Jindalee Lithium (JLL:AU) has announced Despatch of SPP Offer Documents
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Here’s a quick recap of the crypto landscape for Wednesday (October 22) as of 9:00 p.m. UTC.
Get the latest insights on Bitcoin, Ether and altcoins, along with a round-up of key cryptocurrency market news.
Bitcoin and Ether price update
Bitcoin (BTC) was priced at US$107,811, a 3.5 percent decrease in 24 hours. Its lowest valuation of the day was US$107,657, and its highest was US$108,936.
Bitcoin price performance, October 22, 2025.
Chart via TradingView.
Bitwise Chief Investment Officer Matt Hougan believes gold’s explosive price performance this year could offer a glimpse of what lies ahead for Bitcoin, arguing that the world’s top cryptocurrency may be preparing for a similar structural breakout once its remaining pool of sellers runs dry.
Gold has surged roughly 57 percent in 2025, powered largely by sustained central bank accumulation. Bitcoin, meanwhile, has traded in a relatively narrow range between US$108,000 and US$112,000. According to Hougan, the comparison between the two assets provides a potential roadmap for their trajectory going into next year.
“Don’t look at gold’s meteoric rise with envy. Look at it with anticipation. It could end up showing us where bitcoin is headed,” Hougan wrote in a client note this week.
In addition, steady accumulation by exchange-traded funds (ETFs) and corporate treasuries has provided a similar source of structural demand. Since the launch of spot Bitcoin ETFs in January 2024, institutions and corporations have purchased roughly 1.39 million BTC, far outpacing new supply generated by the network.
Market data this week supports the idea of renewed accumulation. Following a US$19 billion liquidation event earlier this month, spot Bitcoin ETFs have recorded US$477 million in positive net inflows.
Predictions about a breakdown below US$100,000 have not materialized, though ongoing long liquidations over the past four hours reveal how vulnerable bullish traders remain near current support.
Ether (ETH) was priced at US$3,796.34, a 4.9 percent decrease in 24 hours. Its lowest valuation of the day was US$3,795.42, and its highest was US$3,873.52.
Altcoin price update
- Solana (SOL) was priced at US$179.68, at its lowest valuation of the day, down by 7.5 percent over the last 24 hours. Its highest valuation of the day was US$185.98.
- XRP was trading for US$2.37, a decrease of 5.2 percent over the last 24 hours and its lowest valuation of the day. Its highest was US$2.41.
Fear and Greed Index snapshot
CMC’s Crypto Fear & Greed Index remains locked in a state of anxiety, sitting in “fear” territory (29) for seven consecutive days and marking its longest streak since April. Its stagnation reflects a growing sense of caution among investors, as Bitcoin continues to trade within a narrow band between US$103,000 and US$115,000 for nearly two weeks.
Over the past 30 days, the index has been in greed territory for just seven days — the same period when Bitcoin reached its all-time high of US$126,000 in early October. Since then, investor sentiment has reversed sharply.
CMC Crypto Fear and Greed Index, Bitcoin price and Bitcoin volume.
Chart via CoinMarketCap.
The current fear phase began on October 11, a day after the largest liquidation event in crypto history erased more than US$20 billion in leveraged positions. Historically, similar periods of heightened fear have marked turning points for Bitcoin. The last extended stretch of fear occurred in March and April during the Trump administration’s tariff standoff with China, when Bitcoin bottomed near US$76,000. Market analysts say the prevailing mood underscores uncertainty following the US Federal Reserve’s recent policy pivot and renewed US-China trade negotiations.
Crypto derivatives and market indicators
Bitcoin derivatives metrics suggest traders are taking a wait-and-see approach.
Liquidations for contracts tracking Bitcoin have totaled approximately US$6.12 million in the last four hours, with the majority being long positions, signaling continued risk aversion. Ether liquidations showed a similar pattern, with long positions making up the majority of US$9.35 million in liquidations.
Futures open interest for Bitcoin was down by 1.09 percent to US$68.51 billion over four hours, with further decreases in the final hour of trading. Ether futures open interest moved by -1.15 percent to US$43.7 billion.
The funding rate remains positive for both crytocurrencies, with Bitcoin at 0.008 and Ether at 0.002, indicating more overall bullish positioning than bearish.
Bitcoin’s relative strength index stood at 44.98, meaning its price momentum is in a neutral to slightly bearish zone.
Today’s crypto news to know
Senate Democrats tell Trump envoy to explain undivested crypto stakes
Senate Democrats have called on Steve Witkoff, US President Donald Trump’s special envoy to the Middle East, to explain why he has not divested from his crypto holdings despite federal ethics requirements.
In a letter led by Senator Adam Schiff, eight lawmakers pressed Witkoff for details on his interests in World Liberty Financial, the Trump-linked crypto firm he co-founded in 2024, and several affiliated entities.
Witkoff’s latest ethics disclosure, dated August 13, shows he still owns stakes in multiple crypto-related businesses, including WC Digital Fi and SC Financial Technologies. Lawmakers allege these investments pose potential conflicts of interest given his diplomatic role and the company’s business ties to the United Arab Emirates.
