It’s been yet another historic week for gold and silver, with both setting new price records.
The yellow metal broke through US$4,200 per ounce and then continued on past US$4,300. It rose as high as US$4,374.43 on Thursday (October 16), putting its year-to-date gain at about 67 percent.
Meanwhile, silver passed US$54 per ounce and is now up around 84 percent since 2025’s start.
Gold’s underlying price drivers are no secret — factors like central bank buying and waning trust in fiat currencies have been major themes in recent years, and they continue to provide support.
But it’s worth looking at a number of other elements currently in play.
Among them are a resurgence in the US-China trade war, which has ramped up geopolitical tensions, and the ongoing American government shutdown. The closure has stalled the release of key economic data ahead of the Federal Reserve’s next meeting later this month.
There have also been troubles at two regional banks in the US — they say they were the victims of fraud on loans to funds that invest in distressed commercial mortgages. Aside from that, Rich Checkan of Asset Strategies International sees western investors entering the market.
‘We don’t have a tidal wave or a tsunami by any stretch of the imagination, but the western investor is getting back into this,’ he said, noting that for the past few years his company has mostly been selling to high-net-worth individuals and people looking for deals. ‘Now we’re having flat-out sales.’
Checkan also weighed in on where gold is at in the current cycle, saying the indicators he tracks — including the gold-silver ratio, interest rates and the US dollar — don’t point to a top.
‘They can take a breather, there’s no question about that — you almost kind of want them to. But the reality is, there’s no top in sight,’ he said. ‘I’ve got about, I don’t know, seven, eight, nine different indicators I look at for the top in a bull market for gold. None of them are firing.’
When it comes to silver, the situation is a little more complicated.
Vince Lanci of Echobay Partners explained that the London silver market is facing a liquidity crisis — while there’s not a shortage of the metal, it isn’t in the right place, and that’s creating a squeeze.
Here’s what he said:
‘London, when it needs metal, is having a hard time getting it from Asia, because China is not cooperating with the west — for good reason in their mind. And for some reason, the US is not making its metal available as robustly as it used to, to help fill refill London’s coffers. And so that creates a short squeeze.
‘There’s enough metal in the world for current needs — let’s say for today’s needs. But it’s not where it should be. So it’s a dislocation.’
Lanci, who is also a professor at the University of Connecticut and publisher of the GoldFix newsletter on Substack, also made the point that although these circumstances are front and center now, they’re just one part of the larger ongoing bull market for silver. In his view, its growing status as a critical mineral will have major implications, and a triple-digit price is realistic.
Arcadia Economics interview
As a final point, I was recently interviewed by Chris Marcus of Arcadia Economics.
It was fun being on the other side of the camera for a change, and I have a new appreciation for everyone who sits down to answer my questions. Check out the interview below.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
The S&P 500 ($SPX) just logged its fifth straight trading box breakout, which means that, of the five trading ranges the index has experienced since the April lows, all have been resolved to the upside.
How much longer can this last? That’s been the biggest question since the massive April 9 rally. Instead of assuming the market is due to roll over, it’s been more productive to track price action and watch for potential changes along the way. So far, drawdowns have been minimal, and breakouts keep occurring. Nothing in the price action hints at a lasting change — yet.
While some are calling this rally “historic,” we have a recent precedent. Recall that from late 2023 through early 2024, the index had a strong start and gave way to a consistent, steady trend.
From late October 2023 through March 2024, the S&P 500 logged seven consecutive trading box breakouts. That streak finally paused with a pullback from late March to early April, which, as we now know, was only a temporary hiccup. Once the bid returned, the S&P 500 went right back to carving new boxes and climbing higher.
New 52-Week Highs Finally Picking Up
If there’s been one gripe about this rally, it’s that the number of new highs within the index has lagged. As we’ve discussed before, among all the internal breadth indicators available, new highs almost always lag — that’s normal. What we really want to see is whether the number of new highs begins to exceed prior peaks as the market continues to rise, which it has, as shown by the blue line in the chart below.
As of Wednesday’s close, 100 S&P 500 stocks were either at new 52-week highs or within 3% of them. That’s a strong base. We expect this number to continue rising as the market climbs, especially if positive earnings reactions persist across sectors.
Even when we get that first day with 100+ S&P 500 stocks making new 52-week highs, though, it might not be the best time to initiate new longs.
The above chart shows that much needs to align for that many stocks to peak in unison, which has historically led to at least a short-term consolidation, if not deeper pullbacks — as highlighted in yellow. Every time is different, of course, but this is something to keep an eye on in the coming weeks.
Trend Check: GoNoGo Still “Go”
The GoNoGo Trend remains in bullish mode, with the recent countertrend signals having yet to trigger a greater pullback.
Active Bullish Patterns
We still have two live bullish upside targets of 6,555 and 6,745, which could be with us for a while going forward. For the S&P 500 to get there, it will need to form new, smaller versions of the trading boxes.
Failed Bearish Patterns
In the chart below, you can view a rising wedge pattern on the recent price action, the third since April. The prior two wedges broke down briefly and did not lead to a major downturn. The largest pullbacks in each case occurred after the S&P 500 dipped below the lower trendline of the pattern.
The deepest drawdown so far is 3.5%, which is not exactly a game-changer. Without downside follow-through, a classic bearish pattern simply can’t be formed, let alone be broken down from.
