In my Q2 Barchart Precious Metals Report on July 8, 2025, I concluded with the following:
Silver, platinum, and palladium formed powerful bullish formations in Q2, with each metal falling below its Q1 low and closing the quarter above the previous quarter’s peak. The bullish key reversal patterns could indicate that the bullish trend in the precious and industrial metals will continue over the coming months and quarters, as silver, platinum, and palladium catch up with gold.
Nearby NYMEX palladium futures moved 10.63% higher in Q2 and were 21.69% higher over the first half of 2025. The futures settled at $1,107.10 per ounce on June 30 and rose to over $1,370 in July. At over $1,150 in August, palladium was higher than the Q2 closing level and remains in a bullish trend.
Palladium rises to the highest price since June 2023
After trading around the $1,000 pivot point from late 2023 through June 2025, palladium prices took off on the upside in July.
The monthly continuous NYMEX palladium futures chart highlights palladium’s rise to $1,373.50 per ounce in July 2025, the highest price since June 2023. Palladium moved above the critical technical resistance level at the October 2024 high of $1,255, ending the bearish trend since the March 2022 record high of $3,425 per ounce.
Tariffs and geopolitics can impact palladium- Production comes from only two countries
Total palladium mine production in 2024 was approximately 190 metric tons or just over 6.1 million ounces.
Source: Statista
The chart shows that the two leading palladium-producing countries, Russia and South Africa, accounted for 147 tons or 77.4% of the world’s annual 2024 palladium output.
Sanctions on Russia and U.S. tariffs on South Africa could potentially impact palladium imports into the United States. However, the April 2025 announcement excluded bullion, including palladium. Meanwhile, recent developments in the copper market, where President Trump imposed a 50% tariff on some copper imports, could be impacting the palladium market as the U.S. administration could change its current trade barrier policy with an executive order.
On the other hand, deteriorating relations between Moscow and Washington, DC, could cause Russia to ban palladium exports to the U.S. The bottom line is that trade barriers, including sanctions and tariffs, have caused significant uncertainty for the palladium market. Palladium remains a critical ingredient for automobile catalytic converters and other industrial applications.
Liquidity could cause lots of price variance in the palladium futures market
The four precious metals trading on the CME’s COMEX and NYMEX divisions are gold, silver, platinum, and palladium. Palladium is the least liquid of the four. On August 8, 2025, total open interest, the total number of open long and short positions in the NYMEX palladium futures market, stood at 19,677 contracts or 1,967,700 ounces. At $1,155 per ounce, the futures market’s total value was $2.273 billion, far lower than the gold, silver, and even platinum futures markets. The average daily trading value runs around half the open interest level.
Palladium’s low liquidity in the futures and physical market in London can exacerbate price volatility. The rally to the March 2022 record high of $3,425 per ounce was an example of how low liquidity can ignite high volatility. When Russia invaded Ukraine, the price palladium surged higher due to supply fears.
After falling to a low of $813.50 in August 2024, palladium futures are now trending higher, with the price just over $1,150 per ounce. Low liquidity can cause bids to purchase disappear during bearish trends, as the palladium market experienced from March 2022 through August 2024. Conversely, offers to sell can evaporate during bullish trends, which caused palladium futures to explode to the March 2022 high.
Levels to watch in the palladium futures
The weekly continuous futures chart highlights the critical technical support and resistance levels in the NYMEX palladium market.
Technical resistance is at the most recent mid-July 2025 high of $1,373.50 per ounce, with technical support at the late January 2025 high of $1,077.50 level. At around the $1,150 level on August 5, palladium was below the midpoint of the support and resistance levels.
PALL is the palladium ETF product
The most direct route for a risk position or investment in palladium is the physical market for bars and coins. However, illiquidity can cause wide bid/offer spreads with premiums or discounts for the physical metal. The NYMEX futures contract size is 100 ounces. At $1,150 per ounce, each contract’s value is $115,000. NYMEX’s original margin requirement is $13,750, meaning that market participants can control $115,000 worth of palladium on the long or short side of the market for an 12% good-faith deposit. If the risk position’s equity slips below $12,500 per contract, the exchange requires posting maintenance margin.
The Aberdeen Physical Palladium ETF (PALL) is a liquid product that holds physical palladium bullion. At $14.75 per share, PALL had over $575.55 million in assets under management. PALL trades an average of 302,737 shares daily and charges a 0.60% management fee. The expense ratio covers storage, insurance, and other related administrative expenses.
Nearby palladium futures rallied nearly 49%, moving from $922 on April 30, 2025, to $1,373.50 per ounce on July 18, 2025.
Over the same period, PALL rallied 40.5%, moving from $84.90 to $119.30 per share. One of the ETF’s drawbacks is that while palladium futures trade around the clock, PALL is only available during U.S stock market hours. Therefore, the ETF may miss highs or lows that occur when the stock market is closed.
Palladium broke out of its bearish trend in July 2025. Tariffs and sanctions create the potential for higher highs over the coming weeks and months. However, investors and traders must realize that palladium’s liquidity can exacerbate price rallies and corrections. Expect lots of volatility in the palladium futures market, and you will not be disappointed.
On the date of publication, Andrew Hecht did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com
Vancouver, British Columbia–(Newsfile Corp. – August 11, 2025) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (the “Company” or “EMX”) is pleased to report results for the six months ended June 30, 2025 (in U.S. dollars unless otherwise noted). EMX delivered revenue and other income of $14.7 million, adjusted royalty revenue[1] of $19.0 million and adjusted EBITDA1 of $12.1 million.
Dave Cole, EMX CEO, commented, “For the first half of 2025 we achieved growth in adjusted royalty revenue and adjusted EBITDA, and strengthened our financial position through disciplined capital management and opportunistic share buybacks. With rising commodity prices and growing revenue, we have increased our 2025 revenue guidance as we continue our momentum into the second half of 2025.”
Q2 2025 Financial Highlights
Adjusted royalty revenue1 of $8.2 million, similar to comparative quarter;
Adjusted cash flows from operating activities1 of $9.0 million, up 570% from the comparative quarter primarily due to the collection of $6.9 million and $1.5 million in deferred payments from AbraSilver Resources and Aftermath Silver, respectively;
Adjusted EBITDA1 of $4.9 million, similar to comparative quarter, demonstrating strong cash flow conversion; and
Cash and cash equivalents as of June 30, 2025 of $17.2 million and working capital1 of $30.2 million, demonstrating financial flexibility for growth.
