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finlay minerals ltd. (TSXV: FYL,OTC:FYMNF) (OTCQB: FYMNF) (‘Finlay’ or the ‘Company’) announces that it has granted an aggregate of 2,725,000 stock options of the Company (each, a ‘Stock Option’) to certain directors, officers, employees and consultants of the Company. Each Stock Option entitles the holder thereof to acquire one common share of the Company at an exercise price of $0.13 until December 10, 2030. The Stock Options were issued pursuant to the terms of the Company’s rolling 10% stock option plan, which was most recently approved by the shareholders of the Company on June 20, 2025.

The above-noted stock option grant brings the total number of the Company’s issued and outstanding stock options to 11,925,000.

The Stock Options vest as of the date of the grant. The Stock Options and any common shares of the Company issued upon exercise of the Stock Options will be subject to a four-month resale restriction from the date of grant of the Stock Options.

About finlay minerals ltd.

Finlay is a TSXV company focused on exploration for base and precious metal deposits through the advancement of its ATTY, PIL, JJB, SAY and Silver Hope Properties; these properties host copper-gold porphyry and gold-silver epithermal targets within different porphyry districts of northern and central BC. Each property is located in areas of recent development and porphyry discoveries with the advantage of hosting the potential for new discoveries.

Finlay trades under the symbol ‘FYL’ on the TSXV and under the symbol ‘FYMNF’ on the OTCQB. For further information and details, please visit the Company’s website at www.finlayminerals.com

On behalf of the Board of Directors,

Robert F. Brown,
Executive Chairman of the Board

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.

Forward-Looking Information: This news release includes certain ‘forward-looking information’ and ‘forward-looking statements’ (collectively, ‘forward-looking statements’) within the meaning of applicable Canadian securities legislation. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as ‘expect’, ‘plan’, ‘anticipate’, ‘project’, ‘target’, ‘potential’, ‘schedule’, ‘forecast’, ‘budget’, ‘estimate’, ‘intend’ or ‘believe’ and similar expressions or their negative connotations, or that events or conditions ‘will’, ‘would’, ‘may’, ‘could’, ‘should’ or ‘might’ occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Forward-looking statements in this news release include statements regarding, among others, the exploration plans for the Properties. Although Finlay believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration successes, and continued availability of capital and financing and general economic, market or business conditions. These forward-looking statements are based on a number of assumptions including, among other things, assumptions regarding general business and economic conditions, the timing and receipt of regulatory and governmental approvals, the ability of Finlay and other parties to satisfy stock exchange and other regulatory requirements in a timely manner, the availability of financing for Finlay’s proposed transactions and programs on reasonable terms, and the ability of third-party service providers to deliver services in a timely manner. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements, and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein. Finlay does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future or otherwise, except as required by applicable law. 

SOURCE finlay minerals ltd.

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/December2025/10/c0609.html

News Provided by Canada Newswire via QuoteMedia

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Aurum Resources (ASX: AUE, “Aurum” or “the Company”) is pleased to announce encouraging, broad gold intercepts from its ongoing 30,000m drilling program at the 0.87Moz Napié Gold Project1 in Côte d’Ivoire. The drill program is designed to grow Mineral Resources at Napié and has successfully confirmed multiple shallow, open-pitable gold intercepts from 18 holes drilled for 5,479m at the Tchaga deposit (0.54Moz @ 1.16g/t Au).

Encouraging new drill intercepts from Napié’s Tchaga deposit include2:

  • Tchaga Deposit:
    • 5.00m @ 10.09 g/t Au from 209.00m inc. 1.00m @ 49.10 g/t Au (NADD062)
    • 50.00m @ 0.62 g/t Au from 363.00m inc. 1.00m @ 7.55 g/t Au (NADD062)
    • 10.80m @ 4.52 g/t Au from 73.00m inc. 1.90m @ 23.45 g/t Au (NADD060)
    • 36.70m @ 0.66 g/t Au from 93.30m inc. 4.70m @ 1.06 g/t Au (NADD076)
    • 6.00m @ 3.82 g/t Au from 226.00m inc. 1.00m @ 22.37 g/t Au (NADD064).

