CME raises Gold, Silver margins after historic price plunge

As Budget 2026 approaches, India’s metals industry enters the new fiscal year with a rare combination of visibility and vulnerability. Demand outlook remains firm, supported by government-led infrastructure spending and the energy transition. Yet, rising costs, import dependence and policy uncertainty continue to weigh on competitiveness, sharpening expectations from this year’s Budget.

Demand is not the concern

The Economic Survey projects steel demand growth of 9-10 percent, anchored by capital expenditure of Rs 11 lakh crore, equivalent to 3.2 percent of GDP. Roads, railways, including 5,364 km of high-speed corridors, and urban housing together account for nearly 69 percent of steel consumption. This trajectory aligns with India’s ambition to scale steel capacity to 300 million tonnes by 2030.

Beyond steel, aluminium and copper demand is expanding alongside electric vehicle infrastructure, renewable energy targets of 500 GW and the rapid rollout of solar parks. Industry experts say, with India already ranking among the top three global solar markets, metal intensity across power and mobility infrastructure is set to rise steadily.

Costs and supply risks dominate expectations

Despite this demand momentum, cost pressures remain acute. India continues to import 100percent of critical minerals such as lithium and cobalt, leaving producers exposed to global volatility. Low beneficiation rates, under 20percent for iron ore compared to global norms of around 80percent ,further force reliance on high-grade imports, often at premiums of Rs 5,000 to Rs 7,000 per ton.

Lt Col Rochak Bakshi (Retd), CFP, says "Budget 2026 could address some of these challenges through duty rationalisation. Rationalising import duties to zero on critical minerals like lithium and cobalt could help reduce dependency and ease cost pressures.”

In addition, mining royalties ranging from 15 percent to 18 percent contribute to double taxation, translating into effective cost increases of nearly 25 percent in the absence of reform. The industry is also seeking a mining policy overhaul that allows greater private participation in copper and silver extraction to improve domestic supply security.

Balancing protection and competitiveness

The debate over safeguard duties has resurfaced, particularly in the steel sector, amid concerns over dumping. However, the Economic Survey cautions that excessive protectionism could inflate industrial costs and weaken downstream competitiveness.

Bakshi warns that delayed reforms may worsen raw material shortages just as demand accelerates. “Over-protectionism risks raising costs and eroding competitiveness at a time when global supply risks are already elevated,” he says.

Why policy stability matters in Budget 2026

Policy predictability emerges as a broader theme across metals, including gold. Mahendra Luniya, Founder and Chairman of Vighnaharta Gold Ltd, points out "frequent changes in import duties tend to distort domestic pricing without reducing demand. A stable and rational duty framework would bring predictability and align domestic prices more closely with global benchmarks."

Luniya adds, "encouraging formal, traceable gold investments, such as regulated and digital gold, can channel household savings into the formal economy while maintaining demand sentiment."

For the metals industry as a whole, Budget 2026 is less about announcements and more about execution. With demand already locked in, the sector is looking for cost rationalisation, mining reforms and stable policy signals that allow Indian metal producers to grow competitively in an increasingly uncertain global environment.

(TheNewswire)

Vancouver, British Columbia – TheNewswire - January 30, 2026 -Rockland Resources Ltd. (the “Company” or "Rockland")(CSE: RKL) (OTCQB: BERLF)(FSE: GB2) announces it has set2,000,000 options to directors, officers andconsultants of the Company at a price of $0.16 for a period of 3 yearsin accordance with the Company’s stock option plan.

About Rockland Resources Ltd.

Rockland Resources is committed to unlocking valuethrough focused mineral exploration and discovery. The company'sflagship project is the historic Cole Gold Mines project in theprolific Red Lake district of Ontario. By leveraging geologicalexpertise, disciplined exploration and strategic project development,Rockland Resources aims to deliver meaningful growth and long-termvalue to its shareholders.

We seek Safe Harbor.

On Behalf of the Board ofDirectors

Michael England, CEO & Director

For further information, pleasecontact:

Mike England

Email: mike@engcom.ca

Neither the Canadian SecuritiesExchange nor itsRegulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

FORWARD-LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward -looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at WWW.SEDAR.COM).

Copyright (c) 2026 TheNewswire - All rights reserved.

By Andrew Bary

Silver's Friday tumble is proof that what goes up must come down — even in the financial markets. But with the precious metal suffering its worst day since 1980, the mining stocks may be worth buying.

What a ride it has been for silver. Prices were up almost 50% in 2026, to $100 an ounce, through Thursday's close, and had tripled over the past year, with the metal trading as high as $120 an ounce this past week. Silver miners had done well, too, with the largest silver mining exchange-traded fund, the $5 billion Global X Silver Miners , up 20% this year through Jan. 29.

