Categories
Base Metals Junior Mining Precious Metals Uncategorized

Your Crystal Ball for 2023

No one, has a crystal ball when it comes to the future. But, we wanted to share how you may want to position ourself for the future.

#1 PURCHASE PHYISCAL PRECIOUS METALS

  • Why: As a Savings/Financial Insurance/Protection from Government Stupidity.
  • Where to Buy: Maurice Jackson: https://www.milesfranklin.com/faq-maurice/
  • Frequency: Every 2 Weeks.
  • Percentage of Portfolio: Minimum 10%, but we hold approximately 35% in our portfolio.
Economics in One Lesson, Proven and Probable

GREAT FOUNDATIONAL READINGS:

  • Methodology: Using the Ratio’s.
  • Dow:Gold Ratio is indicating that Gold is on sale relative to the Dow. When the ratio is between 4-5, it is more favorable to be in general equities and real estate. At present the ratio is 1 share of the Dow = 18 oz of Gold.
  • Looking further, Silver and Platinum are on sale relative to Gold.
  • Gold:Silver Ratio At present 1 oz of Gold = 76.5 oz of Silver. When the ratio is between 45-54 trade your Silver in for Gold. Note: Silver Eagles have demanded a significant premium the past 8 months. Which actually reduced the Gold:Silver Ratio inside the 45-54 range.
  • Platinum:Gold Ratio: At present .59 oz of Platinum is = 1 oz of Gold. When the ratio is equal to and or greater than 1, trade your Platinum in for Gold.
  • A great resource on the power of Ratio’s and when to buy and sell is: Bob Moriarty’s: Nobody Knows Anything (Must Read)!
Nobody Knows Anything, Proven and Probable

#2 ROYALTY AND PROJECT GENERATORS

  • Royalty and Project Generators use a unique business model relative to their mining industry peers.
  • Why: They tend to outperform mining exploration companies accretively (Highlighted Below):

ROYALTY COMPANIES: https://www.visualcapitalist.com/sp/how-precious-metals-royalty-and-streaming-companies-create-value

PROJECT GENERATORS: https://www.visualcapitalist.com/project-generators-exploration-risk-lower-cost/

#3 JUNIOR MINING/EXPLORATION COMPANIES

  • These companies are most speculative and offer tremendous upside and conversely a lot of downside. We are biased and are active buyers of our partner/advertisers found (Here). For a deeper dive into the mining/exploration industry: (Must Reads):
  • What Became of the Crow by Bob Moriarty
  • Mineral Exploration and Mining Essentials by Robert Stevens
Mineral Exploration and Mining, Proven and Probable

EXPLORATION COMPANIES: https://www.visualcapitalist.com/mineral-exploration-roadmap/

#4 HOLD YOURSELF ACCOUNTABLE

  • Commit your future to paper. Not having a plan, is a plan. A foolish one, but is a plan. If you don’t have a plan for your savings and investments someone else does. SCHEDULE YOUR PATH.
  • Be willing to study each of the aforementioned. Don’t believe the hype! Don’t get mislead by fancy thumbnails, price predictions, and narratives on manipulation. Is there manipulation? Yes, in every market! Don’t complain about manipulation, learn to leverage manipulation in your favor by realizing you are being offered a discounted price!
  • Be pragmatic, and be patient. Your competition is never patient. They want to price to rise on their schedule, which was yesterday. They will be your best friends, because they have have fast hands and love to sell at the wrong time. If the price goes down, and nothing fundamental has changed with management, the project/s, and or results, there is your buying opportunity!!!
  • Very few investors/speculators are in this space, you don’t have much competition. The best way to beat your competition in this space, is not to follow the herd. Remember, no one get’s it right all the time, you just need to be better than your competition.
Categories
Base Metals Breaking Energy Junior Mining

Copper Is Heading For New Highs- A Bullish Trend In Nevada Copper (NEVDF)

  • Copper corrected from the May record high and made higher lows
  • Four reasons the copper bull will take the price to new highs
  • Impressive price action in the face of Chinese selling
  • Nevada Copper- Three reasons why NEVDF is could outperform percentage gains in the nonferrous metal
  • Bull markets rarely move in straight lines- The next leg for the copper bull has begun

When Goldman Sachs called copper “the new oil” in April 2021, the price was on its way to a new record high at nearly $4.90 on the nearby COMEX futures contract. The world’s most active and liquid copper market on the London Metals Exchange reached a peak at over $10,700 per ton in May. Copper blew through the 2011 $4.6495 previous all-time peak as a hot knife goes through butter.

Even the most aggressive bull markets rarely move in straight lines. Corrections can be brutal when prices accelerate on the upside, reaching unsustainable short-term peaks.

Copper ran out of upside steam before touching the $4.90 per pound level on futures and $10,750 per ton level on LME forwards. The price fell just below the $4 level in August, three months after reaching the high. Copper was still “the new oil” when the price dropped, and the world’s leading copper consumer was hoping it would continue to fall. China has done everything to push copper’s price lower, but the red metal has exhibited remarkable resilience.

Meanwhile, Nevada Copper Corporation (NEVDF) has been working day and night to ramp up production and transform its balance sheet. The market has rewarded the company as the share price has been steadily increasing since the beginning of October.

Mining companies provide investors with leveraged exposure to a commodity as they tend to outperform the price action on the upside and underperform during corrections. Junior mining companies can magnify the leverage. Copper’s recent explosive move suggests that new highs are on the horizon. NEVDF has the potential to do even better on a percentage basis as the company ramps up its production of the red industrial metal.  

Copper corrected from the May record high and made higher lows Copper futures ran out of steam at just below the $4.90 level, with the LME forwards moving the $10,747.50 per ton level for the first time. The May highs led to a substantial correction that briefly took COMEX futures below $4 per pound in August.

Source: CQG The chart shows the decline from $4.8985 in May to a low of $3.9615 in mid-August, a 19.1% correction. COMEX futures made higher lows of $4.0220, $4.0545, and $4.1140 in late September and early October before blasting off on the upside to over the $4.70 level as of October 15.

Source: Barchart

The chart illustrates the decline from $10,747.50 on May 10 to a low of $ 8,740 per ton on August 19 as copper forwards corrected by 18.7%. Copper then made higher lows at $8,810 on September 21 and $8,876.50 on October 1 before exploding higher to the $10,281 level on October 15.

Four reasons the copper bull will take the price to new highs

The four leading factors supporting a continuation of new and higher highs in the copper market are:

  • Rising inflation– CPI rose by 5.4% in September, once again exceeding expectations. While the Fed will likely begin tapering quantitative easing, tapering is not tightening. Moreover, fiscal stimulus continues as the multi-trillion budget will pump more inflationary stimulus into the economy.
  • Building demand– The infrastructure rebuilding package in the US will increase copper requirements for construction projects to rebuild the crumbling roads, bridges, tunnels, airports, schools, and government buildings over the coming years. Moreover, China’s copper requirements will continue to increase as the world’s most populous country builds infrastructure.
  • Decarbonization– Addressing climate change boosts copper demand. As Goldman Sachs said in April, decarbonization does not occur without copper, making the metal “the new oil.” Copper requirements for EVs, wind turbines, and other clean energy projects is a multi-decade affair for the red metal.
  • Supply shortages– Copper mining companies are scrambling to find new supply sources. Production can’t keep pace with demand- It takes eight to ten years to bring new copper mining projects on stream. BHP, a leading global mining company, is in talks with Ivanhoe Mines for participation in the Western Foreland exploration area in the politically dicey Democratic Republic of the Congo.  

Bull markets tend to experience severe selloffs. China has attempted to cool off the bullish copper and other nonferrous metals markets. The world’s leading copper consumer has the most to lose from runaway prices on the upside.

Impressive price action in the face of Chinese selling

On September 1, China auctioned 150,000 tons of copper, aluminum, and zinc from strategic stockpiles, which was the third auction sale since early July, attempting to temper the market’s bullish price action. The market had expected the sales. Copper rallied to the highest level since early August on September 13, with many other base metals following the red metal higher. The price then retreated, but copper made a higher low on September 21. The Chinese auction to cool off the rally put 80,000 tons of copper, 210,00 tons of aluminum, and 130,000 tons of zinc into the market since early July. Since the day of the first auction, copper, aluminum, and zinc prices all posted gains. Imagine where prices might be if China did not sell from its strategic stocks.

In early October, China auctioned the fourth round of base metals, lifting the total sales to 570,000 metric tons. Copper and all the base metals posted explosive gains after the latest auction. China is selling copper, aluminum, and zinc from its strategic stockpiles. The attempt to stem price appreciation makes the Chinese a buyer of the metals on price weakness to replace its stocks. However, the auctions have not had the desired impact on price. The price action has been more than impressive in the face of the sales.

While BHP looks towards the DRC and other regions for new copper supplies, Nevada Copper is making significant headway on its production project in a highly stable political and economic environment in the United States. Moreover, Nevada is a state that continues to encourage mining activity and is rich in red metal reserves.

Nevada Copper- Three reasons why NEVDF has the potential to outperform percentage gains in the nonferrous metal

Nevada Copper (NEVDF) has made great strides over the past weeks and months. A successful junior mining company is positioned best to profit during a bull market in the commodity it extracts from the earth’s crust. Three factors support the price of NEVDF shares as copper has taken off on the upside again:

Factor one: Turing the corner on operations in Q3- On October 6, NEVDF provided an update on operational performance at the company’s underground mine at its Pumpkin Hollow project, noting:

  • Copper in concentrate produced during September increased by 265% compared to August, driven by higher stope production. Approximately 30,386 tons of ore processing yielded 682 tons of copper concentrate at an average grade of 22%, reflecting 150 tons of copper output.
  • Stoping is the process of extracting the desired ore or mineral from an underground mine, leaving open space called a stope. Stoping at Pumpkin Hollow significantly accelerated since mid-August, with the second and third stope panels fully mined and a fourth stope panel currently being mined. Further stopes are planned for October and November, and the high-grade Sugar Cube zone to be mined during the final months of 2021.
  • NEVDF experienced the highest monthly development footage achieved since April 2021 in September, with a 12% increase over August. Approximately 750 lateral equivalent feet were advanced in September.

Outgoing Interim CEO Mike Brown said, “I am very pleased to see the improved trajectory in our production ramp-up and a recovery in productivities. The increased ore production was a key objective for September, and together with the improving productivities on-site, along with the ongoing management strengthening, provide further confidence in the mine ramp-up.”

Randy Buffington, a veteran mining executive with previous management experience at Barrick, Placer Dome, and Cominco, is taking over as President and CEO at Nevada Copper.

Factor two: On October 12, NEVDF announced it had agreed with its senior project lender and concluded a non-binding term sheet with its largest shareholder to provide additional financing and a significant deferral and extension of its debt facilities. The move offers Nevada Copper greater balance sheet flexibility and support for the ramp-up of its underground mining operations and advancement of its open-pit project and broader property exploration targets. The highlights of the more flexible financing arrangement include:

  • Two-year deferral of first loan repayments scheduled to begin in July 2025.
  • Extension of loan amortization with the final maturity pushed to July 2029.
  • Deferral of the formal long stop date for the project as the completion test was deferred to June 2023.
  • All outstanding shareholder loans were consolidated under an amended existing shareholder credit facility.
  • A two-year extension to maturity data until 2026 with no scheduled payments before final maturity.
  • An increase of $41 million in additional liquidity under the amended credit facility.

Randy Buffington, NEVDF’s new CEO, said, “These combined balance sheet improvements provide significant additional runway for the Company as we move forward to complete the ramp-up of our underground operations. The ongoing support of two of our major stakeholders provides further validation of the significant inherent value of our copper operations in Nevada and allows us to continue to pursue the growth potential embedded within our asset base.”

Factor three: NEVDF’s value proposition is compelling when compared to peers. The chart shows NEVDF’s market cap versus its enterprise value compared to other diversified metals and mining companies with similar market caps:

Source: Seeking Alpha

As the chart highlights, the enterprise value is over 2.2 times the current $173.53 million market cap, leading to plenty of upside room for NEVDF shares. There is plenty of room for growth as the enterprise value will rise with output from the underground and open-pit mining operations over the coming months and years. According to data from Seeking Alpha, at 97 cents per share on October 15, NEVDF had a $173.53 million market cap. The average daily volume in the past 15 trading days from all exchanges stood at just over 2,500,000 shares.

Source: Barchart

The chart shows the rise from 38.78 cents on October 1 to a high of 99.2 cents per share on October 14. NEVDF shares closed not far from the high at 96.56 cents on Friday, October 15.

The trend in copper and NEVDF is bullish, and the trend is always your best friend in markets.

Bull markets rarely move in straight lines- The next leg for the copper bull has begun

Bull markets can be bucking broncos as corrections are often downdrafts in prices. Copper’s decline from nearly $4.90 to below $4 and recovery to over $4.70 on October 15 is a bullish sign for the red metal.

Copper’s strength, along with the other base metals in the face of Chinese stockpiling selling, has been more than impressive and is a testament to the bullish factors that are likely to push the price higher. Goldman Sachs expects LME copper forwards to reach the $15,000 per ton level by 2025, putting COMEX futures over $6.80 per pound. Other analysts see the price rising to as high as $20,000 per ton as decarbonization will keep demand outpacing supplies.

Bull markets often take prices far higher than analysts believe possible before they peak. As the world searches for more copper to meet the rising demand, Nevada Copper’s mines are in the most economically and politically stable region of the world. NEVDF shares may have just begun to rally as the price threatens to move over the $1 per share level.

Categories
Base Metals Blog Energy Junior Mining Top Bar

HOT CHILI | Releases Maiden Cortadera Resource Adds 451Mt grading 0.46%CuEq*


Mineral Resource


Corporate Presentation

 

Hot Chili Drilling

Building a copper super hub in Chile – ASX: HCH

Hot Chili is one of the top ASX listed copper developers with a Leading Global Copper Project with 2.9Mt copper, 2.7Moz gold, 9.9Moz Silver and 64kt molybdenum – Costa Fuego

Hot Chili Limited (ASX.: HCH) ACN 130 955 725
First Floor, 768 Canning Highway, Applecross, Western Australia 6153
PO Box 1725, Applecross, Western Australia 6953
P: +61 8 9315 9009 F: +61 8 9315 5004
www.hotchili.net.au

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Base Metals Energy Exclusive Interviews Junior Mining Precious Metals Top Bar

Find Out Why Rio Tinto just entered into a $45,000,000 Earn-in Agreement with this Explorer

Calibre Mining (TSX: CXB | OTC: CXBMF)


Transcript

In this exclusive interview, Ryan King the VP for Corporate Development and Investor Relations for Calibre Mining shares the value proposition the company presents to the Market. Calibre Mining is a multi-asset gold producer focused on execution and building sustainable value for our shareholders, communities we operate in, and all stakeholders. The company has completed a series of successive accretive transactions for their shareholders which we will address throughout the interview.
First, we will discuss the $45 Million Dollar Earn-In Agreement with Rio Tinto on Calibre’s Borosi Projects which host both gold-silver and copper-gold resources in two areas as well as multiple lesser explored copper-gold skarns, low-sulphidation epithermal gold-silver vein systems and bulk tonnage copper-gold porphyry targets. Second, we will discuss B2Gold And Calibre Mining joininig forces in Nicaragua on the El Limon and La Libertad Gold Mines in addition to completed a CDN$100 Million Equity Financing. Finally, we discuss the expansive, ambitious 40,000 Metre diamond core drilling exploration program that Calibre will be embarking upon on the aforementioned El Limon and La Libertad gold mines. Discover why the value proposition of Calibre Mining is extremely compelling!


