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Top 5 Canadian Mining Stocks This Week: Sigma Lithium Flips the Switch with 64 Percent Gain

Investing 10 Mins Read

Statistics Canada released October’s consumer price index (CPI) data on Monday (November 17). The figures showed that inflation softened during the month, falling to 2.2 percent year-over-year from 2.4 percent in September.

The agency cited a 9.4 percent decrease in gasoline prices as the main contributing factor, following a 4.1 percent decrease the previous month. However, less gasoline prices, CPI actually rose by 2.6 percent in both October and September.

Statistics Canada also noted slowing grocery prices, reporting a 3.4 percent year-over-year increase in October compared to the 4 percent recorded in September. Additionally, October saw the largest month-on-month drop in grocery prices since September 2020 at 0.6 percent.

On Thursday (November 20), StatsCan released September’s monthly mineral production survey.

The data shows that gold production declined month-over-month, while copper and silver output increased.

Gold production fell to 16,978 kilograms compared to 17,651 kilograms in August. Meanwhile, copper production rose significantly to 36.23 million kilograms from 30.47 million, and silver production jumped to 28,384 kilograms from 24,801 kilograms.

Shipments, however, increased broadly in September. Gold shipments rose to 19,025 kilograms from 16,289 kilograms in August, and silver shipments jumped to 33,296 kilograms from 25,636. Copper shipments increased the most, spiking to 44.04 million kilograms from 27 million.

For more on what’s moving markets this week, check out our top market news round-up.

Markets and commodities react

Canadian equity markets were in retreat this week.

The S&P/TSX Composite Index (INDEXTSI:OSPTX) was flat, gaining just 0.19 percent over the week to close Friday (November 21) at 30,160.65.

Meanwhile, the S&P/TSX Venture Composite Index (INDEXTSI:JX) lost 1.3 percent to 854.76. The CSE Composite Index (CSE:CSECOMP) had another bad week, dropping 3.44 percent to close at 145.59.

The gold price fell 0.43 percent to US$4,065.32 by 4:00 p.m. EST Friday. The silver price fared worse, dropping 1.07 percent to US$50.02.

Meanwhile, in base metals, the COMEX copper price ended the week down 0.3 at US$5.07 per pound.

The S&P Goldman Sachs Commodities Index (INDEXSP:SPGSCI) dropped 2.01 percent to end Friday at 546.41.

Top Canadian mining stocks this week

How did mining stocks perform against this backdrop?

Take a look at this week’s five best-performing Canadian mining stocks below.

Stocks data for this article was retrieved at 4:00 p.m. EST on Friday using TradingView’s stock screener. Only companies trading on the TSX, TSXV and CSE with market caps greater than C$10 million are included. Mineral companies within the non-energy minerals, energy minerals, process industry and producer manufacturing sectors were considered.

1. Sigma Lithium (TSXV:SGML)

​Weekly gain: 64.01 percent
Market cap: C$1.48 billion
Share price: C$13.67

Sigma Lithium is a lithium mining company advancing its Grota do Cirilo operation in Minas Gerais, Brazil.

Operations at the Greentech processing facility were commissioned in 2023, with an annual nameplate capacity of 270,000 metric tons of lithium oxide concentrate. The company is currently constructing its Phase 2 expansion that will more than double that capacity.

In its third-quarter results released on November 14, Sigma reported that net revenue increased to US$28.5 million, 69 percent higher than Q2 and 36 percent higher than the same period in 2024.

The report also stated that Sigma upgraded its mining operations in Q3 with the goal of reaching the plant’s full capacity of 300,000 metric tons in 2026. As part of this process, Sigma is doubling its mining fleet. The company expects production to resume by the end of November, with full operational capacity expected in Q1 2026.

The report boosted Sigma’s share price, as did climbing lithium prices, which have gained more than 10 percent in November and more than 50 percent since bottoming out in June.​

2. Li-FT Power (TSXV:LIFT)

​Weekly gain: 52.63 percent
Market cap: C$201.24 million
Share price: C$4.35

Li-FT is a lithium exploration company advancing its flagship Yellowknife lithium project in the Northwest Territories, Canada.

The 1,843 hectare property, located east of the city of Yellowknife, hosts 13 spodumene-bearing pegmatites. Its current combined inferred resource estimate across eight of those pegmatites stands at 50.38 million metric tons of ore grading 1 percent lithium oxide for 1.25 million metric tons of lithium carbonate equivalent (LCE).

The company also owns the Cali project in the Northwest Territories, and the Pontax, Rupert and Moyenne projects in the Eeyou Istchee James Bay region of Québec, Canada.

On Tuesday, Li-FT filed a final base shelf prospectus to replace the previous prospectus that expired on October 21. The company said the new filing will permit it to offer common shares, warrants, subscription receipts, units or debt securities up to a total of C$200 million until it expires in December 2027.

Li-FT also said it was changing its financial year-end from November 30 to December 31 to better align with the timing of the company’s financial reporting and with its peers.

The company is another lithium stock benefiting significantly from rising lithium prices this week.​

3. LithiumBank Resources (TSXV:LBNK)

Weekly gain: 45.59 percent
Market cap: C$32.45 billion
Share price: C$0.50

LithiumBank is a lithium exploration and development company advancing its Boardwalk and Park Place lithium brine projects in Alberta, Canada, both of which overlap with the Leduc and Swan Hills formations.

Boardwalk consists of 395,369 acres of brine-hosted licenses about 85 kilometers east of Grand Prairie in an area with a history of hydrocarbon extraction.

According to Boardwalk’s mineral resource estimate from a February 2025 technical report, the project hosts a measured resource of 1.67 million metric tons of LCE with an average grade of 81.2 milligrams per liter (mg/L), and an indicated resource of 3.52 million metric tons of LCE with an average grade of 81.8 mg/L, all within the Leduc formation.

Park Place, located 50 kilometers south of Boardwalk, consists of 1.4 million acres of licenses. A June 2024 mineral resource estimate demonstrated an inferred resource of 10.08 million metric tons LCE with a grade of 79.4 mg/L at the Leduc aquifer, and 11.6 million metric tons of LCE with an average grade of 80.9 mg/l at the Swan Hills aquifer.

The most recent news from the company came on Thursday, when LithiumBank reported that, following its award of C$3.9 million in funding for certain milestones through Alberta’s Emission Reduction Act in July, it is working to acquire a second past-producing well at Boardwalk.

LithiumBank is focused on commencing near-term production at Boardwalk using modular direct lithium extraction plants, which the company said it believes this second well can likely support.

Rising lithium prices also helped support LithiumBank this week.

4. Abcourt Mines (TSXV:ABI)

Weekly gain: 41.67 percent
Market cap: C$72.45 million
Share price: C$0.085

Abcourt Mines is a gold mining and development company focused on ramping up operations at its Sleeping Giant gold mine in the Abitibi region of Québec.

Sleeping Giant hosts an underground mine along with a mill capable of processing 750 metric tons per day. The property consists of four mining leases covering an area of 458 hectares and 69 claims.

A July 2023 preliminary economic assessment demonstrates an after-tax net present value of US$77.5 million with an internal rate of return of 33.3 percent over a payback period of 2.2 years.

The company has been working on restarting mining operations at the site throughout 2025, and achieved its first gold pour in September.

The most recent news came on November 11, when the company released an update from Sleeping Giant. In the announcement, the company stated that in October it had milled 2,563 metric tons of ore with a head grade of 6 grams per metric ton of gold, producing 475 ounces of gold.

Abcourt also said progress at the site was continuing with one stope in production and two more under development. Additionally, civil engineering was underway at the tailings facilities in preparation for a planned lift in summer 2026.

5. Pure Energy Minerals (TSXV:PE)

Weekly gain: 38.1 percent
Market cap: C$10.19 million
Share price: C$0.29

Pure Energy is a lithium exploration company that owns a 3 percent net smelter return (NSR) on the Clayton Valley lithium brine project in Nevada, United States.

