Kinetiko Energy (KKO:AU) has announced Kinetiko Commences Trading on North American OTC Market
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After peaking above US$20,000 per metric ton (MT) in May 2024, nickel prices have trended steadily downward.
Behind the numbers is a persistent oversupply driven by Indonesia’s high output, the world’s largest nickel producer.
At the same time, demand from China’s manufacturing and construction sectors, a traditional driver of stainless steel, has been weak as the country’s beleaguered real estate sector continues to find its footing.
Read on to learn what other key factors moved the nickel sector in 2025.
Nickel price in Q4
There wasn’t much change at the start of the quarter; the price was essentially trading in the US$15,000 to US$15,500 range, the same as it had since recovering from the post-liberation day tariff announcement rout in the base metals market in April that sent the price spiraling to a year-to-date low of US$14,150.
Nickel price, December 19, 2024, to December 18, 2025.
Chart via TradingEconomics.
However, cracks began to form at the end of October as it became clearer that the oversupply situation was likely to persist, pushing prices back below the US$15,000 mark by mid-November.
Prices for nickel rebounded in late November, but failed to break the US$15,000 again and slid toward a yearly low, reaching US$14,235 on December 15.
Oversupply continues to weigh on nickel
At the end of the year’s third quarter, the expectation was that nickel prices would carry momentum as the monsoon season arrived in the Philippines; however, despite seasonal declines in output, the market ‘s supply glut persisted, and prices continued to trend lower at the end of the period.
As of September 30, London Metal Exchange (LME) warehouses held 231,504 MT of nickel, and by November 28, stockpiles had grown to 254,364 MT, nearly 100,000 MT higher than the start of 2025.
According to a mid-December Shanghai Metals Market article, refined production decreased by 25,800 MT in November. Still, it was outpaced by inventory accumulation, as downstream demand remained soft.
On the demand side, stockpile buildups coincided with the traditional off-season for stainless steel producers, which accounts for 60 percent of total nickel demand, and weak end-use consumption led some producers to initiate output cuts. Additionally, Shanghai Metals Market notes that stainless demand was further impacted by the superior economics of recycled materials. The outlet also states that although production costs in Indonesia are lower than elsewhere, the price of nickel is rapidly approaching producers’ break-even point.
In February, the Indonesian government changed its quota system, increasing nickel ore output to 298.5 million wet metric tons from 271 million wet metric tons in 2024. The move from the top nickel producer was designed to alleviate supply pressures, with increased production limited to major production areas.
This was followed in October by a change to the length of time production quotas were valid, shortening it to one year from three years, and forcing miners to reapply for previously approved quotas for 2026 and 2027.
Changes were made to the application system after companies failed to meet environmental obligations, and companies will now have to submit proof they have the financial means to remediate land after operations are complete.
Adding to the metal’s woes at the end of the year is demand from the electric vehicle (EV) sector slipping as more battery producers pivot away from nickel in their chemistries, as cheaper lithium-iron-phosphate batteries improve efficiency.
For her part, Manthey, explained that everything has aligned for a bear market.
“LME stockpiles are at a four-year high, with Chinese and Indonesian cathode dominating,” she said, adding that growth in battery metals was slower than expected, and that demand for stainless steel was sluggish on the back of global weakness in manufacturing.
How did nickel perform for the rest of the year?
The rest of the year wasn’t much different for nickel.
The oversupply situation carried over from 2024, with Indonesian producers making up roughly 60 percent of the market. Likewise, curtailments continued among western producers as prices were unable to cover costs.
In April, the Indonesian government made a significant change to its royalty rates, hiking them to between 14 and 19 percent, depending on the nickel price. That’s up from the country’s previously imposed 10 percent flat rate, with a 2 percent royalty on nickel mattes destined for battery production.
As the second quarter began, base metal prices sank amid rising expectations of a global recession following US President Donald Trump’s “Liberation Day” tariff announcement on April 2.
Markets rebounded after their initial tariff plans were walked back, following a bond market squeeze that pushed 10 year treasury yields up by more than half a percentage point.
Nickel faced further pressures in July as the One Big Beautiful Bill was signed into law in the US, ending the federal EV tax credit, as well as other tax credits for expanding charging infrastructure. The change came into effect on September 30 and eliminated a US$7,500 rebate on the purchase of new EVs. Before the end of the tax credit, data showed that American EV sales reached a record 1.2 million through the first nine months of 2025, with the share for EVs climbing to 12 percent in Q3 as consumers made purchases ahead of the program’s end.
Q4 data shows EV sales have declined significantly since the tax credit expired, and interest in EVs has fallen by 20 percent. The fall caused Ford Motor (NASDAQ:F) to pull back on its EV plans and take a US$19.5 billion writedown.
Investor takeaway
Nickel prices continued on a downtrend in 2025, and expectations aren’t much different for the year ahead.
Until the metal see ssustained upward momentum, it’s unlikely that curtailed western operations will be restarted.
For experienced investors, this may offer an opportunity to enter a market closer to the bottom than the top. However, until there is a significant correction in supply and demand fundamentals, the nickel market won’t have much of a tailwind, leading to a riskier market, that may have a lengthy period before returns are realized, if at all.
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
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Here’s a quick recap of the crypto landscape for Friday (December 19) as of 9:00 pm 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$88,004.97, up by 3.6 percent over 24 hours.