Summary of Financial Highlights for the Period Ended June 30, 2025 and 2024:
Three months ended June 30,
Six months ended June 30,
(In thousands)
2025
2024
2025
2024
Statement of Income (Loss)
Revenue and other income
$
6,239
$
6,005
$
14,661
$
12,245
General and administrative costs
(1,616
)
(1,694
)
(3,786
)
(3,842
)
Royalty generation and project evaluation costs, net
(2,176
)
(2,907
)
(4,678
)
(5,841
)
Net income (loss)
$
642
$
(4,022
)
$
1,902
$
(6,249
)
Statement of Cash Flows
Cash flows from operating activities
$
6,892
$
(514
)
$
8,181
$
513
Non-IFRS Financial Measures1
Adjusted revenue and other income
$
8,686
$
8,758
$
20,114
$
17,051
Adjusted royalty revenue
$
8,214
$
7,836
$
18,965
$
15,493
Adjusted cash flows from operating activities
$
8,978
$
1,341
$
11,884
$
4,002
EBITDA
$
3,065
$
(981
)
$
7,957
$
268
Adjusted EBITDA
$
4,949
$
4,639
$
12,050
$
7,862
GEOs sold
2,505
3,352
6,261
7,047
Key Strategic Developments
During the three months ended June 30, 2025, and the period subsequent to quarter end EMX completed several key transactions that demonstrate our strategy of incremental revenue growth and disciplined capital management. These key developments include:
In April 2025, the Company made a $10.0 million early repayment towards the Franco-Nevada credit facility, decreasing the principal outstanding from $35.0 million to $25.0 million;
In April 2025, the Company received an early Diablillos property payment from AbraSilver Resource Corp. totaling $6.9 million;
In June 2025 the Company received an early Berenguela property payment from Aftermath Silver Ltd. totaling $1.5 million;
The Company announced the sale of its Nordic operational platform to First Nordic Metals Corporation, a current partner of EMX and operator on multiple EMX royalty properties in Sweden and Finland. This strategic divestment included EMX’s infrastructure, exploration equipment and employees in the Nordic countries;
The Company executed an exploration alliance agreement in the country of Morocco with Avesoro Morocco Limited (“Avesoro”), a wholly owned subsidiary of Avesoro Holdings LTD, a privately owned, West Africa-focused mid-tier gold producer. In Morocco, EMX and Avesoro will work together to advance a portfolio of exploration projects that EMX has assembled and will cooperatively explore for new opportunities. Avesoro will fully fund the alliance activities, which will include the advancement of certain projects in the EMX Moroccan portfolio, as well as new projects identified by the alliance for acquisition; and
The Company commenced a new NCIB program during the quarter which allows for the repurchase and cancellation of 5,440,027 common shares over a 12-month period. We repurchased and cancelled 1,202,168 shares during the quarter for a total cost of $2.6 million. Subsequent to the end of the period, the Company repurchased 400,929 common shares under the new NCIB for a total cost of $1.2 million.
Outlook
Updated 2025 Guidance
Please see our “Forward-Looking Statements” below for more details on our guidance.
Updated 2025 Guidance[2]
Original 2025 Guidance[3]
GEO sales[4]
10,500 to 12,000
10,000 to 12,000
Adjusted royalty revenue3
$30,000,000 to $35,000,000
$26,000,000 to $32,000,000
Option and other property income
$1,000,000 to $2,000,000
$1,000,000 to $2,000,000
Based on the Company’s existing royalties and information available from its counterparties, we now expect GEO sales3 to range from 10,500 to 12,000 GEOs and adjusted royalty revenue3 to range from $30,000,000 to $35,000,000 in 2025. The noted increase in expected adjusted royalty revenue compared to the original guidance is due to the significant increases in metal prices to date in 2025.
Guidance is based on public forecasts, other disclosure by the owners and operators of our assets, historical performance and management’s understanding of the underlying producing assets. Additionally, the Company may receive information from the owners and operators of the properties, which the Company is not permitted to disclose to the public pursuant to the underlying agreement or the information has not been prepared in accordance with Canadian disclosure standards, including National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
Capital Management
For 2025, EMX continues to believe that capital management is critical to the success of the business and therefore maintain the following capital allocation goals for 2025:
Approximately 20% decrease in operating expenditures when compared to 2024, primarily resulting from a decrease in generative expenditures, weighted toward the second half of 2025;
Continued return of capital through our renewed Normal-Course Issuer Bid program in 2025;
Implementation of a measured and consistent debt repayment strategy; and
Evaluation of a potential revolving credit facility available to EMX to fund royalty acquisitions.
Portfolio Growth
The drivers for near and long term growth in cash flow will come from the material producing assets at Caserones in Chile and Timok in Serbia. At Caserones, Lundin Mining Corporation (“Lundin”) has initiated an exploration program which is intended to expand mineral resources and mineral reserves while at the same time looking to increase throughput at the plant. At Timok, Zijin Mining Group Co. (“Zijin”) continues to develop the Lower Zone copper porphyry block cave project while continuing to produce from the high-grade Upper Zone. Zijin also announced the recently discovered high-grade Malka Golaja Copper-Gold Deposit south of the Cukaru Peki mine and within EMX’s royalty footprint. Analysis of recent satellite imagery over the Brestovac license, which contains the Cukaru Peki Mine and is covered by EMX’s royalty, shows substantial development of new drill pads with numerous drill rigs visible in the images in the southeast corner of the license where Malka Golaja is located.
We anticipate the recently announced $10,000,000 acquisition of a royalty on the Chapi Copper Mine property in Peru will begin contributing to royalty revenue in 2026. We are excited by the addition of a high-quality copper royalty to the portfolio that has excellent upside development and exploration potential located in the prolific Paleocene-Eocene copper-molybdenum porphyry belt of Southern Peru.
AbraSilver Resource Corp. continues to advance Diablillos in Argentina, announced that it expects to complete its definitive feasibility study by Q1 2026 and make a construction decision in the second half of 2026 and released an updated MRE in Q2 2025.
At the Vittangi Graphite development project, an appeals review process was recently concluded for the issuance of an Exploitation Concession, a key step in the mine permitting process in Sweden. Talga Group now has all major permits in force for their Nunasvaara South Mine, which is part of Europe’s largest and highest grade JORC classified natural graphite resource. At the Viscaria copper-iron-silver development project in Sweden, the Supreme Court of Sweden announced in April 2025 it will not grant leave to appeal Viscaria’s environmental permit. This decision means that Viscaria’s environmental permit can no longer be appealed and thus gains legal force. Viscaria now has all permits in place to start the construction of the industrial area including the enrichment plant, and to start operations in the mine. These developments are all examples of the upside optionality that exists throughout EMX’s global royalty portfolio.
EMX is well positioned to identify and pursue new royalty and investment opportunities, while continuing to grow a pipeline of royalty generation properties for partnership. As the Company continues to generate revenues from its producing royalty assets as well as from other option, advance royalty and pre-production payments across its global asset portfolio, various opportunities for capital redeployment will be evaluated. Such opportunities may include the direct acquisition of royalties, continued organic generation of royalties through partner funded projects and select strategic investments.
