Key Fed meeting takeaways

It’s worth noting that although the Fed’s cut went through, three out of 12 officials voted against it, a situation that hasn’t happened since September 2019. Two wanted rates to stay the same, while Governor Stephen Miran was calling for a 50 basis point reduction.

Miran took his spot on the Fed’s Board of Governors in September after being nominated by President Donald Trump, who has been critical of the Fed — and Chair Jerome Powell in particular — for not lowering rates as quickly as he would like. Powell’s term ends in May 2026, and it’s anticipated that his replacement will follow Trump’s vision. Kevin Hassett of the National Economic Council is said to be a strong contender, with 84 percent of respondents to a CNBC survey saying they think it will be him.

While the Fed’s rate decision was in focus this week, market watchers are also closely eyeing its post-meeting statement, as well as press conference comments from Powell, to figure out what the central bank’s policy will look like heading into the new year and beyond.

The latest dot plot shows that Fed officials expect only one rate cut in 2026, plus another in 2027. That’s unchanged from projections made in September, but experts have pointed out that the dot plot also highlights the growing divide between Federal Open Market Committee members.

Another important facet is the news that the Fed will start buying short-dated bonds as of Friday (December 12), with an initial round involving purchasing US$40 billion worth of treasuries per month. This move comes after the end of quantitative tightening measures on December 1, and is being looked at as a step in the direction of quantitative easing.

‘This is basically another way of saying quantitative easing, and we’re going to continue to print money,’ said David Erfle of Junior Miner Junky. ‘The Federal Reserve is in a situation where, ‘Hey, we’ve got to continue to issue new debt to pay off the old debt.’ So now the yield curve is going to steepen as the Fed pivots toward these treasury bills, and private investors are going to have to absorb more duration risk. So basically, this means loose monetary conditions are on the way, and that’s positive for both gold and especially now silver.’

Will the silver price keep rising?

With that in mind, what exactly is next for the silver price?

I’ve been asking guests on our channel where the metal goes from here, and many have said it’s becoming harder and harder to predict as silver enters uncharted territory.

Peter Krauth of Silver Stock Investor and Silver Advisor said that a ‘relatively conservative’ outlook for 2026 would be US$70. However, he also emphasized that higher levels are possible:

‘It’s taken 45 years for (silver) to finally break out through that US$50 level. And so we’re in uncharted waters, uncharted territory, and this being the kind of market that we’re in — fundamentally, as well as macroeconomically, as well as geopolitically — I think odds are silver is going to continue to climb higher.

‘And I think it’s going to convert a lot of doubters into into believers that silver is going to go on setting new record highs, and that it’s still relatively early in this market. We’re going to see it perform very, very well for several more years.’

For his part, Erfle weighed in on upside and downside for silver, outlining how the precious metal could get close to the US$100 level. Here’s what he said:

‘If you consider the supply/demand fundamentals, this is a fifth year of a supply deficit in silver, which has constantly been outpacing supply.

‘All these forces have converged to take the silver price so much higher, and looking at upside targets, the next target is the US$66, US$68 area, and then US$80 to US$83 if the momentum continues into January. But the long-term measured target of the cup-and-handle breakout is US$96.’

I’ll be having more conversations about silver next week with experts like Gareth Soloway, John Rubino and John Feneck, so drop a comment on our YouTube channel if you have any questions.

1. Imperial Metals (TSX:III)

Year-to-date gain: 333.7 percent
Market cap: C$1.4 billion
Share price: C$7.98

Imperial Metals is a mine development and production company with operations in British Columbia, Canada.

It holds a 30 percent interest in the Red Chris mine in BC’s Golden Triangle, with the remainder owned by Newmont (TSX:NGT,NYSE:NEM,ASX:NEM). Imperial also fully owns the Mount Polley copper-gold mine, which reopened in June 2022, and the Huckleberry copper mine, which has been under care and maintenance since 2016.

Provincial approvals for a 4 meter raise of the embankment at the Mount Polley tailings storage facility have been the subject of a lawsuit after the Xatśūll First Nation applied for an interim injunction challenging them in April.

A June 30 update reported that the BC Supreme Court had reserved judgment on the case following a four day hearing. The Supreme Court ultimately dismissed the Xatśūll First Nation’s application for the injunction and judicial review of the approvals on August 6. Imperials’ most recent update on the case came on September 3, when the Xatśūll First Nation filed a notice of appeal to overturn the dismissal of the judicial reviews. However, it did not appeal the injunction decision, meaning the company can complete the raise and continue mining at Mount Polley.

On August 29, Imperial announced that it received approval for a permit amendment allowing the company to expand Mount Polley’s operations and extend its operating life, including pit development and expansion of storage areas within the existing mine site footprint.

In the company’s Q3 production report for Red Chris, released on October 23, it indicated that total copper production at the mine increased 10 percent year-over-year to 20.9 million pounds, up from 18.98 million pounds in Q3 2024. Through the first nine months of the year, copper production increased even more, rising 20 percent to 67.51 million pounds from 56.37 million pounds during the same period of 2024.

