Chen's High-Grade Gold, Silver Plays for Q4

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It has been quite a year for precious metals such as gold and silver, and the top stock picks for the last quarter of 2025 by Chen Lin, author of the What is Chen Buying? What is Chen Selling? newsletter, bear that out.

After hitting new record highs, the metals experienced their steepest single-day drops in years, halting a months-long rally fueled by inflation worries and central bank purchases, according to Arslan Ali reporting for FX Empire on October 22.

Spot gold fell over 6%, marking its largest intraday decline since 2013, while silver plummeted more than 8%, its worst performance since 2021. This pullback was triggered by a stronger U.S. dollar and easing trade tensions between Washington and Beijing, leading traders to unwind their safe-haven positions.

"Gold had several attempts to break higher last week, but resistance near the upper range held firm," said David Morrison, senior market analyst at Trade Nation, according to Ali. "This correction may represent a healthy reset after an overextended run."

However, that doesn't mean the ride is over, as most major banks remain optimistic about gold's trajectory. Goldman Sachs forecasts gold reaching US$4,900 per ounce by the end of next year, while Bank of America maintains a long position with a US$6,000 per ounce target by mid-2026, the article noted. JPMorgan projects similar highs by 2029, citing persistent global debt and currency debasement concerns.

Silver, meanwhile, continues to benefit from strong industrial demand, particularly from the solar energy and electronics sectors, providing a partial cushion against market volatility. While short-term volatility may persist, analysts say both metals remain underpinned by macroeconomic uncertainty and investor hedging. As Michele Schneider of MarketGauge.com observed, according to Ali, "What would truly end gold’s run is a world of fiscal discipline and peace — neither of which seems imminent."

Chen's picks take these considerations into mind with two gold companies and one silver company. Rounding out the picks are a company with major critical mineral reserves and two biotech companies.

Canary Gold Corp.

The first pick, Canary Gold Corp. (BRAZ:CSE; CNYGF:OTC), is "one of these juniors with super upside," Chen said. "They are just starting to drill, and they are looking for 20-30 million ounces (Moz), hoping for 100 Moz, maybe even 1 billion ounces!"

Earlier this month, the company updated on its exploration activities at the Madeira River Project in Rondônia, Brazil, along with recent corporate achievements that set the stage for the Company's next growth phase.

Since its successful IPO a year ago, Canary has concentrated on establishing a strong foundation for long-term success, including setting up a fully operational exploration team and an in-house sample preparation facility in Porto Velho. With this infrastructure in place, the Company has completed two initial drilling campaigns that support the targeted geological concepts across its extensive landholding.

A 1,950-meter aircore drilling program was conducted over a small section of the vast tenement package, intersecting the target stratigraphic horizon known to host the auriferous Mocururu layers, the company said.

Meanwhile, a 457-meter sonic drilling program tested conceptual geophysical targets while providing continuous intact samples through the unconsolidated and semi-consolidated target stratigraphic horizon from the surface.

Panning of selected samples revealed visible gold particles in heavy mineral concentrates. It should be noted that visual observations of gold in pan concentrates are not indicative of grade or volume and should not be considered representative of economic mineralization.

These observations are seen as an early, qualitative indicator that warrants further quantitative analysis.

Encouraged by these early results and leveraging its first-mover advantage in this underexplored yet promising region, Canary said it was committing to a major drilling investment across its expanding tenement portfolio. Simultaneously, the Company continues to actively pursue the identification of additional high-potential targets within the Madeira River Region.

"With a strong team and infrastructure in place, and supported by early exploration results, Canary is progressing into the next phase of its program," President Mark Tommasi said. "Our objective is to further assess the potential of this underexplored gold province."

Chen told Streetwise, "I would suggest watching the results closely" for a possible "home run."

About 4% of the company is owned by insiders and management, according to LSEG data. Inclination Earth Sciences Inc. also owns 5.64%. Other top shareholders include Andrew Lee Smith with 3.05%, Hein Poulus with 0.6%, and Al Kanji with 0.15%.

Its market cap is CA$23.61 million with 65.64 million shares outstanding. It trades in a 52-week range of CA$0.19 and CA$0.48.

Torq Resources Inc.

A "sleeper just about to wake up" is Torq Resources Inc. (TORQ:TSX-V; TRBMF:OTCQB), according to Chen.

On October 20, the company announced that an affiliate of Gold Fields Ltd. has decided to proceed with the second stage of its USD$48 million earn-in option for Torq's Santa Cecilia gold-copper porphyry project, situated in the renowned Maricunga belt in Chile's Atacama region. This phase will involve an anticipated expenditure of approximately USD$11 million, covering all project costs, with the majority allocated to diamond drilling at Santa Cecilia and a USD$1 million property payment.

