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The State Department told Fox News that it is aware of reports Wednesday that two American tourists were attacked in a popular European seaside destination that local media and police said left one person dead and another wounded.

The alleged attack happened early Wednesday in Cascais, Portugal, a coastal resort town about 20 miles west of Lisbon. 

Video taken by Reuters showed blood stains on a sidewalk, where a stabbing had taken place during an attempted robbery, according to media reports.

A State Department spokesperson told Fox News Digital that the agency takes seriously its commitment to protect U.S. citizens abroad and stands ready to provide consular assistance. 

‘One of the young men died at the scene and the other suffered injuries to his face and arms and was taken to [a] hospital,’ the Portugal Resident newspaper cited the Lisbon Metropolitan Command police force as saying.

The attack was carried out by three suspects who fled the scene in a vehicle, the newspaper added.

Further details about the incident and the identities of the victims were not immediately available. 

This is a developing story. Please check back for updates. 

Fox News’ Nick Kalman contributed to this report.

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President Donald Trump on Wednesday signed a directive ordering the Department of War to keep paying U.S. troops despite the ongoing government shutdown, bypassing Congress after lawmakers failed to reach a funding deal for weeks.

The White House said the move is necessary to protect ‘military readiness’ as the budget standoff stretched into its third week. The order, issued as National Security Presidential Memorandum-8 (NSPM-8), directs the department to use available fiscal year 2026 funds to cover military pay and allowances.

‘The current appropriations lapse presents a serious and unacceptable threat to military readiness and the ability of our Armed Forces to protect and defend our Nation,’ the memo states.

Trump cited his Article II powers as commander-in-chief in issuing the order, which covers active-duty troops and reservists on service orders. The directive instructs officials to use only funds that are legally tied to military pay, in coordination with the Office of Management and Budget (OMB).

More than one million service members were expected to miss paychecks starting this week if Congress didn’t act. Trump’s move marks a break from past administrations, which often waited for bipartisan deals instead of intervening directly.

Rep. Nick LaLota, R-N.Y., told Fox News Digital that ‘Trump’s mid-month action was welcome news to the military community. But now that same community is anxious about what happens at the end of the month, where mortgages and rents and car payments all become due.’

‘Democrats were wrong to try to use troop pay as leverage to accomplish their political goals. And it would be wrong, it would be just as wrong, for a Republican to hope that that lack of pay would be a catalyst to get Democrats to acquiesce,’ LaLota said. ‘[Trump is] protecting the troops when Congress won’t.’

The Pentagon has not said which specific accounts will be used. Reports from Roll Call and Reuters indicate the administration has identified roughly $8 billion in unobligated defense funds as potential options.

Critics warn the move could face legal challenges under the Antideficiency Act, which bars spending money not appropriated by Congress. But White House officials argue the law permits spending that has a ‘reasonable, logical relationship’ to the purpose of the original funds: in this case, keeping troops paid.

The directive follows Trump’s Oct. 11 order to keep troop payments flowing during the shutdown. The White House’s latest move Wednesday with Congress still in gridlock could shape government shutdowns for generations to come.

Fox News Digital’s Elizabeth Elkind contributed to this report.

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President Trump continues to be hailed as a global peacemaker for freeing the Hamas hostages and brokering a ceasefire between Israel and the terrorist group.

By assembling a coalition of countries to stop the two-year-old war, the president melded threats and diplomacy to end – at least for now – the bloody conflict that began with the heinous Hamas massacre of Oct. 7. 

Despite warning signs that Hamas may be unwilling to surrender its weapons, the guns have gone silent and the moving videos of freed hostages embracing their loved ones keep coming. 

Trump has drawn praise from leading Democrats (the Clintons), virtually all the media (which he thanked), and the likes of Jimmy Kimmel, James Carville and Bill Maher.

Then he came home.

Government employees aren’t being paid under the two-week-old shutdown that Trump engineered, in the sense that he refused to seriously negotiate with Democrats worried about the prospect of soaring Obamacare premiums.

The president, as he threatened to do, has cut or frozen almost $28 billion for projects largely based in Democratic-led cities and states, according to a New York Times analysis. That includes giant transportation projects in New York and Chicago.

Trump imposed a new round of layoffs on the Department of Education, targeting the Office of Civil Rights and the Special Education unit – which, following earlier firings, will be down to about six staffers, a 95% reduction since he took office.

He refused to take questions from ‘ABC fake news,’ but called on one of its female reporters, turned to a chuckling JD Vance and said, ‘I just like to watch her talk.’ He then said, ‘Good job. Thank you, darling,’ ignoring what she had asked.

What a stark contrast.

Why is the man capable of such steely leadership abroad insisting on being such a divisive figure at home?

He fervently believes that keeping an iron grip on his MAGA base is how he got elected and crucial to his political health. When Democrats attack his actions, it thrills most of his Republican supporters.

There were also those two horrifying assassination attempts last year.

Trump often complains that he is a victim – of relentlessly unfair media coverage, left-wingers calling him a Nazi and a dictator and lawfare investigations that produced four indictments against him.

As he sees it, he is counterpunching – simple as that. And he definitely has a major point.

Of course, no president has ever ordered the Justice Department to prosecute his political opponents, as with the indictments of James Comey and Letitia James. That shatters any remaining notion of DOJ independence.

Trump even took issue with a glowing Time cover story on the ceasefire – ‘His Triumph’ – because he didn’t like the picture, in which the lighting washed out part of his hair. 

And then there’s the handling of scandals.

One case of blatant partisanship, on both sides, is the Politico disclosure of group chats by Young Republican groups that drip with racist, anti-Semitic and violent content.

In 2,900 pages of leaked documents, the participants – all fervent Trump supporters – described Black people as monkeys and ‘the watermelon people.’ They talked about sending their opponents to the gas chambers that would reflect ‘the Hitler aesthetic,’ where they would be killed. A woman who is New York’s national committee member said: ‘I’m ready to watch people burn now.’

These are mainly not college kids, but party operatives, government staffers and one state senator, who under the rules, must be under the age of 40. Three participants have been ousted from their political jobs.

The national federation, which has 15,000 members, said: ‘we are appalled by the vile and inexcusable language … Such behavior is disgraceful, unbecoming of any Republican.’

I bring this up because of the reaction at 1600 Pennsylvania Avenue.

A White House spokesperson told Politico that ‘Only an activist, left-wing reporter would desperately try to tie President Trump into a story about a random groupchat he has no affiliation with.’ To be sure, this cannot be blamed on the president in any way.

But, it does reflect how fringe views have infiltrated at least a small minority of younger party members.

What’s striking is the way in which the vice president dismissed the ugliness. 

Vance focused instead on Jay Jones, the Democratic candidate for Virginia attorney general, who was revealed to have texted a colleague in the legislature about his fantasies of killing the then-speaker, Todd Gilbert. ‘Two bullets to the head,’ Jones wrote. Chilling.

‘This is far worse than anything said in a college group chat,’ Vance said, ‘and the guy who said it could become the AG of Virginia.’

Trump also weighed in, saying that Jones wanted to see a ‘Republican legislator in Virginia shot in the head and to see his children murdered… pretty amazing.’

