Bitcoin and Ether price update

Bitcoin (BTC) was priced at US$90,250.03, down by 2.6 percent over 24 hours. It has extended its bullish tone this week as markets absorbed the US Federal Reserve’s interest latest rate cut and reassessed risk sentiment across assets.

Bitcoin price performance, December 12, 2025.

Chart via TradingView.

The Fed has now cut rates three times in three months, bringing the target range down to 3.5 to 3.75 percent.

Bitcoin dipped to US$89,000 to US$90,000 lows at the US market open, echoing post-Fed pullback patterns noted by Santiment across all three cuts since September.

Ether (ETH) was priced at US$3,084.18, down by 5 percent over the last 24 hours.

Altcoin price update

• XRP (XRP) was priced at US$2, down by 2.1 percent over 24 hours.

• Solana (SOL) was trading at US$131.52, down by 4.2 percent over 24 hours.

Fear and Greed Index snapshot

Open interest eased, while US$3.1 million Bitcoin and US$3.92 million Ether long liquidations signaled deleveraging. A neutral relative strength index and low funding rates kept positioning balanced post-expiry.

CMC’s Crypto Fear & Greed Index continues to hold firm in fear territory, remaining firmly risk-averse on Friday and staying at 29 for a second consecutive day. Despite Bitcoin’s recent upward trend and stabilization at the US$92,000 mark, investors continue to exercise caution after a volatile fourth quarter, reinforcing the view that traders remain reluctant to take on aggressive positions despite improved liquidity conditions elsewhere.

CMC Crypto Fear and Greed Index, Bitcoin price and Bitcoin volume.

Chart via CoinMarketCap.

Today’s crypto news to know

Bessent prepares policy shift on crypto regulation

US Secretary of the Treasury Scott Bessent is preparing a major policy letter that would direct the Financial Stability Oversight Council (FSOC) away from its post-2008 focus on tightening rules and toward re-evaluating whether existing regulations hinder growth. The draft letter, obtained by CNBC, says the FSOC will begin assessing whether certain oversight measures “impose undue burdens” that may undermine stability by limiting innovation.

The FSOC, originally created to prevent another financial collapse, coordinates oversight between the Fed, the SEC, the Commodity Futures Trading Commission (CFTC) and other agencies.

If finalized, the policy would empower agencies to roll back or revise rules deemed outdated or overly restrictive.

OCC approves US trust bank approvals

The Office of the Comptroller of the Currency (OCC) has conditionally approved national trust bank charters for Circle’s (NYSE:CRCL) First National Digital Currency Bank and the Ripple National Trust Bank. The OCC also endorsed transitions for existing state charters held by Paxos Trust Company, BitGo Bank & Trust and Fidelity Digital Assets.

With these approvals, the firms can now operate nationwide under federal oversight, enhancing stablecoin issuance and digital asset services like custody.

Pakistan clears Binance and HTX to begin licensing process

Pakistan has granted initial clearance for Binance and HTX to set up local subsidiaries and begin preparing applications for full digital asset exchange licences.

The Pakistan Virtual Assets Regulatory Authority issued “no objection certificates” after reviewing each platform’s governance, compliance structures and risk controls, though the approvals stop short of permitting trading activity.

The certificates also allow both companies to register on Pakistan’s anti-money-laundering system and begin establishing regulated local entities ahead of a forthcoming licensing regime.

Pakistan Virtual Assets Regulatory Authority Chair Bilal bin Saqib said the phased model will admit only platforms that meet strict global standards on anti-money-laundering and counter-terror financing.

Pakistan, one of the world’s largest crypto markets by retail activity, is simultaneously developing a Virtual Assets Act, while coordinating with US-based World Liberty Financial on digital infrastructure proposals.

Phantom integrates Kalshi prediction market

Phantom has integrated Kalshi’s regulated prediction markets, allowing in-app trading on events like elections, sports, crypto trends and macroeconomics using Solana or its CASH stablecoin.

Users can access live odds, notifications, tokenized positions and community chat without external accounts, leveraging Kalshi’s CFTC oversight and recent high volumes.

