Vancouver, British Columbia–(Newsfile Corp. – November 10, 2025) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to announce that the Supreme Court of British Columbia has granted the final order in connection with the Company’s plan of arrangement (the “Arrangement“) with Elemental Altus Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) (“Elemental Altus“) and 1554829 B.C. Ltd. (“Acquireco“), pursuant to which Elemental Altus will, among other things, indirectly through an amalgamation of EMX with Acquireco, acquire all of the issued and outstanding common shares of EMX.
Elemental Altus has filed an application to list its common shares on the Nasdaq Capital Market (“Nasdaq“) under the ticker symbol “ELE”. Due to the ongoing United States federal government shutdown, which presently includes the U.S. Securities and Exchange Commission (“SEC“), the Nasdaq has advised that it cannot further advance the listing application until such time as the SEC reopens to complete its review. EMX and Elemental Altus currently expect that the Nasdaq approval of Elemental Altus’s listing application should be forthcoming following the end of the government shutdown and reopening of the SEC and completion of its review process. Until trading commences on the Nasdaq, Elemental Altus’s common shares will continue to trade on the TSX Venture Exchange under the ticker symbol “ELE” and on the OTCQX Best Market under the ticker symbol “ELEMF”.
Subject to obtaining all required approvals and the satisfaction or waiver of all required conditions, the Arrangement is expected to close by mid-November 2025. Following closing of the Arrangement, the EMX shares are expected to be de-listed from the TSX Venture Exchange, NYSE American Exchange and Frankfurt Stock Exchange (the “De-Listing“). Following the De-Listing, it is anticipated that EMX will apply to cease to be a reporting issuer under applicable Canadian securities laws.
For a more detailed description of the Arrangement, please refer to EMX’s management information circular dated September 29, 2025, available under the Company’s profile on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov, and on the Company’s website at https://emxroyalty.com/investors/special-meeting/.
EMX is a precious and base metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The EMX shares are listed on the NYSE American Exchange and TSX-V under the symbol “EMX”. Please see www.EMXroyalty.com for more information.
Cautionary Note Regarding Forward-Looking Information
This press release may contain “forward-looking information” within the meaning of applicable Canadian securities laws and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, (collectively, “forward-looking statements“) that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding EMX and the combined company’s plans and expectations with respect to the proposed Arrangement and the anticipated impact of the Arrangement on the combined company’s results of operations, financial position, growth opportunities and competitive position. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as “expects,” “anticipates,” “believes,” “plans,” “projects,” “targets,” “schedules,” “forecasts,” “budget,” “estimates,” “assumes,” “intends,” “strategy,” “goals,” “objectives,” “potential,” “possible” or variations thereof or stating that certain actions, events, conditions or results “may,” “could,” “would,” “should,” “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.
Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: the risk that any other condition to closing may not be satisfied or waived; the risk that the closing of the Arrangement might be delayed or not occur at all; the risk that either EMX or Elemental Altus may terminate the definitive arrangement agreement and either EMX or Elemental Altus is required to pay a termination fee to the other party; potential adverse reactions or changes to business or employee relationships of EMX or Elemental Altus, including those resulting from the completion of the Arrangement; the diversion of management time on Arrangement-related issues; the risk of tax consequences for Securityholders and Elemental Altus securityholders if the Arrangement does not qualify as a tax-deferred reorganization; the ultimate timing, outcome and results of integrating the operations of EMX and Elemental Altus; the effects of the business combination of EMX and Elemental Altus, including the combined company’s future financial condition, results, operations, strategy and plans; the ability of the combined company to realize anticipated synergies in the timeframe expected or at all; changes in capital markets and the ability of the combined company to finance its activities in the manner expected; the inability to satisfy the listing requirements to be listed on a U.S. stock exchange; the possibility that EMX or Elemental Altus fail to comply with applicable laws prior to the Arrangement which could subject the combined company to penalties; the risk that EMX or Elemental Altus may not receive the required stock exchange and regulatory approvals to effect the Arrangement; the risk of any litigation relating to the Arrangement; the fact that business disruption may be greater than expected following the public announcement or consummation of the Arrangement; the risk that the combined company does not result in a larger, well capitalized entity with a lower cost of capital which could prevent the combined company from pursuing further accretive royalty opportunities in the market; the absence of control over mining operations from which the Company will receive royalties or stream interests from; and risks related to those mining operations and royalty and stream interests, including risks related to international operations, government and environmental regulation, actual results of current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined, risks in the marketability of minerals, fluctuations in the price of gold and other commodities, fluctuation in foreign exchange rates and interest rates, stock market volatility, as well as those factors discussed in the EMX risk factors listed in EMX’s Management’s Discussion and Analysis for the six months ended June 30, 2025 and its Annual Information Form dated March 12, 2025 filed under EMX’s profile on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.
EMX’s forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management at such time. Although the Company has attempted to identify important factors that could cause actual results to differ materially from the Company in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements 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 statements. The Company does not undertake to update any forward-looking statements that are contained or incorporated by reference, except in accordance with applicable securities laws.
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.
Apollo Silver is Advancing the Second Largest Primary Silver Asset in the US
VANCOUVER, British Columbia, Nov. 06, 2025 (GLOBE NEWSWIRE) — Apollo Silver Corp. (“Apollo Silver” or the “Company”) (TSX.V:APGO, OTCQB:APGOF, Frankfurt:6ZF) is pleased to announce that the US Department of the Interior has added 10 minerals, including silver, to the US Geological Survey (“USGS”) 2025 List of Critical Minerals. For the first time, silver is recognized as having growing importance to US economic and national security. This inclusion signals enhanced government focus on securing domestic supply chains through enhanced permitting, subsidies, and strategic stockpiling initiatives.
“Apollo Silver welcomes the US government’s efforts to strengthen domestic silver mining by placing silver on the USGS List of Critical Minerals,” stated Ross McElroy, President and CEO of Apollo Silver. “This development will not only bring increased investor attention to the sector but will also help boost Apollo’s profile of its Calico Silver Project, which hosts the country’s 2nd largest primary silver deposit in the US. The inclusion of silver on the Critical Minerals List strengthens the project’s case for consideration under the Fast-41 program, a US government initiative aimed at streamlining permitting processes for critical and resource projects. With the US importing 64% of its silver consumption in 2024, this designation emphasizes silver’s strategic value and irreplaceable role across both industrial and defense industries.”
Apollo Silver’s Calico Project, located in San Bernardino County, California, recently announced its updated Mineral Resource Estimate (“MRE”), with a combined Measured and Indicated total of 55 million tonnes (“Mt”) at a grade of 71 grams per tonne (“g/t”) for a total of 125 million ounces (“Moz”) of silver (“Ag”), and an Inferred total of 17.6 Mt at a grade of 71g/t Ag for a total of 58 Moz Ag (see Apollo’s news release dated September 4, 2025, and October 16, 2025).
About Critical Minerals
The Energy Act of 2020 defined critical minerals as those commodities that are essential to the economic or national security of the US; have a supply chain that is vulnerable to disruption; and serve an essential function in the manufacturing of a product, the absence of which would have significant consequences for the economic or national security of the US.1
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 the second 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 U.S. energy, industrial and medical sectors. The Company also holds an option on the Cinco de Mayo Project in Chihuahua, Mexico, which is host to a major carbonate replacement (CRD) deposit that is both high-grade and large tonnage. Led by an experienced and award-winning management team, Apollo Silver is well positioned to advance the assets and deliver value through exploration and development.
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.
