first-line pancreatic cancer; the only immunotherapy registration study planned for this indication.
MARKET CONTEXT: Pelareorep doesn’t compete with Merck’s Keytruda or Roche’s Tecentriq. It primes tumors to unlock more potential efficacy from those drugs.
THE INTELLIGENCE BRIEF:
Oncolytics secured FDA alignment on a three-arm Phase 3 design testing pelareorep plus chemotherapy, with and without checkpoint inhibitors. The justification: a 62% objective response rate in pancreatic cancer when pelareorep was added to chemo and a checkpoint inhibitor, in a disease where immunotherapy has zero approved regimens. Two-year survival hit 21.9% versus the 9.2% historical standard.
The mechanism is elegant. Pelareorep replicates inside cancer cells, triggering immune activation that converts ‘cold’ tumors ‘hot.’ Recent anal cancer data showed 30% response rates (double the FDA-approved benchmark) with complete responses lasting beyond two years. Big Pharma’s problem: their checkpoint inhibitors only work in 20-30% of cancers. Pelareorep expands that addressable market.
Management pedigree matters here. CEO Jared Kelly and CBO Andrew Aromando engineered Ambrx’s $2 billion sale to J&J . Site activation is underway. Once enrollment numbers hit, the valuation gap becomes impossible to ignore.

CONTINUED… Read this and more news for Oncolytics Biotech at: https://usanewsgroup.com/2023/10/02/the-most-undervalued-oncolytics-company-on-the-nasdaq/

2. Lake Victoria Gold
TICKER: (TSXV: LVG) / (OTCQB: LVGLF)
SECTOR: Precious Metals / Production & Development
THE DISCONNECT: The market prices LVG as a grassroots explorer stuck in permitting purgatory. The reality: Imwelo is a fully permitted mine development project with construction capital in hand, sitting 12 kilometers from AngloGold Ashanti’s flagship Geita operation.
THE CATALYST: November drilling results confirmed gold mineralization extends 50 meters below the planned pit shell, pushing vertical depth past 250m and shattering the historical 200m resource boundary.
MARKET CONTEXT: This isn’t another speculative junior. Barrick Gold already recognized the district potential, acquiring LVG’s Tembo licenses under an Asset Purchase Agreement that locks LVG into up to $45 million in contingent milestone payments tied to discoveries next door.
THE INTELLIGENCE BRIEF:
Area C averages 3.7 g/t gold and anchors the initial mine plan. The first five drill holes delivered exactly what management wanted: consistent grades matching the resource model, with additional lodes opening in both footwall and hanging wall positions. LVG mobilized a second rig to accelerate the campaign, positioning for steady assay flow through year-end.
The strategy is dual-track. $8 million in recent financing funds Imwelo construction preparation while activating a gold prepay facility with Monetary Metals for non-dilutive build capital. The Government of Tanzania framework and environmental approval significantly reduce the regulatory risk premium.
With gold above $4,200 per ounce, the smart money isn’t chasing Barrick for safety. It’s buying the neighbor Barrick validated, at a fraction of the build-out cost.

3. Ventripoint Diagnostics
TICKER: (TSXV: VPT) / (OTCQB: VPTDF)
SECTOR: MedTech / AI Diagnostics
THE DISCONNECT: The market is valuing Ventripoint as a low-margin hardware vendor. The reality: this is an FDA-cleared AI software platform that converts standard hospital ultrasounds into MRI-quality cardiac imaging systems without the capital expenditure.
THE CATALYST: Healthcare systems cannot afford new $3M MRI machines. Budget freezes are forcing efficiency upgrades on existing equipment. Ventripoint’s VMS+ acts as a software upgrade for the ultrasound fleets hospitals already own.
MARKET CONTEXT: HeartFlow trades at approximately $2.5B using AI to model coronary arteries. Ventripoint delivers equivalent diagnostic accuracy for the Right Ventricle, the heart’s most difficult chamber to measure, without radiation or massive infrastructure costs.
THE INTELLIGENCE BRIEF:
Hospitals face a crisis: growing cardiac backlogs with frozen capital budgets. Ventripoint’s VMS+ software solves this. Instead of selling new machines, VMS+ connects to existing 2D ultrasounds and uses AI-powered Knowledge Based Reconstruction to generate 3D, MRI-quality heart models.
The system delivers MRI-level accuracy for all four cardiac chambers in minutes. Duke University Hospital , Mayo Clinic , and DHZC Germany (ranked among the world’s top cardiac hospitals) have validated and purchased the technology. Recent collaboration with Providence Health Care targets reducing MRI demand entirely for specific patient populations.
Three million U.S. pacemaker patients cannot undergo MRI scans. VMS+ 4.0’s magnet-free sensors now enable MRI-equivalent diagnostics for patients who have been medically excluded for decades.
This is a unique FDA-cleared AI solution for Right Ventricle imaging using existing equipment.