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Precious Metals Top Bar

Silver Canadian Maple Leaf Special


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Miles Franklin801 Twelve Oaks Center DriveSuite 834Wayzata, MN 553911-800-822-8080www.milesfranklin.com

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Junior Mining

Ethos Gold Corp. Announces Amended Terms & Increases Size of Flow-Through Financing to Raise $1.5 Million

Ethos Gold

(TSX.V: ECC | OTXQX: ETHOF)

*FOR ACCREDITED INVESTORS ONLY*

Vancouver, British Columbia–(Newsfile Corp. – October 28, 2019) – Ethos Gold Corp. (TSXV:ECC) (“Ethos” or the “Company“) announces that it has revised the terms and size of the non-brokered private placement announced September 20, 2019. Ethos is now proceeding with a flow-through offering to raise gross proceeds of up to $1,512,000 by the issuance of up to 5,600,000 units (each a “FT Unit”) at a price of $0.27 per FT Unit (the “FT Offering”). Each FT Unit will comprise one flow-through common share (a “FT Share”) and one half of one non flow-through common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will be exercisable at a price of $0.30 into one common share for a period of two years from the date of issuance. The FT Shares will qualify as “flow-through shares” within the meaning of subsection 66(15) of the Income Tax Act (Canada).

For more details click below. If you are qualified and want to participate please reference Proven & Probable and contact the following:

Sherman Dahl

Tel. 250.558.3340

dahl.sherman@pretiumgroup.ca 

Tom Martin
Corporate Communications
Tel: 1-250-516-2455
Email: tmartin@ethosgold.com


Finance Details


Categories
Base Metals Energy Exclusive Interviews Junior Mining

NEVADA COPPER Company on Target to U.S. Copper Production by Q4 2019

Matt Gili the CEO, President, and Director of Nevada Copper (TSX: NCU | OTC: NEVDF) sits down with Maurice Jackson of Proven and Probable to discuss the value proposition of Nevada Copper, which is on target for U.S. production in Q4 2019. Mr. Gili, provides updates on the flagship Pumpkin Hollow Project, which hosts both an underground and open-pit deposits. We provide an overview on the supply an demand fundamentals on Copper, where a prudent speculator may position themselves to take advantage of the copper supply deficit.

VIDEO

AUDIO

TRANSCRIPT

Source: Maurice Jackson for Streetwise Reports  (3/18/19)

Maurice JacksonMatt Gili, CEO of Nevada Copper, talks with Maurice Jackson of Proven and Probable about his company’s progress in beginning copper production by the end of the year.

Pumpkin Hollow

Pumpkin Hollow
Maurice Jackson: Joining us for a conversation is Matt Gili, president, CEO and director of Nevada Copper Corp. (NCU:TSX), which is on target to U.S. copper production by Q4 2019.
Nevada Copper has a number of successes to share with reader. But, before you share the unique value preposition of Nevada Copper, Mr. Gili, for readers who may not be familiar with the supply and demand fundamentals regarding copper, please provide us with a 10,000-foot overview.

Matt Gili: When you look at the copper fundamentals, we see a very steady and predictable increase in demand of copper, modest amount, 1.5% per year. We see the move towards electrification of vehicles consuming more copper. We see other things that are offsetting that, but overall, a steady predictable 1.5% increase in the global demand for copper. Where the story really gets exciting, from the Nevada Copper standpoint, is with regards to the supply for copper. What we’re seeing is a lot of restrictions in future supply. We’re seeing a lot of difficulties on bringing on a future supply and backed up by work done by Wood Mackenzie and others, we’re projecting that by 2025, the world will be in a supply deficit of upwards of 6 million tonnes of copper per year. This just really supports what we’re doing in Nevada Copper in setting up the next copper mine.
Maurice Jackson: Now that we have an overview of the supply and demand fundamentals for copper, Matt, let’s discuss how someone listening may position himself prudently as a beneficiary. For someone new to the story, can you give us a very quick overview of Nevada Copper?

Matt Gili: Certainly. Nevada Copper, who’s Nevada Copper? We have an asset in Nevada called Pumpkin Hollow. This is our chief asset. It consists of two deposits: an underground deposit and an open-pit deposit for copper. We’re currently in the construction phase for the underground project with production from that underground project coming online later this year. I think we’ll talk more about that later. Regarding the open pit, we’re currently in the process of wrapping up the prefeasibility study for the open pit. You’ll see that being published in April of this year. Then, we have a regional land package of well over 15,000 acres that we are looking at really understanding, really unlocking the full value from that land package. That’s really Nevada Copper, building a copper mine coming into production later this year, with a lot of expansion into an open-pit mine, as well as regional exploration.

Maurice Jackson: Let’s provide readers the latest updates on Nevada Copper, as the company has been very proactive on a number of fronts. Please provide us with an update on the construction progress. I would like to begin with the multi-million dollar question, are we on track to enter production in Q4 of this year?
Matt Gili: Yes, Maurice, we are on track to enter production in Q4 of this year. We are very proud of that. The team’s doing a fantastic job. We have construction activities both on surface with Sedgman building the process plants, as well as underground cementation, both sinking shaft and doing lateral development on our main shaft. All that’s coming together very nicely. We are absolutely on track for commissioning of the plant in the fourth quarter of this year.
Maurice Jackson: As Nevada Copper is preparing for production this year, have you increased your staffing to meet the growing demands?
Matt Gili: That’s a really good question and yes, we have. We’ve increased our staffing. It’s an operational readiness question that you’re asking. This is where I want to stress to you and readers that this concept of operational readiness is foremost in our thoughts and how we’re planning for really becoming, not just building a great mine, but operating a great mine. When you look at the staffing, so far, our staffing, by design, is quite modest. We’re looking at a total workforce of Nevada Copper employees of around 30. That is because this is our model, a very lean, efficient operation. We utilize high-quality, expert service providers as necessary, to make sure that we are operating very efficiently.
Maurice Jackson: Is Nevada Copper still actively recruiting and if so, what positions?
Matt Gili: Yes, we are actively recruiting. Most of our positions open are technical and specialist positions, and would be part of the management team. I absolutely encourage anyone interested in what we’re recruiting for to contact the Nevada Copper website. You’ll see the complete listing of opening jobs there, as well as information on how to apply for any of these positions if you’re interested.
Maurice Jackson: Pumpkin Hollow is unique in that you have both an underground and an open-pit mine. Let’s discuss exploration and expansion potential. What initiatives is Nevada Copper taking to optimize the full potential of the Pumpkin Hollow project?

Matt Gili: We are in the process of constructing the underground, which has a large amount of upside potential. We’ll really only explore that upside potential when we’re underground, after we’re in production. We really look forward to updates on that front in 2020, and the reason for that is very simple. It’s just much more efficient to drill out the prospective areas of the underground from the underground; the holes are shorter. It’s just much easier. That’s really where the underground sits right now, in a holding pattern as far as expansion potential. When you look at the open pit, that’s where a lot of great energy is going into expanding the open pit, understanding the open pit better, really getting that ore body knowledge to allow you to build a world-class operation. That is part of the PFS, which is coming out in April of this year.

That PFS will include the drilling campaign that we completed in 2018, the 26 hole drilling campaign. It will include those results in the resource model. That’s going to give you an even better idea of the full potential of the open pit. The real excitement that we have is with regards to the region itself, a large region, relatively unexplored, but with large amounts of historical copper production, as well as great physical outcroppings of copper mineralization. This is really where we’re going to focus our efforts during 2019, to really get a chance, now that we’ve tied up this land package, to understand what we have.
Maurice Jackson: Speaking of the region, there was a regional survey conducted that led you to staking more land. Can you share the results with us?

Matt Gili: We staked a section a land that we refer to as the Teddy Boy Claims. This is about 5,700 acres of land to our northeast. We are very glad to have this in our portfolio. The criteria for that selection was we brought together experts on this region and experts in copper mineralization. They identified that as a really prospective area and where we should be really focused on. We’ve staked that land, secured it for our ability to explore over the next several years.
Maurice Jackson: Does Nevada Copper plan to drill the new area at some point this year?
Matt Gili: We plan on drilling this year. I really haven’t put out the entire drill program for 2019. We’re still pulling that together and analyzing where to best spend the monies we have available for exploration. We would like to drill that this year. Some more prospective holes, really not an in-depth blanket campaign, but probe a few really interesting areas over there and get a better idea for the drill campaign.
Maurice Jackson: It’s one thing to have tonnage and grade, but you must equally have astute business acumen to make the numbers work. Now, Nevada Copper is in discussions regarding an ECA-backed project finance facility to further optimize the balance sheet, as well as lining up a working capital facility and further offtake agreements to improve the economics of Pumpkin Hollow. Please provide us with the details.
Matt Gili: You kind of said it all. I can’t really provide you with any more details, but I can surely stress what you’ve just said, Maurice. We are in discussions with this export, credit agency style backed project financing. This is going to provide us the opportunity to substantially reduce the cost of our debt service, as well as attract strong and robust financial partners for potential future open-pit developments. Something we’re very excited about and it’s part of really creating Nevada Copper as a world-class company.
Maurice Jackson: Let’s get into some numbers. Please share your capital structure.

Matt Gili: The capital structure is well defined. We have $8 million in long-term debt. We have $153 million of cash or cash equivalents. When you look at the financing package specifically for the underground, we’re fully financed, including the working capital facility to take us through operation ramp up. The inputs into that are an equity raise that we did in the middle of last year, as well as a streaming deposit with regards to a stream arrangement on the precious metals strictly from the underground deposit. We also have a $25-million subordinated debt package. Really a standby loan facility that we can use if necessary.
Maurice Jackson: In closing, I have a multilayered question. What is the next unanswered question for Nevada Copper? When can we expect a response? What determines success?
Matt Gili: I would not classify our successful completion of underground construction and bringing them in operation as an unanswered question. That is going to happen, and I’m very proud of the activities that have happened so far. The real unanswered question for the investors out there, is what is the true potential of the open pit? There’s been a lot of great work done, a lot of exploration done, last year. That’s all been incorporated. I’m really going to be excited when the PFS is released and we can share the details of the open pit potential with the public. They are going to be very impressed and they’re going to see the picture. They’re going to see what we see when we get so excited about Nevada Copper.
Maurice Jackson: Speaking of the prefeasibility study, give us a timeline on that, sir.
Matt Gili: We’ll release that in April. I’m being careful. I don’t want to be too specific. It will be in April of this year. Next month.
Maurice Jackson: Mr. Gili, last question. What did I forget to ask?
Matt Gili: Maurice, forget to ask? You’re always very thorough, so I wouldn’t say you forgot to ask anything. What I would say is I want to reiterate something that we at Nevada Copper have been thinking about over the last month. Unfortunately, for the world, the last month has been a month marred with tragedies, with risk and with unexpected events. What we’re really stressing, with Nevada Copper, is the risk management of Nevada Copper. We are an operation that is on private land. We’re not waiting for any permits. We’re not waiting for records of decision. We’re utilizing EPC contractors, who have that fixed price nature, reduced risks. We’re building a dry stack tailing facility. We’ll never have a wet tailing storage facility at Pumpkin Hollow.  We’re doing this all with a proven, experienced team of mine builders and operators. Really wrapping that up, that concept of low risk, risk mitigation. We are going to build and operate the next mine and there’s very little risk to that execution.
Maurice Jackson: Matt, if investors want to get more information about Nevada Copper, please share the website address.
Matt Gili: Absolutely, www.nevadacopper.com. We love to get your input. You’ll see our investor presentationsthere in our latest news. Let us know what you think.
Maurice Jackson: For our audience, we wish to remind you that Nevada Copper trades on the TSX symbol, NCU, and on the OTC symbol NEVDF. For additional inquiries, please contact Richard Matthews at (877) 648-8266 or you may email RMatthews@nevadacopper.com. Nevada Copper is a sponsor and we are proud shareholders for the virtues conveyed in today’s message.
Last but not least, please visit our website, provenandprobable.com, for mining insights and bullion sales. You may reach us at contact@provenandprobable.com.
Matt Gili of Nevada Copper, thank you for joining us today on Proven and Probable.
Maurice Jackson is the founder of Proven and Probable, a site that aims to enrich its subscribers through education in precious metals and junior mining companies that will enrich the world.
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Base Metals Energy Exclusive Interviews Junior Mining Project Generators

(VIDEO) FISSION 3.0 Prospect Generator in Position for Uranium Turnaround

Ross McElroy the COO and Chief Geologist for Fission 3.0 (TSX.V: FUU | OTCQB: FISOF) sits down with Maurice Jackson of Proven and Probable to discuss the value proposition of Fission 3.0 and their Property Bank. In this interview Mr. McElroy provides the macro economics for uranium and how one may allocate their uranium holdings in a Uranium Project Generator with a Property Bank with projects located in high-grade uranium districts, with proven management and technical team that has a 20 year history of delivering success to shareholders.

VIDEO

AUDIO

TRANSCRIPT


Original Source: https://www.streetwisereports.com/article/2019/03/16/prospect-generator-in-position-for-uranium-turnaround.html
Maurice Jackson: Joining us for a conversation is Ross McElroy, the COO and chief geologist for Fission 3.0 Corp. (FUU:TSX.V; FISOF:OTC.MKTS): A Uranium Project Generator and Property Bank. Ross McElroy, glad to have you back on the program to share the value proposition of Fission 3.0. Before we begin, Ross, I’d like to begin with some basic fundamentals regarding uranium. For someone new to the uranium sector, what is uranium, and where is it used?
Ross McElroy: Uranium is really all about energy. The way we use uranium is for nuclear fuel. That’s basically the fuel that runs reactors.
Globally nuclear power constitutes between 15% and 20% of the electrical requirements. That’s really where the majority of the uranium is used. There is some uranium that’s used for strategic purposes on a country by country basis, more for the Department of Defense reasons. But really, the vast, vast majority of uranium is used to fuel nuclear reactors.
Maurice Jackson: Provide us with some metrics on how abundant uranium is in the Earth’s crust, and correlate that to the average grade that is found versus the grade that is needed to define an ore deposit in a future mine?
Ross McElroy: Well, uranium is actually one of the most abundant elements in the Earth. It’s kind of ubiquitous. You’ll see it throughout the Earth’s crust; there is trace amounts of uranium present primarily in volcanic and igneous rocks and sedimentary rocks.
On a deposit level, there’s actually a number of uranium deposits around the world, in every continent on the planet and in many countries. On a global basis, the average grade of a uranium deposit worldwide is around 0.1 to 0.15% U308.
Now, if you compare that to say, the deposits in Canada, they’re orders of magnitude higher grade in Canada. We’re talking orders of magnitude that are 10 to 20 times that of the global grade.
Although I’ve given you the average grade, most of those deposits at those lower grades, the average grades are really uneconomic deposits. We need grades that are generally much higher than the 0.1%–0.15% if it’s going to be an economic deposit. And that’s what Canada has. Canada has very high-grade deposits, so the economic metrics are just that much more attractive in Canada.
Maurice Jackson: Now that we’ve identified uranium’s utility, what can you share with us from a supply and demand perspective?

