Market Signal Briefing

October 16, 2025 07:30 ET

 | Source:

Telesat

OTTAWA, Ontario and TIMMINS, Ontario, Oct. 16, 2025 (GLOBE NEWSWIRE) -- Telesat (Nasdaq and TSX: TSAT), one of the world’s largest and most innovative satellite operators, and Timmins Economic Development today announced that Telesat purchased a land plot on Laforest Road from the City of Timmins. This site will serve as a Landing Station to connect data from its advanced LEO satellite network, Telesat Lightspeed, to terrestrial Points of Presence and fibre in Northern Ontario.

Telesat Lightspeed, the largest space program in Canada’s history, will help bridge the digital divide by extending the reach of terrestrial telecom networks in rural and remote communities. Additionally, it is expected to serve an important role in protecting the Arctic and Canada’s sovereignty and deliver high-performing broadband connectivity for the energy, mining, aviation and maritime industries. The satellite constellation in space is seamlessly integrated with terrestrial Landing Stations around the world, with built-in site redundancy and diversity to ensure that data reliably reaches its intended destination.

“Timmins offers access to superior telecommunications infrastructure, including an extensive 2,200 km long haul fibre network, highly reliable hydroelectric infrastructure, and access to a multitude of energy solutions. These features, plus easy accessibility to Southern Ontario and Western Quebec, make Timmins an ideal location to meet the stringent resiliency requirements for our terrestrial Landing Station network. We appreciate the professionalism and responsiveness of Timmins Economic Development throughout our engagement.
  -  Asit Tandon, Chief Network and Information Officer, Telesat

“Timmins is proud to play a role in advancing Canada’s largest space program. Telesat’s investment highlights the strength of our city’s infrastructure and our position as a hub for innovation in Northern Ontario. By anchoring the Telesat Lightspeed network here, Timmins is helping to connect remote and rural communities, while also contributing to Canada’s growing new space economy. This project represents new opportunities for our community and reinforces that Timmins is on the map, not just in Ontario, but on a global scale.”
  -  Mayor Michelle Boileau, City of Timmins

“Telesat’s decision to establish a Landing Station in Timmins highlights the strategic advantages our city offers — from robust telecommunications to our prime geographic location in Northern Ontario. This project marks a significant milestone for Timmins, reinforcing our commitment to supporting innovative industries and attracting investment that drives economic growth. We look forward to continuing to work with Telesat as they advance this exciting initiative, contributing to the growth of our local space economy.”
  -  Brenda Camirand, Director of Economic Development, City of Timmins

Site preparation is now underway for the Timmins Landing Station. Crews have begun clearing the land and construction of satellite antennas and networking equipment will commence in the spring of 2026.

About Telesat
Backed by a legacy of engineering excellence, reliability and industry-leading customer service, Telesat (Nasdaq and TSX: TSAT) is one of the largest and most innovative global satellite operators. Telesat works collaboratively with its customers to deliver critical connectivity solutions that tackle the world’s most complex communications challenges, providing powerful advantages that improve their operations and drive profitable growth.

Continuously innovating to meet the connectivity demands of the future, Telesat Lightspeed, the company’s state-of-the-art Low Earth Orbit (LEO) satellite network, has been optimized to meet the rigorous requirements of telecom, government, maritime and aeronautical customers. Telesat Lightspeed will redefine global satellite connectivity with ubiquitous, affordable, high-capacity, secure and resilient links with fibre-like speeds. For updates on Telesat, follow us on LinkedIn, X, or visit www.telesat.com.

About Timmins Economic Development
Timmins Economic Development is the city’s community economic development team, which facilitates and supports economic and social activity that creates jobs, diversifies the economy and improves quality of life.

Land Acknowledgement
Timmins Economic Development acknowledges that we are located on the traditional Lands of Mattagami First Nation, Flying Post First Nation, and Matachewan First Nation, home to many Ojibway, Cree, Oji-Cree, Algonquin and Métis people. We also acknowledge that we are situated in Treaty 9 territory (also known as the James Bay Treaty), which is steeped in the rich Indigenous history of many First Nations, Métis and Inuit People.

We make this acknowledgement as a first step in recognizing First Peoples’ long history and living culture, made with respect to Elders, both past and present.

Media Contacts:
W2 Communications for Telesat
[email protected]

Timmins Economic Development
Kelsey Luxton
705-360-2600 x7083
[email protected]

Telesat Forward-Looking Statements Safe Harbor

This news release contains statements that are not based on historical fact and are “forward-looking statements’’ within the meaning of the Private Securities Litigation Reform Act of 1995 and Canadian securities laws. When used herein, statements which are not historical in nature, or which contain the words “will,” “can,” “expected,” or similar expressions, are forward-looking statements. Actual results may differ materially from the expectations expressed or implied in the forward-looking statements as a result of known and unknown risks and uncertainties. All statements made in this press release are made only as of the date set forth at the beginning of this release. Telesat Corporation undertakes no obligation to update the information made in this release in the event facts or circumstances subsequently change after the date of this press release.

These forward-looking statements are based on Telesat Corporation’s current expectations and are subject to a number of risks, uncertainties and assumptions. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond Telesat Corporation’s control, are difficult to predict, and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. There are numerous risks and uncertainties associated with Telesat’s business and the Telesat Lightspeed constellation. Known risks and uncertainties include but are not limited to: inflation and rising interest rates; tariffs; Telesat’s ability to meet the funding conditions of its funding agreements with the Government of Canada and Government of Quebec; technological hurdles, including our and our contractors’ development and deployment of the new technologies required to complete the constellation in time to meet our schedule, or at all; the availability of services and components from our and our contractors’ supply chains; competition; risks associated with domestic and foreign government regulation, including access to sufficient orbital spectrum to be able to deliver services effectively and access to sufficient geographic markets in which to sell those services; Telesat’s ability to develop significant commercial and operational capabilities; risks associated with operating satellites and providing satellite services, including satellite construction or launch delays, launch failures, in-orbit failures or impaired satellite performance; and volatility in exchange rates. The foregoing list of important factors is not exhaustive. Investors should review the other risk factors discussed in Telesat Corporation’s annual report on Form 20-F for the year ended December 31, 2024, that was filed on March 27, 2025, with the United States Securities and Exchange Commission (“SEC”) and the Canadian securities regulatory authorities at the System for Electronic Document Analysis and Retrieval (“SEDAR”), and may be accessed on the SEC’s website at https://www.sec.gov/ and SEDAR’s website at https://www.sedarplus.ca/ as well as our subsequent reports on Form 6-K filed with the SEC and also available on SEDAR.

The Company has also hired a consultant to help access government innovation funding in Canada.

Vancouver, BC, Canada, October 16, 2025 – TheNewswire – First Tellurium Corp. (CSE: FTEL, OTC: FSTTF) reports that its majority-owned subsidiary PyroDelta Energy is working with Canadian and U.S. legal counsel to establish a Florida-based subsidiary that will facilitate sales of thermoelectric devices to U.S. customers, including drone manufacturers and AI data center providers.

“Based on the recent successful testing and positive feedback with potential customers (as announced October 1st, September 18th and September 4th), we’ve been advised that the subsidiary should be in place as soon as possible,” said First Tellurium President and CEO Tyrone Docherty. “We need to have everything set up to hit the ground running in anticipation of initial sales.”

The Company also reports it has hired a consultant to help access the best sources of Canadian federal and provincial government funding for innovation, technology, clean energy and other related programs.

“Federal and provincial governments have been aggressive in their efforts to improve competitiveness in these sectors,” said Docherty. “We believe PyroDelta’s thermoelectric technology would qualify and be attractive for various grant, loan and capital investment programs, along with partnering and collaboration.”

Canadian Prime Minister Mark Carney has been clear in his desire to build Canada into a clean energy superpower, positioning it as a global hub for clean manufacturing and low-carbon resource development.

“We believe PyroDelta’s thermoelectric technology could play an important role in this transition,” said Docherty.

About First Tellurium Corp.

First Tellurium’s unique business model is to generate revenue and value through mineral discovery, project development, project generation and development of tellurium-based technologies.

First Tellurium is listed on the Canadian Securities Exchange under the symbol “FTEL” and on the OTC under the symbol “FSTTF”. Further information about FTEL and its projects can be found at www.firsttellurium.com.

 

On behalf of the board of directors of

First Tellurium Corp.

“Tyrone Docherty”                       

Tyrone Docherty

President and CEO

 

For further information please contact:

Tyrone Docherty

604.789.5653

[email protected]

 
 

X/Twitter:

https://twitter.com/TelluriumCorp

 

Neither the Canadian Securities Exchange nor its regulations services accept responsibility for the adequacy or accuracy of this release.

Forward-looking information

All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements.  These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company’s control.  Readers should not place undue reliance on forward-looking statements.  Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated event.

 

Melbourne, Australia and Vancouver, Canada – TheNewswire - October 16, 2025 - Mithril Silver and Gold Limited ("Mithril” or the "Company") (TSXV: MSG) (ASX: MTH) (OTCQB: MTIRF) is pleased to provide exploration results and update for multiple targets at Mithril’s district scale Copalquin property, Durango State, Mexico.

Update Highlights

The current Copalquin resource lies within the Target 1 area, where recent drilling has successfully expanded the strike continuity by 300 metres, demonstrating strong potential for further growth. 

7.20 m @ 2.78 g/t gold, 148 g/t silver from 260.9 m (MTH-RE25-44), including 

2.05 m @ 7.41 g/t gold, 419 g/t silver from 266.05 m

2.80 m @ 3.97 g/t gold, 208 g/t silver from 272.35 m

8.03 m @ 7.19 g/t gold, 260 g/t silver from 257.72 m (MTH-RE25-45), including 

4.40 m @ 9.87 g/t gold, 507 g/t silver from 260.7 m

The above intercepts extend the Target 1 strike over 30%

Target 5 drilling rapidly progressing with 11 drill holes now completed with assays pending for the first batch of holes in the laboratory. Ongoing channel sampling at Target 5 has significantly expanded the footprint of this target to 2 km x 2 km 

Target 3 drill plan advancing to be drill ready in the coming months with addition of a third drill 

District wide aerial magnetic survey commences later this month supporting district model drilling, designed to locate the conduit for the widespread gold and silver mineralisation across the vast Copalquin District 

The mineralised horizon is currently expanded to over 1,300 metres vertical across 9 km (Santa Cruz to El Jarillal) in the southern half of the Copalquin district. 

“Drilling at Target 1 continues to deliver strong results, confirming the western extension of the key district-scale east–west structure and expanding the strike length of the Target 1 area by more than 30%, with wide, high-grade intercepts throughout”, commented John Skeet, Managing Director & CEO. “Target 1 lies within the District Middle Section, which now extends over seven kilometres, linking multiple high-grade historic mines and numerous prospective structural features to be tested as part of Mithril’s fully funded 45,000-metre drill program.

At the large, silver-rich Target 5 area in the southern section, drilling has progressed rapidly with 11 holes completed and first assays pending. In parallel, our geological team is advancing the district-scale model, supported by an ongoing petrographic study and upcoming aerial magnetic survey, as we vector in on the conduit system responsible for the widespread high-grade gold and silver mineralisation across the Copalquin District. The defining hallmark of Copalquin remains its exceptional distribution of bonanza-grade gold and silver mineralisation throughout this 70 km² property.”

See ‘About Copalquin Gold Silver Project’ section for JORC MRE details and AuEq. calculation.

District Outlook

Mithril is fully funded to complete 45,000 metres of drilling over the next 12–14 months, with preparations to add a third drill rig by early 2026 at Target 3. Exploration, including drilling and detailed mapping, continues to advance across multiple targets, underpinning the district-scale potential of Copalquin.  A closely spaced aerial magnetic survey will be flown late October 2025 and a petrographic fluid inclusion study on samples across the district is supporting the ongoing development of the district scale model for this large epithermal gold-silver system.

Target 1 resource expansion drilling is ongoing with a resource update pending upon completion of the current drill program.  Drilling throughout 2025 has refined geologic interpretation and presented numerous target zones for drill testing.

