End of Year Contemplations: 2025 Surprises, Memories, Lessons, & Opportunities in 2026
Every year at year end, I ask investors/CEOs what they learned from the year that was, and what the biggest opportunities are in the year ahead.
In 2025, I was most surprised by how quickly many stocks rose once the fuse had been lit across the sector. At some point in September it was game on, and there were suddenly a multitude of ‘bull-market adjustment trades’ across the sector.
TSX-Venture Composite (2025)
Even for those of us who have experienced many bull markets in the junior mining sector, each time it’s a little different, and the rush can be intoxicating. In that sense, bull markets are a little bit like sex. It gets the blood flowing, and it feels great for a while, but it always ends…sometimes sooner than you wanted it to.
My biggest lesson in 2025 was perseverance.
Never give up.
My most memorable experiences in 2025 were a tie, so you get two: Reading a news release from Talon Metals (TSX:TLO, OTC:TLOFF) after the market close on a Thursday in March and realizing that something special had just happened (the discovery of the Vault Zone).
Talon Metals (2025)
The other one was reading the drill results from Ramp Metals (TSX-V:RAMP) one day in August and realizing I was about to lose a lot of money. I always remember the losses much more than the many wins.
As we enter 2026, I am genuinely enthralled by the opportunities across markets, and particularly in junior mining. With some of the drill programs ongoing at some of my favorite companies, I often wake up feeling like an 8 year old jumping out of my bed on the morning my favorite team is playing in the Super Bowl for the first time.
The biggest opportunity in 2026 is to continue riding the precious metals bull market, and participate in base metals and other commodities as they benefit from a once in a lifetime macro setup.
My biggest worry is that gold is in the midst of an unstoppable ascent, potentially to $20,000+. But the macroeconomic/geopolitical factors driving the rise will be very negative and painful for most human beings.
Gold (2025)
Overall, I am very optimistic. I believe the scary, and at times daunting, world we are living in will find its way to a better place. It might have to get worse before it gets better, but it will get better.
Peace and Truth will prevail.
I am excited to be speaking at several conferences throughout 2026, and I look forward to making many site visits with reports of what I learn conveyed through my Substack, X, and YouTube platforms.
I sent out an open invite to other investors, market commentators, and CEOs to respond to the following questions:
What surprised you the most in 2025? What was your biggest lesson and/or most memorable market experience in 2025?
What are you looking forward to in 2026? What are you most fearful for in 2026? What do you view as the biggest opportunity in 2026?
What follows are the responses I received, including from some of the top CEOs and best investors that I know. I didn’t change the formatting much from what I received. In addition, each person’s responses are theirs, not mine. The CEOs are speaking for themselves as the leaders of their respective companies.
Vukasin Pekovic (investor/analyst)
1) The biggest surprise of 2025 for me has been the sturdiness of the gold bull market and the sudden market shift into “bull market behavior” where you see certain transactions happen that could never happen in normal circumstances.
The immediate strength of the copper theme has been a surprise too and the price tags on some deals we’ve seen should be a very positive sign for the years to come.
2) My most memorable market experience of 2025 is the broad volatility that initially happened in April due to Trump tariffs.
3) I’m looking forward to trying to maintain discipline in my thinking and work approach in 2026, while also hoping to reduce the amount of mistakes I may make, mostly those by omission. I’m also hoping to grow my network.
4) The biggest opportunity of 2026 might be single-project gold developers with (relatively) technically simple assets that “just” needed a higher gold consensus price to move forward. Call it the “$3,000+ gold world effect”.
5) I’m tentative about both copper and gold in the near term, but what I’m fearful of is market volatility and “unknown unknowns” that could be cause for rash, emotional, or plain stupid decision making.
Hogsplus (CEO.ca)
Most Surprised Me: Sub 30M market caps with tight share structures and good narratives that are boosted by marketing with no exploration value to speak of.
Biggest Lesson: Relationships are incredibly important. Honest and intelligent people in Jr Mining are worth their weight in gold.
Looking forward to in 2026: Hercules Metals drill results
Biggest Opportunity in 2026: The easiest answer are the hated children currently: Lithium, Nickel, Oil, and maybe Iron.
