Wide Open Agriculture (WOA:AU) has announced Chinese Market Approval for WOA’s Lupin Protein Isolate
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Tungsten’s importance in a wide range of industrial categories, from smartphones to car batteries, means demand is likely to rise. At the same time, supply chain disruptions and increased production costs are weighing on global supply, making it important to learn about the top global tungsten producers.
Tungsten has many applications. It’s used in electrical wires, as well as in welding, heavy metal alloys, turbine blades and as a lead substitute in bullets. The metal can also be found in heating and electrical contacts.
Tungsten prices have traded upward in recent years, and the industry’s supply and demand dynamics are expected to push the metal higher in 2025 and beyond. Total revenue for the tungsten market is expected to grow at a compound annual growth rate of 8 percent through 2024 to 2032 to reach nearly US$9.49 billion in value.
With that in mind, it’s worth being aware of which countries produce the most tungsten. According to the US Geological Survey, global tungsten production came in at 81,000 metric tons (MT) in 2024, up slightly from 2023’s 79,500 MT. The vast majority of tungsten mining and processing occurs in China. Looking forward to 2025, increased production is seen coming from mines in South Korea and Australia.
Here’s an overview of tungsten production by country in 2024, as per data from the US Geological Survey.
1. China
Tungsten production: 67,000 metric tons
Tungsten reserves: 2.4 million metric tons
In 2024, China produced 67,000 metric tons of tungsten, up by 1,000 MT from 2023. The country is the world’s largest producer of the metal by a wide margin, accounting for more than 80 percent of total annual tungsten output worldwide.
That said, China’s tungsten production has been falling in recent years — the Asian nation has limited the quantity of tungsten-mining and export licenses it awards and has imposed quotas on tungsten concentrate production. The country has also recently increased environmental inspections.
China has been the main source of tungsten imported into the US since 2017, and the country accounted for 27 percent of US tungsten imports in 2024.
In response to US President Donald Trump’s imposition of 10 percent tariffs on imports from China in February 2025, the Government of China immediately announced strict export controls on tungsten and four other key metals used in several important industries, including defense. Tighter tungsten supply out of China may lead to higher prices for the metal despite growing production from ex-China sources.
2. Vietnam
Tungsten production: 3,400 metric tons
Tungsten reserves: 140,000 metric tons
Vietnam’s tungsten production in 2024 came to 3,400 metric tons, down by 100 MT from the previous year. Privately owned Masan Resources runs the Vietnam-based Nui Phao mine, which it says is the largest tungsten-producing mine outside China. It is also one of the lowest-cost producers of tungsten in the world.
In 2024, Vietnam accounted for 8 percent of US tungsten imports.
3. Russia
Tungsten production: 2,000 metric tons
Tungsten reserves: 400,000 metric tons
Russia produced 2,000 metric tons of tungsten in 2024, on par with the last few years. The war between Russia and Ukraine has hampered Russia’s ability to trade and make deliveries of tungsten to the world market as it continues to face sanctions. The Tyrnyauz tungsten-molybdenum mine is the largest tungsten deposit in the country and one of the largest globally.
Russia is a significant supplier of the metal to Europe, but restrictions have increased the continent’s dependency on Chinese imports. At the same time, the war is fueling tungsten demand given the metal’s use in ammunitions.
4. North Korea
Tungsten production: 1,700 metric tons
Tungsten reserves: 29,000 metric tons
In 2024, North Korea produced 1,700 metric tons of tungsten production, up by 100 MT over the previous year. The Mannyŏn mine in North Hwanghae province is the country’s largest tungsten mine. Its name means 10,000 years in reference to its vast reserves.
Tungsten ore is North Korea’s third highest export by value, worth nearly US$26 million in 2023, with the majority being consumed by China. Tungsten’s high spot in North Korea’s export market may be due to the fact that it’s one of the few metals not listed under UN sanctions on the country’s trade.
5. Bolivia
Tungsten production: 1,600 metric tons
Tungsten reserves: Not available
Bolivia’s tungsten production in 2024 was 1,600 metric tons, a gain of 100 MT over the previous year. The South American country has increased its tungsten production since 2014 as a result of moves to promote its tungsten industry. Bolivia accounted for 8 percent of US tungsten imports in 2024.
The Bolivian mining industry is heavily influenced by Comibol, a state-owned mining umbrella company.
6. Rwanda
Tungsten production: 1,200 metric tons
Tungsten reserves: Not available
Rwanda produced 1,200 metric tons of tungsten in 2024, on par with 2023’s output. Tungsten is one of the most common conflict minerals in the world, meaning that at least some of it is produced in war zones and is sold to perpetuate fighting.
While Rwanda has promoted itself as a source of conflict-free minerals, concerns remain about its tungsten output. Nevertheless, it is an important exporter of tungsten, accounting for 31 percent of global tungsten trade in 2022.
One of the largest tungsten producers in Rwanda is privately owned Trilogy Metals, which owns the Nyakabingo tungsten ore mine. Trilogy’s largest shareholder is UK-based private industrial company Techmet, which is working to secure a viable technology metal supply chain.
7. Australia
Tungsten production: 1,000 metric tons
Tungsten reserves: 570,000 metric tons*
In 2024, Australia produced 1,000 metric tons of tungsten. This represents a more than 130 percent jump in output from 2023 levels, taking it from the ninth spot on the previous year’s list to rank seventh in global tungsten production for 2024.
