Vancouver, British Columbia–(Newsfile Corp. – August 20, 2025) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (the “Company” or “EMX”) congratulates AbraSilver Resource Corp. (“AbraSilver”) on its recent updated Diablillos mineral resource estimate (“MRE”) that increased total open pit constrained, oxide mineral resources to 199 million ounces of contained silver (+34%) and 1.72 million ounces of contained gold (+27%) in the measured and indicated (“MI”) categories.1,2 AbraSilver is also further enhancing project economics with ongoing drilling, advancing other priority initiatives (e.g., engineering optimization, investment incentives, among others), and is expected to receive EIA approval in the latter half of 2025 and on schedule to deliver a definitive feasibility study (“DFS”) for the Project in Q1 2026. EMX retains a 1% NSR royalty on the Diablillos Project, and all known mineralization occurs within EMX’s royalty ground.
The updated Diablillos MRE reports tank leach resources, which previously was the sole metallurgical processing assumption for the Project, as well as contributions from a maiden heap leach MRE. The additional heap leach resources represent a milestone advancement in converting near surface and peripheral lower grade “waste” material within the constraining open pit configuration to mineralization potentially recoverable via a low-cost processing route. AbraSilver reported total (i.e., tank and heap leach) oxide MI resources as 104 Mtonnes averaging 59 g/t silver and 0.51 g/t gold. The tank leach MI resources account for approximately 70% of the tonnes and over 90% of the contained silver and gold, with the heap leach resources contributing the balance which provides the potential to reduce the strip ratio and enhance project economics.
There were significant MI increases across all five resource deposits (i.e., Oculto, JAC, Fantasma, Laderas and Sombra) (see Figure 1 reference map), with the largest tonnage and contained metal increases driven by the JAC deposit, which is characterized by high-grade, near-surface silver-gold mineralization, as well as the Oculto deposit. The Sombra deposit, a recent discovery immediately south of Oculto and JAC, represents a first-time addition to the Project MRE totals.
There is significant district scale exploration upside at Diablillos with an ongoing Phase V 20,000 meter drill program scheduled for completion by early 2026. This program includes step-out drilling at Oculto East, JAC, and Sombra, as well as exploration drilling at the Cerro Viejo and Cerro Blanco porphyry targets.
EMX congratulates AbraSilver for its success in rapidly building value at the Diablillos royalty property. In addition to the significant increases in silver-gold mineral resources via drilling and metallurgical advancements, AbraSilver is currently evaluating other initiatives to further enhance project economics as inputs to the H1 2026 DFS (e.g., connecting to national grid for power, upgrading the fleet size, outsourcing waste movement, and optimizing TSF design to co-locate waste with tailings).3 Moreover, Diablillos is eligible for Argentina’s Incentive Regime for Large Investments (i.e., RIGI), which includes lower tax rates, elimination of export duties, and accelerated depreciation; an investment decision by Q2 2027 is required to fully qualify. Clearly, AbraSilver is on a fast track in advancing Diablillos to a production decision, and thereby unlocking the value of EMX’s royalty interest.
Comments on the Updated MRE. The updated Diablillos MRE reports total (i.e., tank and heap leach) measured resources of 33,218 Ktonnes @ 98 g/t Ag (105,050 Koz contained) and 0.59 g/t Au (634 Koz contained) and indicated resources of 70,686 Ktonnes @ 41 g/t Ag (93,593 Koz contained) and 0.48 g/t Au (1,081 Koz contained). In addition, the updated MRE includes total inferred resources of 19,628 Ktonnes @ 21 g/t Ag (13,427 Koz contained) and 0.38 g/t Au (241 Koz contained).
Comments on the December 2024 PFS. AbraSilver’s PFS study updated in December 2024 outlined an average 14 year life of mine with annual production of 7.6 Moz of silver and 72 Koz of gold yielding an NPV(5) of US$747 million, 28% IRR, and a two year payback using base case prices of $25.50/oz silver and $2,050/oz gold. Importantly, the PFS production profile over the first five years of full mine production averages 11.7 Moz silver and 59 Koz gold which underlines the Project’s early-stage potential for strong cash-flow generation and corresponding royalty payments to EMX. AbraSilver’s ongoing initiatives and sustained silver and gold bull market prices suggest significant additional Project upside.
About the Diablillos Silver-Gold Royalty Property. Diablillos is a high sulfidation silver-gold project located in the Puna region of Salta Province, Argentina. There are multiple mineralized zones in a district scale area covered by EMX’s uncapped 1% NSR royalty ground. Of note, in April of this year the Company received an early final property payment from AbraSilver totaling US$6.85 million.