Bitcoin and Ether price update

Bitcoin (BTC) was priced at US$85,873.25, down by 3 percent over 24 hours.

Bitcoin price performance, December 15, 2025.

Chart via TradingView.

A bruising bout of weekend volatility pushed Bitcoin to a two week low near US$87,500 amid thin liquidity. Buyers emerged early on Monday to briefly lift prices toward the US$89,500 to 89,700 range, but both DeFi and traditional markets slipped in early trading after Greg Jensen, co-CIO of hedge fund giant Bridgewater Associates, issued a client note warning that Big Tech’s heavy reliance on external capital for artificial intelligence (AI) investments has entered a “dangerous” phase, amplifying AI bubble fears and exacerbating last week’s tech selloff into Monday.

Bitcoin fell to lows around US$85,400, and the global crypto market cap saw a 24 hour decrease of 3.2 percent.

In a post on X, veteran trader Peter Brandt highlighted that Bitcoin’s advance has fractured after failing to hold support following October highs. He warned that this breakdown could trigger “exponential decay” since each bull cycle has yielded smaller gains. Based on historical precedents, Bitcoin could see a drop to US$25,000.

Ether (ETH) was priced at US$2,930.31, down by 5.1 percent over the last 24 hours.

Altcoin price update

• XRP (XRP) was priced at US$1.89, down by 5.2 percent over 24 hours.

• Solana (SOL) was trading at US$125.43, down by 3.6 percent over 24 hours.

Crypto derivatives and market indicators

Bitcoin futures open interest rose slightly to US$59.63 billion, while Ether open interest dipped to US$38.2 billion, signaling modest Bitcoin accumulation amid Ether caution.

Heavy long liquidations confirm capitulation selling pressure. Positive funding rates show some bulls hanging on despite pain, but a relative strength index of 27.03 marks extreme fear, historically preceding sharp reversals in crypto.

Elevated Bitcoin funding rates reflect pricier long bias persisting, but decay could accelerate if shorts pile in.

Overall market sentiment skews fearful, with Bitcoin holding firmer than Ether.

Today’s crypto news to know

Strategy expands Bitcoin holdings amid price slump

Michael Saylor’s Strategy (NASDAQ:MSTR) announced on Monday that it has acquired an additional 10,645 BTC for US$980.3 million, paying an average price of $92,098 per coin.

That brings Strategy’s total holdings to 671,268 BTC. “As of 12/14/2025, we hodl 671,268 $BTC acquired for ~$50.33 billion at ~$74,972 per bitcoin,” the company said in an X post.

JPMorgan launches tokenized money market fund

JPMorgan Chase’s (NYSE:JPM) US$4 trillion asset management arm is launching its first tokenized money market fund, the My OnChain Net Yield Fund, on the public Ethereum blockchain. The fund runs on JPMorgan’s Kinexys platform as a private placement under Rule 506(c), targeting institutions via the Morgan Money trading system.

“Active management and innovation are at the heart of how we deliver new solutions for investors navigating today’s financial landscape,” said George Gatch, CEO of JP Morgan Asset Management. “By harnessing technology alongside our deep expertise in active management, we’re able to provide clients with advanced, innovative, and cost-effective capabilities that help them achieve their investment goals.”

Bitget launches TradFi private beta for traditional assets

Monday saw Bitget announce the private beta launch of Bitget TradFi, a new feature enabling crypto users to open bets on traditional assets using the stablecoin USDT. Fees start at US$0.09 per lot.

Positions will be margined and settled in USDT, eliminating the need for separate brokers or currency conversions, with up to 500x leverage, a tight spread and regulation by Mauritius’ Financial Services Commission.

“The shift in wealth management is happening now, assets that were previously only available on certain niche markets are now on Bitget,’ said Gracy Chen, CEO of Bitget, in the company’s announcement

‘This is historic; crypto, stocks, gold, forex and commodities now coexist under a single system. This is what a universal exchange merging wealth management under a roof looks like; it’s now present-day finance.’

