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Fertilizer prices remained elevated in Q3 compared to both the first half of the year and the end of 2024.

Potash prices surged at the start of the year as the Trump administration threatened tariffs on Canada, the top supplier to US farmers. During the third quarter, prices were 20 percent higher than at the end of last year.

Meanwhile, phosphate prices continued to climb through Q3 on the back of supply shortages, spurred by export restrictions from top producer China. Prices were further influenced by US tariffs.

What happened to phosphate and potash prices in Q3?

According to data from the World Bank, the average quarterly phosphate price rose to US$770.60 per metric ton (MT), up from US$673.20 in Q2, and significantly higher than the annual average of US$563.70 in 2024.

On a monthly basis, phosphate climbed to US$736 in July, then climbed to a three year high of US$795.10 in August. Since then, the price has fallen to US$780.63 in September and US$754 in October.

The quarterly average for potash fell slightly in Q3 to US$352.20 per MT, down from US$359.20 the previous quarter, but remained higher than US$283.90 in the last quarter of 2024.

On a monthly basis, potash prices eased to US$362.50 in July, and continued to fall to US$356.50 in August. They sank further to US$352.50 in September and US$352 in October.

What factors impacted phosphate in Q3?

Phosphate prices have been primarily influenced over the last several years by export restrictions from China, which have declined to 6.6 million MT in 2024 from 9 million MT in 2021. The restrictions were put in place to protect the domestic supply, and while the hope was that they would eventually ease, that hasn’t happened.

“As expected, their exports started to arrive in July to September; however, the government had a self-imposed October 15 cutoff date for export submission. That date came and went without an extension, so now the belief is their flows will slow to a crawl very soon,” he said. The situation may face additional headwinds, as China has imposed more restrictions on key battery technologies and precursors for phosphate-based batteries. These restrictions will add to demand for ex-China supply as the agricultural sector competes with battery makers for a limited supply of phosphate.

Demand for phosphate is also high, particularly from India, which has been working to increase its stockpiles since the end of 2024, when they reached a low of 1.1 million MT. However, stockpiles had more than doubled to 2.4 million MT at the start of October, with imports climbing to 4 million MT during the April to September period.

Much of the demand has been covered by supply from Saudi Arabia and Morocco, which signed several offtake agreements with Indian importers in July. “They were a major driver of higher prices for much of 2025 as they played catch up on stockpiles, and have finally reached a comfortable number of tons, which has allowed them to slow their desperate pace. The slower demand pace has allowed the market time to breathe/correct lower,” Linville said.

For US-based farmers, supply isn’t the only issue.

On August 7, a host of new tariffs as high as 25 percent were applied to phosphate imports, including from Saudi Arabia, which accounted for 54.7 percent of imports during the first five months of the year. Although there were some concerns that higher prices could prompt farmers to rethink their strategy, Linville hasn’t seen that materialize either.

With reports that farm yields this year have been higher, it may prompt farmers who have been on the fence about a fall application of phosphate to reconsider, as a significant yield would indicate some phosphate soil depletion.

“While still spoty, we are continuing to hear reports that phosphate demand is better than expected,” he said.

However, Linville noted that a surge in last-minute demand it could make supplies tighter and limit the ability for phosphate to make it onto the fields.

What factors impacted potash in Q3?

Linville said potash news was quiet during the quarter, pointing to stable prices and a well-supplied market.

In July, BHP (ASX:BHP,NYSE:BHP,LSE:BHP) announced it was delaying the opening of its Jansen mine in Saskatchewan. It was initially slated to start production in 2026, but has instead moved its timeline back to 2027 and is also considering pushing the second phase to 2031, citing cost overruns that have ballooned to US$7 billion.

Although potash has so far escaped US tariffs, Linville noted some concern following Ontario’s anti-tariff ad, which ran in the US during the World Series. “We continue to hope/believe that potash will be left alone as part of the North America Trade agreement. Assuming potash is left alone, markets should continue as normal; however, if we start seeing barriers to entry, US farmers will likely bear the brunt of most/all of those tariffs,” he said

Potash and phosphate price forecast for 2025

While potash markets remain stable, phosphate markets are much more dynamic.

Unless there is a significant shift in China’s exports, supply should remain tight. In his most recent weekly update on November 5, Linville noted that the situation could become dire for US consumers before the end of the year.

“We continue to advise our people that if they decide they need phosphate after all, do not wait to lock it up. Days very well may matter. Heck, hours might matter. Supplies are tight and can ill-afford a sudden demand jump,” he wrote.

Additionally, markets are likely to become further strained in the years to come as limited supply meets increased demand from outside the agricultural sector.

Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

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U.S.-based companies announced more than 153,000 job cuts in October, the research firm Challenger, Gray & Christmas reported Thursday.

“This is the highest total for October in over 20 years, and the highest total for a single month in the fourth quarter since 2008,’ the firm said in a news release.

From January through the end of October, employers have announced the elimination of nearly 1.1 million jobs. It’s the most Challenger has recorded since 2020, when the Covid-19 pandemic shut down the global economy.

“October’s pace of job cutting was much higher than average for the month,’ Andy Challenger, the firm’s chief revenue officer, said in a statement. The last time there was a higher October monthly total was in 2003.

“Some industries are correcting after the hiring boom of the pandemic, but this comes as AI adoption, softening consumer and corporate spending, and rising costs drive belt-tightening and hiring freezes,” he said.

