Category: Junior Mining

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Base Metals Energy Junior Mining Precious Metals

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

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

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

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

Highlights of the 2026 Program:

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

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

2026 Project Development Program

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

Core Drilling – Waterloo (Geotechnical & Metallurgical)

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

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

Metallurgical Studies

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

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

Underground Volume Survey

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

2026 Exploration Program

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

Exploration Drilling

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

Geological Mapping

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

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

Geophysics

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

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

Laboratory Analysis

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

Qualified Person

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

About Apollo Silver Corp.

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

Please visit www.apollosilver.com for further information.

ON BEHALF OF THE BOARD OF DIRECTORS

Ross McElroy

President and CEO

For further information, please contact:

Email: info@apollosilver.com

Telephone: +1 (604) 428-6128

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

Cautionary Statement Regarding “Forward-Looking” Information

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

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

Categories
Base Metals Energy Junior Mining Precious Metals

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

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

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

Key Takeaways

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

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

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

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

From Petrodollars to De-Dollarization

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

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

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

‹12345…34›

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

Why “More Gold than Treasuries” Matters

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

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

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

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

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Base Metals Energy Junior Mining Precious Metals

All of the World’s Gold, in One Visual

How Much Gold is in the World?

See visuals like this from many other data creators on our Voronoi app. Download it for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Key Takeaways

  • The total above-ground stock of gold stands at 216,265 tonnes, with the largest share found in jewelry.
  • Below-ground stock is estimated to be 132,110 tonnes as of year-end 2024.

Today, gold prices sit roughly 40% above their previous inflation-adjusted peak seen in 1980.

Despite tumbling 54% from the October 20th high of $4,380, gold remains at historically elevated levels, as investors rely on the metal as a reliable store of value. In total, the world’s above-ground gold stock would fit into a cube approximately 22.3 meters tall (73 feet).

This graphic shows the global supply of gold as of year-end 2024, based on data from the World Gold Council.

How Much Gold is in the World, by Category

Below, we show all the world’s gold, covering both above and below-ground stock:

CategoryTonnes of Gold (t)
Jewelry97,149
Bars and coins (including gold backed ETFs)48,634
Central banks37,755
Industrial uses (electronics, dentistry, etc.)32,727
Reserves54,770
Resources77,340

Jewelry is the largest category of above-ground gold, at 97,149 tonnes.

Last year, India was the largest buyer of gold jewelry globally, with 560 tonnes in purchases. China ranked second, with 510 tonnes. Across the region, gold is deeply intertwined with major life events such as weddings and cultural traditions.

Bars, coins, and gold-backed ETFs make up 48,634 tonnes of gold, exceeding central bank holdings (37,755 tonnes) by a substantial margin. Overall, the U.S., Germany, and Italy held the most gold in their central bank reserves as of year-end 2024.

Meanwhile, industrial uses such as electronics and dentistry make up 32,727 tonnes. Many semiconductor chips, for instance, use gold for coating or bonding wires thanks to its conductivity.

Source: https://www.visualcapitalist.com/all-of-the-worlds-gold-in-one-visual/

Categories
Base Metals Energy Junior Mining Precious Metals Project Generators

Elemental Executes Option Agreement to Sell the Hachita Porphyry Copper-Gold Project

Vancouver, British Columbia–(Newsfile Corp. – December 4, 2025) – Elemental Royalty Corporation (TSXV: ELE) (NASDAQ: ELE) (“Elemental” or the “Company”) is pleased to announce that Bronco Creek Exploration Inc. (“BCE“), a wholly owned subsidiary of Elemental, has executed an option agreement (the “Agreement”) with First Quantum Minerals Limited (“First Quantum“), an Ontario, Canada, corporation (TSX: FM) for the Hachita project (the “Project“) in order to explore for porphyry copper-gold style mineralization in southwestern New Mexico, U.S.

The Agreement provides Elemental with an execution payment, staged option payments, and required work commitments on the Project during the earn-in period. Additionally, upon earn-in for the Project, Elemental will receive a 3% net smelter return (“NSR“) royalty interest, annual advanced royalty (“AAR“) and milestone payments, providing the Company with a strong foundation for future upside as the Project advances.