Now let me say it is beyond disgustingly pathetic that top Virginia Democrats haven’t pulled their support for Jones, and that he hasn’t been driven out of the race. It’s indefensible.

But it’s also a classic case of whataboutism, with each party’s leaders – there are some exceptions – focusing on the other side’s misconduct. 

Vance went a bit further yesterday, saying, ‘the reality is that kids do stupid things. Especially young boys, they tell edgy, offensive jokes.’ Again, they’re not just boys.

In the Middle East, Trump was trying to bring combatants together. In America, he is the chief combatant, doing whatever it takes to wield and expand his power.

Many politicians strive for unity, if only to win more converts to their side. That has never been Trump’s style, dating back to his days as a real estate developer and then as a candidate. His default setting is to fight.

Right now, Bibi Netanyahu loves Donald Trump. So do those who voted for him in a sweeping election victory. But the president has shown little interest in winning over his detractors.

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It has been a turbulent yet inspiring year for Koreans. A declaration of martial law last winter plunged the nation into uncertainty, but what followed was not chaos – it was the reaffirmation of a people’s unshakable faith in democracy. 

The ‘Revolution of Light,’ culminating in the peaceful election of a new government, reminded the world that the Republic of Korea’s constitutional order rests not on the will of any ruler, but on the collective conscience of its citizens. 

Some observers abroad have mistaken the intensity of Korea’s political transition for fragility or deviation from democratic norms. In truth, such intensity is the very pulse of democracy itself. Our debates are often fierce, our elections passionately contested, yet our institutions endure. That resilience – born of experience, sacrifice, and civic discipline – is Korea’s greatest democratic asset.

Since taking office, President Lee Jae Myung has acted swiftly to reinforce the foundations of democracy at home and to renew the Republic of Korea’s partnership with the United States. In word and deed, President Lee has recognized the vital importance of the ROK-U.S. alliance and strengthened pragmatic cooperation with President Donald Trump, and put our interlocking security and economic objectives, and shared values at the heart of his agenda. 

This approach reflects Korea’s confidence as a mature democracy and responsible global partner. President Lee views the alliance not merely as a legacy of the past, but as a living partnership, adapting to new challenges – from regional security and economic cooperation to advanced future technology.

This vision was clear at their August summit, where the two leaders spoke with candor and mutual respect, underscoring their shared determination to build what they called a ‘Future-Oriented Comprehensive Strategic Alliance.’ President Trump’s remark, ‘We’ve gotten along very well,’ captured the new tone of trust shaping this alliance. 

President Lee and the whole of the Korean government have meticulously ensured that even as we focus on restoring our democratic system, we not flail for one second in our responsibilities as friend and ally.  This makes certain commentaries – portraying Korea’s new leadership as undemocratic, illegitimate or even hostile to religion – so bewildering and saddening. Such claims, often repeated in online forums and even on opinion pages, bear little resemblance to facts and hinder our joint efforts for real solutions. 

Let’s set the record straight: The government of the Republic of Korea was democratically elected. President Lee prevailed in a fair and transparent vote recognized around the world for meeting the highest election standards. Neither Korea’s independent judiciary nor its opposition parties objected to the result. 

Since then, the principles of the rule of law have been scrupulously observed. Ongoing legal proceedings concerning the previous administration’s declaration of martial law and other alleged abuses of power are being conducted by independent prosecutors appointed by the National Assembly – not by the Presidential Office. These legal proceedings demonstrate the rule of law, not the erosion of it.

Equally unfounded are recent claims that the new government is ‘anti-Christian.’ Such narratives appear to arise from ongoing investigations into bribery allegations involving church funds, but for people familiar with Korea, the notion of prejudice is demonstrably absurd.

Christianity, along with Buddhism and other faiths, has played an integral role in Korea’s social and cultural life. Christian missionaries helped establish many of the nation’s leading educational and medical institutions, countless Christians sacrificed their lives for Korea’s independence from Japanese colonial rule. 

Today, a large share of Korean population identifies as Christian, with millions of both Protestants and Catholics contributing to the fabric of Korean society. These individuals, like people of all faiths, continue to play a vital role in civic life, community service and the pursuit of national unity.

President Lee himself is a man of Christian faith. He and his administration have the deepest respect for freedom of religion and expression, which our Constitution enshrines. They, like all Koreans, are unambiguously proud of the legacy of Christianity and believe freedom of religion in the Republic of Korea rivals that of any place in the world.

To portray legitimate, lawful efforts to restore democratic order as a campaign against Christianity is not only misleading, but it undermines Christian legacy and respect for religious freedoms that are central to Korea’s democratic values.

As Koreans committed to democracy, vigorous debate and even disagreement are more than welcomed. It is what the new Korean government strove so vigorously to safeguard these past four months. But mischaracterizing all that has occurred does nothing to advance mutual understanding or produce real solutions for the Koreans and Americans alike.

The Republic of Korea and the United States have sustained our alliance through eight decades of bravery and sacrifice. Today’s challenges require nothing less. Under President Lee’s government, Americans can be assured that they have a friend and partner who shares core values and is committed to the success of both of our nations. 

Look no further than their summit on Aug. 25 where the two leaders ushered in the era of a ‘Future-oriented Comprehensive Strategic Alliance’ – one that looks confidently toward a more secure, democratic and prosperous future for both nations. Korea’s story is not one of uncertainty but of conviction: that a free people, tested by history, can renew both their democracy and their alliance with courage and grace. 

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When U.S. forces launched strikes against Iranian military targets in June, critics warned it could ignite a regional inferno — even the start of World War III. Four months later, the Middle East is quieter than at any point in years. Iranian proxies have scaled back attacks, Gulf tensions have cooled, and Washington has shifted attention toward the Western Hemisphere.

The unexpected calm is raising a new question: Did decisive U.S. action restore deterrence — or has Washington simply been lucky?

Those who favor a more forceful U.S. foreign policy counted Iran’s lack of a response as a win for their frame of mind — and a loss for restrainers. They now credit the strikes with bringing about a period of relative peace that culminated in a fragile ceasefire between Israel and Hamas this week.

Rep. Marjorie Taylor Greene, R-Ga., publicly broke from her longtime support of President Donald Trump after the strikes.

‘Six months in and here we are turning back on the campaign promises, and we bombed Iran on behalf of Israel,’ she said on Newsmax at the time.

‘We’re entering a nuclear war, World War Three, because the entire world is going to erupt. And you know what, the people that are cheering it on right now, their tune is going to drastically change the minute we start seeing flag-draped coffins on the nightly news.’

On Monday, she praised Trump for brokering the peace deal between Israel and Hamas. ‘Blessed are the peacemakers! May healing begin for all.’ 

‘You’ve put every U.S. troop and embassy in the region at risk and squandered America’s diplomatic leverage — though you’ll likely think you’ve strengthened it,’ said Adam Weinstein, deputy director of the Middle East Program at the Quincy Institute, at the time.

Sen. Chris Murphy, D-Conn., claimed the strike ‘put the United States on a path to a war in the Middle East that the country does not want, the law does not allow, and our security does not demand.’

Rep. Thomas Massie, R-Ky., was even more blunt. ‘It was a good week for the neocons in the military-industrial complex who want war all the time,’ he said on CBS’ Face the Nation.