Target 5 – Silver Rich in Southwest of Copalquin District – initial drilling continues around the Apomal historic mine in the Target 5 area, with the first 11 holes completed (assays pending) for an initial 5,000 metre program. Apomal is being tested down dip, below the old mine workings and along strike in the northwestern part of this large target area. This program marks the first drilling at Target 5 and is designed to test the mapped veins while stepping out into untested areas along strike and at depth.

Previously completed mapping and sampling at Target 5 has recently returned excellent results from surface and underground samples with the discovery of the historic La Lianas, Los Martires, Jarillal, and Tasolera Mines within the Target 5 area, which covers 2 km x 2 km

Target 3 – Preparing for 2025 Drilling - ongoing systematic mapping and sampling at Target 3 are further defining priority targets in this large prospective area, with maiden drilling set to commence in the coming months.

COPALQUIN GOLD-SILVER DISTRICT, DURANGO STATE, MEXICO

With 100 historic underground gold-silver mines and workings plus 198 surface workings/pits throughout 70km2 of mining concession area, Copalquin is an entire mining district with high-grade exploration results and a maiden JORC resource. To date there are several target areas in the district with one already hosting a high-grade gold-silver JORC mineral resource estimate (MRE) at the Target 1 area (El Refugio-La Soledad)1  and a NI 43-101 Technical Report filed on SEDAR+, supported by a conceptional underground mining study completed on the maiden resource in early 2022 and metallurgical test work (see ASX Announcement 25 February 2022). There is considerable strike and depth potential to increase the resource at El Refugio and at other target areas across the district, plus the underlying geologic system that is responsible for the widespread gold-silver mineralisation.

With the district-wide gold and silver occurrences and rapid exploration success, it is clear the Copalquin District is developing into another significant gold-silver district like the many other districts in this prolific Sierra Madre Gold-Silver Trend of Mexico.

Click Image To View Full Size

Figure 1 – Copalquin District location map, locations of mining and exploration activity and local infrastructure.

Click Image To View Full Size

Figure 2 LiDAR identified historic workings across the 70km2 district. Current drilling locations at Target 1 west and Target 5 (El Apomal), and recent drilling at Zaragoza mine in Target 1 south, high priority drill target area of La Constancia-El Jabali (Target 3).  Several new areas highlighted across the district for follow-up work including recently sampled Target 6

Copalquin District Exploration Progress Update

Click Image To View Full Size

Figure 3  Property-wide channel sampling results for the middle and south district sections within ~50% of the 70 km2 mining concession area covering the Copalquin District

Target 1 Drilling Discussion

Target 1 resource expansion drilling successfully extended the east-west structure 300 m west giving a total strike length from of over 1,300 m (Table 1; Figure 4).

Table 1 Reported drill hole intervals

Drill Hole ID

From (m)

To (m)

Interval (m)

Au g/t

Ag g/t

Au Eq g/t

MTH-ZG25-40

431.6

433.1

1.5

0.298

59.1

1.14

MTH-ZG25-40

450.7

453.55

2.85

1.12

25.20

1.47

MTH-RE25-41

137

138.35

1.35

1.255

71.9

2.28

MTH-RE25-41

140.8

143.9

3.1

0.63

31.10

1.07

MTH-RE25-41

180.82

181.6

0.78

0.71

33.90

1.2

MTH-RE25-41

378.5

379

0.5

3.21

1.20

3.23

MTH-ZG25-42

No reportable intercepts

MTH-RE25-43

No reportable intercepts

MTH-RE25-44

260.9

268.1

7.20

2.78

148

4.89

Including

266.05

268.1

2.05

7.41

418.8

13.39

MTH-RE25-44

272.35

275.15

2.80

3.97

209.4

6.97

MTH-RE25-45

257.72

265.75

8.03

7.19

259.7

10.9

Including

260.7

265.1

4.40

9.87

506.8

15.43

Click Image To View Full Size

Figure 4 Target 1 Drill results in this announcement and showing the 300 metre extension west

Click Image To View Full Size

Figure 5 Cross section of holes MTH-RE25-44 and MTH-RE25-45 extending drilling 300 metres west at Target 1.

Table 2 Drill hole collar details reported in this announcement

Hole ID

Zone

Easting

Northing

Elevation

Azimuth

Inclination

Depth

MTH-ZG25-40

Zaragoza

289965

2823484

996.8

221

-53

474

MTH-RE25-41

Refugio

289079

2823785

1155.77

225

-48

411

MTH-ZG25-42

Zaragoza

290030

2823410

1000.27

212

-45

399

MTH-RE25-43

Refugio

289066

2824050

1178.85

208

-75

600

MTH-RE25-44

Refugio

288654

2823892

1177.09

200

-70

378

MTH-RE25-45

Refugio

288654

2823892

1177.09

215

-66

384

ABOUT THE COPALQUIN GOLD SILVER PROJECT

The Copalquin mining district is located in Durango State, Mexico and covers an entire mining district of 70km2 containing several dozen historic gold and silver mines and workings, ten of which had notable production. The district is within the Sierra Madre Gold Silver Trend which extends north-south along the western side of Mexico and hosts many gold and silver districts.

Multiple mineralisation events, young intrusives thought to be system-driving heat sources, widespread alteration together with extensive surface vein exposures and dozens of historic mine workings, identify the Copalquin mining district as a major epithermal centre for Gold and Silver.

Within 15 months of drilling in the Copalquin District, Mithril delivered a maiden JORC mineral resource estimate demonstrating the high-grade gold and silver resource potential for the district. This maiden resource is detailed below (see ASX release 17 November 2021)^ and a NI 43-101 Technical Report filed on SEDAR+

Indicated 691 kt @5.43 g/t gold, 114 g/t silver for 121,000 oz gold plus 2,538,000 oz silver 

Inferred 1,725 kt @4.55 g/t gold, 152 g/t silver for 252,000 oz gold plus 8,414,000 oz silver 

(using a cut-off grade of 2.0 g/t AuEq*)

28.6% of the resource tonnage is classified as indicated 

Table 33 Mineral resource estimate El Refugio – La Soledad using a cut-off grade of 2.0 g/t AuEq*

 

Tonnes

(kt)

Tonnes

(kt)

Gold

(g/t)

Silver

(g/t)

Gold Eq.* (g/t)

Gold

(koz)

Silver

(koz)

Gold Eq.* (koz)

El Refugio

Indicated

691

5.43

114.2

7.06

121

2,538

157

 

Inferred

1,447

4.63

137.1

6.59

215

6,377

307

La Soledad

Indicated

-

-

-

-

-

-

-

 

Inferred

278

4.12

228.2

7.38

37

2,037

66

Total

Indicated

691

5.43

114.2

7.06

121

2,538

157

 

Inferred

1,725

4.55

151.7

6.72

252

8,414

372

*  In determining the gold equivalent (AuEq.) grade for reporting, a gold:silver price ratio of 70:1 was determined, using the formula: AuEq grade = Au grade + ((silver grade/70) x (silver recovery/Au recovery)). The metal prices used to determine the 70:1 ratio are the cumulative average prices for 2021: gold USD1,798.34 and silver: USD25.32 (actual is 71:1) from kitco.com.  At this early stage, the metallurgical recoveries were assumed to be equal (93%). Subsequent preliminary metallurgical test work produced recoveries of 91% for silver and 96% for gold (ASX Announcement 25 February 2022) and these will be used when the resource is updated in the future.   In the Company’s opinion there is reasonable potential for both gold and silver to be extracted and sold.

^ The information in this report that relates to Mineral Resources or Ore Reserves is based on information provided in the following ASX announcement: 17 Nov 2021 - MAIDEN JORC RESOURCE 529,000 OUNCES @ 6.81G/T (AuEq*), which includes the full JORC MRE report, also available on the Mithril Resources Limited Website.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

Mining study (conceptual) and metallurgical test work supports the development of the El Refugio-La Soledad resource with conventional underground mining methods indicated as being appropriate and with high gold-silver recovery to produce metal on-site with conventional processing. The average vein width is approximately 4.5 metres.

Mithril is currently exploring in the Copalquin District to expand the resource footprint, demonstrating its multi-million-ounce gold and silver potential.  Mithril has an exclusive option to purchase 100% interest in the Copalquin mining concessions by paying US$10M on or any time before 7 August 2028.

-ENDS-

Released with the authority of the Board.

For further information contact:

John Skeet

Managing Director and CEO

[email protected]

+61 435 766 809

NIKLI COMMUNICATIONS

Corporate Communications

[email protected]

[email protected]

The Australian Securities Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Competent Persons Statement - JORC

The information in this announcement that relates to metallurgical test results, mineral processing and project development and study work has been compiled by Mr John Skeet who is Mithril’s CEO and Managing Director. Mr Skeet is a Fellow of the Australasian Institute of Mining and Metallurgy. This is a Recognised Professional Organisation (RPO) under the Joint Ore Reserves Committee (JORC) Code.

Mr Skeet has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Skeet consents to the inclusion in this report of the matters based on information in the form and context in which it appears. The Australian Securities Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.

The information in this announcement that relates to sampling techniques and data, exploration results and geological interpretation for Mithril’s Mexican project, has been compiled by Mr Darren LeFort who is Mithril’s Exploration Manager. Mr LeFort is a member of the Engineers and Geoscientists of British Columbia and a Certified Professional Geologist (P.Geo). This is a Recognised Professional Organisation (RPO) under the Joint Ore Reserves Committee (JORC) Code.

 Mr LeFort has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. MrLeFort consents to the inclusion in this report of the matters based on information in the form and context in which it appears.

The information in this announcement that relates to Mineral Resources is reported by Mr Rodney Webster, former Principal Geologist at AMC Consultants Pty Ltd (AMC), who is a Member of the Australian Institute of Geoscientists. The report was peer reviewed by Andrew Proudman, Principal Consultant at AMC. Mr Webster is acting as the Competent Person, as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, for the reporting of the Mineral Resource estimate. A site visit was carried out by Jose Olmedo a geological consultant with AMC, in September 2021 to observe the drilling, logging, sampling and assay database. Mr Webster consents to the inclusion in this report of the matters based on information in the form and context in which it appears

Qualified Persons – NI 43-101

Scientific and technical information in this Report has been reviewed and approved by Mr John Skeet (FAUSIMM, CP) Mithril’s Managing Director and Chief Executive Officer. Mr John Skeet is a qualified person within the meaning of NI 43-101.

Samples are sent to ALS Global with sample preparation performed in Chihuahua City, Mexico and assaying of sample pulps performed in North Vancouver, BC, Canada.