The project consists of 950 placer claims covering 9,450 hectares. In September 2024, Pure Energy announced that its project partner, SLB, had completed an earn-in to acquire a 100 percent stake in Clayton Valley, leaving Pure Energy with its NSR.

Through 2023 and into 2024, SLB completed construction of a direct lithium extraction pilot plant at the site, with the first lithium production occurring in March 2024.

This Thursday, Pure Energy released its management discussion and analysis for the quarter ending September 30, 2025. In the report, the company restated its position in Clayton Valley, noting that it is receiving annual payments of US$400,000 from SLB until commercial production, after which time it will receive its 3 percent NSR on minerals produced.

Pure Energy’s share price increased significantly this week alongside rising lithium prices.

FAQs for Canadian mining stocks

What is the difference between the TSX and TSXV?

The TSX, or Toronto Stock Exchange, is used by senior companies with larger market caps, and the TSXV, or TSX Venture Exchange, is used by smaller-cap companies. Companies listed on the TSXV can graduate to the senior exchange.

How many mining companies are listed on the TSX and TSXV?

As of May 2025, there were 1,565 companies listed on the TSXV, 910 of which were mining companies. Comparatively, the TSX was home to 1,899 companies, with 181 of those being mining companies.

Together, the TSX and TSXV host around 40 percent of the world’s public mining companies.

How much does it cost to list on the TSXV?

There are a variety of different fees that companies must pay to list on the TSXV, and according to the exchange, they can vary based on the transaction’s nature and complexity. The listing fee alone will most likely cost between C$10,000 to C$70,000. Accounting and auditing fees could rack up between C$25,000 and C$100,000, while legal fees are expected to be over C$75,000 and an underwriters’ commission may hit up to 12 percent.

The exchange lists a handful of other fees and expenses companies can expect, including but not limited to security commission and transfer agency fees, investor relations costs and director and officer liability insurance.

These are all just for the initial listing, of course. There are ongoing expenses once companies are trading, such as sustaining fees and additional listing fees, plus the costs associated with filing regular reports.

How do you trade on the TSXV?

Investors can trade on the TSXV the way they would trade stocks on any exchange. This means they can use a stock broker or an individual investment account to buy and sell shares of TSXV-listed companies during the exchange’s trading hours.

Article by Dean Belder; FAQs by Lauren Kelly.

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

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

This post appeared first on investingnews.com

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Editor’s Picks: Gold and Silver Prices Stay Steady, Barrick Faces Breakup Rumors

Investing 4 Mins Read

The gold price remained fairly steady this week after last week’s brief uptick, largely trading between US$4,000 and US$4,100 per ounce.

As is often the case, its sister metal silver was more volatile, jumping briefly above the US$52 per ounce level midway through the period.

The precious metals faced some pressure on Thursday (November 20) after the release of September US jobs data. The Department of Labor report, which was delayed due to the government shutdown, came in stronger than expected, with nonfarm payrolls increasing by 119,000 for the month — more than double the gain of 50,000 estimated by analysts.

The jobs numbers have dampened expectations that the US Federal Reserve will cut interest rates at its December meeting, as have minutes from the central bank’s latest meeting.

‘This (data) essentially confirms what the Fed discussed in October — a slowing yet stable jobs market. A December rate cut now appears increasingly unlikely’ — Peter Grant, Zaner Metals

The minutes highlight the divide among Fed officials, who were not all in favor of October’s rate reduction. They also state that while ‘several participants’ believe lowering rates could be appropriate next month, ‘many’ want to leave rates unchanged.

Fed Chair Jerome Powell said previously that a December cut isn’t a ‘foregone conclusion.’

Aside from that, the minutes indicate broad approval for the end of quantitative tightening (QT) on December 1. Adrian Day of Adrian Day Asset Management highlighted the end of QT in our recent interview, saying that he sees a potential transition to quantitative easing ahead.

Bullet briefing — Barrick faces turmoil, MP does Saudi refinery deal

Barrick Mining faces more turmoil

Turmoil continued for gold and copper producer Barrick Mining (TSX:ABX,NYSE:B) this week after a series of company developments made headlines.

First, Reuters reported that Barrick’s board is considering splitting the company into two different entities: one focused on North America, and the other on Africa and Asia.

Four sources familiar with the firm’s thinking told the news outlet that Barrick’s African assets could also be sold outright, as could the Pakistan-based Reko Diq mine — essentially undoing Barrick’s 2019 merger with Africa-focused Randgold Resources.

Barrick didn’t respond to requests for comment, but later in the week news hit that activist investor firm Elliott Investment Management has taken a ‘large stake’ in Barrick.

Sources told the Financial Times that Elliott is now among Barrick’s 10 top investors, meaning its stake is worth at least US$700 million. Elliott hasn’t shared information about what it would like Barrick to do, but is reportedly ‘encouraged’ by the idea of breaking the company in two.

Barrick has faced numerous headwinds recently, including the seizure of a key gold mine in Mali and the departure of CEO Mark Bristow. Bristow, who took the helm at Barrick after it joined forces with Randgold, abruptly stepped down in September after facing criticism.

Although shares of Barrick are up close to 130 percent year-to-date, the company has underperformed compared to its peers in the gold space.

Bristow is not the only person to leave Barrick lately — the last piece of news about the company this week is that two senior managers and a top executive have departed. CEO Mark Hill announced the changes in a memo seen by Bloomberg, saying the company is looking to evolve its operating model so that it’s in line with strategic priorities.

MP’s latest rare earths deal

Rare earths miner MP Materials (NYSE:MP) and the US Department of Defense are teaming up on a strategic joint venture with Saudi Arabian Mining Company (Maaden).

The deal, which will see the three entities collaborate on a Saudi Arabian rare earths refinery, comes after the US and Saudi Arabia signed a strategic framework on securing critical supply chains. The refinery will process rare earths feedstock from Saudi Arabia and elsewhere, and will be able to produce both light and heavy rare earths.

Under the Trump administration, the US has ramped up efforts to break China’s rare earths dominance, boosting relationship with MP Materials in the process — in July, the defense department agreed to buy US$400 million worth of preferred stock in the company, a move that MP called a ‘transformational public-private partnership.’

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

This post appeared first on investingnews.com

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Jake Paul cites ‘delusional optimism’ ahead of Anthony Joshua fight

Sport 3 Mins Read

Anthony Joshua towered over Jake Paul. The moment underscored the massive size difference between the two men.

It was their first face off, and it had all the looks of a monumental mismatch waiting to happen, with the 6-foot-6 Joshua and the 6-1 Paul set to fight in an eight-round heavyweight bout Dec. 19 in Miami.

But during a press conference held at the same place they’ll fight – the Kaseya Center in Miami – Paul on Nov. 21 cited “delusional optimism’’ as he prepares for an eight-round heavyweight bout against the former two-time heavyweight champion from Great Britain.

“All of these things I’ve gotten to where I’m at today (are) because of delusional optimism,’’ Paul said. “And so it’s delusion until it’s not, because look at where we’re sitting today.

“No one ever thought that this would be possible, that we would be here when I first started boxing, and no one thinks I’m going to win. So join the list and be ready to be shocked.’’

Joshua expressed respect for Paul, who made his pro debut in January 2020 and is now 12-1 with seven knockouts. But Joshua, who is 28-4 with 25 knockouts, surely knows he will be the biggest challenge yet in Paul’s boxing career.

“If I’m going to be honest, I’m going to break his face, I’m going to break his body up, I’m going to stomp all over him,’’ Joshua said.

Paul indicated he would welcome punishment from Joshua.

“I want him to cut me up,’’ Paul said. “I want him to break my face, but guess what? He’s going to have to kill me to stop me and I’m ready to die. Seriously. Ready to die in the ring to win this fight.’’