Bitcoin price performance, December 19, 2025.
Chart via TradingView
Ether (ETH) was priced at US$2,991.30, up by 7.2 percent over the last 24 hours.
Altcoin price update
- XRP (XRP) was priced at US$1.91, up by 5.7 percent over 24 hours.
- Solana (SOL) was trading at US$126.85, up by 7.6 percent over 24 hours.
Today’s crypto news to know
MetaPlanet boosts US expansion efforts
American depositary receipts of Bitcoin treasury company Metaplanet (TSE:3350,OTCQX:MPJPY) began trading on the OTC market under the ticker symbol MPJPY, replacing the previously unsponsored MTPLF ticker.
This step builds on earlier US expansions. The Tokyo-based company established a wholly owned subsidiary called Metaplanet Treasury in Miami, Florida, in May to handle Bitcoin accumulation and treasury operations with up to US$250 million in capital. The launch is intended to enhance US investor participation in MetaPlanet’s Bitcoin strategy.
Poland parliament approves MiCA-aligned crypto bill
Poland’s lower house of parliament, called the Sejm, approved a crypto asset market bill, overriding President Karol Nawrocki’s prior veto. It now heads to the Senate for review, where it potentially faces another veto.
Nawrocki vetoed the bill earlier in December, citing threats to civil liberties like easy website blocks. Prime Minister Donald Tusk’s government resubmitted the bill, unchanged. It passed with 241 votes.
The bill aligns Poland with the EU’s MiCA regulation by designating the Financial Supervision Authority to oversee crypto exchanges, impose sanctions and introduce criminal liability for offenses.
Senate confirms Selig as CFTC chair
The US Senate has confirmed Mike Selig as the next chair of the Commodity Futures Trading Commission (CFTC), bringing permanent leadership back to an agency that has operated for months in near limbo.
Selig’s confirmation passed 53 to 43 as part of a broader package of federal appointments. The CFTC had been functioning with a single commissioner, Acting Chair Caroline Pham, after multiple resignations hollowed out the five member panel. While Pham kept the agency operational, the lack of a Senate-confirmed chair constrained long-term planning, staffing and coordination with other regulators.
That gap was especially acute as lawmakers debated expanding the CFTC’s role in overseeing spot crypto markets.
Clarity Act heads for Senate markup in January
The Digital Asset Market Clarity Act is set to enter Senate markup in January, according to David Sacks, White House crypto and artificial intelligence (AI) adviser, putting the bill on a formal path toward passage.
‘We had a great call today with Chairmen @SenatorTimScott and @JohnBoozman who confirmed that a markup for Clarity is coming in January. Thanks to their leadership, as well as @RepFrenchHill and @CongressmanGT in the House, we are closer than ever to passing the landmark crypto market structure legislation that President Trump has called for,’ Sacks posted on X. ‘We look forward to finishing the job in January!’
Senate Committee on Banking Chair Tim Scott and Senate Agriculture, Nutrition and Forestry Committee Chair John Boozman have agreed on the timeline.
The bill, which cleared the House earlier this year, aims to settle long-running jurisdiction disputes by spelling out when a token is a security versus a commodity. Lawmakers are expected to focus amendments on asset classification tests, investor protection standards and how quickly platforms must register under the new regime.
Another key issue will be how the US Securities and Exchange Commission and CFTC coordinate oversight during the transition period. If the schedule holds, Congress could finalize a reconciled version later during the year.
Bybit re-enters UK market after two years
Crypto exchange Bybit has resumed operations in the UK after a two year absence triggered by tighter rules on crypto marketing and promotions. The platform has restarted spot trading with 100 pairs, using a compliance structure designed to meet the Financial Conduct Authority’s financial promotion standards.
Rather than holding its own UK authorization, Bybit is operating under an arrangement with London-based exchange Archax, which is licensed to approve crypto promotions for unauthorised firms.
This route has previously been used by other major exchanges seeking access to British users.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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The silver price was on the rise once again this week — it surged past the US$67 per ounce level on Friday (December 19), hitting a new record before pulling back.
As for gold, it spent much of the period around the US$4,330 per ounce level, although it rose as high as US$4,360 on Thursday (December 18), approaching its own all-time high.
Investors were eyeing November US consumer price index (CPI) data, which came out on Thursday. It was up 2.7 percent year-on-year, while core CPI was measured at 2.6 percent.
Those figures were quite a bit lower than analysts’ estimates, and data collection issues caused by the US government shutdown have left market participants questioning the results.
Notably, Bureau of Labor Statistics officials had to make ‘certain methodological assumptions’ because the October CPI report was canceled entirely. The bureau also started November data collection later than usual, driving concerns about a rebound in numbers for December.
US jobs data for both October and November came out this week as well, showing that the unemployment rate for last month rose to 4.6 percent, the highest since 2021.
While 64,000 jobs were added in November, 105,000 were lost in October, and revisions took 33,000 jobs away from the months of August and September.
Outside US economic data, it’s worth noting that for silver there’s still a lot of focus on behind-the-scenes actions that could be impacting the price.
Here’s what Substack newsletter writer John Rubino had to say about that:
‘A lot of the discontinuities that we’re seeing in the silver market right now are due to the fact that the big exchanges like Comex may not have enough silver to satisfy the demands of futures contract holders.
