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Six mining companies broke the Top 20 rankings in the recently released 2025 OTCQX Best 50, an annual ranking recognizing the 50 top-performing companies traded on the OTCQX Best Market during the previous calendar year.

The rankings evaluate companies based on a combination of one-year total return and average daily dollar volume growth, offering investors insight into companies delivering strong performance across diverse sectors.

The 2025 OTCQX Best 50 features a broad array of US and international firms, with industries ranging from technology and healthcare to mining and financial services. Companies in the resource sectors were well represented on the list, with more than 15 focused on mining and energy placing in the Best 50.

This year, the companies on the list collectively achieved a median total return of 74 percent and a combined trading dollar volume of US$5.85 billion.

Learn about the six mining stocks that made it into the OTCQX Best 50’s top 20 below.

1. American Rare Earths (OTCQX:AMRRY,ASX:ARR)

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2. Luca Mining (OTCQX:LUCMF,TSXV:LUCA)

Luca Mining, which placed fifth on the OTCQX list, is a Canadian mining company with operations centered in Mexico. It operates two flagship assets: the Campo Morado mine in Guerrero state, a polymetallic project processing over 2,500 metric tons of ore per day, and the Tahuehueto project in Durango State, which has entered pre-production with a designed capacity of 1,000 metric tons per day.

Through the first nine months of 2024, Luca produced 40,083 ounces of gold equivalent from a mix of gold, silver, zinc, copper and lead. Just this month, Luca initiated its first exploration drilling campaign at Campo Morado in over a decade, aiming to expand mineral resources and identify untapped zones of potential.

3. Freegold Ventures (OTCQX:FGOVF,TSX:FVL)

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4. Montage Gold (OTCQX:MAUTF,TSXV:MAU)

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5. Lundin Gold (OTCQX:LUGDF,TSX:LUG)

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6. G2 Goldfields (OTCQX:GUYGF,TSXV:GTWO)

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

Editorial Disclosure: Freegold Ventures is a client of the Investing News Network. This article is not paid-for content.

Arafura Rare Earths (ASX:ARU,OTC Pink:ARAFF) said on Wednesday (January 15) that it has signed a binding term sheet for its Nolans rare earths project with the National Reconstruction Fund Corporation (NRFC).

The term sheet is for a AU$200 million investment to support the development of Nolans. The money brings total public funding for Nolans to AU$1 billion, with AU$840 million committed by the federal government in March 2024.

The NRFC investment will happen through the issue of unsecured convertible notes, which hold a conversion period of seven years and a non-convertible period of two years. Their total tenor is 15 years.

At the NRFC’s election during the conversion period, the convertible notes will convert into fully paid Arafura shares at a fixed price, which will be set at a level 40 percent higher than the reference price.

The reference price will be based on a future equity raise needed to fund and develop Nolans.

This equity raise is expected to be announced when Arafura makes its final investment decision for Nolans.

“This deal has been months in the making and de-risks the equity funding required for the development of Nolans,” said Arafura Managing Director Darryl Cuzzubbo, adding that it highlights the project’s strategic importance.

Located 135 kilometres north of Alice Springs in Northern Territory, the Nolans project is positioned to become a major supplier of neodymium and praseodymium to the high-performance permanent magnet market.

Arafura said the project benefits from its location and proximity to transport, water and energy infrastructure.

“Rare earth minerals are strategically important resources that are crucial to modern economies and the global transition to net zero,” commented NRFC Chairman Martijn Wilder AM.

“Arafura’s Nolans Project demonstrates the enormous contribution that Australia can make to the global supply of rare earth minerals and the considerable opportunities for Australia to add value to the raw materials that it mines.”

The issue of the convertible notes is still subject to certain conditions, including finalisation and long-term documentation between Arafura and the NRFC, and shareholder approval.

Arafura’s share price ended the week up just over 25 percent, closing at AU$0.14 on the ASX.

Don’t forget to follow us @INN_Australia for real-time updates!

Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.

​Investor Insight

Executing a well-defined project development strategy for its lithium assets and advancing Direct Lithium Extraction (DLE), CleanTech Lithium is poised to become a key player in an expanding batteries market.

​​Overview

CleanTech Lithium (AIM:CTL,FWB:T2N) is a resource exploration and development company with four lithium assets with an estimated 2.72 million tons (Mt) of lithium carbonate equivalent (LCE) in Chile, a world-renowned mining-friendly jurisdiction. The company aims to be a leading supplier of ‘green lithium’ to the electric vehicle (EV) market, leveraging direct lithium extraction (DLE) – a low-impact, low-carbon and low-water method of extracting lithium from brine.