Vancouver, British Columbia–(Newsfile Corp. – November 6, 2025) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (the “Company” or “EMX”) is pleased to announce that Kennecott Exploration Company (“KEX”), a subsidiary of the Rio Tinto Group, has exercised its option to purchase EMX’s Superior West Project, located in central Arizona, and in connection therewith EMX is in receipt of the final option payment of $3,407,383 and has been granted a 2.5% NSR royalty over the project.
EMX acquired the Superior West Project by staking open ground after target generation activities in the greater Superior and Globe-Miami porphyry districts, which ultimately resulted in the acquisition of multiple key property positions within these prolific districts. The project was optioned to KEX in 2015 and advanced through various field programs. KEX’s exercise of the option to purchase highlights the strength of EMX’s royalty generation model, in which targets and related mineral rights are acquired at minimal cost to shareholders, then advanced through partnerships with leading exploration and mining companies. EMX receives cash payments and retains royalty interests, expanding its growing global portfolio.
About EMX. EMX is a precious and base metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol “EMX”. Please see www.EMXroyalty.com for more information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
Forward-Looking Statements This news release may contain “forward-looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.
Vancouver, British Columbia–(Newsfile Corp. – November 4, 2025) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to announce that shareholders of EMX (“Shareholders“) and optionholders of EMX who have been issued stock options under EMX’s existing stock option plan (“Optionholders“, and together with Shareholders, the “Securityholders“) have approved the plan of arrangement (the “Arrangement“) under the provisions of Division 5 of Part 9 of the Business Corporations Act (British Columbia) (“BCBCA“) involving EMX, Elemental Altus Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) (“Elemental Altus“) and 1554829 B.C. Ltd. (“Acquireco“), pursuant to which Elemental Altus will, among other things, indirectly through an amalgamation of EMX with Acquireco, acquire all of the issued and outstanding common shares of EMX. The vote was passed at EMX’s special meeting of Securityholders (the “Meeting“) held earlier today.
The Arrangement was approved by (i) 98.83% of the votes cast by Shareholders present in person or represented by proxy and entitled to vote at the Meeting, (ii) 98.95% of the votes cast by Shareholders and Optionholders, voting together as a single class, present in person or represented by proxy and entitled to vote at the Meeting, and (iii) 98.66% of the votes cast by Shareholders present in person or represented by proxy and entitled to vote at the Meeting, excluding the votes cast by such Shareholders that were required to be excluded pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions. The report of voting results will be available under the Company’s profile on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.
With the approval by the Securityholders, EMX will now seek a final order from the Supreme Court of British Columbia (“Court“) to approve the Arrangement at a hearing expected to be held on November 7, 2025. In addition to approval of the Court, completion of the Arrangement is subject to the Elemental Altus shareholders approving the Tether Concurrent Financing (received, as described below), applicable regulatory and exchange approval, and the satisfaction of certain other closing conditions customary for a transaction of this nature. Further, the completion of the Arrangement is subject to the conditional approval of the listing of the Elemental Altus Shares on a US stock exchange and the completion of the Tether Concurrent Financing. If all conditions are satisfied or waived, the Arrangement is expected to close by mid-November 2025.
As announced in Elemental Altus’ news release dated November 4, 2025, shareholders of Elemental Altus approved, among other things, an ordinary resolution in accordance with the ‘majority of the minority’ shareholder approval requirements set forth in Part 8 of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions and TSX Venture Exchange (“TSX-V”) Policy 5.9, approving a “related party” private placement of 7,502,502 common shares of Elemental Altus at a price of $18.38 (or US$13.33) per common share to Tether Investments S.A. de C.V. (“Tether“) for aggregate gross proceeds of approximately $137,896,000 (or approximately US$100 million) (the “Tether Concurrent Financing“). Completion of the Tether Concurrent Financing is subject to final approval of the TSX-V.
EMX is a precious and base metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The EMX shares are listed on the NYSE American Exchange and TSX-V under the symbol “EMX”. Please see www.EMXroyalty.com for more information.
Cautionary Note Regarding Forward-Looking Information
This press release may contain “forward-looking information” within the meaning of applicable Canadian securities laws and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, (collectively, “forward-looking statements“) that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding EMX and the combined company’s plans and expectations with respect to the proposed Arrangement, the hearing and receipt of a final order from the Court to approve the Arrangement, expectations regarding the satisfaction or waiver of certain closing conditions, including the receipt of conditional approval of the listing of Elemental Altus Shares on a US stock exchange and completion of the Tether Concurrent Financing, the expected closing date of the Arrangement, and receipt of final approval of the TSX-V for the Tether Concurrent Financing. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as “expects,” “anticipates,” “believes,” “plans,” “projects,” “targets,” “schedules,” “forecasts,” “budget,” “estimates,” “assumes,” “intends,” “strategy,” “goals,” “objectives,” “potential,” “possible” or variations thereof or stating that certain actions, events, conditions or results “may,” “could,” “would,” “should,” “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.
Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: the risk that any other condition to closing may not be satisfied or waived; the risk that the closing of the Arrangement might be delayed or not occur at all; the risk that the Court does not issue a final order approving the Arrangement; the risk that either EMX or Elemental Altus may terminate the definitive arrangement agreement and either EMX or Elemental Altus is required to pay a termination fee to the other party; potential adverse reactions or changes to business or employee relationships of EMX or Elemental Altus, including those resulting from the completion of the Arrangement; the diversion of management time on Arrangement-related issues; the risk of tax consequences for Securityholders and Elemental Altus securityholders if the Arrangement does not qualify as a tax-deferred reorganization; the ultimate timing, outcome and results of integrating the operations of EMX and Elemental Altus; the effects of the business combination of EMX and Elemental Altus, including the combined company’s future financial condition, results, operations, strategy and plans; the ability of the combined company to realize anticipated synergies in the timeframe expected or at all; changes in capital markets and the ability of the combined company to finance its activities in the manner expected; the inability to satisfy the listing requirements to be listed on a U.S. stock exchange; the possibility that EMX or Elemental Altus fail to comply with applicable laws prior to the Arrangement which could subject the combined company to penalties; the risk that EMX or Elemental Altus may not receive the required Court, stock exchange and regulatory approvals to effect the Arrangement; the risk of any litigation relating to the Arrangement; the fact that business disruption may be greater than expected following the public announcement or consummation of the Arrangement; the risk that the combined company does not result in a larger, well capitalized entity with a lower cost of capital which could prevent the combined company from pursuing further accretive royalty opportunities in the market; the absence of control over mining operations from which the Company will receive royalties or stream interests from; and risks related to those mining operations and royalty and stream interests, including risks related to international operations, government and environmental regulation, actual results of current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined, risks in the marketability of minerals, fluctuations in the price of gold and other commodities, fluctuation in foreign exchange rates and interest rates, stock market volatility, as well as those factors discussed in the EMX risk factors listed in EMX’s Management’s Discussion and Analysis for the six months ended June 30, 2025 and its Annual Information Form dated March 12, 2025 filed under EMX’s profile on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.
EMX’s forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management at such time. Although the Company has attempted to identify important factors that could cause actual results to differ materially from the Company in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements 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 statements. The Company does not undertake to update any forward-looking statements that are contained or incorporated by reference, except in accordance with applicable securities laws.
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.
Edmonton, Alberta–(Newsfile Corp. – October 23, 2025) – Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) (“Grizzly” or the “Company”) is pleased to announce that is has recently received assay results for a reconnaissance sampling program at the Beaverdell Target part of the Greenwood, BC Precious and Battery Metals Project (Figure 1).
Beaverdell Sampling Highlights
Large land package (of mineral claims (9200 acres). Regional reconnaissance prospecting and sampling in July 2025 with the collection of 50 rock grab samples.