UK moves to place crypto firms under full regulation

UK officials are preparing legislation that would move crypto companies fully inside the country’s financial regulatory framework. According to the Guardian, the plan involves putting crypto service providers under regulation like other financial firms, subject to the Financial Conduct Authority’s rules on consumer protection, governance, transparency and market conduct. Treasury officials say the shift is meant to close longstanding gaps as crypto activity becomes more entwined with mainstream finance rather than operating at the regulatory edges.

Legislation is expected by October 2027 to give firms time to adjust to the more demanding compliance environment.

If enacted, the move would mark a structural change for UK-based crypto startups, which until now have largely operated without full product-level regulation.

HashKey prices Hong Kong IPO at top end at US$206 million

HashKey Holdings, Hong Kong’s largest licensed crypto exchange, is set to raise about US$206 million after pricing its initial public offering near the top of its marketed range, according to a source familiar with the deal.

The company priced shares at 6.68 Hong Kong dollars, valuing the exchange operator as it prepares to debut on the Hong Kong Stock Exchange on Wednesday (December 17). HashKey operates across trading, asset management, brokerage and tokenization, and runs the city’s biggest regulated crypto exchange.

While Mainland China continues to warn against crypto speculation, Hong Kong has taken the opposite approach, positioning itself as a regulated gateway for digital finance.

North Korean hackers drain wallets using fake online meetings

North Korean cybercrime groups are using fake Zoom (NASDAQ:ZOOM) and Microsoft (NASDAQ:MSFT) Teams meetings to steal crypto, draining more than US$300 million through the tactic so far, according to security researchers.

According to CryptoNews, the scam typically starts with a message from a compromised Telegram account that appears to belong to someone the victim already knows. Victims are then invited to what looks like a legitimate video call, complete with convincing video feeds that are actually pre-recorded footage.

During the call, attackers claim there is an audio problem and send a supposed software “patch” that installs malware. The malware can extract passwords, private keys and internal security data, allowing attackers to empty crypto wallets.

Global crypto thefts have already surpassed US$2 billion this year, with North Korea-linked groups remaining among the most active and sophisticated actors in the space.

Markets and commodities react

Canadian equity markets were mixed this week.

The S&P/TSX Composite Index (INDEXTSI:OSPTX) gained 0.34 percent over the week to close Friday at 33,144.98, while the S&P/TSX Venture Composite Index (INDEXTSI:JX) fared better, rising 5.53 percent to 1,154.15. The CSE Composite Index (CSE:CSECOMP) went the other way, losing 0.39 percent to close at 187.36.

The gold price continued to trade at all-time highs this week, reaching US$4,989.94 on Friday afternoon. Overall, it gained 7.96 percent on the week to trade at US$4,984.92 by Friday at 4:00 p.m. EST.

The silver price performed even better, officially hitting triple digit silver when it broke above US$100 per ounce on Friday at new highs. It posted a weekly gain of 11.19 percent, closing Friday at US$102.72. Silver has gained nearly 42 percent since the start of 2026 and 233 percent from this same time last year.

In base metals, the Comex copper price rose 1 percent this week to US$5.98.

The S&P Goldman Sachs Commodities Index (INDEXSP:SPGSCI) rose 3.61 percent to end Friday at 584.13.

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. EST 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. Euro Manganese (TSXV:EMN)

Weekly gain: 134.29 percent
Market cap: C$23.56 million
Share price: C$0.41

Euro Manganese is a manganese development company working to advance its Chvaletice waste recycling project. The operation is focused on extracting manganese from tailings that are part of a decommissioned mine site near Prague, Czechia. As part of the project’s scope, the company says it will carry out remediation and reclamation work to bring the site into compliance with environmental regulations.

A 2022 feasibility study for the Chvaletice project indicates that it will produce 48,000 metric tons of manganese per year and is expected to have a project life of 25 years. In the study, the company reports a post-tax net present value of US$1.3 billion with an internal rate of return of 22 percent and a payback period of 4 years.

Shares in Euro Manganese were up this week, but the company has not released news since January 13, when it announced that John Webster tendered his resignation from the company’s board of directors.

Euro noted on Friday that it was unaware of any material change in its operations that could have caused the price rise.