Table 3 Drill hole intervals of greater than or equal to 0.1 g/t Au Eq

Hole ID

Sample ID

From (m)

To (m)

Interval (m)

Au g/t

Ag g/t

AuEq g/t

MTH-ZG25-40

826483

385.76

386.3

0.54

0.025

7.5

0.13

MTH-ZG25-40

826498

405.5

406.55

1.05

0.015

6.3

0.11

MTH-ZG25-40

826516

425.45

426.6

1.15

0.059

3.8

0.11

MTH-ZG25-40

826517

426.6

427.45

0.85

0.042

4.8

0.11

MTH-ZG25-40

826518

427.45

427.95

0.5

0.074

5.2

0.15

MTH-ZG25-40

826521

428.45

429.53

1.08

0.037

8.9

0.16

MTH-ZG25-40

826522

429.53

430.5

0.97

0.074

8.5

0.2

MTH-ZG25-40

826523

430.5

431.08

0.58

0.057

5.9

0.14

MTH-ZG25-40

826524

431.08

431.6

0.52

0.071

36.3

0.59

MTH-ZG25-40

826526

431.6

433.1

1.5

0.298

59.1

1.14

MTH-ZG25-40

826527

433.1

434.32

1.22

0.06

10.6

0.21

MTH-ZG25-40

826538

450.7

451.53

0.83

2.67

38.1

3.21

MTH-ZG25-40

826539

451.53

452.3

0.77

0.189

12.8

0.37

MTH-ZG25-40

826541

452.3

453.55

1.25

0.655

24.4

1

MTH-RE25-41

821128

133

135

2

0.057

3.9

0.11

MTH-RE25-41

821129

135

136.4

1.4

0.419

13.8

0.62

MTH-RE25-41

821130

136.4

137

0.6

0.131

7.9

0.24

MTH-RE25-41

821131

137

138.35

1.35

1.255

71.9

2.28

MTH-RE25-41

821132

138.35

139.5

1.15

0.089

4.6

0.15

MTH-RE25-41

821133

139.5

140.8

1.3

0.264

5.1

0.34

MTH-RE25-41

821134

140.8

141.83

1.03

0.963

54.6

1.74

MTH-RE25-41

821135

141.83

142.33

0.5

0.773

39.3

1.33

MTH-RE25-41

821136

142.33

143.3

0.97

0.117

5

0.19

MTH-RE25-41

821137

143.3

143.9

0.6

0.745

26

1.12

MTH-RE25-41

821143

149.16

150.12

0.96

0.198

2.6

0.24

MTH-RE25-41

821145

151.17

151.67

0.5

0.272

4.6

0.34

MTH-RE25-41

821146

151.67

152.45

0.78

0.115

2.1

0.15

MTH-RE25-41

821147

152.45

153.1

0.65

0.328

2.1

0.36

MTH-RE25-41

821148

153.1

153.9

0.8

0.137

2.5

0.17

MTH-RE25-41

821152

155.2

156.1

0.9

0.421

7.1

0.52

MTH-RE25-41

821153

156.1

156.88

0.78

0.517

12.2

0.69

MTH-RE25-41

821154

156.88

157.75

0.87

0.098

1.8

0.12

MTH-RE25-41

821155

157.75

158.72

0.97

0.182

3.5

0.23

MTH-RE25-41

821156

158.72

159.32

0.6

0.08

1.9

0.11

MTH-RE25-41

821158

160.75

162.15

1.4

0.122

2.1

0.15

MTH-RE25-41

821160

163.3

164.6

1.3

0.107

2.1

0.14

MTH-RE25-41

821161

164.6

165.3

0.7

0.103

1.9

0.13

MTH-RE25-41

821163

166.4

167.15

0.75

0.102

3.1

0.15

MTH-RE25-41

821166

169.2

170.17

0.97

0.078

4

0.14

MTH-RE25-41

821167

170.17

171.15

0.98

0.158

5.1

0.23

MTH-RE25-41

821168

171.15

172.04

0.89

0.104

5.8

0.19

MTH-RE25-41

821169

172.04

172.75

0.71

0.171

5.8

0.25

MTH-RE25-41

821173

176.33

178

1.67

0.042

3.8

0.1

MTH-RE25-41

821177

180.82

181.6

0.78

0.713

33.9

1.2

MTH-RE25-41

821213

282.5

283

0.5

0.165

9.1

0.3

MTH-RE25-41

821214

283

283.5

0.5

0.075

3.3

0.12

MTH-RE25-41

821218

286.9

288.2

1.3

0.115

1.2

0.13

MTH-RE25-41

821238

304.75

305.45

0.7

0.258

9.3

0.39

MTH-RE25-41

821244

312.5

314

1.5

0.075

1.6

0.1

MTH-RE25-41

821296

377.5

378.5

1

0.27

0.6

0.28

MTH-RE25-41

821297

378.5

379

0.5

3.21

1.2

3.23

MTH-ZG25-42

826570

181.7

183

1.3

0.138

1.2

0.16

MTH-ZG25-42

826584

214.9

215.45

0.55

0.088

3.2

0.13

MTH-ZG25-42

826586

216.2

217.3

1.1

0.19

7.6

0.3

MTH-ZG25-42

826598

228.4

228.9

0.5

0.023

6.1

0.11

MTH-ZG25-42

826645

303

304.5

1.5

0.17

1.5

0.19

MTH-RE25-43

821337

467.62

468.8

1.18

0.021

6.1

0.11

MTH-RE25-43

821338

468.8

469.85

1.05

0.055

8.3

0.17

MTH-RE25-43

821339

469.85

470.35

0.5

0.099

10.3

0.25

MTH-RE25-43

821340

470.35

471

0.65

0.028

5.1

0.1

MTH-RE25-43

821341

471

472

1

0.034

4.7

0.1

MTH-RE25-44

821356

260.9

261.45

0.55

0.242

12

0.41

MTH-RE25-44

821357

261.45

262.15

0.7

0.847

40.8

1.43

MTH-RE25-44

821358

262.15

263

0.85

1.05

60.2

1.91

MTH-RE25-44

821359

263

263.82

0.82

1.805

69.8

2.8

MTH-RE25-44

821360

263.82

264.35

0.53

0.838

16.8

1.08

MTH-RE25-44

821361

264.35

265

0.65

0.932

33.6

1.41

MTH-RE25-44

821362

265

266.05

1.05

0.677

31.1

1.12

MTH-RE25-44

821363

266.05

266.55

0.5

2.07

66.9

3.03

MTH-RE25-44

821364

266.55

267.5

0.95

7.79

393

13.4

MTH-RE25-44

821365

267.5

268.1

0.6

11.25

753

22.01

MTH-RE25-44

821366

268.1

269.1

1

0.288

21.7

0.6

MTH-RE25-44

821367

269.1

270.55

1.45

0.154

18

0.41

MTH-RE25-44

821368

270.55

271.75

1.2

0.056

3.5

0.11

MTH-RE25-44

821369

271.75

272.35

0.6

0.36

23.7

0.7

MTH-RE25-44

821370

272.35

273.5

1.15

6.19

300

10.48

MTH-RE25-44

821371

273.5

274

0.5

0.83

37.7

1.37

MTH-RE25-44

821372

274

274.5

0.5

4.13

276

8.07

MTH-RE25-44

821373

274.5

275.15

0.65

2.34

130

4.2

MTH-RE25-44

821374

275.15

276.12

0.97

0.045

6.1

0.13

MTH-RE25-44

821383

286.65

288

1.35

0.076

4.6

0.14

MTH-RE25-44

821391

294.23

294.73

0.5

0.136

18.1

0.39

JORC Code, 2012 Edition – Table 1  

Section 1 Sampling Techniques and Data

Criteria

JORC Code explanation

Commentary

Sampling techniques

Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. 

Include reference to measures taken to ensure sample representativity and the appropriate calibration of any measurement tools or systems used. 

Aspects of the determination of mineralisation that are Material to the Public Report. 

In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. 

Drill core samples are cut lengthwise with a diamond saw. Intervals are nominally 1 m but may vary between 0.5 m to 1.5 m based on geologic criteria. 

The same side of the core is always sent to sample (left side of saw). 

Reported intercepts are calculated as either potentially underground mineable (100m down hole) or as potentially open-pit mineable (near surface). 

Potentially underground mineable intercepts are calculated as length weighted averages of material greater than or equal to 1 g/t AuEQ_70 allowing up to 2m of internal dilution. 

Potentially open-pit mineable intercepts are calculated as length weighted averages of material greater than or equal to 0.25 g/t AuEQ_70 allowing for up to 2m of internal dilution. 

Rock Sawn Channel samples underground and surface are collected with the assistance of a handheld portable saw. The channels are 2.5 to 3cm deep and 6-8 cm wide along continuous lines oriented perpendicular to the mineralized structure. The samples are as representative as possible  

Rock Sawn Channel surface samples were surveyed with a Handheld GPS then permanently mark with an aluminium tag and red colour spray across the strike of the outcrop over 1 metre. Samples are as representative as possible 

Rock Sawn Channel underground samples were located after a compass and tape with the mine working having a surveyed control point at the portal, then permanently marked with an aluminium tag and red colour spray oriented perpendicular to the mineralized structure. Samples are as representative as possible 

Soil sampling has been carried out by locating pre-planned points by handheld GPS and digging to below the first colour-change in the soil (or a maximum of 50 cm). In the arid environment there is a 1 – 10 cm organic horizon and a 10 – 30 cm B horizon above the regolith. Samples are sieved to -80 mesh in the field. Samples are collected on a 20 m x 50 m grid or every 20 m on N–S lines 50 m apart. These samples are considered representative of the medium being sampled and lines are appropriately oriented to the nearly E–W structural trend. 

Drilling techniques

Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc). 

Drilling is done with MP500 man-portable core rigs capable of drilling HQ size core to depths of 350-400m (depending on ground conditions), reducing to NQ size core for greater depths. Core is recovered in a standard tube. 

Drill sample recovery

Method of recording and assessing core and chip sample recoveries and results assessed. 

Measures taken to maximise sample recovery and ensure representative nature of the samples. 

Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. 

Drill recovery is measured based on measured length of core divided by length of drill run. 

Recovery in holes CDH-001 through CDH-025 and holes CDH-032 through CDH-077 was always above 90% in the mineralized zones. Detailed core recovery data are maintained in the project database. 

Holes CDH-026 through CDH-031 had problems with core recovery in highly fractured, clay rich breccia zones. 

There is no adverse relationship between recovery and grade identified to date. 

Logging

Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. 

Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. 

The total length and percentage of the relevant intersections logged. 

Geotechnical and geological   logging of the drill core takes place on racks in the company core shed. 

Core samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. 

Core logging is both qualitative or quantitative in nature. Photos are taken of each box of core before samples are cut. Photos of cut core intervals are taken after sampling. Core is wetted to improve visibility of features in the photos. 

All core has been logged and photographed.  

Rock sawn channel samples are marked, measured and photographed at location 

Soil samples are recorded at location, logged and described 

Sub-sampling techniques and sample preparation

If core, whether cut or sawn and whether quarter, half or all core taken. 

If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. 

For all sample types, the nature, quality and appropriateness of the sample preparation technique. 

Quality control procedures adopted for all sub-sampling stages to maximise representativity of samples. 

Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. 

Whether sample sizes are appropriate to the grain size of the material being sampled. 

Core is sawn and half core is taken for sample. 

Samples are prepared using ALS Minerals Prep-31 crushing, splitting and pulverizing. This is appropriate for the type of deposit being explored. 

Visual review to assure that the cut core is ½ of the core is performed to assure representativity of samples. 

Crushed core duplicates are split/collected by the laboratory and submitted for assay (1 in 30 samples) 

Sample sizes are appropriate to the grain size of the material being sampled. 

Rock sawn channel samples and soil samples are prepared using ALS Minerals Prep-31 crushing, splitting and pulverizing. This is appropriate for the type of deposit being explored. 

 

Quality of assay data and laboratory tests

The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. 

For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. 

Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established. 

Samples are assayed for gold using ALS Minerals Au-AA25 method a 30 g fire assay with an AA finish. This is considered a total assay technique. 

Samples are assayed for silver using ALS Minerals ME-ICP61 method. Over limits are assayed by silverOG63 and silverGRAV21. These are considered a total assay technique. 

Standards and blanks are inserted at a rate of one per every 25 samples and one per every 40 samples, respectively.  Pulp duplicate sampling is undertaken for 3% of all samples (see above).  External laboratory checks will be conducted as sufficient samples are collected. Levels of accuracy (ie lack of bias) and precision have not yet been established. 

Certified Reference Materials – Rock Labs and CDN CRMs have been used throughout the project including, low (~2 g/t Au), medium (~9 g/t Au) and high (~18g/t Au and ~40 g/t Au). Results are automatically checked on data import into the BEDROCK database to fall within 2 standard deviations of the expected value.  

Samples with significant amounts of observed visible gold are also assayed by AuSCR21, a screen assay that analyses gold in both the milled pulp and in the residual oversize from pulverization. This has been done for holes CDH-075 and CDH-077. 

 

Verification of sampling and assaying

The verification of significant intersections by either independent or alternative company personnel. 

The use of twinned holes. 

Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. 

Discuss any adjustment to assay data. 

The verification of significant intersections by either independent or alternative company personnel has not been conducted. A re-assay program of pulp duplicates is currently in progress. 

MTH has drilled one twin hole. Hole CDH-072, reported in the 15/6/2021 announcement, is a twin of holes EC-002 and UC-03. Results are comparable. 

Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols are maintained in the company’s core facility. 

Assay data have not been adjusted other than applying length weighted averages to reported intercepts. 

Location of data points

Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. 

Specification of the grid system used. 

Quality and adequacy of topographic control. 

