Ed Steer of Ed Steer’s Gold and Silver Digest shares his thoughts on silver’s run past US$50 per ounce, saying that in his view the bull market is just getting started.
‘One way or another we’re going to run into a supply/demand brick wall, and when that day happens we could see triple-digit silver prices in a very, very short period of time,’ he said.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
This week began on a strong note, with emerging signs that US-China tensions could ease and White House Economic Advisor Kevin Hassett’s suggestion that the federal government shutdown could soon end.
US stocks rallied broadly, led by small caps and semiconductors, with the PHLX Semiconductor Sector (INDEXNASDAQ:SOX) hitting an all-time high amid reduced concerns about regional bank credit quality.
On Tuesday (October 21), hotter-than-expected Canadian inflation data weighed on the S&P/TSX Composite Index (INDEXTSI:OSPTX), while the Nasdaq Composite (INDEXNASDAQ:.IXIC) outperformed.
Wednesday (October 22) saw profit taking in high-growth names as Tesla (NASDAQ:TSLA) and IBM (NYSE:IBM) reported after the bell, and as reports of potential new US export curbs on China pressured equities.
IBM beat revenue forecasts with US$9.5 billion in artificial intelligence (AI) revenue, but offered cautious guidance, leading its share price to fall after-hours. Tesla missed revenue estimates, with margins falling to 5.8 percent due to price cuts and reduced regulatory credits, despite record deliveries. CEO Elon Musk reiterated medium-term goals in AI, autonomy and robotics, though the firm didn’t update its financial guidance. Tesla shares also dropped after hours.
Despite the pullback, the tech sector rebounded sharply on Thursday (October 23), driven by optimism about AI and cloud infrastructure. Quantum computing companies such as IonQ (NASDAQ:IONQ), Rigetti Computing (NASDAQ:RGTI) and D-Wave Quantum (NYSE:QBTS) surged on reports of increased US government funding.
North of the border, Canadian Prime Minister Mark Carney and Ontario Premier Doug Ford unveiled a C$3 billion joint investment in small modular reactors at the Darlington site, located east of Toronto in Bowmanville.
Later, Intel (NASDAQ:INTC) surpassed expectations with a 3 percent year-on-year revenue increase, reaching US$13.7 billion, with gross margins doubling to 38 percent. The demand for AI accelerators and x86 processors contributed to these strong results. CEO Lip-Bu Tan expressed confidence in continuing AI-driven compute demand.
Following the announcement, shares rose and opened nearly 5 percent higher the next day.
Intel’s standout earnings boosted sentiment heading into Friday. Markets opened higher after delayed US inflation data came in cooler than expected, showing easing underlying pressures and reinforcing expectations for another Fed rate cut next week. Tech stocks led the advance once again.
3 tech stocks that moved markets this week
1. Micron Technology (NASDAQ:MU)
Micron Technology shares rose 4.46 percent this week, hitting a record high above US$214 on Monday (October 20) after analysts at Barclays (NYSE:BCS) raised their price target from US$195 to US$240, citing robust earnings and margin expansion as signs of operational strength. The company has reported surging demand for its high-bandwidth memory chips, with supply fully sold out through 2026. Other semiconductor stocks, such as ON Semiconductor (NASDAQ:ON) and KLA (NASDAQ:KLAC), also gained, reflecting broad semiconductor strength.
2. Apple (NASDAQ:AAPL)
Apple’s share price is up 2.7 percent for the week, boosted by an overall bullish sentiment for high-value tech stocks, as well as momentum from strong M5 MacBook demand and solid sales of the iPhone 17 in the US and China.
CEO Tim Cook later announced the opening of the company’s Texas manufacturing facility on Thursday, two months ahead of schedule, further boosting sentiment.
3. NVIDIA (NASDAQ:NVDA)
Top AI stock NVIDIA saw gains of 1.67 percent this week following a joint announcement with Taiwan Semiconductor Manufacturing Company (NYSE:TSM). The companies said the first Blackwell wafer has been produced in the US at Taiwan Semiconductor’s semiconductor fab in Phoenix.
It is the first of its kind to be domestically manufactured in recent American history.