2. Kingfisher Metals (TSXV:KFR)

Weekly gain: 106.35 percent
Market cap: C$38.24 million
Share price: C$0.65

Kingfisher Metals is an exploration company focused on its HWY 37 project located in British Columbia, Canada.

The property, located in BC’s Golden Triangle, covers 933 square kilometers and hosts several porphyry and epithermal copper and gold deposits, including Hank and Williams, which were identified during historical exploration of the site.

On January 13, the company announced additional results from its 2025 exploration and drill program at HWY 37, releasing assays for three drill holes at the Williams deposit, two of which some of Williams’ longest copper intercepts yet. Kingfisher highlighted one hole, with grades of 0.47 percent copper equivalent over 889.35 meters, starting 3.65 meters from surface, which also included an interval of 1.16 percent copper equivalent over 40 meters.

Then on Thursday (January 22), Kingfisher reported that it had received the final results from the program, this time in the form of a deep drill hole at the Hank epithermal gold-silver system. While the hole intersected Hank’s typical mineralisation in the upper half of the hole, starting at 534 meters it encountered a 425 meter interval grading 0.4 percent copper equivalent.

The company said this represented a blind discovery, with no previous porphyry copper and gold mineralization being reported at Hank.

“The final hole of the 2025 program validates our long-standing belief that the shallow Hank Au-Ag epithermal mineralization is driven by a large porphyry Cu-Au system,” said Kingfisher CEO Dustin Perry.

3. Core Critical Metals (TSXV:CCMC)

Weekly gain: 94.68 percent
Market cap: C$15.04 million
Share price: C$1.83

Core Critical Metals is an exploration company working on its Timmins nickel project in Ontario, Canada. The company was previously known as Xander Resources but announced in August that it was changing its name to Core Critical Metals.

The project holds a strategic position, with two properties totaling 393 claims located west along trend from Canada Nickel Company’s (TSXV:CNC,OTCQX:CNIKF) Crawford property and adjacent to Canada Nickel’s Reid discovery.

On Monday, Core Critical Minerals issued a release congratulating Canada Nickel on the success of Crawford’s development. It also noted Crawford’s inclusion for the second tranche of projects from the Government of Canada’s Major Project Office in November 2025, and the more recent designation under Ontario’s One Project, One Process framework on January 13.

Additionally, the company announced on January 15 that it had issued 1.24 million common shares to settle a C$400,000 exploration debt with the vendor of a property option agreement for the CNC West property. It followed this news the next day when it announced a two-for-one stock split on January 16.

4. GoldHaven Resources (CSE:GOH)

Weekly gain: 94.44 percent
Market cap: C$10.3 million
Share price: C$0.35

GoldHaven Resource is an exploration and development company advancing projects in British Columbia and Brazil.

Its most recent focus has been on its Magno project in BC’s Cassiar mining district. The property consists of 53 mineral claims covering 36,814.16 hectares and borders mineral claims held by Cassiar Gold (TSXV:GLDC,OTCQX:CGLCF) and Coeur Mining (NYSE:CDE).

The site hosts silver, lead and gold mineralization at Magno North, with additional quantities of tin, indium and gallium. Porphyry targets at Magno West have shown mineralization with copper and molybdenum.

Since the start of the year, the company has released a trio of updates from Magno.

The first came on January 6, when it announced that preliminary assays from surface exploration confirmed the presence of silver, lead, zinc, tungsten and critical minerals across multiple zones at the property. The release highlighted grades of up to 2,370 grams per metric ton silver, 19.25 percent zinc, 6,550 parts per million (ppm) tungsten and 334 ppm indium.

The second release came on January 14, providing additional information on its tungsten results, noting that exploration confirmed anomalous tungsten mineralization at the historical Kuhn and Dead Goat showings, and found a new tungsten zone at Vines Lake.

The most recent release came on Thursday when GoldHaven reported that indium grades at the site show it is a ‘meaningful critical mineral component of the Magno system.’ These elevated grades were found to be restricted to the Magno and D Zones, as well as the Kuhn and Dead Goat showings.