On Wednesday, the private payroll processor ADP released its own October jobs data, showing that employers added just 42,000 jobs in the month.

The ADP report also flagged job losses in the leisure and hospitality sector as a potential sign of trouble ahead, given the industry’s acute sensitivity to consumer sentiment.

ADP’s chief economist called the losses in hospitality and leisure a ‘concerning trend.’

Both Challenger and ADP’s reports landed as major companies such as Amazon, IBM, UPS, Target, Microsoft, Paramount and General Motors announced plans to eliminate tens of thousands of jobs.

Despite the wave of downbeat economic news, the Trump administration continues to deliver an upbeat take on the current environment.

“Jobs are booming” and “inflation is falling,” Treasury Secretary Scott Bessent said Tuesday.

However, the most recent available data paints a different picture.

Inflation has also been on the rise. Prices as measured by the Consumer Price Index overall have risen every month since April.

A spokesperson for the Treasury Department did not immediately reply to a request for comment on the Challenger report.

Challenger’s report does not typically carry the same weight with economists and investors as federal jobs data, owing to its methodology.

To arrive at its figures, the firm compiles the number of job cuts companies have publicly announced. But employers may not ultimately carry out all the cuts they roll out.

Moreover, some of the job cuts that multinational companies announce could affect workers outside of the United States. Other headcount reductions could be achieved through attrition, rather than layoffs. The report also may not capture smaller layoffs over the long run.

But in the midst of a federal data blackout caused by the government shutdown, Challenger’s latest report is being read more closely than usual.

The federal government’s October jobs report that would traditionally be released Friday will not be published this week, due to the shutdown.

Other key data about the U.S. economy like GDP and an inflation indicator called PCE, closely watched by the Federal Reserve, has also been delayed.

Challenger equated the impact of AI on the current labor market to the rise of the internet in the early aughts. “Like in 2003, a disruptive technology is changing the landscape,” it said.

‘Technology continues to lead in private-sector job cuts as companies restructure amid AI integration, slower demand, and efficiency pressures,’ Challenger said.

But even firms that are not actively cutting jobs have warned that they do not plan to add to their headcount in the near term, with several pointing directly to AI’s impact on their personnel needs.

On Wednesday night, JPMorgan Chase CEO Jamie Dimon told CNN that headcount at his company would likely remain steady as the nation’s largest bank rolls out AI internally.

Goldman Sachs CEO David Solomon also recently told his employees that the firm would ‘constrain headcount growth through the end of the year,’ as it takes advantage of AI efficiencies, Bloomberg reported.

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A federal judge criticized the Justice Department for allegedly being too quick to indict in high-profile cases on Wednesday.

Magistrate Judge William Fitzpatrick of the Eastern District of Virginia made the comments during a brief hearing regarding the case against former FBI Director James Comey.

‘Right now, we are in a bit of a feeling of indict first, investigate later,’ Fitzpatrick said in the hearing, which lasted less than an hour.

Fitzpatrick questioned prosecutors about their handling of data acquired from a number of search warrants between 2019 and 2020, information which is now being used in Comey’s case. The judge pressed prosecutors on whether they may have viewed information that may be protected by attorney-client privilege.

Fitzpatrick also noted the size of the trove of documents, saying Comey’s defense team has been placed at a disadvantage with a limited time to view the set.

‘The government has had this for five and a half years … this is an unfair burden the government is placing on the defense, but I don’t see another path forward,’ the judge said.

Comey’s team has sought to have his case dismissed, arguing he is the victim of selective prosecution by President Donald Trump.

The DOJ denied in a 48-page filing that Trump’s September Truth Social post calling on U.S. Attorney General Pam Bondi to prosecute prominent political adversaries, including Comey, Sen. Adam Schiff, D-Calif., and New York Attorney General Letitia James, had any influence on the decision to bring charges.

‘These posts reflect the President’s view that the defendant has committed crimes that should be met with prosecution. They may even suggest that the President disfavors the defendant. But they are not direct evidence of a vindictive motive,’ prosecutors argued.

‘The defendant spins a tale that requires leaps of logic and a big dose of cynicism, then he calls the President’s post a direct admission,’ they continued. ‘There is no direct admission of discriminatory purpose. To the contrary, the only direct admission from the President is that DOJ officials decided whether to prosecute, not him.’

Fox News’ Ashley Carnahan contributed to this report.

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Leaders of a 189-member group that acts as the House GOP’s de facto conservative think tank are formally endorsing a new short-term federal funding bill.

With just over two weeks until the deadline for Republicans’ initial Nov. 21 plan and the threat of more government shutdown chaos, the Republican Study Committee (RSC) Steering Committee is calling for an extension into ‘at least’ January 2026.

‘Democrats are responsible for the longest government shutdown in U.S. history — paralyzing our country and deepening the healthcare crisis sparked by Obamacare,’ reads a statement first obtained by Fox News Digital.

‘House conservatives support a return to regular order accomplished only by a continuing resolution that funds the government at least into January 2026.’

A debate is already brewing within the GOP about how long another extension should last, with some conservatives even demanding a bill carrying last year’s federal spending levels through at least November 2026.

The House passed a short-term measure called a continuing resolution (CR) on Sept. 19, aimed at extending fiscal year (FY) 2025 funding levels for seven weeks to give lawmakers more time to strike a deal on FY 2026 federal spending.