New Molybdenum (Mo) showing northwest portion of the Property with 315 parts per million (ppm) Mo in an area underlain by Jurassic alkalic intrusions (Figure 2).
New Copper (Cu) showings southeast portion of the Property with 8 of 11 samples yielding >100 ppm Cu up to a high of 434 ppm Cu in rock grab samples with anomalous lead (Pb) up to 537 ppm Pb and zinc (Zn) up to 922 ppm Zn (Figure 2).
A new zinc-silver showing in rubble near the some of the infrastructure to the old historic Beaverdell Minesite, which produced more than 25 million ounces of silver from the early 1900’s up to 1991. A selective rock grab sample from a potential low-grade dump or stockpile returned 299 ppm Ag and 0.24% Zn.
Prior sampling at the Gold Drop showing has returned up to 51.4 ppm gold (Au) and 377 ppm Ag in selective rock grab samples from a small adit. New sampling about 200 m to the east from a vein in outcrop has returned 21.3 ppm Ag and 1.98% Zn from rock grab samples.
Further exploration at a number of these targets is warranted.
Brian Testo, President and CEO of Grizzly Discoveries, stated “The assays announced today demonstrate that we continue to receive very exciting and encouraging exploration results. Grizzly has numeroushigh-grade gold – silver – copper – lead -zinc showings and historical mines. We have work permits in place for four of our targets and look forward to drilling in the fall of 2025 along with additional exploration for significant battery metal prospects in our 170,000+ acre land holdings in the prolific Greenwood Mining District.“
Figure 1: Land position and targets of interest for future exploration, Greenwood Project.
Trenching, rock and soil sampling along with drilling at the Midway Target area is being planned for fall 2025. The amount of drilling will depend upon the current financing that has been announced.
Additional results should be forthcoming over the next coming months as work progresses and will be presented in additional news releases.
Private Placement
Grizzly has recently announced a private placement offering for gross proceeds of up to $1 million (See Company News Releases dated September 11 and October 10, 2025) in order to support planned exploration this fall.
The main focus of the private placement will be to conduct drilling and trenching at the Midway Exploration Target, targeting the historical Midway Mine and conduct additional reconnaissance sampling across the project area.
Quality Assurance and Control
Rock and soil samples are being analyzed at ALS Global Laboratories (Geochemistry Division) in Vancouver, Canada (an ISO/IEC 17025:2017 accredited facility). Gold was assayed using a fire assay with atomic emission spectrometry and gravimetric finish when required (+10 g/t Au). Rock grab and rock chip samples from outcrop/bedrock are selective by nature and may not be representative of the mineralization hosted on the project.
The sampling program was undertaken by Company personnel under the direction of Michael B. Dufresne, M.Sc., P.Geol., P.Geo.. A secure chain of custody is maintained in transporting and storing of all samples.
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 Consultant and Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.
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
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.
VANCOUVER, British Columbia, Oct. 16, 2025 (GLOBE NEWSWIRE) — Apollo Silver Corp. (“Apollo” or the “Company”) (TSX.V:APGO, OTCQB:APGOF, Frankfurt:6ZF) is pleased to announce that it has filed the independent technical report for the updated Mineral Resource Estimate (“MRE”) for the Calico Silver Project (“Calico” or the “Calico Project”).
The report titled “NI 43-101 Technical Report and Mineral Resource Estimate for the Calico Silver Project, San Bernardino County, California, USA”, is dated October 16, 2025 (with an effective date of June 30, 2025) (the “Technical Report”). The Technical Report is available under the Company’s issuer profile on SEDAR+ (www.sedarplus.ca) and on the Company’s website (www.apollosilver.com).
The Technical Report was prepared in accordance with National Instrument 43-101 (“NI 43-101”) Standards of Disclosure for Mineral Projects by Stantec Consulting Ltd. (“Stantec”) of Denver, Colorado. There are no material differences in the Technical Report from those results disclosed in the Company’s press release dated September 4, 2025.
Highlights of the MRE announced on September 4, 2025, include:
New combined Measured and Indicated total of 55 million tonnes (“Mt”) at a grade of 71 grams per tonne (“g/t”) silver (“Ag”) for a total of 125 million ounces (“Moz”) Ag (1)(2)
61% increase in tonnage and a 14% increase in Ag ounces representing an increase of 15 Moz contained Ag
Inferred total of 0.6 Mt at a grade of 26 g/t Ag for a total of 0.51 Moz contained Ag (1)(2)
Inaugural barite (“BaSO4”) and zinc (“Zn”) resources are estimated as:
Indicated: 36 Mt @ 7.4% BaSO4 and 0.45% Zn for a total content of 2.7 Mt BaSO4 and 354 million pounds (“Mlbs”) Zn (1)(2)
Inferred: 17 Mt @ 3.9% BaSO4 and 0.71% Zn for a total content of 0.65 Mt BaSO4 and 258 Mlbs Zn (1)(2)
Gold (“Au”) ounces have increased by 86% in the Inferred category for a new total of 17 Mt at a grade of 0.25 g/t Au and total Au content of 0.13 Moz (1)(2)
One single pit for all metals at the Waterloo deposit with a low strip ratio of 0.8:1
Updated Langtry MRE now includes 24 million tonnes at a grade of 73 g/t Ag for a total Ag content of 57 million ounces (1)(3)
The increased quantities of Ag and Au, the addition of two new critical minerals, and the larger single pit with low strip ratio have derisked the Calico Project
Sensitivity analyses show resiliency of the Ag resource to changes in metal price
Significant growth opportunities remain
(1) The 2025 MRE has been prepared by Derek Loveday, P. Geo., of Stantec Consulting Services Ltd., an independent Qualified Person, in co-operation with Mariea Kartick, P.Geo. (independent Qualified Person for drilling data QA/QC) and Johnny Marke P.G. (independent Qualified Person for resource estimation). CIM definitions are followed for classification of the mineral resource. The 2025 MRE was produced in conformance with NI 43-101. The 2025 mineral resource estimate has an effective date of June 30, 2025. Ounces are reported as troy ounces. No drilling was completed on the Waterloo Property and Langtry Property since the declaration of the 2023 MRE for Waterloo and 2022 MRE for Langtry. The 2025 MRE update accounts for changes in commodity prices, mining costs since 2022/2023, and barite testing of existing drill samples from the Waterloo Property.Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that any mineral resource will be converted into a mineral reserve.
(2) For the Waterloo Property, a silver equivalent cut-off grade was calculated using the following variables: surface mining operating costs (US$2.8/st), processing costs plus general and administrative cost (US$26.5/st), Ag price (US$28/oz), BaSO4 price (US$120/t), Zn price (US$1.22/lb), Au price (US$2,451/oz), and metal recoveries (Ag 65%, Au 80%, BaSO4 85%, Zn 80%). For the Waterloo Property gold-only resources the Au cut-off grade was calculated using the above Au price, Au recovery and gold-only processing costs plus general and administrative cost (US$8.2/st).
(3) For the Langtry Property, a silver-only equivalent cut-off grade was calculated using the aforementioned Ag price, Ag recovery and silver-only processing costs plus general and administrative cost (US$24/st).
The 2025 MRE for the Waterloo Property comprises 125 Moz Ag in 55 Mt at an average grade of 71 g/t Ag (M&I categories), 0.51 Moz Ag in 0.60 Mt at an average grade of 26 g/t Ag (Inferred category), 130,000 oz gold in 17 Mt at an average grade of 0.25 g/t gold (Inferred category), 2.7 Mt BaSO4 and 354 Mlbs Zn in 36 Mt at an average grade of 7.4 % BaSO4 and 0.45 % Zn (Indicated category), and 0.65 Mt BaSO4 and 258 Mlbs Zn in 17 Mt at an average grade of 3.9 % BaSO4 and 0.71 % Zn (Inferred category). The 2025 MRE for the Langtry Property comprises 57 Moz Ag in 24 Mt at an average grade of 73 g/t Ag (Inferred category).