Highlights

  • Option agreement signed with First Quantum to explore for copper-gold porphyry in New Mexico
  • The agreement includes execution and options payments to Elemental totalling over US$800,000 over a five-year earn-in period
  • Upon earn-in, Elemental will be granted a 3% NSR royalty, as well as US$100,000 AAR and other milestone payments as the Project advances
  • Demonstration of the organic royalty generation model providing long-term value through partner company funded programs paired with their technical expertise

The Project was acquired by staking of open ground after recognizing untested targets in the underexplored Sylvanite District during regional generative exploration efforts in the Laramide belt of southwestern U.S. The agreement serves as another example of generating compelling district-scale opportunities and organically growing the company’s royalty portfolio through its royalty generation efforts and technical expertise.

Commercial Terms Overview

Under the terms of the Agreements, First Quantum can earn 100% interest in the Project by providing: a) an execution payment totaling US$50,000, b) option payments totaling US$750,000, and c) cumulative exploration expenditures of US$6,000,000 over the five-year term of the option agreement.

Upon option exercise by First Quantum, Elemental will retain a 3% net smelter royalty on the Project; 1% of the royalty may be bought back for a total of US$5,000,000 on or before the fifth anniversary of a published resource. First Quantum will make Advanced Annual Royalty payments to Elemental of US$100,000 upon each anniversary of the closing date until the completion of either a Feasibility Study or a Development Decision. In addition, First Quantum will make Project milestone payments consisting of: a) US$500,000 upon completion of a Feasibility Study, and b) US$2,500,000 upon a development decision.

David M. Cole, Chief Executive Officer of Elemental, commented: “This transaction on the Hachita Project represents another excellent example of Elemental’s impressive technical expertise in identifying prospective targets in underexplored jurisdictions and thereby attracting world-class exploration partners. We look forward to working with First Quantum to advance Hachita and seeing the project progress further through a formal exploration campaign. Project generation remains a core tenet of our business model as we continue to build our portfolio of royalty interests.”

Hachita Project Overview

Hachita is located approximately 95 km SE of Lordsburg, New Mexico, in the Sylvanite Mining District. The Hachita project targets Laramide porphyry copper-gold and skarn mineralization in an underexplored district in the eastern portion of the Laramide Porphyry Belt. Multiple square kilometer overlapping alteration zones, robust geochemical anomalies, and coincident geophysical responses indicate the potential for two distinct targets on the Project: a porphyry copper-gold system at the Western Target and a copper-gold skarn system at the Copper Dick Extension (“CDE”) Target.

The Western Target is a porphyry copper-gold system exposed at surface with widespread sericite-pyrite alteration, locally abundant quartz veins, and copper oxide mineralization. Complex porphyry-style alteration zonation is exposed over a two by three square kilometer area, indicative of large-scale hydrothermal system. The system is faulted and rotated by post-mineral normal faults. The observations to-date are consistent with the shallower, upper pyrite halo portion of the porphyry system preserved in the northwest with portions of the deeper parts of the system outcropping to the southeast. The proximal, higher temperature and potentially higher-grade core of the system representing the primary target here has yet to be found. Airborne drone magnetics delineated a magnetic low which correlates well with the outcropping sericite-pyrite alteration zone. Additionally, historical induced polarization (“IP“) data displays a strong chargeability response within the target area, which may represent increasing sulfide content at depth.

The Copper Dick Extension Target is a copper-gold bearing garnet-pyroxene skarn target exposed at surface near the historical Copper Dick Mine. Mineralization at the mine is truncated to the north by a post-mineral normal fault, indicating the skarn mineralization and the Cretaceous carbonate host rocks that serve as an ideal host may be preserved at depth in the hanging wall. Historical IP data support this interpretation; a strong chargeability response over the Copper Dick Extension Target may represent the presence of sulfide mineralization at depth.

This transaction is an example of the execution of the royalty generation business model in providing turn-key and drill ready exploration projects to partner companies in exchange for royalty interests and pre-production cash flow.

David M. Cole
CEO and Director

For more information, please contact:

David M. Coleinfo@elementalroyalty.com
CEO
Tara Vivian-Nealinfo@elementalroyalty.com
Investor Relations

www.ElementalRoyalty.com

TSXV: ELE | NASDAQ: ELE | ISIN: CA28619K1093 | CUSIP: 28619K109

About Elemental Royalty Corporation.

