Bitcoin and Ether price update

Bitcoin’s (BTC) price climbed from around US$87K to close at US$89,903.49 on Wednesday afternoon, a three percent increase in 24 hours.

Bitcoin price performance, November 26, 2025.

Chart via TradingView.

However, a 1.55 percent increase in open interest during the same four hour window suggests fresh buying interest, while a positive funding rate of 0.002 reflects modestly bullish market sentiment. A relative strength index of 62.56 for Bitcoin indicates that the asset is in moderately bullish territory but not yet overbought.

Despite optimism of a possible temporary reset, investors warn that a decisive break below US$80,000 could expose Bitcoin to a slide toward the US$69,000 to US$62,000 support range.

As analyst Ted Pillows wrote on X, “$BTC is facing a lot of resistance around the $88,000–$90,000 zone. If BTC doesn’t break above this level soon, expect a sweep of the lows again.”

“Notably, what makes this episode different from past crypto winters is the investor base. BTC is now held by ordinary investors in their mainstream portfolios. So many are treating it like any other high-beta risk asset,’ she said.

“This behavior means that current price action is more of a classic de-risking phase. Rate-cut expectations change quickly, so investors opt for assets they perceive as core ballast. Given that, the picture suggests a complementary reading rather than a simple “either/or.” Gold acts as the insurance that central banks are still actively adding. In turn, Bitcoin is the high-risk component that investors reduce first when volatility rises,’ added Chen.

Meanwhile, Ether (ETH) closed at US$3,025.84, a 3.1 percent increase in 24 hours. ETH also showed strong bullish momentum, with a 2.7 percent rise in open interest and liquidations predominantly on the short side, signaling a short squeeze; however, a positive funding rate of 0.008 underscores traders’ optimism.

Altcoin price update

• XRP (XRP) was priced at US$2.22, up by one percent over 24 hours.

• Solana (SOL) was trading at US$142.99, up by 3.9 percent over 24 hours.

Today’s crypto news to know

Strategy insists balance sheet holds firm

Strategy (NASDAQ:MSTR) reiterated that its balance sheet can withstand a deep Bitcoin drawdown, telling investors in a recent X post that its collateral coverage would remain at 2.0x even if Bitcoin dropped to US$25,000.

The company disclosed updated calculations showing that its convertible debt remains overcollateralized despite the stock’s 49 percent slide and the risk of an MSCI index removal next year.

With 649,870 BTC — worth roughly US$57 billion — the firm remains the largest corporate holder of Bitcoin globally. Strategy maintains that this overcollateralization gives it room to manage volatility and refinance maturities that run through 2032. Despite the reassurances, the company continues to face pressure from index committees and investors reevaluating the long-term role of a Bitcoin-heavy corporate treasury.

Recently, S&P Dow Jones Indices left Strategy off its latest round of S&P 500 additions, choosing to elevate SanDisk instead despite Strategy’s market capitalization placing it within the top tier of US public companies.

Strategy’s bid for inclusion has been complicated by its reliance on Bitcoin holdings, which some index members argue behaves more like an investment vehicle than a traditional operating company.

For its part, Strategy insists that its software business, alongside its Bitcoin strategy, qualifies it as an operating firm under the index rules. Chairman Michael Saylor pushed back against the characterization, stressing on X that Strategy is “not a fund, not a trust, and not a holding company.”

Japan approves major regulatory shift for crypto under FIEA

Japan’s Financial Services Agency has finalized plans to move digital assets under the Financial Instruments and Exchange Act, marking the country’s most sweeping crypto regulatory overhaul in years.

The shift reclassifies crypto assets as investment products and subjects issuers and exchanges to disclosure and conduct standards similar to those governing securities.

The changes affect over 13 million Japanese crypto accounts that collectively hold more than ¥5 trillion, prompting concerns from local exchanges about higher compliance burdens.

The FSA’s working group outlined new obligations, including clearer disclosure of token supply, governance structures, project risk assessments, and issuer responsibilities.

In addition, exchanges will also be required to maintain reserve funds to cover potential hacking incidents. Regulators plan to crack down on unregistered offshore platforms that continue marketing to Japanese users without approval.

The legislative package is expected to be submitted during the 2026 Diet session.

