Edmonton, Alberta–(Newsfile Corp. – May 13, 2026) – Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) (“Grizzly” or the “Company”) is pleased to announce a private placement offering of Units, FT Units, and CMFT Units for gross proceeds of up to $1.08 Million if fully subscribed.
Private Placement Offering
The Offering consists of up to 12,307,693 Units and up to 3,076,924 of any combination of Units, FT Units and CMFT Units.
Each Unit, priced at $0.065 per Unit, shall consist of one common share of the Company (“Common Share”) and one Common Share purchase warrant entitling the warrant holder to purchase an additional Common Share for $0.12 and expiring on the earlier of a) 30 days following written notice by the Company to the warrant holder that the volume-weighted average trading price of the Common Shares on the TSX Venture Exchange is at or greater than CA$0.18 per Common Share for 10 consecutive trading days; and (b) 36 months (3 years) from the date of issuance (“Unit Warrant”).
Each FT Unit, priced at $0.08 per FT Unit, shall consist of one Common Share and one half of one Common Share purchase warrant (“FT Unit Warrant”), each of which shall be issued as a “flow through share” for the purposes of the Income Tax Act (Canada). Each whole FT Unit Warrant shall entitle the holder to purchase an additional Common Share for $0.12 and expiring on the earlier of a) 30 days following written notice by the Company to the warrant holder that the volume-weighted average trading price of the Common Shares on the TSX Venture Exchange is at or greater than CA$0.18 per Common Share for 10 consecutive trading days; and (b) 36 months (3 years) from the date of issuance.
Each CMFT Unit, priced at $0.09 per CMFT Unit, shall consist of one Common Share and one half of one Common Share purchase warrant (“CMFT Unit Warrant”), each of which shall be issued as a “flow through share” for the purposes of the Income Tax Act (Canada). Each whole CMFT Unit Warrant shall entitle the holder to purchase an additional Common Share for $0.12 and expiring on the earlier of a) 30 days following written notice by the Company to the warrant holder that the volume-weighted average trading price of the Common Shares on the TSX Venture Exchange is at or greater than CA$0.18 per Common Share for 10 consecutive trading days; and (b) 36 months (3 years) from the date of issuance.
The Offering is being offered to qualified subscribers in the Provinces of Alberta, British Columbia and Ontario and in other jurisdictions as the Company may in its discretion determine, in reliance upon exemptions from the registration and prospectus requirements of applicable securities legislation.
The Company intends to use the proceeds of the sales of the Units for general working capital, mineral rights acquisition, any proceeds from the FT Units for exploration of the Company’s mineral properties, and any proceeds from the CMFT Units for the exploration of the Company’s mineral properties specifically targeting critical minerals (as defined by the Income Tax Act (Canada)). The maximum gross proceeds of the Offering range from $1,000,000 to $1,076,923 depending on the combination of unit types sold. There is no minimum to the Offering.
In connection with the Offering, the Company may pay finders fees payable in any combination of cash, and Warrants to registered broker dealers, limited market dealers or arm’s length persons in accordance with the policies of the TSX Venture Exchange (the “Exchange”) and applicable securities legislation and regulations. The Common Shares and any Common Shares issued on exercise of the Warrants are subject to restrictions on trading until four months and one day from the date of issuance in accordance with the policies of the Exchange.
The Offering is subject to acceptance of the TSX Venture Exchange.
ABOUT GRIZZLY DISCOVERIES INC.
Grizzly is a diversified Canadian mineral exploration company with its primary listing on the TSX Venture Exchange focused on developing its approximately 72,700 ha (approximately 180,000 acres) of precious and base metals properties in southeastern British Columbia. Grizzly is run by a highly experienced junior resource sector management team, who have a track record of advancing exploration projects from early exploration stage through to feasibility stage.
On behalf of the Board,
GRIZZLY DISCOVERIES INC. Brian Testo, CEO, President
Suite 363-9768 170 Street NW Edmonton, Alberta T5T 5L4
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.
Caution concerning forward-looking information
This press release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws. This information and statements address future activities, events, plans, developments and projections. All statements, other than statements of historical fact, constitute forward-looking statements or forward-looking information. Such forward-looking information and statements are frequently identified by words such as “may,” “will,” “should,” “anticipate,” “plan,” “expect,” “believe,” “estimate,” “intend” and similar terminology, and reflect assumptions, estimates, opinions and analysis made by management of Grizzly in light of its experience, current conditions, expectations of future developments and other factors which it believes to be reasonable and relevant. Forward-looking information and statements involve known and unknown risks and uncertainties that may cause Grizzly’s actual results, performance and achievements to differ materially from those expressed or implied by the forward-looking information and statements and accordingly, undue reliance should not be placed thereon.
Risks and uncertainties that may cause actual results to vary include but are not limited to the availability of financing; fluctuations in commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management’s Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedarplus.ca. Grizzly disclaims any obligation to update or revise any forward-looking information or statements except as may be required by law.
NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA
Toronto, Ontario–(Newsfile Corp. – May 12, 2026) – Coyote Copper Mines Inc. (TSXV: CCMM) (“CCMM” or the “Corporation”) is pleased to report the completion and preliminary interpretation of its integrated geophysical and hyperspectral program at the Copper Springs and Gibson claim packages in Arizona.
The results collectively point toward the potential presence of a large, well-developed porphyry copper system, with geophysical signatures that may exceed the scale typically observed in comparable global deposits. This work completes a major component of CCMM’s 2026 exploration plan, which included drone magnetics, hyperspectral satellite imaging, CSEM, MT, 3D IP surveys, and soil geochemistry, as well as geological mapping, sampling, and relogging of historical drill core.
“A Potentially Large Porphyry System Emerging From the Data”
In CCMM’S press releases dated April 9, and April 16, 2026, CCMM outlined its exploration plans.
CCMM initiated a multi-disciplinary exploration program including:
Hyperspectral Satellite Surveys
Drone Magnetic Surveys
MT and 3D IP geophysical surveys
Relogging of historical drill core
Soil Sampling
Mapping, logging, and chip sampling
Channel sampling
Drill permits
Drilling
The purpose of this preliminary work was to help us optimize the drill locations.
CEO Dan Weir commented: “The geophysical information has returned results better than we expected. The Drone Magnetics are showing a massive magnetic low, and the 3D MT-IP geophysics are showing a ‘Donut shape’ around the Magnetic low.”
Weir added: “Many large mining companies look for donut-shaped geophysical anomalies. Normally the donut shapes are 2-3 km in size; we are interpreting an anomaly that is much larger.”
This observation is significant. In global porphyry exploration, donut anomalies of 2-3 km are associated with major copper systems, such as those in Chile, Peru, and the southwestern United States. CCMM’s anomaly appears to exceed this scale, suggesting the potential for a large mineralized footprint.
Controlled-Source Electromagnetic (CSEM) and Magnetotelluric (MT) with 3D Induced Polarization (IP) Inversion
In the picture above you can see the classic Donut shaped pattern, present on CCMM’s projects. The L shapes are locations of the transmitters, and the crosses were the receivers. It is the IP Inversion, depth slice being shown at 800m elevation.
IP Inversion Results From Surface – Indication of a second Donut shape to the east
What is a “Donut” Geophysical Anomaly? Also known as the “BHP Donut”
Large Donut = Large Alteration System = Potential for Large Tonnage. A donut anomaly may represent the alteration halo around a porphyry centre.
“Why the Size of the Donut Matters”
The larger the halo, the potential for a larger hydrothermal system that produced it.
At Copper Springs and Gibson:
The magnetic low indicates magnetite-destructive phyllic alteration. (Source: “A ‘donut’ shaped magnetic low often represents magnetite-destructive alteration… around a central core.”)
The surrounding IP chargeability highs and resistivity lows indicate sulphide-rich shells typical of porphyry copper systems.
The scale of the anomaly exceeds the 2-3 km diameter commonly referenced in BHP’s global exploration work.
BHP has used this technique to identify potential targets in regions like Chile (e.g., the Cristal Project near Arica), where a 2-3km donut feature was identified in 2012-2014, signaling a potential buried porphyry.
Serbian Project (Timok): Exploration targets similar to the Majdanpek porphyry copper deposit in Serbia, linked to BHP’s interests, included a donut-shaped high IP chargeability anomaly, which is a key indicator for a pyrite shell.
Please note: The information disclosed concerning BHP’s results is not necessarily indicative to the mineralization found on CMM’s properties.
This combination is consistent with large, multi-phase porphyry systems capable of hosting significant copper endowments.
Multi-Dataset Confirmation Increases Confidence in Scale, The donut signature is not coming from a single dataset.
It is separately confirmed by Drone Magnetics: A large, coherent magnetic low sits at the centre of the project area and centered inside the west donut.
CSEM & MT: Deep conductivity contrasts outline the same geometry at depth.
Hyperspectral Satellite Imaging: A propylitic halo surrounds a potassic core-exactly the alteration architecture expected in large porphyry systems.
When multiple geophysical and geological datasets align on the same geometry, the probability of a significant mineralized system increases substantially.
Geological Mapping Confirms a Multi-Kilometre Hydrothermal System:
These features are consistent with the upper and lateral portions of a porphyry system, and their distribution corresponds to the geophysical footprint of the eastern donut.
Depth Advantage:
Targets Begin at Surface, unlike the adjacent Resolution Mine where mineralization begins at ~1,200 m depth. CCMM’s targets begin at or near surface, significantly reducing:
– Drilling costs – Time to discovery – Capital intensity of early exploration
This is a rare advantage in a Tier-1 porphyry district.
In summary, the geophysical surveys outline the following:
Drone Magnetics- A large, coherent magnetic low sits at the centre of the project area.
3D IP (Chargeability & Resistivity)- A ring-shaped chargeability high surrounds the magnetic low.
CSEM & MT- Deep conductivity contrasts outline the same geometry at depth.
Hyperspectral Satellite Imaging- A propylitic halo surrounds a potassic core-exactly the alteration architecture expected in large porphyry systems.
When multiple geophysical and geological datasets align on the same geometry, the probability of a significant mineralized system increases substantially.
What this means for the Investor:
1. The scale of the anomaly suggests a potentially large porphyry system. Large porphyry systems globally exhibit similar multi-kilometre donut signatures.
