Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
New Craigmont mining lease extensions. Nicola Mining Inc. (OTCQB: HUSIF, TSX.V: NIM) secured a five-year extension for six mining leases at its New Craigmont Property from the Ministry of Mining and Critical Minerals. The New Craigmont property encompasses over 10,800 hectares and is adjacent to Teck Resources Limited’s (NYSE: TECK, TSX: TECK.A and TECK.B) Highland Valley Copper Mine, the largest copper mine in Canada. On June 1, Nicola commenced a 4,000-to-5,000-meter diamond drill program at the New Craigmont project. The mining lease extension ensures continuity through the project’s lifecycle.
Shipments of gold concentrate. Earlier this month, Nicola announced that it had commenced shipping gold concentrate via a partnership with Talisker Resources Ltd. (TSX: TSK, OTCQX: TSKFF). Under a Mining, Milling, and Smelting Agreement, the parties sold 707 ounces of gold in August, generating gross proceeds of approximately US$2.3 million. Production benefited from upgrades to the Merritt Mill, including the installation of a large concentrator that optimized free gold recovery.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the bottom of the report for important disclosures.
Precious Metals Summit. Noble Capital Markets was well represented at The Precious Metals Summit on September 9-12at the Beaver Creek Resort in Colorado. The conference attracted 1,700 registrants compared to approximately 1,200 in 2024 and included a broad spectrum of mining companies and institutional investors. Collectively, Noble had private meetings with over 70 company management teams during the invitation-only event.
Relative performance. Year-to-date through September 12,mining companies (as measured by the XME) appreciated 51.2% compared to a gain of 11.9% for the S&P 500 index. The VanEck Vectors Gold Miners (GDX) and Junior Gold Miners (GDXJ) ETFs were up 105.7% and 110.6%, respectively. Platinum, silver, and gold futures prices have gained 55.0%, 46.5%, and 39.6%, respectively, while copper, lead, and nickel increased 15.5%, 3.4% and 0.4%. Zinc declined 1.0%. Precious metals have led the charge as Central Banks around the world have added to global gold reserves, along with greater portfolio allocations among investors to precious metals as a hedge against rising inflation, a depreciating U.S. dollar, concerns about government debt, and increased geopolitical uncertainty. Moreover, there has been a desire among some nations to diversify away from the U.S. dollar as the benchmark reserve currency. Gold has become the global asset of choice to preserve value amid declining confidence in fiat currencies and an era of global monetary, geopolitical, and fiscal uncertainty.
Common themes. Producers were the first to experience the benefit of strengthening commodity prices, which have carried through to income and cash flow statements. We expect more consolidation within the junior exploration sector and increased merger and acquisition activity. A common refrain we heard from Canada and Australia-based company management teams is a desire to increase exposure and access to the U.S. capital markets, which are the largest, deepest, and most liquid in the world. Generalists are returning to the sector, and greater allocations to the metals and mining sector among U.S. investors could provide another boost to valuation levels.
Conclusion. We remain constructive on the metals and mining sector. In our view, the broad-based rally in precious metals remains durable. While base metals have underperformed precious metals, we favor mining companies with copper exposure due to secular demand themes, including electrification, which we think supports a constructive outlook.
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ANALYST CREDENTIALS, PROFESSIONAL DESIGNATIONS, AND EXPERIENCE
Senior Equity Analyst focusing on Basic Materials & Mining. 20 years of experience in equity research. BA in Business Administration from Westminster College. MBA with a Finance concentration from the University of Missouri. MA in International Affairs from Washington University in St. Louis. Named WSJ ‘Best on the Street’ Analyst and Forbes/StarMine’s “Best Brokerage Analyst.” FINRA licenses 7, 24, 63, 87
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Barrick Mining Corporation (NYSE:B)(TSX:ABX) has agreed to sell its Hemlo Gold Mine in Ontario, Canada, to Carcetti Capital Corp., which will be renamed Hemlo Mining Corp. (HMC) upon closing. The deal, valued at up to $1.09 billion, underscores Barrick’s ongoing strategy of streamlining its portfolio to focus on Tier One gold and copper assets.