‘In other words, there are a lot more people out there with long futures contracts that could come in and demand silver than there is silver to satisfy that demand. And the number of people who are standing for delivery on futures contracts is rising, and the amount of silver in these exchanges is shrinking.’
Bullet briefing — Platinum beats gold, copper hits new record
Platinum price on the move
I’d be remiss if I didn’t also take a moment to mention platinum.
While gold and silver have been making headlines, platinum’s 2025 rise has been quiet, but significant — it’s up over 100 percent year-to-date and nearly hit US$1,980 per ounce this week.
Platinum is somewhat similar to silver in that they both have precious and industrial sides, and they’ve both seen persistent deficits in recent years.
Platinum’s deficit has definitely helped it rise this year, but looking forward to next year the World Platinum Investment Council is expecting a balanced market. When I saw that, I wondered if that would mean lower prices in 2026. But that may not necessarily be the case.
Edward Sterck said there are a couple of nuances in the council’s outlook — for example, it’s anticipating profit taking from exchange-traded funds, but if that doesn’t happen, then the platinum deficit may persist. He also noted that balance in 2026 wouldn’t erase years of deficits:
‘A balanced market doesn’t solve for the fact we’ve had three years of deficits. It doesn’t in any way, I suppose, rebuild aboveground stocks. And it’s the shortage of aboveground stocks that seems to be one of the major catalysts behind this price action and behind the market tightness.’
Copper price hits new high
It’s not only precious metals that have been hitting new highs this year.
The price of copper has been climbing as well, hitting a new all-time high of close to US$12,000 per metric ton last week on the London Metal Exchange.
It’s pulled back slightly since then, but market watchers agree the copper outlook remains strong as rising demand meets constrained supply. In fact, I’ve been asking experts what they think the top-performing asset of next year will be, and copper has been a popular pick.
Lobo Tiggre of IndependentSpeculator.com chose the base metal as his highest-confidence trade of 2025, and he said he’s sticking with it next year.
Here’s what he had to say about copper:
‘Top pick for 2026 is copper. Similar reasons to 2025 —the copper price has been kicked around, up and down by what I think of as sort of extraneous issues. But the fundamentals mean the demand scenario just looks phenomenal, and the supply has been really constrained.’
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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We also break down next week’s catalysts to watch to help you prepare for the week ahead.
In this article:
This week’s tech sector performance
US stocks advanced this week amid key economic data releases, with tech leading gains after Micron Technology’s (NASDAQ:MU) results release and easing artificial intelligence (AI) sector pressures.
The S&P 500 (INDEXSP:.INX) rose 0.02 percent on the week, closing Friday (December 19) at 6,834.5.
However, tech stock losses earlier in the week kept gains in check. The Nasdaq Composite (INDEXNASDAQ:.IXIC) lost 0.1 percent for the week to close at 23,307.62 on Friday.
3 tech stocks moving markets this week
1. Micron Technology (NASDAQ:MU)
Micron Technology reported earnings for its first fiscal quarter of 2026 on Thursday (December 18), showing strong results driven by surging high-bandwidth memory sales for AI data centers
Revenue reached US$13.64 billion, up 93 percent from last year and higher than the company’s September revenue projection of US$12.8 billion. Adjusted earnings per share were US$4.78, beating estimates of US$3.95. The company generated strong free cashflow and declared a US$0.115 per share dividend payable on January 14, 2026.
Looking ahead, Micron adjusted its profit guidance for the upcoming quarter to US$8.42 per share, higher than Wall Street’s US$4.78 consensus, due to continued AI boom momentum.
Investors responded to the results by sending Micron shares up 10 percent post-earnings. Momentum carried into Friday’s trading session, spilling over into other tech stocks, which have come under pressure in recent weeks over lofty valuations and funding concerns. The company ended the week 0.58 percent higher.
2. Trump Media & Technology Group (NASDAQ:DJT)
Trump Media & Technology Group rose nearly 30 percent before Thursday’s opening bell after the company announced plans to merge with fusion power company TAE Technologies.
The all-stock deal is reportedly valued at more than US$6 billion. Devin Nunes, chair and chief executive of Trump Media, and Dr. Michl Binderbauer, CEO and director at TAE, are set to serve as co-CEOs.
TAE is a private company with backing from Alphabet (NASDAQ:GOOGL) and other companies. The merger is slated to create one of the first publicly traded nuclear fusion companies. “We’re taking a big step forward toward a revolutionary technology that will cement America’s global energy dominance for generations,“ Nunes said.
Shares of Trump Media closed the week with a gain of 39.53 percent.
3. Oracle (NYSE:ORCL)
Oracle shares dropped 5.4 percent on Wednesday (December 17) after a Financial Times report claimed data center investor Blue Owl Capital pulled out of a US$10 billion financing round for one of the AI data centers Oracle is constructing for OpenAI in Michigan. Talks reportedly stalled due to concerns over project delays, tougher debt terms, Oracle’s rising debt load and lease arrangements, per sources cited by the news outlet.
Oracle disputed the report’s implications, stating that Michigan negotiations are “on schedule” without Blue Owl.