Exploration Growth & Project Development:

  • Mineralisation remains open: Gold mineralisation confirmed over 2,300m and remains open along strike and at depth (tested to over 400m vertical), indicating significant potential for resource growth.
  • Drilling fleet expanded: Aurum has two drill rigs working at Napié and 12 drill rigs at Boundiali and is targeting more than 130,000m of drilling at Boundiali and Napié in CY2025.
  • Major Resource updates pending: Two major MRE updates (Boundiali and Napié) are scheduled for Q1 CY2026, aimed at growing the Company’s current 3.28Moz resource base.
  • Well-funded for growth: Aurum maintains a strong balance sheet with ~$43M cash3 to fund its exploration and development programs.

Aurum’s Managing Director Dr. Caigen Wang said: “We are hitting multiple broad shallow, open-pitable gold intercepts from this latest round of step-back diamond drilling at Napié’s Tchaga deposit. Most of these intercepts are outside of the current MRE and have been drilled on a 100m line spacing, and in places down to over 400m vertical depth, well below the current MRE. Within this we are seeing a higher-grade core of around 400m strike, which includes our previous result 17m @ 9.38 g/t gold4 from 236m. Drilling is ongoing and we are awaiting assays which will be used for the planned MRE update in Q1 CY2026.

Our unique advantage is our owned and operated fleet of 12 diamond drill rigs, which allows us to aggressively and cost- effectively test these major gold systems, and we continue to drill with two rigs at Napié in parallel with our aggressive program at Boundiali. We have 12 diamond drill rigs active at Boundiali on multiple deposits, as we focus on delivering an increase in quantity and confidence in our Mineral Resources.

As we close out CY2025 we have a strong cash balance of $43M, a clear development pathway with the Boundiali PFS underway, and resource growth from major updates at both gold projects pending. This places Aurum in an excellent position to continue to deliver substantial shareholder value in 2026.’


Click here for the full ASX Release

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A group of moderate Republicans is defying House GOP leaders to try and force a vote on extending enhanced Obamacare subsidies that expire at the end of this year.

Republicans led by Rep. Brian Fitzpatrick, R-Pa., on Wednesday filed a measure known as a discharge petition, a mechanism designed to force a vote on legislation over the wishes of leadership, provided it gets support from a majority of House lawmakers.

A dramatic series of events unfolded on the House floor as House GOP leaders worked to win support for an unrelated vote that first appeared poised to fail.

While a group of conservatives threatened to mutiny Republicans on that vote for separate reasons, several moderates also appeared to withhold their votes altogether, and Fox News Digital witnessed them in tense discussions with Speaker Mike Johnson, R-La., and other GOP leaders.

Those moderates eventually voted in favor of passing the legislation at hand before marching to the front of the House chamber to file their discharge petition. They lined up one by one to sign the document that would move their healthcare agenda full steam ahead despite Johnson signaling little appetite to entertain it.

So far, the petition has support from six House Republicans and two Democrats but is expected to grow in numbers as the clock ticks on the looming healthcare cost cliff awaiting millions across the country.

‘We know we need a temporary extension of the tax credits — with reforms — and then we can do more serious things, but we’re not gonna do serious changes to the [Affordable Care Act] in the next two or three weeks,’ Rep. Don Bacon, R-Neb., one of the signatories, told Fox News Digital. ‘So, we just felt like, since there doesn’t seem to be any impetus to do this, we’re gonna try to force the issue.’

Asked if he believed they would get House GOP leaders’ blessing, Bacon said, ‘Probably not.’

Fitzpatrick’s bill is aimed at advancing a two-year extension of Obamacare subsidies that Democrats expanded during the COVID-19 pandemic.

Democrats in Congress voted twice during the pandemic to expand the availability of premium tax credits for Obamacare, also called the Affordable Care Act (ACA), to make sure more Americans had access to healthcare coverage.

A majority of House Republicans have signaled they are not open to extending them, at least not without significant reforms. Conservatives in particular have panned the enhanced subsidies as a COVID-19-era relic that benefited insurance companies rather than Americans.

But some GOP lawmakers have joined Democrats in warning that failing to extend them at least temporarily at this point will result in millions of Americans seeing their healthcare premiums skyrocket while Congress refuses to act.

Rep. Ryan Mackenzie, R-Pa., another Republican who signed the petition, said House GOP leaders signaled they would be ‘putting forward’ a number of healthcare reforms ‘that are very positive in nature,’ but ‘an extension of the ACA tax credits was not included in that package.’