We’ll continue to monitor these formations as they develop because, at some point, that will change.
The gold price continued to rise in Q3, breaking through key milestones to set new all-time highs.
Much like the first half of the year, the yellow metal was supported by ongoing factors like central bank buying, geopolitical tensions and uncertainty caused by US trade and tariff policies.
And it wasn’t just the price of gold that soared — higher margins and a more positive outlook for the sector helped drive increases in gold stocks. Read on for a look at gold’s Q3 activity and the outlook for Q4.
What happened to the gold price in Q3?
Gold has gained nearly US$1,400 since starting the year at US$2,658 per ounce on January 2.
By the beginning of Q3, gold had climbed to US$3,338.86, and it remained rangebound at that level for most of July and August. However, it climbed above the US$3,400 mark on July 22 and then again on August 6.
Gold price, July 9 to October 10, 2025.
The price started to gain traction at the end of August, after US Federal Reserve Chair Jerome Powell signaled a change in policy during his remarks at the Jackson Hole Economic Policy Symposium. By September 2, the gold price had broken through US$3,500 for the first time, and by September 8 it had climbed above US$3,600.
As the month wore on, gold continued its unprecedented climb. It broke through US$3,700 on September 22, US$3,800 on September 29 and reached its quarterly high of US$3,858.41 on September 30.
The price continued on its upward trajectory as the fourth quarter began, rising above US$3,900 on October 6, and finally setting a new record high of US$4,040.42 on October 8.
What’s driving gold demand?
Although there was a dip in central bank gold purchases in July, with just 10 metric tons added to reserves, the World Gold Council (WGC) reported that the buying trend that has developed over the past few years remains firm.
In August, central banks once again increased their gold acquisitions, purchasing a total of 19 metric tons. Overall, central banks bought 415 metric tons of gold in H1, bringing the 2025 total to 444 metric tons as of the end of August.
Although it appeared to pause its gold buying in August, the National Bank of Poland has been the top purchaser of gold in 2025, adding 67 metric tons. It has vowed to have 20 to 30 percent of its international reserves in gold.
The WGC notes that seven central banks boosted their reserves in August. Kazakhstan was the leading buyer, adding 8 metric tons to its holdings and bringing its year-to-date increase to 32 metric tons. Turkey, Bulgaria, China, Uzbekistan, Ghana, Indonesia and the Czech Republic each added 2 metric tons. Russia was the only seller in August, divesting itself of 3 metric tons of gold; the WGC suggests its reduction was owed to its coin-minting program.
It wasn’t just central banks buying gold. Western investors helped drive record exchange-traded fund (ETF) inflows of US$26 billion for the third quarter, with North American markets accounting for US$16.1 billion.
Total assets under management surged to US$472 billion, a 23 percent increase over the second quarter, with holdings rising to 3,838 metric tons, just shy of the 3,929 metric tons recorded in November 2020.
Why are investors interested in gold?
Mind Money CEO Julia Khandoshko suggested that geopolitics is a driving force behind gold’s record-breaking run, noting that tensions are high as the world becomes increasingly divided into “risk” and “stability” zones.
While geopolitics may be a primary factor, it’s far from the only one.
The third quarter saw declining yield curves, a weakening US dollar and a 25 basis point interest rate cut from the Fed in September, all of which added tailwinds to the gold price. Looking forward, the expectation is that the Fed will make further rate cuts before the end of the year, which could further fuel a rising gold price.
‘The history of the last hundred years shows that gold grows confidently at low rates. Combine this with stubborn inflation, and we can say with confidence that it will create more space for gold’s price rise,” Khandoshko stated.
Additionally, there is an expectation that a weaker US dollar will help to keep the price of gold elevated. So far this year, the US Dollar Index has declined 8 percent.
“The US dollar is a critical component to what happens to gold, because gold is denominated in US dollars, so the weaker the US dollar, the stronger the commodity price. What we’re expecting to see over the next 12 to 24 months is continued devaluation of the US dollar, which means gold should continue to be stronger going forward,” he said.
Among the recent drags on the dollar is fear of a prolonged shutdown of the US federal government after lawmakers failed to reach an agreement to continue funding government agencies and employees.
In the aftermath of the shutdown, the US Dollar Index posted its worst week since July. In an October 3 Reuters article, Thierry Wizman, monetary strategist with Macquarie, suggests that a prolonged shutdown could have a significant impact on trust in the federal government and further impact the strength of the greenback.
Gold price forecast for 2025
Hodaly sees the factors behind gold’s price rise remaining in place for the foreseeable future.
“We are expecting this could go much higher, at least 10 to 20 percent higher in the near term,’ he said.
‘Nothing has changed with the demand outlook for gold and the projected weakness of the US dollar, and that’s what’s going to drive the commodity price higher,’ added the executive.
Gold equities are also expected to benefit as the rising price boosts their margins and share prices.
Leading producers such as Agnico Eagle Mines (TSX:AEM,NYSE:AEM), Newmont (NYSE:NEM,ASX:NEM) and Barrick Mining (TSX:ABX,NYSE:B) have seen their share prices rise by over 100 percent in 2025.
The junior space has also been impacted, with PPX Mining (TSXV:PPX,OTC Pink:SNNGF) posting a year-to-date gain of 642 percent as of October 1, and San Lorenzo Gold (TSXV:SLG,OTC Pink:SNLGF) increasing 629 percent.