Bolivia to integrate crypto and stablecoins into financial system

In a historic move, the government of Bolivia is preparing to integrate cryptocurrencies and stablecoins, according to an announcement from the country’s economic minister, Jose Gabriel Espinoza.

“You can’t control crypto globally, so you have to recognize it and use it to your advantage,” Espinoza reportedly said, according to Reuters. With stablecoins like USDT already being used for cross-border payments and as a hedge against the local currency’s depreciation, banks will soon be allowed to custody crypto, as well as offer crypto-based savings accounts, credit cards, and loans.

Spain moves to hike taxes on Bitcoin, Ether

A Spanish parliamentary bloc has introduced new tax amendments that would significantly increase the burden on Bitcoin, Ether, and other non-financial-instrument crypto assets.

The proposal would shift gains from crypto into the general personal income tax base, which carries rates of up to 47 percent — far above the current 30 percent maximum applied to savings-based income.

Lawmakers also want corporate crypto gains taxed at 30 percent and are pushing for a nationwide “traffic light” risk label that would appear on trading platforms.

Tax specialists argue the reforms would be difficult to implement, with some calling the package legally unworkable and likely to generate administrative chaos. Investors are likewise already expressing concern after a recent case in which a trader was taxed 9 million euros on a transaction that produced no profit, highlighting flaws in current enforcement.

If enacted, analysts further warn that the new measures could accelerate capital flight from Spain’s retail crypto market.

Grayscale files to offer Zcash ETF

Grayscale submitted a Form S-3 registration statement to the US Securities and Exchange Commission on Wednesday, signaling the firm’s intention to convert its fund tied to Zcash into a spot exchange-traded fund.

Bitcoin and Ether price update

Bitcoin (BTC) was priced at US$89,102.53, up 1.9 percent in 24 hours.

The cryptocurrency is up after last week’s rout, which saw over US$1.2 billion in spot Bitcoin exchange-traded fund (ETF) outflows, marking the third consecutive week with over US$1 billion in outflows, as per SoSoValue.

Bitcoin price performance, November 24, 2025.

Chart via TradingView.

However, market sentiment remains cautious, with the Fear and Greed Index reading 12 at market close. Increased open interest and large short liquidations suggest potential volatility and possible rebound dynamics.

“In the short term, a rebound is highly likely, but if we fall again and lose the US$80,000 level, the probability of facing a much tougher period becomes significantly higher,” CryptoQuant said in a post on X.

Bitcoin’s relative strength index at 58.52 indicates moderately bullish momentum, but is still comfortably below overbought territory. A -0.005 funding rate shows traders are still somewhat bearish, although short liquidations may start to shift momentum upward. Economic data due later this week could lift markets higher if it reinforces expectations of an interest rate cut from the US Federal Reserve. Market odds for a December rate cut have risen recently, with many sources placing the probability at around 70 to 79 percent.

Meanwhile, ETH (ETH) was US$2,973.36, up by 5.1 percent in 24 hours. Liquidations of US$39.75 million, predominantly in short positions, may have fueled upward price pressure through a short squeeze.

Open interest rose 3.07 percent to US$35.93 billion, suggesting increasing trader engagement and speculative activity in Ether derivatives. A funding rate of zero reflects a balance between bullish and bearish sentiment among traders.

Altcoin price update

• XRP (XRP) was priced at US$2.26, up by 9.2 percent over 24 hours.

• Solana (SOL) was trading at US$138.82, up by 4.7 percent over 24 hours.

Today’s crypto news to know

Cardano chain split, Etherscan API outage highlight DeFi risks

Recent events in the crypto ecosystem have underscored the vulnerabilities and institutional challenges facing DeFi investors. On November 21, Cardano experienced an accidental chain split triggered by a malformed transaction, temporarily dividing the blockchain into two competing chains.

The disruption exposed weaknesses in network resilience and stake pool operations, causing lost block rewards and transaction irregularities in DeFi protocols dependent on Cardano’s network stability.

Then, Etherscan unexpectedly cut off API access to roughly 10 percent of its blockchains and networks. This sudden outage occurred during the DevConnect conference, impairing developers’ ability to manage smart contracts effectively, further revealing how dependent DeFi investors are on the reliability of ancillary infrastructure.