The transaction includes $875 million in cash upon closing, $50 million in HMC shares, and up to $165 million in additional cash payments linked to production and gold prices over a five-year period beginning in 2027. This structured consideration provides Barrick with near-term liquidity while also allowing exposure to Hemlo’s future performance through contingent payments.
HMC, currently listed on the NEX Board of the TSX Venture Exchange, plans to graduate to the main TSXV board in connection with the acquisition. The company is backed by a consortium of well-known investors in the mining sector, including Wheaton Precious Metals and Orion Mine Finance. Its management team brings strong credentials, highlighted by industry veteran Robert Quartermain, who played a role in the original discovery of Hemlo and later built SSR Mining and Pretium Resources into respected gold producers.
For Barrick, the Hemlo divestiture reflects a disciplined capital allocation strategy. Proceeds will be used to strengthen the company’s balance sheet and return capital to shareholders, aligning with its broader plan to prioritize Tier One operations that deliver the largest scale, lowest cost, and longest life. With the sale of Hemlo, alongside earlier transactions involving Donlin and Alturas, Barrick expects to generate more than $2 billion from non-core asset sales in 2025 alone.
Despite the divestment, Canada remains a core part of Barrick’s global footprint. The company continues to advance exploration projects and early-stage opportunities across the country, underscoring its commitment to discovering and developing world-class gold and copper mines within the region.
The sale also positions Hemlo for a new phase of growth under HMC. With dedicated focus, a seasoned leadership team, and the backing of strategic investors, Hemlo may benefit from renewed investment and operational improvements that could unlock further value.
Subject to customary regulatory approvals and closing conditions, the transaction is expected to close in the fourth quarter of 2025. CIBC World Markets acted as Barrick’s financial advisor, while Davies Ward Phillips & Vineberg LLP and Blake, Cassels & Graydon LLP provided legal counsel.
Barrick remains one of the world’s leading gold producers, with a global portfolio spanning 18 countries and six of the industry’s Tier One mines. The Hemlo sale marks the end of a long chapter for Barrick in northern Ontario, while reinforcing its commitment to building shareholder value through operational excellence and portfolio discipline.
Gold is having a remarkable year, climbing 39% year-to-date and setting records as investors increasingly seek safety outside of traditional markets. While the surge has sparked comparisons to past market dislocations, this rally is shaped by a unique combination of monetary policy shifts, debt concerns, and political uncertainty.
At the center of the story is the Federal Reserve. After holding rates at restrictive levels for longer than many expected, the Fed has pivoted toward easing. Markets are now pricing in further rate cuts as inflation cools but economic momentum slows. Lower borrowing costs typically reduce the opportunity cost of holding non-yielding assets like gold, fueling demand. But interest rates alone don’t explain the intensity of this rally.
A bigger factor is the growing anxiety around government debt. The United States, along with Germany, France, and the UK, is facing ballooning debt-to-GDP ratios. Once considered the safest of all havens, government bonds are losing their luster. Investors are increasingly asking: if sovereign debt is no longer risk-free, where should capital be parked? For many, the answer is gold. Unlike paper assets, gold cannot be debased by policy or politics. That reallocation of assets—away from Treasuries and into bullion—is one of the key drivers of today’s market.
Politics has only added fuel. Former President Trump’s legal battle over tariffs, which is now under review by the Supreme Court, could have major consequences. If the Court rejects the tariffs, the U.S. may be forced to refund billions of dollars to trading partners. Such a ruling would undermine the tariff regime entirely, creating both a short-term hit to government finances and long-term uncertainty over trade policy. International companies benefiting from freer trade might welcome the decision, but for the U.S. it could add to fiscal pressures and accelerate debt growth. That prospect strengthens the case for gold as a hedge against political and fiscal instability.
Investors also see echoes of history. In October 1987, during the dot-com bust, and again in the 2008 financial crisis, gold proved resilient when other assets collapsed. Those moments are often described as “black swan” events—rare and unpredictable shocks that reshape markets. Today’s surge suggests investors are bracing for another unforeseen disruption. What’s different this time is that the flight to gold isn’t just a reaction to crisis—it’s happening preemptively, driven by structural concerns over debt, politics, and the durability of fiat money.
