Galan Lithium (GLN:AU) has announced HMW Phase 1 Funding & Offtake Secured with US Based Partner
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Investor Insight
With compelling economic metrics demonstrated through its new prefeasibility study, Jindalee Lithium’s McDermitt Project presents a strong case for investors to gain exposure to this critical mineral and participate in the global clean energy transition.
Overview
Jindalee Lithium (ASX:JLL,OTCQX:JNDAF) is an Australia-based pure-play US lithium company focused exclusively on its 100-percent-owned McDermitt Lithium Project, currently one of the largest lithium deposits in the US, boasting a resource of 21.5 million tons (Mt) of lithium carbonate equivalent (LCE).
Backed by a newly released (November 2024) prefeasibility study (PFS) demonstrating very compelling economics, the McDermitt Project is poised to play a crucial role in meeting North America’s growing lithium demand for the lucrative battery value chain.
As the US continues to transition to energy independence, demand for lithium is expected to exponentially increase. Jindalee’s McDermitt Project, located in southeast Oregon, is a game-changer for North American lithium supply, critical for meeting the demands of the fast-growing electric vehicle, energy storage and defense sectors.
McDermitt also stands to significantly benefit from the US government’s policies and incentives to boost domestic supply of critical resources. In fact, in a move that signifies the US government’s support of the McDermitt Lithium Project, the US Department of Energy’s Ames National Laboratory signed a Cooperative Research and Development Agreement with Jindalee’s subsidiary HiTech Minerals to develop cutting-edge extraction methods for the McDermitt Project. The Ames National Laboratory spearheads the DOE’s Critical Materials Innovation Hub.
Key milestones in the US lithium resource space also provide significant insights into the future prospects for Jindalee’s project. Lithium Americas (TSX:LAC), for instance, has received a total of US$945 million investment from General Motors, which will fund the development, construction and operation of the Thacker Pass project in Humboldt County, Nevada. In October 2024 LAC closed a $2.3 billion loan from the US Department of Energy and in April 2025 announced the Final Investment Decision for Thacker Pass following a $250 million investment from Orion Resource Partners.
Another lithium resource developer in Nevada, Australia-based Ioneer (ASX:INR) has closed a US$996 million loan guarantee from the US Department of Energy to finance the development of its flagship Rhyolite Ridge lithium-boron project.
The US government has taken further action to bolster domestic critical mineral production. On 20 March 2025, President Trump issued a significant executive order titled ‘Immediate Measures to Increase American Mineral Production’, underscoring the urgency and strategic imperative of increasing domestic supply chains for critical minerals. This order builds on previous initiatives by fast-tracking the permitting processes, prioritizing access to mineral-rich federal lands, clarifying regulatory frameworks, and mobilizing substantial financial resources – including Defense Production Act (DPA) funds – towards domestic mineral projects.
As one of the largest lithium resources in the US and situated on federal lands, Jindalee’s McDermitt Lithium Project stands to potentially benefit from these accelerated permitting processes and enhanced government support mechanisms. The clear commitment demonstrated by the US administration highlights the critical strategic advantage of domestically located mineral assets such as McDermitt, reinforcing its importance in securing robust domestic supply chains, essential for energy security
These are just a few examples of current market dynamics that point to a rapidly accelerating lithium resource development in the US.
An experienced management team, with the right blend of experience and expertise in geology, corporate administration and international finance, leads Jindalee to fully capitalize on the potential of its assets.
Company Highlights
- Jindalee Lithium is focused on its wholly owned flagship McDermitt Lithium Project, one of the largest lithium deposits in the US.
- McDermitt’s new prefeasibility study shows strong project economics, including a US$3.23 post-tax NPV8 based on the first 40 years of a 63 year-year mine life.
- Jindalee is committed to strengthening the North American critical minerals supply chain by reducing US reliance on foreign lithium, thereby enhancing energy security.
- The company’s wholly owned US subsidiary HiTech Minerals Inc, has executed a strategic Cooperative Research and Development Agreement (CRADA) with Ames National Laboratory, which leads the US Department of Energy’s (DOE) Critical Materials Innovation (CMI) Hub.
- The company’s McDermitt deposit is sediment-hosted, an emerging style of lithium deposit with the potential to be a large scale, long-life, low-cost source of lithium.
- Ideally positioned to benefit from US administration’s push to increased domestic mineral production via permitting reformed increased funding.
- An experienced management team leads Jindalee towards capitalizing on the potential of its assets.
