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A photo of former President Bill Clinton topless in a dimly lit hot tub with his arms folded behind his head was included in a massive trove of Jeffrey Epstein files released Friday by the Department of Justice (DOJ).

In another photo, Clinton is seen wading in a pool next to Ghislaine Maxwell and a woman whose face was redacted by authorities.

Subsequent photos showed Clinton posing with American pop stars Michael Jackson and Diana Ross and seated on a plane next to a female wearing an American flag pin whose face was redacted.

He was also seen smiling arm-in-arm with the late disgraced financier and convicted sex offender Epstein at what appeared to be a dinner party, wearing a festive shirt.

The locations where the photos were taken were not included, and no context was provided.

White House deputy press secretary Abigail Jackson took to social media Friday afternoon to comment on the never-before-seen photos of the former POTUS.

‘Here is Bill Clinton in a hot tub next to someone whose identity has been redacted. Per the Epstein Files Transparency Act, DOJ was specifically instructed only to redact the faces of victims and/or minors,’ Jackson wrote. ‘Time for the media to start asking real questions.’

Clinton’s deputy chief of staff, Angel Ureña, accused the White House of trying to ‘hide [things] forever,’ in a statement on X, implying President Donald Trump continued a relationship with Epstein after his crimes were revealed.

‘The White House hasn’t been hiding these files for months only to dump them late on a Friday to protect Bill Clinton. This is about shielding themselves from what comes next, or from what they’ll try and hide forever,’ Ureña wrote in the post. ‘So they can release as many grainy 20-plus-year-old photos as they want, but this isn’t about Bill Clinton. Never has, never will be. Even Susie Wiles said Donald Trump was wrong about Bill Clinton.

‘There are two types of people here,’ he continued. ‘The first group knew nothing and cut Epstein off before his crimes came to light. The second group continued relationships with him after. We’re in the first. No amount of stalling by people in the second group will change that. Everyone, especially MAGA, expects answers, not scapegoats.’

The DOJ dumped thousands of documents and hundreds of photos on its website Friday, all supposedly obtained by authorities during investigations into Epstein and Maxwell’s sex trafficking cases. 

Other photos showed interior and exterior views of Epstein’s properties, personal photos of Epstein with various people and heavily redacted potential victim exhibits.

While more than a dozen politically known individuals appeared in the files, Clinton and other notable figures’ inclusion in the files does not necessarily imply wrongdoing.

The document drop was triggered by the Epstein Files Transparency Act, which required the DOJ to make the files public 30 days from its Nov. 19 signing by President Donald Trump.

Some files may be withheld by the DOJ if disclosure would jeopardize an ongoing investigation or prosecution, to safeguard victims’ privacy or to avoid publishing sensitive child sexual abuse material.

Ross’ communications teams did not immediately respond to Fox News Digital’s requests for comment.

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The Department of Justice began releasing final documents related to convicted sex offender Jeffrey Epstein Friday, with a massive trove of documents that predominantly shows photos and heavily redacted materials categorized into four different sections. 

The DOJ on Friday afternoon released four different data sets of thousands of photos, New York grand jury material and evidence related to investigations surrounding Epstein. The documents and photos were released on the DOJ’s official website. 

Epstein was a well-connected financier who rubbed elbows with those at the highest echelons of government and private industry. He was convicted of sex trafficking minors in 2008 and served just more than one year of incarceration, which also included a controversial work-release arrangement under a plea agreement. 

He was arrested again in 2019 on charges of sex trafficking before he was found dead in his Manhattan jail cell from suicide that same year, officials reported. 

DATA SET ONE: 

The first data set shows thousands of photos of the interiors and exteriors of Epstein’s properties, including in New York and on his private island, Little St. James. 

DATA SET TWO: 

The second data set released shows Epstein in personal photos with high-profile individuals, including former President Bill Clinton. The photos in the second data set show Epstein shirtless while sitting on a sofa, standing near a helicopter and many photos of him on boats.  

A photo in the set included Clinton shirtless in a hot tub. 

When asked about the photo, Clinton spokesperson Angel Urena directed Fox Digital to a statement he posted to X in response to the Epstein drop. 

‘The White House hasn’t been hiding these files for months only to dump them late on a Friday to protect Bill Clinton,’ he wrote. ‘This is about shielding themselves from what comes next, or from what they’ll try and hide forever. So they can release as many grainy 20-plus-year-old photos as they want, but this isn’t about Bill Clinton. Never has, never will be. Even Susie Wiles said Donald Trump was wrong about Bill Clinton.’

Urena said there are ‘two types of people’ involved in the Epstein scandal: those who did not know of Epstein’s crimes and cut him out of their lives upon his conviction and a second group of people who ‘continued relationships with him after’ his crimes came to light.

