(Reuters) -U.S. President Donald Trump on Monday said he would not impose tariffs on gold, a move welcomed by global bullion markets and which ended days of speculation that the yellow metal could be caught up in the ongoing global trade spat.
“Gold will not be Tariffed!” Trump said in a statement posted on his social media account. He gave no details.
The U.S. Customs and Border Protection had posted a ruling on its website on Friday saying that Washington might place the most widely traded gold bullion bars in the United States under country-specific import tariffs, which would have rocked the metal’s global supply chains.
In response, a White House official told Reuters on Friday that the Trump administration was preparing an executive order “clarifying misinformation” about tariffs on gold bars and other specialty products.
A U.S. gold tariff would have been especially harmful for Switzerland, a major refining and transit hub for gold. Trump’s Monday post removes that concern.
“Delighted to hear the crisis has been averted,” said Ross Norman, an independent gold market analyst. “It will come as an enormous relief to the bullion markets, as the potential for disruption was incalculable.”
U.S. gold futures dropped 2.4% to $3,407 per ounce after Trump’s post on Monday, reducing a premium over spot gold, the global benchmark, which fell 1.2% to $3,357.
Shares of Barrick Mining fell 2.8% on Monday afternoon after the company posted quarterly results, while shares of Newmont – the world’s largest gold miner – were down slightly to $68.87. Both companies are major U.S. gold producers.
(Reporting by Pratima Desai, Ernest Scheyder and Jasper Ward; writing by Susan Heavey; Editing by Leslie Adler)
In my opinion, there are two general sources of price inflation – money printing and government intervention in the marketplace.
Money printing has two basic components: printing of paper currency, and credit expansion. Government intervention on the other hand contains more moving parts, some of which are hidden—in plain sight. We may not recognize them as causes of inflation, as they are not ‘marketed’ that way by our government. But indeed they are contributors to inflation. They are: 1) Government indebtedness, 2) Government auctioning of our rights and freedoms to big businesses, 3) Import tariffs, and 4) Price controls.
These combined forces create a whirlwind of inflation over time, but thankfully, there are investment choices we can make, to shield ourselves from the gathering storm.
There are famous pictures from places like Germany, Zimbabwe, and Venezuela of people carrying stacks and stacks of currency notes. Big bricks of paper money wrapped with rubber bands sometimes being burned in a fireplace to stay warm. Printing an ocean of currency notes is clearly an obvious source of inflation.
Author’s Note: Host governments and their central banks may not always be the only culprit when it comes to severe inflation. Throughout history, warring states have used economic warfare techniques against each other. One of those techniques is to undermine your opponent’s currency system by dumping counterfeit currency into their economy. The resulting hyperinflation creates social chaos – a ripe and vulnerable condition, for internal and external attacks.[i]
In addition to over issuance of paper currency, we should also add, expanding credit. This would mean making credit available to anybody with a pulse – mortgage loans, credit cards, business loans, margin loans, personal loans, lines of credit – the interest rate charged doesn’t matter all that much, but rather, it’s the total amount of the credit expansion that is most important.
As people make use of the credit, and spend it into the economy, prices of goods and services go up. And as the credit continues growing like a bubble, prices keep going up in tandem. Technically this process can continue until the money is virtually worthless.
On to government intervention – the first type of intervention is the government going deeply into debt. In simple terms this means the government spending more than earned in tax revenue. As the debt accumulates, so do the interest payments. The government then starts raising taxes and creating new taxes that didn’t exist before. This can be sales tax, food tax, property tax, gasoline tax, income tax, tobacco tax, excise tax, use tax, the list goes on and on.
They may also start requiring you to obtain a license and permit to do things that previously did not require a permit or license to do. And that new permit or license – let’s say to be able to cut somebody’s hair, handle food, or clip somebody’s toenails – those new permits and licenses require new fees to be paid in order to obtain the permit or license. And those fees will go up continuously when the government is deeply in debt. So an indebted government guarantees more future inflation.