The scrutiny follows a New York Times report linking Witkoff’s crypto dealings to a US$2 billion Emirati investment in Binance funded through World Liberty Financial’s stablecoin, USD1.
Neither the White House nor World Liberty Financial has commented on the matter.
FalconX announces plans to acquire 21Shares
FalconX announced plans to acquire 21Shares, one of Europe’s leading crypto exchange-traded product issuers.
The deal, confirmed Wednesday, will integrate FalconX’s prime brokerage operations, which serves over 2,000 institutional clients, with 21Shares’ portfolio of 55 listed products across Bitcoin, Ether and other digital assets.
21Shares currently oversees more than US$11 billion in assets and will continue operating independently under CEO Russell Barlow following the deal. While the financial terms remain undisclosed, the transaction marks FalconX’s third major acquisition this year after Arbelos Markets and Monarq Asset Management.
Hong Kong approves first spot Solana ETF
Hong Kong regulators have approved the region’s first spot Solana ETF.
The Securities and Futures Commission granted authorization to China Asset Management Company to launch the Hua Xia Solana ETF on the Hong Kong Stock Exchange on October 27. The product will trade through OSL Exchange, with OSL Digital Securities as sub-custodian and BOCI-Prudential Trustee serving as the primary custodian.
Each unit will consist of 100 shares, with a minimum investment of about US$100.
The fund’s debut makes Solana the third cryptocurrency — after Bitcoin and Ethereum — to receive regulatory approval for a spot ETF in Hong Kong.
Fed governor proposes skinny master accounts for crypto access to Fed payments
Fed Governor Christopher Waller signaled a major policy shift during his opening remarks at the Payments Industry Conference on Tuesday (October 21), welcoming DeFi and crypto innovators into mainstream payments dialogue and proposing a new framework for direct access to Fed payment infrastructure for eligible firms.
In his speech, Waller recognized traditional banks and crypto-native fintechs as core stakeholders and stressed the Fed’s intent to be active in technology-driven payment revolutions like distributed ledger technology, tokenized assets and artificial intelligence (AI). The proposed payment accounts, referred to as skinny master accounts, would offer eligible nonbank entities direct access to the Fed’s payments rails, bypassing third-party banks, but without interest, overdraft protection or discount window access, and potentially with balance caps.
Waller said this tailored access aims to match the needs and risks of payment firms and digital asset companies with a simpler review. He also noted that the Fed is conducting hands-on research into tokenization, smart contracts and AI/payments intersection and will seek industry input on the new account framework.
Andreessen Horowitz highlights maturing crypto industry
Andreessen Horowitz’s most recent State of Crypto 2025 report highlights a new era in the cryptocurrency industry that the firm says is defined by real utility and maturing institutional adoption.
The authors point out stablecoins’ explosion as a dominant macroeconomic force, citing nearly US$46 trillion in processed transactions over the past year, a figure that rivals traditional payment systems.
The report also emphasizes infrastructure upgrades across blockchains like Ether and Solana, which have increased transaction speeds while lowering costs, as well as improved regulatory clarity in the US through supportive legislative actions, which have been major catalysts helping revive builder confidence and establish frameworks for digital asset oversight that balance innovation with investor protection.
World app expands into prediction markets
World, the digital identity project formerly known as Worldcoin, is expanding into prediction markets by integrating Polymarket. The company, which is led by OpenAI CEO Sam Altman, announced on Tuesday that its World app, a mobile app combining a digital wallet with a decentralized identity tool, has integrated the Polymarket app.
The launch of the Polymarket mini app on World enables World app users to place Polymarket bets directly from the World app wallet using Circle’s USDC or World’s token, Worldcoin.
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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Investor Insight
Apollo Silver is advancing two high-impact silver projects in premier North American jurisdictions—California and Chihuahua—offering investors a unique combination of scale, optionality, and leverage to silver and critical mineral demand.
Overview
Apollo Silver (TSXV:APGO,OTCQB:APGOF,FSE: 6ZF0) is a silver-focused company advancing a dual-asset strategy centered on two high-impact projects in North America: the Calico silver project in California, USA and the Cinco de Mayo project in Chihuahua, Mexico. Both are located in mining-friendly jurisdictions with strong infrastructure and significant historical work.
At Calico, Apollo Silver is advancing the Waterloo deposit toward development through geological modeling, barite resource definition, and engineering studies. Calico boasts 125 Moz of silver (measured and indicated) and 58 Moz of silver (inferred), and recent test work has produced a 94.6 percent barite concentrate, supporting the asset’s potential as a US critical minerals supplier.
In Mexico, Cinco de Mayo offers rare optionality with a historical inferred resource of 154 Moz silver equivalent (385 g/t), and a potentially game-changing discovery at the Pegaso Zone. The project is under an option agreement between Apollo Silver and Pan American (previously MAG Silver), wherein Apollo Silver will complete a 20,000-meter drill program to convert the option to an acquisition of the Cinco de Mayo. Apollo Silver’s strategy is underpinned by disciplined capital allocation, high-impact exploration, and a proven ability to acquire and unlock value from high-quality assets—following a model similar to Prime Mining. With no debt, strong institutional backing, and an experienced team, Apollo Silver is well-positioned to deliver scalable, discovery-driven growth in a rising silver and critical minerals market.