‘So, we have been talking about and advocating for that to move forward, and so this seems like the best vehicle to do that,’ Mackenzie said. 

He told Fox News Digital, ‘The reason we’re in this mess to begin with is that things were done in a partisan fashion. And, so, I think if we want longevity and reforms and changes, we should be doing it in a bipartisan fashion.

‘It’s a time-sensitive matter, and it’s an existential matter for people back home who we care about where this is a very real problem,’ Fitzpatrick told reporters. ‘You try to do things through the normal course, you try to do things through regular order. When all those remedies are exhausted, then you’ve got to go this route, unfortunately.’

Asked if it was spurred at all by moderates’ conversation on the House floor with Johnson, Rep. Mike Lawler, R-N.Y., said, ‘It was clear that, given the timeframe and given some of the differences within our conference on particular issues, that a bill was not going to be put forward. And so I think we all recognize the importance of getting an extension passed.’

But it’s not clear whether House Democratic leaders, who have their own discharge petition for a three-year extension of the Obamacare subsidies, will support the bill. It likely will not succeed without buy-in from all House Democrats.

Asked if his leaders would back it, Rep. Jared Golden, D-Maine, said, ‘Go ask them. But I think they ought to.’

Johnson, for his part, told reporters discharge petitions were ‘typically used as a tool against the majority’ but said he was ‘very sympathetic’ to moderate Republicans’ concerns.

‘We have spent many, many hours trying to find a way out of the conundrum that we’re in. With regard to those extensions, there’s a lot of people who are very concerned about Obamacare and the fact that the subsidies were created by Democrats for COVID-era limited use,’ Johnson said.

‘We just can’t get Republican votes on that for lots of reasons, not enough of them. And, so, look, my colleagues have made a decision. I don’t take it against them personally, I don’t operate that way. I have great respect for those guys, I understand the situation they’re in for their districts, and we’ll see how it plays out.’

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There are two Obamacare proposals destined for failure on Thursday as the deadline to extend Biden-era subsidies inches closer, and both Senate Republicans and Democrats hope that a bipartisan path forward can be paved after the dust settles.

Senate Democrats are going full speed ahead with their three-year extension of the Obamacare enhanced premium subsidies, which Republicans are expected to block over a lack of reforms in a plan that they have nearly all charged as unserious.

And the GOP’s plan, which would abandon the subsidies altogether in favor of health savings accounts (HSAs), is expected to be blocked by Senate Democrats over the inclusion of anti-abortion restrictions and concerns that healthcare premium prices would still skyrocket.

But lawmakers on both sides of the aisle hope that once the plans go down in flames, they can begin the work of crafting a bipartisan solution.

‘I think the question would be, are there the Democrats who, outside of their leadership, are actually interested in the solution, and not just an issue? You know, who want to work with some Republicans,’ Senate Majority Leader John Thune, R-S.D., told Fox News Digital.

‘I can’t predict what’s going to happen, but there’s still a fairly high level of interest among members on our side, and I think some on the Dem side too,’ he continued. ‘But I think that, at least for now … I’m guessing they’ve been asked to stand down, you know, let them, let them get their messaging vote on it, and we’ll see what happens.’

Bipartisan negotiations have been ongoing in the background, but both sides have opted to go with partisan plans instead. Should both fail, it leaves them little time to address the issue before Congress leaves Washington, D.C., next week until the New Year. 

‘I would hope that we could still negotiate in the near term,’ Sen. Mike Rounds, R-S.D., said. 

Republicans argue that the subsidies are riddled with fraud and have drawn a red line on more stringent enforcement of the Hyde Amendment, which prevents taxpayer dollars from funding abortions.

Sen. Angus King, I-Maine, who has been working with Republicans on a plan, said that the Hyde Amendment argument was ‘not going to happen’ with his Democratic caucus colleagues.

‘Their insistence on that, and maybe that will go away, but their insistence on that basically means these premium increases are going to hammer the American people, and frankly, I don’t understand why — this should be a bipartisan,’ King said. ‘Let’s get together and figure this thing out.’

Sen. John Cornyn, R-Texas, told Fox News Digital he hoped that the failed votes ‘brings everybody to the negotiating table, and then we’ll get serious about a bipartisan solution.’