Results for the Three Months Ended June 30, 2025
In Q2 2025, the Company recognized $8.7 million and $8.2 million in adjusted revenue and other income1 and adjusted royalty revenue[5], respectively, which represented a 1% decrease and a 5% increase, respectively, compared to Q2 2024. The noted decrease in GEOs compared to 2024 is due to EMX’s heavy exposure to copper-based assets, specifically, Caserones and Timok. With copper prices being relatively stable, a significant increase in gold prices will have a negative impact on the GEOs of a copper-based asset.
The following table is a summary of GEOs1 sold and adjusted royalty revenue1 for the three months ended June 30, 2025 and 2024:
2025
2024
(In thousands)
GEOs Sold
Revenue (in thousands)
GEOs Sold
Revenue (in thousands)
Gediktepe
588
1,928
772
1,806
Caserones
746
$
2,447
1,178
$
2,753
Timok
496
1,625
678
1,586
Leeville
431
1,412
508
1,187
Other Producing Assets
221
725
204
478
Advanced royalty payments
23
77
11
26
Adjusted royalty revenue
2,505
$
8,214
3,352
$
7,836
Results for the Six Months Ended June 30, 2025
In 2025, the Company recognized $20.1 million and $19.0 million in adjusted revenue and other income1 and adjusted royalty revenue1, respectively, which represented a 18% and 22% increase, respectively, compared to 2024. The increase is largely due to a $1.4 million increase in royalty revenue from Gediktepe and a $0.6 million increase in the Company’s share of royalty revenue from Caserones when compared to 2024.
The following table is a summary of GEOs1 sold and adjusted royalty revenue1 for the six months ended June 30, 2025 and 2024:
2025
2024
(In thousands)
GEOs Sold
Revenue (in thousands)
GEOs Sold
Revenue (in thousands)
Gediktepe
2,092
6,233
2,216
4,796
Caserones
1,796
$
5,453
2,168
$
4,806
Timok
1,049
3,208
1,290
2,853
Leeville
748
2,322
925
2,051
Other Producing Assets
511
1,555
336
750
Advanced royalty payments
64
194
113
237
Adjusted royalty revenue
6,261
$
18,965
7,047
$
15,493
Shareholder Information – The Company’s filings for the year are available on SEDAR+ at www.sedarplus.ca, on the U.S. Securities and Exchange Commission’s EDGAR website at www.sec.gov, and on EMX’s website at www.EMXroyalty.com. Financial results were prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board.
About EMX – EMX is a precious, and base metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol “EMX”. Please see www.EMXroyalty.com for more information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
Forward-Looking Statements
This news release may contain “forward looking information” or “forward looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding the future price of copper, gold and other metals, the estimation of mineral reserves and mineral resources, realization of mineral reserve estimates, the timing and amount of estimated future production, the Company’s growth strategy and expectations regarding the guidance for 2025 and future outlook, including revenue and GEO estimates, anticipated reductions in operating expenditures, repayment of outstanding debt and the timing thereof, the acquisition of additional royalty and royalty generation interests and other investment opportunities, the purchase of securities pursuant to the Company’s NCIB, exploration and development plans at the Company’s royalty properties and the expected timing thereof or other statements that are not statements of fact. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as “expects,” “anticipates,” “believes,” “plans,” “projects,” “estimates,” “assumes,” “intends,” “strategy,” “goals,” “objectives,” “potential,” “possible” or variations thereof or stating that certain actions, events, conditions or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.
Forward-looking statements are based on a number of material assumptions, including those listed below, which could prove to be significantly incorrect, including disruption to production at any of the mineral properties in which the Company has a royalty, or other interest; estimated capital costs, operating costs, production and economic returns; estimated metal pricing (including the estimates from theCIBC Global Mining Group’s Consensus Commodity Price Forecasts published on March 3, 2025 and July 1, 2025), metallurgy, mineability, marketability and operating and capital costs, together with other assumptions underlying the Company’s resource and reserve estimates; the expected ability of any of the properties in which the Company holds a royalty, or other interest to develop adequate infrastructure at a reasonable cost; assumptions that all necessary permits and governmental approvals will remain in effect or be obtained as required to operate, develop or explore the various properties in which the Company holds an interest; and the activities on any on the properties in which the Company holds a royalty, or other interest will not be adversely disrupted or impeded by development, operating or regulatory risks or any other government actions.
Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements include, amongst others, failure to maintain or receive necessary approvals, changes in business plans and strategies, market conditions, share price, best use of available cash, copper, gold and other commodity price volatility, discrepancies between actual and estimated production, mineral reserves and resources and metallurgical recoveries, mining operational and development risks relating to the parties which produce the gold or other commodity the Company will purchase, regulatory restrictions, activities by governmental authorities (including changes in taxation), currency fluctuations, the global economic climate, dilution, share price volatility and competition.
Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: the impact of general business and economic conditions, the absence of control over mining operations from which the Company will receive royalties from, and risks related to those mining operations, including risks related to international operations, government and environmental regulation, actual results of current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined, risks in the marketability of minerals, fluctuations in the price of gold and other commodities, fluctuation in foreign exchange rates and interest rates, stock market volatility, as well as those factors discussed in the Company’s MD&A for the quarter ended June 30, 2025, and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2024, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR+ at www.sedarplus.ca and on the SEC’s EDGAR website at www.sec.gov. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements that are contained or incorporated by reference, except in accordance with applicable securities laws.
Future-Oriented Financial Information
This news release may contain future-oriented financial information (“FOFI”) within the meaning of Canadian securities legislation, about prospective results of operations, financial position, GEOs and anticipated royalty payments based on assumptions about future economic conditions and courses of action, which FOFI is not presented in the format of a historical balance sheet, income statement or cash flow statement. The FOFI has been prepared by management to provide an outlook of the Company’s activities and results and has been prepared based on a number of assumptions including the assumptions discussed under the headings above entitled “Outlook” and “Forward-Looking Statements” and assumptions with respect to the future metal prices, the estimation of mineral reserves and resources, realization of mineral reserve estimates and the timing and amount of estimated future production. Management does not have, or may not have had at the relevant date, or other financial assumptions which may have been used to prepare the FOFI or assurance that such operating results will be achieved and, accordingly, the complete financial effects are not, or may not have been at the relevant date of the FOFI, objectively determinable.