ABOUT THE CALICO PROJECT
Location
The Calico Project is located in San Bernardino County, California, and comprises the adjacent Waterloo, Langtry and Mule properties, which total 8,283 acres. The Calico Project is 15 km (9 miles) east from the city of Barstow, 5 km (3 miles) from commercial electric power and has an extensive private gravel road network spanning the property.
GeologyandMineralization
The Calico Project is situated in the southern Calico Mountains of the Mojave Desert, in the south-western region of the Basin and Range tectonic province. This 15 km (9 mile) long northwest-southeast trending mountain range is dominantly composed of Tertiary (Miocene) volcanics, volcaniclastics, sedimentary rocks and dacitic intrusions. Mineralization at Calico comprises high-level low-sulfidation silver-dominant epithermal vein-type, stockwork-type and disseminated-style associated with northwest-trending faults and fracture zones and mid-Tertiary (~19-17 Ma) volcanic activity. Calico represents a district-scale mineral system endowment with approximately 6,000 m (19,685 ft) in mineralized strike length controlled by the Company. Silver and gold mineralization are oxidized and hosted within the sedimentary Barstow Formation and the upper volcaniclastic units of the Pickhandle formation along the contact between these units.
Qualified Person
The scientific and technical data contained in this news release was reviewed, and approved by Derek Loveday, P.Geo., Johnny Marke P.G. and Mariea Kartick, P.Geo., from Stantec and are Qualified Persons independent of the Company. Mr. Loveday is a registered Professional Geoscientist in Alberta, Canada, and Mr. Marke is a registered Professional Geologist in Oregon, USA and both are responsible for the mineral resource estimation. Ms. Kartick is a registered Professional Geoscientist in Ontario, Canada, and is responsible for data QA/QC.
This news release has also been reviewed and approved by Isabelle Lépine, M.Sc., P.Geo., Apollo’s Director of Mineral Resources. Ms. Lépine is a registered Professional Geoscientist in British Columbia, Canada, 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release includes “forward-looking statements” and “forward-looking information” within the meaning of Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are forward-looking statements including, without limitation, statements with respect to the potential of the Calico Project and its overall investment attractiveness; the expectation that the Calico Project will continue to increase in value, scale and optionality; the potential economic significance of the updated mineral resource estimate, including the newly defined barite and zinc resources in addition to silver and gold; the potential recovery rates; the potential to further expand the resource estimate and upgrade its confidence level, including prospective silver, gold, barite and zinc mineralization on strike and at depth; the potential impact of barite and zinc being designated as critical minerals in the United States; assumptions regarding mineralization at shallow depths and strip ratios; timing and execution of future planned drilling, exploration, preliminary engineering and additional metallurgical activities; timing of commencement and completion of a preliminary economic assessment or other technical studies; the potential for additional discoveries, overall project development and other growth opportunities; and the Company’s ability to advance, develop, and permit the Calico Project. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, “potential”, “target”, “budget” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions and includes the negatives thereof.
Forward-looking statements are based on the reasonable assumptions, estimates, analysis, and opinions of the management of the Company made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made. Forward-looking information is based on reasonable assumptions that have been made by the Company as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may have caused actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks associated with mineral exploration and development; metal and mineral prices; availability of capital; accuracy of the Company’s projections and estimates; realization of mineral resource estimates, interest and exchange rates; competition; stock price fluctuations; availability of drilling equipment and access; actual results of current exploration activities; government regulation; political or economic developments; environmental risks; insurance risks; capital expenditures; operating or technical difficulties in connection with development activities; personnel relations; and changes in Calico 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 zinc and barite; the demand for silver, gold, zinc 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.
Vancouver, British Columbia–(Newsfile Corp. – October 14, 2025) – Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY0) (“Riverside” or the “Company”) is pleased to announce the expansion of its rare earth elements program in British Columbia with work advancing at the Revel Project and additional target generation across Canada and Mexico. Riverside has identified an extensive carbonatite unit at the Revel Project and is prioritizing systematic work to refine exploration targets.
“Rare earth elements have been one of the focuses for Riverside and with the increasing global demand for critical minerals Riverside’s generative approach is well suited in the hunt for these elements (“REE”),” said John-Mark Staude, CEO of Riverside Resources. “For over 18 years we have executed a disciplined project generator model that turns geologic ideas into tangible assets for shareholders and Revel fits that playbook. We see a near to infrastructure-accessible carbonatite system with large (several kilometers) scale potential and are advancing this project with staged work programs that tighten the geology, de-risk access, and set up clear next stages of mineral exploration. In parallel we continue to build a pipeline of critical mineral assets that can be explored, partnered, optioned, or spun out, as we have done before with Capitan Silver and most recently with the Blue Jay Gold share distribution in May 2025. Our aim is simple. Make mineral discoveries and create value for stake holders. We develop optionality, limit dilution, and convert technical progress into transactions and retained royalties as we progress discovery and development including the focus on REE.”
Program Highlights
Focus on Revel, a carbonatite-hosted REE target in southern British Columbia with access north of the Trans-Canada Highway.
Expansion of field work to include detailed mapping, spectral and geochemical sampling, and ground geophysics to vector toward high-grade REE zones.
Initiation of baseline and permit planning to enable first-pass drilling consistent with the exploration results.
Parallel generative work on additional REE opportunities in Canada and Mexico to seed future transactions.
Strategic Context and Riverside Business Model
Rare earth elements remain designated as critical minerals by the United States and Canada. Riverside efficiently operates a project generator model focused on discovery, partnerships, and selective spinouts. The company advances targets through early exploration to a decision point, then seeks partner funding, option agreements, or corporate transactions while retaining equity or royalty exposure. This approach has delivered value over 18 years through completed spinouts, partner-funded programs in Canada and Mexico, and the distribution of Blue Jay Gold shares to Riverside shareholders in 2025 at a five for one ratio. The REE program at Revel and the broader critical minerals pipeline are being advanced within this same framework to position assets for partnerships, drilling, or future spinouts.
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.
About Riverside Resources Inc.:
Riverside is a well-funded exploration company driven by value generation and discovery. The Company has a solid balance sheet with no debt and less than 75M shares outstanding with a strong portfolio of gold-silver and copper assets and royalties in North America. Riverside has extensive experience and knowledge operating in Mexico and Canada and leverages its large database to generate a portfolio of prospective mineral properties. Riverside has properties available for option, with information 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 Corporate Communications Riverside Resources Inc. Eric@rivres.com 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 risk that the Transaction will not be completed as contemplates, or at all, 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.
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Key Takeaways
Africa leads with 1,010 tonnes of gold, driven by Ghana, Mali, and South Africa.
China (380t) and Russia (330t) are the world’s top national producers.
Australia (284t) stands as the largest Western producer.
Gold remains one of the world’s most valuable natural resources, central to everything from central bank reserves to jewelry and electronics.
During 2025, the yellow metal set multiple price records, driven by a soft dollar, strong central bank buying and heightened global uncertainty.
This visualization breaks down global gold production by region in 2024, spotlighting the top-producing countries and their contributions to the region supply landscape. The data for this visualization comes from the World Gold Council.
Africa Leads Global Output
Africa is the world’s top gold-producing region, generating 1,010 tonnes in 2023. Ghana leads the continent with 141 tonnes, followed by Mali (100 tonnes) and South Africa (99 tonnes).