Company Highlights
- Tier-1 US Silver Asset – Calico Project: Hosts 125 Moz silver (Measured and Indicated) and 58 Moz silver (inferred), making it the largest undeveloped primary silver deposit in the US.
- Barite & Zinc Critical Minerals Exposure: Calico includes an Indicated resource estimate of 2.7 Mt of barite and 354M lbs of zinc and an Inferred resource estimate of 0.65Mt of barite and 258M lbs of zinc.
- High-grade Discovery Potential – Cinco de Mayo: An option to acquire a district-scale carbonate replacement deposit with a historical inferred resource of 154 Moz silver equivalent at 385 g/t, offering further upside from the Pegaso Zone discovery target.
- Strategic Shareholder Registry: Backed by Jupiter Asset Management, Eric Sprott, Terra Capital, Commodity Capital and Ninepoint.
- Experienced Leadership Team: Proven M&A, discovery and capital markets expertise with over $5 billion in past transactions and most applicable to Apollo Silver, the success at Prime Mining.
Key Projects
Calico Project
The Calico silver project comprises three adjacent properties—Waterloo, Langtry and Mule—located in mining-friendly San Bernardino County, 15 km from Barstow, California. Resources at Calico sit primarily on private land with vested mining rights, simplifying the path to permitting. Infrastructure is excellent: paved roads, power lines within 5 km, and proximity to the expanding Barstow rail terminal.
Using a 47 g/t silver equivalent cut-off grade, the Waterloo Deposit includes 125 M oz of silver in in 55Mt at an average grade of 71 g/t silver in the Measured and Indicated categories, and 0.51 Moz silver in 0.6 Mt at an average of 26 g/t silver in the Inferred category. The Langtry Deposit now contains 57 Moz silver in 24 Mt at an average grade of 73 g/t in the Inferred category, using a 43 g/t silver cut-off grade. The deposits are approximately 2 km apart, shallow, laterally extensive, and exhibit excellent geologic continuity. The mining concept would be a potential open-pit operation, with a minimal environmental footprint and where Waterloo would have a low strip ratio of 0.8:1.
Apollo Silver recently added critical mineral resources for both barite & zinc at the Calico project. Barite has shown recoveries above 94.6 percent in earlier test work. Waterloo includes an Indicated resource estimate of 2.7 Mt of barite and 354M lbs of zinc at an average grade of 7.4 percent barite and 0.45 percent zinc at a cut-off grade of 47 g/t silver equivalent. It also contains Inferred resource estimate of 0.65Mt of barite and 258M lbs of zinc, at an average grade of 3.9 percent barite and 0.71 percent zinc at a cut-off grade of 47 g/t silver equivalent.
The company has recently acquired 2,215 hectares of highly prospective claims contiguous to its Waterloo property at the Calico silver project referred to as the Mule claims comprising 418 lode mining claims. The Mule claims expand the Calico Project land package by over 285 percent, from 1,194 ha to 3,409 ha of contiguous claims.
Having recently announced its mineral resource estimate, ongoing 2025-26 programs are contemplated to include exploration for additional gold mineralization, with a subsequent targeted drill program contingent on positive early results, and metallurgical and geotechnical work program on Waterloo.
Cinco de Mayo Project
Cinco de Mayo is a district-scale carbonate replacement deposit (CRD) system located in Chihuahua, Mexico along the same NW-SE structural trend that hosts some of the country’s largest silver and base metal deposits. The project was historically MAG Silver’s flagship asset, hosting a 2012 historical mineral resource estimate prepared by RPA. At an NSR cut-off of US$100/t, the Inferred resources were estimated to total 12.45 Mt at 132 g/t silver, 0.24 g/t gold, 2.86 percent lead, and 6.47 percent zinc. The total contained metals in the resource were 52.7 Moz of silver, 785 Mlbs of lead, 1,777 Mlbs of zinc, and 96,000 ounces of gold. Notably, a significant mineralized intercept—including 61 meters of massive sulphides—was drilled by MAG Silver in the Pegaso Zone beneath the known resource but never followed up due to social access issues.
The site also includes the Pozo Seco deposit, which hosts an additional historical resource consisting of 29.1 Mt grading 0.147 percent molybdenum and 0.25 g/t gold, containing 94.0 Mlbs of molybdenum and 230,000 oz of gold, in the Indicated resource category. An Inferred Mineral Resources were estimated at 23.4 Mt grading 0.103 percent molybdenum and 0.17 g/t gold, containing 53.2 Mlbs of molybdenum and 129,000 oz of gold. Cut-off grade used in the 2010 technical report was 0.022 percent molybdenum.
Apollo Silver has secured an option to acquire the Cinco de Mayo property from Pan American (previously Mag Silver) and is re-engaging with the local community to secure surface access. A new, development-friendly ejido administration, elected in December 2024, has created an opportunity to negotiate a mutually beneficial agreement for access rights. Once secured, Apollo plans to launch a 20,000-meter drill campaign, with priority targets at Pegaso and expansion zones at Jose Manto.