Michael P. Sheehan, CPG, a Qualified Person as defined by National Instrument 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” 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, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, timelines, 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 financing, failure to identify commercially viable mineral reserves, 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 by joint venture partners 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 June 30, 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.
Figure 1. Diablillos Project Plan View of Mineral Resource Estimate (taken from Figure 2, AbraSilver news release dated July 29, 2025).
1 See AbraSilver news release dated July 29, 2025 and Appendix 1 of this news release 2 Increases referenced to the November 2023 MRE 3 See AbraSilver “August 2025” Corporate Presentation 4 See AbraSilver news release dated December 3, 2024
In his monograph “A Short History of Financial Euphoria”, economic historian John Kenneth Galbraith observed, “For practical purposes, the financial memory should be assumed to last, at a maximum, no more than 20 years. This is normally the time it takes for the recollection of one disaster to be erased and for some variant on previous dementia to come forward to capture the financial mind.”
For those afflicted by FMDS, we prescribe defensive positioning including high levels of cash and gold bullion.
It has been almost 20 years since the Global Financial Crisis restored a measure of sobriety to the financial markets. It is our thinking that the current cycle of market mania is due for a comeuppance. Resistance to a reality check is baked into the “buy the dip” conventional wisdom. Galbraith writes in “The 1929 Parallel” (Atlantic, 1987), “There is a compelling vested interest in euphoria, or perhaps especially, when it verges, as in 1929, on insanity.” As noted by Walter Bagehot in Lombard Street (1873), “All people are the most credulous when they are the most happy.”
Timing a financial market reversal, while imprecise, is aided by the historical fact that ebbs and flows of mass psychology are repetitive, go to extreme levels and reverse under the weight of their exhaustion. The markers of what constitute a “danger zone” are consistent. The forgotten champions of mortgage-backed securities (2007), dot-com startups (late 1990s), the “nifty fifty” stocks of the 1970s or investment trusts of the 1920s have much in common with today’s proponents of the MAG 7, crypto and the AI revolution. The signs include extreme market concentration, leverage and delusional extrapolation of the benefits of whatever happens to be the current craze.
In the following note, we prescribe for those afflicted by financial market derangement syndrome, or FMDS, a healthy dose of contrarian thinking and defensive positioning including high levels of cash and gold bullion. For those wishing for stronger countermeasures to generate positive investment returns from FMDS, we suggest significant exposure to precious metals mining equities.
Gold Equities: Still Undervalued and Under-Owned
Despite the strong year-to-date performance for gold bullion (25.35%)1 and precious metals shares (52.65% with dividends reinvested),2 investor participation remains scant. To measure current investor participation and positioning, we look to the number of shares outstanding in the VanEck Gold Miners ETF (GDX), which has declined 20.37% year-to-date and 32.86% since 2020. Mining stocks, despite an 85.47% increase in the gold price over the past five years and an even greater rise in profit margins, have lagged gold conspicuously, gaining only 51.82% over the same period.
For gold miners, the approximate industry-wide profit margin has increased from $647 per ounce in Q1 2024 to approximately $1,700 in Q2 2025, a gain of 168%.
Figure 1: Gold Miner Profitability Has Risen Significantly (2024-2025E)
Sources: (1) Average Gold Price: Bloomberg XAU Curncy, (2) AISC: Bloomberg Intelligence (BI METG: Precious Metal Mining Dashboard), (3) Q2 2025E for AISC is based on Sprott’s estimate.
Gold miners are generating record profits and cash flow. Their balance sheets are flush. Industry leaders, including Newmont and Agnico Eagle, are promising to return surplus capital to shareholders. Share buyback announcements and dividend hikes are listed in Appendix A. At the recent Rick Rule Symposium in Boca Raton, Agnico Eagle CEO Ammar Al Joundi stated that he “would rather give money back” than chase marginal deals.3 Newmont Mining has generated proceeds of $3 billion after tax from asset divestitures over the past year and announced share buybacks of $3 billion in July 2025.
The lack of interest in precious metals miners seems as inexplicable as it is unsustainable.
Blockbuster earnings reports are becoming commonplace, in many cases well above sell-side research consensus. We strongly believe there is more good news to come as the third quarter average gold price (quarter-to-date) already exceeds the second quarter average gold price by $54 per ounce. Fear of a sustained drop in the metal’s price, if that is the reason for the absence of investor enthusiasm, is misplaced.