Then it all fell apart. This past week was one of the most volatile periods ever, capped by a 31% drop in silver to $85 an ounce on Friday, the largest absolute drop in history and the biggest percentage decline since the Hunt Brothers tried — and failed — to corner the market in 1980. The Silver Miners ETF, home to Pan American Silver, First Majestic Silver, and Hecla Mining, among others, has also been caught up in wild price swings, falling 14% on Friday.

The obvious question is whether to buy the stocks on the dip amid concerns that a possible silver bubble just popped. While risks are high, the bullish argument for silver is based on strong industrial demand, ongoing supply deficits now around 200 million ounces a year — 20% of overall demand — and rising investor interest, particularly in Asia, where silver trades at a premium to levels in New York and London. The miners, meanwhile, have trailed gains in silver during recent months, making them, perhaps, a less risky bet.

A major factor driving up precious metals is investment demand, which is the product of multiple forces. But the most important factor might be the "debasement trade," the idea that the dollar is falling due to chronic federal deficits, potentially higher inflation, and a Trump administration that seems happy to see the greenback decline to make U.S. exporters more competitive. Other fiat currencies, including the yen and the euro, are also losing their luster. While gold is the primary beneficiary of debasement, silver also has gained, and investors can buy silver stocks as a hedge against falling currencies and financial assets like stocks and bonds.

President Donald Trump's nomination of Kevin Warsh on Friday to be chair of the Federal Reserve may have contributed to the losses in gold and silver because he's viewed as more of an inflation hawk than others that Trump considered.

Wealth managers have been slow to accept the utility of precious metals in portfolios — a potentially bullish factor. Most U.S. individual investors have little or no exposure to gold — and even less to silver.

A Citigroup analyst team led by Max Layton wrote recently that silver is behaving like " 'gold squared' or 'gold on steroids,' and we think that likely continues until silver looks expensive by historical standards, relative to gold." Citi sees an upside for silver in coming weeks to $150 an ounce.

Silver miners are already highly profitable and should benefit from rising prices. Their average all-in costs range from $20 to $25 an ounce, and they offer production growth, rising dividends, and operating leverage, meaning their profits should rise faster than silver's gains. While the stocks notched huge increases over the past year, they are lagging behind silver this year.

Despite Friday's losses, 2026 should be a financial bonanza for the silver miners, with profits up sharply from 2025 when silver averaged $40 an ounce, and 2024, when the industry operated around break-even. And with the stocks now estimated to be discounting a silver price that's 15% to 20% below spot silver, the shares may have a buffer to more volatility. "The margin expansion and the amount of free cash flow is unprecedented," says TD Cowen precious metals analyst Wayne Lam. His view was that if the metal dropped, the stocks would outperform, which they did on Friday.

The miners should also benefit from scarcity value. There aren't many mines globally whose primary product is silver — more than 70% of mined silver comes as a byproduct of other metals, mostly gold. Five leading silver producers — Hecla Mining, Coeur Mining, Fresnillo, Pan American Silver, and First Majestic Silver — have a combined market value of about $110 billion, less than top gold producer Newmont.

Mining isn't an easy business. There are operational challenges, including the need to replace reserves when permitting is difficult in much of the world. Many silver mines are in Latin America, where political winds can quickly shift. High prices may also bring a supply response. For instance, silver now accounts for an estimated 30% of solar-panel costs, up from 5% two years ago, and consumers of the metal might seek cheaper alternatives. Coin dealers say silver is coming out of the woodwork as Americans cash in family silver — a single sterling-silver five-piece place setting contains about $400 in silver.

Many pros follow the gold/silver ratio, which moved sharply in favor of silver in the past year as it outpaced gold before a sharp correction on Friday. The ratio now stands at more than 55, below the average of 65 over the past 50-plus years and a peak of over 100 in April. The ratio got as low as 45 recently. The large increase in the ratio on Friday could signal that the worst may be over for silver.

Each miner brings something a little different. Fresnillo is the world's largest silver miner, with projected output of 44 million ounces this year. The Mexican company has four silver mines in that country, including its namesake facility that has operated since 1554, not long after the Spanish conquest. Silver accounts for about 45% of its production, with gold most of the balance.

The stock trades mainly in London with lightly traded U.S. shares under the ticker FNLPF. J.P. Morgan Securities analyst Patrick Jones wrote recently that the stock could be worth 60 pounds sterling ($82.25), up from a recent 37 pounds, assuming $5,000 gold and $100 silver. He sees a "rerating" of the stock even after its sixfold gain in 2025.

Hecla is the largest silver producer in the U.S. and Canada and emphasizes those safe jurisdictions. It also has some of the best silver exposure of any sizable mining company, at about 50% of revenue. The company has undergone a turnaround under CEO Robert Krcmarov, who joined in November 2024. At Hecla's investor day this past week, he said "the fundamentals are excellent. We have great operating assets, high grades, lowest cost quartile, long-lived mines."