There are several operating tungsten mines in Australia. EQ Resources (ASX:EQR) is an Australian tungsten miner producing the metal at its Mount Carbine asset in North Queensland. On the island state of Tasmania, Group 6 Metals (ASX:G6M) brought the historic Dolphin tungsten mine back into production in 2023. The island also contains private firm Tasmania Mines’ Kara tungsten mine
Tungsten projects under development in Australia include the Molyhil tungsten-molybdenum-copper project located in the Northern Territory. Molyhil is a 75/25 joint venture between Thor Energy (LSE:THR,OTC Pink:THORF) and Investigator Resources (ASX:IVR). According to Mining Database Online (MDO), Investigator is working toward completing a scoping study on Molyhil, based on an updated May 2024 mineral resource estimate, in the first half of 2025.
Another company with Australia-based tungsten projects is Tungsten Mining (ASX:TGN), whose properties include Mount Mulgine, Big Hill and Kilba in Western Australia, as well as Watershed in Northeast Queensland and Hatches Creek in the Northern Territory.
* Joint Ore Reserves Committee-compliant or equivalent reserves were 220,000 metric tons.
8. Austria
Tungsten production: 800 metric tons
Tungsten reserves: 10,000 metric tons
Austria’s tungsten production in 2024 was 800 metric tons, down 50 MT from the previous year. Much of that production can be attributed to Wolfram’s Mittersill mine, which is located in Salzburg and hosts Europe’s largest tungsten deposit.
9. Spain
Tungsten production: 700 metric tons
Tungsten reserves: 66,000 metric tons
Spain produced 700 metric tons of tungsten in 2024, up 50 MT over the previous year.
There are a number of companies engaged in the exploration, development and mining of tungsten assets in Spain. Australia’s EQ Resources, which acquired tungsten producer Saloro in 2023, now controls the Barruecopardo Mining and Processing operation. MDO reports that a program is underway to upgrade the plant and improve recoveries with completion expected by the end of 2025.
As for Spanish tungsten assets under development, Almonty Industries (TSX:AII,OTCQX:ALMTF) owns the permitting-phase Valtreixal tungsten-tin project.
10. Portugal
Tungsten production: 500 metric tons
Tungsten reserves: 3,400 metric tons
In 2024, Portugal produced 500 metric tons in 2024, up by 50 MT from that produced in the previous year.
The European country has the lowest-known tungsten reserves figure out of all the nations on this list, totaling just 3,400 MT. Almonty Industries’ Panasqueira mine is Portugal’s largest tungsten-producing operation. ‘The Panasqueira Mine has some of the highest tungsten recovery rates in the industry, consistently averaging 80 (percent),’ MDO states.
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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Gold royalty companies offer investors exposure to gold and silver with the benefits of diversification, lower risk and a steady income stream.
Royalty companies operating in the resource sector will typically agree to provide funding for the exploration or development of a resource in exchange for a percentage of revenue from the deposit if it begins producing. Similarly, a company with a streaming model may work out an agreement with a resource company for a share of the metal produced from a deposit in exchange for an investment.
These kinds of arrangements benefit both parties. Streamers get access to the underlying commodity at a fixed price and are shielded from cost overruns and spikes in production. Further, if there is a price decrease the metals can be warehoused until the market conditions improve. In both cases, mining companies receive considerable upfront investment during the expensive construction and expansion phases, and unlike loans these investments have longer-term payouts at a fixed amount.
Let’s take a deeper look at how royalties and streaming works, their benefits and the gold and silver royalty and streaming stocks you can invest in.
In this article
How do gold and silver royalties work?
Gold and silver royalty agreements involve royalty companies agreeing to provide funding for the exploration or development of a precious metals resource in exchange for a percentage of revenue from the deposit if it begins producing metals.
The foundation for royalties dates back a few hundred years. Originally, they were payments made to the British monarchy in exchange for miners’ rights to operate gold and silver mining operations on lands held by the crown. Today, these arrangements still exist, with mining operators paying the government a share of the revenues generated from exploiting resources on public lands.
The first royalty paid to a company in the gold sector was an agreement in 1986 in which Franco-Nevada (TSX:FNV,NYSE:FNV) made a US$2 million investment into Western States Minerals’ Goldstrike small heap-leach mine in Nevada, US, for a 4 percent share of revenues collected from the mine. Western States was sold the same year to Barrick Gold (TSX:ABX,NYSE:GOLD). Barrick discovered a far larger resource at the site and the royalty has since earned Franco-Nevada more than US$1 billion.
This early example set a precedent for the industry. It saw Franco-Nevada, which was then a gold exploration company, lock itself into what became one of the largest gold mineral resources in the world at a relatively low overhead while avoiding future costs associated with the growth and maintenance of the mine.
How do gold and silver streams work?
Gold and silver streams work in a similar manner to the royalty model but returns are in the form of physical metals rather than funds. In return for investing in an asset, a gold streaming company may work out an agreement with a resource company for a share of the metal produced from a deposit, or for the ability to purchase the metal at a lower price than market value.
This is also a popular model with base metal mining companies whose operations result in gold and/or silver by-products. In these cases, gold and silver streaming companies may work out a deal with a base metal mining operation to take delivery of a certain amount of precious metals at an agreed upon price.