Four months later, those who once warned of a spiral toward World War III are facing an uncomfortable reality: the region is largely quiet.

‘Those who warned of World War III before the U.S. and Israeli strikes on Iran fundamentally misunderstood both the nature of deterrence and the regime in Tehran,’ said Mark Dubowitz, CEO of the Foundation for Defense of Democracies.

‘Strength and resolve don’t invite escalation — they prevent it. What we’ve seen in recent months is a return to deterrence through escalation dominance: Iran, Hezbollah, Hamas, and other American enemies are recalibrating precisely because the United States finally imposed real costs on the Islamic Republic.’

Dubowitz said years of Western restraint emboldened Iran. ‘For years, Western policymakers indulged in a fantasy that restraint would produce stability,’ he said. ‘It did the opposite. Tehran read our de-escalation as weakness and kept pushing.’

‘Everybody who said that a strike on Iran would be a disaster was wrong,’ said Matthew Kroenig, vice president of the Atlantic Council’s Scowcroft Center and a former Pentagon strategist. ‘These fears about Iranian retaliation and region-wide war were exaggerated. Iran doesn’t want a major war with the United States, the greatest superpower on earth that could end its regime. Instead, Iran engaged in some kind of token retaliation, and the whole thing died down.’

Trump’s authorization of the strikes was not a departure from his ‘America First’ principles, as Greene suggested, but a continuation of them.

‘When it comes to hitting an adversary hard, Trump has always been open to that kind of short, sharp, decisive use of force to achieve a clear objective,’ Kroenig said.

Those in the restraint camp say they don’t count Trump’s decision as a total loss for their viewpoint. They argue that predictions of a wider war were based on a different scenario — one that Trump ultimately avoided.

‘The prediction that this could lead to a wider war was for the scenario in which the U.S. would join Israel in a larger military campaign against Iran with the intent of regime change,’ said Trita Parsi, co-founder of the Quincy Institute. ‘This is not what Trump opted for. He clearly signaled to Tehran before the strikes where he would strike to ensure that the locations would be vacated and that there would be no casualties. He also signaled his intent to only strike these sites and be done with it. This significantly reduced the risk of a larger escalation.’

Rosemary Kelanic of Defense Priorities acknowledged that the strikes were ‘not a win for restraint’ in principle, and though the U.S. felt few repercussions, it was still a gamble.

‘I think it’s really easy to learn the wrong lesson from this, which is, all we have to do is go in and bomb for 45 minutes and then everyone will back down,’ she said. ‘Most of the time, U.S. military force doesn’t actually produce the outcomes that we want.’

Adam Weinstein said the operation came at the cost of diplomacy, noting that the strikes took place in the midst of ongoing negotiations with Tehran over its nuclear program.

‘The strikes were a setback on diplomacy with Iran,’ he said. ‘They negatively affected the world’s ability to ensure that Iran doesn’t develop a nuclear capability. It essentially destroyed trust between Iran and the international community.’

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Former President Barack Obama endorsed former Democratic Rep. Abigail Spanberger in Virginia’s governor race, releasing a pair of ads attacking Republicans. 

The contest between Spanberger, a former CIA officer, and Virginia Lt. Gov. Winsome Earle-Sears is one of only two governor races in the U.S. this November. The contests are viewed as political bellwethers ahead of the 2026 midterm elections. 

‘Virginia’s elections are some of the most important in the country this year. We know Republicans will keep attacking abortion rights and the rights of women. That’s why having the right governor matters, and I’m proud to endorse Abigail Spanberger,’ Obama said in one of the ads, titled ‘Protect Our Rights.’ 

‘In Congress, Abigail held Republicans accountable and fought to protect voting rights and abortion rights,’ Obama said. ‘But it won’t happen without you. Every vote counts, so turn out. Virginia, Abigail Spanberger is the best choice for governor.’

Earle-Sears’ press secretary Peyton Vogel told Fox News Digital in reaction to the ads that, ‘Abigail Spanberger is scared, and it shows.’

‘After losing support across Virginia, she’s leaning on liberal elites to try and save her collapsing campaign. This is a desperate play from a candidate who’s run out of support, out of ideas, and out of time. Voters see through it, and that’s why Winsome Earle-Sears is surging,’ Vogel added.

In the other ad, Obama said, ‘Republican policies are raising costs on working families so [that] billionaires can get massive tax cuts.’

‘As governor, Abigail will stand up for Virginia families,’ Obama said. ‘She’ll work to build an economy that works for everyone, not just big corporations and the wealthy.’ 

Earle-Sears most recently criticized Spanberger on her X account Wednesday night for her reaction to the texting scandal surrounding Democratic Virginia attorney general candidate Jay Jones. 

The scandal involving Jones came to light earlier this month when the National Review published text message exchanges between Jones and his former state legislative colleague, Republican House Delegate Carrie Coyner. In the exchanges, Jones appears to call for violence against then-Virginia House of Delegates Speaker Todd Gilbert, his wife, Jennifer, and their children. 

‘Jay Jones expressed his desire to murder a dad and his two young boys — and to see police officers get shot,’ Earle-Sears said. ‘Abigail Spanberger still supports him.’ 

Fox News Digital reported this week that Spanberger’s campaign store continues to sell merchandise co-branded with the rest of the statewide Democratic ticket — which includes Jones. 

Fox News’ Paul Steinhauser, Rachel Wolf and Charles Creitz contributed to this report. 

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Senate Democrats wanted an equal say in crafting spending bills before the shutdown and are about to get a chance to do so, but they’re unlikely to support Republicans’ latest effort to jump-start the government funding process.

The Senate on Thursday is set to move through a procedural hurdle on the annual defense spending bill, which, among other things, would ensure that military service members would get their paychecks.

Senate Majority Leader John Thune, R-S.D., teed up the bill earlier this week as the shutdown raged on to pressure Senate Democrats to make good on their desire to fund the government in a bipartisan manner, and in the hopes of getting the appropriations process moving again. 

‘We can actually get the appropriations process going forward,’ Thune said. ‘So that’s in the works.’

And in the Senate, given the 60-vote filibuster threshold, spending bills are prime examples of the many pieces of legislation that have to be bipartisan to pass. But Senate Democrats seemed unwilling to go all in on supporting the defense bill, and like the Republicans’ plan to reopen the government, appear ready to block Thune’s effort.

They want to know exactly what Republicans plan to put on the floor later on, despite the vote on Thursday afternoon being designed to give lawmakers the chance to move forward with at least one of several spending bills that must be passed to fund the government.

‘We have to see what they’re going to put on the floor,’ Senate Minority Leader Chuck Schumer, D-N.Y., said. ‘They haven’t told us yet.’

Republicans are also eyeing at least three other spending bills to attach to the defense appropriations bill, including legislation that would fund the departments of Labor, Commerce, Transportation, Health and Human Services, and Housing and Urban Development.

Sen. Mike Rounds, R-S.D., is a member of the Senate Appropriations Committee and appears ready for the reality that Democrats would block the defense bill and broader spending package.

‘You have to start with the defense, and then you can add the other ones to it, but once again, it takes agreement by our Dem colleagues that want to move that forward,’ he said. ‘I’m not sure that we’ve got the votes to do that yet.’