The stock has fallen 15% from recent highs after disappointing guidance on 2026 production of nearly 16 million ounces, down from 17 million in 2025, although the company sees potential for 20 million, which may offer an opportunity to buy on the dip.

Coeur will get about 25% of its revenue from silver after its planned merger with New Gold, making it a more diluted silver play. The company expects to generate $2 billion of free cash flow in 2026, with about 80% of production coming from the U.S. and Canada. TD Cowen's Lam likes the stock and the deal, which positions the company to enter the S&P mid-cap index, given a combined market value of over $20 billion.

Vancouver-based First Majestic, which operates mines in Mexico, is a favorite of many retail investors for its sizable silver exposure at about 60% of projected 2026 revenue. But Mexico can be a tricky place to operate. Current President Claudia Sheinbaum is more favorably inclined to the industry, but the prior administration was not. Lam favors the company, due in part to its leverage to silver, which is the highest among its peers.

Vancouver-based Pan American Silver is one the largest silver producers, with an estimated 26 million ounces this year, up from 23 million ounces in 2025. The company is the second-largest silver stock by market value behind Fresnillo and gets about 40% of revenue from the metal. Its silver mines are concentrated in Latin America. The stock trades for 20 times estimated 2026 earnings, a discount to the group, and is favored by RBC analyst Josh Wolfson.

For investors who want silver without the operational risk, there are precious metals streamers like Wheaton Precious Metals. Streamers invest in mines in return for a stream of their annual production at favorable prices, and Wheaton has more silver exposure than the other big streamers — Franco-Nevada and Royal Gold. Wheaton's market value of $70 billion also makes it the largest silver play available to investors.

A benefit of the asset-light streaming structure is that it eliminates a major risk — higher production costs. As a result, streamers tend to trade at higher valuations than miners. Many investors may recoil at paying 40 times estimated 2026 earnings for Wheaton, but it offers a growth story with projected output rising to 950,000 gold equivalent ounces annually from 2030 to 2034, up from about 635,000 in 2025. RBC's Wolfson wrote recently that silver is now up to about 50% of its projected 2026 revenue at spot prices and that Wheaton's ratio of price/estimated net asset value is near a one-year low.

Investors leery of single stocks can always choose an ETF. The largest, Global X Silver Miners, is a passive fund that has exposure to some of the largest producers. Wheaton Precious Metals, Pan American Silver, Coeur, and Hecla make up over 40% of the $5 billion fund. An alternative ETF, the $1 billion Sprott Silver Miners & Physical Silver, is more "silvery" since it focuses on companies that get 50% or more of their production from silver. First Majestic makes up 25% of the ETF, followed by the Sprott Physical Silver Trust ETF at 20%. The Sprott ETF outperformed the Global X ETF last year due to its weighting in purer silver plays, but it may carry more risk with its exposure to smaller companies.

Write to Andrew Bary at andrew.barry@barrons.com

BRENTWOOD, Tenn.--(BUSINESS WIRE)--January 30, 2026--

Delek Logistics Partners, LP ("Delek Logistics") today announced that the Partnership intends to issue a press release summarizing fourth quarter 2025 results before the U.S. stock market opens on Friday, February 27, 2026. A conference call to discuss these results is scheduled to begin at 11:30 a.m. CT (12:30 p.m. ET) on Friday, February 27, 2026.

The live broadcast of this conference call will be available online by going to www.DelekLogistics.com and clicking on the webcasts section of the website. The online replay will be available on the website for 90 days.

About Delek Logistics Partners, LP

Delek Logistics is a midstream energy master limited partnership headquartered in Brentwood, Tennessee. Through its owned assets and joint ventures located primarily in and around the Permian Basin, the Delaware Basin and other select areas in the Gulf Coast region, Delek Logistics provides gathering, pipeline, transportation, and other services for its customers in crude oil, intermediates, refined products, natural gas, storage, wholesale marketing, terminalling, water disposal and recycling.

Delek US Holdings, Inc. ("Delek US") owns the general partner interest as well as a majority limited partner interest in Delek Logistics and is also a significant customer.

Information about Delek Logistics Partners, LP can be found on its website (www.deleklogistics.com), investor relations webpage (https://www.deleklogistics.com/investor-relations), and news webpage (https://www.deleklogistics.com/news-releases).

View source version on businesswire.com: https://www.businesswire.com/news/home/20260130852916/en/

CONTACT: Investor Relations Contacts:

investor.relations@delekus.com

BRENTWOOD, Tenn.--(BUSINESS WIRE)--January 30, 2026--

Delek US Holdings, Inc. ("Delek US") today announced that the Company intends to issue a press release summarizing fourth quarter 2025 results before the U.S. stock market opens on Friday, February 27, 2026. A conference call to discuss these results is scheduled to begin at 10:00 a.m. CT (11:00 a.m. ET) on Friday, February 27, 2026.