Region
Production (tonnes)
Largest Contributors
Africa
1,010
Ghana (141), Mali (100), South Africa (99)
Asia
665
China (380), Indonesia (140)
CIS
584
Russia (330), Uzbekistan (129)
North America
500
Canada (202), U.S. (158), Mexico (140)
Central & South America
519
Peru (137), Brazil (84), Colombia (66)
Oceania
346
Australia (284), Papua New Guinea (50)
Europe
36
This dominance reflects the continent’s vast mineral resources, though political and operational challenges continue to affect output in some areas.
China, Russia, and Australia Dominate Nationally
China remains the top national producer with 380 tonnes, followed by Russia at 330 tonnes. These two countries alone account for almost 20% of global output.
Australia follows with 284 tonnes, making it the leading Western gold producer and a cornerstone of Oceania’s 346-tonne total.
The Americas Remain Strong Contributors
North America produced 500 tonnes in 2023, driven by Canada (202 tonnes), the United States (158 tonnes), and Mexico (140 tonnes).
Central and South America added 519 tonnes, led by Peru (137 tonnes), Brazil (84 tonnes), and Colombia (66 tonnes). Combined, the Americas contribute more than one-fifth of global supply.
Gold Hits Record Highs: Gold surged nearly 12% in September to an all-time high of $3,859 per ounce, up 47.04% year-to-date, leading all major asset classes.
Yield Curve Steepens on Lost Trust: Rising long-term bond yields reflect waning confidence in fiscal and monetary policy, driving investors toward tangible stores of value like gold.
Central Banks Anchor the Bid: Persistent central bank buying underscores gold’s status as a trusted reserve asset amid mounting concerns over debt and currency debasement.
Fed Policy Set to Fall Below Neutral: Expected rate cuts below the neutral rate could create a “run-it-hot” market, boosting inflation expectations and weakening the U.S. dollar.
Silver Rally: Silver surged 17.44% in September and 61.39% year-to-date, nearing record highs as tightening supply and strong ETF inflows signal a potential price squeeze.
Silver ETFs** (Total Known Holdings ETSITOTL Index Bloomberg)
823.91
806.00
17.90
2.22%
15.04%
Best year-to-date performance since 2020.
Gold ETFs** (Total Known Holdings ETFGTOTL Index Bloomberg)
96.90
93.28
3.61
3.87%
16.20%
Best year-to-date performance since 2020.
Source: Bloomberg and Sprott Asset Management LP. Data as of September 30, 2025. * BPS stands for basis points. **ETF holdings are measured by Bloomberg Indices; 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: Breakout Catalysts
In September, spot gold increased $411.01 per ounce (or 11.92%) to close the month at $3,858.96, an all-time closing high. At the end of September, gold was 47.04% higher than at the start of the year, its best year-to-date performance since 1979. Gold is well on its way to being one of the best-performing asset classes for a second straight year. In the third quarter, spot gold rose $555.82 per ounce (or 16.83%), another exceptional quarterly performance.
Gold’s 47.04% rally this year marks its most powerful advance since the late 1970s.
Gold broke out of its bullish7 flag (see Figure 1) and steadily extended its record-setting breakout throughout September. The initial price breakout catalyst was driven by a dramatic rise in developed-market long-end bond yields and a rotation out of long-duration assets (i.e., 30-year bonds) into non-fiat stores of value, such as gold. The headline driver began with the UK 30-year bond yield surging to ~5.70%, its highest in nearly three decades, alongside a sharp drop in pound sterling as markets priced in higher inflation risks, runaway debt and deficit levels, government budget uncertainty and reduced issuance of ultra-long gilts (UK government bonds). These pressing issues were not confined to the UK, however. Virtually all developed economies have similar concerns, creating pressure on almost all long-end bond yields, steepening 2s30s yield curves8 globally and sparking the gold rally.
During September, gold rose about $210 per ounce between the start of the month and the September 17 meeting of the U.S. Federal Reserve’s Open Market Committee (FOMC). This rise was catalyzed mainly by long-end yields pricing an unsustainable monetary and fiscal path for the developed economies. Then, when the FOMC indicated it would cut rates three times in 2025, or likely 75 basis points by the time of the December FOMC meeting, gold rose another ~$200 per ounce into the month-end. Surprisingly weak employment data forced the Fed to focus on the labor market at the expense of inflation, thus prioritizing one side of its dual mandate. The market began to price in the likely effects of the federal funds rate falling to either the neutral rate9 or below—that is, higher growth and inflation in a “run-it-hot” monetary policy setup.
At the same time in September, the broad equity market (as measured by the S&P 500 Index) rallied for the fifth straight month to an all-time high. September was an “everything rally” month as loose financial conditions benefited all financial assets. Risk assets were well-supported by expected rate cuts, ample liquidity, robust economic numbers led by technology spending, positive earnings revisions, easy financial conditions and heightened investor risk appetite. Equities were further aided by massive share buybacks and continuous volatility selling across various fund strategies and yield enhancement products.
Figure 1. Gold’s Record-Setting September
Source: Bloomberg. Data as of September 30, 2025. Gold bullion spot price, U.S. dollar/oz. Moving average convergence/divergence is a trend-following momentum indicator that shows the relationship between two exponential moving averages. Past performance is no guarantee of future results.
Yield Curve Steepens as Trust Declines
Long-end bond yields for most developed markets rose sharply in 2022 as inflation proved to be more than transitory. While two-year yields peaked in 2023 and began to decline, reflecting the policy rate path of the G710 central banks, the 30-year yield diverged and has been climbing higher (see Figure 2).
Even after aggressive G7 rate cuts, 30-year yields keep rising — a credibility gap that continues to underpin gold’s breakout.
The recent global yield steepener was driven not by cyclical demand, but by credibility. Policy rates are transmitted through long-end loan markets (mortgages, investment grade and high-yield bond issuance, project finance, discounted cash flow models), so losing faith in policy keeps term premia persistently elevated. Despite rampant rate cuts across G7 countries, long-end yields continue to track higher, unlike prior rate-cutting cycles. In such regimes, policy easing does not bring yields down across the curve as the market loses trust in central banks.
Figure 2. Rising 2s30s YR Bond Yield Curve (2019-2025)
Source: Bloomberg. Data as of September 30, 2025. Average G7 30-year and 2-year bond yields, and the difference between them in percentage points. Past performance is no guarantee of future results.
There are several possible reasons why long-end yields in developed markets have been rising, and the intensity of this rise varies by country.
Still, the following factors are the most likely and common for developed markets:
Government deficits and credibility. Large and growing debt levels and fiscal deficits across the G7 are ballooning the expected supply of sovereign bonds. For example, the U.S. had already reached an all-time high of 120% debt-to-GDP and a ~7% fiscal deficit before the One Big Beautiful Bill Act (OBBBA), the 2025 budget reconciliation law, adds an estimated $3.5 trillion to the deficit, compounding term premium and credibility worries. Once fiscal confidence is questioned, the required yield level to attract bond buyers rises. As discussed in our recent commentaries, most advanced economies have likely entered a state of fiscal dominance, where fiscal needs take precedence over and constrain monetary policy. Financial repression measures have already begun (with more in the future) to cap yields at the expense of monetary debasement.
De-globalization and capital flows. As the world rapidly de-globalizes (from a unipolar to a multi-polar world), the recycling of trade surpluses from countries such as China and oil exporters into U.S. Treasury bonds has declined, reducing the bid for yield. The capital-light era of inexpensive, China-made capital goods (offshoring to low-cost locales) is reversing or may be over. The current massive capital expenditure on technology and IT infrastructure demands greater investment (capital-intensive), which in turn pushes equilibrium long-term interest rates higher.