These events came amid growing tensions involving JPMorgan Chase (NYSE:JPM).

The banking giant has drawn ire from the crypto community for reportedly influencing MSCI to exclude digital asset treasury companies holding more than 50 percent of their assets in cryptocurrencies.

JPMorgan’s research warns that the exclusion could trigger forced selloffs potentially totaling up to US$8.8 billion, with Strategy (NASDAQ:MSTR) alone possibly facing US$2.8 billion in outflows.

The final decision will be announced on January 15 ,with changes taking effect in February.

The bank then upgraded ratings on Monday for Bitcoin-mining companies Cipher Mining (NASDAQ:CIFR) and CleanSpark (NASDAQ:CLSK) to overweight from neutral, citing strong momentum in high-performance computing partnerships and long-term cloud and colocation deals that improve revenue visibility.

JPMorgan’s stance highlights the institutional and regulatory tensions complicating the interface between traditional finance and the fast-evolving crypto ecosystem.

Franklin Templeton, Grayscale launch XRP ETFs

The Franklin XRP ETF (ARCA:XRPZ) and the Grayscale XRP Trust ETF (ARCA:GXRP) both launched on Monday, providing new regulated investment options for XRP exposure.

Investor response was prompt, with early trading volumes indicating strong demand and positive sentiment around XRP’s future prospects as reflected in the market’s reception to both ETFs.

Market watchers see this dual launch as a major step toward integrating crypto assets like XRP into traditional finance frameworks, enhancing liquidity and investor confidence.

Ray Youssef, CEO of peer-to-peer crypto app NoOnes, said a wave of altcoin ETF launches could bring a much-needed dose of optimism back into the market if investors interpret new listings as implicit regulatory approval.

“As market sentiment has been so underwhelming in recent times, the ETF season hitting the market at its current condition may be when they can make the most significant contribution to the digital asset economy this year.”

Youssef added that the launch of altcoin ETFs is creating a steady flow of capital into the digital asset market, providing a liquidity buffer. This momentum could lead to an end-of-year rally for altcoins.

Burry debuts newsletter after Scion shutdown

Michael Burry, best known for his prescient bet against the US housing market in 2008, has launched a paid Substack newsletter not long after closing his hedge fund, Scion Asset Management.

In his introductory post, Burry emphasizes that the move does not mark a retirement, but rather a shift toward writing without the regulatory constraints that accompany professional money management.

Priced at US$39 per month, the newsletter has quickly drawn more than 21,000 subscribers.

Early essays revisit his trading history during the dot-com era and outline why he views today’s artificial intelligence boom as a supply-glutted bubble primed for correction.

With Scion now closed, Burry says the newsletter will become his primary outlet for analysis as he continues to track what he views as speculative excess building across technology markets.

Investor Insight

E-Power Resources offers investors high-grade exposure to the rapidly expanding flake graphite sector through one of Québec’s most promising districts. With a strategic land position, near-surface discoveries, and a leadership team experienced in exploration and capital markets, E-Power is positioned to help supply North America’s critical battery materials chain.

Overview

E-Power Resources (CSE:EPR) is a Montréal-based company focused on advancing its flagship Tetepisca graphite property in Québec’s North Shore region. The company’s mission is to delineate and develop a high-grade, near-surface flake-graphite resource capable of supplying future North American battery-anode demand.

Since entering the Tetepisca district in 2019, E-Power has systematically advanced its project from regional geophysics to mapping, sampling, drilling and metallurgical testing. This disciplined exploration pipeline has confirmed the presence of district-scale, high-purity graphite mineralization within the same geological sequence that hosts neighboring deposits such as Focus Graphite’s Lac Tetepisca and Nouveau Monde Graphite’s Uatnan, which together hold more than 120 million tons (Mt) measured + indicated at approximately 14 percent Cg.

Graphite demand is accelerating globally as electric-vehicle production and energy-storage capacity expand. Québec’s hydroelectric grid, pro-mining policy environment, and rapidly developing anode-manufacturing infrastructure make it a world-class jurisdiction for low-carbon graphite development. Within this setting, E-Power’s land position, grade profile and technical results uniquely position the company to become a core participant in Canada’s graphite-to-battery supply chain.