The weight issue

Joshua must weigh no more than 245 pounds at weigh-in, according to the fight rules as announced by Most Valuable Promotions, which is partnering with Netflix.

That’s about 100 pounds more than Gervonta Davis was expected to weigh in for his fight against Paul. The fight was canceled amid legal issues stemming from a lawsuit filed against Davis.

Joshua, asked how much he expected to weigh by the time of the fight without a rehydration clause in place, said he’s focused on 245 pounds.

 “Anything else is a bonus after that,’’ said Joshua, who has weighed in at 250 pounds or more for his last five fights.

Paul, who was required to weigh in at no more than 195 pounds for his fight against Davis, said he expects to weigh between 215 and 225 pounds for the fight against Joshua.

“Man, I was cutting down for Gervonta, so it’s been a little tough getting back up and some strength for this,’’ Paul said.

But Paul also rejected the notion that his being smaller than Joshua will put him at a disadvantage.

“Look, he’s one of the best heavyweights ever,’’ Paul said of Joshua. “But I believe that fighting a smaller man is oftentimes harder as a heavyweight because of the speed difference and because of the foot speed, because of the angles, because the head being off of the center.

“And so all of that power is great and he’s knocked people out. I just have to avoid that one shot for eight rounds and I believe that I can do that.”

This post appeared first on USA TODAY

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Jake Paul vs. Anthony Joshua fight comes with ‘weird’ twist

Sport 5 Mins Read

  • Heavyweight boxer Cassius Chaney was scheduled to fight Anthony Joshua but the bout was canceled.
  • Chaney is now serving as a sparring partner for Jake Paul ahead of Paul’s fight against Joshua.
  • Chaney, who is the same height as Joshua, is helping Paul prepare at his training facility in Puerto Rico.

As Jake Paul and Anthony Joshua prepare for their fight Dec. 19 in Miami, Cassius Chaney is the central figure in an unlikely twist.

Chaney, a heavyweight boxer from Baltimore, was set to fight Joshua Nov. 22 in Saudi Arabia. Now he’s in Puerto Rico, helping prepare Paul to fight Joshua.

“Things sometimes just work out in weird ways,’’ Chaney told USA TODAY Sports.

During a press conference Nov. 21, Joshua mentioned that Chaney was in Paul’s camp.

Paul chimed in, saying,“Already whooped that (butt). Sorry, Cassius.’’

But Chaney sounded only grateful this week during an interview with USA TODAY Sports. The story started less than a month ago when, according to Chaney, he was contacted by Joshua’s promoter, Matchroom Boxing, and offered a chance to fight the former two-time heavyweight champion from Great Britain.

But last week, Chaney said, his fight with Joshua was canceled when Paul and Anthony agreed to their fight.

 “I was disappointed and I was upset,’’’ Chaney said.

Then came the twist.

In attempt to confirm Paul and Joshua had officially agreed to fight, Chaney said he called Danny Davis, who is Paul’s cutman and someone Chaney said he knows well.

“He actually worked on my hands a lot when I was in Philadelphia training,’’ Chaney said.

According to Chaney, Davis said he talked to Paul, confirmed the fight with Joshua was official and then invited Chaney to Puerto Rico to serve as a sparring partner for Paul.

Working with Jake Paul: ‘He’s open to information’

Chaney is 6-foot-6, the same height as Joshua. He is 38, two years older than Joshua. He is 24-3 and, like Joshua, has power – 17 of his 24 victories have come by knockout.

But while Joshua won an Olympic gold medal in 2012 before he turned pro and became a two-time heavyweight champion, Chaney has fought mostly in obscurity. Now he’s joined Paul’s high-end camp. During an interview with USA TODAY Sports this week, Chaney said he’s staying in a villa on Paul’s compound.

“Every room has a bathroom, like a mini mansion or something,’’ he said. “I’m actually the only person in this house. …

“The gym is awesome. It is like state-of-the-art. They have two (boxing) rings, a recovery room upstairs, everything – weights, red-light sauna, salt bath, cold tub, massage therapist, everything.’’

Chaney said he’s also been struck by something else – Paul.

“I know I’m stronger than him, but he’s doing pull-ups easier than me,’’ Chaney said. “I know I’m stronger than him, but he’s doing the bench press a little easier than me. He works hard.

“And he’s cool, too. You can go tell him, ‘Hey, man, try this out or try that out and maybe you should try this.’ And he’s open to information. The first day the coaches told me, ‘Hey, you go tell him what you think he needs to do and that type of stuff.’ So it’s very professional and open.”

Chaney said he’s already offered advice to Paul.

‘I told him that when he’s trying to throw his overhand right, he has to keep his eyes up,” Chaney told USA TODAY Sports. ‘Instead of dropping his head down, he’s looking for the overhand, but sometimes he drops his head down and he doesn’t see where the punch is going.

‘It’s better to see where the punch is going when he’s throwing it, so he knows if it lands or not. And he can tell if I’m throwing a punch back.”

Assessing Jake Paul’s skills: ‘He knows what he’s doing’

Although Paul is a significant underdog for his fight with Joshua, Chaney expressed hope for his new boss.

He complimented Paul for his boxing IQ and his athleticism.

“Jake, he knows what he’s doing,’’ Chaney said. “He’s definitely strong, but he has to be crafty and stay elusive.’’

While working with Paul, Chaney said, he realized he wasn’t truly prepared for the fight with Joshua that fell through. He said he thinks he had the power to drop Joshua but that watching Paul train has revealed more Chaney could have done during his own training regimen.

“For the resources we had, we were making it work,’’ Chaney said of his abbreviated training camp. “But you come down here and I get into the strength and conditioning with (Paul) and I’m like, ‘Yo, hold on.’

“This is what I need to be doing.’’

So what’s next for Chaney?

“I haven’t heard I’m going to be a millionaire so much in my life since the last three weeks,’’ he said. “So I’m like, maybe somebody knows something I don’t know, or people know something I don’t know.

“But one of the main things I’ve heard when I came down here straight up, you got to give yourself the best chance you can give yourself. And I’m happy I came down here getting to see the stuff that I need. You know what I mean?’’

This post appeared first on USA TODAY

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Speed skating phenom Jordan Stolz qualifies for Winter Olympics

Sport 3 Mins Read

Jordan Stolz made it official: He’s going to the 2026 Milano Cortina Winter Olympics.

The American phenom locked a spot on the U.S. speed skating team with his first-place finish in the 1,000 meters on Friday, Nov. 21 at the World Cup event in Calgary, Alberta. His time of 1:06.0 was 0.63 off his own world record.

Because Stolz was a medalist at the world championships in March, winning silvers in the 500 and 1,500 meters and a bronze in the 1,000, he was eligible to secure his place on the team ahead of the Olympic trials by finishing in the top five in the same distance at two of the first four World Cups.

Stolz won the 500, 1,000 and 1,500 meters at the first World Cup speed skating event in Salt Lake City last weekend. That meant his next top five in any of those distances would guarantee him a trip to the Olympics.

Stolz does still need to qualify to race the 500 and 1,500 meters. He’ll race both distances Saturday, Nov. 22 and will have another 500 meters Sunday, Nov. 23.

‘It’s not something I think that hard about,’ Stolz said after winning the 1,000 meters in Salt Lake. ‘I just try and focus on (how I’m) feeling physically. Each race, trying to make it feel a little bit better, get a little more comfortable.’

It was pretty much a given that Stolz would make the Olympic team. He swept the sprint distances at the world championships in 2023 and 2024, and was the overall champion in each of the three races last season.

But there is something to be said for having qualification out of the way already rather than having to wait until the Olympic trials, which are Jan. 2-5 in Milwaukee, and hope nothing goes wrong.

Like what happened four years ago, when Erin Jackson came into trials as the world’s best in the 500 meters, only to slip during her race and finish third.

Jackson made the team when Brittany Bowe, who’d won the race, declined her spot for Jackson. Jackson would go on to win gold in the 500 meters at the Beijing Olympics.