NVIDIA remains the bellwether for the AI sector, and its share price performance is widely regarded as a barometer for risk-on sentiment in the AI and tech sectors, with its share price movements often reflecting investor appetite for growth and optimism about the future of AI-driven innovation.
Micron Technology, NVIDIA and Apple performance, October 21 to 24, 2025.
Chart via Google Finance.
Tech ETF performance
This week, the iShares Semiconductor ETF (NASDAQ:SOXX) advanced by 1.83 percent, while the Invesco PHLX Semiconductor ETF (NASDAQ:SOXQ) saw a weekly gain of 1.91 percent.
The VanEck Semiconductor ETF (NASDAQ:SMH) increased by 1.59 percent.
Other tech market news
Amazon Web Services experienced a major outage this week, raising concerns about cloud infrastructure resilience and spotlighting the critical dependency on hyperscale providers.
Tech news to watch next week
Next week, investors will be eyeing interest rate decisions from the Bank of Canada and the US Federal Reserve. The Bank of Canada is expected to hold rates steady, reflecting ongoing cautiousness amid cooling inflation, while US investors are betting on a rate cut from the the country’s central bank.
Earnings results from tech giants will also be closely watched, with Alphabet (NASDAQ:GOOGL), Microsoft and Meta reporting on Wednesday (October 29), and Apple and Amazon on Thursday (October 30).
Strong beats or cautious guidance from these heavyweight companies could either boost confidence in the tech sector’s growth trajectory or temper enthusiasm in the final quarter of 2025.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
In his Oct. 13 address to Israel’s Knesset in Jerusalem, President Donald Trump upset Israeli leftists when he called for Israel’s largely ceremonial President Isaac Herzog to use his one actual power – the power of pardon – and pardon Prime Minister Benjamin Netanyahu. Netanyahu has been on trial for more than five years on absurd charges regarding cigars and champagne he received over 20 years ago from old friends.
Those charges fell apart in the opening months of the trial as one prosecution witness after another exposed the emptiness of Israel’s Netanyahu-hating prosecutors’ indictments against the country’s longest-serving and most successful leader. All the same, the Netanyahu-hating judge presiding over the trial is now requiring Netanyahu to appear in court three days a week for a total of 24 hours a week to testify.
Leftists in Israel dominate the country’s media and legal fraternity, much as they do in America. And they were incensed that President Trump dared to interfere in Israel’s ‘internal affairs.’ One anchorman referred to Trump’s call for a pardon as ‘disgusting, and revolting.’
But the truth is that by asking Israel’s left-leaning president to put an end to Israel’s Deep State’s assault on Netanyahu, Trump was defending America’s national interests.
This is true for two reasons.
First, the corrupt legal authorities involved in the trial are abusing their power over Netanyahu in a way that undermines American interests.
On Wednesday, just two days after President Trump gave his address, Netanyahu was back in the courtroom in Tel Aviv. He had asked the judges to let him delay his testimony so that he could hold certain meetings. The judges and prosecutors demanded to know what meetings could possibly justify delaying his testimony. He explained one was highly classified, and they demanded to know what it was about.
Within hours of the exchange, the story leaked that Netanyahu was scheduled to meet secretly with the president of Indonesia. The leader of the largest Muslim state in the world, President Prabowo Subianto, was scheduled to pay a top-secret trip to Jerusalem as a step toward opening diplomatic relations with Israel. This was to be one of the most important fruits of Israel’s U.S.-supported victory in its seven-front war against Iran and its axis of terror. But thanks to Israel’s corrupt legal fraternity, the meeting leaked to their press allies and President Subianto stayed away.
President Trump made clear in his speech that expanding the circle of peace between Israel and the Islamic world is a chief U.S. goal. Israel is America’s most powerful ally in the troubled Middle East. Trump sees it as an essential U.S. interest that the Arab and Islamic world accept Israel as a permanent entity and an allied state. But for Israel’s politicized Deep State, undermining and humiliating Netanyahu by chaining him to a courtroom and subverting his diplomatic actions is apparently more important.
These radical jurists must be stopped not only for Netanyahu to be able to devote himself entirely to serving his country, they need to be stopped to enable President Trump to secure America’s goals in the Middle East.