Elemental is a new mid-tier, gold-focused streaming and royalty company with a globally diversified portfolio of 16 producing assets and more than 200 royalties, anchored by cornerstone assets and operated by world-class mining partners. Formed through the merger of Elemental Altus and EMX, the Company combines Elemental Altus’s track record of accretive royalty acquisitions with EMX’s strengths in royalty generation and disciplined growth. This complementary strategy delivers both immediate cash flow and long-term value creation, supported by a best-in-class asset base, diversified production, and sector-leading management expertise.

Elemental Royalty trades on the TSX Venture Exchange and the Nasdaq under the ticker “ELE”.

Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX-V.) accepts responsibility for the adequacy or accuracy of this press release.

Qualified Person

Michael P. Sheehan, CPG, a Qualified Person as defined by National Instrument 43-101 and employee of the Company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.

Cautionary note regarding forward-looking statements

This news release contains certain “forward looking statements” and certain “forward-looking information” as defined under applicable Canadian securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as “may”, “will”, “should”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology.

Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies.

Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Elemental Royalty to control or predict, that may cause Elemental Royalty’ actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to: the impact of general business and economic conditions, the absence of control over the mining operations from which Elemental Royalty will receive royalties, risks related to international operations, government relations and environmental regulation, the inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting exploration data; the potential for delays in exploration or development activities; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with Elemental Royalty’ expectations; accidents, equipment breakdowns, title matters, labour disputes or other unanticipated difficulties or interruptions in operations; fluctuating metal prices; unanticipated costs and expenses; uncertainties relating to the availability and costs of financing needed in the future; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations; currency fluctuations; regulatory restrictions, including environmental regulatory restrictions; liability, competition, loss of key employees and other related risks and uncertainties. For a discussion of important factors which could cause actual results to differ from forward-looking statements, refer to the annual information form of Elemental Altus for the year ended December 31, 2024. Elemental Altus undertakes no obligation to update forward-looking statements and information except as required by applicable law. Such forward-looking statements and information represent management’s best judgment based on information currently available. No forward-looking statement or information can be guaranteed, and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/276952

Categories
Base Metals Energy Junior Mining Precious Metals

Silver hit record highs in 2025 – here’s why the ‘Devil’s metal’ has further to run

Key Points

  • Silver has outpaced gold in 2025, with a growth of about 71%, compared to gold’s 54%.
  • Silver mine production has been decreasing for the past ten years, especially in Central and South America, due to mine closures, resource depletion and infrastructure challenges.
  • While industrial demand for silver is expected to decline slightly in 2025, the metal is increasingly used in electric vehicles, for AI components and in photovoltaics.

Silver, often nicknamed the ‘Devil’s metal’ because of its volatility, has reached record highs this year and still has further to run despite a supply crunch, according to experts.

The metal’s growth value has been running alongside gold’s, which has seen its own rally with the price surging past $4,000 an ounce this year.

Silver prices reached a historic peak of $54.47 per troy ounce in mid October, marking a 71% rise year-on-year. They’ve since pared back gains somewhat, but are now growing again, despite low supply levels.

“Some people were having to transport silver by plane rather than on cargo ships to meet delivery demand,” Paul Syms, head of EMEA ETF Fixed Income and commodity product management at Invesco, told CNBC.

“While we’ve seen the spike up, we’ve seen the price come down a little bit. Longer term, there’s a different dynamic this time that could keep silver at reasonably high prices and maybe continuing to go up for some time to come,” he added.

October was only the third time in the past 50 years where silver prices peaked. Other silver price highs include January 1980, when the Hunt brothers amassed a third of the world’s supply as they attempted to corner the market, as well as 2011, following the U.S. debt ceiling crisis when silver and gold were embraced as safe haven assets.

“Silver is only about a tenth the size of the gold market, and that short squeeze, obviously, sort of caught a few investors by surprise,” said Syms.

Unlike the previous investment waves, silver’s boom in 2025 relied on a mix of low supply and high demand from India as well as industrial needs and tariffs.

“After Liberation Day, the gold price spiked, but silver actually went down a little bit. And the gold-silver ratio spiked to above 100,” said Syms, referring to the gold-silver ratio which reflects how many ounces of silver are needed to buy one ounce of gold.