Company Highlights

• Flagship project in Québec’s premier graphite district: 100-percent-owned Tetepisca Property, 234 contiguous claims covering ≈ 12,840 ha, the largest land position in the district
• Exceptional grades: 2025 surface sampling returned up to 68.7 percent Cg (carbon in graphite form) at the Graphi-Centre target, among the highest reported globally
• High-purity metallurgy: 2024 bulk sampling produced concentrates grading up to 96.4 percent Cg, validating commercial potential.
• Strategic infrastructure advantage: ~220 km from Baie-Comeau and within trucking distance of a planned 200,000 tons per year (tpy) graphite-anode facility, anchoring Québec’s battery-materials hub.
• Surging Market Demand: With global battery production accelerating, the graphite market is forecast to soar, positioning E-Power to benefit from one of the most dynamic growth trends in the energy materials sector.
• Led by Experience: Backed by a strong, technically skilled management team, E-Power is strategically positioned to advance North American graphite independence and capture growing demand in the energy transition economy.

Key Project

Tetepisca Graphite Project

The Tetepisca graphite property is approximately 220 km north of Baie-Comeau, covering 234 contiguous claims (~12,840 ha) in the heart of the Tetepisca Graphite District (TGD). The property is 100-percent-owned by E-Power and hosts the same graphitic metasedimentary units that define the district’s producing and feasibility-stage assets.

District-Scale Opportunity

The TGD is an emerging flake-graphite camp that now hosts more than 120 Mt of measured and indicated resources averaging ~14 percent Cg across nearby projects such as Nouveau Monde Graphite’s Uatnan and Focus Graphite’s Lac Tetepisca deposits.

E-Power controls the largest contiguous land position in the district, strategically covering the same graphitic metasedimentary horizons that host these deposits. The district’s proximity to the planned 200,000 tpy graphite-anode facility in Baie-Comeau creates a unique alignment of resource, infrastructure and processing capability, positioning E-Power as a potential key upstream feed source for Québec’s integrated graphite-to-anode supply chain.

2024–2025 Exploration Results

E-Power’s work since 2021 has validated the property’s high-grade, near-surface potential.

• The 2025 Phase 1 program returned grab samples up to 68.7 percent Cg at the Graphi-Centre target, one of the highest surface graphite grades reported globally.
• New discoveries on the northern claim block (N3 and N4 targets) yielded multiple samples exceeding 20 percent Cg, extending graphite mineralization across more than 330 meters of strike within continuous conductive trends.
• The Syndicate Trend, a 12 km linear conductor in the southwest, produced a new showing with grades of 54.7 percent Cg within a broader corridor that includes a historical drill intercept of 12.74 percent Cg over 9.55 meters.
• Metallurgical test work from 2024 bulk sampling confirmed high-purity concentrates of up to 96.4 percent Cg, with additional mineralogy and flake-size distribution studies underway to define commercial product potential.

E-Power’s 2025–2026 work program will focus on advancing the Tetepisca property toward an initial resource estimate. Key activities include expanded fieldwork and metallurgical testing at the Graphi-Centre, Captain Cosmos and Syndicate showings; follow-up ground and drone-borne geophysical surveys to refine drill targets; and a focused drilling campaign designed to define near-surface, high-grade graphite zones. In parallel, the company is initiating early environmental baseline and access studies to support future development and potential partnerships within Québec’s growing graphite-to-anode supply chain.

Management Team

Jean-Michel Gauthier – Chief Executive Officer

Jean-Michel Gauthier contributes significant expertise in capital markets, corporate development and strategic positioning within the resource sector. His focus will be on ensuring the optimal deployment of capital and maximizing the inherent value of the Tetepisca Project as it advances through key de-risking stages.

Mark Billings – Chairman of the Board

Mark Billings is a highly respected finance professional in the Canadian resource sector, bringing extensive investment banking and corporate finance experience. His prior roles, including VP corporate finance at Desjardins Securities, provide a crucial foundation for guiding E-Power’s capital formation and strategic financing plans necessary for the Tetepisca Project’s development phases.