The company said its project development partner, Related Digital, has chosen “the best equity partner from a competitive group of options, which in this instance was not Blue Owl.” Still, the company finished the week with its share price ahead by 2.18 percent as tech stocks staged an end-of-year comeback.
Oracle, Micron Technology and Trump Media performance, December 15 to 19, 2025.
Chart via Google Finance.
Top tech news of the week
Tech ETF performance
Tech exchange-traded funds (ETFs) track baskets of major tech stocks, meaning their performance helps investors gauge the overall performance of the niches they cover.
This week, the iShares Semiconductor ETF (NASDAQ:SOXX) declined by 0.94 percent, while the Invesco PHLX Semiconductor ETF (NASDAQ:SOXQ) saw a loss of 0.66 percent.
The VanEck Semiconductor ETF (NASDAQ:SMH) also decreased by 0.61 percent.
Tech news to watch next week
Markets will be closed mid-week next week, with low trading volumes likely keeping movement calm.
Watch for year-end selling in tech stocks, a potential rotation into safer sectors and light data like factory orders and home sales reports. Any comments on future interest rates could move markets somehwat, but expect mostly flat trading unless big news like policy changes breaks through.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
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Nevada Sunrise Metals Corporation (TSXV: NEV,OTC:NVSGF) (OTC Pink: NVSGF) (‘Nevada Sunrise’ or the ‘Company’) announced today that it has granted a total of 3,250,000 stock options to directors, officers and consultants of the Company, exercisable at a price of $0.05 per share for a period of five years from the date of grant. The stock options have been granted in accordance with the Company’s stock option plan.
About Nevada Sunrise
Nevada Sunrise is a junior mineral exploration company with a strong technical team based in Vancouver, BC, Canada, that holds interests in gold, copper and lithium exploration projects located in the State of Nevada, USA.
Nevada Sunrise holds the right to purchase a 100% interest in the Griffon Gold Mine Project, located approximately 50 kilometers (33 miles) southwest of Ely, NV.
Nevada Sunrise holds the right to earn a 100% interest in the Coronado Copper Project, located approximately 48 kilometers (30 miles) southeast of Winnemucca, NV.
Nevada Sunrise owns 100% interests in the Gemini West, Jackson Wash and Badlands lithium projects, all of which are located in the Lida Valley in Esmeralda County, NV.
As a complement to its exploration projects in Esmeralda County, the Company owns Nevada Water Right Permit 86863, also located in the Lida Valley basin, near Lida, NV.
For Further Information Contact:
Warren Stanyer, President and Chief Executive Officer
email: warrenstanyer@nevadasunrise.ca
Telephone: (604) 428-8028
Website: www.nevadasunrise.ca
FORWARD-LOOKING STATEMENTS
This release may contain forward‐looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words ‘expects’, ‘plans’, ‘anticipates’, ‘believes’, ‘intends’, ‘estimates’, ‘projects’, ‘potential’ and similar expressions, or that events or conditions ‘will’, ‘would’, ‘may’, ‘could’ or ‘should’ occur and include disclosure of anticipated exploration activities. Although the Company believes the expectations expressed in such forward‐looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward‐looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date such statements were made. The Company expressly disclaims any intention or obligation to update or revise any forward‐looking statements whether as a result of new information, future events or otherwise.
Such factors include, among others, risks related to future plans for the Company’s Nevada mineral properties; reliance on technical information provided by third parties on any of our exploration properties; changes in mineral project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or metallurgical recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labor disputes and other risks of the mining industry; delays due to pandemic; delays due to weather; delays in obtaining governmental approvals, financing or in the completion of exploration, as well as those factors discussed in the section entitled ‘Risk Factors’ in the Company’s Management Discussion and Analysis for the Nine Months ending June 30, 2025, which is available under Company’s SEDAR+ profile at www.sedarplus.ca.
Although Nevada Sunrise has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Nevada Sunrise disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. Accordingly, readers should not place undue reliance on forward-looking information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/278754
News Provided by Newsfile via QuoteMedia
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As the world races to meet rising power demand driven by artificial intelligence and advanced computing, cleantech is stepping into a new era of opportunity.
Developing and scaling innovative energy technologies has never been more accessible or cost-efficient, thanks to breakthroughs in AI-driven design, automation and data analytics that are speeding up everything from materials science to grid optimization.
While US climate finance leadership appears uncertain, Canada is emerging as a strong contender for global influence, backed by supportive policy frameworks, abundant natural resources and a deep bench of innovation-focused companies.
Here’s a look at the best-performing Canadian cleantech stocks on the TSX 2025 by year-to-date gains. CSE-listed companies were considered, but none made the list at this time.
Data for this article was gathered on December 16, 2025, using TradingView’s stock screener. Only companies with market capitalizations greater than C$50 million were considered.
1. Anaergia (TSX:ANRG)
Year-to-date gain: 187.23 percent
Market cap: C$472.75 million
Share price: C$2.70
Anaergia is a global company that specializes in converting waste, including wastewater and agricultural and municipal solid waste, into renewable energy, clean water and organic fertilizer.
The company has operations in 17 countries spanning North America, Africa, Asia and Europe. In 2025, Anaergia has expanded its global reach through partnerships with companies in Italy and Spain, as well as through a partnership agreement to build a biogas facility in South Korea.