But Cornyn believed that it would likely be a problem that lawmakers would deal with in January, after the subsidies expire.

Meanwhile, Senate Republicans argue that Schumer and Senate Democrats are using their plan as a political cudgel, painting the GOP into a corner on a position that they won’t support, and then using it down the line in the 2026 midterms should the subsidies expire.

‘There’s a very simple solution for them. If they really believe that is the Democratic strategy, they can defeat it by simply voting for this measure,’ Sen. Richard Blumenthal, D-Conn., told Fox News Digital.

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Venezuelan opposition leader María Corina Machado appeared in public Thursday for the first time in 11 months in Norway as her daughter accepted the Nobel Peace Prize award on her behalf.

Machado had been in hiding since Jan. 9, when she was briefly detained after joining supporters in Venezuela’s capital, Caracas. Her recognition came after mounting a peaceful challenge to Venezuelan President Nicolás Maduro’s government.

The crowd chanted, ‘Freedom!’ as Machado stepped onto the hotel balcony in Oslo, Norway, and waved to her supporters before joining them in singing Venezuela’s national anthem.

In an audio recording of a phone call published on the Nobel website, Machado said she wouldn’t be able to arrive to Oslo in time for the award ceremony, but that many people had ‘risked their lives’ to get her there.

‘I am very grateful to them, and this is a measure of what this recognition means to the Venezuelan people,’ she said.

Her daughter, Ana Corina Sosa, accepted the Nobel Prize in her place, saying that her mother ‘wants to live in a free Venezuela’ and ‘will never give up on that purpose.’ 

‘That is why we all know, and I know, that she will be back in Venezuela very soon,’ Sosa added.

Outside the hotel, Machado interacted and hugged people in the crowd, as they snapped pictures and sprinkled her with chants of ‘President! President!’

‘I want you all back in Venezuela,’ Machado said.

Machado’s appearance came after President Donald Trump on Wednesday announced the U.S. seized a Venezuelan oil tanker, a move that could further strain relations with Maduro’s government, which already is subject to extensive U.S. sanctions targeting the country’s oil sector.

Since September, U.S. military strikes have targeted alleged narcotraffickers near Venezuela at least 22 times, killing 87 people. Trump has also recently said Maduro’s ‘days are numbered’ and refused to rule out a ground operation in Venezuela. 

Steve Yates, senior research fellow for China and national security policy at The Heritage Foundation, said on ‘Fox News @ Night’ on Wednesday thatMachado’svisitoverseaswas an opportunity to get ‘greater international support’ for her cause, adding that Trump might benefit from having more of America’s allies in Europe support a ‘non-invasion’ approach.

The Venezuelan opposition leader has previously been outspoken in her support for the Trump administration’s actions against Maduro’s regime and the country’s narcotrafficking network.

After the award was announced in October, the newly minted Nobel Peace Prize winner dedicated the award to both Trump and the ‘suffering people of Venezuela.’

Machado said during a ‘Fox & Friends Weekend’ interview last month that Venezuela was standing at the ‘threshold of freedom,’ highlighting her new ‘freedom manifesto’ that envisions a future without the Maduro regime.

Fox News Digital’s Morgan Phillips and The Associated Press contributed to this report.

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The Trump administration is weighing whether to pursue terrorism-related sanctions against the United Nations Relief and Works Agency (UNRWA), as officials review allegations the agency has ties to Hamas and consider steps that could further pressure its leadership and operations, two sources with direct knowledge of the matter told Reuters. 

The United Nations agency provides aid, schooling, healthcare, shelter and social services to millions of Palestinians in Gaza, the West Bank, Lebanon, Jordan and Syria. U.N. officials have described UNRWA as the backbone of Gaza’s aid effort during the two-year war between Israel and Hamas, but the Trump administration has accused the group of ties to Hamas – an allegation the agency vehemently disputes.

Washington, once UNRWA’s biggest donor, froze funding in January 2024 after Israel accused roughly a dozen staff members of involvement in the Oct. 7, 2023, Hamas attack that triggered the war.

In October, Secretary of State Marco Rubio referred to UNRWA as a subsidiary of Hamas.