Geopolitics and defense outlays. A multi-polar world becomes a more dangerous world, and defense budgets are soaring (including higher NATO spending: Germany plans to more than double expenditure), increasing investment demand and raising neutral long-term rate estimates.
Central banks and monetary policy. Quantitative tightening adds to term premiums as central bank balance sheets shrink. The Bank of Japan’s exit from its policy of buying bonds to control yield curves exposes long bonds to market forces and higher volatility. This exposure of long bonds to market forces has reasserted itself after decades in which they were shielded by central bank actions.
Inflation and expectations. Reawakening inflation, plus broader concerns about developed market inflation, push up required yields at the long end, even as front-end policy is easing.
Demographics and institutional demand. As developed market populations age and birth rates decline, dependency ratios are increasing, thereby reducing aggregate savings. In general, retiree drawdowns and maturing defined benefit schemes are structurally shrinking demand for long bonds.
Technology and productivity. A massive capex cycle around AI (artificial intelligence) data center power and related infrastructure can see equities and long bond rates rise together as demand for capital soars.
Investor confidence. A loss of confidence in political leaders and institutions is shrinking the cohort of buyers willing to lock up capital for 30 years without a higher premium.
Gold Takes Its Cue from the Steeper Spread
In overly simple terms, the long-term yield can be viewed as the average expected path of future short-term interest rates and the term premium. When central bank credibility is robust, both components tend to compress. But when credibility is in doubt, both can expand.
If central banks are credible, markets will follow and react to central bank policy, whether in rate decisions, balance sheet actions (such as quantitative easing or quantitative tightening), or alignment with fiscal policy. This trust enables the central bank to lower yields across the curve with forward guidance, without necessitating significant changes to the policy rate.
When credibility is lost, however, central bank rate cuts may fail to lower yields, and they can even tighten them if markets expect inflation to remain sticky or fear fiscal dominance. In such cases, long-term yields rise due to both a higher expected rate path and an elevated term premium. In September 2024, the Fed began its first steps in the current rate-cutting cycle and had cut rates by 100 basis points by December 2024. After pausing for nine months, the Fed began its second round of rate cuts in September 2025 with a 25-basis points cut and indicated two more 25-basis points cuts by December 2025.
Immediately after the September 2024 rate cuts, 10-year U.S. Treasury yields increased by ~115 basis points and the 30-year yield rose by ~100 basis points. For the first time since the hyperinflation days of 1980/81, long yields increased after a federal funds rate cut as the bond market revolted against Fed policy.
When fiscal credibility erodes and long yields stay elevated, investors price in currency debasement, driving curve steepening and gold buying.
The transmission of policy rates into loan markets matters most in areas like 30-year mortgage rates in the U.S., corporate weighted average cost of capital (WACC), primary debt issuance, public debt servicing costs and asset valuation discount rates. When 10- to 30-year bonds sell off, this transmission mechanism becomes impaired, regardless of where the policy rate is set.
Warning signs of eroding credibility include long yields rising despite dovish signals (e.g., rate cuts that fail to lower rates on 10-year or 30-year bonds), estimates of breakeven inflation and term premiums jumping while growth softens, weak demand in long-duration bond auctions, and policy communication that appears subordinated to fiscal needs. Over the past year, we have seen examples of all the above.
This dynamic has implications for gold. When fiscal and monetary credibility is questioned and long-term yields resist easing, markets begin to price in greater currency debasement risk. This risk steepens the yield curve and increases demand for non-fiat stores of value, especially gold. Over the past two years, gold’s correlation with the G7 2s30s yield curve has been the strongest macroeconomic linkage in our work (R² ≈ 0.93), far outpacing correlations with currency and other metrics (see Figure 3). This lack of confidence in central banks and their faltering credibility is widespread across developed market economies, resulting in a global bid for gold.
Figure 3. Gold Tracks the 2s30s Yield Curve
Source: Bloomberg. Data as of September 30, 2025. Correlation coefficient (r-squared) between gold bullion spot price and 2s30s yield curve, which is the difference between the 30-year U.S. Treasury yield and the 2-year U.S. Treasury yield. Past performance is no guarantee of future results.
Idling Below the Neutral Rate
Following the September 17 FOMC meeting, the median dot plot of expectations for rate cuts by FOMC participants indicated 75 basis points of cuts in 2025 (see Figure 4). This would take the target federal funds rate range from 4.25-4.50% down to 3.50-3.75% by December. On a conventional yardstick, a reasonable nominal neutral rate has been ~3.5% (the 2% Fed inflation target plus a ~75 basis points real federal funds rate). By that gauge, policy would be right on neutral by late‑2025.
However, the latest update to the New York Federal Reserve’s dynamic stochastic general equilibrium (DSGE) model11 puts the real neutral rate near 2.6% and by adding the 2% inflation target, we get a ~4.6% nominal neutral rate. By that measure, the current stance is already accommodative. If the Fed delivers the expected 2025 rate cuts, the federal funds rate would be ~100 basis points below neutral on this reading. It would be outright stimulative against the backdrop of very easy financial conditions and buoyant risk assets. In its own framing, Fed policy is not only not restrictive, but also already stimulative and will become more so. Furthermore, the NY Fed’s DSGE model indicates that easy financial conditions push up the estimate of the neutral rate.
With the Fed set to run policy below neutral, gold is rallying as markets price in easier money and rising debasement risk.
A below neutral rate monetary policy with already‑easy financial conditions is calculated to boost the growth/inflation mix, lower real policy rates, and put downward pressure on the U.S. dollar. In credibility-constrained regimes, where markets doubt fiscal-monetary alignment, term premia at the long end stay sticky even as the front end declines. The result is steepening across the yield curve,12 which correlates very strongly with gold (+90% past two years) as shown in Figure 3.
When the curve steepens due to debasement risk rather than growth, gold is a highly desired hedge asset against financial repression across all investment funds, central banks, and sovereign entities. Between the FOMC meeting on September 17 and the end of September gold rose by over $210/oz or 5.8%. This is a significant price move higher as markets appear to be quickly pricing in the monetary stance we have described and its debasement effects.
The FOMC publishes its participants’ assessment of appropriate future monetary policy rates (see Figure 4). Based on these we can project two possible scenarios and sets of rate ranges:
⦁ Base Case: The Fed Dot Plot Path. The federal funds rate is expected to reach 3.50–3.75% by the December 2025 FOMC meeting, compared to the ~4.6% nominal neutral rate posited by the New York Fed’s latest DSGE model. This suggests that the federal funds rate would be about 100 basis points below the neutral rate, which would likely continue driving growth and inflation impulses (i.e., a run-it-hot policy).
⦁ Aggressive Case: The Miran Dot Plot Path. At the September 17 FOMC meeting, Stephen Miran, a recent Trump appointee to the Fed Board of Governors, provided a target level for the federal funds rate that was much lower than the consensus (see Figure 4). His action was perceived to reflect the Trump administration’s desire for a more dovish Fed monetary path. If this aggressive easing scenario materialized, the policy rate would be ~175 basis points below the neutral rate, in addition to ~3% GDP growth and easy financial conditions. This extreme scenario could be an even stronger impulse for the debasement-driven hedge bid for gold.
The gold price movement in September indicated that the market was pricing in fiscal dominance and financial repression via monetary subservience, the defining feature of the current macro regime. With the U.S. debt-to-GDP ratio at an historic high and the fiscal deficit swelling further under the OBBBA’s projected multi-trillion-dollar budget expansion, it appears the Trump administration has embraced a “run-it-hot” policy stance. Its implicit strategy is to grow nominal GDP faster than the real burden of debt. However, this approach comes at a cost and risk.