‘We’re in the first. No amount of stalling by people in the second group will change that,’ the Clinton spokesman continued. ‘Everyone, especially MAGA, expects answers, not scapegoats.’ 

DATA SET THREE:

The third data set released by the Department of Justice included heavily redacted photos of potential victims, documents from Epstein’s 2019 grand jury records that were also heavily redacted, and potential victim exhibits. 

DATA SET FOUR: 

The fourth data set in the document drop mostly showed evidence and exhibits from the investigations into Epstein, including documents dated 2005 and 2006, when the Palm Beach, Florida, Police and FBI began investigating Epstein over tips of potential sex trafficking. 

President Donald Trump signed a bipartisan law in November that required the Department of Justice to release all ‘unclassified records, documents, communications and investigative materials’ within 30 days of Trump’s signature.  

Deputy Attorney General Todd Blanche said Friday morning during an appearance on Fox News that the Department was set to ‘release several hundred thousand documents today,’ while adding that the DOJ anticipates releasing ‘more documents over the next couple of weeks.’

The Epstein Files Transparency Act specifically directs the Justice Department to release all unclassified records and investigative materials related to Epstein and his longtime partner Ghislaine Maxwell, as well as files related to individuals who were referenced in Epstein previous legal cases, details surrounding trafficking allegations, internal DOJ communications as they relate to Epstein and any details surrounding the investigation into his death. 

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On Friday, I debated cannabis legalization at AmericaFest 2025, the annual convention for Turning Point USA, the group led by Charlie Kirk until his assassination in September. Here’s my opening argument:

My opponent this afternoon is Katherine Mangu-Ward, the editor-in-chief of Reason magazine and a staunch libertarian. Katherine’s pinned post on X calls for the legalization of heroin, so at least she is consistent.

I too am consistent. I believe the liberal and libertarian effort to destigmatize, normalize, legalize, and even promote the use of ‘drugs of abuse‘ has been a catastrophe for the United States. 

We are a global outlier on this issue. We have reaped nothing but pain for a generation of ideologically driven decisions to make drugs more accessible to both young people and adults.

By ‘drugs of abuse,’ I mean drugs that produce a subjective high that makes people want to keep using them and to use more over time. The precise biochemical mechanism and whether the high is stimulating, sedating, or intoxicating matters less than the fact of its temporary pleasure. Of course those drugs include cannabis. Yes, alcohol is a drug of abuse too. So are medically prescribed drugs, from Oxycontin to Adderall to Valium.

Unfortunately, Thursday’s decision by President Trump to ‘reschedule’ cannabis and make it more accessible will only worsen this self-imposed crisis and lead to more drug-driven misery and death.

Let’s be clear about cannabis. Cannabis — particularly cannabis today, which is very high in THC, the chemical that intoxicates users — is very much a drug of abuse.

When they have been tested in rigorously controlled trials — and they have been tested over and over — cannabis and THC have shown almost no medical benefits. But they have many side effects, to both brain and body.

Normalizing drug use normalizes drug use. Pretending drugs of abuse are medicine normalizes it even faster.

Cannabis can cause psychotic episodes where users lose touch with reality and become paranoid that friends or family members want to hurt them. It can sometimes cause those users to become violent in response. It can cause episodes of prolonged vomiting that send users to emergency rooms. It is associated with traffic accidents and deaths. It raises the risk of heart attacks in users dramatically. And, yes, it is a gateway drug.

Overall, cannabis is probably at least as dangerous as alcohol. It is less obviously physically harmful, for despite its cardiovascular risks, it does not cause direct overdose. But it is more psychiatrically harmful.

Now we come to the simple, facile libertarian argument: but alcohol is legal! Cannabis should be legal too. In fact, all drugs should be legal — and again, I do appreciate the fact Katherine was honest enough to say that out loud.

My drug, my body, my choice.

Sounds good. Except that to use drugs is inevitably to risk consequences both to yourself and to other people that cannot be foreseen. Drugs follow their own logic.

Some drugs — especially opioids — frequently kill their users from overdose. Many drugs cause users to behave in antisocial ways — to become violent, or simply to stop caring about the possible consequences of their actions. And all drugs of abuse have addictive potential.

The libertarian solution to this problem is to ignore it, to say that users are responsible for their own behavior. If they become addicted, too bad for them.

This theory sounds nice. But it ignores reality.

The children and families around users and addicts inevitably bear the brunt of their antisocial behavior, and the rest of us cannot ignore its public harms. Even when it does not lead to full-bore addiction, drug use that is more than casual almost inevitably worsens the problems users have turned to it to solve. It is the most selfish of acts. It divorces users from the lives of people around them — and their own lives.