With gold now trading above US$4,000, the sector could attract renewed interest and offer new opportunities for investors. Those seeking to include gold or gold stocks in their portfolios might consider options ranging from the relative safety of ETFs and established producers to riskier assets at the development or exploration stages.
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Questcorp Mining Inc. (CSE: QQQ,OTC:QQCMF) (OTCQB: QQCMF) (FSE: D910) (the ‘Company’ or ‘Questcorp’) is pleased to further update investors on its maiden drilling program at the La Union gold and silver project in Sonora, Mexico, which continues on track and on budget. The program is now two-thirds complete with initial and second holes now completed at four of the five main targets. This update follows the company’s Aug. 6, 2025, announcement marking the start of the program and Aug. 19, Sept. 10 and Sept. 24 news releases chronicling the progress of the program.
Saf Dhillon, President and Chief Executive Officer, states: ‘The drilling had started of a little slower and then was paused for unusually heavy rains. The initial plan was to drill 4 to 6 holes but, the Riverside team and their subcontracted drillers have been making substantial progress and we’re now at 7 completed holes with plans for another 2 to 5. In total, four of the five target zones have been drill tested with at least one hole.’
Two holes have now probed the Union mine target beneath historic workings, cutting through the Clemente and Caborca formations – both key host units for past mining at Union, encountering the distinctive microconglomeratic carbonate unit that historically hosted mineralization at the bottom of the Union mine.
Two holes have been completed at Famosa, testing the dip and strike extension of the mineralization in the historic workings as well as the foot wall and hanging wall of a steeply west-dipping major structural feature. Riverside select grab sampling from the Famosa dump retuned gold grade highlights of 59.4 g/t gold along with 833 g/t silver.
Two holes tested the North Union target and one tested the El Cobre target again probing beneath the historic workings for chimney and manto mineralization.
Additional holes are planned for all four of these targets, with one hole also planned for the El Creston Target.
Figure 1. Drill progress to 2025-Oct-09. Geologic map with the tenure of the Union internal concession shown in pink. Manto and chimney type CRD targets are shown as red polygons. Riverside now controls all mineral tenures on this map.
To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/10197/270509_719d25609410fb43_001full.jpg
Questcorp cautions investors grab sample by their very nature are select samples and may not be indicative of mineralization on the property.
Initial drilling is also planned for newly generated targets to the west of the known mineralization trend. The target is feeder zones along pre-mineral fault structures.
Once this initial campaign is completed, follow-up work will integrate assay results, ongoing surface programs, additional induced polarization (IP) surveys, and refined geological interpretations based on stratigraphy and structure observed in drilling.
Figure 2. Cross section looking west with conceptual drill targets and schematic drillhole traces. Assays from Riverside’s sampling of rock dump materials from the two mine areas are labeled in black. Red areas are interpreted as manto and chimney target bodies that are now well defined and drill ready. Assays shown on figures 1 and 2 have been previously released and disclosed as summarized below the geochemical QA/QC and in published NI 43-101 Report that Questcorp published 2025 on Sedar+.
To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/10197/270509_719d25609410fb43_002full.jpg
Qualified Person & QA/QC:
The technical content of this news release has been reviewed and approved by R. Tim Henneberry’, P.Geo (BC) a Director of the Company and a Qualified Person under National Instrument 43-101.
Rock samples from previous exploration programs discussed above at the Project were taken to the Bureau Veritas Laboratories in Hermosillo, Mexico for fire assaying for gold. The rejects remained with Bureau Veritas in Mexico while the pulps were transported to Bureau Veritas laboratory in Vancouver, BC, Canada for 45 element ICP/ES-MS analysis using 4-acid digestion methods. A QA/QC program was implemented as part of the sampling procedures for the exploration program. Standards were randomly inserted into the sample stream prior to being sent to the laboratory.
About Questcorp Mining Inc.
Questcorp Mining is engaged in the business of the acquisition and exploration of mineral properties in North America, with the objective of locating and developing economic precious and base metals properties of merit. The company holds an option to acquire an undivided 100-per-cent interest in and to mineral claims totalling 1,168.09 hectares comprising the North Island copper property, on Vancouver Island, B.C., subject to a royalty obligation. The company also holds an option to acquire an undivided 100-per-cent interest in and to mineral claims totalling 2,520.2 hectares comprising the La Union project located in Sonora, Mexico, subject to a royalty obligation.
ON BEHALF OF THE BOARD OF DIRECTORS,
Saf Dhillon President & CEO
Questcorp Mining Inc. saf@questcorpmining.ca Tel. (604-484-3031)
Suite 550, 800 West Pender Street Vancouver, British Columbia V6C 2V6.
Certain statements in this news release are forward-looking statements, which reflect the expectations of management regarding completion of survey work at the North Island Copper project. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Except as required by the securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/270509
LendingTree CEO and founder Doug Lebda died in an all-terrain vehicle accident over the weekend, the online loaning platform said Monday.
In a company announcement, LendingTree confirmed that Lebda unexpectedly died on Sunday and that its leadership “deeply mourns his passing” while extending condolences to the executive’s loved ones.
“Doug was a visionary leader whose relentless drive, innovation and passion transformed the financial services landscape, touching the lives of millions of consumers,” LendingTree’s board of directors said in a statement. “His passion will continue to inspire us as we move forward together.”