Key Project
McDermitt Lithium Project Economics
The economic metrics revealed in the PFS paint a compelling picture of the McDermitt Lithium Project’s potential:
Production Capacity: The Project is set to produce 1.8 Mt of battery-grade lithium carbonate over its first 40 years, with an annual output forecast of 47,500 tons per annum (tpa) in the initial 10 years, tapering to 44,300 tpa over the first 40 years.
Financial Metrics: The Project boasts a net present value (NPV) of US$3.23 billion at an 8 percent discount rate, with an internal rate of return (IRR) of 17.9 percent. These figures underscore the Project’s strong economic viability.
Payback Period: Investors can expect a payback period of less than five years, a relatively short timeframe for a project of this magnitude.
Break-even Price: The break-even NPV price is approximately US$14,600/t of lithium carbonate, providing a buffer against market fluctuations.
The PFS estimates a total project cost of US$3.02 billion, which includes a prudent 21 percent contingency margin. This substantial investment is balanced by impressive profitability projections, including an EBITDA margin of 66 percent generating post-tax free cash flow of US$6.6 billion during the first decade of operations. With a pre-tax net operating cashflow margin of 17 percent at current spot prices, McDermitt shows strong cash generation potential.
These financial indicators suggest that McDermitt is not only economically viable but potentially highly profitable, positioning it as an attractive prospect for investors and strategic partners alike.
Project Overview
The McDermitt Project is located in Malheur County on the Oregon-Nevada border and is approximately 35 kilometres west of the town of McDermitt. The 100-percent-owned asset covers 54.6 square kilometres of claims at the northern end of the McDermitt volcanic caldera.
The Project is characterized by its unique sedimentary lithium deposits, primarily composed of lithium-bearing clays, a geological formation that sets McDermitt apart from many other lithium projects worldwide. This sedimentary nature of the deposit offers several advantages:
- Consistent grade distribution throughout the ore body
- Potential for large-scale, low-cost mining operations
- Amenability to environmentally friendly extraction methods
The lithium-rich clays at McDermitt are part of a broader geological context that includes volcanic tuffs and sedimentary rocks. This geological setting is indicative of a complex depositional history, which has resulted in the concentration of lithium in economically viable quantities.
The 2023 mineral resources estimate (MRE) for the McDermitt Project contains a combined indicated and inferred mineral resource inventory of 3 billion tons at 1,340 parts per million (ppm) lithium for a total of 21.5 Mt LCE at 1,000 ppm cut-off grade.
Project Highlights:
- Rare Sediment-hosted Lithium Deposits: The McDermitt asset supports low-cost mining operations due to its flat-lying sediments. This type of lithium deposit is amenable to low-cost mining operations, while still producing excellent metallurgical results.
- A 62 percent resource increase in early 2023: Compilation of the 2022 drilling results saw the estimated indicated and inferred resources at McDermitt increase to 3 billion tons at 1,340 ppm lithium, a 62 percent increase in contained lithium.
- Fluor recommended processing route: In March 2023, US engineering group Fluor reviewed all testwork undertaken at McDermitt and recommended beneficiation and acid leaching as the optimal processing route.
- Completion of the PFS outlines large scale, long life and low cost source of American made battery grade lithium chemicals (November 2024)
Management Team
Ian Rodger – Chief Executive Officer
Ian Rodger is a qualified mining business executive with almost 15 years of experience in various roles including as a mining engineer for Rio Tinto across two large greenfield mine developments, before successfully transitioning into mining corporate finance where he held Executive and Director positions at RFC Ambrian overseeing origination and management of numerous mandates across a range of corporate advisory roles. Rodger was the project director for Oz Minerals (ASX:OZL) where he made significant contributions to successfully define the value potential of the West Musgrave nickel/copper province through the delivery of a portfolio of growth studies. Most notably, he led technical, market and partnership development workstreams, successfully confirming value potential for producing an intermediate Nickel product for the battery value chain.
Rodger holds a Bachelor of Mining Engineering from the University of Queensland, a Masters of Mineral Economics from Curtin University and is also a graduate of the Australian Institute of Company Directors and member of the Australasian Institute of Mining and Metallurgy.