5. Ascot Resources (TSX:AOT)

Weekly gain: 91.21 percent
Market cap: C$38.24 million
Share price: C$1.74

Ascot Resources is a Canadian gold exploration and development company focused on the negotiating the restart of mining operations at its Premier gold project, and on its Red Mountain gold project.

The site is located within the Golden Triangle area of Northern British Columbia, and hosts the Premier, Silver Coin and Big Missouri deposits, as well as one of only three mills in the region.

Production at the mine began in April 2024, but operations were placed on care and maintenance in September 2024. At the time, the company said it had fallen behind schedule in developing the mine and did not have enough material to feed the mill.

In an update from April 2025, the company said it was anticipating the mine would restart in early August at an initial rate of 1,250 metric tons per day. However, on June 25, Ascot announced that the mine would not restart as negotiations with mining contractor Procon Mining regarding the cost of mining services had stalled.

On October 23, the company announced that the mine would remain on care and maintenance and that it had engaged Fiore Management to assist with restructuring, refinancing and enhancing the leadership team at Ascot.

Since that time, the company has launched a fundraising effort, with the most recent news on December 31, when it announced it had closed the first tranche of a private placement raising C$809.1 million.

In that release, President and CEO Robert McLeod stated that further detailed updates on Ascot’s plans, as well a proposed rebrand, would be coming in the weeks ahead. ‘We believe the rapid development of the high-grade, underground bulk-mineable Red Mountain Project is the key to the successful commissioning and operation of a centralized mill to process material from the multiple deposits in the Golden Triangle.”

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.

Strong reactor growth — not AI hype — to drive long-term demand

In 2024, worldwide uranium production met 90 percent of global demand, with the remaining 10 percent likely made up of stockpiled material. At the same time, global nuclear expansion is accelerating quickly, according to the latest World Nuclear Association outlook. From 398 gigawatts electric (GWe) of installed nuclear capacity this past June, the organization’s reference scenario shows capacity nearly doubling to 746 GWe by 2040.

More aggressive growth could push that figure to 966 GWe, while a slower buildout still reaches 552 GWe.

This rapid growth has major implications for uranium demand.

Reactors are expected to consume about 68,900 metric tons (MT) of uranium in 2025. By 2040, requirements will more than double to just over 150,000 MT in the reference case, and could exceed 204,000 MT in the high-growth scenario. Even the low case sees demand topping 107,000 MT, underscoring the sector’s long-term structural pull on supply.

On that note, Lobo Tiggre, CEO of IndependentSpeculator.com, cautioned investors not to lose sight of uranium’s core driver — dependable, round-the-clock electricity.

“The use case is baseload power,” he said. “There’s no substitution, and the world is building like gangbusters.”

He argued that data center construction and electric vehicle (EV) adoption are just an added boost, not the backbone, and that headlines about AI or data center growth may be distracting from the foundation of the uranium thesis.

“If the EV story completely went away, it wouldn’t undo the thesis for uranium,” Tiggre said. “It would remove a tailwind, not the base story.” And despite political noise in the US, he believes the global shift to EVs remains intact.

He sees AI demand as similar: a powerful tailwind that strengthens the case for nuclear, but doesn’t define it.

When asked how meaningful near-term demand from new reactors and extensions could be — and when utilities will need to accelerate contracting — Gerardo Del Real, publisher at Digest Publishing, didn’t hesitate.

“How material? Very material,” he said.

But he cautioned that utilities remain “the slowest actors, always,” even as long-term contract prices have climbed “US$8 to US$10 above spot.” That contract price, he noted, is the real signal to watch. Because fuel makes up such a small share of a utility’s total operating costs, “they can afford to sign at US$120 or even US$130,” he said — levels that are far more consequential for producers and developers than for reactors themselves.

While some utilities have begun stepping in at higher prices, Del Real said the aggressive contracting many expected a year ago still hasn’t materialized. “I don’t think we’ll really see that until 2026,” he said.

Del Real said the uranium market is being driven by a mix of fundamentals and sentiment, and right now, the psychological lift from the tech boom is hard to ignore. While he doubts every AI-era data center plan will be built, the expert argued that even partial follow-through could massively expand power demand. If tech companies deliver “35 to 50 percent of their promises,” Del Real said, the energy needs would be “absolutely spectacular.”