2. Multiple datasets confirm the same geometry. This reduces exploration risk and increases confidence.
3. Targets begin at surface. This accelerates the path to discovery and reduces cost.
4. CCMM controls the land package surrounding the anomaly. This provides full exposure to the upside.
Integrated Geophysical Program – Summary of Technical Parameters
CSEM, MT, and 3D IP (Zonge + Deep Blue Geophysics)
– 59 receiver stations, 7 transmitter dipoles – Broadband acquisition from 0.01-1,024 Hz – Joint 3D inversion using DeepBlueEM3D – High-resolution resistivity and chargeability volumes – Clear donut geometry confirmed at dept
Drone Magnetics
– 650 line-km over 33 km² – 50 m line spacing – Large magnetic low at centre of anomaly
Deep Blue employed its proprietary DeepBlueEM2D code to conduct 2D Spectral IP inversions of two legacy SIP profiles collected by Zonge in 2007. This provided a 2D model of resistivity and chargeability beneath each profile.
QUALIFIED PERSON
Michael N. Feinstein, PhD, CPG, is the “Qualified Person” under National Instrument 43-101-Standards of Disclosure for Mineral Projects, and he has reviewed and approved the scientific and technical disclosure contained in this press release. Michael is independent of the Issuer.
Zonge International completed the field work for the CSEM/SIP
Zonge International Acquired CSEM/SIP and broadband MT data on the Copper Springs Project on a 3D grid. Vector stations of Ex, Ey were planned and setup at 59 stations. Roughly half of the stations measured Hx, Hy magnetic fields. 14 transmitter dipoles are planned to be read from 7 transmitter locations.
The transmitted signal was a 100-percent duty-cycle square wave. Initial base frequencies were 0.125, 1, 8, and 64 Hz. Total read time was approximately 2 hours per transmitter dipole.
All MT data was acquired from 0.01-1,024Hz, the data was collected before and after the CSEM/SIP reads. All data was acquired at 4096 samples per second.
A distant remote reference site was deployed. The remote site was deployed away from powerlines, pipelines, and other cultural electromagnetic sources to the extent possible. A location to the SE of the grid was chosen.
ZONGE surveyed the station locations and wire path using Garmin 64s Handheld GPS.
All acquired field data was checked through a QA/QC review and processed daily using the Zonge CSEM and MT Processing workflow. The data was processed in two large batches. One about halfway through the project and once at the end.
Instrumentation consisted of ZONGE broadband ZEN receivers. Magnetic field data was acquired with ZONGE ANT-4 low frequency broadband induction feedback coils. There will be spare receivers on site if possible. The receiver electrodes will consist of rusted steel plates.
The source for the CSEM/SIP data was a Zonge GGT-10, 10 KVA transmitter system. Multiple systems were utilized to minimize delays between transmitter reads If 90% of the source-receiver combinations and 90% of the MT soundings were successfully acquired without equipment failure or operator error.
Zonge Engineering – Drone Magnetic Survey
Zonge covered an area of 33 km2, with lines-oriented east-west at 50-meter line spacing. The approximate total coverage is 650 line-km.
Magnetic data was acquired using a Drone-based magnetometer system. The magnetic system comprises a Geometrics MagArrow cesium vapor total-field scalar magnetometer. The platform is a battery-operated DJI Matrice 300 RTK quad-copter. The magnetometer will be attached to the drone using 3-meter suspension cables. GPS positions and total field intensity data are recorded continuously at a sample rate of 1000 Hz and reduced to 10 Hz during post-processing. Drone speed will be set between 8 and 9 m/s, depending on the terrain. The 10 Hz data sampling interval, acquired at a speed of 9 m/s, yields approximately 1 m data points along flight lines. Flight altitude will be 50m AGL. The line locations are subject to change based on flight logistics, terrain, ground access, and the UAV’s line of visual sight.
Flight paths were planned using Universal Ground Control Station terrain following software and uploaded to the UAV prior to each flight. Elevation data for flight altitude control will be sampled from USGS LiDAR terrain data.
High winds or sudden gusts of wind can cause a pendulum motion in the tow cable, which could set the sensor out of proper orientation. The Geometrics MagArrow has two Micro-Fabricated Atomic Magnetometer (MFAM) sensors ensuring that when one sensor is in its dead zone the other is at its optimum orientation. This avoids reading dropouts during the survey. The MagArrow has a 5nT heading error, which will be compensated for by flying a calibration flight. Data was compensated using software developed by Geometrics.
A base magnetometer recorded continuously at a fixed ground location to allow for diurnal corrections.
Copper Springs Project May 2007 Zonge Engineering 2D IP
250-meter dipoles were used to collect dipole-dipole frequency domain CRIP data on the two CRIP lines completed at Copper Springs. CRIP data collected in a series of receiver transmitter dipole combinations create a pseudo-depth plot referred to as a “pseudosection” (n = 1 is a shallow reading; n = 6 is the deepest). The rule is: The greater the “n” space number, the greater the depth of investigation. Resistivities are calculated from voltage measurements and the array geometry. With this dipole-dipole array it ispossible to electrically image features to depths of 750 meters with the TS2DIP inversion software developed by Zonge. Basic complex resistivity data (CRIP) were collected at 0.125 Hz. The current-controlled waveform produced by the GGT series transmitter at 0.125 Hz approximates an idealizedsquare wave. Deconvolution of the Fourier transform of digitized time-series voltage with an idealized current produces complex resistivity data. This allows four harmonic components to be calculated at the fundamental frequency of 0.125 Hz (0.375, 0.625, 0.875 and 1.125 Hz), providing a total of five measured frequencies per stack. Multiple stacks were collected at each setup.
Dipole-dipole voltage and phase data are displayed as “Apparent Resistivity”, “Raw Phase at 0.125 Hz” and “Three-frequency DC corrected Phase” (3-Pt DC Phase). Multifrequency resistivity and phase data obtained from this single frequency transmitted square wave signal provide sufficient bandwidth to correct “Raw Phase” data for array-based electromagnetic coupling. Induced polarization (IP) is determined from these corrected phase values. Other than differences due to electromagnetic (EM) coupling, phase isdirectly related to “induced polarization IP”. The “Three-frequency DC” (direct current) phase correction is based on a quadratic equation defined by three frequencies: the phase at 0.125 Hz (fundamental frequency)along with the third and fifth harmonic phase data. The “zero” frequency intercept defines a phase value that approximates the IP response. Since the contribution of electromagnetic coupling is theoretically “zero” at “zero” frequency, this results in a reasonably accurate measure of induced polarization IP.
Electromagnetic (EM) coupling levels encountered at Copper Springs were not unusual. EM coupling is proportional to frequency: CRIP data were collected at 0.125 Hz. EM coupling is proportional to the square of the dipole length: while the 250 meter dipole lengths used at Copper Springs will produce electromagnetic coupling, resistivities are reasonably high. EM coupling is inversely proportional to the survey resistivities: the moderately high resistivities encountered at Copper Springs produce minimal EM coupling. A comparison between “Raw Phase at 0.125 Hz” and “Three-frequency DC corrected Phase” (3-Pt DC Phase) pseudosections indicates the degree of the EM coupling present.
Deep Blue Geophysics – Interpretation of Zonge’s Data
Deep Blue Geophysics LLC (Deep Blue) completed specialized Data Quality Assurance/Quality Control (QAQC) and advanced 3D inversion services, for CCMM. This project focused on the integration of broadband Controlled-Source Electromagnetic (CSEM) and Magnetotelluric (MT) data collected by Zonge at the Copper Springs site.
Deep Blue performed a rigorous audit of all Zonge deliverables to ensure the highest data integrity before modeling. This included:
CSEM Analysis: Inspection of response data for each transmitter-receiver pair to ensure signal quality.
MT Analysis: Systematic review of MT response data for each receiver station to identify and mitigate environmental noise or artifacts.
Joint 3D Spectral IP Inversion Deep Blue employed proprietary DeepBlueEM3D platform to conduct a sophisticated 3D Spectral IP inversion, providing a 3D model of resistivity and chargeability. This workflow integrates the CSEM and MT data to provide a unified subsurface model.
Integrated Dataset: Zonge CSEM and MT data was collected at approximately 59 receiver stations using 7 transmitter dipoles
Modeling Parameters: Inversions utilized a frequency range of 0.125 Hz to 1000 Hz to resolve spectral IP (resistivity amplitude and phase).
Staged Modeling Workflow: 1. Stand-alone 3D inversion of MT data. 2. Stand-alone 3D inversion of CSEM data. 3. Joint 3D inversion of the combined MT-CSEM dataset.
Objective: Interpretation & Drill Targeting Following the inversion process, Deep Blue collaborated with Coyote Copper Mines to interpret the 3D volumes. This phase ensures that geophysical anomalies are cross-referenced with geological context to provide prioritized recommendations for future drill-hole locations.
HyperSpectral – Satellite Survey by Earth Daily (EDA)
EDA’s Base Earth Composites (BEC) are unique multispectral datasets that have been specifically engineered to provide the best quality and data coverage over any AOI across the globe.
ASTER data, considered the workhorse of remote sensing (RS) mineral exploration, is used as the base of our Fused BEC data, contributing 6 bands of SWIR data (30 m) to the composite. This is combined with 9 bands from the Sentinel-2 multispectral (MS) dataset to provide better coverage (more bands) and higher resolution (10/20 resolution predominately) over the VNIR.
EDA’s FUSED BEC’s are particularly valued for greenfields exploration, as they provide early indications of mineral alteration (mapping mineral groups as indices, band ratios and (R,G,B) images at a regional scale). This results in the generation of RS maps that may target alteration.
Airborne hyperspectral data (i.e. from USGS or other suppliers), such as AVIRIS Classic is a great source of mineral mapping data, with 224 bands of continuous data with a good medium spatial resolution of 15 m.
New spaceborne hyperspectral data (i.e. PRISMA or EnMap sensors), with hundreds of bands over the VNIR-SWIR provide the capability of mineral species mapping, despite their 30 m spatial resolution. This can be a huge advantage as you have much more confidence that targeted alteration is the ‘right’ composition for the deposit type you are targeting.
Data from the Bare Earth Composite (BEC) multispectral data products will provide insights on compositional variability across the Copper Springs project area. All data will be masked for water, vegetation, snow, cloud, cloud-shadow and topographic shadow (if needed), to eliminate the potential for false-positives. A suite of compositional mapping products from the BEC data will be generated for Fe-oxides, hydrothermal minerals, clays, micas, phyllosilicates and carbonates over the project AOI, and will be used to provide generalized guidance on alteration and lithology compositional characteristics across the AOI (Table 1). Additional processing will be undertaken using transforms like PCA and MNF to map any lithology or significant compositional differences across the study area.