Scott Peyree, LendingTree’s chief operating officer and president, has now been appointed CEO effective immediately. And lead independent director Steve Ozonian will also step into Lebda’s role as chairman of the board, the company said.
Shares of Charlotte, North Carolina-based LendingTree fell more than 2% by early afternoon trading on Monday.
Lebda founded LendingTree in 1996 — to “simplify the loan shopping process” after experiencing his own frustrations when getting his first mortgage, LendingTree’s website notes. The platform launched nationally in 1998 and became a public company in 2000. It was later acquired by internet conglomerate IAC/InterActiveCorp, before spinning off on its own again in 2008.
Today, LendingTree’s central online loaning marketplace helps users find and compare loans for mortgages, credit cards, insurance needs and more. LendingTree, Inc. also owns brands across the financial sector — including CompareCards and Value Penguin.
In addition to his multiple-decade career at LendingTree, Lebda also co-founded a financial services platform for children and families called Tykoon in 2010. He previously worked as an auditor and consultant for PriceWaterhouseCoopers.
“All of my ideas come from my own experiences and problems,” Lebda told The Wall Street Journal in a 2012 interview.
The S&P 500 ($SPX) just logged its fifth straight trading box breakout, which means that, of the five trading ranges the index has experienced since the April lows, all have been resolved to the upside.
How much longer can this last? That’s been the biggest question since the massive April 9 rally. Instead of assuming the market is due to roll over, it’s been more productive to track price action and watch for potential changes along the way. So far, drawdowns have been minimal, and breakouts keep occurring. Nothing in the price action hints at a lasting change — yet.
While some are calling this rally “historic,” we have a recent precedent. Recall that from late 2023 through early 2024, the index had a strong start and gave way to a consistent, steady trend.
From late October 2023 through March 2024, the S&P 500 logged seven consecutive trading box breakouts. That streak finally paused with a pullback from late March to early April, which, as we now know, was only a temporary hiccup. Once the bid returned, the S&P 500 went right back to carving new boxes and climbing higher.
New 52-Week Highs Finally Picking Up
If there’s been one gripe about this rally, it’s that the number of new highs within the index has lagged. As we’ve discussed before, among all the internal breadth indicators available, new highs almost always lag — that’s normal. What we really want to see is whether the number of new highs begins to exceed prior peaks as the market continues to rise, which it has, as shown by the blue line in the chart below.
As of Wednesday’s close, 100 S&P 500 stocks were either at new 52-week highs or within 3% of them. That’s a strong base. We expect this number to continue rising as the market climbs, especially if positive earnings reactions persist across sectors.
Even when we get that first day with 100+ S&P 500 stocks making new 52-week highs, though, it might not be the best time to initiate new longs.
The above chart shows that much needs to align for that many stocks to peak in unison, which has historically led to at least a short-term consolidation, if not deeper pullbacks — as highlighted in yellow. Every time is different, of course, but this is something to keep an eye on in the coming weeks.
Trend Check: GoNoGo Still “Go”
The GoNoGo Trend remains in bullish mode, with the recent countertrend signals having yet to trigger a greater pullback.
Active Bullish Patterns
We still have two live bullish upside targets of 6,555 and 6,745, which could be with us for a while going forward. For the S&P 500 to get there, it will need to form new, smaller versions of the trading boxes.
Failed Bearish Patterns
In the chart below, you can view a rising wedge pattern on the recent price action, the third since April. The prior two wedges broke down briefly and did not lead to a major downturn. The largest pullbacks in each case occurred after the S&P 500 dipped below the lower trendline of the pattern.
The deepest drawdown so far is 3.5%, which is not exactly a game-changer. Without downside follow-through, a classic bearish pattern simply can’t be formed, let alone be broken down from.
We’ll continue to monitor these formations as they develop because, at some point, that will change.
Prismo Metals’ high-grade silver and copper assets in Arizona, anchored by the Silver King project, offer investors exposure to near-surface polymetallic mineralization and large-system copper potential in a tier-one US jurisdiction, guided by an accomplished technical team. Prismo also retains strategic silver-gold leverage through its Palos Verdes joint program with Vizsla Silver in Mexico, creating a balanced portfolio designed for discovery and growth.
Overview
Prismo Metals (CSE:PRIZ,OTCQB:PMOMF,FSE:7KU) is a North American exploration company focused on advancing high-grade silver, gold and copper discoveries in Arizona, one of the world’s most productive and mining-friendly jurisdictions. The company’s projects, Silver King, Ripsey and Hot Breccia, position Prismo at the forefront of exploration in the Arizona Copper Belt, an area that hosts some of the largest copper deposits on Earth.
The historic Silver King mine produced nearly 6 million ounces of silver during the 1880s.
At the center of Prismo’s focus is the Silver King project, a historic silver mine adjacent to BHP and Rio Tinto’s giant Resolution Copper operation. Along with the nearby Ripsey Mine and Hot Breccia project, these assets form a complementary pipeline targeting both bonanza-grade gold and district-scale copper systems.
In Mexico, Prismo continues to advance its Palos Verdes project through a strategic partnership with Vizsla Silver, Prismo’s largest shareholder, providing investors exposure to one of the richest silver-gold districts in the Americas.
Prismo’s business strategy combines technical excellence, modern exploration technologies and disciplined capital allocation to advance near-term drilling and long-term discovery growth across its portfolio.