Lindsay Dudfield – Executive Director
Lindsay Dudfield is a geologist with over 40 years of experience in multi-commodity exploration, primarily within Australia. He held senior positions with the mineral divisions of Amoco and Exxon. In 1987, he became a founding director of Dalrymple Resources NL and spent the following eight years helping acquire and explore Dalrymple’s properties, leading to several greenfield discoveries. In late 1994, Lindsay joined the board of Horizon Mining NL (Jindalee Lithium’s predecessor) and has been responsible for managing Jindalee Lithium since inception. Lindsay is a member of the Australasian Institute of Mining and Metallurgy, the Australian Institute of Geoscientists, the Geological Society of Australia and the Society of Economic Geologists. He is also a non-executive director of Jindalee spin-out companies Energy Metals (ASX:EME), Dynamic Metals (ASX:DYM) and Alchemy Resources (ASX:ALY).
Wayne Zekulich – Non-executive Chair
Wayne Zekulich was appointed to the board as Chair on 1 February 2024. He holds a Bachelor of Business and is a fellow of the Institute of Chartered Accountants. Zekulich is a consultant and non-executive director who has substantial experience in advising, structuring and financing transactions in the infrastructure and resources sectors. He was previously the head of Rothschild in Perth, chief financial officer of Gindalbie Metals Limited, chief development officer of Oakajee Port and Rail and a consultant to a global investment bank. Currently, he is chair of Pantoro (ASX:PNR) and non-executive director of the Western Australian Treasury Corporation. In the not-for-profit sector, he is the past chair of the Lester Prize and is a mentor in the Kilfinan program.
Darren Wates – Non-executive Director
Darren Wates is a corporate lawyer with over 23 years of experience in equity capital markets, mergers and acquisitions, resources, project acquisitions/divestments and corporate governance gained through private practice and in-house roles in Western Australia. Wates is the founder and principal of Corpex Legal, a Perth-based legal practice providing corporate, commercial and resources related legal services, primarily to small and mid-cap ASX listed companies. In this role, he has provided consulting general counsel services to ASX listed company Neometals (ASX:NMT), having previously been employed as legal counsel of Neometals. Wates holds Bachelor’s degrees in Law and Commerce and a Graduate Diploma in Applied Finance and Investment.
Paul Brown – Non-executive Director
Paul Brown has over 23 years of experience in the mining industry, most recently with Mineral Resources (ASX:MIN) where he was chief executive – lithium, and chief executive – commodities. Brown has held senior operating roles with Leighton, HWE and Fortescue (ASX:FMG) and has a strong track record in technical leadership, project/studies management, and mine planning and management. Brown is currently CEO of Core Lithium (ASX:CXO). He holds a Master in Mine Engineering.
Brett Marsh – VP Geology and Development (US)
Brett Marsh is an AIPG certified professional geologist and a registered member of the Society for Mining, Metallurgy and Exploration (SME) with over 25 years of diverse mining and geological experience. He has worked for and held senior leadership roles for Kastan Mining, Luna Gold, Kiska Metals, Newmont, Freeport-McMoRan, Phelps Dodge, ASARCO and consulted to deliver numerous NI 43-101 technical reports. Marsh has demonstrated the ability to deliver results in culturally diverse and geographically difficult environments, such as Brazil, Peru, Chile, Democratic Republic of Congo, Ghana, Tanzania, Indonesia, Australia, and has also worked in remote areas of Alaska. He has managed all phases of the mining lifecycle including greenfield and brownfield exploration, project development (including preliminary economic assessments, pre-feasibility and feasibility), project construction, mine operations, and environmental. He successfully led multi-cultural teams to develop business processes and implementation plans for many mine development and operational projects.
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The market has been overvalued for some time but how overvalued is it? Today Carl brings his earnings chart to demonstrate how overvalued the market is right now. We have the final data for Q4 2024.
The market continues to show high volatility but it did calm down somewhat Monday. Carl reviews the market charts you need to see going into this week. He covered not only the market in general, but also covered Bitcoin, Yields, Bonds, Dollar, Gold, Crude Oil and more.
After his market overview, Carl walked us through both the daily and weekly charts of the Magnificent Seven to determine if there is any strength visible. Clue: Not much.
After his review of the Mag 7, Carl discussed Altria (MO) and his strategy to buy high dividend stocks like this one after the market finishes declining from this bear market or beyond. He’s looking for a 50% drawdown eventually.
Erin then took over to talk about sector rotation. Defensive groups are leading as we would expect with Technology trying to stage a comeback. Erin dives into these sectors under the hood to determine participation readings and the ability of them to continue to rally.
Next up Carl brought out his earnings chart to discuss how overvalued the market currently is. He shows his estimates for future movement and discusses where we are right now.
The pair finished the program with a look at viewers’ symbol requests.