The Goldstrike royalty made Franco-Nevada what it is today, but its largest contributing asset in its portfolio is a deal with Lundin Mining (TSX:LUN,OTC Pink:LUNMF) for a stream of the gold and silver resources extracted from its Candelaria copper mine in Chile.
Under the terms of the deal, which was part of Lundin’s 2014 acquisition of Freeport-McMoRan’s (NYSE:FCX) stake in Candelaria, Franco-Nevada provided a US$648 million deposit in exchange for a 68 percent stream of the asset’s silver and gold. This will lower to 40 percent once 720,000 ounces of gold and 12 million ounces of silver have been delivered, which the company currently predicts will take place in 2027.
While Franco-Nevada does have to pay for the metal, the agreed upon amount is far under the current market value. At the time, the deal was set at US$400 for each ounce of gold and US$4 per ounce of silver with a 1 percent inflationary adjustment, or market price if that was less.
Are royalty and streaming companies a good investment?
Royalty and streaming companies are largely seen as a lower-risk investment than mining companies. Lower operational costs and higher portfolio diversification means they are hedged against a mine shutdown, natural disaster, market forces or the politics that may affect the nature of an operation or project. However, that’s not to say royalty and streaming deals aren’t without their risks.
In many ways, gold royalty companies are like venture capitalists in the tech industry, working to fund many projects in the hopes that some will see big payoffs that offset the loss from the ones that don’t make it. This means they need large access to funding in order to build their portfolios.
To get funding, royalty and streaming companies have several options: using cash on hand, raising debt through loans or issuing more shares. Each of these options carries risk. Using cash to pay for investments could reduce the size of the safety net and eat into company liquidity, debt needs to be managed to ensure that payments don’t exceed income and the issuance of stock could lead to an overall devaluation of share price and impact investor sentiment.
Once companies have developed strong cash flows and good liquidity, they are able to take advantage of their own reserves, without the need to worry about loans or stock dilution. The same cannot be said for the up-and-coming companies who need to rely on external funding to make deals, making them riskier.
These companies provide a good entry point for investors with lower share price, and have more potential to return higher percentage gains in share price, they also bear more risk. With more reliance on raising external capital, there is a greater need for deals to be successful and a greater chance for a company to incur more debt load or stock dilution.
Diverse portfolios can help reduce the risk associated with a royalty company, and companies like Franco-Nevada have the industry knowledge and financial capital to take some risks. As of February 2025, the company has 432 assets on their books; 117 are producing, 38 are in the advanced stages of development. It’s the 277 more that are in the exploration phase that represents the greatest risk, many of which will never provide returns.
Of course, unforeseen events can affect both mining and royalty companies alike, particularly when assets that take up a larger percentage or a portfolio are affected. Franco-Nevada had more than US$1 billion invested in First Quantum’s (TSX:FM,OTC Pink:FQVLF) Cobre Panama mine before it was shuttered by the Panamanian government following protests at the end of 2023. The mine brought in US$223.3 million for Franco-Nevada in 2022 and represented nearly a quarter of its precious metal income. While it fared better than First Quantum, the royalty company’s share price took a significant hit.
Gold and silver royalty companies
The biggest companies in the precious metals royalty and streaming space have long histories and have built positive reputations on the backs of strong investments. They offer a means for investors to de-risk an entry into the gold sector by maintaining an arms-length attachment to it.
The five gold and silver royalty and streaming companies on this list had market caps above $1 billion in their respective currencies as of February 19, 2025.
1. Wheaton Precious Metals (TSX:WPM,NYSE:WPM)
Company Profile
Market cap: C$44.46 billion
Wheaton Precious Metals was established in 2004 as Silver Wheaton with a focus on silver streaming. Goldcorp held a majority interest, but began to reduce it in 2006 and by 2008 had completely divested itself. By that time, Silver Wheaton had begun to diversify into other precious metals. The following year, Silver Wheaton acquired rival silver streaming stock Silverstone Resources in a C$190 million deal.
Silver Wheaton changed its name in 2017 to Wheaton Precious Metals and has since built itself into one of the largest players in the gold and silver royalty and streaming space, with investments in 13 operating mines and 26 development projects across four continents.
2. Franco-Nevada (TSX:FNV,NYSE:FNV)
Company Profile
Market cap: C$38.23 billion
A trailblazer in the gold royalty business, Franco-Nevada has set a high bar. The current iteration of the company was spun out of Newmont (TSX:NGT,NYSE:NEM) in what became a C$1.1 billion initial public offering, one of the biggest IPOs of 2007.
Franco-Nevada now has a portfolio of more than 100 producing assets around the world with investments in gold, silver, base metal and oil and gas operations, which generate more than US$1.2 billion for the company annually. See the sections above for more information on Franco-Nevada’s royalty and streaming deals.
3. Royal Gold (NASDAQ:RGLD)
Company Profile
Market cap: US$9.82 billion
Royal Gold got its start in 1981 as oil and gas exploration and production company Royal Resources Corporation. Responding to shifts in the overall resource market, by 1987, Royal Gold was born with a focus on building a portfolio of minority positions in significant gold properties operated by major mining firms.