Sell-side analysts continue to play catch-up with their earnings forecasts and price targets. Ingrained “bunker mentality” from a decade of poor performance in the mining sector seems to be preventing forceful advocacy of a pro-miners investment thesis from those who should be its champions.
While not standard, attention to shareholder accountability in terms of per-share metrics is increasingly evident. Useful per-share stats would include earnings, cash flow, reserves and production. Investor presentations that disclose per-share information include Wesdome, Alamos, Kinross and Dundee Precious Metals, to name a few. The key investment rationale for gold mining equities is leverage to the movement in the gold price. In a bull market for the metal, gold bulls want a quantification of that torque. Discussion of that connection was virtually non-existent five years ago.
The lack of interest in precious metals miners seems as inexplicable as it is unsustainable. Strong fundamentals, along with extreme investor disinterest, suggest that mining stocks are likely to continue to outperform all other S&P sectors, as they have over the past twelve months. It is the table we have been pounding, endlessly it seems, since the most recent leg of the gold bull market commenced during the throes of the COVID-19 pandemic.
Figure 2: Gold Miners Have Outperformed All S&P Sectors over the Past 12 Months as of 6/30/2025
Source: Bloomberg. Data as of June 30, 2025.
Gold Bullion vs. Miners
The investment case for gold bullion, in its least controversial form, rests on the prudence of portfolio diversification. Those benefits are amply demonstrated by dispassionate historical analysis. It is a sensible argument that appeals to conservative, adult instincts. Accessibility, once challenging, has been eased for equity investors by the profusion of ETF wrappers.
Mining stocks, a logical subset of the diversification tool kit, get failing grades when it comes to judicious exposure. The bad rap includes a (now ancient) history of juvenile capital allocation decisions, volatility, illiquidity and a business model that disturbs the planet’s surface, not to mention mainstream aversion to the rationale for a gold bull market’s very existence. Bullion is to gold miners as hamburgers are to abattoirs. “Portfolio diversification” is just a polite euphemism for protection against currency depreciation and bear markets. While bullion may provide a safe haven, the miners could provide torque to events for which the markets are improperly positioned.
The Next Gold Price Catalyst: Financial Market Dysfunction
A token gold allocation of 2% to 3% is, in our opinion, just a “CYA” acknowledgement of the possibility of market adversity while remaining asleep as to any likelihood or timing. Predicting the precise turning point in the bull equity market is, of course, a hazardous exercise with many past misfires by well-regarded observers. In our opinion, however, there is strong evidence suggesting the onset of a bear market is nigh including extremes of valuation, technical analysis, investor psychology and behavior, and hyperactive retail participation.
A token 2% to 3% gold stake is just hitting the snooze button on a looming bear market alarm.
A multitude of valuation red flags is covered here (Grant’s, 7/16/25):
The charging-bull crowd can surely use such continued operating momentum, with the S&P 500 changing hands at 22.3 times forward earnings, compared with 5-year and 10-year average valuations of 19.9 and 18.4 times, respectively. Other indicators point to an historically stretched market, with the index perched at 3.29 times trailing sales, the highest since at least 1990 and nearly one full turn above that seen at the peak of the dot-com bubble. The free cash-flow yield crouches at 2.76%, near February’s post-Lehman Brothers low of 2.71% and compared with a 4.19% average reading over the past 10 years, while the 1.23% dividend yield undercuts the 1.26% yield seen during risk appetite on record. In turn, average cash levels have ebbed to 3.9% from 4.2% in June, approaching February’s 3.5% (which marked the lowest reading on record dating to 2010) and triggering a sell signal from BofA’s in-house trading model.”
More broadly, the FT Wilshire 5000 Index4 commands an aggregate market value near $62 trillion, equivalent to just over 208.1% of U.S. GDP. Famously dubbed the Buffett Indicator,5 that metric elicited the following commentary from the Oracle of Omaha to Forbes in December 2001: ‘If the ratio approaches 200%—as it did in 1999 and a part of 2000—you are playing with fire.’ The stock market’s sterling post–Liberation Day rebound has given a new boost to market morale, as Tuesday’s release of the latest Bank of America Global Fund Manager Survey shows the biggest three-month rise in Don’t look down.
A valuation red flag not mentioned in Grant’s is depicted in the Zero Hedge chart in Figure 3.