The second reason that ending this farce of justice against Netanyahu is in the United States’ interests is that there is a link between the forces of political warfare and lawfare in Israel and the U.S. If you scratch just beneath the surface, you’ll doubtlessly find that for the same billionaire agents of anarchy, who funded and brought the unprecedented lawfare against both President Trump and Prime Minister Netanyahu, working to undo Israel as a key way to unravel American society. For example, the Tides Foundation funds radical groups, including pro-Hamas protesters in America, and it funds groups involved in the protests and riots and political violence in Israel.
Tides is one of several foundations whose actions in the U.S. and Israel are the subject of multiple congressional investigations. One of the investigations focuses on well-documented claims that the billion-dollar, multi-year effort to criminalize Netanyahu that engulfed Israel in political instability for years, was funded in part by the Biden administration. That investigation must continue and the U.S. government officials who funded and facilitated political chaos in Israel should be forced to account for their actions.
Even more importantly, the IRS should investigate how U.S. non-profits groups that enjoy U.S. tax exemption valued in millions of dollars have abused their status to fund political violence, insurrection, and mayhem in Israel. In some cases, according to Hamas’s own internal documents, these U.S.-based non-profit-funded groups’ campaigns convinced the genocidal terror group that Israel was ripe for annihilation on October 7, 2023.
In his historic speech in Jerusalem, President Trump laid out great plans for building a new Middle East that will join Israel’s genius and power to the oil-wealth of its neighbors and transform the Middle East into a driver of global prosperity under American leadership. Trump would have been hard-pressed to lead this momentous undertaking if the Deep State were still persecuting him, his top aides and his children.
Netanyahu has miraculously been able to lead Israel to one of the most important military victories in its history. With Trump’s assistance, Israel destroyed Iran’s axis of terror across seven fronts. Netanyahu achieved this while forced to spend days on end in a courtroom answering asinine questions from shameless prosecutors before brazen judges.
Imagine what Netanyahu and President Trump would be able to do together if Netanyahu doesn’t have to spend 24 hours per week in a courtroom.
President Trump was right to ask President Herzog to put an end to the madness that is Prime Minister Netanyahu’s trial. And he would be right to order the IRS to start investigating the role American non-profits have played and continue to play in destabilizing Israel and corrupting its legal system. Israel’s leftists, like their American funders, may not like President Trump for doing it, but generations of Americans, Israelis, and peoples of the wider Middle East will thank him.
Card-reading contact lenses, X-ray poker tables, trays of poker chips that read cards, hacked shuffling machines that predict hands. The technology alleged to have been used to execute a multistate, rigged poker operation sounds like it’s straight out of Hollywood.
And those were only some of the gadgets that authorities say were used to swindle millions of dollars from unsuspecting victims through rigged, high-dollar, underground poker games over more than five years.
A sprawling indictment unsealed Thursday by the U.S. attorney for the Eastern District of New York charged Chauncey Billups, the head coach of the NBA’s Portland Trail Blazers, and Damon Jones, a former NBA player, along with members of the Mafia and dozens of other defendants, with being part of a conspiracy.
The victims were “at the mercy of concealed technology, including rigged shuffling machines and specially designed contacts lenses and sunglasses to read the backs of playing cards, which ensured that the victims would lose big,” U.S. Attorney Joseph Nocella of Brooklyn said in a statement.
Cheating at poker is as old as poker itself. But today, wearable tech and nano-cameras are putting even upstanding poker players on their guard.
The defendants used “special contact lenses or eyeglasses that could read pre-marked cards,” Nocella said at a news conference announcing the indictments.
He also showed a photo of an X-ray table that “could read cards face down on the table … because of the X-ray technology.”
An X-ray poker table in an image from defendant Robert Stroud’s iCloud account.U.S. Justice Department
“Defendants used other cheating technologies, such as poker chip tray analyzers, which is a poker chip tray that secretly reads cards using a hidden camera,” he said.
And while marking poker cards so they are visible only with special eyewear is an old trick, new radio-frequency identification and infrared technologies have ramped up the sophistication levels.
Technically speaking, many of the devices involved in the alleged scam authorities detailed Thursday are relatively cheap to manufacture, said Sal Piacente, a gaming security consultant.
By the time they reach their customers, however, the cost of industrial shufflers or tables can easily approach $100,000, once distributors and middlemen are factored in.