Jamie Lavigne – Chief Operating Officer

Jamie Lavigne is a professional economic geologist with over 30 years of experience in exploration and mine development. He has worked with major Canadian and Australian mining companies and several junior explorers and operates his own consulting firm. Lavigne holds a B.Sc. from Memorial University and an MSc. from the University of Ottawa. He is a member of L’Ordre des Géologues du Québec and the Northwest Territories and Nunavut Association of Professional Engineers and Geoscientists.

Paul Haber – Chief Financial Officer and Corporate Secretary

Paul Haber brings over 20 years of experience in corporate finance and capital markets. He has served as CFO, board member, and audit chair for numerous public and private companies, including XTM (CSE:PAID), South American Silver (TSX:SAC), and Migao Corporation (TSX:MGO). A CPA and CA, Haber began his career at Coopers & Lybrand and holds an Honours B.A. in Management from the University of Toronto. He also holds a Chartered Director designation from the DeGroote School of Business and the Conference Board of Canada.

Christian Falk – Advisory Board Member

Coalition presses for government action

The referendum was organized with support from the Alliance des municipalités Petite-Nation Nord and spearheaded by local business and land-use groups under the banner of the Coalition du NON.

The coalition is demanding that both provincial and federal governments move quickly to halt the project and declare the territory incompatible with mining activity. Louis St-Hilaire, president of the Petite-Nation Lake Protection Group and co-spokesperson for the coalition, said the result represents a clear directive.

“Through this referendum, citizens have shown that mining is clearly not what they want for their region and that they will continue to oppose it. Mr. Legault, the public is now asking you, in the public interest, to revoke Lomiko Metals’ mining rights in this area,” St-Hilaire said.

Lomiko acknowledges challenge of social license

Lomiko received permits from the Québec government to begin a 250 metric ton bulk sample at La Loutre on July 1, also saying in the update that it was in a permitting phase to start geotechnical site investigations.

In a statement to CBC on Tuesday (September 2), the company acknowledged the referendum outcome, while stressing that “the many outstanding questions will become clearer as it carries out additional studies.”

Last year, Lomiko expressed disappointment after Québec’s government declined to fund the project, saying the province appeared to be drawing “pre-emptive conclusions” before technical assessments were completed.

Local leaders say the onus is now squarely on provincial and federal authorities to respect the verdict.

Markets and commodities react

Canadian equity markets were mostly positive during the shortened trading week. The S&P/TSX Composite Index (INDEXTSI:OSPTX) set another new record high on Friday, closing the week up 1.7 percent to 29,050.63. The S&P/TSX Venture Composite Index (INDEXTSI:JX) did even better, climbing 3.34 percent to finish Friday at 857.25. However, the CSE Composite Index (CSE:CSECOMP) went the opposite direction, falling 5.16 percent to end the week at 158.32.

US equity markets were volatile this week, falling sharply at the open of the trading week Tuesday (September 2) before moving back into positive territory. Although the S&P 500 (INDEXSP:INX) pulled back slightly on Friday’s weak jobs data, it ultimately ended the week up 0.33 percent at 6,481.51. The Dow Jones Industrial Average (INDEXDJX:.DJI) took a larger hit Friday, and closed down 0.32 percent on the week at 45,400.87. Of the three, the Nasdaq 100 (INDEXNASDAQ:NDX) was the week’s biggest winner, rising 1.01 percent to 23,652.44.

The gold price was in focus this week as it climbed to a new record high Wednesday (September 3) on expectations of a September rate cut by the Federal Reserve and news on August 29 that a Federal Appellate court had struck down the majority of Donald Trump’s reciprocal tariffs. Gold ended the week up 4.03 percent at US$3,586.27 per ounce after the lackluster jobs report pushed gold above Wednesday’s highs.

Silver had a similarly explosive week, climbing past US$40 for the first time since 2011 and moving as high as US$41.38 on Wednesday. The precious metal finished Friday with a 3.32 percent weekly gain at US$41.07 per ounce.

On the other hand, copper was off this week, shedding 0.87 percent to US$4.54 per pound. The S&P Goldman Sachs Commodities Index (INDEXSP:SPGSCI) posted a decrease of 1.17 percent by close on Friday, finishing at 543.28.