Lithium demand is soaring as a result of a rapidly expanding EV market. One study estimates the world needs 2 billion EVs on the road to meet global net-zero goals. Yet, the gap between supply and demand continues to widen. As the world races to secure new supplies of critical minerals, Chile has emerged as an ideal investment jurisdiction with mining-friendly regulations and a skilled local workforce to drive towards a clean green economy. Chile is already the biggest supplier of copper and second largest supplier of lithium.

With an experienced team in natural resources, CleanTech Lithium holds itself accountable to a responsible ESG-led approach, a critical advantage for governments and major car manufacturers looking to secure a cleaner supply chain.

Laguna Verde is at pre-feasibility study stage targeted to be in ramp-up production from 2027. Laguna Verde has a JORC resource estimate of 1.8 Mt of lithium carbonate equivalent (LCE) while Viento Andino boasts 0.92 Mt LCE, each supporting 20,000 tons per annum (tpa) production with a 30-year and 12-year mine life, respectively. The latest drilling programme at Laguna Verde finished in June 2024, results from which will be used to convert resources into reserves.

The lead project, Laguna Verde, will be developed first, after which Veinto Andino will follow suit using the design and experience gained from Laguna Verde, as the company works towards its goal of becoming a significant green lithium producer serving the EV market.

The Company is carrying out the necessary environmental impact assessments in partnership with the local communities. The indigenous communities will provide valuable data that will be included in the assessments. The Company has signed agreements with the three of core communities to support the project development.

The company also has two prospective exploration assets – the Llamara project and Salar de Atacama/Arenas Blancas project. Llamara project is a greenfield asset in the Antofagasta region and is around 600 kilometers north of Laguna Verde and Veinto Andino. The project is located in the Pampa del Tamarugal basin, one of the largest basins in the Lithium Triangle.

Salar de Atacama/Arenas Blancas comprises 140 licenses covering 377 sq km in the Salar de Atacama basin, one of the leading lithium-producing regions in the world with proven mineable deposits of 9.2 Mt.

CleanTech Lithium is committed to an ESG-led approach to its strategy and supporting its downstream partners looking to secure a cleaner supply chain. In line with this, the company plans to use renewable energy and the eco-friendly DLE process across its projects. DLE is considered an efficient option for lithium brine extraction that makes the least environmental impact, with no use of evaporation ponds, no carbon-intensive processes and reduced levels of water consumption. In recognition, Chile’s government plans to prioritize DLE for all new lithium projects in the country.

CleanTech Lithium’s pilot DLE plant in Copiapó was commissioned in the first quarter of 2024. To date, the company has completed the first stage of production from the DLE pilot plant producing an initial volume of 88 cubic metres of concentrated eluate – the lithium carbonate equivalent (LCE) of approximately one tonne over an operating period of 384 hours with 14 cycles. Results show the DLE adsorbent achieved a lithium recovery rate of approximately 95 percent from the brine, with total recovery (adsorption plus desorption) achieving approximately 88 percent. The Company’s downstream conversion process is successfully producing pilot-scale samples of lithium carbonate . As of January 2025, the Company is producing lithium carbonate from Laguna Verde concentrated eluate at the downstream pilot plant – recently proven to be high purity (99.78%). Click for highlights video.

CTL’s experienced management team, with expertise throughout the natural resources industry, leads the company toward its goal of producing green lithium for the EV market. Expertise includes geology, lithium extraction engineering and corporate administration.