Ross McElroy: Well, it’s fairly simple to understand what the demand for nuclear energy is, in other words, uranium. We can just multiply the number of reactors around the world that are currently operating, and the known fuel consumption rate for a 1000 megawatt reactor is just under 500,000 pounds of uranium a year. If we look at the global reactors, there are around 450 reactors around the world. You can see that the need for uranium on an annual basis is around the realm of almost 200 million pounds of uranium.
Maurice Jackson: How does the nuclear plant in Fukushima, Japan, fit into this narrative?
Ross McElroy: Japan historically, up until the Fukushima event in 2011, was one of the main users on a country basis worldwide. Japan I think consumed almost 20% of the world’s nuclear power, in other words, 20% of the world’s annual production of uranium was used to run the Japanese reactors.
In 2011, of course, we had the magnitude 9 earthquake followed by a tsunami, and that’s what damaged the Fukushima facility. Interestingly enough, even with that magnitude of an earthquake and the soon-to-follow tsunami, the reactor still did not breach. The housing that surrounded the reactor was damaged, and this is where some of the radiation leaks came from, but the reactor itself actually held, and so the damage was actually very, very limited and manageable.
What happened is overnight, Japan shut down all of its nuclear reactors, in other words, all 52 reactors I think they had working at that time, went offline. That caused disruption to the supply/demand situation globally.
What’s happened since then is Japan is slowly coming back on. Japan’s alternatives for power are pretty limited as the country doesn’t have very much of its own resources, if any at all. It imports whatever energy that it needs, be it in natural gas now, in nuclear.
It’s important for Japan to be able to operate these factories that they’re running. I mean, it’s an exporting country around the world, so it does have high energy requirements. It also has the requirements for inexpensive power.
Japan is coming back on to the scene as far as nuclear power. There are eight reactors that are currently back up and operating, and 17 reactors that are in the near-term licensing for approval to get them restarted again.
I think the bottom line is, prior to Fukushima, Japan depended on nuclear energy for at least 25% of its electricity demands. I think by the time 2030 approaches, Japan is supposed to be right back up to those same levels. The country is coming back on, it has always been an important major consumer of nuclear power. I think we’ll see it right back to the equation again in the very near future.
Maurice Jackson: Uranium, next to gold, is known as the other yellow metal, and here’s why. Ross, let’s step back to the bull market in uranium. If one was selective with the uranium holdings, they would’ve had generational changes in their portfolio. What was the spot price during the last bull market?

Ross McElroy: Well, in 2002, uranium was around, I don’t know, about $15 a pound. This is on the spot market. That’s what uranium was trading for.
In 2003–2004, we really saw the lift off of the price of uranium. In fact, it peaked at 2007 to around $140 a pound. It went almost a 10-fold increase in the price of the commodity between 2003 and 2007. The peak at 140 didn’t last particularly long, but it had a slower decline until about 2008—2009, it stabilized, and then it peaked back up again.
Really, it was holding steady. I guess this is the point I would want to make, is that we were starting to see a steady state price of between $50 to $70 a pound, and then the Fukushima event hit that we talked about in 2011, and that really threw the whole pricing structure right out the window. We’ve been working on our recovery ever since.
Maurice Jackson: What is the spot price for uranium today?
Ross McElroy: Currently we’re about $28 a pound for uranium. It has recovered; we’re off the bottoms of $17, $18 a pound just a couple of years ago. Uranium is making its way back.
Maybe the important point here to note is we’re still at prices that the majority of mines around the world are not profitable. Even the lowest cost producers are really not operating in an environment where they can make money with uranium prices what they’re at right now.
What we’ve seen is that the supply is starting to be restricted as the producers are taking a lot of that uranium off market; they’re not supplying it to the utilities at this cheap price, because it’s not a working business model to lose money in the long run on the mining of the commodity.
We are seeing an improvement in the price of uranium, and it’s been about a year and a half in the making. It’s gone up from the $18 that I mentioned to about $28 a pound, but it certainly has a lot more room to move upwards even before we can start to get production back online to meaningful levels.
Maurice Jackson: What is that spot price that companies right now, uranium companies I should say, for them to earn their cost of capital? Is the number around $60 for a spot price of uranium?

Ross McElroy: I believe you are correct. We’re seeing prices that globally, they have to be in the $60 to $70 a pound really to bring on any meaningful production.
One of the clues that I look at when we look at the best uranium mines out there, the lowest cost producers, those would be McArthur River deposit in Canada’s Athabasca Basin in Northern Saskatchewan. That is one of the best uranium mines in the world, certainly the largest highest-grade operating mine. Cameco took that offline because of the prices of uranium where they were at, they weren’t making any money on the mining of this deposit.
There are some indications that Cameco won’t turn that mine back on into being a producer until the price of uranium is somewhat north of $40, maybe $45. Something in that realm.
I don’t have an exact number there, but it does tell you that if you’re going to even bring back the best of those deposits, you really need prices that are something of $40 to $45. As we mentioned earlier, the price for many of the other deposits around the world are probably closer to $60 or $70. You can see, there’s still lots of room for improvement.
Maurice Jackson: The current price of uranium does not support the fundamentals. What correlations do you see today that may exceed the returns from the last bull market?
Ross McElroy: Well, it’s sort of an elastic situation. I think that the longer that we keep depressed prices, yet the demand is still there and growing, reactors are being built, the need to fuel these reactors, that’s not stopping.
In fact, it’s growing. You have the primary suppliers of uranium, i.e., the mines that are not supplying it, the longer that the prices are low, the more rapid that climb will be in the price of uranium when it does correct.
I think there’s a possibility, as I’ve heard some analysts call it, a violent reaction upwards to the price of uranium. I think we’re going to see some substantial price increases within some short vision of time, maybe a year or two or three. Something in that realm that I think will be quite meaningful.
We’ll see what happens, but the longer it stays depressed, the more likely and quicker the rise will be when it does come.
Maurice Jackson: Ross, you’ve provided a compelling case on the fundamentals for uranium. I know readers may be asking, how will all of this demand for uranium be met? Mr. McElroy, please introduce us to Fission 3.0.
Ross McElroy: Fission 3.0 is a uranium explorer. This is a company that we spun out of Fission Uranium Corp. (FCU:TSX; FCUUF:OTCQX; 2FU:FSE), our larger company, back in 2014 when we bought out our partner on the Patterson Lake project, and in so doing with that process from that arrangement, we spun out our non-core assets, the more grassroots exploration projects.
We’ve been able to build up an exploration portfolio, primarily focused in the Athabasca Basin. Remember, the Athabasca Basin is Canada’s only producing uranium field. That’s where the McArthur River deposit is, this is where Fission Uranium has the Triple R deposit. There’s some fantastic deposits out there.
That’s what we’re exploring for in Fission 3.0. We’re looking for the next high-grade uranium deposit in the Athabasca Basin.
Maurice Jackson: You referenced that you’re a project generator. There’s a lot of ambiguity regarding project generators. Please share the virtues and why Fission 3.0 took on the project generator business model?
Ross McElroy: Project generators are really all about sharing the risk. In our case, what we do very well is pick ground. We’ve been able to strategically stake ground in the Athabasca Basin, we’ve made discoveries on two of our properties, the first one in the company called Fission Energy that we made the discovery at our Waterbury Lake property, and later on in Fission Uranium Corp on our PLS property.
That have been situations where we’ve had joint-venture partners sharing the risks, sharing the costs with others. To use the model, what we do is we use our brands and other peoples’ money. That’s really what we’re good at, that’s basically the model that we have.
We have a very highly trained technical team that’s exceptional at picking out high-quality projects. We attract other people who are looking to get into the uranium business, looking to partner up with a team such as ours and join us for the ride to make a discovery.
It’s really all about sharing risk. That’s really what the project generator model does. It’s our land, and we partner with good quality people that can fund a project, and that’s how they earn into it as well.
Maurice Jackson: Do you currently have a joint-venture partner? If yes, who and what are the terms of the relationship?
Ross McElroy: We have had joint-venture partners in the past, and very successful ones. As I mentioned earlier on our Waterbury project, we had a partner with the Korean utility called KEPCO. It earned in by spending a certain amount of money on the property each year over the course of a three-year period.
What we did with that, we were able to make a discovery, using the money in that project, we made a discovery, built up the resource estimate on there, and eventually sold that asset. That was how our shareholders were able to take advantage of our monetizing on the property.
I guess we could say the same at the PLS project, which we now own 100% of it, but that was also a partnership. We shared in the risk early on and in the money early on with our partner. We eventually bought them out in 2014. That was another example of a successful joint venture partnership.
Each one of the deals would be a little bit different from each other. It is a model that we think works very well. I will note that in our property down in Peru as well, we have a partnership that we’re still looking to finalize the deal. This is one where another group has approached us, said it’s interested in the potential of a property down in Peru. It will spend a significant amount of money having us as the operator. Hopefully we’ll make a discovery down in Peru as well.
Maurice Jackson: Well, you’ve just alluded to my next question. Fission 3.0 has 18 projects in its project bank. Now, it is strategically located in premier, high-grade uranium districts in Canada and Peru. Mr. McElroy, introduce us to the Fission 3.0 Project Bank (click here).

Ross McElroy: We have 18 properties in the Athabasca Basin. Our properties, we think that everywhere in the Athabasca Basin has the potential to host high-grade uranium projects.
One of the keys that we seek to identify are deposits that will be shallow. In other words, the closer a deposit is to surface, the easier it is to build a case that this could be a project that could go into production. It’s an easier mine to develop the closer it is to the surface.

Really deep deposits are challenging. They still exist, but they’re challenging. Eventually they cost more money to find and cost more money to get out of the ground. They’re just another level of challenge.
If you look at our 18 properties, they’re all in and around the edge of the Athabasca Basin, where we’ve had a great deal of success finding near-surface mineralization.
Our PLS project that hosts the Triple R deposit in Fission Uranium is a great example of a near-surface deposit. The mineralization starts at 50 meters below the surface, so 150 feet below the present-day surface is where the high-grade mineralization starts. That makes it a potentially open-pit deposit, which is generally low cost and gives you a lot of flexibility.
This is the sort of thing that we’re looking for in Fission 3.0. We’ve got very good properties that are in known mining districts, conversely, we have a good portfolio of ground around the southwest side of the basin where our PLS project in Fission Uranium is hosted, and also NexGen’s Arrow deposit, it’s all in that same area. We have the significant land package that surrounds that area.

We also have a good strategic land package in and around the Key Lake area on the southeast side of the basin. This has been, and still currently is the hot bed of uranium mining in Canada right now. This is the side of the basin where the McArthur River and Cigar Lake deposits are located.

McArthur shut down for economic reasons waiting for higher uranium prices. It was an operating mine up until about a year ago, and Cigar still is in operation. You’ve also got the Key Lake mine.
It’s a strategic area to have a good land package. We think there’s lots of opportunities in and around land in that area to make a new discovery.

And probably third for us is the land package that’s up in the northwest side of the basin, in the old uranium city Beaverlodge district where uranium mining in Saskatchewan first got started back in the 1950s and was the going concern back in the ’50s and the ’60s, I think there were about 52 operating mines up in that area, pretty small scale most of them, but still lots of high-grade uranium. That’s an area where we think that there’s still plenty of exploration potential.
Between all those areas, we’re going to be active and we’re going to be looking for the next high-grade uranium deposit in Saskatchewan.
Maurice Jackson: Speaking of being active, is there active drilling going on right now in these projects?
Ross McElroy: There is active drilling. We did drill in the southwest side of the basin. We were drilling in January on our PLN project. That project is just immediately north of Fission Uranium’s PLS project.
You’re really talking about the same area where the latest discoveries have been found, where you’ve got the Triple R deposit, you’ve got NexGen’s Arrow deposit. These are two of the best new deposits that have been found in the Athabasca Basin in the last 15 years.
We have a package around there called PLN, and we did drill six holes in there earlier this year. It has the potential to host another one of these fantastic deposits, so we are going to continue looking there. We see all the signs present that tell us that this is where we’ll make that discovery.
As we’re speaking right now, we’re drilling over in the Key Lake area that I described earlier. This is over on the southeast side of the basin, about 200 kilometers to the east of the PLS drilling. That is a program where we’ll drill probably eight or nine holes, just south of the Key Lake Mill and the old historical Key Lake deposits. There’s areas of activity there. We’ll continue drilling throughout the rest of 2019 on a number of our projects.
Fission 3.0 is active. We were able to raise some significant money early in the year, in late 2018. We’re going to be active. This is how we’ve been successful in the past, is by being aggressive, looking in places where people probably haven’t looked for a while or never even thought to look, and putting our technical team to work. Yes, you’ll see pretty good news flow out of Fission 3 this year.
Maurice Jackson: Ross, let’s expand the narrative on the project bank portfolio and go south into Peru. What can you share with us there?

Ross McElroy: Peru is a really interesting area. Where our projects are is called the Macusani Plateau, located in southern Peru, near the Bolivian border. The Macusani Plateau has shown at least over 100 million pounds in near-surface uranium deposits.

There’s a company down there that’s quite dominant called Plateau Energy. Plateau has been able to stake a lot and consolidate a land package in the area, and consolidated all these old deposits. It has amassed around 100 million pounds of uranium in these uranium deposits.

However, even more significant, Plateau made a discovery of high-grade lithium in the same area, and in fact, that’s within five kilometers of our southern property boundary on our Macusani plains. Not only do we have the potential now to host near-surface uranium deposits, and we have shown in fact that we do have mineralization on our property for uranium, we’ve mapped it, we’ve drilled, we’ve trenched and found high-grade uranium, but now the potential’s there for hosting high-grade lithium.
This is really a new dimension that we have down in that area, that we wouldn’t have had say, two or three years ago when we were last down drilling. You’ve got uranium, and now we have lithium. It’s a very interesting up-and-coming area as well.
Maurice Jackson: Switching gears, Fission 3.0 has the right projects in the right place at the right time. But that’s only part of the story. Equally important are the people that are responsible for increasing shareholder value. Mr. McElroy, please introduce us to your board of directors.
Ross McElroy: Thank you, and I appreciate that. We do have a very successful team. Our founder of Fission 3.0 is also the same CEO and founder of Fission Uranium, and previously Fission Energy before that, and Strathmore.
Dev Randhawa has been involved in this company right from the get-go in its first iteration back in 1996, and also heading up Fission 3.0. Dev is the longest running CEO in the uranium sector.
Myself, I’ve been involved with Dev 12, 13 years now. We’ve had a great successful relationship. We’re able to raise money, raise attention, put that money to work, make discoveries, and basically build shareholder value right from the bottom up.
This is the group that I think, we’ve been able to deliver in the past, and we’re going to be able to deliver shareholder value as we move forward in this much improving uranium sector.
A lot of the same players that we’ve had all the way along, still keep also in the Fission 3 group.
Maurice Jackson: Who is on your management team?