Top Canadian mining stocks this week

How did mining stocks perform against this backdrop?

Take a look at this week’s five best-performing Canadian mining stocks below.

Stocks data for this article was retrieved at 4:00 p.m. EDT on Friday using TradingView’s stock screener. Only companies trading on the TSX, TSXV and CSE with market caps greater than C$10 million are included. Mineral companies within the non-energy minerals, energy minerals, process industry and producer manufacturing sectors were considered.

1. Carlton Precious (TSXV:CPI)

Weekly gain: 77.78 percent
Market cap: C$17.74 million
Share price: C$0.24

Carlton Precious is a mineral exploration company focused on a portfolio of precious metals projects in the Americas and Australia.

Its flagship Esquilache silver project, located in Peru, consists of two mining concessions covering an area of 1,600 hectares. Unsubstantiated records from the property indicate historic mining produced 10 million ounces of silver between 1950 and 1962. Exposed structures on the property show mineralization of silver, lead, zinc, copper and gold.

On March 19, Carlton reported assay results from a 2024 surface channel sampling program, with grades peaking at 13.45 grams per metric ton (g/t) gold and 1,018 g/t silver.

The company’s most recent announcement came on July 14, when Carlton signed an agreement with the community of San Antonio de Esquilache for the project allowing for further exploration at the property. Carlton added that its staff has designed a program of up to 40 drill holes that it expects to commence in fall 2025.

In its September 2025 investor presentation, the company stated it is submitting its drill permit applications.

2. Quantum Critical Metals (TSXV:LEAP)

Weekly gain: 73.68 percent
Market cap: C$17.31 million
Share price: C$0.165

Formerly Durango Resources, Quantum Critical Metals is a polymetallic exploration company developing a portfolio of projects in Québec and British Columbia, Canada.

Its flagship NMX East critical metals project is in the Eeyou Istchee James Bay region of Québec and lies adjacent to Nemaska Lithium’s Whabouchi mine. According to the project page, the company has drilled four holes at the property, producing a highlighted assay of 107.68 meters from surface containing average grades of 38.85 g/t gallium, 701.03 g/t rubidium, 24.98 g/t cesium and 3.61 g/t thallium.

Quantum Critical Metals has also been working to advance its Victory antimony project in Haida Gwaii, British Columbia. The site was initially discovered in the 1980s and hosts mineralization of arsenic, antimony and mercury. On August 25, the company announced it submitted an application to expand the property to 1,444 hectares.

The company’s most recent news came on Thursday (September 4), when it identified mica as a key carrier of critical minerals at its NMX project. Quantum selected samples from the 107 meter interval mentioned above, and the samples with the highest mica content returning significantly higher grades of critical metals, including gallium, rubidium, lithium and niobium.

Quantum has now sent the samples for further testing. If the testing confirms the results, stated the discovery will allow for easier removal of these elements from the rock, as the company can first isolate the mica.

3. Electric Metals (TSXV:EML)

Weekly gain: 66.67 percent
Market cap: C$79.98 million
Share price: C$0.45

Electric Metals is a mineral development company focused on advancing its flagship North Star manganese project in Minnesota, US. According to the company, the asset is North America’s highest-grade manganese resource. It plans to produce high-purity manganese sulphate monohydrate for lithium-ion batteries.

On August 26, Electric Metals released its preliminary economic assessment (PEA) for North Star. The assessment demonstrated a base-case after-tax net present value of US$1.39 billion, with an internal rate of return of 43.5 percent and a payback period of 23 months.

The report also included an updated mineral resource estimate with an indicated resource of 7.6 million metric tons of ore grading 19.07 percent manganese, 22.33 percent iron and 30.94 percent silicon, and an inferred resource of 3.73 million metric tons of ore grading 17.04 percent manganese, 19.04 percent iron and 30.03 percent silicon.

Momentum from the PEA release landed Electric Metals on this list of top performers last week, and its shares climbed even higher this week after the company announced the results of its annual and special shareholder meeting.

Shareholders approved all resolutions, including two related to Electric Metals’ plan to redomicile its business in Delaware, US. The first is continuance from the Canada Business Corporations Act to the Business Corporations Act of British Columbia. Shareholders also voted to authorize a continuance of the company to the Delaware General Corporation Law, with the condition of a successful corporate move to BC.