That surge would hit an already-tightening market. He noted that the uranium sector is on track for a major supply deficit by 2026, a shortfall that he now believes is accelerating.

This sentiment was reiterated by Huhn, who explained that while broader narratives like AI and data center growth have been loosely tied to uranium, they don’t fundamentally alter the thesis for rising prices.

“If we see CAPEX pull back and growth slow, could that narrative impact us? Absolutely. But once prices start moving, uranium will carve out its own story,” he said. In his view, the real driver is the de-risking of existing reactors.

‘So instead of data center demand quadrupling by 2030, if it only doubles, we’re still going to see the de-risking of the existing operating reactors of the world, in particular in the countries that have expansion of data centers, which is most of the modern countries, but especially in the US, especially in China.”

Looking ahead, Huhn stressed that while new US reactors could eventually boost fuel demand in the early 2030s, utilities are already securing long-term contracts today.

“So the market for those reactors exists now,” he said. “As we enter 2026, attention will be everywhere.”

Aging uranium mines threaten supply security

Global uranium production is expected to climb over the next decade, but is seen struggling to meet demand.

The Australian government’s latest Resources and Energy Quarterly report projects that world uranium supply will rise from roughly 78 million MT in 2024 to about 97,000 MT by 2030, fueled by output expansions in Kazakhstan, Canada, Morocco and Finland — a roughly 24 percent increase over six years.

Industry experts also forecast a modest compound annual growth rate of 4.1 percent through 2030, with output reaching around 76,800 MT, reflecting expansions at major producers, including Kazakhstan and Canada.

Yet beyond 2030, many existing mines are expected to plateau or decline unless new projects come online, highlighting the critical need for timely investment to meet the fuel demands of the world’s growing nuclear fleet.

Future supply was a concern raised by Huhn, who underscored the challenges inherent in uranium mining.

“Mining is hard,” he said, pointing to Cameco’s (TSX:CCO,NYSE:CCJ) struggles at MacArthur River as it transitions to a new phase of the mine. The company has experienced mill downtime and production setbacks, yet still aims to deliver 15 million pounds of uranium in 2025, down from its typical 18 million. “These are very complicated underground mines with high-grade ore,” Huhn noted, emphasizing the operational complexity.

Huhn also highlighted long-term concerns: “Cigar Lake will be offline in 10 years, MacArthur River in 15. The two biggest projects that the industry relies on are finite. They need replacements if they intend to stay in uranium mining.”

Regarding Kazatomprom, he said the company is adopting a “value over volume” approach, focusing on responsible management of legacy assets while balancing joint ventures with Russia and China.

However, many of its projects are expected to peak over the next five years, with steep decline rates looming in the 2030s. Huhn warned: “Both (major miners) have pipeline problems into the 2030s. Without new development, the market will struggle to balance supply with the surging demand ahead.”

To facilitate this growth, Huhn stressed that uranium prices will need to stay elevated to incentivize the capital expenditures required to meet long-term demand.

“Looking at what the world will need to supply 250 million to 300 million pounds a year in about 10 years, we’re probably going to need prices in the US$125 to US$150 range, and they’ll need to stay there for a while,” he said.

Huhn added that short-term spikes aren’t enough.

“A spike to US$200 and then falling back to US$100 doesn’t do much for the industry,” he explained, noting that commodities cycles tend to overshoot on both ends. “Even in past cycles, prices fell below production costs — like when spot was US$30 a pound, but most low-cost producers were at US$40 to US$50. When the market recovers, the upside is usually much higher than the incentive price.”

Bullish uranium outlook meets real risks

Tiggre sees a bursting AI bubble as a possible threat to uranium’s upward price movement.

“There’s going to be a lot of companies that blow up,” he said. “There’s a significant chance that we get a major market event based on the AI bubble popping, and there will be a lot of panic selling of everything related. And unfortunately, that’s going to smack uranium too, because it has become an AI play now.”

Tiggre believes an event like this would be a strong buying opportunity, and while he doesn’t want to see people impacted by bubble burst, he urged investors to be prepared.