Ross McElroy: The management team is composed of our CEO Dev Randhawa and chairman. I am the chief operating officer, and also the chief geologist. We have maintained the same structure that we have in Fission Uranium, is the same that we have in Fission 3.0. It’s a fairly lean team. Phil Morehouse is president of Fission 3.0. We kept a pretty lean mean machine in Fission 3.
Don’t forget, we’ve had up until just recently in the last six months, it’s been a very quiet company, there hasn’t been a lot of exploration activities in the uranium sector. I think as we start to ramp up, with our level of activity increasing, we’ll start to draw more and more people into roles and developing roles within the company as we begin to be active, get out and start marketing the story more, get on the ground and back that up with real results, we’re going to continue to build our team.
Maurice Jackson: Before we move on to your impressive technical team, in the natural resource basis, why is it wise to follow proven winners? Ross, you alluded to it earlier, you and CEO Dev Randhawa have a proven pedigree of success. How were shareholders rewarded as far as returns for their loyalty to sticking with your team?
Ross McElroy: Well, if you owned the original company at the beginning, which would’ve been Strathmore Minerals, and you’d held on it to all the way throughout, over the last 20 years since about 1996, 97, you’d probably own about five different companies right now.
What’s happened is we’ve moved on to a new phase, we’ve made discoveries, advanced projects, sold different projects to different groups. What we’ve been able to do is form new companies, split off new companies in what they call a butterfly transaction.
You have shares in the new company, still maintain your shares in the old company, so you would’ve received essentially what would look like dividends in the way of different shares for five different companies since that time. The shareholders that have been loyal and sticking with us would’ve succeeded quite handsomely all the way along.
Maurice Jackson: Your technical team is exceptional. I had an opportunity to meet them in the summer of 2016 at the site visit there. Please, introduce us to them.
Ross McElroy: We’re very, very proud of this group. This has been the team we’ve had, the same core group of people with us since 2010. With that same group, we were able to make our discovery on the Waterbury Lake project, and then followed up in 2012 with the discovery of PLS. It’s the same group that is very core and important to us in Fission 3.0.
I do head up the team and the technical group, so I would be the team leader or chief geologist for the technical team. My right hand guy is Raymond Ashley, he’s the VP of exploration. Ray is an excellent geoscientist who I’ve had the pleasure to work with for over 30 years in this sector, so we’ve been working pretty close together. Definitely a proven mine finder.
We’ve basically held the same group of people together on the project managers, all the structural scientists, geochemists. We’ve kept the same core group together over the last almost 10 years or so.
To me, that’s really the key. You want a team that works together well, good chemistry with each other, the ability and the environment to think outside of the box. Really, the goal for each and every one of us is to responsibly make world-class discoveries. That’s what we’re all about.
We’ve got an excellent team. All the key people are listed on the website. You’ll be able to go there and see the roles of the various groups there in the technical team, but there’s about seven or eight of us that have been able to be what I consider the core team for the last decade or so.
Maurice Jackson: Let’s get into some numbers. Please share your capital structure.

Ross McElroy: In Fission 3.0, we have 142 million shares outstanding. We were able to raise a significant amount. We have just under $7 million in the treasury right now, that’ll allow us to be active over the next two years or so.
Maurice Jackson: What is your burn rate?
Ross McElroy: The burn rate, because it’s exploration, it’s pretty discretionary spending. We have $7 million that we have in the treasury right now, that’ll certainly carry us over the next two to three years of pretty aggressive exploration spending on our key projects. We can dial that kind of number up, and we can dial it back as conditions warrant. That’s the benefit of being in exploration.
The burn rate is actually pretty minimal. In other words, we run a pretty lean shop as far as the number of management and corporate costs. Really, the majority of the costs are exploration spending, which is really entirely discretionary.
Maurice Jackson: How much debt do you have?
Ross McElroy: We have no debt. We’ve not taken on any debt. Basically, the money that we raise have been through equity share offerings. No debt in Fission 3.0.
Maurice Jackson: Who are your major shareholders? What is their level of commitment?
Ross McElroy: When we spun off Fission 3.0 back in December of 2014, it was the same shareholders that were shareholders of Fission Uranium, were the same shareholders in Fission 3.0. We would’ve had a lot of the same loyal, large shareholders, including JP Morgan, even investment from others that we’ve had along the way. It’s been the same loyal group.
We have significant new shareholders now with the financing that we did back in 2018, which was led by the Sprott Global Resources Group out of California. I think we have some new players back to the game, but we have a lot of shareholders that have been with us over the long haul.
These are people that have a good vision of the uranium sector. They know that the good times are around the corner. It’s a point that we believe really strongly, and we think that the sector is improving a great deal.
This is how our loyal shareholders are going to be rewarded, by being a much better market with an aggressive team like Fission 3.0, and the new shareholders will probably be long term loyal shareholders too if we’re successful and able to build value for them as well.
Maurice Jackson: What is the float?
Ross McElroy: Fully diluted, we have 227 million shares. We’ve got shares outstanding, we’ve got options and warrants that we’re a part of financing as well, so 227 million shares out in total. We trade around 240,000 shares a day, I think that’s our average volume.
Maurice Jackson: Multi-layered question. What is the next unanswered question for Fission 3.0? When can we expect a response? What determines success?
Ross McElroy: Well, we are going to be successful through work. We know that a better market should buoy the price up of everybody involved in the nuclear sector. They’re starting to get some life back in the exploration world.
Really, we’ve always built value by our success. We’ve been successful with making discoveries. We now have the money, we have the team, we’re putting them to work. I would look to us as being one of the most dynamic uranium explorers out there. That’s something that I think people can follow, they can see our news release cycle, they’ll see how we’re marketing our story, and just look at the results. I think they’ll speak for themselves.
We’re looking at our projects, we’ll be active throughout the calendar year. I think the news flow will be very strong and steady. People that are interested in following the company will always see that there’s a continuing narrative out there. We want to take advantage of this and improve the uranium market, the fact that we are well financed, and we have the properties that we want to explore. I think there’s a very good opportunity for readers to look at Fission 3.0 as a sector leader in the uranium exploration business.
Maurice Jackson: Mr. McElroy, last question. What did I forget to ask?
Ross McElroy: I think we’ve covered a lot of ground here, and a lot of important ground. One of the takeaways that I want readers to know is we really do believe in the nuclear sector. We think that we have turned the corner and that conditions are improving.
If people are looking to invest in the uranium sector, I think it’s important for them to look at a group that has done it before. Your track record is very indicative of what your future has the potential to look like. I always find myself, when I’m investing, I like to back teams with a proven track record.
We have that in our group. We’ve got an exceptional management team. We’ve done it before. We’ve been able to capitalize on our discoveries by selling assets. We have a unique technical team that has the ability to make discoveries.
So better sector, very good team. Strong management. Those are the ingredients we need to be successful.
Maurice Jackson: Ross, for someone listening that wants to get more information about Fission 3.0, please share the website address.
Ross McElroy: Our website address is www.fission3corp.com.
Maurice Jackson: For direct queries email ir@fission3corp.com, or you may call (778) 484-8030. Fission 3.0 trades on the TSX:V, symbol FUU, and on the OTC, symbol FISOF.
For audience, we’ve been proud shareholders of Fission 3.0 since 2014. Last but not least, please visit our website, provenandprobable.com, for mining insights and bullion sales. You may reach us at contact@provenandprobable.com.
Ross McElroy of Fission 3.0, thank you for joining us today on Proven and Probable.
Maurice Jackson is the founder of Proven and Probable, a site that aims to enrich its subscribers through education in precious metals and junior mining companies that will enrich the world.
Disclosure: 
1) Maurice Jackson: I, or members of my immediate household or family, own shares of the following companies mentioned in this article: Fission 3.0. I personally am, or members of my immediate household or family are, paid by the following companies mentioned in this article: None. My company has a financial relationship with the following companies mentioned in this article: None. Proven and Probable disclosures are listed below.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click herefor important disclosures about sponsor fees.
3) Statements and opinions expressed are the opinions of the author and not of Streetwise Reports or its officers. The author is wholly responsible for the validity of the statements. The author was not paid by Streetwise Reports for this article. Streetwise Reports was not paid by the author to publish or syndicate this article. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.
4) This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
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Junior Mining Precious Metals

ROVER METALS | Firm Advancing Gold Exploration in the Northwest Territories

 

Judson Culter the CEO and Director of Rover Metals (TSX.V: ROVR | OTCQB: ROVMF) sits down with Maurice Jackson of Proven and Probable to discuss the value proposition of the Cabin Lake Property. In this interview Mr. Culter will provide important updates on the Uptown Gold Property, Cabin Lake Project, and Slemon Lake. Rover Metals is a natural resource exploration company specialized in Canadian precious metal resources (specifically gold). In this interview we will discuss the recent accomplishments of Rover Metals. Ranging from IPO and the implementation of a methodical process of building an exploration company that is positioning itself for success from land acquisitions, permit approval, OTC listing, option agreements and completed the first phase of the 2018 exploration program.

VIDEO

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TRANSCRIPT

Original Source: https://www.streetwisereports.com/article/2019/03/10/firm-advancing-gold-exploration-in-the-northwest-territories.html

Firm Advancing Gold Exploration in the Northwest Territories Contributed Opinion

Source: Maurice Jackson for Streetwise Reports  (3/10/19)

Maurice Jackson

Judson Culter, CEO of Rover Metals, speaks with Maurice Jackson of Proven and Probable about historical exploration on his company’s properties, as well as current exploration plans.

Gold exploration
Maurice Jackson: Welcome to Proven and Probable. I’m your host, Maurice Jackson, and joining us for our conversation is Judson Culter, the CEO and director of Rover Metals Corp. (ROVR:TSX.V; ROVMF:OTCQB). Mr. Culter, welcome to the show.
Judson Culter: Thanks for having me, Maurice.
Maurice Jackson: Glad to have you back on the program. We last spoke in January of 2018, and since then Rover Metals has completed its IPO and implemented a methodical process of building an exploration company that is positioning itself for success from land acquisitions, permit approval, OTC listing, option agreements and completed the first phase of the 2018 exploration program. But before we begin, Mr. Culter, for first time listeners, who is Rover Metals?
Judson Culter: Rover Metals, we are a precious metal exploration company, specifically gold is our focus currently. We’re co-listed in the United States OTCQB: ROVMF, as well as Canada on the TSX.V ROVR. Our project portfolio is concentrated in and around Yellowknife’s Northwest Territories, one of the most mining friendly jurisdictions in Canada and for North America for that matter. I say that just because that’s where our (Canada’s) diamond mines are. That’s historically where several of our gold mines have been. It’s really the primary employer in the Northwest Territories. Outside of government, mining is it.
Maurice Jackson: Why has Rover Metals received so much interest here of lately?
Judson Culter: I think that’s a two pronged answer. First is just credibility. Going back to 2017 on call with you, Maurice, if one listens to that interview, we talked about how we were going to go public, and how we were going to drill our resources, and how we were going to look to add new resources in the similar area code of Yellowknife.
We’ve successfully accomplished all those tasks. I believe we have strong foundational base in our existing shareholders. We’ve got a lot of credibility with them. We get a lot of word of mouth. I think that goes a long way in a market that can be a little bit over saturated in the junior mining space with which projects or which management teams do you back. I think really that we’ve gotten recognition for that now, which is really helping to drive our current success.

The second prong answer speaks to the projects themselves. Rover has the Cabin Lake Project, which is really what the market is asking for, and that’s why we bought it. When we receive the results from our drilling, we believe we will a high-grade gold historical resource that will contain super high grades that the market wants to see as confirmation that this really could be the next gold mine in the Yellowknife, Northwest Territories.