Importantly, the FOFI contained in this news release are, or may be, based upon certain additional assumptions that management believes to be reasonable based on the information currently available to management, including, but not limited to, assumptions about: (i) the future pricing of metals, (ii) the future market demand and trends within the jurisdictions in which the Company or the mining operators operate, and (iii) the operating cost and effect on the production of the Company’s royalty partners. The FOFI or financial outlook contained in this news release do not purport to present the Company’s financial condition in accordance with IFRS, and there can be no assurance that the assumptions made in preparing the FOFI will prove accurate. The actual results of operations of the Company and the resulting financial results will likely vary from the amounts set forth in the analysis presented in any such document, and such variation may be material (including due to the occurrence of unforeseen events occurring subsequent to the preparation of the FOFI). The Company and management believe that the FOFI has been prepared on a reasonable basis, reflecting management’s best estimates and judgments as at the applicable date. However, because this information is highly subjective and subject to numerous risks including the risks discussed under the heading above entitled “Forward-Looking Statements” and under the heading “Risk Factors” in the Company’s public disclosures, FOFI or financial outlook within this news release should not be relied on as necessarily indicative of future results.
Non-IFRS Financial Measures
The Company has included certain non-IFRS financial measures in this press release, as discussed below. EMX believes that these measures, in addition to conventional measures prepared in accordance with IFRS, provide investors an improved ability to evaluate the underlying performance of the Company. These non-IFRS financial measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These financial measures do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers.
Non-IFRS financial measures are defined in National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure (“NI 52-112”) as a financial measure disclosed that (a) depicts the historical or expected future financial performance, financial position or cash flow of an entity, (b) with respect to its composition, excludes an amount that is included in, or includes an amount that is excluded from, the composition of the most directly comparable financial measure disclosed in the primary financial statements of the entity, (c) is not disclosed in the financial statements of the entity, and (d) is not a ratio, fraction, percentage or similar representation. A non-IFRS ratio is defined by NI 52-112 as a financial measure disclosed that (a) is in the form of a ratio, fraction, percentage or similar representation, (b) has a non-IFRS financial measure as one or more of its components, and (c) is not disclosed in the financial statements.
The following table outlines the non-IFRS financial measures, their definitions, the most directly comparable IFRS measures and why the Company use these measures.
Non-IFRS financial measure
Definition
Most directly comparable IFRS measure
Why we use the measure and why it is useful to investors
Adjusted revenue and other income
Defined as revenue and other income including the Company’s share of royalty revenue related to the Company’s effective royalty on Caserones.
Revenue and other income
The Company believes these measures more accurately depict the Company’s revenue related to operations as the adjustment is to account for revenue from a material asset
Adjusted royalty revenue
Defined as royalty revenue including the Company’s share of royalty revenue related to the Company’s effective royalty on Caserones.
Royalty revenue
Adjusted cash flows from operating activities
Defined as cash flows from operating activities plus the cash distributions related to the Company’s effective royalty on Caserones.
Cash flows from operating activities
The Company believes this measure more accurately depicts the Company’s cash flows from operations as the adjustment is to account for cash flows from a material asset.
Gold equivalent ounces (GEOs)
GEOs is a non-IFRS measure that is based on royalty interests and calculated on a quarterly basis by dividing adjusted royalty revenue by the average gold price during such quarter. The gold price is determined based on the LBMA PM fix. For periods longer than one quarter, GEOs are summed for each quarter in the period.
Royalty revenue
The Company uses this measure internally to evaluate our underlying operating performance across the royalty portfolio for the reporting periods presented and to assist with the planning and forecasting of future operating results.
Earnings before interest, taxes, depreciation and amortization (EBITDA) and adjusted EBITDA
EBITDA represents net earnings or loss for the period before income tax expense or recovery, depreciation and amortization, finance costs. Adjusted EBITDA adds all revenue from the Caserones Royalty less any equity income from the equity investment in SLM California (Caserones Royalty holder). Additionally, it removes the effects of items that do not reflect our underlying operating performance and are not necessarily indicative of future operating results. These may include: share based payments expense; unrealized and realized gains and losses on investments; write-downs of assets; impairments or reversals of impairments; foreign exchange gains or losses; and other non-cash or non-recurring expenses or recoveries.
Earnings or loss before income tax
The Company believes EBITDA and adjusted EBITDA are widely used by investors and analysts as useful indicators of our operating performance, our ability to invest in capital expenditures, our ability to incur and service debt and also as a valuation metric.
Working capital
Defined as current assets less current liabilities. Working capital does not include assets held for sale and liabilities associated with assets held for sale
Current assets, current liabilities
The Company believes that working capital is a useful indicator of the Company’s liquidity.
Reconciliation of Adjusted Revenue and Other Income and Adjusted Royalty Revenue:
During the three and six months ended June 30, 2025 and 2024, the Company had the following sources of revenue and other income:
(In thousands of dollars)
Three months ended June 30,
Six months ended June 30,
2025
2024
2025
2024
Royalty revenue
$
5,767
$
5,083
$
13,512
$
10,687
Option and other property income
284
492
587
680
Interest income
188
430
562
878
Total revenue and other income
$
6,239
$
6,005
$
14,661
$
12,245
The following is the reconciliation of adjusted revenue and other income and adjusted royalty revenue:
Three months ended June 30,
Six months ended June 30,
(In thousands of dollars)
2025
2024
2025
2024
Revenue and other income
$
6,239
$
6,005
$
14,661
$
12,245
SLM California royalty revenue
$
5,727
$
6,442
$
12,762
$
11,247
The Company’s ownership %
42.7
42.7
42.7
42.7
The Company’s share of royalty revenue
$
2,447
$
2,753
$
5,453
$
4,806
Adjusted revenue and other income
$
8,686
$
8,758
$
20,114
$
17,051
Royalty revenue
$
5,767
$
5,083
$
13,512
$
10,687
The Company’s share of royalty revenue
2,447
2,753
5,453
4,806
Adjusted royalty revenue
$
8,214
$
7,836
$
18,965
$
15,493
Reconciliation of Adjusted Cash Flows from Operating Activities:
Three months ended June 30,
Six months ended June 30,
(In thousands of dollars)
2025
2024
2025
2024
Cash provided by (used in) operating activities
$
6,892
$
(514
)
$
8,181
$
513
Caserones royalty distributions
2,086
1,855
3,703
3,489
Adjusted cash flows from operating activities
$
8,978
$
1,341
$
11,884
$
4,002
Reconciliation of EBITDA and Adjusted EBITDA:
Three months ended June 30,
Six months ended June 30,
(In thousands of dollars)
2025
2024
2025
2024
Income (loss) before income taxes
$
1,486
$
(3,430
)
$
3,368
$
(5,665
)
Finance expense
516
1,080
1,197
2,145
Depletion, depreciation, and direct royalty taxes
1,063
1,369
3,392
3,788
EBITDA
$
3,065
$
(981
)
$
7,957
$
268
Attributable revenue from Caserones royalty
2,447
2,753
5,453
4,806
Equity income from investment in SLM California
(1,334
)
(1,411
)
(3,014
)
(2,208
)
Share-based payments
464
1,354
1,691
1,543
Gain on revaluation of investments
(720
)
(1,142
)
(1,466
)
(1,226
)
Loss on sale of marketable securities
550
1,535
896
1,946
Foreign exchange (gain) loss
(413
)
139
(620
)
255
Loss on revaluation of derivative liabilities
400
66
562
107
Gain on revaluation of receivables, net
(176
)
–
(176
)
–
Other losses
31
2,326
31
2,326
Impairment charges
635
–
736
45
Adjusted EBITDA
$
4,949
$
4,639
$
12,050
$
7,862
Reconciliation of GEOs:
Three months ended June 30,
Six months ended June 30,
(In thousands of dollars)
2025
2024
2025
2024
Adjusted royalty revenue
$
8,214
$
7,836
$
18,965
$
15,493
Average gold price per ounce
$
3,279
$
2,338
$
3,029
$
2,198
Total GEOs
2,505
3,352
6,261
7,047
[1] Refer to the “Non-IFRS financial measures” section below and on page 26 of the Q2 2025 MD&A for more information on each non-IFRS financial measure. These non-IFRS measures are not standardized financial measures under the financial reporting framework used to prepare the financial statements to which the measures relates and might not be comparable to similar financial measures disclosed by other issuers.