Work is expected to begin in early to mid-November, utilizing two drill rigs. Preparations are underway, and with favorable weather conditions, the company expects to adhere to this timeline. Details of the program will be shared closer to the start of the planned work.

"We are eager to resume drilling at Santa Cecilia, where we have previously discovered long intercepts of continuous gold and copper mineralization at three separate targets, with grades improving with each phase of drilling," Chief Executive Officer Shawn Wallace said. "We have only drilled 11 holes so far and are excited about the follow-up drilling of these holes, which are designed to vector towards the mineralizing intrusion and test additional targets."

The decision by Gold Fields to continue with the USD$48 million earn-in option ensures that this work is well-funded and, importantly, will cover the next property payment due this month.

"The company is fully funded and believes it could have a Filo-type discovery based on their prior experience," Chen said, referring to the Filo del Sol project in Chile's Atacama region.

According to a piece on Mining.com on May 4, a new resource estimate shows its potential to be a part of one of the world’s largest copper, gold and silver resources, says the project’s new joint owner Lundin Mining (LUN:TSX).

In August, the company reported drill results from the Phase III diamond drilling campaign at Santa Cecilia. The campaign included five diamond drill holes totaling 4,061.5 meters.

The Pircas Norte and Gemelos Norte targets are located within 1 to 2 kilometers of the Caspiche gold-copper deposit, owned by Norte Abierto (a partnership between Newmont and Barrick), which is estimated to contain 1.29 billion tonnes grading 0.54 grams per tonne gold (g/t Au) and 1.17 billion tonnes grading 0.21% copper (Cu) in measured and indicated resources, with additional inferred resources.

Three drill holes at the Gemelos Norte target confirmed a new copper-gold porphyry discovery within the Santa Cecilia project, including 450 meters of 0.51 g/t Au and 0.155% Cu. Additionally, step-out drilling at Pircas Norte extended mineralization at depth, revealing 206 meters of 0.99 g/t Au and 0.109% Cu within a broader interval of 266 meters grading 0.81 g/t Au and 0.097% Cu.

According to LSEG data, about 11% of Torq is owned by insiders and management, and about 11% by strategic corporate entities. Less than 1% is owned by institutions. The rest is retail.

Some top shareholders include Gold Fields with 11.13%, Shawn Wallace with 5.43%, Michael Kosowan with 4.6%, Steven Cook with 1.05%, and U.S. Global Investors with 0.48%.

Its market cap is CA$21.35 million with 185.84 million shares outstanding. It trades in a 52-week range of CA$0.05 and CA$0.15.

Cerro de Pasco Resources Inc.

Another of Chen's picks, Cerro de Pasco Resources Inc. (CNSX:CDPR; OTCMKTS:GPPRF), is expecting metallurgical results in the coming weeks, Chen said.

Its Quiulacocha Project in Peru is a large-scale initiative focused on reprocessing tailings, targeting around 75 million tonnes of silver-rich material accumulated over 90 years from the historic Cerro de Pasco open-pit and underground mine, the company said.

These tailings are estimated to hold 423 million ounces of silver equivalent, including silver, zinc, lead, copper, and gold. Since all the material is located at the surface, the project enjoys exceptionally low mining costs. A long-awaited easement was recently granted, allowing CDPR to begin its first significant drilling and development program in more than 10 years.

Situated 4,400 meters above sea level in Peru's Andes, Cerro de Pasco's 67,000 people are perched atop what Chief Executive Officer Guy Goulet has described as "the largest above ground mineral resource on the planet," according to a piece written by Ryan Charles on June 2 for Crux Investor. Discovered by the Spanish in 1630, this vast deposit has been continuously mined ever since. "I don't know one mine on the planet that has such a statistic," Goulet notes, emphasizing the unique 400-year operation that attests to the resource's quality and consistency.

The modern era of Cerro de Pasco began in 1906 when J.P. Morgan made what historians still refer to as "the greatest investment of the 20th century in Peru." Morgan's Cerro de Pasco Copper Corporation transformed the site into a global hub of excellence, attracting "the best geologists, the best engineers, the best metallurgists, best equipment" to what became known as "the school of all the mines on the planet." Under Morgan's leadership, Cerro de Pasco became "the largest gold, copper, silver mine on the planet" and "the cash cow of the country." Over the years, operators extracted 300 million tons of material, with some processed into concentrates and the rest stockpiled as tailings, creating today's remarkable opportunity.