There is a trust deficit between Senate Democrats and Republicans from earlier this year when the GOP passed President Donald Trump’s request to claw back billions in funding for foreign aid and NPR and PBS, in addition to continued actions by Office of Management and Budget Director Russ Vought to withhold or cancel funding for Democratic priorities.

Sen. Sheldon Whitehouse, D-R.I., told Fox News Digital after Senate Democrats met behind closed doors on Wednesday that there had been no indication from Republicans there would be ‘bipartisan cooperation or any willingness to put any guardrails around what they plan to do.’

‘I think the stage we’re at is that we’ve been shown nothing,’ he said. ‘So there’s no reason to vote for it yet.’

‘I think what was needed is a larger agreement about how the appropriations process is moving forward, so it’s clear that our priorities are respected,’ he continued.

However, pairing the defense bill could grease the wheels for some in the Democratic caucus.

‘No, not unless it’s paired with [the Labor and HHS bill],’ Sen. Angus King, I-Maine, said.

Thune’s move to reignite the appropriations process, an exercise that played out in the Senate in early August when lawmakers advanced a trio of funding bills ahead of the shutdown deadline, is part of Republicans’ broader desire to fund the government the old-fashioned way, rather than through a colossal omnibus spending package.

It’s an exercise, however, that hasn’t been fully completed since the 1990s.

Sen. Eric Schmitt, R-Mo., noted to Fox News Digital that a major part of selecting a new leader for the Senate GOP was returning to what’s known as regular order, or passing spending to fund the government.

He argued that when Schumer ran the Senate as majority leader, the upper chamber was often resigned to passing ‘these omnibus bills that were developed in the, you know, middle of the night with four people.’

‘We’re not interested in that. So we want to get bills on the floor, and they’ve got to move in a bipartisan way, right? So I think this is something that I would hope Democrats would support, too,’ he said. ‘But if their mentality is at this point, you know, just oppose everything Republicans want to do, it’s pathological, and I don’t have any advice for them except seek help.’

Republicans are still trying to reopen the government and plan to put the House-passed continuing resolution (CR) on the floor again Thursday for a 10th time. And just like many times before, it is expected to fail.

When asked if he believed that the shutdown could transform into lawmakers passing spending bills one-by-one to reopen the government, Thune said, ‘I certainly hope not.’ 

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The uranium space is currently navigating a complex mix of optimism and structural pressures as investors increasingly look to the sector and major miners reduce their guidance.

After sinking to a US$63.25 per pound on March 7 — the lowest point since September 2023 — the U3O8 spot price rebounded through the third quarter, aided by declining secondary supply and renewed investor activity, though limited contracting by many utilities has kept term market activity relatively low year-to-date.

These tailwinds propelled the spot price to a year-to-date high of US$83.18 at the end of September, and are expected to continue adding support heading into the final quarter of the year.

“September saw uranium markets ignite as fresh capital flowed in, sentiment turned sharply positive and supply tightened, fueling the next leg of the uranium bull market,” wrote Jacob White, exchange-traded fund (ETF) product manager at Sprott Asset Management, in an October report on uranium.

Supply fundamentals remain strained: the US Energy Information Administration warns of a widening uranium shortfall over the next decade, estimating a cumulative gap of 184 million pounds without new mine development.

As the need for fresh supply mounts, the World Nuclear Association (WNA) sees longer timelines for new builds.

‘Despite the urgent need for new capacity to be brought online, what we’re experiencing is that the time to develop new mines is actually getting longer, not shorter. So in this report, we’ve changed the expected development timeline from 8 to 15 years to between 10 to 20 years,’ said Malcolm Critchley, CEO of the WNA, at the World Nuclear Symposium.

He warned that new supply is needed just to meet current needs, let alone forecast growth in demand.

According to the WNA, total nuclear capacity is expected to rise to 449 gigawatts electrical (GWe) by 2030 and 746 GWe by 2040, including 49 GWe of capacity from small modular reactors.

The issue was further compounded in late August, when uranium sector major Cameco (TSX:CCO,NYSE:CCJ) cut its 2025 guidance, citing expansion delays at the McArthur River mine in Saskatchewan.

Annual production is now expected at 14 million to 15 million pounds of U3O8, down from the previous target of 18 million pounds. The company’s reduction, marking roughly 5 percent of global supply, follows a similar output cut from Kazakhstan’s Kazatomprom, and highlights ongoing production constraints in the uranium sector.

The supply crunch comes as demand is projected to more than double over the next decade. As noted in the report, global reactor requirements will rise from 68,920 metric tons in 2025 to 150,000 metric tons in 2040, up 117 percent.

Rising investor appetite for uranium

“It’s the re-engagement of the investor,” he said during an interview.

“A lot of the demand in the spot market in Q3 has been driven by the purchasing of Sprott Physical Uranium Trust (TSX:U.U,OTCQX:SRUUF) and Yellow Cake (LSE:YCA,OTCQB:YLLXF). They have investor interest buying their shares to the point where they’re valued equal to more than the price of physical uranium.”

Compared to other commodities, physical uranium is undervalued, and that has led to heightened investor participation, according to Kelly. He noted that uranium-themed ETFs were the target for many investors looking to get into the space during Q3 — the VanEck Uranium and Nuclear Technologies UCITS ETF (LSE:NUCL) also increased allocations as its assets under management grew from US$500 million at the end of Q2 to over US$1 billion as Q3 concluded.

Alessandro Valentino, product manager at VanEck, attributes the growth to investor appetite and news out of the US. Among other factors, he pointed to the US Department of Energy’s US$1.52 billion federal loan guarantee to Holtec International to support the restart of the Palisades nuclear plant in Michigan.

The funding is earmarked for bringing the 800 megawatt facility back online. It will be the first commercial US nuclear reactor to restart after being permanently shut down, pending Nuclear Regulatory Commission approval.

Valentino also underscored supply deals from the artificial intelligence (AI) sector, as well as a late September initial public offering (IPO) from Fermi America (NASDAQ:FRMI), as growth catalysts.

On September 30, Fermi, a Texas-based firm developing a next-generation AI-powered energy and data campus, priced its IPO at US$21 per share, selling 32.5 million shares and raising about US$682.5 million.

The IPO proceeds will fund the company’s ambitious Project Matador, which aims to deploy 11 gigawatts of power via nuclear, solar, natural gas and battery systems at a 5,200 acre campus near Amarillo, Texas.

These news items are a “strong signal that money is now entering the space,” said Valentino. “We would say that the big push has come from the US side.”

AI and energy stoke uranium demand

A key recent change in the uranium market is support from AI data centers.

As AI continues to reshape industries, the energy demands of data centers are escalating rapidly. A recent report by the International Energy Agency projects that electricity consumption from data centers worldwide will more than double by 2030, reaching approximately 945 terawatt hours, surpassing the current electricity consumption of Japan.

AI-optimized data centers are anticipated to be the primary drivers of this surge, with their electricity demand expected to quadruple during the same period. To satiate these energy requirements, the tech sector is increasingly looking to nuclear power to meet its demands in an environmentally conscious way.

This was further evidenced when Microsoft (NASDAQ:MSFT) announced it was joining the WNA. This collaboration has only increased the correlation between uranium stocks and AI stocks.