A religious person might call that behavior immoral. But one doesn’t have to be religious to recognize it has what economists call externalities. The user feels the subjective pleasure, while everyone else faces the potential consequences.

As a society, we seem to have become desensitized to the potentially horrific consequences of drug use.

We should not be. We must not be.

We — as individuals, and as a nation — must do everything possible to remind people of them. We must discourage it at every turn. That means stigmatizing drugs of abuse, not legitimizing them, not building industries that profit from heavy use and addiction.

It means driving up the price — in dollars and potential legal consequences — of drug use to discourage people who have not used from doing so, rather than making drugs cheap, openly advertised, and easily accessible.

It means understanding that every drug is a gateway drug, not just biochemically but societally. Normalizing drug use normalizes drug use. Pretending drugs of abuse are medicine normalizes it even faster.

Legalization is a red herring. Alcohol is legal, but we arrest people for alcohol consumption all the time — for underage use, for public drinking or intoxication, for drinking and driving. We will continue to arrest people for using cannabis too, even if the drug is fully legalized at the state and federal level.

But whatever the legal status of cannabis, we are not going to put every — or even many — cannabis users in jail. We don’t now, and we didn’t a generation ago. 

The question is whether we want encourage use: of cannabis, of Adderall, of alcohol, of OxyCONTIN, of fentanyl, of cocaine, of every legal and illegal drug. Legalizing cannabis is another step on that path to ruination.

I hope we do not take it.

Editor’s note: This column first appeared on the author’s Substack, ‘Unreported Truths.’

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Russian President Vladimir Putin said Friday that Moscow would refrain from launching new attacks on other nations provided his country is treated ‘with respect.’

The Kremlin made the remarks during his annual televised press conference in Moscow as concerns persist among European nations that Russia poses a security threat, Agence France-Presse (AFP) reported.

‘Will there be new special military operations? There will be no operations if you treat us with respect, if you observe our interests, just as we have constantly tried to observe yours,’ Putin said.

Putin uses the phrase ‘special military operation’ to describe Russia’s offensive in Ukraine, according to AFP.

He added there would be no further Russian invasions ‘if you don’t cheat us like you cheated us with NATO’s eastward expansion,’ according to the BBC.

The Russian leader also claimed he was ‘ready and willing’ to end the war in Ukraine ‘peacefully,’ though he offered few details suggesting a willingness to compromise, the BBC reported.

The yearly news conference, which typically runs at least four hours, features questions from reporters and members of the public across Russia. 

More than 2.5 million questions were submitted for this year’s event, which focused heavily on the war in Ukraine, Reuters reported.

Putin also noted during the event that the nation’s ‘troops are advancing’ and expressed confidence that Russia will accomplish its objectives through military means if Ukraine does not assent to Russia’s terms during peace talks, according to The Associated Press.

‘Our troops are advancing all across the line of contact, faster in some areas or slower in some others, but the enemy is retreating in all sectors,’ Putin declared.

As the war drags on, the European Union has just agreed to provide Ukraine with a loan of over $105 billion.

Fox News Digital’s Alex Nitzberg contributed to this report.

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It’s not just Minnesota.

The past few weeks have made clear that fraudsters stole billions of dollars from states’ welfare programs, much of it from Medicaid. It also appears that Democratic politicians tolerated the heist for their own political benefit. 

Yet politicians in virtually every state have let waste, fraud and abuse spread like wildfire in Medicaid, putting taxpayers on the hook for an estimated $2 trillion in improper spending over the next decade alone. 

Thankfully, President Donald Trump and congressional Republicans have given states a reason to clean up this mess and spare taxpayers that pain.

In a new paper, I show how Democrats have turned Medicaid into one of the most fraud-ridden programs in America — and how Republicans are fixing it. While Medicaid has long been plagued with improper spending, Democrats supercharged this crisis in the Obama years.

ObamaCare added tens of millions of able-bodied adults to the program, yet that population is much more likely to be ineligible.

The Obama administration refused to rigorously check eligibility, and the Biden administration adopted the same policy, deliberately hiding an explosion in waste, fraud and abuse. Meanwhile, states refused to police their Medicaid programs, confident that the federal government would look the other way and cover the tab.

The first Trump administration found that 27.4% of federal Medicaid spending was improper in 2020, or about $120 billion at the time. The administration also found that four out of every five improper payments were the result of eligibility errors. This money flowed to people who shouldn’t have been on Medicaid and therefore diverted money and care away from its intended recipients. Five years later, it’s highly likely that at least one in five Medicaid dollars is still wrongly spent.