ASTER Emissivity data is also available and will be checked in case it is helpful for highlighting the presence of silicates (i.e. quartz), but it does have limitations at a spatial resolution of 90 m, and there may be gaps in coverage in the north. Lastly, available DEM datasets (including those from AG) will be used to provide elevation and hillshade products to combine with selected BEC products as is found to be useful for visualization.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities 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 state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Cautionary Statement Regarding Forward Looking Information
This news release contains statements which constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Corporation.
Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results “may”, “could”, “would”, “might” or “will” (or other variations of the forgoing) be taken, occur, be achieved, or come to pass. Forward-looking information includes information regarding the commencement of trading of the Resulting Issuer Shares, the business plans and expectations of the Corporation and expectations for other economic, business, and/or competitive factors. Forward-looking information is based on currently available competitive, financial and economic data and operating plans, strategies or beliefs as of the date of this news release, but involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors may be based on information currently available to the Corporation including information obtained from third-party industry analysts and other third-party sources, and are based on management’s current expectations or beliefs. Any and all forward-looking information contained in this news release is expressly qualified by this cautionary statement.
Investors are cautioned that forward-looking information is not based on historical facts but instead reflect management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Forward-looking information reflects management’s current beliefs and is based on information currently available to them and on assumptions they believe to be not unreasonable in light of all of the circumstances. In some instances, material factors or assumptions are discussed in this news release in connection with statements containing forward-looking information. Such material factors and assumptions include, but are not limited to receipt of final listing approval from the Exchange, together with the factors referenced in this news release and Filing Statement, including, but not limited to, those set forth in the Filing Statement under the caption “Risk Factors”. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein is made as of the date of this news release and, other than as required by law, the Corporation disclaims any obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking information will prove to be accurate, as 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.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Corporation has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Corporation does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.
Gold Reclaims Monetary Leadership: Gold has overtaken U.S. dollar reserves globally, reinforcing its role as the primary neutral reserve asset amid eroding confidence in the dollar system.
Structural Demand Anchors Gold: Despite limited marginal buying, central banks continue to accumulate gold on dips, stabilizing prices and reinforcing a long-term floor.
Dollar System Strain Supports Precious Metals: Erosion of petrodollar recycling, rising fiscal dominance, and increased financial intervention are structurally bullish for gold and supportive for silver.
Silver Demand Shifts to Energy Security: Silver is increasingly driven by solar and energy infrastructure demand, making it less cyclical and more tied to long-term policy priorities.
Precious Metals as Strategic Assets: Gold is emerging as a barometer of global monetary trust, while silver is becoming a critical input for resilient energy systems, elevating both beyond traditional commodity roles.
Silver ETFs** (Total Known Holdings ETSITOTL Index Bloomberg)
791.26
798.20
-5.70
-0.71%
-8.24%
Back to August levels, silver was <$40.
Gold ETFs** (Total Known Holdings ETFGTOTL Index Bloomberg)
98.78
97.89
0.89
0.91%
-0.16%
Gold ETF holdings have been flat since October.
Source: Bloomberg and Sprott Asset Management LP. Data as of April 30, 2026. * BPS stands for basis points. **Bloomberg Indices measure ETF holdings; the ETFGTOTL is the Bloomberg Total Known ETF Holdings of Gold Index; the ETSITOTL is the Bloomberg Total Known ETF Holdings of Silver Index.
Gold Market: Buying the Dip
During April, spot gold fell $50.21 per ounce (or -1.08%) to close the month at $4,617.85. After a volatile first quarter dominated by the outbreak of the U.S.–Iran war and the closure of the Strait of Hormuz, gold traded within a comparatively narrow range of roughly $4,500–$4,800, as shown in Figure 1.
Figure 1. Gold Holds the Line (2024-2026)
Source: Bloomberg. Gold spot price, $/oz. Data as of 5/3/2026. The 14-day RSI (relative strength index) is a momentum oscillator that measures the speed and change of price movements over a 14-day period, ranging from 0 to 100. Levels above 70 indicate overbought conditions, while levels below 30 indicate oversold conditions. Included for illustrative purposes only. Past performance is no guarantee of future results.
Oil prices were volatile in April amid the Strait of Hormuz being effectively closed. Brent crude surged above $115 per barrel (bbl) at times, and is up over 57% year-to-date (as of 4/30/2026). The oil shock reasserted the need for U.S. dollars during global liquidity drains. A stronger dollar early in the month tightened global financial conditions, pressured emerging markets, increased funding stress and forced deleveraging across risk assets.
At the same time, the gold market lacked persistent marginal buyers. Gulf oil producers, deprived of revenue by the collapse in export volumes, could not recycle surpluses into gold. Emerging-market central banks and related entities facing sharply higher oil import bills are likely to have slowed or paused discretionary gold buying. Investment fund positioning, as seen in Commodity Futures Trading Commission (CFTC) data and ETF holdings,7 was flat. Yet gold stabilized around the $4,500 to $4,800 range. While there was no material new buying, there were no sellers either. A brief dip below $4,500 was quickly absorbed by central bank buyers and Chinese traders, evidenced by a surge in the Shanghai gold premium.
Gold price weakness has been met with sovereign accumulation, not capitulation.
World Gold Council (WGC) data indicates that central bank demand remained a structural pillar for gold during the first quarter. Net official-sector purchases totaled 244 tonnes. This was the fastest buying pace in over a year and above the five-year average (see Figure 2). Poland, Uzbekistan and China led the buying, using the March price correction as an entry point. Sellers, including Turkey, Russia and Azerbaijan, shed an estimated 115 tonnes for idiosyncratic reasons (e.g., currency defense, budget financing and rebalancing), but buyers overwhelmingly offset this. The buying pattern remains familiar: price weakness is met with sovereign accumulation, not capitulation. Much of the buying is undisclosed and absent from IMF data, so the WGC’s 244-tonne figure is likely to underestimate the official sector’s true appetite.
Figure 2. Central Banks’ Net Gold Buying (2016-2026)
Sources: Metals Focus, World Gold Council. Central bank gold purchase in tonnes per quarter. Data through 1Q 2026. Included for illustrative purposes only. Past performance is no guarantee of future results.
The broad equity market, as measured by the S&P 500 Index, had one of its strongest monthly returns on record in April. In a very unusual price action, the sharp rebound in equities was amplified by mechanical flows. Ceasefire headlines dampened volatility, triggering Commodity Trading Advisor (CTA) re-risking and volatility target re-leveraging,8 even as left-tail risk9 from the Strait of Hormuz closure continues to build. One explanation is that the market has become desensitized to geopolitical stress. Another is that the powerful AI-focused earnings momentum in 1Q26 outweighed the looming worst-case oil supply fear scenario.
Either way, markets soared to new all-time highs. The speed and magnitude of the rally were driven primarily by over-hedged positions and by flow mechanics, as implied volatility went from steep backwardation to a normal curve,10 forcing rapid re-risking. The bullish11 surge in equities stood out amid yields testing their highs, oil prices rising well above $100, and the Strait of Hormuz still closed with no visible end in sight.
Testing the Limits of a Debt-Dependent System
Several forces are converging to weaken the structural foundations of dollar‑based reserve management. They include the erosion of petrodollar recycling, the entrenchment of fiscal dominance11 and the repurposing of USD swap lines as asset‑price stabilizers.12 As a result, gold’s role is being reinforced as the only major reserve asset that sits outside the system.
Petrodollar Under Siege
In the short term, the U.S.-Iran war is a regional conflict. In the long term, it is a confrontation over the foundations of the global monetary order. At its heart are U.S. efforts to preserve the petrodollar system. It is this system that underwrites U.S. financial dominance and enables it to sustain unprecedented levels of sovereign debt.
Over the past decade, confidence in the U.S.-centric financial system has steadily eroded. This is largely a reaction to the way the U.S. has weaponized the dollar by imposing sanctions, freezing foreign reserves and politicizing dollar settlement. It has forced many countries to reassess their exposure to U.S. assets. The Iran conflict represents an escalation of this trend, from financial pressure to the physical control of energy flows and maritime chokepoints, and has significant implications for gold.
Gold stands apart. It does not depend on shipping lanes or require permission to settle, and it cannot be frozen or boarded.
The petrodollar is more than a currency convention; it is a geopolitical enforcement mechanism. By compelling global energy trade to settle in U.S. dollars, the U.S. ensures persistent external demand for its currency and, critically, its sovereign debt. As long as major energy importers were forced to pay for imports in U.S. dollars, the U.S. could finance its deficits. This system is now under strain. China, Russia and other non-aligned states have accelerated efforts to bypass dollar settlement, increase bilateral trade and rebuild reserves outside the U.S. Treasury market. Gold has reemerged as the preferred neutral reserve asset since it is immune to sanctions, counterparty risk, and political conditionality.
Financial tools alone are no longer sufficient. The freezing of Russian reserves after the Ukraine conflict marked a structural break in the post–Cold War order. For many central bank reserve managers, U.S. dollar assets are not neutral financial instruments but contingent on political claims. Rather than relying solely on sanctions, the U.S. is increasingly trying to enforce compliance by controlling physical infrastructure such as ports, pipelines and maritime chokepoints.
The Strait of Hormuz, the Red Sea and the Strait of Malacca are chokepoints through which the monetary order is transmitted. Control over these routes determines which economies function smoothly and which face acute resource stress. By shaping access to these arteries, the U.S. can indirectly control balance-of-payments dynamics across Europe and Asia. Energy importers confronted with constrained supply must accept higher prices, liquidate reserves, or increase borrowing, often in U.S. dollars. Gold stands apart. It does not depend on shipping lanes or require permission to settle, and it cannot be frozen or boarded.
From Reserve Assets to Risk Assets
Periods of geopolitical stress in the Middle East inevitably revive comparisons to the 1970s oil shocks and the birth of the petrodollar system. It is tempting to assume that higher oil prices will again translate into large, recycled petrodollar surpluses being used to underpin U.S. assets. But this historical pattern may be eroding.
Petrodollars once anchored U.S. markets. Now that link is breaking, boosting volatility and strengthening gold.
Unlike the 1970s or even the 2002-2013 commodity boom, most Gulf exporters are not capturing large windfall surpluses from higher oil prices. For one thing, the Hormuz closure constrains export volumes. For another, fiscal and balance-of-payments breakevens are higher, and domestic spending commitments are far larger. Saudi Arabia now requires oil prices near the high $90s to avoid a current account deficit. At reduced export volumes, it becomes a net borrower rather than a surplus recycler of capital.