“You could make a lucrative career buying this stuff,” Piacente said.
Casino and gaming security consultants told NBC News that the alleged scheme was possible only because the games were underground. In backrooms, there was none of the surveillance tech that reputable casinos use to catch players cheating.
“A lot of the features which made this scheme so successful would have been ID’d a lot sooner, or very quickly, in a traditional regulated gaming environment,” said Ian Messenger, a former U.K. law enforcement officer and founder and CEO of the Association of Certified Gaming Compliance Specialists.
More than any other tech, it was the reprogramming of the industrial card shufflers — identified in charging documents as Deckmate-brand machines — that authorities said was key to the alleged game rigging.
A DeckMate 2 shuffler taken apart on a table in an image from defendant Shane Hennen’s iCloud account. U.S. Justice Department
Deckmates are not sold directly to the public — though many used ones can be found for sale online. The ones at the high-dollar games cited in the indictment could read cards and predict which player had the best hand. Neither Deckmate nor its parent company, Light & Wonder, were implicated in any way in Thursday’s indictments.
A spokesman for Light & Wonder told NBC News in a statement that the company was aware of reports about the charges against people but said they were not affiliated with the company.
“We sell and lease our automatic card shufflers and other gaming products and services only to licensed casinos and other licensed gaming establishments,” said Andy Fouché, the company’s vice president of communications. “We will cooperate in any law enforcement investigation related to this indictment.”
Reprogramming shufflers is not a new trick. In 2023, hackers at the Black Hat security conference in Las Vegas presented research showing how to hack a Deckmate shuffler and use it to cheat.
The rigged shuffler machines would transmit information about the players’ hands to an off-site “operator,” according to prosecutors.
The computer program showing information transmitted by the rigged shuffling machine in an image from defendant Shane Hennen’s iCloud account. U.S. Justice Department
The operator would then communicate the information to someone else at the table, dubbed the “quarterback.” The victim was known as the “fish.”
Here, the high-tech gadgets met the low-tech of a card game.
The quarterback might touch the $1,000 poker chip or tap his chin or touch his black chips to indicate who at the table had the best hand.
Text messages obtained by prosecutors also appear to show defendants concerned that a fish would leave the table if he lost too many hands.
“Guys please let him win a hand he’s in for 40k in 40 minutes he will leave if he gets no traction,” read one text message released by authorities.
But according to Messenger, the consultant, it was not the tech that made the alleged scheme so successful for so long. What set it apart was the level of communication.
For example, he said, the card information had to be seamlessly passed from the dealing machines to an off-site operator and back to a person back at the table, all without alerting the fish.
“The piece that made this so successful was the coordination, not the technology,” he said.
Senate Minority Leader Chuck Schumer, D-N.Y., on Friday accused President Donald Trump of ‘skipping town’ for a trip to Asia during the ongoing government shutdown.
Trump departed for Asia Friday night for a weeklong trip that will include stops in Malaysia, Japan and South Korea. Republicans and Democrats remain divided on negotiations to end the shutdown that began earlier this month, with each side blaming the other as the GOP controls the White House and both chambers of Congress.
‘In the midst of the longest full government shutdown in American history — a crisis of his own making — President Trump’s priorities are severely misplaced,’ Schumer said in a statement.
‘While Americans are struggling to make ends meet, federal workers are going without pay, and millions of families are bracing for soaring health care costs, the President is leaving the country,’ he continued.
Schumer added: ‘America is shut down and the President is skipping town.’
The senator said Democrats have sought to meet with Trump, but that the president is ‘abandoning’ his responsibilities.
‘Democrats have asked, again and again, for President Trump to meet with us to negotiate a bipartisan deal that would address the healthcare crisis, and find a path forward to reopen the government. But instead of doing his job, President Trump is abandoning it,’ Schumer said.
Schumer also called on GOP lawmakers in Congress to work across the aisle to reach a deal to end the shutdown.
‘With the President out of the country, the responsibility falls squarely on Congressional Republicans to act — to come to the table, to do their jobs, and to deliver an agreement that reopens the government and protects Americans from another health care disaster,’ he said.