The live broadcast of this conference call will be available online by going to www.DelekUS.com and clicking on the investor relations section of the website. The online replay will be available on the website for 90 days.

About Delek US Holdings, Inc.

Delek US Holdings, Inc. is a diversified downstream energy company with assets in petroleum refining, logistics, pipelines, and renewable fuels. The refining assets consist primarily of refineries operated in Tyler and Big Spring, Texas, El Dorado, Arkansas and Krotz Springs, Louisiana with a combined nameplate crude throughput capacity of 302,000 barrels per day.

The logistics operations include Delek Logistics Partners, LP . Delek Logistics Partners, LP is a growth-oriented master limited partnership focused on owning and operating midstream energy infrastructure assets. Delek US Holdings, Inc. and its subsidiaries owned approximately 63.3% (including the general partner interest) of Delek Logistics Partners, LP as of December 31, 2025.

Information about Delek US Holdings, Inc. can be found on its website (www.delekus.com), investor relations webpage (ir.delekus.com), and news webpage (www.delekus.com/news).

View source version on businesswire.com: https://www.businesswire.com/news/home/20260130957216/en/

CONTACT: Investor Relations Contact:

investor.relations@delekus.com

By Myra P. Saefong

Angst over Venezuela and Iran boosts oil prices in January

OPEC+ will meet on Sunday, following a January rise in oil prices.

Oil prices ended the month of January with their first gain in six months. That's no surprise given the risks to the global flow of oil tied Venezuela and Iran, but the world's supply of crude is still expected to outpace demand this year.

The Organization of the Petroleum Exporting Countries and its allies - the group of major oil producers known as OPEC+ - will have to take all of that into account when they meet this weekend to discuss their oil-production targets.

January has seen a "repricing of geopolitical risk layered on top of a market that had grown far too comfortable with the surplus story," said Stephen Innes, managing partner at SPI Asset Management.

On Friday, West Texas Intermediate crude for March delivery (CLH26) (CL.1) posted a 14% gain for the month of January, following five consecutive months of declines. It edged down by 0.3% Friday to settle at $65.21 a barrel on the New York Mercantile Exchange.

March Brent crude (BRNH26), which expired at the end of Friday's session, finished little changed at $70.69 on ICE Futures Europe, for a 16% monthly climb.

Oil prices saw their first monthly gain in six months "not because balances suddenly tightened in a structural way, but because the market had underpriced geopolitical optionality and was forced to buy it back in a hurry," Innes said.

After the U.S. military on Jan. 3 captured then-Venezuelan President Nicolás Maduro, who was later charged with narcoterrorism, the world wasn't quite sure if the developments would lead to more oil on the global market or less, at least in the near term.

The verdict, for now, appears to be that it will take a long time to rebuild Venezuela's oil infrastructure to the point where it can see a significant rise in production levels. But in the meantime, Venezuelan crude exports to the U.S. have reached their highest levels in almost a year, according to data from Kpler.

Venezuelan crude exports bound for the U.S. have hit their highest level in almost a year, according to Kpler. (The missing bars represent months when the Trump administration temporarily revoked Chevron's license to operate in Venezuela.)

Tensions with Iran have also been in the spotlight, with U.S. President Donald Trump ratcheting up pressure on the Middle Eastern nation to reach a nuclear deal.

Venezuela is more background noise than a primary driver, but together with Iran, the developments were "sufficient to shake a market that had been trading as if nothing bad could happen," Innes said.

Despite all the developments in January, however, the global oil market is still expected to see a supply surplus this year. The narrative has just been "muted by geopolitics and positioning" in the oil market, he said.

Knowing that can make the output decision a bit easier for the eight members within the OPEC+ alliance that had been subject to voluntary production cuts.

At their last meeting, held Jan. 4, the group of eight reaffirmed their decision to pause production increases through the first quarter of 2026.

OPEC+ is 'likely to sit on its hands, let the premium do its work, and reassess once the market is trading fundamentals again rather than headlines.' Stephen Innes, SPI Asset Management

For this weekend's meeting, the "base case is policy inertia," Innes said. "Reconfirm the current framework, signal discipline and avoid becoming the source of volatility while geopolitics is doing that job for free."

He added: "Prices have recovered enough to buy patience, not confidence." The rally in oil looks to be driven by geopolitical risk, rather than demand-validated, and OPEC+ "understands that leaning into it by adding supply would likely cap the move rather than monetize it."

So OPEC+ is "likely to sit on its hands, let the premium do its work, and reassess once the market is trading fundamentals again rather than headlines," Innes said.

-Myra P. Saefong

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