Company Highlights
Arizona-focused Exploration: Advancing a portfolio of high-grade silver, copper and gold projects – Silver King, Ripsey and Hot Breccia – in the heart of the Arizona Copper Belt.
Exceptional Grades and Momentum: Sampling at Silver King returned 619 g/t silver and 511 g/t silver, as well as 757 g/t silver, 1.5 percent copper, 6.7 percent lead, and 11.5 percent zinc from a newly identified polymetallic vein. An expanded 1,000-meter Phase 2 drill program is planned.
Strategic Land Position: Projects are surrounded by major producers, including BHP/Rio Tinto’s Resolution Copper and Freeport’s Christmas Mine, offering unmatched geological and infrastructure advantages.
AI-driven Copper Discovery: Hot Breccia, a large-scale copper-gold target, combines historic Kennecott and Phelps Dodge drilling with new ZTEM geophysics and AI-based drill targeting for a 5,000 m program.
Partnership Strength: In Mexico, Prismo maintains silver-gold exposure through its Palos Verdes project in collaboration with Vizsla Silver, which is also Prismo’s largest shareholder holding 6.1 percent ownership.
Tight Share Structure: With only 83.6 million shares outstanding, a market cap of $12.1 million (as of October 14th, 2025) and 28.7 percent insider and advisor ownership, Prismo’s management is closely aligned with shareholders
Key Projects
Silver King
The 125-hectare Silver King project lies entirely within the Resolution Copper claim block, about 3 km from the main Resolution shaft and 1 km from the historic Magma mine. Discovered in 1875, it produced roughly 6 million ounces of silver between 1875 and 1928 at grades up to 61 ounce per ton (oz/t) silver. Small-scale production in the 1990s returned up to 644 oz/t silver and 0.53 oz/t gold.
Recent sampling by Prismo confirmed strong silver-copper-lead-zinc mineralization, including 619 grams per ton (g/t) silver and 511 g/t silver from the Silver King shaft area, and 757 g/t silver, 1.5 percent copper, 6.7 percent lead, and 11.5 percent zinc from a newly identified polymetallic vein. The assay results for both silver and copper demonstrate the high-grade nature of the system.
Following these recent results, Prismo plans a second-phase drill program totaling approximately 1,000 meters to test new polymetallic and copper-bearing targets as well as a large replacement-style zone. The company has submitted a plan of operations for drilling to the US Forest Service, with additional site permits in progress.
Ripsey Mine
Located 20 km west of Hot Breccia and south of the Ray mine, the Ripsey mine covers 30 hectares of patented claims and hosts a historic gold-silver-copper vein system traced over 400 meters along strike and 160 meters vertically. The property saw limited production in the early 20th century and has never been explored with modern methods.
View of open stope on the Ripsey vein near the main shaft
Sampling by Dr. Craig Gibson returned values up to 15.9 g/t gold and 275 g/t silver over 0.75 meters, confirming strong near-surface mineralization with significant expansion potential. Further surface exploration at Ripsey is planned..
Hot Breccia
The Hot Breccia Project, spanning 1,420 hectares, provides Prismo with large-scale copper-gold optionality in the heart of Arizona’s Copper Belt. The project is located 40 km south of Resolution Copper and 35 km north of the San Manuel-Kalamazoo deposit. It hosts the same productive units as Freeport’s nearby Christmas mine, which historically produced high-grade copper skarn ore.
Historic drilling by Kennecott and Phelps Dodge intersected copper-rich skarn mineralization, including 77 ft of 0.54 percent copper, 60 ft of 1.4 percent copper and 4.65 percent zinc, and 25 ft of 1.73 percent copper. A 2023 ZTEM survey and subsequent AI analysis identified a large conductive anomaly at depth, consistent with a porphyry copper system.
Located near major infrastructure, including highways, power, water and the Hayden smelter, Hot Breccia is Prismo’s largest-scale copper discovery opportunity.
Palos Verdes
The Palos Verdes project provides Prismo with strategic exposure to silver and gold in Mexico’s prolific Panuco-Copala district, where Vizsla Silver (TSXV:VZLA) is advancing a billion-dollar silver resource. Prismo’s concession sits at the northeastern end of the district and is fully surrounded by Vizsla’s ground.
Drill site for hole PV-24-34 of the current drill program
To date, Prismo has drilled approximately 6,052 meters across 33 holes, identifying a near-surface, high-grade ore shoot within the Palos Verdes vein. Results include 102 g/t gold and 3,100 g/t silver (11,520 g/t silver equivalent over 0.5 m), comparable to some of the best intercepts in the district.
Future exploration will focus on deeper drilling and potential extensions of the vein system into adjacent Vizsla concessions, as guided by the joint Prismo-Vizsla technical committee chaired by Dr. Peter Megaw and Dr. Craig Gibson.
Management Team
Alain Lambert – CEO and Co-founder
Alain Lambert is a lawyer with over 35 years of experience financing and advising small and mid-sized companies across technology, manufacturing and natural resources. He has participated in private and public financings exceeding $1 billion and built an extensive network of investors, bankers, analysts and IR professionals. Lambert has served as a director and on audit and governance committees for several public and private companies. He holds an LL.B. from the University of Montréal and a diploma in administration from College Jean-de-Brébeuf, Montréal.