​​​​Company Highlights

• CleanTech Lithium is a lithium exploration and development company with four notable lithium projects in Chile and a combined total resource of 2.72 million tonnes JORC estimate of lithium carbonate equivalent.
• Chile is one of the biggest producers of lithium carbonate in the world and the Chilean Government has prioritized innovative technologies such as DLE for new project development
• The Company leverages DLE, an efficient method for extracting lithium brine that aims to minimize environmental impact, reduce production time and costs, resulting in high-purity, battery-grade lithium carbonate
• The Company is targeting a dual-listing on the ASX in Q1 2025.
• CleanTech Lithium’s flagship project, Laguna Verde is at the Pre-Feasibility Stage, once completed, the Company looks to start substantive conversations with strategic partners.
• The Company has an operational DLE pilot plant in Copiapó, Chile producing an initial volume of 88 cubic meters of concentrated eluate, which is the lithium carbonate equivalent (LCE) of approx. one tonne, proving the Company’s capacity to produce battery-grade lithium with low impurities from its Laguna Verde brine project.
• In January 2025, the Company announced to the market the production of high purity lithium carbonate (99.78%)
• The Board consists of the former CEO of Collahuasi, the largest copper mine in the world, having held senior roles at Rio Tinto and BHP. In-country experience developing major commercial projects runs throughout the team.
• Recently appointed Australian native Tony Esplin as CEO Designate and acts as a consultant until the proposed ASX listing. Mr Esplin’s priority is to take Laguna Verde Project into the development and commercial production phase – previously Newmont’s Suriname Merian GM and director. The US$800m Project was brought to commercial production on time and under budget.
• CleanTech Lithium’s operations are underpinned by an established ESG-focused approach – a critical priority for governments introducing regulations that require a cleaner supply chain to reach net-zero targets.

​Key Projects

Laguna Verde Lithium Project

The 217 sq km Laguna Verde project features a sq km hypersaline lake at the low point of the basin with a large sub-surface aquifer ideal for DLE. Laguna Verde is the company’s most advanced asset.

Project Highlights:

• Prolific JORC-compliant Resource Estimate: As of July 2023, the asset has a JORC-compliant resource estimate of 1.8 Mt of LCE at a grade of 200 mg/L lithium.
• Environmentally Friendly Extraction: The company’s asset is amenable to DLE. Instead of sending lithium brine to evaporation ponds, DLE uses a unique process where resin extracts lithium from brine, and then re-injects the brine back into the aquifer, with minimal depletion of the resources. The DLE process reduces the impact on environment, water consumption levels and production time compared with evaporation ponds and hard-rock mining methods.
• DLE Pilot Plant: The pilot DLE plant in Copiapó, commissioned in the first quarter of 2024, has produced an initial volume of 88 cubic metres of concentrated eluate, which is the lithium carbonate equivalent (LCE) of approximately one tonne further confirming the company’s capacity to produce battery-grade lithium with low impurities from its Laguna Verde brine project.
• Scoping Study: Scoping study completed in January 2023 indicated a production of 20,000 tons per annum LCE and an operational life of 30 years. Highlights of the study also includes:
  • Total revenues of US$6.3 billion
  • IRR of 45.1 percent and post-tax NPV8 of US$1.8 billion
  • Net cash flow of US$215 million

Viento Andino Lithium Project

CleanTech Lithium’s second-most advanced asset covers 127 square kilometers and is located within 100 km of Laguna Verde, with a current resource estimate of 0.92 Mt of LCE, including an indicated resource of 0.44 Mt LCE. The company’s planned second drill campaign aims to extend known deposits further.

Project Highlights:

• 2022 Lithium Discovery: Recently completed brine samples from the initial drill campaign indicate an average lithium grade of 305 mg/L.
• JORC-compliant Estimate: The inferred resource estimate was recently upgraded from 0.5 Mt to 0.92 Mt of LCE at an average grade of 207 mg/L lithium, which now includes 0.44 million tonnes at an average grade of 221 mg/L lithium in the indicated category.
• Scoping Study: A scoping study was completed in September 2023 indicating a production of up to 20,000 tons per annum LCE for an operational life of more than 12 years. Other highlights include:
  • Net revenues of US$2.5 billion
  • IRR of 43.5 percent and post-tax NPV 8 of US$1.1 billion
• Additional Drilling: Once drilling at Laguna Verde is completed in 2024, CleanTech Lithium plans to commence further drilling at Viento Andino for a potential resource upgrade.

Llamara Lithium Project

The Llamara project is one of the largest greenfield basins in the Lithium Triangle, covering 605 square kilometers in the Pampa del Tamarugal, one of the largest basins in the Lithium Triangle. Historical exploration results indicate blue-sky potential, prompting the company to pursue additional exploration.