“I’ll be gleefully in the market when it puts something on sale, something you know is valuable. When the market offers it at a discount, and nothing else has changed, that’s an absolute gift,’ he said.

‘Opportunities like that don’t come often. Fluctuations happen, but a genuine sale on something you want for all the right reasons — that’s what makes fortunes for those with the courage to act.”

For 2026, Huhn sees utilities as the key driver for uranium prices. “I’m really looking at the utilities more than anything in the physical market, because that dictates everything else,” he explained.

While uranium equities have drawn attention, including meme-stock-like surges, Huhn is focused on the underlying commodity. He also pointed to a standoff, noting that major uranium producers like Cameco are seeking market-reference contracts with high ceilings, signaling confidence in rising prices, while utilities — still adjusting from reactor restarts and long-term power agreements — are testing the waters with small tenders.

“(Producers) want market reference with ceilings at US$130 to US$140, so that should tell all of us where the biggest players in the industry believe the price is going,” said Huhn. “Once we see the big utilities step up and sign these large contracts at the prices producers want, then it’s game on,” he emphasized, predicting a rapid price reset that could potentially push uranium from around US$75 to US$100 over a few months.

Looking down the pipeline, Del Real said he’s keeping a close eye on junior uranium companies, which he believes offer some of the biggest upside in the sector.

“If you know the management teams and can access these deals early, you can do spectacularly well,” he said, citing his firm’s early investment in North Shore Uranium (TSXV:NSU) as an example.

While he acknowledged the high risk involved, Del Real argued that in the current volatile market, well-chosen juniors can rival larger producers in potential returns, particularly when strategic financing and timing align.

Investor Insight

Coelacanth Energy presents strong growth potential in the Canadian light oil and natural gas sector, supported by rapidly increasing production, robust pad performance at Two Rivers, and continued infrastructure buildout. Encouraging well test results and a management team with a track record of repeated success position Coelacanth as a compelling long-term growth story.

Overview

Coelacanth Energy (TSXV:CEI) is a junior oil and natural gas exploration and development company, focusing primarily on the prolific Montney region in northeastern British Columbia, Canada. With a substantial landholding of approximately 150 net sections in the Two Rivers area of Montney, Coelacanth is strategically positioned to harness the potential of one of the most resource-rich natural gas basins in North America.

Coelacanth distinguishes itself with a two-pronged strategy: near-term production growth and long-term resource development. Supported by advanced geological delineation and a robust infrastructure buildout, the company is poised to scale efficiently as it transitions from exploration to production.

Backed by a management team that has built and sold six successful oil and gas companies, Coelacanth is focused on delivering returns through disciplined capital deployment and operational execution.

The Montney Advantage

The Montney Formation spans British Columbia and Alberta and is known for its high levels of recoverable natural gas and liquids. Montney has attracted numerous large oil and gas producers, including companies like Canadian Natural Resources (CNQ), Shell, ARC Resources (ARX), Tourmaline Oil Corp (TOU), and ConocoPhillips (COP). The presence of such large players highlights the importance of this region in contributing to both the Canadian and global energy markets.

Coelacanth’s landholdings are strategically located in the Two Rivers area of Montney, giving it access to a highly productive portion of the basin. Unlike many junior exploration companies, Coelacanth is drill-ready, positioning it favorably among its peers. By securing significant infrastructure and landholdings, Coelacanth ensures its ability to tap into the natural gas and oil resources that lie beneath its properties, a key advantage in the competitive Montney region.

Company Highlights

• Over 150 net sections of contiguous land in the Two Rivers area, located in the Montney geological fairway, one of North America’s most prolific liquids-rich natural gas regions.
• Strategic proximity to major producers like ARC Resources, Tourmaline Oil Corp, Shell and ConocoPhillips.
• Two Rivers East began first production in June 2025, with systematic ramp-up ongoing through the year.
• Phase 1 facilities now operational (30 mmcf/d + associated oil); Phase 2 to add compression and double capacity by late 2025.
• Nine wells drilled and tested on the 5-19 pad with over 11,000 boe/d in aggregate flush test rates; multiple wells exceeding 1,200 boe/d with strong light-oil cuts.
• Q3 2025 production increased 296 percent to 3,280 boe/d, driven by new volumes from Two Rivers East.
• Estimated production growth: 4,000 boe/d in 2025; 11,000 boe/d in 2026; 15,000 boe/d in 2027.