Gordon Aldcorn – President
Gordon Aldcorn brings more than 20 years of experience in capital markets and junior public company development. Over the past five years, he has focused on the corporate management of copper and gold exploration projects, with a strong track record of advancing early-stage assets. Committed to responsible mineral exploration and long-term stakeholder engagement, Aldcorn now leads Prismo Metals through a pivotal growth phase, advancing its high-potential projects in Arizona and Mexico.
Craig Gibson – Co-founder and Chief Exploration Officer
Dr. Craig Gibson has extensive experience in the minerals industry. He received his Bachelor of Science (1984) in Earth Sciences from the University of Arizona and Master of Science (1987) and PhD (1992) in Economic Geology and Geochemistry from the Mackay School of Mines, University of Nevada, Reno. He co-founded Prospeccion y Desarrollo Minero del Norte, S.A. de CV (ProDeMin) based in Guadalajara, Mexico, in 2009. ProDeMin is a consulting firm providing a broad spectrum of exploration-related services to the mining industry and has been involved in several major precious metal discoveries in Mexico. Gibson is also a director of Garibaldi Resources, a Vancouver-based junior exploration company; a certified professional geologist of the American Association of Professional Geologists; and a qualified person under NI 43-101.
Carmelo Marelli – CFO and Corporate Secretary
Carmelo Marrelli is the principal of the Marrelli Group, comprising Marrelli Support Services, DSA Corporate Services, DSA Filing Services, Marrelli Press Release Services, Marrelli Escrow Services, and Marrelli Trust Company. The Marrelli Group has delivered accounting, corporate secretarial and regulatory compliance services to listed companies on various exchanges for over 20 years. Marrelli is a chartered professional accountant (CPA, CA, CGA), and a member of the Institute of Chartered Secretaries and Administrators, a professional body that certifies corporate secretaries. He received a Bachelor of Commerce degree from the University of Toronto. Marrelli acts as the chief financial officer to several issuers on the TSX, TSX Venture Exchange and CSE, as well as non-listed companies, and as a director of select issuers.
Martin Dupuis – Director
Martin Dupuis has over 25 years of experience covering all stages of a project’s life, from exploration through feasibility and engineering studies, construction, mine expansion and operations. Dupuis serves as Vizsla Silver’s chief operating officer. He was instrumental in the oversight and delivery of the company’s maiden resource estimate. Before joining Vizsla Silver, Dupuis was director of geology for Pan American Silver, technical services manager for Aurico Gold, and chief geologist at several other operations.
Louis Doyle – Director
Louis Doyle has over 30 years of experience in capital markets and public companies. Since 2016, he has served as executive director of Québec Bourse and has advised private companies seeking Canadian exchange listings. Previously, he was vice-president, Montréal at the TSX Venture Exchange (1999–2015), where he oversaw business development and listings in Québec and Atlantic Canada, chaired the listing committee, served on the policy committee, and led the national mentorship program. Doyle also holds directorships with two other public companies.
Peter Megaw – Advisor and Significant Shareholder
Dr. Peter Megaw is best known as co-founder of MAG Silver and Minaurum Gold. He and his team are credited with MAG Silver’s Juanicipio discovery in the famous Fresnillo District, for which he received the Thayer Lindsley Award in 2017. He received his doctorate from the University of Arizona and has more than 35 years of experience exploring silver and gold in Mexico. Megaw is a certified professional geologist by the American Institute of Professional Geologists and an Arizona registered professional geologist. He is the author of numerous scientific publications on ore deposits and is a frequent speaker at academic and international exploration conferences. Megaw also received the Society of Mining Engineers 2012 Robert M. Dreyer Award for excellence in applied economic geology.
Steve Robertson – Advisor
Steve Robertson brings 35 years of mining industry experience, with a focus on precious metals and copper exploration in North America. He has co-founded and managed multiple exploration companies, including Infinitum Copper, where as CEO he led the public listing and project acquisitions in Sonora, Mexico, and Arizona, USA. Previously, he founded Sun Metals, where his team made a significant copper-gold discovery and completed two corporate mergers.
Thousands of U.S.-bound packages shipped by UPS are trapped at hubs across the country, unable to clear the maze of new customs requirements imposed by the Trump administration.
As packages flagged for customs issues pile up in UPS warehouses, the company told NBC News it has begun “disposing of” some shipments.
Frustrated UPS customers describe waiting for weeks and trying to make sense of scores of conflicting tracking updates from the world’s largest courier.
“I’ve never seen anything like this before,” Matthew Wasserbach, brokerage manager of Express Customs Clearance, said of the UPS backlog. “It’s totally unprecedented.”
Wasserbach’s New York City-based shipping services firm helps clients move shipments through customs. He said the company has seen a spike in inquiries for help with UPS customs clearance.
A Boeing 747 operated by UPS on the tarmac at Louisville International Airport in Kentucky during a winter storm on Feb. 3, 2022.Luke Sharrett / Bloomberg via Getty Images file
More than two dozen people who are waiting for their UPS packages explained the circumstances of their shipments to NBC News.
They described shipments of tea, telescopes, luxury glassware, musical instruments and more — some worth tens of thousands of dollars — all in limbo or perhaps gone.
Others have deep sentimental value: notebooks, diplomas and even engagement rings.
The frustration has exploded online, with customers sharing horror stories on Reddit of missing skin care products, art and collectibles.