Instead, the biggest winners from higher oil prices are a diffuse group of non-Gulf exporters: Russia, Kazakhstan, Nigeria and North America. Their flows are fragmented, politically constrained and far less likely to be recycled into U.S. financial assets in a coordinated way. The classic mechanism that once anchored demand for Treasuries—surplus Gulf capital seeking a home—no longer operates at scale. The result is a world in which oil prices can rise without triggering a corresponding increase in structural U.S. dollar demand.
In the early petrodollar era, reserve accumulation played an outsized role in global capital flows. Today, dollar demand has migrated from the reserve channel to the risk-asset channel. It is now U.S. equities that dominate global market capitalization, not petrodollar recycling. This makes U.S. dollar dominance more financially driven and more cyclical, rather than mechanically reinforced through commodity pricing. Crucially, it also means U.S. dollar strength is no longer guaranteed during periods of geopolitical stress if those shocks undermine confidence in U.S. policy, asset valuations or global stability.
The erosion of petrodollar recycling is constructive for gold because it removes or constrains a key mechanism for channeling global surplus savings into U.S. dollar assets. When energy shocks no longer generate predictable flows into Treasuries, the burden of adjustment shifts elsewhere—to higher real volatility, greater use of balance sheets and wider risk premia. This regime is structurally supportive of gold. Gold sits outside the system of chokepoints and financial coercion and performs well when confidence in monetary recycling mechanisms weakens.
Raising the Stakes for Fiscal Dominance
The U.S. is firmly in a regime of fiscal dominance. Persistent multi-trillion-dollar deficits require continual Treasury issuance. Maintaining liquidity in the Treasury market increasingly depends on central bank accommodation. Even without a crisis, this implies continuous, gradual monetary debasement as the U.S. Federal Reserve’s balance sheet expands alongside nominal gross domestic product (GDP) and the banking system’s needs.
Gold has now overtaken Treasuries as the largest component of global reserves for the first time in decades.
Geopolitical shocks raise the stakes. Energy-importing creditor nations may be forced to sell U.S. Treasuries to fund energy and food imports if prices remain elevated. That selling pressure does not need to be catastrophic to matter; it simply increases the likelihood that the Fed will serve as the buyer of last resort more frequently. The base case remains a gradual printing regime (quantitative easing, QE, lite or reserve management purchases).13 However, the right-tail risk of larger interventions has increased and will further rise if the Strait of Hormuz remains closed.
Bloomberg reports that U.S. dollar-denominated reserves, adjusted for valuation effects, are now lower than gold reserves in the global central banking system for the first time since the IMF started publishing this data in the late 1990s (see Figure 3). Global central banks, in aggregate, stopped accumulating U.S. Treasuries roughly 12 years ago and have steadily increased their gold reserves instead. Gold has now overtaken Treasuries as the largest component of global reserves for the first time in decades. This milestone reflects risk management in a world where the fiscal trajectory of the issuer of the world’s reserve currency has itself become a source of concern.
Figure 3. Gold Tops Global Reserves (2000-2025)
Source: Bloomberg. Global USD-denominated reserve assets in tonnes, on a quarterly basis, adjusted for valuation effects. Data through end-March 2025. Included for illustrative purposes only. Past performance is no guarantee of future results.
To be clear, the U.S. dollar system is not collapsing overnight. It is eroding under the weight of debt, deficits and global fragmentation as each crisis chips away at confidence. The dollar remains central, but its share of global trust is slowly declining. Gold sits at the intersection of that transition—under no government’s control, immune to sanctions and increasingly relevant as a reserve asset in a fragmented world.
Defending Assets, not Liquidity
One of April’s most revealing developments was the United Arab Emirates’ (UAE) informal request for a USD swap line. It made the request not because it was running out of dollars, but because the war had exposed the fragility of U.S.-dollar-dependent economies, even with strong balance sheets. U.S. Treasury Secretary Scott Bessent confirmed that numerous Gulf and Asian allies have made similar requests. He publicly stated that extending permanent swap lines could be “a major first step in creating new U.S. dollar funding centers in the Gulf and Asia.”
This development marks an important shift in the function of USD swap lines. These were traditionally deployed during crisis events as liquidity backstops to prevent panic selling and keep global funding markets functioning, like during the 2008-2009 global financial crisis and the 2020 COVID pandemic. Now, the swap lines are increasingly being used as asset-price stabilizers. The UAE’s request is framed to help it meet dollar funding needs without liquidating U.S. equities or Treasuries. It signals financial-asset demand rather than underlying currency confidence.
Japan is the clearest precedent. The Bank of Japan has repeatedly tapped U.S. dollar liquidity to defend the yen’s value from exceeding 160 yen per U.S. dollar, despite domestic inflation running well above its policy rate. In short, currency stability is effectively subordinated to financial market stability. The same logic is expected to extend to other USD-dependent markets. USD swap lines are being used to prevent forced selling of U.S. assets, keeping global portfolios long U.S. dollar assets.
On the U.S. side, the U.S. Treasury is buying back long-dated debt while simultaneously issuing more Treasury bills. At the same time, the Fed is absorbing T-bills through QE-lite or reserve management purchase (RMP) programs. Together, these function as an internal recycling mechanism designed to cap duration risk and suppress financial stress. They indicate that fiscal and monetary operations are converging. This framework explicitly ties the stability of the U.S. dollar to that of U.S. stock and bond markets, thereby establishing a financialized currency regime.
As the petrodollar system increasingly relies on physical coercion rather than voluntary participation, its long-term stability weakens, and gold stands to benefit.
The risks are clear. When a currency is anchored to asset prices and leverage, failure can manifest simultaneously in equities, bonds and the currency. If these swap lines were ever politically weaponized, or if the asset prices they are designed to protect correct sharply, the eventual unwind may become systemic rather than localized.
The Iran conflict further underscores a critical shift: Geopolitical risk has moved from the margins to the core of the monetary system. Energy, currency and security have become intertwined. As the petrodollar system increasingly relies on physical coercion rather than voluntary participation, its long-term stability weakens. This is another step in the convergence of structural forces. These include the limits of a debt-dependent system, oil as a stress transmission mechanism, the erosion of sovereign bond safety, the financialization of currency defense and the slow fracture of the petrodollar regime.
These dynamics point to a world in which gold is absorbing the diminishing store-of-value function of sovereign debt. Gold represents the neutral escape valve. It is the clearest expression of distrust in a system in which currencies are used to defend financial markets globally rather than as a store of value. Gold’s sustained strength over the past several years reflects a continuing, cumulative reassessment of confidence in the global monetary order. In a system defined by rising sovereign debt, weaponized finance and deteriorating fiscal optionality, gold is increasingly functioning as the market’s barometer of systemic trust.
Silver Market: Security Over Cycles
Spot silver fell $1.42 per ounce (or -1.89%) in April to close the month at $73.75. This followed a volatile first quarter, dominated by extreme options-related selling and the outbreak of the U.S.-Iran war. During April, by contrast, silver traded within a comparatively narrow range of roughly $71 to $80, its narrowest for the year, as volatility calmed (see Figure 4).
Figure 5. Silver’s Narrow Range (2024-2026)
Source: Bloomberg. Silver spot price, $/oz. Data as of 5/3/2026. The 14-day RSI (relative strength index) is a momentum oscillator that measures the speed and change of price movements over a 14-day period, ranging from 0 to 100. Levels above 70 indicate overbought conditions, while levels below 30 indicate oversold conditions. Included for illustrative purposes only. Past performance is no guarantee of future results.
Silver’s long-term outlook is increasingly being shaped by the global reordering of energy security rather than by traditional cyclical industrial demand. Historically, major energy shocks have accelerated investment in renewables. This time, however, the shift is occurring amid geopolitical fragmentation and the breakdown of global supply chains. As a result, solar power is no longer framed primarily as a decarbonization solution, but as a matter of national security and system resilience.
Silver is becoming a more strategic input into resilient energy systems.
Solar remains the fastest-growing renewable technology globally. Distributed generation and storage become strategic assets as governments seek energy systems that are less exposed to fuel imports, maritime chokepoints and geopolitical coercion. Silver’s role in photovoltaic cells embeds it directly into these long-term infrastructure decisions.
These structural forces act to raise silver’s long-term floor price. They embed demand into policy-driven investment cycles that are relatively insensitive to near-term price volatility. Energy security becomes a planning constraint rather than a cost variable, and demand becomes less discretionary. Solar deployment decisions are increasingly made to reduce vulnerability. That distinction matters for silver because it reduces the probability of sustained demand destruction during downturns.
The U.S.-Iran war has raised the specter of prolonged energy price shocks and triggered sharp front-loading of global solar demand. In March, China’s solar panel exports surged to record levels as buyers moved to secure supply ahead of expected disruptions. Rising prices drove up export values even faster, reflecting precautionary behavior rather than optimism, a hallmark of security-driven demand.
China imported a record 836 tonnes of silver in March, well above both recent levels and long-term averages (see Figure 5). Market commentary highlighted strong retail demand and solar-related consumption ahead of policy changes, reinforcing the view that buyers were pulling forward demand.
Figure 5. China Buys More Silver (2009-2026)
Source: Bloomberg. China silver imports in tonnes. Data through end-March 2026. Included for illustrative purposes only. Past performance is no guarantee of future results.
Southeast Asia and Africa also sharply increased silver imports, reflecting heightened concern around energy access, price volatility and supply reliability. In many of these regions, solar and battery systems are not marginal additions to existing grids, but core components of future energy stability.
The impending removal of China’s export tax rebate14 accelerated shipments and reinforced front-loading behavior. While such bursts of activity can fade, the underlying drivers remain intact. Once inventories are built and systems deployed, silver demand becomes embedded in infrastructure rather than discretionary consumption. Silver is increasingly tied to system resilience rather than cyclical growth, reinforced by physical deployment into infrastructure that is difficult to substitute and politically difficult to reverse.
Silver’s role is evolving; it remains volatile but is becoming less of a high-beta industrial metal. Energy insecurity, geopolitical fragmentation and policy-driven front-loading are quietly resetting the long-term demand profile. In this environment, silver is becoming a more strategic input into resilient energy systems. The near-term path may remain uneven, but the longer-term signal is that silver demand is becoming anchored by security considerations rather than growth cycles, raising the structural demand floor.
Footnotes
1
Gold bullion is measured by the Bloomberg GOLDS Comdty Index.