The result is an unprecedented rush. For the first time, gold is not just a defensive asset but a proactive store of value that investors are chasing in anticipation of turbulence ahead. With rates heading lower, fiscal balances worsening, and political battles creating new risks, gold has emerged as the one constant—an asset that transcends borders, politics, and policy.
Whether this marks the beginning of a new golden era or simply another speculative peak remains to be seen. But one thing is clear: gold’s role in global markets is being redefined, not as a hedge of last resort, but as a safe haven of first choice.
The Canadian gold sector is set for a significant shakeup as New Found Gold Corp. announced plans to acquire Maritime Resources Corp. in a deal valued at approximately $292 million. The combination, announced Friday, will establish an emerging multi-asset gold producer in Newfoundland, a Tier 1 jurisdiction that has been attracting rising investor attention in recent years.
Under the arrangement, Maritime shareholders will receive 0.75 of a New Found Gold common share for each Maritime share they hold. The agreement implies a 32% premium to Maritime’s 20-day volume weighted average price as of September 4 and a 56% premium to its closing price before the two companies entered a letter of intent in late July. Following the closing of the transaction, expected in the fourth quarter of 2025, New Found Gold shareholders will own roughly 69% of the combined company, while Maritime shareholders will hold about 31%.
The merger brings together two strategically located projects: New Found Gold’s Queensway project and Maritime’s Hammerdown project. Hammerdown, which has been advancing toward production, is scheduled to ramp up to full output in early 2026, with ore processing set to begin later this year at the Pine Cove mill. The project is expected to produce 50,000 ounces of gold annually at an all-in sustaining cost of $912 per ounce, according to a 2022 feasibility study. Cash flow from Hammerdown is anticipated to help fund Queensway, which recently delivered a positive preliminary economic assessment and is targeting first production in 2027.
For New Found Gold, the acquisition represents a pivotal step in transforming from an exploration-focused company into a producer. The deal secures access to processing facilities such as Pine Cove and the Nugget Pond Hydrometallurgical Plant, while providing a near-term source of cash flow to support Queensway’s development. The company estimates Queensway could generate more than 1.5 million ounces of gold over a 15-year mine life, with a two-phased development plan designed to balance upfront costs with long-term growth.
For Maritime shareholders, the deal offers both an immediate premium and long-term exposure to a larger platform with greater liquidity. Shares of New Found Gold are actively traded on both the TSX Venture Exchange and the NYSE American, averaging about $4 million in daily volume over the past six months. That visibility is expected to give Maritime investors improved market access while allowing them to participate in the upside potential from Queensway’s development and further exploration across a 110-kilometer strike zone.
The boards of both companies have unanimously approved the deal. Maritime directors and senior officers, along with major shareholders representing nearly half of the company’s outstanding shares, have already agreed to vote in favor of the transaction. A shareholder meeting is planned for late October, with court and regulatory approvals still required.
Advisors on the deal include BMO Capital Markets for New Found Gold and SCP Resource Finance and Canaccord Genuity for Maritime. Both sides have received fairness opinions supporting the financial terms of the agreement. If approved, Maritime shares will be delisted from the TSX Venture Exchange shortly after closing.
With Hammerdown moving toward near-term production and Queensway positioned as one of Canada’s most promising new gold projects, the merger highlights the increasing consolidation trend in the sector. Investors seeking exposure to Canadian gold production are likely to watch closely as New Found Gold positions itself as a new mid-tier player with both cash flow and exploration upside.
Gold soared to an all-time high on Friday after a weaker-than-expected U.S. jobs report intensified expectations that the Federal Reserve will cut interest rates later this month. The move marked the latest milestone in a multi-year rally that has been powered by economic uncertainty, rising geopolitical risks, and a steady flight to safe-haven assets.
Spot gold gained as much as 1.5% to break above $3,600 an ounce, eclipsing its previous record and capping a week of sharp gains. By early afternoon in New York, bullion was trading at $3,592.50 an ounce, up 1.3% on the day and on track for a 4.2% weekly advance, the strongest since late May. Silver also edged higher, while Treasury yields and the U.S. dollar slipped in response to the data.