But progress has been stalled in the Senate for weeks, where Democrats are demanding any spending bill be paired with an extension of COVID-19 pandemic-era Obamacare subsidies set to expire at the end of this year.

Senate Majority Leader Thune, R-S.D., has floated the idea of holding a vote on extending the subsidies if Democrats agree to Republicans’ CR, which is currently free of partisan policy riders.

It’s not clear if there’s an appetite for such a vote in the House, RSC leaders’ new statement suggests.

‘We are also committed to delivering a healthcare system that is truly accessible, affordable, and spurs innovation. Congress should reject any extension of the wasteful COVID-era subsidies that fuel fraud and drive up costs,’ they said.

The latest position by the RSC, led by Rep. August Pfluger, R-Texas, is likely an accurate indication of where most House Republicans’ feelings on both the CR and the Obamacare subsidies are.

Speaker Mike Johnson, R-La., signaled support for a January CR on a private call with House GOP lawmakers on Tuesday, Fox News Digital was told earlier this week.

House Appropriations Committee Chairman Tom Cole, R-Okla., told Fox News Digital last month that he and others on his committee could support an extension into January.

But both issues are likely to see debate within the House GOP, not to mention the chamber as a whole.

Just over a dozen Republicans led by Rep. Jen Kiggans, R-Va., are supportive of extending the enhanced Obamacare subsidies by a year as a cushion to give the GOP more time to reform the flawed U.S. healthcare system.

Without it, some members of that coalition have argued, millions of Americans could be faced with a fiscal cliff leaving them to pay significantly more per month for their healthcare.

And on the CR debate, the House Freedom Caucus led by Rep. Andy Harris, R-Md., recently released a statement calling for a CR that extends at least into November 2026.

Their reasoning is that such a measure is the most effective way of keeping federal spending low and avoids another messy government funding fight until after the midterm elections.

But appropriators are against such a move, arguing that Congress must follow its constitutional duty in setting a yearly budget rather than relying on spending levels first passed under former President Joe Biden for another year.

It’s also not clear that Democrats, at least several of whom are needed to break a filibuster in the Senate, would accept a year-long CR.

Meanwhile, the government shutdown is in its 37th day, already having made history as the longest fiscal standoff in U.S. history.

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The UN Climate Change Conference, COP30, starts Nov. 6 with a world leader summit and runs to Nov. 21. It will emphasize ‘the urgency of the climate crisis and the need for accelerated and collective climate actions.’ However, Microsoft founder Bill Gates just issued a memo aimed at COP30 attendees proposing a fundamental shift in priorities: focus on poverty reduction rather than climate modification.

Gates, who previously gave primary importance to measures to reduce near-term emissions, has drawn criticism for arguing that ‘a metric that should count even more than emissions and temperature change [is] improving lives. Our chief goal should be to prevent suffering, particularly for those in the toughest conditions who live in the world’s poorest countries.’

His argument rests on three key premises: climate change poses serious challenges but does not represent an existential threat to civilization; temperature metrics alone inadequately measure climate-related progress; and improved health and economic prosperity provide the most effective defense against climate change.

Gates provides data to show that achieving net-zero emissions would result in a 1.9-degree Celsius temperature increase from 1990 levels, while inaction would produce a 2.9-degree increase. This one-degree differential, he argues, suggests that resources allocated toward net-zero goals might yield greater humanitarian benefits if redirected toward energy access and disease prevention.

The correlation between energy consumption and economic prosperity is striking. Nations with annual per capita incomes below $1,145 consume approximately 1,100 kilowatts per person annually, while those exceeding $14,005 in per capita income utilize 55,000 kilowatts per person annually, according to data cited by Gates.

The genuine inequity, Gates contends, lies in human development disparities. A child born in South Sudan faces mortality risks 39 times higher before age five compared to a Swedish child. These vulnerable populations require enhanced access to energy, nutrition and healthcare infrastructure.

The relationship between economic development and energy consumption is unequivocal: no nation has achieved high per capita income with low per capita energy usage, and conversely, no country maintains high energy consumption alongside persistent poverty.

Increased energy access facilitates improved living standards through enhanced productivity, agricultural advancement and household consumption, thereby reducing dependence on subsistence farming. Energy availability either provides farmers with modern agricultural technologies or enables economic mobility to pursue alternative livelihoods.

High-energy nations benefit from superior healthcare infrastructure and water sanitation systems, resulting in reduced maternal and child mortality rates and greater capacity for environmental protection measures.

Hurricane Melissa’s destruction in Jamaica illustrates how natural disasters inflict disproportionate damage on developing nations compared to wealthy countries, due to disparities in energy infrastructure, resilient construction and recovery capabilities. Affordable energy access is essential to addressing these inequalities.

Energy poverty in many African and Latin American nations drives migration pressures, as residents seek higher living standards in fossil fuel-rich regions, particularly Europe and North America.

To support emerging economies and alleviate migration pressures, President Donald Trump has reversed restrictions on loans to developing countries for fossil fuel energy projects. Financial institutions are no longer compelled to finance exclusively renewable energy initiatives.