Under the option agreement with Pan American, Apollo must secure surface access, complete the 20,000 meters of drilling, and issue 19.99 percent of its common shares to finalize the acquisition. The company is also evaluating metallurgical studies and engineering reviews to support a future resource update.
Management Team
Andrew Bowering – Chairman of the Board
A venture capitalist with over 30 years of operational experience, Andrew Bowering has raised over $500 million in value and capital for companies within the natural resources industry. He is the founder of Millennial Lithium and American Lithium, and he is a director and executive advisor to Prime Mining.
Ross McElroy – President and CEO
Ross McElroy is a professional geologist with over 38 years of experience in the mining industry, spanning operational and corporate roles with major, mid-tier, and junior companies worldwide. He played a pivotal role in the discoveries of several world-class uranium and gold deposits, many of which have advanced through development into mining operations. Most recently he was the CEO of Fission Uranium Corp, where he oversaw the sale of Fission for more than $1.14B to Paladin Energy.
Chris Cairns – Chief Financial Officer
Chris Cairns is a CPA, CA and brings more than 13 years of experience working in the finance and mining industries. He obtained his designation while at PwC, working with numerous Canadian and US-listed mining and exploration companies operating in North America, South America and Mongolia, before leaving to serve in roles as controller and CFO of two publicly listed mining exploration companies listed in Canada and the United States.
Rona Sellers – VP Commercial and Compliance and Corporate Secretary
Rona Sellers is an experienced governance professional with more than 13 years of experience in corporate and securities law. Previously, she was VP compliance and corporate secretary at Maple Gold Mines, and previous to that she held corporate secretarial roles at publicly traded companies listed in Canada and the United States.
Isabelle Lépine – Director, Mineral Resources
With over 25 years experience leading resource focused technical programs and teams, Isabelle Lépine brings extensive knowledge in mineral resource management to Apollo. Her significant experience ranges across the advanced stages of the resource development cycle through to mining. Most recently, she was director of mineral resources at Stornoway Diamonds.
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IAMGOLD (TSX:IMG,NYSE:IAG) is tightening its grip on one of Québec’s most promising gold districts with back-to-back acquisitions aimed at consolidating control over a vast stretch of the Chibougamau region.
In the span of two days, the mid-tier gold producer announced definitive agreements to acquire Northern Superior Resources (TSXV:SUP,OTCQB:NSUPF) and Mines d’Or Orbec (TSXV:BLUE).
Collectively the deals will expand its landholding to more than 100,000 hectares.
The larger of the two transactions will see IAMGOLD acquire all issued and outstanding shares of Northern Superior Resources in a cash-and-stock deal valued at approximately C$267.4 million.
The acquisition will fold Northern Superior’s Philibert, Chevrier and Croteau projects into IAMGOLD’s existing Nelligan and Monster Lake holdings, creating what the company has branded the Nelligan Mining Complex.
Together, these properties host estimated measured and indicated mineral resources of 3.75 million ounces of gold and inferred resources of 8.65 million ounces, positioning the district as Canada’s fourth largest pre-production gold camp.
“The addition of Northern Superior’s assets to IAMGOLD’s Nelligan Mining Complex in the Chibougamau region of Québec is extremely exciting for IAMGOLD, the region and our mutual shareholders,” said Renaud Adams, IAMGOLD’s president and CEO. “This acquisition aligns with our strategy to become a leading Canadian-focused mid-tier gold producer, bolstering our organic pipeline in Québec where we have maintained a longstanding presence.”
A day earlier, IAMGOLD struck a deal to acquire Mines d’Or Orbec, a junior explorer advancing the Muus project southwest of Chibougamau. IAMGOLD already holds a 6.7 percent equity interest in Orbec and expects to issue roughly 369,000 new shares to complete the purchase. The transaction will bring Muus under IAMGOLD’s control.
Located at the intersection of the Fancamp and Guercheville deformation zones, which are two major mineralized corridors that also host IAMGOLD’s Monster Lake and Nelligan deposits, the 24,979 hectare Muus project has been viewed as a geological link between the company’s existing holdings.
“Over the past several years, we have advanced the Muus project into one of Québec’s most promising gold exploration plays,” Orbec CEO John Tait said.
With the addition of both Northern Superior and Orbec, IAMGOLD is set to more than double its regional footprint.
The company has signaled its intent to pursue a “hub-and-spoke” development strategy in the region, envisioning a central processing facility fed by multiple ore sources within a 17 kilometre radius.
Pending regulatory and shareholder approvals, both acquisitions are expected to close in late 2025 or early 2026.
The price of gold has surged to unprecedented levels this month, reaching an all-time high of around US$4,370 per ounce amid heightened safe-haven demand and expectations of US interest-rate cuts.
However, on Tuesday (October 21), a correction began to set in as the yellow metal pulled back sharply. It fell as much as 5.5 percent to about US$4,115 as profit taking kicked in and the US dollar strengthened.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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Astron (ASX:ATR) said on Monday (October 20) that Australia has granted major project status to the Donald rare earths and mineral sands project, its joint venture with Energy Fuels (TSX:EFR,NYSEAMERICAN:UUUU).