The most recent update from Imperial came on November 27, when it released an exploration update from its Huckleberry mine, reporting it completed all nine holes of its 2025 diamond drill campaign testing an area southwest of the Main Zone. One hole returned a grade of 0.5 percent copper over 52.7 meters, including an intersection of 0.81 percent copper and 0.23 grams per metric ton (g/t) gold over 22.6 meters.

Shares of Imperial reached a year-to-date high of C$7.95 on December 10.

2. Meridian Mining (TSX:MNO)

Year-to-date gain: 313.33 percent
Market cap: C$656.72 million
Share price: C$1.55

Meridian Mining is an exploration and development company that is currently developing its flagship Cabaçal copper-gold project in Mato Grosso, Brazil. The project license covers a 50 square kilometer area and hosts an 11 kilometer volcanogenic massive sulfide corridor containing gold, copper and silver.

A prefeasibility study released March 10 demonstrates a post-tax base case net present value of US$984 million with an internal rate of return of 61 percent and a payback period of 17 months. The project has a predicted mine life of 10.6 years with total life of mine production of 169,647 metric tons of copper.

The included mineral resource estimate for Cabaçal shows a measured and indicated resource of 204,470 metric tons of contained copper from 51.43 million metric tons of ore with an average grade of 0.4 percent. It also hosts significant gold and silver resources.

Additionally, Meridian reported on May 8 that it has hired Ausenco Brazil as the lead engineer to complete a definitive feasibility study for Cabaçal, targeting the first half of 2026 for completion.

Meridian has been carrying out an extensive exploration program at the site as part of the study.

The company announced results from the final phase of the drill program on October 7, when it reported significant copper grades. It highlighted an interval of 1.4 percent copper equivalent over 27.5 meters, including an intersection of 6.1 percent copper equivalent over 6.4 meters.

The company stated that the drill program yielded robust grades of gold, copper and silver mineralization, which will contribute to the mineral resource and reserve upgrades included in the definitive feasibility study. It also reported exploration success at the Cigarra target.

On November 3, Meridian announced that the State of Mato Grosso had formally approved the preliminary license for Cabaçal, which the company stated is the first of three licenses required to commence operations. Meridian said that it would now turn its attention to its application for an installation license. If approved, the installation license would allow the company to begin construction at the site.

Shares of Meridian reached a year-to-date high of C$1.65 on December 4.

3. St. Augustine Gold and Copper (TSX:SAU)

Year-to-date gain: 300 percent
Market cap: C$331.75 million
Share price: C$0.32

St. Augustine Gold and Copper is a development company focused on its King-king copper-gold project in the Philippines’ Davao de Oro province. The project consists of 184 mining claims.

On May 30, St. Augustine entered into an agreement with the National Development Corporation (Nadecor) to acquire a 100 percent interest in Nadecor’s wholly owned subsidiary Kingking Milling, which holds the development rights to King-king. Under the terms of the deal, Nadecor will receive C$9.02 million convertible into 185 million shares.

The project’s exploration and development permits are held by Kingking Mining, which remains a 40/40/20 joint venture between St. Augustine, Nadecor and Queensberry Mining and Development. The release also includes details of new ore sales and royalty agreements between Kingking Milling and Kingking Mining.

On June 18, St. Augustine completed a debt conversion with Queensberry Mining, converting C$1.67 million in debt owed to Queensbury into 25.31 million common shares of St. Augustine at C$0.066 per share.

A follow-up announcement from Queensberry Mining stated that the shares represent a 2.5 percent stake in St. Augustine, increasing Queensberry’s holdings in the company to 52 percent of the total issued and outstanding shares.

As for Q3, on July 31, the company released an updated feasibility study for the project. Based on a copper price of US$4.30 per pound and a gold price of US$2,150 per ounce, the project’s economics included an after-tax net present value of US$4.18 billion, with an internal rate of return of 34.2 percent and a payback period of 1.9 years.

The report estimates a 31 year mine life with average annual production of 96,411 metric tons of payable copper and 185,828 ounces of gold. The six phase development plan will see higher average production in the first five years at 129,000 metric tons of copper and 330,000 ounces of gold.

On October 8, St. Augustine announced that it had engaged with Stantec Consulting and Independent Mining Consultants to produce a definitive feasibility study for Kingking. The company said the study will optimize key recommendations from the pre-feasibility study, including a chloride leach process to improve recovery from low-grade sulfide stockpiles early in the mine life, as well as increased throughput capacity.

Shares of St. Augustine Gold and Copper reached a year-to-date high of C$0.58 on July 29.

4. Trilogy Metals (TSX:TMQ)

Year-to-date gain: 269.23 percent
Market cap: C$1.07 billion
Share price: C$6.24

Trilogy Metals is a polymetallic exploration and development company working to advance its Upper Kobuk mineral projects in Northern Alaska, US, which it owns in a 50/50 joint venture with South32 (ASX:S32,OTC Pink:SHTLF).