‘Americans deserve a government that works as hard as they do— not a leader that flies away from responsibility at the time they need one most,’ the top Senate Democrat added.
While in Asia, Trump is expected to meet with regional allies about trade, including the trade war with China, as well as Beijing’s tightening of export controls on rare-earth minerals critical for certain technologies.
The president is also expected to address security in the region and affirm America’s commitment to supporting its allies.
Analysts say China has developed a chilling strategy for fighting a war with the United States: destroy America’s fighter jets before they ever leave the ground.
In nearly every modern conflict, disabling enemy aircraft on the ground has been the first move. When Israel struck Iranian nuclear sites earlier this year, it began by destroying Iranian runways — grounding Tehran’s air force before it could take off. Russia and Ukraine have done the same throughout their ongoing war, targeting airfields to cripple enemy aircraft. And when India clashed with Pakistan, the opening salvos hit Pakistani air bases.
Beijing has taken that lesson to heart. The People’s Liberation Army (PLA) has spent years building an arsenal of long-range precision missiles — including ‘carrier killers’ like the DF-21D and DF-26 — capable of destroying U.S. aircraft carriers and striking American airfields across the Pacific. The goal: keep U.S. air power out of range before it can even launch.
Now, a U.S. defense technology firm says it has built a way to fight back. Shield AI, based in San Diego, has unveiled a new AI-piloted fighter jet designed to operate without runways, without GPS, and without constant communication links — an aircraft that can think, fly, and fight on its own.
Shield AI says the jet, called X-BAT, can take off vertically, reach 50,000 feet, fly more than 2,000 nautical miles, and execute strike or air defense missions using an onboard autonomy system known as Hivemind. It’s designed to operate from ships, small islands, or improvised sites — places where traditional jets can’t. The aircraft’s dash speed remains classified.
‘China has built this anti-access aerial denial bubble that holds our runways at risk,’ said Armor Harris, Shield AI’s senior vice president of aircraft engineering, in an interview with Fox News. ‘They’ve basically said, ‘We’re not going to compete stealth-on-stealth in the air — we’ll target your aircraft before they even get off the ground.’’
The jet launches vertically, and three X-BATs can fit in the space of one legacy fighter or helicopter.
According to Harris, the U.S. has spent decades perfecting stealth and survivability in the air while leaving its forces vulnerable on the ground. ‘The way to solve that problem is mobility,’ he said. ‘You’re always moving around. This is the only VTOL fighter being built today.’
X-BAT’s Hivemind autonomy allows it to operate in denied or jammed environments, where traditional aircraft would be blind. The system uses onboard sensors to interpret its surroundings, reroute around threats, and identify targets in real time. ‘It’s reading and reacting to the situation around it,’ Harris said. ‘It’s not flying a pre-programmed route. If new threats appear, it can reroute itself or identify targets and then ask a human for permission to engage.’
That human element, he emphasized, remains essential. ‘It’s very important to us that a human is always involved in making the use of lethal force decision,’ Harris said. ‘That doesn’t mean the person has to be in the cockpit — it could be remote or delegated through tasking — but there will always be a human decision-maker.’
Shield AI says X-BAT will be combat-ready by 2029 and is designed to deliver fifth- or sixth-generation performance at a small fraction of the cost of manned fighters. The aircraft’s compact footprint allows up to three X-BATs to fit in the deck space of a single legacy fighter or helicopter, giving commanders more flexibility in launching sorties from limited space.
While Shield AI isn’t disclosing specific numbers, the company says X-BAT is priced in the same range as the Air Force’s Collaborative Combat Aircraft (CCA) program, the next generation of autonomous wingmen meant to fly alongside — and eventually ahead of — manned fighters. Costs vary depending on mission systems and configurations, but the company’s goal is to scale production to keep the jet affordable and sustainable throughout its lifecycle, breaking what it calls the traditional ‘fighter cost curve.’
The company estimates the aircraft will deliver about a tenfold improvement in cost per effect compared to legacy fifth-generation jets, including the F-35, while remaining ‘affordable and attritable’ enough to be risked in high-end combat.
Shield AI is in discussions with both the Air Force and Navy about integrating X-BAT into future combat programs and with several allied militaries exploring joint development opportunities.