The next form of government intervention is taking away the rights and freedoms from individuals and businesses, and selling them back in the form of licenses and permits granting monopoly-style privileges–but in this case they sell those freedoms back in a limited quantity to the highest bidders.
This could take the form of a liquor license that a business must buy to legally sell alcohol where the license may cost a few hundred thousand dollars to purchase. Our neighbor Fred might want to sell beer out of his garage to you and me, but that would be illegal without a license. He may need to spend a few hundred thousand dollars obtaining that license, and then secondly, he may need to spend a few hundred thousand more, to obtain commercial space to be able to get a serving permit, to serve the alcohol. So our neighbor Fred might need to spend $400,000 before he’s able to legally sell, you and me a beer.
The same thing goes with producing and selling milk, food products, or other goods and services that would require spending a few hundred thousand dollars (or more) just to start your business.
This also includes a wonderful man or woman who wants to sell hamburgers, hot dogs, sandwiches, or offer a family recipe from a table, located on the side of the road. Most likely, they’ll receive a warning from law enforcement, to shut that activity down, and if they don’t, they’ll end up in jail.
Imagine how much prices would go down, and how much quality and variety of food options would go up—in the U.S. as an example—if all permitting, licensing, and regulation on food vendors just went away. Those that use the freshest ingredients and have the best recipes, would be rewarded by the market with a growing business. Those who do not sell a clean, fresh, and delicious product would not receive return business from customers.
But fast food franchises, with their expensive commercial space and big bank loans will spend any amount of money they need on government lobbying, to make sure the competition I mentioned never surfaces. That deprives consumers from having extra choices. Big business will spend the money necessary to pay off politicians, requiring new businesses to cough up hundreds of thousands of dollars in startup capital–knowing this will keep many new competitors out of the business. All in the name of protecting the consumer of course.
And so it goes with every industry – the largest companies pay the government to increase fees, licenses, permits, and compliance regulations on small and mid-sized businesses until they’ve all gone out of business. Once the smaller competitors are gone, the large monopoly operators are free to raise prices, and lower quality standards. The government ‘powers’ they’ve purchased, form a protective moat around their own business, protecting them from unwanted competition. All at the expense of the consumer.
Import tariffs and price controls are another form of government intervention that drive up inflation.
Import tariffs are simply a tax added to an imported product from another region. The tariff allows domestic producers to raise their prices on consumers, and it discourages these consumers from purchasing the now, more expensive foreign products. It adds to the moat of protection around domestic producers, with consumers footing the bill.
Price controls are in intervention where the government dictates the maximum or minimum price that a business or person is allowed to sell their product or service for. Throughout history it has been abused, and it always leads to higher prices and shortages of goods and services.
For example, let’s say to combat high inflation – government might announce that loaves of bread cannot be sold for more than $.50 cents each. But if the cost of wheat, salt, water, and baking time requires a cost of production of $1.50 per loaf – producers will simply stop baking bread.
The store shelves will empty, and hidden black markets will develop where the price of bread may skyrocket to $10.00 per loaf. The high price would be exacerbated due to the risk of criminal penalties for anyone caught buying or selling bread for over $.50 cents per loaf.
An interesting example is Jacob Maged of Jersey City, owner of a dry-cleaning shop. In 1934, Jacob was sentenced to jail and paid a $100.00 fine (which in those days was approximately 3 oz. of gold – worth about $10,000.00 dollars today), for the crime of cleaning and pressing a suit for “too low” a price. The government mandated a $.40 price, but he only charged the customer $.35, and was fined and sent to jail. The price control was part of U.S. President FDR’s “National Recovery Act” which mandated a series of wage and price controls across the country.[ii]
The way markets should work, is that government should not intervene in the market to protect the biggest companies.
If shortages develop organically for any product or service – a free market would allow the price of a good or service to rise, and, new producers should be allowed to enter the market freely, without government barriers. This would allow new supply into the market when it’s needed, bringing down prices for consumers.