Most fearful: That the top in this bull market will come while my foot is still fully on the pedal
Daniel Earle (CEO, Highlander Silver)
What surprised you the most in 2025?
The setup for a structural bull market in silver had been obvious prior to launching Highlander Silver (TSX-V:HSLV) in January, but the pace at which this thesis was embraced by investors and the global nature of participation, particularly once silver took over leadership within precious from gold in June, caught me by surprise.
What was your biggest lesson and/or most memorable market experience in 2025?
Another obvious development has been the rise of retail investors post-pandemic and their collective ability to drive markets around themes but to see this come to dominate parts of the mining sector (as opposed to ‘sexier’ sectors) and the degree to which they create outcomes that wouldn’t otherwise be possible was something to behold. The lesson is, of course, to be responsive to this change in market structure not just in disclosure/marketing but corporate strategy.
What are you looking forward to in 2026?
Being able to share the news we foresee developing across multiple fronts.
What are you most afraid of in 2026?
Financial dislocation contagion into equity markets.
What do you view as the biggest opportunity in 2026?
Simply executing the plans we have.
Henri van Rooyen (CEO, Talon Metals)
What surprised you the most in 2025?
What proved most remarkable was not any single milestone, but the convergence of multiple milestones occurring in unison at the right moment.
It began with the discovery of the Boulderdash deposit in Michigan in late 2024, just eight miles from the Eagle Mine, which led to funding in March 2025. That funding enabled expansion drilling at Boulderdash and, during feasibility-study infill drilling at Tamarack, the discovery of the Vault Zone in April 2025, including the subsequent intercept of 34.9 meters grading 28.88% nickel equivalent (57.76% copper equivalent). These results unlocked additional capital, allowing continued expansion of both Boulderdash and the Vault Zone, while simultaneously refining our “Mine-in-a-Box” concept. That work preserved our environmental review timeline and allowed our feasibility study to be engineered in full alignment with permitting requirements.
These interconnected events lead to the final piece of the puzzle: the acquisition of Lundin Mining’s Eagle Mine and Humboldt Mill, instantly creating a cash-flowing, multi-asset U.S. nickel-copper producer with significant expansion potential.
All of the above in turn occurred against the backdrop of bipartisan U.S. government grant funding support through the Department of War, Department of Energy, and Defense Logistics Agency.
What was your biggest lesson and/or most memorable market experience in 2025?
The convergence of milestones in 2025 created a foundation—not an endpoint—for realizing our vision of two U.S. high-grade nickel-copper mines and two processing facilities, and therefore a credible path toward U.S. nickel self-sufficiency. The lesson became crystal clear: the best is yet to come.
What are you looking forward to in 2026?
Translating “the best is yet to come” into execution. With our combined Eagle and Talon assets and teams, we are uniquely positioned to target approximately 50 ktpa of nickel in nickel concentrate and 30-40tk of copper in copper concentrate.
What are you most afraid of in 2026?
That U.S. governments at different levels underestimate the strategic risk posed by Russia, China, and Indonesia.
What do you view as the biggest opportunity in 2026?
Aligning the private sector with federal, state, and local governments to act decisively in addressing the looming existential crisis posed by China and Russia’s control of the global nickel supply.
Anthony Moreau (CEO, American Eagle Gold)
What surprised you the most in 2025?
I was surprised that American Eagle Gold’s stock did not participate in the rally that many other junior mining companies experienced, despite being in a much stronger financial and geological position than it was when it saw its run in 2024, prior to the significant upswing in metal prices. Additionally, I was astonished that numerous other companies with inferior assets in more challenging locations in BC have surpassed American Eagle’s market cap. I suppose this could be viewed as an opportunity for shareholders of American Eagle Gold in 2026.
What was your biggest lesson and/or most memorable market experience in 2025?