Harris said the company views X-BAT as part of a generational shift toward distributed airpower — one that mirrors what SpaceX did in space. ‘Historically, the United States had a small number of extremely capable, extremely expensive satellites,’ he said. ‘Then you had SpaceX come along and put up hundreds of smaller, cheaper ones. The same thing is happening in air power. There’s always going to be a role for manned platforms, but over time, unmanned systems will outnumber them ten-to-one or twenty-to-one.’
For Harris, that shift is about restoring deterrence through flexibility. ‘X-BAT presents an asymmetric dilemma to an adversary like China,’ he said. ‘They don’t know where it’s coming from, and the cost of countering it is high. It’s an important part of a broader joint force that becomes significantly more lethal.
Target said Thursday that it is eliminating about 1,800 corporate positions in an effort to streamline decision-making and accelerate initiatives to rebuild the flagging discount retailer’s customer base.
About 1,000 employees are expected to receive layoff notices next week, and the company also plans to eliminate about 800 vacant jobs, a company spokesperson said. The cuts represent about 8% of Target’s corporate workforce globally, although the majority of the affected employees work at the company’s Minneapolis headquarters, the spokesperson said.
Chief Operating Officer Michael Fiddelke, who is set to become Target’s next CEO on Feb. 1, issued a note to personnel on Thursday announcing the downsizing. He said further details would come on Tuesday, and he asked employees at the Minneapolis offices to work from home next week.
“The truth is, the complexity we’ve created over time has been holding us back,” Fiddelke, a 20-year Target veteran, wrote in his note. “Too many layers and overlapping work have slowed decisions, making it harder to bring ideas to life.”
Target, which has about 1,980 U.S. stores, lost ground to Walmart and Amazon in recent years as inflation caused shoppers to curtail their discretionary spending. Customers have complained of messy stores with merchandise that did not reflect the expensive-looking but budget-priced niche that long ago earned the retailer the jokingly posh nickname “Tarzhay.”
Fiddelke said in August when he was announced as Target’s next CEO that he would step into the role with three urgent priorities: reclaiming the company’s position as a leader in selecting and displaying merchandise; improving the customer experience by making sure shelves are consistently stocked and stores are clean; and investing in technology.
He cited the same goals in his message to employees, calling the layoffs a “necessary step in building the future of Target and enabling the progress and growth we all want to see.”
“Adjusting our structure is one part of the work ahead of us. It will also require new behaviors and sharper priorities that strengthen our retail leadership in style and design and enable faster execution,” he wrote.
Target has reported flat or declining comparable sales — those from established physical stores and online channels — in nine out of the past 11 quarters. The company reported in August that comparable sales dipped 1.9% in its second quarter, when its net income also dropped 21%.
The job cuts will not affect any store employees or workers in Target’s sorting, distribution and other supply chain facilities, the company spokesperson said.
The corporate workers losing their jobs will receive pay and benefits until Jan. 8 as well as severance packages, the spokesperson said.
Sun Summit Minerals Corp. (TSXV: SMN,OTC:SMREF) (OTCQB: SMREF) (‘Sun Summit’ or the ‘Company’) is pleased to announce that it will be attending and presenting at the 51st Annual New Orleans Investment Conference, taking place November 2–5, 2025 at the Hilton New Orleans Riverside.
Niel Marotta, CEO and Director, will host a Sunrise Session presentation on Tuesday, November 4 at 7:15 AM (Churchill B2), where he will share updates on the Company’s flagship JD Project in British Columbia’s Toodoggone District, following the completion of a successful 2025 exploration season.
Space is limited. Investors are invited to RSVP by October 31 to info@sunsummitminerals.com, and to visit Sun Summit at Booth #229 throughout the conference.
The New Orleans Investment Conference brings together leading analysts, newsletter writers, and investors to discuss emerging opportunities across all major asset classes. Register today at https://neworleansconference.com/online-registration/.
About the JD Project
The JD Project is located in the Toodoggone mining district in north-central British Columbia, a highly prospective deposit-rich mineral trend. The project covers an area of over 15,000 hectares and is in close proximity to active exploration and development projects, such as Thesis Gold’s Lawyers and Ranch projects, TDG Gold’s Baker-Shasta projects, Amarc Resource’s AuRORA project, Centerra’s Gold’s Kemess East and Underground projects, as well as the past-producing Kemess open pit copper-gold mine.