00:58 DP Scoreboards
03:33 Market Overview
15:26 Magnificent Seven
20:56 Dividend Discussion
23:34 Sector Rotation
33:29 Earnings Chart
36:41 Questions
40:13 Symbol Requests
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One of my favorite market breadth indicators remained in an extreme bearish reading through the end of last week, standing in stark contrast to growing optimism after last Wednesday’s sudden spike higher. Monday’s session saw the Bullish Percent Indexes cross above the crucial 30% level for both the S&P 500 and Nasdaq 100. While I remain skeptical of meaningful upside without further confirmation, this bullish rotation does seem to confirm a short-term tactical rally for stocks.
Bullish Percent Index Shows Improved Breadth for S&P 500
The Bullish Percent Index uses point & figure charts to analyze the percentage of stocks in a universe that are in uptrends. By looking at the most recent buy or sell signal on each individual point & figure chart, the indicator can help validate when a critical mass of stocks have rotated from a bearish phase to a bullish phase.
At the end of September 2024, the S&P 500 Bullish Percent Index showed a reading just above 80%. By early December, the indicator was down to around 70%, and at the February 2025 high had reached 55%. Last week, the S&P 500 Bullish Percent Index was just above 10%. Indeed, almost all of the S&P 500 members were in confirmed point & figure downtrends.
Breadth Surge Similar to Previous Lows
The Bullish Percent Index for the Nasdaq 100 as well as the S&P 500 both spiked higher by the end of last week following the latest changes to US tariff policy. As of Monday’s close the Nasdaq 100 Bullish Percent Index had reached 39%, up from 6% a week earlier.
We can see four other times in the last two years where the Bullish Percent Index has touched the 30% level, and in three of the four times this reversal marked a significant low for the Nasdaq 100. The most recent observation was last month, which saw a brief upswing before the latest downturn for the major equity averages.
So for both the Nasdaq 100 as well as the S&P 500, a move back above the 30% threshold appears to indicate a decent chance at a tradable move higher. But will that upswing necessarily lead to sustainable gains?
Long-Term Review Yields Mixed Results
Let’s take a longer look back to the year 2000 and see what has happened following a move below the 30% level for the S&P 500 Bullish Percent Index. Now we can see that while major lows often coincide with the indicator moving back above 30%, we can also see plenty of times where an initial bounce higher was eventually met with further selling.
Note the extreme low readings in June 2022, August 2015, and January 2009. Even though there was an initial swing higher in all three cases, the market made a new swing low before achieving an eventual bottom for the bear cycle.
With the Bullish Percent Indexes rotating back to a more neutral reading this week, we are seeing plenty of signs of a tactical rally. We may even see our Market Trend Model turn bullish on the short-term time frame as early as this Friday. But with the major averages still making a clear pattern of lower lows and lower highs, we feel further confirmation is necessary before declaring any sort of “all clear” for US stocks.
RR#6,
Dave
PS- Ready to upgrade your investment process? Check out my free behavioral investing course!
David Keller, CMT
President and Chief Strategist
Sierra Alpha Research LLC
Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.
The author does not have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author and do not in any way represent the views or opinions of any other person or entity.
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This post appeared first on investingnews.com
I pay attention to technical support levels as the combination of price support/resistance is always my primary stock market indicator. We’re in a downtrend and, in my opinion, the trading range is very, very clear on the S&P 500 right now:
I think most everyone can agree that much of the selling and fear and panic can be attributed the trade war – at least much of the weakness occurred with startling tariff news. So I figured I’d take a look at Q4 2018, which also experienced a 2-3 month bear market with the S&P 500 just barely reaching the prerequisite 20% drop. Here’s what that looked like:
The chart pattern during Q4 2018 was quite similar. The VIX more than tripled from under 12 to above 36. The VIX also more than tripled in 2025, after starting from a much higher level near 15. In both 2018 and 2025, that initial selling episode saw a drop of roughly 10% before consolidating. Then the next drop was another 10% or so. We don’t know if the selling for 2025 has ended, though, as that’s the wild card.
Here’s what we do know about sentiment. The VIX, with a value in the 50s, is signaling a potential S&P 500 bottom. Historically, surges in the VIX to this level or higher, have coincided either with stock market bottoms or they at least they suggest that any future selling in the S&P 500 is likely to be minor. Here’s a long-term monthly chart of the S&P 500 and the VIX, showing this relationship:
Extreme fear marks bottoms and I believe this is a great visual to support this belief. History tells us that when the VIX tops, we’ve either bottomed or we’re very close to bottoming.