Electric Metals CEO Brian Savage said the change is intended to align its corporate home with the company’s mission to build a fully domestic US supply of manganese.

4. Valhalla Metals (TSXV:VMXX)

Weekly gain: 66.67 percent
Market cap: C$11.53 million
Share price: C$0.15

Valhalla Metals is a polymetallic exploration company working to advance a pair of projects in Alaska’s Ambler Mining District. Its Sun project consists of 392 claims that cover an area of 25,382 hectares.

A May 2022 technical report states that the indicated mineral resource for the project is 1.71 million metric tons of ore containing 162.96 million pounds of zinc, 55.85 million pounds of copper, 42.04 million pounds of lead, 3.3 million ounces of silver and 12,000 ounces of gold.

It also reported an inferred resource of 9.02 million metric tons containing 831.33 million pounds of zinc, 239.64 million pounds of copper, 290.26 million pounds of lead, 23.68 million ounces of silver and 73,000 ounces of gold.

The project is largely dependent on the construction of the 211 mile Ambler Access Road, which Donald Trump approved in his first term as president. Joe Biden rescinded the federal permit in 2024 due to environmental concerns.

Shares in Valhalla gained momentum this week after Congress voted 215 to 210 on Wednesday to move ahead with the project. It’s expected that the Senate will follow suit when it votes on the resolution in the next few weeks.

5. Orosur Mining (TSXV:OMI)

Weekly gain: 65.31 percent
Market cap: C$108.97 million
Share price: C$0.405

Orosur Mining is an exploration company focused on the development of early to advanced-stage assets in South America.

Exploration has revealed multiple gold deposits at its flagship Anzá gold project in Colombia, which is located 50 kilometers west of Medellin and sits along Colombia’s primary gold belt.

Orosur acquired the project, previously a 49/51 joint venture between Newmont and Agnico Eagle, in November 2024.

Since that time, the company has been working to explore the property and has made several announcements regarding its exploration efforts. The most recent came on August 26, when it reported highlights from infill drilling being carried out at the property, including one hole with 6.13 g/t gold over 71.85 meters from near surface at the Pepas gold prospect.

Orosur also owns several early-stage projects, the El Pantano gold-silver project in Argentina, the Lithium West project in Nigeria and the Ariquemes project in Brazil, which is prospective for tin, niobium and rare earths.

On Monday (September 1), Orosur reported that in August, it had issued 3.28 million new common shares for a total consideration of US$174,711.67 following its exercise of the same number of warrants. It also stated that 31.51 million warrants remained outstanding.

FAQs for Canadian mining stocks

How much does it cost to list on the TSXV?

There are a variety of different fees that companies must pay to list on the TSXV, and according to the exchange, they can vary based on the transaction’s nature and complexity. The listing fee alone will most likely cost between C$10,000 to C$70,000. Accounting and auditing fees could rack up between C$25,000 and C$100,000, while legal fees are expected to be over C$75,000 and an underwriters’ commission may hit up to 12 percent.

The exchange lists a handful of other fees and expenses companies can expect, including but not limited to security commission and transfer agency fees, investor relations costs and director and officer liability insurance.

These are all just for the initial listing, of course. There are ongoing expenses once companies are trading, such as sustaining fees and additional listing fees, plus the costs associated with filing regular reports.

How do you trade on the TSXV?

Investors can trade on the TSXV the way they would trade stocks on any exchange. This means they can use a stock broker or an individual investment account to buy and sell shares of TSXV-listed companies during the exchange’s trading hours.

Gold price chart, December 31, 2024, to September 5, 2025.

Gold price chart, August 31, 2020, to September 1, 2025.

The gold price surpassed that level again in early 2022 as Russia’s invasion of Ukraine collided with rising inflation around the world, increasing the allure of safe-haven assets and pulling the yellow metal up to a price of US$2,074.60 on March 8, 2022. However, it fell throughout the rest of 2022, dropping below US$1,650 in October.

Although it didn’t quite reach the level of volatility as the previous year, the gold price experienced drastic price changes in 2023 on the back of banking instability, high interest rates and the breakout of war in the Middle East.