Key Projects

Two Rivers East and Two Rivers West

The Two Rivers Montney development remains the foundation of Coelacanth’s long-term growth strategy. The project includes multiple Montney benches – Lower, Upper, Basal and Middle – providing significant running room for future drilling. The company has now drilled and tested nine wells on the 5-19 pad, with combined flush test rates exceeding 11,000 boe/d and strong light-oil cuts across several Lower Montney wells.

Two Rivers East began first production in June 2025, and wells are being brought on stream in stages as facility capacity becomes available. Phase 1 facilities, capable of processing 30 mmcf/d of gas and associated oil, were completed for the June startup. Phase 2, expected to be commissioned in late 2025, will add compression and approximately double throughput capacity to support ongoing pad development.

The Two Rivers West area remains in production and continues to demonstrate commercial performance, with additional upside in the Upper Montney and opportunities for further delineation across the land base. These results support the broader multi-zone development potential across Coelacanth’s 150-section Montney position.

Market Access and Takeaway Agreements

Coelacanth lands are directly connected to LNG Canada via Coastal Gaslink for potential future delivery.

Coelacanth has secured long-term gas takeaway for its growing production base. The company holds firm commitments for up to 100 mmcf/d of natural gas takeaway capacity and has secured processing capacity of up to 60 mmcf/d at a third-party facility. Oil and condensate produced from the Montney light oil window can be trucked to regional terminals or connected via infrastructure to major hubs including Fort Saskatchewan, Edmonton and Prince George.

On the gas side, Coelacanth has egress options through pipelines such as NGTL, Westcoast and Alliance, and is strategically positioned to benefit from future access to LNG Canada via the Coastal GasLink system.

Board and Management

Rob Zakresky – President and CEO

Rob Zakresky has a significant background in the oil and gas sector, previously serving as the president and CEO of Leucrotta Exploration as well as five additional predecessor companies. He has been with Coelacanth Energy since its inception and is recognized for his strategic leadership and focus on enhancing shareholder value. His expertise in financial management and operations is reflected in his approach to driving the company’s growth.

Bret Kimpton – Vice-president of Operations and COO

Bret Kimpton joined Coelacanth Energy in 2022, bringing a wealth of experience from his previous role as vice president of production at Storm Resources, where he contributed to significant production growth. He has a strong background in construction and operations, especially in the Montney region of British Columbia, managing various fields. His role at Coelacanth focuses on overseeing operational efficiency and implementing the company’s growth strategies.

Nolan Chicoine – Vice-president of Finance and CFO

Nolan Chicoine has also been with Coelacanth Energy since its inception. His responsibilities encompass financial oversight, including financial planning, reporting, and analysis. He plays a crucial role in aligning the financial strategies with the company’s operational goals. His background includes significant experience in financial management as CFO for Leucrotta Exploration, Crocotta Energy, and Chamaelo Energy.

Jody Denis – Vice-president of Drilling & Completions

Jody Denis is the former drilling, engineering & operations engineer at Leucrotta Exploration. Prior to that, he was senior operations advisor at Black Swan Energy, drilling manager at ARC Resources, and drilling and completions manager at Birchcliff Energy.

John Fur – Vice-president, Geosciences

John Fur is the former manager, exploration of Leucrotta Exploration, and former senior geophysicist at Crocotta Energy, Chamaelo Energy, Chamaelo Exploration, Viracocha Energy, Canadian Natural Resources, Post Energy, Amber Energy and Husky Oil.

Dan Rach – Vice-president, Production

Dan Rach joined Coelacanth in Sept 2023 as senior production engineer. Prior to that, he was production engineer at Canadian Natural Resource, engineering manager at Bidell Equipment LP, supplier quality engineer at Flextronics Network Services, and manufacturing engineer at General Motors.