The biggest lesson I learned is how crucial it is to involve the street in financings. We executed a major financing with South32 near our all-time high, without warrants and at a premium, but the stock declined afterward. It felt as though investors assumed South32 had inside information, leading to unrealistic expectations regarding our results. When an overnight 5x return did not materialize, investors opted to sell off in favor of “pump” stocks that promised greater returns. While I’m not suggesting this is inherently a bad investment strategy, it’s disappointing, especially since our financing genuinely positioned American Eagle Gold for future growth.
When brokerage firms assist in funding, you enter their marketing sphere, and they work diligently to encourage other investors to support the investments made by their clients in previous raises. Additionally, these investors often spread the word about their investments, creating a positive marketing cycle. While I wouldn’t change how we approached the South32 deal, it certainly made me reflect on the pros and cons of collaborating with the street. It’s a tough pill to swallow because the terms are often less favorable, resulting in more dilution. In the end, it’s a process, not an event, and I think American Eagle’s situation can be compared to the tale of the tortoise and the hare. The hare represents the companies promising investors rapid near-term returns, with few capable of sustaining such returns. In contrast, the tortoise symbolizes companies like American Eagle Gold, which have impressive geology and a strong financial position that can support them for years. Typically, it is the latter that ultimately wins the race.
What are you looking forward to in 2026? What are you most afraid of in 2026?
I am excited about delivering impressive results during a time when very few companies in BC have any news. I am also eager to actively market American Eagle and demonstrate what it can become. Additionally, I look forward to seeing Metal Energy with the potential to achieve a tenfold increase in 2026 after the results of their maiden drill program are released.
I have no fears. American Eagle Gold has cash, an outstanding asset, and something to prove. The fluctuations in metal prices do not impact our company or our project, because by the time NAK becomes a mine, I am confident that metal prices will be significantly higher than they are now.
What do you view as the biggest opportunity in 2026?
I believe that copper surpassing and remaining above $5 will attract significant attention to junior copper exploration companies like American Eagle. Additionally, the ongoing global turmoil related to geopolitical risks and tariffs will create substantial opportunities for projects in Canada. If the Canadian government demonstrates support for mining through actions rather than just words, it will open doors for junior mining companies across the country. American Eagle possesses one of the best projects in Canada, with exposure to both copper and gold, so I am genuinely excited to see how high our stock price can climb.
RobChikuzen (CEO.ca)
What surprised you the most in 2025?
- Feels great sitting on the bull
What was your biggest lesson and/or most memorable market experience in 2025?
- get in early, stay patient and take profits from juniors. But keep strictly risk management
What are you looking forward to in 2026?
- Reach $5000 gold
What are you most fearful for in 2026?
- Recession in US and the effects on the global markets
What do you view as the biggest opportunity in 2026?
- Get the next breakout in miners (after correction)
I want also to say thank you for your attitude and your support over the last years. I learned a lot from you and still learning.
Aruncph (CEO.ca)
Surprise of 2025 :
Bond market behavior when fed cut rates...In 2025, short-term rates (2-year and under) fell as the Fed cut rates, but long-term rates (10-year and 30-year) actually rose. By late 2025, the 10-year Treasury yield hovered near 4.4%–4.8%, even as the Fed funds rate dropped toward 4%
Markets began pricing in a risk premium fearing that massive deficits and new debt issuance would lead to higher inflation and rates in the distant future.
Biggest learning of 2025:
Did not get the positioning sizing correct in Qtr1 & Qtr 2 - had too much concentration on couple of stocks which had no catalyst for 8 months of the year. I did tweak it in 2nd half of the year.
Looking forward to in 2026:
Another year of solid commodity bull market. On specific stocks -Hercules Metals, Kingfisher Metals, Ridgeline Minerals - drilling updates from 2026.
Most fearful of in 2026:
Everything good that could go well has gone well in 2025 if you are generalist investor or precious metals investor. There are lot of risk ahead in 2026. AI bubble pop, midterm elections, recession…In recession, US odds are only 28% for now in Polymarket. But Canada odds are at 62%
Have to review all my stocks in Canada and keep a close eye on the currency here on in.
Biggest opportunity in 2026:
i) Sectors which have not had the run in 2025 - Oil & Gas. Energy could take over from precious metals.
ii) If there is no recession, then Copper & Nickel are top of the list.