On October 20, the company announced a private placement for up to CA$15 million.

CDPR could become "one of these hot rare earth and gold/silver plays potentially worth billions of dollars," Chen noted. "Right now, its market cap is only a fraction of it. They just announced a financing, and I think it is a good opportunity for new investors to get involved using the liquidity."

About 8% of the company is held by insiders and management, according to LSEG. About 30% is held by other strategic entities, and about 8% is held by institutions. The rest is retail.

Top shareholders include 2176423 Ontario Ltd. with 16.21%, Gordaldo Ltd. with 5.81%, LH Financial Services Corp. with 5.32%, Steven Zadka with 4.68%, and Guy Goulet with 1.8%.

Its market cap is CA$251.84 million with 493.39 million shares outstanding. It trades in a 52-week range of CA$0.21 to CA$0.60.

Energy Fuels Inc.

Another Chen pick heads Down Under for critical minerals. The United States and Australia have each committed to investing US$1 billion in such projects over the next six months, as announced by Australian Prime Minister Anthony Albanese during a joint press briefing at the White House Tuesday, a move directly affecting his first pick, Australian rare earths developer Energy Fuels Inc. (EFR:TSX; UUUU:NYSE.American)

According to a White House fact sheet, the total investment is expected to exceed US$3 billion, indicating that the details are still being finalized, reported Madhurima Das for Zacks Investment Research on October 21.

The statement said "shovel-ready projects" would benefit.

"That puts UUUU's Australian fully permitted heavy rare earth project, the Donald Project, on top of the list," Chen told Streetwise Reports.

Albanese mentioned that these investments are part of a "US$8.5 billion pipeline of projects that we have ready to go."

Additionally, the White House noted that the Export-Import Bank of the United States "is issuing seven letters of interest for more than US$2.2 billion in financing" to support critical minerals and supply-chain security projects. The U.S.-Australia agreement indicates that Trump is somewhat embracing a "friendshoring" strategy to counter China's restrictions on rare earth exports, the article said.

Energy Fuels and Astron Ltd. have received a non-binding and conditional letter of support from Export Finance Australia (EFA), the country's export credit agency, Das reported. This letter pertains to up to AU$80 million in senior debt project financing for the development of the Donald project, which is fully permitted and features a world-class Heavy Mineral Sands (HMS) deposit with a high concentration of "mid" and "heavy" rare earth element (REE) oxides.

The total funding needed for the project's development is currently estimated at AU$520 million, Das wrote.

The EFA's letter of support represents a significant milestone in Astron's and Energy Fuels' broader funding efforts. The United States and Australia have signed an agreement to enhance the supply of rare earths and other critical minerals, aiming to reduce China's market dominance. This development could help accelerate financing for the Donald Project. A positive final investment decision is anticipated in December 2025, with production expected to commence in the second half of 2027, once financing is secured.

In Chen's October 2025 newsletter, he offered bullish commentary after visiting the White Mesa Mill. He noted, "I was with top bankers from Goldman, JPM etc. . . . there will be reports, likely very positive, from top banks like Goldman, JPM."

Lin added that Energy Fuels is preparing a feasibility study to double throughput at the mill and suggested that the company is "on the path to achieve heavy rare earth independence by 2028," stating that "UUUU is at least [two to three] years ahead of their competition."

LSEG reports that 63.84% of Energy Fuels is held by institutions, with Sprott Asset Management LP holding the most with 6.96%, followed by Alps Advisors with 5.84% and Mirae Asset Global Investments with 4.76%.

Management and insiders hold 1.74%. The rest is retail.

The company currently has a market cap of US$1.75 billion with 230.67 million shares outstanding.

Rezolute Inc.

Biotechnology company Rezolute Inc.'s (RZLT:NASDAQ) ongoing Phase 3 study (upLIFT) of ersodetug for treating hypoglycemia caused by tumor hyperinsulinism (HI) should have long-awaited results by the end of the year, Chen said.

On September 2, the company said it reached an agreement with the FDA on a significantly streamlined clinical development path for the drug.

During a meeting with the FDA on August 19, 2025, the agency approved modifications to the study design, including the removal of the requirement for a double-blind randomized placebo-controlled trial. The revised study will involve as few as 16 participants and will focus solely on the single-arm open-label portion of the upLIFT study, which has been the main focus of the company’s patient recruitment efforts, the company said in the release.

The FDA also confirmed that Rezolute’s pivotal sunRIZE trial in congenital HI, which is expected to report topline results in December, will serve as confirmatory clinical evidence, demonstrating the FDA’s recognition of ersodetug's broad applicability in various forms of HI.