The rally was triggered by a pivotal U.S. payrolls report showing that hiring slowed markedly in August, while the unemployment rate rose to its highest level since 2021. Economists said the numbers signaled clear signs of a cooling labor market, reinforcing the view that the Fed may need to act more aggressively to support growth. Lower interest rates typically enhance the appeal of gold, which does not yield interest or dividends but benefits from reduced opportunity costs in a lower-rate environment.
Investors have also been positioning for heightened volatility around the Fed’s independence. President Donald Trump has escalated his criticism of the central bank this year, vowing to secure a majority on the Fed’s board “very shortly” and pressing for sharp rate cuts. Markets are watching closely for a forthcoming ruling on whether Trump has grounds to remove Fed Governor Lisa Cook, a move that could allow him to appoint a more dovish policymaker and raise questions about the institution’s long-term credibility. Goldman Sachs analysts wrote in a recent note that gold could rally toward $5,000 an ounce if investors lose confidence in the Fed’s independence and begin shifting even a small portion of their holdings from Treasuries into bullion.
Over the past three years, gold and silver have more than doubled in value, with a steady stream of macroeconomic and geopolitical risks bolstering demand. Trade tensions, slowing global growth, and renewed concerns about the trajectory of U.S. monetary policy have all converged to create a powerful tailwind for precious metals. At the same time, strong buying from central banks and institutional investors has added structural support to the market, pushing gold firmly into record territory.
While some analysts warn that prices may be vulnerable to a correction if employment data stabilizes or inflation ticks higher, many expect gold’s appeal to remain strong. With borrowing costs likely heading lower and confidence in traditional policy tools wavering, bullion’s role as a store of value appears more attractive than ever. For now, gold’s latest record marks another reminder that in times of economic uncertainty, investors continue to seek the safety of precious metals.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
LIFE offering closed. Century Lithium closed the second and final tranche of its financing under the Listed Issuer Financing Exemption (LIFE). Together with the initial closing, the company issued a total of 15,785,833 units for aggregate gross proceeds of C$4,735,749.90. Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one common share at an exercise price of C$0.45 for a period of 60 months following the issuance of the units.
Use of net proceeds. Net proceeds from the financing will be used to complete an updated feasibility study for the company’s Angel Island Lithium Project, complete the project’s Plan of Operations, work towards National Environmental Policy Act (NEPA) compliance, and fund general working capital.
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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Second quarter financial results. Nicola Mining Inc. (OTCQB: HUSIF, TSX.V: NIM) reported net income of C$1,181,286, or C$0.01 per share, compared to a net loss of C$2,519,885, or C$(0.02) per share, during the second quarter of 2024. We had projected a net loss of C$1,077,068, or C$(0.01) per share. The variance to our estimate was mostly due to a revaluation gain on marketable securities. We increased our 2025 net income and EPS estimates to C$11,004,631 and C$0.06 per share, respectively, from C$7,582,855 and C$0.04. We updated our commodity price assumptions based on actual July and August pricing and CME futures settlements for the remainder of 2025 and 2026.
Merritt Mill is ramping up production. With 200 tonnes per day of capacity, Nicola’s Merritt Mill is transitioning to full commercial production and cash flow generation. Nicola expects to utilize 100% of the mill’s capacity by the end of the third quarter. In early July, the Merritt Mill began processing ore received from Talisker Resources’ (OTCQX: TSKFF, TSX: TSK) Bralorne project. In addition to processing ore for Talisker, ore is expected to be received during the third quarter from Blue Lagoon’s (OTCQB: BLAGF, CSE: BLLG) Dome Mountain gold mine, and from the Dominion Creek Gold Project, of which Nicola owns a 75% economic interest.
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Toronto, Ontario–(Newsfile Corp. – August 21, 2025) – Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q) (“Aurania” or the “Company”) announces that further to its news releases dated August 1, 2025 and August 5, 2025, the Company has closed an oversubscribed non-brokered private placement financing (the “Offering“). Total gross proceeds of C$1,906,355.76 were raised through the issuance of 15,886,298 units of the Company (the “Units“) at a price of C$0.12 per Unit.