Today, Royal Gold is a leading precious metals streaming and royalty company with interest in 175 properties, of which 42 are producing assets, across 17 countries. One of the most significant principal assets for this gold royalty stock is the Cortez gold mine in Nevada owned by Barrick and Newmont.
4. Osisko Gold Royalties (TSX:OR,NYSE:OR)
Company Profile
Market cap: C$5.1 billion
Osisko Gold Royalties was created in 2014 as a spinoff deal between Osisko Mining (TSX:OSK), Yamana Gold and Agnico Eagle Mines (TSX:AEM,NYSE:AEM). The deal was made in an attempt to prevent a hostile takeover of Osisko Mining and its Canadian Malartic gold complex by Goldcorp.
In the deal, Osisko Gold Royalties carried with it a 5 percent net smelter return royalty from the Canadian Malartic mine. Now owned by Agnico Eagle, the complex in Québec remains a cornerstone of Osisko’s business today.
The gold and silver royalty and streaming company has gone on to acquire 185 assets, 23 of which are producing, across 6 continents with a majority in North America.
5. Sandstorm Gold (TSX:SSL,NYSE:SAND)
Company Profile
Market cap: C$2.5 billion
Sandstorm Gold Royalties was founded in 2008 as a small-startup and has since become a multi-billion dollar gold and silver royalty and streaming company. Its producing assets include Pan American Silver’s (NYSE:PAAS,TSX:PAAS) Ceo Moro gold-silver mine, and Cerrado Gold’s (TSX:CERT,OTCQX:CRDOF) Las Calandrias gold-silver mine, both in Argentina.
Sandstorm’s royalty portfolio boasts more than 230 assets, of which 41 are producing assets, located across more than a dozen countries.
Small-cap gold and silver royalty companies
There are also small-cap gold and silver royalty and streaming companies you can invest in and offer a lower-cost option for investors who are comfortable with a little more risk. Like their larger counterparts, small-cap gold royalty stocks offer a lower-risk investment than getting into a small-cap mining company but still provide access to the underlying precious metals market.
The five small-cap gold and silver royalty companies on this list had market caps above $10 million in their respective currencies as of February 19, 2025.
1. Metalla Royalty & Streaming (TSXV:MTA)
Company Profile
Market cap: C$408.08 million
Metalla Royalty & Streaming focuses on gold, silver and copper projects. The company’s royalty model involves acquiring royalties and streams by offering resource companies Metalla shares and cash.
The mid-tier royalty and streaming company’s asset portfolio includes more than 100 projects across North America, South America and Australia. Its cornerstone assets include IAMGOLD (TSX:IMG,NYSE:IAG) and Sumitomo Metal Mining’s (TSE:5713) Côté gold mine in Ontario, Canada.
2. Gold Royalty (NYSEAMERICAN:GROY)
Company Profile
Market cap: US$242.12 million
Gold Royalty is building a diversified portfolio of more than 200 gold royalty and gold streaming interests based on net smelter return royalties on properties in the Americas.
The company’s revenue generating investments includes one of the most well-known gold-producing mines in the world, Agnico Eagle’s Canadian Malartic complex in Québec.
3. Sailfish Royalty (TSXV:FISH,OTCQX:SROYF)
Company Profile
Market cap: C$112.44 million
Founded in 2014, Sailfish Royalty’s asset portfolio is much smaller than the other gold royalty stocks on this list. It consists of one producing mine as well as two development-stage and two exploration-stage properties in the Americas.
In Nicaragua, Sailfish has a gold stream equivalent to a 3 percent net smelter return on Mako Mining’s (TSXV:MKO,OTCQX:MAKOF) San Albino gold mine and a 2 percent net smelter return on the area surrounding the mine. The company also holds a 13,500 ounce per month silver stream at the property, which will run until May 2025 with the option to extend.
4. Empress Royalty (TSXV:EMPR,OTCQX:EMPYF)
Company Profile
Market cap: C$41.96 million
Empress Royalty’s business model involves investing in mining companies in various stages of exploration through production who need further non-dilutive capital to fund their projects and operations.
Empress’ gold and silver royalty and streaming portfolio includes four producing assets, with two in the Americas and two in Africa: the privately owned Sierra Antapite gold mine in Peru, Luca Mining’s (TSXV:LUCA,OTCQX:LUCMF) Tahuehueto silver mine in Mexico, the privately owned Manica gold project in Mozambique and Golconda Gold’s (TSXV:GG,OTCQB:GGGOF) Galaxy gold mine in South Africa.
5. Silver Crown Royalties (NEO:SCRI,OTCQX:SLCRF)
Company Profile
Market cap: C$16.1 million
Silver Crown Royalties is a revenue-generating silver-only royalty company focusing on silver as by-product credits. The company targets royalty originations on producing or near-producing assets in tier 1 jurisdictions.
Silver Crown has two producing assets in its portfolio: Gold Mountain Mining’s (TSX:GMTN) Elk gold project in British Columbia, Canada, and private Canadian company Pilar Gold’s PGDM mine in Brazil.
Gold and silver royalty ETFs
Those who want more broad exposure to the precious metals markets may want to buy shares of an exchange-traded fund that includes gold and silver royalty and streaming stocks. Here are a few to get you started.