Kelly explained that during a presentation he watched, “they showed an overlapping chart of AI stocks and uranium stocks, and they were behaving hand-in-hand over the last couple of years.”

While uranium is the fuel for the AI revolution, AI is also aiding the uranium exploration side.

The company recently digitized tens of thousands of pages of 1970s-era reports, maps and drill logs, feeding them into an AI-assisted system capable of analyzing, layering and interpreting the data with unprecedented speed and precision.

“AI helps us prioritize which information matters most and what it tells us about the geology,” Lamb explained. “It’s like opening a treasure chest — we’re uncovering insights that show our project is much larger than anyone realized.”

Additionally, AI is helping reveal what decades of analog exploration once missed — so-called “invisible uranium.”

Historically, geologists relied on gamma probes to estimate uranium content, but these tools often produced incomplete readings due to “disequilibrium,” where uranium or its decay products had shifted underground.

That meant much of the resource went undetected. Now, however, AI tools can process tens of thousands of geochemical data points, comparing ratios and patterns far beyond human capability.

According to Lamb, the technology can identify zones likely to contain hidden uranium and even cross reference results with regional geological data or similar deposits worldwide. In recent drilling, this approach helped the company uncover up to 60 percent more uranium than older probes indicated — that’s evidence, Lamb said, that machine learning could redefine the accuracy and efficiency of uranium exploration.

By combining historical expertise with modern machine learning, Myriad is turning archival data into a dynamic exploration tool — one that could redefine the scale and potential of its uranium projects in the US and beyond.

US moves to secure uranium supply

On the policy front, governments are stepping in to support domestic fuel cycles. In Canada, federal incentives and extended exploration tax credits aim to stimulate uranium mining and nuclear infrastructure.

In the US, moves such as the ban on Russian enriched-uranium imports are reshaping procurement requirements and amplifying urgency around domestic fuel security. To achieve its ambitions the Trump admin has been fast tracking select projects. In August, Uranium Energy (NYSEAMERICAN:UEC) secured expedited permitting for its Sweetwater uranium complex in Wyoming under the Trump administration’s FAST-41 initiative.

Subsequently, the US announced plans to expand its strategic uranium stockpile as part of a broader push to secure nuclear power supply and reduce reliance on Russia. Secretary of Energy Chris Wright said the aim is to eliminate Russia-enriched uranium from US reactors, which still power about 20 percent of the nation’s electricity.

Building on earlier federal initiatives, Washington’s continued investment in domestic uranium production and enrichment aims to strengthen long-term energy security, and serves as an opportunity catalyst.

“We believe the sector will keep on attracting investors,” said Van Eck’s Valentino, adding “the nuclear sector will eventually be normalized as being as green as all the other green energy sources.”

Uranium market forecast for Q4 and beyond

With uranium market showing momentum as well as deep gaps in primary supply, the coming months will test whether policy support, investment flows and project execution can keep pace with rising demand.

Sprott’s White believes that while the market has momentum, its continued success will hinge on factors like disciplined producer behavior and the timely delivery of new mines.

For his part, Lamb agrees with forecasts that the spot price could reach US$135 in Q1 2026.

“I just see (the spot price) kind of ticking up over the next while,” he said. “AI and data, those key sectors now that have exploded, they’re going to be huge consumers of uranium, however you slice it.”

Lamb went on to note that a spot price of US$200 in 2026 “wouldn’t surprise me at all.”

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

This post appeared first on investingnews.com

For a long time, most of the world’s lithium was produced by an oligopoly of US-listed producers. However, the sector has transformed significantly in recent years.

Interested investors should cast a wider net to look at global companies — in particular those listed in Australia and China, as companies in both countries have become major players in the industry.

While Australia has long been a top-producing country when it comes to lithium, China has risen quickly to become not only the top lithium processor and refiner, but also a major miner of the commodity. In fact, China was the third largest lithium-producing country in 2024 in terms of mine production, behind Australia and Chile.

Chinese companies are mining in other countries as well, including top producer Australia, where a few are part of major lithium joint ventures. For example, Australia’s largest lithium mine, Greenbushes, is owned and operated by Talison Lithium, which is 51 percent controlled by Tianqi Lithium Energy Australia, a joint venture between China’s Tianqi Lithium (SZSE:002466,HKEX:9696) and Australia’s IGO (ASX:IGO,OTC Pink:IPDGF). The remaining 49 percent stake in Talison is owned by Albemarle (NYSE:ALB). Joint ventures can offer investors different ways to get exposure to mines and jurisdictions.

Mergers and acquisitions are common in the lithium space, with the biggest news in the industry recently being Rio Tinto’s (ASX:RIO,NYSE:RIO,LSE:RIO) acquisition of Arcadium Lithium for US$6.7 billion in March of this year. The acquisition transforms Rio Tinto into a global leader in lithium production with one of the world’s largest lithium resource bases.

As for Chile, the country’s lithium landscape is changing following the December 2024 announcement that, as a part of its National Lithium Strategy toward public-private partnerships, the government opened up the process of assigning special lithium operation contracts to a total of 12 priority areas.

All in all, lithium investors have a lot to keep an eye on as the space continues to shift. Read on for an overview of the current top lithium-producing firms by market cap. Data was current as of October 1, 2025.

Biggest lithium-mining stocks

1. Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO)

Market cap: US$112.17 billion
Share price: AU$122.58

Rio Tinto, a global powerhouse in the resource sector for decades, is mostly known for its iron and copper production. However, in recent years, the mining giant has been expanding its position in the world’s lithium market.

In March 2025, the company cemented its position as one of the biggest lithium-producing companies in the world with the US$6.7 billion all-cash acquisition of Arcadium Lithium, the lithium giant formed after the US$10.6 billion merger of lithium majors Allkem and Livent.

Rio Tinto is consolidating Arcadium’s assets with its own under a new unit called Rio Tinto Lithium, adding brine operations at Salar del Hombre Muerto and Olaroz in Argentina, as well as the Mount Cattlin hard-rock mine in Australia, which entered care and maintenance in March of this year. Arcadium also brings lithium hydroxide capacity in the US, Japan and China.

At the time, Rio Tinto said the acquisition will increase its lithium carbonate equivalent production capacity to over 200,000 metric tons (MT) annually by 2028.

The move follows Rio Tinto’s 2022 acquisition of Argentina’s Rincon project, where a 3,000 MT per year pilot battery-grade carbonate plant entered production in November 2024. Construction for the 60,000 MT expanded plant begins in Q4 2025, with first production expected in 2028.

In May 2025, Rio Tinto strengthened its South American lithium portfolio through a joint venture deal with Chile’s state miner Codelco to develop the high-grade Salar de Maricunga lithium project in Chile’s Atacama Region.

The deal gives Rio Tinto a 49.99 percent stake in exchange for up to US$900 million in staged investments, including US$350 million for studies and development, US$500 million toward construction, and an additional US$50 million if production begins by 2030.

In another deal focused on the Atacama Region, in July Rio Tinto penned a binding agreement with state-owned Empresa Nacional de Minería (ENAMI) to form a joint venture for the Salares Altoandinos lithium project. Under the deal, Rio Tinto will take a 51 percent stake and invest up to US$425 million in cash and technology contributions, including its direct lithium extraction (DLE) technology.