Drill collar coordinates are currently located by handheld GPS. Precise survey of hole locations is planned. Downhole surveys of hole deviation are recorded using a Reflex Multishot tool for all holes.  A survey measurement is first collected at 15 meters downhole, and then every 50 meters until the end of the hole. Locations for holes CDH-001 through CDH-048 and CDH-051 through CDH-148 have been surveyed with differential GPS to a sub 10 cm precision. Hole CDH-005 was not surveyed 

UTM/UPS WGS 84 zone 13 N 

High quality topographic control from LiDAR imagery and orthophotos covers the entire project area. 

Data spacing and distribution

Data spacing for reporting of Exploration Results. 

Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. 

Whether sample compositing has been applied. 

Data spacing is appropriate for the reporting of Exploration Results. 

The Resource estimation re-printed in this announcement was originally released on 17 Nov 2021 

No sample compositing has been applied. 

Orientation of data in relation to geological structure

Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. 

If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. 

Cut lines are marked on the core by the geologists to assure that the orientation of sampling achieves unbiased sampling of possible structures. This is reasonably well observed in the core and is appropriate to the deposit type. 

The relationship between the drilling orientation and the orientation of key mineralised structures is not considered to have introduced a sampling bias. 

Rock sawn channel samples are cut perpendicular to the observed vein orientation wherever possible 

Sample security

The measures taken to ensure sample security. 

Samples are stored in a secure core storage facility until they are shipped off site by small aircraft and delivered directly to ALS Global sample preparation facility in Chihuahua, Mexico.  ALS airfreights the sample pulps to their assaying facility in North Vancouver, BC, Canada 

Audits or reviews

The results of any audits or reviews of sampling techniques and data. 

A review with spot checks was conducted by AMC in conjunction with the resource estimate published 17 Nov 2021. Results were satisfactory to AMC. 

Section 2 Reporting of Exploration Results

Criteria

JORC Code explanation

Commentary

Mineral tenement and land tenure status

Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. 

The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. 

Concessions at Copalquin 

No.

Concession

Concession Title number

Area (Ha)

Location

1

LA SOLEDAD

52033

6

Tamazula, Durango, Mexico

2

EL COMETA

164869

36

Tamazula, Durango, Mexico

3

SAN MANUEL

165451

36

Tamazula, Durango, Mexico

4

COPALQUIN

178014

20

Tamazula, Durango, Mexico

5

EL SOL

236130

6,000

Tamazula, Durango and Badiraguato, Sinaloa, México

6

EL CORRAL

236131

907.3243

Tamazula, Durango and Badiraguato, Sinaloa, México

Exploration done by other parties

Acknowledgment and appraisal of exploration by other parties. 

Previous exploration by Bell Coast Capital Corp. and UC Resources was done in the late 1990’s and in 2005 – 2007. Work done by these companies is historic and non-JORC compliant. Mithril uses these historic data only as a general guide and will not incorporate work done by these companies in resource modelling. 

Work done by the Mexican government and by IMMSA and will be used for modelling of historic mine workings which are now inaccessible (void model)  

Geology

Deposit type, geological setting and style of mineralisation. 

Copalquin is a low sulfidation epithermal gold-silver deposit hosted in andesite. This deposit type is common in the Sierra Madre Occidental of Mexico and is characterized by quartz veins and stockworks surrounded by haloes of argillic (illite/smectite) alteration. Veins have formed as both low-angle semi-continuous lenses parallel to the contact between granodiorite and andesite and as tabular veins in high-angle normal faults. Vein and breccia thickness has been observed up to 30 meters wide with average widths on the order of 3 to 5 meters. The overall strike length of the semi-continuous mineralized zone from El Gallo to Refugio, Cometa, Los Pinos, Los Reyes, La Montura to Constancia and Santa Cruz is almost 7 kilometres. The southern area from south west of Apomal to San Manuel and to Las Brujas-El Peru provides additional exploration potential up to 6km. 

Drill hole Information

A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:  

easting and northing of the drill hole collar

• elevation or RL (Reduced Level – elevation above  

sea level in metres) of the drill hole collar  

dip and azimuth of the hole  

down hole length and interception depth  

hole length.  

If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. 

 

See Table 2 in the announcement.

Data aggregation methods

In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. 

Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. 

The assumptions used for any reporting of metal equivalent values should be clearly stated. 

Potentially underground mineable intercepts are calculated as length weighted averages of material greater than or equal to 1 g/t AuEQ_70 allowing up to 2m of internal dilution. 

Potentially open-pit mineable intercepts are calculated as length weighted averages of material greater than or equal to 0.25 g/t AuEQ_70 allowing for up to 2m of internal dilution. 

No upper cut-off is applied to reporting intercepts. 

Length weighted averaging is used to report intercepts. The example of CDH-002 is shown. The line of zero assays is a standard which was removed from reporting. 

Au

Raw

silver

raw

Length

(m)

Au

*length

silver

*length

 
 
 
 
 

7.51

678

0.5

3.755

339

 
 
 
 
 

11.85

425

0.55

6.5175

233.75

 
 
 
 
 

0

0

0

0

0

 
 
 
 
 

0.306

16

1

0.306

16

 
 
 
 
 

0.364

31.7

1

0.364

31.7

 
 
 
 
 

3.15

241

0.5

1.575

120.5

 
 
 
 
 

10.7

709

0.5

5.35

354.5

 
 
 
 
 

15.6

773

0.5

7.8

386.5

 
 
 
 
 
 
 
 
 
 

From

To

Length

Au gpt

silver gpt

 
 

4.55

25.667

1481.9

91.95

96.5

4.55

5.64

325.7

In determining the gold equivalent (AuEq.) grade for reporting, a gold:silver price ratio of 70:1 was determined, using the formula: AuEq grade = Au grade + ((silver grade/70) x (silver recovery/Au recovery)). The metal prices used to determine the 70:1 ratio are the cumulative average prices for 2021: gold USD1,798.34 and silver: USD25.32 (actual is 71:1) from kitco.com  At this early stage, the metallurgical recoveries are assumed to be equal (93%), Subsequent preliminary metallurgical test work produced recoveries of 91% for silver and 96% for gold (ASX Announcement 25 February 2022). 

For Rock Saw Channel Sampling and soil sampling in the Copalquin District, silver equivalent (AgEq) is determined using the formula: AgEq grade = silver grade + ((Au grade x 70) x (Au recovery/silver recovery)). The metal prices used to determine the 70:1 ratio are the cumulative average prices for 2021: gold USD1,798.34 and silver: USD25.32 (actual is 71:1) fromkitco.com   At this early stage, the metallurgical recoveries for Au and silver are assumed to be equal (93%) in the absence of metallurgical test work for Targets 2, 3, 4 and 5 material. In the Company’s opinion there is reasonable potential for both gold and silver to be extracted and sold. 

Relationship between mineralisation widths and intercept lengths

These relationships are particularly important in the reporting of Exploration Results. 

If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. 

If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’). 

True widths at Refugio between sections 120 and 1,000 vary according to the hole’s dip. Holes drilled at -50 degrees may be considered to have intercept lengths equal to true-widths, Holes drilled at -70 degrees had true widths approximately 92% of the reported intercept lengths and holes drilled at -90 degrees had true widths of 77% of the reported intercept lengths.  

True widths at La Soledad are not fully understood and downhole intercepts to date, are reported. 

At Las Brujas in Target 2, true widths are not yet known since we are still in the early stages of target definition. 

Rock sawn channel samples are cut perpendicular to the observed vein orientation wherever possible 

Diagrams

Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. 

See figures in announcement

Balanced reporting

Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. 

All exploration results are reported for intercepts greater than or equal to 0.1 g/t gold equivalent (gold plus silver at 70:1 price ratio for gold:silver). 

Other substantive exploration data

Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. 

No additional exploration data are substantive at this time. 

Metallurgical test work on drill core composite made of crushed drill core from the El Refugio drill hole samples has been conducted. 

The samples used for the test work are representative of the material that makes up the majority of the Maiden Resource Estimate for El Refugio release on 17th November 2021. 

The test work was conducted by SGS laboratory Mexico using standard reagents and test equipment. 

Further work

The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). 

Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. 

The Company drilled 148 diamond core holes from July 2020 to July 2022 for 32,712 m.  The Company has stated its target to drill 40,000m from June 2024 until the end of 2025. 

Diagrams are included in the announcements and presentations showing the drill target areas within the Copalquin District 

1 See ‘About Copalquin Gold Silver Project’ section for JORC MRE details and AuEq. calculation.

October 16, 2025 07:30 ET

 | Source:

Bombardier Inc.

MONTREAL, Oct. 16, 2025 (GLOBE NEWSWIRE) -- Bombardier (TSX: BBD.B) will publish its financial results for the third quarter of 2025 on November 6, 2025.

Financial results for the third quarter of 2025

Éric Martel, President and Chief Executive Officer, and Bart Demosky, Executive Vice President and Chief Financial Officer, will present the financial results for the third quarter of 2025 in a live presentation, followed by a question-and-answer period with analysts.

  The presentation will take place on November 6, 2025, at 8:00 a.m. ET. To listen in:

Live webcast (recommended): 
A live webcast of the financial results presentation, along with the relevant financial charts, will be available on this webpage.By phone: 
The presentation may also be accessed by telephone. Phone lines will open 15 minutes in advance.    Local dial-in number - Montreal (English and French): 
+1 438 792-9840 
Local dial-in number - Toronto (English and French): 
+1 289 514-5015

(Conference ID English: 29213 | Conference ID French: 16333)

A replay of the call will be posted on Bombardier’s website shortly following the end of the webcast.

About Bombardier 
At Bombardier (BBD-B.TO), we design, build, modify and maintain the world’s best-performing aircraft for the world’s most discerning people and businesses, governments and militaries. That means not simply exceeding standards, but understanding customers well enough to anticipate their unspoken needs.  

For them, we are committed to pioneering the future of aviation — innovating to make flying more reliable, efficient and sustainable. And we are passionate about delivering unrivaled craftsmanship and care, giving our customers greater confidence and the elevated experience they deserve and expect. Because people who shape the world will always need the most productive and responsible ways to move through it. 

Bombardier customers operate a fleet of approximately 5,100 aircraft, supported by a vast network of Bombardier team members worldwide and 10 service facilities across six countries. Bombardier’s performance-leading jets are proudly manufactured in aerostructure, assembly and completion facilities in Canada, the United States and Mexico. In 2024, Bombardier was honoured with the prestigious “Red Dot: Best of the Best” award for Brands and Communication Design.

  For Information

For corporate news and information, including Bombardier’s Sustainability Report, as well as the company’s plans to cover all its flight operations with a Sustainable Aviation Fuel (SAF) blend utilizing the Book and Claim system, visit

bombardier.com.  Learn more about Bombardier’s industry-leading products and customer service network at

bombardier.com. Follow us on X

@Bombardier. 

Media Contacts
General media contact webform

Francis Richer de La Flèche
Vice President, Financial Planning
and Investor Relations
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Addition of TUS to VEN+AZA achieves CR/CRh responses in all (6/6, 100%) patients treated at the higher dose levels of 80 mg and 120 mg TUS, exceeding the 66% rate expected from VEN+AZA alone
CR/CRh responses in 7/8 (88%) FLT3 wildtype AML, representing 70% of AML population
TUS+VEN+AZA achieves CR/CRh and MRD-negativity in TP53-mutated (2/2), RAS-mutated (1/1) and FLT3-ITD (2/2) AML patients to date
TUS+VEN+AZA is well tolerated with no DLT, differentiation syndrome, QTc prolongation, or prolonged myelosuppression at any dose level to date in newly diagnosed AML patients
TUS+VEN+AZA is being developed as a safe and mutation agnostic frontline therapy for AML
Dosing with 160 mg TUS is now ongoing
SAN DIEGO and TORONTO, Oct. 16, 2025 (GLOBE NEWSWIRE) -- Aptose Biosciences Inc. (“Aptose” or the “Company”) (OTC: APTOF, TSX: APS), a clinical-stage precision oncology company developing the tuspetinib (TUS)-based triple drug frontline therapy to treat patients with newly diagnosed AML, today announced that data from the ongoing TUSCANY trial of tuspetinib in combination with venetoclax and azacitidine (TUS+VEN+AZA) are being presented in a poster presentation, “TUSCANY Study of Safety and Efficacy of Tuspetinib plus Standard of Care Venetoclax and Azacitidine in Study Participants with Newly Diagnosed AML Ineligible for Induction Chemotherapy,” at the European School of Haematology (ESH) 7th International Conference on Acute Myeloid Leukemia “Molecular and Translational”: Advances in Biology and Treatment, being held from October 16-18, 2025 in Estoril, Portugal. Data to date from 10 patients in the TUSCANY trial across all three cohorts, 40 mg, 80 mg or 120 mg TUS dose in TUS+VEN+AZA, reveal promising clinical safety and antileukemic activity and support the use of TUS with standard of care treatment across a broad range of AML populations, including those carrying adverse mutations regardless of FLT3 mutation status.