4. Homeland Uranium
TICKER: (TSXV: HLU) / (OTCQB: HLUCF)
SECTOR: Energy / Uranium Supply
THE DISCONNECT: The market prices HLU as a grassroots explorer chasing speculative targets. The reality: this is a Colorado-based validator sitting on a 35.4-million-pound historical resource estimate at Coyote Basin in one of America’s most mining-friendly jurisdictions.
THE CATALYST: November 12 marked the start of Homeland’s maiden drill program at Coyote Basin. Phase II targets historical resource-bearing zones identified by previous operators. Thirty-five reverse circulation holes. Seventeen thousand feet of drilling. Six to eight weeks of steady news flow.
MARKET CONTEXT: Washington is rebuilding the domestic nuclear fuel chain to break Russian supply dependency. US-domiciled uranium assets carry a security premium that Canadian basin plays don’t command. The Department of Energy is backing this shift with federal capital.
THE INTELLIGENCE BRIEF:
Homeland isn’t hunting. It’s validating. Coyote Basin sits in Colorado’s proven Uravan Mineral Belt with decades of production history. Significant geological risk has been mitigated by previous operators. Management is converting known historical uranium resources to modern NI 43-101 standards. While these historical estimates are not yet treated as current mineral resources, they serve as a high-confidence geological roadmap for the current drill program.
The company recently closed the acquisition of the Skull Creek Project, which holds a separate 44.2-million-pound historical resource estimate at the Cross Bones Deposit. Two drill-ready projects. One mining-friendly state. Fully permitted for the current phase.
The drill program is underway, creating a window of opportunity before assay results potentially reprice the stock to reflect its US-domiciled premium.

5. Rua Gold
TICKER: (TSXV: RUA,OTC:NZAUF) / (OTCQB: NZAUF)
SECTOR: Precious Metals / Critical Minerals
THE DISCONNECT: The market sees a gold explorer. The reality: a dual-defense asset. Reefton delivers high-grade gold with antimony credits that legacy operators left in the ground. What was waste rock a century ago is now battlefield inventory.
THE CATALYST: China restricted antimony exports in 2024. New Zealand responded by adding antimony to its Critical Minerals List . Rua Gold controls the district. The geopolitical shift just monetized the byproduct.
MARKET CONTEXT: Antimony is non-negotiable for armor-piercing ammunition and night vision systems. Spot prices crossed $40,000 per tonne. China holds 48% of global supply. Western arsenals need alternatives. They need them now.
THE INTELLIGENCE BRIEF:
Rua Gold isn’t chasing a new discovery. It’s validating a known system. The company controls 95% of the historic Reefton Goldfield on New Zealand’s South Island. Two million ounces produced at 9 to 50 g/t. The gold story writes itself.
The antimony angle changes the valuation framework entirely. Drilling at Auld Creek delivered 12m @ 12.2 g/t AuEq with 2.4% antimony. Surface samples exceed 40% Sb. Multiple drill holes run above 8% antimony. These are not trace byproduct grades. This is standalone strategically critical mineralization in a metal Pentagon procurement officers are scrambling to secure.
The dual-commodity model de-risks the project. Gold pays for construction. Antimony delivers margin expansion tied to defense spending cycles. Management holds a combined $11 billion in prior mining exits . The team knows how to deliver ounces. The district geology is proven. The permitting regime is supportive.
This is a geopolitical hedge with a drill bit. This represents a high-grade gold developer with a free call option on the global arms race.

Source: https://usanewsgroup.com/2024/09/21/is-oncolytics-biotech-the-markets-most-undervalued-cancer-opportunity/

CONTACT:

USA NEWS GROUP
info@usanewsgroup.com
(604) 265-2873

DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. USA News Group is a wholly-owned subsidiary of Market IQ Media Group, Inc. (‘MIQ’). MIQ has been paid a fee for Oncolytics Biotech Inc. advertising and digital media from the company directly. We have also been paid fees for Lake Victoria Gold, Ventripoint Diagnostics, Homeland Uranium, and Rua Gold. There may be 3rd parties who may have shares of the companies mentioned herein, and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ own shares of the companies mentioned above either by buying direct out the market or through financing participation, and plan to sell these shares immediately. We also reserve the right to buy more shares at any time. We also expect further compensation as an ongoing digital media effort to increase visibility for the company(s) mentioned above, no further notice will be given. Regarding Lake Victoria Gold, Homeland Uranium, and Rua Gold, while the technical information contained herein is derived from official regulatory filings and news releases previously approved by the issuers’ designated Qualified Persons, this specific publication has not been independently reviewed, verified, or approved by those issuers. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between the any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.

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