Call this what it is — an assault on taxpayers. It’s also a clear violation of federal law. States are legally required to reimburse the federal government for Washington’s share of Medicaid payments if their improper payment rates are above 3%, a far cry from the 27.4% rate in 2020.

The Trump administration is once again conducting eligibility checks, but even without that info, it’s all but certain that every state already exceeds the 3% threshold. The only reason they’ve avoided a budget blowout is by receiving so-called ‘good faith waivers’ from Washington. Essentially, states have promised that they’ll tackle fraud and abuse, even when they have no intention of doing so.

Republicans called time on this rigged game in the law President Trump signed July 4. They effectively eliminated good-faith waivers and told states that, starting in 2030, they will be forced to cover the federal share of any improper payments above 3%. While five years may seem like an eternity, it’s an acknowledgment that states have a mountain to climb to bring their error rates into the low single digits. 

Consider Ohio. In 2019, it had an improper payment rate of nearly 45%, giving the Buckeye State the worst record in the nation for waste, fraud and abuse. Based on its most recent spending levels, Ohio would be on the hook for $9.7 billion, equal to roughly 15% of its current state budget. Illinois, with a 35.4% rate, would pay $6.4 billion, a tough ask given the state’s famous fiscal woes. Even states with lower improper payment rates, like Pennsylvania, Michigan and Missouri, would still be looking at annual costs of more than $1 or $2 billion.

Without reform, I estimate that states will pay a combined $100 billion in penalties beginning in 2030. Their only hope to avoid this fiscal pain is to immediately start rooting out waste, fraud and abuse. In the state legislative sessions that start in January, lawmakers should focus on several key reforms.

First, stop allowing Medicaid recipients to self-attest their income, address and other personal information. Using the honor system invites abuse.

Second, review recipients’ eligibility at least twice a year for able-bodied adults and once a year for everyone else, thereby removing ineligible individuals early and often.

Third, cross-check Medicaid data with easily accessible information such as wage, hiring and tax records; returned mail and changes of address; out-of-state food stamp transactions; and prison and death records. These basic good government measures can quickly identify people wrongly receiving taxpayer money.

Waiting to tackle Medicaid fraud is the most foolish thing states can do. So is hoping that Democrats get their wish and successfully repeal Republicans’ Medicaid reforms. That won’t happen while Trump is president. And if states wait to see the outcome of the 2028 election, they may be disappointed. At that point, they’d face an even steeper hill with barely a year to get their act together.

There’s no avoiding the reality that Democrats broke Medicaid — in Minnesota and everywhere else — or that Republicans have given states an urgent mandate to finally root out the waste, fraud and abuse.

 Michael Greibrok is a Senior Research Fellow at the Foundation for Government Accountability.

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The uranium market moved through 2025 with less drama than the previous year, but the quieter tone masked a sector still tightening beneath the surface.

After 2024’s surge to two-decade highs, in 2025, U3O8 prices traded in a narrower US$20 range in 2025, slipping to a low of US$63.71 in March before climbing back toward the mid-US$80s by late September.

In December, spot prices had settled near US$75, a level that has acted as a floor since late summer.

Despite the muted price action, uranium’s underlying drivers strengthened. Long-term demand projections, renewed government backing for nuclear power and rising concerns over supply security all helped support the market.

Investor appetite also played a defining role. Continued buying from the Sprott Physical Uranium Trust (SPUT) (TSX:U.U,OTCQX:SRUUF) and retail investors added steady pressure to the spot market, absorbing millions of pounds of material and lifting prices above where utility demand alone would have placed them.

While true supply shortages did not materialize in 2025, production interruptions and operational uncertainties at major mines made sellers more cautious and prompted utilities to top up inventories more aggressively. The result was a market that remained fundamentally tight, while uranium equities continued to outperform on the strength of a durable, long-term bull thesis.

Against this backdrop, we profile the five best-performing Canadian uranium stocks by share price performance below.

All data was obtained on December 15, 2025, using TradingView’s stock screener. Uranium companies on the TSX, TSXV and CSE with market caps above C$10 million at that time were considered. Read on to learn about the top Canadian uranium stocks in 2025, including what factors have been moving their share prices.

1. North Shore Uranium (TSXV:NSU)

Year-to-date gain: 637.5 percent
Market cap: C$22.17 million
Share price: C$0.295

North Shore Uranium is an exploration company focused on advancing uranium assets in established North American districts. Its core projects include the Falcon and West Bear properties along the eastern margin of Saskatchewan’s Athabasca Basin in Canada, complemented by a growing presence in the Grants uranium district of New Mexico, US.

The company is also evaluating additional exploration opportunities in the United States and Canada as it builds a diversified uranium project portfolio.