Each Unit is composed of one common share of the Company (a “Common Share“) and one Common Share purchase warrant (a “Warrant“). Each Warrant entitles the holder to purchase one Common Share (a “Warrant Share“) at an exercise price of C$0.25 for a period of 24 months following the closing of the date of issuance.
In connection with the Offering, the Company paid aggregate finder’s fees consisting of (i) C$5118.40 in cash (the “Cash Consideration“) and (ii) 42,653 compensation warrants (the “Compensation Warrants”) to eligible finders. Each Compensation Warrant entitles the holder to acquire one additional Unit at a price of C$0.12 per Unit for a period of 24 months from the date of issuance. Each Unit issuable upon exercise of a Compensation Warrant is comprised of one Common Share and one Warrant. Each such Warrant entitles the holder to acquire one Warrant Share at a price of C$0.25 per Warrant Share for a period of 24 months from the date of issuance of the Compensation Warrant.
The Company intends to use the net proceeds from the Offering primarily for exploration programs, general working capital purposes, and a portion of the proceeds will be allocated for the first payment of 2025 mineral concession fees in Ecuador.
The closing of the Offering is subject to the receipt of all necessary regulatory approvals, including the final approval of the TSX Venture Exchange. All securities issued and issuable pursuant to the Offering are subject to a four-month plus one day hold period commencing on the date of issuance.
Related Party Transactions Dr. Keith Barron, CEO and a director of the Company, acquired 5,741,666 Units under the Offering (the “Acquisition“). The Acquisition constitutes a “related party transaction” as defined under the policies of the TSXV and Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“). The Company is relying on exemptions from the minority shareholder approval and formal valuation requirements applicable to the related party transactions under sections 5.5(a) and 5.7(1)(a), respectively, of MI 61-101, as the fair market value of the Acquisition does not exceed 25 percent of the Company’s market capitalization.
The securities described herein have not been, and will not be, registered under the United States Securities Act, or any state securities laws, and accordingly may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.
About Aurania Aurania is a mineral exploration company engaged in the identification, evaluation, acquisition, and exploration of mineral property interests, with a focus on precious metals and copper in South America. Its flagship asset, The Lost Cities – Cutucu Project, is located in the Jurassic Metallogenic Belt in the eastern foothills of the Andes mountain range of southeastern Ecuador.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Accelerated warrant exercise. Nicola Mining Inc. (TSX.V: NIM, OTCQB: HUSIF, FSE: HLIA) reported the accelerated exercise of 2,019,477 share purchase warrants at C$0.40 each, generating C$807,791 in gross proceeds. On July 21, Nicola Mining announced that it was electing to accelerate the expiry of all the outstanding common share purchase warrants originally issued under a financing that closed in March 2025.
Merritt Mill is ramping up production. With 200 tonnes per day of capacity, Nicola’s Merritt Mill is transitioning to full commercial production and cash flow generation. Nicola expects to utilize 100% of the mill’s capacity by the end of the third quarter. In early July, the Merritt Mill began processing ore received from Talisker Resources’ Bralorne project. In addition to processing ore for Talisker, ore is expected to be received during the third quarter from Blue Lagoon’s Dome Mountain gold mine, and from the Dominion Creek Gold Project, of which Nicola owns a 75% economic interest. Cash milling margins of 15% to 18% are expected at full capacity.
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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Oversubscribed private placement. Aurania raised gross proceeds of C$1,906,355.76 with the issuance of 15,886,298 units at C$0.12 per unit. Each unit is composed of one common share and one common share purchase warrant that entitles the holder to purchase one common share at an exercise price of C$0.25 for 24 months following the date of issuance. Dr. Keith Barron, CEO and director, acquired 5,741,666 units during the offering.
Use of proceeds. Aurania intends to use the net proceeds primarily for exploration programs and general working capital purposes. In our view, the oversubscribed private placement significantly enhances the company’s financial flexibility.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
The Trump administration is weighing whether to divert at least $2 billion from the CHIPS and Science Act toward U.S. critical minerals projects, according to people familiar with the deliberations. The move would mark a significant redirection of funds originally earmarked for semiconductor research and factory construction, underscoring the White House’s push to reduce reliance on China for strategic resources.