Additionally, if banks and financial institutions were not allowed to lend money they do not have on hand – known as fractional reserve banking – lines of credit would be substantially reduced, further bringing down prices for consumers.
If our currency was backed by a tangible good which cannot be printed (such as precious metals), that would provide another form of price stability for consumers.
But sadly these types of changes would never occur without a bloody revolution. Continuously high rates of inflation, and government decreed privileges for big businesses are simply too profitable to give up. We’ll just have to plan for more inflation.
However, there are investments individuals can consider today, that perform best under conditions of increasing inflation. They’re generally described as ‘tangible’ investments. They include asset classes such as: precious metals, oil & gas, agriculture, and certain forms of real estate (such as farmland).
The last period of rapid inflation in the U.S. was the decade of the 1970s. During that decade many tangible investments rose in price over tenfold (such as gold), while investments in sectors vulnerable to high rates of inflation such as general equities – languished.
There are two main causes of price inflation: money printing and government intervention in the marketplace.
Money printing as a source of inflation is a fairly straight forward concept. Government intervention on the other hand is never marketed as inflation-creating – but it generates inflation while hiding behind various gimmicks. These gimmicks include government indebtedness, wholesale auctioning of rights and freedoms to big businesses, import tariffs, and price controls.
These combined forces create a whirlwind of inflation over time. However, tangible asset classes perform best during periods of high inflation. Thankfully, investors have the choice to shield themselves from the gathering storm.
The United States has imposed tariffs on imports of one-kilogram and 100-ounce gold bars, in a move that could disrupt global bullion flows and deal a major blow to key gold hub Switzerland, the Financial Times reported late on Thursday.
A Customs and Border Protection letter dated July 31 — later seen by FT sources — shows that these gold bars have now been reclassified under a customs code subject to duties, reversing earlier expectations that they would remain exempt.
The tariff reversal comes amid heightened trade tensions between Bern and Washington, as the latter recently slapped a 39% import tariff on the European nation.
Switzerland, as the world’s top gold refiner, shipped about $61.5 billion worth of gold to the US in the year to June, of which roughly $24 billion could now incur tariffs under the new tariff rate, according to FT estimates.
Industry sources told the paper that some Swiss refineries have since suspended or reduced shipments to the US while seeking legal clarity on product classifications.
Christoph Wild, president of the Swiss Association of Manufacturers and Traders of Precious Metals, said the tariff represents “another blow” to Switzerland’s trade with the US, and would make it difficult to meet demand for the yellow metal.
The kilo bar is a key unit traded on New York’s Comex exchange, which is the world’s largest gold futures market and holds the bulk of Switzerland’s bullion exports to the US. Meanwhile, the London markets typically deal in 400-ounce bars.
The tariff decision comes as gold prices have climbed 27% in 2025, driven by inflation concerns, rising government debt and a weaker US dollar.
Tekoa Da Silva shares his profound insights on “Security Analysis” by Benjamin Graham and David Dodd, hailing it as “The Best Book Ever Written on Stock Investing.”
Click image to watch video
In this must-watch discussion, Tekoa explains how this foundational text empowers investors to become self-sufficient in understanding financial statements, debunks the myth that a professional background is needed for stock investing, and reveals how the book helps recognize market patterns.
Whether you’re a seasoned investor or just starting, this book offers invaluable tutorials on key financial concepts like P/E ratios, dividend yield, and balance sheet analysis.
NYMEX platinum futures posted a 32.12% gain in Q2 and were 49.22% higher over the first six months of 2025. After years of lagging gold, platinum posted the most significant gain in the precious metals sector and the commodities asset class in Q2 and the first half of 2025.
I concluded my Q2 Barchart report on precious metals with:
Silver, platinum, and palladium formed powerful bullish formations in Q2, with each metal falling below its Q1 low and closing the quarter above the previous quarter’s peak. The bullish key reversal patterns could indicate that the bullish trend in the precious and industrial metals will continue over the coming months and quarters, as silver, platinum, and palladium catch up with gold.
Platinum closed Q2 at $1,334 per ounce on the nearby NYMEX futures contract. The price continued to appreciate in July 2025.