In June, North Shore penned a binding term sheet to acquire an up to 87.5 percent interest in the Rio Puerco uranium project in Northwest New Mexico from Resurrection Mining. The project hosts a historical inferred mineral resource estimate, released in 2009, of approximately 11.4 million pounds of U3O8 from 6 million metric tons of ore grading 0.09 percent U3O8 equivalent.

Subsequently, on August 28, the company officially entered into a definitive option agreement for the acquisition and closed a C$1.4 million private placement. On September 11, the company announced it staked 27 additional mining claims at the Rio Puerco project, bolstering its holdings in the area to 64 adjoining Bureau of Land Management claims.

As for its projects in Canada, in an October press release North Shore announced the completion of a prospecting program at its Falcon property, during which crews evaluated 18 priority targets for surface expression and anomalous radioactivity, collecting samples to support further exploration.

Later in the month, North Shore fulfilled its final earn-in requirement at the West Bear property, issuing C$50,000 shares to Gem Oil to secure the right to acquire a 75 percent interest in the project.

Shares of North Shore Uranium rose to a year-to-date high of C$0.29 on December 15, a few days after the company launched a C$3 million private placement on December 11.

Looking ahead, the company is planning a drill program at the Rio Puerco uranium project during H1 2026.

2. Energy Fuels (TSX:EFR)

Year-to-date gain: 156.12 percent
Market cap: C$4.76 billion
Share price: C$19.26

US-based uranium producer Energy Fuels has a large portfolio of conventional and in-situ recovery (ISR) projects across the Western US, including Pinyon Plain in Arizona, a top national producer.

Additionally, Energy Fuels owns and operates the White Mesa mill, the only fully licensed and operating conventional uranium mill in the US. The company is progressing heavy rare earth oxide processing at the plant as well.

Company shares reached a year-to-date high of C$36.84 on October 14, 11 days after Energy Fuels closed its US$700 million offering of 0.75 percent convertible senior notes due 2031, which was upsized after initial purchasers exercised their option to purchase a further US$100 million in notes.

In a Q3 report released on November 3, the company underscored a rise in uranium sales, as its low-cost US production continued to outperform, putting the miner on track to exceed its 2025 guidance.

The firm also advanced its rare earth ambitions, producing 29 kilograms of dysprosium oxide in pilot runs through September, with terbium oxide next in line.

The October US$700 million convertible note offering strengthened the balance sheet, lifting working capital to nearly US$1 billion and raising the effective conversion price to US$30.70 per share.

3. Stallion Uranium (TSXV:STUD)

Year-to-date gain: 150 percent
Market cap: C$49.57 million
Share price: C$0.375

Uranium junior Stallion Uranium holds a 2,870 square kilometer land package on the western side of the Athabasca Basin, in Saskatchewan, Canada, including a joint venture with Atha Energy (TSXV:SASK,OTCQB:SASKF) for the largest contiguous project in the region. The company’s primary focus is the Coyote target at the Moonlite project.

Stallion’s share price shot upward on July 8 after the company announced a technology data acquisition agreement for Matchstick TI, an intelligent geological target identification platform with 77 percent accuracy. Stallion plans to use the technology to enhance its exploration efforts. It closed the acquisition on November 12.

In early September, Stallion Uranium closed the final tranche of a non-brokered private placement, raising gross proceeds of C$10.49 million. The financing included 22.3 million non-flow-through units and 30.1 million flow-through units, both priced at $0.20 per unit.

Stallion’s shares registered a year-to-date high of C$0.51 on September 16.

According to an October statement, Stallion planned to start a high-resolution ground time domain electromagnetic survey on Coyote on November 1, but it has not yet released a further update on the survey.

The company announced a further private placement on December 12, this one consisting of flow-through shares for gross proceeds of C$4.55 million at a price of C$0.45 per share.

4. District Metals (TSXV:DMX)

Year-to-date gains: 139.51 percent
Market cap: C$165.24 million
Share price: C$0.97

District Metals is an energy metals and polymetallic explorer and developer with a portfolio of seven assets in Sweden, including four uranium projects: Viken, Ardnasvarre, Sågtjärn and Nianfors. Currently, District is focused on its Viken uranium-vanadium project, which it says hosts the world’s largest undeveloped uranium deposit.

Shares began trending upwards in mid-May following news of a fully subscribed C$6 million private placement.

District spent 2025 advancing its four uranium projects through a series of targeted surveys. A helicopter-borne mobile magnetotellurics (MobileMT) program wrapped up at the flagship Viken property in June, followed by drone-based radiometric and magnetic surveys at Ardnasvarre, Sågtjärn and Nianfors in July.