2. Ganfeng Lithium (OTC Pink:GNENF,SZSE:002460,HKEX:1772)

Market cap: US$14.79 billion
Share price: US$5.47

Founded in 2000 and listed in 2010, Ganfeng Lithium has operations across the entire electric vehicle battery supply chain. Even though it is relatively new compared to some companies on the list, Ganfeng has become one of the world’s largest producers of both lithium metals and lithium hydroxide. This is due to its strategy of investing heavily in overseas projects to secure long-term lithium resources, with its first such investment in 2014.

Ganfeng Lithium holds a global lithium portfolio including operations in Argentina, Australia, China, Mexico and Mali.

In Argentina, the company has a 51 percent stake in the Caucharí-Olaroz lithium brine operation with Lithium Argentina (TSX:LAR,NYSE:LAR). Additionally, Ganfeng brought its US$790 million Mariana project in Argentina into production in February of this year. The Mariana mine is situated on the Llullaillaco salt flat, and has the capacity to produce 20,000 MT of lithium chloride per year. The company also owns LitheA, which controls two lithium salt lakes in Argentina’s Salta province.

Ganfeng executed a 67/33 joint venture with Lithium Argentina in August 2025 that will consolidate Ganfeng’s Pozuelos-Pastos Grandes project with Lithium Argentina’s Pastos Grandes and Sal de la Puna projects. The merged operation, representing US$1.8 billion in existing investments, aims to produce up to 150,000 MT per year of lithium carbonate equivalent through a three phase development approach that will employ DLE and solar evaporation.

In Mali, Ganfeng operates the Goulamina lithium mine, which entered production in December 2024. Goulamina has a mine capacity of 506,000 MT of spodumene per year, and Ganfeng’s goal is to double that capacity to 1 million MT per year. The Malian government holds a 35 percent stake in Goulamina and Ganfeng holds the remaining 65 percent after purchasing joint venture partner Leo Lithium’s (ASX:LLL,OTC Pink:LLLAF) interest.

Ganfeng has a controlling interest in Mexico-focused Bacanora Lithium and its Sonora lithium project, as well as a 49 percent stake in a salt lake project in China owned by China Minmetals. It also holds a non-operating 50 percent interest in the Mount Marion mine in Western Australia through its 50/50 joint venture with Mineral Resources.

On the sales side, Ganfeng has supply deals with companies such as Tesla (NASDAQ:TSLA), BMW (OTC Pink:BMWYY,ETR:BMW), Korean battery maker LG Chem (KRX:051910), Volkswagen (OTC Pink:VLKAF,FWB:VOW) and Hyundai (KRX:005380).

3. SQM (NYSE:SQM)

Market cap: US$12.05 billion
Share price: US$44.20

SQM has five business areas, ranging from lithium to potassium to specialty plant nutrition. Its primary lithium operations are in Chile, where it is a longtime producer, and it is now also producing lithium in Australia.

In Chile, SQM sources brine from the Salar de Atacama; it then processes lithium chloride from the brine into lithium carbonate and hydroxide at its Salar del Carmen lithium plants located near Antofagasta.

Chile’s aforementioned National Lithium Strategy has created some uncertainty for SQM, but the government has stated that it will respect its current contracts, which run through 2030.

In May 2024, state-owned Codelco and SQM formed a joint venture in which Codelco will hold a 50 percent stake plus one share to give it majority control. As of 2031, the state will begin receiving 85 percent of the operating margin of the new production from SQM’s operations.

Outside South America, SQM operates the Mount Holland lithium mine and concentrator in Australia through Covalent Lithium, a 50/50 joint venture with Wesfarmers (ASX:WES,OTC Pink:WFAFF). In July 2025, Covalent Lithium produced its first battery-grade lithium hydroxide at its Kwinana refinery, and expects to reach nameplate capacity of 50,000 metric tons per year by the end of 2026.

SQM has a long-term supply deal with Hyundai (KRX:005380) and Kia (KRX:000270) to provide lithium hydroxide for electric vehicle batteries from its future lithium hydroxide supply. SQM also has supply agreements with Ford Motor Company (NYSE:F) and LG Energy (KRX:373220).

4. Tianqi Lithium (OTC Pink:TQLCF,SZSE:002466,HKEX:9696)

Market cap: US$10.8 billion
Share price: 47.57 Chinese yuan

Tianqi Lithium, a subsidiary of Chengdu Tianqi Industry Group, is the world’s largest hard-rock lithium producer. The company has assets in Australia, Chile and China. It holds a significant stake in SQM.

In Australia, Tianqi holds a 51 percent stake of the Tianqi Lithium Energy Australia joint venture with IGO. The joint venture has a 51 percent interest in the Greenbushes mine and wholly owns the Kwinana lithium hydroxide plant.

The world’s largest hard rock lithium mine, Greenbushes entered production in 1985 and now has spodumene concentrate production capacity of 1.5 million MT per year. The joint venture updated the total mineral resources at Greenbushes in February to 440 million MT at an average grade of 1.5 percent lithium oxide, and its total ore reserve estimate to 172 million MT grading 1.9 percent lithium oxide.

The Kwinana lithium hydroxide plant processes lithium spodumene feedstock from Greenbushes. The refinery has struggled to reach its nameplate capacity of 24,000 MT due to technical issues, high costs and more.

Construction work for the Phase 2 expansion at Kwinana, which would have doubled its capacity, was terminated in January 2025 due to the current low-price environment for lithium making it economically unviable.

As of late August, the partners are in discussions about a path forward for the refinery, and Tianqi signaled it is open to renegotiating partner IGO’s 49 percent stake.

Earlier in the year, Tianqi Lithium announced collaborations with a number of academic research institutions including the Institute for Advanced Materials and Technology of the University of Science and Technology Beijing on the research and development of next-generation solid-state battery materials and technology.

5. Albemarle (NYSE:ALB)

Market cap: US$10.5 billion
Share price: US$85.42

North Carolina-based Albemarle is dividing into two primary business units, one of which — the Albemarle Energy Storage unit — is focused wholly on the lithium-ion battery and energy transition markets. It includes the firm’s lithium carbonate, hydroxide and metal production.

Albemarle has a broad portfolio of lithium mines and facilities, with extraction in Chile, Australia and the US, as well as lithium carbonate and hydroxide facilities in China and Taiwan.

Looking first at Chile, Albemarle produces lithium carbonate at its La Negra lithium conversion plants, which process brine from the Salar de Atacama, the country’s largest salt flat. Albemarle is aiming to implement direct lithium extraction technology at the salt flat to reduce water usage.

Albemarle’s Australian assets includes the MARBL joint venture with Mineral Resources (ASX:MIN,OTC Pink:MALRF). The 50/50 JV owns and operates the Wodgina hard-rock lithium mine in Western Australia. Albemarle wholly owns the on-site Kemerton lithium hydroxide facility. The company’s other Australian joint venture is the aforementioned Greenbushes mine, in which it holds a 49 percent interest alongside Tianqi and IGO.

As for the US, Albemarle owns the Silver Peak lithium brine operations in Nevada’s Clayton Valley, which is currently the country’s only source of lithium production. In its home state of North Carolina, Albemarle is planning to bring its past-producing Kings Mountain lithium mine back online, subject to permitting approval and a final investment decision. The mine is expected to produce around 420,000 MT of lithium-bearing spodumene concentrate annually.