U.S. Speed Skating changed its Olympic qualifying procedures as a result. In addition to world medalists being able to secure their spots with two top-five finishes, a skater who is on the podium in the same distance at two World Cups qualifies for the team.

‘If you’re able to hit those benchmarks, then you deserve to have a spot on the team,’ Bowe said in Salt Lake. ‘I think it’s a great addition to have some sense of security going into the Olympic trials if you’re podiuming consistently or you’re on the world championships podium last year. So I do love the addition.’

This post appeared first on USA TODAY

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UConn outlasts Michigan in top-10 thriller to remain undefeated

Sport 8 Mins Read

The top-10 women’s basketball matchup between No. 1 UConn and No. 9 Michigan, the first meeting between the two programs, lived up to the billing on Friday. 

The Huskies defeated the Wolverines 72-69 at the Basketball Hall of Fame Women’s Showcase at Mohegan Sun Arena in Uncasville, Connecticut, cutting Michigan’s gutsy comeback just short. 

UConn completely dominated the first half of the contest and built up a 20 point lead by the third quarter. Just when it looked like UConn was going to cruise to its fifth win of the season, Michigan upped the pressure and completely changed the momentum of the game with an 18-2 run to close the third quarter down by four points.

The Huskies showed their experience and quickly stretched their lead back to 13 points with 3:37 remaining, but the Wolverines never faltered and continued coming at the Huskies. Michigan sophomore guard Syla Swords knocked down three of her eight 3-pointers in the final minute of the contest, including a deep 3 with 13 seconds remaining to come within one point, 70-69.

What ensued next was utter chaos. Michigan fouled UConn’s Azzi Fudd with eight seconds remaining and Fudd made both her free throws to go up 72-69. Michigan’s Olivia Olson inbounded the ball to Swords, who was stripped in the backcourt by UConn’s KK Arnold. Ashlynn Shade then turned the ball over to Michigan’s McKenzie Mathurin, but the Wolverines weren’t able to get a final shot off.

UConn improves to 46-1 all-time at Mohegan Sun Arena. UConn is 136-56 all-time in games where both teams are ranked in the top 10. This was the first meeting between UConn and Michigan.

Azzi Fudd finished with a game-high 31 points, two steals and two blocks, while Sarah Strong added 16 points, 20 rebounds, six assists, four blocks and three steals. 

Swords had 29 points and nine rebounds in the losing effort, while Olson added 18 points and 10 rebounds.  

UConn vs. Michigan highlights

End of Q3: UConn 49, Michigan 45 

We have a ball game at Mohegan Sun Arena in Uncasville, Connecticut. 

Michigan trailed by as many as 20 points in the third quarter, but the Wolverines went on an 18-2 run to cut their deficit to four points. UConn had six turnovers in the third quarter, which fueled Michigan’s comeback and the Wolverines outscored the Huskies 18-4 in the frame.

Syla Swords scored nine points in the third quarter and has a team-high 17 points, while Olivia Olson is up to 12 points. 

The Huskies shot 2-of-15 from the field in the third quarter. UConn has not scored since the 6:19 mark.

Halftime: UConn 45, Michigan 27

UConn guard Azzi Fudd ended the second quarter with an exclamation point after knocking down a buzzer-beating jumper to push the Huskies’ lead over Michigan to 18 points at halftime. 

The Huskies have been utterly dominant. UConn is shooting 46% from the field and 6-of-17 from the 3-point line, while holding the Wolverines to 28% from the field and 5-of-17 from 3. That’s a major feat considering the Wolverines are averaging 99.2 points per game this season, the fourth highest-scoring offense in the nation. 

Fudd has a team-high 18 points and two steals for the Huskies, while sophomore forward Sarah Strong already has a double-double with 10 points, 12 rebounds, four assists, three blocks and three steals in 20 minutes of play. 

Michigan appeared to settle in during the second quarter, scoring 22 points in the frame compared to only five points in the first quarter, but the Wolverines are still struggling to take care of the ball with 10 total turnovers in the half. 

Michigan sophomore guard Olivia Olson leads the Wolverines with nine points (4-of-10 FG, 1-of-5 3PT), while sophomore guard Syla Swords added eight points (2-of-12 FG, 2-of-6 3PT).

UConn first meeting vs. Michigan

End of Q1: UConn 22, Michigan 5

UConn showed why it’s the top-ranked team in the nation following a dominant first-quarter performance. The Huskies came out with their foot on the gas on Friday and built a 17-point lead, while holding the Wolverines to five points through the first 10 minutes.

Michigan shot a dismal 2-of-20 from the field and 1-of-7 from the 3-point line due to the constant pressure applied by the Huskies. UConn forced Michigan into five turnovers, which the Huskies converted to five points.

Sarah Strong and Ashlynn Shade each scored six points for UConn in the first quarter. Strong is already up to nine rebounds, rounding out her stat line with three blocks, one assist and one steal in 10 minutes of play. Azzi Fudd added five points and two steals. 

Michigan’s Syla Swords has three points, while Olivia Olson added two points. 

UConn jumps to 10-3 lead vs. Michigan

The top-10 showdown between UConn and Michigan is underway at Mohegan Sun Arena in Uncasville, Connecticut, home of the WNBA’s Connecticut Sun, which is less than 30 miles from Storrs, Connecticut.

Both teams came out with early jitters and missed some shots early on, but Huskies forward Sarah Strong opened up the scoring with a layup nearly two minutes into the game. Strong has done a little bit of everything so far. She’s up to four points, three rebounds, one assist, one steal and one block as the Huskies lead 10-3 with 4:41 remaining in the first quarter.

Michigan sophomore guard Syla Swords got the Wolverines on the board with a 3-pointer, Michigan’s only field goal so far. Michigan is 1-of-7 from the field.

What time is Michigan vs. UConn women’s basketball?

Top-ranked UConn (4-0) faces No. 6 Michigan (4-0) in the Basketball Hall of Fame Women’s Showcase at 8 p.m. ET on Friday, Nov. 21, at Mohegan Sun Arena in Uncasville, Connecticut.

Michigan vs. UConn: TV, streaming

  • Date: Friday, Nov. 21
  • Time: 8 p.m. ET (5 p.m. PT)
  • Location: Mohegan Sun Arena in Uncasville, Connecticut
  • TV: FOX
  • Stream: Fubo, ESPN Unlimited

UConn Huskies starting lineup

  • (2) KK Arnold
  • (12) Ashlynn Shade
  • (21) Sarah Strong
  • (22) Serah Williams
  • (35) Azzi Fudd

UConn women’s basketball roster

Michigan Wolverines starting lineup

Head coach: Kim Barnes Arico

  • (1) Olivia Olson
  • (3) Mila Holloway
  • (5) Brooke Quarles Daniels
  • (12) Syla Swords
  • (15) Ashley Sofilkanich

Michigan women’s basketball roster

Check out UConn’s championship rings

The ‘Power of Friendship’ lifted the UConn women’s basketball team to the program’s 12th national championship in April and the phrase has been commemorated forever in the team’s new bling.

Nearly seven months after the Huskies defeated South Carolina 82-59 in the 2025 NCAA championship game to win the university’s first title since 2016, Dallas Wings guard Paige Bueckers returned to Storrs, Connecticut, to receive the first national championship ring of her career alongside former teammates.

‘The power of friendship … is the reason that we did win it,’ said Bueckers, who helped design the ring alongside Azzi Fudd and Caroline Ducharme. ‘We just went off of straight vibes and we stuck together through it all.’

From facing UConn to fueling them: Kayleigh Heckel’s seamless transition

STORRS, Conn. — If you can’t beat ’em, join ’em.

That may not be exactly how sophomore Kayleigh Heckel ended up playing for No. 1-ranked UConn, but it is true that she finished her freshman season at USC with a loss to the team she ended up joining after entering the transfer portal.