Donald is located approximately 300 kilometers northwest of Melbourne in Minyip, Victoria, Australia, and is regarded as “one of the world’s most significant rare earths resources outside China.”
It currently holds a total mineral resource of 1.81 billion tonnes grading 4.6 percent.
“This (designation) will streamline our engagement with federal agencies and accelerate our pathway to development,” commented Astron Managing Director Tiger Brown in a press release. “The Donald project will create significant employment opportunities and deliver long-term economic benefits to the Wimmera region of Victoria as well as strengthen Australia’s sovereign capability in critical minerals and advanced technology supply chains.”
Donald has a planned mine life of 58 years, with expected annual output of 9,000 tonnes of rare earths in Phase 1.
In a separate announcement, Energy Fuels said Export Finance Australia (EFA) has expressed support for the project and will provide AU$80 million via senior debt financing. The total amount needed to develop Donald is AU$520 million.
Energy Fuels CEO Mark Chalmers said that the support is a “key additional step” in the project’s financing pathway and a “strong vote of confidence” in the project’s capacity and potential.
“(It) reflects our on-going progress toward delivering one of Australia’s most important rare earth projects, including valuable NdPr, and exceptional concentrations of Dy, Tb and other ‘heavy’ rare earth oxides, which upon project development will be processed and separated into high-purity products at our White Mesa Mill in Utah,” he added.
According to a work plan for Donald published in June, the progression towards a final investment decision for the project is expected within 2025. Commencement of production at Donald is scheduled for 2027.
Rare earths have been heavily spotlighted this month after China dramatically expanded its control over rare earth exports, a sector crucial to global tech and defense industries.
The October 10 announcement from the Ministry of Commerce adds five new elements — holmium, erbium, thulium, europium and ytterbium — along with key refining technologies to its export control list.
The new rules carry a global reach: any foreign company producing rare earth materials or magnets using Chinese-origin equipment or technology must now obtain an export license from Beijing.
Crucially, applications for defense-related or advanced semiconductor projects, including cutting-edge AI with military potential, will face intense scrutiny and are likely to be denied.
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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Chris Vermeulen, chief market strategist at TheTechnicalTraders.com, weighs in on gold’s record-setting price run and what could be next for the metal.
Vermeulen also discusses the outlook for silver, platinum and palladium.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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Investor Insight
Spartan Metals offers a compelling investment opportunity in the US critical minerals sector through its high-grade, 100-percent-owned Eagle tungsten-silver-rubidium project in Nevada. With strong grades, multi-metal exposure, and alignment with US defense and supply chain initiatives, Spartan provides investors with exceptional leverage to the growing demand for domestically sourced strategic critical minerals.
Overview
Spartan Metals (TSXV:W) is a US-focused critical minerals explorer advancing its high-grade tungsten and rubidium asset in Nevada. Through its flagship Eagle project, the company is unlocking American critical mineral resources essential to defense, technology and energy independence. Spartan’s projects are strategically positioned to contribute directly to the United States’ onshoring objectives under the Defense Production Act and related supply-chain initiatives.
Eagle project site in Nevada
The Eagle tungsten-silver-rubidium project in eastern Nevada anchors a district-scale opportunity covering 4,936 acres across three historic mine areas – Tungstonia, Rees and Antelope. With historic production of 8,379 units of tungsten trioxide (WO₃) at grades between 0.6 to 0.9 percent, the project hosts one of the highest-grade past-producing tungsten systems in the United States, enriched by rubidium and other US defense-critical metals such as antimony, bismuth, indium and arsenic. Spartan is now executing an exploration program to validate and expand this potential through modern geochemistry, geophysics and tailings drilling.
Led by a team with deep Nevada exploration experience and direct US Department of Defense (DOD) engagement, Spartan is pursuing a partnership-driven approach to project advancement. It combines early-stage exploration and reprocessing opportunities and joint ventures to accelerate development. With a strong insider ownership base (42 percent) and exposure to multiple critical metals, Spartan Metals is an emerging US leader in strategic mineral discovery and domestic supply security.
Company Highlights
- Flagship Eagle Project: One of the highest-grade, past-producing tungsten mines in the US.
- Multi-metal Exposure: Targets tungsten, rubidium, antimony, bismuth, and silver – all listed as US critical minerals.
- Tier-1 Mining Jurisdiction: Located in eastern Nevada, a world-class mining state with established infrastructure and regulatory clarity.
- Strong Management and Technical Team: Led by a CEO and VP of exploration with proven discovery track
- Alignment with US Critical Minerals Strategy: Positioned to benefit from Department of Defense and US government initiatives supporting domestic critical mineral supply chains.
- Attractive Capital Structure: Tight share strucuture with management and board holding ~42 percent of shares outstanding, ensuring strong alignment with investors.
Key Asset: Eagle Project
Spartan’s 100-percent-owned Eagle project in White Pine County, Nevada, is a nationally significant critical mineral asset which includes the past-producing Tungstonia, Rees and Antelope mines. The Eagle project historically produced over 8,000 units of WO₃ between 1915 and 1956, and now presents a rare opportunity to redefine one of the highest-grade tungsten and rubidium systems in the United States.
