The Charts Of The Week: Barrick, Neo, Talisker, Newcore, Aftermath, and Talon

It was another powerful week in the 2025 resource sector bull market, with silver closing above $43/oz and gold above $3700/oz.

Does anyone remember that large, multi-year head & shoulders bottom pattern in the TSX-V Composite that I was pointing out and commenting on back in April?

Here is what I wrote on April 27th, 2025:

“I have been highlighting the well constructed head & shoulders bottom pattern since the beginning of the year. As is often the case, the breakout above 650 has taken some time to develop, with multiple tests up near 650 finding resistance throughout Q1 2025. I believe the early April market panic has set in motion a powerful relief rally - as we know, from failed moves we often see fast moves in the opposite direction.

The first upside target for the breakout is up at ~705, filling in the open gap from June 2022. Beyond that, there are multiple open gaps from spring 2022 waiting to get filled in, including all the way up at 892.50.”

Today, the TSX-Venture Composite closed at 904.80, exceeding my highest upside target level from that April post:

TSX-Venture Composite (Weekly)

From failed moves come fast moves.

What is most impressive about the ongoing rally in the Canadian Venture is the accelerating volume, confirming the rally is for real.

There is no doubt that if you showed me the above chart without telling me what it was, I would say that it’s time to take profits and wait for a pullback to reenter. That’s the logical, and obvious assessment after a 50%+ rally in less than five months.

However, on the flip side of that is the history of this tiny corner of global financial markets; with Canadian micro-caps “they either love ‘em or they hate ‘em”, and we have many examples of market periods in which they loved ‘em for longer than most could have imagined.

But what about tax loss selling season you ask…

Just kidding.

One of legendary stock operator Jesse Livermore’s most famous quotes was:

“Men who can both be right and sit tight are uncommon. I found it one of the hardest things to learn. But it is only after a stock operator has firmly grasped this that he can make big money.”

I believe there are a lot of junior mining speculators out there today who wished that they had been able to sit tight for a bit longer during the summer 2025 rally.

Turning to the Charts of the Week, we begin with gold giant Barrick (NYSE:B, TSX:ABX) posting a 13.64% rally for the week:

B (Daily)

At the Mining Forum Americas in Colorado Springs, Barrick delivered jaw-dropping PEA numbers for its Fourmile Project in Nevada’s Carlin Trend. Barrick President & CEO Mark Bristow stated:

“With the ongoing exploration drilling results, we expect to double the resource by the end of this year and, even more excitingly, we are continuing to define significant high-grade orebody extensions underpinning the current exploration upside estimate of 32-34Mt @ 15 – 16g/t outside of our current 2024 mineral resource. As a result, Fourmile is rapidly competing to be the largest and highest-grade gold discovery this century.”

Based on the above PEA results, Fourmile stands to be a multi-decade cash cow for Barrick.

Three weeks ago, I highlighted the evidence of relentless accumulation in Barrick’s chart, noting that the trading in Barrick shares was sending a decidedly bullish message. Overbought conditions can be a good thing, especially during bull markets.

Another example of an overbought chart in a gold producer is Talisker Resources (TSX:TSK):

Talisker Resources (Daily)

Talisker recently announced the successful completion of its first gold sale from its 100% owned Bralorne Gold Project in British Columbia. Talisker sold 707 ounces of gold in August, generating gross proceeds of approximately US$2.3 million.

We are witnessing a producer rerating in Talisker amid a roaring gold bull market.

The rare earths trade is still alive and well with a number of rare earths stocks moving higher towards the end of the week (MP, IDR, NEO etc.)

Neo Performance Materials (Daily)

China continues to have a stranglehold on global rare earths mining and processing. NEO is one of the few publicly traded vehicles that offers exposure to rare earths and other specialty metals. One recent big development for NEO is the opening of a production plant for rare earth magnets in Estonia (opening ceremony this month) — described as Europe’s first large-scale production facility for rare-earth magnets — intended in part to reduce dependence on Chinese supply chains.

Two of the companies highlighted in my two-part ‘Beaver Creek Scoop’ posts (Part I here, Part II here) staged strong end of week rallies:

Aftermath Silver (Weekly)

Aftermath Silver (TSX-V:AAG) was up 28.2% for the week, closing at a fresh multi-year high. $43/oz silver is certainly helping companies like Aftermath that have large silver resources. Additionally, Aftermath is expected to deliver an updated mineral resource estimate for its Berenguela Silver-Copper-Manganese Deposit in Peru within the next couple weeks.

Newcore Gold (TSX-V:NCAU) continues its break-out from a six-month sideways consolidation, with volume pouring in to confirm the uptrend:

Newcore Gold (Weekly)

Newcore has 3 rigs turning at its Enchi Project in Ghana as part of an ongoing 35,000 meter drill program. A slug of warrants are set to expire next week, this should serve to help take the lid off the stock. In addition, Newcore is working hard towards delivering a PFS in early 2026. I expect that the PFS numbers will not disappoint, and Newcore’s valuation should benefit from the achievement of another critical de-risking milestone.

Finally, Talon Metals (TSX:TLO, OTC:TLOFF) is beginning to display signs that it is ready to conclude the multi-week consolidation that it has been experiencing since early August:

Talon Metals (Daily)

Technical indicators are beginning to flash positive after Talon staged a 6.7% rally on 3x average trading volume during Friday’s trading session. We know that Talon is busy drilling, with 3 rigs in Michigan (Boulderdash and Roland) and 2 rigs in Minnesota.

In Minnesota, two drill rigs are currently investigating BHEM anomalies proximal to initial discovery intercepts at the ultra high-grade Vault Zone at the company’s flagship Tamarack Nickel-Copper-Cobalt-PGE Project.

Historically, the cadence of news flow from Talon has been a drilling update every 4-6 weeks. However, the news flow can come at a faster pace once drilling has been underway for some time already. My sense is that we are entering a period of more frequent news flow from Talon, with drilling updates and assay results flowing in from Michigan and Minnesota simultaneously.

Before we conclude the latest edition of Charts of The Week, I’d like to offer some parting thoughts. This bull market in resource stocks feels different. It’s steadier, the money flowing in is larger, and it still feels like early days in terms of the sector gaining a broader acceptance and recognition from the generalist investing audience.

However, I have also noticed that for the first time in forever everyone now agrees that the precious metal miners are in a bull market. There is no argument anymore, it’s a bull market.

To me, this means that the junior mining sector has entered the optimism stage. Some might even call this the ‘belief’ stage:

To wit, we are reaching a consensus that the rally is for real. However, many are still not yet fully invested. In fact, some have already sold too early because they were still operating under the previous bear market mindset.

We are still a long way from the euphoria stage. But it’s always important to remember that bull markets climb a wall of worry, and bull market corrections tend to be the most violent ones.

Disclosure: Author owns shares of Talon Metals, Newcore Gold, and Aftermath Silver at the time of publishing this article and may choose to buy or sell any of the stocks mentioned in this article without notice.

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