Early September results at Sågtjärn and Nianfors were strong enough for the company to seek expanded licenses. Later that month, new MobileMT data from Viken revealed large low-resistivity anomalies both within and beyond the known deposit footprint, pointing to potential for additional uranium deposits.

Shares of District rallied to a year-to-date high of C$1.53 on October 15, the day the company released the results of its radiometric and magnetic survey at the Ardnasvarre property, which identified strong and large anomalies associated with uranium polymetallic occurrences.

District also reported fresh momentum at its alum shale properties after completing airborne MobileMT surveys across the Österkälen, Tåsjö and Malgomaj licenses this summer.

The first batch of results, released in late October, outlined a significant new geophysical anomaly at its wholly owned Österkälen license. District has already applied for an adjacent mineral license to capture the anomaly’s northwestern extension. The Österkälen area lies roughly 100 kilometers northeast of the company’s flagship Viken property.

In subsequent announcements, District reported the discovery of high priority targets at the Tåsjö alum shale property, and of large, robust targets at the Malgomaj alum shale property, both of which led the company to file applications for adjacent mineral licenses.

In early November, District Metals welcomed a landmark decision in Sweden when Parliament voted to repeal the country’s 2018 moratorium on uranium exploration and mining.

The new legislation, set to take effect January 1, 2026, opens the door for renewed development in a nation that holds roughly 27 percent of Europe’s known uranium resources.

5. Purepoint Uranium (TSXV:PTU)

Year-to-date gain: 113.64 percent
Market cap: C$38.01 million
Share price: C$0.47

Exploration company Purepoint Uranium has an extensive uranium portfolio including six joint ventures and five wholly owned projects, all located in Saskatchewan’s Athabasca Basin.

In January, Purepoint strengthened its relationship with IsoEnergy (TSX:ISO,NYSEAMERICAN:ISOU) when the latter exercised its put option under the framework of a previously announced joint-venture agreement, transferring 10 percent of its stake to Purepoint in exchange for 4 million shares. The now 50/50 joint venture will explore 10 uranium projects across 98,000 hectares in the Athabasca Basin, including the Dorado project.

As for Q3, the company closed the final tranche of a C$6 million private placement on September 5.

Later in the month, Purepoint released partial assay results from the Dorado project for one hole from its 11 hole drill program. The drill hole returned the most significant intervals to date, according to the company, with one interval of 2.1 meters grading 1.6 percent U3O8, including 0.4 meters at 8.1 percent, as well as another interval of 4.9 meters at 0.52 percent. The company has since dubbed this the Nova discovery

Purepoint ended September by launching its inaugural drill program at the Tabbernor project, located on the southeastern edge of the basin. The program, which concluded in November, targeted a 60 kilometer long corridor of graphitic conductors with five first-pass diamond drill holes. The Tabbernor findings will be combined with the company’s ongoing regional interpretation work to prioritize next targets.

Shares of Purepoint registered a year-to-date high of C$0.80 on October 14 as uranium prices rose.

In early December, Purepoint and IsoEnergy approved an expanded 2026 exploration program at the Dorado project following the previously released strong drill results, which Purepoint said confirm ‘a steeply dipping, uranium-bearing structure that remains open in all directions.’

The joint venture will prioritize the northeastern extension of the Nova discovery while advancing other high-potential zones across Dorado.

FAQs for investing in uranium

What is uranium used for?

Uranium is primarily used for the production of nuclear energy, a form of clean energy created in nuclear power plants. In fact, 99 percent of uranium is used for this purpose. As of 2022, there were 439 active nuclear reactors, as per the International Atomic Energy Agency. In 2023, 9 percent of US power came from nuclear energy.

The commodity is also used in the defense industry as a component of nuclear weaponry, among other uses. However, there are safeguards in effect to keep this to a minimum. To create weapons-grade uranium, the material has to be enriched significantly — above 90 percent — to the point that to achieve just 5.6 kilograms of weapons-grade uranium, it would require 1 metric ton of uranium pre-enrichment.

Because of this necessity, uranium enrichment facilities are closely monitored under international agreements. Uranium used for nuclear power production only needs to be enriched to 5 percent; nuclear enrichment facilities need special licenses to enrich above that point for uses such as research at 20 percent enrichment.

The metal is also used in the medical field for applications such as transmission electron microscopy. Before uranium was discovered to be radioactive, it was used to impart a yellow color to ceramic glazes and glass.

Where is uranium found?

The country with the greatest uranium reserves by far is Australia — the island nation holds 28 percent of the world’s uranium reserves. Rounding out the top three are Kazakhstan with 15 percent and Canada with 9 percent.

Although Australia has the highest reserves, it holds uranium as a low priority and is only fourth overall for production. All its uranium output is exported, with none used for domestic nuclear energy production.