Late last week, we saw both the March Core CPI and March Core PPI come in well below expectations, which was a good result for those hoping for rate cuts to begin again later this year. On Friday, a lot of folks were talking very bearish after the University of Michigan consumer sentiment plummeted to a near 50-year low. The problem with that bearish line of thinking is that sentiment is a contrarian indicator. Bearish readings tend to be quite bullish for stocks, while bullish readings can mark significant tops. Don’t believe me? Check out this chart and then provide me your best bearish argument:
The low readings in the green-shaded areas are actually very bullish. You can’t argue with history and facts. When the general public is feeling despair, it’s the time to buy stocks, not sell. And for those who believe this time is different, let’s check back in one year from now and let’s see where we are.
Note one more thing. The absolute highest consumer sentiment reading was at the beginning of 2000, just before the dot com bubble burst. Everyone felt great back then and the S&P 500 didn’t make a meaningful new all-time high for 13 years. So you tell me, would you rather see sentiment strength or weakness?
I know it sounds awful to hear that consumer sentiment readings are among the lowest in history and it likely makes little sense to many why the stock market would go higher while sentiment is so negative. But you have to remember that the stock market looks 6-9 months ahead. It’s not concerned with the news coming out now. It’s much more concerned about what the market environment will look like later this year.
Here’s my last point for today. We’ve begun to see more bullish rotation among sectors and between growth and value. Let me show you one final chart that highlights the rotation into growth as the S&P 500 continues its descent:
Notice the S&P 500 made its final high in February as money rotated quickly from growth to value in the two months prior. That was Wall Street exiting the riskier areas of the market, when everything still looked fine. It was one of the many reasons why I turned cautious and moved to cash in late January. Now the opposite is occurring. The S&P 500 is downtrending and the news just keeps getting worse. Meanwhile, Wall Street is happily buying all the risky shares you’d like to sell.
Listen, I’ve been wrong before and maybe I’m wrong and the S&P 500 continues to decline throughout 2025. But I trust my review of the market and my signals that have worked so well for me in the past. I’m perfectly fine owning stocks right now.
Tomorrow morning, in our free EB Digest newsletter, I’ll be showing everyone the extreme manipulation that’s been taking place in the stock market the past 4 weeks or so. Market makers are stealing (legally) from all of us. I spotted this manipulation back in June 2022, which helped me to go against the grain and call the market bottom then and I’m seeing it again now. To learn more, be sure to CLICK HERE and sign up for our FREE EB Digest newsletter, if you haven’t already. There’s no credit card required and you may unsubscribe at any time.
Happy trading!
Tom
Silver-mining companies and juniors have seen support from a strong silver price in 2025. Since the start of the year, the price of silver has increased by over 11 percent as of April 11, and it reached a year-to-date high of US$34.38 per ounce on March 27.
Silver’s dual function as a monetary and industrial metal offers great upside. Demand from energy transition sectors, especially for use in the production of solar panels, has created tight supply and demand forces.
Demand is already outpacing mine supply, making for a positive situation for silver-producing companies.
So far, aboveground stockpiles have been keeping the price in check, but the expectation is those stocks will be depleted in 2025 or 2026, further restricting the supply side of the market.
How has silver’s price movement benefited Canadian silver stocks on the TSX, TSXV and CSE? The five companies listed below have seen the best performances since the start of the year. Data was gathered using TradingView’s stock screener on February 12, 2025, and all companies listed had market caps over C$10 million at that time.
1. Discovery Silver (TSX:DSV)
Year-to-date gain: 185.92 percent
Market cap: C$848.98 million
Share price: C$2.03
Discovery Silver is a precious metals development company focused on advancing its Cordero silver project in Mexico. Additionally, it is looking to become a gold producer with its recently announced acquisition of the producing Porcupine Complex in Ontario, Canada.
Cordero is located in Mexico’s Chihuahua State and is composed of 26 titled mining concessions covering approximately 35,000 hectares in a prolific silver and gold mining district.
A 2024 feasibility study for the project outlines proven and probable reserves of 327 million metric tons of ore containing 302 million ounces of silver at an average grade of 29 grams per metric ton (g/t) silver, and 840,000 ounces of gold at an average grade of 0.08 g/t gold. The site also hosts significant zinc and lead reserves.
The report also indicated favorable economics for development. At a base case scenario of US$22 per ounce of silver and US$1,600 per ounce of gold, the project has an after-tax net present value of US$1.18 billion, an internal rate of return of 22 percent and a payback period of 5.2 years.
Discovery’s shares gained significantly on January 27, after the company announced it had entered into a deal to acquire the Porcupine Complex in Canada from Newmont (TSX:NGT,NYSE:NEM).