With multiple mineralized zones, district-scale potential and strong alignment with US strategic metal initiatives, the Eagle project is the cornerstone of Spartan’s growth strategy.
Project Highlights
- District-scale Footprint with High-grade Legacy Production: 4,936 acres (20 sq km) across 244 BLM claims in eastern Nevada; Past-producing Tungstonia and Rees mines averaged 0.6 to 0.9 percent WO₃, with channel samples up to 5.32 percent WO₃
- Rubidium Discovery: Rock chip assays up to 2,264 parts per million (ppm) rubidium, positioning Eagle as a potentially significant US rubidium source
- Polymetallic Opportunity: System hosting tungsten-rubidium-silver with antimony, bismuth and arsenic, all metals critical for US defense sector
- Three Deposit Types: Features porphyry, skarn and carbonate replacement deposit (CRD) styles, a rare combination that indicates a large, long-lived hydrothermal system capable of hosting multiple mineralization centers, supporting district-scale exploration potential
- Active 2025 Exploration Program: Fieldwork commenced in October 2025, executing Phase 1 of its NI 43-101-recommended program and part of Phase 2. Activities include drilling of historic Tungstonia tailings, detailed soil and rock sampling, geologic mapping and CSAMT/MT geophysics to define high-priority tungsten-rubidium drill targets and support future resource modeling.
- Tailings Reprocessing Opportunity: ~9,000 tonnes of tailings averaging 0.14 percent WO₃ and 460 ppm rubidium offer near-term reclamation value-add
- Tier-1 Mining Jurisdiction: Excellent access to infrastructure near Ely, Nevada
- Strategic Positioning: Fully aligned with US DOD and Department of Energy initiatives to secure domestic tungsten and rubidium supply chains
Management Team
Brett R. Marsh – President, CEO and Director
Brett Marsh is a professional geologist with more than 25 years of experience in mineral exploration and project development across North America and internationally. Marsh previously led major exploration initiatives for both junior and mid-tier mining companies and has extensive experience in tungsten and critical mineral systems. He oversees Spartan’s technical and strategic direction and is the company’s “qualified person under NI 43-101..
Rebecca Ball – Vice-president, Exploration
Rebecca Ball brings over a decade of exploration and operational experience across base, precious and critical minerals. She specializes in greenfield targeting and geological modeling, most recently leading the McDermitt Lithium stratigraphy initiative that expanded its resource significantly. Her expertise is instrumental in defining the next phase of resource development at the Eagle project.
Michael Harp – Director
Currently VP Exploration at Ridgeline Minerals, Michael Harp has over 15 years of exploration experience in Nevada, including the discovery of over 5 million ounces of gold in the Carlin Trend’s Railroad-Pinion district. His extensive field and project management experience supports Spartan’s Nevada-focused exploration programs.
Terese Gieselman – Chief Financial Officer and Corporate Secretary
Terese Gieselman is a seasoned financial executive with over 30 years of experience in public company management and corporate finance in the mining sector. She brings expertise in governance, financial reporting, and capital markets strategy that will support Spartan’s growth.
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Spartan Metals (TSXV:W) is a US-focused explorer advancing its high-grade tungsten and rubidium Eagle Project in Nevada. The company is unlocking critical minerals essential to US defense, technology, and energy independence, supporting onshoring goals under the Defense Production Act.
The Eagle tungsten-silver-rubidium project in eastern Nevada spans 4,936 acres across three historic mine areas — Tungstonia, Rees, and Antelope. With historic production of 8,379 units of WO₃ grading 0.6–0.9 percent, Eagle ranks among the highest-grade past-producing tungsten systems in the US, enriched with rubidium and other defense-critical metals including antimony, bismuth, indium, and arsenic. Spartan is advancing an exploration program to validate and expand this potential using modern geochemistry, geophysics, and tailings drilling.
With multiple mineralized zones, district-scale potential and strong alignment with US strategic metal initiatives, the Eagle project is the cornerstone of Spartan’s growth strategy.
Company Highlights
- Flagship Eagle Project: One of the highest-grade, past-producing tungsten mines in the US.
- Multi-metal Exposure: Targets tungsten, rubidium, antimony, bismuth, and silver – all listed as US critical minerals.
- Tier-1 Mining Jurisdiction: Located in eastern Nevada, a world-class mining state with established infrastructure and regulatory clarity.
- Strong Management and Technical Team: Led by a CEO and VP of exploration with proven discovery track
- Alignment with US Critical Minerals Strategy: Positioned to benefit from Department of Defense and US government initiatives supporting domestic critical mineral supply chains.
- Attractive Capital Structure: Tight share strucuture with management and board holding ~42 percent of shares outstanding, ensuring strong alignment with investors.
This Spartan Metals profile is part of a paid investor education campaign.*
Click here to connect with Spartan Metals (TSXV:W) to receive an Investor Presentation
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Basin Energy (BSN:AU) has announced Significant Mineralisation Confirmed In Sweden
Download the PDF here.
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Torchlight Innovations Inc. (TSXV: TLX.P) (‘Torchlight’ or ‘the Company’), doing business as RZOLV Technologies, is pleased to announce positive preliminary results from its metallurgical testing program focused on rare earth and critical mineral leaching using its proprietary RZOLV reagent system.