Albemarle has received US$150 million in funding from the US government to support the building of a commercial-scale lithium concentrator facility on site. The US Department of Defense has given the company a US$90 million critical materials award to boost its domestic lithium production and support the country’s burgeoning EV battery supply chain.

6. PLS (ASX:PLS,OTC Pink:PILBF)

Market cap: US$5.36 billion
Share price: AU$2.36

PLS, formerly named Pilbara Minerals, operates its 100 percent owned Pilgangoora lithium-tantalum asset in Western Australia. The operation entered commercial production in 2019 and consists of two processing plants: the Pilgan plant, located on the northern side of the Pilgangoora area, which produces a spodumene concentrate and a tantalite concentrate; and the Ngungaju plant, located to the south, which produces a spodumene concentrate.

PLS has recently completed a few critical expansion projects at Pilgangoora. Its P680 expansion, for a primary rejection facility and a crushing and ore-sorting facility, was completed in August 2024. The P1000 expansion, targeting a spodumene production increase at the site to 1 million MT per year, was completed in January 2025 ahead of schedule and within budget. The company says the ramp-up to full capacity is expected to be completed in the third quarter of 2025.

PLS and its joint venture partner Calix are developing a midstream demonstration plant at Pilgangoora using Calix’s electric kiln technology to reduce the carbon footprint of spodumene processing, decreasing transport volumes and improving value-add processing at the mine. After garnering a AU$15 million grant from the Western Australian Government, construction of the project is expected to be completed in the fourth quarter of 2025.

The company made a move to expand its footprint in Brazil in August 2024 with the acquisition of Latin Resources (ASX:LRS,OTC Pink:LRSRF) and its Salinas lithium project. The project’s resource estimate, which covers the Colina and Fog’s Block deposits, stands at 77.7 million MT at 1.24 percent lithium oxide. The AU$560 million deal was approved by the Western Australia Government in January 2025.

PLS and joint venture partner POSCO (NYSE:PKX) launched South Korea’s first lithium hydroxide processing plant in late 2024, which will be supplied with spodumene from Pilgangoora. PLS also has offtake agreements with companies such as Ganfeng, Chengxin Lithium Group and Yibin Tianyi Lithium Industry.

In May 2025, PLS powered up a new lithium battery energy storage system at its Pilgangoora operation, completing Stage 1 of its power strategy. The system is designed to boost power stability and reliability while reducing intensity of emissions related to power at the site.

7. Mineral Resources (ASX:MIN,OTC Pink:MALRF)

Market cap: US$5.33 billion
Share price: AU$39.58

Australia-based Mineral Resources (MinRes) is a commodities company that mines lithium and iron ore in the country.

Two of MinRes’ lithium mines are joint ventures with other companies on this list. MinRes’s Wodgina mine in Western Australia is operated by the 50/50 MARBL joint venture with Albemarle. MinRes also owns 50 percent of the Mount Marion lithium operation through a joint venture with Ganfeng Lithium.

Production of lithium concentrate began at Mount Marion in 2017, and all mining is managed by MinRes, which also has a 51 percent share of the output from the spodumene concentrator at the site. MinRes completed the expansion of Mount Marion’s spodumene processing plant in 2023. Currently, the plant has an annual production capacity of 600,000 MT spodumene concentrate equivalent.

In August 2024, in light of lithium’s low price environment, MinRes decided to lower production at Mount Marion and Wodgina for the fiscal 2025 year, focusing on improving performance and reducing stripping ratios. Production at Mount Marion ultimately decreased by 21 percent to 514,000 dry MT of spodumene concentrate in its FY2025. On the other hand, it increased by 18 percent to 502,000 dry MT at Wodgina.

MinRes acquired the Bald Hill lithium mine, which is also located in Western Australia, in 2023. The company released an updated mineral resource estimate in November 2024 of 58.1 MT at 0.94 percent lithium oxide, up 168 percent from the prior June 2018 estimate.

In the same news release, MinRes announced that it would have to place the mine on care and maintenance until global lithium prices improve. The final shipment of Bald Hill spodumene concentrate was made in December 2024.

More large lithium mining companies to watch

Aside from the world’s top lithium producers profiled above, a number of other large lithium companies are producing this key electric vehicle raw material, including:

    FAQs for investing in lithium

    Is lithium a metal?

    Lithium is a soft, silver-white metal used in pharmaceuticals, ceramics, grease, lubricants and heat-resistant glass. It’s also used in lithium-ion batteries, which power everything from cell phones to laptops to electric vehicles.

    How much lithium is there on Earth?

    Lithium is the 33rd most abundant element in nature. According to the US Geological Survey, due to continuing exploration, identified lithium resources have increased to about 115 million metric tons worldwide. Global lithium reserves stand at 30 million MT, with production reaching 240,000 MT in 2024.

    How is lithium produced?

    Lithium is found in hard-rock deposits, evaporated brines and clay deposits. The largest hard-rock mine is Greenbushes in Australia, and most lithium brine output comes from salars in Chile and Argentina.

    There are various types of lithium products, and many different applications for the mineral. After lithium is extracted from a deposit, it is often processed into lithium carbonate, lithium hydroxide or lithium metal. Battery-grade lithium carbonate and lithium hydroxide can be used to make cathode material for lithium-ion batteries.

    What country produces the most lithium?

    The latest data from the US Geological Survey shows that the world’s top lithium-producing countries are Australia, Chile and China, with production reaching 88,000 metric tons, 49,000 metric tons and 41,000 metric tons, respectively.

    Global lithium production reached 240,000 metric tons of lithium in 2024, up from 204,000 MT in 2023, according to the US Geological Survey. About 87 percent of the lithium produced currently goes toward battery production, but other industries also consume the metal. For example, 5 percent is used in ceramics and glass, while 2 percent goes to lubricating greases.

    Who is the largest miner of lithium?

    The world’s largest lithium-producing mine is Talison Lithium and Albemarle’s Greenbushes hard-rock mine in Australia, which produced 1.38 million metric tons of spodumene concentrate in its fiscal year 2024. The top-producing lithium brine operation was SQM’s Salar de Atacama operations in Chile, with 2024 production of 201,000 metric tons of lithium carbonate equivalent.

    Who are the top lithium consumers?

    The top lithium-importing country is China by a long shot, and second place South Korea is another significant importer. China is also the top country for lithium processing, and both are home to many companies producing lithium-ion batteries.

    Why is lithium so hard to mine?

    The different types of lithium deposits come with their own challenges.

    For example, mining pegmatite lithium from hard-rock ore is known for being expensive, while extracting lithium from brines requires vast amounts of water and processing times that can sometimes be as long as 12 months. Lithium mining also comes with the difficulties associated with mining other minerals, such as long exploration and permitting periods.

    What are the negative effects of lithium?

    Both major forms of lithium mining can have negative effects on the environment. When it comes to hard-rock lithium mining, there have been incidents of chemicals leaking into the water supply and damaging the local ecosystems; in addition, these operations tend to have a large environmental footprint.