Figure 3. Return to Historic Heights The percentage of global stocks trading above 10x EV/Sales has reached the highest level in history, surpassing both the Dot-Com Bubble and the 2021 meme mania.
Source: Barchart/Man.
Thanks to David “Haymaker” Hay for the above chart and the context provided. Stocks trading at 10 times sales are generally considered to be in bubble territory. The illogic of paying this type of valuation for most, but not all, equities was famously articulated by Sun Microsystem’s co-founder and then-CEO Scott McNealy in March 2002.* This was after its stock price had been obliterated in the wake of the first tech bubble’s implosion.
*McNealy quoted in BusinessWeek, 2002:
At 10 times revenues, to give you a 10-year payback, I have to pay you 100% of revenues for 10 straight years in dividends. That assumes I can get that by my shareholders. That assumes I have zero cost of goods sold, which is very hard for a computer company. That assumes zero expenses, which is really hard with 39,000 employees. That assumes I pay no taxes, which is very hard. And that assumes you pay no taxes on your dividends, which is kind of illegal. And that assumes with zero R&D for the next 10 years, I can maintain the current revenue run rate. Now, having done that, would any of you like to buy my stock at $64? Do you realize how ridiculous those basic assumptions are? You don’t need any transparency. You don’t need any footnotes. What were you thinking?
There is a good case based on technical analysis that the equity market is skating on thin ice. Highly respected chartist Carter Worth suggests that the S&P 500 Index has run out of upside potential based on well-defined historical trend lines:
Figure 4. S&P 500 20-Year Trendline (2006-2025)
Source: Worth Charting as of July 31, 2025.
As to the danger signals emitted from euphoric psychology, special thanks go to Bitcoin Magazine (August 1, 2025) for this gushing explanation of the rationale for crypto trusts:
Strategy (formerly MicroStrategy)6 delivered a second-quarter earnings call that demonstrated more than financial results; it revealed a robust and deliberate treasury architecture designed to make Bitcoin the centerpiece of shareholder value creation. The call was dense with insight into how a public company can re-engineer its balance sheet, capital structure, and market signaling to outperform traditional fiat-based treasuries.
An excellent discussion of the proliferation of bitcoin trust issuance (Bitcoin Treasury Cos: Lessons from the 1929 Crash) suggests analogies to the investment trusts of the 1920s or mortgage-backed securities that preceded the 2007-2008 Global Financial Crisis (GFC).
Additional grist for the bearish mill includes the recent preponderance of insider selling. The Kobeissi Letter (@KobeissiLetter) posted on X at 3:28 PM on Tuesday, Aug 05, 2025:
Yet another sign of a market top is hyperactive retail trading in zero-day options. Zero-day options are options contracts that expire on the same day they are traded. These have become increasingly popular among traders due to their potential for quick profits and high leverage. Retail investors account for over half of all zero-day options trading flow, and recently, zero-day options surged to an all-time high, comprising 61% of total S&P 500 volume.7
What, Me Worry?
For all but the few investors that pay close attention to gold macros, it seems the consensus expectation is for minimal upside versus considerable downside risk. Figure 5 depicts Wall Street’s bearish consensus expectation. Investor hesitation to position gold stocks most likely is directly connected, in our opinion, to the resolute bullishness that props mainstream equity positioning. Until real economic adversity sets in, interest in gold and gold stock exposure will likely continue to be a case of “who needs it?” Alfred E. Neuman is alive and well.
Figure 6. Consensus Forecasts on Gold Prices to 2028
Source: Bloomberg. Data as of 6/30/2025.
Is gold nonetheless a “crowded” trade? As reported by the June Bank of America (BofA) Global Fund Manager Survey, 41% of respondents think so. However, BofA also reported that investors had allocated just 3.5% of their portfolios to gold. Sentiment is bullish, as reflected by Market Vane (Figure 6), but below the “Tariff” Peak of Q1 ’25 and the COVID Peak of 2019. The steady liquidation of GDX gold mining shares suggests investor aversion to gold exposure.
Figure 7. GDX Shares vs. Market Vane Sentiment Index8 (2018-2025)
Sources: Bloomberg and Market Vane. Data as of 8/13/2025.
In our view, gold is consolidating its April 2025 spike to $3,500 per ounce. The many factors that launched gold to that temporary peak, including central bank buying, de-dollarization, concerns over the U.S. fiscal situation and geopolitical risk have continuing latency and explain why gold is trading effortlessly in the current range of $3,200 to $3,400. They have been extensively discussed, however, and one might say already “priced in” to the current trading range. What we believe has not been priced in, however, is a significant decline in equities.