Not to mention this project itself has all the merits a speculator wants. We have solid infrastructure, the Blue Fish Hydro Dam, roads, all the accessibility and proven area of past producers. The market is beginning to recognize the credibility of the management team and the assets. Also, the awareness that we are near drilling in the not-too-distant future has investors’ attention as well.
Maurice Jackson: Justin, what is the driving thesis for Rover Metals in regards to the Kevin Lake gold project?
Judson Culter: The driving thesis has not changed. It’s the same thesis as in the late 1980s. There’s a project called the Lupin Gold Mine that produced from 1983 to 2003 in the north, which is an iron formation, super high-grade gold. The thought at the time was to go and find another one, and that’s what they thought they had here. This is when Cominco and Freeport McMoRan and then Aber Resources, that’s what they thought they had here. They drove 7,500 meters of at or near-surface iron hosted high-grade gold. The only reason they stopped is because somebody found kimberlites a few years after, and the diamond boom in the Territories began.
This project just kind of sat on the back burner as a result of that. Aber Resources, the owner of the time, of course, went on to find the kimberlites. That’s some historical context on this project and why it’s just now coming back to life.
Maurice Jackson: Talk to us about the business acumen here. When and how was Rover Metals able to acquire the Cabin Lake gold project in such a highly contested and sought out district?
Judson Culter: It wasn’t easy; when we looked at the business case, we figured that with a little bit of just rolling up our sleeves, and getting up there, and meeting the right stakeholders, and just recognizing that this is an area that needs new mines and new projects.
I didn’t think it would be like other areas in British Columbia, for example where BC, trying to get First Nation endorsement can be very difficult. There’s so many competing industries that people can really make a way of life in a jurisdiction like British Columbia, whereas knowing a little bit about the Northwest Territories, mining is a big deal up there. People want to see projects succeed.
When we went into the Cabin Lake project, we knew we had to get a couple of things there to get permits. We knew we had to get our neighbors, Tlicho First Nations, on board. We also did our homework and knew that the Tlicho First Nations had previously worked with Fortune Minerals, as well as Nighthawk Gold. When we got to it, there was a framework in place. There was a government that had been formed.
The Tlicho government and the land use formal plan to work within, for application permits, and applications. So, once we got to it, it ended up only being four months to get it permitted. I think it seemed to keep getting easier for us, and it ended up being a decision that looks like it was the right one to make.
Maurice Jackson: Regarding mineral rights in your project portfolio, are there any reversionary interests?
Judson Culter: There’s a 1.5% NSR that we’ve got viable down to a half percentage point for CA$250,000 per quarter percentage.
Maurice Jackson: And does Rover Metals own the mineral rights outright 100%?
Judson Culter: That’s correct. Yes, not just at Cabin Lake, but at the Cabin Lake group of projects. The claims themselves are 10 kilometers apart; so there’s three of them. For the entire group of projects, yes, we have 100% mineral right interest.
Maurice Jackson: Let’s fast forward to 2018 and discuss your exploration program. What were the results from that program and how has that improved the confidence in the gold project?
Judson Culter: It helped us to better track the iron information. So what we did was we spent the six months from March, when we acquired the project, into October, really to digitize all the historical records. At the time in the 1980s, that was meticulously kept, and it was handwritten. We digitize seven banker boxes of data, as well as three map boxes. Then, we put that in a GPS, and tag the colors and everything else.
Then what we wanted to do to follow on with that data was to run a current, modern-day geophysical program. There were a lot of options to us to do it, but in a really economical manner, but also to do it in a very detailed type formation using a drone. Because the mineralization occurs at or near surface, as well as the iron information itself being at or near surface, it really showed up well on the magnetic survey that we flew over the property. So by interlaying the drill results, as well as the mag survey, our geologist was able to get a better interpretation of the iron formation throughout the project. Really, that really set the stage for where we are going to put the drill when we get to drilling this year in 2019.
Beyond just the iron information, what we also realized about the project is the outcropping on either side is quartz. Historically, the quartz had never been tested for mineralization. So we also did a geochemistry program in October. What that showed us is that the PPM and PPB reading of gold from the quartz outcrop area suggest that it’s also very likely to be a host for gold on this project. It’s never been tested historically. That’s the excitement of 2018 and what’s led into the 2019 drill program, which was always trying to be between March and the end of April. We’re still trying to hold on to that deadline.
We’ve got the collars is ready to go. Right now, we believe what we need to do to start drilling is conduct a small financing that we’ll probably release in the coming week or two here.
Maurice Jackson: So to review the value proposition we had before. This is potentially an open-pitable, early-stage brownfield exploration gold project with historical high-grade resource next to a new cobalt-gold mine, is that correct?
Judson Culter: Yes, and that’s one thing I didn’t touch on is the actual historical resource itself. That’s 85,000 ounces unconfirmed in terms of what our current standards allow us to document as a historical resource. What we’re allowed to document in press releases and everything else is 50,000 ounces of roughly 10 to 12 grams gold per ton. The rest of that 35,000 ounces was never signed off by a Qualified Person, but it is in the NORMIN database in the Northwest Territories. It’s in the areas of the Andrew zone, which we’ve documented. Rover will do the work we need to do under 43-101 standards to take that other 35,000 ounces and get it compliant.
From our side internally, we see it as an 85,000 ounce of resource of 12 grams per ton gold on average. When we talk about it publicly, we have to say, 50,000 from a historical resource perspective, but you’re absolutely right that we’re 20 kilometers away from what’s looking to be Canada’s first cobalt mine. The reason I say that is this project’s been 20 years in the making; it’s at the feasibility stage. I believe they’re really just looking to raise the capital to get to work. It’s an open-pitable cobalt mine. The good news is it’s actually a cobalt gold bismuth. So there is a gold processor that’s going to be built 20 kilometers from us. What better news can you possibly have when you’re developing an at-surface resource?
Maurice Jackson: The location in of itself makes the opportunity quite interesting, but to have open pit to me is icing on the cake. Is the goal to sell the project or develop into a commercial scale mine?
Judson Culter: Definitely the goal is to sell it within the next three years, and so I want to put $10 million in the ground, and let’s get this wrapped up and sold. End of story.
Maurice Jackson: What can you share with us regarding the infrastructure?
Judson Culter: So what you see in Yellowknife right now is what’s going to be coming in the pipeline in the next two to three years in the Pine Point Zinc mine is going back into production and that’s Osisko. Part of that is twining the costs in Taltson Hydro Dam and bringing that into Yellowknife itself, as well as Hay River. There’s going to be federal funding allocated, as well as territorial, to do an environmental study that should be announced through fairly short order this year.
After there is a federally funded environmental study to evaluate the twinning of the Taltson Hydro Dam, a successful outcome will lead into a hydro power upgrade to Yellowknife. When Yellowknife is upgraded, that will free up excess hydro power at the Snare and Strutt Lake hydro dams, located approximately 5km away from Camp Lake, one of our claims that’s part of the Cabin Lake group. That power becomes excess power. All of a sudden that frees up for the future the viability of really selling the project because now you’ve got excess power sitting right there, five kilometers away. How good is that?
Maurice Jackson: Switching gears. Rover Metals’ board of directors and advisors consists of the following people:

Maurice Jackson: Bios for the management time are below:

Maurice Jackson: Let’s discuss some numbers. Please share your capital structure.
Judson Culter: We’ve got 47 million shares out today. That’s our issued and outstanding common shares. There are warrants out there. We have 10 million warrants at $0.20 cents, and 10 million warrants at $0.25 cents.
Maurice Jackson: How much cash and cash equivalents do you have?
Judson Culter: Treasury is sitting today around CA$450,000. Then, there’s been some prepayments for upcoming work commitments regarding our exploration plans for this year, as well as I mentioned, we’re doing a lot of our growth in terms of our marketing and our shareholder base in the United States. I think our prepaid balance, if you were to look at that today, should be around CA$200,000, just in terms of for events, as well as I mentioned, exploration planning. If you add that back to our cash position, we’re around CA$650,000 in current assets.
Maurice Jackson: What is your burn rate?
Judson Culter: Our burn rate’s about CA$30,000 a month, and that just includes all in. We purposely don’t carry an office in this market. We’re a bootstrap company. We have home offices, and then we’re on the road a lot. We’ve got an exploration office that is free from our exploration partner, Aurora Geosciences. That’s really where a lot of the hard work gets done. Then, there’s just no corporate office. I don’t feel the need for that, so that helps.
Maurice Jackson: How much debt do you have?
Judson Culter: We have some trade payables of, I think it’s roughly CA$40,000 that we’re going to settle in shares. Outside of that, we’ve got CA$25,000 in payables on top of that, that we’re going to pay in cash. That’s just some exploration legacy from last year.
Maurice Jackson: Who is financing the project, and what is their level of commitment?
Judson Culter: Just sophisticated mining investors. It’s been high net worth, accredited investors to this point. That will continue until we become a $10 million market cap company plus, because we’re just still not able to access institutional funds, and that’s fine. If Rover does everything that we hope to accomplish in the next drilling phase, which we hope is in the next 60 to 90 day window here, we should be a $10 million market cap plus company; and well on our way to institutional money.
Maurice Jackson: Who are the major shareholders?
Judson Culter: I’m a major shareholder. I’ve been seeding Rover not just with time, but my own money; since really inception in 2014. Tookie Angus, who is an advisor, is currently our third largest shareholder. Then, it really starts to break down to smaller tranches, but there is a notable name on the list: Ashwath Mehra, the chairman of GT Gold; he’s a relatively large shareholder.
Management, including Ron Woo. Ron’s also seeded this company. I think Ron’s probably fourth largest shareholder. Keith Minty’s a large shareholder; 38% of our outstanding shares are owned by insiders, management, board. That’s a good thing because that means our shares are tied up for three years.
Maurice Jackson: Judson, based on the data available, what type of value proposition do we have in comparing?
Judson Culter: Well, the market price, let’s just say, I think it should be $8.5 million, just on what we set out today. That’s my personal opinion. I think later value that, that’s just the reality of reserve stocks in North America. We’re going to do what we need to do to take that historical resource and bring it up to current standards, as well as to just extend where they stopped drilling, and just show them this really is a multimillion ounce potential asset.
I think we can get there with the drill program that we’re planning. We’re planning roughly a thousand meter program. I think the value proposition is we’re in a $3.5 million market cap today. I think we’re going to take it to $10 to 15 million in the next six months. Hold me to that.
Maurice Jackson: I certainly will, sir. Multi-layered question here: what is the next unanswered question for Rover Metals? When can we expect the response? How much will the response cost? What determines success?
Judson Culter: That’s going to be our Q1 or Q2 exploration drill campaign. I was going to caveat that, that is subject to the future success of our financing effort (click here), which we hope to announce in roughly two weeks’ time.
That will lead into confirmation of the historical high-grade gold results, such as the open-pit economics, expand upon the known mineralization in the iron formation, as well as to prove up a larger area play and this is more Q2/Q3 work, for the Slemon Lake, and Camp Lake claims, which are located 10 kilometers northwest from Cabin Lake, and we’ll fly that with an aerial B10 survey. What that will show is that the drilling we’ve done at Cabin Lake in the iron formation really just, those other two claims, or districts, an extension of the same geology, which everything that we’ve read historically shows us it is.
Maurice Jackson: Mr. Culter, please share the contact details for Rover Metals.

Judson Culter: Please visit our website www.RoverMetals.com. On there, you’ll find our social media links, which are LinkedInTwitter, our Facebook page and CEO.ca.
Our social media channels really have daily content. We’re press releasing every couple of weeks, but a lot of our investors like really the daily updates on what’s going on in the Northwest Territory. That’s the best place to stay tuned.
You can also submit to our mailing list. We typically will do an email update every two weeks as well. If you go to the bottom of the homepage on the website, and just submit your email, that subscribes you to our email mailing list.
Maurice Jackson: And last but not least, please visit our website, provenandprobable.com, for mining insights and bullion sales. You may reach us at contact@provenandprobable.com.
Judson Culter of Rover Metals, thank you for joining us today on Proven and Probable.
Maurice Jackson is the founder of Proven and Probable, a site that aims to enrich its subscribers through education in precious metals and junior mining companies that will enrich the world.

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Disclosure: 
1) Maurice Jackson: I, or members of my immediate household or family, own shares of the following companies mentioned in this article: Rover Metals. I personally am, or members of my immediate household or family are, paid by the following companies mentioned in this article: None. My company has a financial relationship with the following companies mentioned in this article: None. Proven and Probable disclosures are listed below.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click herefor important disclosures about sponsor fees.
3) Statements and opinions expressed are the opinions of the author and not of Streetwise Reports or its officers. The author is wholly responsible for the validity of the statements. The author was not paid by Streetwise Reports for this article. Streetwise Reports was not paid by the author to publish or syndicate this article. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.
4) This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.
Proven and Probable LLC receives financial compensation from its sponsors. The compensation is used is to fund both sponsor-specific activities and general report activities, website, and general and administrative costs. Sponsor-specific activities may include aggregating content and publishing that content on the Proven and Probable website, creating and maintaining company landing pages, interviewing key management, posting a banner/billboard, and/or issuing press releases. The fees also cover the costs for Proven and Probable to publish sector-specific information on our site, and also to create content by interviewing experts in the sector. Monthly sponsorship fees range from $1,000 to $4,000 per month. Proven and Probable LLC does accept stock for payment of sponsorship fees. Sponsor pages may be considered advertising for the purposes of 18 U.S.C. 1734.
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Blog

ROVER METALS Announces Private Placement Financing

VANCOUVER , March 4, 2019 /CNW/ – Rover Metals Corp. (ROVR.V) (ROVMF(“Rover Metals” or the “Company“) is pleased to announce its intention to complete a non-brokered private placement of units (the “Units“) at a purchase price of $0.08 per Unit, for aggregate gross proceeds of up to CAD$1,250,000 (the “Offering“). Each Unit shall consist of one common share in the capital of the Company (a “Common Share“) and one Common Share purchase warrant (a “Warrant“).  Each Warrant shall entitle the holder to acquire an additional Common Share at a price of $0.15 per share for a period of 24 months following the date of issuance.

Rover Metals anticipates using 80% of the proceeds of the Offering to finance exploration activities at the Cabin Lake Gold Project and remaining use of proceeds for general and administrative expenses.

The Company may pay finder’s fees in accordance with the policies of the TSX Venture Exchange in connection with the Offering.

Rover Metals anticipates relying, in part, on the exemption from the prospectus requirements provided in BC Instrument 45-534 – Exemption From Prospectus Requirement For Certain Trades to Existing Security Holders (the “Existing Shareholder Exemption“).  The Company may also rely on other available prospectus exemptions.

Rover Metals has set March 1, 2019 as the record date for determining shareholders entitled to participate in the Offering in reliance on the Existing Shareholder Exemption. If the Offering is over-subscribed, Units will be allotted on a first come first served basis. Qualifying investors who wish to participate in the Offering should contact the Company using the contact information set forth below. It is anticipated that the Offering will close in one or more tranches commencing on or about March 15, 2019 .

All securities issued under the Offering will be subject to a hold period of four months and a day from the distribution date, in accordance with applicable securities laws.  Completion of the Offering is subject to the receipt of all applicable approvals, including the approval of the TSX Venture Exchange.

About Rover Metals
Rover Metals is a natural resource exploration company specialized in gold that is currently focused on the Northwest Territories of Canada , one of the most mining friendly jurisdictions in North America . The Cabin Lake Group of High Grade Gold Projects are located within 20km of Fortune Minerals’ (FT.TO) planned NICO Project gold processor.

You can follow Rover Metals on its social media channels Twitter: https://twitter.com/rovermetals, LinkedIn: https://www.linkedin.com/company/rover-metals/, Facebook: https://www.facebook.com/RoverMetals/, and CEO.ca: https://ceo.ca/rovr for daily company updates and industry news.

ON BEHALF OF THE BOARD OF DIRECTORS OF ROVER METALS
“Judson Culter”
Chief Executive Officer and Director

Statement Regarding Forward-Looking Information

This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Rover’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.  Forward-looking statements in this document include statements regarding Rover’s expectations regarding the issuance of Units and receipt of regulatory approval therefor and the use of proceeds from the Offering. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Any factor could cause actual results to differ materially from Rover’s expectations. Rover undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE.  WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE

View original content:http://www.prnewswire.com/news-releases/rover-metals-corp-announces-non-brokered-private-placement-of-up-to-cad1-250-000–300805708.html

Categories
Base Metals Energy Exclusive Interviews Junior Mining Precious Metals

Apollo Silver Announces $2.5 Million Upsize to Previously Announced Financing to Allow for Insider Participation

VANCOUVER, British Columbia, Dec. 29, 2025 (GLOBE NEWSWIRE) — Apollo Silver Corp. (“Apollo Silver” or the “Company”) (TSX.V:APGO, OTCQB:APGOF, Frankfurt:6ZF) is pleased to announce that it has upsized its previously announced non-brokered private placement by an additional $2,500,000, to be subscribed for primarily by insiders of the Company, for total aggregate gross proceeds of up to $27,500,000, through the issuance of up to 5,500,000 units (the “Units”) at a price of $5.00 per Unit (the “Upsized Offering”).

As previously announced, Mr. Eric Sprott and a fund managed by Jupiter Asset Management (the “Jupiter Fund”), Apollo Silver’s two largest shareholders, are participating in the Upsized Offering, and will each subscribe for 2,500,000 Units of the Company, for combined gross proceeds of $25,000,000. Following completion of the Upsized Offering, the Jupiter Fund will own approximately 12% of Apollo Silver’s issued and outstanding common shares, while Eric Sprott will own approximately 9.5%, on an undiluted basis. On a partially diluted basis, each investor’s ownership interest will increase accordingly.