In July 2024, Anaergia closed the third tranche of a C$40.8 million investment deal with Marny Investissement that gave Marny a controlling interest of about 60 percent in Anaergia, supporting the company’s pivot to employ a greater focus on technology sales and operations and maintenance contracts.
The company’s September investor presentation highlights its new strategy of streamlined operations, expanding through global partnerships and selective Build-Own-Operate delivery.
In its Q3 2025 results, the company reported strong financials, with revenue increasing 77 percent year-over-year to C$51.4 million, gross margins expanding to 28.8 percent and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of C$2.6 million.
2. Tantalus Systems (TSX:GRID)
Year-to-date gain: 150.53 percent
Market cap: C$250.03 million
Share price: C$4.76
Tantalus Systems provides technology that gives utilities greater control and insight into their electric grids.
This includes advanced metering infrastructure (AMI), load management systems and grid analytics, all of which contribute to a more efficient and reliable power grid.
One of its key products, TRUConnect AMI, provides real-time data on energy consumption and grid conditions. The TRUFlex Load+DER Management system helps manage energy demand and integrate distributed energy resources like solar power, while TRUGrid Automation optimizes grid operations and improves response to events like power failures.
On July 7, Tantalus announced that it was extending its partnership with EPB in Chattanooga, Tennessee, to deploy 20,000 TRUSense Ethernet Gateways over the next five years, integrating with EPB’s fiber network to enhance grid modernization and operational efficiency.
The company’s annual recurring revenue has grown at an approximate compound annual growth rate of 18 percent since 2016, according to its October presentation.
Its Q3 revenue hit C$14.2 million, up 22.5 percent year-over-year, driven by growth of 30 percent in connected devices and 10 percent in software and services. Its adjusted EBITDA doubled year-over-year to C$1.2 million.
3. Ballard Power Systems (TSX:BLDP)
Year-to-date gain: 50.21 percent
Market cap: C$1.09 billion
Share price: C$3.65
Ballard Power Systems is a hydrogen fuel cell technology company that develops, manufactures and sells proton exchange membrane (PEM) fuel cell products that convert hydrogen into clean electricity with zero emissions. The company targets heavy-duty applications like buses, trucks, trains, marine vessels and stationary power.
Recent deals include a December memorandum of understanding with Kolon Industries for fuel cell components and market expansion and a May multi-year agreement for 50 fuel cell engines with Egypt’s MCV to power its intercity buses.
In Q3 2025, Ballard’s revenue surged 120 percent year-over-year to C$32.5 million led by bus and rail deliveries, with gross margins improving to 15 percent and cash reserves at C$525.7 million. The company also cut total operating expenses by 36 percent.
4. Algonquin Power & Utilities (TSX:AQN)
Year-to-date gain: 32.29 percent
Market cap: C$613 billion
Share price: C$8.48
Algonquin Power & Utilities operates regulated electric, water, wastewater and natural gas utilities across the US, Canada, Bermuda and Chile, alongside a retained Hydro Group after divesting its larger renewables business as part of its pure-play regulated utility pivot.
The company completed the sale of its renewable energy assets, excluding hydro, to LS Power in January 2025 for approximately US$2.5 billion. The company declared a Q4 2025 dividend of US$0.065 per common share.
5. Brookfield Renewable Partners (TSX:BEP.UN)
Year-to-date gain: 15.41 percent
Market cap: C$11.41 billion
Share price: C$38.27
Brookfield Renewable Partners owns and operates a global portfolio of hydroelectric, wind, solar and energy storage assets. It also offers sustainable solutions such as nuclear services and carbon capture. The company’s strategy emphasizes long-term power purchase agreements and asset recycling.
Major 2025 deals include a hydropower framework with Brookfield Asset Management (TSX:BAM,NYSE:BAM) and Alphabet (NASDAQ:GOOGL) for up to 3 gigawatts of hydroelectricity capacity, starting with US$3 billion in contracts for 670 megawatts capacity in Pennsylvania.
Securities Disclosure: I, Meagen Seatter, hold direct investment interest in one or more companies mentioned in this article.
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The oil and gas market was punctuated with volatility in 2025.
Oil prices softened as supply outpaced demand and inventories built. Brent and West Texas Intermediate (WTI) crude slipped in late 2025, with Brent dipping below US$60 per barrel and WTI hovering at US$55.
Production increases from non-OPEC producers — including record US output — and higher OPEC+ quotas have contributed to a notable supply overhang, pressuring crude toward four year lows.
Starting the year above US$70, both Brent and WTI prices have now seen steep declines of more than 20 percent amid signs of weaker demand in major economies like China and elevated global stocks.
Meanwhile, the natural gas market saw price shifts driven by weather and storage dynamics.
Prices started the year at US$3.64 per million British thermal units and slipped to a seasonal low of US$2.74 in August. Values peaked at US$5.31 on December 5, and have since retreated to the US$3.94 level.
The US Energy Information Administration (EIA) raised its outlook for late 2025 and early 2026 gas prices after an early cold snap bolstered heating demand, even as forecasts have moderated Henry Hub projections for 2025 to 2026.
Oil market battles persistent headwinds
2025 saw oil prices fluctuate between highs of US$81.86 (Brent) and US$78.99 (WTI) and lows of US$59.41 and US$55.56, respectively, as the energy market served as a barometer of global political and trade tensions.