The TUS+VEN+AZA triplet is being developed as a safe and well-tolerated, mutation agnostic frontline therapy to treat large, mutationally diverse populations of newly diagnosed AML patients who are ineligible to receive induction chemotherapy. Across all dose cohorts to date, no significant safety concerns or dose limiting toxicities (DLTs) have been observed in the TUSCANY trial, including no prolonged myelosuppression in Cycle 1 of subjects in remission, no reports of drug-related QTc prolongation or differentiation syndrome (DS), no CPK elevation and no treatment-related deaths. Dosing has begun at the 160 mg TUS dose level.

“We have observed that TUS can be safely added to a backbone VEN+AZA without needing to reduce the dose of these standard-of-care drugs. The activity we have observed with the TUS triplet in the first 10 patients has exceeded our expectations with 9 achieving complete remissions and 7 demonstrating MRD-negativity by central flow cytometry,” said Rafael Bejar, M.D., Ph.D., Chief Medical Officer of Aptose. “In addition, these remissions are happening in diverse genetic subtypes including those with unmutated FLT3, FLT3-ITD, NPM1c, biallelic TP53 with complex karyotype, RAS, or myelodysplasia related mutations, making this a truly mutation agnostic therapy.”

Data highlights:

TUS in combination with standard dosing of VEN+AZA has been well tolerated with no DLT, no treatment-related deaths, no differentiation syndrome, no QTc prolongation, no prolonged myelosuppression after remission in Cycle 1, and no CPK elevations reported at any dose levels to date in these newly diagnosed AML patients.
Addition of TUS to VEN+AZA achieved CR/CRh responses in 6/6 (100%) patients treated at the higher dose levels of 80 mg and 120 mg TUS, exceeding the 66% rate expected from VEN+AZA alone.
Overall, TUS+VEN+AZA CR/CRh responses were observed in 9/10 (90%) patients.
7 of 8 (88%) CR/CRh responses in FLT3 wildtype AML, representing 70% of AML population. TUS+VEN+AZA MRD-negativity noted in 7/9 (78%) responding patients by central flow cytometry. CR/CRh responses achieved across diverse mutational subtypes including: unmutated FLT3, FLT3-ITD, NPM1c, biallelic TP53 with complex karyotype, RAS, and myelodysplasia related mutations. Dosing at the TUS 160 mg dose level is now ongoing.
See the ESH poster presentation here.

TUSCANY: TUS+VEN+AZA Triplet Phase 1/2 Study

The tuspetinib-based TUS+VEN+AZA triplet therapy is being advanced in the TUSCANY Phase 1/2 trial with the goal of creating an improved frontline therapy for newly diagnosed AML patients that is active across diverse AML populations, durable, and well tolerated.

The TUSCANY triplet Phase 1/2 study, being conducted at 10 leading U.S. clinical sites by elite clinical investigators, is designed to test various doses and schedules of TUS in combination with standard dosing of AZA and VEN for patients with AML who are ineligible to receive induction chemotherapy. A convenient, once daily oral agent, TUS is being administered in 28-day cycles. Multiple U.S. sites are enrolling in the TUSCANY trial with anticipated enrollment of 18-24 patients by the end of 2025. Data will be released as it becomes available.

More information on the TUSCANY Phase 1/2 study can be found on www.clinicaltrials.gov (here).

About Aptose

Aptose Biosciences is a clinical-stage biotechnology company committed to developing precision medicines addressing unmet medical needs in oncology, with an initial focus on hematology. The Company’s lead clinical-stage, oral kinase inhibitor tuspetinib (TUS) has demonstrated activity as a monotherapy and in combination therapy in patients with relapsed or refractory acute myeloid leukemia (AML) and is being developed as a frontline triplet therapy in newly diagnosed AML. For more information, please visit www.aptose.com.

Forward Looking Statements

This press release may contain forward-looking statements within the meaning of Canadian and U.S. securities laws, including, but not limited to, statements relating to the therapeutic potential and safety profile of tuspetinib (including the triplet therapy) and its clinical development, goals, the anticipated enrollment rate in the TUSCANY trial and the timing thereof, as well as statements relating to the Company’s plans, objectives, expectations and intentions and other statements including words such as “continue”, “expect”, “intend”, “will”, “should”, “would”, “may”, and other similar expressions. Such statements reflect our current views with respect to future events and are subject to risks and uncertainties and are necessarily based upon a number of estimates and assumptions that, while considered reasonable by us are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause our actual results, performance or achievements to be materially different from any future results, performance or achievements described in this press release. Such factors could include, among others: our ability to obtain the capital required for research and operations and to continue as a going concern; the inherent risks in early stage drug development including demonstrating efficacy; development time/cost and the regulatory approval process; the progress of our clinical trials; our ability to find and enter into agreements with potential partners; our ability to attract and retain key personnel; changing market conditions; inability of new manufacturers to produce acceptable batches of GMP in sufficient quantities; unexpected manufacturing defects; and other risks detailed from time-to-time in our ongoing quarterly filings, annual information forms, annual reports and annual filings with Canadian securities regulators and the United States Securities and Exchange Commission.

Should one or more of these risks or uncertainties materialize, or should the assumptions set out in the section entitled “Risk Factors” in our filings with Canadian securities regulators and the United States Securities and Exchange Commission underlying those forward-looking statements prove incorrect, actual results may vary materially from those described herein. These forward-looking statements are made as of the date of this press release and we do not intend, and do not assume any obligation, to update these forward-looking statements, except as required by law. We cannot assure you that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Investors are cautioned that forward-looking statements are not guarantees of future performance and accordingly investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein.

For further information, please contact:

Aptose Biosciences Inc.
Susan Pietropaolo
Corporate Communications & Investor Relations
201-923-2049
[email protected]

Vancouver, British Columbia--(Newsfile Corp. - October 16, 2025) - Pacific Ridge Exploration Ltd. (TSXV: PEX) (OTCQB: PEXZF) (FSE: PQW) ("Pacific Ridge" or the "Company") is pleased to announce that drill hole RDP-25-011 intersected 112.2m of 1.35% copper equivalent* ("CuEq") or 2.02 g/t gold equivalent** ("AuEq") within 405.0 m of 0.71% CuEq or 1.06 g/t AuEq from the Day target at the Company's 100% owned RDP copper-gold project ("RDP").

October 16, 2025 7:30 AM EDT | Source: Nevada Sunrise Metals Corp.
Vancouver, British Columbia--(Newsfile Corp. - October 16, 2025) - Nevada Sunrise Metals Corporation (TSXV: NEV) (OTC Pink: NVSGF) ("Nevada Sunrise" or the "Company") is pleased to announce a non-brokered private placement (the "Offering") for gross proceeds of up to $350,000 consisting of 7,000,000 units (the "Units") at a price of $0.05 per Unit, each Unit consisting of one common share of the Company and one common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase one common share at a price of $0.075 for a period expiring three years from the closing date of the Offering.

Proceeds of the Offering will be used for:

Exploration work on the Company's Nevada gold, copper and lithium properties; Other mineral property investigations, and general working capital. The Offering is available to accredited investors and individuals that may qualify under certain other statutory exemptions. The securities issued pursuant to the Offering will be subject to a statutory four-month hold period. Finder's fees may be payable to parties at arm's length to Nevada Sunrise that have introduced the Company to certain subscribers participating in the Offering. The Offering is subject to acceptance of the TSX Venture Exchange.

This news release does not constitute an offer of sale of any of the foregoing securities in the United States. None of the foregoing securities have been and will not be registered under the U.S. Securities Act of 1933, as amended (the "1933 Act") or any applicable state securities laws and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) or persons in the United States absent registration or an applicable exemption from such registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the foregoing securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Nevada Sunrise

Nevada Sunrise is a junior mineral exploration company with a strong technical team based in Vancouver, BC, Canada, that holds interests in gold, copper and lithium exploration projects located in the State of Nevada, USA.

Nevada Sunrise holds the right to purchase a 100% interest in the Griffon Gold Mine Project, located approximately 50 kilometers (33 miles) southwest of Ely, NV.

Nevada Sunrise holds the right to earn a 100% interest in the Coronado Copper Project, located approximately 48 kilometers (30 miles) southeast of Winnemucca, NV.

Nevada Sunrise owns 100% interests in the Gemini West, Jackson Wash and Badlands lithium projects, all of which are located in the Lida Valley in Esmeralda County, NV.

As a complement to its exploration projects in Esmeralda County, the Company owns Nevada Water Right Permit 86863, also located in the Lida Valley basin, near Lida, NV.

FORWARD-LOOKING STATEMENTS

This release may contain forward‐looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur and include disclosure of anticipated exploration activities. Although the Company believes the expectations expressed in such forward‐looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements. Forward‐looking statements are based on the beliefs, estimates and opinions of the Company's management on the date such statements were made. The Company expressly disclaims any intention or obligation to update or revise any forward‐looking statements whether as a result of new information, future events or otherwise.

Such factors include, among others, risks related to future plans for the Company's Nevada mineral properties; reliance on technical information provided by third parties on any of our exploration properties; changes in mineral project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or metallurgical recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labor disputes and other risks of the mining industry; delays due to pandemic; delays due to weather; delays in obtaining governmental approvals, financing or in the completion of exploration, as well as those factors discussed in the section entitled "Risk Factors" in the Company's Management Discussion and Analysis for the Nine Months ending June 30, 2025, which is available under Company's SEDAR profile at www.sedarplus.ca.

Although Nevada Sunrise has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Nevada Sunrise disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. Accordingly, readers should not place undue reliance on forward-looking information.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

NOT FOR DISSEMINATION IN THE UNITED STATES OR TO UNITED STATES NEWSWIRE SERVICES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/270668

Here are five stocks added to the Zacks Rank #1 (Strong Buy) List today:

nLight (LASR - Free Report) : This company, which provides high-power semiconductor and fiber laser, has seen the Zacks Consensus Estimate for its current year earnings increasing 50% over the last 60 days.

Photronics (PLAB - Free Report) : This company, which is a leading worldwide manufacturer of photomasks, has seen the Zacks Consensus Estimate for its current year earnings increasing 8% over the last 60 days.

Weatherford International (WFRD - Free Report) : This company, which offers drilling solutions, gas well unloading, restoration and other related activities, has seen the Zacks Consensus Estimate for its current year earnings increasing 6% over the last 60 day.

California Resources (CRC - Free Report) : This oil and natural gas exploration and production company, which is principally based in California, has seen the Zacks Consensus Estimate for its current year earnings increasing 5.8% over the last 60 days.

Dycom Industries (DY - Free Report) : This specialty contracting firm operating in the telecom industry, which provides diverse services such as engineering, construction, maintenance and installation services for the cable and telephone companies, has seen the Zacks Consensus Estimate for its current year earnings increasing 5.3% over the last 60 days.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

This isn't just another financial product. It's a major leap toward bringing traditional finance onto the blockchain.

Summary

Following strong volatility earlier in October 2025, the BNB price now fluctuates between $1,100 and $1,340.
CZ’s portfolio restructuring and YZi Labs’ new builder fund have renewed institutional interest in BNB.
Resistance is at $1,330-$1,370; breaking above could go to $1,450-$1,600.
Failure to hold over $1,100 may result in a decline to $1,000-$900.
Regulatory and macroeconomic variables continue to pose significant challenges to long-term growth.
The outlook remains moderately positive, boosted by BNB burning, builder initiatives, and capital inflows.