The CHIPS Act, signed into law in 2022 under President Joe Biden, was designed to strengthen domestic semiconductor manufacturing and research through more than $50 billion in incentives. Since taking office in January, President Trump has repeatedly criticized the law as an overly generous “corporate giveaway” and has sought to reshape its provisions. Redirecting funds toward mining and mineral processing would be one of his most consequential adjustments yet.
Supporters of the potential shift argue that the proposal is consistent with the CHIPS Act’s core mission: ensuring secure and stable supply chains for chipmaking. Semiconductor fabrication requires a steady flow of critical materials such as gallium, germanium, and rare earth elements, areas where China dominates global production and processing.
“The administration is creatively trying to find ways to fund the critical minerals sector,” one source said, noting that any changes remain under discussion.
Commerce Secretary Howard Lutnick, a former Wall Street executive tapped by Trump earlier this year, would gain expanded authority over funding decisions. His office already manages CHIPS Act disbursements but would now oversee a broader portfolio of projects spanning mining, processing, and recycling. The move follows internal tensions after the Pentagon’s recent investment in rare earths producer MP Materials raised questions about Washington’s broader minerals strategy.
For U.S. mining and processing firms, the potential reallocation could provide a much-needed financial lifeline. Companies such as Albemarle, the world’s largest lithium producer, have warned that stalled U.S. refinery projects will be difficult to revive without direct government support. Similar challenges face smaller recycling and processing ventures, many of which struggle to compete with China’s state-backed operations.
It remains unclear whether the administration would deploy the $2 billion as grants, loans, or equity stakes. Lutnick has reportedly pushed to “get the money out the door” quickly, signaling urgency in expanding domestic mineral capacity. Additional funding reallocations may follow if the strategy is adopted.
The Biden administration previously considered using CHIPS Act dollars for critical minerals but dismissed the idea as uneconomical and environmentally complex. Critics of Trump’s approach may raise similar concerns, pointing to the permitting hurdles and potential environmental impacts of new mining operations. Others warn that shifting money away from semiconductor projects could weaken efforts to bring advanced chip manufacturing back to U.S. soil.
Still, Trump has moved aggressively to boost resource production. He has signed executive orders promoting deep-sea mining and met with major industry leaders, including Rio Tinto and BHP executives, to highlight his commitment. The administration’s broader strategy is also being coordinated with the Department of Energy, which last week proposed $1 billion in critical minerals spending tied to infrastructure legislation.
By elevating Lutnick’s role, the White House seeks to consolidate decision-making and avoid the fragmented approach seen earlier this summer. Administration officials say this shift will create clearer guidelines for government support across the minerals sector, though questions remain about how conflicts of interest will be managed.
The deliberations highlight the administration’s view that secure mineral supply chains are as vital as semiconductor fabs themselves. Whether Congress and industry stakeholders embrace the reallocation will determine how far the plan advances — and how quickly Washington can build resilience in two sectors that underpin the nation’s technological and economic future.
InPlay Oil is a junior oil and gas exploration and production company with operations in Alberta focused on light oil production. The company operates long-lived, low-decline properties with drilling development and enhanced oil recovery potential as well as undeveloped lands with exploration possibilities. The common shares of InPlay trade on the Toronto Stock Exchange under the symbol IPO and the OTCQX Exchange under the symbol IPOOF.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Second quarter financial results. InPlay Oil reported Q2 2025 revenue of C$91.6 million, above our estimate of C$87.9 million, driven by stronger-than-expected production of 20,401 boe/d compared to our forecast of 19,000 boe/d. The company recorded a net loss of C$3.2 million, versus net income of C$5.4 million in the prior-year period. On an adjusted basis, which excludes C$10.1 million in transaction and integration costs and reflects C$4.9 million in hedging gains, net income was C$2.0 million. Adjusted funds flow totaled C$40.1 million, or C$1.49 per share, ahead of our forecast of C$38.6 million, or C$1.38 per share.
2025 Guidance. Despite strong second-quarter production and AFF growth, management maintained full-year 2025 guidance across all metrics, noting that output is now expected to reach the upper end of the range. With oil prices still subdued, the company remains focused on maximizing free cash flow, materially reducing debt, and returning capital to shareholders, while benefiting from robust post-acquisition production levels.
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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