"We are absolutely delighted with this regulatory outcome," said Nevan Charles Elam, chief executive officer and founder of Rezolute. "The FDA's staff and leadership have been very vocal about the desire to responsibly simplify clinical development for rare diseases, particularly when there is real-world evidence of benefit combined with mechanistic plausibility. We believe that the alignment we have achieved with the agency exemplifies this innovative approach and is substantially based upon the favorable outcomes that we have observed over the last two years treating more than 10 patients with tumor HI under our Expanded Access Program."

Dr. Brian Roberts, chief medical officer at Rezolute, added, "This revised and simplified plan for the upLIFT study and approval pathway marks an important development for us as well as the community of healthcare providers, patients, and families living with serious hypoglycemia caused by tumor HI. By focusing on an open-label study in upLIFT, while building upon the robust clinical foundation established in the congenital HI indication, we are expediting development with the goal of making this therapy available as efficiently as possible."

The Phase 3 registrational study is a single-arm, open-label, pivotal trial involving approximately 16 participants with insulinoma or non-islet cell tumors who have uncontrolled hypoglycemia caused by tumor hyperinsulinism (HI), the company said.

Tumor hyperinsulinism (HI) is a rare disease caused by two distinct types of tumors: islet cell tumors (ICTs) and non-islet cell tumors (NICTs), both of which lead to hypoglycemia due to over-activation of the insulin receptor. Insulinomas are the most common type of ICT and cause hypoglycemia by stimulating excessive insulin production.

"Based on interim readout and compassionate uses, I am confident (the trial's outcome) will be positive," Chen said. "I expect the stock to jump well into double digits on the positive results."

According to Stock Titan, about 90.03% of the company is owned by institutions and about 9.68% is held by insiders and management. The rest is retail.

Top shareholders include Federated Hermes Global Investment with 15.45%, Fidelity Management & Research Co. with 13.74%, Handok Inc. with 9.27%, Invus Public Equities LP with 5.36%, and The Vanguard Group with 4.43%.

Its market cap is US$804.74 million with 90.83 million shares outstanding. It trades in a 52-week range of US$2.22 and US$9.72.

FibroGen Inc.

Finally, Chen picked another biotech, FibroGen Inc. (FGEN:NASDAQ), which he said should report its Q3 results soon.

"It will likely show its cash level at ~US$30/share while the stock is trading at ~11, huge discount to the cash level and negative enterprise value," he said. "It will have a promising Phase 2 candidate and a new Phase 3 candidate and be fully funded into 2028."

In September, the company announced the launch of a Phase 2 monotherapy, dose-optimization trial for FG-3246, a potential first-in-class antibody-drug conjugate (ADC) targeting CD46-expressing cancer lesions in patients with metastatic castration-resistant prostate cancer (mCRPC).

This trial will also evaluate the diagnostic and predictive capabilities of FG-3180, a companion PET imaging agent that shares the same CD46-targeted antibody as FG-3246. The study will assess FG-3180's ability to identify mCRPC lesions and predict responses to FG-3246.

“With the transformation of FibroGen to a U.S.-focused organization now complete and a robust cash runway into 2028, we are excited to advance our FG-3246 program and initiate the Phase 2 monotherapy trial with the activation of the University of California San Francisco (UCSF) site,” said Chief Executive Officer Thane Wettig. “FG-3246 demonstrated compelling clinical activity in patients that were heavily pre-treated, with a competitive radiographic progression-free survival benefit in the Phase 1 monotherapy study. We are confident that the dosing regimen of FG-3246, use of prophylactic G-CSF, and the enrollment of patients in earlier lines of treatment of mCRPC set us up to further demonstrate the potential of this program."

Wettig said the company anticipates results from the interim analysis of its Phase 2 study in the second half of 2026.

"We also look forward to reporting the results from the ongoing investigator-sponsored study of FG-3246 in combination with enzalutamide in the fourth quarter of this year," he said.

Prostate cancer is the second most common malignancy in men, significantly contributing to male mortality rates, the company noted.

About 2% of the company is owned by insiders and management and about 26% by institutions, according to LSEG data.

Top shareholders include Armistice Capital LLC with 8.31%, The Vanguard Group Inc. with 4.4%, Acadian Asset Management LLC with 3.44%, PRIMECAP Management Co. with 2.22%, and BlackRock Institutional Trust Co. with 2.08%.

Its market cap is US$45.09 million with 4.04 million shares outstanding. It trades in a 52-week range of US$4.50 and US$21.94.