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As the digital economy accelerates and generative AI becomes more deeply embedded in business and daily life, the physical infrastructure supporting these technologies is undergoing a transformative explosion.
In this graphic, we use data from McKinsey to show current and projected energy demand from data centers in the United States. Data is from October 2023.
U.S. Data Centers Could Quadruple Power Demand by 2030
Today, data centers account for roughly 4% of total U.S. electricity consumption. But by 2030, that share is projected to rise to 12%, driven by unprecedented growth in computing power, storage needs, and AI model training.
In fact, U.S. data center energy demand is set to jump from 224 terawatt-hours in 2025 to 606 terawatt-hours in 2030.
Year
Consumption (TWh)
% of Total Power Demand
2023
147
4%
2024
178
4%
2025
224
5%
2026
292
7%
2027
371
8%
2028
450
9%
2029
513
10%
2030
606
12%
Meeting this projected demand could require $500 billion in new data center infrastructure, along with a vast expansion of electricity generation, grid capacity, and water-cooling systems. Generative AI alone could require 50–60 GW of additional infrastructure.
This massive investment would also depend on upgrades in permitting, land use, and supply chain logistics. For example, the lead time to power new data centers in large markets such as Northern Virginia can exceed three years. In some cases, lead times for electrical equipment are two years or more.
A Strain on the U.S. Grid
The U.S. has experienced relatively flat power demand since 2007. Models suggest that this stability could be disrupted in the coming years. Data center growth alone could account for 30–40% of all net-new electricity demand through 2030.
Unlike typical power loads, data center demand is constant, dense, and growing exponentially. Facilities often operate 24/7, with little downtime and minimal flexibility to reduce usage.
Bitcoin (BTC-USD) retreated more than 3% from its record highs on Thursday after hotter-than-expected inflation soured expectations of a large rate cut in September and Treasury Secretary Scott Bessent signaled the US won’t be purchasing bitcoin for its strategic reserve.
On Wednesday, bitcoin touched an all-time high past $123,500 per token in anticipation of looser monetary policy and corporate purchases. Crypto rolled over after July’s Producer Price Index came in much higher than expected.
During an interview with Fox Business, Bessent said US reserves of bitcoin amount to around $15 billion or $20 billion at today’s prices.
“We’ve also started to get into the 21st century — a bitcoin strategic reserve. We’re not going to be buying that, but we are going to use confiscated assets and continue to build that up,” he said.
Expectations of Fed rate cuts, coupled with heavy purchases from corporate treasuries, have driven up the price of the asset this year.
The cryptocurrency has gained 25% year to date and has rallied roughly 57% since the April lows.
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
(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)
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
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
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Vancouver, British Columbia–(Newsfile Corp. – July 24, 2025) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (“EMX” or the “Company”) congratulates Talga Group Ltd (“Talga”; ASX:TLG) on its progress in advancing the Vittangi graphite project in northern Sweden. EMX controls a 2% NSR royalty on all mineral production from the Vittangi project, which recently concluded an appeals review process for the issuance of an Exploitation Concession, a key step in the mine permitting process in Sweden. According to Talga’s ASX News Release dated June 12, 2025: “all major permits are now in force for [Talga’s] 100% owned Nunasvaara South Mine, which is part of Europe’s largest and highest grade JORC classified natural graphite resource”.
The Nunasvaara South mine at Vittangi is part of a vertically integrated development-stage project that will produce high performance battery graphite anode materials for the electrical vehicle, battery storage and defense industries. Graphite is classified as a strategic element by the European Union and United States and is vital to various battery technologies and a critical component to many defense-sector applications. At present, almost all commercial processing of graphite is controlled by China, with very little production capacity located in Europe and in the Americas. As such, the Vittangi project stands out in terms of its robust resource grades and tonnages as well as Talga’s ability to produce a strategic product from its fully permitted downstream refinery and anode plant that will be constructed in Luleå, Sweden.
Talga has also recently received funding support via grants from the EU Innovation Fund and has been designated as a Strategic Project under the European Commission’s Critical Raw Materials Act (“CRMA”) and Net-Zero Industry Act. Under such designations, Talga will utilize EU support and innovative technologies to produce natural graphite anode materials with a remarkably low emissions footprint.
Much of current graphite production is utilized in the refractory/steel-making industries, but demand is forecasted to increase dramatically in the coming years due to increased production of lithium-ion batteries. The Vittangi royalty interest and the current high levels of interest surrounding this project underscore the deep optionality that exists within EMX’s global royalty portfolio.