A low ratio means gold is relatively cheap, while a high ratio indicates silver is undervalued and likely to rise. In April, the ratio reached a historic high.

“The risk managers in financial and industrial entities did not want to let any metal go out of the States for fear that it might come back in at 35% higher for example,” said Rhona O’Connell, head of market analysis EMEA and Asia at Stone X.

Fast forward to the Autumn and silver entered its peak demand, especially as India’s monsoon and harvest seasons came to an end.

“Farmers don’t really like the banks very much, so gold and latterly, silver, tend to be the first port of call when they’ve got the harvest in,” said O’Connell.

India is also the world’s largest consumer of silver, with about 4,000 metric tons used every year, mostly for jewelry, utensils and ornaments.

The silver appeal this Autumn also coincided with Diwali, a five-day ‘Festival of Lights’ celebrating prosperity and good fortune and also India’s biggest public holiday.

Supply crunch

While gold is traditionally a favorite, this year silver — an affordable investment option in a country where about 55% of the population depends on agriculture for their livelihood — outshined other metals.

On Oct. 17, the price of silver in India rose sharply, reaching a record high of 170,415 rupees a kilogram — an 85% rise since the start of the year.

However, 80% of India’s silver supply is imported. The UAE and China are increasingly supporting that demand, but the U.K. is traditionally India’s largest silver supplier.

Yet, London’s vaults have been emptying rapidly for the past few years. In June 2022, the London Bullion Market Association held 31,023 metric tons of silver. By March 2025, volumes had fallen by around a third to 22,126 metric tons — its lowest point in years.

“What isn’t necessarily so visible to people is what’s happening in the vaults,” said O’Connell. “And that had reached a point where there was basically there was no available metal left in London.”

In October, the squeeze was such that traders had to pay much higher borrowing costs – or lease rates – to close their positions.

“At one stage, to borrow overnight was costing 200% on an annualized basis, so a lot of people were very stressed to put it mildly,” said O’Connell.

Supply is a constant issue for silver, as for other precious and rare metals. The Silver Institute’s 2025′s World Silver Survey estimates that mine production has been decreasing over the past 10 years, especially in Central and South America.

“Over the course of the past twelve months or so, the underlying surplus has started to turn into a deficit for three reasons: the impact of the electrification of the vehicle fleet, artificial intelligence, and photovoltaics,” said O’Connell.

Categories
Base Metals Emx Royalty Energy Junior Mining Precious Metals Project Generators

Elemental Royalty Completes Acquisition of Laverton Royalty

Vancouver, British Columbia–(Newsfile Corp. – November 26, 2025) – Elemental Royalty Corporation (TSXV: ELE) (NASDAQ: ELE) (“Elemental” or “the Company“) is pleased to announce that it has completed the previously announced acquisition of an existing uncapped 2% Gross Revenue Royalty (“GRR“) over Genesis Minerals’ (“Genesis“) (ASX: GMD) Focus Laverton Project in Western Australia (“Focus Laverton Royalty“), and an existing 2% GRR on Brightstar Resources’ (“Brightstar“) (ASX: BTR) producing Jasper Hills Project, with the consideration of A$80 million (c.US$52 million) now paid in full.

Highlights:

  • Elemental has now completed the acquisition of the uncapped 2% GRR over Genesis’ recently acquired multi-million-ounce Focus Laverton Project to create a fourth cornerstone asset alongside Timok, Karlawinda, and Caserones
  • The Royalty covers ~2.1Moz of Measured and Indicated Resources and 1.5Moz of Inferred Resources adjacent to Genesis’ operating Laverton mill, 99% on granted mining leases and positioned for rapid inclusion into Genesis’ mine plan
  • The Focus Laverton 2% GRR overlaps the Company’s existing 2% GRR covering approximately 0.75Moz of Measured and Indicated Resources and 1.1Moz of Inferred Resources at the same project
  • The combination of Elemental Royalty’s existing Laverton royalty and the Focus Laverton Royalty create a cornerstone 2-4% GRR for the Company in a Tier 1 jurisdiction with a proven mid-tier operator in Genesis Minerals
  • As part of the same transaction, the Company acquired an uncapped 2% GRR on Brightstar’s producing Jasper Hills Project in the same Laverton district

David M. Cole, Chief Executive Officer of Elemental Royalty Corporation commented: “We are delighted to have now completed the acquisition of the Laverton Royalty, an exceptional quality asset in a top-tier jurisdiction with a clear pathway to imminent production with a world-class operator. This acquisition cements an additional cornerstone royalty in our portfolio of outstanding, high-quality, producing and advanced development assets. The transaction also includes a royalty on the producing Jasper Hills Project which will immediately contribute to our Q4 and Full Year 2025 revenue.”