‘My last game at USC was against UConn,’ Heckel said in a video posted by UConn prior to the season. ‘The stakes were high, was the Elite Eight game, so excited to be on this side now.’ Read full story here.

UConn freshman Blanca Quiñonez latest target of Auriemma’s tough love

UConn freshman Blanca Quiñonez, who Auriemma jokes ‘leads the free world in turnovers,’ is the most recent recipient of Auriemma’s affection. The Ecuador native played in her second collegiate game Nov. 16, scoring 18 points but also turning the ball over five times.

UConn remains No. 1 in the USA TODAY Sports women’s basketball poll

The defending champion Connecticut Huskies remain in the No. 1 spot in the latest USA TODAY Sports Coaches Poll, released on Tuesday, Nov. 18. UConn looks to become the first repeat champion since winning four straight from 2013-16.

USA TODAY Sports Coaches Poll

  1. UConn (4-0)
  2. South Carolina (4-0)
  3. UCLA (5-0)
  4. Texas (4-0)
  5. LSU (5-0)
  6. Maryland (5-0)
  7. Oklahoma (4-1)
  8. TCU (4-0)
  9. Michigan (3-0)
  10. Baylor (4-0)
  11. USC (2-1)
  12. North Carolina (3-1)
  13. Tennessee (3-1)
  14. Ole Miss (3-0)
  15. Iowa State (5-0)
  16. North Carolina State (2-2)
  17. Vanderbilt (3-0)
  18. Kentucky (5-0)
  19. Louisville (3-1)
  20. Iowa (4-0)
  21. Oklahoma State (5-0)
  22. West Virginia (4-0)
  23. Notre Dame (3-1)
  24. Duke (3-2)
  25. Michigan State (4-0)

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Sport

Nuggets lose Aaron Gordon but win big NBA Cup game vs. Rockets

Sport 4 Mins Read

The Denver Nuggets managed to overcome the loss of Aaron Gordon in the first half and beat the Houston Rockets on the road at the Toyota Center on Friday in an NBA Cup game. 

Nuggets star Nikola Jokić nearly produced a triple-double with 34 points, 10 rebounds and nine assists. Jamal Murray contributed to the victory with 26 points and 10 assists for Denver.

The Rockets held a three-point lead at halftime after a strong scoring performance from Reed Sheppard in the first half. The 2024 first-round pick scored 20 points. Sheppard was limited in the second half to just seven points, though.

Amen Thompson had 22 points and seven rebounds in the loss.

The two Western Conference teams have been tabbed by NBA experts as the teams most likely to challenge the Oklahoma City Thunder for the Western Conference crown this season.

Here’s how Friday’s NBA Cup game between the Denver Nuggets and Houston Rockets played out:

Nuggets-Rockets highlights

Final: Nuggets 112, Rockets 109

Jabari Smith Jr. scored a 3-pointer with 5.5 seconds left on the clock to cut into the Nuggets’ lead and make it a 1-point game at 110-109.

Smith fouled out of the game moments later on the Nuggets’ next possession. Jokić was sent to the foul line, where he managed to put the game away for the Nuggets.

3Q: Nuggets 80, Rockets 78

The Nuggets managed to keep pace with the Rockets, outscoring them 34-29 in the third quarter. Nikola Jokić has 28 points, nine rebounds and six assists in 27 minutes of action through three quarters of play. Jamal Murray has 12 points and eight assists.

Reed Sheppard scored just four points in the third quarter after 20 in the first half. Jabari Smith Jr. has 12 points and seven rebounds for the Rockets.

Aaron Gordon out for game

The Nuggets announced that Aaron Gordon suffered a right hamstring strain in the first half and he has been ruled out for the second half.

Halftime: Rockets 49, Nuggets 46

The Rockets outscored the Nuggets 37-21 in the second quarter to take the lead at halftime.

Reed Sheppard scored 20 points in the first half for Houston. Nikola Jokić was held to just three points in the second quarter for the Nuggets.

1Q: Nuggets 25, Rockets 12

Nikola Jokić had seven points and seven rebounds for the Nuggets in the opening quarter. Peyton Watson and Jamal Murray each scored five points. Kevin Durant had six of the Rockets’ 12 points.

Nuggets lead Rockets early

The Nuggets built up a 16-8 lead with 3:50 left in the first quarter. Jamal Murray has five points for Denver.

Rockets starting lineup vs. Nuggets

Alperen Şengün, Jabari Smith Jr., Steven Adams, Amen Thompson and Kevin Durant made up the starting lineup for the Rockets.

Nuggets starting lineup vs. Rockets

Jamal Murray, Cam Johnson, Peyton Watson, Aaron Gordon and Nikola Jokić started for the Nuggets.

What time is Nuggets vs. Rockets NBA Cup game today?

The Houston Rockers will host the Denver Nuggets in NBA Cup action at the Toyota Center at 9:30 p.m. ET on Friday, Nov. 21.

How to watch Nuggets vs. Rockets in NBA Cup: TV, live streaming

The Friday, Nov. 21 NBA Cup game between the Denver Nuggets and Houston Rockets will be live streamed nationally on Amazon Prime Video.

  • Date: Nov. 21, 2025
  • Time: 9:30 p.m. ET (8:30 p.m. local)
  • Location: Toyota Center (Houston)
  • TV: None
  • Streaming: Amazon Prime Video

Nikola Jokic’s hot start

The Denver Nuggets star is on an early pace to set new career highs and perhaps win his third NBA Most Valuable Player award:

  • Jokić last nine games stats: 34.0 PPG | 12.6 RPG | 11.3 APG | .724 2PT% | .476 3PT%
  • Jokić 2025-26 season stats: 29.1 PPG | 13.2 RPG | 11.1 APG — leads NBA in rebounds & assists

Alperen Sengun fueling Rockets

While Kevin Durant (25.5) tends to draw the most attention from opposing players and fans, teammate Alperen Şengün has been stuffing the stat sheets so far this season:

  • Şengün 2025-26 season stats: 23.4 PPG | 10.4 RPG | 8.7 APG | 45.3% FG% | .409 3PT%
  • Elite company: Şengün is the only player besides Jokić averaging 23+ PTS, 10+ REB, 7+ AST

The USA TODAY app gets you to the heart of the news fast. Download for award-winning coverage, crosswords, audio storytelling, the eNewspaper and more.

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Investing

Joe Cavatoni: Gold’s Key Driver Now, Plus 2026 Catalysts to Watch

Investing 1 Min Read

Joe Cavatoni, senior market strategist, Americas, at the World Gold Council, looks back on gold’s performance in 2025 and forward to what could be coming in 2026.

In his view, risk and uncertainty are key gold drivers that are likely to stay in place next year.

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

This post appeared first on investingnews.com

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Investing

Noble Mineral Closes its Non-Brokered Private Placement and Extends Warrants

Investing 5 Mins Read

(TheNewswire)

Toronto, Ontario November 20, 2025 TheNewswire – Noble Mineral Exploration Inc. ( ‘Noble’ or the ‘Company’ ) (TSX-V:NOB, FRANKFURT: NB7, OTCQB:NLPXF) is pleased to provide the following updates.

Private Placement

Noble closed its previously announced non-brokered private placement (the ‘ Private Placement ‘).  (Please see Noble’s news release of November 10, 2025.)  Noble raised gross proceeds of approximately $1,027,997.94 (before fees and expenses) through the issuance of 17,133,299 flow-through common share units (‘ FT Units ‘) priced at $0.06 per unit.  Each FT Unit was comprised of one common share issued as a ‘flow-through share’ as defined in the Income Tax Act (Canada) and designated as a flow-through common share (‘ FT Share ‘), and one-half non-flow-through common share purchase warrant, with  each full warrant being exercisable for two years for one common share of the Company at an exercise price of $0.10 per share.  In this Private Placement, Noble issued a total of 17,133,299 FT Shares and 8,566,649 warrants.