Betashares Global Royalties ETF (ASX:ROYL)
Betashares Global Royalties ETF is an Australian ETF that tracks the performance of an index of global companies that earn a significant amount of their revenue from royalty income, royalty-related income and intellectual property income. The fund’s top holdings include Wheaton Precious Metals, Franco-Nevada and Royal Gold.
Betashares Global Gold Miners ETF (ASX:MNRS)
Betashares Global Gold Miners ETF tracks the performance of an index of the world’s largest gold mining companies outside of Australia, hedged into Australian dollars. Wheaton Precious Metals, Franco-Nevada and Royal Gold are also among the fund’s top holdings.
VanEck Gold Miners ETF (ARCA:GDX)
VanEck Gold Miners ETF is a US gold ETF that aims to replicate the performance of the NYSE Arca Gold Miners Index by holding large-cap gold mining stocks and precious metals royalty companies. As with the other gold ETFs on this list, its top holdings include Wheaton Precious Metals, Franco-Nevada and Royal Gold.
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
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Trigg Minerals Limited (ASX: TMG| OTCQB: TMGLF) (‘Trigg’ or the ‘Company’) has announced Unlocking a New High-Grade Antimony-Tungsten Structure Adds Potential to Wild Cattle Creek.
HIGHLIGHTS
- Trigg has confirmed high-grade antimony and tungsten mineralisation beneath the primary Wild Cattle Creek deposit, with assays of 2.14% tungsten (Hole 10WRD16) and 27.6% antimony (Hole 10WRD16W) (refer Appendix 1).
- The parallel structure is characterised by average grades of 13% antimony (Sb) and 1.03% tungsten (W).
- The 2024 MRE omitted the parallel structure, which lies 35m north of WCC and remains open along strike (west) and at depth.
- Both the WCC alteration halo and the parallel structure indicate a significant westward increase in antimony and tungsten grades, underscoring robust resource upgrade potential.
- Limited historical focus on tungsten presents a significant opportunity to unlock additional resources and value through further exploration and assessment.
- Wild Cattle Creek is Australia’s widest known antimony deposit, with an average mineralised width of 20 meters, significantly exceeding typical narrow vein-hosted Sb deposits in the region.
- Drilling results reveal an underlying gold system and robust enrichment within the stockwork alteration of the Wild Cattle Creek antimony deposit, suggesting further exploration could unlock additional value like Hillgrove and Costerfield.
The recent Chinese government suspension of tungsten exports, effective February 2025, has sent shockwaves through global markets. China is the world’s dominant supplier, responsible for over 80% of global tungsten production, making this a pivotal moment for alternative sources to emerge.
Trigg Minerals’ (ASX: TMG) Wild Cattle Creek deposit at its 100% owned Achilles Project is now in sharp focus. Previously overlooked in historical drilling, the high-grade tungsten mineralisation could be crucial in securing a domestic supply of this critical mineral.
Wild Cattle Creek has long been known for its high-grade antimony, with Trigg recently upgrading the Mineral Resource Estimate (MRE) to 1.52Mt at 1.G7% Sb, containing 2G,G02 tonnes of antimony comprising 0.G6Mt at 2.02% Sb (Indicated) and 0.56Mt at 1.88% Sb (Inferred); see ASX announcement dated 19 December 2024. However, tungsten mineralisation—strongly associated with the alteration selvage near high-grade antimony zones—has largely been overlooked.
Trigg has confirmed that high-grade antimony and tungsten (Figure 1; Table 1) are also present in a subparallel vein lying approximately 35m beneath (i.e. north of) the primary Wild Cattle Creek system. This vein extends over 100 metres in the westernmost sections of the deposit. It remains open at depth and along strike, highlighting the strong potential for additional resources in antimony and tungsten.
Click here for the full ASX Release
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Octava Minerals Limited (ASX:OCT) (“Octava” or the “Company”), a Western Australia focused explorer of the new energy metals antimony, REE’s, Lithium and gold, is pleased to report that laboratory assays have now been received from the two metallurgical core drillholes at the Byro REE’s / Li Project in the Gascoyne Region of Western Australia.
Highlights
- Assay results received from metallurgical drilling at the Byro REE & Li Project confirm historic REE / Li mineralisation intercepts.
- Intercepts of over 50m from surface with grades including 500ppm Total Rare Earth Oxides (TREO) with 20% magnetic REE’s, 375ppm Lithium Oxide (Li2O) and 523ppm Vanadium Pentoxide (V2O5).
- Mineralisation has been intercepted in historic drilling over 30km of strike.
- The drilling was to provide fresh samples of the Byro black shale to undergo metallurgical extraction testwork.
Octava’s Managing Director Bevan Wakelam stated;
”Octava is investigating the potential for Australia’s first, large scale, low cost sedimentary basin deposit of REE’s, lithium and base metals. Metal extraction from black shales is a proven, low- cost technology used in other operations around the world. We will commence initial metallurgical testwork to determine the viability of extracting these metals from the black shale at Byro. We look forward to providing further updates as this work proceeds.
The Byro Project is located on the Byro Plains of the Gascoyne Region, Western Australia, 220km south-east of Carnarvon and consists of two granted Exploration Licences – E 09/2673 and E 09/2674 – totalling 798 km2. The Byro Project also has Native Title agreements in place. Nearby infrastructure includes accessibility to a commercial port (Geraldton) and power from the NW gas pipeline and future potential access to Western Australian government proposed green energy sites.