[2] Assumed commodity prices of $3,033/oz gold and $4.23/lb copper based on CIBC Global Mining Group’s Consensus Commodity Price Forecasts (“Consensus Pricing”) published on July 1, 2025, which the Company believes to be reliable for the purposes of guidance.
[3] Assumed commodity prices of $2,668/oz gold and $4.26/lb copper based on CIBC Global Mining Group’s Consensus Commodity Price Forecasts (“Consensus Pricing”) published on March 3, 2025, which the Company believes to be reliable for the purposes of guidance.
[4] Refer to the “Non-IFRS financial measures” section below and on page 26 of the Q2 2025 MD&A for more information on each non-IFRS financial measure.
[5] Refer to the “Non-IFRS financial measures” section below and on page 26 of the Q2 2025 MD&A for more information on each non-IFRS financial measure.
(Reuters) -U.S. President Donald Trump on Monday said he would not impose tariffs on gold, a move welcomed by global bullion markets and which ended days of speculation that the yellow metal could be caught up in the ongoing global trade spat.
“Gold will not be Tariffed!” Trump said in a statement posted on his social media account. He gave no details.
The U.S. Customs and Border Protection had posted a ruling on its website on Friday saying that Washington might place the most widely traded gold bullion bars in the United States under country-specific import tariffs, which would have rocked the metal’s global supply chains.
In response, a White House official told Reuters on Friday that the Trump administration was preparing an executive order “clarifying misinformation” about tariffs on gold bars and other specialty products.
A U.S. gold tariff would have been especially harmful for Switzerland, a major refining and transit hub for gold. Trump’s Monday post removes that concern.
“Delighted to hear the crisis has been averted,” said Ross Norman, an independent gold market analyst. “It will come as an enormous relief to the bullion markets, as the potential for disruption was incalculable.”
U.S. gold futures dropped 2.4% to $3,407 per ounce after Trump’s post on Monday, reducing a premium over spot gold, the global benchmark, which fell 1.2% to $3,357.
Shares of Barrick Mining fell 2.8% on Monday afternoon after the company posted quarterly results, while shares of Newmont – the world’s largest gold miner – were down slightly to $68.87. Both companies are major U.S. gold producers.
(Reporting by Pratima Desai, Ernest Scheyder and Jasper Ward; writing by Susan Heavey; Editing by Leslie Adler)
In my opinion, there are two general sources of price inflation – money printing and government intervention in the marketplace.
Money printing has two basic components: printing of paper currency, and credit expansion. Government intervention on the other hand contains more moving parts, some of which are hidden—in plain sight. We may not recognize them as causes of inflation, as they are not ‘marketed’ that way by our government. But indeed they are contributors to inflation. They are: 1) Government indebtedness, 2) Government auctioning of our rights and freedoms to big businesses, 3) Import tariffs, and 4) Price controls.
These combined forces create a whirlwind of inflation over time, but thankfully, there are investment choices we can make, to shield ourselves from the gathering storm.
There are famous pictures from places like Germany, Zimbabwe, and Venezuela of people carrying stacks and stacks of currency notes. Big bricks of paper money wrapped with rubber bands sometimes being burned in a fireplace to stay warm. Printing an ocean of currency notes is clearly an obvious source of inflation.
Author’s Note: Host governments and their central banks may not always be the only culprit when it comes to severe inflation. Throughout history, warring states have used economic warfare techniques against each other. One of those techniques is to undermine your opponent’s currency system by dumping counterfeit currency into their economy. The resulting hyperinflation creates social chaos – a ripe and vulnerable condition, for internal and external attacks.[i]
In addition to over issuance of paper currency, we should also add, expanding credit. This would mean making credit available to anybody with a pulse – mortgage loans, credit cards, business loans, margin loans, personal loans, lines of credit – the interest rate charged doesn’t matter all that much, but rather, it’s the total amount of the credit expansion that is most important.
As people make use of the credit, and spend it into the economy, prices of goods and services go up. And as the credit continues growing like a bubble, prices keep going up in tandem. Technically this process can continue until the money is virtually worthless.
On to government intervention – the first type of intervention is the government going deeply into debt. In simple terms this means the government spending more than earned in tax revenue. As the debt accumulates, so do the interest payments. The government then starts raising taxes and creating new taxes that didn’t exist before. This can be sales tax, food tax, property tax, gasoline tax, income tax, tobacco tax, excise tax, use tax, the list goes on and on.
They may also start requiring you to obtain a license and permit to do things that previously did not require a permit or license to do. And that new permit or license – let’s say to be able to cut somebody’s hair, handle food, or clip somebody’s toenails – those new permits and licenses require new fees to be paid in order to obtain the permit or license. And those fees will go up continuously when the government is deeply in debt. So an indebted government guarantees more future inflation.
The next form of government intervention is taking away the rights and freedoms from individuals and businesses, and selling them back in the form of licenses and permits granting monopoly-style privileges–but in this case they sell those freedoms back in a limited quantity to the highest bidders.
This could take the form of a liquor license that a business must buy to legally sell alcohol where the license may cost a few hundred thousand dollars to purchase. Our neighbor Fred might want to sell beer out of his garage to you and me, but that would be illegal without a license. He may need to spend a few hundred thousand dollars obtaining that license, and then secondly, he may need to spend a few hundred thousand more, to obtain commercial space to be able to get a serving permit, to serve the alcohol. So our neighbor Fred might need to spend $400,000 before he’s able to legally sell, you and me a beer.
The same thing goes with producing and selling milk, food products, or other goods and services that would require spending a few hundred thousand dollars (or more) just to start your business.