The Porcupine Complex is made up of four mines including two that are already in production: Hoyle Pond and Borden. Additionally, a significant portion of the complex is located in the Timmins Gold Camp, a region known for historic gold production.
Discovery anticipates production of 285,000 ounces of gold annually over the next 10 years and has a mine life of 22 years. Inferred resources at the site point to significant expansion, with 12.49 million ounces of gold, from 254.5 million metric tons of ore with an average grade of 1.53 g/t.
Upon the closing of the transaction, Discovery will pay Newmont US$200 million in cash and US$75 million in common shares, and US$150 million of deferred consideration will be paid in four payments beginning on December 31, 2027.
According to Discovery in its full-year 2024 financial results, the Porcupine acquisition will help support the financing, development and operation of Cordero. Discovery’s share price reached a year-to-date high of C$2.12 on March 31.
2. Almaden Minerals (TSX:AMM)
Year-to-date gain: 136.36 percent
Market cap: C$16.47 million
Share price: C$0.13
Almaden Minerals is a precious metals exploration company working to advance the Ixtaca gold and silver deposit in Puebla, Mexico. According to the company website, the deposit was discovered by Almaden’s team in 2010 and has seen more than 200,000 meters of drilling across 500 holes.
A July 2018 resource estimate shows measured resources of 862,000 ounces of gold and 50.59 million ounces of silver from 43.38 million metric tons of ore, and indicated resources of 1.15 million ounces of gold and 58.87 million ounces of silver from 80.76 million metric tons of ore with a 0.3 g/t cutoff.
In April 2022, Mexico’s Supreme Court of Justice (SCJN) ruled that the initial licenses issued in 2002 and 2003 would be reverted back to application status after the court found there had been insufficient consultation when the licenses were originally assigned.
Ultimately, the applications were denied in February 2023, effectively halting progress on the Ixtaca project. While subsequent court cases have preserved Almaden’s mineral rights, it has yet to restore the licenses to continue work on the project.
In June 2024, Almaden announced it had confirmed up to US$9.5 million in litigation financing that will be used to fund international arbitrations proceedings against Mexico under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.
In a December update, the company announced that several milestones had been achieved, including the first session with the tribunal, at which the company was asked to submit memorial documents outlining its legal arguments by March 20, 2025. At that time, the company stated it would vigorously pursue the claim but preferred a constructive resolution with Mexico.
In its most recent update on March 21, the company indicated that it had submitted the requested documents, claiming US$1.06 billion in damages. The memorial document outlines how Mexico breached its obligations and unlawfully expropriated Almaden’s investments without compensation.
Shares in Almaden reached a year-to-date high of C$0.135 on February 24.
3. Avino Silver & Gold Mines (TSX:ASM)
Year-to-date gain: 98.43 percent
Market cap: C$373.48 million
Share price: C$2.52
Avino Silver and Gold Mines is a precious metals miner with two primary silver assets: the producing Avino silver mine and the neighboring La Preciosa project in Durango, Mexico.
The Avino mine is capable of processing 2,500 metric tons of ore per day ore, and according to its FY24 report released on January 21 the mine produced 1.1 million ounces of silver, 7,477 ounces of gold and 6.2 million pounds of copper last year. Overall, the company saw broad production increases with silver rising 19 percent, gold rising 2 percent and copper increasing 17 percent year over year.
In addition to its Avino mining operation, Avino is working to advance its La Preciosa project toward the production stage. The site covers 1,134 hectares, and according to a February 2023 resource estimate, hosts a measured and indicated resource of 98.59 million ounces of silver and 189,190 ounces of gold.
In a January 15 update, Avino announced it had received all necessary permits for mining at La Preciosa and begun underground development at La Preciosa. It is now developing a 350-meter mine access and haulage decline. The company said the first phase at the site is expected to be under C$5 million and will be funded from cash reserves.
The latest update from Avino occurred on March 11, when it announced its 2024 financial results. The company reported record revenue of $24.4 million, up 95 percent compared to 2023. Avino also reduced its costs per silver ounce sold.
Additionally, Avino reported a 19 percent increase in production in 2024, producing 1.11 million ounces of silver compared to 928,643 ounces in 2023. The company’s sales also increased, up by 23 percent to 2.56 million ounces of silver compared to 2.09 million ounces the previous year.
Avino’s share price marked a year-to-date high of C$2.80 on March 27.
4. Highlander Silver (CSE:HSLV)
Year-to-date gain: 90 percent
Market cap: C$160.17 million
Share price: C$1.90
Highlander Silver is an exploration and development company advancing projects in South America.