‘UNRWA’s not going to play any role in it,’ Rubio said at the time when asked whether the agency would assist in delivering humanitarian aid to Gaza. ‘The United Nations is here. They’re on the ground. We’re willing to work with them if they can make it work, but not UNRWA. UNRWA became a subsidiary of Hamas.’

Reuters reported it was unclear whether recent internal discussions focused on sanctioning the entire agency or specific officials or operations, and that U.S. officials have not yet settled on what type of sanctions they might pursue.

The sources said the State Department has discussed declaring UNRWA a ‘foreign terrorist organization,’ or FTO – a step that would financially isolate the agency.

Any broad move against UNRWA could disrupt refugee aid across the region, as the agency is already facing a severe funding crisis. Such sanctions would be highly unusual, since the U.S. is both a U.N. member and the host nation of the body that created the agency in 1949.

William Deere, who heads UNRWA’s Washington office, said the group would be ‘disappointed’ if officials were discussing an FTO designation, calling such a step ‘unprecedented and unwarranted.’

He pointed to multiple investigations – including one by the U.S. National Intelligence Council – that concluded UNRWA remains a neutral and essential humanitarian actor.

The White House and State Department did not immediately respond to Fox News Digital’s request for comment. The U.S. and Israel have maintained tough positions towards the agency, particularly in the aftermath of the Oct. 7, 2023, massacre.

President Donald Trump in February reaffirmed that the U.S. would not fund UNRWA. In the executive order, Trump said that ‘UNRWA has reportedly been infiltrated by members of groups long designated by the Secretary of State as foreign terrorist organizations, and UNRWA employees were involved in the October 7, 2023, Hamas attack on Israel.’

When the International Court of Justice (ICJ) in April 2025 demanded Israel work with UNRWA, Washington backed Israel, saying it was under no obligation to work with the agency and had ‘ample grounds to question UNRWA’s impartiality.’

UNRWA announced in August 2024 the end of an investigation by the Office of Internal Oversight Services into whether its staff participated in the attacks, as Israel claimed.

The probe examined 19 employees and resulted in nine dismissals over evidence that ‘could indicate’ involvement. The investigation found one case with no evidence of involvement and nine others in which ‘the evidence obtained by OIOS was insufficient’ to prove participation, the agency said.

Fox News Digital’s Rachel Wolf and Reuters contributed to this report.

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The Department of Justice (DOJ) has charged a Ukrainian woman with helping to carry out dozens of cyberattacks on critical U.S. infrastructure, working with Russian-backed hackers, according to newly unsealed indictments.

The State Department’s Rewards for Justice program is also offering up to $10 million for information leading to others tied to one of the pro-Russia hacking groups she was allegedly affiliated with.

Victoria Eduardovna Dubranova, 33, was arraigned Tuesday on a second federal indictment after being extradited to the U.S. earlier this year.

Dubranova, also known as Vika, Tory and SovaSonya, pleaded not guilty to charges related to her alleged work with two Russian-backed operations, CyberArmyofRussia_Reborn (CARR) and NoName057(16).

Prosecutors say both groups receive backing from Russian government bodies to push Russian geopolitical interests.

According to the DOJ, CARR was founded and funded by Russia’s military intelligence agency, the GRU, and operated a popular Telegram channel with more than 75,000 followers.

Officials allege the group’s attacks caused real-world harm, including damage to public water systems that spilled hundreds of thousands of gallons of drinking water.

They also cited a November 2024 breach at a Los Angeles meat processing plant that spoiled thousands of pounds of product and released ammonia.

Today’s actions demonstrate the Department’s commitment to disrupting malicious Russian cyber activity — whether conducted directly by state actors or their criminal proxies — aimed at furthering Russia’s geopolitical interests,’ said Assistant Attorney General for National Security John A. Eisenberg. 

‘We remain steadfast in defending essential services, including food and water systems Americans rely on each day, and holding accountable those who seek to undermine them.’

NoName057(16) is described as a Russia-linked hacktivist group responsible for more than 1,500 attacks between March 2022 and June 2025.

Its targets included government agencies, telecommunications firms, the military, financial institutions and transportation authorities across Ukraine, Estonia, Finland, Lithuania, Norway, Poland and Sweden.

The group also claimed responsibility for cyberattacks on Dutch infrastructure ahead of and during the 2025 NATO Summit in The Hague.