“Throughout the year, prices have continued the downtrend they began in April (2024) as OPEC+ continued to hike output and China’s economy continued to struggle under the weight of a flailing property sector, downbeat consumer confidence, overindebted local governments and flagging external demand,” he added.
While the oil market isn’t new to volatility, this year proved different as US President Donald Trump’s on-again, off-again tariffs infused global uncertainty into the energy market.
“We can see that Trump’s ‘Liberation Day’ tariffs pushed prices down to a level from which they’ve not recovered from, barring a spike in June as a result of the 12 day Iran-Israel war,” said Cunningham.
“Since then, Brent crude oil prices have continued to fall as OPEC+ caught the market off guard with its aggressive output hikes, which were designed to win back market share from non-cartel producers.’
Demand growth, underinvestment reshape oil outlook
Meanwhile, OPEC is approaching full production capacity, with Saudi Arabia being the main exception.
“Even though people are talking about lots of supply, demand is still growing,” Schachter said, noting that global oil demand rose roughly 1.3 million barrels per day in 2025 and is expected to increase by about 1.2 million in 2026.
New supply additions are limited, he explained, mentioning Guyana’s offshore discoveries by ExxonMobil (NYSE:XOM), some output from Brazil and minor contributions from Canada.
“Most basins are tired, and not enough money is being spent to bring on production,” Schachter said, predicting that global inventory drawdowns in 2026 will support higher prices.
Despite lack of investment at the exploration level, FocusEconomics panelists are forecasting a rise in both oil and gas supply in 2026 fueled by output growth at existing operations.
Cunningham pointed to organizations like the EIA and International Energy Agency (IEA), which “hiked their forecasts in recent months in response to OPEC+ increasing output unexpectedly fast and the recent surge in demand for US LNG.”
“The real question is not if oil and gas production will increase, but by how much,” said Cunningham.
A ramp up could be curtailed by geopolitical disruptions, he went on to note.
“Recent frictions between members of the OPEC+ cartel will persist, with Russia likely to favor lower production levels given US sanctions and countries like Saudi Arabia and the United Arab Emirates eager to push production higher given their excess capacity and desire to win back market share from non-OPEC+ producers,” he said.
“Moreover, countries like Kazakhstan and Iraq continue to overshoot their quotas, and in late 2023 Angola left the cartel due to disputes over its allowed production level.”
Transport and petrochemicals driving oil demand
Global oil demand is expected to rise in 2026, driven primarily by transportation fuels and petrochemical feedstocks.
Gasoline is projected to lead the increase, supported by recovering air travel and road mobility, while diesel and other products also contribute. Non-OECD regions, particularly China and India, will account for most of the growth, with expanding petrochemical capacity in major economies boosting crude-derived feedstock demand.
Overall, transport and industrial activity remain the key engines behind the expected rise in oil consumption.
“Our panelists see world oil production rising 1.1 percent in 2026 as non-OPEC+ countries such as Guyana and the US hike output,” said FocusEconomics’ Cunningham.
LNG expansion fuels gas growth
Similar to the trajectory for oil, natural gas demand is expected to rise in 2026 as global consumption rebounds and LNG exports expand sharply. “The IEA (is) estimating growth at around 2 percent with consumption at an all-time high on higher demand in the industrial and electricity sectors,” said Cunningham.
Rising LNG supply — with new export capacity coming online in the US, Canada and Qatar — is projected to support stronger import growth, particularly in Asia, where demand is expected to rebound after a 2025 slowdown.
“Asia is hungry for LNG; the IEA estimates the region’s natural gas demand will rise over 4 percent in 2026, with LNG imports up by 10 percent,” the expert said. Increased use of natural gas in power generation and industrial sectors will also contribute to growth, helping push global gas demand toward a new peak next year.
“Of course, these forecasts could change quickly if the world economy or the oil and gas sector is subject to further shocks, which is why we recommend regularly checking the latest forecasts that are available,” Cunningham added.
Further ahead, Schachter argued that rising global power needs will underpin long-term demand for natural gas, particularly as alternatives struggle to scale. Aging power grids are another constraint. Much of the world’s electricity infrastructure has not been meaningfully upgraded, and expanding capacity will require major investment in transmission — driving demand for copper, steel and aluminum alongside new generation.
Against that backdrop, Schachter sees LNG as central to meeting near- and medium-term power needs.
“The demand for LNG is the story,” he said, adding that natural gas is increasingly viewed not as a temporary transition fuel, but as “the most efficient, from a climate and environmental point of view.”
He also highlighted Canada’s advantage as producers invest heavily in emissions-reduction technologies, including methane mitigation. That positioning could make Canadian LNG more attractive to import-dependent nations such as Japan and South Korea.
While new supply from Qatar and the US will add capacity, Schachter cautioned that LNG development is rarely linear, pointing to Canada’s decades-long path to its first operating export terminal. Despite inevitable delays and short-term imbalances, he said the long-term outlook remains clear: “The industry’s fundamentals are very, very positive.”
Cunningham also pointed to increased output from the US and Qatar as key areas to watch in 2026.