Mainstream Support for Gold
In The Strategic Case for Gold and Oil in Long-Run Portfolios (5/28/2025), Goldman Sachs co-head of Commodity Research Daan Struyven states:9
Following the recent failure of U.S. bonds to protect against equity downside and the rapid rise in U.S. borrowing costs, investors seek protection for equity-bond portfolios. During any 12-month period when real returns were negative for both stocks and bonds, either oil or gold has delivered positive real returns
It is one thing for those already convinced of gold’s merit to suggest, but quite another for Goldman Sachs, that the time-honored risk mitigation portfolio strategy provided by a 40% weighting in bonds no longer functions.10 Even more attention-grabbing is Goldman’s call to substitute gold for bonds. Words from Goldman amount to gospel for investment fiduciaries managing assets of trillions that have little or no gold exposure. The message has been delivered, but the investment response has barely started, in our opinion. Even a slight reallocation as a percentage of global financial assets would have a disproportionate percentage impact on the gold price.
Goldman says gold, not bonds, is the safe haven now.
The catalyst least discussed but, in our view, most likely to power gold’s breakout into new high territory would be a general loss of confidence, either sudden or gradual, in financial assets. Gold is under-owned and highly illiquid relative to potential capital market flows. That limited illiquidity was discussed at length in our previous Sprott Gold Report, The Return of Exter’s Inverted Pyramid.
Exter’s Pyramid, conceived by economist and Fed Governor John Exter in the 1960s, is a visual representation that categorizes assets based on their liquidity and risk. The assets at the bottom of the pyramid are considered more liquid and less risky, while the assets at the top are less liquid and more risky. During times of prosperity and high confidence, capital flows towards riskier assets at the top of the pyramid, such as equities, corporate bonds and derivatives. By contrast, during times of financial crises, investors seek refuge in “safer” assets toward the bottom of the pyramid, including cash and gold.
However, Exter in all likelihood did not imagine that his pyramid would become sufficiently top heavy with derivatives and debt to nullify the liquidity of gold that he posited. We would, with respect, add to Exter’s conception the proviso that: “Where there is liquidity there is no value, and where there is value there is no liquidity.” During periods of high confidence, risky assets appear highly liquid, an illusion that rapidly dissipates when the music stops.
A swing in the pendulum of confidence, as it seeps into investment psychology, has the potential to destroy illusory wealth, disrupt the economy and possibly destabilize political order. The case for allocating a meaningful slice of liquid assets to unlevered positions in physical metals has never seemed stronger. Why tip toe around the edges of a plausible reset of macro expectations with token exposure? The potential influx of liquid assets into gold could, in our opinion, double the U.S. dollar price within a year or two. Should this occur, profits of many mid- and small-capitalization miners could exceed their current equity market capitalization. Gold mining equities are still stuck at bargain basement valuations. We unabashedly continue to pound the table for precious metals equities and bullion alike.
Gold bullion is measured by the Bloomberg GOLDS Comdty Index.
2
Gold mining equities are measured by the NYSE Arca Gold Miners Index (GDM), a rules-based index designed to measure the performance of highly capitalized companies in the gold mining industry.
The FT Wilshire 5000 Index Series is a comprehensive, float adjusted measure of the U.S. stock market, designed to reflect the performance of all U.S. equity securities that have readily available prices.
5
The Buffett indicator (or the Buffett metric, or the Market capitalization-to-GDP ratio) is a valuation multiple used to assess how expensive or cheap the aggregate stock market is at a given point in time.
6
Strategy is the world’s first and largest Bitcoin Treasury company, and the largest independent, publicly traded business intelligence company.
7
The Cboe Volatility Index® (VIX® Index) is considered by many to be the world’s premier barometer of equity market volatility. The VIX Index is based on real-time prices of options on the S&P 500® Index (SPX) and is designed to reflect investors’ consensus view of future (30-day) expected stock market volatility. The VIX Index is often referred to as the market’s “fear gauge”.
8
Market Vane is a sentiment trading indicator used by traders to gauge market direction based on the collective investor sentiment of individual and institutional traders.
Explore the Union Project with Riverside Resources! ⛏️ The team is on-site in Sonora, Mexico, showcasing their gold exploration efforts and the potential of the old Union Mine. 🗺️ Check out the drilling process, core samples, and drone footage of the site. 👷♂️ 🔗 https://youtu.be/_O6AKIkW_1c
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
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