2
Silver bullion is measured by the Bloomberg Silver (XAG Curncy) U.S. dollar spot rate.
3
The NYSE Arca Gold Miners Index (GDM) is a rules-based index designed to measure the performance of highly capitalized companies in the gold mining industry.
4
The Bloomberg Commodity Index (BCOM) is a broadly diversified commodity price index distributed by Bloomberg Indices.
5
The U.S. Dollar Index (USDX, DXY, DX) is an index (or measure) of the value of the United States dollar relative to a basket of foreign currencies, often referred to as a basket of U.S. trade partners’ currencies.
6
The S&P 500 or Standard & Poor’s 500 Index is a market-capitalization-weighted index of the 500 largest U.S. publicly traded companies.
7
CFTC data and ETF holdings refer to indicators of investor positioning based on reports from the Commodity Futures Trading Commission showing futures and options positions, and assets held in exchange-traded funds (ETFs). Together they provide insight into speculative and institutional demand for a given asset.
8
CTA re-risking and volatility target re-leveraging refers to systematic trading flows in which commodity trading advisors (CTAs) rebuild positions after reducing risk, while volatility-targeting strategies increase leverage as market volatility declines, amplifying exposure to underlying assets.
9
Left tail risk refers to the probability of extreme, negative investment returns (large losses), while right tail risk represents the chance of extreme, positive returns (unexpected high gains).
10
Steep backwardation refers to a market condition where futures prices are significantly lower than expected spot prices, resulting in a sharply downward-sloping curve. In contrast, a normal curve, or contango, occurs when futures prices are higher than spot prices, leading to an upward-sloping curve. Steep backwardation indicates immediate demand for a commodity, while a normal curve suggests a premium for future delivery.
11
Bullish is the sentiment that market prices will rise.
12
Fiscal dominance is a macroeconomic condition where government fiscal pressures, such as high public debt and deficits, dictate or constrain a country’s monetary policy. In this scenario, the central bank may prioritize financing government needs over controlling inflation, often leading to higher inflation rates.
13
Refers to using central bank dollar liquidity facilities—such as those provided by the Federal Reserve to other central banks—not only to ease funding shortages but also to indirectly support financial markets by reducing forced asset sales and dampening price volatility during periods of stress.
14
Quantitative easing-lite or reserve management purchases (RMPs) refer to central bank asset purchases—such as those conducted by the Federal Reserve—that expand the balance sheet for technical liquidity or reserve-management purposes rather than for macroeconomic stimulus, as in full-scale quantitative easing.
15
China’s export tax rebate for solar products, specifically photovoltaic products, was eliminated starting April 1, 2026, which means manufacturers can no longer reclaim any portion of the value-added tax (VAT) on these exports. This change is expected to increase export costs and prices for solar products internationally.
Shares Expected to Begin Trading on Thursday, May 14, 2026, Under Ticker Symbol “AIAI”
DALLAS, TX / ACCESS Newswire / May 8, 2026 / AIAI Holdings Corporation (NASDAQ:AIAI) (“Ai2” or the “Company”), an AI-enabled diversified holding company utilizing Transformational AI to enhance portfolio performance, today announced that its common stock has been approved for a direct listing on the Nasdaq Global Market under the ticker symbol “AIAI.” Shares of the Company’s common stock are expected to begin trading on Thursday, May 14, 2026.
The anticipated listing will advance the Company’s strategy to acquire and grow businesses across multiple industries while applying its exclusively licensed Transformational AI platform to enhance operational efficiency, improve financial performance, and support long-term value creation across its portfolio.
“This marks an important milestone for Ai2 and reflects the progress we have made in building a differentiated platform for long-term growth,” said Ai2 Chief Executive Officer Todd Furniss. “We believe trading on Nasdaq will increase awareness of our strategy within the investment community and support our efforts to continue executing on a disciplined, accretive acquisition and operating model enhanced by our unique transformational artificial intelligence.”
About AIAI Holdings Corporation
AIAI Holdings Corporation (Ai2) (NASDAQ:AIAI) is an AI-enabled diversified holding company that acquires and grows companies across multiple industries. We expect to drive revenue and earnings growth throughout our portfolio by applying exclusively licensed Transformational AI to enhance operational efficiency and financial performance.
Ai2 is building a next-generation model for technology-enabled business operations, which is expected to create sustainable value for shareholders through the strategic integration of artificial intelligence across diverse industries.
This press release contains “forward-looking statements” or “forward-looking information” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the plans, intentions, beliefs, and current expectations of the Company with respect to future business activities and plans of the Company. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding our expectations, intentions, beliefs, plans, objectives, goals, strategies, future events or performance, and underlying assumptions. Forward-looking statements are often identified by the use of words such as “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “would,” “could,” “should”, “estimate,” “plan,” “predict,” “project,” “estimate”, or “continue,” or similar expressions, including the negative of these terms or other comparable terminology.
Forward-looking statements are based on the Company’s current expectations regarding its strategy, plans, intentions, performance, or future occurrences or results, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of known and unknown risks, uncertainties, and other factors, many of which are outside of the Company’s control, that could cause actual results, performance, or achievements to materially differ from any future results, performance, or achievements expressed or implied by the forward-looking statements. Such risks, uncertainties and other factors include, but are not limited to our lack of operating history, our ability to attract new investments, our failure to manage growth effectively, our acquisition activities may pose risks that could harm our business, and our licensed AI may not perform up to the expected standards, as well as general business and economic conditions, competitive pressures, regulatory changes, technological developments, and other factors identified in the Company’s most recent filings with the U.S. Securities and Exchange Commission, including our Registration Statement on Form S-1, which are available for review at www.sec.gov. Furthermore, the Company operates in a competitive environment where new and unanticipated risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results.
The forward-looking statements in this press release are based on information available to us as of the date hereof, and we disclaim any intention to, and, except as may be required by law, undertake no obligation to, update or revise forward-looking statements to reflect events or circumstances that subsequently occur or of which the Company hereafter become aware. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.
Vancouver, British Columbia–(Newsfile Corp. – May 5, 2026) – Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY0) (“Riverside” or the “Company“), is pleased to report Phase 2 field work results from the La Union Project in Sonora, Mexico. Sampling of near-surface oxidized mine workings returned very high-grade assays that reinforce drill targets ahead of the upcoming program. Detailed channel sampling and reconnaissance mapping have returned high-grade gold, silver and zinc assays at the historical Union Mine and Union Norte targets, while regional reconnaissance has defined three new target areas: Jabalí, La Negra and Ali Hill for follow-up work.
Highlights of Phase 2 Field Work
Union Mine: 2.9 m channel sample averaging 20 g/t gold and 1.83% zinc, including 0.6 m at 91.7 g/t gold, and a 0.3 m interval grading 40% zinc.
Union Norte: 1.0 m channel grading 4.38 g/t gold, 1,413 g/t silver, 7.7% lead and 6.38% zinc; and a separate 1.0 m channel grading 4.25 g/t gold, 1,827 g/t silver and 6.89% zinc.
Creston: selective outcrop sampling returned 10.03 g/t gold with greater than 100 g/t silver and 8.06% lead.
Three new target areas defined: Jabalí, La Negra and Ali Hill from regional reconnaissance carried out alongside detailed sampling
District-wide structural and geological interpretation completed, which will be used to guide drill targeting for Phase 2 drill program scheduled for early summer 2026.
“The Phase 2 field results highlight the strong potential of the La Union district and validate our systematic approach to exploration,” said John-Mark Staude, President and CEO, Riverside Resources Inc. “The multiple ounce high-grade gold, silver and base-metal assays returned from the Union Mine and Union Norte underscore the importance of these targets as we move toward drill testing. Combined with the property-wide structural reinterpretation now in hand, our team is eager to begin the drill program with our partner Questcorp.”
Phase 2 Field Work Overview
The Riverside field team has carried out detailed underground sampling and mapping at the Union Mine and Union Norte targets in addition to reconnaissance across the broader district to identify new exploration targets. A property-wide geological and structural reinterpretation has been completed and will be incorporated into Phase 2 drill targeting. Field work continues, and additional laboratory results from samples already submitted are pending. Highlights from each target area are summarized below:
Union Mine
The historical Union Mine remains one of the project’s primary targets, with the team’s understanding of the structures controlling mineralization within and around the historic mine continuing to improve. Detailed selective and channel sampling has returned high concentrations of gold, zinc and silver, consistent with mineralization styles similar to the CRD (carbonate replacement deposit) districts like Santa Eulalia in Chihuahua and the Taylor Deposit in Arizona. The best channel sample returned a 2.9-metre interval averaging 20 g/t gold and 1.83% zinc, including 0.6 m at 91.7 g/t gold, and a 0.3-metre sample assaying 40% zinc. Channel sampling was not continuous in the underground workings but many areas showed good mineralization and target is robust for the upcoming drill program.
Table 1: Selected channel and selective assay results at Union Mine
Sample ID
Au (g/t)
Ag (g/t)
Cu (%)
Pb (%)
Zn (%)
Width (m)*
RRI-12962
91.73
11
0.07
0.29
0.4
0.6
RRI-12963
2.11
10
0.04
0.37
0.2
1.0
RRI-12964
0.056
17
0.25
0.13
40.1
0.3
RRI-12965
0.83
50
0.07
0.09
24.1
1.0
*Widths are true thickness as sampling was done perpendicular and on exposed material for all channel samples in this news release.
The Union Mine exploration work has focused on extending mineralization adjacent to and along strike from the historic workings. Drilling at the Union Mine will be a priority of the upcoming drill program.
Union Norte
Union Norte exhibits a similar intersection of structures to the Union Mine, with the principal structure being a 1 to 3-metre-wide breccia zone trending northwest and dipping steeply to the northeast. Low-angle veins and faults filled with mineralization create additional drill targets within the area. Systematic underground sampling, where access permitted, has returned high-grade gold, silver, lead and zinc results.
Table 2: Selected underground sample results – Union Norte
Sample ID
Au (g/t)
Ag (g/t)
Cu (%)
Pb (%)
Zn (%)
Width (m)
RRI-12927
4.379
1,413
0.75
7.7
6.38
1.0
RRI-12931
4.246
1,827
0.36
3.01
6.89
1.0
RRI-12926
1.622
817
0.34
16.4
0.82
0.8
RRI-13015
3.065
Pending
Pending
Pending
Pending
0.7
RRI-12929
1.887
366
0.04
2.01
0.35
0.5
RRI-12933
1.218
593
0.32
0.51
0.71
1.0
RRI-12932
0.44
107
0.04
1.01
9.22
0.5
Union Norte shows good potential for tonnage and lateral expansion and is expected to be additional area of focus of the upcoming drill program. Over-limit assays were initiated on Union Norte samples returning values greater than 100 g/t Ag; certain batches remain in progress and final over-limit values are pending.