Each Unit issued pursuant to the Upsized Offering will consist of one common share (a “Share”) in the capital of the Company and one common Share purchase warrant (a “Warrant”). Each Warrant entitles the holder thereof to purchase one Share at an exercise price of $7.00 for 24 months from the closing date of the Upsized Offering.

All securities issued in connection with the Upsized Offering will be subject to a four-month hold period from the date of closing. Finder’s fees may be payable on some or all of the funds raised, in accordance with the policies of the TSX Venture Exchange (the “TSXV”). The Company intends to use the net proceeds from the Upsized Offering to fund exploration and development activities across the Company’s projects, as well as for general working capital and corporate purposes.

Closing of the Upsized Offering is subject to regulatory approval, including that of the TSXV.

The Upsized Offering is expected to include participation by certain insiders of the Company for an aggregate amount of up to $2,500,000. Such participation constitutes a “related party transaction” under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The issuance of securities to insiders will be exempt from the valuation requirement pursuant to section 5.5(b) of MI 61-101, as the Company’s shares are not listed on a specified market, and from the minority shareholder approval requirement pursuant to section 5.7(a) of MI 61-101, as the fair market value of the securities issued to related parties will not exceed twenty-five percent of the Company’s market capitalization.

The Shares have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any U.S. state securities laws, and may not be offered or sold in the United States without registration under the U.S. Securities Act and all applicable state securities laws or compliance with the requirements of an applicable exemption therefrom. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Apollo Silver Corp.

Apollo Silver is advancing one of the largest undeveloped primary silver projects in the US. The Calico project hosts a large, bulk minable silver deposit with significant barite credits – a critical mineral essential to the US energy and medical sectors. The Company also holds an option on the Cinco de Mayo Project in Chihuahua, Mexico, which is host to a major carbonate replacement (CRD) deposit that is both high-grade and large tonnage. Led by an experienced and award-winning management team, Apollo Silver is well positioned to advance the assets and deliver value through exploration and development.

Please visit www.apollosilver.com for further information.

ON BEHALF OF THE BOARD OF DIRECTORS

Ross McElroy
President and CEO

For further information, please contact:

Email: info@apollosilver.com

Telephone: +1 (604) 428-6128

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding “Forward-Looking” Information

This news release includes “forward-looking statements” and “forward-looking information” within the meaning of Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are forward-looking statements including, without limitation, statements with respect to the expected timing for completion of the Upsized Offering, and the intended use of proceeds from the Upsized Offering. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, “potential”, “target”, “budget” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions and includes the negatives thereof.

Forward-looking statements are based on the reasonable assumptions, estimates, analysis, and opinions of the management of the Company made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made. Forward-looking information is based on reasonable assumptions that have been made by the Company as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may have caused actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks associated with mineral exploration and development; metal and mineral prices; availability of capital; accuracy of the Company’s projections and estimates; realization of mineral resource estimates, interest and exchange rates; competition; stock price fluctuations; availability of drilling equipment and access; actual results of current exploration activities; government regulation; political or economic developments; environmental risks; insurance risks; capital expenditures; operating or technical difficulties in connection with development activities; personnel relations; and changes in Project parameters as plans continue to be refined. Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to the price of silver, gold and barite; the demand for silver, gold and barite; the ability to carry on exploration and development activities; the timely receipt of any required approvals; the ability to obtain qualified personnel, equipment and services in a timely and cost-efficient manner; the ability to operate in a safe, efficient and effective matter; and the regulatory framework regarding environmental matters, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information contained herein, except in accordance with applicable securities laws. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding the Company’s expected financial and operational performance and the Company’s plans and objectives and may not be appropriate for other purposes. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Categories
Base Metals Energy Junior Mining Precious Metals

Platinum Soars to Record Above $2,300 on Tight Global Supplies

(Bloomberg) — Platinum soared to an all-time high, trading above $2,300 an ounce for the first time on tight supplies and historically elevated borrowing costs.

The metal rose for a 10th straight session — its longest winning streak since 2017 — and has advanced more than 150% this year, the biggest annual gain since Bloomberg began compiling data in 1987. The recent surge has come as the London market shows signs of tightening, with banks parking metal in the US to insure against the risk of tariffs.

Used in the automotive and jewelry sectors, platinum has been caught up in the wave of investment that poured into precious metals this year. Gold and silver have also risen to records.

More than 600,000 ounces of platinum are sitting in US warehouses — an amount much higher than usual — as traders await the outcome of Washington’s Section 232 probe, which could lead to tariffs or trade restrictions on the metal.

Meanwhile, shipments to China have been robust this year, and demand optimism has been bolstered as contracts recently began trading on the Guangzhou Futures Exchange. Prices in Guangzhou have risen well above other international benchmarks.

Platinum is on course for a third annual deficit this year, due to supply disruptions in major producer South Africa. High borrowing costs have also been an issue for manufacturers that use the metal to produce goods ranging from chemicals to glass to laboratory equipment. Industrial users often choose the less capital-intensive option of leasing, rather than buying the commodity outright.

Platinum rose as much as 3.1% to a record $2,361.23 as of 8:19 a.m. in Singapore. Sister metal palladium gained as much as 2.5%.

Categories
Base Metals Energy Junior Mining Precious Metals

West Point Gold Taps Company Making Gold Assay

Bob Moriarty
Archives
Dec 23, 2025

After one of the biggest surges in price for gold, silver and platinum, the DSI still suggests we are a long way from a major top. As of the December 22 close the DSI for gold was 83, 84 for silver and 88 for platinum. At one point during Monday platinum gained over $100 an ounce. I believe that is the biggest one day move in history. As I write on the morning of December 23rd, gold stopped just short of $4500 an ounce, silver actually touched $70 an ounce a few minutes ago and platinum is just short of $2200 an ounce after jumping up as high as $2210. Given that platinum is up nine days in a row, it would be appropriate for the metal to correct.

This has been a dreadful year for getting assays back from the labs. With hundreds of juniors submitting tens of thousands of samples for assay, the labs simply couldn’t keep up. The tide seems to be turning and several companies are releasing barn burning results into what is normally the most boring period in the year.

West Point Gold (WPG-V) contacted me recently and with the blastoff higher in gold, wanted to advertise. On the 17th of December the company announced barn burning results from their flagship Gold Chain Project in western Arizona.

Hole GC25-84 delivered 24.2 meters of 5.92 g/t gold including 12.2 meters of 10.51g/t gold from 120.4 meters deep. Hole GC25-83 showed 16.8 meters of 8.30 g/t gold including 6.1 meters of 17.61 g/t Au from 158 meters depth. So, hole 84 returned 143 gram/meters while hole 83 reported 139 gram/meters. Anything over 100 gram/meters is a home run especially with gold approaching $4500 an ounce.

West Point announced three holes of an ongoing 15,000-meter drill program at the Northeast Tyro portion of the Gold Chain project. These three holes represent 658 meters of drilling with 3,229 meters completed to date. Assays are pending for an additional 1,594 meters of drilling.

The Tyro vein system measures about 3.4 km with mineralization from surface still open to the northeast, southwest and clearly at depth. Within this portion the Tyro Main Zone has defined about one km of continuous mineralization. WPG has defined a conceptional exploration target of between about 1.4 million ounces up to as high as about 3 million ounces of gold. Management was pleased to report that these assay results surpassed their grade expectations.

In addition to the Gold Chain project, WPG controls the Jefferson Canyon JV with Kinross Gold where Kinross can earn up to 80% of the project. The company also owns the  Baxter Spring and Tip Top gold projects also within the Walker Lane deformation belt.

As of mid-December, West Point showed $7.2 million in working cash after raising about $3 million in warrant exercise. Their exploration program is fully funded into 2026.

Expect ongoing assay results into Q1 and Q2 of 2026. A second drill rig will be introduced in January at Gold Chain as WPG continues drilling and exploration at Tyro Main and NE Tyro. The next major milestone will be a maiden 43-101 for Gold Chain.

West Point Gold has advanced in price from $.85 to $1.18 since the release of their latest assays on the 17th for a 39% move higher in a week. With gold continuing to advance I suspect punters will still find WPG an attractive alternative.

West Point Gold is an advertiser therefore of course I am biased. As always, do your own due diligence.

West Point Gold Corp
WPG-V $1.18 (Dec 22, 2025)
WPGCF-OTCQB 108 million shares 
West Point Gold website

###

Bob Moriarty
President: 321gold
Archives

321gold Ltd

Categories
Base Metals Junior Mining Precious Metals

Apollo Silver Announces Correction to Warrant Terms of $25 Million Strategic Investment by Eric Sprott and Jupiter Asset Management

VANCOUVER, British Columbia, Dec. 22, 2025 (GLOBE NEWSWIRE) — Apollo Silver Corp. (“Apollo Silver” or the “Company”) (TSX.V:APGO, OTCQB:APGOF, Frankfurt:6ZF0). Further to the Company’s news release disseminated this morning announcing a non-brokered private placement offering of 5,000,000 units (the “Units”) of the Company at a price of $5.00 per Unit, for aggregate gross proceeds of $25,000,000 (the “Offering”), Apollo Silver wishes to clarify that each Unit issued pursuant to the Offering will consist of one common share (a “Share”) in the capital of the Company and one full common Share purchase warrant (a “Warrant”) rather than a one half Warrant as originally announced. Each Warrant entitles the holder thereof to purchase one Share at an exercise price of $7.00 for 24 months from the closing date of the Offering.

All securities issued in connection with the Offering will be subject to a four-month hold period from the date of closing. Finder’s fees may be payable on some or all of the funds raised, in accordance with the policies of the TSX Venture Exchange (the “TSXV”). The Company intends on using the net proceeds from the Offering to fund exploration and development activities across the Company’s projects, as well as for general working capital and corporate purposes.

Closing of the Offering is subject to regulatory approval including that of the TSXV.

The Shares have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any U.S. state securities laws, and may not be offered or sold in the United States without registration under the U.S. Securities Act and all applicable state securities laws or compliance with the requirements of an applicable exemption therefrom. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Apollo Silver Corp.

Apollo Silver is advancing one of the largest undeveloped primary silver projects in the US. The Calico project hosts a large, bulk minable silver deposit with significant barite credits – a critical mineral essential to the US energy and medical sectors. The Company also holds an option on the Cinco de Mayo Project in Chihuahua, Mexico, which is host to a major carbonate replacement (CRD) deposit that is both high-grade and large tonnage. Led by an experienced and award-winning management team, Apollo is well positioned to advance the assets and deliver value through exploration and development.

Please visit www.apollosilver.com for further information.

ON BEHALF OF THE BOARD OF DIRECTORS

Ross McElroy
President and CEO

For further information, please contact:

Email: info@apollosilver.com

Telephone: +1 (604) 428-6128

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding “Forward-Looking” Information

This news release includes “forward-looking statements” and “forward-looking information” within the meaning of Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are forward-looking statements including, without limitation, statements with respect to the expected timing for completion of the Offering; and the intended use of proceeds from the Offering. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, “potential”, “target”, “budget” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions and includes the negatives thereof.

Forward-looking statements are based on the reasonable assumptions, estimates, analysis, and opinions of the management of the Company made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made. Forward-looking information is based on reasonable assumptions that have been made by the Company as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may have caused actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks associated with mineral exploration and development; metal and mineral prices; availability of capital; accuracy of the Company’s projections and estimates; realization of mineral resource estimates, interest and exchange rates; competition; stock price fluctuations; availability of drilling equipment and access; actual results of current exploration activities; government regulation; political or economic developments; environmental risks; insurance risks; capital expenditures; operating or technical difficulties in connection with development activities; personnel relations; and changes in Project parameters as plans continue to be refined. Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to the price of silver, gold and barite; the demand for silver, gold and barite; the ability to carry on exploration and development activities; the timely receipt of any required approvals; the ability to obtain qualified personnel, equipment and services in a timely and cost-efficient manner; the ability to operate in a safe, efficient and effective matter; and the regulatory framework regarding environmental matters, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information contained herein, except in accordance with applicable securities laws. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding the Company’s expected financial and operational performance and the Company’s plans and objectives and may not be appropriate for other purposes. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Categories
Energy Junior Mining Precious Metals

West Point Gold Expands Northeast Tyro to Depth and to the North, Drilling 24.4 m of 5.92 g/t Au from 120.4 m and 16.8 m of 8.3 g/t from 158.5 m

Vancouver, British Columbia–(Newsfile Corp. – December 17, 2025) – West Point Gold Corp. (TSXV: WPG) (OTCQB: WPGCF) (FSE: LRA0) (“West Point Gold” or the “Company”) is pleased to announce the results for three holes from the high-grade zone at Northeast (NE) Tyro, part of the ongoing 15,000 metre (m) drill program at its flagship Gold Chain Project in Arizona. The Company is reporting assay results for three drill holes (658m), GC25-82 through GC25-84.

Highlights:

  • Hole GC25-84 returned 24.4 m of 5.92 g/t Au at 120.4 to 144.8 m, including 12.2 m of 10.51 g/t Au at 132.6 m to 144.8 m, 90 m below hole GC25-78 which returned 22.9 m of 1.63 g/t Au.
  • Hole GC25-83 returned 16.8 m of 8.30 g/t Au at 158.5 to 175.3 m, including 6.1 m of 17.61 g/t Au at 167.6 to 173.7 m about 45m below GC25-49 (62.5 m of 4.73 g/t Au).
  • Drilling continues to explore the deeper portions of the high-grade zone at NE Tyro with four holes (936 m) completed with assays pending.

“Drilling at NE Tyro continues to return better than expected grades. Importantly, grades appear to be improving at depth as the veining coalesces, typical of low-sulphidation epithermal gold systems. These results continue to demonstrate continuity of high grades, expanding the high-grade zone to depth and along strike to the northeast. We expect these results to positively impact the grade profile and the overall scale of our upcoming maiden resource. Drilling continues at NE Tyro,” stated Derek Macpherson, President and CEO.

Table 1: Drill Results

HolesFrom (m)To (m)Width (m)Grade (g/t Au)
GC25-82138.7234.796.00.42
GC25-83158.5175.316.88.30
including167.6173.76.117.61
GC25-84120.4144.824.45.92
including132.6144.812.210.51

Note: All widths shown are downhole; true widths are approximately 60-70% of downhole widths.

Figure 1: Plan view of the Main Tyro vein showing geology and drilling conducted in 2021, 2023, 2024 and 2025. Note the location of Hole Nos. GC25-82, GC25-83 and GC25-84.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5717/278291_2e529fe224e6aaa8_002full.jpg

Figure 2. Longitudinal perspective of the Tyro Main and NE Zones Showing Core and RC Drilling to Date. Holes GC25-82 through GC25-84 are highlighted and described below.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5717/278291_2e529fe224e6aaa8_003full.jpg

Summary
These results follow the ongoing 15,000 m drilling program at the Company’s Gold Chain project in Arizona, which is focused on expanding the higher-grade zone at NE Tyro laterally and downward, as identified in Q2 of 2025. The three holes comprising this release, GC25-82 through GC25-84, represent 658 m of 3,229 m drilled to date of the 15,000 m program.