In connection with the Private Placement, Noble paid aggregate cash commissions of approximately $43,050 and issued a total of 647,497 broker warrants, each such broker warrant being exercisable for two years for one common share of the Company at an exercise price of $0.06 per share.

All securities issued in this Private Placement are subject to a four month hold period.

The closing proceeded after conditional approval of the Private Placement was granted by the TSX Venture Exchange (the ‘ Exchange ‘), and remains subject to final approval of the Exchange, as well as any other required regulatory approvals.

Noble intends to use the proceeds raised through the Private Placement to fund exploration expenditures on the Company’s properties located in Ontario.

Extension of Warrants

Noble has extended the term of a total of 7,933,3333 common share purchase warrants (the ‘ Extended Warrants ‘) that were issued as part of two of the Company’s previously completed private placements in 2022 and 2023. The Extended Warrants are now due to expire in November 2027 and December 2027. For further details, please refer to the news release issued by the Company on November 6, 2025. Noble has received final approval of the Exchange for the extension of the Extended Warrants.

Noble intends to notify each holder of the Extended Warrants, but it will not issue replacement warrant certificates unless requested by holders. Original warrant certificates must be presented to the Company in order to effect the exercise of the Extended Warrants.

About Noble Mineral Exploration Inc.

Noble Mineral Exploration Inc. is a Canadian-based junior exploration company, which has holdings of securities in Canada Nickel Company Inc., Homeland Nickel Inc., East Timmins Nickel Inc. (20%), and its interest in the Holdsworth gold exploration property in the area of Wawa, Ontario.

Noble holds mineral and/or exploration rights in ~70,000ha in Northern Ontario and ~24,000ha elsewhere in Quebec upon which it plans to generate option/joint venture exploration programs.

Noble holds mineral rights and/or exploration rights in ~18,000 hectares in the Timmins-Cochrane areas of Northern Ontario known as Project 81, ~2,215 hectares in Thomas Twp/Timmins, as well as an additional 20% interest in ~38,700 hectares in the Timmins area and ~175 hectares of mining claims in Central Newfoundland. Project 81 hosts diversified drill-ready gold, nickel-cobalt and base metal exploration targets at various stages of exploration. Noble also holds ~4,600 hectares in the Nagagami Carbonatite Complex and its ~3,200 hectares in the Boulder Project both near Hearst, Ontario.  ~3,700 hectares in the Buckingham Graphite Property, ~10,152 hectares in the Havre St Pierre  Nickel, Copper, PGM property, and ~1,573 hectares in the Cere-Villebon Nickel, Copper, PGM property, ~569 hectare Uranium/Rare Earth property (Chateau), ~461 hectare Uranium/Molybdenum property (Taser North),  ~4,465 hectares REE Mehmet Property, and the ~3,000 hectare Gull Lake REE Property all of which are in the province of Quebec .

https://www.noblemineralexploration.com

Noble’s common shares trade on the TSX Venture Exchange under the symbol ‘NOB’.

Cautionary Statement

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. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

The foregoing information may contain forward-looking statements relating to the future performance of Noble Mineral Exploration Inc. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially from the Company’s plans and expectations. These plans, expectations, risks and uncertainties are detailed herein and from time to time in the filings made by the Company with the TSX Venture Exchange and securities regulators.  Noble Mineral Exploration Inc. does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.

Contacts

H. Vance White, President

Phone:        416-214-2250

Fax:                416-367-1954

Email: info@noblemineralexploration.com

Investor Relations: ir@noblemineralexploration.com

Copyright (c) 2025 TheNewswire – All rights reserved.

News Provided by TheNewsWire via QuoteMedia

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Investing

Heliostar Presents Third Quarter 2025 Financial Results

Investing 20 Mins Read

Q3 2025 Quarter Highlights

  • Record Q3 2025 production of 9,165 Gold Equivalent Ounces (GEOs)
  • Q3 2025 sales of 7,709 GEOs
  • Q3 Operating income of US$14.2M; Net Income of US$1.3M after US$6.4M of Exploration costs
  • Consolidated cash costs of $1,500 per GEO sold and consolidated all-in sustaining costs (‘AISC’) of $1,825 for Q3 2025
  • US$34.6M in cash, 1,688 unsold gold ounces, working capital of US$46.7M and no debt
  • The Company is on track to achieve its annual production guidance of 31,000 to 41,000 GEOs, annual cash cost of $1,800-1,900 per GEO sold and AISC of $1,950-2,100 per GEO sold for 2025

Heliostar Metals Ltd. (TSXV: HSTR,OTC:HSTXF) (OTCQX: HSTXF) (FSE: RGG1) (‘Heliostar’ or the ‘Company’) today reported unaudited financial results for the three months ended September 30, 2025 (‘Q3 2025’), which corresponds to the second quarter of Heliostar’s fiscal reporting year 2025. Results are presented in US dollars, unless stated.

Heliostar CEO, Charles Funk, commented, ‘In Q3, Heliostar continued to generate strong cash flow from our operating mines. We grew production and strengthened our capital position while significantly reinvesting across the portfolio. In Q3, this included significant drill programs at Ana Paula and La Colorada, economic studies for La Colorada and Ana Paula as well as permissions and preparations to restart mining at San Agustin. Our strong cash balance has allowed us to internally fund this restart. This gives us a clear path to generate cash flow from operations which will fund the ongoing development of Ana Paula with little-to-no equity dilution.’

‘Our recently released PEA for Ana Paula shows that the additional 101,000 ounces per year of production at an all-in sustaining cost of just $1,011/oz will be a significant cash flow generator for Heliostar, supporting growth through the next decade. The cash generated by being a producer in the current gold price environment affords us opportunities to accelerate our plan to become a mid-tier producer with 500,000 ounces per year before the end of the decade.’

Third Quarter 2025 Quarterly Conference Call

Heliostar will host a quarterly conference call on Monday, November 24, 2025, at 2:00 PM, Eastern Time/11:00 AM Pacific Time. The call will provide a corporate update following the release of our financial and operating results for the third quarter of 2025.

Please use the link here to register for the call or visit the Company website at www.heliostarmetals.com.

Q3 2025 Operational and Financial Highlights

Total gold production of 9,165 gold equivalent ounces (‘GEO’) (8,949 gold ounces) in Q3 2025. Gold production was realized from mining the Junkyard Stockpile at the La Colorada mine, as well as re-leaching the previously stacked ore at the La Colorada and the San Agustin mines. Production year-to-date January – September 2025 (‘YTD’) remains on track to achieve the lower half of the 2025 guidance issued by the Company on February 4, 2025, of 31,000-41,000 GEOs.

Total Cash Cost of $1,500 per GEO produced in Q3 2025. The combined YTD cash cost (see ‘Non-IFRS Measures’) is $1,405 per GEO.

Total AISC of $1,825 per GEO sold in Q3 2025. The increase from Q2 reflects a change in calculation methodology to include corporate General and Administrative (‘G&A’) and stock based compensation costs, expensed exploration incurred in the period, and remove previously-included by-product credits. The higher AISC is also a function of fewer GEOs sold in the period compared to Q2 2025. The consolidated YTD AISC (see ‘Non-IFRS Measures) is $1,799 per GEO sold.

Total Cash Costs and AISC are below the 2025 guidance range due to higher production relative to the budget. The Company anticipates materially higher costs in Q4 due to one-off sustainable capital investment incurred to restart mining from the Corner Area. These expenses are anticipated to return to lower rates in early 2026 at San Agustin.

Mine Operating Earnings of $14.2 million in Q3 2025. The Company continued to report strong results in Q3 2025 with steady operating unit costs and operating margin benefiting from selling into a rising gold market. Mine operating earnings YTD 2025 are $40 million.

Net income attributable to shareholders of $1.3 million, or $0.01 per share, for Q3 2025. Net income of $1.3 million ($0.01 per share) for Q3 2025 compared to a net income attributable to shareholders of $1.9 million ($0.01 per share) for Q2 2025. This was due to the increased exploration expense as drilling activities at Ana Paula ramped up and lower GEO sales volume in the quarter.