    As mentioned, lithium brine extraction requires a lot of water for the evaporation process, but it’s hard to understand the scope without numbers. It’s estimated that approximately 2.2 million liters of water are required to produce 1 metric ton of lithium, and that can sometimes mean diverting water from communities that are experiencing drought conditions. This form of lithium extraction also affects the condition of the soil and air.

    Will lithium run out?

    Although future demand for lithium is expected to keep rising due to its role in green energy, the metal shouldn’t run out any time soon, as companies are continuing to discover new lithium reserves and are developing more advanced extraction technologies. Additionally, there are companies working on technology to recycle battery metals, which will eventually allow lithium from lithium-ion batteries to re-enter the supply chain.

    What technology will replace lithium?

    Researchers have been working on developing and testing a variety of lithium alternatives for batteries. Some of these options include hydrogen batteries, liquid batteries that could be pumped into vehicles, batteries that replace lithium with sodium or magnesium and even batteries powered by sea water. While nothing looks ready to replace lithium-ion batteries right now, there is potential for more efficient or more environmentally friendly options to grow in popularity in the future.

    How to buy a lithium stock?

    Investors are starting to pay attention to the green energy transition and the raw materials that will enable it.

    When it comes to choosing a stock to invest in, understanding lithium supply and demand dynamics is key, as there are unique factors to watch for in lithium stocks. The main demand driver for lithium is what happens in the electric vehicle industry, which is expected to keep growing, and also the energy storage space. Analysts remain optimistic about the future of lithium, with many predicting the market will be tight for some time.

    Investors interested in lithium stocks could consider companies listed on US, Canadian and Australian stock exchanges. They can also check out our guide on what to look for in lithium stocks today.

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

    This post appeared first on investingnews.com

    The gold price continued to rise in Q3, breaking through key milestones to set new all-time highs.

    Much like the first half of the year, the yellow metal was supported by ongoing factors like central bank buying, geopolitical tensions and uncertainty caused by US trade and tariff policies.

    And it wasn’t just the price of gold that soared — higher margins and a more positive outlook for the sector helped drive increases in gold stocks. Read on for a look at gold’s Q3 activity and the outlook for Q4.

    What happened to the gold price in Q3?

    Gold has gained nearly US$1,400 since starting the year at US$2,658 per ounce on January 2.

    By the beginning of Q3, gold had climbed to US$3,338.86, and it remained rangebound at that level for most of July and August. However, it climbed above the US$3,400 mark on July 22 and then again on August 6.

    Gold price, July 9 to October 10, 2025.

    The price started to gain traction at the end of August, after US Federal Reserve Chair Jerome Powell signaled a change in policy during his remarks at the Jackson Hole Economic Policy Symposium. By September 2, the gold price had broken through US$3,500 for the first time, and by September 8 it had climbed above US$3,600.

    As the month wore on, gold continued its unprecedented climb. It broke through US$3,700 on September 22, US$3,800 on September 29 and reached its quarterly high of US$3,858.41 on September 30.

    The price continued on its upward trajectory as the fourth quarter began, rising above US$3,900 on October 6, and finally setting a new record high of US$4,040.42 on October 8.

    What’s driving gold demand?

    Although there was a dip in central bank gold purchases in July, with just 10 metric tons added to reserves, the World Gold Council (WGC) reported that the buying trend that has developed over the past few years remains firm.

    In August, central banks once again increased their gold acquisitions, purchasing a total of 19 metric tons. Overall, central banks bought 415 metric tons of gold in H1, bringing the 2025 total to 444 metric tons as of the end of August.

    Although it appeared to pause its gold buying in August, the National Bank of Poland has been the top purchaser of gold in 2025, adding 67 metric tons. It has vowed to have 20 to 30 percent of its international reserves in gold.

    The WGC notes that seven central banks boosted their reserves in August. Kazakhstan was the leading buyer, adding 8 metric tons to its holdings and bringing its year-to-date increase to 32 metric tons. Turkey, Bulgaria, China, Uzbekistan, Ghana, Indonesia and the Czech Republic each added 2 metric tons. Russia was the only seller in August, divesting itself of 3 metric tons of gold; the WGC suggests its reduction was owed to its coin-minting program.

    It wasn’t just central banks buying gold. Western investors helped drive record exchange-traded fund (ETF) inflows of US$26 billion for the third quarter, with North American markets accounting for US$16.1 billion.

    Total assets under management surged to US$472 billion, a 23 percent increase over the second quarter, with holdings rising to 3,838 metric tons, just shy of the 3,929 metric tons recorded in November 2020.

    Why are investors interested in gold?

    Mind Money CEO Julia Khandoshko suggested that geopolitics is a driving force behind gold’s record-breaking run, noting that tensions are high as the world becomes increasingly divided into “risk” and “stability” zones.

    While geopolitics may be a primary factor, it’s far from the only one.

    The third quarter saw declining yield curves, a weakening US dollar and a 25 basis point interest rate cut from the Fed in September, all of which added tailwinds to the gold price. Looking forward, the expectation is that the Fed will make further rate cuts before the end of the year, which could further fuel a rising gold price.

    ‘The history of the last hundred years shows that gold grows confidently at low rates. Combine this with stubborn inflation, and we can say with confidence that it will create more space for gold’s price rise,” Khandoshko stated.

    Additionally, there is an expectation that a weaker US dollar will help to keep the price of gold elevated. So far this year, the US Dollar Index has declined 8 percent.

    “The US dollar is a critical component to what happens to gold, because gold is denominated in US dollars, so the weaker the US dollar, the stronger the commodity price. What we’re expecting to see over the next 12 to 24 months is continued devaluation of the US dollar, which means gold should continue to be stronger going forward,” he said.

    Among the recent drags on the dollar is fear of a prolonged shutdown of the US federal government after lawmakers failed to reach an agreement to continue funding government agencies and employees.

    In the aftermath of the shutdown, the US Dollar Index posted its worst week since July. In an October 3 Reuters article, Thierry Wizman, monetary strategist with Macquarie, suggests that a prolonged shutdown could have a significant impact on trust in the federal government and further impact the strength of the greenback.

    Gold price forecast for 2025

    Hodaly sees the factors behind gold’s price rise remaining in place for the foreseeable future.

    “We are expecting this could go much higher, at least 10 to 20 percent higher in the near term,’ he said.

    ‘Nothing has changed with the demand outlook for gold and the projected weakness of the US dollar, and that’s what’s going to drive the commodity price higher,’ added the executive.

    Gold equities are also expected to benefit as the rising price boosts their margins and share prices.

    Leading producers such as Agnico Eagle Mines (TSX:AEM,NYSE:AEM), Newmont (NYSE:NEM,ASX:NEM) and Barrick Mining (TSX:ABX,NYSE:B) have seen their share prices rise by over 100 percent in 2025.

    The junior space has also been impacted, with PPX Mining (TSXV:PPX,OTC Pink:SNNGF) posting a year-to-date gain of 642 percent as of October 1, and San Lorenzo Gold (TSXV:SLG,OTC Pink:SNLGF) increasing 629 percent.

    With gold now trading above US$4,000, the sector could attract renewed interest and offer new opportunities for investors. Those seeking to include gold or gold stocks in their portfolios might consider options ranging from the relative safety of ETFs and established producers to riskier assets at the development or exploration stages.

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

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