The Laverton Royalty
The Laverton Project covers several Archaean greenstone belts north-northeast of Kalgoorlie which host a range of orogenic lode gold deposits, typical of the Western Australian Yilgarn Eastern Goldfields. The Laverton district is one of the best endowed gold regions in Australia, hosting a number of major deposits, such as Gold Fields’ Granny Smith and AngloGold Ashanti’s Sunrise Dam.

Elemental Royalty now holds a total 4% GRR over 67km2 of the project, and a further 2% GRR over an additional 240km2, encompassing the following deposits:

  • Beasley Creek and Beasley Creek South
  • The Chatterbox Trend, including Apollo, Eclipse, Innuendo, Rumor
  • The Gladiator Trend, including Gladiator and Murrays
  • The Lancefield-Wedge Trend, including Telegraph, Wedge-Lancefield North
  • The historic underground Lancefield Gold Mine
  • The Karridale-Burtville Project
  • The Euro Trend, comprising both North and South deposits
  • The Cragiemore-Mary Mac Trend, including the Golden Pinnacles, Mary Mac and Craigiemore
  • The West Laverton-Bulldog Trend
  • The Barnicoat Project, including Barnicoat, Admiral Hill, Bells, Castaway, Grouse and Sickle

The wider Laverton project has the following JORC 2012 compliant Mineral Resource and Ore Reserve Estimates, over which Elemental has significant coverage:

  • Indicated Mineral Resource Estimate of 45.0 Mt @ 1.5 g/t Au for 2,100,000 ounces1
  • Inferred Mineral Resource Estimate of 23.0 Mt @ 2.1 g/t Au for 1,600,000 ounces1

Including:

  • Probable Ore Reserve Estimate of 13.0 Mt @ 1.3 g/t Au for 546,000 ounces1

The newly acquired royalty area also includes an additional combined 240,000 ounces of historical gold resources2 at the Barnicoat Project and South Lancefield, reported to a JORC-2004 Compliant standard only.

David M. Cole
CEO and Director

For more information, please contact:

David M. Coleinfo@elementalroyalty.com
CEO
Tara Vivian-Nealinfo@elementalroyalty.com
Investor Relations

www.ElementalRoyalty.com

TSXV: ELE | NASDAQ: ELE | ISIN: CA28619K1093 | CUSIP: 28619K109

About Elemental Royalty Corporation.
Elemental Royalty is a new mid-tier, gold-focused streaming and royalty company with a globally diversified portfolio of 16 producing assets and more than 200 royalties, anchored by cornerstone assets and operated by world-class mining partners. Formed through the merger of Elemental Altus and EMX, the Company combines Elemental Altus’s track record of accretive royalty acquisitions with EMX’s strengths in royalty generation and disciplined growth. This complementary strategy delivers both immediate cash flow and long-term value creation, supported by a best-in-class asset base, diversified production, and sector-leading management expertise.

Elemental Royalty trades on the TSX Venture Exchange and on NASDAQ under the ticker Symbol “ELE”.

Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this press release.

Qualified Person
Michael P. Sheehan, CPG, a Qualified Person as defined by National Instrument 43-101 and employee of the Company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.

1 Genesis Mineral Ltd., news release dated 26 May, 2025 – Mineral resource and reserve estimates were compiled by Mr. Alex Aaltonen, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr. Aaltonen is an employee of Focus Minerals Limited.
2. A Qualified Person has not completed sufficient work to classify these historical estimates as current Mineral Resources in accordance with the JORC Code (2012), and it is uncertain whether further evaluation will result in the estimates being reported in accordance with the JORC Code (2012). The company is not treating these estimates as current, and further work, including data validation, QAQC review, and re-estimation, will be required to report updated resources.