Strengthened financial position and liquidity: On September 30, 2025, the Company had cash of $34.6 million and working capital (defined as current assets less current liabilities) of $46.7 million. The cash position decreased compared to Q2 due to the increase in exploration spending. As of September 30, 2025, the Company had 1,688 unsold ounces (worth approx. $6.9M at current spot gold prices) and no debt.

Maintained stable production at La Colorada mine. The mining of new ore restarted at the Junkyard Stockpile in January 2025. Production from the Junkyard Stockpile was steady during Q3 2025, with operating costs as expected, grade in line with the reserve model and ore tonnes reconciling slightly higher than expected. Production YTD 2025 was 13,328 GEOs (12,883 gold ounces). Ore feed from the Junkyard Stockpile is planned to continue into 2026, with other historical stockpiles identified to provide additional material to be crushed and stacked on the leach pad thereafter. Further, subject to receiving certain land access approvals, the Company intends to expand the Veta Madre pit to exploit its 43k ounces of gold reserves. In addition, drilling is ongoing at Veta Madre Plus with the aim of adding this additional Indicated material into a near-term mine plan in short order.

Restart of mining at San Agustin. Preparation work to commence mining is underway at San Agustin from the Corner area following the receipt of all necessary approvals to restart mining in Q3. The Company anticipates stacking first ore in December with production from the Corner starting near year end and continuing into 2027. Recoverable reserves at the Corner are estimated at 44.5k ounces of gold.

Strong economics and continued drilling success at Ana Paula drive additional investment. On November 6, 2025, the Company announced the results of a Preliminary Economic Study (PEA) for Ana Paula. These showed attractive economics at a conservative gold price driven by production of 101koz/yr after ramp up at an average all-in sustaining cost of $1,011/oz. On the back of this positive outcome, the Company has announced its intention to complete the underground decline access to the deposit in 2026. Technical and regulatory programs are being advanced in parallel and will continue through 2026 to complete a bankable feasibility study in early 2027.

Preparation of updated technical reports. The Company announced the results of an updated technical report for the La Colorada Mine on October 17, 2025, and is concluding an updated prefeasibility study (‘PFS’) for the Cerro del Gallo Project. The Company plans to release the results of the Cerro del Gallo PFS in Q4 2025 and continues to advance the Ana Paula Project feasibility study.

Operational and Financial Results

Results are reported for the three months ended September 30, 2025, which corresponds to the second quarter of Heliostar’s fiscal reporting year 2026.

A summary of the Company’s consolidated operational and financial results for the reporting period is presented below:

Key Performance Metrics Q3 2025 Q3 2024
Operational
Gold produced 8,949 0
Gold equivalent ounces (‘GEOs’) produced 9,165 0
Gold sold 7,552 0
Gold equivalent ounces (‘GEOs’) sold 7,709 0
Cash cost1 per GEOs sold $1,500 0
All-in sustaining costs1 (‘AISC’) per GEOs sold $1,825 0
Financial (in ‘000s)
Revenues $26,765 0
Mine operating earnings $14,243 0
Exploration expenses $6,411 $1,865
Net income (loss) $1,256 ($3,770)
Cash $34,576 $720
Total assets $129,881 $21,273
Working Capital $46,700 ($4,393)

 

  1. Non-IFRS measure. Refer to the ‘Non-IFRS Measures’ section of this news release.

Operational Review

Consolidated Production and Costs

Q3 2025 was the Company’s fourth reporting period with metals production. The Company had no production in Q3 2024.

Production of 9,165 GEOs (8,949 gold ounces) for Q3 2025 was reported from the La Colorada mine and the San Agustin mine. In late Q2, the El Castillo mine ceased production and reclamation commenced at the start of Q3. The combined YTD 2025 production of 25,642 GEOs (24,988 gold ounces) is consistent with the 2025 guidance issued by the Company. Heliostar is on track to achieve the lower half of the 2025 production guidance of 31,000-41,000 GEOs with the several week delay in being able to restart San Agustin pushing production from that asset into 2026.

The combined cash costs for the producing operations were $1,500 per GEO sold, and the consolidated AISC was $1,825 per GEO sold. The combined cash costs and AISC are currently in line with the 2025 guidance issued by the Company. Full-year results are expected to be within the guidance range of $1,800-$1,950/GEO for Cash Costs and $1,950-$2,100/GEO for AISC.

La Colorada Mine

Operating results for Q3 2025 were as follows:

La Colorada Q3 2025 YTD 2025
Gold produced oz 5,311 12,883
Gold equivalent ounces (‘GEOs’) produced GEO 5,479 13,328
Gold sold oz 4,122 10,865
Gold equivalent ounces (‘GEOs’) sold GEO 4,229 11,205
Cash cost1 $/GEO sold 1,592 1,354
All-in sustaining costs1 (‘AISC’) $/GEO sold 1,648 1,439

 

In January 2025, mining of new ore restarted at the Junkyard Stockpile by the Company, alongside re-leach activities of ore stacked by previous operators.

During the reporting period, the La Colorada mine produced 5,479 GEOs (5,311 gold ounces). Total revenues of $14.7 million were reported from sales of 4,229 GEOs. The increase in production compared to Q2 was driven by higher grades placed on the leach pad and the first full quarter of solution flow from the leach pad after restart of operations. Production from the leach pad has increased steadily throughout the year and continues to meet all expected parameters.

For the reporting period, cash costs were $1,592 per GEO ($1,354 per GEO YTD 2025). AISC was $1,648 per GEO ($1,439 per GEO YTD 2025), on track to be at the lower end or below 2025 AISC guidance of $1,850-$1,975/GEO.

The Company plans to continue mining of the Junkyard Stockpile through 2025 and into 2026, with other historical stockpiles identified to provide additional, continued feed to the crushers thereafter. Further, subject to receiving certain land access approvals, the Company intends to expand the Veta Madre pit to exploit 43k ounces of gold reserve, which will be timed sequentially with the ore feeds from the historical stockpiles. Drilling is ongoing to define the mineralization at Veta Madre Plus, with the aim of bringing it into the near-term mine plan in short order.

Subsequent to the reporting period, Heliostar released the results of an updated technical report for La Colorada showing and increased resource and a lower capital expenditure. This showed a mine with a six-year life producing 286k gold ounces at an AISC of $1,626 per GEO. This resulted in upside case economics of an NPV5% of $243.3M and an IRR of 168.4% at a $3,500/oz gold price. For more details, see the press release here.

San Agustin Mine

Operating results for Q3 2025 were as follows:

San Agustin Q3 2025 YTD 2025
Gold produced oz 3,638 11,613
Gold equivalent ounces (‘GEOs’) produced GEO 3,686 11,815
Gold sold oz 3,430 12,182
Gold equivalent ounces (‘GEOs’) sold GEO 3,480 12,373
Cash cost1 $/GEO sold $ 1,389 1,437
All-in sustaining costs1 (‘AISC’) $/GEO sold $ 1,587 1,546

 

In September 2024, the previous owners of San Agustin placed the mine under care and maintenance, with metals production continuing from the re-leaching of leach pads.

During the reporting period, the San Agustin mine produced 3,686 GEOs (3,638 gold ounces). Total revenues of $12.1 million were reported from sales of 3,480 GEOs. Re-leaching performance continued well above expectations in the quarter as a result of enhanced recovery initiatives conducted earlier in the year. Gold production through the first nine months of the year exceeded full-year 2025 guidance for re-leaching from the mine.

For the reporting period, cash costs were $1,389 per GEO ($1,437 per GEO YTD 2025). AISC was $1,587 per GEO ($1,546 per GEO YTD 2025), YTD on track to achieve full year AISC guidance of $1,700-$1,850/GEO.