Jabali
Jabali consists of an east-west set of interpreted low-sulfidation epithermal veins, with two main veins spaced 20-30 m apart and minor veins in between. The system is hosted in limestone-dolomite and dips to the north. Drill targets are now being outlined along the veins, with the potential that they connect to a larger feeder system at depth, representing a more significant target for additional holes at Jabali. Seven of the 13 surface samples taken returned gold values in excess of 1 g/t; 8 returned silver values in excess of 50 g/t; and 6 returned lead values in excess of 1%. The highlight results are presented below:
Table 3: 2026 Jabali Sampling Highlights from 11 Samples Received to Date
Sample ID
Au_ppm
Ag_ppm
Cu_%
Pb_%
Zn_%
Width (m)
RRI-12924
3.32
287
0.03
0.26
0.01
1
RRI-12925
37.3
980
0.30
12.7
2.37
1
RRI-12976
10.39
160
0.06
4.71
1.81
0.5
RRI-12981
28.77
88
0.02
2.94
0.13
0.3
Creston
At Creston, quartz veins with galena and breccia-like structures fill fault zones with strikes of 330°-345° azimuth and dips of 40° to 75° to the northeast. Phase 2 sampling has highlighted high-grade areas that will be incorporated into upcoming drill targeting.
Table 4: Selected sample results – Creston
Sample ID
Au (g/t)
Ag (g/t)*
Cu (%)
Pb (%)
Zn (%)
Width (m)
RRI-13002
10.03
>100
0.39
8.06
0.05
Oxidized fragments
RRI-13007
1.42
5
0.01
0.09
0.01
0.5
RRI-12987
0.182
356
0.03
12.8
2.62
0.3
RRI-13008
0.338
>100
0.36
5.23
1.08
1.0
*Batch samples are being processed for the overlimit above 100 g/t Ag. Final results will be available in the future for high silver values.
Figure 1: Location of selected high-grade gold results on La Union Project
Field reconnaissance carried out alongside the detailed sampling at the Union Mine and Union Norte has defined three new target areas at Jabalí, La Negra and Ali Hill. Preliminary field observations are encouraging across all three areas, with mineralization styles and structural settings warranting further investigation. Additional laboratory results are pending and will be reported as data becomes available; these targets will be integrated into the broader Phase 2 work program.
Path Forward to Drilling
The results released today, together with the property-wide structural reinterpretation and the expanded aeromagnetic drone survey announced on April 1, 2026, are being integrated to refine drill hole locations for the Phase 2 drill program. With permits in hand, site access secured, and a drill contractor and geophysical service provider contracted, Riverside and Questcorp remain on track for a summer 2026 drilling campaign at the La Union Project.
Qualified Person & QA/QC
The scientific and technical data contained in this news release pertaining to the Project was reviewed and approved by Freeman Smith, P.Geo, a non-independent qualified person to Riverside Resources Inc., who is responsible for ensuring that the information provided in this news release is accurate and who acts as a “qualified person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
All widths in this news release are within 90% or more of true actual thickness as these are from exposures where sampling was done perpendicular to the trend of the mineralized unit.
Rock samples from the exploration program were shipped to ACT Labs in Zacatecas for preparation and analysis. Gold was analyzed using fire assay techniques. A 45 element ICP/EOS analysis using 4-acid digestion methods was used similar to the earlier assay work on the Project. Samples were maintained in chain of custody being delivered to the laboratory in sealed bags. Standards were inserted into the sample stream by Riverside every 20 samples and blanks inserted every 100 samples. The laboratory also inserts duplicates every 20 samples as an additional check on quality control. The QA/QC was analyzed with a check for any variations in the standards beyond 2 standard deviations and the standards passed.
About the Union Project
The Union Project is located in northwestern Sonora and shows district-scale carbonate replacement deposit (CRD) mineralization. The project hosts historical mining areas and multiple exploration targets associated with gold, silver, zinc and lead mineralization within carbonates and structurally controlled settings. Riverside operates the project through its Mexican subsidiary while advancing exploration in partnership with Questcorp.
About Riverside Resources Inc.:
Riverside is a well-funded exploration company driven by value generation and discovery. The Company has a strong balance sheet with over C$5,000,000 cash, no debt and tight share structure with a strong portfolio of gold-silver, copper, and REE assets and royalties in North America. Further information about Riverside is available on the Company’s website at www.rivres.com.
ON BEHALF OF RIVERSIDE RESOURCES INC.
“John-Mark Staude”
Dr. John-Mark Staude, President & CEO
For additional information contact:
John-Mark Staude President, CEO Riverside Resources Inc. info@rivres.com Phone: (778) 327-6671 Fax: (778) 327-6675 Web: www.rivres.com
Eric Negraeff Investor Relations Riverside Resources Inc. Phone: (778) 327-6671 TF: (877) RIV-RES1 Web: www.rivres.com
Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward-looking terminology (e.g., “expect”,” estimates”, “intends”, “anticipates”, “believes”, “plans”). Such information involves known and unknown risks — including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
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.
MONTREAL, May 04, 2026 (GLOBE NEWSWIRE) — Aya Gold & Silver Inc. (TSX: AYA; Nasdaq: AYA) (“Aya” or the “Corporation”), announced that its common shares to commence trading on the Nasdaq Stock Market (“Nasdaq” or the “Exchange”) under the ticker symbol “AYA” today, May 4, 2026. The Corporation’s common shares will continue to trade on the Toronto Stock Exchange (“TSX”) under the symbol “AYA”. With commencement of trading on Nasdaq, the Corporation’s common shares are no longer traded on the OTCQX (“OTCQX”) under the symbol “AYASF”.
Aya is a precious metals company with silver operations in Morocco, a leading mining jurisdiction combining renewable energy, strong infrastructure, and underexplored precious metal deposits.
The Nasdaq listing is expected to enhance Aya’s visibility and broaden access to U.S. and international institutional and retail investors.
“Access to the U.S. capital markets through Nasdaq is an exciting milestone for Aya as we close a record year and advance our growth strategy, supported by our attractive precious metals portfolio,” said Benoit La Salle, President & CEO. “This listing is expected to increase the visibility of our shares and expand our shareholder base as we continue executing on our development plans.”
Q1-2026 Conference Call Details
Aya will release first quarter 2026 results on Thursday, May 14, 2026, before market opens. Management will host a conference call on the same day at 10 a.m. ET to discuss the Corporation’s financial and operational results.
Upon registering you will receive the dial-in info and a unique PIN to join the call as well as an email confirmation with the details.
Select a method for joining the call: a) Dial-In: A dial in number and unique PIN are displayed to connect directly from your phone; or b) Call Me: Enter your phone number and click “Call Me” for an immediate callback from the system. The call will come from a US number.
About Aya Gold & Silver Inc.
Aya Gold & Silver is a precious metals mining company anchored in Morocco and active across the full mining value chain. The Corporation has established an exploration track record through a systematic, technology-led, data-driven approach and is focused on expanding its resource base and land package along the Anti-Atlas fault — one of Africa’s most geologically rich, underexplored and mining-friendly regions.
Aya operates Zgounder, a rare, silver-only mine, producing silver doré from its new processing facility. Aya’s growth pipeline includes the Boumadine polymetallic project, where feasibility study work is underway. The project hosts a substantial mineral resource, an extensive mineralized footprint, and significant potential for further discovery.
Led by a proven team of mining professionals, Aya is guided by a vision of responsible mining and is committed to delivering sustainable value for shareholders, employees and host communities.
This press release contains “forward-looking statements” or “forward looking information” within the meaning of applicable securities laws and other statements that are not historical facts. Forward-looking statements are included to provide information about management’s current expectations, estimates and projections regarding Aya’s future growth and business prospects (including the timing and development of deposits and the success of exploration activities) and other opportunities as of the date of this press release.
All statements, other than statements of historical fact included in this press release, regarding the Corporation’s strategy, future operations, technical assessments, prospects, plans and objectives of management are forward-looking statements that involve risks and uncertainties. Wherever possible, words such as “aim”, “anticipate”, “assume”, “believe”, “estimate”, “expect”, “goal”, “guidance”, “intend”, “objective”, “plan”, “potential”, “strategy”, “target”, and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will”, or are “likely” to be taken, occur or be achieved, have been used to identify such forward-looking information. Forward-looking statements in this press release include, but are not limited to, statements with respect to: the anticipated benefits of the Nasdaq listing, including enhancement of Aya’s visibility and broaden access to U.S. and international institutional and retail investors, the timing for announcing the Q1-2026 results, and the Corporation’s future operating results, economic performance, objectives, strategy, and development plan.
Forward-looking information is based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performance or achievements of the Corporation to be materially different from future results, performance or achievements expressed or implied by such information or statements. There can be no assurance that such information or statements will prove to be accurate. Key assumptions upon which the Corporation’s forward-looking information is based include without limitation, assumptions regarding: the expected benefits of the Nasdaq listing and other assumptions and factors generally associated with the mining industry.
Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Forward-looking statements are also subject to risks and uncertainties facing the Corporation’s business, any of which could have a material adverse effect on the Corporation’s business, financial condition, results of operations and growth prospects. Some of the risks the Corporation faces and the uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements include, among others: the Nasdaq listing not meeting the expected benefits, changes in general economic conditions or conditions in the financial markets, and other risks described in the Corporation’s documents filed with Canadian securities regulatory authorities.
In addition, readers are directed to carefully review the detailed risk discussion in the Corporation’s Annual Information Form and Management’s Discussion & Analysis for the year ended December 31, 2025, filed on SEDAR+ and on EDGAR, which discussions are incorporated by reference in this press release, for a fuller understanding of the risks and uncertainties that affect the Corporation’s business and operations.
Although the Corporation believes its expectations are based upon reasonable assumptions and has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. As such, these risks are not exhaustive; however, they should be considered carefully. If any of these risks or uncertainties materialize, actual results may vary materially from those anticipated in the forward-looking statements found herein. Due to the risks, uncertainties, and assumptions inherent in forward-looking statements, readers should not place undue reliance on forward-looking statements.
Forward-looking statements contained herein are presented for the purpose of assisting investors in understanding the Corporation’s business plans, financial performance and condition and may not be appropriate for other purposes.