“The big Qatari and US LNG projects will help natural gas prices converge globally — our Consensus Forecast is for the percentage difference between US gas prices (which tend to be lower due to huge domestic production) and those in Asia and Europe to ease to the lowest level since 2020, the year the pandemic sent gas demand plummeting,” said Cunningham, adding, “In short, record US LNG shipments will send up prices at home and lower them abroad.”
Cunningham went on to explain that unlike oil, in the natural gas market there tends to be more price divergence between regions as natural gas is harder to transport over large distances. Oil can be poured into a barrel and shipped, whereas natural gas first needs to be liquified if it’s to be sent overseas. Greater LNG capacity will help bridge this gap.
Oil and gas price forecast for 2026
Schachter expects WTI to average over US$70 in 2026, with Brent around US$73 to US$74.
He anticipates some volatility early in the new year, saying that in Q1 he expects trading to be “still sloppy between US$56 and US$66,” before prices rise in Q2 to US$62 to US$72. From there, he sees prices reaching US$68 to US$78 in the year’s third quarter as inventories tighten and market fundamentals assert themselves.
“People think we’re going back to US$80 today. US$58 oil — it ain’t going to US$80. But when the industry is in rational supply and demand, prices climb, especially when inventories draw down quickly,” Schachter said, recalling the 2008 peak in oil prices near US$147 during extreme supply shortages.
Looking at the year ahead, FocusEconomics expects the trends of 2025 to continue.
“Average Brent crude oil prices will ease further to a post-pandemic low, while US natural gas prices will increase to the highest average level since 2014 barring 2022’s Russia-Ukraine-war-driven spike,” said Cunningham.
“OPEC+ is set to continue raising output — after a pause in Q1 2026 — and the global economy should slow as the boost from export front-loading ahead of US tariff wanes.”
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
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Uranium prices stayed fairly steady in 2025, but experts agree its long-term outlook is compelling,
Demand picked up from reactor restarts, new nuclear construction projects and growing interest in small modular reactors. Meanwhile, supply constraints continued as miners faced issues ramping up.
1. Trump Admin Pushes for Uranium Stockpile Boost to Secure Nuclear Power Future
Publish date: September 16, 2025
In September, the Trump administration zeroed in on its plan to reduce uranium reliance on Russia.
A report by Bloomberg outlined that Russia still accounts for approximately a quarter of the fuel used in America’s 94 nuclear reactors, which generate roughly 20 percent of the nation’s electricity.
Secretary of Energy Chris Wright said that the Department of Energy was working to reduce that dependence by rebuilding domestic uranium and enrichment supply chains.
The concept of a federal uranium reserve dates back to 2020, when the first Trump administration sought US$150 million to begin direct purchases from US producers, though Congress approved only half the amount.
Supply concerns sharpened after Russia briefly restricted uranium exports to the US in late 2024, underscoring Washington’s exposure to geopolitical risks.
A law signed in May 2024 requires US utilities to phase out Russian uranium by 2028, with future stockpile levels expected to rise in line with new reactor construction, including small modular reactors.
“We’re moving to a place — and we’re not there yet — to no longer use Russian enriched uranium,” Wright said, adding that the US needs significantly more domestic uranium and enrichment capacity.
2. China Achieves World’s First Thorium-to-Uranium Conversion
Publish date: November 6, 2025
China marked a milestone in 2025 by converting thorium into uranium inside a working molten salt reactor.
The experimental thorium molten salt reactor, developed by the Chinese Academy of Sciences’ Shanghai Institute of Applied Physics in the Gobi Desert, is the first in the world to demonstrate stable thorium-based fission.
The reactor has been operating since reaching first criticality in October 2023 and has now produced data confirming the conversion of thorium-232 into uranium-233, a fissile material capable of sustaining a nuclear chain reaction.
Unlike conventional reactors that use solid uranium fuel rods, the system relies on liquid fuel dissolved in molten fluoride salt, allowing continuous refueling and stable heat generation without shutting down operations.
3. Uranium Energy’s Sweetwater Project Fast Tracked Under Trump Initiative
Publish date: August 6, 2025
In August, Uranium Energy’s (NYSEAMERICAN:UEC) Sweetwater uranium complex in Wyoming was designated for expedited permitting under the Trump administration’s FAST-41 initiative. The initiative is part of a broader strategy to revitalize the US nuclear fuel supply chain and reduce reliance on imports from geopolitical rivals.
The Sweetwater complex, located in Wyoming’s Great Divide Basin, is anchored by a fully licensed conventional uranium mill with a capacity of 3,000 metric tons per day and annual output of 4.1 million pounds.
The site previously included several permitted mines — Sweetwater (Red Desert), Big Eagle and Jackpot (Green Mountain) — and will now be evaluated for in-situ recovery mining, a lower-impact extraction technique.
The new permitting push will allow the company to modify existing approvals to incorporate in-situ recovery capabilities both within and beyond the current mine boundary, including on adjacent federal lands.
Sweetwater is the second uranium project to receive fast-track treatment under the policy, following Anfield Energy’s (TSXV:AEC,NASDAQ:AEC) Velvet-Wood project in Utah, which received the status in May.
4. Denison Mines Moves Closer to Federal Approval for Phoenix ISR Uranium Project
Publish date: February 28, 2025
In February, Denison Mines (TSX:DML,NYSEAMERICAN:DNN) announced that the Canadian Nuclear Safety Commission (CNSC) had scheduled public hearings for its Wheeler River uranium project in Saskatchewan.