Modern economies are increasingly dependent on a broad suite of critical minerals and rare earth elements—including lithium, cobalt, nickel, praseodymium, tellurium, gallium, scandium, and others—that are essential to clean energy, advanced electronics, battery storage, and defense technologies.
According to the International Energy Agency (IEA), these minerals are ‘crucial to the performance of batteries, permanent magnets, and other clean energy technologies.’ The U.S. Department of Energy (DOE) similarly notes that critical minerals ‘are vital for a wide range of industries, including clean energy and defense,’ powering systems such as solar panels, wind turbines, and electric vehicle batteries. As traditional high-grade deposits become harder to access, attention is shifting toward secondary and unconventional sources such as tailings, mine waste, low-grade ores, brines, and industrial by-products. (Sources: https://www.iea.org/topics/critical-minerals| https://www.energy.gov/fecm/articles/developing-domestic-supply-critical-minerals-and-materials)
In this emerging landscape, a reagent like RZOLV, capable of dissolving over twenty such elements, represents a potentially transformative advancement in sustainable mineral recovery.
Key Highlights
- Multi-Element Recovery: RZOLV dissolved over 25 critical and rare earth elements under mild, non-toxic conditions, with standout recoveries of cerium (73%), manganese (64%), and cobalt (60%).
- REE and Base Metal Versatility: Consistent recoveries (40-45%) for mid-series rare earths such as samarium, europium, and gadolinium demonstrate RZOLV’s broad leaching capability across both transition and lanthanide elements, validating its cross-commodity potential.
- Proven Chemistry: The reagent’s redox-complex system mobilizes metals without cyanide or harsh acids, enabling clean, efficient extraction.
- Cross-Commodity Flexibility: Consistent recoveries across both base and rare earth elements confirm broad market potential.
- Proven Compatibility: Leach solutions integrate easily with standard ion-exchange and solvent-extraction systems for scalable downstream recovery.
- Compatibility with Standard Hydrometallurgy: RZOLV leach solutions are compatible with ion-exchange (IX) and solvent-extraction (SX) systems, providing efficient and selective pathways for downstream metal recovery and purification.
- Sustainable Advantage: Operates at ambient temperature and low pH-lowering environmental risk, reducing cost, and unlocking value from tailings and low-grade sources.
Multi-Element Leachability Assessment of Critical and Rare Earth Samples Using the RZOLV Reagent System
Overview
Laboratory metallurgical investigations were undertaken to evaluate the leachability of multiple metallic and rare earth elements (REEs) from mineralized feedstocks obtained from two U.S.-based mining projects. The objective of this program was to assess the broader metal-solubilization potential of the RZOLV lixiviant system and to characterize its selectivity and efficiency across a diverse elemental suite.
Testing was performed using the standard RZOLV formulation without process optimization or reagent adjustment. As such, future results may vary depending on feed composition, mineralogy, and site-specific conditions.
Methodology
Representative composite samples were subjected to a series of bottle-roll leaching tests under controlled laboratory conditions. Each test employed the proprietary RZOLV non-cyanide leach reagent under standardized parameters designed to simulate low-intensity, ambient-temperature leaching environments.
Tests were conducted in sealed 1-liter HDPE vessels agitated continuously for 72 hours to ensure uniform contact between solids and solution. Post-leach solids (tails) were separated by vacuum filtration and washed thoroughly with deionized water to remove entrained solution. Pregnant leach solutions (PLS) were analyzed by Atomic Absorption Spectrometry, while head and residue samples were submitted to ALS Laboratories, an ISO-accredited analytical facility, for 61-element inductively coupled plasma-mass spectrometry (ICP-MS) analysis. Elemental recoveries to solution were calculated by mass balance, comparing head and residue assays for each element to quantify percentage dissolution.
Results and Discussion
The following table summarizes the unoptimized relative solubility of key metals and rare earth elements under the test conditions. Head and residue MS-ICP assays were compared to determine recovery to solution.
| ELEMENT NAME | ELEMENT SYMBOL | NET RECOVERY |
| BERYLLIUM | Be | (%) |
| CERIUM | Ce | 73.50% |
| MANGANESE | Mn | 64.26% |
| COBALT | Co | 60.00% |
| CHROMIUM | Cr | 47.35% |
| GADOLINIUM | Gd | 45.00% |
| SAMARIUM | Sm | 44.12% |
| YTTRIUM | Y | 43.55% |
| EUROPIUM | Eu | 43.48% |
| NEODYMIUM | Nd | 43.48% |
| TERBIUM | Tb1 | 42.86% |
| DYSPROSIUM | Dy | 42.81% |
| PRASEODYMIUM | Pr | 42.25% |
| LANTHANUM | La | 40.74% |
| HOLMIUM | Ho | 40.30% |
| ERBIUM | Er | 38.10% |
| NICKEL | Ni | 36.36% |
| VANADIUM | V | 33.33% |
| LUTETIUM | Lu | 33.33% |
| THULIUM | Tm | 31.43% |
| URANIUM | U | 27.59% |
| TELLURIUM | Te | 27.34% |
| BERYLLIUM | Be | 26.24% |
| INDIUM | In | 23.53% |
| YTTERBIUM | Yb | 22.58% |
| SCANDIUM | Sc | 16.96% |
Interpretation
The results confirm that the RZOLV system promotes substantial solubilization of rare-earth elements, particularly cerium (73%), manganese (64%), and cobalt (50%), validating its oxidative and complexation capacity under mild acidic conditions.