These groups ‘are actively engaging in opportunistic, low-sophistication malicious cyber activity to gain notoriety and create mayhem,’ said Chris Butera, CISA’s acting deputy executive assistant director for cybersecurity.

Dubranova faces up to five years in the NoName case and as many as 27 years in the CARR matter. Trials are set for February and April 2026.

Rewards for Justice announced its $10 million reward with a pointed message aimed at other NoName participants: ‘They call themselves ‘NoName.’ But maybe YOU can name some names,’ it said.

Fox News Digital has reached out to the DOJ for further comment.

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After 2024’s rapid rise, the U3O8 spot price remained more constrained through 2025, fluctuating between a relatively short range of US$63.17 (March 13) and US$83.33 (September 25) per pound.

Entering the year, the price was sitting at US$74.56 before economic and geopolitical uncertainty pushed values to a year-to-date low of US$63.71 in mid-March. Long-term positivity in the demand forecast began pushing the price upward in April through to the end of June, when spot U3O8 touched US$78.93, an H1 high.

Following a brief dip to an H2 low of US$70.98 in mid-July, investor appetite, supply concerns and government support converged, driving the price to US$83.33 on September 25, a year-to-date high. Starting December at US$76.36, U3O8 appears to have found a floor at the US$75 level, holding above the threshold since the end of August.

U3O8 spot price, December 5, 2024, to December 5, 2025.

Chart via Trading Economics.

Despite a subdued stretch for the price, uranium’s long-term drivers remain firmly intact, and arguably have only improved over the course of the year. Combined with renewed investor appetite, that strength has helped lift uranium equities throughout 2025, reinforcing confidence in the sector’s long-term thesis.

Uranium investment demand surges

For Joe Kelly, CEO of Uranium Markets, one of the most compelling uranium market trends in 2025 was the growth in investor demand, particularly for physical uranium.

SPUT had added 7.8 million pounds, growing its uranium holdings to 74.04 million pounds, as of December 2, a 12 percent increase from 2024’s tally. Its net asset value had increased to US$5.68 billion.

Kelly explained that SPUT’s momentum was the result of broader investor enthusiasm, allowing the trust to purchase millions of pounds from the spot market, which “drove the price considerably higher.”

That dynamic extended beyond institutional vehicles.

“You also had investors buying uranium directly because they thought it was cheap and a good investment,” he said.

The result was a layer of financial demand on top of utility needs. According to Kelly, this speculative interest created demand outside of the nuclear power plants in the world. “That drove the price up a little bit higher than it would have been otherwise, without that enthusiasm from the investing community,” he added.

SPUT’s aggressive accumulation has become a clear market signal.

The trust’s growing holdings highlight how institutional investors increasingly view uranium as scarce, tightening available supply by removing material from the open market. As inventories shrink, upward pressure on prices builds.

At the same time, SPUT’s rising net asset value reflects renewed investor confidence tied to reactor buildouts, energy security priorities and the broader clean energy shift.

If the trust keeps buying while mine output lags and utilities lock in long-term contracts, the market could be moving toward a structural deficit, drawing even more attention to uranium equities and physical vehicles.

Uranium term price underscores market momentum

Often described as a more accurate barometer of market activity and sentiment, the long-term contract price displayed less volatility in 2025, starting the 12 month period at US$80 and reaching US$86 at the end of November.

Tiggre stressed that the uranium sector’s “real market is the long-term contract price,” not the day-to-day noise of the spot price. Long-term contracting, he said, is where “actual buyers, sellers, users and suppliers” negotiate prices that determine what it really takes to bring new pounds to market.

The challenge, however, is opacity. “It’s not transparent … they don’t disclose individual contracts,” he said. That leaves analysts to piece together trends from quarterly averages.

Long-term contract price, January 1 to November 30, 2025.

Chart via Cameco.

That underlying market has continued to strengthen from 2024 to 2025.

As Tiggre noted, the long-term price has been “going up, pausing, consolidating, going up,” reaching levels that “clearly do incent production” — yet even the world’s biggest producers have struggled to deliver.

Global uranium majors Cameco (TSX:CCO,NYSE:CCJ) and Kazatomprom “both failed to hit their targets and have officially moved their goal posts,” a signal he called “significant and … bullish.”

Meanwhile, would-be junior producers have not stepped in to fill the gap.