EMX Royalty. EMX acquired its 2% NSR royalty via its acquisition of Phelps Dodge Exploration Sweden AB (“PDES”) in July, 2010, from Freeport-McMoRan Copper & Gold Inc. (see EMX News Release dated August 5, 2010). PDES had previously entered into a royalty agreement with TCL Sweden Ltd, a wholly owned subsidiary of Teck Resources Ltd (“Teck”), which covered the Vittangi project exploration permits. Teck subsequently sold TCL Sweden Ltd to Talga in February 2012. The EMX royalty covers all mineral production from the Vittangi nr 2, Nunasvaara nr 2 and Kallokajärvi nr 1 exploration permits and “any renewal thereof and any other form of successor or substitute title” to those permits.
Vittangi Graphite Deposit. The Vittangi deposit lies within the Palaeoproterozoic greenstone sequence of northern Sweden, consisting of metasedimentary and metavolcanic rocks. The graphite mineralization occurs in graphitic schists hosted in the Nunasvaara Formation, which is part of a highly metamorphosed volcanic-sedimentary sequence.
The Vittangi Project consists of several mineralized zones, with the Nunasvaara South deposit being the most significant. A detailed feasibility study, published in 2021, defined a Probable Reserve on Nunasvaara South of 2.3 million tonnes at 24.1% graphite (%Cg) as shown below1. Talga has also defined an Indicated Mineral Resource of 26.7 million tonnes at 24.3% graphite (%Cg)2. Further upside comes from considerable exploration potential elsewhere on the Vittangi property.
Mineral Reserves as reported by Talga Group Ltd; see ASX News Released Dated July 1, 20211
Deposit
Reserve Category
Tonnage (t)
Graphite (%Cg)
Contained Graphite (t)
Nunasvaara South
Probable
2,260,140
24.1
544,693
Mineral Resources as reported by Talga Group Ltd; see ASX News Released Dated October 6, 20232
Deposit
Resource Category
Tonnage (t)
Graphite (%Cg)
Contained Graphite (t)
Vittangi (all deposits)
Indicated
26,691,000
24.3
6,482,000
Vittangi (all deposits)
Inferred
8,329,000
22.1
1,844,000
1Notes on Mineral Reserves. The Nunasvaara Mineral Reserve was disclosed by Talga in their ASX News Release dated July 1, 2021, in accordance with the 2012 JORC Code reporting guidelines, which is an acceptable foreign code under Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). The Mineral Reserve is based upon a previously disclosed Mineral Resource estimate for Nunasvaara South (See Talga Group Ltd ASX News Release dated September 17, 2020). The Mineral Reserve Statement utilized a graphite price of US$4,000/t and cut-off grade of 11% Cg. Only Indicted Resources within optimized Whittle pit shells were used for the conversion to Probable Reserves. Totals may not sum correctly due to rounding. As reported by Talga, the Competent Person as defined by the JORC Code who supervised the Mineral Reserve Statement was Mr. John Walker. At the time of disclosure, Mr. Walker was a sub-contractor with Golder Associates Ltd. and a Professional Member of the Institute of Materials, Minerals and Mining (Membership No.451845).
2Notes on Mineral Resources. The Vittangi Mineral Resources were disclosed by Talga in their ASX News Release dated October 6, 2023. All Mineral Resources have been reported in accordance with the 2012 JORC Code reporting guidelines, which is an acceptable foreign code under NI 43-101. Indicated Mineral Resources are reported within preliminary pit shells and above a cut-off grade of 12.5% Cg and using a graphite price of US$5,000/t. Reported resources are inclusive of reserves. Totals may not sum correctly due to rounding. As reported by Talga, the qualified person who supervised the Mineral Resource Estimate was Ms. Katharine Masun (HBSc Geology, MSc Geology, MSA Spatial Analysis), who at the time of disclosure was a Principal Geologist at SLR Consulting (Canada) Limited. Also, at the time of disclosure, Ms. Masun was registered as a Professional Geologist in the Northwest Territories and Nunavut, Provinces of Ontario, Newfoundland and Labrador, and Saskatchewan, Canada, and a Competent Person as defined by the JORC Code.
Note that NI 43-101 and JORC (2012) both comply with the CRIRSCO reporting protocols, utilizing equivalent categories of Inferred and Indicated Resources and Probable Reserves.
More information on the Vittangi project can be found at www.EMXroyalty.com.
Dr. Eric P. Jensen, CPG, a Qualified Person as defined by NI 43-101 and employee of the Company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.
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 statements” and “forward looking information” (together “forward-looking statements”) that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, expectations related to Vittangi graphite project, mineral reserves and resource estimates, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include but are not limited to unavailability of failure to identify commercially viable mineral reserves, delays in the advancement and production at the Vittangi graphite project, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding and other factors.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended March 31, 2025 (the “MD&A”), 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. EMX does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.