BNB price has returned to the spotlight in October 2025, setting new all-time highs and rekindling investor enthusiasm.

However, unlike previous rallies that relied heavily on momentum and retail exuberance, today’s developments have more structural implications: a newly launched builder fund from YZi Labs, talk of opening CZ’s investment operations to outside capital, and increasingly visible institutional flows into BNB-centric strategies.

Whether this present increase in price is just another speculative chapter or the start of long-term adoption depends on how these narratives hold up under stress.

Current BNB price scenario
BNB 1d chart, Source: crypto.news
BNB’s price movement in October has been unpredictable.  After surging into the $1,330-$1,370 range in early October, BNB experienced intense profit-taking and a larger market liquidation wave, falling to $1,040-$1,130 intraday before recovering. 

The daily chart shows BNB trading in a turbulent range, with resistance near $1,330-$1,370 and support zones ranging from $1,100 to ~$1,040-$1,050. 

Notably, the larger market’s $19 billion liquidation event in mid-October sparked widespread sell pressure across crypto, although BNB’s decline was more controlled than many peer assets — suggesting that some investors remain committed to its story and that confidence in BNB price prediction models remains intact despite volatility.

Upside outlook for BNB price
If Binance Coin (BNB) can re-establish momentum above $1,330-$1,370, it will confirm a breakout and may pave the way for $1,450-$1,600 in the coming weeks.  This bullish extension is anticipated to coincide with revived institutional positioning and increased usefulness within the Binance and BNB Chain ecosystems.  

The YZi Labs building fund is already being positioned as a structural driver: it focuses on initiatives in decentralized finance, AI-linked infrastructure, payments, and real-world asset tokenization, all of which have the potential to increase on-chain transaction volumes and strengthen BNB’s fundamental value proposition.

Furthermore, rumors that YZi Labs may turn into an external investment platform have piqued the interest of strategic partners, who see Binance’s capital network as a gateway to Web3 growth.  These reasons, combined with the deflationary burn mechanism and Binance’s sustained dominance in trading volumes, serve as the foundation for BNB’s medium-term optimistic thesis.  

Downside risks to Binance coin price
Failure to retake the $1,330-$1,370 range might extend consolidation and lead to a further fall.  If BNB closes strongly below $1,100, technical projections suggest a drop below $1,000 or even $900, particularly if Bitcoin declines or global risk appetite decreases. 

Analysts also warn that regulatory scrutiny remains a chronic concern.  Any misreading of YZi Labs’ restructuring or external funding plans could draw renewed scrutiny from financial regulators, eroding investor trust.

Furthermore, the larger macroeconomic environment, which includes U.S. inflation data, interest-rate policy, and liquidity constraints, continues to influence capital allocation in digital assets.

Even positive ecosystem developments may not result in persistent price appreciation if macroeconomic cues are not supportive. In short, while BNB’s fundamentals appear robust, the mood is fragile, and another bout of market stress could quickly reverse recent gains.

BNB price prediction based on current levels
BNB support and resistance levels, Source: Tradingview
BNB is currently trading in the $1,100-$1,340 equilibrium region, with $1,370 acting as a significant breakthrough mark and $1,100 as vital support.

A confirmed move above $1,370 might propel the price to $1,450-$1,600, extending the current bullish cycle if institutional interest materializes and the broader market stabilizes.  In contrast, a fall below $1,100 might flip momentum decisively bearish, exposing the $1,000-$900 level as the next potential target.  

For the time being, the view is cautiously bullish: continued builder-fund activity, ongoing burns, and CZ’s capital restructuring provide narrative support, but the market will look for proof in the form of higher lows and more trading volume.  If these factors coincide, BNB might reestablish itself as one of the best-performing large-cap tokens moving into the fourth quarter of 2025.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

CZ urged Coinbase to list more BNB Chain projects, reigniting rivalry after Coinbase added BNB to its official listing roadmap.The move fuels the “CEX listing wars,” spotlighting debates over fees, fairness, and transparency between Binance, Coinbase, and other exchanges.Industry leaders see cooperation as symbolic, but competition for liquidity and influence keeps the rivalry strategically charged.The ongoing rivalry between Binance and Coinbase has reignited after the former’s founder, Changpeng Zhao (CZ), publicly called on Coinbase to list more BNB Chain projects.

It comes only hours after Coinbase added BNB to its listing roadmap, signaling an intention to onboard the Binance token.

Sponsored

Sponsored

CZ Wants Coinbase to List More BNB Chain ProjectsCZ called for reciprocity between the two largest centralized exchanges, Binance and Coinbase. The comment, posted on X (Twitter), came amid growing debate over listing transparency, fees, and cross-chain fairness across CEXs.

“I would urge Coinbase to list more BNB chain projects. Binance has listed several Base projects. Don’t think Coinbase has listed a single BNB chain project yet. And it’s a more active chain. Not a trade. Just recommending, given we are on the topic of being open, inclusive, etc. Also good for the exchange, I believe,” CZ wrote.

CZ’s post directly responded to a viral thread summarizing a heated sequence of events: Coinbase’s Jesse Pollak, the creator of Base, had posted about listing fees. Subsequently, a Base project founder alleged that Binance demanded steep fees for consideration.

> Jesse posts about CEX listing fees
> Base project founder says fk it and publicly exposes Binance listing demands
> CZ and Binance fight back
> Ppl across the industry post their sides

> Coinbase lists BNB

?????

— voh (@vohvohh) October 15, 2025
The debate has spiraled into what X (Twitter) users dubbed the “CEX listing wars.”

Coinbase added BNB to its official listing roadmap, marking a rare show of engagement between two direct competitors. The move signaled tentative openness but also carried strategic implications.

As BeInCrypto reported, Coinbase said the listing would depend on technical readiness and market-making requirements. The process could delay full trading activation.

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Still, the announcement triggered speculation across crypto circles: Was Coinbase signaling goodwill, or merely capitalizing on the media buzz?

Listing Wars Expose CEX RivalriesThe exchange feud has drawn the attention of the wider industry. Critics accused Binance of using high listing fees and selective gatekeeping.

At the same time, Coinbase faced its own backlash for alleged hypocrisy, positioning itself as transparent and accessible yet historically slow to list non-Ethereum ecosystem tokens.

Cecilia Hsueh, Chief Strategy Officer at MEXC exchange, weighed in with a more pragmatic take.

“At MEXC, our first principle is simple — list more, list fast to meet user demand. We do charge a listing fee, but it’s small, probably the lowest among top CEXs, and it mostly goes into helping projects promote their launch,” she said on X.

Hsueh emphasized that exchanges follow different business models depending on their growth stage and liquidity, suggesting that fee-based models aren’t inherently unfair.

This nuanced stance resonated amid escalating tribalism between the Binance and Coinbase communities.

Coinbase’s decision to acknowledge BNB, even symbolically, suggests a shift toward interoperability over isolation, a trend increasingly demanded by users and regulators alike.

However, beneath the gestures of inclusivity, the “listing wars” highlight an enduring truth about crypto exchanges. Competition for liquidity and narrative dominance remains fierce, and even gestures of cooperation are rarely without strategic calculation.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

Key NotesBitMine Immersion Technologies bought over $417 million in ETH amid the market dip.Ethereum dominates social media as major developments fuel optimism.Institutional accumulation drives the ETH supply squeeze, with many analysts turning bullish.
Ethereum

ETH
$4 060

24h volatility:
2.3%

Market cap:
$487.18 B

Vol. 24h:
$40.74 B

continues to dominate headlines amid massive accumulation led by Tom Lee-chaired BitMine Immersion Technologies. The company reportedly bought the dip once again on Oct. 16, acquiring an additional 104,336 ETH, valued at roughly $417 million.

It looks like Bitmine(@BitMNR) just bought another 104,336 $ETH($417M).

Over the past 7 hours, 3 new wallets received 104,336 $ETH($417M) from #Kraken and #BitGo.

Despite the crypto market crash, Tom Lee still predicts $ETH will hit $10K by year-end.https://t.co/KewyZ4cAeP… pic.twitter.com/Vn5b9ijP2Z

— Lookonchain (@lookonchain) October 16, 2025

BitMine now controls the largest single corporate holding of Ethereum, around 3.04 million ETH. Sharplink Gaming follows with 840,120 ETH, while The Ether Machine owns 496,710 ETH, according to data from StrategicETHReserve.

This demand comes despite the ongoing volatile phase for the ETH price in October. According to Bitwise, nearly all of the Ether accumulated by public companies this year occurred between July and September.

95% of all ETH held by public companies was purchased in the past quarter alone.

Watch this space.

Corporate ETH Adoption, Q3 2025 Edition pic.twitter.com/9hDARuo9vQ

— Bitwise (@BitwiseInvest) October 15, 2025

As of Sept. 30, public companies collectively hold around 4.63 million ETH, worth $19.13 billion, equivalent to roughly 4% of the total Ether supply. The majority of that buying spree happened in Q3, signaling a surge in confidence from institutional investors.

Analysts note that the concentration of Ethereum buying during Q3 raises questions about what’s next for the cryptocurrency as it enters the fourth quarter.

Ether, which traded above $4,300 before last week’s market-wide sell-off, has since slipped to around $4,000 level at the time of writing. It has wiped out $60 billion in its market capitalization in the past month, according to CoinMarketCap.

Market analysts view the institutional accumulation as a bullish sign, making it one of the best crypto to buy right now.

With 40% of the entire ETH supply now effectively locked away, experts believe a potential supply squeeze could lead to a sharp rebound in the coming months.

Ethereum’s Rising Social Buzz
Meanwhile, Ethereum is seeing a surge in social media activity. Data from Santiment shows that Ethereum-related discussions have recently skyrocketed on social media platforms, driven by several key developments.

🗣️The top trending tokens in crypto across social media, based on the highest discussion rates above normal, are:

🪙 The word 'pyusd' is trending due to a major incident involving the Paxos company mistakenly minting $300 trillion worth of PYUSD stablecoins on the Ethereum… pic.twitter.com/mBWCiqEiS5

— Santiment (@santimentfeed) October 16, 2025

This includes large Ethereum Foundation deposits into DeFi vaults, strong ETF inflows, and renewed institutional interest. Additionally, the recently misexecuted $300 trillion PYUSD minting on Ethereum caught massive attention on X.

Beyond finance, Ethereum’s role is expanding globally. The blockchain is being integrated into Bhutan’s national ID system. Developers also continue to favor Ethereum as the top ecosystem for innovation in 2025.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

News

A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.

Parth Dubey on LinkedIn

Bitcoin struggles to sustain momentum after setting a new all-time high, with Glassnode warning of a possible deeper correction.

Key NotesBlackRock Ethereum ETF led with $163 million in inflows and over $1.4 billion in trading volume.ETHA has attracted over $10 billion in 2025, ranking 15th out of 4,400+ ETFs, underscoring rising institutional confidence.Market analysts remain divided on the ETH price trajectory as bulls and bears are in a tight fight at $4,000.
Inflows into spot Ethereum

ETH
$4 060

24h volatility:
2.3%

Market cap:
$487.18 B

Vol. 24h:
$40.74 B

ETFs continue to remain strong even as the ETH price faces strong selling pressure in the broader crypto market correction. Currently, there’s a tight fight between the bulls and bears to hold ETH above $4,000. On the other hand, institutions are recouping from the early week Ether ETF outflows.

Ethereum ETF Inflows Remain Robust
On Wednesday, October 15, inflows into spot Ethereum ETFs, across all US ETF issuers, stood at $169 million. However, these numbers are largely polarized, with BlackRock iShares Ethereum Trust (ETHA) contributing to most of the inflows at $163 million. The second in line was Bitwise ETHW at $12.31 million.

BlackRock’s spot Ethereum ETF (ETHA) recorded strong investor interest, registering net inflows of 41,132 ETH. Furthermore, the fund also witnessed $1.4 billion in trading volume over the same period. This signals growing institutional participation in Ethereum-based investment products.

BlackRock Ethereum ETF sees healthy inflows | Source: Trader T

With more than $10 billion in inflows this year in 2025 so far, BlackRock’s ETHA has climbed to the 15th position out of more than 4,400 ETFs. The milestone underscores growing institutional demand for Ethereum exposure through regulated investment vehicles.