“None of them have been able to say, ‘Yeah, we’re going to build this or rehabilitate that’ and deliver on time,” he noted. What looked like low-hanging fruit has proven “thorny,” reinforcing that supply remains constrained.

At the same time, demand momentum has only accelerated. Headlines showcasing new reactor builds are now “weekly,” Tiggre said, with BRICS nations expanding aggressively and western governments shifting decisively pro-nuclear. Even in the US, he noted, “Trump has doubled down … he’s strongly pro-nuclear.”

The result: A structurally tight market where volatile spot moves obscure a far more durable trend.

“The fundamentals are just super strong,” Tiggre said. “I’m very bullish.”

Uranium doubles as a tech play

Part of uranium’s demand story is tied to forecast growth in artificial intelligence (AI) data center deployment, a segment where electricity consumption has grown by 12 percent since 2019, as per the International Energy Agency (IEA).

Currently data centers use 415 terawatt hours (TWh), representing 1.5 percent of global electricity demand, and that number is projected to increase rapidly over the next five years.

“Our Base Case finds that global electricity consumption for data centres is projected to double to reach around 945 TWh by 2030 in the Base Case, representing just under 3 percent of total global electricity consumption in 2030,” the IEA’s Energy Demand from AI report reads. “From 2024 to 2030, data centre electricity consumption grows by around 15 percent per year, more than four times faster than the growth of total electricity consumption from all other sectors.”

For Gerardo Del Real, publisher at Digest Publishing, the uranium sector’s momentum has shifted as an unexpected coalition of “tech bros” and “mining bros” reshapes the narrative around nuclear power.

“Who would have thought?” said Del Real, noting that after an 18 month stretch where the uranium trade “seemed stuck in the mud,” sentiment turned sharply once markets began viewing nuclear as a technology story.

“The market is one part fundamentals and the other part psychology,” Del Real explained, adding that the psychological boost from the booming tech sector has been powerful.

While he’s skeptical that every AI-fueled data center proposal will materialize, Del Real argued that even limited progress could supercharge energy demand. If tech companies “fulfill 35 percent to 50 percent of their promises,” he said, the resulting power requirements would be “absolutely spectacular.”

This comes as the uranium market was already heading toward a significant deficit by 2026, a trend Del Real believes has now accelerated. Leaning into his contrarian instincts, he said he has written “more checks than ever” for early stage uranium companies with trusted management teams.

“I am thrilled with the results thus far,” said Del Real.

“I think 2026 is going to be an inflection year where the breakout is really pronounced across the board.”

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

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Investor Insight

Sankamap Metals offers exposure to new copper–gold discovery potential in one of the last underexplored regions of the Ring of Fire, with two fully owned, drill-ready assets positioned along a world-class mineral belt.

Company Highlights

  • Two 100 percent owned copper and gold properties – Kuma and Fauro – within a highly prospective copper-gold trend in the Solomon Islands.
  • Drill-ready targets supported by strong historical sampling, including grab samples up to 11.7 percent copper, 13.5 grams per ton (g/t) gold at Kuma, and 173 g/t gold; plus, drill intercepts of 35 m at 2.08 g/t gold at Fauro.
  • Strategically located along the same mineral belt as major deposits, including Newmont’s 71.9 Moz Lihir gold mine.
  • Underexplored mining-friendly jurisdiction with strong government support and established local workforce.
  • Large-scale system potential, including a km-scale copper-gold anomaly at Kuma and multiple high-grade epithermal and porphyry-style targets at Fauro.
  • Inaugural drilling at Kuma, scheduled to begin in January 2026, marking a major catalyst for the project.
  • Strong technical leadership, with a management team that has collectively raised over $1 billion and delivered significant shareholder returns.

Overview

Sankamap Metals (CSE:SCU) is a Canadian exploration company advancing the Oceania Project, a high-impact copper–gold opportunity in the mineral-rich South Pacific. The project includes two fully permitted properties – Kuma and Fauro – in the Solomon Islands, one of the last untapped frontiers of the Pacific Ring of Fire.

The company’s land package is strategically positioned near world-class deposits, such as Newmont Mining’s 71.9 Moz Lihir gold mine and Bougainville Copper’s historic Panguna deposit with 19.3 Moz gold and 5.3 Mt copper resources.

