Category: Energy

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

Vancouver, British Columbia, May 20, 2025 – Apollo Silver Corp. (“Apollo” or the “Company”) (TSX.V: APGO, OTCQB: APGOF, Frankfurt: 6ZF0) is pleased to announce it has acquired 2,215 hectares (“ha”) of highly prospective claims contiguous to its Waterloo property at its Calico Silver Project (“Calico” or “Calico Project”). The newly acquired claims herein referred to as the Mule claims comprise 415 lode mining claims, and have been acquired from LAC Exploration LLC (“LAC”), a wholly-owned subsidiary of Lithium Americas Corp. (TSX: LAC; NYSE: LAC), who were the previous operators of the property. Preliminary mapping and sampling conducted by the prior operator of the Mule claims identified several high-grade silver targets, which will be evaluated as part of Apollo’s future exploration planning.

In addition, a mapping and sampling program was recently completed at the Burcham gold prospect area in the southwest region of the Waterloo property (see news release dated February 12, 2025). This program confirmed the importance of the Calico fault system with respect to controls on the silver (“Ag)” and gold (“Au”) mineralization in the area and has identified the potential for copper (“Cu”), zinc (“Zn”) and lead (“Pb”) mineralization associated with stratabound and mantos lenses.

Highlights:

• Mule claims expand the Calico Project land package by over 285%, from 1,194 ha to 3,409 ha of contiguous claims.
  • Mule claims trend along the mineralized Calico Fault System responsible for mineralization seen at Calico.
  • Reports from the prior operator indicate that there are several strongly anomalous silver values on the property, which Apollo will attempt to ground-truth in the coming exploration programs.
  • Sampling done across the Mule claims by previous operator has identified a large Ag anomaly associated with the same suite of host rocks at the Waterloo property.
• Exploration at the Burcham prospect at Waterloo included assays from 27 surface samples:
  • Assay peaks up to 14.10 g/t Au, 20.70 g/t Ag, 0.17% Cu, 22.80% Zn and 5.74 % Pb from various samples (see Table 1).
  • Identification of strata-bound lenses and mantos that show strong potential for Cu, Zn and Pb mineralization.

Ross McElroy, President and CEO of Apollo, commented, “The addition of the Mule claims substantially enhances the Calico Project. Calico already hosts 3 discrete drill delineated zones with resource estimates along a 4km long trend, along the Calico fault zone. The Mule claims increase the overall land area of the Calico project by more than 2.5x.  The new claims are strategically located to the east along the very prolific Calico mineralized corridor and represent a great opportunity for further discoveries.  Apollo is committed to continuing to unlock value in California for our shareholders.”

Mule Claims Acquisition

The Mule claims are composed of 415 lode mining claims administered by the Bureau of Land Management. Mapping and sampling conducted by the previous operators across the Mule claims has identified a continuation of the mineralized Calico Fault System. The sedimentary rocks of the Barstow formation which hosts the Waterloo silver deposit, as well as the volcanic Pickhandle formation are pronounced all over the acquired claims. The contact between the Barstow and Pickhandle formation has demonstrated potential for gold mineralization as is seen at Waterloo. Sampling across the Mule claims has identified several strong Ag and Au anomalies. Apollo plans to conduct its own follow up exploration program on the Mule claims to better develop its own exploration targets and delineate where this highly prospective contact is exposed.

Details of the Transaction

The Mule claims were acquired by Apollo’s wholly owned U.S. subsidiary, Stronghold Silver USA Corp. (“Stronghold”), from LAC. As consideration for the acquisition, Apollo paid US$250,000 in cash, and LAC retains a 2.0% net smelter return royalty (the “Royalty”) on the Mule claims.

Apollo, through Stronghold, retains the right to buy back 1.0% of the Royalty at any time on or before the date that is thirty (30) days from the date of commencement of commercial production, for a payment of US$1,000,000.

Figure 1: Map of Calico Project in San Bernardino, California

2025 Burcham Exploration Program

The Company has completed its previously announced surface exploration work at its Burcham prospect (see news release dated February 12, 2025). The work completed consisted of detailed mapping, sample collection and target generation, with the aim to follow up with future drilling.

The exploration team has completed some of the most detailed mapping to date at the Calico Project, including previous programs at Langtry and Waterloo. Structures dominating at Burcham are similar to those at Waterloo with the system being dominated by the Calico Fault, a sinuous moderately plunging reverse fault that dips steeply to the north. Potential for Au mineralization is strong along the contact of the Burcham and Pickhandle formations. Previously unrecognised, stratiform mantos and lenses occupying fold flexures show strong potential for Cu mineralization. This type of mantos have been historically mined on the north side of the Waterloo deposit, and occur near the contact between the Pickhandle Formation and the overlying Barstow Formation. Historic mining on the North side of Waterloo Deposit targeted a manto about 1.5 m thick. Copper mineralization is associated with strong hydrothermal alteration which is seen to diminish as you move eastward along the property. Assays of the sample results are presented in Table 1.