Mid-series lanthanides (Sm, Eu, Gd) achieved recoveries of 40-45 %, consistent with partial liberation from refractory oxide or phosphate phases.
Lower recoveries of niobium (18%), scandium (17%), and lithium (23%) reflect incorporation within stable mineral matrices (e.g., columbite-tantalite, zircon, or silicate lattices) that require stronger oxidative or thermal activation for efficient leaching.
Recovery of Metallic and Rare Earth Elements from RZOLV Leach Solutions
Following the successful leaching of multiple metallic and rare earth elements (REEs) using the RZOLV lixiviant system, downstream recovery methods were considered to determine viable pathways for selective metal capture, concentration, and purification. The focus of this stage of investigation was to assess the suitability of ion exchange (IX) and solvent extraction (SX) systems for recovering valuable metals and REEs from pregnant leach solutions (PLS) generated under standard RZOLV leach conditions.
The RZOLV reagent produces a low-pH, moderately oxidizing solution characterized by high solubility for transition metals and trivalent rare-earth species. This chemistry aligns well with conventional hydrometallurgical separation methods, provided resin or extractant compatibility is maintained under the mildly acidic matrix.
Preliminary evaluations indicate that ion exchange and solvent extraction could be highly effective downstream recovery methods for RZOLV-derived leach solutions. Ion exchange offers rapid, high-capacity capture of base and rare-earth metals, while solvent extraction provides refined selectivity for high-purity product separation. Both methods are compatible with RZOLV’s low-toxicity matrix, enabling environmentally responsible and economically viable metal recovery.
Environmental and Process Implications
The multi-element solubilization profile underscores the potential of RZOLV as a selective and environmentally benign lixiviant for both precious-metal and critical-mineral recovery.
The reagent’s design eliminates the need for cyanide, chloride, or nitrate oxidants—minimizing hazardous effluents—while its regenerative electrochemical cycle enables near-closed-loop operation. Because RZOLV functions under mild aqueous conditions, without extreme temperatures, concentrated acids, or high-pressure systems, it offers a flexible and energy-efficient pathway for extracting critical minerals from complex matrices.
This adaptability allows deployment in diverse applications including ores, tailings, slag, low-grade stockpiles, flotation residues, concentrates, and industrial waste streams, with minimal process re-engineering. Closed-loop regeneration further reduces reagent consumption and operating costs, improving economic viability even for dilute or low-grade sources.
Key Benefits
- Unlocking latent value: Enables recovery of valuable elements from waste or tailings, converting liabilities into revenue streams.
- Reduced environmental footprint: Operates at ambient conditions with non-toxic reagents, reducing chemical hazards and remediation needs.
- Cross-commodity flexibility: Capable of dissolving over twenty critical minerals, adaptable to multiple feed types and market shifts.
- Support for circular economy and resource security: Facilitates domestic recovery of critical minerals and aligns with global sustainability objectives.
Conclusions
Bottle-roll test results and ICP-MS analyses confirm that RZOLV promotes significant dissolution across multiple elemental groups through synergistic redox-complexation chemistry. High recoveries of Ce, Mn, and Co highlight its oxidative power, while consistent REE mobilization demonstrates its capacity for complex formation under mild conditions. The results validate RZOLV as a versatile, low toxicity lixiviant for both precious and critical mineral extraction. Ongoing research is focused on refining reagent concentration, pH, and electrochemical regeneration to further enhance recovery efficiencies for refractory elements.
This research is preliminary in nature. Assay results are based on head/tails ICP-MS performed by ALS Labs. Test materials have been subjected to the standard RZOLV formula with no reagent optimization. Results will vary based on minerology and this data provides no guarantee of future success or economic viability.
About Torchlight Innovations Inc. (doing business as RZOLV Technologies)
Torchlight Innovations is a clean-technology company with a mission to transform the global mining industry through safer, sustainable, and high-performance extraction technologies. The Company has developed RZOLV, a proprietary non-toxic, water-based hydrometallurgical formula that replaces cyanide in gold leaching.
While cyanide has been the industry standard for over a century, its toxicity has led to widespread environmental concerns, costly permitting, and outright bans in several jurisdictions. RZOLV offers equivalent recovery efficiency and cost performance with a non-toxic, reusable, and environmentally responsible profile.
The Company is currently focused on validating its technology through industrial-scale pilot programs, after which full commercialization and licensing activities will begin. The Company has safeguarded RZOLV through 2 international patent filings and a comprehensive intellectual-property framework that includes protection for its chemical formulation, regeneration processes, and specific applications in heap leaching, vat leaching, tank leaching and concentrate treatment.
Contact
Duane Nelson
President and CEO
Torchlight Innovations Inc.
Email: duane@innovationmining.com
Phone: 604-512-8118
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Source
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