The project is 450 kilometres northwest of the city of Prince George, and 25 kilometres north of the Sturdee airstrip. It is proximal to existing infrastructure in place to support the past-producing Kemess mine, including roads and a hydroelectric power line.
The JD Project is in a favourable geological environment characterized by both high-grade epithermal gold and silver mineralization, as well as porphyry-related copper and gold mineralization. Some historical exploration, including drilling, geochemistry and geophysics, has been carried out on the property, however the project area is largely underexplored.
About Sun Summit
Sun Summit Minerals (TSXV: SMN,OTC:SMREF) (OTCQB: SMREF) is a mineral exploration company focused on the discovery, expansion and advancement of district-scale gold and copper assets in British Columbia. The Company’s diverse portfolio includes its flagship JD Project and the nearby Theory Project in the Toodoggone region of north-central B.C., as well as the Buck Project in central B.C.
Further details are available at www.sunsummitminerals.com.
On behalf of the board of directors
Niel Marotta Chief Executive Officer & Director info@sunsummitminerals.com
For further information, contact:
Matthew Benedetto, Simone Capital mbenedetto@simonecapital.ca Tel. 416-817-1226
Neither the 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.
Forward-Looking Statements
Statements contained in this news release that are not historical in nature may be ‘forward-looking information’ within the meaning of applicable Canadian securities legislation (‘forward-looking statements ‘), which involve risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements, by their nature, require Sun Summit to make certain assumptions and necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements. Forward-looking statements are not guarantees of performance. Words such as ‘may’, ‘will’, ‘would’, ‘could’, ‘expect’, ‘believe’, ‘plan’, ‘anticipate’, ‘intend’, ‘estimate’, ‘continue’, ‘objective’, ‘strategy’, or the negative or comparable terminology, as well as terms usually used in the future and the conditional, are intended to identify forward-looking statements. Information contained in forward-looking statements is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including the assumptions, qualifications, limitations or statements relating to the pending results of the drill holes, the success of the exploration program, the impressive results of the drill campaign, the ability of exploration activities (including drilling) to accurately predict mineralization, future drill programs and high-priority targets, our timing and ability to receive assay results, the reliability of historical information that cannot be independently verified by Sun Summit, interests in the JD Project, errors in geological modelling, and the adjacent properties having any significance to the projects in which Sun Summit has an interest. There is significant risk that the forward-looking statements will not prove to be accurate, that the management’s assumptions may not be correct and that actual results may differ materially from such forward-looking statements. These forward-looking statements are based on a number of assumptions which may prove to be incorrect which, without limiting the generality of the following, include: the Company’s ability to obtain assay results for the completed drill program; the anticipated results varying from current indications, including the already released drill results; risks inherent in exploration activities; volatility and sensitivity to market prices; volatility and sensitivity to capital market fluctuations; and fluctuations in metal prices. Accordingly, readers should not place undue reliance on the forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof or the dates specifically referenced in this news release, where applicable. Except as required by applicable securities laws and regulation, Sun Summit disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/271649
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES./
Quimbaya Gold Inc. (‘Quimbaya’ or the ‘Company’) (CSE: QIM,OTC:QIMGF) (OTCQB: QIMGF) (FSE: K05) is pleased to announce that it has entered into an agreement with Stifel Canada to act as sole underwriter and bookrunner (the ‘Underwriter’), in connection with a ‘bought deal’ private placement of 14,300,000 units of the Company (the ‘LIFE Units’) at a price of C$0.70 per LIFE Unit (the ‘Offering Price’) for aggregate gross proceeds of C$10,010,000 (the ‘Offering’), with the LIFE Units to be issued pursuant to the Listed Issuer Financing Exemption (as defined below).
The Company has granted to the Underwriter an option, exercisable up to 48 hours prior to the closing date, to purchase for resale up to an additional 15% of LIFE Units at the Offering Price for additional gross proceeds of up to C$1,501,500.