ETH Price Tests Crucial Support at $4,000
Following the strong selling pressure at $4,400, ETH price has corrected nearly 10% and is looking for a crucial support at $4,000, which seems to be weakening at this point. Market analysts share mixed opinions and remain divided over the next ETH trajectory.

Crypto analyst Ted Pillows noted that Ethereum (ETH) continues to hold firm above the $3,850 support level, maintaining short-term bullish potential. According to Pillows, a decisive move above $4,250 could trigger a short-term uptrend for the asset. The dropping ETH supply on exchanges could further aid this rally.

However, he cautioned that if Ethereum fails to defend the $3,850 support, the market could see increased downside volatility.

$ETH is still holding above its $3,850 support level.

The next key level to reclaim is $4,250, which could start a short-term uptrend.

In case Ethereum loses the $3,850 support level, expect more downside volatility. pic.twitter.com/4PpZBof456

— Ted (@TedPillows) October 16, 2025

On the other hand, crypto analyst Ali Martinez highlighted that Ethereum (ETH) is approaching a bearish MACD crossover on its weekly chart. Martinez noted that the last two occurrences of this technical signal led to price declines of 43% and 61%. This suggests the possibility of a significant downside if the pattern repeats.

Ethereum $ETH is on the verge of a bearish MACD crossover on the weekly chart. The last two times it happened, the price dropped 43% and 61%. pic.twitter.com/RRIjFeR63k

— Ali (@ali_charts) October 16, 2025

Investors need to be more watchful for more volatility ahead and take calls as per their risk appetite.

PEPENODE (PEPENODE) Meme Coin Approaches $2 Million in Presale Raise
Ethereum-based PEPENODE meme coin is capturing attention these days with its unique mine-to-earn mechanism. The project is close to approaching the $2 million milestone in its presale.

PEPENODE is gaining popularity for blending memes and virtual mining. The project allows users to participate in virtual meme coin mining and has quickly emerged as one of the most talked-about crypto presales of 2025.

Presale Details:

Current price: $0.001105
Funds raised: $1,838,367.13
Token ticker: PEPENODE

The platform also offers staking rewards of up to 3,022%, with purchases available via credit/debit cards or cryptocurrency. For further insights, investors can refer to the PEPENODE price prediction report on Coinspeaker.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

Bhushan Akolkar on X

The US government just seized $15 billion worth of Bitcoin from a Cambodian business empire accused of running one of the biggest crypto scams ever

Analysts say bitcoin is struggling to hold the $110,000 floor after last week's record highs as whale selling and put demand signal growing caution.

Brevis, a zero-knowledge proof infrastructure company, announced a major breakthrough with its Pico Prism technology, calling it a critical turning point for Ethereum's scaling future. Performance Redefines the Possibility Brevis, a leading zero-knowledge (ZK) proof infrastructure company, announced on Oct.

Key NotesCZ urges Coinbase to include more BNB Chain projects, calling for openness.Coinbase recently added BNB to its roadmap amid criticism of its listing policies.The debate reignites competition between major exchanges over fairness and inclusion.
Binance founder Changpeng Zhao has publicly called on Coinbase to list more projects built on the BNB Chain, arguing that fairness should guide exchanges’ listing policies. His comments followed Coinbase’s surprise decision to add BNB to its asset-listing roadmap earlier this week.

Moreover, I would urge Coinbase to list more @BNBChain projects. @Binance has listed several Base projects. Don't think Coinbase has listed a single @BNBChain project yet. And it's a more active chain.

Not a trade. Just recommending, given we are on the topic of being open,… https://t.co/16WkVUM6Om

— CZ 🔶 BNB (@cz_binance) October 16, 2025

In a recent post on X, CZ pointed out that Binance already lists several projects from Coinbase’s own Base network. However, Coinbase hasn’t listed any from the BNB ecosystem, even when BNB Chain is currently far more active and heavily used.

According to blockchain analytics firm Nansen, BNB Chain has seen an impressive surge in activity. The network recorded more than 500 million successful transactions over the past month, a 150% increase compared to the previous period.

Moreover, CMB International, a subsidiary of China Merchants Bank, recently announced a $3.8 billion USD Money Market Fund launch on BNB Chain.

Despite this growth, Coinbase has yet to list a single project native to the BNB ecosystem. Zhao believes that listing strong projects from multiple chains would ultimately benefit Coinbase.

Coinbase to List BNB?
CZ’s remarks came shortly after Coinbase Markets announced a new initiative called “The Blue Carpet”, including BNBin its public listing roadmap. The program is designed to provide a more transparent and structured listing process for project issuers.

Assets added to the roadmap today: BNB (BNB)https://t.co/lyEugQo7Cv

— Coinbase Markets 🛡️ (@CoinbaseMarkets) October 15, 2025

It is important to note that inclusion on the roadmap does not guarantee a final listing.

The move comes as Coinbase faces growing scrutiny over its selection criteria. Just days before the announcement, Arca CIO Jeff Dorman criticized the platform for listing “some of the worst assets” while ignoring high-quality ones, including the third-largest cryptocurrency, BNB.

He argued that Coinbase must choose between being a neutral, open marketplace or a curated broker focused only on select assets.

“Listing War” Between Exchanges
The debate over exchange listing fairness has intensified in recent days. Binance founder recently stated that strong crypto projects should not need to pay exchanges for listings, as genuine market demand and user activity naturally drive exposure.

His comments were in response to Coinbase developer Jesse Pollack, who had described Binance’s model as “expensive and extractive,” calling for zero listing fees.

Unpopular opinion post:

On Listing "Fees" (saw this a few times recently)

1. If you are a project complaining about listing airdrops or "fees" (to users),

Don't pay it.

If your project is strong, exchanges will race to list your coin.

If you have to beg an exchange to list,… https://t.co/DtEMb4RdS0

— CZ 🔶 BNB (@cz_binance) October 15, 2025

CZ emphasized that in a truly decentralized market, discussions about listing fees and exchange policies overlook the merit-based recognition. He argued that strong projects with genuine user adoption naturally earn major exchange listings without needing to request them.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

Coinbase News, Cryptocurrency News, News

A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.

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BNB price has climbed to as much as $1,191 following Changpeng Zhao’s comments about the token’s recent listing on Coinbase eight years after the token was first launched.

Summary

CZ praised Coinbase’s decision to list BNB, calling it a “no-brainer” given the token’s strong liquidity and market position.
BNB price briefly climbed to around $1,191 before consolidating near $1,181, with technical indicators suggesting neutral momentum as traders await further catalysts from the upcoming Coinbase listing.

On Oct. 16, former Binance CEO and Head of YZi Labs Changpeng Zhao reacted to the news of Coinbase adding BNB to its listing roadmap. CZ’s post regarding the listing served to boost BNB price slightly by 0.5% in the past hour.

“Woke up to this. Thanks for the support from industry peers,” said Changpeng Zhao in his post, adding a screenshot of comments from crypto figures like Tron (TRX) founder Justin Sun and the Australian-based crypto exchange Kraken regarding the listing in his latest post.

According to Zhao, Coinbase’s decision to list BNB (BNB) should be considered a “no-brainer,” considering the token is currently the third-largest cryptocurrency by market cap. According to data from crypto.news, the token’s market cap currently stands at $164.9 billion. Excluding the stablecoin USDT (USDT), BNB is the third largest cryptocurrency, falling behind only to Bitcoin (BTC) and Ethereum (ETH).

“Excellent liquidity, volume and ecosystem. Not listing it is a loss for the exchange themselves,” said CZ, adding an encouragement for BNB to “keep building.”

Shortly after CZ shared his post, BNB price reached $1,991, nearing the $1,200 before briefly retracting back to the $1,180 level. In the past 24 hours, the token has dipped by 0.2%.

On Oct. 15, the Coinbase Markets official account announced that it has added BNB to its roadmap. According to the blogpost shared, BNB will be added as an asset on the BNB Smart Chain, which already has integrated support within Coinbase. In addition, the exchange will also list QCAD on Ethereum and KTA on the Base (BASE) Network.

Launched in 2017, BNB serves as a trading fee token and the primary gas asset for BNB Chain transactions. BNB is also used for payments, staking, token launches and governance proposals. In 2021, it officially rose to become the third-largest cryptocurrency by market cap and has mostly remained in that spot.

In a separate post, CZ suggested Coinbase should list more BNB Chain projects. He argued that over the years, Binance has listed several Base projects, yet the same cannot be said about Coinbase listing Binance projects.

“Not a trade. Just recommending, given we are on the topic of being open, inclusive, etc. Also good for the exchange, I believe,” said CZ.

BNB price analysis
Market sentiment toward BNB has been mixed since Coinbase announced the addition of BNB to its listing roadmap, a move that could significantly broaden the token’s accessibility to U.S.-based investors. While some traders view the news as a long-term bullish development, others are more cautious, considering the ongoing regulatory scrutiny surrounding Binance.

CZ’s measured reaction on social media appears to have helped calm speculation that tensions might arise between the two exchanges.

BNB price is currently trading at around $1,181, dipping slightly after reaching as high as $1,191 and even surpassing the $1,214 on the day Coinbase announced it will be listing the token.

At press time, BNB price is hovering close to the 30-day moving average, suggesting a phase of consolidation following a modest upward movement earlier in the session. Momentum appears neutral, with no clear directional bias yet, as bulls and bears continue to contest the short-term trend.

BNB price has moved slightly after CZ’s reaction to the news of Coinbase listing the token | Source: TradingView
The Relative Strength Index currently sits near 48, indicating neutral momentum and limited buying or selling pressure at the moment. This aligns with BNB price hovering around the moving average, signaling that the market is likely waiting for new catalysts before making a decisive move.

The RSI’s repeated oscillation between 40 and 60 over the past few hours suggests short-term indecision, with traders possibly digesting the broader implications of recent news developments surrounding Binance and its token.

If positive sentiment builds around the upcoming Coinbase listing, BNB price could test the $1,190 to $1,200 resistance zone again. However, a sustained break below $1,175 could signal short-term weakness, especially if broader market conditions turn risk-off.

Thu, 16/10/2025 - 8:45

Dynamics between cryptocurrency and traditional markets often not obvious, but at the same time, possibility for larger reversals exist

Cover image via U.Today

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

The Russell 2000 index is at a new ATH. If small-cap stocks are printing all-time highs, it implies that risk appetite is back. Additionally, Ethereum has followed small caps remarkably closely this year, as both trade on retail beta, growth optionality and liquidity. As many are aware, there is the potential for ETH to rise if risk continues to bid. This thesis is supported by the current technical outlook for the Ethereum market.

Ethereum recently recovered the cluster around the 50/100-day MAs after surviving a hard flush into the high $3,700s on the daily. The uptrend is maintained because the 200-day is still lower at about $3,500. A move through $4,220-$4,280 would invalidate that micro downtrend and reopen $4,500-$4,650, followed by the previous peak. The price is currently working below a short descending line from the recent local high.  

How this correlation functionsLiquidity cycle: A small-cap rally typically occurs when margin financial conditions have improved. Bitcoin and Ethereum, in particular, are a high-beta liquidity sponge.

HOT Stories

ETH/USDT Chart by TradingViewGrowth narrative: ETH and small caps both price optionality, which includes future network cash flows (L2 settlement, staking yield, restaking and rollup revenues) for the latter, and future earnings for the former.

Mechanisms of rotation: Beta moves down the stack after BTC legs first. Prior to money flowing into long-tail alternatives, ETH was the biggest liquid beta vehicle.

What can go wrong?Correlation is a fair-weather friend. Should the Russell squeeze primarily consist of systematic short-covering, the link will break as soon as macro data changes (hot inflation print, rates repricing).

Overhang in supply: Any increase in exchange balances, ETF arbitrage inventory or significant waves of validators unstaking would cap upside. The cash-flow narrative deteriorates as stocks continue to rise if fees remain muted and L2 volumes stagnate.

Ethereum is poised to surprise to the upside if the Russell at ATH is indicating a long-lasting risk-on phase. Respect the invalidation levels and avoid marrying the correlation if the equity move is merely a gamma-driven pop.