Two metallurgical HQ3 coreholes were drilled for a total of 204m. The holes were drilled adjacent to previously drilled RC holes to confirm mineralisation and to provide fresh sample material for metallurgical testwork.
The Byro project lies at the centre of the Permian Byro Sub-basin of the Carnarvon Basin. The Byro Group hosts sedimentary packages of sandstones, siltstones and mudstones, including black shales and coal seams. The dominant unit in the tenure is the Bulgadoo shale, which consists of banded carbonaceous shale and arenite, containing beds of enriched pyrite, bivalves and bryozoans.
The black shales in the Byro sub basin appear to have formed a metal sink that contains large volumes of anomalous REE, Li and base metals. The source of the metals at Byro is likely the Archean basement rocks of the Yilgarn Craton located ~40km to the east. The REE host rocks at Byro have been transported to their current location, unlike typical REE clay exploration targets in Australia which are formed in situ, from weathered granitic basement rocks.
Permian Black shales are known worldwide for their potential to host enriched poly-metallic deposits. These deposits contain considerable volumes of lower concentration resources of base metals, rare earths, lithium and other strategic minerals. They offer the opportunity for large-scale, low-cost mining operations capable of supplying the metals for a number of years. Octava is examining the black shales at the Byro project for the same potential.
Click here for the full ASX Release
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Here’s a quick recap of the crypto landscape for Monday (February 24) as of 9:00 p.m. UTC.
Bitcoin and Ethereum price update
Bitcoin (BTC) is currently trading at US$94,006.38 reflecting a decrease of 1.9 percent over the past 24 hours. The day’s trading range has seen a high of US$95,658 and a low of US$93,775.
Ethereum (ETH) is priced at US$2,640.58, marking a decline of 5.58 percent over the same period. The cryptocurrency reached an intraday high of US$2,678 and a low of US$2,633.
Altcoin price update
- Solana (SOL) is currently valued at US$151.06, down 9.8 percent over the past 24 hours. SOL experienced a high of US$158 and a low of US$150 during Monday’s trading session.
- XRP is trading at US$2.43, reflecting a 4.8 percent decrease over the past 24 hours. The cryptocurrency recorded an intraday high of US$2.48 and a low of US$2.40.
- Sui (SUI) is priced at US$3, showing a 9.9 percent decrease over the past 24 hours. It achieved a daily high of US$3.19 and a low of US$2.98.
- Cardano (ADA) is trading at US$0.7176, reflecting a 6.4 percent decrease over the past 24 hours. Its highest price on Monday was US$0.7327, with a low of US$0.7133.
Crypto news to know
Hackers steal US$1.5 billion from Bybit in ‘biggest digital heist ever’
Cryptocurrency exchange Bybit has suffered what is believed to be the largest digital theft in history, losing US$1.5 billion worth of Ethereum to hackers this past Friday (February 21).
The Dubai-based platform reported that the attacker gained access to one of its Ethereum wallets during a routine transfer between cold and warm storage, successfully moving the funds to an unknown address.
Bybit CEO Ben Zhou has reassured users that the exchange remains solvent and has enough funds to cover losses, ensuring all customers are fully reimbursed.
However, the platform has experienced a surge in withdrawal requests, causing processing delays. In response, Bybit has offered a 10 percent reward — up to US$140 million — for assistance in recovering the stolen funds.
Some security analysts suspect the involvement of North Korean state-backed hacker group Lazarus, known for previous large-scale crypto heists.
Ethena raises US$100 million for institutional token
Bloomberg reported on Monday that Ethena, the issuer of stablecoin USDe and token ENA, has raised US$100 million in a private sale of ENA to fund a new token aimed at institutional investors.
This new token will be built on Ethena’s blockchain and will be similar to USDe, but with added features to comply with financial regulations, potentially paving the way for greater institutional adoption of Ethena’s products.
Strategy’s Bitcoin stockpile nears 500,000
Strategy (NASDAQ:MSTR), formerly MicroStrategy, completed the sale of US$2 billion worth of convertible senior notes due in 2030 in a private offering to institutional investors, the company announced on Monday.
As expected, CEO Michael Saylor also disclosed the acquisition of 20,356 additional Bitcoin for roughly US$1.99 billion, bringing the company’s total holdings to 499,096 acquired for US$33.1 billion, or US$66,357 each. Rounding the current Bitcoin price down to US$94,000, the holdings are worth about US$46.92 billion.
Nasdaq seeks to list Hedera ETF
The Nasdaq has applied to list an exchange-traded fund (ETF) designed to hold the Hedera Network’s native token, HBAR, according to a 19b-4 form filed with the US Securities and Commission Exchange on Monday.
The token is one of a very small number of cryptocurrencies starting the week in the black, up 0.3 percent in 24 hours to US$0.21 at the time of this writing. If approved, the ETF would be managed by Canary Capital, which filed to list a proposed Canary HBAR ETF in November.
Citadel Securities eyes increased crypto market involvement
Sources for Bloomberg said financial firm Citadel Securities is looking to increase its involvement in the cryptocurrency market by joining the roster of approved market makers on major exchanges like Coinbase, Binance and Crypto.com. If approved, the firm plans to set up international teams, according to people familiar with the matter.