This also includes a wonderful man or woman who wants to sell hamburgers, hot dogs, sandwiches, or offer a family recipe from a table, located on the side of the road. Most likely, they’ll receive a warning from law enforcement, to shut that activity down, and if they don’t, they’ll end up in jail.
Imagine how much prices would go down, and how much quality and variety of food options would go up—in the U.S. as an example—if all permitting, licensing, and regulation on food vendors just went away. Those that use the freshest ingredients and have the best recipes, would be rewarded by the market with a growing business. Those who do not sell a clean, fresh, and delicious product would not receive return business from customers.
But fast food franchises, with their expensive commercial space and big bank loans will spend any amount of money they need on government lobbying, to make sure the competition I mentioned never surfaces. That deprives consumers from having extra choices. Big business will spend the money necessary to pay off politicians, requiring new businesses to cough up hundreds of thousands of dollars in startup capital–knowing this will keep many new competitors out of the business. All in the name of protecting the consumer of course.
And so it goes with every industry – the largest companies pay the government to increase fees, licenses, permits, and compliance regulations on small and mid-sized businesses until they’ve all gone out of business. Once the smaller competitors are gone, the large monopoly operators are free to raise prices, and lower quality standards. The government ‘powers’ they’ve purchased, form a protective moat around their own business, protecting them from unwanted competition. All at the expense of the consumer.
Import tariffs and price controls are another form of government intervention that drive up inflation.
Import tariffs are simply a tax added to an imported product from another region. The tariff allows domestic producers to raise their prices on consumers, and it discourages these consumers from purchasing the now, more expensive foreign products. It adds to the moat of protection around domestic producers, with consumers footing the bill.
Price controls are in intervention where the government dictates the maximum or minimum price that a business or person is allowed to sell their product or service for. Throughout history it has been abused, and it always leads to higher prices and shortages of goods and services.
For example, let’s say to combat high inflation – government might announce that loaves of bread cannot be sold for more than $.50 cents each. But if the cost of wheat, salt, water, and baking time requires a cost of production of $1.50 per loaf – producers will simply stop baking bread.
The store shelves will empty, and hidden black markets will develop where the price of bread may skyrocket to $10.00 per loaf. The high price would be exacerbated due to the risk of criminal penalties for anyone caught buying or selling bread for over $.50 cents per loaf.
An interesting example is Jacob Maged of Jersey City, owner of a dry-cleaning shop. In 1934, Jacob was sentenced to jail and paid a $100.00 fine (which in those days was approximately 3 oz. of gold – worth about $10,000.00 dollars today), for the crime of cleaning and pressing a suit for “too low” a price. The government mandated a $.40 price, but he only charged the customer $.35, and was fined and sent to jail. The price control was part of U.S. President FDR’s “National Recovery Act” which mandated a series of wage and price controls across the country.[ii]
The way markets should work, is that government should not intervene in the market to protect the biggest companies.
If shortages develop organically for any product or service – a free market would allow the price of a good or service to rise, and, new producers should be allowed to enter the market freely, without government barriers. This would allow new supply into the market when it’s needed, bringing down prices for consumers.
Additionally, if banks and financial institutions were not allowed to lend money they do not have on hand – known as fractional reserve banking – lines of credit would be substantially reduced, further bringing down prices for consumers.
If our currency was backed by a tangible good which cannot be printed (such as precious metals), that would provide another form of price stability for consumers.
But sadly these types of changes would never occur without a bloody revolution. Continuously high rates of inflation, and government decreed privileges for big businesses are simply too profitable to give up. We’ll just have to plan for more inflation.
However, there are investments individuals can consider today, that perform best under conditions of increasing inflation. They’re generally described as ‘tangible’ investments. They include asset classes such as: precious metals, oil & gas, agriculture, and certain forms of real estate (such as farmland).
The last period of rapid inflation in the U.S. was the decade of the 1970s. During that decade many tangible investments rose in price over tenfold (such as gold), while investments in sectors vulnerable to high rates of inflation such as general equities – languished.
There are two main causes of price inflation: money printing and government intervention in the marketplace.
Money printing as a source of inflation is a fairly straight forward concept. Government intervention on the other hand is never marketed as inflation-creating – but it generates inflation while hiding behind various gimmicks. These gimmicks include government indebtedness, wholesale auctioning of rights and freedoms to big businesses, import tariffs, and price controls.
These combined forces create a whirlwind of inflation over time. However, tangible asset classes perform best during periods of high inflation. Thankfully, investors have the choice to shield themselves from the gathering storm.
The United States has imposed tariffs on imports of one-kilogram and 100-ounce gold bars, in a move that could disrupt global bullion flows and deal a major blow to key gold hub Switzerland, the Financial Times reported late on Thursday.
A Customs and Border Protection letter dated July 31 — later seen by FT sources — shows that these gold bars have now been reclassified under a customs code subject to duties, reversing earlier expectations that they would remain exempt.
The tariff reversal comes amid heightened trade tensions between Bern and Washington, as the latter recently slapped a 39% import tariff on the European nation.
Switzerland, as the world’s top gold refiner, shipped about $61.5 billion worth of gold to the US in the year to June, of which roughly $24 billion could now incur tariffs under the new tariff rate, according to FT estimates.
Industry sources told the paper that some Swiss refineries have since suspended or reduced shipments to the US while seeking legal clarity on product classifications.
Christoph Wild, president of the Swiss Association of Manufacturers and Traders of Precious Metals, said the tariff represents “another blow” to Switzerland’s trade with the US, and would make it difficult to meet demand for the yellow metal.
The kilo bar is a key unit traded on New York’s Comex exchange, which is the world’s largest gold futures market and holds the bulk of Switzerland’s bullion exports to the US. Meanwhile, the London markets typically deal in 400-ounce bars.
The tariff decision comes as gold prices have climbed 27% in 2025, driven by inflation concerns, rising government debt and a weaker US dollar.
Kelowna, British Columbia–(Newsfile Corp. – August 5, 2025) – F3 Uranium Corp(TSXV: FUU) (OTCQB: FUUFF) (“F3” or “the Company“) is pleased to announce hand-held scintillometer results at Tetra Zone, where the widest intervals of radioactivity to date on the Patterson Lake North Project have been intersected with PLN25-217, which intersected a total of 67.0m composite radioactivity between 299.5m and 414.5m, including 49.0m of continuous radioactivity between 347.5m and 396.5m. Additionally, PLN25-212, approximately 23m up-dip of PLN25-217 and 31m along strike from the discovery hole PLN25-205, intersected the second widest interval to date with 39.5m composite radioactivity between 330.0m and 409.5m, including 27.5m of continuous radioactivity between 360.5m and 396.5m.