Financial repression is the mechanism through which this cost is transmitted. Policy rates are being set below the neutral rate. Rising gold and global 30-year yields have become the market’s protest vote. Long-end yields are rising despite front-end easing and signaling skepticism about the sustainability of fiscal and monetary policies. The net effect is monetary debasement.
When real yields are suppressed and inflation is encouraged as a tool of debt management, the value of monetary assets erodes. U.S. Treasuries and the dollar, once unquestioned stores of value, are now subject to the slow grind of inflationary dilution. In such an environment, investors are seeking other stores of value. Gold’s meteoric rise and persistent bids seem completely rational in an environment of financial repression and currency debasement. In this environment, we expect that gold is likely to continue to rise.
Silver Market: Potential Price Squeeze
Spot silver increased $6.93 per ounce (or 17.44%) in September to close the month at $46.65, its highest closing price since April 2011, and just below its all-time closing high of $48.44. By month-end, spot silver was up 61.39% since the start of the year, its best year-to-date performance since 1979. Like gold, it is well on its way to being one of the best-performing asset classes for a second straight year. During the third quarter, spot silver increased $10.54 per ounce (or 29.18%), making for another exceptional quarter.
Silver’s steady climb is turning into a breakout. Supply is thinning, and investors are taking notice.
Silver advanced steadily through the month, tracking the gold price movement higher. CFTC net silver (non-commercial) positioning13 rose only modestly in September (and was still below June’s peak), but ETF buying14 increased by 2.2% (17.9 million ounces) and has now increased eight months in a row. Year-to-date, silver buying in ETFs has totaled 107.7 million ounces, the most since 2020. In prior commentaries, we have noted the possibility that silver could be entering a potential price squeeze situation as the amount of available free-trading silver (per LBMA vault data15) is reaching its limits. In Figure 5, we show how the silver price has broken out of its rising channel in a squeeze-like manner and is quickly approaching its all-time intraday high of $49.80 made on April 29, 2011.
Figure 5. Breakout to New Highs (2021-2025)
Source: Bloomberg. Data as of September 30, 2025. Silver spot price, U.S. dollar/oz. Moving average convergence/divergence is a trend-following momentum indicator that shows the relationship between two exponential moving averages. Past performance is no guarantee of future results.
As silver approaches its all-time price high, the very long-term secular chart (Figure 6) shows silver is forming possibly the largest cup and handle pattern16 we have ever seen. In our view, for the silver price to not keep rising, there would need to be severe demand destruction in lower economic value-added end uses for silver, like photography and silverware. Meanwhile, there would need to be a growing demand for higher economic end uses, such as electrical and electronic demand from AI-related spending, photovoltaics and other technology-related demand. Supply demand data confirm both trends. However, as we have noted, investment demand remains the wild card. Historically, investment demand can swing wildly and can become relatively price inelastic given market conditions. The Silver Institute provides a supply and demand table that illustrates these trends.
As far as we are aware, there is no central bank or sovereign entity that views silver as a neutral reserve asset, but there are investment funds and other investors that do consider silver to have a reserve value. Silver’s correlation to gold over any time frame has stayed consistently high. If silver were to trade above $50 sustainably, it could be a sign that silver’s economic worth and store of value function was being re-evaluated, or it could be a mark-to-market reality repricing of the metal.
Figure 6. Forming a Cup and Handle (1975-2029)
Source: Bloomberg. Data as of September 30, 2025. Silver spot price, U.S. dollar/oz. Moving average convergence/divergence is a trend-following momentum indicator that shows the relationship between two exponential moving averages. Past performance is no guarantee of future results.
The move in silver prices relative to CFTC and ETF positioning (proxy investment fund holdings) is another way to illustrate that a potential silver price squeeze may be in play. In Figure 7, the upper panel shows the silver price accelerating while the positioning data remains flat (lower panel). Since central banks and sovereigns are not buying silver (unlike gold), most of the silver pricing is in the hands of investors. In the prior 2020 cycle, there was a notable increase in CFTC + ETF silver holdings commensurate with the silver price (see the green arrows). Today, that pricing relationship is diverging, possibly an early indication of the long-awaited silver demand squeeze.
Figure 7. Silver Prices versus Positioning (2016-2025)
Source: Bloomberg. Data as of September 30, 2025. Silver spot price, U.S. dollar/oz. CFTC silver holdings refer to long positions taken by non-commercial traders as defined by the Commodity Futures Trading Commission (CFTC), such as individual investors and hedge funds, who buy futures contracts primarily for speculation, and do not have a direct business interest in the commodities they trade. ETF silver holdings refer to silver held by exchange traded funds for investment purposes. Past performance is no guarantee of future results.
North Vancouver, British Columbia–(Newsfile Corp. – October 9, 2025) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (“Lion One” or the “Company“) is pleased to report significant new high-grade gold results from 4,180.5 meters of underground infill and grade control drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji (“Tuvatu“). The drilling is focused on the Zone 5 area of the mine, down-dip of current mine levels.
All drilling was conducted from near surface underground workings. The Company intersected high-grade mineralized structures in 24 holes up to 100 m below current underground workings. The primary target for the drilling was the down-dip extension of the Zone 5 lodes below the current mine levels. Most of the high-grade drill intercepts are located within 60 m of current underground workings, and include multiple very high-grade gold assays, such as 267.95 g/t over 0.3 m, 168.25 g/t over 0.9 m, 179.52 g/t over 0.3 m, 126.49 g/t over 0.5 m, and 175.52 g/t over 0.4 m. Previous drilling in this part of the mine has returned similarly high-grade results, including the highest intercept ever recorded at Tuvatu – 2,749.86 g/t over 0.3 m (see press release dated January 23, 2025). Due to the proximity of these drill results to existing workings there is a strong probability that these intercepts can be incorporated into the mine plan in the next six to twelve months.
Highlights of New Drill Results:
175.43 g/t Au over 0.9 m (including 267.95 g/t Au over 0.3 m) (TGC-0451, from 89 m depth)
78.71 g/t Au over 2.0 m (including 168.25 g/t Au over 0.9 m) (TGC-0383, from 69.7 m depth)
29.70 g/t Au over 3.1 m (including 179.52 g/t Au over 0.3 m) (TGC-0406, from 83.2 m depth)
30.50 g/t Au over 2.7 m (including 45.78 g/t Au over 0.7 m) (TGC-0424, from 85.9 m depth)
51.35 g/t Au over 1.5 m (including 126.49 g/t Au over 0.5 m) (TGC-0379, from 89.5 m depth)
56.59 g/t Au over 1.3 m (including 62.39 g/t Au over 0.9 m) (TGC-0447, from 92 m depth)
175.52 g/t Au over 0.4 m (TGC-0387, from 67.1 m depth)
52.18 g/t Au over 1.1 m (including 86.25 g/t Au over 0.5 m) (TGC-0373, from 157.8 m depth)
16.19 g/t Au over 2.2 m (including 84.47 g/t Au over 0.3 m) (TGC-0414, from 74.9 m depth)
96.48 g/t Au over 0.4 m (TGC-0383, from 212.5 m depth)
12.83 g/t Au over 2.5 m (including 69.57 g/t Au over 0.3 m) (TGC-0451, from 99.0 m depth)
8.37 g/t Au over 3.6 m (including 17.91 g/t Au over 0.7 m) (TGC-0449, from 128.0 m depth)
*Drill intersects are downhole lengths, 3.0 g/t cutoff. True width not known. See Table 1 for additional data.