A bullish key reversal leads to more gains
In Q2 2025, NYMEX platinum futures fell to a slightly lower low than in Q1 2025 before closing the second quarter above the first quarter’s high, forming a bullish key reversal on the long-term chart.
The quarterly continuous futures chart highlights platinum’s bullish technical price action that caused the rare precious metal to move substantially above the $1,000 pivot point that had dominated price action from 2015 through Q1 2025. In early Q3, platinum futures continued their ascent, rising to over $1,500 per ounce, the highest price since Q3 2014. Nearby platinum futures were around the $1,425 level on July 28.
Approaching the next upside target
Platinum futures are closing on the next technical resistance level at the Q3 2014 high.
The monthly continuous contract chart illustrates that platinum’s next upside target is $1,523.80 per ounce, the high from July 2014. Above there, the February 2013 high of $1,774.50, the August 2011 high of $1,918.50, and the March 2008 record peak of $2,308.80 are technical resistance levels and upside targets.
Platinum was once “rich person’s gold”
In March 2008, when platinum reached its record $2,308.80 high, gold’s peak was $1,033.90 per ounce. Platinum commanded a nearly $1,275 premium over gold. Platinum is a rarer precious metal, with approximately 170 tons of annual production. Most platinum output comes from South Africa and Russia. In South Africa, production is primary, while in Russia, platinum is a byproduct of nickel production in Siberia’s Norilsk region.
Annual gold production is approximately 3,600 tons. While China and Russia lead the world in gold output, Australia, Canada, the United States, Kazakhstan, Mexico, Indonesia, South Africa, Uzbekistan, Peru, and many other countries are leading gold producers, making gold output far more ubiquitous than platinum production.
Meanwhile, in 2008 and for many years prior, platinum traded at a premium to gold, earning it the nickname “rich person’s gold.” However, since 2008, platinum’s price took a backseat to gold as the golden bull has taken the yellow precious metal to a series of higher record highs, leading to the latest 2025 peak at the $3,500 per ounce level.
Platinum’s liquidity could mean a parabolic move is on the horizon- Fundamentals in a dangerous world support more gains
As highlights, annual output of 170 metric tons of platinum compared to approximately 3,600 tons of gold makes platinum a far less liquid market. Moreover, the data from the futures arena highlights platinum’s illiquidity compared to gold. Open interest is the total number of open long and short positions in a futures market. While gold trades on the CME’s COMEX division, platinum futures trade on the CME’s NYMEX division. A gold futures contract contains 100 ounces of gold, while a platinum futures contract contains 50 ounces of platinum.
As of July 25, 2025:
COMEX gold futures open interest was 466,174 contracts or 46,617,400 ounces. At $3,310 per ounce, the total value was over $154.304 billion.
NYMEX platinum open interest was 88,775 or 4,438,750 ounces. At $1,425 per ounce, the total value was $6.325 billion.
The platinum market is far smaller than the gold market. Lower liquidity often leads to higher volatility. In platinum’s case, a herd of buying can exacerbate price action as we have seen over the first half of 2025, with platinum’s over 29% gain. At the current price, platinum could have a long way to go on the upside before challenging the 2008 all-time high of $2,308.80 per ounce.
PPLT and PLTM are platinum ETF products
The most direct route for an investment or trading position in platinum is the physical market for bars and coins. Platinum futures on the CME’s NYMEX division are a secondary route, as they offer a physical delivery mechanism. Two of the dedicated ETF products that hold physical platinum, trade on the NYSE Arca, and track the metal’s price action are:
The Aberdeen Physical Platinum ETF (PPLT) is the most liquid platinum ETF product. At $127.05 per share, PPLT had over $1.663 billion in assets. PPLT trades an average of nearly 398,000 shares daily and charges a 0.60% management fee.
The GraniteShares Platinum Shares ETF (PLTM) provides exposure to platinum. At $13.45 per share, PLTM had over $89.288 million in assets. PPLT trades an average of nearly 450,000 shares daily and charges a 0.50% management fee.