2025 Handheld Spectrometer Highlights:
Tetra Zone
PLN25-217 (line 11280S):
0.5m interval with radioactivity between 299.5m and 300.0m, and
0.5m interval with radioactivity between 315.5m and 316.0m, and
7.5m interval with radioactivity between 336.5m and 344.0m, and
49.0m interval with radioactivity between 347.5m and 396.5m, and
9.0m interval with radioactivity between 399.5m and 408.5m, and
0.5m interval with radioactivity between 414.0m and 414.5m.
PLN25-212 (line 11310S):
2.5m interval with radioactivity between 330.0m and 332.5m, and
0.5m interval with radioactivity between 346.5m and 347.0m, and
0.5m interval with radioactivity between 354.0m and 354.5m, and
27.5m interval with radioactivity between 360.5m and 388.0m, and
6.0m interval with radioactivity between 394.0m and 400.0m, and
2.5m interval with radioactivity between 407.0m and 409.5m.
Sam Hartmann, Vice President Exploration, commented:
“The substantial radioactive widths intersected in these drill holes were truly unexpected and highlight the significant potential we see at the Tetra Zone. Despite challenging drilling conditions and the non-traditional style of mineralization, each hole provides valuable insights into deposit model generation and drill plan adaptations. Notably, PLN25-217 confirms a theorized strike direction deviating from the current conductor model, and we will continue to explore this trend. To improve our conductor modeling around the Tetra Zone area, we are planning a ground geophysical program based on a tighter grid to support larger step-outs along the Tetra Zone, which stands to reduce the number of drill holes required for targeting. Additionally, we cored two drill holes at the JR Zone using casings set last winter with PLN25-215 and -216, which tested for crosscutting structures; those assays will be included in our maiden resource estimate, expected in Q4. We are very excited and look forward to further uncovering this unique system hosting the Tetra Zone.”
Map 1. Broach Lake – Tetra Zone Scintillometer Results
Handheld spectrometer composite parameters: 1: Minimum Thickness of 0.5m 2: CPS Cut-Off of 300 counts per second 3: Maximum Internal Dilution of 2.0m
The natural gamma radiation detected in the drill core, as detailed in this news release, was measured in counts per second (cps) using a handheld Radiation Solutions RS-125 spectrometer which has been calibrated by Radiation Solutions Inc. The Company designates readings exceeding 300 cps on the handheld spectrometer (occasionally referred to as a scintillometer in industry parlance; this colloquial usage stems from historical naming conventions and the shared functionality of detecting gamma radiation between a spectrometer and a scintillometer)-as “anomalous”, readings above 10,000 cps as “highly radioactive”, and readings surpassing 65,535 cps as “off-scale”. However, readers are cautioned that spectrometer or scintillometer measurements often do not directly or consistently correlate with the uranium grades of the rock samples and should be regarded solely as a preliminary indicator of the presence of radioactive materials.
Samples from the drill core are split into half sections on site. Where possible, samples are standardized at 0.5m down-hole intervals. One-half of the split sample is sent to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) in Saskatoon, SK while the other half remains on site for reference. Analysis includes a 63 element suite including boron by ICP-OES, uranium by ICP-MS and gold analysis by ICP-OES and/or AAS.
All depth measurements reported are down-hole and true thicknesses are yet to be determined.
About the Patterson Lake North Project:
The Company’s 42,961-hectare 100% owned Patterson Lake North Project (PLN) is located just within the south-western edge of the Athabasca Basin in proximity to Paladin’s Triple R and NexGen Energy’s Arrow high-grade uranium deposits, an area poised to become the next major area of development for new uranium operations in northern Saskatchewan. The PLN Project consists of the 4,074-hectare Patterson Lake North Property hosting the JR Zone Uranium discovery approximately 23km northwest of Paladin’s Triple R deposit, the 19,864-hectare Minto Property, and the 19,022-hectare Broach Property hosting the Tetra Zone, F3’s newest discovery 13km south of the JR Zone. All three properties comprising the PLN Project are accessed by Provincial Highway 955.
Qualified Person:
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and approved on behalf of the company by Raymond Ashley, P.Geo., President & COO of F3 Uranium Corp, a Qualified Person. Mr. Ashley has reviewed and approved the data disclosed.
About F3 Uranium Corp.:
F3 is a uranium exploration company, focusing on the high-grade JR Zone and new Tetra Zone discovery 13km to the south in the PW area on its Patterson Lake North (PLN) Project in the Western Athabasca Basin. F3 currently has 3 properties in the Athabasca Basin: Patterson Lake North, Minto, and Broach. The western side of the Athabasca Basin, Saskatchewan, is home to some of the world’s largest high grade uranium deposits including Paladin’s Triple R project and NexGen’s Arrow project.
Forward Looking Statements
This news release contains certain forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, including statements regarding the suitability of the Properties for mining exploration, future payments, issuance of shares and work commitment funds, entry into of a definitive option agreement respecting the Properties, are “forward-looking statements.” These forward-looking statements reflect the expectations or beliefs of management of the Company based on information currently available to it. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
The TSX Venture Exchange and the Canadian Securities Exchange have not reviewed, approved or disapproved the contents of this press release, and do not accept responsibility for the adequacy or accuracy of this release.
F3 Uranium Corp. 750-1620 Dickson Avenue Kelowna, BC V1Y9Y2 Contact Information Investor Relations Telephone: 778 484 8030 Email: ir@f3uranium.com
ON BEHALF OF THE BOARD “Dev Randhawa” Dev Randhawa, CEO
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Whether you’re a seasoned investor or just starting, this book offers invaluable tutorials on key financial concepts like P/E ratios, dividend yield, and balance sheet analysis.
NYMEX platinum futures posted a 32.12% gain in Q2 and were 49.22% higher over the first six months of 2025. After years of lagging gold, platinum posted the most significant gain in the precious metals sector and the commodities asset class in Q2 and the first half of 2025.
I concluded my Q2 Barchart report on precious metals with:
Silver, platinum, and palladium formed powerful bullish formations in Q2, with each metal falling below its Q1 low and closing the quarter above the previous quarter’s peak. The bullish key reversal patterns could indicate that the bullish trend in the precious and industrial metals will continue over the coming months and quarters, as silver, platinum, and palladium catch up with gold.
Platinum closed Q2 at $1,334 per ounce on the nearby NYMEX futures contract. The price continued to appreciate in July 2025.
A bullish key reversal leads to more gains
In Q2 2025, NYMEX platinum futures fell to a slightly lower low than in Q1 2025 before closing the second quarter above the first quarter’s high, forming a bullish key reversal on the long-term chart.
The quarterly continuous futures chart highlights platinum’s bullish technical price action that caused the rare precious metal to move substantially above the $1,000 pivot point that had dominated price action from 2015 through Q1 2025. In early Q3, platinum futures continued their ascent, rising to over $1,500 per ounce, the highest price since Q3 2014. Nearby platinum futures were around the $1,425 level on July 28.