CEO John Florek investigating mineralized outcrop at Kuma property during the summer site visit

Kuma and Fauro are 100 percent owned and drill-ready. Both assets benefit from compelling historical sampling, large-scale geophysical anomalies, and district-scale geological characteristics that support the potential for major porphyry and epithermal systems.

The company focuses on systematic exploration, delineating high-priority drill targets to unlock discovery opportunities. With strong national support for mining and a leadership team deeply experienced in major global jurisdictions, Sankamap is well positioned to generate early and meaningful shareholder value as exploration advances.

Key Properties

Kuma Property

The Kuma property spans 43 sq km and lies 37 km southeast of Honiara on Guadalcanal Island. The property is considered a highly compelling drill-ready porphyry target. Historical sampling returned values up to 11.7 percent copper and 13.5 g/t gold, accompanied by a kilometre-scale copper-gold geochemical anomaly. Airborne geophysical surveys, including mobile magnetotelluric (MT), reveal resistive and conductive features consistent with porphyry, epithermal and skarn-style mineral systems.

Kuma benefits from year-round access and proximity to the Gold Ridge mine. Lidar, surface geochemistry, and geophysics surveys have advanced target definition toward a 2026 drill program. Alteration mapping defined a 2 km lithocap, indicating a potential significant porphyry below that’s not yet tested by drilling.

Kuma is positioned for discovery potential on a scale comparable to other major systems in the region.

Current work at Kuma is focused on refining priority drill targets through ongoing analysis of newly released geophysical and geological datasets. A field visit in November was aimed at ground-truthing these targets, confirming interpretations, and finalizing on-the-ground logistics. Pad and camp construction began in late November, ahead of the inaugural drilling campaign set for January 2026, an important milestone in advancing the Kuma property toward discovery.

Fauro Property

The 147 sq km Fauro property encompasses a high-grade epithermal gold target with indications of a porphyry system at depth. Formed by the collapse of the Fauro calc-alkaline volcano, the property hosts seven prospects, three of which are drill-ready. Historical results include a grab sample of 173 g/t gold, trench results of 8 m at 27.95 g/t gold, and drilling intercepts such as 35 m at 2.08 g/t gold. Multiple zones, including Meriguna, Ballyorlo and Kiovakase, exhibit robust soil anomalies and magnetic highs, underscoring the property’s potential to host a large-scale deposit comparable in setting to the Lihir gold system.

Since 2024, new sampling has confirmed continued high-grade potential, with assays returning up to 19.25 g/t gold and up to 4 percent copper, expanding evidence for a hybrid epithermal-porphyry system. With year-round drilling access and efficient transport via helicopter and boat, Fauro represents a major exploration opportunity with multiple existing gold intercepts and untested porphyry indicators.

Management Team

John Florek – Chief Executive Officer

John Florek has more than 35 years of experience with major and junior mining companies, including BHP, Placer Dome, Barrick, Teck, and Detour Gold/Kirkland Lake Gold/Agnico Eagle. He has identified and advanced significant mining assets from early exploration through development and currently sits on the board of McEwen Mining. He is also CEO, president and director of Emperor Metals.

John Williamson – Chairman, Co-founder and Director

A professional geologist with more than 35 years in the global mining sector, John Williamson founded more than 20 successful companies and the Metals Group. He has raised more than $1 billion across public and private markets, delivering strong returns to shareholders.

Sean Mager – CFO and Director

With 30+ years in the global mining sector, Sean Mager brings extensive experience in corporate development, stakeholder relations, regulatory affairs, finance and operations. He is a co-founder of the Metals Group.

Krystle Adair – Vice-president, Exploration

A geologist with more than 13 years of exploration experience across the Americas, Krystle Adair has managed projects across multiple deposit types. She has worked extensively with Metals Group companies and is a registered professional geoscientist in British Columbia.

Hannett – Director

A Bougainville Island national and professional engineer with 17+ years of experience, Arthur Hannett has worked with major operators including Placer Dome, Barrick, Glencore and Agnico Eagle.

Donald Marahare – Director

A seasoned legal professional with 20+ years of experience in the Solomon Islands, Donald Marahare is the principal at DNS & Partners Law Firm, admitted to the High Court in 2000. He also serves as president of the Solomon Islands Football Federation.

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