Figure 2: Summary Map of Burcham Exploration Program

Table 1: Location and Assay Results of Samples Collected

Sampling and Quality Assurance/Quality Control

Grab samples were collected in the field and a 2 kg representative sample was sent for analysis. Rock samples are catalogued and securely stored in a warehouse facility in Barstow, California until they are ready for secure shipment to ALS Global Geochemistry in Reno, Nevada (“ALS Reno”) for sample preparation and gold analysis. After preparation, splits of prepared pulps are securely shipped to ALS Vancouver, British Columbia for analysis.

Samples were prepared at ALS Reno (Prep-31 package) with each sample crushed to better than 70% passing a 2 mm (Tyler 9 mesh, U.S. Std. No. 10) screen. A split of 250 g is taken and pulverized to better than 85% passing a 75-micron (Tyler 200 mesh, U.S Std. No 200) screen. Surface samples were analyzed using complete characterization via the CCP-PK05 methods, which include whole rock analysis (ME-ICP06), ME-MS61, single element trace method using aqua regia digestion and ICP-MS (ME-MS42) and rare earth elements using the method ME-ME81, which consists of lithium borate fusion followed by ICP-MS. All surface samples were submitted for gold analysis by fire assay (Au-AA23). Over-range samples analyzed for copper, lead and zinc were re-submitted for analysis using a four-acid digestion and ICP-AES finish (method OG62) with a range of 0.001-50% for copper, 0.001-20% for lead, and 0.001-30% for zinc. Gold was analyzed by fire assay with atomic absorption finish (method Au-AA25) with a reportable range of 0.01-100 ppm Au. All analyses were completed at ALS Vancouver except for gold by fire assay, which was completed at ALS Reno.

Apollo’s QA/QC program includes ongoing auditing of all results from the laboratories. The Company’s Qualified Person is of the opinion that the sample preparation, analytical, and security procedures followed are sufficient and reliable. The Company is not aware of any sampling issues or other factors that could materially affect the accuracy or reliability of the data reported herein.

2025 Marketing Initiatives

The Company also announces that it has engaged Creative Direct Marketing Group, Inc. (“CDMG”), an arm’s-length service provider, to provide creative services in accordance with the policies of the TSX Venture Exchange (“TSXV”) and applicable securities laws. Based in Nashville, Tennessee, CDMG specializes in marketing, advertising, and public awareness across various sectors, including mining and metals.

Pursuant to a work order dated May 16, 2025 (the “Agreement”), the Company has retained CDMG’s for a one-time fee of approximately US$129,800. The Agreement represents a creative budget for marketing and advertising services (the “Services”), enabling CDMG to begin preparing content that may be used in future campaigns.  No specific marketing campaign has been prepared, approved, or scheduled at this time. The engagement is subject to the approval of the TSX Venture Exchange.

Qualified Person

The scientific and technical data contained in this news release was reviewed and approved by Isabelle Lépine, M.Sc., P.Geo., Apollo’s Director, Mineral Resources. Ms. Lépine is a registered professional geologist in British Columbia and a QP as defined by NI 43-101 and is not an independent of the Company.

About Apollo Silver

Apollo Silver has assembled an experienced and technically strong leadership team who have joined to advance quality precious metals projects in sought after jurisdictions. The Company is focused on advancing its portfolio of two prospective silver exploration and resource development projects, the Calico Project, in San Bernardino County, California and the Cinco de Mayo Project, in Chihuahua, Mexico.

Please visit www.apollosilver.com for further information.

ON BEHALF OF THE BOARD OF DIRECTORS

Ross McElroy, President and CEO

For further information, please contact:

Amandip Singh, VP Corporate Development

Telephone: +1 (604) 428-6128

Email: info@apollosilver.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding “Forward-Looking” Information

This news release includes “forward-looking statements” and “forward-looking information” within the meaning of Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are forward-looking statements including, without limitation the expected benefits and strategic rationale of the Mule claims acquisition; the timing, scope, and success of planned exploration activities, including mapping, sampling, and drilling at the Burcham prospect; the potential for silver, gold, and copper mineralization; and the Company’s ability to advance, develop, and permit the Calico Project. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, “potential”, “target”, “budget” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions and includes the negatives thereof.