Approaching the next upside target
Platinum futures are closing on the next technical resistance level at the Q3 2014 high.
The monthly continuous contract chart illustrates that platinum’s next upside target is $1,523.80 per ounce, the high from July 2014. Above there, the February 2013 high of $1,774.50, the August 2011 high of $1,918.50, and the March 2008 record peak of $2,308.80 are technical resistance levels and upside targets.
Platinum was once “rich person’s gold”
In March 2008, when platinum reached its record $2,308.80 high, gold’s peak was $1,033.90 per ounce. Platinum commanded a nearly $1,275 premium over gold. Platinum is a rarer precious metal, with approximately 170 tons of annual production. Most platinum output comes from South Africa and Russia. In South Africa, production is primary, while in Russia, platinum is a byproduct of nickel production in Siberia’s Norilsk region.
Annual gold production is approximately 3,600 tons. While China and Russia lead the world in gold output, Australia, Canada, the United States, Kazakhstan, Mexico, Indonesia, South Africa, Uzbekistan, Peru, and many other countries are leading gold producers, making gold output far more ubiquitous than platinum production.
Meanwhile, in 2008 and for many years prior, platinum traded at a premium to gold, earning it the nickname “rich person’s gold.” However, since 2008, platinum’s price took a backseat to gold as the golden bull has taken the yellow precious metal to a series of higher record highs, leading to the latest 2025 peak at the $3,500 per ounce level.
Platinum’s liquidity could mean a parabolic move is on the horizon- Fundamentals in a dangerous world support more gains
As highlights, annual output of 170 metric tons of platinum compared to approximately 3,600 tons of gold makes platinum a far less liquid market. Moreover, the data from the futures arena highlights platinum’s illiquidity compared to gold. Open interest is the total number of open long and short positions in a futures market. While gold trades on the CME’s COMEX division, platinum futures trade on the CME’s NYMEX division. A gold futures contract contains 100 ounces of gold, while a platinum futures contract contains 50 ounces of platinum.
As of July 25, 2025:
COMEX gold futures open interest was 466,174 contracts or 46,617,400 ounces. At $3,310 per ounce, the total value was over $154.304 billion.
NYMEX platinum open interest was 88,775 or 4,438,750 ounces. At $1,425 per ounce, the total value was $6.325 billion.
The platinum market is far smaller than the gold market. Lower liquidity often leads to higher volatility. In platinum’s case, a herd of buying can exacerbate price action as we have seen over the first half of 2025, with platinum’s over 29% gain. At the current price, platinum could have a long way to go on the upside before challenging the 2008 all-time high of $2,308.80 per ounce.
PPLT and PLTM are platinum ETF products
The most direct route for an investment or trading position in platinum is the physical market for bars and coins. Platinum futures on the CME’s NYMEX division are a secondary route, as they offer a physical delivery mechanism. Two of the dedicated ETF products that hold physical platinum, trade on the NYSE Arca, and track the metal’s price action are:
The Aberdeen Physical Platinum ETF (PPLT) is the most liquid platinum ETF product. At $127.05 per share, PPLT had over $1.663 billion in assets. PPLT trades an average of nearly 398,000 shares daily and charges a 0.60% management fee.
The GraniteShares Platinum Shares ETF (PLTM) provides exposure to platinum. At $13.45 per share, PLTM had over $89.288 million in assets. PPLT trades an average of nearly 450,000 shares daily and charges a 0.50% management fee.
Platinum remains in a bullish trend, with plenty of upside room before it approaches the 2008 all-time high. Given gold’s ascent over the past years and platinum’s liquidity constraints, platinum could head back to its former position as “rich person’s gold.”
On the date of publication, Andrew Hecht did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com
KELOWNA, BC / ACCESS Newswire / July 29, 2025 / Diamcor Mining Inc. (TSX-V.DMI), (the “Company“) announces that due to ongoing delays in completing its funding objectives and associated operational and audit related delays, the Company will be unable to file its audited financial statements and corresponding management’s discussion and analysis for the year ended March 31, 2025 (collectively, the “Financial Disclosure“) on or before the prescribed filing deadline of July 29, 2025 as required by National Instrument 51-102 – Continuous Disclosure Obligations. The Company’s South African auditor, PricewaterhouseCoopers, and its Canadian auditor, MNP LLP, require more time to complete the preparation, reviews and audit in respect of the Financial Disclosure. The delay has been caused by the inability of the Company to complete its funding objectives underway and the associated funding transactions due to the well documented industry wide supply chain disruptions and the resulting uncertainty surrounding the impact of US imposed tariffs, compounded by the recent actions undertaken by a major creditor, Tiffany & Co. Canada (“Tiffany”), to enforce its security against all of the Company’s present and after acquired personal propertyand all shares held by the Company in the capital of its subsidiary DMI Diamonds South Africa (Pty) Ltd., as previously announced in the Company’s news release on June 13, 2025. These issues have disrupted the Company’s South African operations, which has also contributed to the delays in completing the South Africa portion of the Company’s annual audit work.
The Company is working to complete the financing objectives underway, provide the additional submissions and related items to its auditors and to complete the audit of the financial statements for the year ended March 31, 2025. In this regard, the Company has formulated the following remediation plan:
Finalize arrangements with Tiffany to defer any formal insolvency proceedings in order to enable the Company to complete its funding objectives (target completion: August 15, 2025);
Complete funding objectives (target completion August 29, 2025);
Complete delivery of required submissions and related items to the Company’s South African and Canadian auditors (target completion: September 2, 2025);
Complete draft Annual Filings for review and approval by the Company (target completion: September 23, 2025);
Complete final approval and filing of Annual Filing (target completion: September 26, 2025).
Based on the foregoing, the Company anticipates that it will be in a position to file its Financial Disclosure before September 29, 2025. The Company confirms that it will comply with the alternative information guidelines included in National Policy 12-203 – Management Cease Trade Orders, for so long as it remains in default of a specified requirement.
The Company has filed an application with the British Columbia Securities Commission and the Alberta Securities Commission requesting that they issue a management cease trade order against the Company’s Directors, Officers and/or Insiders instead of a cease trade order against the Company and all of its securityholders.
About Diamcor Mining Inc. Diamcor Mining Inc. is a fully reporting publicly traded junior diamond mining company which is listed on the TSX Venture Exchange under the symbol V.DMI. The Company has a well-established operational and production history in South Africa and extensive prior experience supplying rough diamonds to the world market.
Statement Regarding Forward-Looking Information This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.
Forward-looking statements in this document include statements concerning the Company’s intent to file the Financial Disclosure before September 29, 2025, and all other statements that are not statements of historical fact.
Although the Company believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by their nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements.
Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with adverse industry events; future legislative and regulatory developments; and other assumptions, risks and uncertainties.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
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Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