Money75 (CEO.ca)
What really surprised me in 2025 was the general stock market volatility, but resiliency given the on again, off again Trump tariffs, and many economist sending out the warnings, calling for a recession that never materialized. On Liberation day, in April, the US stock market dropped 19% and I thought, oh boy, we are in for a rough year and I haven’t taken enough profits. Fast forward to now and wow! Gold and silver just exploding upwards, copper on the rise, and a US stock market that’s up almost 18% since the big drop in April.
My biggest lesson, to which I haven’t practiced throughout the years, is to take more profits in the junior mining stocks in the first quarter leading into April as history as show us it’s the most prudent thing to do. It would have provided more cash to take advantage of the market correction. Luckily the markets recovered and all is well.
What I’m looking forward to in 2026 is continued strong performance in commodities – gold, silver, copper and other metals, and for the junior mining stocks to catch up and provide stronger gains than gold and the metals themselves. Although I’m an optimist by nature, my biggest worry going into 2026 is we get some unexpected ‘Black Swan’ event that derails this long awaited bull run in juniors that is just getting started and may be one of the biggest in our lifetime.
Nicholas Campbell (CEO, Mayfair Gold)
Biggest surprise?
The scale and permanence of liberation day tariffs. The associated geopolitical shifts and questions surrounding Fed independence creates uncertainty. This is causing large pools of capital to shift away from US markets as they seek diversification in this changing world order.
What are we most afraid of?
Bottlenecks. High commodity prices attract capital for new supply. We will all be chasing the same services, permitting processes, people and equipment; a recipe for delays and budget overruns.
What was your biggest lesson in 2025?
The audit of the federal permitting process. Any project over 5,000 tpd needs to go the federal path which takes 5-7 years just for an EA approval. I also learned that the federal EA process involves a Gender Impact Assessment and that we haven’t seen a single EA approved under the 2019 act.
What are we looking forward to in 2026?
Investors will finally get to know Mayfair Gold. 2025 was a transition year. With our January 2026 PFS we can finally illustrate why we developed the strategy to target a higher-grade smaller throughput operation that can be permitted provincially vs. federally.
What do we view as the biggest opportunity in 2026?
The catch-up trade potential for Mayfair is substantial. Mayfair is a rare and overlooked opportunity. Insiders have backed their conviction by buying >$15 M of Mayfair equity since October 2024, including >$2 M from me.
AltairIII (CEO.ca)
What surprised you the most in 2025?
That silver juniors did not move up more considering the rise in the silver price.
What was your biggest lesson and/or most memorable market experience in 2025?
Don’t ever make any investments when you are at a mining conference. Impulsive should not be in the investment process vocabulary.
What are you looking forward to in 2026?
The silver price dominating and some unloved quality juniors getting some long overdue recognition.
What are you most fearful for in 2026?
JPY carry unwind and breakages in paper commodity derivatives markets. Not really priced in yet. Collapse of or material fragmentation in the European Union (but that may be a good thing to be honest).
What do you view as the biggest opportunity in 2026?
Patience. Leave my biggest conviction junior investments alone and follow progress closely. Don’t overtrade.
Cascadia (CEO.ca)
The most surprising thing in 2025 was the relative lack of volatility in the gold price bull run. It was smooth sailing through the large even numbers until a pullback in October before all time highs in December.
Biggest lesson was to keep my own counsel. The opinion that Claudia Scheinbaum would be worse for mining in Mexico was thoroughly disproven by the end of the year. My natural advantage is face to face access to company management, I rarely see other retail investors at annual general meetings. You can ask them anything. Good management wants to hear from us, it tests their communication and refined their messaging.
In 2026 I look forward to the progress of Vizsla Silver, Vizsla Royalties, Firefly Metals and Gold Hunter. These companies all offer plenty of upside and have proven management teams.
I'm fearful of my price driven unrealized gains confident perspective for 2026. I practice questioning my thinking from the macro economy down to the company level and it looks very good. I wonder if I am missing something obvious or if a black swan type of event is in the cards.