Forward-looking statements are based on the reasonable assumptions, estimates, analysis, and opinions of the management of the Company made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made. Forward-looking information is based on reasonable assumptions that have been made by the Company as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may have caused actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks associated with mineral exploration and development; metal and mineral prices; availability of capital; accuracy of the Company’s projections and estimates; realization of mineral resource estimates, interest and exchange rates; competition; stock price fluctuations; availability of drilling equipment and access; actual results of current exploration activities; government regulation; political or economic developments; environmental risks; insurance risks; capital expenditures; operating or technical difficulties in connection with development activities; personnel relations; and changes in Project parameters as plans continue to be refined. Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to the price of silver, gold and Ba; the demand for silver, gold and Ba; the ability to carry on exploration and development activities; the timely receipt of any required approvals; the ability to obtain qualified personnel, equipment and services in a timely and cost-efficient manner; the ability to operate in a safe, efficient and effective matter; and the regulatory framework regarding environmental matters, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information contained herein, except in accordance with applicable securities laws. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding the Company’s expected financial and operational performance and the Company’s plans and objectives and may not be appropriate for other purposes. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

VANCOUVER, British Columbia, July 14, 2025 (GLOBE NEWSWIRE) — Apollo Silver Corp. (“Apollo” or the “Company”) (TSX.V:APGO, OTCQB:APGOF, Frankfurt:6ZF0) is pleased to announce that it has entered into an investor relations agreement (the “Agreement”) with Matthews Investments, to provide investor relations services to the Company, as defined in accordance with the policies of the TSX Venture exchange (“TSXV”) and applicable securities laws. Matthews Investments will receive consideration of C$7000/month, payable monthly in arrears, for an initial term of three months, with the option for the Company to renew on a quarterly basis thereafter.

Matthews Investments, a company based in Vancouver, British Columbia, provides IR consulting services for public companies. Founding CEO, Richard Matthews, is an IR expert with more than 15 years of experience and with deep expertise in the mining industry. He has held senior management and board roles at Canadian publicly listed companies and has run highly successful, international IR programs. Neither Matthews Investments nor any of its principals hold, directly or indirectly, any securities of Apollo, however, they have advised that they may participate in a future financing or acquire shares in the open market.

The Agreement is subject to the approval of the TSXV.

About Apollo Silver Corp.

Apollo has assembled an experienced and technically strong leadership team who have joined to advance quality precious metals projects in sought after jurisdictions. The Company is focused on advancing its portfolio of two prospective silver exploration and resource development projects, the Calico Project, in San Bernardino County, California and the Cinco de Mayo Project, in Chihuahua, Mexico.

Please visit www.apollosilver.com for further information.

ON BEHALF OF THE BOARD OF DIRECTORS

Ross McElroy
President and CEO

For further information, please contact:

Email: info@apollosilver.com
Telephone: +1 (604) 428-6128

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The European Union still wants a trade pact with the US, but the bloc said to be readying its counterattack as President Trump plays hardball and makes a no-deal outcome more likely.

EU member states are pushing for new and stringent measures to retaliate against US companies, The Wall Street Journal reported, while its officials are meeting this week to draw up a plan for reprisals, per Bloomberg.

“If they want war, they will get war,” a German official told the WSJ, while noting there was still time to hammer out a deal.

Trump is reportedly pushing for higher blanket tariffs on imports from the EU, throwing a wrench in negotiations ahead of an Aug. 1 deadline for sweeping duties to take effect.

The Financial Times reported that Trump wants a minimum of a 15% to 20% tariff on EU goods as part of any deal. Trump has threatened the bloc with 30% duties beginning Aug. 1. That is the date he is also set to impose tariffs on an array of other trading partners, as well as potential sectoral levies on copper, pharmaceuticals, and semiconductors.

Trump said last week he would soon send letters to over 150 smaller US trade partners, setting blanket tariff rates for that large group.

Trump has already sent letters to over 20 trade partners outlining tariffs on goods imported from their countries. The letters set new baseline tariff levels at 20% to 40% — except for a 50% levy on goods from Brazil in a move that waded into the country’s domestic politics.

On July 10, Trump announced a 35% tariff on Canadian goods and followed that up with promises of 30% duties on Mexico and the EU. The letters have at times upended months of careful negotiations, with Trump saying he is both open to reaching different deals but also touting his letters as “the deals” themselves.

Treasury Secretary Scott Bessent on Monday said the administration is “more concerned with high quality deals than getting these deals done by Aug. 1.”

Looking ahead to the holiday season, some retailers are struggling to prepare, not knowing whether products like toys and artificial Christmas trees might be available to import, and what the tariffs might be on a given country.

Source: https://finance.yahoo.com/news/live/trump-tariffs-live-updates-eu-readies-its-reprisals-as-trump-pushes-for-higher-tariffs-200619060.html