During the quarter, the Company completed all regulatory requirements to enable the restart of mining at San Agustin from the Corner area (see News Release dated July 22, 2025). Work to commence mining of the Corner Area cut back was undertaken subsequently, including moving road access, a power line and contractor selection. First ore is on track to be stacked on the leach pad in the coming weeks. Initial gold production from this new material is expected to start near year end 2025 and continue into 2027. Recoverable reserves at the Corner are estimated at 44.5k ounces of gold.

Ana Paula Project

Development and Exploration expenditures at the flagship Ana Paula Project were $3.9 million in Q3 2025 ($1.8 million in Q3 2024).

During Q3 2025, the Company progressed its ongoing 15,000 metre drilling program at Ana Paula with the objective of delivering mineral reserves to support a 10-year life of mine in the Feasibility Study planned to be released in 1H 2027. On October 6, 2025, the Company announced results from the infill drill program (including 88.1m metres at 8.82 g/t) and the addition of a third rig. Subsequent to quarter end on November 18, 2025, the Company announced additional infill results of 83.2m of 17.4 g/t and 70.7m of 9.38 g/t. The drill program continues to successfully define wide zones of high grade mineralization.

Subsequent to the reporting period, Heliostar released the results of a Preliminary Economic Study (PEA) for Ana Paula showing strong economics at a conservative gold price. This showed a mine with a nine year life producing 101koz/yr after ramp up at an AISC of $1,011/oz. This resulted in upside case economics of an NPV5% of $1,012M, an IRR of 51.3% and average annual after-tax free cash flow of $168M at a $3,800/oz gold price. For more details, see the press release here.

Cerro del Gallo Project

During Q3 2025, the Company conducted advanced study work towards releasing a prefeasibility study for the Cerro del Gallo project based on information collected by previous owners. This work includes updated resources and reserves based on an updated gold price as well as better definition of transition material and an optimized mining and stacking plan. The results of this study are planned to be released in the coming weeks. All major environmental and other permits will need to be obtained before an investment decision can be considered by the Company.

Funding Overview

In the three months ended September 30, 2025, 5,916,250 warrants and 766,250 stock options were exercised for total proceeds of $1.5 million and 1,299,579 RSUs were converted.

As of September 30, 2025, the Company had no debt.

Change of Year End

The Company has changed its financial year-end from March 31 of each year to December 31 of each year. The next financial year-end of the Company will occur on December 31, 2025, for the nine months then ended.

Non-IFRS Measures. This news release refers to certain financial measures, such as all-in-sustaining costs, which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. These measures may differ from those made by other companies and, accordingly, may not be comparable to such measures as reported by other companies. These measures have been derived from the Company’s financial statements because the Company believes that they are of assistance in understanding the results of operations and its financial position. Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found in the Company’s MD&A for Q3 2025, available on SEDAR+.

Cash costs. The Company uses cash costs per gold equivalent ounce sold to monitor its operating performance internally. The most directly comparable measure prepared in accordance with IFRS is cost of sales. The Company believes this measure provides investors and analysts with useful information about its underlying cash costs of operations. The Company also believes it is a relevant metric used to understand its operating profitability and ability to generate cash flow. Cash costs are measures developed by metals companies in an effort to provide a comparable standard; however, there can be no assurance that the Company’s reporting of these non-GAAP financial measures are similar to those reported by other mining companies. They are widely reported in the metals mining industry as a benchmark for performance, but do not have a standardized meaning and are disclosed in addition to IFRS measures. Cash costs include production costs, refinery and transportation costs and extraordinary mining duty. Cash costs exclude non-cash depreciation and depletion and site share-based compensation. Production costs include mining, crushing, processing, and direct overhead at the operation sites.

AISC. AISC more fully defines the total costs associated with producing precious metals. The AISC is calculated based on guidelines published by the World Gold Council (WGC), which were first issued in 2013. In light of new accounting standards and to support further consistency of application, the WGC published an updated Guidance Note in 2018. Other companies may calculate this measure differently because of differences in underlying principles and policies applied. Differences may also arise due to a different definition of sustaining versus growth capital. Note that in respect of AISC metrics within the technical reports, because such economics are disclosed at the project level, corporate general and administrative expenses were not included in the AISC calculations. AISC per GEO includes mining, processing, direct overhead, reclamation and sustaining capital.

Statement of Qualified Persons

Gregg Bush, P.Eng., Mike Gingles, and Stewart Harris, P. Geo., Qualified Persons, as such term is defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, have reviewed the scientific and technical information that forms the basis for this news release and have approved the disclosure herein. Mr. Bush is employed as Chief Operating Officer of the Company, Mr. Gingles is employed as Vice President of Corporate Development, and Mr. Harris is employed as Exploration Manager.

About Heliostar Metals Ltd.

Heliostar aims to grow to become a mid-tier gold producer. The Company is focused on increasing production and developing new resources at the La Colorada and San Agustin mines in Mexico, and on developing the 100% owned Ana Paula Project in Guerrero, Mexico.

FOR ADDITIONAL INFORMATION, PLEASE CONTACT:

Charles Funk
President and Chief Executive Officer
Heliostar Metals Limited
Email: charles.funk@heliostarmetals.com
Phone: +1 844-753-0045		 Rob Grey
Investor Relations Manager
Heliostar Metals Limited
Email: rob.grey@heliostarmetals.com
Phone: +1 844-753-0045

 

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.

Cautionary Statement Regarding Forward-Looking Information
This news release includes certain ‘Forward-Looking Statements’ within the meaning of the United States Private Securities Litigation Reform Act of 1995 and ‘forward-looking information’ under applicable Canadian securities laws. When used in this news release, the words ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘target’, ‘plan’, ‘forecast’, ‘may’, ‘would’, ‘could’, ‘schedule’ and similar words or expressions, identify forward-looking statements or information. These forward-looking statements or information relate to, among other things: the Company’s goal of becoming a mid-tier producer, the mine performance, production plans and the free cashflow generation from our operating mines, all profits generated from operations to be reinvested directly into our Companies growth and this reinvestment will focus on expanding production and growing resources across our portfolio.

Forward-looking statements and forward-looking information relating to the terms and completion of the Facility, any future mineral production, liquidity, and future exploration plans are based on management’s reasonable assumptions, estimates, expectations, analyses and opinions, which are based on management’s experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things, the receipt of necessary approvals, price of metals; no escalation in the severity of public health crises or ongoing military conflicts; costs of exploration and development; the estimated costs of development of exploration projects; and the Company’s ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms.

These statements reflect the Company’s respective current views with respect to future events and are necessarily based upon a number of other assumptions and estimates that, while considered reasonable by management, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements or forward-looking information and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: precious metals price volatility; risks associated with the conduct of the Company’s mining activities in foreign jurisdictions; regulatory, consent or permitting delays; risks relating to reliance on the Company’s management team and outside contractors; risks regarding exploration and mining activities; the Company’s inability to obtain insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure to generate sufficient cash flow from operations; risks relating to project financing and equity issuances; risks and unknowns inherent in all mining projects, including the inaccuracy of reserves and resources, metallurgical recoveries and capital and operating costs of such projects; contests over title to properties, particularly title to undeveloped properties; laws and regulations governing the environment, health and safety; the ability of the communities in which the Company operates to manage and cope with the implications of public health crises; the economic and financial implications of public health crises, ongoing military conflicts and general economic factors to the Company; operating or technical difficulties in connection with mining or development activities; employee relations, labour unrest or unavailability; the Company’s interactions with surrounding communities; the Company’s ability to successfully integrate acquired assets; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of reserves; stock market volatility; conflicts of interest among certain directors and officers; lack of liquidity for shareholders of the Company; litigation risk; and the factors identified under the caption ‘Risk Factors’ in the Company’s public disclosure documents. Readers are cautioned against attributing undue certainty to forward-looking statements or forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or forward-looking information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements or information, other than as required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/275395

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