The 140 private banks from 44 countries that participated in the United Nations Net Zero Banking Alliance — including Barclays, JP Morgan Chase and Sumitomo — have suspended their commitments to restrict fossil fuel financing. The World Bank, which has historically discouraged fossil fuel and nuclear power lending while prioritizing renewables, may reassess its position.

This policy shift enables developing nations to secure financing for conventional power plants, transmission infrastructure, distribution networks and household connections. Importantly, this change diminishes China’s strategic advantage in lending to African and Latin American nations — often securing ports and other assets as collateral.

Gates’s reversal in the climate debate challenges the international community to confront an uncomfortable reality. While climate conferences convene in developed nations with reliable electricity and healthcare systems, billions lack access to the energy that makes such gatherings possible.

His argument suggests that the most effective climate strategy may be ensuring that vulnerable populations have the resources to adapt and thrive, rather than pursuing emissions targets that may perpetuate the very poverty that exacerbates climate vulnerability. Whether policymakers at COP30 will heed this message remains uncertain, but Gates has succeeded in reframing the conversation around what climate action should ultimately serve: economic progress, not merely atmospheric targets.

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Sen. Bernie Sanders, I-Vt., took over Senate Minority Leader Chuck Schumer’s post-election news conference Wednesday, knocking the Democratic Party for their lack of support in political races in New York and Maine.

‘Well, the party leadership did not support [mayoral candidate Zohran] Mamdani in New York,’ Sanders said in front of the Senate podium. ‘Party leadership is not supporting [Senate hopeful Graham] Platner in Maine. And I think he’s going to win… I think there is a growing understanding that leadership, and defending the status quo and the inequalities that exist in America, is not where the American people are.’

Mamdani, a Democratic Socialist, won the mayoral race in New York City and Democrat Mikie Sherrill secured the New Jersey governorship.

California’s Proposition 50 was also passed after being placed on the ballot, and Democrats will maintain control of the Pennsylvania Supreme Court as Justices Christine Donohue, Kevin Dougherty and David Wecht won their respective retention races.

Prior to Sanders’ outburst, Schumer, D-N.Y., spoke with reporters, bashing Republicans as the government shutdown stretches into its 36th day, making it the longest shutdown in U.S. history.

‘Last night, Republicans felt the political repercussions [of the Trump administration’s policies],’ Schumer said. ‘It should serve as nothing short of a five-alarm fire to the Republicans. Their high-cost house is burning, and they’ve only got themselves to blame. As loudly and clearly as could possibly be done, from one end of the country to the other, the American people said enough is enough.’

Schumer said he and House Minority Leader Hakeem Jeffries demanded Wednesday morning President Donald Trump sit down with them to discuss healthcare issues.

‘Last night was a really good night for Democrats and our fight to lower costs, improve health care and reach a better future for our country,’ Schumer said. ‘But more importantly than that, last night was a great night for American families that are struggling now to make ends meet, because the election showed that Democrats’ control of the Senate is much closer than the people and the prognosticators realize. The more Republicans double down on raising costs and bowing down to Trump, the more their Senate majority is at risk.

‘… When Leader Jeffries and I met with Donald Trump in the White House a month or so back, we told him this was going to happen. We warned him that if he didn’t do something, working with us to address the health care needs of America, and instead insisting on no negotiation with Democrats, that was a recipe for disaster for the country, and it would come back to haunt them. Last night should make it clear to Republicans that they simply cannot continue to ignore not only us, but the American people, for the good of the whole country.’

Democratic leaders have been urging Republicans in both the House and Senate to confront the surge in health insurance premiums tied to the expiration of Affordable Care Act subsidies.

At the same time, funding for the Supplemental Nutrition Assistance Program (SNAP) has lapsed.

Though several stopgap measures have been proposed by Republicans, including a GOP-led bill blocked Tuesday, Congress has yet to reach an agreement.

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The battle for control of the House is set to kick into high gear with the 2025 elections in the rearview mirror, and both sides are optimistic about their chances after Tuesday night.

Democrats are flying high after their victories in key elections in Virginia, California and New Jersey, celebrating those wins as a decisive rejection of President Donald Trump’s administration. But Republicans are still confident in their chances of keeping the House next year and are poised to use the far-left’s success in New York City as a nationwide political cudgel.

‘Yesterday was a big night for America and a big night for the Democratic Party, as candidates across the country, up and down the ballot, decisively defeated MAGA Republicans in an extraordinary rejection of the extremism that the American people have been experiencing since Day 1 of Donald Trump’s presidency,’ House Minority Leader Hakeem Jeffries, D-N.Y., said at a press conference Wednesday.

A memo circulated by the Jeffries-aligned House Majority PAC and obtained by Fox News Digital exuded confidence: ‘With less than one year until Election Day, Democrats remain poised to take back the House in 2026 and elect Leader Hakeem Jeffries as the next Speaker.’

But Jeffries’ counterpart, House Speaker Mike Johnson, R-La., had a very different interpretation.

‘There’s no surprises. What happened last night was blue states and blue cities voted blue. We all saw that coming, and no one should read too much into last night’s election results. Off-year elections are not indicative of what’s to come,’ Johnson said at his own news conference. ‘I think that when we go into next year in the midterms, we’re very bullish about the outcome. We have an extraordinary record to run on.’

A House GOP campaign operative who spoke with Fox News Digital was also confident about Republicans’ ability to keep the majority next November, arguing the key lies in voter turnout.