The hearings were scheduled for October 8 and December 8 to 12, and according to the company would represent the final stage in the federal environmental assessment process. Denison holds an effective 95 percent interest in Wheeler River, the largest undeveloped uranium project in the Eastern Athabasca Basin. If approved, the company expects to begin site preparation and construction for its Phoenix in-situ recovery uranium project in early 2026.
In its Q3 report, released on November 6, Denison said the first part of the hearing was complete, and that it was expecting a decision from the CNSC in early 2026 after part two of the hearing.
5. Western Australia Reviews Uranium Mining Ban as Nuclear Energy Investment Grows
Publish date: October 2, 2025
Possibly the biggest uranium news in Australia in 2025 was Western Australia’s move to consider lifting its ban on new uranium licenses. In October, ahead of an energy-focused trade mission to China and Japan, Premier Roger Cook signaled the policy might be under review as part of broader strategic development considerations.
China, Western Australia’s largest trading partner, accounts for more than half of the state’s exports.
While the state’s three existing uranium mines continue to operate under previously approved permits, no new developments have been allowed since the ban was put in place in 2017. Cook emphasized that Western Australia intends to respect legal mining leases, while exploring future opportunities.
He also stressed that any change to the uranium policy would likely depend on a “significant shift” in global markets, while the state continues to monitor existing permit holders and potential future projects.
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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IRIS Metals Limited (ASX: IR1, “IRIS” or “the Company”) is pleased to announce it has executed a binding Heads of Agreement (HOA) with Finley Mining Inc for the exclusive right to farm-in to the Finley Basin Tungsten Project (Tungsten Project) located in Granite County, Montana, USA. This strategic farm-in opportunity further expands IRIS’ exposure to critical minerals beyond lithium, positioning the Company in a key tungsten district with historical production potential and untapped high-grade tungsten potential in a jurisdiction primed for revival under U.S. critical minerals policies.
HIGHLIGHTS
- IRIS Metals has signed a binding Heads of Agreement with Finley Mining Inc and its shareholders, granting IRIS an exclusive right to farm-in to the high-grade Finley Basin Tungsten Project, located in Granite County, Montana, USA, subject to the execution of full form farm-in agreements to be negotiated in good faith on the agreed key terms within 40 business days (unless extended).
- Due to the transaction materialising during a proposed capital raising program, the Company decided not to raise capital at this point in time, having regard to the strategic merits of the Tungsten acquisition.
- Limited drilling undertaken by Union Carbide in the late 1970s–early 1980s resulted in a historical, non-JORC compliant tungsten reserve, 850,000 tons at an average grade of 0.68% WO₃1, which is considered high-grade relative to many global tungsten deposits.
- The farm-in provides IRIS with exposure to tungsten, a critical mineral with strategic importance for defense, energy, and industrial applications, complementing IRIS’ existing critical minerals portfolio.
- The farm-in structure allows IRIS to earn up to a 100% interest in the project through staged exploration expenditure of up to USD$2,000,000 over 4 years and delivery of a JORC- compliant Inferred Resource.
- Exploration activities to commence at the Finley Basin Project in early 2026, focusing on resource definition, expansion, and development studies.
- The transaction aligns with IRIS’ strategy to expand its critical minerals footprint in the USA, leveraging incentives for domestically sourced materials.
IRIS Metals Executive Chairman Peter Marks commented:
‘This binding agreement marks an exciting step for IRIS as we grow and diversify our critical minerals portfolio into tungsten, a vital component for the defense and technology industries. The Finley Basin Project offers significant upside with its prospective geology and location in a mining-friendly jurisdiction. Combined with our existing South Dakota portfolio, this positions IRIS to capitalise on significantly growing demand for US-sourced critical minerals.’
Montana Portfolio Expansion and Development
IRIS is actively evaluating additional critical mineral opportunities to complement its core South Dakota holdings. This farm-in to the Finley Basin Tungsten Project diversifies IRIS’ assets into tungsten, a critical mineral essential for military energetics, alloys, electronics, and renewable energy technologies, with U.S. demand surging amid defense initiatives and clean energy goals, yet vulnerable to geopolitical supply disruptions.
The expansion of IRIS’ mineral portfolio to tungsten was measured in approach with a number of projects reviewed and compared. The Company selected the Finley Basin Project due to its high-grade characteristics when compared other tungsten occurrences in the US2, historical exploration results, favourable jurisdiction, potential for expansion of known mineralisation, local milling capabilities, and reasonable proximity to the Company’s South Dakota operations.
IRIS’ primary focus remains on advancing its South Dakota lithium and rubidium projects toward near- term development under its “Hub & Spoke” strategy, which emphasises centralized processing across multiple sites.
Recent expansions, including the September 2025 acquisition of the Ingersoll Project from Rapid Critical Metals have significantly grown IRIS’ Black Hills footprint and private land holdings. IRIS is rapidly expanding mineral resources and progressing studies to support a multi-mine production model, with economic analysis targeted for 2026.
This strategic diversification importantly aligns with broader U.S. incentives for domestically sourced critical minerals and supports resilient supply chains under frameworks such as the Australia-U.S. Climate, Critical Minerals and Clean Energy Transformation Compact.
Click here for the full ASX Release
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