Its most advanced asset is the Arctic copper, zinc, lead, gold and silver project, which is in the feasibility stage.

In an updated feasibility study from February 2023, the company reported annual payable production volumes of 148.68 million pounds of copper, 172.6 million pounds of zinc, 25.75 million pounds of lead, 32,538 ounces of gold and 2.77 million ounces of silver. After tax, the study pegs the project’s net present value at US$1.11 billion, with an internal rate of return of 22.8 percent and a payback period of 3.1 years.

Trilogy’s other key asset is the Bornite copper-cobalt project located 25 kilometers southwest of its Arctic project. The site hosts widespread mineralization and has seen historic exploration dating back to the 1950s.

A preliminary economic assessment for Bornite, dated January 15, established an after-tax net present value of US$393.9 million, with an internal rate of return of 20 percent and a payback period of 4.4 years.

The updated mineral resource included with the report estimates an inferred resource of 6.53 billion pounds of copper with an average grade of 1.42 percent from 208.9 million metric tons of ore.

Trilogy’s Upper Kobuk assets are among the mineral projects dependent on the approval and construction of the Ambler Access Road, a planned 211 kilometer industrial road through Alaska.

Trilogy’s share price saw substantial gains in October after the US Senate repealed a land management plan that prevented the construction of the access road due to environmental concerns.

Additionally, on October 6, Trilogy entered into a binding letter of intent that will see the US Department of Defense (DoD) invest US$17.8 million in Trilogy in exchange for 8.22 million Trilogy shares, or 10 percent of the company. The DoD will also hold warrants for an additional 7.5 percent, exercisable only after the road is constructed.

The funds are earmarked for exploration and development of the Upper Kobuk projects.

According to the release, the DoD will work to facilitate financing for the road’s construction and collaborate with Trilogy to expedite mine permitting using the FAST-41 process.

In an update on October 24, Trilogy stated that the Alaska Industrial Development and Export Authority executed the right-of-way permits for the Ambler Access Road with the US Army Corps of Engineers, the National Parks Service and the Bureau of Land Management, which re-established the necessary federal authorizations to advance the project.

Shares of Trilogy reached a year-to-date high of C$14.70 on October 14.

5. Northern Dynasty Minerals (TSX:NDM)

Year-to-date gain: 234.12 percent
Market cap: C$1.53 billion
Share price: C$2.84

Northern Dynasty Minerals is an exploration and development company focused on the Pebble project, a copper-molybdenum-gold-silver project located 200 miles southwest of Anchorage in the Bristol Bay region of Alaska.

Pebble, which the company says is “one of the greatest stores of mineral wealth ever discovered,” hosts a measured and indicated copper resource of 6.5 billion metric tons and an inferred copper resource of 4.5 billion metric tons.

The Pebble property’s measured and indicated resources for molybdenum, gold and silver total 1.26 million metric tons, 53.82 million ounces and 249.3 million ounces, respectively.

The project stalled in 2020 during the permitting phase following a US Environmental Protection Agency (EPA) veto that suggested the proposed mine would damage the Bristol Bay watershed.

Early in 2024, the Supreme Court declined to hear the matter on procedural grounds, sending it back to the federal district court and the federal circuit of appeals before the Supreme Court would hear it.

Northern Dynasty spent the rest of 2024 advancing its case in Alaska’s state court. In March of that year, it announced the filing of actions to vacate the EPA’s veto.

In 2025, shares of Northern Dynasty began to surge following Trump’s March 20 executive order that called for expedited approvals for domestic mineral production and included copper as a strategically important mineral.

Since Trump became president, Northern Dynasty has been attempting to work with the EPA to vacate the veto on the project. On February 18, the company agreed to grant the EPA a requested 90 day extension to allow for review by the new leadership in the agency, and granted a further 30 day extension on May 14 and a 20 day extension on June 12.

Although the company had hoped to reach a settlement in early July, it ultimately was forced to file a motion for summary judgment on July 17 to have the EPA veto removed.

The most recent update came on October 8, when Northern Dynasty reported that it had filed a brief with the court and presented arguments as to why the veto should be removed. The company’s president and CEO stated in the release that he believes the company has a strong case.

On November 19, the company provided an updated timeline, noting delays due to the US Federal Government shutdown. It said the Department of Justice must file its opening brief by February 16, 2026, and plaintiffs must file their response by April 15. Northern Dynasty stated that, while it understands the challenges, it believes the extension of the original January 2 date is excessive and would prefer the government withdraw its veto.

The most recent update from the case came on December 1, when the company reported that the National Mining Association, the American Exploration and Mining Association, the Alaska Mining Association and the US Chamber of Commerce filed amicus briefs in support of their case.

The three associations’ summary of their argument began, “This case is exceptionally important to Amicis members, the mining industry, and the nation’s economy. The proposed mine – which the US EPA has unlawfully vetoed – will provide a crucial source of copper for construction, transportation, electrical and electronic projects, industrial machinery, and defense applications.”

Shares of Northern Dynasty reached a year-to-date high of C$3.89 on October 14.

FAQs for investing in copper