All three holes in this release have extended gold mineralization to depth from 50 to 90 metres. These results, in context with previous drilling, suggest a coalescing of veins and veinlets downward and to the northeast with a marked increase in gold grades, i.e. GC25-78 with 22.9 m of 1.56 g/t Au and GC25-84 with 24.4 m of 5.92 g/t Au, including 12.2 m of 10.51 g/t Au (Figure 4). This coalescing of veins and veinlets is common in many epithermal vein systems. Along with the increased gold grades at depth, close inspection of the drill cuttings reveals an increase in varicolored chalcedony, crustiform banding, adularia and illite(?)-pyrite alteration in the wallrock.

Hole GC25-83
Hole GC25-83 traversed the Tyro NE vein/zone about 30 to 50 m below GC25-49 (62.5 m at 4.73 g/t Au), revealing a more defined vein structure with the strongest vein developed at the footwall contact, likely an important fault. The hole intersected 16.8 m of 8.30 g/t Au at 158.5 to 175.3 m, including 6.1 m of 17.61 g/t Au (Figure 3).

Figure 3: Cross-sectional view of Hole GC25-83 down-dip from Holes GC25-49 and GC21-14

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5717/278291_2e529fe224e6aaa8_004full.jpg

Hole GC25-84
Hole GC25-84 was drilled to test the vein system about 90 m below Hole GC25-78 which traversed 22.9 m of 1. 56 g/t Au (Figure 4). This hole encountered a more discrete, compact mineralized package composed of quartz-calcite-(adularia) vein from 120.4 m to 144.8 m (24.4 m) containing 5.92 g/t Au. Quartz veinlets and breccia give way to vein and breccia toward the footwall contact with 6.1 m at 15.1 g/t Au. Elevated percentages of varicolored chalcedony + adularia appear to correspond to higher gold grades (up to 25.1 g/t Au).

The strengthening or consolidation of the vein at the footwall contact has been observed in other surrounding holes. The results indicate that the mineralized zone has coalesced into a more discrete mineralized package or vein in the relatively short distance of less than 150 metres.

Figure 4: Cross Sectional View of Hole GC25-84 down-dip from Holes GC25-77/-78.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5717/278291_2e529fe224e6aaa8_005full.jpg

Hole GC25-82
Hole GC25-82 was designed to test the deeper projection of a broad zone of quartz-calcite veinlets observed in Hole GC25-60 (50.3 m @ 1.29 g/t Au) about 65 m deeper into the vein system. A broad zone of veining was encountered from 138.7 m to 234.7 m (96.0 metres) at 0.42 g/t Au (Figure 2). These results, in conjunction with GC25-60, suggest that the Tyro NE zone is horse tailing as it approaches the ‘bend’ where mapping, surface sampling and drilling have identified, but not defined, a ‘stepover’ into the Tyro Main zone. Additional drilling will be needed to better define the extent of this broad, low-grade zone.

Qualified Person
Robert Johansing, M.Sc. Econ. Geol., P. Geo., the Company’s Vice President, Exploration, is a qualified person (“QP”) as defined by NI 43-101 and has reviewed and approved the technical content of this press release. Mr. Johansing has also been responsible for overseeing all phases of the drilling program, including logging, labelling, bagging and transport from the project to American Assay Laboratories of Sparks, Nevada. Drillholes have a diameter of about 10cm, and samples have an approximate weight of 5 to 10kg. Samples were then dried, crushed and split, and pulp samples were prepared for analysis. Gold was determined by fire assay with an ICP finish, and over-limit samples were determined by fire assay and gravimetric finish. Silver plus 15 other elements were determined by Aqua Regia ICP-AES (IM-2A16), and over-limit samples were determined by fire assay and gravimetric finish. Both certified standards and blanks were inserted on site along with duplicates, standards and blanks inserted by American Assay. The results summarized above have been carefully reviewed with reference to the QA/QC results. Standard sample chain of custody procedures were employed during drilling and sampling campaigns until delivery to the analytical facility.

About West Point Gold Corp.
West Point Gold is an exploration and development company focused on unlocking value across four strategically located projects along the prolific Walker Lane Trend in Nevada and Arizona, USA, providing shareholders with exposure to multiple discovery opportunities across one of North America’s most productive gold regions. The Company’s near-term priority is advancing its flagship Gold Chain Project in Arizona.

For further information regarding this press release, please contact:
Aaron Paterson, Corporate Communications Manager
Phone: +1 (778) 358-6173
Email: info@westpointgold.com

Stay Connected with Us:
LinkedIn: linkedin.com/company/west-point-gold
X (Twitter): @westpointgoldUS
Facebook: facebook.com/Westpointgold/
Website: westpointgold.com/

FORWARD-LOOKING STATEMENTS:
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events including, among others, assumptions about future prices of gold, silver, and other metal prices, currency exchange rates and interest rates, timing of the Company’s maiden resource estimate, favourable operating conditions, political stability, obtaining government approvals and financing on time, obtaining renewals for existing licenses and permits and obtaining required licenses and permits, labour stability, stability in market conditions, availability of equipment, availability of drill rigs, and anticipated costs and expenditures. The Company cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond the Company’s control. Such factors include, among other things: risks and uncertainties relating to West Point Gold’s ability to complete any payments or expenditures required under the Company’s various option agreements for its projects; and other risks and uncertainties relating to the actual results of current exploration activities, the uncertainties related to resources estimates; the uncertainty of estimates and projections in relation to production, costs and expenses; risks relating to grade and continuity of mineral deposits; the uncertainties involved in interpreting drill results and other exploration data; the potential for delays in exploration or development activities; uncertainty related to the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results may vary from those expected; statements about expected results of operations, royalties, cash flows, financial position may not be consistent with the Company’s expectations due to accidents, equipment breakdowns, title and permitting matters, labour disputes or other unanticipated difficulties with or interruptions in operations, fluctuating metal prices, unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future and regulatory restrictions, including environmental regulatory restrictions. The possibility that future exploration, development or mining results will not be consistent with adjacent properties and the Company’s expectations; operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding and severe weather); metal price fluctuations; environmental and regulatory requirements; availability of permits, failure to convert estimated mineral resources to reserves; the inability to complete a feasibility study which recommends a production decision; the preliminary nature of metallurgical test results; fluctuating gold prices; possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, political risks, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks involved in the mineral exploration and development industry, and those risks set out in the filings on SEDAR+ made by the Company with securities regulators. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this corporate press release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, other than as required by applicable securities legislation.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/278291

Categories
Base Metals Energy Junior Mining Precious Metals

Apollo Silver Secures 100% Interest in Athena Claims at Langtry

Outstanding Apollo Silver Warrants Expire in July 2026

VANCOUVER, British Columbia, Dec. 18, 2025 (GLOBE NEWSWIRE) — Apollo Silver Corp. (“Apollo Silver” or the “Company”) (TSX.V:APGO, OTCQB:APGOF, Frankfurt:6ZF) is pleased to announce that, through its wholly owned subsidiary, Stronghold Silver USA Corp., the Company has completed all payments required under the Option to Purchase Agreement dated December 21, 2020, as amended January 21, 2023 (the “Athena Agreement”), with Athena Minerals Inc. (the “Optionor”). As a result, the Company now owns 100% interest in thirty-six (36) unpatented lode mining claims comprising part of the Langtry Property, which forms part of the Calico Silver Project, in San Bernardino County, California (the “Athena Claims”).

Under the terms of the Athena Agreement, the Company had the right to acquire the Athena Claims for an aggregate purchase price of US$1,000,000, payable on or before December 21, 2025. An initial payment of US$15,000 was paid upon execution of the Athena Agreement in December 2020, followed by annual payments of US$25,000 on each anniversary date. Between 2021 and 2024, the Company made the required annual payments. In accordance with the Athena Agreement, payments made within the twenty-four months preceding option exercise were credited against the purchase price, resulting in a final cash payment of US$950,000 to vest 100% ownership of the Athena Claims.

Pursuant to the Athena Agreement, the Company has granted Athena a 1% net smelter return (“NSR”) royalty on future mineral production from the Athena Claims. The NSR applies only to those claims that do not already carry an existing royalty of 1% or greater, and in all cases the total royalty burden on any claim will not exceed 2%. The acquisition of the Athena Claims consolidates Apollo Silver’s land position at the Calico Silver Project (“Calico Project”) and represents a significant milestone in advancing the Company’s silver and critical minerals strategy in the region (see Figure 1).

About Calico Silver Project

The Calico Project is one of the largest primary undeveloped silver projects in the United States. With silver designated as a U.S. critical mineral and continued strong industrial demand highlighting the importance of secure domestic supply, large scale U.S. silver assets may become increasingly strategic. The Calico Project Mineral Resource Estimate (“MRE”) comprises an Measured and Indicated Resource of 125 Moz Ag in 55 Mt at an average grade of 71 g/t Ag the Measured and Indicated categories and 58 Moz Ag in 25 Mt at a grade of 71 g/t Ag in the Inferred category (see Apollo Silver news releases dated September 4, 2025, and October 16, 2025).

Qualified Person

The scientific and technical data contained in this news release was reviewed and approved by Isabelle Lépine, M.Sc., P.Geo., Apollo’s Director, Mineral Resources. Ms. Lépine is a registered professional geologist in British Columbia and a QP as defined by NI 43-101 and is not independent of the Company.

Figure 1: Athena Claims

Athena Claims
Athena Claims

Outstanding Warrants

As of December 18, 2025, the Company had 34,903,440 outstanding share purchase warrants (the “Warrants”), with five (5) Warrants exercisable into one (1) common share of the Company, in accordance with their terms, at an exercise price of $3.95 per share and expiring July 8, 2026. Investors requiring further information regarding the exercise of their Warrants should contact: (i) if the Warrants are held through a brokerage account or other nominee, such broker or nominee; and (ii) if the Warrants are held directly in registered form, the Warrant agent, Endeavor Trust Corporation, by email at admin@endeavortrust.com and following the instructions set forth in the applicable Warrant certificate. Warrant holders should also consult their financial and tax advisors regarding the financial and tax implications applicable to them prior to exercising Warrants.

About Apollo Silver Corp.

Apollo is advancing one of the largest undeveloped primary silver projects in the US. The Calico Project hosts a large, bulk minable silver deposit with significant barite and zinc credits – recognized as critical minerals essential to the US energy and medical sectors. The Company also holds an option on the Cinco de Mayo Project in Chihuahua, Mexico, which is host to a major carbonate replacement (CRD) deposit that is both high-grade and large tonnage. Led by an experienced and award-winning management team, Apollo is well positioned to advance the assets and deliver value through exploration and development.

Please visit www.apollosilver.com for further information.

ON BEHALF OF THE BOARD OF DIRECTORS

Ross McElroy
President and CEO

For further information, please contact:

Email: info@apollosilver.com
Telephone: +1 (604) 428-6128

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding “Forward-Looking” Information

This news release includes “forward-looking statements” and “forward-looking information” within the meaning of Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are forward-looking statements including, without limitation, statements with respect to the Company’s strategic objectives, the consolidation and advancement of its land position at the Langtry Property, and the exploration and development potential at the Calico Project. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, “potential”, “target”, “budget” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions and includes the negatives thereof.

Forward-looking statements are based on the reasonable assumptions, estimates, analysis, and opinions of the management of the Company made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made. Forward-looking information is based on reasonable assumptions that have been made by the Company as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may have caused actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks associated with mineral exploration and development; metal and mineral prices; availability of capital; accuracy of the Company’s projections and estimates; realization of mineral resource estimates, interest and exchange rates; competition; stock price fluctuations; availability of drilling equipment and access; actual results of current exploration activities; government regulation; political or economic developments; environmental risks; insurance risks; capital expenditures; operating or technical difficulties in connection with development activities; personnel relations; and changes in Project parameters as plans continue to be refined. Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to the price of silver, gold and barite; the demand for silver, gold and barite; the ability to carry on exploration and development activities; the timely receipt of any required approvals; the ability to obtain qualified personnel, equipment and services in a timely and cost-efficient manner; the ability to operate in a safe, efficient and effective matter; and the regulatory framework regarding environmental matters, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information contained herein, except in accordance with applicable securities laws. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding the Company’s expected financial and operational performance and the Company’s plans and objectives and may not be appropriate for other purposes. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

An infographic accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ddd1cb0a-9601-41f1-a726-5d5f0f3aad08

Categories
Base Metals Energy Junior Mining Precious Metals

Apollo Silver Advances Community Discussions at Cinco de Mayo

VANCOUVER, British Columbia, Dec. 15, 2025 (GLOBE NEWSWIRE) — Apollo Silver Corp. (“Apollo” or the “Company”) (TSX.V:APGO, OTCQB:APGOF, Frankfurt:6ZF) is pleased to provide an update on ongoing community engagement activities at its Cinco de Mayo Project (“Cinco de Mayo” or the “Project”) in Chihuahua, Mexico.

Over several months, the Company held productive discussions with elected representatives of the Ejido Benito Juárez (the “Ejido”), Municipio de Buenaventura, and other leaders and community groups in the region. The objective of these discussions was to regain public support for mineral exploration and mine development at Cinco de Mayo, and more specifically, to rescind the property access ban imposed by the Ejido in November 2012 and to establish a long-term access agreement. This agreement is anticipated to provide important economic and community benefits to the Ejido, including annual payments, environmental value, and preferential employment and service opportunities, in exchange for unrestricted access for the Company to explore, develop and potentially mine the resources at Cinco de Mayo.

As part of Apollo’s efforts to introduce a plan of responsible development in cooperation and partnership with the local communities, informational materials are being distributed to members of the Ejido, outlining a plan of long-term collaboration and shared benefits associated with continued exploration and future operations at the Project. This phase of community engagement is expected to continue early into the new year, whereupon the Company remains hopeful for, and looks forward to, a general assembly of the Ejido in early 2026 to vote on rescinding the property access ban and approving a long-term access agreement.

Overview of Key Topics Presented to the Ejido

Long-Term Benefit Framework

The draft framework under discussion includes the following high-level concepts:

  • A 30-year structure of benefits to the Ejido in return for access to the Project during the exploration, development and mining phases over that time period.
  • Predictable annual payments made directly to the community to support priorities identified by the Ejido and its members, such payments amounting to approximately US$50 million over the life of the agreement.
  • An option to extend the term of the agreement for an additional period of time.

Employment, Training, and Local Procurement

The materials emphasize the Company’s commitment to maximizing local participation:

  • Hiring of Ejidatarios (registered members of the Ejido community), their descendants, and community members, based on skills and aptitude.
  • Preference for local suppliers of food, fuel, transportation, materials, and lodging.

These initiatives are intended to help build sustainable economic opportunities for the region.

Environmental Protection and Water Stewardship

Environmental responsibility remains central to all Project planning. Commitments communicated to the Ejido include:

  • Detailed hydrogeological studies to ensure exploration and potential future mining activities have no effect on community wells or natural springs.
  • Continuous monitoring of water quality and environmental indicators.
  • Strict adherence to all federal regulations, including requirements set by SEMARNAT, CONAGUA, and PROFEPA.
  • Implementation of reforestation programs, responsible materials management, and full reclamation of land at the end of the Project’s life cycle.