Each LIFE Unit will consist of one common share (a ‘Common Share‘) and one-half (½) of one Common Share purchase warrant (each whole warrant, a ‘Warrant‘) of the Company. Each Warrant will be exercisable to acquire one Common Share for a period of 36 months following the closing date of the Offering at an exercise price of C$1.00 per common share.
The net proceeds from the Offering are expected to be used to advance the Company’s exploration programs, including drilling at the Tahami South project and follow-up work on regional copper-gold and gold targets, as well as for general working capital.
Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 – Prospectus Exemptions (‘NI 45-106‘), the LIFE Units will be offered for sale to purchasers resident in Canada other than Quebec and/or other qualifying jurisdictions pursuant to the listed issuer financing exemption under Part 5A of NI 45-106 (the ‘Listed Issuer Financing Exemption‘). Because the Offering is being completed pursuant to the Listed Issuer Financing Exemption, the LIFE Units issued pursuant to the Offering will not be subject to a hold period pursuant to applicable Canadian securities laws. There is an offering document related to the Offering that can be accessed under the Company’s issuer profile on SEDAR+ at www.sedarplus.ca and on the Company’s website at quimbayagold.com. Prospective investors should read the offering document before making an investment decision.
The Offering is scheduled to close on or about November 4, 2025 (the ‘Closing Date‘) and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the acceptance of the Canadian Securities Exchange.
The securities referred to in this news release have not been and will not be registered under the United States Securities Act of 1933, as amended (the ‘U.S. Securities Act‘), or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, ‘U.S. Persons’ (as such term is defined in Regulation S under the U.S. Securities Act) absent such registration or an applicable exemption from the registration requirements of the U.S. Securities Act. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.
About Quimbaya
Quimbaya aims to discover gold resources through exploration and acquisition of mining properties in the prolific gold mining districts of Colombia. Managed by an experienced team in the mining sector, Quimbaya is focused on three projects in the regions of Segovia (Tahami Project), Puerto Berrio (Berrio Project), and Abejorral (Maitamac Project), all located in Antioquia Province, Colombia.
Quimbaya Gold Inc.
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Cautionary Statements
Certain statements contained in this press release constitute ‘forward-looking information’ as that term is defined in applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, but not always, forward-looking statements and information can be identified by the use of forward-looking terminology such as ‘intends’, ‘expects’ or ‘anticipates’, or variations of such words and phrases or statements that certain actions, events or results ‘may’, ‘could’, ‘should’, ‘would’ or ‘occur’. Forward-looking statements herein include statements and information regarding the closing of the Offering, Offering’s intended use of proceeds, any exercise of Warrants, the future plans for the Company, including any expectations of growth or market momentum, future expectations for the gold sector generally, the Colombian gold sector more particularly, or how global or local market trends may affect the Company, intended exploration on any of the Company’s properties and any results thereof, the strength of the Company’s mineral property portfolio, the potential discovery and potential size of the discovery of minerals on any property of the Company’s, including Tahami South, the aims and goals of the Company, and other forward-looking information. Forward-looking information by its nature is based on assumptions and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Quimbaya to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These assumptions include, but are not limited to, that the Company’s exploration and other activities will proceed as expected. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: future planned development and other activities on the Company’s mineral properties; an inability to finance the Company; obtaining required permitting on the Company’s mineral properties in a timely manner; any adverse changes to the planned operations of the Company’s mineral properties; failure by the Company for any reason to undertake expected exploration programs; achieving and maintaining favourable relationships with local communities; mineral exploration results that are poorer or better than expected; prices for gold remaining as expected; currency exchange rates remaining as expected; availability of funds for the Company’s projects; prices for energy inputs, labour, materials, supplies and services (including transportation); no labour-related disruptions; no unplanned delays or interruptions in scheduled construction and production; all necessary permits, licenses and regulatory approvals are received in a timely manner; the Offering proceeds being received as anticipated; all requisite regulatory and stock exchange approvals for the Offering are obtained in a timely fashion; investor participation in the Offering; and the Company’s ability to comply with environmental, health and safety laws. Although Quimbaya’s management believes that the assumptions made and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. Readers are cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Quimbaya as of the date of this news release and, accordingly, is subject to change after such date. Except as required by law, Quimbaya does not expect to update forward-looking statements and information continually as conditions change.
SOURCE Quimbaya Gold Inc.
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