The forward-looking statements contained herein are made only as of the date hereof. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law. The Corporation qualifies all of its forward-looking statements by these cautionary statements.
Modern people believe technology, education, and new institutions can transform societies within a generation or two. They confuse surface-level change with the deep moral and psychological substrate that actually holds a civilization together.
G2 Goldfields (GTWO; $10.25) is being acquired. There is a modest arbitrage upside, but the merger should also enable economies of scale, accelerate the path to production, and reduce corporate expenses. One could sell two July 17, 2026, $50 call options on the acquiring company, GMIN, for every 1,000 shares of GTWO at US$5.10 each, thereby “locking in” a roughly 15% return. Of course, if the merger does not proceed, one could be left exposed.
Gold Resource Corporation (NYSE: GORO; US$1.40) is also being acquired. The arbitrage value is approximately US$1.50. One could sell June 18, 2026, $1.50 put options on GORO for US$0.30 and expect them to expire unexercised.
Star Royalties (STRR; $0.50) is being acquired by Summit Royalties (SUM). There is a 7% arbitrage upside—modest, but still attractive. The merged entity will be run by Drew Clark, who has extensive experience acquiring royalties. I expect to hold SUM after the merger closes.
Disclaimer: All information found here, including any ideas, opinions, views, predictions, forecasts, commentaries, suggestions, or stock picks, expressed or implied herein, are for informational, entertainment, or educational purposes only and should not be construed as personal investment advice. While the information provided is believed to be accurate, it may contain errors. The sole purpose of these musings is to show my thinking process when analyzing a stock, not to provide any recommendations. I will not and cannot be held liable for any actions you take resulting from anything you read here. Conduct your due diligence or consult a licensed financial advisor or broker before making any investment decisions. Any investments, trades, speculations, or decisions made based on any information found on this site, expressed or implied herein, are made at your own risk, financial or otherwise.
Toronto, Ontario–(Newsfile Corp. – April 30, 2026) – Coyote Copper Mines Inc. (TSXV: CCMM) (the “Corporation”)
In CCMM’S press release dated April 16, 2026 it was announced that CCMM had begun work on its newly discovered sulphide copper zone. The Company also wants to emphasize the historical work and zones, which will be a big part of its exploration programs going forward, including drilling.
Using modern exploration techniques like Drone Magnetic Surveys, MT and 3D IP geophysics surveys as well as having geologists on the ground reassessing and mapping the older historical areas will help the company optimize its drilling program.
Dan Weir, CEO, commented, “We are very excited about the new zone we are exploring, but we don’t want to discount the current and potential value of the some of the other areas within the 58 km2 of our Arizona project.”
Please refer to the NI 43-101 technical report dated November 23, 2025 This report can be found on the company’s website. www.CoyoteCopper.com
40 Samples were collected and analyzed as part of the August 2025 site visit. The sampling was focused on the Gibson Structural Corridor (GSC) and the Santa Ana Stock (SAS). Sampling was completed by the Michael Feinstein and Mineoro staff. Samples are marked with spray paint, measured, described, and coordinates recorded from a Garmin handheld GPS. Sampling method utilizes a 2-man team with hammer and chisel, in which, a breaker and catcher work together to collect a volumetrically representative continuous chip sample across the marked interval. Samples are collected in 8 mil poly bags and sealed with zip-tie and numbered tag immediately after collection. Sample sites are labeled and photographed; a hand-sample is retained for reference inventory.
Gibson Structural Corridor
See Page 89 of Coyote Copper’s NI 43-101 Technical report dated November 23, 2025 A copy can be found at www.coyotecopper.com
10 samples were taken across the Gibson Structural Corridor (GSC) in August 2025. Bedrock sampling was located in areas of observed copper oxide mineralization and across structural zones. Historic sorting piles in the West Gibson area were sampled to characterize the historic mineralization.
A total of 10 samples were collected. Copper values ranged from 0.091% to 22.41% with an average value of 6.688% Cu. Silver values ranged from below detection to 69.3 g/t with an average value of 15.6 g/t Ag.
The 4 samples from the West Gibson zone show very high copper grades ranging from 10 to 22%. These were select grab samples, collected from historic ore piles, to characterize the mineralization. Qtz+chalcopyrite veining, massive Chalcopyrite and associated hematite are observed in relation to a set of thin, mineralized porphyrytic dike sets which is parallel to the primary Gibson mine structure. The Silver content of 10.6 to 69.3 ppm is notable.
Sample
Easting
Northing
Elevation_m
Width_m
Cu_percent
Ag_ppm
Mo_ppm
1939401
503536
3688756
1527
1.2
0.09
0.1
9
1939402
503538
3688756
1527
1.5
0.16
0.1
17
1939403
503541
3688755
1527
1.1
0.32
0.1
14
1939404
503450
3688662
1500
19.28
52.3
23
1939405
503450
3688661
1500
13.96
20.5
20
1939406
503450
3688660
1500
22.41
69.3
31
1939407
503437
3688624
1515
10.01
10.6
9
1939408
504612
3687893
1478
2.1
0.87
1
2
1939409
504612
3687896
1477
1.3
0.9
0.9
2
1939410
504601
3687930
1473
1.2
0.66
1.8
2
Min
0.09
0.1
2
Max
22.41
69.3
31
Avg
6.87
15.7
13
Gibson outcrop photo of sample 1939431, 1.6m, with geochemical sample results in chart.
A total of 30 samples were cut across 41m of outcrop in Santa Ana Canyon and into the Santa Ana tunnel. Primary hypogene mineralization is observed in association with strong, potassic alteration, and this is expressed as a stock-work of type-A and type-B veins with a surface exposure of 120 x 40 m x 20m (L x W x D). Copper values ranged from 0.0881% to 1.379% with an average value of 0.3564% Cu. Molybdenum values ranged from 0.0006% to 0.1233% with an average value of 0.00851 Mo. Silver values ranged from below detection to 2.2 g/t with an average value of 0.75 g/t Ag.
Sample
Easting
Northing
Elevation_m
Width_m
Cu_percent
Ag_ppm
Mo_ppm
1939411
508998
3688954
1532
1.1
0.27
1.2
60
1939412
508998
3688953
1532
1.25
0.21
0.6
12
1939413
509006
3688951
1533
1
0.28
0.1
32
1939414
509006
3688950
1532
1
0.31
0.7
26
1939415
509008
3688950
1532
1.1
0.37
0.4
14
1939416
509010
3688949
1532
1.1
0.35
0.1
57
1939417
509012
3688948
1532
1.2
0.27
0.1
78
1939418
509010
3688950
1532
1
0.45
0.7
8
1939419
509008
3688952
1532
1.1
1.38
1
13
1939420
509014
3688954
1533
1.7
0.3
0.5
11
1939422
509020
3688957
1533
0.8
0.65
2
168
1939423
509020
3688957
1533
1.1
0.42
1.1
16
1939424
509021
3688956
1532
1.3
0.42
0.5
14
1939425
509023
3688957
1532
1.5
0.55
0.6
44
1939426
509023
3688958
1532
1.5
0.54
0.6
34
1939427
509023
3688959
1531
0.9
0.38
0.7
1233
1939428
509016
3688956
1532
1
0.45
0.5
38
1939429
509006
3688953
1533
1.5
0.27
2.2
186
1939430
508989
3688963
1531
1.5
0.23
1.7
42
1939431
508989
3688964
1531
1.6
0.24
0.9
39
1939432
508986
3688966
1529
1.2
0.26
0.5
6
1939433
508985
3688968
1529
1.2
0.26
0.5
7
1939434
508985
3688969
1529
1.5
0.18
0.9
22
1939435
508984
3688971
1528
1
0.42
1.9
27
1939436
508982
3688972
1528
1
0.15
0.4
9
1939437
508982
3688974
1528
1
0.24
1.2
145
1939438
508980
3688978
1528
2.7
0.3
0.7
9
1939439
508979
3688981
1527
3.1
0.21
0.6
15
1939440
508952
3689079
1508
3
0.09
0.3
22
1939442
508951
3689104
1502
1.1
0.29
0.6
174
Min
0.09
0.1
6
Max
1.38
2.2
1233
Avg
0.36
0.8
85
Sampling completed during the August 2025 site visit was overseen by Michael Feinstein, QP, and carried out in an un-biased, representative nature. All samples were collected under Mineoro protocols and QA/QC procedures, securely stored, and maintained through submission to American Assayers Lab, an ISO-9001 certified facility. Samples undergo preparation (dry, crush, pulverize), four-acid digestion, and ICP-MS analysis for 51 elements. Samples returning more than 10,000 ppm copper were re-assay by ore grade methods.
Over-limit samples were re-analyzed by OG62 methods which involves a 4-acid digestion and analysis using ore-grade calibrations. All samples were collected under Mineoro protocols and QA/QC procedures, securely stored, and maintained through submission to American Assayers Lab, an ISO-9001 certified facility. Quality Control samples were inserted every 20 samples (5%). All certified reference standards were supplied by Analytical Solutions Ltd., of Toronto, Ontario. Certified reference standards returned values within 1% of certified values for Cu, Mo, and Ag; the results are deemed to be valid. American Assay Laboratories is independent of the issuer.
Source: modified from U.S. Bureau of Mines data, and Briggs, D.F, 2022. Geology and History of the Globe-Miami Region, Gila and Pinal Counties, Arizona; Arizona Geological Survey, CR-22-B, Table 18, Page 152
Since 1974, the Pinto Valley project has produced 4.7 billion pounds of copper and nearly 22.5 million pounds of molybdenum (Table 18). At its current rate of production, proven and probable ore reserves as of December 31, 2020 (407 million tons, averaging 0.31% copper and 0.007% molybdenum) will sustain operations until 2039 (Capstone Mining Corporation, 2021).
Dan Weir, CEO, commented, “CCMM’s projects have multiple zones with similar geology found throughout the Copper Triangle. We are targeting to have the same or larger resources and similar or larger grades than Pinto Valley and/or other mines in the area.”
Please note, the potential quantity and grade is conceptual in nature, that there has been insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resource.
QUALIFIED PERSON
Michael N. Feinstein, PhD, CPG, is the “Qualified Person” under National Instrument 43-101-Standards of Disclosure for Mineral Projects, and he has reviewed and approved the scientific and technical disclosure contained in this press release. Michael is independent of the Issuer.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities 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 state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Cautionary Statement Regarding Forward-Looking Information
This news release contains statements which constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Corporation.
Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results “may”, “could”, “would”, “might” or “will” (or other variations of the forgoing) be taken, occur, be achieved, or come to pass. Forward-looking information includes information regarding the commencement of trading of the Resulting Issuer Shares, the business plans and expectations of the Corporation and expectations for other economic, business, and/or competitive factors. Forward-looking information is based on currently available competitive, financial and economic data and operating plans, strategies or beliefs as of the date of this news release, but involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors may be based on information currently available to the Corporation including information obtained from third-party industry analysts and other third-party sources, and are based on management’s current expectations or beliefs. Any and all forward-looking information contained in this news release is expressly qualified by this cautionary statement.
Investors are cautioned that forward-looking information is not based on historical facts but instead reflect management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Forward-looking information reflects management’s current beliefs and is based on information currently available to them and on assumptions they believe to be not unreasonable in light of all of the circumstances. In some instances, material factors or assumptions are discussed in this news release in connection with statements containing forward-looking information. Such material factors and assumptions include, but are not limited to receipt of final listing approval from the Exchange, together with the factors referenced in this news release and Filing Statement, including, but not limited to, those set forth in the Filing Statement under the caption “Risk Factors”. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein is made as of the date of this news release and, other than as required by law, the Corporation disclaims any obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking information will prove to be accurate, as 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.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Corporation has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Corporation does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.
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Key Takeaways
Emerging market central banks continue to accumulate gold as a hedge against geopolitical risk.
Russia and Turkey lead gold sales in 2026, reflecting domestic and fiscal pressures.
This visualization highlights which central banks are buying and selling gold so far this year. The data reveals a clear divide between buyers in emerging markets and sellers facing economic constraints.
The data for this visualization comes from the World Gold Council. It shows net changes in central bank gold reserves by country as of February 2026.
Poland Leads Strategic Gold Accumulation
Poland is the largest gold buyer in 2026, adding over 20 tonnes to its reserves. This purchase is part of a broader multi-year plan to reach 700 tonnes, reflecting heightened security concerns on NATO’s eastern flank.
Other notable buyers include Uzbekistan and Kazakhstan, which have steadily increased gold holdings in recent years.
Country
Net Change in 2026 (Tonnes of Gold)
Poland
20.23
Uzbekistan
16.48
Kazakhstan
6.51
Malaysia
4.98
Czechia
3.36
China
2.18
Cambodia
1.69
Indonesia
1.51
Serbia
0.99
Philippines
0.46
El Salvador
0.29
Singapore
0.20
Malta
0.12
Mongolia
0.08
Egypt
0.06
Qatar
0.02
Mexico
-0.02
Belarus
-0.05
Kyrgyzstan
-1.07
Bulgaria
-1.88
Turkey
-8.08
Russia
-15.55
Diversification Away From Dollar Reserves
The freezing of roughly $300 billion in Russian central bank assets in 2022 marked a turning point for global reserve management.
Since then, countries like China and several Central Asian economies have accelerated diversification into gold. Unlike foreign currency reserves, gold is not subject to foreign jurisdiction, making it attractive in a fragmented geopolitical landscape. Even smaller buyers, such as Cambodia and Serbia, are gradually increasing their allocations.
Why Russia and Turkey Are Selling Gold
On the selling side, Russia and Turkey stand out as the largest net sellers in 2026.
Russia’s gold sales reflect mounting fiscal pressures tied to war spending under ongoing sanctions.
Meanwhile, Turkey’s reduction is driven by domestic policy, including efforts to stabilize the lira and manage local gold demand.
Edmonton, Alberta–(Newsfile Corp. – April 28, 2026) – Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) (“Grizzly” or the “Company”) is pleased to announce that a crew from Full Force Drilling Ltd. (“Full Force”) of Peachland BC, has arrived in Greenwood and has commenced drilling critical minerals skarn targets co-incident with a high conductivity anomaly at the Sappho area. Grizzly intersected skarn along with porphyry type alteration and anomalous copper- silver – gold – platinum group elements (Cu-Ag-Au-PGEs) in three of four 2010 core holes. Historical 2010 drilling by the Company yielded up to 0.31% Cu, 0.75 g/t Au, 0.34 g/t Pt, 0.39 g/t Pd and 6.57 g/t Ag over 6.5 m core length in skarn at Sappho (in hole 10SP03). These and other higher grade zones are associated with high Cu and are contained within wider anomalous intervals including a 63.5 m core length zone logged as a pyroxene – sulphide skarn with a grade approaching 0.7% copper equivalent derived from current metal prices for Cu, Au, Ag, Pt and Pd.
In addition to drilling, Peter E. Walcott and Associates (PEWA) of Coquitlam, BC has mobilized to Greenwood to continue a Induced Polarization (IP) surface geophysics program that was commenced in early 2026 to follow up excellent prior results from both surface sampling and historical drilling at the Sappho Critical Minerals Target (Figure 1). A significant chargeability anomaly was identified (See February 26th, 2026 Company News Release) and will be followed up with an extension to the Phase 1 survey. Induced Polarization surveys will also be conducted at the Greyhound-Motherlode area over the coming weeks in the search for additional skarn and porphyry targets (Figure 2).
Sappho Prior Work Highlights
The Geological Setting is the East Fault Contact of the Toroda Graben with numerous pyroxenite-monzonite-diorite (older) and younger QFP-diorite (Tertiary) intrusions into intermediate-mafic volcanics along with a complex magnetic feature at the Sappho Crown Grant (CG) area (Figure 1).
The East and West Faults of the Toroda Graben likely played a role in controlling the Au-Ag mineralization for the Buckhorn Skarn and Mine to the southwest and the Cu-Au-Ag mineralization for the Motherlode/Greyhound skarns to the north (Figure 2).
Skarn and porphyry style alteration and mineralization along with Cu-PGE’s-Au-Ag are observed in outcrop and drill core along with a complex magnetic signature in the Main Sappho CG area.
Five (5) new sulphide showings were discovered during 2022 field work, with 4 of the 5 showings yielding rock grab samples with >1% Cu up to as high as 7.25% Cu (Figure 1 and see Grizzly news release dated November 3rd, 2022).
A total of 17 rock grab samples returned values >1% Cu up to 9.06% Cu, many also with anomalous Au, Ag, platinum (Pt) and palladium (Pd).
A total of 11 samples have yielded >500 parts per billion (ppb) Pt and Pd up to 4.64 grams per tonne (g/t) Pt and up to 2.28 g/t Pd.
The Sappho area is being targeted for copper-gold skarn and porphyry type targets associated with a Jurassic alkalic intrusive complex and several younger diorite intrusions (Figure 1). A total of five new showings of copper oxide mineralization were found during the 2022 program (Figure 1). Previous surface sampling and drilling by Grizzly has yielded significant anomalous copper, gold, silver along with platinum and palladium. Numerous historical and new rock grab samples have yielded greater than 1% Cu, 1 g/t Au, 1 g/t Ag, 1 g/t Pt and 1 g/t Pd (Figure 1).
Historical 2010 drilling by the Company (4 core holes) yielded up to 0.31% Cu, 0.75 g/t Au, 0.34 g/t Pt, 0.39 g/t Pd and 6.57 g/t Ag over 6.5 m core length in skarn at Sappho (in hole 10SP03), including a 1 m core length intersections of 3.82 g/t Au and 199 g/t Ag, and in a separate sample 1.83 g/t Pt and 2.09 g/t Pd across 1 m – these results all are associated with >1% Cu in those samples. These higher grade zones were contained within a 63.5 m core length zone logged as a pyroxene – sulphide skarn with a grade approaching 0.7% copper equivalent derived from current metal prices for Cu, Au, Ag, Pt and Pd. Drillhole 10SP03 targeted a magnetic anomaly and had no indications of surface mineralization at the time of drilling. One of the new 2022 showings has been found proximal to drillhole 10SP03 and the targeted magnetic anomaly.
Figure 1: Sappho Rock Sampling Summary 2026 and Planned IP and Drillhole Locations.
Brian “Griz” Testo, President & CEO of Grizzly Discoveries, states, “Geophysics has also outlined multiple new targets across the Sappho Project. I am looking forward to seeing what additional IP might show us and I look forward to identifying some new skarn and porphyry discoveries with drilling.”
The Company is continuing with surface exploration in the Greenwood area. Crews from APEX Geoscience Ltd. completed soil and rock sampling in August, 2025 through to February, 2026 and the exploration work is ongoing. Work including prospecting, rock and soil sampling has been conducted at targets in the Rock Creek area, the Midway area, the Copper Mountain area, the Overlander-Attwood area and the Sappho area to date (Figure 2). Additional groundwork including ground geophysical surveys are being planned and will comprise IP, magnetics and Loupe electromagnetics (EM) for the Sappho, the Midway and Motherlode areas (Figure 2).
Grizzly is a diversified Canadian mineral exploration company with its primary listing on the TSX Venture Exchange focused on developing its approximately 66,000 ha (approximately 165,000 acres) of precious and base metals properties in southeastern British Columbia. Grizzly is run by a highly experienced junior resource sector management team, who have a track record of advancing exploration projects from early exploration stage through to feasibility stage.
QUALIFIED PERSON STATEMENT
The technical content of this news release and the Company’s technical disclosure has been reviewed and approved by Michael B. Dufresne, M. Sc., P. Geol., P.Geo., who is a non-independent Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.
On behalf of the Board,
GRIZZLY DISCOVERIES INC. Brian Testo, CEO, President
Suite 363-9768 170 Street NW Edmonton, Alberta T5T 5L4
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.
Caution concerning forward-looking information
This press release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws. This information and statements address future activities, events, plans, developments and projections. All statements, other than statements of historical fact, constitute forward-looking statements or forward-looking information. Such forward-looking information and statements are frequently identified by words such as “may,” “will,” “should,” “anticipate,” “plan,” “expect,” “believe,” “estimate,” “intend” and similar terminology, and reflect assumptions, estimates, opinions and analysis made by management of Grizzly in light of its experience, current conditions, expectations of future developments and other factors which it believes to be reasonable and relevant. Forward-looking information and statements involve known and unknown risks and uncertainties that may cause Grizzly’s actual results, performance and achievements to differ materially from those expressed or implied by the forward-looking information and statements and accordingly, undue reliance should not be placed thereon.
Risks and uncertainties that may cause actual results to vary include but are not limited to the availability of financing; fluctuations in commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management’s Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedarplus.ca. Grizzly disclaims any obligation to update or revise any forward-looking information or statements except as may be required by law.
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