These commitments apply at every stage of work, from exploration through to eventual operations and closure.

“With a renewed interest in responsible mineral exploration and mine development being promoted at all levels of Mexican government, there is no better time to bring a strong plan of shared economic benefit to the communities around Cinco de Mayo,” stated Ross McElroy, President and CEO. “As one of North America’s better CRD deposits, with a well established history, Cinco de Mayo holds great opportunity for all.”

About Cinco de Mayo

Cinco de Mayo is an approximate 25,000 hectare property located in the north central part of Chihuahua State, Mexico, approximately 190 kilometres northwest of the state capital of Chihuahua City in the Municipio de Buenaventura. The Project is prospective for and hosts carbonate replacement type deposits including the Upper Manto Pb-Zn-Ag (Au) deposit, which consists of two parallel and overlapping manto deposits referred to as the Jose Manto and the Bridge Zone. An independent technical report and Mineral Resource estimate (“MRE”) on the Upper Manto deposit was prepared in 2012 by Rosco Postle and Associates (“RPA”). At a NSR cut-off of US$100/t, Inferred MRE was estimated to total 12.45 million tonnes at 132 grams per tonne silver, 2.86 per cent lead and 6.47 per cent zinc and 0.24 gram per tonne gold (See Apollo’s news release dated March 7, 2025). The total contained metals in the historical resource were 52.7 million ounces of silver, 785 million pounds of lead, 1,777 million pounds of zinc and 96,000 ounces of gold. See cautionary statement below.

A potential new discovery, called the Pegaso Zone was not included in the 2012 Historical MRE. Apollo’s technical team considers this intersection as a high priority target that has potential to be a significant new discovery. The Company’s initial review of historical data suggests that the Pegaso Zone could indicate a larger and higher-grade resource at depth.

Qualified Person

The scientific and technical data contained in this news release was reviewed and approved by Isabelle Lépine, M.Sc., P.Geo., Apollo’s Director, Mineral Resources. Ms. Lépine is a registered professional geologist in British Columbia and a QP as defined by NI 43-101 and is not an independent of the Company

About Apollo Silver Corp.

Apollo is advancing one of the largest undeveloped primary silver projects in the US. The Calico project hosts a large, bulk minable silver deposit with significant barite and zinc credits – recognized as critical minerals essential to the US energy and medical sectors. The Company also holds an option on the Cinco de Mayo Project in Chihuahua, Mexico, which is host to a major carbonate replacement (CRD) deposit that is both high-grade and large tonnage. Led by an experienced and award-winning management team, Apollo is well positioned to advance the assets and deliver value through exploration and development.

Please visit www.apollosilver.com for further information.

ON BEHALF OF THE BOARD OF DIRECTORS

Ross McElroy
President and CEO

For further information, please contact:

Email: info@apollosilver.com

Telephone: +1 (604) 428-6128

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding Historical Mineral Resource Estimates

This 2012 historical MRE referenced above is considered historical in nature and the reader is cautioned not to treat this estimate as current Mineral Resources, nor should they be relied upon. They are included here as an indication of the mineralization of the Project. A qualified person has not done sufficient work to classify the historical estimate as a current mineral resource and the Company is not treating the historical estimate as a current mineral resource.

Cautionary Statement Regarding “Forward-Looking” Information

This news release includes “forward-looking statements” and “forward-looking information” within the meaning of Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are forward-looking statements including, without limitation, statements with respect to the rescission of the 2012 access ban; the negotiation terms, value and potential execution of an access agreement with the Ejido; the timing, nature, and results of exploration and development activities at Cinco de Mayo; the exploration potential of the Project, including the potential discovery and significance of the Pegaso Zone; interpretations of historical data; the potential size, grade, continuity, and extent of mineralization, including at depth; potential future mining operations; the expected economic and social benefits to the Ejido and surrounding communities; and the Company’s future plans, strategies, and objectives. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, “potential”, “target”, “budget” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions and includes the negatives thereof.

Forward-looking statements are based on the reasonable assumptions, estimates, analysis, and opinions of the management of the Company made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made. Forward-looking information is based on reasonable assumptions that have been made by the Company as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may have caused actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks associated with mineral exploration and development; metal and mineral prices; availability of capital; accuracy of the Company’s projections and estimates; realization of mineral resource estimates, interest and exchange rates; competition; stock price fluctuations; availability of drilling equipment and access; actual results of current exploration activities; government regulation; political or economic developments; environmental risks; insurance risks; capital expenditures; operating or technical difficulties in connection with development activities; personnel relations; and changes in Project parameters as plans continue to be refined. Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to the price of silver, gold and barite; the demand for silver, gold and barite; the ability to carry on exploration and development activities; the timely receipt of any required approvals; the ability to obtain qualified personnel, equipment and services in a timely and cost-efficient manner; the ability to operate in a safe, efficient and effective matter; and the regulatory framework regarding environmental matters, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information contained herein, except in accordance with applicable securities laws. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding the Company’s expected financial and operational performance and the Company’s plans and objectives and may not be appropriate for other purposes. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Categories
Base Metals Energy Junior Mining Precious Metals

Apollo Silver Announces 2026 Exploration and Development Program for its U.S. based Calico Project

Advancing one of the largest undeveloped primary silver assets in the U.S. in a rising silver and critical minerals market.

Vancouver, British Columbia, December 11, 2025 – Apollo Silver Corp. (“Apollo Silver” or the “Company”) (TSX.V:APGO; OTCQB:APGOF; Frankfurt:6ZF) is pleased to announce details of its 2026 Exploration and Project Development Program (the “2026 Program”) at the Company’s Calico Silver Project (“Calico” or the “Project”) located in San Bernardino County, California. The 2026 Program is designed to advance both the exploration potential and project development initiatives at Calico at a time when the silver market sentiment is strengthening and the metal’s recent designation as a U.S. critical mineral is drawing renewed attention to secure domestic supply. As one of the largest undeveloped primary silver assets in the U.S., Calico is well positioned within this evolving landscape.

The 2026 Program advances prospective exploration and project development at Calico in support of longer-term planning for processing, mine design, and permitting. Project development activities will focus on metallurgical studies, geotechnical work, and the initiation of development-stage permitting, and will include a drilling program designed to provide material for geotechnical analysis and metallurgical testing. Planned exploration activities include exploration drilling, property-scale mapping and sampling, and both airborne and ground geophysical surveys.

Highlights of the 2026 Program:

  • Project Development Activities
  • 4,500 meter (“m”) HQ large diameter core drill program commencing in Q1 2026 to address current on-going metallurgical studies and geotechnical analysis to support future mine design work.
  • A metallurgical test work program focused on evaluating processing options and investigating opportunities to improve upon historic silver recoveries.
  • Early-stage permitting activities, including the initiation of long term, on-going baseline environmental monitoring, ensuring that the regulatory phase progress aligns with technical advancements.
  • Exploration Activities
  • 1,000 m NQ diameter exploration drilling program at the Waterloo Property (“Waterloo”) to test the Burcham gold potential with the goal of expanding the gold resource.
  • Ground and airborne geophysical surveys including gravity, Induced Polarization (“IP”), and magnetics to image and characterize subsurface controls of mineralization as well as lithological, structural and alteration features at both a deposit and property scale, to assist in defining and prioritizing future drill targets.
  • Expanded geological mapping across Waterloo and Mule Property (“Mule”) to advance surficial geological interpretations and promote target generation.

“Our 2026 Program positions Apollo Silver to advance Calico at an opportune moment,” said Ross McElroy, President and CEO of Apollo Silver. “Silver’s addition to the U.S. critical minerals list and the current strength in precious-metal markets highlight the importance of responsibly developing domestic supply. Calico hosts one of the largest undeveloped primary silver deposits in the United States. The exploration program will allow us to evaluate the blue-sky potential of the Project, while the planned metallurgical, geotechnical, and geophysical work will further strengthen our technical understanding and support the next stages of its advancement.”

2026 Project Development Program

The 2026 project development program at Waterloo includes a 4,500 m HQ diameter core drill program aimed at obtaining sufficient material and data for on-going geotechnical and metallurgical analysis, and the initiation of development level permitting activities. The permitting activities will begin in 2026 and will form the foundational start of a long-term permitting process, which is designed to keep the regulatory progress aligned with technical advancement.

Core Drilling – Waterloo (Geotechnical & Metallurgical)

A 4,500 m HQ diameter core drilling program is scheduled to begin in mid-Q1 and continue through Q2 2026. Drill core will be used for:

  • Geotechnical data collection for analysis to support engineering and mine design; and
  • Metallurgical test work to better characterize the silver recovery and evaluate opportunities for recovery enhancement.

Metallurgical Studies

Metallurgical test work will continue throughout 2026 and will focus on:

  • Evaluating ore characteristics and processing options; and
  • Assessing opportunities to improve silver recoveries above historical levels identified, presently estimated at ~65%.

Underground Volume Survey

Calico is host to numerous historic small-scale, high-grade vein hosted mining operations that were active from ~1880 to 1894, some in close proximity to the Waterloo and Langtry deposits.  A LiDAR survey of historical underground drifts and tunnels at Waterloo is planned for Q4 2026 to enhance the knowledge of precise location and scale of historic workings with respect to the current day deposits. This information should provide important data to assist with improved resource classification, as well as provide critical information for future mine development.

2026 Exploration Program

The 2026 exploration program at Calico includes core drilling, geological mapping, ground gravity and IP surveys, and airborne magnetics geophysical surveys, all designed to map geological features and interpret controls of mineralization at both a deposit and property scale across the Waterloo and Mule properties. Results will be used to assist in generating future drill targets.

Exploration Drilling

The Company plans to complete 1,000 m of NQ diameter core drilling to test the Burcham gold target located on the east side of Waterloo, in the area of the historical Burcham Mine. The work is scheduled for Q1–Q2 2026 and is designed to evaluate the potential for expansion of the existing gold resource.

Geological Mapping

Geological mapping will continue throughout 2026, and work will include:

  • Updating surficial geological interpretations at both Waterloo and Mule;
  • Follow-up ground assessment of anomalies identified from the 2022 IP geophysical survey on Waterloo; and
  • Ongoing support for exploration targeting and drill planning.

Geophysics

A multi-method geophysical program is planned for Q1, Q2 and Q4 2026. Surveys will include both airborne and ground surveys which will assist to resolve the subsurface interpretations and potentially help define and prioritize targets for future drilling. Activities will include:

  • Ground Gravity and Subsurface Historical Mine Workings surveys at Waterloo;
  • IP and airborne magnetic surveys at Waterloo and Mule; and
  • Integration and interpretation of new and historic geophysical datasets (Gravity, IP, Magnetics).

Laboratory Analysis

Petrographic studies and soil/rock assays will run through Q1 to Q3 2026 which will support geological mapping and aid in drill target refinement.

Qualified Person

The scientific and technical data contained in this news release was reviewed and approved by Isabelle Lépine, M.Sc., P.Geo., Apollo Silver’s Director, Mineral Resources. Ms. Lépine is a registered professional geologist in British Columbia and a QP as defined by NI 43-101 and is not independent of the Company.

About Apollo Silver Corp.

Apollo Silver is advancing one of the largest undeveloped primary silver projects in the US. The Calico project hosts a large, bulk minable silver deposit with significant barite and zinc credits – recognized as critical minerals essential to the US energy and medical sectors. The Company also holds an option on the Cinco de Mayo Project in Chihuahua, Mexico, which is host to a major carbonate replacement (CRD) deposit that is both high-grade and large tonnage. Led by an experienced and award-winning management team, Apollo is well positioned to advance the assets and deliver value through exploration and development.

Please visit www.apollosilver.com for further information.

ON BEHALF OF THE BOARD OF DIRECTORS

Ross McElroy

President and CEO

For further information, please contact:

Email: info@apollosilver.com

Telephone: +1 (604) 428-6128

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding “Forward-Looking” Information

This news release includes “forward-looking statements” and “forward-looking information” within the meaning of Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are forward-looking statements including, without limitation, statements regarding the scope, timing, and expected results of the 2026 exploration and project development program; planned drilling, mapping, sampling, geophysical surveys, metallurgical test work, geotechnical studies, and permitting activities; potential improvements to silver recoveries; the potential to expand the gold resource at Waterloo; and the anticipated benefits of the planned work programs. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, “potential”, “target”, “budget” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions and includes the negatives thereof.

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Central Banks Now Hold More Gold Than U.S. Treasuries

Central Banks Now Hold More Gold Than U.S. Treasuries

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Key Takeaways

  • For the first time since 1996, foreign central banks’ gold reserves have overtaken their U.S. Treasury holdings.
  • Persistent gold buying and rising U.S. debt risks are reshaping reserve composition toward hard assets.

Central banks have crossed a symbolic line: their combined gold reserves now exceed their U.S. Treasury holdings for the first time in nearly three decades.

The crossover underscores a gradual diversification away from dollar-denominated securities and toward hard assets.

This visualization tracks how these shares have evolved from the 1970s to today. The data comes from Crescat Capital macro strategist Tavi Costa.

From Petrodollars to De-Dollarization

After the end of Bretton Woods, soaring real interest rates and the rise of the petrodollar steered reserve managers toward U.S. Treasuries through the 1980s and 1990s.

In the 2000s, the dollar’s depth and liquidity reinforced that preference. Since 2022, however, heavy official gold buying has picked up again — 1,136 tonnes in 2022, a record — with 2023 and 2024 maintaining historically strong accumulation. The trend is even more striking considering that nearly one-fifth of all the gold ever mined is now held by central banks.

DateForeign Central Banks’ Gold Holdings As a % International ReservesForeign Central Banks’ U.S. Treasuries Holdings As a % International Reserves
1/30/197048%13%
1/29/197143%23%
1/31/197236%32%
1/31/197339%31%
1/31/197450%17%
1/31/197550%15%
1/30/197644%18%
1/31/197741%20%
1/31/197841%23%
1/31/197944%18%
6/30/202524%23%

‹12345…34›

As political uncertainty and geopolitical risks continue to fuel safe-haven demand, this purchasing momentum has also lifted prices: gold surpassed $4,000 an ounce for the first time ever in October 2025.

Why “More Gold than Treasuries” Matters

Crossing above Treasuries signals that reserve managers are prioritizing durability, portability, and neutrality over yield.

According to the IMF, gold’s share of global reserves climbed to about 18% in 2024, up sharply from mid-2010s levels, reflecting a structural reweighting toward tangible assets.

Seen as an alternative to heavily indebted fiat currencies, especially the U.S. dollar, the share of gold in central bank reserves has increased most among emerging market economies. China, Russia, and Türkiye have been the largest official buyers over the past decade.

Source: https://elements.visualcapitalist.com/central-banks-now-hold-more-gold-than-u-s-treasuries/?mc_cid=e7a479d329&mc_eid=5c5bffba2f