They are confused and angry, and they want answers.
“It’s almost impossible to get through to anybody to figure out what is happening,” said Ashley Freberg, who said she is missing several boxes she shipped via UPS from England in September.
“Are my packages actually being destroyed or not?”
Freberg’s boxes of journals, records and books were shipped on Sept. 18, according to tracking documents she shared with NBC News.
Over the next two weeks, she received two separate notifications from UPS that her personal mementos had not cleared customs and as a result had been “disposed of” by UPS.
Then, on Oct. 1, a UPS tracking update appeared for her packages, saying they were on the way. The tracking updates Freberg showed NBC News for that shipment revealed it was the most recent update she had received.
UPS transport jets wait to be loaded with packages at UPS Worldport in Louisville, Ky., on April 27, 2021.Timothy D. Easley / AP file
While sentimental value is impossible to measure, other customers fear they will not be able to recover financially if their goods were destroyed.
Tea importer Lauren Purvis of Portland, Oregon, said five shipments from Japan, mostly containing matcha green tea and collectively worth more than $127,000, were all sent via UPS over the last few weeks and arrived at UPS’ international package processing hub in Louisville, Kentucky. Purvis has yet to receive any of the shipments, only a flurry of conflicting tracking updates from UPS.
A series of notifications for one shipment, which she shared with NBC News, said that the shipment had not cleared customs and that UPS had disposed of it.
But a subsequent tracking update said the shipment had cleared customs and was on the way.
“We know how to properly document and pay for our packages,” Purvis said. “There should be zero reason that a properly documented and paid-for package would be set to be disposed of.”
At least a half-dozen people described an emotional seesaw they were put through by weeks of contradictory UPS tracking updates about their shipments. The updates, they said, compounded the stress of not knowing what had really happened to their possessions.
A UPS Boeing 767 aircraft taxis at San Diego International Airport, in San Diego, Calif., August 15, 2025.Kevin Carter / Getty Images file
AJ, a Boston man who asked that NBC News use only his initials to protect his privacy, said he shipped a package from Japan via UPS on Sept. 12 including Japanese language books, a pillow and a backpack.
After it sat in Louisville for nearly two weeks, AJ got a tracking update on Sept. 26, one of several that he shared with NBC News. “We’re sorry, your package did not clear customs and has been removed from the UPS network. Per customs guidelines, it has been destroyed. Please contact the sender for more information,” it read.
UPS tracking updates for a package shipped from Japan to the United States.Obtained by NBC News
Three days later, on Sept. 29, he received another, and this one read: “On the Way. Import Scan, Louisville, KY, United States.” For a moment, it appeared as though AJ’s shipment might have been found.
But less than 24 hours after his hopes were raised, another tracking update arrived: “We’re sorry,” it began. It was the same notice that his package had “been destroyed” that he had received on the 26th.
Two minutes later, he got his final update: “Unable to Deliver. Package cannot clear due to customs delay or missing info. Attempt to contact sender made. Package has been disposed of.”
International shipping was thrown into chaos after the long-standing “de minimis” tariff exemption for low-value packages ended on Aug. 29.
Packages with values of $800 or less, which were previously allowed to enter the United States duty-free, are now subject to a range of tariffs and fees.
They include hundreds of country-specific rates, or President Donald Trump’s so-called reciprocal tariffs, as well as new levies on certain products and materials.
President Donald Trump holds a chart as he speaks about reciprocal tariffs at a ‘Make America Wealthy Again’ event at the White House on April 2.Brendan Smialowski / AFP – Getty Images file
The result is that international shipping to the United States today is far more complex and costly than it was even two months ago.
The sweeping changes have caught private individuals and veteran exporters alike in a customs conundrum.
It is difficult to know the exact number of the packages that are stuck in UPS customs purgatory. Shipping companies guard their delivery data closely.
UPS reported to investors that in 2023, its international service delivered around 3.2 million packages per day.
This week, the company told NBC News that it is clearing more than 90% of the packages it handles through customs on the first day.
The rest of the packages, or less than 10%, require more time to clear customs and need to be held until they do. That could easily mean that thousands of UPS packages every day are not clearing customs on their first try.
In a statement to NBC News, UPS said it is doing its best to get all packages to their destinations while abiding by the new customs requirements.
“Because of changes to U.S. import regulations, we are seeing many packages that are unable to clear customs due to missing or incomplete information about the shipment required for customs clearance,” it said.
UPS said it makes several attempts to get any missing information and clear delayed shipments, contacting shippers three times.
“In cases where we cannot obtain the necessary information to clear the package, there are two options,” it said.
“First, the package can be returned to the original shipper at their expense. Second, if the customer does not respond and the package cannot be cleared for delivery, disposing of the shipment is in compliance with U.S. customs regulations. We continue to work to bridge the gap of understanding tied to the new requirements and, as always, remain committed to serving our customers.”
A conveyor belt carries envelopes and small packages past UPS workers to their destinations at Worldport on Nov. 20, 2015.Patrick Semansky / AP, file
NBC News asked UPS precisely what it does with packages when it tells customers their shipments have been unable to clear customs and have been “disposed of.” It would not say.
On Sept. 27, a shipper in Stockholm received a formal notification from UPS that two packages her glassware company sent to the United States — which failed to clear customs — would be destroyed.