The biggest opportunity in 2026 is probably outside my circle of competence but for us regular folks with a long term perspective I would say solid copper explorers and developers are a great opportunity in the world we live in based on economic fundamentals. Fortunes will be made in the next decade
Michael Carr (CEO, Bitterroot Resources)
What surprised you the most in 2025?
After many years of waiting, in 2025 we finally saw much-anticipated, long-overdue, powerful up-moves in Au, Ag, Pt, Pd, GDX and GDXJ.
What was your most memorable market experience in 2025?
Talon Metals’ Vault Zone discovery and the subsequent transaction with Lundin Mining.
This has shone a bright light on the magmatic Ni/Cu exploration potential of the Mid-Continent Rift in Michigan, Minnesota and Ontario.
What are you looking forward to in 2026?
The TSX-Venture Exchange Index continuing to grind upward, catching up to the moves in GDX, GDXJ and HUI.
What are you most afraid of in 2026?
The potential for large-scale geopolitical upheavals or wars.
What do you view as the biggest opportunity in 2026?
The junior mining/exploration sector (TSX-V) should see significant capital inflows. Be right, sit tight, stay invested in quality juniors.
Matthew (CEO.ca)
What surprised you the most in 2025?
How in today’s world the market just shrugs at things that would have otherwise destabilized markets a few years ago. For example, President Trump claiming he will work closely with the new FED Chair and he will get him/her to reduce rates below 1%. Nobody cares, markets always go up.
What was your biggest lesson and/or most memorable market experience in 2025?
Quality matters in bull markets just as much as in bears markets. You can reduce risk and still outperform when the market flips from bearish to bullish by owning high quality large cap names (no need to be way out on the risk curve in the penny dreadfuls).
What are you looking forward to in 2026?
See if the bull market continues and to see if I have actually learned something over the years (i.e. take profits, protect downside & give up some upside if need be; I have not done this well in the past).
What are you most fearful for in 2026?
Aside from myself and my own greed in the current bull run, a Liquidity event (thinking black swan type event, by default I don’t know what it will be ;).
What do you view as the biggest opportunity in 2026?
The biggest opportunity is usually something no one is paying attention to, perhaps a cannabis revival or coal. Given the current macro environment and industry supply/demand fundamentals I see the biggest opportunity in all things copper for 2026.
Fiore Aliperti (CEO, Metallis Resources)
What surprised you the most in 2025?
What surprised me most in 2025 was how strong gold and silver stayed, even while the broader markets saw volatility. That strength, along with the encouraging results we’ve seen from our recent work at Greyhound, gave us more confidence that we’re moving in the right direction.
What was your biggest lesson and/or most memorable market experience in 2025?
My biggest lesson in 2025 was how quickly silver prices can change the mood of the entire sector. It reminded me that we can’t rely on short-term moves. We have to stay focused on steady, consistent work that builds long-term value, no matter what the market is doing week to week.
What are you looking forward to in 2026?
In 2026, I’m really looking forward to taking what we’ve learned about Greyhound and putting it to work. With a clearer understanding of the property and what we’re targeting, plus what we expect to be a better metals market, we’re excited about the year ahead.
What are you most fearful of in 2026?
My biggest concern for 2026 is the same one facing most junior companies: investor confidence. If markets stay cautious, raising capital can be difficult. But by staying disciplined and continuing to improve our understanding of Greyhound, we’re working to put Metallis in the strongest possible position.
What do you view as the biggest opportunity in 2026?
The biggest opportunity I see in 2026 is the combination of a potentially stronger silver market and the work we’re doing at Greyhound. As we sharpen our targets and prepare for the next steps, we believe the project is well positioned to benefit if silver continues to gain momentum.
Tom Larsen (CEO, Eloro Resources)
The largest surprise for 2025 for Eloro Resources Ltd is two fold in nature.
The first would be the demise of the Bolivian left wing Socialist MAS party obtaining only 3 percent of the Bolivian electoral popular vote last summer barely retaining their political charter. Also, as a result, the MAS party now have no representation in Bolivia’s congress.
Bolivia is now being governed by a foreign investment friendly center/right wing party under President Rodrigo Paz Pereira.