Its primary focus has been the San Luis silver-gold project, which it acquired in a May 2024 deal from SSR Mining (TSX:SSRM,NASDAQ:SSRM) for US$5 million in upfront cash consideration and up to an additional US$37.5 million if Highlander meets certain production milestones.
The 23,098 hectare property, located in the Ancash department of Peru, hosts a historic measured and indicated mineral resource of 9 million ounces of silver, with an average grade of 578.1 g/t, and 348,000 ounces of gold at an average grade of 22.4 g/t from 484,000 metric tons of ore.
In July 2024, the company said it was commencing field activities at the project; it has not provided results from the program. In its December 2024 management discussion and analysis, the company stated it was undertaking a review of prior exploration plans and targets, adding that it believes there is exceptional growth potential.
Highlander’s most recent news came on March 11, when it announced it had closed an upsized bought deal private placement for gross proceeds of C$32 million. The company said it will use the funding to further exploration activities at San Luis and for general working capital.
Shares in Highlander reached a year-to-date high of C$1.96 on March 31.
5. Santacruz Silver Mining (TSXV:SCZ)
Year-to-date gain: 85.45 percent
Market cap: C$192.16 million
Share price: C$0.51
Santacruz Silver is an Americas-focused silver producer with operations in Bolivia and Mexico. Its producing assets include the Bolivar, Porco and Caballo Blanco Group mines in Bolivia, along with the Zimapan mine in Mexico.
In a production report released on January 30, the company disclosed consolidated silver production of 6.72 million ounces, marking a 4 percent decrease from the 7 million ounces produced in 2023. This decline was primarily attributed to a reduction in average grades across all its mining properties.
In addition to its producing assets, Santacruz also owns the greenfield Soracaya project. This 8,325-hectare land package is located in Potosi, Bolivia. According to an August 2024 technical report, the site hosts an inferred resource of 34.5 million ounces of silver derived from 4.14 million metric tons of ore with an average grade of 260 g/t.
Shares in Santacruz reached a year-to-date high of C$0.59 on March 18.
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
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Spearmint Resources Inc. (CSE: SPMT) (OTC Pink: SPMTF) (FSE: A2AHL5) (the ‘Company’ or ‘Spearmint’) wishes to announce that it has significantly increased the acreage of the ‘Sisson North Tungsten Project’ in New Brunswick directly bordering the Sisson Tungsten Mine. This new project now consists of approximately 4,890 contagious acres increased from 2,582 prospective for tungsten.
James Nelson, President of Spearmint stated, ‘There continues to be strong demand for commodities caught in the middle of global tariff battles—particularly tungsten. Considering these developments, we believe there will be increasing emphasis on securing domestic sources of strategic materials. With commodity prices remaining elevated and gold at all-time highs, we anticipate a much more buoyant junior mining market. With multiple active projects, Spearmint is well positioned to take advantage of these market conditions.’
In April 2025, China’s export controls on tungsten continued to impact global supply chains and market dynamics. These measures, initiated in February, require exporters to obtain licenses for shipping tungsten and other critical minerals abroad, citing national security and non-proliferation concerns.
The restrictions have led to increased prices and supply uncertainties, particularly affecting industries reliant on tungsten, such as defense and clean energy sectors. Analysts anticipate that Chinese-supplied tungsten may be scarce in the global markets.
In response to these challenges, companies and countries are exploring alternative sources and strategies to mitigate the impact of China’s export controls on tungsten.
Tungsten has always been a valuable material due to its unique properties, such as its extremely high melting point, strength, and durability. It is used in a wide variety of applications, including manufacturing hard metals, electronics, lightbulb filaments, and in military and aerospace technologies. However, China’s actions regarding tungsten have made it even more valuable for several reasons.
In short, the combination of China’s tightening control over tungsten production and the growing demand for this critical material has made tungsten even more valuable on the global market.
Qualified person for mining disclosure:
The technical contents of this release were reviewed and approved by Frank Bain, PGeo, a director of the company and qualified person as defined by National Instrument 43-101.
About Spearmint Resources Inc.
Spearmint’s projects include four projects in Clayton Valley, Nevada: the 1,136-acre McGee lithium clay deposit, which has a resource estimate of 1,369,000 indicated tonnes and 723,000 inferred tonnes of lithium carbonate equivalent (LCE) for a total of 2,092,000 tonnes of LCE, directly bordering Pure Energy Minerals & Century Lithium Corp.; the 280-acre Elon lithium brine project, which has access to some of the deepest parts of the only lithium brine basin in production in North America; the 124-acre Green Clay lithium project; and the 248-acre Clayton Ridge gold project, the 4,722-acre George Lake South Antimony Project in New Brunswick and the 4,890 acre Sisson North Tungsten Project.