‘I think we actually had a good turnout night. They just had a monster one,’ the GOP operative said of New Jersey, where Democratic Rep. Mikie Sherrill defeated Republican Jack Ciattarelli.

‘They had midterm turnout in an off-year [governor] race. And so I think it comes down to us continuing to do the work to show that we need people to show up when the president is not on the ballot.’

They also dismissed Democrats’ inroads with Hispanic and Latino voters in New Jersey as recoverable for the GOP.

‘I think it goes back to, across-the-board, getting our voters to show up,’ the GOP operative said. ‘With Hispanic voters specifically, keep putting in the work, and we can’t take them for granted… it’s felt like, in some of those races, that they were not making the attempt to talk to them on our side.’

On the other side, an operative familiar with House Democrat campaigns said they’re taking lessons from a renewed surge of enthusiasm by two groups — Hispanic voters and women.

And while acknowledging the groups were not monolithic, the Democratic operative said most Americans were all focused on the same issue: cost of living.

‘I think it’s just like a very helpful reminder to double down on the issues that people care about most. Poll after poll, public and private, is telling you that Americans in any district care most about the cost of living and rising costs and being able to afford things,’ they said. ‘I think those are the solutions that people want to hear, and we should be proactive in speaking to them.’

The Democratic operative argued that issue drove the successes of Sherrill and former Rep. Abigail Spanberger, who defeated GOP Lt. Gov. Winsome Earle-Sears in Virginia and became a main facet of House Democrats’ most contentious campaigns.

Another issue being viewed in opposing lights by both sides is the victory of socialist Zohran Mamdani in the New York City mayoral race.

‘The biggest takeaway I have is that not a day should go by when a Republican candidate, a member on the trail, a member of leadership, whoever, whatever branch they’re in, whether state, local, federal, House, Senate, governors, whatever, should talk about Zohran Mamdani,’ the GOP operative said. ‘I think he is the party now, frankly.’

The Democratic source said, ‘We just kind of saw a proof point that it’s not effective, because they were trying this in races across the country here, and it didn’t work.’

They pointed to Republicans’ attempts to tie Rep. Alexandria Ocasio-Cortez, D-N.Y., to vulnerable Democrats nationally after her upset victory in 2018.

‘It just doesn’t work,’ they said. ‘Somebody in the Virginia Beach area of the country does not give a s— about who the mayor of New York City is. They care about the cost of living.’

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finlay minerals ltd. (TSXV: FYL,OTC:FYMNF) (OTCQB: FYMNF) (‘Finlay’ or the ‘Company’) is pleased to announce the completion of the 2025 exploration programs at the PIL and ATTY Projects, located in the Toodoggone region of north-central British Columbia. The exploration activities at both the PIL and ATTY Projects included geological and alteration mapping, soil sampling, induced polarization (IP) surveys, and airborne magnetic surveys. The primary objective of these exploration programs was to develop drill targets for 2026 while also assessing other targets for subsequent fieldwork and geophysical surveys. Results are still being received and will be released once they have been compiled and integrated into the existing data sets.

Both programs were fully funded through Earn-In Agreements with Freeport-McMoRan Mineral Properties Canada Inc. (‘Freeport’). Under these agreements, Freeport can earn up to an 80% interest in each property by investing a total of $35 million in exploration expenditures and making cash payments of $4.1 million over six years, with Finlay acting as the operator for both projects and earning an operator’s fee. (1)

PIL & ATTY 2025 Exploration Work Completed:

PIL 2025 Program:

ATTY 2025 Program:

• 1,533 line-kilometres (‘km’) of airborne magnetics

• 543 line-km of airborne magnetics

• 381 rock samples collected

• 152 rock samples collected

• 1,494 soil and talus samples collected

• 647 soil and talus samples collected

• 46 line-km of IP

• 14 line-km of IP

The PIL project is located in the heart of the Toodoggone region and includes several porphyry copper-gold (‘Cu-Au’) targets, along with associated epithermal gold-silver (‘Au-Ag’) mineralization. To date, 18 porphyry Cu ± Mo ± Au and related low- and high-sulphidation epithermal Au-Ag occurrences have been identified on the PIL Property. The property is adjacent to Freeport and Amarc Resources’ JOY Project, as well as TDG Gold Corporation’s GSN (Shasta/Baker) and Sofia Properties. It is also situated approximately 25 km northwest of Centerra Gold’s former Kemess South Mine and 15 km east of Thesis Gold’s Lawyers-Ranch Project.

The ATTY property covers 3,875 hectares of sub-alpine terrain in the southern Toodoggone region, an area known for significant porphyry Cu-Au and epithermal Au-Ag deposits. It is located between Centerra Gold’s Kemess Project and the JOY Project, held by Freeport and Amarc Resources. The KEM target on the ATTY Property resembles the Kemess North Trend, which is home to the Kemess Underground and Kemess East deposits. Exploration focused on the Wrich target, located near the copper geochemical anomaly at the SWT target on the JOY Property. This anomaly extends over 2 km and continues onto the ATTY for an additional 1.2 km to the southeast.

References:

1.  Finlay news releases NR 03-25 dated April 17, 2025 entitled: ‘Finlay Minerals Enters into Earn-In Agreements with Freeport for its PIL & ATTY Properties‘ and NR 05-25 dated May 2, 2025 and entitled: ‘Finlay Minerals Receives TSX Venture Exchange Approval for PIL Earn-In Agreement.