Platinum remains in a bullish trend, with plenty of upside room before it approaches the 2008 all-time high. Given gold’s ascent over the past years and platinum’s liquidity constraints, platinum could head back to its former position as “rich person’s gold.”
On the date of publication, Andrew Hecht did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com
KELOWNA, BC / ACCESS Newswire / July 29, 2025 / Diamcor Mining Inc. (TSX-V.DMI), (the “Company“) announces that due to ongoing delays in completing its funding objectives and associated operational and audit related delays, the Company will be unable to file its audited financial statements and corresponding management’s discussion and analysis for the year ended March 31, 2025 (collectively, the “Financial Disclosure“) on or before the prescribed filing deadline of July 29, 2025 as required by National Instrument 51-102 – Continuous Disclosure Obligations. The Company’s South African auditor, PricewaterhouseCoopers, and its Canadian auditor, MNP LLP, require more time to complete the preparation, reviews and audit in respect of the Financial Disclosure. The delay has been caused by the inability of the Company to complete its funding objectives underway and the associated funding transactions due to the well documented industry wide supply chain disruptions and the resulting uncertainty surrounding the impact of US imposed tariffs, compounded by the recent actions undertaken by a major creditor, Tiffany & Co. Canada (“Tiffany”), to enforce its security against all of the Company’s present and after acquired personal propertyand all shares held by the Company in the capital of its subsidiary DMI Diamonds South Africa (Pty) Ltd., as previously announced in the Company’s news release on June 13, 2025. These issues have disrupted the Company’s South African operations, which has also contributed to the delays in completing the South Africa portion of the Company’s annual audit work.
The Company is working to complete the financing objectives underway, provide the additional submissions and related items to its auditors and to complete the audit of the financial statements for the year ended March 31, 2025. In this regard, the Company has formulated the following remediation plan:
Finalize arrangements with Tiffany to defer any formal insolvency proceedings in order to enable the Company to complete its funding objectives (target completion: August 15, 2025);
Complete funding objectives (target completion August 29, 2025);
Complete delivery of required submissions and related items to the Company’s South African and Canadian auditors (target completion: September 2, 2025);
Complete draft Annual Filings for review and approval by the Company (target completion: September 23, 2025);
Complete final approval and filing of Annual Filing (target completion: September 26, 2025).
Based on the foregoing, the Company anticipates that it will be in a position to file its Financial Disclosure before September 29, 2025. The Company confirms that it will comply with the alternative information guidelines included in National Policy 12-203 – Management Cease Trade Orders, for so long as it remains in default of a specified requirement.
The Company has filed an application with the British Columbia Securities Commission and the Alberta Securities Commission requesting that they issue a management cease trade order against the Company’s Directors, Officers and/or Insiders instead of a cease trade order against the Company and all of its securityholders.
About Diamcor Mining Inc. Diamcor Mining Inc. is a fully reporting publicly traded junior diamond mining company which is listed on the TSX Venture Exchange under the symbol V.DMI. The Company has a well-established operational and production history in South Africa and extensive prior experience supplying rough diamonds to the world market.
Statement Regarding Forward-Looking Information This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.
Forward-looking statements in this document include statements concerning the Company’s intent to file the Financial Disclosure before September 29, 2025, and all other statements that are not statements of historical fact.
Although the Company believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by their nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements.
Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with adverse industry events; future legislative and regulatory developments; and other assumptions, risks and uncertainties.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
WE SEEK SAFE HARBOUR
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Don’t Miss “A Generational Opportunity” at the New Orleans Investment Conference 2025! 🚀
This is your chance to gain unparalleled insights and strategic knowledge from leading figures in the financial and natural resource sectors. The New Orleans Investment Conference, November 2-5, 2025, is truly The World’s Greatest Investment Event.
We’re excited to invite you to join us and learn from the best in the business. This conference is crucial for anyone looking to navigate today’s complex markets and identify future growth opportunities.
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.