Figure 1. Location of the Zone 5 drilling reported in this news release. Left image: Plan view of the Zone 5 drilling in relation to the mineralized lodes shown in grey, with Tuvatu underground development shown in red. The yellow dashed square represents the area illustrated in the image on the right. Right image: Oblique view of the Zone 5 drilling looking NNE. The primary target for the Zone 5 drilling was the down-dip extension of the Zone 5 lodes up to 100 m below current underground workings.
The Zone 5 area of Tuvatu is located on the east side of the deposit and includes the principal north-south and northeast-southwest oriented lode arrays. These lodes are steeply dipping structures that converge at approximately 500 m depth to form Zone 500, which is believed to be the highest-grade part of the deposit and is interpreted to be a feeder zone at Tuvatu. The system remains open at depth with the deepest high-grade (>10 g/t Au) intersects occurring below 1000 m depth.
The drilling reported in this news release targeted the down-dip extension of the Zone 5 lodes below current mine levels. All the drilling was conducted from one underground drill station and consisted of a fan of drillholes drilled on 15 m centers that was designed to infill a panel of the deposit approximately 130 m wide and 100 m tall. This area is targeted for mining within the next 6 to 12 months and represents an additional five levels of mining at Tuvatu.
The drillholes reported in this news release include multiple very high-grade gold assays over narrow widths, such as 267.95 g/t over 0.3 m, 168.25 g/t over 0.9 m, 179.52 g/t over 0.3 m, 126.49 g/t over 0.5 m, and 175.52 g/t over 0.4 m. These types of intersects are typical at Tuvatu as the deposit consists of high-grade narrow vein structures. The drillholes reported here were designed to intersect the mineralized lodes in a perpendicular to sub-perpendicular orientation such that the mineralized intervals approximate the true width of the mineralization. The purpose of the Zone 5 drill program is to enhance the mine model and inform stope design in advance of mining the target areas. Highlights of the Zone 5 drilling reported here are shown in Figure 2.
Figure 2. Zone 5 drilling with high-grade intercepts highlighted, 3.0 g/t gold cutoff, section view. Section view looking northwest with select high-grade intercepts highlighted. The drill holes shown here primarily targeted the down dip extension of the Zone 5 lodes below current underground workings shown in red. This area is targeted for mining within the next 6 to 12 months.
Figure 3. Zone 5 drilling with high-grade intercepts highlighted, 3.0 g/t gold cutoff, plan view. Plan view looking down with high-grade intercepts highlighted, underground workings shown in pale grey.
The drill holes reported in this news release are oriented approximately perpendicular to mineralization. The reported intercepts therefore approximate the true width of mineralization. The minimum mining width at Tuvatu is approximately 1.5 m. In reporting drillhole intercepts Lion One uses a grade composite cut-off of 3 g/t gold with <1 m internal dilution at <3 g/t. Drill hole intervals that are <3 g/t are below cutoff and are not included in Table 2.
Competent Person’s Statement
In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”), Melvyn Levrel, MAIG, Senior Geologist for Lion One Metals, is the Qualified Person for the Company and has reviewed and approved the technical and scientific content of this news release.
Lion One Laboratories / QAQC
Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its drilling, sampling, testing, and analyses. The Company operates its own geochemical assay laboratory and its own fleet of diamond drill rigs using PQ, HQ and NQ sized drill rods. The Lion One geochemical laboratory is accredited under the IANZ ISO/IEC 17025:2017 Standard – the international standard for testing and calibration of laboratories.
Diamond drill core samples are logged by Lion One personnel on site. Exploration diamond drill core is split by Lion One personnel on site, with half core samples sent for analysis and the other half core remaining on site. Grade control diamond drill core is whole core assayed. Core samples are delivered to the Lion One Laboratory for preparation and analysis. All samples are pulverized at the Lion One lab to 85% passing through 75 microns and gold analysis is carried out using fire assay with an AA finish. Samples that return grades greater than 10.00 g/t Au are re-analyzed by gravimetric method, which is considered more accurate for very high-grade samples.
Duplicates of 5% of samples with grades above 0.5 g/t Au are delivered to ALS Global Laboratories in Australia for check assay determinations using the same methods (Au-AA26 and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61). The Lion One lab can test a range of up to 71 elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 29 important pathfinder elements with an aqua regia digest and ICP-OES finish.
About Lion One Metals Limited
Lion One Metals is an emerging Canadian gold producer headquartered in North Vancouver BC, with new operations established in late 2023 at its 100% owned Tuvatu Alkaline Gold Project in Fiji. The Tuvatu project comprises the high-grade Tuvatu Alkaline Gold Deposit, the Underground Gold Mine, the Pilot Plant, and the Assay Lab. The Company also has an extensive exploration license covering the entire Navilawa Caldera, which is host to multiple mineralized zones and highly prospective exploration targets.
On behalf of the Board of Directors, Walter Berukoff, Chairman & President
Neither the TSX-V nor its Regulation Service Provider accepts responsibility or the adequacy or accuracy of this release
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labor or loss of key individuals. Although Lion One Metals Limited 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. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Appendix 1: Full Drill Results and Collar Information
Table 1. Collar coordinates for drillholes reported in this release. Coordinates are in Fiji map grid.
Hole ID
Easting
Northing
Elevation
Azimuth
Dip
Depth
TGC-0346
1876384
3920429
94
104.8
-16.9
102.2
TGC-0349
1876384
3920429
94
110.9
-15.3
86.9
TGC-0352
1876384
3920428
94
117.7
-15.6
80.5
TGC-0354
1876384
3920428
94
126.1
-15.0
80.5
TGC-0356
1876384
3920427
94
134.4
-14.3
101.4
TGC-0358
1876384
3920428
94
122.1
-23.9
95.5
TGC-0361
1876385
3920426
94
142.9
-4.5
350.1
TGC-0373
1876384
3920427
93
114.6
-42.0
230.5
TGC-0375
1876384
3920428
93
95.3
-42.8
181.3
TGC-0377
1876384
3920429
94
80.7
-17.5
140.4
TGC-0379
1876384
3920429
93
79.2
-37.7
170.8
TGC-0383
1876384
3920428
94
78.9
-11.3
242.1
TGC-0387
1876384
3920429
94
78.5
-25.1
146.7
TGC-0406
1876384
3920429
94
78.6
-32.6
200.2
TGC-0409
1876384
3920429
94
71.8
-21.0
175.8
TGC-0414
1876384
3920428
94
99.0
-36.2
131.2
TGC-0416
1876384
3920428
94
95.1
-17.0
167.5
TGC-0419
1876384
3920429
93
75.8
-45.1
205.5
TGC-0421
1876384
3920429
93
71.3
-32.0
11.3
TGC-0423
1876384
3920429
94
69.4
-32.0
11.5
TGC-0424
1876384
3920429
94
71.0
-32.1
191.3
TGC-0434
1876384
3920429
93
70.5
-38.0
161.5
TGC-0438
1876383
3920425
96
164.3
16.5
9.0
TGC-0440
1876384
3920425
97
164.4
22.0
12.6
TGC-0441
1876383
3920425
96
165.3
22.7
131.1
TGC-0445
1876384
3920434
94
60.3
-14.7
155.6
TGC-0447
1876384
3920433
94
67.2
-26.8
140.0
TGC-0449
1876384
3920433
93
67.7
-40.7
191.1
TGC-0451
1876384
3920433
94
67.9
-32.3
162.0
TGC-0456
1876384
3920434
93
55.9
-30.9
114.4
Table 2. Composite intervals from drillholes reported in this news release (composite grade >3.0 g/t Au, with <1 m internal dilution at <3.0 g/t Au).