Cautionary note regarding forward-looking statements
This news release contains certain “forward looking statements” and certain “forward-looking information” as defined under applicable Canadian securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as “may”, “will”, “should”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology.

Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Elemental Royalty to control or predict, that may cause Elemental Royalty’s actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to: the impact of general business and economic conditions, the absence of control over the mining operations from which Elemental Royalty will receive royalties, risks related to international operations, government relations and environmental regulation, the inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting exploration data; the potential for delays in exploration or development activities; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with Elemental Royalty’ expectations; accidents, equipment breakdowns, title matters, labour disputes or other unanticipated difficulties or interruptions in operations; fluctuating metal prices; unanticipated costs and expenses; uncertainties relating to the availability and costs of financing needed in the future; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations; currency fluctuations; regulatory restrictions, including environmental regulatory restrictions; liability, competition, loss of key employees and other related risks and uncertainties. For a discussion of important factors which could cause actual results to differ from forward-looking statements, refer to the annual information form of Elemental Altus for the year ended December 31, 2024. Elemental Altus undertakes no obligation to update forward-looking statements and information except as required by applicable law. Such forward-looking statements and information represent management’s best judgment based on information currently available. No forward-looking statement or information can be guaranteed, and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/276090

Categories
Base Metals Breaking Energy Junior Mining Precious Metals

Grizzly Announces Private Placement

Edmonton, Alberta–(Newsfile Corp. – November 25, 2025) – Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) (“Grizzly” or the “Company”) is pleased to announce a private placement offering of Units and FT Units for gross proceeds of up to $1 Million if fully subscribed (the “Offering”).

Private Placement Offering

The Offering consists of up to 8,333,333 Units and up to 25,000,000 of any combination of Units and FT Units, each priced at $0.03 per Unit or FT Unit. Each 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 $0.05 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$0.10 per Common Share for 10 consecutive trading days; and (b) 24 months from the date of issuance (“Warrant”). Each FT Unit shall consist of one Common Share and one half of one Warrant, each of which shall be issued as a “flow through share” for the purposes of the Income Tax Act (Canada). 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 Offering, if fully subscribed with the maximum of 25,000,000 in FT Units and 8,333,333 Units, as follows:

Mineral Property Exploration $750,000
Mineral Rights and Exploration Permits 35,000
  
Working capitalOutstanding management fees to Officers$32,000 
Other accounts payable47,00079,000
  
Corporate OverheadManagement fees to Officers$24,000 
(Approx. 4 months)Other Corporate Overhead112,000136,000
  
Maximum proceeds $1,000,000
  

There is no minimum to the Offering. If the Company closes on less than the maximum proceeds, or if the proportion of Units and FT Units differs from the above, the use of proceeds will be adjusted.

In connection with the Offering, the Company may pay finders fees payable in any combination of cash, Units, 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 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

For further information, please visit our website at www.grizzlydiscoveries.com or contact:

Nancy Massicotte
Corporate Development
Tel: 604-507-3377
Email: nancy@grizzlydiscoveries.com

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/275805

Categories
Base Metals Exclusive Interviews Junior Mining Precious Metals

APOLLO SILVER: The United States 2nd Largest Silver Deposit

In this critical update, Maurice Jackson of Proven And Probable sits down with Ross McElroy, CEO and Director of Apollo Silver Corp. to discuss the company’s recent momentum, including the successful C$26.78 million financing and the game-changing designation of silver as a Critical Mineral by the USGS.

Ross details the strategic importance of the flagship Calico Silver Project in California, which is the second-largest undeveloped primary silver deposit in the United States, and how these catalysts are significantly streamlining its path toward production.

🔗 Connect with Apollo Silver Corp.: TSX.V: APGO | OTCQB: APGOF Website: https://apollosilver.com/ Phone: 1 (604) 428-6128 Email: info@apollosilver.com Corporate Deck: https://apollosilver.com/investors/#presentation Calico 43-101: http://bit.ly/3IFBxiM Ciinco De Mayo 43-101: http://bit.ly/42KNhHE

Watch on Rumble: https://rumble.com/v722u50-apollo-silver-the-united-states-2nd-largest-silver-deposit.html