The second surprise was the final recognition by investors and institutions that the Comex and London futures exchanges deal primarily in futures and options with little importance given to physical silver contract settlements...unlike the Shanghai Futures Exchange which is the go to exchange for physical silver delivery settlement from industrials or end users. Therefore, Shanghai has become the go to exchange for actual physical settlement. Due to huge industrial demand, which has resulted in more transparent demand/supply pricing, and has weakened the hand of Comex and London, with the highly leveraged futures shorting practices that had kept silver prices artificially low for many years. This decoupling is being reflected in the silver pricing increases over past few months.
These price increases also reflect silver’s importance both as an important critical/industrial metal which is in high demand and as a hedge against inflation and crippling government debt.
ELO is in for an interesting 2026 when even US$30 silver ounce prices supported a strong economic model at Iska Iska, let alone what US$40 or US$50 silver ounce prices and perhaps higher might reflect.!?!”
Garland Barr (private investor)
What surprised me the most in 2025 is simply the price appreciation in both gold and silver from January 1 to present. Both presently at prices I had thought might be obtained after numerous rate cuts and closer to 4th qtr 2026 and no where near current prices. The biggest lesson I learned was to be leery of taking a tax loss in a position where I was not liquidating entire position. Due to wash rule, you may not be able to rebuild position in a bull market.
In 2026, maybe by 2nd Qtr, thinking will start to be a re-rate on producers and Juniors with significant resource established. If metals have a baseline around current prices prior to summer, will need to to have some AISC re rating happening. This mentality should trickle down to the majority of explorer’s as new investors come onto the playing field. I would say my biggest fear would be some kind of rug pull, black swan of major indices triggering a sell off across the board.
Fischlaender (CEO.ca)
2025 turned out to be a tremendous year for me and my portfolio, albeit I always have to remind my-self that it is a powerful bull market. Ultimately if I had bet everything I have on Barrick or Iamgold, my 2025 return would have been almost equal. But risk management is key and the Tradinglab under the exceptional lead of @Goldfinger taught me again and again to leverage the risk, take money off the table; not only this year but this year it really bore fruit.
I am looking forward to being in this group in 2026 and continue to share insights, ideas and an in-vestors‘ comradery that is truly genuine, remarkable and of high quality in these hectic days of social media.
And I hope we will continue to find the gems as we did in the past when times in our sector were not as golden/silver as they are currently.
Hunter (CEO.ca)
Most surprising thing of 2025:
Has to be Talon’s strategic moves.
Biggest lesson of 2025:
For me, the subscription to Trading View. Although I am just getting my feet wet, and am just beginning to learn the software and interpretation of the charts, I believe it will be very helpful going forward, and wish I had done it much sooner.
Runner-up: Stick to the plan. Silver finally breaking out in a spectacular fashion, and gold well leading the way. There have been times in the past years that I questioned whether it would ever play out as I thought it would. Patience pays.
Looking forward to in 2026:
Continued moves in gold and silver, but excited for what copper has in store for 2026.
Fearful of in 2026:
The mess that is the geopolitical, the mess the West is in financially, and actually, entire global financial situation.
Opportunity in 2026:
Hercules, Talon, and all of the copper opportunities out there. Oil may be the second most interesting area to focus on.
Closing Remarks
A big thank you for those who took the time to respond, and an even BIGGER thank you to all of my readers and premium subscribers here at Goldfinger Capital!
Onward and upward. Here’s to a Powerful, Joyful, Abundant, and Peaceful 2026!
In Gratitude, Robert
DISCLAIMER: The work included in this article is based on current events, technical charts, company news releases, corporate presentations and the author’s opinions. It may contain errors, and you shouldn’t make any investment decision based solely on what you read here. This publication contains forward-looking statements, including but not limited to comments regarding predictions and projections. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. This article is provided for informational and entertainment purposes only and is not a recommendation to buy or sell any security. Always thoroughly do your own due diligence and talk to a licensed investment adviser prior to making any investment decisions. Junior resource companies can easily lose 100% of their value so read company profiles on www.SEDAR.com for important risk disclosures. It’s your money and your responsibility.