Kazakhstan is the world’s largest producer of the metal, with production of 21,227 metric tons in 2022. The country’s national uranium company, Kazatomprom, is the world’s largest producer.

Canada’s uranium reserves are found primarily in its Athabasca Basin, and the region is a top producer of the metal as well.

Why should I buy uranium stocks?

Investors should always do their own due diligence when looking at any commodity so that they can decide whether it fits into their investment plans. With that being said, many experts are convinced that uranium has entered into a significant bull market, meaning that uranium stocks could be a good buy.

A slew of factors have led to this bull market. Discourse has been building around the metal’s use as a source of clean energy, which is important for countries looking to reach climate goals, and interest in nuclear power to fuel artificial intelligence energy demand has increased significantly as well.

Nations are now prioritizing a mix of clean energies such as solar and wind energy alongside nuclear. Significantly, in August 2022, Japan announced it is looking into restarting its idled nuclear power plants and commissioning new ones.

Uranium prices are very important to uranium miners, and levels had not been high enough for production to be economic. However, prices have climbed significantly in recent years, and spiked from US$58 per pound in August 2023 to a high of US$106 per pound in February 2024.

Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

The oil and gas market was punctuated with volatility in 2025.

Oil prices softened as supply outpaced demand and inventories built. Brent and West Texas Intermediate (WTI) crude slipped in late 2025, with Brent dipping below US$60 per barrel and WTI hovering at US$55.

Production increases from non-OPEC producers — including record US output — and higher OPEC+ quotas have contributed to a notable supply overhang, pressuring crude toward four year lows.

Starting the year above US$70, both Brent and WTI prices have now seen steep declines of more than 20 percent amid signs of weaker demand in major economies like China and elevated global stocks.

Meanwhile, the natural gas market saw price shifts driven by weather and storage dynamics.

Prices started the year at US$3.64 per million British thermal units and slipped to a seasonal low of US$2.74 in August. Values peaked at US$5.31 on December 5, and have since retreated to the US$3.94 level.

The US Energy Information Administration (EIA) raised its outlook for late 2025 and early 2026 gas prices after an early cold snap bolstered heating demand, even as forecasts have moderated Henry Hub projections for 2025 to 2026.

Oil market battles persistent headwinds

2025 saw oil prices fluctuate between highs of US$81.86 (Brent) and US$78.99 (WTI) and lows of US$59.41 and US$55.56, respectively, as the energy market served as a barometer of global political and trade tensions.

“Throughout the year, prices have continued the downtrend they began in April (2024) as OPEC+ continued to hike output and China’s economy continued to struggle under the weight of a flailing property sector, downbeat consumer confidence, overindebted local governments and flagging external demand,” he added.

While the oil market isn’t new to volatility, this year proved different as US President Donald Trump’s on-again, off-again tariffs infused global uncertainty into the energy market.

“We can see that Trump’s ‘Liberation Day’ tariffs pushed prices down to a level from which they’ve not recovered from, barring a spike in June as a result of the 12 day Iran-Israel war,” said Cunningham.

“Since then, Brent crude oil prices have continued to fall as OPEC+ caught the market off guard with its aggressive output hikes, which were designed to win back market share from non-cartel producers.’

Demand growth, underinvestment reshape oil outlook

Meanwhile, OPEC is approaching full production capacity, with Saudi Arabia being the main exception.

“Even though people are talking about lots of supply, demand is still growing,” Schachter said, noting that global oil demand rose roughly 1.3 million barrels per day in 2025 and is expected to increase by about 1.2 million in 2026.

New supply additions are limited, he explained, mentioning Guyana’s offshore discoveries by ExxonMobil (NYSE:XOM), some output from Brazil and minor contributions from Canada.

“Most basins are tired, and not enough money is being spent to bring on production,” Schachter said, predicting that global inventory drawdowns in 2026 will support higher prices.

Despite lack of investment at the exploration level, FocusEconomics panelists are forecasting a rise in both oil and gas supply in 2026 fueled by output growth at existing operations.

Cunningham pointed to organizations like the EIA and International Energy Agency (IEA), which “hiked their forecasts in recent months in response to OPEC+ increasing output unexpectedly fast and the recent surge in demand for US LNG.”

“The real question is not if oil and gas production will increase, but by how much,” said Cunningham.

A ramp up could be curtailed by geopolitical disruptions, he went on to note.

“Recent frictions between members of the OPEC+ cartel will persist, with Russia likely to favor lower production levels given US sanctions and countries like Saudi Arabia and the United Arab Emirates eager to push production higher given their excess capacity and desire to win back market share from non-OPEC+ producers,” he said.