This project was acquired via staking.
For a cautionary note and disclaimer on the crypto diversification, please refer to the news release dated November 12, 2024.
Contact Information
Tel: 1604646-6903
www.spearmintresources.ca
info@spearmintresources.ca
‘James Nelson’
President
Spearmint Resources Inc.
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/248370
News Provided by Newsfile via QuoteMedia
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The previous weekly note categorically mentioned that while the markets may continue to decline, the Indian equities are set to outperform its global peers relatively. In line with this analysis, the market saw wide swings owing to prevailing global uncertainties but continued showing remarkable resilience against other global indices. The volatility spiked; the India VIX surged sharply by 46.18% to 20.11 on a weekly basis. The markets witnessed significant volatility, and as a result, the Nifty oscillated in a wide 1180.25 range during the past week. Despite this, the headline index Nifty 50 closed with a negligible loss of just 75.90 points (-0.33%).
The coming week is also short; Monday is a trading holiday for Dr. Babasaheb Ambedkar Jayanti. From a technical perspective, a few of the significant things have happened. Although the Nifty formed a fresh swing low of 21743 while slipping below its previous low of 21964, the Index has successfully defended the important support level of 100-week MA that stands at 22152. This level remains a very important support level for the market in the near term. So long as the Nifty keeps its head above this point, it will stay in a larger range but would avert any major drawdown. A violation of this level will invite structural weakness in the markets. On the upper side, it faces stiff resistance between the 23300-23400 zone, which houses the 20-week MA.
With Monday being a holiday, Tuesday will see the markets opening after a gap of one day and adjusting to the global trade. The levels of 23000 and 23250 may act as potential resistance points; the supports come in much lower at 22400 and 22150.
The weekly RSI is at 44.28; it stays neutral and does not show any divergence against the price. The weekly MACD is bearish and stays below its signal line; however, the narrowing Histogram hints at a likely positive crossover in the coming days.
The pattern analysis of the weekly Nifty chart reflects a strong rebound following a successful test of the 100-week moving average in early March, triggering a sharp 1,700-point rally. However, recent corrective moves driven by tariff-related concerns have led to the formation of a new swing low. Despite this, the Index has managed to hold above the crucial 100-week moving average level of 22,152 on a closing basis, which remains a key support zone. As long as the Nifty sustains above this level, the Index is likely to consolidate rather than witness any significant decline. However, a decisive breach below this average could open the door to a deeper corrective phase, which looks unlikely in the near future.
Overall, the Nifty is expected to encounter resistance around the 23,100 level and above, with volatility likely to remain a dominant feature in the near term. The Index may continue to trade within a broad range, making it prudent to adopt a cautious stance. Investors are advised to limit leveraged positions and prioritize protecting gains at higher levels. For fresh entries, the focus should remain on stocks exhibiting relative strength. Given the prevailing uncertainty, maintaining a conservative approach with modest exposure is recommended for the upcoming week. Risk management and selective participation will be essential to effectively navigate the anticipated market swings.
Sector Analysis for the coming week
In our look at Relative Rotation Graphs®, we compared various sectors against CNX500 (NIFTY 500 Index), which represents over 95% of the free float market cap of all the stocks listed.
Relative Rotation Graphs (RRG) show the Nifty Infrastructure, Metal, Banknifty, Services Sector, Consumption, Commodities, and Financial Services sector Indices inside the leading quadrant. Regardless of the direction the markets adopt, these groups are likely to post relative outperformance against the broader markets.
The Nifty Pharma Index is the only sector index present in the weakening quadrant.
The Nifty Auto Index has rolled inside the lagging quadrant, while the IT Index continues to languish inside the lagging quadrant. Besides this, the Midcap 100, Media, and Realty indices are also inside this quadrant, but they are improving on their relative momentum.
The Nifty FMCG, Energy, and PSE Indices are inside the improving quadrant; they are expected to improve their relative performance against the broader Nifty 500 Index.
Important Note: RRG charts show the relative strength and momentum of a group of stocks. In the above Chart, they show relative performance against NIFTY500 Index (Broader Markets) and should not be used directly as buy or sell signals.
Milan Vaishnav, CMT, MSTA
Consulting Technical Analyst