Testing begins for Ethereum’s Pectra upgrade
Ethereum will initiate the testing phase of its latest upgrade, Pectra, on the Holesky testnet at epoch 115968 on Monday, marking another advancement in Ethereum’s ongoing development.
The Pectra upgrade is designed to enhance the network’s scalability, security and overall efficiency, addressing some of the current limitations of the Ethereum blockchain such as transaction fees and network congestion.
This testing phase will help developers identify potential issues before the upgrade is deployed on the Ethereum mainnet, which is scheduled for later this year.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
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The Securities and Exchange Commission is dropping its investigation into Robinhood’s crypto arm, the company revealed Monday.
Robinhood said it received a letter from the SEC’s enforcement division on Friday, detailing in a blog post that the agency has closed its investigation into the crypto business with no intention of moving forward with an enforcement action. The news comes three days after Coinbase similarly announced that the SEC has agreed to end its enforcement case against it.
Shares of Robinhood were last higher by about 1%.
In May 2024, Robinhood received a notice warning that it could be charged for potential violation of securities law within its crypto unit after previously being subpoenaed for its cryptocurrency listings, custody and platform operations — despite “years of good faith attempts to work with the SEC for regulatory clarity including our well-known attempt to ‘come in and register,’” Dan Gallagher, the company’s chief legal, compliance and corporate affairs officer, said at the time.
“Robinhood Crypto always has and will always respect federal securities laws and never allowed transactions in securities,” he said in a statement Monday. “We appreciate the formal closing of this investigation, and we are happy to see a return to the rule of law and commitment to fairness at the SEC.”
An SEC spokesperson declined to comment for this story.
The SEC’s dismissal of the Robinhood and Coinbase cases is an early sign of the regulatory sea change for the crypto industry promised by President Donald Trump during his election campaign. Despite the meteoric rise of the price of bitcoin under the previous administration, many crypto businesses saw it as low point due to the SEC’s notorious regulation-by-enforcement approach to crypto — as opposed to the creation of clear rules by which to operate — under the leadership of then Chair Gary Gensler.
Nearly half of Robinhood’s $672 million transaction-based revenue in the fourth quarter came from a 700% rise in revenue tied to crypto trading, as bitcoin rallied toward $100,000 for the first time ever on hopes of more favorable policies under Trump.
The shares have gained 38% so far in 2025.
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Starbucks will lay off 1,100 corporate employees and will not fill several hundred other open positions, the coffee chain’s CEO Brian Niccol said Monday.
The cuts will not affect workers at the company’s cafes.
In a message to corporate employees, Niccol said Starbucks is “simplifying our structure, removing layers and duplication and creating smaller, more nimble teams.”
“Our intent is to operate more efficiently, increase accountability, reduce complexity and drive better integration,” Niccol wrote. “All with the goal of being more focused and able to drive greater impact on our priorities.”
The layoffs come as Starbucks tries to draw coffee drinkers back to its cafes after same-store sales declined for four straight quarters. As customers turn to cheaper rivals in Starbucks’ two largest markets, the U.S. and China, Niccol has tried to revamp operations since he took the helm of the company last year, including by speeding up service.
Starbucks had about 16,000 employees who work outside of store locations as of last year. The cuts will affect people who work in corporate support, but not roasting, manufacturing, warehousing and distribution.
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Apple on Monday reaffirmed a commitment to invest hundreds of billions of dollars in the U.S. over the coming years amid pressure from President Donald Trump and the growing threat of his tariffs
The tech giant said it planned to spend $500 billion over the next five years in the United States, with intentions to hire 20,000 new workers and produce AI servers.
The plans include a server factory in Houston slated to open in 2026 and a manufacturing academy in Detroit. The company also said data centers in Arizona, California, Iowa, Nevada, North Carolina, Oregon and Washington would see expansions from the investment plans.
Monday’s move is Apple’s latest splashy announcement about investing in the United States, making it an acceleration of existing plans.
The company announced in 2021 that it was planning to invest $430 billion domestically over the next five years. In 2018, during Trump’s first term, Apple said it would make a $350 billion ‘contribution’ to the American economy over a stretch of five years, including the creation of 20,000 jobs.
Apple also confirmed Monday that an Arizona-based Taiwan Semiconductor Manufacturing Co. facility, which began development under the Biden administration, had started producing chips for it there — news that media had previously reported.
Trump sought to take credit for the latest announcement — and seemed to tip it last week shortly after meeting with Apple CEO Tim Cook and implied the trade duties he has threatened on a host of imports played a role.
“They don’t want to be in the tariffs,” Trump said last week, adding that Cook had halted plans to build two facilities in Mexico, an assertion Apple has not confirmed.
In a Truth Social post Monday, Trump cited ‘faith in what we are doing’ as the reason for Apple’s announcement.
In a note to investors, analysts at UBS cast some doubt about whether Apple can actually deploy $500 billion in the U.S. in the time frame it laid out, citing the company’s overwhelming reliance on suppliers outside the U.S. and the fact that it has historically lagged other large tech firms in making large capital expenditures.
‘While the headline figure on the surface is a large number, we believe it lacks substance at this juncture based on history,” the analysts wrote.