“Moreover, countries like Kazakhstan and Iraq continue to overshoot their quotas, and in late 2023 Angola left the cartel due to disputes over its allowed production level.”

Transport and petrochemicals driving oil demand

Global oil demand is expected to rise in 2026, driven primarily by transportation fuels and petrochemical feedstocks.

Gasoline is projected to lead the increase, supported by recovering air travel and road mobility, while diesel and other products also contribute. Non-OECD regions, particularly China and India, will account for most of the growth, with expanding petrochemical capacity in major economies boosting crude-derived feedstock demand.

Overall, transport and industrial activity remain the key engines behind the expected rise in oil consumption.

“Our panelists see world oil production rising 1.1 percent in 2026 as non-OPEC+ countries such as Guyana and the US hike output,” said FocusEconomics’ Cunningham.

LNG expansion fuels gas growth

Similar to the trajectory for oil, natural gas demand is expected to rise in 2026 as global consumption rebounds and LNG exports expand sharply. “The IEA (is) estimating growth at around 2 percent with consumption at an all-time high on higher demand in the industrial and electricity sectors,” said Cunningham.

Rising LNG supply — with new export capacity coming online in the US, Canada and Qatar — is projected to support stronger import growth, particularly in Asia, where demand is expected to rebound after a 2025 slowdown.

“Asia is hungry for LNG; the IEA estimates the region’s natural gas demand will rise over 4 percent in 2026, with LNG imports up by 10 percent,” the expert said. Increased use of natural gas in power generation and industrial sectors will also contribute to growth, helping push global gas demand toward a new peak next year.

“Of course, these forecasts could change quickly if the world economy or the oil and gas sector is subject to further shocks, which is why we recommend regularly checking the latest forecasts that are available,” Cunningham added.

Further ahead, Schachter argued that rising global power needs will underpin long-term demand for natural gas, particularly as alternatives struggle to scale. Aging power grids are another constraint. Much of the world’s electricity infrastructure has not been meaningfully upgraded, and expanding capacity will require major investment in transmission — driving demand for copper, steel and aluminum alongside new generation.

Against that backdrop, Schachter sees LNG as central to meeting near- and medium-term power needs.

“The demand for LNG is the story,” he said, adding that natural gas is increasingly viewed not as a temporary transition fuel, but as “the most efficient, from a climate and environmental point of view.”

He also highlighted Canada’s advantage as producers invest heavily in emissions-reduction technologies, including methane mitigation. That positioning could make Canadian LNG more attractive to import-dependent nations such as Japan and South Korea.

While new supply from Qatar and the US will add capacity, Schachter cautioned that LNG development is rarely linear, pointing to Canada’s decades-long path to its first operating export terminal. Despite inevitable delays and short-term imbalances, he said the long-term outlook remains clear: “The industry’s fundamentals are very, very positive.”

Cunningham also pointed to increased output from the US and Qatar as key areas to watch in 2026.

“The big Qatari and US LNG projects will help natural gas prices converge globally — our Consensus Forecast is for the percentage difference between US gas prices (which tend to be lower due to huge domestic production) and those in Asia and Europe to ease to the lowest level since 2020, the year the pandemic sent gas demand plummeting,” said Cunningham, adding, “In short, record US LNG shipments will send up prices at home and lower them abroad.”

Cunningham went on to explain that unlike oil, in the natural gas market there tends to be more price divergence between regions as natural gas is harder to transport over large distances. Oil can be poured into a barrel and shipped, whereas natural gas first needs to be liquified if it’s to be sent overseas. Greater LNG capacity will help bridge this gap.

Oil and gas price forecast for 2026

Schachter expects WTI to average over US$70 in 2026, with Brent around US$73 to US$74.

He anticipates some volatility early in the new year, saying that in Q1 he expects trading to be “still sloppy between US$56 and US$66,” before prices rise in Q2 to US$62 to US$72. From there, he sees prices reaching US$68 to US$78 in the year’s third quarter as inventories tighten and market fundamentals assert themselves.

“People think we’re going back to US$80 today. US$58 oil — it ain’t going to US$80. But when the industry is in rational supply and demand, prices climb, especially when inventories draw down quickly,” Schachter said, recalling the 2008 peak in oil prices near US$147 during extreme supply shortages.

Looking at the year ahead, FocusEconomics expects the trends of 2025 to continue.

“Average Brent crude oil prices will ease further to a post-pandemic low, while US natural gas prices will increase to the highest average level since 2014 barring 2022’s Russia-Ukraine-war-driven spike,” said Cunningham.

“OPEC+ is set to continue raising output — after a pause in Q1 2026 — and the global economy should slow as the boost from export front-loading ahead of US tariff wanes.”

Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.

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