Qualified Person:

Wade Barnes, P. Geo. and Vice President, Exploration for Finlay Minerals and a qualified person as defined by National Instrument 43-101, has approved the technical content of this news release.

About finlay minerals ltd.

Finlay is a TSXV company focused on exploration for base and precious metal deposits through the advancement of its ATTY, PIL, JJB, SAY and Silver Hope Properties; these properties host Cu-Au porphyry and Au-Ag epithermal targets within different porphyry districts of northern and central BC. Each property is located in areas of recent development and porphyry discoveries with the advantage of hosting the potential for new discoveries.

Finlay trades under the symbol ‘FYL’ on the TSXV and under the symbol ‘FYMNF’ on the OTCQB. For further information and details, please visit the Company’s website at www.finlayminerals.com

On behalf of the Board of Directors,

Robert F. Brown,
Executive Chairman of the Board

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

Forward-Looking Information: This news release includes certain ‘forward-looking information’ and ‘forward-looking statements’ (collectively, ‘forward-looking statements’) within the meaning of applicable Canadian securities legislation. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements.  Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as ‘expect’, ‘plan’, ‘anticipate’, ‘project’, ‘target’, ‘potential’, ‘schedule’, ‘forecast’, ‘budget’, ‘estimate’, ‘intend’ or ‘believe’ and similar expressions or their negative connotations, or that events or conditions ‘will’, ‘would’, ‘may’, ‘could’, ‘should’ or ‘might’ occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Forward-looking statements in this news release include statements regarding, among others, the exploration plans for the Properties. Although Finlay believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration successes, and continued availability of capital and financing and general economic, market or business conditions. These forward-looking statements are based on a number of assumptions including, among other things, assumptions regarding general business and economic conditions, the timing and receipt of regulatory and governmental approvals, the ability of Finlay and other parties to satisfy stock exchange and other regulatory requirements in a timely manner, the availability of financing for Finlay’s proposed transactions and programs on reasonable terms, and the ability of third-party service providers to deliver services in a timely manner. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements, and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein. Finlay does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future or otherwise, except as required by applicable law. 

SOURCE finlay minerals ltd.

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/November2025/06/c7860.html

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Standard Uranium Ltd. (TSXV: STND,OTC:STTDF) (OTCQB: STTDF) (FSE: 9SU0) (‘Standard Uranium’ or the ‘Company’) is pleased to outline extensive exploration plans for 2026 and present a summary of successful 2025 exploration activities. Exploration plans in 2026 will include high-resolution geophysics and targeted drill programs across multiple uranium projects in the Athabasca Basin, northern Saskatchewan.

Highlights:

  • Drilling All Year – Diamond drilling programs are planned across multiple projects in 2026, including the Company’s flagship Davidson River project, and partner-funded programs on the Corvo and Rocas projects.

  • Building Value – The Company will drive meaningful exploration and build shareholder value through exploration on Davidson River while partner-funded programs provide additional exploration upside and minimize investor risk and dilution.

Jon Bey, CEO of Standard Uranium, commented, ‘2026 is poised to be the Company’s most active exploration season to date. With new option agreements in place for the Corvo and Rocas projects, and Davidson River now drill-ready with new high-priority target areas identified via the first Exosphere Multiphysics survey in the southwestern Athabasca, we are pleased to share that we continue to advance our uranium exploration portfolio toward discovery. We firmly believe the uranium market will remain one o the few bright spots in the investment landscape ahead.’

Figure 1. Athabasca Basin overview, highlighting Standard Uranium’s active projects.

To view an enhanced version of this graphic, please visit:
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2026 Exploration Plans

Davidson River Project

New and refined target areas across the Warrior, Bronco, and Thunderbird conductor corridors have been identified through high-resolution 3D imaging of basement structures and potential alteration zones, providing key targeting information for spring 2026 drilling. The Company has secured all drill permits, signed Exploration Agreements with its Clearwater River Dene Nation (‘CRDN‘) partners, retained all essential vendors, and plans to initiate an aggressive drill program in early spring 2026 to begin testing new targets with approximately 8,000 metres planned.

Corvo Project

In December 2025, the Company plans to complete an extensive 50 m x 200 m ground gravity survey covering more than 29 km of conductive strike length, which will aid in identifying density anomalies that may represent hydrothermal alteration systems when coinciding with uranium fertile EM conductor trends.

Following the gravity survey, a skid-assisted diamond drill program totalling approximately 3,000 metres is planned for winter 2026, which will mark the first drill program on the Project in more than 40 years. Drilling will target high-priority areas including the never-before-drilled Manhattan Showing and newly-identified radioactive occurrences across the property.

Rocas Project

The Company completed a high-resolution ground gravity survey in 2024, and Convolutions Geoscience completed the processing, interpretation, and modeling of the gravity data. The survey identified several density-low anomalies coinciding with historical surface mineralization, lakebed geochemical anomalies, and cross-cutting fault zones along the Project’s known conductive exploration trends.

Standard Uranium plans to conduct the first-ever drill program on the Project in winter 2026, comprising approximately 1,800 metres, to begin testing high-priority zones along the main 7.5-kilometre magnetic low/EM conductive corridor which hosts several uranium showings and has remained untested to date.