Related articles

Chen Zhi, chairman of Cambodia’s Prince Group, has become the central figure in one of the largest crypto fraud scandals on record. 

This week, U.S. authorities sanctioned him over his role in orchestrating vast “pig butchering” operations across Southeast Asia, where forced labor compounds were allegedly used to defraud victims around the globe. Arkham data confirms the scale of his digital fortune: addresses tied to Chen hold nearly 15,957 Bitcoin, worth around $1.77 billion at current prices.

On Arkham, the wallet cluster labeled chen-zhi-sanctioned shows a portfolio composed entirely of Bitcoin, with BTC trading near $110,700 at press time. Transfers reveal how his empire consolidated its holdings over years, with multi-thousand BTC inflows dating back three years. 

Chin Zhi account movement. Source: Arkham
In one transaction, almost 4,000 BTC, nearly $90 million at the time, was funneled into Chen-linked addresses. Another movement added more than 3,400 BTC, equivalent to $81 million.

Hunt for the crypto scammer takes a twist
The most eye-catching detail, however, is not only in the past. Just hours ago, Arkham flagged a movement of 4,999 BTC, worth more than $560 million, from an address connected to Chen. What unsettled analysts is that this wallet was not yet on the official sanction list, echoing the flows associated with the infamous LuBian syndicate earlier this year.

Chin Zhi account movement. Source: Arkham
It suggests that while U.S. enforcement has captured a large share of the scam empire’s funds, significant pockets of Bitcoin remain mobile, and perhaps beyond immediate reach.

The U.S. Department of Justice has already seized more than 127,000 BTC linked to Chen’s network, a haul valued above $14 billion. It is the largest single crypto forfeiture in history, eclipsing even the Silk Road takedown. In total, the U.S. government now controls over $36 billion worth of Bitcoin, making it the world’s seventh-largest holder, with Chen’s seized fortune representing its biggest single source.

Chen Zhi himself remains at large, facing potential sentences of up to forty years if convicted. His wallets may be labeled and sanctioned, but as the Arkham charts show, some continue to stir. That activity points to a larger truth: the fight between regulators and rogue operators is no longer only in the courts or policy papers, but live on-chain, with millions of dollars moving across addresses in real time.

Total crypto market cap has erased another $100 billion daily.

Bitcoin’s recovery attempts have come to a halt as the asset has declined below the $111,000 level once again on Thursday morning.

The altcoins are also in the red, with ETH slipping to $4,000 and XRP dropping back down to $2.40. There are a few double-digit price losers as well.

BTC Slides Below $111K
Bitcoin and the rest of the cryptocurrency market experienced massive turbulence at the end of the previous week, when the largest of the bunch plunged by over $20,000 on some exchanges and bottomed at a multi-month low of $101,000. This crash wiped out over $19 billion in leveraged positions from more than 1.6 million traders.

BTC tried to recover in the following days after immediately surging back to $110,000. It kept climbing at the start of the new business week and hit $116,000 on Tuesday.

However, that was as far as it could go as the bears stepped up once again. They pushed the asset south to $113,000 yesterday and below $111,000 as of press time today. This means that its market capitalization has fallen once again and is close to breaking below $2.2 trillion on CG.

Its dominance over the altcoins, though, has bounced since yesterday and is up to $57.2%.

BTCUSD. Source: TradingView
Alts in Retrace Mode
Most altcoins have produced even more painful declines over the past 24 hours. Ethereum leads the pack with a 4.4% drop that has pushed it to under $4,000. XRP has dipped to $2.39 after a 5% nosedive. SOL, ADA, LINK, DOGE, XLM, HYPE, SUI, AVAX, HBAR, and MNT have charted losses of up to 8%.

There are four double-digit price losers, led by TAO’s 15% daily plunge. ASTER (13%), ZEC (12%), and IP (10%) follow suit.

In contrast, COAI continues to steal the show with a massive 50% surge since yesterday that has driven its price to well over $23 as of press time.

The cumulative market cap of all crypto assets has erased $100 billion since yesterday and is down to $3.850 trillion on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto

Journalist

Posted: October 16, 2025

Key Takeaways
Why is BTC under pressure this week?
The market hasn’t recovered from last week’s liquidation, BTC failed to hold $115k mid-week, and $600 million in new short positions suggest smart money is pricing in further downside.

How does the U.S.–China trade war factor in?
Trump’s confirmation of ongoing trade tensions adds macro volatility, making BTC’s $110k support increasingly fragile.

The market hasn’t recovered from the recent liquidation cascade, and it looks like another one is lining up. For context, it has been a week since the $19 billion wipeout, and the market is still struggling to find a grip.

Backing this, FOMO hasn’t kicked in yet. Spot demand for Bitcoin [BTC] remains low, and fear continues to dominate sentiment. At this point, calling $110k a solid support for BTC is still too premature.

Against this setup, Donald Trump’s comments on the trade war have only reinforced the downside. Does this mean BTC is lining up for another wipeout? Early signals suggest the smart money is already pricing it in.

Trump confirms trade war pressures will persist
“We are in now,” Trump doubled down on the U.S.-China trade war.

In a recent panel, when asked if the market should price in a “sustained” trade war with China, Trump didn’t hold back, making it clear that macro chop is far from priced out, and tariffs remain the main line of defense.

In short, the 100% tariffs aren’t off the table yet, with execution still set to hit China starting the 1st of November. Market reaction? BTC was up 0.68% intraday, at press time, showing some short-term chop but no real follow-through yet.

Source: TradingView (BTC/USDT)

In other words, Bitcoin’s still way off from locking $110k as a solid base.

Zoom in: BTC is down 3.23% on the week. It failed to flip $115k into support mid-week, and the week closed with a range break. The sell-off pushed BTC back toward $110k, showing a clear bearish bias in the tape.

Simply put, BTC’s structure is getting put to the test.

However, the $600 million in short positions suggests that the market is anticipating further downside, a trend that has recently delivered significant profits for traders.

$600M BTC shorts raise market suspicion
Timing is proving to be a major market trigger in this cycle.

Flashback a week ago, before the $19 billion wipeout, AMBCrypto spotted a $420 million BTC short around $121k, making it the biggest bet in months. That trade cashed out huge, fueling speculation of insider trading.

Now, we’re seeing a similar setup. A whale dropped a $600 million short across multiple assets, with $194 million on BTC at 10x leverage. The kicker? It went live 90 minutes before Trump dropped the trade war news.

Source: X

The timing screams this move wasn’t random.

Instead, with the U.S.-China trade war odds ramping, dip-buyers nowhere to be seen, and BTC’s $110k under pressure, this $600 million short looks like a strategic hit on Bitcoin. Will it pay off? History says it probably will.

In this context, another leverage flush isn’t off the table.

According to CryptoQuant, capital is still heavily leveraged, and with most positions held by bearish traders, Bitcoin’s $110K support level is starting to look increasingly vulnerable.

Kodiak Finance, the native liquidity platform for Berachain, has integrated Orbs’ decentralized dTWAP and dLIMIT protocols to bring more advanced trading functionality to its users, as reported to Finbold on October 16.

The integration adds institutional-grade order types to Berachain’s leading decentralized exchange, which currently holds over $250 million in total value locked (TVL) and has processed more than $4 billion in trading volume. 

More than 100,000 users on Kodiak can now access new tools for time-weighted and limit order execution, helping reduce slippage and improve trading efficiency.

Bringing CEX-level trading to Berachain’s decentralized network
Orbs’ dTWAP (decentralized Time-Weighted Average Price) protocol enables large trades to be broken into smaller orders that execute over time, minimizing price impact. The feature can also serve as a dollar-cost-averaging (DCA) strategy, allowing users to accumulate assets gradually rather than in a single transaction.

Meanwhile, the dLIMIT protocol allows traders to specify their desired buy or sell price instead of executing immediately at market value. 

Together, the two protocols bring centralized-exchange-style execution to Berachain’s decentralized environment, offering greater flexibility in how orders are placed and filled.

Kodiak’s interface supports both dTWAP-Market orders, which execute trades at current market prices, and dTWAP-Limit orders, which only trigger when prices fall within user-defined limits. Traders can also adjust parameters based on market conditions and gas fees.

By integrating Orbs’ Layer-3 infrastructure, Kodiak strengthens its position as a leading decentralized finance (DeFi) hub on Berachain, combining deep liquidity with professional-grade functionality. The move also reinforces Orbs’ role as a key provider of advanced on-chain trading protocols for decentralized exchanges.

Featured image via Shutterstock. 

11h05 ▪
4
min read ▪ by
Eddy S.

Summarize this article with:

In Q3 2025, bitcoin establishes itself as a pillar of companies’ financial strategies. With 1.02 million bitcoins held by 172 listed companies, the crypto queen moves beyond speculation to become an essential store of value. Decoding a revolution underway.

In brief

In the third quarter of 2025, 172 companies now hold 1.02 million bitcoins, representing 4.87% of the total supply and a 40% increase compared to the previous quarter.
Strategy, MARA Holdings and XX1 lead bitcoin adoption, with strategies ranging from aggressive accumulation to gradual integration.
Despite volatility and regulatory risks, bitcoin asserts itself as a store of value and a diversification tool for companies.

Q3 2025: The historic rise of bitcoin in institutional portfolios
The third quarter of 2025 marks a turning point for bitcoin. Indeed, publicly traded companies holding bitcoin now represent nearly 40% of the total, that is 172 companies, compared to far fewer three months ago. Furthermore, the total volume has risen to 1.02 million bitcoins, accounting for 4.87% of the total supply. An increase of 20.87% in just three months, with a valuation exceeding 117 billion dollars.

Companies are no longer just observing: they are acting. In Q3 2025, 48 new companies have added bitcoin to their balance sheet, a record. Among them, historical players like Strategy, which has strengthened its position with an additional 40,000 bitcoins. But also newcomers attracted by the liquidity and market growth potential. This dynamic reflects a growing confidence in BTC as a safe haven asset and diversification tool.

Bitcoin giants: who holds what and why?
Among the 172 companies holding bitcoin in 2025, some stand out for the size of their reserves. Strategy, with 640,031 bitcoins, remains the undisputed leader, followed by MARA Holdings (53,250 BTC) and XX1 (43,514 BTC). These players adopt varied strategies:

Aggressive accumulation for Strategy;
Mining and targeted acquisition for MARA;
Gradual integration for XX1.

The companies holding the most bitcoin in 2025.
Their motivation? A combination of inflation hedging, speculation on rising prices, and financial innovation. With 48 new players entering crypto treasury in the past 3 months, the movement is accelerating. Metaplanet, a Japanese company, embodies this trend in Asia, where bitcoin is increasingly viewed as a strategic asset. With 30,823 bitcoins, it demonstrates how Asian companies are embracing the topic. This, in response to unstable local monetary policies.

The record acquisition of 176,762 bitcoins in Q3 2025, mostly by American and Asian companies, highlights this race for adoption. Companies no longer just hold bitcoin: they integrate it into their business model. Whether to attract investors, optimize cash flow, or position themselves as pioneers in a booming market.

BTC: a legitimate corporate asset or a risky bet?
Despite its growing adoption, bitcoin remains a volatile and controversial asset. Its detractors point to sharp price fluctuations, such as the 20% drop recorded in 2024, or regulatory uncertainties, especially in the United States and Europe. For companies, these risks are not trivial: they can impact their stock market valuation and credibility with traditional shareholders.

However, the benefits are real. BTC offers a hedge against the depreciation of fiat currencies, a strong argument in a context of persistent inflation. It also allows companies to differentiate themselves by attracting investors and talent sensitive to technological innovations. Some companies, like Tesla, have already shown how bitcoin can serve as a communication and growth tool.

Bitcoin enters a new era dominated by companies, with reserves exceeding one million units. Between historic opportunity and calculated risk, its adoption raises a fundamental question: are we witnessing the emergence of a new financial standard, or a speculative bubble without a future?

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Eddy S.

The world is evolving and adaptation is the best weapon to survive in this undulating universe. Originally a crypto community manager, I am interested in anything that is directly or indirectly related to blockchain and its derivatives. To share my experience and promote a field that I am passionate about, nothing is better than writing informative and relaxed articles.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.