“We are sorry, but due to these circumstances and the perishable nature of the contents, we are now required to proceed with destruction of the shipment in accordance with regulatory guidelines,” UPS told Anni Cernea in an email she shared with NBC News.
The email continued, “There is no need to contact our call center for further information or to attempt to clear this shipment.”
Cernea said, “It’s just outrageous that they can dispose of products like this without approval from either the sender or recipient.”
From now on, Cernea said, she plans to ship her products via UPS rival FedEx.
Cernea’s decision to switch carriers hints at the worst-case scenario for UPS, which is that people could abandon the company. It is a potential crisis for the roughly $70 billion company.
The company’s stock price is already down more than 30% this year, which analysts attribute to a mix of tariffs, competition and shifting shopping habits.
As she awaits her missing journals and diplomas from England, Freberg is looking ahead to the biggest shipping months of the year.
“I can’t even imagine how bad the holidays are going to be, because that’s a time where loads of people are shipping stuff overseas,” she said.
“If it doesn’t get solved soon, I can only see it becoming an even bigger issue.”
HONG KONG — China outlined new curbs on exports of rare earths and related technologies on Thursday, extending controls over use of the elements critical for many high-tech and military products ahead of a meeting in about three weeks between President Donald Trump and Chinese leader Xi Jinping.
The regulations announced by the Ministry of Commerce require foreign companies to get special approval to export items that contain even small traces of rare earths elements sourced from China. These critical minerals are needed in a broad range of products, from jet engines, radar systems and electric vehicles to consumer electronics including laptops and phones.
Beijing will also impose permitting requirements on exports of technologies related to rare earths mining, smelting, recycling and magnet-making, it said.
China accounts for nearly 70% of the world’s rare earths mining. It also controls roughly 90% of global rare earths processing. Access to such materials is a key point of contention in trade talks between Washington and Beijing.
As Trump has raised tariffs on imports of many products from China, Beijing has doubled down on controls on the strategically vital minerals, raising concerns over potential shortages for manufacturers in the U.S. and elsewhere.
It was not immediately clear how China plans to enforce the new policies overseas.
During a cabinet meeting Thursday, Trump said he had yet to be briefed on the new rules but suggested that the U.S. could stop buying Chinese goods. “We import from China massive amounts,” Trump said. “Maybe we’ll have to stop doing that.”
Neha Mukherjee, a rare earths analyst at Benchmark Mineral Intelligence, called the new export controls “a strategic move by China that mirror some of Washington’s new chip export rules.
“Most rare earth magnet manufacturers in the U.S., Japan and elsewhere remain heavily dependent on rare earths from China, so these restrictions will force some difficult decisions — especially for any company involved in military uses of rare earths because most of those export licenses are expected to be denied, he said.
“The message is clear: if the U.S. and its allies want supply chain security, they must build independent value chains from mine to magnet,” Mukherjee said.
The new restrictions are to “better safeguard national security” and to stop uses in “sensitive fields such as the military” that stem from rare earths processed or sourced from China or from its related technologies, the Commerce Ministry said.
It said some unnamed “overseas bodies and individuals” had transferred rare earths elements and technologies from China abroad for military or other sensitive uses which caused “significant damage” to its national security.
The new curbs were announced just weeks ahead of an expected meeting between Trump and Chinese President Xi Jinping on the sidelines of the Asia-Pacific Economic Cooperation forum in South Korea, that begins at the end of this month.
“Rare earths will continue to be a key part of negotiations for Washington and Beijing,” George Chen, a partner at The Asia Group, said in an emailed comment. “Both sides want more stability but there will be still a lot of noises before the two leaders, President Trump and Xi, can make a final deal next year when they meet. Those noises are all negotiation tactics.”
These new restrictions will likely prompt additional government and private investments in developing a mine-to-magnet supply chain outside of China. Mukherjee said that $520 million of investments in the American rare earths industry were announced just in the second quarter with most of that coming from the government.
And there is some progress already being made with American magnet maker Noveon announcing an agreement with Lynas Rare Earths this week to secure a supply of rare earths outside of China from Lynas’ mine in Australia, and MP Materials preparing to begin producing magnets later this year at its new plant in Texas that uses rare earths from the only U.S. mine that it operates in California.
In July, the U.S. Defense Department agreed to invest $400 million in shares of the Las Vegas company, establish a floor for the price of key elements, and ensure that all of the magnets made at a new plant in the first 10 years are purchased.
An MP Materials spokesperson said China’s action “reinforces the need for forward-leaning U.S. industrial policy. Building resilient supply chains is a matter of economic and national security.”
Wade Senti, president of the U.S. permanent magnet company AML, said it’s time to innovate.
“The game of chess that China is playing underscores the importance of developing innovation that changes the game and puts the United States in leading position,” Senti said.
Nazak Nikakhtar, a former Commerce Department undersecretary, said the new restrictions are “a significant development and escalation” by extending controls to related technology and equipment and to sectors like chipmakers. “This should be a wake-up call to the U.S. government that we need to invest in and appropriate more to domestic capabilities. Both are critical to rebuild America’s rare earths industrial base,” she said.
In April, Chinese authorities imposed export curbs on seven rare earth elements shortly after Trump unveiled his steep tariffs on many trading partners including China.
While supplies remain uncertain, China approved some permits for rare earth exports in June and said it was speeding up its approval processes.