Apple’s playbook for avoiding tariffs appears to track closely with its strategy during the first Trump administration, when it allowed the president to take credit for a plant that had been making Mac computers in Texas for at least three years before he took office. Like other products Apple makes in the United States or says it intends to, the Mac made in Texas is not one of its mainstream models. Apple’s key revenue-generating products like the iPhone are all still manufactured outside of the country.
Apple and Cook have also gone a step further in Trump’s second term, both donating to Trump’s inauguration fund. Cook attended Trump’s swearing-in ceremony on Capitol Hill.
Apple said the new jobs it plans to hire for will be primarily related to research and development, engineering and AI. It also said it plans to expand investment in an existing advanced manufacturing fund.
“We are bullish on the future of American innovation, and we’re proud to build on our long-standing U.S. investments with this $500 billion commitment to our country’s future,” Cook said in a statement. “And we’ll keep working with people and companies across this country to help write an extraordinary new chapter in the history of American innovation.”
Apple shares were little changed in early Monday trading.
This post appeared first on NBC NEWS
There’s been a lot of wild speculation surrounding gold’s bullish run. When you consider a gold investment, you’re likely to think of the more common factors that come into play: inflation, geopolitical uncertainty, and central bank demand.
But there’s more to the mix now, especially in light of the Trump administration’s latest initiatives and policies. These new developments are spurring speculations that are likely to change the context surrounding how investors view gold. Here are a few key things to think about:
- Around 12.5 million ounces of gold have been imported into the US since last November.
- President Trump announced a possible audit of Fort Knox gold reserves which hasn’t been done since the early 1970s (is it all still there?).
- The US government’s gold valuations remain at an outdated $42.22 an ounce.
The big rumor (keyword: rumor) is that gold is due for a revaluation. Will Trump use the revaluation to boost the value of the Treasury’s holdings, possibly paying down the national debt? Will his administration attempt a partial return to the gold standard? Will the gold be used to counter China’s reported attempt at launching a gold-backed currency to challenge the US dollar?
Whatever the case may be, a full revaluation is likely to drive bullish sentiment in gold, sending prices higher. If the government sells gold to weaken the dollar, you can expect some short-term price dips before a rebound. And if, by any chance, the Fort Knox audit reveals a shortfall, then that’s bad news for the economy and markets but good news for gold, which will likely send prices skyrocketing.
To get some near-term context, let’s see how gold has been performing over the last year relative to silver, commodities in general, and the S&P 500.
FIGURE 1. PERFCHARTS OF GOLD, SILVER, COMMODITIES MARKETS, AND THE S&P 500. Gold and silver outperformed both the broader stock and commodities markets over the past year. Chart source: StockCharts.com. For educational purposes.
It turns out that both gold and silver have been outperforming the broader equities and commodities markets.
Let’s take a long-term view of gold. Below is a weekly chart.
FIGURE 2. WEEKLY CHART OF GOLD FUTURES. There are no signs of topping yet, though its ascent has grown increasingly steep. Chart source: StockCharts.com. For educational purposes.
If volume precedes price, then accumulation, as shown by the Accumulation/Distribution Line (ADL) on the chart, has stayed well ahead of it for a little over three years. Momentum-wise, the Relative Strength Index (RSI) may be registering as “overbought” but the reliability of this indicator in the current environment is anyone’s guess.
Trump’s policy blitz is transforming the political and economic landscape, and it brings certain shocks that can make technical and fundamental analysis more fluid. For now, there are no clear signs of topping, which makes it difficult for anyone interested in finding an entry point. So, let’s zoom in on a daily chart.
FIGURE 3. DAILY CHART OF GOLD. There are still no signs of a top except for the declining buying pressure indicated by the Chaikin Money Flow indicator. Chart source: StockCharts.com. For educational purposes.
There are still no clear signs of near-term weakness, aside from a slight drop in buying pressure indicated by the Chaikin Money Flow (CMF). If gold pulls back, the $2,900 high will likely serve as the first support level. Additional support zones, marked by the magenta lines, align with key swing highs and lows based on the Zig Zag lines.
The final three levels define a broad trading range and coincide with the Volume by Price indicator, highlighting areas of concentrated trading activity where support is most likely to hold. If prices retreat, these levels will be crucial to watch for a potential rebound. So, right now, it’s a matter of waiting for a pullback.
Silver is another asset that has outperformed commodities and the broader market. Might the grey metal present a tradable opportunity? Below is a daily chart to consider.
FIGURE 4. DAILY CHART OF SILVER. The grey metal has room to run but watch your entry point. Chart source: StockCharts.com. For educational purposes.
The RSI indicates that silver has more upside to go before reaching an overbought level. Note the relative performance window that I plotted in a manner that replicates the well-known gold/silver ratio (lower panel) .
Historically, this ratio has averaged around 65:1 since the 1970s, meaning it typically takes 65 ounces of silver to equal the value of one ounce of gold. Note that every time the ratio reaches the 90-line silver tends to rally.
Silver is currently rallying, but is another entry point on the horizon? Possibly, but patience is key. This relative performance setup highlights the value of the gold/silver ratio in identifying potential silver entry points, whether for short-term trades or long-term positions.
At the Close
Monitor “spot” $GOLD and $SILVER by adding them to your ChartLists. However, you may be interested in entering trades using their ETF equivalents in GLD and SLV. The prices will differ from their spot price, but the chart patterns that define your entry will be highly correlated, given a few slight adjustments.
Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.