Sun Dog Project

The Company plans to complete 3D modeling and inversions of EM and gravity data collected across the project in 2024 and 2025. Integration of geophysical products with surficial sampling and drilling results to date will help refine drill targets for a future partner-funded drill program.

2025 Exploration Summary

Davidson River Project

In May of 2025, a Fleet ExoSphere Multiphysics Survey was competed across key areas of the Thunderbird, Bronco, and Warrior trends. Combined 3D Ambient Noise Tomography (‘ANT‘) and Horizontal-to-Vertical Spectral Ratio (‘HVSR‘) velocity models and constrained ground gravity block models have been generated1.

Distinct gravity-low anomalies interpreted as potential hydrothermal alteration zones have been identified across all three corridors. These overlap known EM conductors, extrapolated basement faults from previous drilling, and basement velocity lows – indicating structural disruption or favorable lithological contrasts. Several new targets also align with ALS GoldSpot EM SmartMatch anomalies generated through machine-learning comparisons to the neighbouring Arrow and Triple R uranium deposits.

Figure 2. Fleet ExoSphere Multiphysics surveys on the Davidson River Project.

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Sun Dog Project

In early 2025, MWH Geo-Surveys (Canada) Ltd. completed high-resolution ground gravity surveys across the Armbruster South, Wishbone, and McNie target areas, refining high-priority drill targets by identifying potential hydrothermal alteration zones associated with EM conductors.

Third-party processing of the gravity data by Convolutions Geoscience identified density-low bullseyes and high-contrast gravity zones. Where these anomalies coincide with faults, EM conductors, surface uranium showings, and lakebed geochemical anomalies, multiple new prospective target zones have been defined. Additionally, assays from the 2024 drill program, which tested the newly identified Wishbone target area, returned anomalous uranium in all eight drill holes2.

The Sun Dog Project is currently under a three-year earn-in option agreement with Aero Energy Ltd. (TSXV: AERO).

Figure 3. High resolution ground gravity survey coverage of the Sun Dog Project

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Atlantic and Rocas Projects

MWH Geo-Surveys (Canada) Ltd. completed high-resolution ground gravity surveys along known conductive exploration trends on the Rocas project and spanning the central claims of the Atlantic project. Inversion and modeling of high-resolution ground gravity surveys was completed for each project, identifying density-low anomalies coincident with surface mineralization, lakebed geochemical anomalies, EM conductors, and crosscutting faults.

These results have led to the delineation of new anomalous zones and drill targets.

Corvo Project

Earlier this year, the Company engaged Axiom Exploration Group Ltd., in partnership with New Resolution Geophysics, to complete a helicopter-borne Xcite time-domain electromagnetic and magnetic survey over the Corvo Project. The survey outlined several kilometres of bedrock conductors and magnetic features and enhanced the resolution of over ~29 km of conductive trends.

In July of 2025, Standard Uranium completed the Company’s first prospecting and mapping program on the project with the objective of ground-truth sampling historical uranium showings including the Manhattan Showing, which returned results up to 59,800 ppm uranium (total digestion). The Company identified zones of off-scale radioactivity (>65,535 cps on a handheld RS-125 Super-Spec) and collected hand samples which returned results ranging from 0.72% to 8.10% U₃O₈3, the highest grades ever reported on the project. New drill targets were developed based on previously undocumented radioactive showings, and an NI 43-101 technical report was filed on the project, highlighting high-grade surface mineralization at the Manhattan Showing4.

A high-resolution ground gravity survey is planned to be completed in 2026, which will cover the main conductive trends to identify potential hydrothermal alteration halos commonly associated with basement-hosted uranium mineralization. This additional data will further refine drill targets.

The Corvo Project is currently under a three-year earn-in option agreement with Aventis Energy Inc. (CSE: AVE).

Rocas Project

In September of 2025, Standard Uranium completed a detailed prospecting and mapping program on the Project. Historical grab sample assays have returned up to 0.498% U₃O₈, while preliminary results of the prospecting and mapping program identified anomalous radioactivity up to 33,000 cps, as well as 10 separate measurements of greater than 10,000 cps5. Geochemical assay results are anticipated in the coming months.

Paired with the results from a high-resolution ground gravity survey completed in 2024, this highlights potential alteration halos and identify high-priority exploration targets along well-defined structural corridors.

The Rocas Project is currently under a three-year earn-in option agreement with Collective Metals Inc. (CSE: COMT).

Incentive Grant

The Company also announces that it has granted a total of 1,475,000 incentive stock options (the ‘Options‘) and 3,350,000 restricted share units (the ‘RSUs‘) to certain directors, officers and consultants in accordance with its omnibus incentive plan. The Options vest and become exercisable in five equal parts, with the first 20% vesting upon the date of grant and each additional 20% vesting every three months over a twelve-month period. The Options are exercisable at a price of $0.11 until November 6, 2030. The RSUs will vest and settle in common shares of the Company on November 6, 2026, provided the holder continues to be eligible as of that date.

Qualified Person Statement

The scientific and technical information contained in this news release has been reviewed, verified, and approved by Sean Hillacre, P.Geo., President and VP Exploration of the Company and a ‘qualified person’ as defined in NI 43-101 – Standards of Disclosure for Mineral Projects.