After central bank buying pushed the gold price up to the US$1,950.17 mark by the end of January, the US Federal Reserve’s 0.25 percent rate hike on February 1 sparked a retreat as the dollar and Treasury yields saw gains. The precious metal went on to fall to its lowest price level of the year at US$1,809.87 on February 23.

The banking crisis that hit the US in early March caused a domino effect through the global financial system and led to the mid-March collapse of Credit Suisse, Switzerland’s second-largest bank. The gold price jumped to US$1,989.13 by March 15. The continued fallout in the global banking system throughout the second quarter of the year allowed gold to break above US$2,000 on April 3, and go on to flirt with a near-record high of US$2,049.92 on May 3.

Those gains were tempered by the Fed’s ongoing rate hikes and improvements in the banking sector, resulting in a downward trend in the gold price throughout the remainder of the second quarter and throughout Q3. By October 4, gold had fallen to a low of US$1,820.01 and analysts expected the precious metal to drop below US$1,800.

That was before the October 7 attacks by Hamas on Israel ignited legitimate fears of a much larger conflict erupting in the Middle East. Reacting to those fears, and to rising expectations that the Fed would begin to reverse course on interest rates, gold broke through the important psychological level of US$2,000 and closed at US$2,007.08 on October 27. As the fighting intensified, gold reached a then-new high of US$2,152.30 in intraday trading on December 3.

That robust momentum in the spot gold price continued into 2024, chasing new highs on fears of a looming US recession, the promise of Fed rate cuts on the horizon, the worsening conflict in the Middle East and the tumultuous US presidential election year. By mid-March, gold was pushing up against the US$2,200 level.

That record-setting momentum continued into the second quarter of 2024 when gold broke through US$2,400 in mid-April on strong central bank buying, sovereign debt concerns in China and investors expecting the Fed to start cutting interest rates. The precious metal went on to hit US$2,450.05 on May 20.

Throughout the summer, the hits kept on coming.

The global macro environment was highly bullish for gold in the lead up to the US election. Following the failed assassination attempt on Trump and a statement about coming interest rate cuts by Fed Chair Powell, the gold spot price hit a then new all-time high on July 16 at US$2,469.30. One week later, news that then-President Joe Biden would not seek re-election and would instead pass the baton to Vice President Kamala Harris eased some of the tension in the stock markets and strengthened the US dollar. This also pushed the price of gold down to US$2,387.99 on July 22, 2024.

However, the bullish factors supporting gold remained in play, and the spot price for gold went on to breach US$2,500 on August 2 that year on a less than stellar US jobs report; it closed just above the US$2,440 level. A few weeks later, gold pushed past US$2,500 once again on August 16, closing above that level for the first time ever after the US Department of Commerce released data showing a fifth consecutive monthly decrease in a row for homebuilding.

The news that the Chinese government issued new gold import quotas to banks in the country following a two month pause also helped fuel the gold price rally. Central bank gold buying has been a significant tailwind for the gold price this year, and China’s central bank has been one of the strongest buyers.

Market watchers expected the Fed to cut interest rates by a quarter point at their September 2024 meeting, but news on September 12 that the regulators were still deciding between the expected cut or a larger half-point cut led gold prices on a rally that carried through into the next day, bringing gold prices near US$2,600.

At the September 18 Fed meeting, the committee ultimately made the decision to cut rates by half a point, news that sent gold even higher. By September 20, it moved above US$2,600 and held above US$2,620.

In October 2024, gold first breached the US$2,700 level and continued to higher on a variety of factors, including further rate cuts and economic data anticipation, the escalating conflict in the Middle East between Israel and Hezbollah, and economic stimulus in China — not to mention the very close race between the US presidential candidates.

While the gold price fell following Trump’s win in early November and largely held under US$2,700 through the end of the year, it began trending upwards in 2025 to the new all-time high discussed earlier in the article.

Investor takeaway

While we have the answer to what the highest gold price ever is as of now, it remains to be seen how high gold can climb, and if the precious metal can reach as high as US$5,000, US$10,000 or even US$40,000.

Even so, many market participants believe gold is a must have in any investment profile, and there is little doubt investors will continue to see gold price action making headlines this year and beyond.