Project Highlights:

• Promising Historical Exploration: The asset has never been drilled; however, salt crust surface samples indicate up to 3,100 parts per million lithium. Additionally, historical geophysics lines indicate a large hypersaline aquifer. Both of these exploration results indicate potential for significant future discoveries.
• Close Proximity to Existing Operations: The Llamara project is near other known deposits:
  • Atacama (SQM / Albemarle): 18,100 square kilometers
  • Hombre (Muerto Livent): 4,000 square kilometers
  • Pampa del Tamarugal (CleanTech): 17,150 square kilometers

Arenas Blancas

The project comprises 140 licences covering 377 sq km in the Salar de Atacama basin, a known lithium region with proven mineable deposits of 9.2 Mt and home to two of the world’s leading battery-grade lithium producers SQM and Albermarle. Following the granting of the exploration licences in 2024, the Cleantech Lithium is designing a work programme for the project

​The Board

Steve Kesler – Executive Chairman

Steve Kesler has 45 years of executive and board roles experience in the mining sector across all major capital markets including AIM. Direct lithium experience as CEO/director of European Lithium and Chile experience with Escondida and as the first CEO of Collahuasi, previously held senior roles at Rio Tinto and BHP.

Anthony Esplin – Chief Executive Officer

Anthony Esplin is an Australian national who has over 30 years’ experience in the mining industry. He has held senior executive and board level positions primarily with tier one gold and base metals producers, including with Newmont Corporation, which consistently ranked among the leading miners on the Dow Jones Sustainability World Index.

He has significant experience in managing large-scale emerging markets assets, including in Peru, Mexico, Suriname, Indonesia, Australia and Papua New Guinea. Most recently COO at Discovery Silver Corporation, a TSX-listed company with development projects in Mexico. Market cap over C$730 million. Prior post as MD Barrick Nuigini.

Esplin worked and lived for over 12 years in Latin America and is fluent in Spanish. Esplin started under a consultancy contract in November 2024, visited the team in Chile and will take full-time role on completion of ASX listing. Australian resident to develop Australian investor base.

Gordon Stein – Chief Financial Officer

Gordon Stein is a commercial CFO with over 30 years of expertise in the energy, natural resources and other sectors in both executive and non-executive director roles. As a chartered accountant, he has worked with start-ups to major companies, including board roles of six LSE companies.

Maha Daoudi – Independent Non-executive Director

Maha Daoudi has more than 20 years of experience holding several Board and senior-level positions across commodities, energy transition, finance and tech-related industries, including a senior role with leading commodity trader, Trafigura. Daoudi holds expertise in offtake agreements, developing international alliances and forming strategic partnerships.

Tommy McKeith – Independent Non-executive Director

Tommy McKeith is an experienced public company director and geologist with over 30 years of mining company leadership, corporate development, project development and exploration experience. He’s held roles in an international mining company and across several ASX-listed mining companies. McKeith currently serves as non-executive director of Evolution Mining and as non-executive chairman of Arrow Minerals. Having worked in bulk, base and precious metals across numerous jurisdictions, including operations in Canada, Africa, South America and Australia, McKeith brings strategic insights to CTL with a strong focus on value creation.

Jonathan Morley-Kirk – Senior Independent Non-executive Director

Jonathan Morley-Kirk brings 30 years of experience, including 17 years in non-executive director roles with expertise in financial controls, audit, remuneration, capital raisings and taxation/structuring.

Radisson Mining Resources (TSXV:RDS,OTCQB:RMRDF) is a gold exploration company unlocking the value of its 100 percent owned O’Brien gold project. Located in the Abitibi Greenstone Belt along the prolific Larder-Lake-Cadillac Break in Quebec, Canada, the O’Brien gold project hosts the highest-grade, past-producing mine along the Cadillac Break. Radisson Mining Resources leverages its extensive drilling campaigns, high-grade historical production, and experienced management team to create value for shareholders and stakeholders.

With world-class assets, robust exploration programs, and experienced leadership, Radisson is well-positioned to deliver value to its shareholders.

The O’Brien gold project is in the Abitibi region of northwestern Quebec, along the Larder-Lake-Cadillac Break, and encompasses the historic O’Brien mine, which produced 587,121 ounces of gold at an average grade of 15.25 grams per ton (g/t) between 1926 and 1957. The company has planned a 22,000-metre drilling program to expand known mineralization below existing resources.

​Company Highlights

• Flagship O’Brien Gold Project: Hosts the highest-grade, past-producing mine along the Cadillac Break, with significant resource expansion potential.
• Located in tier-one mining district amongst numerous world-class producers
• Experienced Leadership: A seasoned management team and board with a proven track record in mining exploration and development.
• Commitment to Sustainability: Prioritizes environmental stewardship and community engagement in all exploration activities.

This Radisson Mining Resources profile is part of a paid investor education campaign.*

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