Historical data disclosed in this news release relating to sampling results from previous operators are historical in nature. Neither the Company nor a qualified person has yet verified this data and therefore investors should not place undue reliance on such data. The Company’s future exploration work may include verification of the data. The Company considers historical results to be relevant as an exploration guide and to assess the mineralization as well as economic potential of exploration projects. Any historical grab samples disclosed are selected samples and may not represent true underlying mineralization.

References

1 News Release: Standard Uranium Generates New High-Priority Uranium Targets at Flagship Davidson River Project Following ExoSphere Multiphysics Surveys, https://standarduranium.ca/news-releases/standard-uranium-generates-new-high-priority-uranium-targets-at-flagship-davidson-river-project-following-exosphere-multiphysics/

2 News Release: Standard Uranium and Aero Energy Report New Gravity Survey Targets and Assay Results, Sun Dog Project, Northwest Athabasca Basin, https://standarduranium.ca/news-releases/standard-uranium-and-aero-energy-report-new-gravity-survey-targets-and-assay-results-sun-dog-project-northwest-athabasca-basin/

3 News Release: Standard Uranium Confirms High-Grade Uranium Mineralization up to 8.10% U3O8 at Surface on the Corvo Project, https://standarduranium.ca/news-releases/standard-uranium-confirms-high-grade-uranium-mineralization-at-surface-on-the-corvo-project/

4 News Release: Standard Uranium Announces Filing of NI 43-101 Technical Report on the Corvo Uranium Project, Northern Saskatchewan, https://standarduranium.ca/news-releases/standard-uranium-announces-filing-of-ni-43-101-technical-report-on-the-corvo-uranium-project-northern-saskatchewan/

5 News Release: Standard Uranium Confirms Strong Radioactivity at Surface During Successful Exploration Program at the Rocas Uranium Project, https://standarduranium.ca/news-releases/standard-uranium-confirms-strong-radioactivity-at-surface-during-successful-exploration-program-at-the-rocas-uranium-project/

*The Company considers uranium mineralization with concentrations greater than 1.0 wt.% U3O8 to be ‘high-grade’.

About Standard Uranium (TSXV: STND,OTC:STTDF)

We find the fuel to power a clean energy future

Standard Uranium is a uranium exploration company and emerging project generator poised for discovery in one of the world’s premier uranium districts. The Company holds interest in over 235,435 acres (95,277 hectares) in the Athabasca Basin in Saskatchewan, Canada. Since its establishment, Standard Uranium has focused on the identification, acquisition, and exploration of Athabasca-style uranium targets with a view to discovery and future development.

Standard Uranium’s Davidson River Project, in the southwest part of the Athabasca Basin, Saskatchewan, comprises ten mineral claims over 30,737 hectares. Davidson River is highly prospective for basement-hosted uranium deposits due to its location along trend from recent high-grade uranium discoveries. However, owing to the large project size with multiple targets, it remains broadly under-tested by drilling. Recent intersections of wide, structurally deformed and strongly altered shear zones provide significant confidence in the exploration model and future success is expected.

Standard Uranium’s eastern Athabasca projects comprise over 43,185 hectares of prospective land holdings. The eastern basin projects are highly prospective for unconformity related and/or basement hosted uranium deposits based on historical uranium occurrences, recently identified geophysical anomalies, and location along trend from several high-grade uranium discoveries.

Standard Uranium’s Sun Dog project, in the northwest part of the Athabasca Basin, Saskatchewan, is comprised of nine mineral claims over 19,603 hectares. The Sun Dog project is highly prospective for basement and unconformity hosted uranium deposits yet remains largely untested by sufficient drilling despite its location proximal to uranium discoveries in the area.

For further information contact:

Jon Bey, Chief Executive Officer, and Chairman
Suite 3123, 595 Burrard Street
Vancouver, British Columbia, V7X 1J1

Tel: 1 (306) 850-6699
E-mail: info@standarduranium.ca

Cautionary Statement Regarding Forward-Looking Statements

This news release contains ‘forward-looking statements’ or ‘forward-looking information’ (collectively, ‘forward-looking statements’) within the meaning of applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as of the date of this news release. Forward-looking statements include, but are not limited to, statements regarding: the timing and content of upcoming work programs; geological interpretations; timing of the Company’s exploration programs; and estimates of market conditions.

Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by forward-looking statements contained herein. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Certain important factors that could cause actual results, performance or achievements to differ materially from those in the forward-looking statements are highlighted in the ‘Risks and Uncertainties’ in the Company’s management discussion and analysis for the fiscal year ended April 30, 2025.

Forward-looking statements are based upon a number of estimates and assumptions that, while considered reasonable by the Company at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies that may cause the Company’s actual financial results, performance, or achievements to be materially different from those expressed or implied herein. Some of the material factors or assumptions used to develop forward-looking statements include, without limitation: the future price of uranium; anticipated costs and the Company’s ability to raise additional capital if and when necessary; volatility in the market price of the Company’s securities; future sales of the Company’s securities; the Company’s ability to carry on exploration and development activities; the success of exploration, development and operations activities; the timing and results of drilling programs; the discovery of mineral resources on the Company’s mineral properties; the costs of operating and exploration expenditures; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); uncertainties related to title to mineral properties; assessments by taxation authorities; fluctuations in general macroeconomic conditions.

The forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Any forward-looking statements and the assumptions made with respect thereto are made as of the date of this news release and, accordingly, are subject to change after such date. The Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

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

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